Document:

exv4w13

Exhibit 4.13

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO CERTAIN PORTIONS OF THIS AGREEMENT.
CONFIDENTIAL PORTIONS HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE U.S. SECURITIES AND EXCHANGE
COMMISSION.

Agreement

Sims Metal Management Limited

Multi-option facility agreement

Commonwealth Bank of Australia

Each Borrower specified in Schedule 1

adam.stapledon@freehills.com

[*] Confidential Treatment Requested

 

			
	 	 	 
	
	 	 
	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	Contents
	 
	 

	 	Table of contents	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	The agreement
	 	 	1	 
	 
	 	 	 	 	 	 
	 

	 	Operative part
	 	 	2	 
	 
	 	 	 	 	 	 
	1

	 	Definitions and interpretation
	 	 	2	 
	 
	 	 	 	 	 	 
	 

	 	1.1 Agreement components
	 	 	2	 
	 

	 	1.2 Definitions
	 	 	2	 
	 

	 	1.3 Incorporated definitions
	 	 	13	 
	 

	 	1.4 Incorporated provisions
	 	 	13	 
	 
	 	 	 	 	 	 
	2

	 	Conditions precedent
	 	 	13	 
	 
	 	 	 	 	 	 
	 

	 	2.1 Conditions precedent to initial Funding Portion
	 	 	13	 
	 

	 	2.2 Conditions precedent to all Funding Portions
	 	 	14	 
	 

	 	2.3 Certified copies
	 	 	15	 
	 

	 	2.4 Benefit of conditions precedent
	 	 	15	 
	 
	 	 	 	 	 	 
	3

	 	Roll over of principal outstanding
	 	 	15	 
	 
	 	 	 	 	 	 
	4

	 	Commitment, purpose and availability of Facility
	 	 	17	 
	 
	 	 	 	 	 	 
	 

	 	4.1 Provision of Commitment
	 	 	17	 
	 

	 	4.2 Purpose
	 	 	17	 
	 

	 	4.3 Cancellation of Commitment during Availability Period
	 	 	17	 
	 

	 	4.4 Cancellation at end of Availability Period
	 	 	17	 
	 

	 	4.5 Review and renewal of Commitment
	 	 	17	 
	 
	 	 	 	 	 	 
	5

	 	Funding and rate setting procedures
	 	 	19	 
	 
	 	 	 	 	 	 
	 

	 	5.1 Delivery of Funding Notice
	 	 	19	 
	 

	 	5.2 Requirements for a Funding Notice
	 	 	19	 
	 

	 	5.3 Irrevocability of Funding Notice
	 	 	20	 
	 

	 	5.4 Amount of Funding Portions
	 	 	20	 
	 

	 	5.5 Selection of Funding Periods
	 	 	20	 
	 

	 	5.6 Determination of Funding Rate
	 	 	21	 
	 

	 	5.7 Market disruption
	 	 	21	 
	 

	 	5.8 Confidentiality
	 	 	22	 
	 

	 	5.9 Currency movements
	 	 	22	 
	 

	 	5.10 Unavailability of a currency
	 	 	23	 
	 
	 	 	 	 	 	 
	6

	 	Cash Advance Facility
	 	 	23	 
	 
	 	 	 	 	 	 
	 

	 	6.1 Provision of Funding Portions
	 	 	23	 
	 

	 	6.2 Number of Funding Portions
	 	 	23	 
	 

	 	6.3 Consolidation and division of Funding Portions
	 	 	23	 
	 

	 	6.4 Selection Notice
	 	 	24	 
	 

	 	6.5 Repayment
	 	 	24	 
	 

	 	6.6 Prepayment under Cash Advance Facility
	 	 	24	 

Contents 1 

 

			
	 	 	 
	
	 	     
	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	Contents
	 
	 

	 	6.7 Prepayment date
	 	 	25	 
	 

	 	6.8 Interest
	 	 	25	 
	 

	 	6.9 Liquidity Bills
	 	 	25	 
	 

	 	6.10 Fees
	 	 	26	 
	 
	 	 	 	 	 	 
	7

	 	Commercial Bills Facility
	 	 	26	 
	 
	 	 	 	 	 	 
	 

	 	7.1 Bill acceptance and endorsement procedure
	 	 	26	 
	 

	 	7.2 Preparation of Bills
	 	 	26	 
	 

	 	7.3 Failure to prepare Bills
	 	 	26	 
	 

	 	7.4 Form of Bills
	 	 	27	 
	 

	 	7.5 Restriction on use by the Lender
	 	 	27	 
	 

	 	7.6 Tax on Bills
	 	 	28	 
	 

	 	7.7 Signing of Bills and appointment of Lender as attorney
	 	 	28	 
	 

	 	7.8 Notification of rate and discounting procedure
	 	 	28	 
	 

	 	7.9 Bills accepted or endorsed but not discounted
	 	 	29	 
	 

	 	7.10 Borrower’s primary liability to pay Bills
	 	 	29	 
	 

	 	7.11 Indemnity in respect of Bills
	 	 	29	 
	 

	 	7.12 Variation of procedures
	 	 	29	 
	 

	 	7.13 Fees
	 	 	29	 
	 

	 	7.14 Repayment by cash cover and netting
	 	 	30	 
	 

	 	7.15 Acknowledgment regarding signed Bills
	 	 	31	 
	 
	 	 	 	 	 	 
	8

	 	Credit Support Facility
	 	 	31	 
	 
	 	 	 	 	 	 
	 

	 	8.1 Issue of Credit Support Documents
	 	 	31	 
	 

	 	8.2 Additional Funding Notice requirements
	 	 	31	 
	 

	 	8.3 Form of Credit Support Documents
	 	 	31	 
	 

	 	8.4 Prepayment under Credit Support Facility
	 	 	32	 
	 

	 	8.5 Prepayment date
	 	 	32	 
	 

	 	8.6 Cash cover
	 	 	32	 
	 

	 	8.7 Fees
	 	 	33	 
	 

	 	8.8 Tax on Credit Support Documents
	 	 	33	 
	 

	 	8.9 Liability of Borrowers
	 	 	33	 
	 

	 	8.10 Early expiration or reduction
	 	 	34	 
	 

	 	8.11 Beneficiary Contracts and notification
	 	 	34	 
	 

	 	8.12 Obligations of the Lender
	 	 	34	 
	 

	 	8.13 Indemnity in respect of Credit Support Document
	 	 	35	 
	 

	 	8.14 Unconditional nature of Borrower’s obligations
	 	 	35	 
	 
	 	 	 	 	 	 
	9

	 	Trade Finance Facility
	 	 	36	 
	 
	 	 	 	 	 	 
	 

	 	9.1 Additional Funding Notice requirements
	 	 	36	 
	 

	 	9.2 Provision of Advances
	 	 	37	 
	 

	 	9.3 Application of Trade Advances
	 	 	38	 
	 

	 	9.4 Repayment of Trade Advances
	 	 	38	 
	 

	 	9.5 Interest on Advances
	 	 	38	 
	 

	 	9.6 Issue of Documentary LCs
	 	 	38	 
	 

	 	9.7 Form of Documentary LCs
	 	 	38	 
	 

	 	9.8 Credit Support Document terms apply to Documentary LC
	 	 	39	 
	 

	 	9.9 Foreign Bills Negotiation
	 	 	39	 
	 

	 	9.10 Interest on Proceeds of Negotiation
	 	 	39	 
	 

	 	9.11 Repayment of Proceeds of Negotiation
	 	 	39	 
	 

	 	9.12 Extension of repayment of Proceeds of Negotiation
	 	 	39	 
	 

	 	9.13 Fees
	 	 	40	 
	 
	 	 	 	 	 	 
	10

	 	Overdraft Facility
	 	 	40	 
	 
	 	 	 	 	 	 
	 

	 	10.1 Overdraft Facility
	 	 	40	 

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Contents 2 

 

			
	 	 	 
	
	 	     
	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	Contents
	 
	 

	 	10.2 Funding Portions
	 	 	40	 
	 

	 	10.3 Prepayment
	 	 	40	 
	 

	 	10.4 Fees
	 	 	41	 
	 
	 	 	 	 	 	 
	11

	 	Representations and warranties
	 	 	41	 
	 
	 	 	 	 	 	 
	 

	 	11.1 Representations and warranties
	 	 	41	 
	 

	 	11.2 Survival and repetition of representations and warranties
	 	 	41	 
	 

	 	11.3 Reliance by Lender
	 	 	41	 
	 
	 	 	 	 	 	 
	12

	 	Undertakings
	 	 	41	 
	 
	 	 	 	 	 	 
	 

	 	12.1 Incorporated undertakings
	 	 	41	 
	 

	 	12.2 Compliance
	 	 	41	 
	 

	 	12.3 Term of undertakings
	 	 	41	 
	 
	 	 	 	 	 	 
	13

	 	Events of Default
	 	 	42	 
	 
	 	 	 	 	 	 
	 

	 	13.1 Events of Default
	 	 	42	 
	 

	 	13.2 Effect of Event of Default
	 	 	42	 
	 

	 	13.3 Application of cash cover under Commercial Bills Facility, Trade Finance
Facility and Credit Support Facility
	 	 	42	 
	 

	 	13.4 New Related Body Corporate
	 	 	42	 
	 
	 	 	 	 	 	 
	14

	 	Fees
	 	 	43	 
	 
	 	 	 	 	 	 
	15

	 	Interest on overdue amounts
	 	 	43	 
	 
	 	 	 	 	 	 
	 

	 	15.1 Payment of interest
	 	 	43	 
	 

	 	15.2 Accrual of interest
	 	 	43	 
	 

	 	15.3 Rate of interest
	 	 	44	 
	 
	 	 	 	 	 	 
	16

	 	Assignment and substitution
	 	 	44	 
	 
	 	 	 	 	 	 
	17

	 	Additional Borrowers
	 	 	44	 
	 
	 	 	 	 	 	 
	 

	 	17.1 Additional Borrowers
	 	 	44	 
	 

	 	17.2 Repetition of Representations
	 	 	44	 
	 
	 	 	 	 	 	 
	18

	 	General
	 	 	45	 
	 
	 	 	 	 	 	 
	 

	 	18.1 Governing law and jurisdiction
	 	 	45	 
	 

	 	18.2 Prohibition and enforceability
	 	 	45	 
	 

	 	18.3 Waivers
	 	 	45	 
	 

	 	18.4 Variation
	 	 	46	 
	 

	 	18.5 Cumulative rights
	 	 	46	 
	 

	 	18.6 Counterparts
	 	 	46	 
	 

	 	18.7 Attorneys
	 	 	46	 
	 
	 	 	 	 	 	 
	 

	 	Schedules	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Borrowers
	 	 	48	 
	 
	 	 	 	 	 	 
	 

	 	Key Terms Schedule
	 	 	50	 
	 
	 	 	 	 	 	 
	 

	 	Fee Schedule
	 	 	53	 
	 
	 	 	 	 	 	 
	 

	 	Funding Notices
	 	 	56	 
	 
	 	 	 	 	 	 
	 

	 	Selection Notice
	 	 	62	 
	 
	 	 	 	 	 	 
	 

	 	Renewal Notice
	 	 	64	 

[*] Confidential Treatment Requested

Contents 3 

 

			
	 	 	 
	
	 	     
	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	Contents
	 
	 

	 	Roll over of existing Drawings
	 	 	67	 
	 
	 	 	 	 	 	 
	 

	 	Signing page
	 	 	70	 
	 
	 	 	 	 	 	 
	 

	 	Attachments	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Accession Deed — Additional Borrowers	 	 	 	 

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Contents 4 

 

			
	 	 	 
	
	 	 
	 	 	 

The agreement

Multi-option facility agreement

Date42 November 2009

	 	 	 
	Between the parties
	 	 
	 
	 	 
	Original Borrower

	 	Each of the persons listed in Schedule 1
	 
	 	 
	Lender

	 	Commonwealth Bank of Australia

ABN 48 123 123 124 of Level 21, Darling Park Tower 1,
201 Sussex Street, Sydney, New South Wales 2000,
Australia
	 
	 	 
	Background

	 	The Lender has agreed to provide the Facilities to the
Borrowers on the terms of this agreement.
	 
	 	 
	The parties agree

	 	as set out in the Operative part of this agreement, in
consideration of, among other things, the mutual
promises contained in this agreement.
	 
	 	 

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page 1 

 

			
	 	 	 
	
	 	 
	 	 	 

Operative part

	1	 	Definitions and interpretation
	 
	1.1	 	Agreement components
	 
	 	 	This agreement includes any schedule.
	 
	1.2	 	Definitions
	 
	 	 	The meanings of the terms used in this document are set out below.

	 	 	 
	Term	 	Meaning
	Accession Deed

	 	an accession deed in the form of Attachment 1.
	 
	 	 
	Additional Borrower

	 	a person which becomes an
Additional Borrower in accordance with clause 17.
	 
	 	 
	Applicable Screen Rate

	 	in respect of a Funding Period and a Funding Portion denominated in:
	 
	 	 
	 

	 	1    A$, the average bid rate quoted on the page entitled ‘BBSY’ on the Reuters
Monitor System or any Replacement Page at or about 10.10am (Sydney time) on the Rate Set Date for that
Funding Portion; 

	 
	 	 
	 

	 	2    US Dollars, the arithmetic mean of the rates quoted on the page entitled
‘LIBOR01’ on the Reuters Monitor System or any Replacement Page at or about 11.00am (London time) on the
Rate Set Date for that Funding Portion for Euro deposits in US Dollars; 

	 
	 	 
	 

	 	3    Sterling, the rate quoted on the page entitled ‘LIBOR01’ on the Reuters Monitor
System or any Replacement Page at or about 11.00am (London time) on the Rate Set Date for that Funding
Portion for deposits in Sterling; 

	 
	 	 
	 

	 	4    Euro, the rate quoted on the page entitled ‘EURIBOR01’ on the Reuters Monitor
System or any Replacement Page at or about 11.00am (Brussels time) on the Rate Set Date for that Funding
Portion; 

	 
	 	 
	 

	 	5    CAD, the rate quoted on the page entitled ‘LIBOR01’ on the Reuters Monitor
System or any Replacement Page at or about 11.00am (Ottawa time) on the Rate Set Date for that Funding
Portion for deposits in Sterling; 

	 
	 	 
	 

	 	6    any other Available Currency, the rate agreed by the Lender at the time such
currency is approved by the Lender, 

	 
	 	 
	 

	 	in each case for a term equal to, or if not equal to most closely approximating, that Funding Period: if
the rate is not displayed on any Rate Set Date for such a term, but rates are displayed for terms longer
and shorter than that period, then the rate will be determined by the Lender by linear interpolation
between the nearest longer and shorter terms.

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	 	1     <Definitions and interpretation
	 	 	 

	 	 	 
	Term	 	Meaning
	Application for 

Irrevocable Documentary 

Credit

	 	an application for irrevocable documentary credit in the form most recently
notified to Sims
by the Lender.
	 
	 	 
	Available Currency

	 	A$, US Dollars, Sterling, CAD and Euro and any other currency approved by the Lender.
	 
	 	 
	Availability Period

	 	in relation to a Facility, the period commencing on the date on which the conditions precedent set out in
clause 2.1 are satisfied or waived by the Lender and ending on the earlier of:
	 
	 	 
	 

	 	1    the Termination Date (if any) for that Facility; 

	 
	 	 
	 

	 	2    the date falling one month prior to the Final Termination Date; and

	 
	 	 
	 

	 	3    the date on which the Commitment is cancelled in full under this agreement. 

	 
	 	 
	Bank Guarantee

	 	a guarantee issued by the Lender under the Credit Support Facility.
	Base Rate

	 	
on any Rate Set Date in respect of a Funding Period for a Funding Portion:
	 
	 	 
	 

	 	1    the Applicable Screen Rate for the Funding Period and the Funding Portion;
or

	 
	 	 
	 

	 	2    if on the Rate Set Date for any reason the Applicable Screen Rate is not
displayed or the basis on which the Applicable Screen Rate is displayed is changed and in the opinion of
the Lender it ceases to reflect the Lender’s cost of funding to the same extent as at the date of this
agreement, then the Base Rate will be the rate determined by the Lender to be the average of rates quoted
to the Lender by 3 Reference Banks on the Rate Set Date for: 

	 
	 	 
	 

	 	•     in the case of a Funding Portion denominated in A$ the rate percent per
annum determined by the Lender as the average of the rates quoted to the Lender by each Reference Bank
for the purchase of Bills accepted by the Reference Bank which have a tenor equal to the Funding Period
of the Funding Portion and a Face Value Amount equal to the amount of the Funding Portion; or

	 
	 	 
	 

	 	•     in the case of a Funding Portion denominated in a Foreign Currency, the
rate determined by the Lender based on the rates otherwise quoted by the Reference Banks (or so many of
them as are prepared to quote such rates), on application by the Lender, for deposits in that currency
for a term equal to the Funding Period of the Funding Portion commencing on that Funding Date in an
amount equal to the amount of the Funding Portion; and

	 
	 	 
	 

	 	3    if, on the Rate Set Date, the Base Rate for a Funding Portion cannot be
determined in accordance with paragraphs (1) or (2) of this definition, the Base Rate will be the
Lender’s cost of funding the Funding Portion for the Funding
Period.

All calculations of rates for the purposes of this definition will be expressed as a percent per annum.
	 
	 	 
	Beneficiary

	 	the beneficiary of a Credit Support Document or a Documentary LC.

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page 3 

 

			
	 	 	 
	
	 	1     <Definitions and interpretation
	 	 	 

	 	 	 
	Term	 	Meaning
	Beneficiary Contract

	 	each agreement between a Borrower and a Beneficiary where the Lender has issued a Credit Support Document
or a Documentary LC in favour of the Beneficiary to support the obligations of the Borrower to the
Beneficiary under that agreement.
	 
	 	 
	Bill Acceptance / Endorsement 

Fee

	 	the fee payable to the Lender for
accepting or endorsing Bills, calculated in accordance with clause

7.13(a).
	 
	 	 
	Bill Acceptance / Endorsement 

Fee Rate

	 	on any date, in respect of a Bill Funding, the % per annum under the heading “Bill Acceptance/Endorsement
Fee Rate” corresponding to the most recent Gearing Ratio (as set out in the most recent Compliance
Certificate provided by Sims), as specified in Part 2 of the Key Terms Schedule under the heading “Bill
Acceptance/Endorsement Fee Rate”.
	 
	 	 
	Bill Discount Rate

	 	at any date the rate of discount expressed as a per cent yield to maturity per annum at which the Lender
is prepared at that date to purchase Bills accepted or endorsed by itself.
	 
	 	 
	Bill Funding

	 	any Funding Portion under the Commercial Bills Facility.
	 
	 	 
	Borrower

	 	each Original Borrower and each Additional Borrower.
	 
	 	 
	Break Costs

	 	for any repayment or prepayment the amount (if any) by which:
	 
	 	 
	 

	 	4    the interest on the amount repaid or prepaid which the Lender should have
received under this agreement (had the repayment or prepayment not occurred), 

exceeds:
	 
	 	 
	 

	 	5    the return which the Lender would be able to obtain by placing the amount repaid
or prepaid to it on deposit with a Reference Bank nominated by it,

in each case for the period from the date of repayment or prepayment until the last day of the then
current Funding Period applicable to the repaid or prepaid amount.
	 
	 	 
	Business Day

	 	1    in relation to any Funding Portion or any other payment obligation, a day
(excluding a Saturday, Sunday or public holiday) on which banking
institutions are open for business:

	 

	 	 
	 
	 	 
	 

	 	•     in Sydney and Melbourne in relation to Dollars; 

	 
	 	 
	 

	 	•     in New York City and Los Angeles in relation to US Dollars; 

	 
	 	 
	 

	 	•     in London in relation to Sterling; 

	 
	 	 
	 

	 	•     in Ottawa in relation to CAD; 

	 
	 	 
	 

	 	•     in London in relation to Euro, provided that the relevant day is also a
TARGET Day in relation to Euro; and

	 
	 	 
	 

	 	2    for all other purposes, a day on which banks are open for business in Sydney and
Melbourne excluding a Saturday, Sunday or public holiday. 

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	 	1     <Definitions and interpretation
	 	 	 

	 	 	 
	Term	 	Meaning
	CAD

	 	the lawful currency of Canada.
	 
	 	 
	Cash Advance Facility

	 	if specified as “Available” in Part 1 of the Key Terms Schedule, the cash advance facility made available
by the Lender to the Borrowers under clause 6 and on the terms set out in Part 1 of the Key Terms
Schedule.
	 
	 	 
	Cash Advance Facility
Limit

	 	the “Facility Limit” in respect of the Cash Advance Facility (if any) as specified in Part 1 of the Key
Terms Schedule, as adjusted under this agreement.
	 
	 	 
	Commercial Bills Facility

	 	if specified as “Available” in Part 2 of the Key Terms Schedule, the acceptance, discount and endorsement
facility made available by the Lender to the Borrowers under clause 7 and on the terms set out in Part 2
of the Key Terms Schedule.
	 
	 	 
	Commercial Bills
Facility Limit

	 	the “Facility Limit” in respect of the Commercial Bills Facility (if any) as specified in Part 2 of the
Key Terms Schedule, as adjusted under this agreement.
	 
	 	 
	Commitment

	 	the amount specified as such in Part 6 of the Key Terms Schedule.
	 
	 	 
	Commitment Fee Rate

	 	the “Commitment Fee Rate” specified in Part 6 of the Key Terms Schedule.
	 
	 	 
	Common Terms Deed

	 	the deed entitled ‘Common Terms Deed’ dated on or about the date of this agreement between, amongst
others, the Lender and the Borrowers.
	 
	 	 
	Credit Support Document

	 	1    each Bank Guarantee; and

	 
	 	 
	 

	 	2    each Standby LC, 

which is issued under the Credit Support Facility.
	 
	 	 
	Credit Support Document
Fee Rate

	 	for a Credit Support Document issued under the Credit Support Facility, the % per annum under the heading
“Credit Support Document Fee Rate” corresponding to the most recent Gearing Ratio (as set out in the most
recent Compliance Certificate provided by Sims), specified in Part 3 of the Key Terms Schedule.
	 
	 	 
	Credit Support Facility

	 	if specified as “Available” in Part 3 of the Key Terms Schedule, the credit support document facility
made available by the Lender to the Borrowers under clause 8 and on the terms set out in Part 3 of the
Key Terms Schedule.
	 
	 	 
	Credit Support Facility
Limit

	 	the “Facility Limit” in respect of the Credit Support Facility (if any) as specified in Part 3 of the Key
Terms Schedule, as adjusted under this agreement.
	 
	 	 
	Current Bill

	 	any Bill drawn under the Commercial Bills Facility which has not been

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	 	1     <Definitions and interpretation
	 	 	 

	 	 	 
	Term	 	Meaning
	 

	 	discharged in full or in respect of
which the obligations of the relevant Borrower or the Lender under this agreement have not been
satisfied.
	 
	 	 
	Current Credit Support 

Document

	 	each Credit Support Document which has not been discharged in full or in respect of which a Borrower’s
obligations under this agreement have not been satisfied.
	 
	 	 
	Current Documentary LC

	 	each Documentary LC which has not been discharged in full or in respect of which a Borrower’s obligations
under this agreement have not been satisfied.
	 
	 	 
	Current Dollar Amount

	 	at any time:
	 
	 	 
	 

	 	1    for a Funding Portion under the Cash Advance Facility or Overdraft Facility, or
for a Trade Advance or Proceeds of Negotiation denominated in: 

	 
	 	 
	 

	 	•    Dollars, the principal amount of that Funding Portion outstanding at that
time; 

	 
	 	 
	 

	 	•    a Foreign Currency, the Dollar Equivalent at that time of the principal
amount of that Funding Portion outstanding at that time; 

	 
	 	 
	 

	 	2    for a Credit Support Document under the Credit Support Facility denominated in:

	 
	 	 
	 

	 	•    Dollars, its Face Value Amount at that time; 

	 
	 	 
	 

	 	•    a Foreign Currency, the Dollar Equivalent at that time of its Face Value
Amount at that time; and

	 
	 	 
	 

	 	3    for a Documentary LC under the Trade Finance Facility denominated in: 

	 
	 	 
	 

	 	•    Dollars, its Face Value Amount at that time; 

	 
	 	 
	 

	 	•    a Foreign Currency, the Dollar Equivalent at that time of its Face Value
Amount at that time. 

	 
	 	 
	 

	 	4    for a Bill under the Commercial Bills Facility denominated in Dollars, its Face
Value Amount at that time. 

	 
	 	 
	Discount Amount

	 	in respect of a Bill discounted by the Lender, the Dollar amount derived by application of the following
formula
	 
	 	 
	 

	 	
	 
	 	 
	 

	 	where:
	 
	 	 
	 

	 	FVA equals the Face Value Amount of the Bill;
	 
	 	 
	 

	 	R equals the Bill Discount Rate on the Funding Date on which the Bill is discounted (expressed as a
number eg 10.74% is expressed as 10.74); and
	 
	 	 
	 

	 	D equals the number of days in the Funding Period for the Bill.
	 
	 	 
	Documentary LC

	 	a documentary letter of credit issued by the Lender under the Trade Finance Facility.

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	 	1     <Definitions and interpretation
	 	 	 

	 	 	 
	Term	 	Meaning
	Documentary LC Fee Rate

	 	for a Documentary LC issued under the Trade Finance Facility, the “Documentary LC Fee Rate” specified in
Part 4 of the Key Terms Schedule.
	 
	 	 
	Dollar Equivalent

	 	in relation to an amount expressed in a Foreign Currency at any time, the amount of Dollars determined by
translating that amount of Foreign Currency into Dollars at the Exchange Rate for that Foreign Currency
at that time.
	 
	 	 
	Euro

	 	the single currency unit of each Participating Member State.
	 
	 	 
	Event of Default

	 	any event specified in clause 13.1.
	 
	 	 
	Exchange Rate

	 	in relation to any Foreign Currency, the spot rate of exchange determined by the Lender to be the rate of
exchange to buy that Foreign Currency with Dollars.
	 
	 	 
	Exchange Rate 

Calculation Date

	 	the last Business Day of
each month.
	 
	 	 
	Existing Multi-Option 

Facility Agreement

	 	the multi-option facility agreement between, amongst others, Sims and the Lender dated
29 October 1991.
	 
	 	 
	Expiry Date

	 	in relation to a Credit Support Document or a Documentary LC, the expiry date for that Credit Support
Document of Documentary LC as specified in that Credit Support Document or Documentary LC (as
applicable).
	 
	 	 
	Extension Fee Rate

	 	the “Extension Fee Rate” specified in Part 6 of the Key Terms Schedule.
	 
	 	 
	Face Value Amount

	 	at any time:
	 
	 	 
	 

	 	1    in relation to a Credit Support Document, the amount stated in, or determined in
accordance with, the Credit Support Document as the maximum amount payable under it at that time;

	 
	 	 
	 

	 	2    in relation to a Documentary LC, the amount stated in, or determined in
accordance with, the Documentary LC as the maximum amount payable under it at that time; and

	 
	 	 
	 

	 	3    in relation to a Bill, the amount stated on the Bill as the maximum amount
payable under the Bill. 

	 
	 	 
	Facility

	 	1    the Cash Advance Facility; 

	 
	 	 
	 

	 	2    the Commercial Bills Facility; 

	 
	 	 
	 

	 	3    the Credit Support Facility; 

	 
	 	 
	 

	 	4    the Trade Finance Facility; or

	 
	 	 
	 

	 	5    the Overdraft Facility. 

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	 	1     <Definitions and interpretation
	 	 	 

	 	 	 
	Term	 	Meaning
	Facility Limit

	 	1    in respect of the Cash Advance Facility, the Cash Advance Facility Limit;

	 
	 	 
	 

	 	2    in respect of the Commercial Bills Facility, the Commercial Bills Facility
Limit; 

	 
	 	 
	 

	 	3    in respect of the Credit Support Facility, the Credit Support Facility Limit;

	 
	 	 
	 

	 	4    in respect of the Trade Finance Facility, the Trade Finance Facility Limit;
and

	 
	 	 
	 

	 	5    in respect of the Overdraft Facility, the Overdraft Facility Limit. 

	 
	 	 
	Fee Letter

	 	each fee letter between the Lender and Sims in respect of an extension fee payable in accordance with
clause 14(b).
	 
	 	 
	Fee Schedule

	 	the schedule of fees and charges set out in Schedule 3.
	 
	 	 
	Final Termination Date

	 	the date specified as such in Part 6 of the Key Terms Schedule as extended from time to time in
accordance with clause 4.5.
	 
	 	 
	Finance Contract

	 	any written contract or arrangement between a Borrower under the Credit Support Facility, or a Borrower
of a Documentary LC under the Trade Finance Facility, and a Beneficiary which requires the Borrower to
pay or repay to any person any amount due in respect of financial accommodation.
	 
	 	 
	Financial Close

	 	the date on which all of the conditions set out in clause 2.1 are first satisfied or waived by the Lender.
	 
	 	 
	Foreign Bill

	 	a negotiable instrument (whether clean or documentary) where the party named as drawee is not a resident
of Australia, which is in a form satisfactory to the Lender.
	 
	 	 
	Foreign Currency

	 	US Dollars, Sterling, CAD and Euro and any other foreign currency which is freely transferable and
convertible into Dollars.
	 
	 	 
	Funding Date

	 	the date on which a Funding Portion is provided, or is to be provided, to or for the account of a
Borrower under this agreement.
	 
	 	 
	Funding Notice

	 	a notice given under clause 5.1.
	 
	 	 
	Funding Period

	 	for a Funding Portion, a period selected or determined under clause 5.5.
	 
	 	 
	Funding Portion

	 	each portion of the Commitment provided under this agreement.
	 
	 	 
	Funding Rate

	 	in respect of a Funding Period for a Funding Portion under the Cash Advance Facility or provided as a
Trade Advance under the Trade Finance Facility, the aggregate of:

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	 	1     <Definitions and interpretation
	 	 	 

	 	 	 
	Term	 	Meaning
	 

	 	•    the Base Rate on the Rate Set Date for that Funding Period; and

	 
	 	 
	 

	 	•    the Margin. 

	 
	 	 
	Gearing Ratio

	 	for a Calculation Period, the ratio of Financial Indebtedness to EBITDA.
	 
	 	 
	Group Guarantee

	 	the deed so entitled dated 21 March 1996 between, amongst others, the Lender and Sims.
	 
	 	 
	Group Limit Facility

	 	the group limit overdraft facility dated on or about the date of this agreement between, amongst others,
the Lender and Sims.
	 
	 	 
	Interest Payment Date

	 	the last day of each Funding Period.
	 
	 	 
	Key Terms Schedule

	 	the Key Terms Schedule set out in Schedule 2 as amended, supplemented or replaced from time to time in
accordance with this agreement.
	 
	 	 
	Lending Office

	 	1    the Sydney Lending Office; 

	 
	 	 
	 

	 	2    the office of the Lender at Senator House, 85 Queen Victoria Street London
EC4V4HA, England; 

	 
	 	 
	 

	 	3    the office of the Lender at Level 17, 599 Lexington Avenue New York 10022, USA;
or

	 
	 	 
	 

	 	4    any other office notified by the Lender under this agreement. 

	 
	 	 
	Liquidity Bill

	 	a Bill drawn under clause 6.9.
	 
	 	 
	Margin

	 	1    on any date in respect of a Funding Portion under the Cash Advance Facility, an
amount payable under clause 15 or [*], the % per annum specified in Part 1 of the Key
Terms Schedule under the heading “Margin” which corresponds to the most recent Gearing Ratio (as set out
in the most recent Compliance Certificate provided by Sims); and

	 
	 	 
	 

	 	2    in respect of a Funding Portion provided as a Trade Advance under the Trade
Finance Facility, the % per annum specified in Part 4 of the Key Terms Schedule under the heading
“Margin” which corresponds to the most recent Gearing Ratio (as set out in the most recent Compliance
Certificate provided by Sims). 

	 
	 	 
	Negative Pledge Agreement

	 	the deed entitled ‘Negative Pledge’ dated 29 October 1991 between, amongst others, the Lender, Sims and
the companies named in Schedule 1 of that deed.
	 
	 	 
	Net Bill Proceeds

	 	in respect of a Bill discounted by the Lender under the Commercial Bills Facility, the amount to be
provided by the Lender in respect of that Bill in accordance with clause 7.8.

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	 	1     <Definitions and interpretation
	 	 	 

	 	 	 
	Term	 	Meaning
	Obligation

	 	any obligation to make payment in respect of an underlying trade transaction, either pre or post-shipment.
	 
	 	 
	Original Dollar Amount

	 	1    for a Funding Portion under the Cash Advance Facility or Overdraft Facility or
for a Trade Advance or Proceeds of Negotiation under the Trade Finance Facility denominated in:

	 
	 	 
	 

	 	•    Dollars, the Dollar amount of that Funding Portion; 

	 
	 	 
	 

	 	•    a Foreign Currency, the Dollar Equivalent of that Funding Portion
calculated at the Exchange Rate for that Foreign Currency on the Funding Date for that Funding Portion;
and

	 
	 	 
	 

	 	2    for a Credit Support Document under the Credit Support Facility or a Documentary

LC under the Trade Finance Facility denominated in: 

	 
	 	 
	 

	 	•    Dollars, its Face Value Amount on its Funding Date; 

	 
	 	 
	 

	 	•    a Foreign Currency, the Dollar Equivalent of its Face Value Amount
calculated on the Funding Date for that Credit Support Document; and

	 
	 	 
	 

	 	3    for a Bill under the Commercial Bills Facility, its Face Value Amount on its
Funding Date. 

	 
	 	 
	Outstanding Current Bill
Amount

	 	in respect of a Bill Funding and in relation to any Funding Date, the aggregate Face Value Amount of all
Current Bills under the Commercial Bills Facility which mature on or before that Funding Date and which
have not been paid by a Borrower or in respect of which the obligations of a Borrower under clauses 7.10,
7.11, 7.14(a) and 7.14(b) remain unsatisfied.
	 
	 	 
	Overdraft Account

	 	each account of an Overdraft Borrower held with the Lender.
	 
	 	 
	Overdraft Borrower

	 	each “Overdraft Borrower” specified in Part 5 of the Key Terms Schedule.
	 
	 	 
	Overdraft Facility

	 	if specified as “Available” in Part 5 of the Key Terms Schedule, the overdraft facility made available by
the Lender to the Overdraft Borrowers under clause 10 and on the terms set out in Part 5 of the Key Terms
Schedule and the Group Limit Facility.
	 
	 	 
	Overdraft Facility Limit

	 	the “Cap Limit” as defined in the Group Limit Facility.
	 
	 	 
	Overdue Margin

	 	the “Overdue Margin” specified in Part 6 of the Key Terms Schedule.
	 
	 	 
	Overdue Rate

	 	[*]
	 
	 	 
	Participating Member
State

	 	any member state of the European Union that adopts or has adopted Euro as its lawful currency in
accordance with legislation of the European Union relating to the European Monetary Union.

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	 	1     <Definitions and interpretation
	 	 	 

	 	 	 
	Term	 	Meaning
	Payment Documents

	 	the documents against which the Lender is required to make payment under any Documentary LC.
	 
	 	 
	Principal Outstanding

	 	at any time, the aggregate Current Dollar Amount of all outstanding Funding Portions.
	 
	 	 
	Proceeds of Negotiation

	 	in respect of the Trade Finance Facility, a Funding Portion, being the proceeds of negotiation of a
Foreign Bill, that is provided in Same Day Funds in an Available Currency as specified in the relevant
Funding Notice.
	 
	 	 
	Rate Set Date

	 	in respect of a Funding Period for a Funding Portion:
	 
	 	 
	 

	 	1    denominated in Dollars, the [*] of that Funding Period; and

	 
	 	 
	 

	 	2    denominated in US Dollars, [*] of that Funding Period; 

	 
	 	 
	 

	 	3    denominated in Euro, [*] of that period; 

	 
	 	 
	 

	 	4    denominated in CAD, [*] of that Funding Period; and 

	 
	 	 
	 

	 	5    denominated in Sterling, the [*] of that Funding Period. 

	 
	 	 
	Relevant Credit Support Documents

	 	1    each Transaction Document; 

	 
	 	 
	

	 	2    each Credit Support Document; 

	 
	 	 
	 

	 	3    each Documentary LC; and

	 
	 	 
	 

	 	4    each Beneficiary Contract. 

	 
	 	 
	Relevant Currency

	 	the currency in which a payment is required to be made under the Transaction Documents and is:
	 
	 	 
	 

	 	1    for any Funding Portion or other payment obligation denominated in Dollars,
Dollars; 

	 
	 	 
	 

	 	2    for any Funding Portion or other payment obligation denominated in a Foreign
Currency, that Foreign Currency; and

	 
	 	 
	 

	 	3    in any other case, if not expressly stated to be another currency, Dollars.

	 
	 	 
	Relevant Interbank Market

	 	1    in relation to A$, the Australian bank bill market; 

	 
	 	 
	 

	 	2    in relation to US Dollars, CAD or Sterling, the London interbank market;
and

	 
	 	 
	 

	 	3    in relation to Euro, the interbank market for Euro operating in Participating
Member States. 

	 
	 	 
	Renewal Notice

	 	a renewal notice substantially in the form set out in Schedule 6.
	 
	 	 
	Selection Notice

	 	a notice given under clause 6.4.

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	 	1     <Definitions and interpretation
	 	 	 

	 	 	 
	Term	 	Meaning
	Standby LC

	 	a standby letter of credit issued by the Lender under the Credit Support Facility.
	 
	 	 
	Sterling

	 	the lawful currency of the United Kingdom.
	 
	 	 
	Sydney Lending Office

	 	the office of the Lender set out on page 1 of this agreement.
	 
	 	 
	TARGET

	 	Trans-European Automated Real-time Gross Settlement Express Transfer payment system.
	 
	 	 
	TARGET Day

	 	a day on which TARGET is open for settlement of payments in Euro.
	 
	 	 
	Termination Date

	 	in relation to:
	 
	 	 
	 

	 	1    the Cash Advance Facility, the “Termination Date” in respect of the Cash Advance
Facility (if any) as specified in Part 1 of the Key Terms Schedule; 

	 
	 	 
	 

	 	2    the Commercial Bills Facility, the “Termination Date” in respect of the
Commercial Bills Facility (if any) as specified in Part 2 of the Key Terms Schedule; 

	 
	 	 
	 

	 	3    the Credit Support Facility, the “Termination Date” in respect of the Credit
Support Facility (if any) as specified in Part 3 of the Key Terms Schedule; 

	 
	 	 
	 

	 	4    the Trade Finance Facility, the “Termination Date” in respect of the Trade
Finance Facility (if any) as specified in Part 4 of the Key Terms Schedule; 

	 
	 	 
	 

	 	5    the Overdraft Facility, the “Termination Date” in respect of the Overdraft
Facility (if any) as specified in Part 5 of the Key Terms Schedule, 

or in each case any later date agreed to by the Borrowers and the Lender.
	 
	 	 
	Trade Advance

	 	in respect of the Trade Finance Facility, a Funding Portion that is provided in Same Day Funds in an
Available Currency as specified in the relevant Funding Notice.
	 
	 	 
	Trade Advance Request

	 	a request for a Trade Advance in the form most recently notified to Sims by the Lender.
	 
	 	 
	Trade Finance Facility

	 	if specified as “Available” in Part 4 of the Key Terms Schedule, the trade finance facility made
available by the Lender to the Borrowers under clause 9 and on the terms set out in Part 4 of the Key
Terms Schedule.
	 
	 	 
	Trade Finance Facility
Limit

	 	the “Facility Limit” in respect of the Trade Finance Facility (if any) as specified in Part 4 of the Key
Terms Schedule, as adjusted under this agreement.
	 
