Document:

Intercreditor Agreement dated October 25, 2006

 Exhibit 10.8 
  
  
 INTERCREDITOR AGREEMENT 
 dated as of 
 October 25, 2006,

 among 
 UBS AG, STAMFORD
BRANCH, 
 as Collateral Agent, 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee and 
 as Noteholder Collateral Agent, 
 KAGY HOLDING COMPANY, INC., 
 AGY HOLDING CORP. 
 and 
 the Subsidiaries of AGY Holding Corp. named herein 
  
  

 INTERCREDITOR AGREEMENT dated as of October 25, 2006, among UBS AG, STAMFORD
BRANCH, as collateral agents for the Credit Facility Secured Parties referred to herein, U.S. BANK NATIONAL ASSOCIATION, as trustee under the Indenture referred to herein, and as collateral agent for the Noteholder Secured Parties referred to
herein, KAGY HOLDING COMPANY, INC., AGY HOLDING CORP. and the subsidiaries of AGY Holding Corp. named herein. 
 Reference is made to
(a) the Credit Agreement (such term and each other capitalized term used and not otherwise defined herein having the meaning assigned to it in Article I), under which the Credit Facility Lenders have extended and agreed to extend credit to the
Company, and (b) the Indenture governing the Notes. In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Collateral Agent (for
itself and on behalf of the Credit Facility Secured Parties), the Trustee (for itself and on behalf of the Noteholders), the Noteholder Collateral Agent (for itself and on behalf of the Noteholder Secured Parties), Parent, the Company and the
subsidiaries of the Company party hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Construction; Certain Defined
Terms. (a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the
word “shall”. Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other
document, statute or regulation as from time to time amended, supplemented or otherwise modified, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to
include the subsidiaries of such person unless express reference is made to such subsidiaries, (iii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise
expressly qualified herein, the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts
and contract rights and (vi) the term “or” is not exclusive. 
 (b) As used in this Agreement, the following terms have the
meanings specified below: 
 “Administrative Agent” means UBS AG, Stamford Branch, in its capacity as
Administrative Agent under the Credit Agreement, and its successors in such capacity. 

 “Bankruptcy Code” means Title 11 of the United States Code.

 “Borrowing Base Collateral” means any and all “Accounts” (as defined in the UCC),
“Inventory” (as defined in the UCC), “Metals” (as defined in the Credit Agreement) and any other Credit Facility Collateral comprising, or otherwise used in the determination of, the “Borrowing Base” as such term is
defined in the Credit Agreement. 
 “Capital Stock” means (a) in the case of a corporation,
corporate stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (c) in the case of a partnership or limited
liability company, partnership or membership interests (whether general or limited), and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of,
the issuing Person. 
 “Cash Management Obligations” means, with respect to any Person, all
obligations, whether now owing or hereafter arising, of such Person (including overdrafts and related liabilities) owed to any other Person that arise from treasury, depository or cash management services, including any automated clearing house
transfers of funds or any similar transactions. 
 “Collateral” means the Credit Facility Collateral
and the Noteholder Collateral. 
 “Collateral Agent” means UBS AG, Stamford Branch, in its capacity as
collateral agent under the Credit Facility Documents, and its successors in such capacity. 
 “Company”
means AGY Holding Corp., a Delaware corporation. 
 “Credit Agreement” means the Credit Agreement
dated as of October 25, 2006, among the Company, Parent and the other Grantors named therein, the Credit Facility Lenders, the Administrative Agent, the Collateral Agent and the other agents, arrangers and bookrunners named therein, as amended,
extended, renewed, restated, refunded, replaced, refinanced, supplemented, modified or otherwise changed from time to time, with the same or different lenders or group of lenders. 
 “Credit Facility Collateral” means all assets and properties subject to Liens created by the Credit Facility
Security Documents to secure the Credit Facility Obligations. 
 “Credit Facility Documents” means the
Credit Agreement, the Credit Facility Security Documents, each agreement, document or instrument providing for or evidencing a Lender Hedging Obligation or Lender Cash Management Obligation and each agreement, document or instrument entered into in
connection with or related to any of the foregoing. 
  

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 “Credit Facility Lien Discharge Date” means the earlier of
(a) the date on which all the Credit Facility Obligations shall have been paid in full (other than indemnity payments not yet accrued under the Credit Facility Documents and cost reimbursement obligations for which no claim has been made) and
all commitments to extend credit under the Credit Agreement shall have been terminated and all letters of credit have been canceled or have expired or been fully cash collateralized and all amounts drawn thereunder have been reimbursed in full and
(b) the date on which all Credit Facility Liens on the Credit Facility Collateral shall have been released from the Liens created under the Credit Facility Documents; provided that, notwithstanding anything to the contrary expressed or
implied herein, if the Credit Facility Obligations are refinanced or replaced, then no Credit Facility Lien Discharge Date shall be deemed to have occurred. 
 “Credit Facility Lender” means the Lenders under and as defined in the Credit Agreement. 
 “Credit Facility Liens” means Liens on the Credit Facility Collateral created under Credit Facility Security Documents to secure the Credit Facility Obligations. 
 “Credit Facility Mortgages” means the mortgages, deeds of trust, leasehold mortgages, assignments of leases and
rents, modifications and other security documents (if any) that convey or evidence a Lien in favor of the Collateral Agent (on behalf of the Credit Facility Secured Parties) on real or leasehold property of a Grantor to secure the Credit Facility
Obligations, as amended, extended, renewed, restated, supplemented or otherwise modified from time to time. 
 “Credit
Facility Obligations” means (a) all Secured Bank Indebtedness outstanding, (b) all Lender Cash Management Obligations and Lender Hedging Obligations and (c) all other obligations or liabilities (not constituting
Indebtedness), including letters of credit, of Parent, the Company and the Grantors under the Credit Facility Documents and related to the Indebtedness, obligations and liabilities referred to in clauses (a) and (b). 
 “Credit Facility Secured Parties” means, at any time, the Collateral Agent, the Administrative Agent, each Credit
Facility Lender, each Issuing Bank, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Credit Facility Document and each other holder of, or obligee in respect of, any Credit Facility Obligations outstanding at
such time. 
 “Credit Facility Security Agreement” means the Security Agreement dated as of
October 25, 2006, among Parent, the Company, the subsidiaries of the Company party thereto and the Collateral Agent, as amended, extended, renewed, restated, refunded, replaced, refinanced, supplemented, modified or otherwise changed from time
to time. 
  

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 “Credit Facility Security Documents” means the Credit Agreement
(insofar as the same grants a Lien on Collateral), the Credit Facility Security Agreement, the Credit Facility Mortgages (if any) and any other documents now existing or entered into after the date hereof that create Liens on any assets or
properties of any Grantor or any of its subsidiaries to secure any Credit Facility Obligations. 
 “Event of
Default” means an “Event of Default” under and as defined in the Credit Agreement or the Indenture, as the context may require. 
 “Grantor” means Parent, the Company and each subsidiary of the Company that shall have granted any Lien in favor of the Collateral Agent or the Noteholder Collateral Agent on any
of its assets or properties to secure any of the Obligations. 
 “Hedging Obligations” means, with
respect to any Person, all obligations and liabilities, whether now owing or hereafter arising, of such Person in respect of any (a) interest rate swap or interest rate cap agreement or other financial agreement or arrangement with respect to
exposure to interest rates and (b) foreign exchange or currency swap contract or agreement or other similar contract or agreement with respect to currency values. 
 “Indebtedness” means all obligations that constitute “Indebtedness” within the meaning of the Indenture. 
 “Indenture” means the Indenture dated as of October 25, 2006 among the Company, the other Grantors named
therein and the Trustee, as amended, extended, renewed, restated, refunded, replaced, refinanced, supplemented, modified or otherwise changed from time to time, with the same or different trustee. 
 “Lender Cash Management Obligations” means Cash Management Obligations owed to Credit Facility Lenders or
affiliates of Credit Facility Lenders (or parties that were Credit Facility Lenders or affiliates of Credit Facility Lenders at the time the agreements with respect to such obligations were entered into) secured by any Collateral under the Credit
Facility Security Documents. 
 “Lender Hedging Obligations” means Hedging Obligations owed to Credit
Facility Lenders or affiliates of Credit Facility Lenders (or parties that were Credit Facility Lenders or affiliates of Credit Facility Lenders at the time the agreements with respect to such obligations were entered into) secured by any Collateral
under the Credit Facility Security Documents. 
 “Lien” means, with respect to any asset, any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in
the nature thereof, any other agreement to give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes of any jurisdiction); provided, however, that in
no event shall an operating lease be deemed to constitute a Lien. 
  

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 “Mortgages” means the Noteholder Mortgages (if any) and the Credit
Facility Mortgages (if any). 
 “Noteholder Collateral” means all assets and properties subject to
Liens created by the Noteholder Security Documents to secure the Noteholder Obligations. 
 “Noteholder Collateral
Agent” means U.S. Bank National Association, in its capacity as collateral agent under the Noteholder Security Documents, and its successors in such capacity. 
 “Noteholder Documents” means the Indenture and the Noteholder Security Documents. 
 “Noteholder Liens” means Liens on the Noteholder Collateral created under the Noteholder Security Documents to
secure the Noteholder Obligations. 
 “Noteholder Mortgages” means the mortgages, deeds of trust,
leasehold mortgages, assignments of leases and rents, modifications and other security documents (if any) that convey or evidence a Lien in favor of the Trustee or the Noteholder Collateral Agent (in each case on behalf of the Noteholders) on real
or leasehold property of a Grantor to secure the Noteholder Obligations, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time. 
 “Noteholder Obligations” means all “Secured Obligations” as such term is defined in the Noteholder
Security Agreement. 
 “Noteholder Secured Parties” means, at any time, the Trustee, the Noteholder
Collateral Agent, each Noteholder, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Noteholder Document and each other holder of, or obligee in respect of, any Noteholder Obligations outstanding at such time.

 “Noteholder Security Agreement” means the Security Agreement dated as of October 26, 2006,
among the Company, the subsidiaries of the Company party thereto and the Noteholder Collateral Agent, as amended, extended, renewed, restated, refunded, replaced, refinanced, supplemented, modified or otherwise changed from time to time. 

“Noteholder Security Documents” means the Noteholder Security Agreement, the Noteholder Mortgages (if any) and
any other documents now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any Noteholder Obligations. 
 “Noteholders” means the Holders under and as defined in the Indenture. 
  

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 “Notes” means the 11% Senior Second Lien Notes due 2014 issued
under the Indenture. 
 “Obligations” means the Noteholder Obligations and the Credit Facility
Obligations. 
 “Parent” means KAGY Holding Company, Inc., a Delaware corporation. 
 “Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture,
joint-stock company, trust, unincorporated organization, association, corporation, government or any agency or political subdivision thereof or any other entity. 
 “Representative” means (a) in the case of any Noteholder Obligations, the Noteholder Collateral Agent, and (b) in the case of any Credit Facility Obligations, the
Collateral Agent. 
 “Secured Bank Indebtedness” means all “Secured Obligations” as such term
is defined in the Credit Facility Security Agreement and all Indebtedness incurred by Parent, the Company and the Grantors under the Credit Agreement that is secured by a Permitted Lien (as defined in the Indenture on the date hereof) incurred or
deemed incurred pursuant to clause (1) of the definition thereof. 
 “Secured Parties” means the
Noteholder Secured Parties and the Credit Facility Secured Parties. 
 “Security Documents” means the
Noteholder Security Documents and the Credit Facility Security Documents. 
 “Standstill Period” has the
meaning assigned such term in Section 2.02. 
 “subsidiary” means, with respect to any Person,
(a) any corporation, association or other business entity (other than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of the Capital Stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of that Person or a combination
thereof, and (b) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as
applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or
otherwise, and (y) such Person or any subsidiary of such person is a controlling general partner or otherwise controls such entity. 
 “Trustee” means U.S. Bank National Association, in its capacity as trustee under the Indenture, and its successors in such capacity. 
  

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 “UCC” means the Uniform Commercial Code as from time to time in
effect in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of any of the Secured Parties’ security interest in any item or portion
of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for
purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 
 ARTICLE II 
 Subordination of Noteholder Liens; Certain Agreements 
 SECTION 2.01. Subordination of Noteholder Liens. (a) All Noteholder Liens in respect of any Collateral are expressly
subordinated and made junior in right, priority, operation and effect to any and all Credit Facility Liens in respect of such Collateral, notwithstanding anything contained in this Agreement, the Noteholder Documents, the Credit Facility Documents
or any other agreement or instrument to the contrary, and irrespective of the time, order or method of creation, attachment or perfection of such Noteholder Liens and Credit Facility Liens or any defect or deficiency or alleged defect or deficiency
in any of the foregoing, or the failure to perfect the Liens securing the Credit Facility Obligations, or any other circumstance whatsoever. All Credit Facility Liens in respect of any Collateral shall be and remain (until the Credit Facility Lien
Discharge Date) senior in right, priority, operation, effect and in all other respects to the Noteholder Liens, whether or not such Credit Facility Liens are subordinated to any lien securing any other obligation of Parent, the Company or the other
Grantors. 
 (b) It is acknowledged that (i) the aggregate amount of the Credit
Facility Obligations may, subject to the limitations set forth in Section 4.09(b)(l) and Section 4.09(b)(17) of the Indenture, be increased, (ii) all or a portion of the Credit Facility Obligations consists or may consist of
Indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and (iii) the Credit Facility Obligations may, subject to the
limitations set forth in the Indenture, be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, all without affecting the subordination of the
Noteholder Liens hereunder or the provisions of this Agreement defining the relative rights of the Credit Facility Secured Parties and the Noteholder Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected
by any amendment,, modification, supplement, extension, increase, replacement, renewal, restatement or refinancing of either the Noteholder Secured Obligations or the Credit Facility Obligations, by the release of any Collateral or of any guarantees
securing any Credit Facility Obligations or by any action that any Representative or Secured Party may take or fail to take in respect of any Collateral. 
  

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 SECTION 2.02. No Action With Respect to Noteholder Collateral.
(a) Neither the Noteholder Collateral Agent nor any other Noteholder Secured Party shall commence or instruct the Noteholder Collateral Agent to commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a
trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or institute any action or proceeding with respect to any right, remedy or power
with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other action available to it in respect of, any Collateral under any Noteholder Security Document, applicable law or otherwise, at any time when
such Collateral shall be subject to any Credit Facility Lien and any Credit Facility Obligations secured by such Credit Facility Lien shall remain outstanding or any letter of credit issued under the Credit Agreement has not been cancelled or fully
cash collateralized or all amounts thereunder have not been reimbursed in full or any commitment to extend credit that would constitute Credit Facility Obligations secured by such Credit Facility Lien shall remain in effect, it being agreed that
only the Collateral Agent or the Credit Facility Secured Parties, acting in accordance with the applicable Credit Facility Security Documents or applicable law, shall be entitled to take any such actions or exercise any such remedies during such
time, all in such order and such manner as they may determine in their sole discretion; provided, that the Noteholder Collateral Agent may exercise any or all such rights (but not rights the exercise of which is otherwise prohibited by this
Agreement) with respect to the Noteholder Collateral other than Borrowing Base Collateral after a period (the “Standstill Period”) of one hundred and eighty (180) consecutive days has elapsed from the date of delivery of
written notice to the Collateral Agent stating that an Event of Default under and as defined in the Indenture has occurred and is continuing thereunder and stating its intention to exercise its rights to take such actions only so long as the
Collateral Agent or Credit Facility Secured Parties have not commenced (or attempted to commence or given notice of its intent to commence) the exercise of any of their rights or remedies with respect to the Collateral (including seeking relief from
the automatic stay or any other stay in any bankruptcy, insolvency or liquidation proceeding). Notwithstanding the foregoing, the Noteholder Collateral Agent may, subject to Section 2.05, take all such actions as it shall deem necessary to
perfect or continue the perfection of its Noteholder Liens. 
 (b) The Noteholder Collateral Agent or any Noteholder Secured Party may
exercise any of its rights or remedies with respect to the Noteholder Collateral other than Borrowing Base Collateral after the termination of the Standstill Period to the extent permitted by Section 2.02(a) above. If the Noteholder Collateral
Agent or any Noteholder Secured Party exercises any rights or remedies with respect to such Noteholder Collateral in accordance with Section 2.02(a) and thereafter the Collateral Agent or Credit Facility Secured Parties commence (or attempt to
commence or given notice of their intent to commence) the exercise of any of their rights or remedies with respect to the Collateral (including seeking relief from the automatic stay or any other stay in any bankruptcy, insolvency or liquidation
proceeding), the Standstill Period shall recommence and the Noteholder Collateral Agent and the Noteholder Secured Parties shall rescind any such rights or remedies already exercised with respect to the Collateral. 
  