	 	 
	Transaction Document

	 	1    this agreement; 

	 
	 	 
	 

	 	2    each Fee Letter; 

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	 	2     Conditions precedent
	 	 	 

	 	 	 
	Term	 	Meaning
	 
	 	 
	 

	 	3    the Common Terms Deed; 

	 
	 	 
	 

	 	4    the Group Limit Facility; 

	 
	 	 
	 

	 	5    each Renewal Notice and Key Terms Schedule; 

	 
	 	 
	 

	 	6    each “Transaction Document” of the Lender, as defined in the Common Terms Deed;

	 
	 	 
	 

	 	7    any other document designated as such by the Borrowers and the Lender,

	 
	 

	 	or any document or agreement entered into or given under any of the above.
	 
	 	 
	Undrawn Commitment

	 	at any time, the Commitment less the Principal Outstanding.
	 
	 	 
	US Dollars

	 	the lawful currency of the United States of America.
	 
	 	 
	USD Prime Rate

	 	the rate described as the Lender’s ‘USD Prime Rate’, as published from time to time or, if there is no
such rate at any time, any substitute or replacement reference rate published by the Lender from time to
time.

	1.3	 	Incorporated definitions
	 
	 	 	A word or phrase, other than one defined in clause 1.2, defined in the Common Terms Deed
has the same meaning when used in this agreement.
	 
	1.4	 	Incorporated provisions
	 
	 	 	Clauses 1.3 to 1.6 (inclusive), 9, 15.2 and 16 of the Common Terms Deed apply to this
agreement as if set out in full in this agreement and as if references in those clauses to
‘this deed’ were to ‘this agreement’.
	 
	2	 	Conditions precedent
	 
	2.1	 	Conditions precedent to initial Funding Portion
	 
	 	 	The Lender is not obliged to provide the Commitment or the first Funding Portion until the
Lender has received all of the following in form and of substance satisfactory to the
Lender:

	 	(a)	 	Verification certificate: a verification certificate in the form of
Schedule 2 of the Common Terms Deed given in respect of each Transaction Party and
dated no more than 5 days before the date of this agreement;

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page 13 

 

			
	 	 	 
	
	 	2     Conditions precedent
	 	 	 

	 	(b)	 	Transaction Documents: originals of each Transaction Document which can be
executed before the first Funding Date, duly executed by all parties to them other
than the Lender and, where applicable:

	 	(1)	 	duly stamped or, if not duly stamped, evidence
satisfactory to the Lender that they will be duly stamped; and
	 
	 	(2)	 	in registrable form together with all executed
documents necessary to register them;

	 	(c)	 	enquiries: results of searches, enquiries and requisitions in respect of
each Transaction Party;
	 
	 	(d)	 	opinions: an opinion from:

	 	(1)	 	Freehills in respect of each Transaction Party
incorporated in Australia, this agreement and the Common Terms Deed;
	 
	 	(2)	 	counsel for the Borrowers in respect of each
Transaction Party incorporated outside of Australia;

	 	(e)	 	Overdraft account authorities: signed account authorities, signature cards
and any other documents required by the Lender with respect to the Overdraft
Accounts;
	 
	 	(f)	 	KYC & AML: each document or other information necessary in the Lender’s
opinion to enable the Lender to do any know your customer checks or anti-money
laundering checks;
	 
	 	(g)	 	structure diagram: a complete diagram showing the structure and ownership
arrangements of the Sims Group; and
	 
	 	(h)	 	US solvency certificate: with respect to each Transaction Party
incorporated or organised under the laws of a state of the United States of America
only, a certificate signed by an officer of that Transaction Party stating that it is
solvent and able to pay its debts as and when they fall due.

	2.2	 	Conditions precedent to all Funding Portions
	 
	 	 	The Lender is not obliged to provide any Funding Portion under a Facility until the
following conditions are fulfilled to the Lender’s satisfaction:

	 	(a)	 	Funding Notice: the Borrower has delivered a Funding Notice to the Lender
requesting the Funding Portion;
	 
	 	(b)	 	Funding Date: the Funding Date for the Funding Portion is a Business Day
within the Availability Period for the Facility;
	 
	 	(c)	 	Commitment: the Commitment is not, and will not be, exceeded by the
provision of that Funding Portion when the Original Dollar Amount of that proposed
Funding Portion is added to the Current Dollar Amount of all other outstanding
Funding Portions;
	 
	 	(d)	 	Facility Limit: the Facility Limit for the Facility is not, and will not
be, exceeded by the provision of that Funding Portion when the Original Dollar Amount
of that proposed Funding Portion is added to the Current Dollar Amount of all other
outstanding Funding Portions under that Facility;

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page 14 

 

			
	 	 	 
	
	 	3     Roll over of principal outstanding 
	 	 	 

	 	(e)	 	Group Limit: in respect of a Funding Portion under the Overdraft Facility,
the “Group Limit” (as defined in the Group Limit Facility) is not, and will not be,
exceeded by the provision of that Funding Portion;
	 
	 	(f)	 	no Default: no Default has occurred which is continuing and no Default will
result from the Funding Portion being provided;
	 
	 	(g)	 	Beneficiary Contract: in relation to a Funding Portion under the Credit
Support Facility or to be provided as a Documentary LC under the Trade Finance
Facility, the Borrower has provided the Lender with any information that the Lender
reasonably requires in relation to each Beneficiary Contract to which the requested
Funding Portion relates, and the terms and conditions of that Beneficiary Contract
are reasonably satisfactory to the Lender;
	 
	 	(h)	 	Dollars: in respect of a Funding Portion under the Commercial Bills
Facility, the Funding Portion is denominated in Dollars; and
	 
	 	(i)	 	Available Currency: in respect of a Funding Portion to be denominated in a
Foreign Currency other than an Available Currency, the Lender (in its absolute
discretion) has given its prior consent in writing to providing the Funding Portion
in the requested Foreign Currency.

	2.3	 	Certified copies
	 
	 	 	If requested by the Lender, an Officer of the relevant Transaction Party must certify a
copy of a document given to the Lender under clauses 2.1 or 2.2 to be a true copy of the
original document.
	 
	2.4	 	Benefit of conditions precedent
	 
	 	 	A condition in this clause 2 is for the benefit only of the Lender and only the Lender may
waive it.
	 
	3	 	Roll over of principal outstanding
	 
	 	 	The parties agree that on and from Financial Close:

	 	(a)	 	each Drawing (as defined in the Existing Multi-Option Facility Agreement)
which is outstanding under the Existing Multi-Option Facility Agreement immediately
prior to Financial Close:

	 	(1)	 	under the ‘AUD Overdraft Facility’ (as described in the
appendix headed ‘AUD Overdraft Facility Appendix’ in the Existing
Multi-Option Facility Agreement) is deemed to be a Funding Portion under
the Overdraft Facility; and
	 
	 	(2)	 	under the ‘Foreign Currency Facility’ (as described in
the appendix headed ‘Foreign Currency Facility Appendix’ in the Existing
Multi-Option Facility Agreement) is deemed to be a Funding Portion under
the Cash Advance Facility,

	 	 	 	in the same currency and for the same principal amount as the relevant Drawing
and, where applicable, with a Funding Period equivalent to the Interest Period
(as defined in the Existing Multi-Option Facility Agreement) for the Drawing.

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	 	4      Commitment, purpose and availability of Facility
	 	 	 

	 	 	 	Where the relevant Drawing was denominated in a Foreign Currency, the Dollar
Equivalent of the Funding Portion shall be deemed to be equal to the AUD
Equivalent (as defined in the Existing Multi-Option Facility Agreement) of the
principal amount of the Drawing immediately prior to Financial Close;
	 
	 	(b)	 	each outstanding standby letter of credit or bank guarantee issued on
behalf of a Sims Group company under the Existing Multi-Option Facility Agreement
prior to Financial Close is deemed to be a Funding Portion provided under the Credit
Support Facility;
	 
	 	(c)	 	each outstanding documentary letter of credit issued on behalf of a Sims
Group company under the Existing Multi-Option Facility Agreement prior to Financial
Close is deemed to be a Funding Portion provided under the Trade Finance Facility;
	 
	 	(d)	 	without limiting clauses 3(b) and 3(c), each Drawing (as defined in the
Existing Multi-Option Facility Agreement) described in columns 1 to 3 of Schedule 7
which is outstanding under the Existing Multi-Option Facility Agreement immediately
prior to Financial Close is deemed to be a Funding Portion under the relevant
Facility specified in column 4 of Schedule 7 for that Drawing in the same currency,
with a Face Value Amount equal to the principal amount specified in Schedule 7 and,
where the Drawing was denominated in a Foreign Currency, the Dollar Equivalent of the
Face Value Amount shall be deemed to be equal to the AUD Equivalent (as defined in
the Existing Multi-Option Facility Agreement) of the face value amount of the Drawing
immediately prior to Financial Close;
	 
	 	(e)	 	any amount drawn by an Overdraft Borrower under the USD denominated bank
account held with the Lender with account number 100601904USD115601 is deemed to be a
Funding Portion under the Overdraft Facility;
	 
	 	(f)	 	all other amounts payable by a Borrower or a Guarantor (each as defined in
the Existing Multi-Option Facility Agreement) to the Lender under or in connection
with the Existing Multi-Option Facility Agreement, the Negative Pledge or the Group
Guarantee that have accrued but not been paid up to the date of Financial Close are
deemed to be payable under and in accordance with the terms of this agreement;
	 
	 	(g)	 	each of the Existing Multi-Option Facility Agreement, the Negative Pledge
Agreement and the Group Guarantee is terminated and discharged in accordance with its
terms;
	 
	 	(h)	 	the Borrowers and the Guarantors remain bound by any liabilities under the
Existing Multi-Option Facility Agreement or Group Guarantee which have accrued but
have not been performed up to the date of Financial Close, except as expressly
contemplated by this deed; and
	 
	 	(i)	 	the Lender’s commitment to provide financial accommodation under the
Existing Multi-Option Facility Agreement is cancelled.

[*] Confidential Treatment Requested

page 16 

 

			
	
	 	4     Commitment, purpose and availability of Facility

	4	 	Commitment, purpose and availability of Facility
	 
	4.1	 	Provision of Commitment
	 
	 	 	The Lender must make the Commitment available to the Borrower on the terms of this
agreement.
	 
	4.2	 	Purpose
	 
	 	 	A Borrower must use the net proceeds of a Funding Portion:

	 	(a)	 	under:

	 	(1)	 	the Cash Advance Facility, only for the “Purpose”
specified in Part 1 of the Key Terms Schedule;
	 
	 	(2)	 	the Commercial Bills Facility, only for the “Purpose”
specified in Part 2 of the Key Terms Schedule;
	 
	 	(3)	 	the Credit Support Facility, only for the “Purpose”
specified in Part 3 of the Key Terms Schedule;
	 
	 	(4)	 	the Trade Finance Facility, only for the “Purpose”
specified in Part 4 of the Key Terms Schedule;
	 
	 	(5)	 	the Overdraft Facility, only for the “Purpose”
specified in Part 5 of the Key Terms Schedule; or

	 	(b)	 	in each case, for any other purpose that the Lender approves.

	4.3	 	Cancellation of Commitment during Availability Period

	 	(a)	 	A Borrower may cancel any of the Undrawn Commitment by giving the Lender
[*] notice.
	 
	 	(b)	 	A partial cancellation of the Undrawn Commitment may only be
made [*].
	 
	 	(c)	 	A notice given under clause 4.3(a) is irrevocable.

	4.4	 	Cancellation at end of Availability Period
	 
	 	 	On the date falling one month prior to the Final Termination Date, the Commitment is
cancelled to the extent of the Undrawn Commitment.
	 
	4.5	 	Review and renewal of Commitment

	 	(a)	 	On or before the date falling 12 months prior to the then Final Termination
Date (Existing Termination Date), the Lender may review its participation under this
agreement. Following this review the Lender, at its absolute discretion, may
offer to extend its participation under the Facility Agreement to a date falling
12 months after the Existing Termination Date (New Termination Date) by

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page 17

 

	 	 	 
	
	 	4     Commitment, purpose and availability of Facility

	 	 	 	delivering to Sims a signed Renewal Notice attaching a proposed Key Terms
Schedule and/or specifying a revised ‘Margin’ (as defined in the Group Limit
Facility) for the Overdraft Facility.
	 
	 	(b)	 	The Lender’s offer contained in any Renewal Notice delivered in accordance
with clause 4.5(a) may be subject to any conditions precedent or subsequent as the
Lender specifies in its absolute discretion.
	 
	 	(c)	 	If, within 30 days of receiving a Renewal Notice delivered in accordance
with clause 4.5(a):

	 	(1)	 	the Borrowers have signed and delivered to the Lender
the Renewal Notice; and
	 
	 	(2)	 	the Lender has notified Sims that it is satisfied in
its absolute discretion that all of the conditions specified in the Renewal
Notice have been satisfied,

	 	 	 	the definition of “Final Termination Date” contained in clause 1.2 of this
agreement shall be amended to be the New Termination Date and the Key Terms
Schedule and ‘Margin’ (as defined in the Group Limit Facility) amended in
accordance with the Renewal Notice with effect on and from the date of the
Renewal Notice.
	 
	 	(d)	 	If:

	 	(1)	 	the Lender does not deliver a Renewal Notice to the
Borrowers;
	 
	 	(2)	 	the Borrowers do not satisfy any condition in the
relevant Renewal Notice; or
	 
	 	(3)	 	the Borrowers do not sign and return a Renewal Notice
delivered in accordance with clause 4.5(a) within 30 days of having
received it,

	 	 	 	the Final Termination Date will not be amended.
	 
	 	(e)	 	Clause 14.2 of the Common Terms Deed is incorporated here by reference as
if each reference therein to “this deed” were a reference to this agreement.
	 
	 	(f)	 	Nothing in the Transaction Documents obliges the Lender:

	 	(1)	 	to extend any Final Termination Date; or
	 
	 	(2)	 	to provide a Renewal Notice.

	 	(g)	 	Each Borrower acknowledges and agrees that the delivery or acceptance of
any Renewal Notice or any amendment to a Transaction Document pursuant to this clause
4.5 or a Renewal Notice does not:

	 	(1)	 	affect the validity or enforceability of this agreement
or any other Transaction Document;
	 
	 	(2)	 	prejudice or adversely affect any right, power,
authority, discretion or remedy arising under this agreement or any other
Transaction Document before the date of any amendment under clause 4.5(c);
or

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page 18

 

	 	 	 
	
	 	5     Funding and rate setting procedures

	 	(3)	 	discharge, release or otherwise affect any liability or
obligation arising under this agreement or any other Transaction Document
before the date of any amendment under clause 4.5(c).

	5	 	Funding and rate setting procedures
	 
	5.1	 	Delivery of Funding Notice

	 	(a)	 	If a Borrower requires the provision of a Funding Portion under a Facility
it must deliver to the Lender a Funding Notice.
	 
	 	(b)	 	Clause 5.1(a) does not apply in respect of the provision of a Funding
Portion:

	 	(1)	 	under the Overdraft Facility; or
	 
	 	(2)	 	to be provided as a Trade Advance or a Documentary LC
under the Trade Finance Facility, in respect of which the Lender has
received a Trade Advance Request no later than 10.00am local time (in the
city of the applicable Lending Office) 2 Business Days before the proposed
Funding Date.

	 	(c)	 	Sims may at any time on a Business Day and within normal working hours,
request that the Lender confirm whether it has determined that a Market Disruption
Event has occurred and is continuing at that time. Without prejudice to the rights
of the Lender under clause 5.7, the Lender shall promptly on receipt of any such
request notify Sims whether at the time such notice is given it has determined that a
Market Disruption Event has occurred.

	5.2	 	Requirements for a Funding Notice
	 
	 	 	A Funding Notice to be effective must be:

	 	(a)	 	in writing in the form of, and specifying the matters required in:

	 	(1)	 	Part A of Schedule 4, in respect of the Cash Advance
Facility or in respect of a Funding Portion to be provided as a Trade
Advance under the Trade Finance Facility;
	 
	 	(2)	 	Part B of Schedule 4, in respect of the Commercial
Bills Facility; and
	 
	 	(3)	 	Part C of Schedule 4 in respect of the Credit Support
Facility or a Funding Portion to be provided as a Documentary LC under the
Trade Finance Facility;

	 	(b)	 	be received by the Lender before 11.00am on a Business Day at least 2
Business Days before the proposed Funding Date in respect of Funding Portions to be
provided in Dollars or on a Business Day at least 3 Business Days before the proposed
Funding Date in respect of Funding Portions to be provided in a Foreign Currency (or
any shorter period that the Lender agrees in writing); and

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	 	5     Funding and rate setting procedures

	 	(c)	 	if a Funding Portion is to be provided in a Foreign Currency on the
relevant Funding Date, specify the Original Dollar Amount of the Funding Portion and
the Foreign Currency in which it is required.

	5.3	 	Irrevocability of Funding Notice
	 
	 	 	The Borrower of a Funding Portion is irrevocably committed to draw Funding Portions from
the Lender in accordance with each Funding Notice given to the Lender.
	 
	5.4	 	Amount of Funding Portions
	 
	 	 	Each Borrower must ensure that the amount of each Funding Portion under the Cash Advance
Facility or Commercial Bills Facility is:

	 	(a)	 	if denominated in Dollars, [*];
	 
	 	(b)	 	if denominated in a Foreign Currency, [*]; or
	 
	 	(c)	 	equal to the Undrawn Commitment.

	5.5	 	Selection of Funding Periods

	 	(a)	 	A Borrower of any Funding Portion under the Cash Advance Facility,
Commercial Bills Facility or a Funding Portion to be provided as a Trade Advance or
as Proceeds of Negotiation under the Trade Finance Facility must select the initial
Funding Period which is to apply to the Funding Portion in the Funding Notice
delivered for that Funding Portion.
	 
	 	(b)	 	A Borrower of a Funding Portion under the Cash Advance Facility may select
a subsequent Funding Period which is to apply to the Funding Portion in a Selection
Notice delivered for that Funding Portion.
	 
	 	(c)	 	Each Funding Period:

	 	(1)	 	under the Cash Advance Facility must be [*] or any
other period that the Lender agrees with the Borrower;
	 
	 	(2)	 	under the Commercial Bills Facility must be [*];
	 
	 	(3)	 	for a Trade Advance must be [*]; and
	 
	 	(4)	 	for Proceeds of Negotiation must be [*].

	 	(d)	 	If a Funding Period ends on a day which is not a Business Day, it is
regarded as ending on the next Business Day in the same calendar month or, if none,
the preceding Business Day.
	 
	 	(e)	 	A Funding Period for a Funding Portion commences either on the first
Funding Date for that Funding Portion or on the last day of the immediately preceding
Funding Period for that Funding Portion.
	 
	 	(f)	 	No Funding Period may end after the Termination Date for a Facility (if
any) or the Final Termination Date.
	 
	 	(g)	 	If a Borrower:

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	 	5     Funding and rate setting procedures

	 	(1)	 	fails to select a Funding Period for a Funding Portion
under clause 5.5(a) or clause 5.5(b); or
	 
	 	(2)	 	selects a Funding Period in a manner which does not
comply with this clause 5.5,

	 	 	 	then that Funding Period will be 1 month or such other period as the Lender
selects.

	5.6	 	Determination of Funding Rate

	 	(a)	 	The Lender must notify Sims of the Funding Rate for a Funding Period for a
Funding Portion as soon as reasonably practicable, and in any event [*], after it has
made its determination of the applicable Base Rate.
	 
	 	(b)	 	Each determination of the Base Rate by the Lender is sufficient evidence of
that rate against the Borrowers unless the contrary is proved.

	5.7	 	Market disruption

	 	(a)	 	If the Lender determines that a Market Disruption Event occurs in relation
to a Funding Portion for any Funding Period, then it shall promptly notify Sims, and
the Base Rate for the Funding Period shall be the rate notified to Sims by the Lender
as soon as practicable and in any event before interest is due to be paid in respect
of that Funding Period, to be that which expresses as a percentage rate per annum the
cost to the Lender of funding that Funding Portion from whatever source or sources it
may reasonably select.
	 
	 	(b)	 	The Lender shall determine the rate notified by it under clause 5.7(a) in
good faith. The rate so notified and any notification under clause 5.7(c) will be
conclusive and binding on the parties in the absence of manifest error.
	 
	 	(c)	 	In this agreement “Market Disruption Event” means:

	 	(1)	 	at or about noon on the Rate Set Date for the relevant
Funding Period the Applicable Screen Rate is not available and none or only
one of the Reference Banks supplies a rate to the Lender to determine the
Base Rate for the relevant currency and period; or
	 
	 	(2)	 	in relation to a Funding Portion for which the Base
Rate was to have been LIBOR or EURIBOR, before 5pm (London time) on the
Business Day after the Rate Set Date for the relevant Funding Period, the
Lender is satisfied that as a result of circumstances affecting the market
generally:

	 	(A)	 	the cost to it on the Rate Set Date
of obtaining matching deposits in the Relevant Interbank Market
expressed as a rate percent per annum is or would be in excess of
LIBOR or, if applicable, EURIBOR; or
	 
	 	(B)	 	it is unable to obtain matching
deposits in the Relevant Interbank Market, or

	 	(3)	 	in relation to a Funding Portion for which the Base
Rate was to have been BBSY, before 5pm (Sydney time) on the Business Day
after the Rate Set Date for the relevant Funding Period, the Lender is
satisfied

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	 	5     Funding and rate setting procedures

	 	 	 	that as a result of circumstances affecting the market generally the
cost to it of funding its participation in the Funding Portion exceeds
BBSY.

	5.8	 	Confidentiality

	 	(a)	 	Each of the Lender and the Borrowers shall keep confidential and not
disclose to any other person, any information relating to the Lender provided under
clause 5.7.
	 
	 	(b)	 	However, the Lender, the Borrowers, or their officers or employees may
disclose such information:

	 	(1)	 	to the extent required by any applicable law or
regulation; or
	 
	 	(2)	 	to the extent it reasonably deems necessary in
connection with any actual or contemplated proceedings or a claim with
respect to clauses 5.7 or 5.8.

	5.9	 	Currency movements

	 	(a)	 	On or following each Exchange Rate Calculation Date the Lender may
calculate the Current Dollar Amount as at the Exchange Rate Calculation Date of each
outstanding Funding Portion and notify Sims of any amount required to be paid by it
to the Lender under clause 5.9(b).
	 
	 	(b)	 	If, at an Exchange Rate Calculation Date, the aggregate Current Dollar
Amount of each outstanding Funding Portion is greater than 105% of the Commitment,
the Borrowers must, upon Sims receiving notice from the Lender under clause 5.9(a),
pay to the Lender within 2 Business Days the amount of the difference.
	 
	 	(c)	 	All payments made under clause 5.9(b) must be deposited in an account:

	 	(1)	 	with the Lender;
	 
	 	(2)	 	on which interest will accrue (and form part of the
deposit on payment) at the usual 30 day deposit rate of the Lender for that
type of account; and
	 
	 	(3)	 	are only available to the Borrower in accordance with
clause 5.9(d) or upon termination and discharge of each Transaction
Document and each Credit Support Document.

	 	(d)	 	If, at an Exchange Rate Calculation Date, the aggregate Current Dollar
Amount of each outstanding Funding Portion is less than the sum of:

	 	(1)	 	the Commitment; and
	 
	 	(2)	 	the balance of deposits held by the Lender under clause
5.9(c),

	 	 	 	then Sims may direct the Lender to apply (and if so directed the Lender must
apply) the lesser of the amount of the difference and the balance of the deposits
towards repayment or prepayment of the Principal Outstanding under a Facility.

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	 	6     Cash Advance Facility

	5.10	 	Unavailability of a currency
	 
	 	 	If, before the specified time for determining the Applicable Screen Rate for a Funding
Portion on the Rate Set Date under a Facility (other than the Credit Support Facility) to
be denominated in a Foreign Currency (other than USD) on any Rate Set Date:

	 	(a)	 	Sims has received notice from the Lender that the Foreign Currency
requested for that Funding Portion is not readily available to the Lender in the
amount required or is not freely convertible into Dollars or USD in the Relevant
Interbank Market; or
	 
	 	(b)	 	the Lender notifies the Borrowers that compliance with its obligation to
provide the Funding Portion in the proposed Foreign Currency would require the Lender
to obtain an Authorisation which has not already been obtained, would contravene a
law or regulation applicable to it or is otherwise impossible or impracticable,

	 	 	then the Lender will not be required to provide that Funding Portion in the Foreign
Currency, but must if requested by Sims, provide that Funding Portion in USD.
	 
	6	 	Cash Advance Facility
	 
	6.1	 	Provision of Funding Portions

	 	(a)	 	If a Borrower gives a Funding Notice for a Funding Portion under the Cash
Advance Facility denominated in Dollars, the Lender must provide, subject to this
agreement, the Funding Portion in Same Day Funds.
	 
	 	(b)	 	If a Borrower gives a Funding Notice for a Funding Portion denominated in a
Foreign Currency, and, in the case of a Foreign Currency other than an Available
Currency, the Lender in its absolute discretion consents to provide the Funding
Portion in that Foreign Currency the Lender must provide, subject to this agreement,
the Funding Portion in Same Day Funds in the Foreign Currency specified not later
than 12 noon (being the time in the place of payment) on the specified Funding Date
to the account specified by the Borrower in the Funding Notice and otherwise in
accordance with the relevant Funding Notice.

	6.2	 	Number of Funding Portions
	 
	 	 	The Borrowers must ensure that no more than [*] Funding Portions under the Cash Advance
Facility are outstanding at any time.
	 
	6.3	 	Consolidation and division of Funding Portions

	 	(a)	 	If 2 or more Funding Portions under the Cash Advance Facility have Funding
Periods which are of the same duration, then those Funding Portions will be
consolidated into, and treated as, a single Funding Portion.
	 
	 	(b)	 	If a Borrower requests in a Selection Notice that a Funding Portion for the
Cash Advance Facility be divided into 2 or more Funding Portions with different
Funding Periods selected by the Borrower in a manner which complies with

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	 	6     Cash Advance Facility

	 	 	 	clause 5.5, then that Funding Portion will be divided into the amounts and with
the Funding Periods specified in the Selection Notice.

	6.4	 	Selection Notice
	 
	 	 	A Selection Notice to be effective must be:

	 	(a)	 	in writing in the form of Schedule 5; and
	 
	 	(b)	 	received by the Lender before 11.00am on a Business Day [*] before the
Selection Date for a relevant Funding Portion funded in Dollars and [*] before the Selection Date for a relevant Funding Portion funded in a
Foreign Currency under the Cash Advance Facility (or any shorter period that the
Lender agrees in writing).

	6.5	 	Repayment
	 
	 	 	Each Borrower must repay each Funding Portion made to it and all other Outstanding Moneys:

	 	(a)	 	in full on the earlier of:

	 	(1)	 	the Termination Date for the Cash Advance Facility (if
any); and
	 
	 	(2)	 	the Final Termination Date; and

	 	(b)	 	otherwise as required under this agreement.

	6.6	 	Prepayment under Cash Advance Facility

	 	(a)	 	A Borrower may prepay all or part of the Principal Outstanding under the
Cash Advance Facility by giving the Lender [*] prior notice
specifying:

	 	(1)	 	the prepayment date;
	 
	 	(2)	 	the relevant Funding Portions which are to be prepaid
in whole or in part.

	 	(b)	 	Prepayment of part of the Principal Outstanding under the Cash Advance
Facility that is denominated in an Available Currency may only be made:

	 	(1)	 	in the case of any prepayment denominated in and
permitted to be made in Dollars, [*]; and
	 
	 	(2)	 	in the case of any prepayment denominated in and
permitted to be made in a Foreign Currency, [*].

	 	(c)	 	The Borrowers must prepay the amount specified in the prepayment notice on
the prepayment date specified in the notice together with all unpaid interest accrued
to the prepayment date in respect of the prepaid amount.
	 
	 	(d)	 	The Commitment is not reduced by an amount prepaid under this clause 6.6
and accordingly, subject to this agreement, a prepaid amount may be redrawn.

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	 	6     Cash Advance Facility

	 	(e)	 	A notice given under clause 6.6(a) is irrevocable.

	6.7	 	Prepayment date
	 
	 	 	The Borrower may make a prepayment under clause 6.6 on any Business Day.
	 
	6.8	 	Interest

	 	(a)	 	The Borrower of a Funding Portion under the Cash Advance Facility must pay
interest on the principal amount of the Funding Portion for each Funding Period at
the Funding Rate for the Funding Period.
	 
	 	(b)	 	Interest is calculated on daily balances on the basis of a 365 day year (in
the case of a Funding Portion denominated in AUD or Sterling) and on the basis of a
360 day year (in the case of a Funding Portion other than one denominated in AUD or
Sterling) and for the actual number of days elapsed from and including the first day
of each Funding Period to, but excluding, the last day of the Funding Period or, if
earlier, the date of prepayment or repayment of the Funding Portion under this
agreement.
	 
	 	(c)	 	The Borrowers must pay accrued interest in arrears to the Lender on each
Interest Payment Date.

	6.9	 	Liquidity Bills

	 	(a)	 	The Borrowers irrevocably and for value authorise the Lender, at its
option, to prepare Liquidity Bills in respect of a Funding Portion under the Cash
Advance Facility so that:

	 	(1)	 	their total face value amount does not exceed the
outstanding principal amount of the Funding Portion and total interest
payable to the Lender in respect of the Funding Portion;
	 
	 	(2)	 	their maturity date is not later than the last day of
the Funding Period for that Funding Portion,

	 	 	and to sign them as drawer or endorser in the name of and on behalf of the relevant
Borrower.

	 	(b)	 	The Lender may negotiate or deal with any Liquidity Bill prepared by it as
it sees fit and for its own benefit.
	 
	 	(c)	 	The Lender must pay any Tax on or in respect of the Liquidity Bills and any
dealing with the Liquidity Bills.
	 
	 	(d)	 	The Lender indemnifies a Borrower of a Funding Portion under the Cash
Advance Facility against any Loss which the Borrower suffers, incurs or is liable for
in respect of the Borrower being a party to a Liquidity Bill.
	 
	 	(e)	 	Nothing in clause 6.9(d) affects a Borrower’s obligations under this
agreement (including any Borrower’s obligations in relation to the payment of the
Outstanding Moneys) which are absolute and unconditional obligations and not affected
by any actual or contingent liability of the Lender to a Borrower under clause
6.9(d).

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	 	7     Commercial Bills Facility

	 	(f)	 	If a Borrower discharges any Liquidity Bill by payment, the amount of that
payment is regarded as applied on the date of payment against the money owing by the
Borrower to the Lender.

	6.10	 	Fees
	 
	 	 	The Borrowers will pay to the Lender such fees referable to the Cash Advance Facility
initially as specified in the Fee Schedule and thereafter as advised by the Lender from
time to time.
	 
	7	 	Commercial Bills Facility
	 
	7.1	 	Bill acceptance and endorsement procedure
	 
	 	 	Where a Funding Notice has been delivered in accordance with clause 5.2, Bills have been
delivered to the Lender under clause 7.2 or prepared by it under clause 7.3 and where this
clause 7 has been complied with in respect of those Bills the Lender must, subject to this
agreement:

	 	(a)	 	in respect of Bills it is required to accept, accept those Bills;
	 
	 	(b)	 	in respect of Bills it is required to endorse, endorse those Bills;
	 
	 	(c)	 	in respect of Bills it is required to discount, insert as payee itself (if
not already done) or such other person it has arranged to purchase those Bills.

	7.2	 	Preparation of Bills
	 
	 	 	If a Borrower gives a Funding Notice for a Bill Funding the Borrower must:

	 	(a)	 	prepare Bills comprised in a Bill Funding in accordance with clause 7.4;
	 
	 	(b)	 	sign each Bill in the Borrower’s relevant capacity;
	 
	 	(c)	 	if a third party is named as drawer, cause the third party to sign the
Bills as drawer; and
	 
	 	(d)	 	deliver those Bills to the Lender:

	 	(1)	 	[*] if the Lender is required to accept and discount or
endorse and discount those Bills; and
	 
	 	(2)	 	[*] if the Lender is required to accept only or endorse
only those Bills.

	7.3	 	Failure to prepare Bills
	 
	 	 	If:

	 	(a)	 	the Borrower of a Bill Funding fails to prepare or sign or deliver Bills in
accordance with clause 7.2; or
	 
	 	(b)	 	the Lender elects to do so,

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	 	7     Commercial Bills Facility

	 	 	 	each Borrower irrevocably authorises the Lender to prepare and sign (by one of its
Officers) as drawer, acceptor or endorser those Bills on behalf of the Borrower and in
accordance with clause 7.4.

	7.4	 	Form of Bills

	 	(a)	 	Each Bill comprised in a Bill Funding must:

	 	(1)	 	be in the form approved by the Lender from time to
time;
	 
	 	(2)	 	be payable on a specified date and so as to exclude
days of grace for payment;
	 
	 	(3)	 	have a maturity date which is a Business Day before the
end of the Availability Period;
	 
	 	(4)	 	have a tenor equal to its Funding Period selected in
the relevant Funding Notice (or any other period agreed to by the Lender)
or required by this agreement (but not greater than 185 nor less than 30
days);
	 
	 	(5)	 	for Bills the Lender is required to accept, be drawn
with the Borrower of the Bill Funding as drawer and the Lender as acceptor
and the Lender as payee, or at the Lender’s option, or if the Lender is not
discounting the Bill, with the name of the payee left blank;
	 
	 	(6)	 	for Bills the Lender is required to endorse, be drawn
with a third party named as drawer and the Borrower of the Bill Funding as
acceptor and the Lender as payee;
	 
	 	(7)	 	for Bills the Lender is required to accept, be
expressed to be payable at the Lending Office or such other place as the
Lender may notify from time to time; and
	 
	 	(8)	 	be denominated in Dollars.

	 	(b)	 	The aggregate Face Value Amount of all Bills comprised in a Bill Funding
must equal the aggregate amount of the Bill Funding requested under the relevant
Funding Notice.
	 
	 	(c)	 	The Lender may vary the term and maturity date of any Bill comprised in a
Bill Funding, despite any different term or maturity date requested in the relevant
Funding Notice, if in the Lender’s opinion the variation is necessary so as to ensure
that each Bill complies with this agreement, in particular clauses 7.4(a) and 7.4(b).
	 
	 	(d)	 	Each Borrower and the Lender must observe the requirements of the Bills of
Exchange Act 1909 (Cth) to ensure the validity of each Bill.

	7.5	 	Restriction on use by the Lender
	 
	 	 	The Lender must not use or deal with any Bill delivered to or prepared by it under this
clause 7 except in accordance with this clause 7.

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	 	7     Commercial Bills Facility

	7.6	 	Tax on Bills

	 	(a)	 	The Borrower of a Bill Funding must pay any Tax (other than an Excluded
Tax) on or in respect of Bills and any dealing with Bills and the proceeds of Bills.
	 
	 	(b)	 	To the extent possible, any such Tax must be paid before any Bills are
delivered to the Lender under clause 7.2.

	7.7	 	Signing of Bills and appointment of Lender as attorney

	 	(a)	 	All Bills under the Commercial Bills Facility to be signed by a Borrower
(whether as drawer, acceptor or endorser) must be signed by an Officer on its behalf.
	 
	 	(b)	 	The Borrower must, immediately upon any change occurring in the identity of
its Officers authorised to sign, draw, accept and endorse Bills on its behalf,
provide to the Lender a new certificate satisfactory to the Lender to replace any
certificate provided under clause 2.1.
	 
	 	(c)	 	Each Borrower irrevocably authorises and appoints the Lender and each
Officer of the Lender as its attorney to prepare and execute for and on behalf of,
and in the name of, any Borrower and to complete all Bills required by a Borrower for
a Bill Funding.
	 
	 	(d)	 	Each Borrower must ratify and confirm anything done or caused to be done by
its attorney pursuant to the power and authority granted by it under clause 7.7(c) or
by the Lender in respect of any Bill which conforms with the relevant Funding Notice
(as varied pursuant to clause 7.4(c)) and this agreement.

	7.8	 	Notification of rate and discounting procedure

	 	(a)	 	Where a Bill Funding has been requested, the Lender must not later than
10.45am (Sydney time) on the Funding Date notify the Bill Discount Rate for that
Funding Date to Sims.
	 
	 	(b)	 	If:

	 	(1)	 	before 11.15am (Sydney time) on the Funding Date the
Borrower of the Bill Funding accepts the Lender’s Bill Discount Rate and
requests the Lender to discount Bills; or
	 
	 	(2)	 	the Borrower of the Bill Funding has requested the
Lender to discount Bills in the relevant Funding Notice,

	 	 	the Lender must discount, or procure the discount of, those Bills at the Bill Discount
Rate notified by it under clause 7.8(a) and, subject to clause 7.14(b), it must pay to the
Borrower by 2.00 pm (Sydney time) on the Funding Date the aggregate Face Value Amount of
the Bills less the aggregate of:

	 	(3)	 	[*] in respect of each Bill;
	 
	 	(4)	 	[*] in respect of those Bills;
	 
	 	(5)	 	any amount payable by the Borrower under clauses 7.6,
7.10 or 7.11 which remains unpaid; and

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	 	7     Commercial Bills Facility

	 	(6)	 	any Outstanding Current Bill Amount in respect of Bills
under the Commercial Bills Facility on the Funding Date.

	 	(c)	 	Any amount deducted by the Lender under clause 7.8(b)(5) or 7.8(b)(6) must
be applied in discharge of the Borrower’s obligations to the Lender under clauses
7.10 or 7.11, or in payment of the relevant amount of Tax, as the case may be.

	7.9	 	Bills accepted or endorsed but not discounted
	 
	 	 	If the Lender is not required to discount Bills under clause 7.8:

	 	(a)	 	before 1.00pm (Sydney time) on the Funding Date the Lender must, following
acceptance or endorsement of the Bills in accordance with clause 7.1, release the
Bills to the Borrower of the Bill Funding at the Lending Office but only against
receipt of Same Day Funds for:

	 	(1)	 	the Bill Acceptance / Endorsement Fee in respect of
those Bills;
	 
	 	(2)	 	any amount payable by a Borrower under clauses 7.6,
7.10 or 7.11 which remains unpaid;
	 
	 	(3)	 	any Outstanding Current Bill Amount in respect of Bills
under the Commercial Bills Facility on the Funding Date; and

	 	(b)	 	each Borrower agrees that the Lender is entitled to participate in any
tender or other process under which the Bills are discounted.

	7.10	 	Borrower’s primary liability to pay Bills
	 
	 	 	As between the Lender and the Borrowers, the Borrowers are primarily liable in respect of
Bills accepted by the Lender or endorsed by the Lender and accordingly the liability of a
Borrower with respect to any Bill is not discharged if the Lender pays the Bill as
acceptor or endorser or becomes the holder of the Bill at any time whether before, on or
after maturity.
	 
	7.11	 	Indemnity in respect of Bills
	 
	 	 	The Borrowers indemnify the Lender against any claim, action, damage, loss, liability,
cost, charge, expense, outgoing or payment (including, but not limited to, any Tax
referred to in clause 7.6) which the Lender suffers, incurs or is liable for by reason of
or arising out of or in consequence of the Lender signing, drawing, accepting or endorsing
any Bill or otherwise dealing with any Bill in the manner contemplated by this agreement.
	 
	7.12	 	Variation of procedures
	 
	 	 	The Lender may vary any of the times at or by which any thing is to be done under this
clause 7 to ensure the effective operation of the procedures contemplated by this clause
7. Any such variation will be binding on the Borrowers immediately upon Sims being
notified of it.
	 
	7.13	 	Fees

	 	(a)	 	On each Funding Date on which a Bill Funding is made, including in respect
of a Bill Funding drawn in accordance with clause 7.14(e), the Borrowers must pay

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	 	7     Commercial Bills Facility

	 	 	 	to the Lender [*], an amount equal to [*] per annum of the Face Value Amount of
each Bill accepted by the Lender on that Funding Date, calculated for the number
of days in the tenor of each Bill on the basis of a 365 day year.
	 
	 	(b)	 	The Borrowers will pay to the Lender such other fees referable to the
Commercial Bills Facility initially as specified in the Fee Schedule and thereafter
as advised from time to time by the Lender to the Borrowers with at least 30 days
notice.

	7.14	 	Repayment by cash cover and netting

	 	(a)	 	Subject to clause 7.14(b), the Borrower must not later than 1.00pm (Sydney
time) on the maturity date for a Bill comprised in a Bill Funding which is accepted
by the Lender, or endorsed and held at maturity by the Lender, pay to the Lender an
amount equal to the Face Value Amount of the Bill.
	 
	 	(b)	 	If all or part of a Bill Funding is to be redrawn on the last day of its
Funding Period, then on that day the only amount that must be paid or made available
by the Lender or the Borrowers, as the case may be depending on the amount of the
Bill Funding, is the difference between:

	 	(1)	 	the amount which the Borrowers are required to pay to
the Lender in respect of Bills maturing on that day under clause 7.14(a)
and 7.14(d) plus any amount the Borrowers are required to pay on that date
under clauses 7.8(b)(4) and 7.8(b)(5); and
	 
	 	(2)	 	any Net Bill Proceeds (excluding the amount payable
under clause 7.8(b)(6)) which the Lender is required to pay or make
available to the Borrower in respect of replacement Bills on that day under
clause 7.8.

	 	(c)	 	Clause 7.8(b) applies to clause 7.14(b) only to the extent specified in
clause 7.14(b).
	 
	 	(d)	 	In respect of a Bill endorsed by the Lender and held by a third party at
maturity the Borrower of the relevant Bill Funding must:

	 	(1)	 	on the maturity date immediately notify the Lender when
the Borrower discharges that Bill; and
	 
	 	(2)	 	if demand is made on the Lender as endorser of the Bill
immediately on demand pay to the Lender an amount equal to the Face Value
Amount of the Bill.

	 	(e)	 	If, on the maturity date for a Bill comprised in a Bill Funding, a Borrower
has not paid any amount payable to the Lender in accordance with clauses 7.14(a),
7.14(b) or 7.14(d), each Borrower irrevocably authorises and appoints the Lender and
each Officer of the Lender as its attorney to prepare and execute for and on behalf
of, and in the name of, any Borrower and to complete all Bills required by a Borrower
for a Bill Funding, as in the opinion of the Lender are necessary and in such amounts
as are sufficient to result in Net Bill Proceeds of an amount equal to the amount of
any such payment otherwise payable to the Lender under clauses 7.14(a), 7.14(b) or
7.14(d).
	 
	 	(f)	 	Each Borrower must ratify and confirm anything done or caused to be done by
its attorney pursuant to the power and authority granted by it under clause 7.14(e).

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	 	8     Credit Support Facility

	7.15	 	Acknowledgment regarding signed Bills
	 
	 	 	The Borrowers acknowledge that if the Lender, without actual notice to the contrary,
relies on Bills which appear to have genuine signatures of Officers of a Borrower, the
Lender has no further duty to enquire as to the signatory’s authority or any other matters
in connection with execution of the Bill and the indemnity in clause 7.11 will not be
affected by any lack of authority, fraud or forgery by any person (other than the Lender
or its employees).
	 
	8	 	Credit Support Facility
	 
	8.1	 	Issue of Credit Support Documents
	 
	 	 	If a Borrower gives a Funding Notice under the Credit Support Facility, the Lender must,
subject to this agreement, issue each Credit Support Document requested in the Funding
Notice on the specified Funding Date in the specified Available Currency and otherwise in
accordance with that Funding Notice.
	 
	8.2	 	Additional Funding Notice requirements
	 
	 	 	Each Funding Notice requesting the issue of any Credit Support Document must, in addition
to satisfying clause 5.2, specify in relation to each requested Credit Support Document:

	 	(a)	 	details of each Beneficiary Contract to which it relates (including,
without limitation, details of the Beneficiary and the terms and conditions of any
Beneficiary Contract (by annexing a copy to the Funding Notice or by any other means
acceptable to the Lender in its absolute discretion);
	 
	 	(b)	 	whether it is required to be in the form of a Standby LC or Bank Guarantee;
	 
	 	(c)	 	its proposed Funding Date;
	 
	 	(d)	 	its proposed Expiry Date;
	 
	 	(e)	 	the currency in which it is to be denominated;
	 
	 	(f)	 	its Face Value Amount in Dollars or, if it is to be denominated in a
Foreign Currency, its Face Value Amount in the Foreign Currency;
	 
	 	(g)	 	the effective interest rate, and the period for which that interest is to
accrue, if applicable, under any Finance Contract to which it relates; and
	 
	 	(h)	 	any other information the Lender may reasonably require from time to time.

	8.3	 	Form of Credit Support Documents
	 
	 	 	A Credit Support Document must:

	 	(a)	 	be substantially in a form acceptable to the Lender, in its sole
discretion;
	 
	 	(b)	 	unless otherwise agreed by the Lender, have a minimum Face Value Amount:

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	 	8     Credit Support Facility

	 	(1)	 	if denominated in Dollars, of [*]; or
	 
	 	(2)	 	if denominated in a Foreign Currency, [*] of [*];

	 	(c)	 	be payable at a Lending Office;
	 
	 	(d)	 	only be payable on a Business Day;
	 
	 	(e)	 	unless otherwise agreed by the Lender, have an Expiry Date which is before
the Termination Date for the Credit Support Facility (if any) and the Final
Termination Date;
	 
	 	(f)	 	have an Expiry Date which is a date not more than 14 days after the
termination date of any Beneficiary Contract to which it relates unless otherwise
agreed;
	 
	 	(g)	 	be irrevocable and non transferable; and
	 
	 	(h)	 	be denominated in an Available Currency.

	8.4	 	Prepayment under Credit Support Facility

	 	(a)	 	A Borrower may prepay the Principal Outstanding in relation to any Current
Credit Support Document issued under the Credit Support Facility by giving the Lender
[*] notice specifying:

	 	(1)	 	the prepayment date; and
	 
	 	(2)	 	the relevant Current Credit Support Documents.

	 	(b)	 	The Borrowers must prepay each Current Credit Support Document specified in
the prepayment notice on the prepayment date specified in the notice by either:

	 	(1)	 	returning to the Lender the originals of each Current
Credit Support Document specified in the prepayment notice for cancellation
by the Lender or an acknowledgement from each Beneficiary of each such
Credit Support Document in favour of the Lender that each such Beneficiary
has no right to make a claim under the relevant Credit Support Document; or
	 
	 	(2)	 	paying cash cover to the Lender in Same Day Funds and
in Dollars in an amount equal to the Current Dollar Amount of each Current
Credit Support Document specified in the prepayment notice.

	 	(c)	 	The Lender must apply any cash cover received by it under clause 8.4(b)(2)
in accordance with clause 13.3.
	 
	 	(d)	 	A notice given under clause 8.4(a) is irrevocable.

	8.5	 	Prepayment date
	 
	 	 	The Borrower may make a prepayment under clause 8.4 on any Business Day.
	 
	8.6	 	Cash cover
	 
	 	 	The Borrowers must not later than 1.00pm (Sydney time) on the earlier of:

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	 	8     Credit Support Facility

	 	(a)	 	the Termination Date for the Credit Support Facility; and
	 
	 	(b)	 	the Final Termination Date,

	 	 	repay each Current Credit Support Document by either:

	 	(c)	 	returning to the Lender the originals of each Current Credit Support
Document for cancellation by the Lender or an acknowledgement from each Beneficiary
of each such Credit Support Document in favour of the Lender that each such
Beneficiary has no right to make a claim under the relevant Credit Support Document;
or
	 
	 	(d)	 	paying cash cover to the Lender in Same Day Funds and in Dollars in an
amount equal to the Current Dollar Amount of each Current Credit Support Document.

	8.7	 	Fees

	 	(a)	 	On each Funding Date on which a Credit Support Document is issued to the
Borrowers, and thereafter on each date falling 6 months after the date on which a
Credit Support Document is issued to the Borrowers, the Borrowers must pay to the
Lender a fee equal to the greater of:

	 	(1)	 	the Credit Support Document Fee Rate per annum of the Face Value Amount of each Credit
Support Document issued, calculated for the 6 month period following the
date on which the fee is payable, up to and including the Expiry Date of
the relevant Credit Support Document and on the basis of a 365 day year;
and
	 
	 	(2)	 	$80.00 for each Credit Support Document issued.

	 	(b)	 	The Borrowers will pay to the Lender such other fees referable to the
Credit Support Facility initially as specified in the Fee Schedule and thereafter as
advised by the Lender from time to time.

	8.8	 	Tax on Credit Support Documents
	 
	 	 	The Borrowers must pay any Tax (other than an Excluded Tax) on or in respect of any issued
Credit Support Document.
	 
	8.9	 	Liability of Borrowers

	 	(a)	 	If the Lender makes any payment to a Beneficiary under a Credit Support
Document, the Borrowers must pay to the Lender immediately on demand Same Day Funds
in the same amount and in the same currency as the payment made by the Lender to the
Beneficiary.
	 
	 	(b)	 	The liability of the Borrowers under clause 8.9(a) in respect of any Credit
Support Document is a continuing obligation and only ceases upon the Borrower paying
to the Lender all amounts required to be paid under this agreement in respect of the
Credit Support Document.

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	 	8     Credit Support Facility

	8.10	 	Early expiration or reduction

	 	(a)	 	The Borrowers may agree with a Beneficiary to vary a Credit Support
Document so that:

	 	(1)	 	the Credit Support Document will expire on a date
before the Expiry Date; or
	 
	 	(2)	 	the Face Value Amount of the Credit Support Document is
reduced,

	 		 	or both, but the agreement is not binding upon the Lender in any case unless the
Lender has given its prior written consent such consent not to be unreasonably
withheld or delayed.
	 
	 	(b)	 	The consent of the Lender under clause 8.10(a) will only be given if:

	 	(1)	 	the proposed variation has been notified in writing to
the Lender by Sims;
	 
	 	(2)	 	except in the case of Bank Guarantees, the
Beneficiary’s bank has notified the Lender that it agrees to the proposed
variation; and
	 
	 	(3)	 	Sims has requested the Lender to re-issue a replacement
Credit Support Document incorporating the proposed variation,

	 	 	 	and any consent only becomes effective when the original Credit Support Document
is returned to the Lender or, if the Credit Support Document has been lost or
destroyed, when the Lender receives, in a form and substance satisfactory to it,
a written confirmation (on the Beneficiary’s letterhead) given by a director or
other officer acceptable to the Lender of the Beneficiary, as to the
circumstances of the loss or destruction of the original Credit Support Document
and acknowledging that no claim will be made under it.

	8.11	 	Beneficiary Contracts and notification
	 
	 	 	Each Borrower must:

	 	(a)	 	use all reasonable endeavours to comply with all its obligations under or
in respect of each Beneficiary Contract; and
	 
	 	(b)	 	give notice to the Lender promptly upon becoming aware of any:

	 	(1)	 	material breach of any term by a Transaction Party; or
	 
	 	(2)	 	termination, rescission or discharge,

	 	 	of any Beneficiary Contract.
	 
	8.12	 	Obligations of the Lender

	 
	 	 	If a Beneficiary satisfies all requirements of a Credit Support Document regarding payment
under the Credit Support Document, the Lender must pay the Beneficiary despite:

	 	(a)	 	any breach by a Borrower or any other Transaction Party of any of its
obligations under any Transaction Document or of any provision of a Beneficiary
Contract;

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	 	8     Credit Support Facility

	 	(b)	 	any direction by a Borrower to the Lender not to pay;
	 
	 	(c)	 	any right of set off or other claim which a Borrower or any other
Transaction Party may have against the Beneficiary;
	 
	 	(d)	 	any dispute between a Borrower or any other Transaction Party and the
Beneficiary;
	 
	 	(e)	 	any dispute by a Borrower as to the obligation of the Lender to make
payment; or
	 
	 	(f)	 	any other thing notified or known to the Lender relating to a Borrower, any
other Transaction Party and any Beneficiary.

	8.13	 	Indemnity in respect of Credit Support Document
	 
	 	 	The Borrowers jointly and severally indemnify the Lender against any Loss which the Lender
pays, suffers, incurs or is liable for by reason of, arising out of, or in consequence of:

	 	(a)	 	the Lender issuing, making payment under or consenting to any amendment to
or variation of any Credit Support Document;
	 
	 	(b)	 	any claim or purported claim for payment under a Credit Support Document;
or
	 
	 	(c)	 	anything done by any person who is or claims to be entitled to the benefit
of a Credit Support Document,

	 	 	provided that the Lender has acted with due care in connection with the Credit Support
Document and other than any Loss due to the negligent failure of the Lender to enquire as
to whether any notice or demand has been inaccurately transmitted or received from any
cause whatsoever or has been given or sent by an unauthorised person.

	8.14	 	Unconditional nature of Borrower’s obligations

	 	(a)	 	The obligations of a Borrower under this agreement, including clause 8.13,
are absolute and unconditional and are not released or discharged or otherwise
affected by anything which but for this provision might have that effect, including:

	 	(1)	 	any set off, deduction, counterclaim, agreement,
defence, suspension, deferment or other claim which the Borrower or any
other Transaction Party may have against the Lender or any Beneficiary;
	 
	 	(2)	 	any falsity, inaccuracy, insufficiency or forgery of or
in any communication which on its face purports to be a communication
signed or authorised under any Relevant Credit Support Document;
	 
	 	(3)	 	any communication inaccurately transmitted or received
or sent by an unauthorised person;
	 
	 	(4)	 	any impossibility or illegality of performance of any
Relevant Credit Support Document;

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	 	9     Trade Finance Facility

	 	(5)	 	any act of any Government Agency, court or arbitrator
or application of any law (present or future) in any jurisdiction affecting
any of the terms of any Relevant Credit Support Document;
	 
	 	(6)	 	any failure by any person to obtain any Authorisation
or other approval or consent necessary or appropriate in connection with
any Relevant Credit Support Document;
	 
	 	(7)	 	any falsity, inaccuracy, insufficiency or forgery of or
in any document presented to the Lender as a Beneficiary Contract or
otherwise in respect of a Credit Support Document and which appears to the
Lender in its opinion to correspond to the documents specified in the
Funding Notice requesting the relevant Credit Support Document or otherwise
required under the relevant Credit Support Document;
	 
	 	(8)	 	any Relevant Credit Support Document which is wholly or
partly void, voidable, unenforceable or invalid; or
	 
	 	(9)	 	any other act, omission, matter or thing whatsoever
whether negligent or not, provided that the Lender has acted with due care
in connection with the Credit Support Document and other than a negligent
failure of the Lender to enquire as to whether any notice or demand has
been inaccurately transmitted or received from any cause whatsoever or has
been given or sent by an unauthorised person.

	 	(b)	 	The Lender is not liable for any failure, and is not required to make any
enquiries, in respect of any matter listed in clause 8.14(a) with respect to any
claim which on its face complies with the relevant Credit Support Document.
	 
	 	(c)	 	Clauses 8.14(a) and 8.14(b) apply irrespective of:

	 	(1)	 	the consent or knowledge, or lack of consent or
knowledge, of the Lender, any Transaction Party or any other person of any
event described in clause 8.14(a); or
	 
	 	(2)	 	any rule of law or equity to the contrary.

	9	 	Trade Finance Facility
	 
	9.1	 	Additional Funding Notice requirements

	 	(a)	 	Each Funding Notice requesting the issue of a Funding Portion under the
Trade Finance Facility must, in addition to satisfying clause 5.2, specify in
relation to each requested Funding Portion:

	 	(1)	 	whether the requested Funding Portion is to be provided
as a Documentary LC, Proceeds of Negotiation or a Trade Advance; and
	 
	 	(2)	 	the relevant Obligation to which the Funding Portion
applies.

	 	(b)	 	Each Funding Notice requesting that a Funding Portion be provided as a
Documentary LC must, in addition to satisfying clause 5.2, specify in relation to
each requested Documentary LC:

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	 	9     Trade Finance Facility

	 	(1)	 	details of each Beneficiary Contract to which it
relates (including, without limitation, details of the Beneficiary and the
terms and conditions of any Beneficiary Contract (by annexing a copy to the
Funding Notice or by any other means acceptable to the Lender in its
absolute discretion);
	 
	 	(2)	 	the form of the Payment Documents (by annexing a copy
of the form of each Payment Document or a detailed description of it to the
Funding Notice);
	 
	 	(3)	 	all other required terms and conditions of the
Documentary LC (by annexing an Application for Irrevocable Documentary
Credit);
	 
	 	(4)	 	its proposed Funding Date;
	 
	 	(5)	 	its proposed Expiry Date;
	 
	 	(6)	 	the currency in which it is to be denominated;
	 
	 	(7)	 	its Face Value Amount in Dollars or, if it is to be
denominated in a Foreign Currency, its Face Value Amount in the Foreign
Currency;
	 
	 	(8)	 	the effective interest rate, and the period for which
that interest is to accrue, if applicable, under any Finance Contract to
which it relates; and
	 
	 	(9)	 	any other information the Lender may reasonably require
from time to time.

	 	(c)	 	Each Funding Notice requesting that a Funding Portion be provided as
Proceeds of Negotiation must be accompanied by:

	 	(1)	 	such application forms and authorities as are required
by the Lender in its discretion; and
	 
	 	(2)	 	the relevant Foreign Bill.

	9.2	 	Provision of Advances
	 
	 	 	If Part 4 of the Key Terms Schedule specifies that Trade Advances are “Available” and a
Borrower gives a Funding Notice for a Trade Advance:

	 	(a)	 	denominated in Dollars, the Lender must provide, subject to this agreement,
the Funding Portion in Same Day Funds, to be applied in accordance with clause 9.3;
	 
	 	(b)	 	denominated in a Foreign Currency, and, in the case of a Foreign Currency
other than an Available Currency, the Lender in its absolute discretion consents to
provide the Funding Portion in that Foreign Currency, the Lender must provide,
subject to this agreement, the Funding Portion in Same Day Funds in the Foreign
Currency specified not later than 12 noon (being the time in the place of payment) on
the specified Funding Date, to be applied in accordance with clause 9.3.

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	 	9     Trade Finance Facility

	9.3	 	Application of Trade Advances
	 
	 	 	The Lender will apply each Trade Advance under the Trade Finance Facility towards
satisfaction of the Obligation specified in the Funding Notice, on the Funding Date
specified in that Funding Notice.
	 
	9.4	 	Repayment of Trade Advances
	 
	 	 	Each Borrower must repay each Trade Advance on the Interest Payment Date for that Funding
Portion.
	 
	9.5	 	Interest on Advances

	 	(a)	 	The Borrower of a Trade Advance must pay interest on the principal amount
of the Trade Advance at the Funding Rate for the Funding Period.
	 
	 	(b)	 	Interest is calculated on daily balances on the basis of a 365 day year (in
the case of a Trade Advance denominated in AUD or Sterling) and on the basis of a 360
day year (in the case of an Advance other than one denominated in AUD) and for the
actual number of days elapsed from and including the first day of each Funding Period
to, but excluding, the last day of the Funding Period or, if earlier, the date of
prepayment or repayment of the Trade Advance under this agreement.
	 
	 	(c)	 	The Borrowers must pay accrued interest in arrears to the Lender at the end
of each month during the Funding Period and on the Interest Payment Date for the
Advance.

	9.6	 	Issue of Documentary LCs
	 
	 	 	If Part 4 of the Key Terms Schedule specifies that Documentary LCs are “Available” and a
Borrower gives a Funding Notice requesting a Documentary LC under the Trade Finance
Facility, the Lender must, subject to this agreement, issue each Documentary LC requested
in the Funding Notice on the specified Funding Date in the specified Available Currency
and otherwise in accordance with that Funding Notice.
	 
	9.7	 	Form of Documentary LCs
	 
	 	 	A Documentary LC must:

	 	(a)	 	be substantially in a form acceptable to the Lender, in its sole
discretion;
	 
	 	(b)	 	be payable at a Lending Office;
	 
	 	(c)	 	only be payable on a Business Day;
	 
	 	(d)	 	unless otherwise agreed by the Lender, have an Expiry Date which is before
the Termination Date for the Trade Finance Facility (if any) and the Final
Termination Date;
	 
	 	(e)	 	have an Expiry Date which is a date not more than 14 days after the
termination date of any Beneficiary Contract to which it relates unless otherwise
agreed;
	 
	 	(f)	 	be irrevocable and non transferable; and

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	 	9     Trade Finance Facility

	 	(g)	 	be denominated in an Available Currency.

	9.8	 	Credit Support Document terms apply to Documentary LC
	 
	 	 	Clauses 8.4 to 8.6 (inclusive) and clauses 8.8 to 8.14 (inclusive) apply to each
Documentary LC provided under the Trade Finance Facility as though each reference to the
‘Credit Support Facility’ were to the Trade Finance Facility, each reference to a ‘Credit
Support Document’ were to a Documentary LC and each reference to a ‘Current Credit Support
Document’ were to a Current Documentary LC.
	 
	9.9	 	Foreign Bills Negotiation
	 
	 	 	If Part 4 of the Key Terms Schedule specifies that Proceeds of Negotiation are “Available”
and a Borrower gives a Funding Notice for Proceeds of Negotiation the Lender must, subject
to this agreement, negotiate Foreign Bills duly presented to the Lender for negotiation
and shall pay the Proceeds of Negotiation to the Borrower of the Funding Portion.
	 
	9.10	 	Interest on Proceeds of Negotiation

	 	(a)	 	The Borrower of a Funding Portion provided as Proceeds of Negotiation must
pay interest on the principal amount of the Proceeds of Negotiation at the Funding
Rate for the Funding Period.
	 
	 	(b)	 	Interest is calculated on daily balances on the basis of a 365 day year (in
the case of Proceeds of Negotiation denominated in AUD or Sterling) and on the basis
of a 360 day year (in the case of Proceeds of Negotiation other than one denominated
in AUD or Sterling) and for the actual number of days elapsed from and including the
first day of each Funding Period to, but excluding, the last day of the Funding
Period or, if earlier, the date of prepayment or repayment of the Proceeds of
Negotiation under this agreement.
	 
	 	(c)	 	The Borrowers must pay accrued interest in arrears to the Lender on each
Interest Payment Date for the relevant Funding Portion and on the date on which the
Proceeds of Negotiation are repaid to the Lender in full in accordance with clause
9.11.

	9.11	 	Repayment of Proceeds of Negotiation

	 	(a)	 	The Borrowers must procure that any Funding Portion provided as Proceeds of
Negotiation is repaid in full on or before the expiry date of the relevant Foreign
Bill negotiated by the Lender in accordance with clause 9.9.
	 
	 	(b)	 	The parties acknowledge and agree that payment or reimbursement in full by
a counterparty bank under a Foreign Bill negotiated by the Lender in accordance with
clause 9.9 will be deemed to be a repayment of the relevant Funding Portion provided
as Proceeds of Negotiation.

	9.12	 	Extension of repayment of Proceeds of Negotiation

	 	(a)	 	A Borrower of a Funding Portion provided as Proceeds of Negotiation may
request an extension for the repayment of the Funding Portion by:

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	 	10     Overdraft Facility

	 	(1)	 	on any date prior to the date on which the Foreign Bill
negotiated by the Lender in accordance with clause 9.9 in connection with
the Proceeds of Negotiation expires (Expiring Bill), giving notice to the
Lender in writing that it requests an extension for the repayment of the
Proceeds of Negotiation; and
	 
	 	(2)	 	providing the Lender with a replacement Foreign Bill on
substantially the same terms (other than as to its expiry date) and for the
same principal amount as the Expiring Bill (Replacement Bill).

	 	(b)	 	If a Borrower has requested an extension for the repayment of a Funding
Portion provided as Proceeds of Negotiation in accordance with clause 9.12(a) the
Lender may, in its absolute discretion, agree to extend the date for repayment of the
Proceeds of Negotiation in accordance with the terms of the Replacement Bill.
	 
	 	(c)	 	If the Lender agrees to extend the date for repayment of the Proceeds of
Negotiation in accordance with this clause 9.12, the Borrowers must procure that the
Funding Portion provided as Proceeds of Negotiation will be repaid in full on or
before the expiry date of the Replacement Bill.

	9.13	 	Fees
	 
	 	 	The Borrowers will pay to the Lender such other fees referable to the Trade Finance
Facility initially, as specified in the Fee Schedule and thereafter as advised by the
Lender from time to time.
	 
	10	 	Overdraft Facility
	 
	10.1	 	Overdraft Facility

	 	(a)	 	The Lender agrees to make the Overdraft Facility available on the terms and
conditions set out in this agreement and the Group Limit Facility.
	 
	 	(b)	 	If there is any inconsistency between the terms of this agreement and the
terms of the Group Limit Facility, the terms of the Group Limit Facility will prevail
to the extent of the inconsistency.

	10.2	 	Funding Portions

	 	(a)	 	A Funding Portion under the Overdraft Facility may be in any minimum amount
and the requirements of clause 5.4 do not apply to the Overdraft Facility.
	 
	 	(b)	 	Any number of Funding Portions under the Overdraft Facility may be
outstanding at any time.

	10.3	 	Prepayment
	 
	 	 	A Borrower may prepay a Funding Portion drawn under the Overdraft Facility at any time in
whole or in part.

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	 	11     Representations and warranties

	10.4	 	Fees
	 
	 	 	The Borrowers will pay to the Lender the Lender’s account services fees, notified to Sims
from time to time and such other fees referable to the Overdraft Facility in accordance
with the Group Limit Facility.
	 
	11	 	Representations and warranties
	 
	11.1	 	Representations and warranties
	 
	 	 	Each Borrower makes the representations and warranties contained in clause 3 of the Common
Terms Deed for themselves and on behalf of each other Transaction Party for the benefit of
the Lender, as if those representations and warranties were set out in full in this clause
11.1.
	 
	11.2	 	Survival and repetition of representations and warranties
	 
	 	 	The representations and warranties given under this agreement:

	 	(a)	 	survive the execution of each Transaction Document; and
	 
	 	(b)	 	are deemed to be repeated on each date representations and warranties are
repeated under clause 3.2(b) of the Common Terms Deed with respect to the facts and
circumstances then subsisting.

	11.3	 	Reliance by Lender
	 
	 	 	Each Borrower acknowledges that the Lender has entered into each Transaction Document to
which it is a party in reliance on the representations and warranties given under this
agreement.
	 
	12	 	Undertakings
	 
	12.1	 	Incorporated undertakings
	 
	 	 	The Borrowers must, and must ensure that each other Transaction Party will, comply with
clause 4 of the Common Terms Deed.
	 
	12.2	 	Compliance
	 
	 	 	Each Borrower must, and must ensure that each other Transaction Party will, comply with
all its obligations under each Transaction Document to which it is a party.
	 
	12.3	 	Term of undertakings
	 
	 	 	Unless the Lender otherwise agrees in writing, until:

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	 	13     Events of Default

	 	(a)	 	the Commitment is cancelled; and
	 
	 	(b)	 	the Outstanding Moneys are unconditionally repaid in full;

	 	 	each Borrower must, at its own cost, comply with its undertakings in this clause 12.
	 
	13	 	Events of Default
	 
	13.1	 	Events of Default
	 
	 	 	An Event of Default occurs if an ‘Event of Default’ as defined in the Common Terms Deed
occurs, whether or not it is within the control of a Transaction Party.
	 
	13.2	 	Effect of Event of Default
	 
	 	 	Clauses 5.2 to 5.4 (inclusive) of the Common Terms Deed apply to this agreement as if set
out in full in this agreement and as if references in those clauses to ‘this deed’ were to
‘this agreement’.
	 
	13.3	 	Application of cash cover under Commercial Bills Facility, Trade Finance Facility and Credit
Support Facility

	 	(a)	 	The Lender must apply any cash cover paid to it under clause 7.14,
8.4(b)(2), 8.6 or 13.2 or pursuant to clause 9.8:

	 	(1)	 	firstly, against the obligations of the Borrowers under
this agreement in respect of any Current Credit Support Document or Current
Bill in relation to which the cash cover was lodged; and
	 
	 	(2)	 	secondly, in payment of the balance, if any, of the
Outstanding Moneys.

	 	(b)	 	The Lender is not required to pay any interest on any amount of cash cover
paid to it under clause 7.14, 8.4(b)(2), 8.6 or 13.2 or pursuant to clause 9.8.
	 
	 	(c)	 	If the Lender is satisfied that:

	 	(1)	 	every Current Credit Support Document, Current Bill and
Current Documentary LC has been paid in full or discharged; and
	 
	 	(2)	 	no Outstanding Moneys are or may become due,

	 	 	then the Lender must, if it receives a written notice from Sims to do so, repay to the
Borrowers any amount paid to the Lender under clause 7.14, 8.4(b)(2), 8.6 or 13.2 or
pursuant to clause 9.8 which has not been, or is not required to be, applied in accordance
with clause 13.3(a).
	 
	13.4	 	New Related Body Corporate

	 	(a)	 	Where, after the date of this agreement, an entity becomes a Related Body
Corporate of a Transaction Party and, at such time, financial accommodation has been
provided to such entity by the Lender or any other member of the

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	 	14     Fees

	 	 	Commonwealth Bank Group (Existing Accommodation), the Lender may, at any time
within 60 days after the notification to the Lender that an entity that has been
provided with Existing Accommodation has become a Related Body Corporate of a
Transaction Party, by notice in writing to that entity or any other Transaction
Party declare:

	 	(1)	 	that where the notice is given to the relevant entity,
the Existing Accommodation (or any lesser amount specified in the notice)
is due and payable within the period specified in the notice which shall be
not less than 60 days; or
	 
	 	(2)	 	that where the notice is given to a Transaction Party
other than the relevant entity, financial accommodation then provided by
the Lender to that Transaction Party must be reduced by payment of an
amount (specified in the notice) equal to or less than the existing
accommodation within the period specified in the notice.

	 	(b)	 	Amounts specified in a notice given pursuant to 13.4(a) are payable within
the period specified in such notice.

	14	 	Fees
	 
	 	 	The Borrowers must pay to the Lender the following fees:

	 	(a)	 	commitment fee: a non-refundable commitment fee equal to the Commitment Fee
Rate per annum calculated on a daily basis on the daily balance of the Undrawn
Commitment on the basis of a 365 day year and for the actual number of days elapsed,
to be paid in arrears on the last day of each calendar quarter; and
	 
	 	(b)	 	[*]

	15	 	Interest on overdue amounts
	 
	15.1	 	Payment of interest
	 
	 	 	Each Borrower must pay interest on:

	 	(a)	 	any of the Outstanding Moneys due and payable by it, but unpaid; and
	 
	 	(b)	 	any interest payable but unpaid under this clause 15.

	15.2	 	Accrual of interest
	 
	 	 	The interest payable under this clause 15:

	 	(a)	 	accrues from day to day from and including the due date for payment up to
the actual date of payment, before and, as an additional and independent obligation,
after any judgment or other thing into which the liability to pay the Outstanding
Moneys becomes merged; and

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	 	16     Assignment and substitution

	 	(b)	 	may be capitalised at monthly intervals.

	15.3	 	Rate of interest
	 
	 	 	The rate of interest payable under this clause 15 on any part of the Outstanding Moneys is
the higher of:

	 	(a)	 	the Overdue Rate determined by the Lender:

	 	(1)	 	on the date that part of the Outstanding Moneys becomes
due and payable but is unpaid; and
	 
	 	(2)	 	on each date which is 1 month after the immediately
preceding date on which the Overdue Rate was determined under this clause
15.3(a); and

	 	(b)	 	the rate fixed or payable under a judgment or other thing referred to in
clause 15.2(a).

	16	 	Assignment and substitution
	 
	 	 	Clause 13 of the Common Terms Deed applies to this agreement as if set out in full in this
agreement and as if references in that clause to ‘this deed’ were to ‘this agreement’
other than the reference to ‘this deed’ in clause 13.2(c) which should be read as a
reference to the Common Terms Deed.
	 
	17	 	Additional Borrowers
	 
	17.1	 	Additional Borrowers
	 
	 	 	Sims may request that any of its wholly owned Subsidiaries becomes an Additional Borrower.
That Subsidiary shall become an Additional Borrower if:

	 	(a)	 	the Lender approves the addition of that Subsidiary as an Additional
Borrower;
	 
	 	(b)	 	Sims delivers to the Lender a duly completed and executed Accession Deed
for the accession of that Subsidiary as an Additional Borrower;
	 
	 	(c)	 	Sims confirms that no Default is continuing or would occur as a result of
that Subsidiary becoming an Additional Borrower; and
	 
	 	(d)	 	the Subsidiary has acceded as an “Additional Borrower” and an “Additional
Guarantor” under the Common Terms Deed.

	17.2	 	Repetition of Representations
	 
	 	 	Delivery of an Accession Deed to the Lender constitutes confirmation by the relevant
Subsidiary that the representations and warranties in the Transaction Documents are true
and correct in relation to it as at the date of delivery as if made by reference to the
facts and circumstances then existing.

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	 	18     General

	18	 	General
	 
	18.1	 	Governing law and jurisdiction

	 	(a)	 	This agreement is governed by the laws of New South Wales.
	 
	 	(b)	 	Each Borrower irrevocably submits to the exclusive jurisdiction of the
courts of New South Wales.
	 
	 	(c)	 	Each Borrower irrevocably waives any objection to the venue of any legal
process on the basis that the process has been brought in an inconvenient forum.
	 
	 	(d)	 	Each Borrower irrevocably waives any immunity in respect of its obligations
under this agreement that it may acquire from the jurisdiction of any court or any
legal process for any reason including the service of notice, attachment before
judgment, attachment in aid of execution or execution.
	 
	 	(e)	 	Each Borrower (other than Sims) appoints Sims Metal Management Limited of
Sir Joseph Banks Corporate Park, Suite 3, Level 2 32-34 Lord Street Botany NSW 2019
Australia in relation to proceedings in New South Wales as its agent to receive
service of any legal process on its behalf without excluding any other means of
service permitted by the law of New South Wales.
	 
	 	(f)	 	Sims irrevocably accepts its appointment as process agent under clause
18.1(e).

	18.2	 	Prohibition and enforceability

	 	(a)	 	Any provision of, or the application of any provision of, any Transaction
Document or any Power which is prohibited in any jurisdiction is, in that
jurisdiction, ineffective only to the extent of that prohibition.
	 
	 	(b)	 	Any provision of, or the application of any provision of, any Transaction
Document which is void, illegal or unenforceable in any jurisdiction does not affect
the validity, legality or enforceability of that provision in any other jurisdiction
or of the remaining provisions in that or any other jurisdiction.

	18.3	 	Waivers

	 	(a)	 	Waiver of any right arising from a breach of this agreement or of any Power
arising on default under this agreement or on the occurrence of an Event of Default
must be in writing and signed by the party granting the waiver.
	 
	 	(b)	 	A failure or delay in exercise, or partial exercise, of:

	 	(1)	 	a right arising from a breach of this agreement or the
occurrence of an Event of Default; or
	 
	 	(2)	 	a Power created or arising on default under this
agreement or on the occurrence of an Event of Default,

	 	 	 	does not result in a waiver of that right or Power.

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	 	18     General

	 	(c)	 	A party is not entitled to rely on a delay in the exercise or non-exercise
of a right or Power arising from a breach of this agreement or on a default under
this agreement or on the occurrence of an Event of Default as constituting a waiver
of that right or Power.
	 
	 	(d)	 	A party may not rely on any conduct of another party as a defence to
exercise of a right or Power by that other party.
	 
	 	(e)	 	This clause may not itself be waived except in writing.

	18.4	 	Variation
	 
	 	 	A variation of any term of this agreement must be in writing and signed by the parties.
	 
	18.5	 	Cumulative rights
	 
	 	 	The Powers are cumulative and do not exclude any other right, power, authority, discretion
or remedy of the Lender, any Receiver or Attorney.
	 
	18.6	 	Counterparts

	 	(a)	 	This agreement may be executed in any number of counterparts.
	 
	 	(b)	 	All counterparts, taken together, constitute one instrument.
	 
	 	(c)	 	A party may execute this agreement by signing any counterpart.

	18.7	 	Attorneys
	 
	 	 	Each of the attorneys executing this agreement states that the attorney has no notice of
the revocation of the power of attorney appointing that attorney.

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Schedules

Table of contents

	 	 	 	 	 
	Borrowers
	 	 	48	 
	 
	 	 	 	 
	Key Terms Schedule
	 	 	50	 
	 
	 	 	 	 
	Fee Schedule
	 	 	53	 
	 
	 	 	 	 
	Funding Notices
	 	 	56	 
	 
	 	 	 	 
	Selection Notice
	 	 	62	 
	 
	 	 	 	 
	Renewal Notice
	 	 	64	 
	 
	 	 	 	 
	Roll over of existing Drawings
	 	 	67	 

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	 	Schedule 1     Borrowers

Schedule 1

Borrowers

Clause 1.2 (Definitions)

	 	 	 	 	 
	 	 	Jurisdiction of	 	 
	 	 	incorporation /	 	 
	 	 	registration /	 	 
	Name	 	organisation	 	Company number (if any)
	Sims Metal Management Limited

	 	Australia
	 	69 114 838 630 
	Sims Group Australia Holdings
Limited

	 	Australia
	 	37 008 634 526 
	Sims Aluminium Pty Limited

	 	Australia
	 	93 004 370 905 
	Sims Group UK Limited

	 	United Kingdom
	 	3242331 
	Sims Group UK Holdings Limited

	 	United Kingdom
	 	2904307 
	Mirec B.V.

	 	The Netherlands
	 	17073024 
	Sims Recycling Solutions AB

	 	Sweden
	 	N/A
	Sims Group USA Corporation

	 	Delaware
	 	N/A
	Sims Group Global Trade
Corporation

	 	Delaware
	 	N/A
	North Carolina Resource
Conservation, LLC

	 	North Carolina
	 	N/A
	Sims Group USA Holdings
Corporation

	 	Delaware
	 	N/A
	Schiabo Larovo Corporation

	 	Delaware
	 	N/A
	Simsmetal East LLC

	 	Delaware
	 	N/A
	Simsmetal West LLC

	 	Delaware
	 	N/A

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	 	Schedule 1     Borrowers

	 	 	 	 	 
	 	 	Jurisdiction of	 	 
	 	 	incorporation /	 	 
	 	 	registration /	 	 
	Name	 	organisation	 	Company number (if any)
	Metal Management, Inc.

	 	Delaware
	 	N/A
	Metal Management Alabama, Inc.

	 	Delaware
	 	N/A
	Metal Management Arizona,
L.L.C.

	 	Arizona
	 	N/A
	Metal Management Connecticut,
Inc.

	 	Delaware
	 	N/A
	Metal Management Memphis,
L.L.C.

	 	Tennessee
	 	N/A
	Metal Management Midwest, Inc.

	 	Illinois
	 	N/A
	Metal Management Mississippi,
Inc.

	 	Delaware
	 	N/A
	Metal Management Northeast,
Inc.

	 	New Jersey
	 	N/A
	Metal Management Ohio, Inc.

	 	Ohio
	 	N/A
	Metal Management West, Inc.

	 	Colorado
	 	N/A
	Proler Southwest LP

	 	Texas
	 	N/A
	Metal Dynamics Detroit LLC

	 	Delaware
	 	N/A

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Schedule 2

Key Terms Schedule

Part 1 – Cash Advance Facility

	 	 	 	 	 
	Facility	 	Available.
	 