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 SECTION 2.03. No Duties of Collateral Agent. Each Noteholder Secured Party
acknowledges and agrees that neither the Collateral Agent nor any other Credit Facility Secured Party shall have any duties or other obligations to such Noteholder Secured Party with respect to any Collateral, other than to transfer to the
Noteholder Collateral Agent any proceeds of any such Collateral that constitutes Noteholder Collateral that are remaining in its possession following any sale, transfer or other disposition of such Collateral (in each case, unless the Noteholder
Liens on all such Noteholder Collateral are terminated and released prior to or concurrently with such sale, transfer, disposition, payment or satisfaction) and after the payment and satisfaction in full of the Credit Facility Obligations secured
thereby and the cancelation or full cash collateralization of all letters of credit issued under the Credit Agreement and the reimbursement of all amounts thereunder and the termination of any commitment to extend credit that would constitute Credit
Facility Obligations secured thereby, or, if the Collateral Agent shall be in possession of all or any part of such Collateral after such payment and satisfaction in full, termination, cancelation (or cash collateralization) and reimbursement, such
Collateral or any part thereof remaining, in each case without representation or warranty on the part of the Collateral Agent or any Credit Facility Secured Party. In furtherance of the foregoing, each Noteholder Secured Party acknowledges and
agrees that until the Credit Facility Obligations secured by any Collateral in respect of which such Noteholder Secured Party holds a Noteholder Lien shall have been paid and satisfied in full and all letters of credit issued under the Credit
Agreement have been cancelled or fully cash collateralized and all amounts thereunder have been reimbursed in full, and any commitment to extend credit that would constitute Credit Facility Obligations secured thereby shall have been terminated, the
Collateral Agent shall be entitled, for the benefit of the Credit Facility Secured Parties, to sell, transfer or otherwise dispose of or deal with such Collateral as provided herein and in the Credit Facility Security Documents or applicable law
without regard to any Noteholder Lien or any rights to which the Noteholder Secured Parties would otherwise be entitled as a result of such Noteholder Lien. Without limiting the foregoing, each Noteholder Secured Party agrees that neither the
Collateral Agent nor any other Credit Facility Secured Party shall have any duty or obligation first to marshal or realize upon any Collateral (or any other collateral securing the Credit Facility Obligations), or to sell, dispose of or otherwise
liquidate all or any portion of such Collateral (or any other collateral securing the Credit Facility Obligations), in any manner that would maximize the return to the Noteholder Secured Parties, notwithstanding that the order and timing of any such
realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Noteholder Secured Parties from such realization, sale, disposition or liquidation. Each of the Noteholder Secured Parties waives any claim such
Noteholder Secured Party may now or hereafter have against the Collateral Agent or any other Credit Facility Secured Party (or their representatives) arising out of (i) any actions which the Collateral Agent or the Credit Facility Secured
Parties take or omit to take with respect to the Collateral (including, actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or disposition of, or
failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the Credit Facility Obligations from any account debtor, guarantor or any other party) or to the collection of the Credit

  

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Facility Obligations or the valuation, use, protection or release of any security for the Credit Facility Obligations, (ii) any election by the
Collateral Agent or any Credit Facility Securities Parties, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) any borrowing of, or grant of a security interest or
administrative expense priority under Section 364 of the Bankruptcy Code to, or the use of cash collateral by, Parent, Company or any of their respective subsidiaries, as debtor-in-possession. 
 SECTION 2.04. No Interference; Payment Over; Reinstatement. (a) Each Noteholder Secured Party agrees that (i) it
will not take or cause to be taken any action the purpose or effect of which is, or could be, to make any Noteholder Lien pari passu with, or to give such Noteholder Secured Party any preference or priority relative to, any Credit Facility
Lien with respect to the Collateral or any part thereof, (ii) it will not challenge or question in any proceeding the validity or enforceability of any Credit Facility Obligations or Credit Facility Security Document, or the validity,
attachment, perfection or priority of any Credit Facility Lien, or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement, (iii) it will not take or cause to be taken any action
the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Collateral by any Credit Facility Secured Party or the
Collateral Agent acting on their behalf, (iv) it shall have no right to (A) direct the Collateral Agent or any other Credit Facility Secured Party to exercise any right, remedy or power with respect to the Collateral or (B) consent to
the exercise by any Collateral Agent or any other Credit Facility Security Party of any right, remedy or power with respect to the Collateral, (v) it will not object to the forbearance by the Collateral Agent or any Credit Facility Secured
Party from bringing or pursuing any foreclosure proceeding or action nor any other exercise of any rights or remedies relating to the Collateral, (vi) it will not institute any suit or assert in any suit, bankruptcy, insolvency or other
proceeding any claim against the Collateral Agent or other Credit Facility Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to, and neither the Collateral Agent nor any other
Credit Facility Secured Party shall be liable for, any action taken or omitted to be taken by the Collateral Agent or other Credit Facility Secured Party with respect to any Collateral, (vii) it will not seek, and hereby waives any right, to
have any Credit Facility Collateral subject to any Noteholder Lien or any part thereof marshaled upon any foreclosure or other disposition of such Collateral and (viii) it will not attempt, directly or indirectly, whether by judicial
proceedings or otherwise, to challenge the enforceability of any provision of this Agreement. Each Credit Facility Secured Party agrees that it will not challenge or question in any proceeding the validity or enforceability of any Noteholder
Obligations or Noteholder Security Document, or the validity, attachment, perfection or priority of any Noteholder Lien (including any perfection effected pursuant to Article 3 of this Agreement), or the validity, or enforceability of the rights or
duties established by or other provisions of this Agreement. 
 (b) The Noteholder Collateral Agent and each other Noteholder Secured Party
hereby agrees that if it shall obtain possession of any Credit Facility Collateral or shall realize any proceeds or payment in respect of any such Collateral, pursuant to any 

  

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Noteholder Security Document or by the exercise of any rights available to it under applicable law or in any bankruptcy, insolvency or similar proceeding or
through any other exercise of remedies, at any time when any Credit Facility Obligations secured or intended to be secured by such Collateral shall remain outstanding or any commitment to extend credit that would constitute Credit Facility
Obligations secured or intended to be secured by such Credit Facility Lien shall remain in effect, then it shall hold such Collateral, proceeds or payment in trust for the Credit Facility Secured Parties and transfer such Collateral, proceeds or
payment, as the case may be, to the Collateral Agent reasonably promptly after obtaining actual knowledge or notice from the Credit Facility Secured Parties that it has possession of such Credit Facility Collateral or proceeds or payments in respect
thereof. Each Noteholder Secured Party agrees that if, at any time, it receives notice or obtains actual knowledge that all or part of any payment with respect to any Credit Facility Obligations previously made shall be rescinded for any reason
whatsoever, such Noteholder Secured Party shall promptly pay over to the Collateral Agent any payment received by it and then in its possession or under its control in respect of any Collateral subject to any Credit Facility Lien securing such
Credit Facility Obligations and shall promptly turn any Collateral subject to any such Credit Facility Lien then held by it over to the Collateral Agent, and the provisions set forth in this Agreement shall be reinstated as if such payment had not
made, until the payment and satisfaction in full of the Credit Facility Obligations. The Trustee and the Noteholder Collateral Agent and each Noteholder Secured Party agrees that if it becomes a judgment lien creditor in respect of its enforcement
of its rights under the Noteholder Documents as an unsecured creditor, such judgment will be subject to the terms of this Agreement. 
 (c)
The parties to this Agreement agree that if, after the date hereof and prior to the Credit Facility Lien Discharge Date, the Noteholder Collateral Agent shall hold any Lien on any assets of any Grantor securing any Noteholder Obligations that are
not also subject to a first-priority Lien in respect of the Credit Facility Obligations under the Credit Facility Documents, such Grantor will grant a Lien on such assets to the Collateral Agent as security for the Credit Facility Obligations (it
being understood that, the Noteholder Securities Parties shall retain a Lien on such assets subject to the terms hereof). 
 SECTION 2.05.
Automatic Release of Junior Liens. (a) The Noteholder Collateral Agent and each other Noteholder Secured Party agree that (i) in the event the Credit Facility Secured Parties release their Lien on any Credit
Facility Collateral subject to any Noteholder Lien (other than a release in connection with a sale, transfer or other disposition of Credit Facility Collateral, which shall be governed by clause (a)(ii) below), such Noteholder Lien on such
Collateral shall terminate and be released automatically and without further action unless, at the time of such release by the Credit Facility Secured Parties, an Event of Default shall then have occurred and be continuing under the Noteholder
Documents (provided that any Noteholder Lien that would have otherwise been released and terminated pursuant to this clause (a)(i) in the absence of such an Event of Default under the Noteholder Documents shall terminate and be released
automatically and without further action when such Event of Default (and all other Events of Default under the Noteholder Documents) cease to exist); and (ii) in the event of a sale, transfer or other disposition of Credit Facility Collateral
subject to any Noteholder Lien 

  

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(regardless of whether or not an Event of Default has occurred and is continuing under the Noteholder Documents at the time of such sale, transfer or other
disposition), such Noteholder Lien on such Collateral shall terminate and be released automatically and without further action if the applicable Credit Facility Liens on such Collateral are released and if such sale, transfer or other disposition
either (x) is then not prohibited by the Noteholder Documents or (y) occurs in connection with the foreclosure upon or other exercise of rights and remedies with respect to such Collateral; provided that such Noteholder Lien shall
remain in place with respect to any proceeds of a sale, transfer or other disposition under this clause (a)(ii) that remain after the satisfaction in full of the Credit Facility Obligations. 
 (b) The Noteholder Collateral Agent hereby agrees to execute and deliver (at the sole cost and expense of the Grantors) all such releases and other
instruments as shall reasonably be requested by the Collateral Agent to evidence and confirm any release of Noteholder Collateral provided for in this Section; provided that the Noteholder Collateral Agent shall have the right to require an
Officers’ Certificate or an Opinion of Counsel (as defined in the Indenture), or both, in accordance with Section 11.04 of the Indenture (unless Section 11.04 of the Indenture provides that an Officers’ Certificate or Opinion of
Counsel is not required in connection with any such release, in which case the Noteholder Collateral Agent shall not require such documents) in connection with the execution and delivery of any such release or other instrument (including evidence of
the concurrent release of the Credit Facility Lien in respect of the applicable Collateral). The Noteholder Collateral Agent irrevocably constitutes and appoints the Collateral Agent and any officer or agent of the Collateral Agent, with full power
of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Noteholder Collateral Agent, the Trustee or such holder or in the Collateral Agent’s own name, from time to time in
the Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 2.05, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish
the purposes of this Section 2.05, including any termination statements, endorsements or other instruments of transfer or release; provided that the Collateral Agent shall not utilize the power of attorney granted to it pursuant to this
sentence unless (i) the action to be taken is in connection with any sale, transfer or disposition of Collateral and resulting release of Credit Facility Liens and Noteholder Liens in connection with the foreclosure of, or other exercise of
remedies with respect to, such Collateral by the Collateral Agent, to the extent that the Noteholder Collateral Agent has not taken the applicable action or executed the applicable documents or instructions within three business days of notice by
the Collateral Agent or (ii) the Company or the Collateral Agent shall have delivered written notice to the Noteholder Collateral Agent of the intended release, together with an Opinion of Counsel of the Company in accordance with
Section 11.04 of the Indenture and evidence of the concurrent release of the Credit Facility Lien in respect of the applicable Collateral, and either (x) the Noteholder Collateral Agent has not executed such release or other instrument
within three business days of such notice or (y) the Noteholder Collateral Agent provides its written consent to the use of such power of attorney with respect to a specified transaction. 
  

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 SECTION 2.06. Certain Agreements With Respect to Bankruptcy or Insolvency
Proceedings. (a) This Agreement shall continue in full force and effect notwithstanding the commencement of any proceeding under the Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership or
similar law by or against Parent or any of its subsidiaries. 
 (b) If Parent, Company or any of their respective subsidiaries shall become
subject to a case under the Bankruptcy Code and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP
Lenders”) under Section 364 of the U.S. Bankruptcy Code or the use of cash collateral as defined in Section 363 of the U.S. Bankruptcy Code, each Noteholder Secured Party agrees that it will raise no objection to any
such financing or to the Liens on the Credit Facility Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral, unless the Collateral Agent, or Credit Facility Secured Parties
holding a majority of the then outstanding Credit Facility Obligations, shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and, to the extent that such DIP Financing Liens are senior to, or rank
pari passu with, the Credit Facility Liens, the Noteholder Collateral Agent will, for itself and on behalf of the other Noteholder Secured Parties, subordinate the Noteholder Liens on such Collateral to the Credit Facility Liens and the DIP
Financing Liens on the same basis as the Noteholder Liens are subordinated to the Credit Facility Liens under this Agreement), so long as, in connection with the grant of any DIP Financing Liens, the Noteholder Secured Parties retain Liens on all
the Noteholder Collateral with the same priority in relation to the Credit Facility Liens as existed prior to the commencement of the case under the Bankruptcy Code. 
 (c) Each Noteholder Secured Party agrees that it will not contest any request by the Collateral Agent or any other Credit Facility Secured Party for adequate protection or contest any objection by the Collateral Agent
or the Credit Facility Secured Parties to any motion, relief, action or proceeding based on the Collateral Agent or the Credit Facility Secured Parties claiming a lack of adequate protection, and each Noteholder Secured Party agrees that it will not
request adequate protection or any other relief in connection therewith (except as expressly agreed by the Collateral Agent or to the extent permitted by this Section 2.06(c)). Notwithstanding the foregoing, if the Collateral Agent or any
Credit Facility Secured Party is granted adequate protection in the form of additional collateral in connection with any use of cash collateral or DIP Financing, then the Noteholder Collateral Agent and the Noteholder Secured Parties may seek or
request adequate protection in the form of a Lien on such additional collateral, which Lien shall be subordinated to the Liens securing the Credit Facility Secured Obligations and such DIP Financing on the same basis as the other Noteholder Liens
are subordinated to the Credit Facility Liens under this Agreement. Not in limitation of the foregoing, if, in the event the Noteholder Collateral Agent or any other Noteholder Secured Party seeks or requests adequate protection in respect of
Noteholder Secured Obligations and such adequate protection is granted in the form of additional collateral, then the Noteholder Collateral Agent, on behalf of itself and each other Noteholder Secured Party, agrees that the Collateral Agent and the
other Credit Facility Secured Parties and any such DIP Financing shall also be granted a senior Lien on such additional 

  

 13 

 
collateral as security for the Credit Facility Secured Obligations and for any such DIP Financing and that any Lien on such additional collateral securing
the Noteholder Obligations shall be subordinated to the Lien on such collateral securing the Credit Facility Obligations and any such DIP Financing and to any other Liens granted to the Credit Facility Secured Parties as adequate protection on the
same basis as the other Liens securing the Noteholder Obligations are subordinated to the Liens securing the Credit Facility Obligations under this Agreement. 
 (d) Each Noteholder Secured Party agrees that it will not object to or oppose a sale or other disposition of any Credit Facility Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any
other provision of the Bankruptcy Code if the Collateral Agent, or Credit Facility Secured Parties holding a majority of the then outstanding Credit Facility Obligations, shall have consented to such sale or disposition of such Credit Facility
Collateral. 
 (e) The Noteholder Collateral Agent, for itself and on behalf of the other Noteholder Secured Parties, agrees that no
Noteholder Secured Party shall, without the prior written consent of the Collateral Agent, seek or request relief from the automatic stay or any other stay in any judicial or insolvency proceeding in respect of any part of the Collateral.

 (f) If, in connection with any judicial or insolvency proceeding, debt obligations of the reorganized debtor secured by Liens upon any
property of the reorganized debtor are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan, both on account of the Credit Facility Obligations and the Noteholder Obligations, then, to the extent the debt
obligations distributed on account of the Credit Facility Obligations and on account of the Noteholder Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations
pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 
 (g) (i) The
Noteholder Collateral Agent, for itself and on behalf of the other Noteholder Secured Parties, agrees that no Noteholder Secured Party shall oppose or seek to challenge any claim by the Collateral Agent or any other Credit Facility Secured Party for
allowance in any judicial or insolvency proceeding of Credit Facility Obligations consisting of post-petition interest, fees or expenses to the extent of the value of the Credit Facility Liens (it being understood and agreed that such value shall be
determined without regard to the existence of the Noteholder Liens on the Collateral). 
 (ii) The Collateral Agent, for
itself and on behalf of the other Credit Facility Secured Parties, agrees that no Credit Facility Secured Party shall oppose or seek to challenge any claim by the Noteholder Collateral Agent or any other Noteholder Secured Party for allowance in any
judicial or insolvency proceeding of Noteholder Obligations consisting of post-petition interest, fees or expenses to the extent of the value of the Noteholder Liens (it being understood and agreed that such value shall be determined taking into
account the Credit Facility Liens on the Collateral). 
  

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 SECTION 2.07. Reinstatement. In the event that any of the Credit Facility
Obligations shall be paid in full and such payment or any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference under Title 11 of the United Stated Code, or any similar law, or the
settlement of any claim in respect thereof), be required to be returned or repaid, the terms and conditions of this Article II shall be fully applicable thereto until all such Credit Facility Obligations shall again have been paid in full in cash.

 SECTION 2.08. Entry Upon Premises by the Collateral Agent and the Credit Facility Secured Parties. Whether or
not a Standstill Period is then in effect, and without limiting in any way the rights of the Collateral Agent hereunder and under the Credit Facility Document, if the Collateral Agent takes any enforcement action with respect to the Borrowing Base
Collateral but not with respect to any other Credit Facility Collateral, the Noteholder Secured Parties (i) shall cooperate with the Collateral Agent in its efforts to enforce its security interest in the Borrowing Base Collateral and to finish
any work-in-process and assemble the Borrowing Base Collateral, (ii) shall not take any action designed or intended to hinder or restrict in any respect the Collateral Agent from enforcing its security interest in the Borrowing Base Collateral
or from finishing any work-in-process or assembling the Borrowing Collateral, and (iii) shall permit the Collateral Agent, its employees, agents, advisers and representatives, at the sole cost and expense of the Credit Facility Secured Parties
and upon reasonable advance notice, to enter upon and use the Noteholder Collateral (including (x) equipment, processors, computers and other machinery related to the storage or processing of records, documents or files and
(y) intellectual property), for purposes of (A) assembling and storing the Borrowing Base Collateral and completing the processing of and turning into finished goods of any Borrowing Base Collateral consisting of work-in-process,
(B) selling any or all of the Borrowing Base Collateral located on such Noteholder Collateral, whether in bulk, in lots or to customers in the ordinary course of business or otherwise, (C) removing any or all of the Borrowing Base
Collateral located on such Noteholder Collateral, or (D) taking reasonable actions to protect, secure, and otherwise enforce the rights of the Credit Facility Secured Parties in and to the Borrowing Base Collateral, and the Noteholder Secured
Parties each hereby irrevocably grants to Collateral Agent a non-exclusive license or other right to use, for such time and without charge, such intellectual property, equipment, processors, computers and other machinery as it pertains to the
Borrowing Base Collateral in finishing, assembling, advertising for sale and/or selling any Borrowing Base Collateral. In the event the Noteholder Collateral Agent is otherwise permitted to sell, assign or otherwise transfer any Noteholder
Collateral in accordance with the terms of this Agreement, the Noteholder Collateral Agent shall give 180-days prior written notice of such sale, assignment or transfer to the Collateral Agent and the purchaser, assignee or transferee thereof shall
have agreed in writing to be bound by the provisions of this Section. Nothing in this Section 2.09 is intended to confer any additional rights or remedies upon the Noteholder Secured Parties in respect of the Collateral or otherwise, and this
Section 2.09 shall not be in limitation of any other provision of this Agreement, including, without limitation, Section 2.02. 
  