	 	 	 	 
	Facility Limit	 	Not applicable.
	 
	 	 	 	 
	Purpose	 	Financing or supporting the working capital needs of the Sims Group.
	 
	 	 	 	 
	Termination Date	 	Not applicable.
	 
	 	 	 	 
	Margin	 	The Margin determined in accordance with the following table:
	 
	 	 	 	 
	 

	 	Gearing Ratio
	 	Margin
	 
	 	 	 	 
	 

	 	[*]
	 	[*]

Part 2 – Commercial Bills Facility

	 	 	 	 	 
	Facility	 	Available.
	 
	 	 	 	 
	Facility Limit	 	Not applicable.
	 
	 	 	 	 
	Purpose	 	Financing or supporting the working capital needs of the Sims Group.
	 
	 	 	 	 
	Termination Date	 	Not applicable.
	 
	 	 	 	 
	Bill Acceptance
/ Endorsement Fee
Rate	 	The Bill Acceptance / Endorsement Fee Rate determined in accordance with
the following table:

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	 	<Schedule 2     Key Terms Schedule

	 	 	 	 	 
	 

	 	Gearing Ratio
	 	Bill Acceptance / Endorsement

 Fee
Rate
	 
	 	 	 	 
	 

	 	[*]
	 	[*]

Part 3 – Credit Support Facility

	 	 	 	 	 
	Facility	 	Available.
	 
	 	 	 	 
	Facility Limit	 	Not applicable.
	 
	 	 	 	 
	Purpose	 	Financing or supporting the working capital needs of the Sims Group.
	 
	 	 	 	 
	Termination Date	 	Not applicable.
	 
	 	 	 	 
	Credit Support 

Document Fee Rate	 	The Credit Support Document Fee Rate determined in accordance with the

following table:
	 

	 	Gearing Ratio
	 	Credit Support Document Fee

Rate
	 
	 	 	 	 
	 

	 	[*]
	 	[*]

Part 4 – Trade Finance Facility

	 	 	 	 	 
	Facility	 	Available.
	 
	 	 	 	 
	Documentary LCs	 	Available.
	 
	 	 	 	 
	Trade Advances	 	Available.
	 
	 	 	 	 
	Proceeds of Negotiation	 	Available.
	 
	 	 	 	 
	Facility Limit	 	Not applicable.

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	 	<Schedule 2     Key Terms Schedule

	 	 	 	 	 
	Purpose	 	The financing or refinancing of Obligations.
	 
	 	 	 	 
	Termination Date	 	Not applicable.
	 
	 	 	 	 
	Margin	 	The Margin determined in accordance with the following table:
	 
	 	 	 	 
	 

	 	Gearing Ratio
	 	Margin
	 
	 	 	 	 
	 

	 	[*]
	 	[*]

Part 5 – Overdraft Facility

	 	 	 
	Facility

	 	Available.
	 
	 	 
	Purpose

	 	Financing or supporting the working capital needs of the Sims Group.
	 
	 	 
	Termination Date

	 	Not applicable.
	 
	 	 
	Overdraft Borrower

	 	1     Sims Group Australia Holdings Limited;

	 
	 	 
	 

	 	2     Sims Aluminium Pty Limited;

	 
	 	 
	 

	 	3     Sims Metal Management Ltd; and

	 
	 	 
	 

	 	4     any other entity agreed by the Lender to be an “Applicant” for
the purposes of the Group Limit Facility in accordance with
paragraph (2)(g) of the Group Limit Facility.

Part 6 – General

	 	 	 
	Commitment

	 	$450,000,000 
	 
	 	 
	Commitment Fee Rate

	 	On any date, [*] of the Margin on that date.
	 
	 	 
	Final Termination Date

	 	31 December 2010.
	 
	 	 
	Overdue Margin

	 	[*] per annum.

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Schedule 3

Fee Schedule

	1.1	 	Cash Advance Facility fees
	 
	 	 	Such fees referable to the Cash Advance Facility as advised by the Lender to Sims from
time to time.
	 
	1.2	 	Commercial Bills Facility fees

	 	 	 	 	 
	Charge type	 	Pricing	 	Min/Max
	Bill Handling Fee

	 	[*]
	 	[*]

	1.3	 	Credit Support Facility fees
	 
	 	 	Such fees referable to the Credit Support Facility as advised by the Lender to Sims from
time to time.
	 
	1.4	 	Trade Finance Facility fees

	 	 	 	 	 	 	 
	Product	 	Charge Type	 	Pricing	 	Min/Max
	Imports

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	Import Documentary
Collections

	 	Document handling
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Accepted Bills received for

payment
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Documents free of payment
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Consignment
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	AWB release issuance
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Avalisation Bills of Exchange
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Additional handling charges
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	Import Documentary
Letters of Credits
(IDLC)

	 	Issuance
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Issuance — via bank’s
e-channel
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Amendment
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Amendment — via bank’s
e-channel
	 	[*]
	 	[*]

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	 	Schedule 3     Fee Schedule

	 	 	 	 	 	 	 
	Product	 	Charge Type	 	Pricing	 	Min/Max
	 

	 	Increase in value
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Extension of expiry
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Back-to-back issuance
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Cash-covered issuance

structuring
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	Bank’s e-channel

	 	System set-up
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Monthly channel cost
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	Drawings under IDLC

	 	Document handling
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Acceptance/deferred payment
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Drawing under expired DC
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Discrepancy fee
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Reimbursement Commission
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Telex fee
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	Exports

	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 
	Export Documentary
Collections

	 	Document handling
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Documents free of payment
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Tracers for payment
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Additional handling charges
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	Foreign Bills Negotiated

	 	Document handling
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Additional handling charges
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	Export Documentary
Letters Credits (EDLC)

	 	Advising
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Advising of amendments
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Assignment of proceeds
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Transfer of EDLC
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Transfer of amendment
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Confirmation of EDLC (charge
for Bank and Country Risk)
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Without Recourse Export

Finance
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	Drawings under EDLC

	 	Document handling
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Acceptance
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Discrepancy fee
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Telex fee
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 

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	 	Schedule 3     Fee Schedule

	 	 	 	 	 	 	 
	Product	 	Charge Type	 	Pricing	 	Min/Max
	Trade Advances

	 	Draw down
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Roll over
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Prepayment
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Late payment fee
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	Out of pocket expenses

	 	SWIFT per message
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Telex per message
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Fax per message
(international)
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Fax per message (domestic)
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Courier (International)
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Courier (domestic)
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 
	 

	 	Express post
	 	[*]
	 	[*]

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Schedule 4

Funding Notices

Clause 5.2 (Requirements for a Funding Notice)

Part A – Funding Notice (Cash Advance Facility and Trade Advances or Proceeds of
Negotiation under Trade Finance Facility)

To:
[insert name of Lender] (Lender)

Attention:
[insert relevant name]

We refer to the multi-option facility agreement dated 2 November 2009 between each party
listed in Schedule 1 of that agreement (as Borrowers) and Commonwealth Bank of Australia
(as Lender) (Facility Agreement).

Under clause 5 of the Facility Agreement:

	(a)	 	We give you notice that we wish to draw on [insert
date] (Funding Date).
	 
	(b)	 	The aggregate Original Dollar Amount to be drawn is
$[insert amount].
	 
	(c)	 	Particulars of each Funding Portion are:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Principal	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Amount (in	 	 	 	 	 	 	 	 	 	Obligation
	 	 	 	 	 	 	 	 	Dollars or	 	Dollars or	 	 	 	 	 	 	 	 	 	(Trade
	 	 	 	 	 	 	 	 	specify	 	applicable	 	Original	 	 	 	 	 	Finance
	 	 	 	 	 	 	 	 	Foreign	 	Foreign	 	Dollar	 	Funding	 	Facility
	Borrower	 	Facility	 	Currency	 	Currency)	 	Amount	 	Period	 	only)

	(d)	 	The proceeds of each Funding Portion are to be used in accordance with
clause 4.2 of the Facility Agreement.
	 
	(e)	 	We request that the proceeds [be remitted to account number [insert account number] at [insert details]/be applied
towards satisfaction of the above Obligation.]
	 
	(f)	 	[Note: for Proceeds of Negotiation only] [The Foreign Bill to be negotiated
in connection with the Funding Portion is attached.]

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	 	<Schedule 4     Funding Notices

	 	(g)	 	We represent and warrant that no Default has occurred which is continuing
or will result from the provision of any Funding Portion[, except as follows: [insert details], and
we propose the following remedial action [insert details]].
	 
	 	 	 	A term defined in the Facility Agreement has the same meaning when used in this
Funding Notice.

	 	 	 
	date
	 	 
	 

	 	 
	 
	 	 
	 

	 	Signed for and on behalf of
	 

	 	[insert Borrower]
	 

	 	by
	 
	 	 
	sign here 4
	 	 
	 

	 	 
	 

	 	Officer
	 
	 	 
	print name
	 	 
	 

	 	 

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	 	<Schedule 4     Funding Notices

Part B – Commercial Bills Facility

Clause 5.2 (Requirements for a Funding Notice)

To:
[insert name of Lender] (Lender)

Attention:
[insert relevant name]

We refer to the multi-option facility agreement dated 2 November 2009 between each party
listed in Schedule 1 of that agreement (as Borrowers) and Commonwealth Bank of Australia
(as Lender) (Facility Agreement).

Under clause 5 of the Facility Agreement:

	(a)	 	we give you notice that we wish to draw on
[insert date] (Funding Date);
	 
	(b)	 	the aggregate Dollar Amount to be drawn is $[insert amount];
	 
	(c)	 	particulars of the Funding Portion are:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Face Value	 	 
	Borrower	 	Facility	 	Amount	 	Funding Period
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

and in respect of each Bill Funding we request that you accept only/accept and discount/
endorse only/endorse and discount each Bill comprised therein.

	(d)	 	Please prepare, complete and sign the Bills comprised in each Bill Funding
on our behalf.

	(e)	 	We represent and warrant that no Default has occurred which is continuing
or will result from the provision of any Funding Portion[, except as follows: [insert
details], and we propose the following remedial action [insert details]].
	 
	 	 	A term defined in the Facility Agreement has the same meaning when used in this
Funding Notice.

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	 	<Schedule 4     Funding
Notices

	 	 	 
	date
	 	 
	 

	 	 
	 
	 	 
	 

	 	Signed for and on behalf of
	 

	 	[insert Borrower]
	 

	 	by
	 
	 	 
	sign here 4
	 	 
	 

	 	 
	 

	 	Officer
	 
	 	 
	print name
	 	 
	 

	 	 

[*] Confidential Treatment Requested

page 59

 

			
	
	 	<Schedule 4     Funding Notices

Part C – Funding Notice (Credit Support Facility and Documentary LCs under Trade Finance
Facility)

Clause 5.2 (Requirements for a Funding Notice)

To: [insert name of Lender] (Lender)

Attention: [insert relevant name]

We refer to the multi-option facility agreement dated 2 November 2009 between each party
listed in Schedule 1 of that agreement (as Borrowers) and Commonwealth Bank of Australia
(as Lender) (Facility Agreement).

Under clause 5 of the Facility Agreement:

	(a)	 	we give you notice that we wish to draw on [insert
date] (Funding Date);
	 
	(b)	 	the aggregate Original Dollar Amount to be drawn is $[insert amount];
	 
	(c)	 	particulars of the Funding Portion are:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Face Value	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Amount (in	 	 	 	 
	 	 	 	 	 	 	 	 	Type of contingent	 	 	 	 	 	Dollars or	 	 	 	 
	 	 	 	 	 	 	 	 	liability (Documentary	 	 	 	 	 	applicable	 	Original	 	 
	 	 	 	 	 	 	 	 	LC, Standby LC or	 	Expiry	 	Foreign	 	Dollar	 	 
	Borrower	 	Facility	 	Bank Guarantee)	 	Date	 	Currency)	 	Amount	 	Beneficiary
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	(d)	 	[A copy of the Beneficiary Contract for each Credit Support Document
requested above is attached.]

	(e)	 	[A copy of the Payment Documents for each Documentary LC requested above is
attached.]

	(f)	 	[A copy of the Application for Irrevocable Documentary Credit for each
Documentary LC requested above is attached.]

	(g)	 	[The effective rate interest rate and period for which that interest is to
accrue under each of the Finance Contracts for each Credit Support Document requested
above is as follows: [insert details]]

	(h)	 	We request that you deliver each requested Credit Support Document to the
relevant Beneficiary specified above;

	(i)	 	We represent and warrant that no Default has occurred which is continuing
or will result from the provision of any Funding Portion[, except as follows: [insert details], and
we propose the following remedial action [insert details]].

[*] Confidential Treatment Requested

page 60

 

			
	
	 	<Schedule 4     Funding Notices

	 	 	A term defined in the Facility Agreement has the same meaning when used in this
Funding Notice.

	 	 	 
	date
	 	 
	 

	 	 
	 
	 	 
	 

	 	Signed for and on behalf of
	 

	 	[insert Borrower]
	 

	 	by
	 
	 	 
	sign here 4
	 	 
	 

	 	 
	 

	 	Officer
	 
	 	 
	print name
	 	 
	 

	 	 

[*] Confidential Treatment Requested

page 61

 

Schedule 5

Selection Notice

Clause 6.4 (Selection Notice)

To: [insert name of Lender] (Lender)

Attention: [insert relevant name]

We refer to the multi-option facility agreement dated 2 November 2009 between each party
listed in Schedule 1 of that agreement (as Borrowers) and Commonwealth Bank of Australia
(as Lender) (Facility Agreement).

Under clause 5 of the Facility Agreement:

	(a)	 	We give you notice that we wish to select the following Funding Period for
the following Funding Portion under the Cash Advance Facility with effect on the date
that the current Funding Period applicable to the relevant Funding Portion ends:
[insert details of Funding Portion including the Principal Amount, existing Funding
Period, new Funding Period and Selection Date].

	(b)	 	We give you notice that we wish to divide the following Funding Portion
under the Cash Advance Facility into the following amounts and with the following
Funding Periods with effect on the date that the current Funding Period applicable to
the relevant Funding Portion ends: [insert details of Funding Portion including the
Principal Amount, existing Funding Period, new divided Funding Portions and new
Funding Periods for the divided Funding Portions].

	(c)	 	We represent and warrant that no Default has occurred which is continuing[,
except as follows: [insert details], and we propose the following remedial action [insert details]].
	 
	 	 	A term defined in the Facility Agreement has the same meaning when used in this
Selection Notice.

[*] Confidential Treatment Requested

page 62

 

			
	
	 	<Schedule 5     Selection Notice

	 	 	 
	date
	 	 
	 

	 	 
	 
	 	 
	 

	 	Signed for and on behalf of
	 

	 	the Borrowers
	 

	 	by
	 
	 	 
	sign here 4
	 	 
	 

	 	 
	 

	 	Officer
	 
	 	 
	print name
	 	 
	 

	 	 

[*] Confidential Treatment Requested

page 63

 

			
	 	 	 
	
	 	Schedule 6     Renewal Notice

Schedule 6

Renewal Notice

	 	 	 
	To:

	 	[insert name of Lender] (Sims)
	 
	 	 
	Attention:

	 	[insert relevant name]
	 
	 	 
	Date:
	 	 

We refer to the multi-option facility agreement dated 2 November 2009 between each party
listed in Schedule 1 of that agreement (as Borrowers) and the Commonwealth Bank of
Australia (as Lender) (Facility Agreement).

Under clause 4.5 of the Facility Agreement we give you notice that the Lender has agreed
to extend the Final Termination Date by 12 months, from [insert date] (Existing Final
Termination Date) to [insert date] (New Final Termination Date), subject to the following
conditions:

	(a)	 	the Borrowers indicating their acknowledgement and agreement to the
extension of the Final Termination Date by 12 months, by signing and delivering this
notice to the Lender within 30 days of receiving it;
	 
	(b)	 	[the Borrowers indicating their acknowledgement and agreement to the Key
Terms Schedule being amended and restated in the form set out in the Schedule to this
notice, by initialling the attached schedule and delivering the initialled schedule
(attached to this notice) to the Lender within 30 days of receiving it]; and
	 
	(c)	 	[insert additional conditions precedent as required].

Subject to the above conditions being satisfied, we agree that on and from the Existing
Final Termination Date:

	(d)	 	the definition of “Final Termination Date” in clause 1.2 of the Facility
Agreement shall be amended to be the New Final Termination Date; [and
	 
	(e)	 	the Key Terms Schedule will be amended and restated in the form set out in
the attached Schedule; and.
	 
	(f)	 	the “Margin” for the purposes of the Group Limit Facility will be amended
to be as follows:]

	 	 	 
	Group Limit Amount ($A)	 	Margin
	[*]
	 	[*]
	[*]
	 	[*]

	(g)	 	A term defined in the Facility Agreement has the same meaning when used in
this Renewal Notice.

[*] Confidential Treatment Requested

 page 64 

 

			
	 	 	 
	
	 	Schedule 6     Renewal Notice

Schedule — Amended and restated Key Terms Schedule

[to be inserted]

	 	 	 	 	 
	 

	 	Lender	 	 
	 
	 	 	 	 
	 

	 	Signed for	 	 
	 

	 	[Commonwealth Bank of Australia]	 	 
	 

	 	by its attorney	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Attorney
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 65 

 

			
	 	 	 
	
	 	Schedule 6     Renewal Notice

	 	 	 	 	 
	 

	 	Agreed and acknowledged by Sims on behalf of the Borrowers:	 	 
	 
	 	 	 	 
	 

	 	Sims	 	 
	 
	 	 	 	 
	 

	 	Signed for	 	 
	 

	 	Sims Metal Management Limited	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director/Company Secretary
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 66 

 

			
	 	 	 
	
	 	Schedule 7     Roll over of existing Drawings o

Schedule 7

Roll over of existing Drawings

Clause 3 (Roll over of principal outstanding)

	 	 	 	 	 	 	 
	 	 	Description of drawing	 	 	 	 
	 	 	under Existing Multi-	 	Identification	 	Facility under
	Borrower	 	Option Facility Agreement	 	Number	 	this agreement
	Sims Group
Australia Holdings
Limited (formerly
known as Sims Metal
Limited)

	 	AUD10,000 bank
guarantee issued on
6 June 1984 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group
Australia Holdings
Limited

	 	AUD50,000 bank
guarantee issued on
18 May 2005 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group
Australia Holdings
Limited

	 	AUD88,360 bank
guarantee issued on
31 October 2005 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group
Australia Holdings
Limited

	 	AUD1,000,000 bank
guarantee issued on
26 June 2008 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group
Australia Holdings
Limited

	 	AUD50,000 bank
guarantee issued on
6 February 2009 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Metal
Management Limited
on behalf of Sims
E-Recycling Pty
Limited

	 	AUD42,625 bank
guarantee issued on
12 March 2009 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	EUR150,000 bank
guarantee issued on
3 June 2005 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	EUR20,000 bank
guarantee issued on
13 June 2005 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	EUR15,000 bank
guarantee issued on
13 June 2006 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited and Mirec
B.V.

	 	EUR20,000 bank
guarantee issued on
8 May 2007 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	EUR15,000 bank
guarantee issued on
9 May 2009 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited and Mirec
B.V.

	 	GBP41,665 bank
guarantee issued on
1 October 2007 in
favour of [*].
	 	[*]
	 	Credit Support
Facility

[*] Confidential Treatment Requested

 page 67 

 

			
	 	 	 
	
	 	Schedule 7     Roll over of existing Drawings o

	 	 	 	 	 	 	 
	 	 	Description of drawing	 	 	 	 
	 	 	under Existing Multi-	 	Identification	 	Facility under
	Borrower	 	Option Facility Agreement	 	Number	 	this agreement
	Sims Group UK
Limited

	 	EUR3,488.79 bank
guarantee issued on
12 November 2007 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	EUR3,944.84 bank
guarantee issued on
12 November 2007 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Mirec B.V.

	 	EUR150,000 bank
guarantee issued on
4 January 2008 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Recycling
Solutions AB

	 	EUR50,000 bank
guarantee issued on
18 January 2008 in
favour of [*].
	 	N/A
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	EUR14,348 bank
guarantee issued on
20 May 2008 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	EUR275,000 bank
guarantee issued on
8 December 2008 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Recycling
Solutions Canada
Ltd

	 	CAD500,000 letter
of credit issued on
2 October 2008 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Hugo Neu West

	 	USD300,000 letter
of credit issued 11
January 2006 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Hugo Neu Corp.

	 	USD3,075,466 letter
of credit issued 14
March 2006 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group USA
Holding Corporation

	 	USD60,000 letter of
credit issued 18
June 2007 in favour
of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Simsmetal West LLC

	 	USD250,000 letter
of credit issued 26
July 2007 in favour
of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Metal
Management Limited

	 	AUD74,797.30 bank
guarantee issued on
28 September 2009
in favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	GBP212,984 bank
guarantee issued on
12 May 2009 in
favour of [*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	EUR94,055 bank
guarantee issued on
8th July
2009 in favour of
[*].
	 	[*]
	 	Credit Support
Facility
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	EUR90,000 bank
guarantee issued on
18th
August 2009 in
favour of [*].
	 	[*]
	 	Credit Support
Facility

[*] Confidential Treatment Requested

 page 68 

 

			
	 	 	 
	
	 	Schedule 7     Roll over of existing Drawings o

	 	 	 	 	 	 	 
	 	 	Description of drawing	 	 	 	 
	 	 	under Existing Multi-	 	Identification	 	Facility under
	Borrower	 	Option Facility Agreement	 	Number	 	this agreement
	Sims Group UK
Limited

	 	GBP3,110 bank
guarantee issued on
17th September 2009
in favour of [*].
	 	[*]
	 	Credit Support

Facility

[*] Confidential Treatment Requested

 page 69 

 

Signing page

	 	 	 	 	 
	 

	 	Executed as an agreement	 	 
	 
	 

	 	Sims	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Metal Management Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Group Australia Holdings Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 70 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Aluminium Pty Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Group UK Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 71 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Group UK Holdings Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Mirec B.V.	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 72 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Recycling Solutions AB	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Group USA Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states
that the signatory
has received no notice of revocation of
the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 73 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Group Global Trade Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory
states that the signatory
has received no notice of revocation
of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	North Carolina Resource Conservation, LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of
revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 74 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Group USA Holdings Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of revocation
of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Schiabo Larovo Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of revocation
of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 75 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Simsmetal East LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of
revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Simsmetal West LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of
revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 76 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of
revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Alabama, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of
revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 77 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Arizona, L.L.C.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory
states that the signatory
has received no notice of revocation
of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Connecticut, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory
states that the signatory
has received no notice of revocation
of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 78 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Memphis, L.L.C.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of revocation
of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Midwest, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of
revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 79 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Mississippi, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of
revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Northeast, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of
revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 80 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Ohio, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of revocation
of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management West, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of
revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 81 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Proler Southwest LP	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory
states that the signatory
has received no notice of revocation
of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Dynamics Detroit LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the
signatory states that the signatory
has received no notice of
revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 82 

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Lender	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Commonwealth Bank of Australia	 	 
	 

	 	by its attorney	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Attorney
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 83 

 

			
	 	 	 
	
	 	 

Attachments

Table of contents

Accession Deed — Additional Borrowers

[*] Confidential Treatment Requested

 page 1 

 

			
	 	 	 
	
	 	 

Attachment 1

Accession Deed — Additional Borrowers

Clauses 1.2 (Definitions) and 17 (Additional Borrowers)

Date 4

	 	 	 
	This deed poll is made by
	 
	 	 
	Sims

	 	Sims Metal Management Limited
	 
	 

	 	ACN 114 838 630 of Sir Joseph Banks Corporate Park,
Suite 3, Level 2 32-34 Lord Street Botany NSW 2019
	 
	 	 
	Additional Borrower

	 	[     ]
	 

	 	[insert ACN/ABN/ARBN] of [     ]
	 
	 	 
	Background

	 	5     Under the Facility Agreement dated 2 November 2009
(Facility Agreement) between each party listed in
Schedule 1 of that agreement (as Borrowers) and
Commonwealth Bank of Australia (as Lender) a person
may become a Borrower by execution of this deed poll.

	 
	 

	 	6     The Additional Borrower wishes to become a Borrower
on the terms and conditions set out in this deed poll.

This deed poll witnesses as follows:

	1	 	Interpretation

	 	(a)	 	Words and phrases defined in the Facility Agreement (including by
incorporation) have the same meaning when used in this deed poll.

[*] Confidential Treatment Requested

 page 1 

 

			
	 	 	 
	
	 	<Attachment 1 Accession Deed – Additional Borrowers

	 	(b)	 	In this deed poll, Existing Borrower has the meaning set out below.

	 	 	 
	Term	 	Meaning
	Existing Borrower

	 	each person which is a Borrower under the Facility
Agreement at the time of execution of this deed poll.

	2	 	Representations and warranties
	 
	 	 	The Additional Borrower represents and warrants to, and for the benefit of the Lender, as
set out in clause 11.1 of the Facility Agreement, on the basis that:

	 	(a)	 	each reference to a Borrower in clause 11.1 of the Facility Agreement
includes a reference to the Additional Borrower;
	 
	 	(b)	 	each reference to a Transaction Document includes this deed and each other
Transaction Document to which the Additional Borrower is a party; and
	 
	 	(c)	 	clauses 11.2 and 11.3 of the Facility Agreement apply to this clause 2 as
if set out in full.

	3	 	Status of Additional Borrower
	 
	 	 	The Additional Borrower agrees that it irrevocably becomes an ‘Additional Borrower’ as
defined in, and for all purposes under, the Facility Agreement as if named in and as a
party to the Facility Agreement, and accordingly is bound by the Facility Agreement as an
Additional Borrower.
	 
	4	 	Receipt of documents
	 
	 	 	The Additional Borrower acknowledges having received and reviewed to its satisfaction a
copy of each Transaction Document and each other document requested by it before signing
this deed poll.
	 
	5	 	Confirmation by existing Transaction Parties
	 
	 	 	Sims (for itself and as attorney for each other Transaction Party) confirms that nothing
in this deed poll:

	 	(a)	 	affects the validity or enforceability of the Transaction Documents;
	 
	 	(b)	 	prejudices or adversely affects any right, power, authority, discretion or
remedy arising under the Transaction Documents; or

[*] Confidential Treatment Requested

 page 2 

 

			
	 	 	 
	
	 	<Attachment 1 Accession Deed – Additional Borrowers

	 	(c)	 	discharges, releases or otherwise affects any liability or obligation
arising under the Transaction Documents.

	6	 	Governing law
	 
	 	 	This deed poll is governed by the laws of New South Wales.
	 
	7	 	Benefit of deed poll
	 
	 	 	This deed poll is given in favour of and for the benefit of:

	 	(1)	 	the Lender; and
	 
	 	(2)	 	each Borrower,
	 
	 	under the Facility Agreement and their respective successors and permitted assigns

	8	 	Address for notices
	 
	 	 	The details for the Additional Borrower for service of notices are:
	 
	 	 	Address:         [     ].
	 
	 	 	Attention:       [     ].
	 
	 	 	Facsimile:       [     ].
	 
	9	 	Attorneys
	 
	 	 	Each of the attorneys executing this deed poll states that the attorney has no notice of
the revocation of the power of attorney appointing that attorney.

[*] Confidential Treatment Requested

 page 3 

 

			
	 	 	 
	
	 	<Attachment 1 Accession Deed – Additional Borrowers

	 	 	 	 	 
	 

	 	Executed as a deed poll	 	 
	 
	 	 	 	 
	 

	 	Additional Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	[     ]	 	 
	 

	 	by its attorney	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Attorney
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Sims	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Metal Management Limited
for itself and as attorney for each
other Transaction Party	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Director/Company Secretary
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

 page 4exv4w14

Exhibit 4.14

Deed

Sims Metal Management Limited

Common Terms Deed

Sims Metal Management Limited

Each person listed in Part 1 of Schedule 1

Each person listed in Part 2 of Schedule 1

Each person listed in Part 3 of Schedule 1

adam.stapledon@freehills.com

	 	 	 	 	 
	 

	 	MLC Centre Martin Place Sydney NSW 2000 Australia	 	 
	 

	 	GPO Box 4227 Sydney NSW 2001 Australia
	 	Telephone +61 2 9225 5000 Facsimile +61 2 9322 4000
	 

	 	Sydney Melbourne Perth Brisbane Singapore
	 	www.freehills.com DX 361 Sydney
	 
	 	 	 	 
	 

	 	 	 	Correspondent offices in Hanoi Ho Chi Minh City Jakarta

 

 

Contents

Table of contents

	 	 	 	 	 
	The agreement
	 	 	1	 
	 
	 	 	 	 
	Operative part
	 	 	2	 
	 
	 	 	 	 
	1 Definitions and interpretation
	 	 	2	 
	 
	 	 	 	 
	1.1 Agreement components
	 	 	2	 
	1.2 Definitions
	 	 	2	 
	1.3 Interpretation
	 	 	18	 
	1.4 Inclusive expressions
	 	 	19	 
	1.5 Business Day
	 	 	19	 
	1.6 Accounting Standards
	 	 	19	 
	 
	 	 	 	 
	2 Operation of Common Terms
	 	 	20	 
	 
	 	 	 	 
	2.1 Several obligations and rights of Lenders
	 	 	20	 
	2.2 Terms of Transaction Documents
	 	 	20	 
	 
	 	 	 	 
	3 Representations and warranties
	 	 	21	 
	 
	 	 	 	 
	3.1 Representations and warranties
	 	 	21	 
	3.2 Survival and repetition of representations and warranties
	 	 	24	 
	3.3 Reliance by Lender
	 	 	25	 
	 
	 	 	 	 
	4 Undertakings
	 	 	25	 
	 
	 	 	 	 
	4.1 Provision of information and reports
	 	 	25	 
	4.2 Proper accounts
	 	 	26	 
	4.3 Notices to the Lender
	 	 	26	 
	4.4 Compliance
	 	 	26	 
	4.5 Maintenance of capital
	 	 	26	 
	4.6 Compliance with laws and Authorisations
	 	 	27	 
	4.7 Payment of Taxes and outgoings
	 	 	27	 
	4.8 Conduct of business
	 	 	27	 
	4.9 Maintenance of existence
	 	 	27	 
	4.10 Negative pledge
	 	 	28	 
	4.11 No change to business
	 	 	28	 
	4.12 Financial accommodation
	 	 	28	 
	4.13 Restrictions on dealings
	 	 	29	 
	4.14 Maintenance of assets
	 	 	29	 
	4.15 Insurance
	 	 	29	 
	4.16 Hedging
	 	 	29	 
	4.17 Financial undertakings
	 	 	30	 
	4.18 Guarantors
	 	 	30	 
	4.19 Deed of Cross Guarantee
	 	 	30	 
	4.20 Term of undertakings
	 	 	31	 

Contents 1

 

Contents

	 	 	 	 	 
	5 Events of Default
	 	 	31	 
	 
	 	 	 	 
	5.1 Events of Default
	 	 	31	 
	5.2 Effect of Event of Default
	 	 	34	 
	5.3 Transaction Parties to continue to perform
	 	 	35	 
	5.4 Enforcement
	 	 	35	 
	 
	 	 	 	 
	6 Review Event
	 	 	35	 
	 
	 	 	 	 
	7 Guarantee and indemnity
	 	 	36	 
	 
	 	 	 	 
	7.1 Guarantee
	 	 	36	 
	7.2 Payment
	 	 	36	 
	7.3 Securities for other money
	 	 	36	 
	7.4 Amount of Outstanding Moneys
	 	 	36	 
	7.5 Proof by Lender
	 	 	37	 
	7.6 Avoidance of payments
	 	 	37	 
	7.7 Indemnity for avoidance of Outstanding Moneys
	 	 	37	 
	7.8 No obligation to marshal
	 	 	38	 
	7.9 Non-exercise of Guarantors’ rights
	 	 	38	 
	7.10 Principal and independent obligation
	 	 	38	 
	7.11 Suspense account
	 	 	39	 
	7.12 Unconditional nature of obligations
	 	 	39	 
	7.13 No competition
	 	 	41	 
	7.14 Continuing guarantee
	 	 	42	 
	7.15 Variation
	 	 	42	 
	7.16 Judgments
	 	 	43	 
	 
	 	 	 	 
	8 German Guarantors
	 	 	43	 
	 
	 	 	 	 
	9 Payments
	 	 	44	 
	 
	 	 	 	 
	9.1 Manner of payment
	 	 	44	 
	9.2 Payments on a Business Day
	 	 	44	 
	9.3 Payments in gross
	 	 	44	 
	9.4 Additional payments
	 	 	45	 
	9.5 Taxation deduction procedures
	 	 	45	 
	9.6 Tax Credit
	 	 	45	 
	9.7 Tax affairs
	 	 	45	 
	9.8 Amounts payable on demand
	 	 	46	 
	9.9 Appropriation of payments
	 	 	46	 
	9.10 Currency exchanges
	 	 	46	 
	9.11 Currency of account
	 	 	46	 
	9.12 Change of currency
	 	 	47	 
	 
	 	 	 	 
	10 Increased costs and illegality
	 	 	47	 
	 
	 	 	 	 
	10.1 Increased costs
	 	 	47	 
	10.2 Illegality
	 	 	48	 
	 
	 	 	 	 
	11 Indemnities
	 	 	49	 
	 
	 	 	 	 
	11.1 General indemnity
	 	 	49	 
	11.2 Foreign currency indemnity
	 	 	49	 
	11.3 Conversion of currencies
	 	 	50	 
	11.4 Continuing indemnities and evidence of loss
	 	 	50	 
	 
	 	 	 	 
	12 Fees, Tax, costs and expenses
	 	 	50	 
	 
	 	 	 	 
	12.1 Tax
	 	 	50	 
	12.2 Costs and expenses
	 	 	51	 

Contents 2

 

Contents

	 	 	 	 	 
	12.3 GST
	 	 	51	 
	 
	 	 	 	 
	13 Assignment and substitution
	 	 	52	 
	 
	 	 	 	 
	13.1 Assignment by Transaction Party
	 	 	52	 
	13.2 Assignment by Lender
	 	 	52	 
	13.3 Assist
	 	 	52	 
	13.4 Securitisation permitted
	 	 	52	 
	13.5 Participation permitted
	 	 	53	 
	13.6 Lending Office
	 	 	53	 
	13.7 No increase in costs
	 	 	53	 
	 
	 	 	 	 
	14 New Lenders and Additional Transaction Parties
	 	 	53	 
	 
	 	 	 	 
	14.1 New Lenders
	 	 	53	 
	14.2 Retired Lenders
	 	 	53	 
	14.3 Additional Borrowers
	 	 	53	 
	14.4 Additional Guarantors
	 	 	54	 
	14.5 Repetition of Representations
	 	 	54	 
	 
	 	 	 	 
	15 Representatives
	 	 	54	 
	 
	 	 	 	 
	15.1 Lender as agent or trustee
	 	 	54	 
	15.2 Transaction Parties’ agent
	 	 	55	 
	 
	 	 	 	 
	16 Saving provisions
	 	 	55	 
	 
	 	 	 	 
	16.1 No merger of security
	 	 	55	 
	16.2 Exclusion of moratorium
	 	 	55	 
	16.3 Conflict
	 	 	56	 
	16.4 Consents
	 	 	56	 
	16.5 Principal obligations
	 	 	56	 
	16.6 Non-avoidance
	 	 	56	 
	16.7 Set-off authorised
	 	 	57	 
	16.8 Lender’s certificates and approvals
	 	 	57	 
	16.9 No reliance or other obligations and risk assumption
	 	 	57	 
	16.10 Power of attorney
	 	 	58	 
	 
	 	 	 	 
	17 General
	 	 	58	 
	 
	 	 	 	 
	17.1 Confidential information
	 	 	58	 
	17.2 Transaction Party to bear cost
	 	 	59	 
	17.3 Dispute Resolution
	 	 	59	 
	17.4 Notices
	 	 	61	 
	17.5 Governing law and jurisdiction
	 	 	62	 
	17.6 Prohibition and enforceability
	 	 	62	 
	17.7 Waivers
	 	 	63	 
	17.8 Variation
	 	 	63	 
	17.9 Cumulative rights
	 	 	63	 
	17.10 Counterparts
	 	 	63	 
	17.11 Attorneys
	 	 	63	 
	 
	 	 	 	 
	Schedules
	 	 	 	 
	 
	 	 	 	 
	Parties
	 	 	65	 
	 
	 	 	 	 
	Part 1 – Original Borrowers
	 	 	65	 
	 
	 	 	 	 
	Part 2 – Original Guarantors
	 	 	67	 
	 
	 	 	 	 
	Part 3 – Original Lender
	 	 	71	 

Contents 3

 

Contents

	 	 	 	 	 
	Verification certificate
	 	 	72	 
	 
	 	 	 	 
	Compliance Certificate
	 	 	75	 
	 
	 	 	 	 
	Conditions Precedent
	 	 	77	 
	 
	 	 	 	 
	Signing page
	 	 	78	 
	 
	 	 	 	 
	Attachments
	 	 	 	 
	 
	 	 	 	 
	Accession Deed – Additional Guarantors and Additional Borrowers
	 	 	 	 
	 
	 	 	 	 
	Accession Deed – New Lenders
	 	 	 	 

Contents 4

 

The agreement

Common Terms Deed

   Date
4 2 November 2009

	 	 	 
	
Between the parties 

Sims

	 	Sims Metal Management Limited

ACN 114 838 630 of Sir Joseph Banks Corporate Park,
Suite 3, Level 2 32-34 Lord Street Botany NSW 2019
	 
	 

	 	(Sims)
	 
	 	 
	Original Borrowers

	 	Each party listed in Part 1 of Schedule 1
	 
	 

	 	(each an Original Borrower)
	 
	 	 
	Original Guarantors

	 	Each party listed in Part 2 of Schedule 1
	 
	 

	 	(each an Original Guarantor)
	 
	 	 
	Original Lender

	 	The party listed in Part 3 of Schedule 1
	 
	 

	 	(Original Lender)
	 
	 	 
	Background

	 	1    One or more of the Lenders may agree from time to
time to provide Facilities to one or more of the
Borrowers.

	 
	 

	 	2    The Transaction Parties and each Lender wish to set
out in this deed standard terms and conditions to
apply to each Facility.

	 
	 	 
	This deed witnesses

	 	that in consideration of, among other things, the
mutual promises contained in this deed, the parties
agree as set out in the Operative part of this deed.

page 1

 

Operative part

	1	 	Definitions and interpretation
	 
	1.1	 	Agreement components
	 
	 	 	This deed includes any schedule.
	 
	1.2	 	Definitions
	 
	 	 	The meanings of the terms used in this document are set out below.

	 	 	 
	Term	 	Meaning
	 
	 	 
	Accession Deed

	 	an accession deed in the form of Attachment 1.
	 
	 	 
	Accounting Standards

	 	generally accepted accounting principles in Australia.
	 
	 	 
	ACDC

	 	Australian Commercial Disputes Centre Limited.
	 
	 	 
	ACDC Guidelines for 

Expert Determination

	 	the ACDC Guidelines for Expert Determination (or, if the ACDC ceases to
exist, the guidelines for expert determination of any similar organisation
nominated by the Law Society of NSW) in force from time to time.
	 
	 	 
	Additional Borrower

	 	a person which becomes an Additional Borrower in accordance with clause 14.3.
	 
	 	 
	Additional Guarantor

	 	a person which becomes an Additional Borrower in accordance with clause 14.4.
	 
	 	 
	Attorney

	 	an attorney appointed under a Transaction Document.
	 
	 	 
	Authorisation

	 	1    any consent, registration, filing, agreement, notice of non-objection,
notarisation, certificate, licence, approval, permit, authority or exemption
from, by or with a Government Agency; or

	 
	 	 
	 

	 	2    in relation to anything which a Government Agency may prohibit or restrict
within a specific period, the expiry of that period without intervention or
action or notice of intended intervention or action.

page 2

 

			
	 	 	 
	
	 	1 <Definition and interpretation

	 	 	 
	Term	 	Meaning
	Bill

	 	a bill of exchange as defined in the Bills of Exchange Act 1909 (Cth).
	 
	 	 
	Borrower

	 	1    each Original Borrower; and

	 
	 	 
	 

	 	2    each Additional Borrower.

	 
	 	 
	Business Day

	 	1    for the purposes of clause 17.4, a day on which banks are open for business
in the city where the notice or other communication is received excluding a
Saturday, Sunday or public holiday; and

	 
	 	 
	 

	 	2    for the purposes of a Transaction Document, any other day specified as a
Business Day for the purposes of that Transaction Document;

	 
	 	 
	 

	 	3    for all other purposes, a day on which banks are open for business in
Sydney and Melbourne excluding a Saturday, Sunday or public holiday.

	 
	 	 
	Calculation Date

	 	30 June and 31 December in each year.
	 
	 	 
	Calculation Period

	 	each period of 12 months ending on a Calculation Date.
	 
	 	 
	Change in Law

	 	any present or future law, regulation, treaty, order or official directive or
request (which, if not having the force of law, would be complied with by a
responsible financial institution) which:
	 
	 

	 	1    commences, is introduced, or changes, after the date of this deed; and

	 
	 	 
	 

	 	2    does not relate to a change in the effective rate at which Tax is imposed
on the overall net income of the Lender.

	 
	 	 
	Collateral Security

	 	any present or future Encumbrance, Guarantee or other document or agreement
created or entered into by a Transaction Party or any other person as
security for, or to credit enhance, the payment of any of the Outstanding
Moneys.
	 
	 	 
	Compliance Certificate

	 	a certificate in the form of Schedule 3.
	 
	 	 
	Contamination

	 	in respect of a property, the presence of Pollutants:
	 
	 

	 	1    in, on or under the property; or

	 
	 	 
	 

	 	2    in the ambient air and emanating from the property.

	 
	 	 
	Contested Tax

	 	a Tax payable by a Transaction Party where the Transaction Party is
contesting its liability to pay that Tax, and has reasonable grounds to do
so, having set aside adequate reserves of liquid assets to satisfy the
liability if that contest is unsuccessful.

page 3

 

			
	 	 	 
	
	 	1 <Definition and interpretation

	 	 	 
	Term	 	Meaning
	Contingent Liability

	 	uncalled capital held by any member of the Sims Group in any corporation
other than another member of the Sims Group and any other contingent
liability under a Guarantee given by any member of the Sims Group to any
person other than another member of the Sims Group.
	 
	 	 
	Control

	 	control as defined in section 50AA of the Corporations Act.
	 
	 	 
	Controller

	 	a controller as defined in section 9 of the Corporations Act.
	 
	 	 
	Corporations Act

	 	the Corporations Act 2001 (Cth).
	 
	 	 
	Deed of Cross Guarantee

	 	any deed entered into in connection with the granting by the Australian
Securities & Investments Commission of an order pursuant to Part 2M.6 of the
Corporations Act.
	 
	 	 
	Default

	 	1    an Event of Default; or

	 
	 	 
	 

	 	2    a Potential Event of Default.

	 
	 	 
	Dispute

	 	has the meaning given in clause 17.3(d).
	 
	 	 
	Distribution

	 	any dividend, distribution or other amount declared or paid by a Transaction
Party on any Marketable Securities issued by it.
	 
	 	 
	Dollars, A$ and $

	 	the lawful currency of the Commonwealth of Australia.
	 
	 	 
	EBITDA

	 	for a relevant period and in respect of the Sims Group, the profit on
ordinary activities before:
	 
	 

	 	1    taxation;

	 
	 	 
	 

	 	2    Net Interest Expense; and

	 
	 	 
	 

	 	3    amortisation of intangible assets and depreciation of tangible assets of
the Sims Group,

	 

	 	as shown on a consolidated basis and as disclosed in the Sims Group’s most
recent audited consolidated annual Financial Reports or semi-annual audited
or unaudited consolidated Financial Reports, as applicable. 

For the purposes of calculating EBITDA, the calculation will exclude:
	 
	 

	 	1    any significant non-cash items or items disclosed as required by AASB
101.97 and AASB 101.98 due to their size or nature or by the corresponding
provisions of future revisions of this accounting standard, that are of a
non-recurring nature including but not limited to:

page 4

 

			
	 	 	 
	
	 	1 <Definition and interpretation

	 	 	 
	Term	 	Meaning

	 	•	 	losses or gains on the sale or revaluation of assets,
	 
	 	•	 	costs relating to restructuring and redundancy,
	 
	 	•	 	discontinued operations,
	 
	 	•	 	discounts on acquisition and gains on formation of joint ventures,
	 
	 	•	 	post acquisition adjustments to contingent liabilities recorded on
the date of a business acquisition pursuant to purchase accounting rule
changes to be introduced on 1 July 2009, and
	 
	 	•	 	costs associated with becoming Sarbanes-Oxley Act compliant (as
required following the Sims Group’s registration as an issuer in the United
States of America);

	 	2	 	significant unrealized gains or losses;
	 
	 	3	 	any other significant non-cash items or items including but not limited to:

	 	•	 	write downs of inventory to net realisable value and
	 
	 	•	 	forgone profit arising from sales contract negotiations; and

	 	4	 	any impairment charge or loss (or gain or reversal) relating to the
recoverable amount of assets (including any impairment charge relating to
goodwill or identified intangible assets),

	 	 	 
	 

	 	that are of a non-recurring nature.
	 
	 	 
	 

	 	The foregoing adjustments to EBITDA in paragraphs (1) to (3) for each
Calculation Period will be agreed by the Lender and Sims in writing prior to
the end of that Calculation Period, subject to the operation of clause 17.3.
	 
	 	 
	 

	 	Except for the purpose of calculating the ratio of Net Interest Expense to
EBITDA under clause 4.17(a)(2), EBITDA as calculated on any Calculation Date
will be adjusted to take into account the effects of any acquisitions or
disposals of any company or business made during the Calculation Period
ending on that Calculation Date. The adjustments will be made on the basis
of the historical EBITDA of the company or business acquired or disposed of
in the Calculation Period and ending on that Calculation Date by reference to
historical EBITDA for the twelve months immediately preceding the Calculation
Date and by reference to:
	 
	 	 
	 

	 	1    in the case of a disposal, the period of time during which the applicable
company or business was part of the Sims Group; or

	 
	 	 
	 

	 	2    in the case of an acquisition, for that period being the twelve months
immediately preceding the Calculation Date.

	 
	 	 
	Encumbrance

	 	an interest or power:
	 
	 	 
	 

	 	1    reserved in or over an interest in any asset, including any retention of
title; or

	 
	 	 
	 

	 	2    created or otherwise arising in or over any interest in any asset under a
bill of sale, mortgage, charge, lien, pledge, trust or power,

	 
	 	 
	 

	 	by way of, or having similar commercial effect to, security for the payment
of a debt, any other monetary obligation or the performance of

page 5

 

			
	 	 	 
	
	 	1 <Definition and interpretation

	 	 	 
	Term	 	Meaning
	 

	 	any other
obligation, and includes any agreement to grant or create any of the above.
	 
	 	 
	Environmental Law

	 	any legislation regulating Pollutants in connection with the protection of
the environment or health and safety.
	 
	 	 
	Environmental Liability

	 	any actual or potential Loss incurred or which may be incurred in connection
with:
	 
	 	 
	 

	 	1    the investigation or remediation;

	 
	 	 
	 

	 	2    a claim by any third party;

	 
	 	 
	 

	 	3    any action, order, declaration or notice by a Government Agency under an
Environmental Law; or

	 
	 	 
	 

	 	4    any agreement between a Transaction Party and any:

	 	•	 	owner or occupier of land; or
	 
	 	•	 	Government Agency;

	 	 	 
	 

	 	of or in respect of Contamination of any Premises.
	 
	 	 
	ERISA

	 	the Employee Retirement Income Security Act of 1974, as amended from time to
time, and the rules and regulations thereunder.
	 
	 	 
	ERISA Affiliate

	 	all members of a controlled group of corporations and all trades and
businesses (whether or not incorporated) under common control and all other
entities which, together with an Undertaking Company and any Subsidiary are
treated as a single employer under any or all of Sections 414(b), (c), (m) or
(o) of the United States Internal Revenue Code of 1986, as amended from time
to time, and the rules and regulations thereunder.
	 
	 	 
	Event of Default

	 	in respect of a Lender, any event specified in clause 5.1.
	 
	 	 
	Excluded Tax

	 	a Tax imposed by any jurisdiction on the net income of the Lender but not a
Tax:
	 
	 	 
	 

	 	1    calculated on or by reference to the gross amount of any payment (without
allowance for any deduction) derived by the Lender under a Transaction
Document or any other document referred to in a Transaction Document; or

	 
	 	 
	 

	 	2    imposed as a result of the Lender being considered a resident of or
organised or doing business in that jurisdiction solely as a result of it
being a party to a Transaction Document or any transaction contemplated by a
Transaction Document.

	 
	 	 
	Facility

	 	in respect of a Lender, any facility made available to a Borrower by that
Lender pursuant to a Facility Agreement.

page 6

 

			
	 	 	 
	
	 	1 <Definition and interpretation

	 	 	 
	Term	 	Meaning
	Facility Agreement

	 	1    in respect of the Original Lender, the facility agreement dated on or about
the date of this deed between the Original Lender and the Original Borrowers;
and

	 
	 	 
	 

	 	2    in respect of each New Lender, the agreement or instrument evidencing or
containing the terms of Financial Indebtedness of a Borrower to the New
Lender as described in the Lender Accession Deed for that New Lender, 

but does not include any Facility Agreement of a Retired Lender.

	 
	 	 
	Financial Indebtedness

	 	any debt or other monetary liability in respect of moneys borrowed or raised
or any financial accommodation including under or in respect of any:
	 
	 	 
	 

	 	1    Bill, bond, debenture, note or similar instrument;

	 
	 	 
	 

	 	2    acceptance, endorsement or discounting arrangement;

	 
	 	 
	 

	 	3    Guarantee;

	 
	 	 
	 

	 	4    finance or capital Lease;

	 
	 	 
	 

	 	5    agreement for the deferral for more than 90 days of a purchase price or
other payment in relation to the acquisition of any asset or service;

	 
	 	 
	 

	 	6    obligation to deliver goods or provide services paid for in advance by any
financier;

	 
	 	 
	 

	 	7    agreement for the payment of capital or premium on the redemption of any
preference shares; or

	 
	 	 
	 

	 	8    interest or currency swap or hedge arrangement, financial option, futures
contract or analogous transaction (the amount of such Financial Indebtedness
being the marked to market value of the relevant transaction);

	 
	 	 
	 

	 	9    counter indemnity obligation in respect of a guarantee, bond, standby or
documentary letter of credit or any other instrument issued by a bank or
financial institution,

	 
	 	 
	 

	 	and irrespective of whether the debt or liability:
	 
	 	 
	 

	 	10    is present or future;

	 
	 	 
	 

	 	11    is actual, prospective, contingent or otherwise;

	 
	 	 
	 

	 	12    is at any time ascertained or unascertained;

	 
	 	 
	 

	 	13    is owed or incurred alone or severally or jointly or both with any other
person; or

	 
	 	 
	 

	 	14    comprises any combination of the above.

	 
	 	 
	Financial Report

	 	in relation to an entity, the following financial statements and information
in relation to the entity, prepared for its financial half year or financial
year:
	 
	 	 
	 

	 	1    an income statement;

	 
	 	 
	 

	 	2    a balance sheet;

page 7

 

			
	 	 	 
	
	 	1 <Definition and interpretation

	 	 	 
	Term	 	Meaning
	 

	 	3    a statement of changes in equity; and

	 
	 	 
	 

	 	4    a cash flow statement.

	 
	 	 
	Fixed Charges

	 	for any period, with respect to the Sims Group, the sum of:
	 
	 	 
	 

	 	1    the aggregate amount of interest paid or accrued in respect of moneys
borrowed or raised or in respect of any financial accommodation on a
consolidated basis (including without limitation amortisation of original
issue discounts on any such moneys or accommodation, commissions, discounts
and facility, acceptance, usage and issuance and any other fees and charges
with respect to any Guarantee, promissory note or acceptance or any
discounting arrangements);

	 
	 	 
	 

	 	2    all but the principal component of rentals in respect of capitalised rent
paid, accrued or scheduled to be paid or accrued on a consolidated basis
during such period; and

	 
	 	 
	 

	 	3    dividends paid, accrued or scheduled to be paid or accrued on a
consolidated basis in respect of shares or stock which are Financial
Indebtedness during the relevant period.

	 
	 	 
	Funding Date

	 	in respect of a Lender, each date on which financial accommodation is
provided, or is to be provided, to the Borrower under a Facility of that
Lender.
	 
	 	 
	German Guarantor

	 	1    for the purposes of clause 8 only, a Guarantor incorporated as a limited
liability company (GmbH) under the laws of Germany; or

	 
	 	 
	 

	 	2    for all other purposes, a Guarantor which is incorporated in, resident in
or whose principal area of business is in Germany.

	 
	 	 
	Government Agency

	 	any government or any governmental, semi-governmental, administrative, fiscal
or judicial body, department, commission, authority, tribunal, agency or
entity.
	 
	 	 
	GST

	 	the goods and services tax levied under the GST Act.
	 
	 	 
	GST Act

	 	the A New Tax System (Goods and Services Tax) Act 1999 (Cth).
	 
	 	 
	Guarantee

	 	any guarantee, suretyship, letter of credit, letter of comfort or any other
obligation:
	 
	 	 
	 

	 	1    to provide funds (whether by the advance or payment of money, the purchase
of or subscription for shares or other securities, the purchase of assets or
services, or otherwise) for the payment or discharge of;

	 
	 	 
	 

	 	2   to indemnify any person against the consequences of default in the payment
of; or

page 8

 

			
	 	 	 
	
	 	1 <Definition and interpretation

	 	 	 
	Term	 	Meaning
	 

	 	3    to be responsible for,

	 
	 	 
	 

	 	any debt or monetary liability of another person or the assumption of any
responsibility or obligation in respect of the insolvency or the financial
condition of any other person.
	 
	 	 
	Guaranteed Share

	 	any share or stock issued by a member of the Sims Group where redemption of
such share or stock or the payment of capital or dividends on such share or
stock is the subject of a Guarantee of a member of the Sims Group or a
Guarantee of another person who will have recourse in respect of its
liability under that Guarantee directly or indirectly to a member of the Sims
Group or its assets (other than as a shareholder).
	 
	 	 
	Guarantor

	 	1    each Original Guarantor; and

	 
	 	 
	 

	 	2    each Additional Guarantor.

	 
	 	 
	Hedging Agreement

	 	each interest rate, foreign exchange transaction, equity or equity index
option, bond option, commodity swap, commodity option, cap transaction,
currency swap transaction, cross-currency swap rate transaction or any other
hedge or derivative agreement entered into by a Transaction Party, including
any master agreement and any transaction or confirmation under it.
	 
	 	 
	Insolvent

	 	an entity is Insolvent if:
	 
	 	 
	 

	 	1    it is (or states that it is) an insolvent under administration or insolvent
(each as defined in the Corporations Act); or

	 
	 	 
	 

	 	2    it is in liquidation, in provisional liquidation, under administration or
wound up or has had a Controller appointed to its property; or

	 
	 	 
	 

	 	3    it is subject to any arrangement, assignment, moratorium or composition,
protected from creditors under any statute or dissolved (in each case, other
than to carry out a reconstruction or amalgamation while solvent which does
not have, or is not likely to have, a Material Adverse Effect); or

	 
	 	 
	 

	 	4    an application or order has been made (and, in the case of an application,
it is not stayed, withdrawn or dismissed within 14 days), resolution passed,
proposal put forward, or any other action taken, in each case in connection
with that person, which is preparatory to or could result in any of (1), (2)
or (3) above; or

	 
	 	 
	 

	 	5    it is taken (under section 459F(1) of the Corporations Act) to have failed
to comply with a statutory demand; or

	 
	 	 
	 

	 	6    it is the subject of an event described in section 459C(2)(b) or
section 585 of the Corporations Act (or it makes a statement from which the
Bank reasonably deduces it is so subject); or

	 
	 	 
	 

	 	7    it is otherwise unable to pay its debts when they fall due; or

	 
	 	 
	 

	 	8    something having a substantially similar effect to (1) to (7) happens in
connection with that entity under the law of any jurisdiction.

page 9

 

			
	 	 	 
	
	 	1 <Definition and interpretation

	 	 	 
	Term	 	Meaning
	Intangible Assets

	 	include all goodwill, copyright, patents, trade marks and licences, research
and development, future income tax benefit, underwriting and formation
expenses and other items of a like nature which according to current
accounting practices are regarded as unidentifiable and intangible assets.
	 
	 	 
	Issue

	 	any dispute (other than a dispute that is frivolous or vexatious) between
Sims and the Lender as to the calculation of the adjustments to be made in
accordance with paragraphs (1) to (4) of the definition of EBITDA in clause
1.1.
	 
	 	 
	Latest Audited 

Consolidated Balance 

Sheet

	 	at any time, the most recently prepared audited consolidated balance sheet of
the Sims Group, or if a half yearly unaudited balance sheet has been prepared
more recently, that half yearly balance sheet.
	 
	 	 
	Lease

	 	a lease, charter, hire purchase, hiring agreement or any other agreement
under which any property is or may be used or operated by a person other than
the owner.
	 
	 	 
	Lender

	 	severally:
	 
	 	 
	 

	 	1    the Original Lender; and

	 
	 	 
	 

	 	2    any New Lender,

	 
	 	 
	 

	 	other than a Retired Lender.
	 
	 	 
	Lender Accession Deed

	 	an accession deed in the form of Attachment 2.
	 
	 	 
	Lending Office

	 	1    in respect of the Original Lender, the office of the Original Lender set
out in Schedule 1; and

	 
	 	 
	 

	 	2    in respect of each other Lender, the office of that Lender set out in its
Accession Deed,
or any other office notified by the Lender under this deed.

	 
	 	 
	Loss

	 	any claim, action, damage, loss, liability, cost, charge, expense, outgoing
or payment.
	 
	 	 
	Marketable Securities

	 	marketable securities as defined in section 9 of the Corporations Act.
	 
	 	 
	Material Adverse Effect

	 	in respect of a Lender, a material adverse effect on:
	 
	 	 
	 

	 	1    the financial condition of the Transaction Parties (taken as a whole);

	 
	 	 
	 

	 	2    any Transaction Party’s ability to perform any of its obligations under any
Transaction Document of that Lender;

page 10

 

			
	 	 	 
	
	 	1 <Definition and interpretation

	 	 	 
	Term	 	Meaning
	 

	 	3    the validity or enforceability of the whole or any material part of a
Transaction Document or any material rights or remedies of a Lender under the
Transaction Documents of that Lender; or

	 
	 	 
	 

	 	4    any Encumbrance provided to that Lender by a Transaction Party.

	 
	 	 
	Net Interest Expense

	 	for any period, the aggregate (without double counting) of all interest paid
or accrued during that period in respect of any Financial Indebtedness of the
Sims Group (including any fees and charges with respect to any guarantee,
indemnity or letter of credit or under any bill of exchange, promissory note
or any other acceptance or discounting arrangement and any finance charges
paid or payable under any hire purchase agreement or lease agreement for
which a member of the Sims Group is actually or contingently liable) less any
interest income of the Sims Group during that period.
	 
	 	 
	New Lender

	 	a person who has executed a Lender Accession Deed in accordance with clause
14.
	 
	 	 
	Officer

	 	1    in relation to a Transaction Party, a director or a secretary, or a person
notified to be an authorised officer, of the Transaction Party;

	 
	 	 
	 

	 	2    in relation to a Lender, any person whose title includes the word
‘Director’, ‘Managing Director’, ‘Manager’ or ‘Vice President’, and any other
person appointed by the Lender to act as its authorised officer for the
purposes of this deed.

	 
	 	 
	Other Facility Document

	 	in respect of a Lender, any agreement that any Relevant Company has entered
into or will enter into in connection with the provision to a member of the
Sims Group of financial accommodation or under which a member of the Sims
Group incurs or may incur Financial Indebtedness other than a Transaction
Document of that Lender.
	 
	 	 
	Outstanding Moneys

	 	in respect of a Lender, all debts and monetary liabilities of each
Transaction Party to the Lender under or in relation to any Transaction
Document and in any capacity, irrespective of whether the debts or
liabilities:
	 
	 	 
	 

	 	1    are present or future;

	 
	 	 
	 

	 	2    are actual, prospective, contingent or otherwise;

	 
	 	 
	 

	 	3    are at any time ascertained or unascertained;

	 
	 	 
	 

	 	4    are owed or incurred by or on account of any Transaction Party alone, or
severally or jointly with any other person;

	 
	 	 
	 

	 	5    are owed to or incurred for the account of the Lender alone, or severally
or jointly with any other person;

	 
	 	 
	 

	 	6    are owed to any other person as agent (whether disclosed or not) for or on
behalf of the Lender;

	 
	 	 
	 

	 	7    are owed or incurred as principal, interest, fees, charges, taxes, duties
or other imposts, damages (whether for breach of contract or

page 11

 

			
	 	 	 
	
	 	1 <Definition and interpretation

	 	 	 
	Term	 	Meaning
	 

	 	tort or incurred
on any other ground), losses, costs or expenses, or on any other account;
	 
	 	 
	 

	 	8    are owed to or incurred for the account of the Lender directly or as a
result of:

	 	•	 	the assignment or transfer to the Lender of any debt or liability of
any Transaction Party (whether by way of assignment, transfer or otherwise);
or
	 
	 	•	 	any other dealing with any such debt or liability;

	 	 	 
	 

	 	9    are owed to or incurred for the account of the Lender before the date of
this deed, or before the date of any assignment of this deed to the Lender by
any other person or otherwise; or

	 
	 	 
	 

	 	10    comprise any combination of the above.

	 
	 	 
	Payment Currency

	 	the currency in which any payment is actually made.
	 
	 	 
	Permitted Encumbrance

	 	1    A lien or statutory charge which arises by operation of law in the ordinary
course of day to day business and does not secure Financial Indebtedness, but
only so long as the amount secured is paid on the due date, except where that
amount is being contested in good faith; and

	 
	 	 
	 

	 	2    Encumbrances that at any time secure an amount of secured liabilities of
entities within the Sims Group not exceeding in aggregate an amount equal to
5% of Total Tangible Assets at that time,
which affects or relates to any of the assets of any Transaction Party.

	 
	 	 
	Permitted Financial

	 	any financial accommodation provided by a Transaction Party:
	Accommodation
	 	 
	 
	 	 
	 

	 	1    under the Transaction Documents;

	 
	 	 
	 

	 	2    to another Transaction Party;

	 
	 	 
	 

	 	3    in the form of deposits held with financial institutions in the ordinary
course of business and supplier advances for which security adequate to cover
the amount of the supplier advance is taken; or

	 
	 	 
	 

	 	4    to parties other than other Transaction Parties which when added to all
such other outstanding accommodation provided by all Relevant Companies does
not exceed A$35,000,000.

	 
	 	 
	Pollutant

	 	a pollutant, contaminant, dangerous, toxic or hazardous substance, petroleum
or petroleum product, chemical, solid, special liquid, industrial or other
waste.
	 
	 	 
	Potential Event of
Default

	 	in respect of a Lender, any thing which would become an Event of Default on
the giving of notice (whether or not notice is actually given), the expiry of
time or any combination of the above.

page 12

 

			
	 	 	 
	
	 	1 <Definition and interpratation

	 	 	 
	Term	 	Meaning
	 
	 	 
	Power

	 	any right, power, authority, discretion or remedy conferred on the Lender or
an Attorney by any Transaction Document or any applicable law.
	 
	 	 
	Premises

	 	any property owned or occupied by a Transaction Party or which is used by a
Transaction Party to carry on any activities.
	 
	 	 
	Principal Outstanding

	 	at any time in respect of a Lender, the aggregate principal amount of all
Financial Indebtedness outstanding under the Transaction Documents of that
Lender at that time.
	 
	 	 
	Reference Bank

	 	1    Commonwealth Bank of Australia;

	 
	 	 
	 

	 	2    Westpac Banking Corporation;

	 
	 	 
	 

	 	3    Australia and New Zealand Banking Group Limited; and

	 
	 	 
	 

	 	4    National Australia Bank Limited,

	 
	 	 
	 

	 	or such other person as the Lender and the Borrower may agree.
	 
	 	 
	Related Body Corporate

	 	a related body corporate as defined in section 50 of the Corporations Act.
	 
	 	 
	Relevant Currency

	 	the currency in which a payment is required to be made under the relevant
Transaction Document and, if not expressly stated to be another currency, is
Dollars.
	 
	 	 
	Relevant Company

	 	any Transaction Party or any Subsidiary of any of them.
	 
	 	 
	Retired Lender

	 	a Lender which has been released under clause 14.2.
	 
	 	 
	Review Event

	 	in respect of a Lender, any event specified in clause 6(a) in respect of that
Lender.
	 
	 	 
	Same Day Funds

	 	immediately available and freely transferable funds.
	 
	 	 
	Selection Date

	 	the last day of an Interest Period.
	 
	 	 
	Sims Group

	 	Sims and its Subsidiaries.
	 
	 	 
	Subsidiary

	 	a subsidiary as defined in section 46 of the Corporations Act.

page 13 

 

			
	 	 	 
	
	 	1 <Definition and interpratation

	 	 	 
	Term	 	Meaning
	 
	 	 
	Tangible Assets

	 	all assets other than Intangible Assets.
	 
	 	 
	Tangible Net Worth

	 	at any time, Total Tangible Assets less:
	 
	 	 
	 

	 	•   Total Indebtedness; and

	 
	 	 
	 

	 	•   aggregate Intangible Assets of the Sims Group.

	 
	 	 
	Tax

	 	1   any tax including the GST, levy, charge, impost, duty, fee, deduction,
compulsory loan or withholding; or

	 
	 	 
	 

	 	2   any income, stamp or transaction duty, tax or charge,

	 
	 	 
	 

	 	which is assessed, levied, imposed or collected by any Government Agency and
includes any interest, fine, penalty, charge, fee or other amount imposed on
or in respect of any of the above.

	 
	 	 
	Tax Act

	 	the Income Tax Assessment Act 1936 (Cth) or the Income Tax Assessment Act
1997 (Cth) as applicable.
	 
	 	 
	Tax Invoice

	 	includes any document or record treated by the Commissioner of Taxation as a
tax invoice or as a document entitling a recipient to an input tax credit.
	 
	 	 
	Total Indebtedness

	 	at any time the aggregate amount (as disclosed by the Latest Audited
Consolidated Balance Sheet) of all secured and unsecured liabilities of the
Sims Group together with, unless already included in the Latest Audited
Consolidated Balance Sheet:
	 
	 	 
	 

	 	1    the aggregate amount (as disclosed by its latest audited balance sheet) of
all secured and unsecured liabilities of any entity which has become a member
of the Sims Group since the date of the Latest Audited Consolidated Balance
Sheet and all other amounts which would be included in this definition if
references to the Latest Audited Consolidated Balance Sheet were to be to the
latest audited balance sheet of that entity;

	 
	 	 
	 

	 	2   the unrepaid principal (or its equivalent) of any Financial Indebtedness
where the proceeds or benefits of that Financial Indebtedness:

	 
	 	 
	 

	 	•   have been received by any member of the Sims Group, since the date of
the Latest Audited Consolidated Balance Sheet, excluding the amount of any
such proceeds which have been applied in reduction of any secured or
unsecured liabilities included in this definition; or

	 
	 	 
	 

	 	•   are to be received by any member of the Sims Group and the receipt of
such proceeds or benefits has been underwritten or otherwise assured to the
satisfaction of the auditor of the Sims Group;

	 
	 	 
	 

	 	3    the paid up capital amount and accrued but unpaid dividends of Guaranteed Shares;

page 14 

 

			
	 	 	 
	
	 	1 <Definition and interpratation

	 	 	 
	Term	 	Meaning
	 
	 	 
	 
	 	 
	 

	 	and after:
	 
	 	 
	 

	 	4   deducting:

	 
	 	 
	 

	 	•   the aggregate amount of all secured and unsecured liabilities of any
entity which has ceased to be a member of the Sims Group since the date of
the Latest Audited Consolidated Balance Sheet and in respect of which no
other member of the Sims Group has any liability; and

	 
	 	 
	 

	 	•   the aggregate amount of all liabilities which in the opinion of the
auditor of the Sims Group have been defeased in such a way as to enable any
such liability to be considered as having been extinguished within the
meaning of paragraph 30 of Australian Accounting Standard AAS23; and

	 
	 	 
	 

	 	•   debt reductions of the type referred to in the third bullet point of
paragraph 2 of the definition of “Total Tangible Assets”;

	 
	 	 
	 

	 	5   eliminating all inter-entity balances among the members of the Sims Group
or any of them (including any member of the Sims Group which has become one
since the date of the Latest Audited Consolidated Balance Sheet); and

	 
	 	 
	 

	 	6   making such further adjustments (including elimination of any double
counting arising in relation to any Guarantee and the obligation or
indebtedness that is the subject of the Guarantee) which in the opinion of
the auditor of the Sims Group are appropriate to make a proper determination
of the total amount of the aggregate indebtedness of the members of the Sims
Group.

	 
	 	 
	 

	 	In this definition references to “secured and unsecured liabilities” shall
include (without limiting the generality of the expression) all Financial
Indebtedness and provisions for estimated liabilities for income taxes, long
service leave and dividends recommended, declared or accrued but unpaid and
provisions for any Contingent Liability but shall not include paid up share
capital (other than Guaranteed Shares), reserves of any nature or
undistributed profits.
	 
	 	 
	Total Tangible Assets

	 	at any time the aggregate of the book values, as disclosed by the Latest
Audited Consolidated Balance Sheet, of all Tangible Assets of the Sims Group
and of such Intangible Assets of the Sims Group as the Lender in its sole and
absolute discretion may from time to time agree, together with, (unless
already included in the Latest Audited Consolidated Balance Sheet):
	 
	 	 
	 

	 	1    the aggregate (as disclosed by its latest audited balance sheet) of the
book value of the Tangible Assets as determined by the auditor of the Sims
Group (after making provisions for depreciation and bad and doubtful debts
and any income yet to mature) of any entity which has become a member of the
Sims Group since the date of the Latest Audited Consolidated Balance Sheet;

	 
	 	 
	 

	 	2    the aggregate
proceeds of:

	 
	 	 
	 

	 	•    any issue of shares or stock (including premium) of any member of the
Sims Group received since the balance date of the latest Audited Consolidated
Balance Sheet; and

	 
	 	 
	 

	 	•    the aggregate proceeds of any calls on partly paid shares made by any
member of the Sims Group which have been received

page 15 

 

			
	 	 	 
	
	 	1 <Definition and interpratation

	 	 	 
	Term	 	Meaning
	 
	 	 
	 

	 	since the balance date of
the Latest Audited Consolidated Balance Sheet,

	 
	 	 
	 

	 	     excluding the amount of any such proceeds which:

	 
	 	 
	 

	 	•    have been applied in reduction of any secured or unsecured
liabilities included in the definition of “Total Indebtedness”; or

	 
	 	 
	 

	 	•   have been applied in acquiring any assets included in Total Tangible
Assets under this definition;

	 
	 	 
	 

	 	3    the book value of any Tangible Assets (not excluded as provided below)
acquired since the date of the Latest Audited Consolidated Balance Sheet by
any member of the Sims Group with the proceeds of the sale of shares or units
in any entity which has ceased to be a member of the Sims Group since that
date;

	 
	 	 
	 

	 	4    the book value of all assets which are or may be leased, chartered, hired,
managed, used or operated under a finance lease (where the capitalised rent
has been included in Total Indebtedness) as determined by the auditor of the
Sims Group at least annually or (at the option of Sims) the value as at the
date of calculation as assessed by a qualified independent valuer chosen by
Sims and approved by the Lender);

	 
	 	 
	 

	 	5    the proceeds of any Financial Indebtedness referred to in paragraph 2 of
the definition of “Total Indebtedness” excluding the amount of any proceeds
which:

	 
	 	 
	 

	 	•   have been applied in reduction of any other secured or unsecured
liabilities included in that definition; or

	 
	 	 
	 

	 	•    have been applied in acquiring any assets included in Total Tangible
Assets under this definition;

	 
	 	 
	 

	 	6    (if a revaluation of a Tangible Asset of any member of the Sims Group has
been carried out by an independent valuer approved by the Lender), the excess
(if any) of the fair value of that Tangible Asset as established by the
valuer over its book value (as disclosed in the Latest Audited Consolidated
Balance Sheet or, in the case of any entity which has become a member of the
Sims Group since the Latest Audited Consolidated Balance Sheet, as disclosed
in the latest audited balance sheet of that entity) and as accepted by the
auditor of the Sims Group without qualification;

and after deducting:
	 
	 	 
	 

	 	 7    the amount of any income yet to mature and the amount of provisions for
depreciation and for bad and doubtful debts as disclosed by the Latest
Audited Consolidated Balance Sheet;

	 
	 	 
	 

	 	8    the aggregate (as disclosed by the latest audited balance sheet of the
relevant entity) of the book values of the Tangible Assets of any entity
which has ceased to be a member of the Sims Group since the date of the
Latest Audited Consolidated Balance Sheet, other than Tangible Assets of that
entity which have become assets of another member of the Sims Group since
that date (except that, where a revaluation of any asset had previously been
made under paragraph 6, the fair value of that asset as determined in
accordance with that paragraph shall be used instead of the book value);

	 
	 	 
	 

	 	9    the book value of any Tangible Assets of any member of the Sims

page 16 

 

			
	 	 	 
	
	 	1 <Definition and interpratation

	 	 	 
	Term	 	Meaning
	 
	 	 
	 

	 	        Group which
have been applied since the date of the Latest Audited Consolidated Balance
Sheet in the acquisition of any entity which has become a member of the Sims
Group since that date (except that, where a revaluation of any asset had
previously been made under paragraph 6, the fair value of that asset as
determined in accordance with that paragraph shall be used instead of the
book value); and

	 
	 	 
	 

	 	10   if a revaluation of a Tangible Asset of any member of the Sims Group has
been carried out by an independent valuer (whether at the request of the
Lender or otherwise), the excess (if any) of the book value of that Tangible
Asset (as disclosed in the Latest Audited Consolidated Balance Sheet or, in
the case of any entity which has become a member of the Sims Group since the
Latest Audited Consolidated Balance Sheet, as disclosed in the latest audited
balance sheet of that entity) over its fair value as established by the
valuer and as accepted by the auditor of the Sims Group without
qualification;

	 
	 	 
	 

	 	and after:
	 
	 	 
	 

	 	11    eliminating all inter-entity balances among any of the members of the Sims
Group (including any member of the Sims Group which has become such since the
Latest Audited Consolidated Balance Sheet); and

	 
	 	 
	 

	 	12    making such further adjustments as may properly be necessary to avoid any
double counting of assets or as may be required by the auditor of the Sims
Group to enable a proper determination to be made of the total amount of the
Total Tangible Assets.

	 
	 	 
	Transaction Document

	 	in respect of a Lender:
	 
	 	 
	 

	 	1   this deed;

	 
	 	 
	 

	 	2    each Accession Deed;

	 
	 	 
	 

	 	3    each Lender Accession Deed;

	 
	 	 
	 

	 	4    each Hedging Agreement for that Lender;

	 
	 	 
	 

	 	5    the Facility Agreement for that Lender;

	 
	 	 
	 

	 	6   any other document which Sims acknowledges in writing to be a Transaction
Document for that Lender;

	 
	 	 
	 

	 	7    any other
document or agreement to which a Transaction  Party is or becomes
a party with that Lender or under which obligations are owed by a Transaction
Party to that Lender, 

	 
	 	 
	 

	 	or any document or agreement entered into or given under or for the purpose
of amending any of the above and in each case whether or not other parties
are involved and whether or not it arises as a result of an assignment or
transfer.
	 
	 	 
	Transaction Party

	 	1    each Borrower; and

	 
	 	 
	 

	 	2    each Guarantor.

page 17 

 

			
	 	 	 
	
	 	1 <Definitions and interpretation
	 	 	 

	1.3	 	Interpretation
	 
	 	 	In this deed headings and bold type are for convenience only and do not affect the
interpretation of this deed and, unless the context requires otherwise:

	 	(a)	 	words importing the singular include the plural and vice versa;
	 
	 	(b)	 	words importing a gender include any gender;
	 
	 	(c)	 	other parts of speech and grammatical forms of a word or phrase defined in
this deed have a corresponding meaning;
	 
	 	(d)	 	an expression suggesting or referring to a natural person or an entity
includes any company, partnership, joint venture, association, corporation or other
body corporate and any Government Agency;
	 
	 	(e)	 	a reference to any thing (including any right) includes a part of that
thing but nothing in this clause 1.3(e) implies that performance of part of an
obligation constitutes performance of the obligation;
	 
	 	(f)	 	a reference to a clause, party, attachment, exhibit or schedule is a
reference to a clause of, and a party, attachment, exhibit and schedule to, this deed
and a reference to this deed includes any attachment, exhibit and schedule;
	 
	 	(g)	 	a reference to a statute, regulation, proclamation, ordinance or by-law
includes all statutes, regulations, proclamations, ordinances or by-laws amending,
consolidating or replacing it, whether passed by the same or another Government
Agency with legal power to do so, and a reference to a statute includes all
regulations, proclamations, ordinances and by-laws issued under that statute;
	 
	 	(h)	 	a reference to a document includes all amendments or supplements to, or
replacements or novations of, that document;
	 
	 	(i)	 	a reference to liquidation includes official management, appointment of an
administrator, compromise, arrangement, merger, amalgamation, reconstruction, winding
up, dissolution, deregistration, assignment for the benefit of creditors, scheme,
composition or arrangement with creditors, insolvency, bankruptcy, or a similar
procedure or, where applicable, changes in the constitution of any partnership or
person, or death;
	 
	 	(j)	 	a reference to a party to any document includes that party’s successors and
permitted assigns;
	 
	 	(k)	 	a reference to an agreement other than this deed includes an undertaking,
deed, agreement or legally enforceable arrangement or understanding whether or not in
writing;
	 
	 	(l)	 	a reference to an asset includes all property of any nature, including a
business, and all rights, revenues and benefits;
	 
	 	(m)	 	a reference to a document includes any agreement in writing, or any
certificate, notice, deed, instrument or other document of any kind;
	 
	 	(n)	 	no provision of this deed may be construed adversely to a party solely on
the ground that the party was responsible for the preparation of this deed or that
provision;

page 18

 

			
	 	 	 
	
	 	1 <Definitions and interpretation
	 	 	 

	 	(o)	 	a reference to drawing, accepting, endorsing or other dealing with a Bill
refers to drawing, accepting, endorsing or dealing within the meaning of the Bills of
Exchange Act 1909 (Cth);
	 
	 	(p)	 	a reference to a body, other than a party to this deed (including an
institute, association or authority), whether statutory or not:

	 	(1)	 	which ceases to exist; or
	 
	 	(2)	 	whose powers or functions are transferred to another
body,

	 	 	is a reference to the body which replaces it or which substantially succeeds to its powers
or functions;

	 	(q)	 	a Default “subsists” or “continues” if it has not been waived by, or
remedied to the satisfaction of, the Lender; and
	 
	 	(r)	 	references to time are to Sydney time.