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 SECTION 2.09. Insurance. Unless and until written notice by the Collateral
Agent to the Trustee that the Credit Facility Obligations have been paid in full and all commitments to extend credit under the Credit Agreement shall have been and the letters of credit issued under the Credit Agreement have been canceled or cash
collateralized in full, as between the Collateral Agent, on the one hand, and the Trustee and Noteholder Collateral Agent, as the case may be, on the other hand, only the Collateral Agent will have the right (subject to the rights of the Grantors
under the Credit Facility Documents and the Noteholder Documents) to adjust or settle any insurance policy or claim covering or constituting Credit Facility Collateral in the event of any loss thereunder and to approve any award granted in any
condemnation or similar proceeding affecting the Credit Facility Collateral. 
 SECTION 2.10. Refinancings. The
Credit Facility Obligations and the Noteholder Obligations may be refinanced or replaced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the refinancing
transaction under any Credit Facility Document or any Noteholder Document) of any Credit Facility Secured Party or any Noteholder Secured Party, all without affecting the Lien priorities provided for herein or the other provisions hereof;
provided, however, that (x) the holders of any such refinancing or replacement indebtedness (or an authorized agent or trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to such documents or
agreements (including amendments or supplements to this Agreement) as the Collateral Agent or the Noteholder Collateral Agent, as the case may be, shall reasonably request and in form and substance reasonably acceptable to the Collateral Agent or
the Noteholder Collateral Agent, as the case may be and (y) with respect to the Notes, the Noteholder Documents and the Noteholder Obligations (including pursuant to any amendment, restatement, renewal, extension, supplement or other
modification of the Noteholder Documents), (A) the aggregate principal amount of the replacement or refinancing indebtedness shall not exceed the aggregate principal amount of the Noteholder Obligations outstanding on the date hereof (plus an
additional principal amount of indebtedness not to exceed $20,000,000 for all such replacements and refinancings in the aggregate after the date hereof) and accrued interest, fees and other amounts outstanding in respect thereof, and the cash yield
or cash interest on the replaced or refinanced indebtedness shall be at then current market rates, (B) the replacement or refinancing indebtedness shall be secured and guaranteed only to the same extent securing the Noteholder Obligations on
the date hereof and (C) the terms of any such refinanced or replacement indebtedness shall not (i) result in an earlier maturity date or decreased weighted average life thereof, (ii) change any event of default or condition to an
event of default with respect thereto (other than to eliminate any such event of default or increase any grace period related thereto) or add any event of default, (iii) add any mandatory prepayments thereto, (iv) change the lien
subordination provisions thereof (or of any guaranty thereof) or (v) make any other amendment thereof or change thereto, if the effect of such amendment or change with all other amendments or changes made, is to increase materially the
obligations of the obligors thereunder or to confer any additional rights on the Noteholders or other holders of indebtedness (or a representative on their behalf) under the Noteholder Documents or any document governing such refinanced or
replacement indebtedness that would be adverse to the Loan Parties under the Credit Facility Documents or any Credit Facility 

  

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Secured Party. In connection with any refinancing or replacement contemplated by this Section 2.10, this Agreement may be amended at the request and
sole expense of the Company, and without the consent of either Representative, (a) to add parties (or any authorized agent or trustee therefor) providing any such refinancing or replacement indebtedness, (b) to establish that Liens on any
Noteholder Collateral securing such refinancing or replacement indebtedness shall have the same priority as the Liens on any Noteholder Collateral securing the indebtedness being refinanced or replaced and (c) to establish that the Liens on any
Credit Facility Collateral securing such refinancing or replacement indebtedness shall have the same priority as the Liens on any Credit Facility Collateral securing the indebtedness being refinanced or replaced, all on the terms provided for herein
immediately prior to such refinancing or replacement. Notwithstanding anything to the contrary expressed or implied in this Agreement, in the event the Credit Facility Obligations are refinanced or replaced, then the Credit Facility Obligations will
not be deemed to have been paid or satisfied, commitments to extend Credit Facility Obligations will be not be deemed to be terminated and Credit Facility Liens will not be deemed to have been released. 
 SECTION 2.11. Amendments to Documents. (a) Without the prior written consent of the Collateral Agent, no Noteholder
Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Noteholder Document, would be prohibited by, or would require any Grantor to act or refrain
from acting in a manner that would violate, any of the terms of this Agreement (including, without limitation, Section 2.10, the terms of which shall apply to all amendments, restatement, supplements or other modifications of the Noteholder
Documents). 
 (b) In the event that the Collateral Agent enters into any amendment, waiver or consent in respect of any of the Credit
Facility Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Credit Facility Security Document or changing in any manner the rights of the Collateral Agent, the
Credit Facility Secured Parties, the Company or any other Grantor thereunder (including the release of any Liens in Credit Facility Collateral permitted by Section 2.05), then such amendment, waiver or consent shall apply automatically to any
comparable provision of the comparable Noteholder Security Document without the consent of the Noteholder Collateral Agent or any Noteholder Secured Party and without any action by the Noteholder Collateral Agent, the Company or any other Grantor;
provided, however, that (i) no such amendment, waiver or consent shall (A) remove assets subject to the Noteholder Liens or release any such Liens, except to the extent that such release is permitted or required by Section 2.05
and provided that there is a concurrent release of the corresponding Credit Facility Liens, (B) amend, modify or otherwise affect the rights or duties of the Noteholder Collateral Agent without its prior written consent or (C) permit Liens
on the Collateral (other than DIP Financing Liens) which are not permitted under the terms of the Noteholder Documents and (ii) written notice of such amendment, waiver or consent shall have been given to the Noteholder Collateral Agent.

  

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 SECTION 2.12. Legends. The Trustee and the Noteholder Collateral Agent acknowledge that
each Noteholder Security Document will contain the legend set forth on Annex I. 
 ARTICLE III 
 Gratuitous Bailment for Perfection of Certain Security Interests; Rights Under 
 Permits and Licenses 
 SECTION 3.01. General. The Collateral Agent
agrees that if it shall at any time hold a Lien on any Noteholder Collateral that can be perfected by the possession or control of such Collateral or of any account in which such Collateral is held (including deposit accounts of the Grantors), and
if such Collateral or any such account is in fact in the possession or under the control of the Collateral Agent, the Collateral Agent will serve as gratuitous bailee for the Noteholder Collateral Agent for the sole purpose of perfecting the
Noteholder Lien of the Noteholder Collateral Agent on such Collateral. The bailment contemplated by this Section 3.01 is intended, among other things, to satisfy the request of Section 8-301(a)(2) and 9-313(c) of the UCC. It is agreed that
the obligations of the Collateral Agent and the rights of the Noteholder Collateral Agent and the other Noteholder Secured Parties in connection with any such bailment arrangement will be in all respects subject to the provisions of Article II.
Notwithstanding anything to the contrary herein, the Collateral Agent will be deemed to make no representation as to the adequacy of the steps taken by it to perfect the Noteholder Lien on any such Collateral and shall have no responsibility, duty,
obligation or liability to the Noteholder Collateral Agent or other Noteholder Secured Parties or any other person for such perfection or failure to perfect, it being understood that the sole purpose of this Article is to enable the Noteholder
Secured Parties to obtain a perfected Noteholder Lien in such Collateral to the extent, if any, that such perfection results from the possession or control of such Collateral or any such account by the Collateral Agent. Subject to Section 2.07,
at such time as the Credit Facility Obligations secured by the Lien of the Collateral Agent shall have been paid and satisfied in full, all letters of credit issued under the Credit Agreement have been canceled or fully cash collateralized and all
amounts drawn thereunder have been reimbursed and any commitment to extend credit that would constitute such Credit Facility Obligations shall have been terminated, the Collateral Agent shall take commercially reasonable actions in its power as
shall reasonably be requested by the Noteholder Collateral Agent (at the sole cost and expense of the Grantors) to transfer possession or control of such Collateral or any such account (in each case to the extent the Noteholder Collateral Agent has
a Lien on such Collateral or account after giving effect to any prior or concurrent releases of Liens) to the Noteholder Collateral Agent (including in the case of any deposit account maintained with the Collateral Agent, the transfer of all cash
and other assets in such account to an account maintained by the Noteholder Collateral Agent). The Collateral Agent acting pursuant to this Section 3.01 shall not have by reason of the Credit Facility Documents, the Noteholder Documents, this
Agreement or any other document a fiduciary relationship in respect of the Credit Facility Secured Parties, the Noteholder Collateral Agent or any Noteholder Secured Party. 
  

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 SECTION 3.02. Rights under Permits and Licenses. The Trustee and the
Noteholder Collateral Agent each agrees that if the Collateral Agent shall require rights available under any permit or license controlled by the Trustee and/or the Noteholder Collateral Agent in order to realize on any Credit Facility Collateral,
the Trustee and/or the Noteholder Collateral Agent shall take all such actions as shall be available to it or them (at the sole expense of the Grantors), consistent with applicable law and reasonably requested by the Collateral Agent to make such
rights available to the Collateral Agent, subject to the Noteholder Liens. The Collateral Agent agrees that if the Trustee and/or the Noteholder Collateral Agent shall require rights available under any permit or license controlled by the Collateral
Agent in order to realize on any Noteholder Collateral (in accordance within the terms of this Agreement), the Collateral Agent shall take all such actions as shall be available to it (at the sole expense of the Grantors), consistent with applicable
law and reasonably requested by the Trustee and/or the Noteholder Collateral Agent to make such rights available to the Trustee and/or the Noteholder Collateral Agent, subject to the Credit Facility Liens. 
 ARTICLE IV 
 Existence and Amounts of Liens
and Obligations 
 Whenever a Representative shall be required, in connection with the exercise of its rights or the performance of its
obligations hereunder, to determine the existence or amount of any Credit Facility Obligations (or the existence of any commitment to extent credit that would constitute Credit Facility Obligations) or Noteholder Obligations, or the existence of any
Lien securing any such obligations, or the Collateral subject to any such Lien, it may request that such information be furnished to it in writing by the other Representative and shall be entitled to make such determination on the basis of the
information so furnished; provided, however, that if a Representative shall fail or refuse reasonably promptly to provide the requested information, the requesting Representative shall be entitled to make any such determination by such method
as it may, in the exercise its good faith judgment, determine, including by reliance upon a certificate of the Company. Each Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in
accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to Parent, Company or any of their respective subsidiaries, any Secured Party or any other person as
a result of such determination. 
 ARTICLE V 
 Consent of Grantors 
 Each Grantor hereby consents and agrees to the provisions of this Agreement and
the intercreditor arrangements provided for herein and agrees that the obligations of the Grantors under the Security Documents will in no way be diminished or otherwise affected by such provisions or arrangements (except as expressly provided
herein). 
  

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 ARTICLE VI 
 Miscellaneous 
 SECTION 6.01. Notices. All notices and other communications provided
for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (a) if to the Collateral Agent, to UBS AG, Stamford Branch, 677 Washington Boulevard, Stamford, Connecticut 06901, Attention: Sailoz Sikka, Telecopier No.: (203) 719-4176; 
 (b) if to the Trustee or to the Noteholder Collateral Agent, to U.S. Bank National Association, 60 Livingston Avenue, EP-MN-WS3C, St. Paul, Minnesota
55107-2292, Attention: Richard Prokosch, Telecopier No.: (651) 495-8097; 
 (c) if to Parent or the Company, to it at AGY Holding Corp.,
2558 Wagener Road, Aiken, South Carolina 29801, Attention: Catherine Cuisson, Telecopier No.: (803) 643-1180; and 
 (d) if to any other
Grantor, to it in care of the Company as provided in clause (d) above. 
 Any party hereto may change its address or telecopy number for notices and
other communications hereunder by notice to the other parties hereto (and for this purpose a notice to the Company shall be deemed to be a notice to each Grantor). All notices and other communications given to any party hereto in accordance with the
provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the
date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 6.01 or in accordance with the latest unrevoked direction
from such party given in accordance with this Section 6.01. As agreed to in writing among the Company, the Trustee, the Noteholder Collateral Agent and the Collateral Agent from time to time, notices and other communications may also be
delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person. 
 SECTION
6.02. Waivers; Amendment. (a) No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) of this Section, and then such waiver or 

  

 20 

 
consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall
entitle such party to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor any
provision hereof may be terminated, waived, amended or modified except pursuant to an agreement or agreements in writing entered into by each Representative and, proved no Default or Event of Default is then continuing, the Company; provided,
however, that this Agreement may be amended from time to time (x) as provided in Section 2.10 and (y) without limitation of Section 2.10, at the sole request and expense of the Company, and (i) without the consent of the
Collateral Agent or the Noteholder Collateral Agent, (1) (A) to add other parties (or any authorized agent thereof or trustee therefor) holding Parity Lien Debt (as defined in the Indenture as in effect on the date hereof) that are
incurred in compliance with the Credit Facility Documents and the Noteholder Documents and (B) to establish that the Liens on any Noteholder Collateral securing such Parity Lien Debt shall be pari passu hereunder with the Liens on such
Noteholder Collateral securing the Noteholder Obligations and junior and subordinated to the Liens on such Noteholder Collateral securing any Credit Facility Obligations or (2) to add any successor or replacement Collateral Agent, Trustee or
Noteholder Collateral Agent as a party to this Agreement, in each case on the terms provided for herein immediately prior to such amendment, and (ii) without the consent of the Noteholder Collateral Agent (A) to add other parties (or any
authorized agent thereof or trustee therefor) holding Priority Lien Obligations (as defined in the Indenture as in effect on the date hereof) that is incurred in compliance with the Credit Facility Documents and the Noteholder Documents and
(B) to establish that the Liens on any Credit Facility Collateral securing such Priority Lien Obligations shall be pari passu hereunder with the Liens on such Credit Facility Collateral securing the Credit Facility Obligations and senior
to the Liens on such Credit Facility Collateral securing any Noteholder Obligations, all on the terms provided for herein immediately prior to such amendment. Any such additional party and each party hereto shall be entitled to rely upon a
certificate delivered by an officer of the Company certifying that such Parity Lien Debt or Priority Lien Obligations, as the case may be, were issued or borrowed in compliance with the Credit Facility Documents and the Noteholder Documents. Any
amendment of this Agreement that is proposed to be effected without the consent of a Representative as permitted by the proviso to the preceding sentence shall be submitted to such Representative for its review at least five Business Days prior to
the proposed effectiveness of such amendment. 
 SECTION 6.03. Parties in Interest. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Noteholder Secured Parties and Credit Facility Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries
of, this Agreement. 
 SECTION 6.04. Survival of Agreement. All covenants, agreements, representations and warranties made by
any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 
  

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 SECTION 6.05. Counterparts. This Agreement may be executed in counterparts, each of which
shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed
counterpart of this Agreement. 
 SECTION 6.06. Severability. Any provision of this Agreement 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 and 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. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 6.07. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
 (b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court
of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or
for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Agreement shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction. 
 (c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it
may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to
the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 6.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any
other manner permitted by law. 
  

 22 

 SECTION 6.08. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 6.09. Headings.
Article, Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
 SECTION 6.10. Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any
of the other Credit Facility Documents and/or Noteholder Documents, the provisions of this Agreement shall control. 
 SECTION 6.11.
Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Collateral Agent and the other Credit Facility Secured Parties, on the one
hand, and the Noteholder Collateral Agent and the other Noteholder Secured Parties, on the other hand. None of Parent, the Company, any other Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly
provided in this Agreement (provided that nothing in this Agreement) is intended to or will amend, waive or otherwise modify the provisions of the Credit Agreement or the Indenture), and none of Parent, the Company, or any other Grantor may
rely on the terms hereof. Nothing in this Agreement is intended to or shall impair the obligations of Parent, the Company or any other Grantor, which are absolute and unconditional, to pay the Obligations as and when the same shall become due and
payable in accordance with their terms. Notwithstanding anything to the contrary herein, in any Noteholder Document or any Credit Facility Document, the Grantors shall not be required to act or refrain from acting pursuant to this Agreement or any
Noteholder Document with respect to any Credit Facility Collateral in any manner that would cause a default under any Credit Facility Document. 
 SECTION 6.12. Regarding the Trustee and the Noteholder Collateral Agent. (a) The Grantors hereby acknowledge that, solely as between the Grantors, the Noteholder Collateral Agent and the Trustee, all of the rights,
privileges, protections, indemnities and immunities afforded the Trustee and the Noteholder Collateral Agent under the Indenture and the Noteholder Security Document is hereby incorporated herein by reference as if set forth herein in full. This
Section 6.12 shall not be binding upon, or impair in any respect, any rights or obligations of the Credit Facility Secured Parties. 
  