	1.4	 	Inclusive expressions
	 
	 	 	Specifying anything in this deed after the words ‘include’ or ‘for example’ or similar
expressions does not limit what else is included unless there is express wording to the
contrary.
	 
	1.5	 	Business Day
	 
	 	 	Except where clause 9.2 applies, where the day on or by which any thing is to be done is
not a Business Day, that thing must be done on or by the preceding Business Day.
	 
	1.6	 	Accounting Standards

	 	(a)	 	Any accounting practice or concept relevant to this deed is to be construed
or determined in accordance with the Accounting Standards.
	 
	 	(b)	 	Each Lender and Transaction Party acknowledges that changes in the
Accounting Standards after the date of this deed may make the operation of the
undertakings set out in clause 4.17 or 4.18, a defined term or another clause in a
Transaction Document that refers to the Accounting Standards or any accounting
practice or concept, inappropriate.
	 
	 	(c)	 	If Sims or a Lender considers that such a change has occurred and notifies
the Lenders or Sims (as applicable) to that effect (the date such notice is given,
the Notification Date), Sims and the Lenders agree to negotiate in good faith to
agree to appropriate amendments to the affected clause or definition.
	 
	 	(d)	 	If Sims and the Lenders fail to agree on amendments to the affected clause
or definition within 20 Business Days (or such other period as may be agreed between
Sims and the Lenders) of the Notification Date, then any references to the Accounting
Standards in this deed or any other Transaction Document will be deemed to be a
reference to the Accounting Standards as at the date of this deed.
	 
	 	(e)	 	Unless and until an agreement is reached as contemplated in this clause
1.6, the Borrowers will provide each Financial Report and Compliance Certificate

page 19

 

			
	 	 	 
	
	 	2 Operation of Common Terms
	 	 	 

	 	 	 	together with, in each case, any reconciliation statements (audited, where
applicable) necessary to enable calculation of the financial undertakings and
associated definitions based on the Accounting Standards prior to the relevant
change occurring and those changes will be ignored for the purposes of the
financial undertakings and the relevant definitions.

	2	 	Operation of Common Terms
	 
	2.1	 	Several obligations and rights of Lenders
	 
	 	 	The parties acknowledge that each Lender contracts with the Transaction Parties on an
independent and individual basis and accordingly:

	 	(a)	 	no relationship arises between the Lenders;
	 
	 	(b)	 	the obligations and rights of the Lenders under each Transaction Document
are several;
	 
	 	(c)	 	failure of a Lender to perform its obligations under a Transaction Document
does not relieve any other Lender from any of its obligations under a Transaction
Document;
	 
	 	(d)	 	no Lender is responsible for the obligations of any other Lender under a
Transaction Document; and
	 
	 	(e)	 	each Lender may separately enforce its rights under any Transaction
Document.

	2.2	 	Terms of Transaction Documents

	 	(a)	 	Each Transaction Party and Lender agree that the terms of this deed are
incorporated in the Facility Agreement for that Lender.
	 
	 	(b)	 	If there is any inconsistency between the terms of this deed and the terms
of the Transaction Documents of a Lender, as between the Transaction Parties and that
Lender the terms of the Transaction Documents for that Lender will prevail to the
extent of the inconsistency.
	 
	 	(c)	 	Sims will promptly notify a Lender (First Lender) if, in the reasonable
opinion of Sims, the terms of a Facility provided by the First Lender (other than
those terms related to pricing (including fees and margins), facility limits and
repayment dates) are or become less favourable to the First Lender in any material
respect than the terms of a Facility provided by any other Lender (the Other Lender)
(including the granting of an Encumbrance to any party other than pursuant to an
Encumbrance permitted by the terms of the First Lender’s Facility). Upon request
from the First Lender, the Transaction Parties will amend the Facility Agreement or
Transaction Documents of the First Lender to provide for the same or substantially
similar terms and conditions to apply to the First Lender.

page 20

 

			
	 	 	 
	
	 	3 Representations and warranties
	 	 	 

	3	 	Representations and warranties
	 
	3.1	 	Representations and warranties
	 
	 	 	Each Transaction Party represents and warrants to and for the benefit of each Lender that:

	 	(a)	 	registration: it and each Relevant Company is a corporation, or in the case
of a Relevant Company incorporated or organised under the laws of a state in the
United States of America, a corporation, limited liability company or limited
partnership (or other form of entity as may be notified by Sims to the Lenders) or in
the case of a Relevant Company incorporated or organised under the laws of Germany a
limited liability company, duly incorporated or organised in accordance with the laws
of its place of incorporation or organisation, is validly existing under those laws
and is capable of suing and being sued;
	 
	 	(b)	 	corporate power: it has the corporate power to own its assets and to carry
on its business as it is now being conducted;
	 
	 	(c)	 	authority: it has power and authority to enter into and perform its
obligations under the Transaction Documents of that Lender to which it is expressed
to be a party;
	 
	 	(d)	 	authorisations: it has taken all necessary action to authorise the
execution, delivery and performance of the Transaction Documents of that Lender to
which it is expressed to be a party;
	 
	 	(e)	 	binding obligations: the Transaction Documents of that Lender to which it
is expressed to be a party constitute its legal, valid and binding obligations and
are enforceable in accordance with their terms;
	 
	 	(f)	 	transaction permitted: the execution, delivery and performance by it of the
Transaction Documents of that Lender to which it is expressed to be a party will not
breach, or result in a contravention of:

	 	(1)	 	any law, regulation or Authorisation;
	 
	 	(2)	 	its constitution or other constituent documents;
	 
	 	(3)	 	any limitation on its powers or the powers of its
directors; or
	 
	 	(4)	 	any Encumbrance or agreement which is binding on it or
any of its Subsidiaries,
	 
	 	 	 	and will not result in:
	 
	 	(5)	 	the creation or imposition of any Encumbrance on any
assets of it or any of its Subsidiaries other than as permitted under a
Transaction Document of that Lender; or
	 
	 	(6)	 	the acceleration of the date for payment of any
obligation under any agreement which is binding on it;

	 	(g)	 	No filing or stamp taxes: under the law of any relevant jurisdiction it is
not necessary that the Transaction Documents of that Lender be filed, recorded or
enrolled with any court or other authority in that jurisdiction or that any stamp

page 21

 

			
	 	 	 
	
	 	3 Representations and warranties
	 	 	 

	 	 	 	duty, registration or other similar Tax be paid on or in relation to the
Transaction Documents of that Lender or the transactions contemplated by those
Transaction Documents;
	 
	 	(h)	 	Authorisations: all Authorisations required:

	 	(1)	 	to enable it lawfully to enter into, exercise its
rights and comply with its obligations in the Transaction Documents of that
Lender to which it is a party;
	 
	 	(2)	 	to make the Transaction Documents of that Lender to
which it is a party admissible in evidence in its jurisdiction of
incorporation or organisation; and
	 
	 	(3)	 	for each Transaction Party to carry on its business,
which are material and where failure to do so would have a Material Adverse
Effect,

	 	 	 	have been obtained or effected and are in full force and effect;

	 	(i)	 	default under law: neither it nor any of its Subsidiaries is in breach of a
law or obligation affecting any of them or their assets in a way which has had, or is
likely to have, a Material Adverse Effect;
	 
	 	(j)	 	Environment Law:

	 	(1)	 	there is and has been nothing relating to it or its
business or assets which under any Environmental Law or law relating to
health and safety has given rise or may give rise to substantial
expenditure by it, a substantial claim against it or a requirement that it
cease or substantially alter a material activity; and
	 
	 	(2)	 	other than those Authorisations which a failure to
obtain or maintain is not likely to have a Material Adverse Effect, it has
obtained all Authorisations it is required to obtain under any
Environmental Laws and such Authorisations are in full force and effect;

	 	(k)	 	taxation: to the best of its knowledge, information and belief, having made
due enquiries, it has complied with all material laws relating to Tax in all
jurisdictions in which it is subject to Tax and has paid all Taxes due and payable by
it (other than those Taxes which it is contesting in good faith and in respect of
which it has made adequate reserves as long as failure to pay those Taxes would not
have, and is not reasonably likely to have, a Material Adverse Effect);
	 
	 	(l)	 	pari passu: its payment obligations under the Transaction Documents of that
Lender rank at least pari passu with the claims of all its other unsecured and
unsubordinated creditors, except for obligations mandatorily preferred by law
applying to companies generally;
	 
	 	(m)	 	no immunity: neither it nor any of its Subsidiaries has immunity from the
jurisdiction of a court or from legal process;
	 
	 	(n)	 	Governing law and enforcement: subject to any qualification in any legal
opinion provided to that Lender pursuant to the Transaction Documents of that Lender
relating to it or the laws of its jurisdiction:

	 	(1)	 	the choice of law referred to in clause 17.5 as the
governing law of the Transaction Documents of that Lender will be
recognised and

page 22

 

			
	 	 	 
	
	 	3 Representations and warranties
	 	 	 

	 	 	 	enforced in its jurisdiction of incorporation or organisation and in
the jurisdiction referred to in that clause (if different); and
	 
	 	(2)	 	any judgment obtained against it in any jurisdiction
referred to in clause 17.5 in relation to a Transaction Document of that
Lender will be recognised and enforced in its jurisdiction of incorporation
or organisation;

	 	(o)	 	not a trustee: it does not enter into any Transaction Document of that
Lender as trustee of any trust or settlement;
	 
	 	(p)	 	legal and beneficial owner: it is the legal and beneficial owner of its
assets and undertaking;
	 
	 	(q)	 	no Encumbrances or other interests: there is no Encumbrance over any of its
assets or undertaking other than a Permitted Encumbrance;
	 
	 	(r)	 	commercial benefit: the entering into and performance by it of its
obligations under the Transaction Documents of that Lender to which it is expressed
to be a party is for its commercial benefit and is in its commercial interests;
	 
	 	(s)	 	solvency: there are no reasonable grounds to suspect that it is unable to
pay its debts as and when they become due and payable;
	 
	 	(t)	 	no benefit to related party or financial assistance: no person has
contravened nor will contravene section 208, section 209 or Part 2J.3 of the
Corporations Act (or similar laws under the laws of any other jurisdiction which may
be applicable to it) by entering into any Transaction Document of that Lender or
participating in any transaction in connection with a Transaction Document of that
Lender;
	 
	 	(u)	 	financial information: its most recent Financial Reports or accounts which
it has provided to the Lender under clause 4.1:

	 	(1)	 	give a true and fair view of the financial condition
and state of affairs of it and its Subsidiaries as at the date they were
prepared and disclose all material Financial Indebtedness and material
contingent liabilities; and
	 
	 	(2)	 	were prepared in accordance with the Accounting
Standards (except to the extent expressly disclosed in them) and all
applicable laws;

	 	(v)	 	no change in affairs: there has been no change in its or any of its
Subsidiaries’ state of affairs since the end of the accounting period for its most
recent Financial Reports or accounts, referred to in clause 3.1(u) which has had or
is likely to have a Material Adverse Effect;
	 
	 	(w)	 	disclosure: all information provided to the Lender by or on its behalf in
relation to it, its assets, business or affairs or the Transaction Documents was
correct and not misleading (by omission or otherwise) as at the time it was provided;
	 
	 	(x)	 	full disclosure: it has disclosed in writing to the Lender all facts
relating to it and its Subsidiaries, the Transactions Documents of that Lender and
all things in connection with them, which are material to the assessment of the
nature and amount of the risk undertaken by the Lender in entering into the
Transaction Documents of that Lender and doing anything in connection with them;

page 23

 

			
	 	 	 
	
	 	3 Representations and warranties
	 	 	 

	 	(y)	 	Litigation: no litigation, tax claim, dispute arbitration, administrative
proceeding or other similar proceeding is presently current or pending or, to a
Relevant Company’s knowledge, threatened, which might have a Material Adverse Effect;
	 
	 	(z)	 	representations true: each of its representations and warranties contained
in the Transaction Documents is correct and not misleading when made or repeated;
	 
	 	(aa)	 	no Default:

	 	(1)	 	there is no subsisting Event of Default; and
	 
	 	(2)	 	to the best of its knowledge, there is no subsisting
Potential Event of Default;

	 	(bb)	 	“most favoured nation”: in the reasonable opinion of Sims, the terms of
each Facility (other than those terms related to pricing (including fees and margins,
facility limits, repayment dates and in the case of hedging pricing and individual
transaction amounts) are no less favourable in any material respect than the terms in
any Other Facility Document;
	 
	 	(cc)	 	ERISA: each Transaction Party incorporated or organised in the United
States of America and each of its Subsidiaries (each a Sims US Company) has operated
and administered each employee benefit plan (as defined in Section 3 of ERISA) in
compliance with all applicable laws except for such instances of noncompliance as
have not resulted in and could not reasonably be expected to result in a Material
Adverse Effect. No Sims US Company has incurred any liability pursuant to Title I or
IV of ERISA or the penalty or excise tax provisions of the U.S. Internal Revenue Code
relating to employee benefit plans (as defined in Section 3 of ERISA), and no event,
transaction or condition has occurred or exists that would reasonably be expected to
result in the incurrence of any such liability by a Sims US Company, or in the
imposition of any lien on any of the rights, properties or assets of a Sims US
Company, in either case pursuant to Title I or IV of ERISA or to such penalty or
excise tax provisions or to Section 401(a)(29) or 412 of the U.S. Internal Revenue
Code, other than such liabilities or liens as would not individually or in the
aggregate reasonably be expected to result in respect of each Sims US Company in a
Material Adverse Effect;
	 
	 	(dd)	 	Federal Reserve Regulations: No Transaction Party is engaged principally,
nor as one of its important activities, in the business of extending credit for the
purpose of purchasing or carrying any margin stock (as defined in Regulation U of the
Board of Governors of the Federal Reserve System). No part of the proceeds of the
loan will be used, whether immediately, incidentally or ultimately, for purchasing or
carrying any “margin security” or “margin stock” as such terms are used in
Regulations U and X of the Board of Governors of the Federal Reserve System; and
	 
	 	(ee)	 	Not an Investment Company: No Transaction Party is, nor during the term of
the loan will it be, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

	3.2	 	Survival and repetition of representations and warranties
	 
	 	 	The representations and warranties given under this deed:

	 	(a)	 	survive the execution of each Transaction Document; and

page 24

 

			
	 	 	 
	
	 	4 Undertakings
	 	 	 

	 	(b)	 	are repeated on each date on which financial accommodation is made
available under a Transaction Document, each Interest Payment Date (as defined in the
relevant Transaction Document) and each day on which a person becomes an Additional
Borrower or Additional Guarantor, in each case with respect to the facts and
circumstances then subsisting.

	3.3	 	Reliance by Lender
	 
	 	 	Each Transaction Party acknowledges that each Lender has entered into each Transaction
Document to which it is a party in reliance on the representations and warranties given
under this deed.
	 
	4	 	Undertakings
	 
	4.1	 	Provision of information and reports
	 
	 	 	Each Transaction Party must provide to each Lender the following:

	 	(a)	 	Annual Financial Reports: as soon as practicable and in any event no later
than 90 days after the end of each financial year, copies of the annual audited
Financial Report of the Sims Group for that financial year (delivery of Financial
Reports under this clause by Sims will be deemed to satisfy each other Transaction
Party’s obligation under this paragraph);
	 
	 	(b)	 	Half-year Financial Reports: as soon as practicable and in any event no
later than 90 days after the end of the first half of each financial year, copies of
the unaudited semi-annual Financial Report of the Sims Group for that half financial
year (delivery of Financial Reports under this clause by Sims will be deemed to
satisfy each other Transaction Party’s obligation under this paragraph);
	 
	 	(c)	 	Compliance Certificate: together with the documents provided under clauses
4.1(a) and (b), a Compliance Certificate;
	 
	 	(d)	 	directors’ certificate: at the Lender’s request, a certificate signed by at
least 2 directors of Sims stating:

	 	(1)	 	if a Default has occurred; and
	 
	 	(2)	 	if so, full details of the relevant Default and the
remedial action being taken or proposed;

	 	(e)	 	documents issued: copies of all documents issued by it to holders of its
Marketable Securities at the same time as their issue;
	 
	 	(f)	 	KYC & AML: promptly upon request, any document or information necessary in
the Lender’s opinion to enable the Lender to undertake any know your customer checks
or anti-money laundering checks; and
	 
	 	(g)	 	other information: any other information which the Lender reasonably
requests.

page 25

 

			
	 	 	 
	
	 	4 Undertakings
	 	 	 

	4.2	 	Proper accounts
	 
	 	 	Each Transaction Party must:

	 	(a)	 	keep accounting records which give a true and fair view of its financial
condition and state of affairs; and
	 
	 	(b)	 	ensure that the accounts it provides under clause 4.1 are prepared in
accordance with the Accounting Standards.

	4.3	 	Notices to the Lender
	 
	 	 	Each Transaction Party must notify the Lender as soon as it becomes aware of:

	 	(a)	 	any Default occurring, together with full details of the Default and any
step taken or proposed to remedy it;
	 
	 	(b)	 	any breach of any Environmental Law or the issuing of any proceedings or
notice or requirements against or upon it or its assets in respect of, or which is
likely to result in, any Environmental Liability or breach of any Environmental Law
in each case, which has had, or is reasonably likely to have a Material Adverse
Effect;
	 
	 	(c)	 	any litigation, arbitration, administrative or other proceeding in respect
of it or any of its assets being commenced or threatened which is in excess of
$25,000,000 or its equivalent.
	 
	 	(d)	 	any proposal of any Government Agency to compulsorily acquire the whole or
a substantial part of its assets; and
	 
	 	(e)	 	the acquisition by it of a Subsidiary.

	4.4	 	Compliance
	 
	 	 	Each Transaction Party must, and Sims must ensure that each other member of the Sims Group
will:

	 	(a)	 	comply with all its obligations under each Transaction Document to which it
is a party; and
	 
	 	(b)	 	ensure that no Event of Default occurs.

	4.5	 	Maintenance of capital
	 
	 	 	Each Transaction Party will ensure that no Relevant Company takes any action to reduce its
capital, cancel its uncalled capital or buy back its shares (Capital Reduction) if the
Capital Reduction would, in aggregate with any other Capital Reductions by the Relevant
Company in the preceding year, result in a reduction of the issued ordinary capital of the
Relevant Company of greater than or equal to 10% for that year (however any Capital
Reduction may not in any event be made if it causes a breach of the undertakings contained
in clauses 4.17 or 4.18).

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	 	4 Undertakings
	 	 	 

	4.6	 	Compliance with laws and Authorisations
	 
	 	 	Each Transaction Party must and must ensure that each Relevant Company will:

	 	(a)	 	comply with all laws and legal requirements, including each judgement,
award, decision, finding or any other determination of a Government Agency, which
applies to it or any of its assets, where failure to do so will have or be likely to
have a Material Adverse Effect;
	 
	 	(b)	 	obtain, maintain and comply with:

	 	(1)	 	all authorisations required in relation to the entry
into, performance of obligations under, and enforceability of, each
Transaction Document to which it is a party; and
	 
	 	(2)	 	all authorisations that are material to the carrying on
of the business of the Sims Group (taken as a whole) where failure to do so
has or is likely to have a Material Adverse Effect,

	 	 	 	and ensure those Authorisations are not cancelled, suspended, not renewed,
varied or found to be invalid; and
	 
	 	(c)	 	not do anything which would prevent the renewal of any Authorisation
referred to in clause 4.6(b) or cause it to be renewed on less favourable terms.

	4.7	 	Payment of Taxes and outgoings

	 	(a)	 	Each Transaction Party must pay all Taxes when due, other than:

	 	(1)	 	Contested Taxes; and
	 
	 	(2)	 	where failure to do so will not have or be likely to
have a Material Adverse Effect.

	 	(b)	 	Each Transaction Party must pay all Contested Taxes when the terms of any
final determination or settlement require those Contested Taxes to be paid.

	4.8	 	Conduct of business
	 
	 	 	Each Transaction Party must conduct its business (including collecting debts owed to it)
in a proper, orderly and efficient manner.
	 
	4.9	 	Maintenance of existence
	 
	 	 	A Transaction Party must, and must ensure that each Relevant Company will:

	 	(a)	 	maintain its corporate existence, good standing and registration in the
jurisdiction of its organisation or incorporation;
	 
	 	(b)	 	not transfer its jurisdiction of organisation or incorporation;
	 
	 	(c)	 	not enter into any amalgamation, demerger or corporate reconstruction where
such event has or would be likely to have a Material Adverse Effect except a solvent
amalgamation or reconstruction on terms agreed by the Lender; and

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	 	4 Undertakings
	 	 	 

	 	(d) 	 	not amend its constitution or any other constituent document of it where such amendment has or
would be likely to have a Material Adverse Effect, without the Lender’s prior written consent.

	4.10	 	Negative pledge

	 	(a)	 	A Transaction Party must not, and Sims must procure that no other member of
the Sims Group will, create or allow to exist or agree to any Encumbrance over any of
its assets other than a Permitted Encumbrance.
	 
	 	(b)	 	No Transaction Party will deposit money with a person in circumstances
where the money is not repayable unless the Transaction Party performs obligations
(including to pay money) to that person, except in respect of deposits which in
aggregate do not exceed A$35,000,000 at any time.
	 
	 	(c)	 	A Transaction Party must not, and each Transaction Party must ensure that
no Relevant Company will, dispose of 10% or more of its Total Tangible Assets or an
interest in them or agree or attempt to do so (whether in one or more related or
unrelated transactions) except:

	 	(1)	 	where the disposals are in the ordinary course of day
to day trading; and
	 
	 	(2)	 	the disposals are of obsolete assets no longer required
for its business.

	 	(d)	 	A Transaction Party must not enter into any arrangement which, if complied
with, would prevent any Transaction Party from complying with its obligations under
the Transaction Documents.
	 
	 	(e)	 	This clause 4.10 does not apply to the creation of an Encumbrance or
disposal of an asset if such creation or disposal cannot be prohibited by reason of
Section 1136 German Civil Code (Bürgerliches Gesetzbuch).

	4.11	 	No change to business
	 
	 	 	The Relevant Companies will not substantially change the nature of the business or
businesses carried on by them as a whole. No Relevant Company will take any action which
would have that effect, whether by disposal, acquisition or otherwise.
	 
	4.12	 	Financial accommodation

	 	(a)	 	A Transaction Party must not provide any financial accommodation, or give
any Guarantee in respect of any financial accommodation other than financial
accommodation provided to a Transaction Party, to or for the benefit of any person,
other than Permitted Financial Accommodation or with the prior written consent of the
Lender.
	 
	 	(b)	 	A Transaction Party must not permit financial accommodation to remain owing
to it by a Relevant Company which is not a Transaction Party.
	 
	 	(c)	 	A Transaction Party must not satisfy any financial accommodation owed to a
Relevant Company which is not a Transaction Party except any financial accommodation
which, in aggregate with all other financial accommodation

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	 	4 Undertakings
	 	 	 

	 	 	 	owed by a Transaction Party to a Relevant Company which is not a Transaction
Party that is satisfied in the 12 month period prior to the date on which the
financial accommodation is to be satisfied, does not exceed A$10,000,000.

	4.13	 	Restrictions on dealings
	 
	 	 	A Transaction Party must not deal with another party unless it does so at arm’s length for
full commercial consideration and in the ordinary course of its ordinary business.
	 
	4.14	 	Maintenance of assets
	 
	 	 	Each Transaction Party, other than a Transaction Party whose assets comprise less than 2%
of the Total Tangible Assets or a Transaction Party whose profits from ordinary activities
account for less than 2% of EBITDA, must maintain and keep its assets in a good state of
repair and in good working order allowing for fair wear and tear except where failure to
do so would not have a material adverse effect on:

	 	(a)	 	the financial condition of the Transaction Party;
	 
	 	(b)	 	its ability to perform any of its obligations under a Transaction Document;
or
	 
	 	(c)	 	any Encumbrance provided to a Lender by that Transaction Party.

	4.15	 	Insurance
	 
	 	 	Each Transaction Party must, and must ensure that each Relevant Company will:

	 	(a)	 	maintain industrial special risks insurance, public liability insurance,
professional indemnity liability insurance and directors and officers liability
insurance with an independent and reputable insurer and consistent with the
insurances maintained by it as at the date of this deed;
	 
	 	(b)	 	otherwise insure, and keep insured, its property which is of an insurable
nature in the manner and to the extent which is in accordance with good business
practice for property of such nature; and
	 
	 	(c)	 	promptly following a request by the Lender, provide the Lender with any
certificates of currency or other evidence of currency in respect of all insurances
required to be maintained by it under this deed.

	4.16	 	Hedging
	 
	 	 	A Transaction Party must not (and in the case of Sims, must ensure that no Relevant
Company will) enter into a Hedging Agreement except:

	 	(a)	 	for the purposes of hedging that Transaction Party’s actual or projected
interest rate, foreign exchange or other exposures arising in the ordinary course of
its ordinary business and not for speculative purposes; or
	 
	 	(b)	 	with the Lender’s prior written consent.

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	 	4 Undertakings
	 	 	 

	4.17	 	Financial undertakings

	 	(a)	 	Each Transaction Party must ensure that on each Calculation Date:

	 	(1)	 	the ratio of Financial Indebtedness to EBITDA for the
Calculation Period ending on that Calculation Date is not greater than
3.0:1;
	 
	 	(2)	 	the ratio of EBITDA to Net Interest Expense for the
Calculation Period ending on that Calculation Date is not less than 3.5:1;
and
	 
	 	(3)	 	Tangible Net Worth is at least 85% of the Tangible Net
Worth calculated for the last Calculation Date of the preceding financial
year.

	4.18	 	Guarantors

	 	(a)	 	Each Transaction Party must ensure that:

	 	(1)	 	the Guarantors (excluding any German Guarantors) will:

	 	(A)	 	at all times own, in aggregate, at
least 80% of the Total Tangible Assets of the Sims Group; and
	 
	 	(B)	 	generate at least 80% of the EBITDA
for each Calculation Period ending on a Calculation Date; and

	 	(2)	 	where a Subsidiary owns at least 5% of Total Tangible
Assets at any time or generates at least 5% of EBITDA for a Calculation
Period ending on a Calculation Date, the Subsidiary becomes an Additional
Guarantor in accordance with clause 14.4 within 3 months (or such minimum
longer period of time as is required by law) of the earlier of the
Subsidiary becoming the owner of at least 5% of Total Tangible Assets and
the relevant Calculation Date, unless the Lender is provided with a written
legal advice (in a form satisfactory to the Lender, acting reasonably) from
a law firm in the jurisdiction in which the Subsidiary was incorporated to
the effect that the accession of the Subsidiary to this deed as a Guarantor
on the terms of this deed would be contrary to the law under which the
Subsidiary was incorporated or carries on a substantial portion of its
business.

	 	(b)	 	A failure to comply with clause 4.18(a)(1) at any time, as a result of the
acquisition of a Subsidiary or the acquisition of any new assets or a business, will
not constitute a Default if Sims procures that additional members of the Sims Group
become Guarantors in accordance with clause 14.4 to the extent required to ensure
compliance with clause 4.18(a)(1) within 3 months of the relevant failure to comply.

	4.19	 	Deed of Cross Guarantee
	 
	 	 	A Transaction Party:

	 	(a)	 	must not consent to the amendment, termination, revocation, suspension or
repudiation of, or waive its rights arising under, any Deed of Cross Guarantee to
which it is a party without the Lender’s consent (which consent may be withheld in
the Lender’s absolute discretion or, where granted, may be subject to such terms as
the Lender, in its absolute discretion, requires); and

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	 	5 Events of Default
	 	 	 

	 	(b)	 	must notify the Lender immediately upon it becoming aware of any proposal
or request or requirement that it provide a consent or waiver in respect of any Deed
of Cross Guarantee to which it is a party.

	4.20	 	Term of undertakings
	 
	 	 	Unless the Lender otherwise agrees in writing, until:

	 	(a)	 	the commitment of that Lender is cancelled; and
	 
	 	(b)	 	the Outstanding Moneys of that Lender are unconditionally repaid in full;

	 	 	each Transaction Party must, at its own cost, comply with its undertakings in this clause 4.
	 
	5	 	Events of Default
	 
	5.1	 	Events of Default
	 
	 	 	It is an Event of Default in respect of a Lender, whether or not it is within the control
of a Transaction Party, if:

	 	(a)	 	failure to pay: a Transaction Party fails to pay principal under a
Transaction Document of that Lender or any interest or any other amount payable under
a Transaction Document of that Lender on time on the due date in the manner required
under that Transaction Document unless, in the case of interest or any other amount,
it is paid within 2 days of the due date and it demonstrates to the satisfaction of
that Lender that the delay was due to a failure in transmission of funds outside of
its control where the funds were available to it with a bank and it gave the
requisite instructions;
	 
	 	(b)	 	failure to comply: a Transaction Party fails to comply with clause 4.17 or
clause 4.18;
	 
	 	(c)	 	non-remediable failure: a Transaction Party fails to perform any other
undertaking or obligation of it under any Transaction Document of that Lender and
that failure is not in the opinion of that Lender remediable;
	 
	 	(d)	 	remediable failure: the failure described in clause 5.1(c) is in the
opinion of that Lender remediable, and the Transaction Party does not remedy the
failure within 10 Business Days after receipt by the Transaction Party of a notice
from that Lender specifying the failure;
	 
	 	(e)	 	misrepresentation: any representation or warranty or statement of a
Transaction Party under a Transaction Document of that Lender is incorrect or
misleading in a material respect when made or repeated;
	 
	 	(f)	 	cross default: any Financial Indebtedness of a Relevant Company in an
amount of at least A$5,000,000 or its equivalent or of the Relevant Companies
totalling (in aggregate for all such Relevant Companies) at least A$25,000,000 or its
equivalent:

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	 	5 Events of Default
	 	 	 

	 	(1)	 	becomes due and payable before the scheduled date for
payment (except as a result of an exercise of a prepayment right in the
absence of default); or
	 
	 	(2)	 	is not paid when due (after taking into account any
applicable grace period);

	 	(g)	 	Cancellation of commitment: An obligation upon any person to provide
finance to:

	 	(1)	 	a Relevant Company totalling at least A$5,000,000 (or
its equivalent); or
	 
	 	(2)	 	the Relevant Companies totalling (in aggregate) at
least A$25,000,000 (or its equivalent),

	 	 	 	is terminated except as a result of voluntary termination in the absence of
default;
	 
	 	(h)	 	Encumbrance: any Encumbrance is enforced against an asset or assets of a
Relevant Company with a value or in an amount exceeding A$10,000,000 or its
equivalent;
	 
	 	(i)	 	execution: a distress, attachment, execution or other process of a
Government Agency is issued against, levied or entered upon:

	 	(1)	 	an asset of a Relevant Company with a value or in an
amount of at least A$10,000,000 or its equivalent; or
	 
	 	(2)	 	an asset or assets of Relevant Companies totalling (in
aggregate for all such Relevant Companies) at least A$25,000,000 or its
equivalent,

	 	 	 	and is not set aside or satisfied within 10 Business Days;
	 
	 	(j)	 	suspends payment: a Relevant Company suspends payment of its debts
generally;
	 
	 	(k)	 	insolvency: a Relevant Company is Insolvent;
	 
	 	(l)	 	maintenance of capital and existence: a Transaction Party fails to comply
with clause 4.5 or 4.9;
	 
	 	(m)	 	unenforceability:

	 	(1)	 	all or a material part of a Transaction Document of
that Lender is illegal, void, voidable or unenforceable;
	 
	 	(2)	 	a Relevant Company becomes entitled to terminate any
material provision of any Transaction Document of that Lender (other than
following the occurrence of a termination event or an event of default
under a Hedging Agreement with the Lender in respect of which the Lender is
an “Affected Party” or the “Defaulting Party” (as applicable) (as defined
in that Hedging Agreement)); or
	 
	 	(3)	 	the execution, delivery or performance of a Transaction
Document of that Lender by a Transaction Party or the exercise by the
Lender of all

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	 	5 Events of Default
	 	 	 

	 	 	 	or any of its rights under a Transaction Document breaches or results
in a contravention of any law;

	 	(n)	 	Environmental: there is any claim or requirement of expenditure or
alteration of activity or cessation of activity under any Environmental Law or law
relating to health or there is any breach of any Authorisation, in each case which in
the opinion of the Lender is likely to have a Material Adverse Effect or any
circumstance arises which may give rise to such an action, claim, requirement or
breach;
	 
	 	(o)	 	Governmental interference: a law or anything done by a Governmental Agency
is likely to in the opinion of the Lender have a Material Adverse Effect;
	 
	 	(p)	 	seizure: all or any material part of the assets of the Sims Group are
seized or otherwise appropriated by, or custody thereof is assumed by any
Governmental Agency, or the Sims Group is otherwise prevented from exercising normal
day-to-day control over all or a material part of its assets or loses any of the
rights or privileges necessary to maintain its existence or to carry on its business
and Sims does not demonstrate to the reasonable satisfaction of the Lender within 15
Business Days of such seizure, appropriation, assumption of custody or execution that
no Material Adverse Effect has resulted, or is reasonably likely to result,
therefrom;
	 
	 	(q)	 	event of default: an event of default, termination event (other than a
termination event under a Hedging Agreement with the Lender in respect of which the
Lender is an “Affected Party” (as defined in that Hedging Agreement)) or other
similar event occurs with respect to a Relevant Company under any agreement relating
to Financial Indebtedness between a Relevant Company and the Lender including the
occurrence of an event which is an “event of default” with respect to a Relevant
Company under any Transaction Document of that Lender other than this agreement, or
any other event occurs which renders enforceable a Transaction Document of that
Lender which comprises or includes a Guarantee;
	 
	 	(r)	 	Disposal without consent: a disposal occurs which cannot be prohibited
pursuant to Section 1136 German Civil Code (Bürgerliches Gesetzbuch), if the disposal
has not been approved by the Lender in writing, provided such disposal corresponds to
a disposal set out in clause 4.10(a) and 4.10(c);
	 
	 	(s)	 	investigation: a person is appointed under the Corporations Act or any
other applicable legislation to investigate any part of the affairs of a Transaction
Party and the relevant Transaction Party does not demonstrate to the reasonable
satisfaction of the Lender within 15 Business Days of such appointment that no
Material Adverse Effect has resulted from, or is reasonably likely to result from,
the investigation or as a consequence thereof;
	 
	 	(t)	 	deregistration: a step is taken under section 601AA, 601AB or 601AC of the
Corporations Act or analogous provisions in a relevant jurisdiction to cancel the
registration of a Transaction Party;
	 
	 	(u)	 	ASX delisting/suspension: except with the written consent of the Lender,
any securities of Sims are:

	 	(1)	 	not listed on at least one of:
	 
	 	(A)	 	the official list of the Australian Securities Exchange
operated by ASX Limited; or

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	 	5 Events of Default
	 	 	 

	 	(B)	 	the official list of the New York Stock Exchange; or
	 
	 	(2)	 	suspended from quotation or trading on any official
list referred to in clause 5.1(u)(1) for 5 consecutive trading days (except
where such suspension is requested by Sims for the purpose of an
acquisition or a fundraising and such securities remain suspended on that
basis only and not on any other basis); or
	 
	 	(3)	 	removed from the official list of any of:
	 
	 	(A)	 	the Australian Securities Exchange operated by ASX
Limited;
	 
	 	(B)	 	the New York Stock Exchange; or
	 
	 	(C)	 	another stock exchange,

	 	 	 	because the operator of the relevant stock exchange decides that Sims or its
securities no longer meet the requirements for continued listing (except where
Sims has requested such removal and that is the sole basis for the removal);
	 
	 	(v)	 	material adverse effect: any event occurs which, in the reasonable opinion
of the Lender, may have a Material Adverse Effect; and
	 
	 	(w)	 	ceasing business: a Transaction Party stops payment, significantly changes
the general character of its business or threatens to do any of those things, or a
Relevant Company ceases to carry on business, except to reconstruct or amalgamate
while solvent, and which event may have a Material Adverse Effect.

	5.2	 	Effect of Event of Default

	 	(a)	 	If an Event of Default in respect of a Lender occurs that Lender may at any
time after its occurrence by notice to Sims declare that:

	 	(1)	 	the Outstanding Moneys under that Facility are
immediately due and payable; or
	 
	 	(2)	 	the Commitment under that Facility is cancelled,

	 	 	 	or make each of the declarations under clauses 5.2(a)(1) and (2).
	 
	 	(b)	 	Subject to clause 5.2(c), the Borrowers must immediately repay the
Outstanding Moneys under the relevant Facility on receipt of a notice under clause
5.2(a)(1).
	 
	 	(c)	 	A notice given by a Lender under clause 5.2(a)(1) and (a)(2) shall be of no
effect if:

	 	(1)	 	it is given because of the occurrence of an Event of
Default specified in clause 5.1(b), 5.1(c), 5.1(e), 5.1(f), 5.1(g), 5.1(l),
5.1(m) or 5.1(w); and
	 
	 	(2)	 	within 2 Business Days of the notice the Transaction
Parties are able to show to the Lender’s absolute satisfaction (in the
Lender’s absolute discretion) that:
	 
	 	(A)	 	the Event of Default is not subsisting; or

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	 	6 Review Event

	 	(B)	 	where the notice relates to an Event of Default
specified in clause 5.1(l) or 5.1(w), the Event of Default subsisting does
not and will not have a Material Adverse Effect.

	5.3	 	Transaction Parties to continue to perform

	 	(a)	 	If the Lender makes a declaration under clause 5.2:

	 	(1)	 	the declaration does not affect the obligations of a
Transaction Party under the Transaction Documents; and
	 
	 	(2)	 	each Transaction Party must continue to perform its
obligations under the Transaction Documents as if the declaration had not
been made, subject to any directions given by the Lender under any
Transaction Document.

	 	(b)	 	Clause 5.3(a) does not affect the Borrower’s obligations under clause 5.2.

	5.4	 	Enforcement

	 	(a)	 	The Transaction Documents may be enforced without notice to a Transaction
Party or any other person even if:

	 	(1)	 	the Lender accepts any part of the Outstanding Moneys
after an Event of Default; or
	 
	 	(2)	 	there has been any other Event of Default.

	 	(b)	 	The Lender is not liable to any Transaction Party for any Loss a
Transaction Party may suffer, incur or be liable for arising out of or in connection
with the Lender exercising any Power, except to the extent specifically set out in a
Transaction Document.

	6	 	Review Event

	 	(a)	 	It is a Review Event with respect to a Facility and a Lender if:

	 	(1)	 	Control: the persons who at the date of this deed have
Control of Sims cease to have Control of Sims; or
	 
	 	(2)	 	listing: any securities of Sims are added to the
official list of any stock exchange (other than the official list of the
Australian Securities Exchange operated by ASX Limited and the official
list of the New York Stock Exchange).

	 	(b)	 	If a Review Event occurs under:

	 	(1)	 	clause 6(a)(1), then the relevant Lender may, within 90
days after the date on which the Lender is notified of that change of
Control, review the terms of any financial accommodation provided under any
Transaction Document of that Lender. Following that review, the

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	 	7 Guarantee and indemnity

	 	 	 	Lender may
require repayment on demand of all or part of the financial accommodation
provided to any Transaction Party and terminate all its Facilities;
	 
	 	(2)	 	clause 6(a)(2), then the relevant Lender may, for a
period of not less than 60 days after the date the Lender is notified of
that event (Listing Review Period), review the terms of any financial
accommodation provided under any Transaction Document. Following the
Listing Review Period the Lender may require repayment on demand of all or
part of the financial accommodation provided to any Transaction Party and
terminate all its Facilities, if the Lender, acting reasonably, believes
that Sims’ presence on the official list of such a stock exchange, will
have, or is reasonably likely to have, a Material Adverse Effect.