 23 

 (b) Each party hereto hereby acknowledges and agrees that each of the Trustee and the Noteholder
Collateral Agent are entering into this Agreement solely in its capacity under the Noteholder Documents and not in its individual capacity. 
 (c) The Trustee and the Noteholder Collateral Agent shall not be deemed to owe any fiduciary duty to the Credit Facility Secured Parties. With respect to the Credit Facility Secured Parties, each of the Trustee and the Noteholder Collateral
Agent undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Agreement and no implied covenants or obligations with respect to the Credit Facility Secured Parties shall be read into this
Agreement against the Trustee or the Noteholder Collateral Agent. 
 (d) The provisions of this Section 6.12 shall survive the
termination of this Agreement. 
  

 24 

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

			
	 UBS AG, STAMFORD BRANCH,
 as Collateral
Agent

		
	By:	 	 /s/ Richard L. Tavrow

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

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director

 Intercreditor Agreement Signature Page 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 /s/ Richard Prokosch

	Name:	 	Richard Prokosch
	Title:	 	Vice President
		
	By:	 	 /s/ Raymond Haverstock

	Name:	 	Raymond Haverstock
	Title:	 	Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Noteholder Collateral Agent

		
	By:	 	 /s/ Richard Prokosch

	Name:	 	Richard Prokosch
	Title:	 	Vice President
		
	By:	 	 /s/ Raymond Haverstock

	Name:	 	Raymond Haverstock
	Title:	 	Vice President

 Signature page to the Intercreditor Agreement 

			
	AGY HOLDING CORP.,
		
	By:	 	 /s/ Catherine Cuisson

	Name:	 	Catherine Cuisson
	Title:	 	VP/CFO
	
	KAGY HOLDING COMPANY, INC.,
		
	By:	 	 /s/ Seth Hollander

	Name:	 	Seth Hollander
	Title:	 	Secretary
	
	AGY AIKEN LLC.,
		
	By:	 	 /s/ Catherine Cuisson

	Name:	 	Catherine Cuisson
	Title:	 	VP/CFO
	
	AGY HUNTINGDON LLC.,
		
	By:	 	 /s/ Catherine Cuisson

	Name:	 	Catherine Cuisson
	Title:	 	VP/CFO

 Intercreditor Agreement Signature PageConsignment Agreement dated August 25, 2005

 Exhibit 10.9 
 CONSIGNMENT AGREEMENT 
 THIS CONSIGNMENT AGREEMENT dated as of August 25, 2005, is
made by and between 
 FLEET PRECIOUS METALS INC., a Rhode Island corporation operating as Bank of America Precious Metals
(“Consignor”); and 
 AGY HOLDING CORP., a Delaware corporation (“Holding”), AGY
AIKEN LLC, a Delaware limited liability company (“Aiken”). and AGY HUNTINGDON LLC, a Delaware limited liability company (“Huntingdon”; Holding, Aiken and Huntingdon are herein collectively
referred to herein as “Customer”). 
 WITNESSETH: 
 WHEREAS, Customer has requested that Consignor make available to Customer a precious metals consignment facility; and 
 WHEREAS, Consignor and Customer desire to enter into this Consignment Agreement (as the same may be amended, supplemented, extended, restated or
otherwise modified from time to time, this “Agreement”) pursuant to which Consignor will extend to Customer a precious metals consignment facility on the terms and conditions, and in reliance upon the covenants,
representations and warranties of Customer, hereinafter set forth; 
 NOW, THEREFORE, in consideration of the premises and of the
mutual promises hereinafter contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  

	1.	DEFINITIONS; INTERPRETIVE PROVISIONS. 

 Section 1.01.    Definitions. 
 When used herein, the terms set forth below shall be
defined as follows: 
 “Affiliate” means as to any Person, any other Person which, directly or indirectly, is in
control of, is controlled by, or is under common control with, such Person or which owns, directly or indirectly, twenty-five percent (25%) or more of the outstanding equity interests of such Person. A Person shall be deemed to control another
Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the other Person, whether through the ownership of voting securities, by contract, or otherwise.

 “Agreement” has the meaning set forth in the Recitals. 
 “Applicable Margin” means two percentage points (2.0%) or such other percentage as Consignor and Customer may agree upon
from time to time. 

 “Approved Location(s)” means the locations described in
Section 2.01(f) hereof. 
 “Authorized Representatives” means all Person(s) who are authorized by and on
behalf of Customer Representative under this Agreement, including, without limitation, (a) to transact Consignment and purchase and sale transactions with Consignor on behalf of Customer under the Consignment Facility; and (b) to request
that a Consignment under the Consignment Facility on behalf of Customer be continued as such or converted to a Consignment of another Type. 
 “Bank” means Bank of America, N.A., a national banking association. 
 “Breakage
Costs” means all costs, losses and expenses (other than loss of anticipated profits) that Consignor may from time to time sustain or incur as a consequence of any prepayment, early termination, acceleration or breakage of a Fixed Rate
Consignment or Fixed Rate Period, including any loss or expense arising from interest or fees payable by Consignor to lenders of funds obtained by Consignor in order to maintain such Fixed Rate Consignment for such Fixed Rate Period. 
 “Business Day” means (a) any day that is not a Saturday, Sunday, or a day on which banks in Providence, Rhode Island, or
Charlotte, North Carolina, are required or permitted to be closed, and (b) with respect to all notices, determinations, fundings and payments in connection with any valuation, pricing period or pricing mechanism relating to London, any day that
is a Business Day pursuant to the preceding clause (a) and that is also a day on which trading in Dollars and Precious Metal is carried on by and between banks in the London interbank market or London Metal Exchange, as applicable. 

“Closing Date” means the date on which the first Consignment is made pursuant to this Agreement. 
 “Collateral” means all collateral securing payment of the Obligations. 
 “Collateral Access Agreement” means any landlord waiver or other similar agreement between Consignor and any third party in
possession of any Consigned Precious Metal or any Equity Precious Metal of Customer used to satisfy the requirements of Section 7.11 hereof or any landlord of Customer for any leased premises where any Consigned Precious Metal or any
Equity Precious Metal of Customer used to satisfy the requirements of Section 7.11 hereof is located, as any such waiver or similar agreement may be amended, restated or otherwise modified from time to time. 
 “Consigned Precious Metal” means Precious Metal which has been consigned to Customer pursuant to the Consignment Facility.

 “Consignment” means a consignment of Precious Metal by Consignor to Customer under the Consignment Facility.

 “Consignment Facility” means the facility established pursuant to Section 2 hereof, whereby Customer
may request Consignments of Precious Metal from Consignor. 
  

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 “Consignment Facility Indebtedness” means the value (as determined from time to
time in accordance with Section 2.02 hereof) of Consigned Precious Metal plus any unpaid purchase price for Consigned Precious Metal which has been withdrawn or is required to be withdrawn from Consignment under the
Consignment Facility. 
 “Consignment Limit” means (a) the lesser of (i) Twenty Million Dollars
($20,000,000), and (ii) the value (as determined in accordance with Section 2.02) of 20,000 ounces of Platinum; or (b) such other limit as Consignor and Customer may agree upon from time to time as evidenced by an amendment in
substantially the form of Exhibit C attached hereto and made a part hereof. 
 “Consignment Reserve”
means an amount equal to fifteen percent (15.0%) of the Consignment Facility Indebtedness. 
 “Consignor”
shall have the meaning set forth in the Preamble. 
 “Consignor’s Address” means 111 Westminster Street,
Providence, Rhode Island 02903, Attn: David R. Vega, Senior Vice President, Precious Metals, or such other person or address as Consignor shall designate from time to time in accordance with the provisions hereof. 
 “Customer” shall have the meaning set forth in the Preamble. 
 “Customer Party” means, individually, each of Holding, Aiken, Huntingdon and any other Subsidiary of Customer who hereafter
becomes a party hereto as Customer pursuant to a joinder agreement executed by the parties in form and substance acceptable to Consignor. 
 “Customer Representative” means Holding, as agent of and representative acting on behalf of Customer. 
 “Customer’s Address” means 2558 Wagener Road, Aiken, South Carolina 29801. 
 “Default” means (a) an Event of Default or (b) an event or condition that, but for the requirement that time elapse or notice be given or both, would constitute an Event of Default. 
 “Dollars” and “$” means dollars in lawful currency of the United States. Unless otherwise specified in this
Agreement, all payments under this Agreement shall be made in Dollars. 
 “Drawdown Date” means the date on which any
Consignment under the Consignment Facility is made or is to be made and the date on which any Consignment under the Consignment Facility is converted or continued in accordance with Section 2.05 hereof. In the case of physical deliveries
of Consigned Precious Metal, the Drawdown Date shall be the date such Consigned Precious Metal is shipped to Customer; in all other cases, the Drawdown Date shall be the date Consignor credits Customer’s account with a mutually acceptable third
party or otherwise makes Consigned Precious Metal available to Customer in accordance with the parties’ agreement. 
  

 - 3 - 

 “Environmental Laws” means all federal, state or local laws, statutes, common law
duties, rules, regulations, ordinances and codes, together with all administrative orders, directed duties, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case relating to environmental, health,
safety and land use matters. 
 “Equipment” means all equipment (as defined in the Uniform Commercial Code).

 “Equity Precious Metal” means Precious Metal owned by Customer (excluding the aggregate amount of all Consigned
Precious Metal) free and clear of all Liens (other than Permitted Liens and security interests in favor of Consignor) and which is located at Customer’s premises in the United States. 
 “Event of Default” means an event specified in Section 8.01 of this Agreement. 
 “Excluded Taxes” means, with respect to Consignor or any other recipient of any payment to be made by or on account of any
obligation of Customer hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof)
under the laws of which such recipient is organized or in which its principal office is located or, in the case of Consignor or any assignee of Consignor, in which its applicable lending office is located, and (b) any branch profits taxes
imposed by the United States or any similar tax imposed by any other jurisdiction in which Consignor is located. 
 “Exit Finance
Agreement” means the Financing Agreement dated as of April 2, 2004, by and among Customer, certain Affiliates of Customer, certain financial institutions signatory thereto as lenders (the “Exit Lenders”) and
Exit Finance Facility Agent, as agent for Exit Finance Lenders, as the same has been and may hereafter be amended, restated, supplemented, extended, renewed, replaced or otherwise modified from time to time. 
 “Exit Finance Facility Agent” means The CIT Group/Business Credit, Inc., as agent for the Exit Lenders, its successors and
assigns. 
 “Financial Statements” means, according to the context in which it is used, the financial statements
referred to in Section 7.06. 
 “Fiscal Quarter” means any of the quarterly accounting periods of Customer.

 “Fiscal Year” means Customer’s fiscal year for financial accounting purposes ending December 31.

 “Fixed Consignment Fee” means a consignment fee calculated in accordance with the provisions of
Section 2.03(d) hereof, 
 “Fixed Rate Consignment” means a Consignment of Precious Metal by Consignor to
Customer under the Consignment Facility bearing a Fixed Consignment Fee. 
  

 - 4 - 

 “Fixed Rate Period” means, with respect to the Consignment of Precious Metal
based upon a Fixed Consignment Fee, the period beginning on the Drawdown Date and ending one (1) month, two (2) months, three (3) months or six (6) months after such Drawdown Date (or such other period as Consignor and Customer
shall agree upon from time to time thereafter), as Customer may select in its relevant notice pursuant to Sections 2.04 or 2.05; provided, however, that, if such Fixed Rate Period would otherwise end on a day which is not a
London Banking Day, such Fixed Rate Period shall end on the next following London Banking Day; provided, however, that if such next following London Banking Day is the first London Banking Day of a calendar month, such Fixed Rate
Period shall end on the next preceding London Banking Day. 
 “Floating Consignment Fee” means a consignment fee
calculated in accordance with the provisions of Section 2.03(c) hereof. 
 “Floating Rate Consignment”
means a Consignment of Precious Metal by Consignor to Customer under the Consignment Facility bearing a Floating Consignment Fee. 
 “GAAP” means generally accepted accounting principles and practices set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the United States accounting profession). 
 “Governmental Authority” means any nation or government, any state or other political subdivision thereof and any agency,
instrumentality or other entity exercising any executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, government, and any corporation or other entity owned or controlled, through stock or capital ownership or
otherwise, by any of the foregoing. 
 “Intercreditor Agreement” means that certain Intercreditor Agreement of even
date herewith by and among Consignor, Customer, Exit Finance Facility Agent and Term Loan Agent, as the may hereafter be amended, restated, supplemented, extended, renewed, replaced or otherwise modified from time to time. 
 “Letter(s) of Credit” means one or more clean, irrevocable letter(s) of credit issued to Consignor for Customer’s account by
a domestic financial institution at all times acceptable to Consignor, and in the form of Exhibit D attached hereto, or otherwise in form and substance acceptable to Consignor. 
 “Lien” means any lien (statutory or other), mortgage, security interest, consignment interest, pledge, hypothecation, assignment,
deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale,
capitalized lease or other title retention agreement). 
 “London Banking Day” means any day on which commercial
banks are open for international business (including dealings in dollar deposits) in London. 
  

 - 5 - 

 “Material Adverse Effect” means (a) a material adverse change in, or a
material adverse effect upon, the operations, business, properties, financial condition or prospects of Customer taken as a whole, the Consigned Precious Metal or Consignor’s Liens on the Consigned Precious Metal, or the priority of such Liens;
(b) a material impairment of the ability of Customer to perform its material obligations under any Precious Metal Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability
against Customer of any Precious Metal Document to which it is a party or the rights or remedies of Consignor thereunder. 
 “NYMEX” means New York Mercantile Exchange, Inc. 
 “Obligations” means any and all
indebtedness, obligations and liabilities of Customer to Consignor of every kind and description, direct or indirect, joint or several, absolute or contingent, due or to become due, whether for payment or performance, now existing or hereafter
arising under this Agreement or any other Precious Metal Document, including, without limitation, all indebtedness and obligations of Customer under the Consignment Facility; and all interest, taxes, fees, charges, expenses and attorneys’ fees
chargeable to Customer or incurred by Consignor hereunder or thereunder, or any other document or instrument delivered pursuant to or as a supplement hereto. 
 “Permitted Liens” means (a) Liens in the Collateral in favor of the Exit Finance Facility Agent and the Term Loan Agent, subject to the terms of the Intercreditor Agreement; (b) Liens
in favor of Consignor or the Bank; (c) Liens for taxes, fees, assessments, or other governmental charges or levies on the property of Customer if such Liens are being contested in good faith and by appropriate proceedings diligently pursued,
adequate reserves in accordance with GAAP have been provided on the books of Customer, and a stay of enforcement of such Lien is in effect; (d) Liens imposed by law, such as carrier’s, warehousemen’s, and mechanic’s Liens and other
similar Liens arising in the ordinary course of business which secure payment of obligations not more than ten days past due or which are being contested in good faith by appropriate proceedings diligently pursued and for which adequate reserves
shall have been provided on Customer’s books; (e) statutory Liens in favor of landlords or real property leased by Customer; provided that, Customer is current with respect to payment of all rent and other material amounts due to such
landlord under any lease of such real property; (f) Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits, or similar
legislation or to secure the performance of bids, tenders, or contracts (other than for the repayment of Indebtedness) or to secure indemnity, performance, or other similar bonds for the performance of bids, tenders, or contracts (other than for the
repayment of Indebtedness) or to secure statutory obligations (other than liens arising under ERISA or Environmental Laws) or surety or appeal bonds, or to secure indemnity, performance, or other similar bonds; and (g) unperfected Liens to the
extent permitted by Section 7.14 hereof. 
 “Person” means an individual, corporation, partnership,
limited liability company, joint venture, trust, or unincorporated organization. 
  

 - 6 - 

 “Platinum” means platinum (loco Zurich) having a minimum degree of fineness of
ninety-nine and 95/100 percent (99.95%), or other platinum in sponge or plate and having a minimum degree of fineness of ninety-nine and 95/100 percent (99.95%), in form available to Consignor, or in such other form as the parties may agree upon
from time to time. 
 “Precious Metal” means Platinum. 
 “Precious Metal Documents” means this Agreement, the Intercreditor Agreement, and all agreements, instruments and documents
relating thereto. 
 “Precious Metals Rate” means, with respect to any Fixed Rate Period, the arithmetic mean rate
for such Fixed Rate Period as shown on Reuters LIBO screen at 10:00 a.m. London, England time two (2) Business Days prior to the first day of such Fixed Rate Period, less the forward rate for such Platinum for such Fixed Rate Period as quoted by
Consignor from time to time, or such other rate as agreed to by the parties from time to time. 
 “Previous Metal
Supplier” means Gerald Metals, Inc. 
 “Prime Rate” means the variable per annum rate of interest so
designated from time to time by the Bank as its so-called “prime rate”. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. Changes in the rate of interest
resulting from changes in the Prime Rate shall take place immediately without notice or demand of any kind. 
 “Requirement of
Law” means, as to any Person, any law (statutory or common), treaty, rule or regulation or determination, judgment or order of an arbitrator or of a Governmental Authority, in each case applicable to or binding upon the Person or any of
its property or to which the Person or any of its property is subject. 
 “Subsidiary” of a Person means any
corporation, association, partnership, limited liability company, joint venture or other business entity of which more than fifty percent (50%) of the voting stock or other equity interests (in the case of Persons other than corporations), is
owned or controlled directly or indirectly by the Person, or one or more of the Subsidiaries of the Person, or a combination thereof. Unless the context otherwise clearly requires, references herein to a “Subsidiary” refer to a Subsidiary
of Customer. 
 “Taxes” means income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or
withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority other than Excluded Taxes. 
 “Term Loan Agreement” means the Credit Agreement dated as of April 2, 2004, by and among Customer, certain Affiliates of Customer, certain financial institutions signatory thereto as lenders (the
“Term Lenders”) and Term Loan Agent, as agent for Term Lenders, as the same has been and may hereafter be amended, restated, supplemented, extended, renewed, replaced or otherwise modified from time to time. 
  

 - 7 - 

 “Term Loan Agent” means Wachovia Bank, National Association, as agent for the
Term Lenders, its successors and assigns. 
 “Type” means as to any Consignment under the Consignment Facility, its
nature as a Fixed Rate Consignment or a Floating Rate Consignment. 
 “Uniform Commercial Code” or
“UCC” means the Uniform Commercial Code in effect or the date hereof in the State of Rhode Island, or such other jurisdiction if otherwise required by applicable law. 
 Section 1.02.    Accounting Terms. 
 Any accounting term used in this Agreement shall have, unless otherwise specifically provided herein, the meaning customarily given in accordance with
GAAP, and all financial computations in the Agreement shall be computed, unless otherwise specifically provided therein, in accordance with GAAP as consistently applied in the preparation of the Financial Statements. 
 Section 1.03.    Interpretive Provisions. 
 (a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 
 (b) The words “hereof,” “herein,” “hereunder” and similar words refer to the Agreement as a whole and not to any particular
provision of the Agreement; and Subsection, Section, Schedule and Exhibit references are to the Agreement unless otherwise specified. 
 (c)
(i) The term “documents” includes any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced. 
 (ii) The term “including” is not limiting and means “including without limitation.” 
 (iii) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including,” the words “to” and “until” each mean “to but
excluding” and the word “through” means “to and including,” 
 (iv) The word “or” is not exclusive.

 (d) Unless otherwise expressly provided herein, (i) references to agreements (including the Agreement) and other contractual
instruments shall be deemed to include all subsequent amendments and other modifications thereto, but only to the extent such amendments and other modifications are not prohibited by the terms of any Precious Metal Document, and (ii) references
to any statute or regulation are to be construed as including all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting the statute or regulation. 
  

 - 8 - 

 (e) The captions and headings of the Agreement and other Precious Metal Documents are for convenience of
reference only and shall not affect the interpretation of this Agreement. 
 (f) This Agreement and other Precious Metal Documents may use
several different limitations, tests or measurements to regulate the same or similar matters. All such limitations, tests and measurements are cumulative and shall each be performed in accordance with their terms. 
 (g) This Agreement and the other Precious Metal Documents are the result of negotiations among and have been reviewed by counsel to Consignor, Customer
and the other parties, and are the products of all parties. Accordingly, they shall not be construed against Consignor merely because of Consignor’s involvement in their preparation. 
  

	2.	CONSIGNMENT FACILITY. 

 Section 2.01.    Consigned Precious Metal; Insurance; Title. 
 (a) Subject to the
terms and conditions herein set forth and provided that (i) no Default has occurred and is then continuing, and (ii) a party has not given notice to the other party pursuant to Section 2.10 of such party’s
termination of this Consignment Facility, Consignor hereby agrees that it will consign Precious Metal to Customer from time to time in such amounts as are requested by Customer in the manner set forth herein on any Business Day, so long as the
Consignment Facility Indebtedness at no time exceeds the Consignment Limit. 
 (b) EXCEPT FOR THE FINENESS OF THE PRECIOUS METAL AS
DEFINED HEREIN, CONSIGNOR MAKES NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE GOODS AND PRECIOUS METAL CONSIGNED OR TO BE CONSIGNED OR SOLD HEREUNDER, WHETHER AS TO MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE OR ANY OTHER MATTER, AND CONSIGNOR HEREBY DISCLAIMS ALL SUCH WARRANTIES. 
 (c) Precious Metal shall be consigned
to Customer by Consignor in amounts as requested by Customer from time to time in accordance, and in compliance, with the terms and provisions hereof. At no time shall the Consignment Facility Indebtedness exceed the Consignment Limit. 

(d) All deliveries of Consigned Precious Metal requested by Customer shall be made F.O.B. Consignor’s place of business (in the case of physical
Precious Metal) at Customer’s expense and risk by a recognized reputable carrier of Consignor’s selection or by Consignor crediting the account of Customer with a third party. Customer shall insure the Consigned Precious Metal, including
all Consigned Precious Metal which is in transit, to its full value, at all locations on an all risk form, including flood and earthquake and such other insurance (including but not limited to, fidelity insurance for all employees, including
officers) as may from time to time be reasonably required by Consignor. Customer shall, as between Consignor and Customer, accept all risk of loss to the Consigned Precious Metal until its return to Consignor, as 

  

 - 9 - 

 
hereinafter provided. All insurance provided for in this Subsection (d) shall be effected under valid and enforceable policies, in such forms and in
such amounts as may from time to time be reasonably required by Consignor, issued by financially sound and responsible insurance companies which are admitted in the jurisdiction in which the Consigned Precious Metal is located, or are approved under
the applicable states’ surplus lines insurance laws. At least thirty (30) days prior to the expiration dates of all insurance policies required under this subparagraph, Customer shall deliver to Consignor Acord Form 27 (2/84) or other
similar forms satisfactory to Consignor, together with a full copy of the policy, evidencing the insurance coverage required by Consignor. All such insurance policies shall provide at least thirty (30) days’ prior written notice to
Consignor of any cancellation or alteration thereof and shall insure all Consigned Precious Metal wherever it is located. At Consignor’s request, Customer will furnish Consignor with the certificate of an insurance company reasonably
satisfactory to Consignor evidencing compliance with the requirements of this Section 2.01(d). 
 (e) Title to Consigned Precious
Metal shall remain in Consignor unless and until such Consigned Precious Metal is purchased and withdrawn from Consignment by Customer whereupon title to such purchased Consigned Precious Metal shall pass to Customer; provided,
however, that Consigned Precious Metal shall for the purposes of this Agreement be deemed to be outstanding on Consignment until paid for in full or redelivered by Customer as provided in Section 2.03(f) hereof. 
 (f) Until and unless Consigned Precious Metal is withdrawn from Consignment and paid for in full, such Consigned Precious Metal and Equipment containing
such Consigned Precious Metal shall at all times be physically located (i) at the premises of Customer and other premises approved by Consignor listed on Schedule 2.01 (f) attached hereto, as amended by the parties from time to
time (the “Approved Locations”); or (ii) be in transit between said premises and locations. 
 (g) Customer
shall pay all license fees, assessments and sales, use, excise, property and other taxes (other than Excluded Taxes) now or hereafter imposed by any Governmental Authority with respect to the possession, use, sale, transfer, consignment, delivery or
ownership of the Consigned Precious Metal. 
 (h) Consignor shall not be liable for any delay in delivery or for any inability to deliver
Precious Metal hereunder directly or indirectly resulting from any unavailability or scarcity of precious metals, foreign or domestic embargoes, seizure, acts of God, insurrections, strikes, war, the adoption or enactment of any law, ordinance,
regulation, ruling or order directly or indirectly interfering with the production, sale, consignment or delivery of Precious Metal hereunder, lack of transportation, fire, flood, explosions or other accidents, events or contingencies beyond the
reasonable control of Consignor. 
 (i) The parties hereto hereby acknowledge, confirm and agree that the foregoing description of the form
and manner in which Precious Metal will be consigned and delivered pursuant to this Agreement is intended to make clear that Consignor is obligated to engage only in transactions involving Precious Metal in quantities and units which it customarily
maintains in its regular inventory, but is not intended to limit such form and manner in the event 

  

 - 10 - 

 
that Consignor shall agree separately to engage in other types of transactions. Accordingly, the Precious Metal consigned to Customer pursuant to the
Consignment Facility and governed by this Agreement shall be such quantity and form of Precious Metal as Consignor shall confirm to Customer from time to time. Until such time as all Consigned Precious Metal has been returned to Consignor or
purchased and paid for in full, Precious Metal in the possession or control of Customer, or Precious Metal held by a third party for the account of Customer, shall be deemed to constitute Consigned Precious Metal notwithstanding that such Precious
Metal is not specifically identifiable as Precious Metal consigned pursuant to this Agreement or such Precious Metal is in alloyed form or is contained in Equipment. 
 Section 2.02.    Valuation. 
 For the purpose of this
Agreement, the value of Platinum shall be determined from time to time on the basis of the second fixing price for Platinum on the date of valuation as customarily set by certain members of the London Platinum and Palladium Market Association, or if
no such price is available for such date, then on the basis of said second fixing price on the next previous day for which such price was available. In the event that the London Platinum and Palladium Market Association shall discontinue or alter in
any material respect its usual practice of quoting a price for Platinum on any day for which such a price is necessary for the purposes of this Agreement, Consignor shall so notify Customer, and Consignor, using its reasonable discretion, shall
announce a substituted, reasonably comparable index or mechanism which shall thereupon become the method of valuation hereunder until the London Platinum and Palladium Market Association shall resume its usual practices of quoting such prices.

 Section 2.03.    Consignment Fees; Payments by Customer. 
 (a) During such time as Precious Metal is consigned to Customer hereunder and until the same is
either (i) withdrawn from Consignment and paid for in full by Customer as hereinafter provided, or (ii) returned to Consignor in accordance with this Agreement, Customer will pay to Consignor a fee computed daily on the value of such
Consigned Precious Metal as hereinafter set forth. Such fee shall be accrued on a daily basis and, in the case of Floating Rate Consignments, shall be paid monthly, not later than the fifth (5th) Business Day following the receipt of billing, and in the case of Fixed Rate Consignments, shall be paid monthly, not later than the fifth (5th) Business Day following the receipt of billing, and on the last day of the Fixed Rate Period with respect thereto. 
 (b) Customer may elect to pay either a Floating Consignment Fee or, provided that no Default has occurred and is then continuing, a Fixed
Consignment Fee with respect to each Consignment of Precious Metal under the Consignment Facility, subject to the terms and conditions hereinafter set forth. 
 (c) Each Floating Consignment Fee will be calculated for the period commencing with the Drawdown Date and shall be at the rate per annum calculated by Consignor and specified by Consignor from time to time on at least
seven (7) days prior written notice in substantially the form of Exhibit A attached hereto and made a part hereof. The Floating Consignment Fee shall be seven and one-half percent (7.5%) per annum until amended pursuant to
this Section 2.03(c). 
  

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 (d) Each Fixed Consignment Fee shall be calculated for a certain specific quantity and form of Precious
Metal consigned to Customer for a certain specific Fixed Rate Period at a rate equal to the Precious Metals Rate plus the Applicable Margin. The quantity and form of Precious Metal and the Fixed Rate Period shall be selected by Customer and
consented to by Consignor. Once the specific quantity and form of Precious Metal and the specific Fixed Rate Period have been selected and the Fixed Consignment Fee determined, such selections shall be irrevocable and binding on Customer and shall
obligate Customer to accept the Consignment requested from Consignor in the amount, in the form and at the Fixed Consignment Fee for the Fixed Rate Period specified. 
 (e) At such time as Customer shall request the Consignment and delivery of Precious Metal under the Consignment Facility, it shall become obligated to pay to Consignor a market premium per troy ounce announced by
Consignor at the time of such Consignment. Such payment is to be made within five (5) Business Days of Customer’s receipt of an invoice therefor. 
 (f) At such time as Customer shall purchase and withdraw Consigned Precious Metal from Consignment under the Consignment Facility, it shall become obligated to (i) pay to Consignor (x) a purchase price
computed in accordance with Section 2.02 hereof based on the value of Precious Metal on the date of Customer’s agreement to purchase if such agreement to purchase is effected by Customer (and Customer has notified Consignor) prior
to 2:30 P.M., London Time, on any London Banking Day, plus any applicable premium, or (y) such other purchase price as shall be mutually agreed upon by Consignor and Customer, or (ii) deliver Precious Metal to Consignor’s pool
accounts, loco Zurich, free and clear of all Liens, in an amount equal to the Precious Metal purchased. All payments of purchase price for Consigned Precious Metal or deliveries of Precious Metal are to be made within two (2) London Banking
Days, provided, however, title to such Consigned Precious Metal shall not pass to Customer until the payment in full of such purchase price either in cash of by means of delivery to Consignor in accordance with the requirements of this
Agreement of an equivalent quantity of Precious Metal. 
 (g) All payments (other than payments in the form of Precious Metal) shall be made
by Customer at Consignor’s Address herein set forth or such other place as Consignor may from time to time specify in writing in lawful currency of the United States of America in immediately available funds, without counterclaim or setoff and
free and clear of, and without any deduction or withholding for, any taxes or other payments. 
 (h) All payments shall be applied first to
the payment of all fees, expenses and other amounts due to Consignor hereunder (excluding purchase price for Consigned Precious Metal and consignment fees), then to accrued consignment fees and the balance on account of outstanding purchase price
for Consigned Precious Metal; provided, however, that after the occurrence of an Event of Default, payments will be applied to the obligations of Customer to Consignor as Consignor determines in its sole discretion. 
  

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 (i) All fees payable by Customer hereunder shall be calculated on the basis of a 360-day year, counting
the actual number of days elapsed. 
 (j) Subject to the provisions set forth in the definition of “Fixed Rate Period”, whenever
any payment is due on a day other than a Business Day, such payment shall be due on the following Business Day, and such extension of time shall in such case be included in the computation of interest or fees, as applicable. 
 Section 2.04.    Requests for Consignments under the Consignment Facility. 
 (a) Customer shall give to Consignor notice by telephone (confirmed in writing by Consignor) of each request for a Consignment of Precious Metal. Each
such notice shall be irrevocable and binding on Customer and shall obligate Customer to accept the Consignment requested. 
 (b) Requests
for, and repayments of, Fixed Rate Consignments of Precious Metal shall be for not less than One Thousand (1,000) fine troy ounces. 
 (c) There shall be no minimum ounce requirements for requests for, and repayments of, Floating Rate Consignments. 
 (d) There shall
be no more than fifteen (15) Fixed Rate Consignments outstanding for Consigned Precious Metal at any one time. 
 (e) Requests for any
Floating Rate Consignments shall be furnished to Consignor no later than 2:00 P.M. (Providence time) one (1) Business Day prior to the proposed Drawdown Date; provided, however, such request shall be made at least three
(3) London Banking Days in advance in the case of any request for a physical delivery of Consigned Precious Metal. Each such notice shall specify (i) the amount and form of Precious Metal requested, and (ii) the proposed Drawdown Date
of such Consignment. 
 (f) Requests for any Fixed Rate Consignments shall be furnished to Consignor by 3:00 P.M. (Providence time) two
(2) London Banking Days prior to the proposed Drawdown Date; provided, however, such request shall be made at least three (3) London Banking Days in advance in the case of any request for a physical delivery of Consigned
Precious Metal. Each such notice shall specify (i) the amount and form of Precious Metal requested, (ii) the proposed Drawdown Date of such Consignment, and (iii) the Fixed Rate Period for such Consignment. 
 (g) Customer irrevocably authorizes Consignor to make or cause to be made, at or about the time of the Drawdown Date of any Consignment of Precious Metal
or at the time of receipt of any payment of purchase price for Consigned Precious Metal or any redelivery of Consigned Precious Metal, an appropriate notation on Consignor’s books and records reflecting the making of such Consignment of
Precious Metal or (as the case may be) the receipt of such purchase price for Consigned Precious Metal, or any redelivery of Consigned Precious Metal. The amount of the Consignment Facility Indebtedness set forth in Consignor’s books and
records shall be prima facie evidence of the Consignment Facility Indebtedness owing and unpaid to 

  

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Consignor, but the failure to record, or any error in so recording, any such amount on Consignor’s books and records shall not limit or otherwise affect
the obligations of Customer hereunder to make pay and perform its Obligations under the Consignment Facility when due. 
 Section 2.05.    Conversion Options. 
 (a) Subject to the provisions hereof, Customer
may elect from time to time to convert an outstanding Floating Rate Consignment to a Fixed Rate Consignment and to convert an outstanding Fixed Rate Consignment to a Floating Rate Consignment, provided that (i) with respect to any such
conversion of a Fixed Rate Consignment into a Floating Rate Consignment, such conversion shall only be made on the last day of the Fixed Rate Period with respect thereto; (ii) with respect to any such conversion of a Floating Rate Consignment
to a Fixed Rate Consignment, Customer shall give Consignor at least three (3) London Banking Days’ prior telephone notice of the day on which such election is effective; and (iii) no Consignment may be converted into a Fixed Rate
Consignment when a Default has occurred and is continuing hereunder. Customer shall give to Consignor telephone notice of its decision to convert an outstanding Consignment. All or any part of outstanding Consignments under the Consignment Facility
may be converted as provided herein. Each such request shall be irrevocable by Customer. 
 (b) Subject to the provisions hereof, Fixed Rate
Consignments may be continued as such upon the expiration of a Fixed Rate Period with respect thereto by giving to Consignor telephone notice of Customer’s decision to continue an outstanding Consignment as such at least three (3) London
Banking Days’ prior to the day on which such election is effective; provided that no Fixed Rate Consignment may be continued as such when a Default has occurred hereunder, but shall be automatically converted to a Floating Rate
Consignment on the last day of the first Fixed Rate Period relating thereto ending during the continuance of such Default. In the event that Customer does not notify Consignor of its election hereunder with respect to any Consignment, such
Consignment shall be automatically converted to a Floating Rate Consignment at the end of the applicable Fixed Rate Period. 
 Section 2.06.    Illegality or Inability to Determine Fixed Consignment Fee. 
 Notwithstanding any other provisions herein, if either (a) any present or future Requirement of Law or in the reasonable interpretation or application thereof shall make it unlawful for Consignor to make or maintain Fixed Rate
Consignments, or Consignor shall determine in good faith that adequate and reasonable methods do not exist for ascertaining the Fixed Consignment Fee that would otherwise determine the Fixed Rate Consignment during any Fixed Rate Period, Consignor
shall forthwith give notice of such circumstances to Customer and thereupon (a) the agreement of Consignor to make Fixed Rate Consignments shall forthwith be suspended until Consignor determines that the circumstances giving rise to such
suspension no longer exist, whereupon Consignor shall so notify Customer, and (b) the Fixed Rate Consignments then outstanding shall be converted automatically to Floating Rate Consignments on the last day of each Fixed Rate Period applicable
to such Fixed Rate Consignments or within such earlier period as may be required by applicable law (in which event Customer shall promptly pay Consignor any Breakage Costs related to any such required conversion prior to the expiration of a Fixed
Rate Period). 
  