	7	 	Guarantee and indemnity

	7.1	 	Guarantee

The Guarantors jointly and severally and unconditionally and irrevocably guarantee to each
Lender severally the payment of the Outstanding Moneys of that Lender.

	7.2	 	Payment

	 	(a)	 	If the Outstanding Moneys are not paid when due, each Guarantor must
immediately on demand from a Lender pay to that Lender the Outstanding Moneys of that
Lender in the same manner and currency as the Outstanding Moneys are required to be
paid.
	 
	 	(b)	 	A demand under clause 7.2(a) may be made at any time and from time to time.

	7.3	 	Securities for other money

A Lender may apply any amounts received by it or recovered under any:

	 	(a)	 	Collateral Security; or
	 
	 	(b)	 	other document or agreement,

which is a security for any of the Outstanding Moneys and any other money in the manner it
determines in its absolute discretion.

	7.4	 	Amount of Outstanding Moneys

	 	(a)	 	This clause 7 applies to any amount which forms part of the Outstanding
Moneys from time to time.
	 
	 	(b)	 	The obligations of each Guarantor under this clause 7 extend to any
increase in the Outstanding Moneys as a result of:

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	 	7 Guarantee and indemnity

	 	(1)	 	any amendment, supplement, renewal or replacement of
any Transaction Document to which a Transaction Party and the Lender is a
party; or
	 
	 	(2)	 	the occurrence of any other thing.

	 	(c)	 	Clause 7.4(b):

	 	(1)	 	applies regardless of whether any Guarantor is aware of
or consented to or is given notice of any amendment, supplement, renewal or
replacement of any agreement to which a Transaction Party and the Lender is
a party or the occurrence of any other thing; and
	 
	 	(2)	 	does not limit the obligations of any Guarantor under
this clause 7.

	7.5	 	Proof by Lender
	 
	 	 	In the event of the liquidation of a Transaction Party, each Guarantor authorises the
Lender to prove for all money which any Guarantor has paid or is or may be obliged to pay
under any Transaction Document of that Lender, any other document or agreement or
otherwise in respect of the Outstanding Moneys of that Lender.

	7.6	 	Avoidance of payments

	 	(a)	 	If any payment, conveyance, transfer or other transaction relating to or
affecting the Outstanding Moneys is:

	 	(1)	 	void, voidable or unenforceable in whole or in part; or
	 
	 	(2)	 	claimed to be void, voidable or unenforceable and that
claim is upheld, conceded or compromised in whole or in part,

the liability of each Guarantor under this clause 7 and any Power is the same as
if:

	 	(3)	 	that payment, conveyance, transfer or transaction (or
the void, voidable or unenforceable part of it); and
	 
	 	(4)	 	any release, settlement or discharge made in reliance
on any thing referred to in clause 7.6(a)(3),

had not been made and each Guarantor must immediately take all action and sign
all documents necessary or required by the Lender to restore to the Lender the
benefit of this clause 7 and any Encumbrance held by the Lender immediately
before the payment, conveyance, transfer or transaction.

	 	(b)	 	Clause 7.6(a) applies whether or not the Lender knew, or ought to have
known, of anything referred to in clause 7.6(a).

	7.7	 	Indemnity for avoidance of Outstanding Moneys

	 	(a)	 	If any of the Outstanding Moneys (or money which would have been
Outstanding Moneys if it had not been irrecoverable) are irrecoverable by the Lender
from:

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	 	7 Guarantee and indemnity

	 	(1)	 	any Transaction Party; or
	 
	 	(2)	 	a Guarantor on the footing of a guarantee,

the Guarantors jointly and severally, unconditionally and irrevocably, and as a
separate and principal obligation:

	 	(3)	 	indemnify the Lender against any Loss suffered, paid or
incurred by the Lender in relation to the non payment of that money; and
	 
	 	(4)	 	must pay the Lender an amount equal to that money.

	 	(b)	 	Clause 7.7(a) applies to the Outstanding Moneys (or money which would have
been Outstanding Moneys if it had not been irrecoverable) which are or may be
irrecoverable irrespective of whether:

	 	(1)	 	they are or may be irrecoverable because of any event
described in clause 7.6;
	 
	 	(2)	 	they are or may be irrecoverable because of any other
fact or circumstance;
	 
	 	(3)	 	the transactions or any of them relating to that money
are void or illegal or avoided or otherwise unenforceable; and
	 
	 	(4)	 	any matters relating to the Outstanding Moneys are or
should have been within the knowledge of the Lender.

	7.8	 	No obligation to marshal
	 
	 	 	The Lender is not required to marshal or to enforce or apply under or appropriate, recover
or exercise:

	 	(a)	 	any Encumbrance, Guarantee or Collateral Security or other document or
agreement held, at any time, by or on behalf of that or the Lender; or
	 
	 	(b)	 	any money or asset which the Lender, at any time, holds or is entitled to
receive.

	7.9	 	Non-exercise of Guarantors’ rights

A Guarantor must not exercise any rights it may have inconsistent with this clause 7.

	7.10	 	Principal and independent obligation

	 	(a)	 	This clause 7 is:

	 	(1)	 	a principal obligation and is not to be treated as
ancillary or collateral to any other right or obligation; and
	 
	 	(2)	 	independent of and not in substitution for or affected
by any other Collateral Security which the Lender may hold in respect of
the Outstanding Moneys or any obligations of any Transaction Party or any
other person.

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	 	7 Guarantee and indemnity

	 	(b)	 	This clause 7 is enforceable against a Guarantor:

	 	(1)	 	without first having recourse to any Collateral
Security;
	 
	 	(2)	 	whether or not the Lender has made demand on any
Transaction Party (other than any demand specifically required to be given,
or notice required to be issued, to a Guarantor under clause 7.2 or any
other provision of a Transaction Document);
	 
	 	(3)	 	whether or not the Lender has given notice to any
Transaction Party or any other person in respect of any thing;
	 
	 	(4)	 	whether or not the Lender has taken any other steps
against any Transaction Party or any other person;
	 
	 	(5)	 	whether or not any Outstanding Moneys is then due and
payable; and
	 
	 	(6)	 	despite the occurrence of any event described in clause
7.12.

	7.11	 	Suspense account

	 	(a)	 	The Lender may apply to the credit of an interest bearing suspense account
any:

	 	(1)	 	amounts received under this clause 7;
	 
	 	(2)	 	dividends, distributions or other amounts received in
respect of the Outstanding Moneys in any liquidation; and
	 
	 	(3)	 	other amounts received from a Guarantor, a Transaction
Party or any other person in respect of the Outstanding Moneys.

	 	(b)	 	The Lender may retain the amounts in the suspense account for as long as it
determines and is not obliged to apply them in or towards satisfaction of the
Outstanding Moneys. Following payment in full of the Outstanding Moneys, it shall
return the balance to the relevant Transaction Party or to another person entitled to
it.

	7.12	 	Unconditional nature of obligations

	 	(a)	 	This clause 7 and the obligations of each Guarantor under the Transaction
Documents are absolute, binding and unconditional in all circumstances, and are not
released or discharged or otherwise affected by anything which but for this provision
might have that effect, including:

	 	(1)	 	the grant to any Transaction Party or any other person
at any time, of a waiver, covenant not to sue or other indulgence;
	 
	 	(2)	 	the release (including a release as part of any
novation) or discharge of any Transaction Party or any other person other
than an express release given to a Transaction Party in writing;
	 
	 	(3)	 	the cessation of the obligations, in whole or in part,
of any Transaction Party or any other person under any Transaction Document
or any other document or agreement;

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	 	7 Guarantee and indemnity

	 	(4)	 	the liquidation of any Transaction Party or any other
person;
	 
	 	(5)	 	any arrangement, composition or compromise entered into
by the Lender, any Transaction Party or any other person;
	 
	 	(6)	 	any Transaction Document or any other document or
agreement being in whole or in part illegal, void, voidable, avoided,
unenforceable or otherwise of limited force or effect;
	 
	 	(7)	 	any extinguishment, failure, loss, release, discharge,
abandonment, impairment, compounding, composition or compromise, in whole
or in part of any Transaction Document or any other document or agreement;
	 
	 	(8)	 	any Collateral Security being given to the Lender by
any Transaction Party or any other person;
	 
	 	(9)	 	any alteration, amendment, variation, supplement,
renewal or replacement of any Transaction Document or any other document or
agreement;
	 
	 	(10)	 	any moratorium or other suspension of any Power;
	 
	 	(11)	 	the Lender or Attorney exercising or enforcing,
delaying or refraining from exercising or enforcing, or being not entitled
or unable to exercise or enforce any Power;
	 
	 	(12)	 	the Lender obtaining a judgment against any Transaction
Party or any other person for the payment of any of the Outstanding Moneys;
	 
	 	(13)	 	any transaction, agreement or arrangement that may take
place with the Lender, any Transaction Party or any other person;
	 
	 	(14)	 	any payment to the Lender or Attorney, including any
payment which at the payment date or at any time after the payment date is
in whole or in part illegal, void, voidable, avoided or unenforceable;
	 
	 	(15)	 	any failure to give effective notice to any Transaction
Party or any other person of any default under any Transaction Document or
any other document or agreement;
	 
	 	(16)	 	any legal limitation, disability or incapacity of any
Transaction Party or of any other person;
	 
	 	(17)	 	any breach of any Transaction Document or any other
document or agreement;
	 
	 	(18)	 	the acceptance of the repudiation of, or termination
of, any Transaction Document or any other document or agreement;
	 
	 	(19)	 	any Outstanding Moneys being irrecoverable for any
reason;
	 
	 	(20)	 	any disclaimer by any Transaction Party or any other
person of any Transaction Document or any other document or agreement;

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	 	7 Guarantee and indemnity

	 	(21)	 	any assignment, novation, assumption or transfer of, or
other dealing with, any Powers or any other rights or obligations under any
Transaction Document or any other document or agreement;
	 
	 	(22)	 	the opening of a new account of any Transaction Party
with the Lender or any transaction on or relating to the new account;
	 
	 	(23)	 	any prejudice (including material prejudice) to any
person as a result of any thing done or omitted by the Lender, any
Transaction Party or any other person;
	 
	 	(24)	 	any prejudice (including material prejudice) to any
person as a result of the Lender, Attorney or any other person selling or
realising any property the subject of a Collateral Security at less than
the best price;
	 
	 	(25)	 	any prejudice (including material prejudice) to any
person as a result of any failure or neglect by the Lender, Attorney or any
other person to recover the Outstanding Moneys from any Transaction Party
or by the realisation of any property the subject of a Collateral Security;

	 	(26)	 	any prejudice (including material prejudice) to any
person as a result of any other thing;
	 
	 	(27)	 	the receipt by the Lender of any dividend, distribution
or other payment in respect of any liquidation;
	 
	 	(28)	 	the failure of any other Guarantor or any other person
who is intended to become a co-surety or co-indemnifier of that Guarantor
to execute this deed or any other document; or
	 
	 	(29)	 	any other act, omission, matter or thing whether
negligent or not.

	 	(b)	 	Clause 7.12(a) applies irrespective of:

	 	(1)	 	the consent or knowledge or lack of consent or
knowledge, of the Lender, any Transaction Party or any other person of any
event described in clause 7.12(a); or
	 
	 	(2)	 	any rule of law or equity to the contrary.

	7.13	 	No competition

	(a)	 	Until the Outstanding Moneys have been fully paid and this clause 7 has
been finally discharged, a Guarantor is not entitled to:

	 	(1)	 	be subrogated to the Lender;
	 
	 	(2)	 	claim or receive the benefit of any Encumbrance,
Guarantee or other document or agreement of which the Lender has the
benefit;
	 
	 	(3)	 	claim or receive the benefit of any moneys held by the
Lender; or
	 
	 	(4)	 	claim or receive the benefit of any Power;
	 
	 	(5)	 	either directly or indirectly prove in, claim or
receive the benefit of any distribution, dividend or payment arising out of
or relating to the

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	 	7 Guarantee and indemnity

	 	 	 	liquidation of any Transaction Party liable to pay the
Outstanding Moneys, except in accordance with clause 7.13(b);
	 
	 	(6)	 	make a claim or exercise or enforce any right, power or
remedy (including under an Encumbrance or Guarantee or by way of
contribution) against any Transaction Party liable to pay the Outstanding
Moneys other than payments made in the ordinary course of business that are
not otherwise restricted by this clause 7.13;
	 
	 	(7)	 	accept, procure the grant of or allow to exist any
Encumbrance in favour of a Guarantor from any Transaction Party liable to
pay the Outstanding Moneys;
	 
	 	(8)	 	exercise or attempt to exercise any right of set-off
against, or realise any Encumbrance taken from, any Transaction Party
liable to pay the Outstanding Moneys; or
	 
	 	(9)	 	raise any defence or counterclaim in reduction or
discharge of its obligations under this clause 7.

	 	(b)	 	If required by the Lender, a Guarantor must prove in any liquidation of any
Transaction Party liable to pay the Outstanding Moneys for all money owed to the
Guarantor.
	 
	 	(c)	 	All money recovered by a Guarantor from any liquidation or under any
Encumbrance or Guarantee from any Transaction Party liable to pay the Outstanding
Moneys must be received and held in trust by the Guarantor for the Lender to the
extent of the unsatisfied liability of the Guarantor under this clause 7.
	 
	 	(d)	 	A Guarantor must not do or seek, attempt or purport to do anything referred
to in clause 7.13(a).

	7.14	 	Continuing guarantee

This clause 7 is a continuing obligation of each Guarantor, despite:

	 	(a)	 	any settlement of account; or
	 
	 	(b)	 	the occurrence of any other thing,

and remains in full force and effect until:

	 	(c)	 	all the Outstanding Moneys have been paid in full; and
	 
	 	(d)	 	this clause 7 has been finally discharged by all the Lenders.

	7.15	 	Variation
	 
	 	 	This clause 7 extends to cover the Transaction Documents as amended, varied or replaced,
whether with or without the consent of any one or more of the Guarantors, including any
increase in the limit or maximum principal amount available under a Transaction Document.

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	 	8 German Guarantors

	7.16	 	Judgments
	 
	 	 	A final judgment obtained against a relevant Transaction Party is conclusive as against
each Guarantor.

	8	 	German Guarantors

	 	(a)	 	To the extent that the guarantee created under clause 7 is granted by a
German Guarantor (a German Guarantee) and the German Guarantee guarantees to a Lender
(the Relevant Lender) amounts which are owed by direct or indirect shareholders of
the German Guarantor or affiliated companies of such shareholders (with the exception
of affiliated companies which are also affiliated companies of the German Guarantor),
the German Guarantee to the Relevant Lender shall be subject to certain limitations
as set out in clause 8(b). In relation to any other amounts guaranteed, the German
Guarantee remains unlimited.
	 
	 	(b)	 	To the extent that a demand under clause 7 is made by a Relevant Lender
upon a German Guarantor in respect of amounts in relation to which the conditions
pursuant to clause 8(a) are fulfilled, the relevant German Guarantor’s liability
shall be limited, in respect of that demand only:

	 	(1)	 	if the value of that German Guarantor’s Net Assets is
greater than its stated share capital at the time of the demand, to that
amount such that after payment of that amount the value of the German
Guarantor’s Net Assets is not less than its stated share capital
(Stammkapital); or
	 
	 	(2)	 	if the value of its Net Assets is lower than its stated
share capital at the time of the demand, to nil,

for the purpose of not affecting its assets which are required for the
obligatory preservation of its stated share capital according to §§ 30, 31
German GmbH-Act (GmbH-Gesetz).

	(c)	 	In this clause 8, Net Assets (Nettovermögen) means the sum of the German
Guarantor’s assets pursuant to Section 266 para. 2 A, B and C of the German
Commercial Code (Handelsgesetzbuch), less the sum of the German Guarantor’s
liabilities pursuant to Section 266, paragraphs 3 B, C (but disregarding, for the
avoidance of doubt, the obligations under clause 7 of this deed) and D of the German
Commercial Code (Handelsgesetzbuch) each as shown in a balance sheet as of the date
on which the enforcement of the German Guarantee is sought (Stichtagsbilanz) whereby
the balance sheet shall be adjusted as set out under clause 8(d).
	 
	(d)	 	For the purposes of calculating the Net Assets, the following balance sheet
items shall be adjusted as follows:

	 	(1)	 	loans provided to the German Guarantor shall be
disregarded, if and to the extent such loans have been made available,
directly or indirectly to the German Guarantor from funds made available by
the Relevant Lender;
	 
	 	(2)	 	the amount of any increase of the stated share capital
(Stammkapital) of the German Guarantor registered after the date of such
German

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	 	9 Payments

	 	 	 	Guarantor becoming a party to this deed without the prior written
consent of the Relevant Lender shall be deducted from the relevant stated
share capital;
	 
	 	(3)	 	loans provided to the German Guarantor by any of its
affiliated entities shall be disregarded if and to the extent such loans
are subordinated, or are considered subordinated pursuant to Section 39,
paragraph 1, number 5 German Insolvency Act (InsO); and
	 
	 	(4)	 	loans and other liabilities incurred in violation of
the provisions of the Transaction Documents shall be disregarded.

	 	(e)	 	This clause 8 shall apply mutatis mutandis if the German Guarantee is
granted by a Guarantor incorporated in Germany as a limited liability partnership
(GmbH & Co. KG) in relation to the limited liability company as general partner
(Komplementär) of such Guarantor.

	9	 	Payments
	 
	9.1	 	Manner of payment
	 
	 	 	All payments by a Transaction Party under the Transaction Documents must be made:

	 	(a)	 	in Same Day Funds;
	 
	 	(b)	 	in the Relevant Currency;
	 
	 	(c)	 	no later than 10.00am in the place for payment on the due date,

to the Lender’s account as specified by the Lender to the Borrower or in any other manner
the Lender directs from time to time.

	9.2	 	Payments on a Business Day
	 
	 	 	If a payment is due on a day which is not a Business Day, the due date for that payment is
the next Business Day in the same calendar month or, if none, the preceding Business Day,
and interest must be adjusted accordingly.
	 
	9.3	 	Payments in gross
	 
	 	 	All payments which a Transaction Party is required to make under any Transaction Document
must be without:

	 	(a)	 	any set-off, counterclaim or condition; or
	 
	 	(b)	 	any deduction or withholding for any Tax or any other reason unless the
Transaction Party is required to make a deduction or withholding by applicable law.

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	 	9 Payments

	9.4	 	Additional payments
	 
	 	 	If:

	 	(a)	 	any Transaction Party is required to make a deduction or withholding in
respect of Tax (other than Excluded Tax) from any payment to be made to the Lender
under any Transaction Document; or
	 
	 	(b)	 	the Lender is required to pay any Tax (other than Excluded Tax) in respect
of any payment it receives from a Transaction Party under any Transaction Document,

the Transaction Party:

	 	(c)	 	indemnifies the Lender against that Tax; and
	 
	 	(d)	 	must pay to the Lender an additional amount which the Lender determines to
be necessary to ensure that the Lender receives when due a net amount (after payment
of any Tax in respect of each additional amount) that is equal to the full amount it
would have received if a deduction or withholding or payment of Tax had not been
made.

	9.5	 	Taxation deduction procedures
	 
	 	 	If clause 9.4(a) applies:

	 	(a)	 	the Transaction Party must pay the amount deducted or withheld to the
appropriate Government Agency as required by law; and
	 
	 	(b)	 	the Transaction Party must:

	 	(1)	 	use reasonable endeavours to obtain a payment receipt
from the Government Agency (and any other documentation ordinarily provided
by the Government Agency in connection with the payment); and
	 
	 	(2)	 	within 2 Business Days after receipt of the documents
referred to in clause 9.5(b)(1), deliver copies of them to the Lender.

	9.6	 	Tax Credit
	 
	 	 	If a Transaction Party makes an additional payment under clause 9.4 for the benefit of the
Lender, and the Lender determines that:

	 	(a)	 	a credit against, relief or remission for, or repayment of any Tax (Tax
Credit) is attributable to that additional payment; and
	 
	 	(b)	 	the Lender has obtained, utilised and retained that Tax Credit,

then the Lender must pay an amount to the Transaction Party which the Lender determines
will leave it (after that payment) in the same after Tax position as it would have been in
had the additional payment not been made by the Transaction Party.

	9.7	 	Tax affairs
	 
	 	 	Nothing in clause 9.6:

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	 	9 Payments

	 	(a)	 	interferes with the right of the Lender to arrange its tax affairs in any
manner it thinks fit;
	 
	 	(b)	 	obliges the Lender to investigate the availability of, or claim, any Tax
Credit; or
	 
	 	(c)	 	obliges the Lender to disclose any information relating to its tax affairs
or any tax computations.

	9.8	 	Amounts payable on demand
	 
	 	 	If any amount payable by a Transaction Party under any Transaction Document is not
expressed to be payable on a specified date, that amount is payable by the Transaction
Party on demand by the Lender.
	 
	9.9	 	Appropriation of payments

	 	(a)	 	All payments made by a Transaction Party under a Transaction Document may
be appropriated as between principal, interest and other amounts as the Lender
determines or, failing any determination, in the following order:

	 	(1)	 	first, towards reimbursement of all fees, costs,
expenses, charges, damages and indemnity payments due and payable by the
Transaction Parties under the Transaction Documents;
	 
	 	(2)	 	second, towards payment of interest due and payable
under the Transaction Documents; and
	 
	 	(3)	 	third, towards repayment or prepayment of the Principal
Outstanding.

	 	(b)	 	Any appropriation under clauses 9.9(a) overrides any appropriation made by
a Transaction Party.

	9.10	 	Currency exchanges
	 
	 	 	If the Lender receives an amount under a Transaction Document in a currency which is not
in the Relevant Currency, the Lender:

	 	(a)	 	may convert the amount received into the Relevant Currency in accordance
with its normal procedures; and
	 
	 	(b)	 	is only regarded as having received the amount that it has converted into
the Relevant Currency.

	9.11	 	Currency of account

	 	(a)	 	Subject to paragraphs 9.11(b) to 9.11(e) below, Dollars are the currency of
account and payment for any sum due from a Borrower or any other Transaction Party
under any Transaction Document.
	 
	 	(b)	 	A repayment of financial accommodation shall be made on its due date in the
currency in which it is denominated.

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	 	10 Increased costs and illegality

	 	(c)	 	Each payment of interest shall be made in the currency in which the sum in
respect of which the interest is payable was denominated when that interest accrued.
	 
	 	(d)	 	Each payment in respect of costs, expenses or Taxes shall be made in the
currency in which the costs, expenses or Taxes are incurred.
	 
	 	(e)	 	Any amount expressed to be payable in a currency other than Dollars shall
be paid in that other currency.

	9.12	 	Change of currency

	 	(a)	 	Unless otherwise prohibited by law, if more than one currency or currency
unit are at the same time recognised by the central bank of any country as the lawful
currency of that country, then:

	 	(1)	 	any reference in a Transaction Document to, and any
obligations arising under a Transaction Document in, the currency of that
country shall be translated into, or paid in, the currency or currency unit
of that country designated by the Lender (after consultation with the
Borrowers); and
	 
	 	(2)	 	any translation from one currency or currency unit to
another shall be at the official rate of exchange recognised by the central
bank for the conversion of that currency or currency unit into the other,
rounded up or down by the Lender (acting reasonably).

	 	(b)	 	If a change in any currency of a country occurs, this agreement will, to
the extent the Lender (acting reasonably and after consultation with the Borrowers)
specifies to be necessary, be amended to comply with any generally accepted
conventions and market practice in the Relevant Interbank Market and otherwise to
reflect the change in currency.

	10	 	Increased costs and illegality
	 
	10.1	 	Increased costs

	 	(a)	 	If a Lender determines that any Change in Law affecting it or any of its
holding companies (each a Holding Company) directly or indirectly:

	 	(1)	 	increases the effective cost to the Lender of
performing its obligations under the Transaction Documents of that Lender
or funding or maintaining that Lender’s participation in that Lender’s
Facility;
	 
	 	(2)	 	reduces any amount received or receivable by the Lender
under the Transaction Documents of that Lender; or
	 
	 	(3)	 	in any other way reduces the effective return to the
Lender or any Holding Company under the Transaction Documents of that
Lender or the overall return on capital of the Lender or any Holding
Company,

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	 	10 Increased costs and illegality

	 	 	 	(each an Increased Cost), the Borrowers must pay to the Lender on demand
compensation for the Increased Cost to the extent attributed by the Lender or
Holding Company (using the methods it considers appropriate) to the Lender’s
obligations under the Transaction Documents of that Lender or the funding or
maintenance of that Lender’s Facility.
	 
	 	(b)	 	A Transaction Party is not obliged to pay compensation under this clause if
the relevant increased cost, reduction in the amount receivable or reduction in
return on capital is:

	 	(1)	 	fully compensated for by clause 9.4; or
	 
	 	(2)	 	attributable to the wilful breach by the Lender
claiming the benefit of the clause of any law or a breach by the Lender of
the terms of a Transaction Document.

	 	(c)	 	A claim under clause 10.1(a) in the absence of manifest error, is
sufficient evidence of the amount to which the Lender is entitled under clause
10.1(a) unless the contrary is proved.
	 
	 	(d)	 	If Sims receives a demand from a Lender under clause 10.1(a), the Borrowers
may, by written notice to the Lender on or before the date which is 20 Business Days
after the date of that demand, cancel the commitment of that Lender and prepay its
Outstanding Moneys in full.
	 
	 	(e)	 	A notice under clause 10.1(d) is irrevocable and the relevant Borrowers
must, on the date which is 40 Business Days after the date that the notice is given,
pay to that Lender the Outstanding Moneys of that Lender in full.

	10.2	 	Illegality

	 	(a)	 	If any Change in Law or other event makes it illegal for a Lender to
perform its obligations under the Transaction Documents of that Lender or fund or
maintain that Lender’s Facility, that Lender may by notice to Sims:

	 	(1)	 	suspend all or part of its obligations under the
Transaction Documents for the duration of the illegality; or
	 
	 	(2)	 	by notice to Sims, cancel all or part of its Commitment
and require the Borrowers to repay the Outstanding Moneys in part or in
full on the date which is 40 Business Days after the date on which the
Lender gives the notice or any earlier date required by, or to comply with,
the applicable law,

	 	 	 	provided that if the Lender determines in its absolute discretion that the
illegality can be avoided by a partial suspension or cancellation, then the
Lender may only suspend its obligations or cancel its Commitment under this
clause 10.2 to the extent it considers necessary to avoid the illegality.
	 
	 	(b)	 	A notice under clause 10.2(a)(2) is irrevocable and the Borrowers must, on
the repayment date determined under clause 10.2(a)(2), pay to the relevant Lender the
Outstanding Moneys of that Lender in full.
	 
	 	(c)	 	If this clause 10.2 applies, the relevant Lender agrees to use reasonable
endeavours for a period of 90 days to make the relevant financial accommodation
available by some alternative means including changing its Lending Office or making
the financial accommodation available through a

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	 	11 Indemnities

Related Body Corporate provided that
nothing in this clause 10.2 will oblige the Lender to incur any costs or expenses or
take any action or refrain from taking any action where, in the opinion of the
Lender, the taking of that action or the refraining from taking that action is
impractical, may be prejudicial to the Lender or is contrary to the Lender’s
policies.

	11	 	Indemnities
	 
	11.1	 	General indemnity

	 	(a)	 	Each Borrower indemnifies each Lender against any Loss which that Lender
(whether acting as agent of the Borrower or of the Lender) or an Attorney pays,
suffers, incurs or is liable for, in respect of any of the following:

	 	(1)	 	financial accommodation requested under a Transaction
Document not being made for any reason including any failure by a
Transaction Party to fulfil any condition precedent contained in the
Transaction Documents of that Lender, but excluding any default by that
Lender;
	 
	 	(2)	 	financial accommodation provided by that Lender being
repaid or discharged other than on the scheduled date for repayment or
discharge;
	 
	 	(3)	 	the occurrence of any Default;
	 
	 	(4)	 	that Lender exercising its Powers consequent upon or
arising out of the occurrence of any Default;
	 
	 	(5)	 	the non-exercise, attempted exercise, exercise or delay
in the exercise of any Power; and
	 
	 	(6)	 	any act or omission of a Transaction Party or any of
its employees or agents.

	 	(b)	 	The indemnity in clause 11.1(a), includes the amount determined by the
Lender as being incurred by reason of the liquidation or re-employment of deposits or
other funds acquired or contracted for by the Lender to fund or maintain its
Facility.

	11.2	 	Foreign currency indemnity
	 
	 	 	If, at any time:

	 	(a)	 	a Lender or an Attorney receives or recovers any amount payable by a
Transaction Party including:

	 	(1)	 	under any judgment or order of any Government Agency;
	 
	 	(2)	 	for any breach of any Transaction Document;
	 
	 	(3)	 	on the liquidation or bankruptcy of the Transaction
Party or any proof or claim in that liquidation or bankruptcy; or

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	 	12 Fees, Tax, costs and expenses

	 	(4)	 	any other thing into which the obligations of the
Transaction Party may have become merged; and

	 	(b)	 	the Payment Currency is not the Relevant Currency,

the Borrower indemnifies the Lender or Attorney against any shortfall between the amount
payable in the Relevant Currency and the amount actually or notionally received or
recovered by the Lender or Attorney after the Payment Currency is converted or translated
into the Relevant Currency under clause 11.3.

	11.3	 	Conversion of currencies
	 
	 	 	In making any currency conversion under clause 11.2, the Lender or Attorney may itself or
through its bankers purchase one currency with another, whether or not through an
intermediate currency, whether spot or forward, in accordance with its normal practice.
	 
	11.4	 	Continuing indemnities and evidence of loss

	 	(a)	 	Each indemnity of a Transaction Party in a Transaction Document is a
continuing obligation of the Transaction Party, despite:

	 	(1)	 	any settlement of account; or
	 
	 	(2)	 	the occurrence of any other thing,

and remains in full force and effect until the Outstanding Moneys are fully and
finally repaid.

	 	(b)	 	Each indemnity of a Transaction Party in a Transaction Document is an
additional, separate and independent obligation of a Transaction Party and no one
indemnity limits the general nature of any other indemnity.
	 
	 	(c)	 	Each indemnity of a Transaction Party in a Transaction Document survives
the termination of any Transaction Document.
	 
	 	(d)	 	A certificate given by an Officer of the Lender detailing the amount of any
Loss covered by any indemnity in a Transaction Document is sufficient evidence unless
the contrary is proved. Any such certificate must provide reasonable details of the
amount claimed and where appropriate how it has been calculated.

	12	 	Fees, Tax, costs and expenses
	 
	12.1	 	Tax

	 	(a)	 	The Borrowers must pay any Tax, other than an Excluded Tax in respect of the Lender, which is payable in respect
of a Transaction Document (including in respect of the execution, delivery, performance, release, discharge,
amendment or enforcement of a Transaction Document).
	 
	 	(b)	 	The Borrowers must pay any fine, penalty or other cost in respect of a failure to pay any Tax
described in clause 12.1(a) except to the extent that the fine,

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	 	13 Assignment and substitution

penalty or other cost is caused by the Lender’s failure to lodge money received
from the Borrower within 5 Business Days before the due date for lodgement.

	 	(c)	 	Each Borrower indemnifies the Lender against any amount payable under
clause 12.1(a) or (b).

	12.2	 	Costs and expenses
	 
	 	 	The Borrowers must pay all costs and expenses of the Lender in relation to:

	 	(a)	 	the negotiation, preparation, execution, delivery, stamping, registration,
completion, variation and discharge of any Transaction Document, provided that those
costs and expenses are reasonable;
	 
	 	(b)	 	the enforcement, protection or waiver of any rights under any Transaction
Document;
	 
	 	(c)	 	the consent or approval of the Lender given under any Transaction Document,
provided that those costs and expenses are reasonable; and
	 
	 	(d)	 	any enquiry by a Government Agency involving a Transaction Party,

including any legal costs and expenses and any professional consultant’s fees on a full
indemnity basis, subject, in the case of costs and expenses arising under clause 12.2(a)
or 12.2(c) only, to any maximum amount for such costs, expenses and fees agreed between
the Lender and Sims.

	12.3	 	GST

	 	(a)	 	If GST is or will be imposed on a supply made under or in connection with a
Transaction Document by a Lender, the Lender may, to the extent that the
consideration otherwise provided for that supply is not stated to include an amount
in respect of GST on the supply:

	 	(1)	 	increase the consideration otherwise provided for that
supply under the Transaction Document by the amount of that GST; or
	 
	 	(2)	 	otherwise recover from the recipient of the supply the
amount of that GST.

	 	(b)	 	The Lender must issue a Tax Invoice to the recipient of the supply no later
than 5 Business Days after payment to the Lender of the GST inclusive consideration
for that supply.
	 
	 	(c)	 	Where under a Transaction Document a Transaction Party is required to
reimburse or indemnify for an amount, that Transaction Party will pay the relevant
amount (including any sum in respect of GST) less any GST input tax credit the
relevant Lender is entitled to claim in respect of that amount.

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	 	13 Assignment and substitution

	13	 	Assignment and substitution
	 
	13.1	 	Assignment by Transaction Party
	 
	 	 	A Transaction Party must not assign or novate any of its rights or obligations under a
Transaction Document of a Lender without the Lender’s prior written consent.
	 
	13.2	 	Assignment by Lender
	 
	 	 	The Lender may assign or novate any of its rights and obligations under a Transaction
Document of that Lender to any person if:

	 	(a)	 	any necessary prior Authorisation is obtained;
	 
	 	(b)	 	where the Lender is novating any of its rights and obligations under a
Transaction Document the Borrower gives its prior consent to the novation which
consent must not be unreasonably withheld and is deemed given if no response is
received within 15 days of a request for consent; and
	 
	 	(c)	 	the proposed assignee becomes a party to this deed as a New Lender by
executing a Lender Accession Deed in accordance with clause 14.

	13.3	 	Assist
	 
	 	 	Each party must do any thing which a Lender reasonably requests including, executing any
documents or amending any Transaction Document of that Lender (other than this deed), to
effect any transfer, assignment, novation or substitution under this clause 13.
	 
	13.4	 	Securitisation permitted

	 	(a)	 	A Lender may, without having to obtain the consent of or notify a
Transaction Party, assign, transfer, sub-participate or otherwise deal with any of
its rights under a Transaction Document to a trustee of a trust, a company or any
other entity which in each case is established for the purposes of securitisation
(Securitisation Dealing) provided that the Lender remains the Lender on record.
	 
	 	(b)	 	Despite any Securitisation Dealing by a Lender:

	 	(1)	 	the Lender must continue to perform all its obligations
under this deed; and
	 
	 	(2)	 	any amount paid by the Transaction Party to the Lender
will satisfy the Transaction Party’s obligation to make that payment until
the Transaction Party is given notice by the Lender of the Securitisation
Dealing and directed by the Lender to pay any amount payable by the
Transaction Party under this deed to the relevant assignee, transferee or
sub-participant.

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	 	14 New Lenders and Additional Transaction Parties

	13.5	 	Participation permitted
	 
	 	 	The Lender may grant a participation interest (being a right to share in the financial
benefits of this deed, without any rights against a Transaction Party) in any of the
Lender’s rights and benefits under the Transaction Documents of that Lender to any other
person without having to obtain the consent of or to notify a Transaction Party.
	 
	13.6	 	Lending Office

	 	(a)	 	The Lender may change its Lending Office at any time.
	 
	 	(b)	 	The Lender must promptly notify Sims of the change.

	13.7	 	No increase in costs
	 
	 	 	If a Lender assigns or novates any of its rights or obligations under any Transaction
Document or changes its Lending Office, no Transaction Party is required to pay any net
increase in the aggregate amount of costs, Taxes, fees or charges which is a direct
consequence of the transfer or assignment or change of Lending Office.
	 
	14	 	New Lenders and Additional Transaction Parties
	 
	14.1	 	New Lenders
	 
	 	 	A bank or other financial institution which is not an Original Lender may become a Lender
for the purposes of this deed by entering into a duly completed and executed Lender
Accession Deed with Sims (on behalf of itself and each other Transaction Party).
	 
	14.2	 	Retired Lenders
	 
	 	 	A Lender will no longer be bound by the Transaction Documents of that Lender immediately
upon notification by the Lender to Sims that all obligations of the Transaction Parties to
the Lender have been discharged and released.
	 
	14.3	 	Additional Borrowers
	 
	 	 	Sims may request that any of its wholly owned Subsidiaries becomes an Additional Borrower.
That Subsidiary shall become an Additional Borrower if:

	 	(a)	 	the Lender approves the addition of that Subsidiary as an Additional
Borrower;
	 
	 	(b)	 	Sims delivers to each Lender a duly completed and executed Accession Deed
for the accession of that Subsidiary as an Additional Guarantor and Additional
Borrower;
	 
	 	(c)	 	Sims confirms that no Default is continuing or would occur as a result of
that Subsidiary becoming an Additional Guarantor and Additional Borrower; and

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	 	15 Representatives

	 	(d)	 	each Lender has received all of the documents and other evidence listed in
Schedule 4 in relation to that Additional Borrower, each in form and substance
satisfactory to it.

	14.4	 	Additional Guarantors
	 
	 	 	Sims may request that any of its wholly owned Subsidiaries become an Additional Guarantor.
That Subsidiary shall become an Additional Guarantor if:

	 	(a)	 	Sims delivers to each Lender an original counterpart of a duly completed
and executed Accession Deed; and
	 
	 	(b)	 	Sims confirms that no Default is continuing or would occur as a result of
that Subsidiary becoming an Additional Guarantor; and
	 
	 	(c)	 	each Lender has received all of the documents and other evidence listed in
Schedule 4 in relation to that Additional Guarantor, each in form and substance
satisfactory to it.

	14.5	 	Repetition of Representations
	 
	 	 	Delivery of an Accession Deed to a Lender constitutes confirmation by the relevant
Subsidiary that the representations and warranties in the Transaction Documents of that
Lender are true and correct in relation to it as at the date of delivery as if made by
reference to the facts and circumstances then existing.
	 
	15	 	Representatives
	 
	15.1	 	Lender as agent or trustee
	 
	 	 	If a Lender or any other person acts as an agent or trustee (Facility Agent) on behalf of
any other Lenders in respect of any Transaction Document then as between the Facility
Agent and those Lenders and the Transaction Parties in relation to, but subject to the
terms of, those Transaction Documents:

	 	(a)	 	any information, consent, approval, waiver, variation or notice under this
deed that is able or required to be given:

	 	(1)	 	by one or more of those Lenders shall be given only by
the Facility Agent on behalf of those Lenders; and
	 
	 	(2)	 	to one or more of those Lenders may be given to the
Facility Agent on behalf of those Lenders (and if given to the Facility
Agent is regarded as given to each such Lender);

	 	(b)	 	without limiting clause 15.1(a), any notice provided for in this deed
relating to or given consequent upon a breach or default or Event of Default under a
Transaction Document to which those Lenders are party shall only be given by the
Facility Agent on behalf of those Lenders; and
	 
	 	(c)	 	each Transaction Party may assume, without the necessity for enquiry, that
the Facility Agent is duly appointed and that anything done or purported to be done

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	 	16 Saving provisions

by the Facility Agent under a Transaction Document to which those Lenders are
party has been authorised by the requisite Lender or Lenders under those
Transaction Documents.

	15.2	 	Transaction Parties’ agent

	 	(a)	 	All communications under the Transaction Documents to and from the
Transaction Parties may be sent to or by Sims.
	 