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 Section 2.07.    Indemnity. 
 Customer shall pay to Consignor all Breakage Costs associated with any or sustained or incurred as a result of (a) default by Customer in payment of
any Fixed Rate Consignments as and when due and payable (including, without limitation, as a result of prepayment or late payment of the purchase price for the Consigned Precious Metal or the acceleration of the Consignment Facility Indebtedness
pursuant to the terms of this Agreement), (b) default by Customer in taking a Consignment or conversion after Customer had given (or is deemed to have given) its request therefor, and (c) the purchase of Consigned Precious Metal bearing a
Fixed Consignment Fee or the making of any conversion of any such Consignment to a Floating Rate Consignment in each case on a day that is not the last day of the applicable Fixed Rate Period with respect thereto. 
 Section 2.08.    Maintenance of Consignment Limit. 
 (a) If the Consignment Facility Indebtedness at any time exceeds the Consignment Limit, Customer will promptly, upon notice or demand by Consignor,
either: 
 (i) make payment to Consignor, as provided in Section 2.03(f) hereof, for Consigned Precious Metal having an aggregate
value sufficient to result in the remaining Consignment Facility Indebtedness being not more than the Consignment Limit, or 
 (ii) deliver to
Consignor, either physically at Consignor’s vault in Providence, Rhode Island or to Consignor’s pool accounts, loco Zurich or through a recognized third party, Precious Metal free and clear of all Liens having an aggregate value sufficient
to result in the remaining Consignment Facility Indebtedness being not more than the Consignment Limit. 
 (b) Any physical return of
Consigned Precious Metal to Consignor’s vault in Providence shall be at Customer’s expense and risk and shall only be credited to Customer’s account upon Consignor’s assaying the value thereof, unless such returned Precious Metal
is delivered in containers of Platinum supplied by NYMEX-approved refineries (with refiner’s seals unbroken), in which case an assay will not be required. 
 Section 2.09.    Late Fee. 
 If the entire amount of any
required payment hereunder is not paid in full within ten (10) Business Days after the same is due, Customer shall pay to Consignor by bank wire to a bank of Consignor’s choice, a late fee equal to five percent (5%) of the required
payment. 
  

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 Section 2.10.    Termination; Return of Consigned Precious
Metal. 
 (a) Each of Consignor and Customer may terminate this Agreement at any time by giving thirty (30) days prior written
notice of such termination to the other; provided, however, termination of this Agreement by Customer shall be expressly conditional upon Customer’s paying and performing in full all of Customer’s obligations hereunder. Upon
giving of such notice or at any time thereafter, Consignor may, at its option, suspend or terminate its obligation to Consign or deliver Precious Metal hereunder; provided, however, that Consignor will deliver Precious Metal in respect
to pending orders placed by Customer prior to the issuance of a notice of termination if Customer first pays in full for the Precious Metal so ordered, and any related costs and expenses. Termination of this Agreement shall not affect
Customer’s duty to pay and perform its Obligations to Consignor hereunder in full. Notwithstanding termination, until all Obligations have been satisfied in full, Consignor shall retain its security interests in the Collateral and, except for
those provisions relating to Consignor’s agreement to consign Precious Metal, all terms and conditions of this Agreement shall remain in full force and effect. 
 (b) ALL SUMS OUTSTANDING AND ALL OBLIGATIONS OUTSTANDING UNDER THE CONSIGNMENT FACILITY WILL BE DUE AND PAYABLE IN FULL UPON THE EARLIER OF (i) THE OCCURRENCE OF AN EVENT OF
DEFAULT AND CONSIGNOR’S ACCELERATION OF THE OBLIGATIONS, OR (ii) THE EFFECTIVE DATE OF TERMINATION OF THIS AGREEMENT PURSUANT TO SECTION 2.10(a). Upon termination of the Consignment Facility, Consignor may credit any amounts
then held by it to reduce the amount of such Obligations in accordance with the provisions of Section 11 hereof. Termination of the Consignment Facility shall not affect Customer’s duty to pay and perform its Obligations to
Consignor under the Consignment Facility in full. Notwithstanding termination, until all Obligations have been fully satisfied, Consignor shall retain the Consignment interests retained under this Agreement, and, except for those specific covenants
and conditions dealing with the consigning of Precious Metal, all terms and conditions of this Agreement shall remain in full force and effect. 
 (c) Upon termination of the Consignment Facility for any reason, Customer shall immediately upon the effective date of termination (i) deliver to Consignor at Consignor’s vault in Providence, Rhode Island, any Consigned Precious
Metal theretofore consigned to but not purchased and paid for in full by Customer under the Consignment Facility; or (ii) make payment for all Consigned Precious Metal theretofore consigned to but not purchased and paid for in full by Customer
under the Consignment Facility, the purchase price thereof to be determined in accordance with Section 2.03(f) hereof; or (iii) deliver to Consignor, to Consignor’s pool accounts, loco Zurich or through a recognized third
party, any Consigned Precious Metal theretofore consigned to but not purchased and paid for in full by Customer under the Consignment Facility. Any physical return of Consigned Precious Metal to Consignor’s vault in Providence, Rhode Island,
shall be at Customer’s expense and risk and shall only be credited to Customer’s account upon Consignor’s assaying the value thereof, unless such returned Precious Metal is delivered in containers of Platinum supplied by
NYMEX-approved refineries (with refiner’s seals unbroken), in which case an assay will not be required. 
  

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 (d) Notwithstanding any provision herein to the contrary, in the event of a termination of this Agreement
in circumstances in which an Event of Default has not occurred and is continuing, Customer may, not later than ten (10) days after delivery of such notice of termination in accordance with Section 2.10(a), deliver and
thereafter maintain at all times Letters of Credit to Consignor in an aggregate amount (after deduction of all other amounts as to which Letters of Credit have been provided pursuant to Section 7.11 hereof) equal to one hundred two
percent (102%) of all Obligations in respect of Fixed Rate Consignments then in effect for their corresponding Fixed Rate Periods, whereupon Consignor shall be entitled to use drawings under such Letters of Credit to pay each Fixed Rate
Consignment Obligation (including the value (as determined from time to time in accordance with Section 2.02 hereof) of Consigned Precious Metal which is the subject thereof) as it comes due at the end of its corresponding Fixed Rate
Period unless Customer has otherwise complied with Section 2.10(c). Should the available face amount of the Letters of Credit drop below one hundred two percent (102%), Customer shall increase the available face amount of the Letters of
Credit to equal one hundred five percent (105%) of the then-current amount of all Obligations in respect of Fixed Rate Consignments within three (3) Business Days. Each Letter of Credit delivered pursuant to this
Section 2.10(d) shall not have an expiration date which is earlier than thirty (30) days after the last day of all Fixed Rate Periods of such Fixed Rate Consignments. 
 (e) If Customer fails to pay and perform the foregoing obligations upon termination of this Agreement, Consignor shall in addition have all of the rights
and remedies of a secured party and a consignor under the Uniform Commercial Code with respect to Consigned Precious Metal outstanding hereunder. Customer shall pay all legal expenses and attorneys’ fees incurred by Consignor in enforcing
Consignor’s rights, powers and remedies under this Agreement. 
 Section 2.11.    Taxes. 

 All payments made by Customer under this Agreement shall be made free and clear of, and without deduction or withholding for or on account
of, any present or future Taxes. If any Taxes are required to be withheld from any amounts payable to Consignor hereunder, the amounts so payable to Consignor shall be increased to the extent necessary to yield to Consignor (after payment of all
Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement. 
 Section 2.12.    True Consignment; Security Interest. 
 (a) The parties hereto intend
that this Agreement shall provide for a true consignment and that all transactions hereunder shall constitute true consignments of the Consigned Precious Metal. 
 (b) To secure the prompt and punctual payment and performance of all Obligations under this Agreement, whether now existing or hereafter incurred, Customer hereby grants to Consignor a continuing security interest in
(i) the Consigned Precious Metal, whether now existing or hereafter arising, (ii) all Platinum of Customer, whether now existing or hereafter arising, and in whatever form, including, without limitation, all Platinum incorporated in
Equipment of Customer, and (iii) all proceeds and products of the foregoing. Nothing contained in the foregoing grant is intended to conflict with the true consignment nature of this Agreement. 
  

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 (c) Customer hereby authorizes Consignor’s filing of UCC financing statements against Customer in
connection with the Consignment and the security interests granted hereby and hereby ratifies any UCC financing statements filed by Consignor prior to the date hereof. 
 (d) All Obligations shall also be secured by all Letters of Credit, if any, provided to Consignor pursuant to this Agreement. 
 (e) If Customer shall fail to renew or replace any Letter of Credit, or any extension(s) or replacement(s) therefor, at least twenty (20) days prior to its scheduled expiry date, if any, Consignor shall be
entitled to draw under the Letter of Credit for its full available face amount and to apply the proceeds thereof to payment of the Obligations. 
 (f) When all Obligations (other than contingent indemnification obligations which by their terms are intended to survive repayment of the Obligations) have been finally and indefeasibly paid in full in cash and all obligations of Consignor
hereunder and under all Precious Metal Documents have been terminated, Consignor shall promptly terminate all security interests hereunder and surrender to Customer all Letters of Credit then in existence. 
 (g) If at any time, for a period of ten (10) consecutive Business Days, the aggregate available face amount of all Letters of Credit exceeds the
aggregate amount of outstanding Obligations (and in the case of Fixed Rate Consignment Obligations described in Section 2.10(d) hereof, one hundred five percent (105%) of such Obligations and Consigned Precious Metal as provided hi
Section 2.10(d)), Consignor shall, unless an Event of Default has occurred and is continuing, promptly return to Customer in response to Customer’s request therefor, Letters of Credit in an amount equal to such excess or if such
return cannot be accomplished due to the amounts of such Letters of Credit, accept replacement Letters of Credit such that such excess is eliminated. 
  

	3.	[RESERVED]. 

  

	4.	CONDITIONS. 

 Section 4.01.    Conditions to Consignor’s Obligations Hereunder. 
 The
obligation of Consignor to make the initial Consignment of Precious Metals hereunder is subject to the satisfaction of all of following conditions precedent: 
 (a) The representations and warranties set forth in Section 6 hereof shall be true and correct in all material respects on the Closing Date and the date each Consignment is requested and is to occur or be
issued. 
 (b) Customer shall have executed and delivered to Consignor, or shall have caused to be executed and delivered to Consignor in
form and substance acceptable to Consignor, 

  

 - 18 - 

 
upon the execution of this Agreement, all agreements required by Consignor for the purpose of securing payment and performance of Customer’s Obligations
under this Agreement, together with any other documents required by the terms hereof or thereof, including, without limitation, the Intercreditor Agreement and all insurance required by the terms hereof, which shall at all times remain in full force
and effect. 
 (c) Consignor shall have received on the date hereof (i) the favorable written opinion of counsel for Customer, dated the
date hereof, satisfactory to Consignor and its counsel in scope and substance; and (ii) such other supporting documents and certificates as Consignor or its special counsel may request. 
 (d) Contemporaneously with closing hereunder, the Previous Metal Supplier shall have terminated all UCC financing statement filings made against Customer
which cover or affect Precious Metal of Customer or evidence consignments of Precious Metal to Customer. 
 (e) All legal matters incident to
the transactions hereby contemplated shall be satisfactory to counsel for Consignor. 
 (f) No Default shall have occurred and be continuing.
 
 Section 4.02.    Conditions to Subsequent Transactions. 
 The obligation of Consignor to make any subsequent Consignments is subject to the following conditions precedent: 
 (a) All warranties and representations set forth in this Agreement (except those made as of a specific date) shall be true and accurate in all material
respects as of the date such Consignment or delivery is requested to be made. 
 (b) After giving effect to such Consignment, no Event of
Default and no Default shall have occurred and be continuing, or shall result from the requested transaction. 
 (c) No event(s) shall have
occurred, and no circumstance(s) shall exist, which individually or in the aggregate with other such circumstances or events, has had, or could reasonably be expected to have, a Material Adverse Effect. 
 Section 4.03.    Customer’s Confirmation. 
 Each request by Customer to Consignor for the delivery of Precious Metal under the Consignment Facility shall be deemed to be a representation and
warranty to Consignor that the respective conditions specified in Sections 4.01 and 4.02 for such Consignment have been satisfied. 
 Section 4.04.    Authorized Representatives. 
 Customer and Customer Representative
shall deliver to Consignor a certificate or letter certifying to Consignor the name(s) of all Authorized Representatives, in the form attached 

  

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hereto as Exhibit B. Consignor may conclusively rely on such certificate or letter until it shall receive further certificates from such
Customer in form acceptable to Consignor canceling or amending the prior list of Authorized Representatives. Any person identifying himself or herself as an Authorized Representative of Customer shall have the right to effect transactions under the
Consignment Facility and this Agreement. Consignor shall have no responsibility or obligation to ascertain whether the person is in fact the Authorized Representative of Customer which he or she claims to be or is, in fact, authorized to effect the
transaction. At its option, Consignor may verify any telephonic or telegraphic request for a transaction by calling an Authorized Representative, and where more than one Authorized Representative is so authorized, by calling an Authorized
Representative or other individual other than the caller or the individual initiating the transaction. Customer hereby authorizes Consignor at its option to record electronically all telephonic requests for transactions that Consignor may receive
from Customer or any other person purporting to act on behalf of Customer. 
  

	5.	SECURITY. 

 Customer’s
Obligations shall be secured at all times by the security interests granted pursuant to Section 2.12(b) hereof and all Letters of Credit. 
  

	6.	REPRESENTATIONS AND WARRANTIES. 

 As a
material inducement to Consignor to enter into this Agreement and to provide Precious Metal and financial accommodations contemplated hereby, Customer hereby represents and warrants to Consignor (which representations and warranties shall survive
the execution of this Agreement, the making of Consignments) that: 
 Section 6.01.    Existence and
Standing. 
 Each Customer Party (i) is duly organized, validly existing and in good standing under the laws of its state of
incorporation, (ii) has the requisite corporate or limited liability company (as applicable) power and authority to own its properties and to carry on business as now being conducted, (iii) holds all material permits, authorizations and
licenses, without material restrictions or limitations, which are necessary for such ownership or business activity, (iv) is qualified to do business in every jurisdiction where such qualification is necessary, and (v) has the requisite
corporate or limited liability company (as applicable) power to execute, deliver and perform this Agreement and all other Precious Metal Documents; except in each case referred to in (ii), (iii) and (iv), to the extent that the failure to do so
could not reasonably be expected to have a Material Adverse Effect. 
 Section 6.02.    Authorization;
No Conflict. 
 The execution, delivery and performance by Customer of the terms and provisions of each Precious Metal Document have
been duly authorized by all requisite corporate and limited liability company action and will not violate (a) any Requirement of Law, (b) any order of any court or other Governmental Authority, (c) the corporate charter, articles of
incorporation or by-laws of Customer, or (d) any material indenture, agreement or other instrument to which 

  

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Customer is a party, or by which Customer is bound, or be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a
default under, or, except as may be provided by this Agreement, result in the creation or imposition of any Lien of any nature whatsoever upon any of the property or assets of Customer pursuant to, any such material indenture,, agreement or other
instrument. No order, consent, adjudication, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, or other action in respect of any Governmental Authority which has not been obtained by
Customer, is required to be obtained by Customer in connection with the execution and delivery of the Precious Metal Documents, the transactions under this Agreement, the payment and performance by Customer of the Obligations or the legality,
validity, binding effect or enforceability of any of the Precious Metal Documents. 
 Section 6.03.    Material Adverse Change. 
 Since December 31, 2004, there has
been no change in the business, property, condition (financial or otherwise) or results of operations of Customer which could reasonably be expected to have a Material Adverse Effect. 
 Section 6.04.    Taxes. 
 Customer has filed all United States federal, state and material local tax returns and all other material tax returns which are required to be filed and has paid all material taxes due pursuant to said returns or
pursuant to any assessment received by Customer, except such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided in accordance with GAAP and as to which no Lien exists. No tax liens have been
filed and no claims are being asserted with respect to any such taxes, other than the Canadian Reassessment (as defined in the Exit Finance Agreement) (involving alleged unpaid taxes in an amount currently expected not to exceed $500,000 (based on
the advice of Holding’s advisors)). 
 Section 6.05.    Financing Statements; Title.

 No financing statement or agreement is on file in any public office pertaining to or affecting the Consigned Precious Metal or the
Collateral, except in connection with Permitted Liens. Customer has good title to all of its material properties and assets, free and clear of all Liens, except Permitted Liens. 
 Section 6.06.    Accuracy of Information. 
 No written information, exhibit or report furnished by Customer to Consignor in connection with the negotiation of, or compliance with, the Precious Metal
Documents contain any material misstatement of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not misleading at the time made and in light of the circumstances in which such facts were
presented; provided, however, that with respect to projected financial information, Customer represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time. 
  

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 Section 6.07.    Labor Disputes. 
 There is no pending or (to Customer’s knowledge) threatened, strike, work stoppage, material unfair labor practice claim, or other material labor
dispute against or affecting Customer or its Subsidiaries or their employees that could reasonably be expected to have a Material Adverse Effect. 
 Section 6.08.    Specifically Designated National and Blocked Persons. 
 Customer is
not a country, individual, or entity named on the Specifically Designated National and Blocked Persons (SDN) list issued by the Office of Foreign Asset Control of the Department of the Treasury of the United States of America. 
 Section 6.09.    No Event of Default. 
 No Event of Default as defined in Section 8.01 hereof or Default has occurred and is continuing. 
 Section 6.10.    Binding Obligations. 
 Each Precious Metal Document and all documents and agreements executed or delivered in connection with or pursuant to this Agreement have been duly
executed and delivered by Customer and constitute legal, valid and binding obligations of Customer, enforceable against Customer in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization and other similar laws of
general application affecting the rights of creditors generally. 
 Section 6.11.    Shared Benefits of
Agreement. 
 Each Customer Party expects to derive benefit (and its board of directors or other governing body has determined that it
may reasonably be expected to derive benefit), directly and indirectly, from the Precious Metal supplied, and financial accommodations extended, by Consignor to any of the Customer Parties pursuant to this Agreement. Each Customer Party has
determined that execution, delivery, and performance of this Agreement and any other Precious Metal Documents to be executed by such Customer Party is within its purpose, will be of direct and indirect benefit to such Customer Party, and is in its
best interest. 
  

	7.	AFFIRMATIVE AND NEGATIVE COVENANTS. 

 From
the date hereof and until (a) the Obligations have been paid and performed in full, and (b) Consignor’s commitments and obligations have been terminated, Customer agrees that it will: 
 Section 7.01.    Legal Existence; Licenses and Properties. 
 Do or cause to be done all things necessary to preserve, renew and keep in full force and effect (i) its corporate or limited liability company (as
applicable) existence, and (ii) its rights, 

  

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licenses, permits and franchises; except to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect; comply in
every material respect with all laws and regulations applicable to it (including, without limitation, all Environmental Laws) and all material agreements to which it is a party, in each case the violation of which could reasonably be expected to
have a Material Adverse Effect; at all times maintain, preserve and protect all franchises and trade names and preserve all the remainder of its property used or useful in the conduct of its business and keep the same in good repair, working order
and condition, and from time to time, make, or cause to be made, all needful and proper repairs, renewals, replacements, betterments and improvements thereto, so that the business carried on in connection therewith may be properly and advantageously
conducted at all times; except to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect; not change its name, the type of entity that it is or its state of incorporation, unless it has provided Consignor
with thirty (30) days’ prior written notice thereof. 
 Section 7.02.    Taxes.

 Pay and discharge or cause to be paid and discharged all material taxes, assessments and governmental charges or levies imposed upon it
or upon its respective income and profits or upon any of its property, real, personal or mixed, or upon any part thereof, before the same shall become in default, as well as all material lawful claims for labor, materials and supplies or otherwise,
which, if unpaid, might become a lien or charge upon such properties or any part therefor; provided that such Customer shall not be required to pay and discharge or cause to be paid and discharged any such tax, assessment, charge, levy or claim so
long as the validity thereof shall be contested in good faith by appropriate proceedings and it shall have set aside on its books adequate reserves with respect to any such tax, assessment, charge, levy or claim, so contested, and provided, further,
that payment with respect to any such tax, assessment, charge, levy or claim shall be made before any of its property shall be seized and sold in satisfaction thereof. 
 Section 7.03.    Litigation. 
 Give prompt written notice to
Consignor of any proceedings instituted against it or any of its stockholders by or in any Federal or state court or before any Governmental Authority which, if adversely determined, could reasonably be expected to have a Material Adverse Effect.

 Section 7.04.    Liens. 
 Not create, incur, assume or suffer to exist any Lien of any nature whatsoever on any of the Consigned Precious Metal, except for Permitted Liens.

 Section 7.05.    Disposition of Consigned Precious Metal. 
 Without Consignor’s prior written consent, not sell, assign, or dispose in any way of any Consigned Precious Metal or any Equity Precious Metal of
Customer used to satisfy the requirements of Section 7.11 hereof. 
  

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 Section 7.06.    Financial Reporting. 
 Unless otherwise explicitly waived by Consignor in writing, furnish to Consignor: 
 (a) within ninety (90) days after the end of each Fiscal Year, audited consolidated balance sheet of Holding and its Subsidiaries as of the end of
the Fiscal Year, and related statements of income and retained earnings and cash flow for Holding and its Subsidiaries for such Fiscal Year, prepared and certified by Grant Thornton LLP or another independent certified public accountant selected by
Holding and reasonably acceptable to Consignor, as well as any and all prior comparisons to prior Fiscal Year; 
 (b) within sixty
(60) days after the end of the first three Fiscal Quarters of each Fiscal Year an unaudited consolidated balance sheet as at the end of such Fiscal Quarter and the related statements of income and retained earnings and cash flow of Holding and
its Subsidiaries for such Fiscal Quarter and for the Fiscal Year through the end of such Fiscal Quarter, and comparisons to prior quarters and prior years, certified by an authorized financial or accounting officer of Holding; 
 (c) within 10 days after the last day of each fiscal month, a monthly collateral and Precious Metal report in form acceptable to Consignor showing
quantities and locations of Consigned Precious Metal and Precious Metal owned by Customer; 
 (d) at the time of delivery of the financial
statements described in paragraphs (a) and (b) of this Section 7.06, a certificate signed by Holding’s chief financial officer certifying that as of the date of such financial statements no default or event of default
exists under or as defined in the Exit Finance Agreement or title Term Loan Agreement; 
 (e) within ninety (90) days after the
commencement of each of Customer’s Fiscal Years, a detailed annual budget or plan of Holding and its Subsidiaries for such succeeding Fiscal Year to be in form and substance satisfactory to Consignor in all respects in its reasonable judgment,
together with the assumptions upon which such budget or plan is based; and 
 (f) promptly from time to time, such additional information
regarding its financial condition, business operations and customers as Consignor may reasonably request. 
 Section 7.07.    [Reserved.] 
 Section 7.08.    Inspections; Field Exams. 
 Permit Consignor, by its respective
employees, representatives and agents, from time to time (but not more frequently than twice in each Fiscal Year) during normal business hours upon two (2) Business Days’ prior notice and without disruption to Customer’s normal
business operations (a) to inspect any of the Consigned Precious Metal, and (b) conduct periodic inventories, expanded spot-checks and field exams of Customer’s Precious Metal, at Customer’s sole cost and expense. If an Event of
Default has occurred and is continuing, Customer shall provide such access to Consignor at all times and without notice or limitations. 
  

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 Section 7.09.    Notices. 
 Give prompt notice in writing to Consignor of: (a) the occurrence of any Default; (b) any other development, financial or otherwise, which could
reasonably be expected to have a Material Adverse Effect; (c) the assertion by the holder of any indebtedness of Customer with an aggregate principal balance outstanding in excess of $5,000,000 that any default exists with respect thereto;
(d) receipt of any notice of litigation commenced or threatened against Customer that could reasonably be expected to have a Material Adverse Effect; and (e) any other matter as Consignor may reasonably request. 
 Section 7.10.    Insurance. 
 Keep its insurable properties adequately insured at all times, by financially sound and reputable insurers, to such extent and against such risks, including fire and other risks insured against by extended coverage,
and maintain liability and such other insurance as is customarily maintained by companies engaged in similar businesses. 
 Section 7.11.    Consignment Reserve. 
 At all times maintain Equity Precious Metal
and/or the available face amount of all Letters of Credit (exclusive of Letters of Credit which are securing other Obligations hereunder in respect to outstanding Obligations under Section 2.10(d) hereof) which in the aggregate are at
least equal to the Consignment Reserve. 
 Section 7.12.    Location of Consigned Precious Metal.

 At all times maintain one hundred percent (100%) of the Consigned Precious Metal physically located at the Approved Locations.

 Section 7.13.    Collateral Access Agreements. 
 To the extent applicable, obtain and deliver to Consignor, and maintain in effect at all times, a Collateral Access Agreement, from the lessor of each
leased property, mortgagee of owner property or bailee or consignee with respect to any warehouse, processor or converted facility or other location which is either an Approved Location where Consigned Precious Metal or Equipment containing
Consigned Precious Metal is stored or located, or a location at which Customer holds Equity Precious Metal which is used to satisfy requirements under Section 7.11 hereof, which agreement or letter shall contain a waiver or subordination
of all Liens or claims that the landlord, mortgagee or bailee or consignee may assert against the Consigned Precious Metal at that location, and shall otherwise be reasonably satisfactory in form and substance to Consignor. 
 Section 7.14.    Other Consignments. 
 Not obtain Platinum on consignment, loan, conditional sale or lease from any Person other than Consignor (including, without limitation, the Previous
Metal Supplier) unless (a) exclusively and fully secured by cash or standby letters of credit at all times, and (b) no financing statements are filed against Customer in respect to such transactions which cover or affect Precious Metal.

  

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	8.	EVENTS OF DEFAULT AND ACCELERATION. 

 Section 8.01.    Events of Default. 
 In each case of the occurrence of any one or
more of the following events (each of which is herein called an “Event of Default”): 
 (a) any
representation or warranty made or deemed made by or on behalf of Customer herein or in any of the Precious Metal Documents or in any certificate, statement or agreement furnished by Customer in connection with this Agreement or any Precious Metal
Document shall prove to be false or misleading in any material respect; or 
 (b) default in the payment of (i) any Floating Consignment
Fee or Fixed Consignment Fee when due and payable and continuance of such default for two (2) Business Days, or (ii) default in the payment of any other Obligation, when the same shall become due and payable, whether at the due date
thereof or at a date fixed for payment or by acceleration or otherwise; or 
 (c)(i) default in the due observance or performance of, or
compliance with, any covenant or agreement contained in either of Sections 7.04 or 7.08; or (ii) default in the due observance or performance of, or compliance with, any covenant or agreement contained in either of Sections
7.11 or 7.12 and continuance thereof for a period of five (5) Business Days; or (iii) default in the due observance or performance of, or compliance with, any other covenant or agreement contained in Section 7 and
continuance thereof for a period of ten (10) Business Days; 
 (d) default (other than a default which constitutes an Event of Default
under another subsection of this Section 8.01) in the due observance or performance of, or compliance with, any other covenant, condition or agreement to be observed or performed pursuant to the terms of this Agreement or pursuant to the
terms of any other Precious Metal Document and which default shall continue unremedied for ten (10) days after Customer’s receipt of written notice thereof from Consignor; or 
 (e) default in the payment or performance of any other obligation, liability or indebtedness (after the expiration of any applicable grace periods set
forth therein) of Customer to Consignor, or any Affiliate of Consignor or Bank of America Corporation, whether now or hereafter existing and howsoever arising, incurred or evidenced; or 
 (f) default shall occur with respect to the Exit Finance Agreement or the Term Loan Agreement, or any replacement or refinancing thereof, if the effect
of such default is to accelerate the maturity of such indebtedness or to permit the holder thereof to cause such indebtedness to become due prior to the stated maturity thereof, or if any indebtedness of Customer thereunder is not paid, when due and
payable, whether at the due date thereof or a date fixed for prepayment or otherwise; or 
  

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 (g) Customer shall (i) make an assignment for the benefit of creditors; or (ii) file any
voluntary petition under any chapter of the Bankruptcy Code; or (iii) apply for or permit the appointment of a receiver, trustee or custodian of any of the property or business; or (iv) become insolvent, bankrupt or suffer the entry of an
order for relief under Title 11 of the United States Code; or (v) make an admission of its inability to pay its debts as they become due; or 
 (h) the commencement against Customer of any bankruptcy, insolvency, arrangement, reorganization, receivership or similar proceeding under any federal or state law by creditors of Customer, which proceeding shall not have been controverted
within ten (10) days or shall not have been dismissed and vacated within thirty (30) days of commencement; or 
 (i) the occurrence
of any loss, theft, destruction of or damage to any of the Consigned Precious Metal (exclusive, however, of destruction of Platinum consumed in the ordinary course of Customer’s business, so long as remaining Precious Metal at Approved
Locations (exclusive of Equity Precious Metal used to satisfy the Consignment Reserve) is sufficient to cover Customer’s Consignment Facility Indebtedness), unless Consignor reasonably determines that such loss, theft, destruction or damage is
adequately covered by insurance; or 
 (j) the occurrence of any attachment on any of the Consigned Precious Metal or on any Equity Precious
Metal of Customer which is used to satisfy the requirements of Section 7.11 hereof; or 
 (k) any material provision of any
Precious Metal Document for any reason ceases to be valid, binding and enforceable in accordance with its terms, or Customer other than Consignor shall challenge the enforceability of any Precious Metal Document or shall assert in writing, or engage
in any action or inaction based on any such assertion, that any provision of any of the Precious Metal Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms; or 
 (1) the Intercreditor Agreement shall fail to remain in full force or effect or any action shall be taken by Customer or other party thereto to
discontinue, rescind or assert the invalidity or unenforceability of the Intercreditor Agreement; or 
 (m) an event occurs that has had a
material adverse effect on Customer’s operations, business, properties or financial condition of Customer taken as a whole, the Consigned Precious Metal or Consignor’s Liens on the Consigned Precious Metal or priority of such Liens;

 then in any such event, immediately upon the occurrence of the Event of Default set forth in Section 8.01(f) above, and at the option of
Consignor in all other cases (i) the obligations of Consignor hereunder shall immediately terminate, (ii) Customer shall promptly return to Consignor all Consigned Precious Metal theretofore consigned to but not purchased and paid for by
Customer, and (iii) all Customer’s Obligations to Consignor shall become immediately due and payable without presentment, demand or notice, all of which are hereby expressly waived, notwithstanding any credit or time allowed to Customer or
any instrument evidencing 

  

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Customer’s Obligations to Consignor. Consignor shall have all remedies of a secured party under the Uniform Commercial Code with respect to all
Consigned Precious Metal and all Collateral. 
 Section 8.02.    Default Rate. 
 Upon the occurrence and during the continuance of an Event of Default, the then applicable rates at which fees are calculated and charged hereunder shall,
to the extent permitted by applicable law, at Consignor’s option, increase by two percentage points (2.0%). 
  

	9.	INTEGRATION: AMENDMENTS/WAIVERS. 

 This
Agreement (including the Exhibits and Schedules hereto) and the other Precious Metal Documents are intended by the parties as the final, complete and exclusive statement of the transactions evidenced by this Agreement. All prior or contemporaneous
promises, agreements and understandings, whether oral or written, are deemed to be superceded by this Agreement, and no party is relying on any promise, agreement or understanding not set forth in this Agreement This Agreement may not be amended,
modified except by a written instrument describing such amendment or modification executed by Customer and Consignor. No waiver of any provision hereof or of any Precious Metal Document, nor consent to the departure by Customer therefrom, shall be
effective unless the same is in writing, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. 
  

	10.	INDEMNIFICATION AND LIMIT OF LIABILITY. 

 (a)
Customer agrees to indemnify and hold harmless Consignor from and against any and all claims, actions and suits whether groundless or otherwise, and from and against any and all liabilities, losses, damages and expenses of every nature and character
(y) arising in connection with any alleged violation of any Environmental Laws relating to Customer or property owned, occupied or operated by Customer, or (z) arising out of this Agreement or any other Precious Metal Documents executed or
delivered in connection herewith and any related documents or the transactions contemplated hereby, including, without limitation, (i) any actual or proposed use by Customer of the Consignment Facility, (ii) Customer or any of its
Affiliates entering into or performing this Agreement or any of the other documents or agreements executed or delivered in connection herewith and any related documents, or (iii) with respect to Customer and its Affiliates and their respective
properties and assets, in each case including, without limitation, the reasonable fees and disbursements of counsel and allocated costs of internal counsel incurred in connection with any such investigation, litigation or other proceeding;
provided, however, that Customer shall not have any obligation to indemnify Consignor to the extent that such liability, claim, action, suit, loss, damages or expense is solely the result of gross negligence or willful misconduct of
Consignor. In litigation, or the preparation therefor, Consignor shall be entitled to select its own counsel and, in addition to the foregoing indemnity, Customer agrees to pay promptly the reasonable fees and expenses of such counsel. If, and to
the extent that the obligations of Customer under this Section are unenforceable for any reason, Customer hereby agrees to make the maximum, contribution to the payment in satisfaction of such Obligations which is permissible under applicable law.
The provisions of this Section shall survive the repayment of the Obligations and the termination of the obligations of Consignor hereunder. 
  

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 (b) NO CLAIM MAY BE MADE BY CUSTOMER OR ANY OTHER PERSON AGAINST CONSIGNOR OR ITS AFFILIATES, DIRECTORS,
OFFICERS, EMPLOYEES, COUNSEL, REPRESENTATIVES, AGENTS OR ATTORNEYS-IN-FACT FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER PRECIOUS METAL DOCUMENT, OR ANY ACT, OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH, AND CUSTOMER HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR
NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR. 
  

	11.	SETOFF. 

 Customer hereby grants to
Consignor, a continuing right of setoff upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Consignor or the Bank or any entity under the control of Bank of America
Corporation and its successors and assigns or in transit to any of them. At any time, without demand or notice (any such notice being expressly waived by Customer), Consignor may setoff the same or any part thereof and apply the same to any
liability or obligation of Customer even though unmatured and regardless of the adequacy of any other collateral securing the Loans. ANY AND ALL RIGHTS TO REQUIRE CONSIGNOR TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL
WHICH SECURES THIS AGREEMENT, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF CUSTOMER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
  

	12.	ASSIGNMENTS AND PARTICIPATIONS. 

 Section 12.01.    Assignment by Customer. 
 The rights of Customer under this
Agreement may not be assigned to any third party without the prior written consent of Consignor. All covenants and agreements of Customer contained herein shall bind Customer and its successors and assigns, and shall inure to the benefit of
Consignor, its successors and assigns. 
 Section 12.02.    Pledges. 
 Consignor may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of
Consignor, including any such pledge or assignment to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall
release Consignor from any of its obligations hereunder or substitute any such assignee for such Consignor as a party hereto. 
  

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	13.	EXPENSES. 

 Customer shall pay upon demand
all reasonable expenses of Consignor in connection with the preparation., administration, default, collection, waiver or amendment of terms, or in connection with Consignor’s exercise, preservation or enforcement of any of its rights, remedies
or options hereunder, including, without limitation, reasonable attorneys’ fees of outside legal counsel or the reasonable allocated costs of in-house legal counsel, reasonable accounting, consulting, brokerage or other costs relating to any
appraisals or examinations conducted in connection with the Consignment or any collateral therefor, and the amount of all such expenses, if not paid within ten (10) days after demand, shall, until paid, bear interest at an annual rate equal to
the Prime Rate plus two percent (2%) and he an Obligation secured by any collateral. 
  

	14.	GOVERNING LAW; JURY TRIAL WAIVER; CONSENT TO JURISDICTION; MISCELLANEOUS. 

 Section 14.01.    Governing Law. 
 This Agreement and the
rights and obligations of the parties hereunder shall be construed and interpreted in accordance with the laws of the State of New York (excluding the laws applicable to conflicts or choice of law). Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of
such provision in any other jurisdiction. 
 Section 14.02.    Forum; Waiver of Jury Trial; Service of
Process. 
 (a) CUSTOMER HEREBY IRREVOCABLY AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT OR ANY OF THE OTHER PRECIOUS
METAL DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE STATES OF RHODE ISLAND OR NEW YORK OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURTS AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON CUSTOMER
BY MAIL AT CUSTOMER’S ADDRESS SET FORTH IN THIS AGREEMENT. CUSTOMER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT FORUM. 

(b) CUSTOMER AND CONSIGNOR MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED
HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER PRECIOUS METAL DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS 

  

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(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF
CONSIGNOR RELATING TO THE ADMINISTRATION OF THE CONSIGNMENTS OR ENFORCEMENT OF THE PRECIOUS METAL DOCUMENTS, AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN
WAIVED. EXCEPT AS PROHIBITED BY LAW, CUSTOMER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. CUSTOMER
CERTIFIES THAT NO REPRESENTATIVE, CONSIGNOR OR ATTORNEY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT CONSIGNOR WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR CONSIGNOR
TO ACCEPT THIS AGREEMENT AND EXTEND THE CONSIGNMENT FACILITIES HEREUNDER. 
 Section 14.03.    Usury. 
 All agreements between Customer and Consignor are hereby
expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to Consignor for the use or the forbearance
of the indebtedness evidenced hereby exceed the maximum permissible under applicable law. As used herein, the term “applicable law” shall mean the law in effect as of the date hereof provided, however that in the event there is a change in
the law which results in a higher permissible rate of interest, then this Agreement shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of Customer and Consignor in the execution,
delivery and acceptance of this Agreement to contract in strict compliance with the laws of the State of New York from time to time in effect. If, under or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the
Precious Metal Documents at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits
of such validity, and if under or from circumstances whatsoever Consignor should ever receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of the
principal balance evidenced hereby and not to the payment of interest. This provision shall control every other provision of all agreements between Customer and Consignor. 
 Section 14.04.    Additional Costs. 
 If any future applicable law, which expression, as used herein, includes statutes, rules and regulations thereunder and interpretations of any present or
future laws by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof and requests, directives, instructions and notices at any time or from time to time
hereafter made upon or otherwise issued to Consignor by any central bank or other fiscal, monetary or other authority (whether or not having the force of law), shall: 
  

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 (a) subject Consignor to any tax (except for Excluded Taxes), levy, impost, duty, charge, fee, deduction
or withholding of any nature with respect to the making of Fixed Rate Consignments, or 
 (b) materially change the basis of taxation (except
for Excluded Taxes) of payments to Consignor of the principal of or the interest on Fixed Rate Consignments or any other amounts payable to Consignor under this Agreement for Fixed Rate Consignments, or 
 (c) impose or increase or render applicable (other than to the extent specifically provided for elsewhere in this Agreement) any special deposit,
reserve, assessment, liquidity, capital adequacy or other similar requirements (whether or not having the force of law) against assets held by, or deposits in or for the account of, or loans by, or commitments of an officer of Consignor, or

 (d) impose on Consignor any other conditions or requirements with respect to Fixed Rate Consignments or any class of commitments of which
any of Fixed Rate Consignments form a part; 
 (e) and the result of any of the foregoing is: (i) to increase the cost to Consignor of
making, funding, issuing, renewing, extending or maintaining any of the Fixed Rate Consignments, or (ii) to reduce the amount of principal, interest or other amount payable to Consignor hereunder on account of any of the Fixed Rate
Consignments, or (iii) to require Consignor to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment or foregone interest or other sum is calculated by reference to the gross amount of any sum
receivable or deemed received by Consignor for Customer hereunder, 
 then, and in each such case, Customer will, upon demand by Consignor, at any time and
from time to time and as often as the occasion therefor may arise, pay to Consignor such additional amounts as will be sufficient to compensate Consignor for such additional cost, reduction, payment or foregone interest or other sum. 
 Section 14.05.    Capital Adequacy. 
 If any future law, governmental rule, regulation, policy, guideline or directive (whether or not having the force of law) or the interpretation of any
present or future laws by a court or governmental authority with appropriate jurisdiction affects the amount of capital required or expected to be maintained by Consignor or any corporation controlling Consignor and Consignor determines that the
amount of capital required to be maintained by them, or any of them, is increased by or based upon the existence of Fixed Rate Consignments made or deemed to be made pursuant hereto or the commitments of Consignor hereunder, then Consignor may
notify Customer of such fact, and Customer shall pay to Consignor from time to time upon demand, as an additional fee payable hereunder, such amount as Consignor shall determine and certify in a notice to Customer to be an amount that will
adequately compensate Consignor in light of these circumstances for its increased costs of maintaining such capital. Consignor shall allocate such cost increases among its customers in good faith and on an equitable basis. 
  

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 Section 14.06.    Survival of Representations and Covenants.

 This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant
hereto, shall survive the consigning of Consigned Precious Metal by Consignor to Customer and the execution and delivery to Consignor of this Agreement, and shall continue in full force and effect so long as any indebtedness or obligation of
Customer to Consignor hereunder is outstanding and unpaid. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and
agreements contained in this Agreement by or on behalf of Customer shall inure to the benefit of the successors and assigns of Consignor. 
 Section 14.07.    Notices. 
 All notices, requests, demands and other communications
provided for hereunder shall be in writing (including telecopied communication) and mailed or telecopied or delivered to the applicable party at the addresses indicated below. 
 If to Consignor: 
 Fleet Precious Metals Inc.
(operating as Bank of America Precious Metals) 
 111 Westminster Street 
 Providence, Rhode Island 02903 
 Attention:
David R. Vega, Senior Vice President 
 Telecopy No.: (401)278-3077 
 in each case (except for routine communications) with a copy to: 
 Edwards & Angell, LLP 
 2800 Financial Plaza 
 Providence, Rhode Island 02903 
 Attention:
Andrew J. Chlebus 
 Telecopy No.: 401-276-6611 
 If to Customer: 
 c/o AGY Holding Corp. 
 2558 Wagener Road 
 Aiken, SC 29801

 Attention: Chief Financial Officer 
 Telecopy No.: 803-643-1424 
  

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 in each case (except for routine communications) with a copy to: 
 Moore & Van Allen PLLC 
 100 N. Tryon
Street, Floor 47 
 Charlotte, NC 28202-4003 
 Telecopy No.: 704-378-2062 
 Attention: John McIntosh 
 or, as to each party, at such other address as shall be designated by such parties in a written notice to the other party complying as to delivery with the terms of this
Section. All such notices, requests, demands and other communication shall be deemed given upon receipt by the party to whom such notice is directed. 
 The
address of Consignor for payment by or on behalf of Customer hereunder is as follows: 
 Bank of America, N.A. 
 111 Westminster Street 
 Providence, Rhode
Island 02903 
 ABA: 026009593 
 For further credit to Fleet Precious Metals Inc. 
 Account # 099507047 
 Attn: Accounting & Funds 
 Ref: AGY
Holding Corp. 
 Section 14.08.    Lost Documents. 
 Upon receipt of an affidavit of an officer of Consignor as to the loss, theft, destruction or mutilation of this Agreement which is not of public record,
and, in the case of any such loss, theft, destruction or mutilation, Customer will execute and deliver, in lieu thereof, a replacement Agreement. 
 Section 14.09.    Waiver. 
 No failure or delay on Consignor’s part to exercise
or to enforce any of Consignor’s rights hereunder or under any other instruments or agreement evidencing Customer’s Obligations to Consignor or to require strict compliance with the terms hereof or thereof in any one or more instances and
no course of conduct on Consignor’s part shall constitute or be deemed to constitute a waiver or relinquishment of any such rights hereunder unless it shall have signed a waiver thereof in writing and no such waiver, unless expressly stated
therein, shall be effective as to any transaction which occurs after the date of such waiver or as to any continuance of a breach after such waiver. Consignor’s rights hereunder shall continue unimpaired notwithstanding any extension of time,
compromise or other indulgence granted by Consignor to Customer with respect to Customer’s Obligations to Consignor or any instrument given Consignor in connection therewith, and Customer hereby waives notice of any such extension, compromise
or other indulgence and consent to be bound thereby as if they had expressly agreed thereto in advance. 
  

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 Section 14.10.    Severability. 
 Any provision of this Agreement or any other Precious Metal Document which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 Section 14.11.    Knowledge and Discovery. 
 All references in this Agreement to “knowledge” of, or “discovery” by, Customer shall be deemed to include, without limitation, any
such knowledge of, or discovery by, Customer or any executive officer of Customer. 
 Section 14.12.    Counterparts. 
 This Agreement may be executed by the parties hereto
in several counterparts hereof and by the different parties hereto on separate counterparts hereof, each of which shall be an original and all of which counterparts shall together constitute one and the same agreement. Delivery of an executed
signature page of this Agreement by facsimile transmission shall be effective as an in-hand delivery of an original executed counterpart hereof. 
 Section 14.13.    Joint and Several Obligations; Suretyship Waivers and Consents. 
 (a) Each covenant, agreement, obligation, representation and warranty of the Customer contained herein constitutes the joint and several undertaking of each Customer Party. 
 (b) Each Customer Party executing this Agreement as Customer acknowledges that the Obligations of such Person undertaken herein might be construed to
consist, at least in part, of the guaranty of Obligations of the other Customer Parties and, in full recognition of that fact, each Customer Party consents and agrees that Consignor may, at any time and from time to time, without notice or demand,
whether before or after any actual or purported termination, repudiation or revocation of this Agreement by any Customer Party, and without affecting the enforceability or continuing effectiveness hereof as to such Customer Party: (i) with the
written consent of the other Customer Parties, supplement, restate, modify, amend, increase, decrease, extend, renew or otherwise change the time for payment or the terms of this Agreement or any part thereof, including any increase or decrease of
the rate(s) of interest thereon; (ii) supplement, restate, modify, amend, increase, decrease or waive, or enter into or give any agreement, approval or consent with respect to, this Agreement or any part thereof, or the Intercreditor Agreement,
or any condition, covenant, default, remedy, right, representation or term thereof or thereunder; (iii) accept partial payments; (iv) release, reconvey, terminate, waive, abandon, fail to perfect, subordinate, exchange, substitute,
transfer or enforce any security or guarantees, and apply any security and direct the order or manner of sale thereof as Consignor in its sole and absolute discretion may determine; (v) release any Person from any personal liability with
respect to this Agreement or any part thereof; (vi) settle, release on terms satisfactory to Consignor or by operation of applicable law or otherwise liquidate or enforce any security or guaranty in any manner, consent to the transfer of any
security and bid and purchase at any sale; or (vii) consent 

  

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to the merger, change or any other restructuring or termination of the corporate or partnership existence of any Customer Party or any other Person, and
correspondingly restructure the Obligations evidenced hereby, and any such merger, change, restructuring or termination shall not affect the liability of any Customer Party or the continuing effectiveness hereof, or the enforceability hereof with
respect to all or any part of the Obligations evidenced hereby. 
 (c) Consignor may enforce this Agreement independently as to each Customer
and independently of any other remedy or security Consignor at any time may have or hold in connection with the Obligations evidenced hereby, and it shall not be necessary for Consignor to marshal assets in favor of any Customer Party or any other
Person or to proceed upon or against or exhaust any security or remedy before proceeding to enforce this Agreement. Each Customer Party expressly waives any right to require Consignor to marshal assets in favor of any Customer Party or any other
Person or to proceed against any other Customer Party or any Collateral provided by any Person, and agrees that Consignor may proceed against Customer or any Collateral in such order as it shall determine in its sole and absolute discretion.

 (d) Notwithstanding any provision contained in this Agreement or any other Metals Document to the contrary, it is the intention and
agreement of each Customer Party and Consignor that the obligations of each Customer Party under this Agreement and each other Metals Document to which it is a party shall be valid and enforceable against such Customer to the maximum extent
permitted by applicable law. Accordingly, if any provision of this Agreement or any other Metals Document creating any obligation of a Customer Party in favor of Consignor shall be declared to be invalid or unenforceable in any respect or to any
extent, it is the stated intention and agreement of each Customer Party and Consignor that any balance of the obligation created by such provision and all other obligations of such Customer Party to Consignor created by other provisions of this
Agreement and Metals Documents shall remain valid and enforceable. Likewise, if any sums which Consignor may be otherwise entitled to collect from a Customer Party under this Agreement or other Metals Document shall be declared to be in excess of
those permitted under any law (including any federal or state fraudulent conveyance or like statute or rule of law) applicable to such Customer Party’s obligations under this Agreement or other Metals Document, it is the stated intention and
agreement of such Customer Party and Consignor that all sums not in excess of those permitted under such applicable law shall remain fully collectible by Consignor from such Customer Party, and such excess sums shall nevertheless survive as a
subordinate obligation of such Customer Party, junior in right to the claims of general unsecured creditors. This provision shall control every other provision of the Metals Documents, 
 (e) Consignor’s rights hereunder shall be reinstated and revived, and the enforceability of this Agreement shall continue, with respect to any
amount at any time paid on account of the Customer’s Obligations to Consignor which thereafter shall be required to be restored or returned by Consignor, all as though such amount had not been paid. 
 (f) To the maximum extent permitted by applicable law, and to the extent that the Obligations of a Customer Party are deemed to be a guaranty of the
Obligations of another Customer Party, each Customer Party expressly waives any and all suretyship defenses now or hereafter arising or asserted by reason of (i) any disability or other defense of the other Customer 

  

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Parties with respect to the Obligations evidenced hereby, (ii) the unenforceability or invalidity of any security or guaranty for the Obligations
evidenced hereby or the lack of perfection or continuing perfection or failure of priority of any security for the Obligations evidenced hereby, (iii) the cessation for any cause whatsoever of the liability of the other Customer Parties (other
than by reason of the full payment and performance of all Obligations), (iv) any failure of Consignor to comply with applicable law in connection with the sale or other disposition of any Collateral or other security for any Obligation,
(v) any act or omission of Consignor or others that directly or indirectly results in or aids the discharge or release of any Customer Party or the Obligations evidenced hereby or any security or guaranty therefor by operation of law or
otherwise, (vi) the avoidance of any Lien in favor of Consignor for any reason, or (vii) any action taken by Consignor that is authorized by this Section or any other provision hereof or of the Intercreditor Agreement. Until such time, if
any, as all of the Obligations have been paid and performed in full and no portion of any commitments of Consignor to Customer under any agreement remains in effect, no Customer Parry shall have any right of subrogation, contribution, reimbursement
or indemnity from any other Customer, and each Customer Party (only in its capacity as a guarantor or surety) expressly waives any right to enforce any remedy that Consignor now has or hereafter may have against any other Person and waives the
benefit of, or any right to participate in, any Collateral now or hereafter held by Consignor. 
 *The next page is the signature page*

  

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 IN WITNESS WHEREOF, Consignor and Customer have caused this Agreement to be executed by their respective
duly authorized representatives as a sealed instrument as of the day and year first above written. 
  

			
	CUSTOMER:
	
	AGY HOLDING CORP.
		
	By:	 	 /s/ Catherine Cuisson

	Title:	 	 Vice President & Chief Financial Officer 

	
	AGY AIKEN LLC
		
	By:	 	AGY Holding Corp., its sole member
		
	By:	 	 /s/ Catherine Cuisson

	Title:	 	 Vice President & Chief Financial Officer

	
	AGY HUNTINGDON LLC
		
	By:	 	AGY Holding Corp., its sole member
		
	By:	 	 /s/ Catherine Cuisson

	Title:	 	 Vice President & Chief Financial Officer 

	
	CONSIGNOR:
	
	FLEET PRECIOUS METALS INC.
		
	By:	 	 /s/ David R. Vega

		 	David R. Vega, Senior Vice President

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