	 	(b)	 	Each Transaction Party (other than Sims) by its execution of this deed or
an Accession Deed irrevocably appoints Sims to act on its behalf as its agent and
attorney in relation to the Transaction Documents and irrevocably authorises:

	 	(1)	 	Sims on its behalf to supply all information concerning
itself contemplated by this deed to any Lender;
	 
	 	(2)	 	Sims on its behalf to give and receive all notices and
instructions under the Transaction Documents;
	 
	 	(3)	 	Sims on its behalf to agree and sign all documents
under or in connection with the Transaction Documents (including any
Accession Deed, Lender Accession Deed or amendment, supplement or variation
to any Transaction Document) without further reference to or the consent of
that Transaction Party; and
	 
	 	(4)	 	each Lender to give any notice, demand or other
communication to that Transaction Party pursuant to the Transaction
Documents to Sims,

and in each case the Transaction Party will be bound by any act of Sims under
this clause 15.2.

	16	 	Saving provisions
	 
	16.1	 	No merger of security

	 	(a)	 	Nothing in this deed merges, extinguishes, postpones, lessens or otherwise
prejudicially affects:

	 	(1)	 	any Encumbrance or indemnity in favour of the Lender;
or
	 
	 	(2)	 	any Power.

	 	(b)	 	No other Encumbrance or Transaction Document which the Lender has the
benefit of in any way prejudicially affects any Power.

	16.2	 	Exclusion of moratorium
	 
	 	 	To the extent not excluded by law, a provision of any legislation which directly or
indirectly:

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	 	16 Saving provisions

	 	(a)	 	lessens, varies or affects in favour of a Transaction Party any obligations
under a Transaction Document; or
	 
	 	(b)	 	stays, postpones or otherwise prevents or prejudicially affects the
exercise by the Lender of any Power,

is negatived and excluded from each Transaction Document and all relief and protection
conferred on a Transaction Party by or under that legislation is also negatived and
excluded.

	16.3	 	Conflict
	 
	 	 	Where any right, power, authority, discretion or remedy conferred on the Lender or an
Attorney by any Transaction Document is inconsistent with the powers conferred by
applicable law then, to the extent not prohibited by that law, those conferred by
applicable law are regarded as negatived or varied to the extent of the inconsistency.
	 
	16.4	 	Consents

	 	(a)	 	Whenever the doing of any thing by a Transaction Party is dependent on the
consent of the Lender, the Lender may withhold its consent or give it conditionally
or unconditionally in its absolute discretion, unless expressly stated otherwise in a
Transaction Document.
	 
	 	(b)	 	Any conditions imposed on a Transaction Party by the Lender under clause
16.4(a) must be complied with by the Transaction Party.

	16.5	 	Principal obligations
	 
	 	 	This deed and each Collateral Security is:

	 	(a)	 	a principal obligation and is not ancillary or collateral to any other
Encumbrance (other than another Collateral Security) or other obligation; and
	 
	 	(b)	 	independent of, and unaffected by, any other Encumbrance or other
obligation which the Lender may hold at any time in respect of the Outstanding
Moneys.

	16.6	 	Non-avoidance
	 
	 	 	If any payment by a Transaction Party to the Lender is avoided for any reason including
any legal limitation, disability or incapacity of or affecting the Transaction Party or
any other thing, and whether or not:

	 	(a)	 	any transaction relating to the Outstanding Moneys was illegal, void or
substantially avoided; or
	 
	 	(b)	 	any thing was or ought to have been within the knowledge of the Lender,
the Transaction Party:
	 
	 	(c)	 	as an additional, separate and independent obligation, indemnifies the
Lender against that avoided payment; and

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	 	16 Saving provisions

	 	(d)	 	acknowledges that any liability of the Transaction Party under the
Transaction Documents and any right or remedy of the Lender under the Transaction
Documents is the same as if that payment had not been made.

	16.7	 	Set-off authorised
	 
	 	 	If a Transaction Party does not pay any amount when due and payable by it to the Lender
under a Transaction Document, the Lender may:

	 	(a)	 	apply any credit balance in any currency in any account of the Transaction
Party with the Lender in or towards satisfaction of that amount; and
	 
	 	(b)	 	effect any currency conversion which may be required to make an application
under clause 16.7(a).

	16.8	 	Lender’s certificates and approvals

	 	(a)	 	A certificate signed by any Officer of the Lender in relation to any
amount, calculation or payment under any Transaction Document is sufficient evidence
of that amount, calculation or payment unless the contrary is proved.
	 
	 	(b)	 	Where any provision of a Transaction Document requires the Lender’s
approval, that approval will not be effective unless and until it is provided in
writing.

	16.9	 	No reliance or other obligations and risk assumption
	 
	 	 	Each Transaction Party acknowledges and confirms that:

	 	(a)	 	it has not entered into any Transaction Document in reliance on any
representation, warranty, promise or statement made by or on behalf of the Lender;
	 
	 	(b)	 	in respect of the transactions evidenced by the Transaction Documents, the
Lender has no obligations other than those expressly set out in the Transaction
Documents; and
	 
	 	(c)	 	in respect of interest rates or exchange rates, the Lender is not liable
for:

	 	(1)	 	any movement in interest rates or exchange rates;
	 
	 	(2)	 	any information, advice or opinion provided by the
Lender or any person on behalf of the Lender, even if provided at the
request of a Transaction Party (it being acknowledged by each Transaction
Party that such matters are inherently speculative);
	 
	 	(3)	 	any information, advice or opinion provided by the
Lender or any person on behalf of the Lender, even if relied on by a
Transaction Party; or
	 
	 	(4)	 	any information, advice or opinion provided by the
Lender or any person on behalf of the Lender, even if provided incorrectly
or negligently.

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	 	17 General

	16.10	 	Power of attorney

	 	(a)	 	For consideration received, each Transaction Party irrevocably appoints the
Lender and each Officer of the Lender as the attorney of the Transaction Party to:

	 	(1)	 	execute and deliver all documents; and
	 
	 	(2)	 	do all things,

which are necessary or desirable to give effect to each Transaction Document.

	 	(b)	 	An attorney appointed under clause 16.10(a) may appoint a substitute
attorney to perform any of its powers.
	 
	 	(c)	 	An Attorney appointed under clause 16.10(a) may only exercise any of its
powers under this clause 16.10 whilst an Event of Default is subsisting.

	17	 	General
	 
	17.1	 	Confidential information
	 
	 	 	The Lender must not disclose to any person:

	 	(a)	 	any Transaction Document; or
	 
	 	(b)	 	any information about any Transaction Party,

except:

	 	(c)	 	in connection with a permitted assignment, novation, participation or
securitisation under clause 13, or a proposed permitted assignment, novation,
participation or securitisation under clause 13, where the disclosure is made on the
basis that the recipient of the information will comply with this clause 17.1 in the
same way that the Lender is required to do;
	 
	 	(d)	 	to any professional or other adviser consulted by it in relation to any of
its rights or obligations under the Transaction Documents;
	 
	 	(e)	 	to the Reserve Bank of Australia, the Australian Tax Office or any
Government Agency requiring disclosure of the information;
	 
	 	(f)	 	in connection with the enforcement of its rights under the Transaction
Documents;
	 
	 	(g)	 	where the information is already in the public domain, or where the
disclosure would not otherwise breach any duty of confidentiality;
	 
	 	(h)	 	if required by law; or
	 
	 	(i)	 	otherwise with the prior written consent of the relevant Transaction Party
(such consent not to be unreasonably withheld).

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	 	17 General

	17.2	 	Transaction Party to bear cost
	 
	 	 	Any thing which must be done by a Transaction Party under any Transaction Document,
whether or not at the request of the Lender, must be done at the cost of the Transaction
Party.
	 
	17.3	 	Dispute Resolution

	 	(a)	 	If an Issue or a circumstance that is reasonably likely to result in a
Issue, arises Sims and the Lender must not commence any court proceedings relating to
the Issue unless it has complied with the provisions of this clause 17.3, except to
seek urgent interlocutory relief.
	 
	 	(b)	 	If Sims or the Lender become aware of an Issue or a circumstance that is
reasonably likely to result in an Issue, it must promptly notify the other (Initial
Notice), and if the Issue is not resolved within ten (10) Business Days from the date
that of that Initial Notice, (excluding the date of that Initial Notice) (or such
other period as agreed to in writing between Sims and the Lender), then either Sims
or the Lender may give a written notice to the other specifying the nature and
details of the Issue (Notification).
	 
	 	(c)	 	If an Issue is resolved within ten (10) Business Days from the date on
which Initial Notice is provided (excluding the date on which Initial Notice is
given) (or such other period as agreed to in writing between Sims and the Lender),
Sims and the Lender must exchange written acknowledgement of such resolution prior to
the end of the ten (10) Business Day period.
	 
	 	(d)	 	Once a Notification of an Issue is given in accordance with clause 17.3(b),
a Dispute is taken to have arisen. If no Notification is given in accordance with
clause 17.3(b) or the Issue is resolved and written acknowledgement has been
exchanged between Sims and the Lender in accordance with clause 17.3(c), a Dispute
will not be taken to have arisen in relation to any Issue and the provisions of this
clause 17.3 will no longer apply. If the provisions of this clause 17.3 no longer
apply as a result of the failure of either Sims or the Lender to give a Notification,
the matter or thing asserted by either Sims or the Lender which gave rise to the
Issue will be disregarded.
	 
	 	(e)	 	If Sims and the Lender do not resolve a Dispute within ten (10) Business
Days after the Notification is given (excluding the date on which the Notification is
given) (or such other period as agreed to in writing between Sims and the Lender)
either Sims or the Lender may submit the Dispute to expert determination.
	 
	 	(f)	 	If the Dispute is to be referred to expert determination under clause
17.3(e):

	 	(1)	 	both Sims and the Lender may nominate an independent
expert with relevant expertise in accounting, legal and commercial matters
to act as expert and submit this nomination to the other within the earlier
of twelve (12) Business Days after the Notification is given (excluding the
date on which the Notification is given), or two (2) Business Days
following a decision by Sims and the Lender to submit the Dispute to expert
determination (excluding the date on which that decision is reached) (or
such other period as agreed to in writing between Sims and the Lender);

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	 	17 General

	 	(2)	 	if only the Lender or only Sims nominates an expert by
the time specified in, and otherwise in accordance with, clause 17.3(f)(1),
the nominated expert will be taken to have been agreed to by both Sims and
the Lender and that expert will be validly appointed;
	 
	 	(3)	 	if Sims and the Lender do not agree on the appointment
of an expert within three (3) Business Days after both expert nominations
have been submitted (excluding the date on which both nominations have been
submitted), the matter will be referred to the President of the Institute
of Chartered Accountants of Australia who will nominate an expert to
determine the Dispute and both Sims and the Lender will accept this
nomination;
	 
	 	(4)	 	where Sims is engaged in a dispute with any of its
other lenders (which have adopted a dispute resolution clause in
substantially the same form as this clause 17.3) in relation to the same
subject matter as a Dispute or Issue between Sims and the Lender, the
Lender agrees to the common appointment of an expert to resolve the
disputes simultaneously and an expert appointed in these circumstances can
only be appointed if the expert accepts a common appointment;
	 
	 	(5)	 	the terms of the expert’s retainer must provide that in
resolving the Dispute the expert will, to the extent relevant, be subject
to the then current ACDC Guidelines for Expert Determination, and will use
all reasonable endeavours to ensure that if a Dispute relates to a current
Calculation Period a decision is reached prior to the Calculation Date for
that Calculation Period;
	 
	 	(6)	 	the terms of the expert’s retainer must provide that
the expert must provide a decision as soon as reasonably practicable and in
any event no later than the five (5) Business Days from the date of
referral (excluding the date of referral) (or such other period as agreed
to in writing between Sims and the Lender);
	 
	 	(7)	 	the decision of the expert is final and binding on the
Lender and the Transaction Parties except in the case of manifest error;
and
	 
	 	(8)	 	if, for any reason:

	 	(A)	 	an expert is not appointed within
five (5) Business Days of the expert appointment decision being
referred to the President of the Institute of Chartered
Accountants of Australia (excluding the date on which the matter
is referred); or
	 
	 	(B)	 	the appointed expert provides Sims
and the Lender with written confirmation that the expert is unable
to reach a decision in relation to the Dispute,

	 	 	 	the provisions of this clause 17.3 will no longer apply to the Dispute
and each of Sims and the Lender may:
	 
	 	(C)	 	commence court proceedings; and/or
	 
	 	(D)	 	pursue any other remedies that are
available to the relevant party,

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	 	17 General

in relation to the matter or thing forming the subject matter of the
Dispute.

	 	(g)	 	If a Dispute or Issue first arises prior to the end of a Calculation Period
and is not resolved in accordance with this clause 17.3 by the end of that
Calculation Period, Sims and the Lender agree to use reasonable endeavours to resolve
the Dispute or Issue as soon as possible following the relevant Calculation Date and
in any event no later than 30 Business Days following Sims and the Lender first
becoming aware of the Issue or Dispute (excluding the date on which both Sims and the
Lender first become aware of the Issue or Dispute) (or such other period as agreed to
in writing between Sims and the Lender).
	 
	 	(h)	 	The Lender agrees that, prior to the resolution of the Dispute or Issue in
accordance with the provisions of this clause 17.3, or the termination of the dispute
resolution process as contemplated by clause 17.3(f)(8), the subject matter of any
Dispute or Issue may not be taken into account in determining whether Sims is in
breach of any of the financial undertakings contained in clause 4.17 of this deed
that require EBITDA to be calculated.
	 
	 	(i)	 	Sims must bear the costs of complying with this clause 17.3 and comply with
the obligations under the Transaction Documents during the dispute resolution process
contained in this clause 17.3.
	 
	 	(j)	 	In acting under the provisions of this clause 17.3 Sims and the Lender must
at all times use reasonable endeavours to resolve any Dispute or Issue.
	 
	 	(k)	 	Each Transaction Party represents and warrants for the benefit of each
Lender that each Other Facility Document that requires or contemplates adjustments to
EBITDA, contains a dispute resolution clause in substantially the same form as this
clause 17.3.

	17.4	 	Notices

	 	(a)	 	Any notice or other communication including, any request, demand, consent
or approval, to or by a party to any Transaction Document must be in legible writing
and in English addressed to the party in accordance with its details set out below in
respect of any Transaction Party and in Schedule 1 with respect to a Lender or as
specified to the sender by the party by notice.
	 
	 	 	 	Notices to a Transaction Party:

	 	 	 
	Address:

	 	Sir Josephs Banks Corporate Park
	 
	 	Suite 3, Level 2
	 
	 	32-34 Lord Street
	 
	 	Botany NSW 2019
	 
	 	 
	Fax no:

	 	+61 2 8113 1620
	 
	 	 
	Email address:

	 	frank.moratti@simsmm.com
	 
	 	 
	Department/officer:

	 	Frank Moratti
	 

	 	Company Secretary

	 	(b)	 	If the sender is a company, any such notice or other communication must be
signed by an Officer of the sender.
	 
	 	(c)	 	Any such notice or other communication is regarded as being given by the
sender and received by the addressee:

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	 	17 General

	 	(1)	 	if by delivery in person, when delivered to the
addressee;
	 
	 	(2)	 	if by post, on delivery to the addressee; or
	 
	 	(3)	 	if by facsimile, when received by the addressee in
legible form,

but if the delivery or receipt is on a day which is not a Business Day or is
after 4.00pm (addressee’s time) it is regarded as received at 9.00am on the
following Business Day.

	 	(d)	 	Any such notice or other communication can be relied on by the addressee
and the addressee is not liable to any other person for any consequences of that
reliance if the addressee believes it to be genuine, correct and authorised by the
sender.
	 
	 	(e)	 	A facsimile transmission is regarded as legible unless the addressee
telephones the sender within 2 hours after the transmission is received or regarded
as received under clause 17.4(c) and informs the sender that it is not legible.

	17.5	 	Governing law and jurisdiction

	 	(a)	 	This deed is governed by the laws of New South Wales.
	 
	 	(b)	 	Each Transaction Party irrevocably submits to the non-exclusive
jurisdiction of the courts of New South Wales.
	 
	 	(c)	 	Each Transaction Party irrevocably waives any objection to the venue of any
legal process on the basis that the process has been brought in an inconvenient
forum.
	 
	 	(d)	 	Each Transaction Party irrevocably waives any immunity in respect of its
obligations under this deed that it may acquire from the jurisdiction of any court or
any legal process for any reason including the service of notice, attachment before
judgment, attachment in aid of execution or execution.
	 
	 	(e)	 	Each Transaction Party (other than Sims) irrevocably appoints Sims in
relation to proceedings in New South Wales as its agent to receive service of any
legal process on its behalf without excluding any other means of service permitted by
the law of New South Wales and Sims irrevocably accepts that appointment.

	17.6	 	Prohibition and enforceability

	 	(a)	 	Any provision of, or the application of any provision of, any Transaction
Document or any Power which is prohibited in any jurisdiction is, in that
jurisdiction, ineffective only to the extent of that prohibition.
	 
	 	(b)	 	Any provision of, or the application of any provision of, any Transaction
Document which is void, illegal or unenforceable in any jurisdiction does not affect
the validity, legality or enforceability of that provision in any other jurisdiction
or of the remaining provisions in that or any other jurisdiction.

 page 62

 

			
	 	 	 
	
	 	17 General

	17.7	 	Waivers

	 	(a)	 	Waiver of any right arising from a breach of this deed or of any Power
arising on default under this deed or on the occurrence of an Event of Default must
be in writing and signed by the party granting the waiver.
	 
	 	(b)	 	A failure or delay in exercise, or partial exercise, of:

	 	(1)	 	a right arising from a breach of this deed or the
occurrence of an Event of Default; or
	 
	 	(2)	 	a Power created or arising on default under this deed
or on the occurrence of an Event of Default,

does not result in a waiver of that right or Power.

	 	(c)	 	A party is not entitled to rely on a delay in the exercise or non-exercise
of a right or Power arising from a breach of this deed or on a default under this
deed or on the occurrence of an Event of Default as constituting a waiver of that
right or Power.
	 
	 	(d)	 	A party may not rely on any conduct of another party as a defence to
exercise of a right or Power by that other party.
	 
	 	(e)	 	This clause may not itself be waived except in writing.

	17.8	 	Variation
	 
	 	 	A variation of any term of this deed must be in writing and signed by the parties.
	 
	17.9	 	Cumulative rights
	 
	 	 	The Powers are cumulative and do not exclude any other right, power, authority, discretion
or remedy of the Lender or Attorney.
	 
	17.10	 	Counterparts

	 	(a)	 	This deed may be executed in any number of counterparts.
	 
	 	(b)	 	All counterparts, taken together, constitute one instrument.
	 
	 	(c)	 	A party may execute this deed by signing any counterpart.

	17.11	 	Attorneys
	 
	 	 	Each of the attorneys executing this deed states that the attorney has no notice of the
revocation of the power of attorney appointing that attorney.

 page 63

 

Shedules

	 	 	 	 	 
	Table of contents	 	 	 	 
	Parties
	 	 	65	 
	 
	 	 	 	 
	Part 1 - Original Borrowers
	 	 	65	 
	 
	 	 	 	 
	Part 2 - Original Guarantors
	 	 	67	 
	 
	 	 	 	 
	Part 3 - Original Lender
	 	 	71	 
	 
	 	 	 	 
	Verification certificate
	 	 	72	 
	 
	 	 	 	 
	Compliance Certificate
	 	 	75	 
	 
	 	 	 	 
	Conditions Precedent
	 	 	77	 

 page 64

 

Schedule 1

Parties

Clause 1.2 (Definitions)

Part 1 — Original Borrowers

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Jurisdiction of incorporation /
	Name	 	ABN/ACN/ARBN	 	registration /organisation
	Sims Metal Management Limited

	 	 	69 114 838 630	 	 	Australia
	 
	 	 	 	 	 	 
	Sims Group Australia Holdings
Limited

	 	 	37 008 634 526	 	 	Australia
	 
	 	 	 	 	 	 
	Sims Aluminium Pty Limited

	 	 	93 004 370 905	 	 	Australia
	 
	 	 	 	 	 	 
	Sims Group UK Limited

	 	 	3242331	 	 	United Kingdom
	 
	 	 	 	 	 	 
	Sims Group UK Holdings Limited

	 	 	2904307	 	 	United Kingdom
	 
	 	 	 	 	 	 
	Mirec B.V.

	 	 	17073024	 	 	The Netherlands
	 
	 	 	 	 	 	 
	Sims Recycling Solutions AB

	 	 	N/A	 	 	Sweden
	 
	 	 	 	 	 	 
	Sims Group USA Corporation

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Sims Group Global Trade
Corporation

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	North Carolina Resource
Conservation LLC

	 	 	N/A	 	 	North Carolina

 page 65

 

			
	
	 	<Schedule 1 Parties

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Jurisdiction of incorporation /
	Name	 	ABN/ACN/ARBN	 	registration /organisation
	Sims Group USA Holdings
Corporation

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Schiabo Larovo Corporation

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Simsmetal East LLC

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Simsmetal West LLC

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management Alabama, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management Arizona, L.L.C.

	 	 	N/A	 	 	Arizona
	 
	 	 	 	 	 	 
	Metal Management Connecticut, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management Memphis, L.L.C.

	 	 	N/A	 	 	Tennessee
	 
	 	 	 	 	 	 
	Metal Management Midwest, Inc.

	 	 	N/A	 	 	Illinois
	 
	 	 	 	 	 	 
	Metal Management Mississippi, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management Northeast, Inc.

	 	 	N/A	 	 	New Jersey
	 
	 	 	 	 	 	 
	Metal Management Ohio, Inc.

	 	 	N/A	 	 	Ohio
	 
	 	 	 	 	 	 
	Metal Management West, Inc.

	 	 	N/A	 	 	Colorado
	 
	 	 	 	 	 	 
	Proler Southwest LP

	 	 	N/A	 	 	Texas
	 
	 	 	 	 	 	 
	Metal Dynamics Detroit LLC

	 	 	N/A	 	 	Delaware

 page 66

 

			
	
	 	<Schedule 1 Parties

Part 2 — Original Guarantors

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Jurisdiction of
	Name	 	ABN/ACN/ARBN	 	incorporation/ registration
	Sims Group Australia Holdings
Limited

	 	 	37 008 634 526	 	 	Australia
	 
	 	 	 	 	 	 
	Sims Metal Management Limited

	 	 	69 114 838 630	 	 	Australia
	 
	 	 	 	 	 	 
	Simsmetal Holdings Pty Limited

	 	 	97 000 021 563	 	 	Australia
	 
	 	 	 	 	 	 
	Simsmetal Services Pty Limited

	 	 	76 000 166 987	 	 	Australia
	 
	 	 	 	 	 	 
	Sims Manufacturing Pty Limited

	 	 	13 004 332 870	 	 	Australia
	 
	 	 	 	 	 	 
	Sims Industrial Pty Limited

	 	 	95 000 090 479	 	 	Australia
	 
	 	 	 	 	 	 
	Sims Energy Pty Limited

	 	 	42 009 667 752	 	 	Australia
	 
	 	 	 	 	 	 
	Sims Aluminium Pty Limited

	 	 	93 004 370 905	 	 	Australia
	 
	 	 	 	 	 	 
	Sims Group UK Limited

	 	 	3242331	 	 	United Kingdom
	 
	 	 	 	 	 	 
	Sims Group UK Holdings Limited

	 	 	2904307	 	 	United Kingdom
	 
	 	 	 	 	 	 
	Mirec B.V.

	 	 	17073024	 	 	The Netherlands
	 
	 	 	 	 	 	 
	Sims Recycling Solutions AB

	 	 	N/A	 	 	Sweden
	 
	 	 	 	 	 	 
	Simsmetal Industries Limited

	 	 	N/A	 	 	New Zealand
	 
	 	 	 	 	 	 
	Sims M+R GmbH

	 	 	N/A	 	 	Germany
	 
	 	 	 	 	 	 
	Sims Group German Holdings GmbH

	 	 	N/A	 	 	Germany
	 
	 	 	 	 	 	 
	Sims Metal Management Asia
Limited 
(previously known as Sims 

Asia Holdings Limited)

	 	 	N/A	 	 	Hong Kong

 page 67

 

			
	
	 	<Schedule 1 Parties

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Jurisdiction of
	Name	 	ABN/ACN/ARBN	 	incorporation/ registration
	Sims Group Recycling Solutions
Canada Ltd

	 	 	N/A	 	 	Canada
	 
	 	 	 	 	 	 
	Sims Group Canada Holdings Limited

	 	 	N/A	 	 	Canada
	 
	 	 	 	 	 	 
	Sims Group USA Corporation

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Sims Group Global Trade
Corporation

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	North Carolina Resource
Conservation, LLC

	 	 	N/A	 	 	North Carolina
	 
	 	 	 	 	 	 
	Sims Group USA Holdings
Corporation

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	SHN Co., LLC

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	HNE Recycling LLC

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	HNW Recycling LLC

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Schiabo Larovo Corporation

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Simsmetal East LLC

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Simsmetal West LLC

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Sims Recycling Solutions Holdings
Inc. 

(formerly Sims Recycling
Solutions, Inc.)

	 	 	N/A	 	 	Illinois
	 
	 	 	 	 	 	 
	Sims Recycling Solutions, Inc.

(formerly United Refining &
Smelting Co.)

	 	 	N/A	 	 	Illinois

 page 68

 

			
	
	 	<Schedule 1 Parties

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Jurisdiction of
	Name	 	ABN/ACN/ARBN	 	incorporation/ registration
	Metal Management, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	CIM Trucking, Inc.

	 	 	N/A	 	 	Illinois
	 
	 	 	 	 	 	 
	Metal Management Alabama, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management Arizona, L.L.C.

	 	 	N/A	 	 	Arizona
	 
	 	 	 	 	 	 
	Metal Management Connecticut, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management Indiana, Inc.

	 	 	N/A	 	 	Illinois
	 
	 	 	 	 	 	 
	Metal Management Memphis, L.L.C.

	 	 	N/A	 	 	Tennessee
	 
	 	 	 	 	 	 
	Metal Management Midwest, Inc.

	 	 	N/A	 	 	Illinois
	 
	 	 	 	 	 	 
	Metal Management Mississippi, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management New Haven, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management Northeast, Inc.

	 	 	N/A	 	 	New Jersey
	 
	 	 	 	 	 	 
	Metal Management Ohio, Inc.

	 	 	N/A	 	 	Ohio
	 
	 	 	 	 	 	 
	Metal Management Pittsburgh, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management Proler
Southwest, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	SMM — North America Trade
Corporation

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management West Coast
Holdings, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management West, Inc.

	 	 	N/A	 	 	Colorado

 page 69

 

			
	
	 	<Schedule 1 Parties

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Jurisdiction of
	Name	 	ABN/ACN/ARBN	 	incorporation/ registration
	MM Metal Dynamics Holdings, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Naporano Iron & Metal, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	New York Recycling Ventures, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Proler Southwest GP, Inc.

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Proler Southwest LP

	 	 	N/A	 	 	Texas
	 
	 	 	 	 	 	 
	Reserve Iron & Metal Limited
Partnership

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Dynamics LLC

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Dynamics Detroit LLC

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Metal Dynamics Indianapolis LLC

	 	 	N/A	 	 	Delaware
	 
	 	 	 	 	 	 
	Sims Municipal Recycling of New
York LLC

	 	 	N/A	 	 	Delaware

 page 70

 

			
	
	 	<Schedule 1 Parties

Part 3 — Original Lender

	 	 	 	 	 
	Name	 	ABN/ACN/ARBN	 	Address and service details
	Commonwealth Bank of
Australia

	 	ABN 48 123 123 124
	 	Address: 201 Sussex Street,

Darling Park Tower 1,

Sydney, New South Wales

2000, Australia
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention: Senior Vice
President, Institutional
Banking & Markets.
	 
	 	 	 	 	 	 
	 

	 	 	 	Facsimile: 61 2 9118 4003

 page 71

 

Schedule 2

	 	 	Verification certificate
	 
	 	 	Schedule 4
	 
	 	 	[To be signed by a director of the relevant company, or in the case of a corporation or
entity incorporated or organised under the laws of a state of the United States of
America, by a secretary or assistant secretary of that entity.]
	 
	 	 	To:           [                ] (Lender)
	 
	 	 	Verification Certificate
	 
	 	 	We refer to the Common Terms Deed dated 2 November 2009 (Common Terms Deed) between Sims
Metal Management Limited (as Sims), each party listed in Part 1 of Schedule 1 of that deed
as Original Borrowers, each party listed in Part 2 of Schedule 1 of that deed as Original
Guarantors and the person listed in Part 3 of Schedule 1 of that deed as Original Lender.
	 
	 	 	Capitalised terms in this certificate have the meaning given in the Common Terms Deed
unless otherwise defined herein.
	 
	 	 	I am a director of [insert company name] (the Company).
	 
	 	 	I hereby certify that:
	 
	1	 	Attachments
	 
	 	 	Attached are true, complete and up-to-date copies (or, where specified below, originals)
of the following and there have been no amendments or variations since the date of the
copy or original:
	 
	(a)	 	power of attorney: A power of attorney under which the Company executed the Transaction
Documents of the Lender to which it is or will be a party, and, if required by the Lender,
evidence of its stamping and registration.
	 
	(b)	 	extract of board minutes: Extracts of minutes of meeting of directors of the Company which
evidences the resolutions:

	 	(1)	 	authorising the execution and delivery of and observance of obligations
under the Transaction Documents of the Lender to which it is or will be a party;
	 
	 	(2)	 	authorising the appointment of Authorised Officers of the Company; and
	 
	 	(3)	 	explaining why the directors believe it is in the best interests of the
Company [this sentence to be inserted in relation to all foreign companies]

	 	 	together with any other document which evidences any other necessary corporate or other
action of the Company in connection with the Transaction Documents of the Lender to which
it is or will be a party;

page 72

 

			
	 	 	 
	
	 	<Schedule 2 Verification certificate

	(c)	 	extract of Shareholder Minutes: [Extracts of minutes of a meeting of all members of the
Company which evidences the unanimous resolutions of those shareholders authorising execution
and delivery of and observance of obligations under the Transaction Documents of the Lender to
which it is a party;] [to be inserted where shareholder resolutions are required to authorise
the Company’s execution and performance of the Transaction Documents]
	 
	(d)	 	certificate of incorporation and constituent documents: This Verification Certificate
attaches a copy of the certificate of incorporation and constituent documents for the Company
[or an original certificate signed by a director of the Company confirming that there are no
constituent documents], including, in the case of each Guarantor other than Sims which is
incorporated in Australia evidence that the constitution incorporates a provision which
expressly authorises the directors of each such corporation to act in the best interests of
its holding company;
	 
	(e)	 	legal opinion: An opinion in favour of the Lender by lawyers acceptable to the Lender in the
jurisdiction of incorporation or organisation of the Company, in respect of the Company and
due execution of, and enforceability against, the Company of the Transaction Documents of the
Lender to which it is a party;
	 
	(f)	 	Authorisations: All Authorisations (if any) necessary for the Company to execute and observe
obligations under and enforce the Transaction Documents of the Lender;
	 
	(g)	 	specimen signatures: Specimen signatures of each Authorised Officer of the Company; and
	 
	(h)	 	[certificate of good standing: A certificate from the Secretary of State of the State of
incorporation or organisation of any United States of America incorporated or organised
Company, certifying the Company’s good standing in that State.][In the case of each
Transaction Party incorporated or organised in a State of the United States]
	 
	2	 	Confirmations, representations and warranties
	 
	 	 	I confirm:
	 
	(a)	 	that borrowing or guaranteeing or securing, as appropriate, the commitments under all
Transaction Documents of the Lender, would not cause any borrowing, guarantee, security or
similar limit binding on the Company to be exceeded;
	 
	(b)	 	that the Company is solvent and able to pay its debts as and when they fall due [delete in
the case of a Company incorporated or organised under the laws of a state of the United States
of America];
	 
	(c)	 	that the representations and warranties set out in clause 3 (Representations and Warranties)
of the Common Terms Deed are true and correct;
	 
	(d)	 	the Company is not prevented by Chapter 2E or any other provision of the Corporations Act (or
similar laws under the laws of any other jurisdiction which may be applicable to it) from
entering into and performing any of the Transaction Documents of the Lender to which it is a
party or the giving of effect to the transactions contemplated by them;
	 
	(e)	 	that Chapter 2J.3 of the Corporations Act (or similar laws under the laws of any other
jurisdiction which may be applicable to it) has not been and will not be breached by the

page 73

 

			
	 	 	 
	
	 	<Schedule 2 Verification certificate

	 	 	Company entering into the Transaction Documents of the Lender to which it is a party or
the giving of effect to the transactions contemplated by them; and

	(f)	 	that the entry by the Company into the Transaction Documents of the Lender to which it is a
party and the giving of effect to the transactions contemplated by them is in its best
interests and for the purposes of its business.

	 	 	 	 	 
	date

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorised Officer	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 

page 74

 

Schedule 3

	 	 	Compliance Certificate
	 
	 	 	Clause 4.1(c)
	 
	 	 	To:          [                     ] (Lender)
	 
	 	 	Compliance Certificate
	 
	 	 	We refer to the Common Terms Deed dated 2 November 2009 (Common Terms Deed) between Sims
Metal Management Limited (as Sims), each party listed in Part 1 of Schedule 1 of that deed
as Original Borrowers, each party listed in Part 2 of Schedule 1 of that deed as Original
Guarantors and the person listed in Part 3 of Schedule 1 of that deed as Original Lender.
	 
	 	 	Capitalised terms in this certificate have the meaning given in the Common Terms Deed
unless otherwise defined herein.
	 
	 	 	For the Calculation Period ended on [Insert Calculation Date] (Calculation Date):
	 
	(a)	 	the ratio of Financial Indebtedness to EBITDA for the Calculation Period ending on that
Calculation Date is not greater than 3.0:1;
	 
	(b)	 	the ratio of EBITDA to Net Interest Expense for the Calculation Period ending on that
Calculation Date is not less than 3.5:1,
	 
	(c)	 	Tangible Net Worth on that Calculation Date is at least 85% of the Tangible Net Worth
calculated for the last Calculation Date of the preceding financial year.
	 
	 	 	as is evidenced by the attached supporting calculations.
	 
	 	 	The Guarantors (excluding any German Guarantors):
	 
	(a)	 	at all times owned, in aggregate, at least 80% of the Total Tangible Assets of the Sims
Group; and
	 
	(b)	 	generate at least 80% of the EBITDA for the Calculation Period ending on the Calculation
Date,
	 
	 	 	as is evidenced by the attached supporting calculations except [insert details of any
circumstances relevant to clause 4.18(b) including the dates by which subsidiaries will
become additional guarantors as required].
	 
	 	 	Each Subsidiary that owned at least 5% of Total Tangible Assets at any time in the
Calculation Period or generated at least 5% of EBITDA for the Calculation Period ending on
the Calculation Date, is a Guarantor (except [insert details of any circumstances relevant
to clause 4.18(b) including the dates by which subsidiaries will become additional
guarantors as required]), as is evidenced by the attached supporting calculations.

page 75

 

			
	 	 	 
	
	 	<Schedule 3 Compliance certificate

	 	 	Since the date of the last Compliance Certificate no condition or event that constitutes a
Default or Review Event has occurred or is subsisting, except [insert details].
	 
	 	 	The representations and warranties in the Common Terms Deed are true and correct as though
they have been made at the date of this certificate in respect of the facts and
circumstances then subsisting, except [insert details].
	 
	 	 	For and on behalf of
	 
	 	 	Sims Metal Management Limited
	 
	 	 	ABN 69 114 838 630

	 	 	 	 	 
	date

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Director / Secretary	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 

page 76

 

Schedule 4

	 	 	Conditions Precedent
	 
	 	 	Clause 14
	 
	(a)	 	An Accession Deed duly executed by the Additional Guarantor or Additional Borrower (as the
case may be);
	 
	(b)	 	A Verification certificate in the form of Schedule 2 (or in the case of an Additional
Guarantor or Additional Guarantor incorporated outside Australia, such other form as the
Lender may require) in respect of the Additional Guarantor or Additional Borrower (as the case
may be) together with each attachment referred to in it;
	 
	(c)	 	Duly executed forms, notices and other documents which are required in order to register or
file with the appropriate Government Agency any document referred to in this Schedule 4; and
	 
	(d)	 	Such evidence and information, including legal opinions, in relation to the execution of the
documents referred to in this Schedule 4 as the Lender reasonably requires.

page 77

 

Signing page

	 	 	 	 	 
	 

	 	Executed as a deed
	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Metal Management Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Group Australia Holdings Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 

page 78

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Aluminium Pty Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Group UK Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 

page 79

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Group UK Holdings Limited	 	 
	 

	 	by	 	 
	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Mirec B.V.	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 

page 80

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Recycling Solutions AB	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 

page 81

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Group USA Corporation	 	 
	 

	 	by its officer	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Group Global Trade Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 82

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	North Carolina Resource Conservation, LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Group USA Holdings Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4

	 	 

	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	
 

	 	 

page 83

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Schiabo Larovo Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	
 

	 	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Simsmetal East LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 84

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Simsmetal West LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 85

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Alabama, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Arizona, L.L.C.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 86

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Connecticut, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Memphis, L.L.C.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 87

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Midwest, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Mississippi, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 88

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Northeast, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Ohio, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 89

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management West, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Proler Southwest LP	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 90

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Dynamics Detroit LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Group Australia Holdings Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here 4

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 91

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Sims Metal Management Limited

by	 	 
	 
	 	 	 	 
	sign here 4

	 	 
 

	 	 
	 

	 	Company Secretary/Director	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Sims Aluminium Pty Limited

by	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 

page 92

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Simsmetal Holdings Pty Limited

by	 	 
	 
	 	 	 	 
	sign here 4  
	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Simsmetal Services Pty Limited

by	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 
 

	 	 

page 93

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Sims Manufacturing Pty Limited

by	 	 
	 
	 	 	 	 
	sign here 4

	 	 
	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Sims Industrial Pty Limited

by	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 

page 94

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Sims Energy Pty Limited

by	 	 
	 
	 	 	 	 
	sign here 4

	 	 
	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Sims Group UK Limited

by	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 

page 95

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Sims Group UK Holdings Limited

by	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Mirec B.V.

by	 	 
	 
	 	 	 	 
	sign here 4

	 	  

Company
Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 

page 96

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by

Sims Recycling Solutions AB

by	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Company Secretary/Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for

Simsmetal Industries Limited

by its officer	 	 

	 	 	 	 	 
	sign here 4

	 	 
	 	 
	 

	 	 
	 	 
	 

	 	Director
	 	Director
	 
	 	 	 	 
	print name

	 	 
	 	 
	 

	 	 
	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 

page 97

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for

Sims M+R GmbH
by its officer	 	 
	 
	 	 	 	 
	sign here 4

	 	 
	 	 
	 

	 	 
	 	 
	 

	 	Officer
	 	Officer
	 

	 	By executing this deed the
signatory states that the
signatory has received no
notice of revocation of the
authority under which the
signatory signs this deed
	 	By executing this deed the
signatory states that the
signatory has received no
notice of revocation of the
authority under which the
signatory signs this deed
	 
	 	 	 	 
	print name

	 	 
	 	 
	 

	 	 
	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for

Sims Group German Holdings GmbH

by its officer	 	 
	 
	 	 	 	 
	sign here 4

	 	 
	 	 
	 

	 	 
	 	 
	 

	 	Officer
	 	Officer
	 

	 	By executing this deed the
signatory states that the
signatory has received no
notice of revocation of the
authority under which the
signatory signs this deed
	 	By executing this deed the
signatory states that the
signatory has received no
notice of revocation of the
authority under which the
signatory signs this deed
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 
	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 

page 98

 

			
	
	 	Signing page

	 	 	 	 	 	 	 
	 

	 	Guarantor	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	THE COMMON SEAL of
	 	 	)	 
	 

	 	SIMS METAL MANAGEMENT ASIA LIMITED
	 	 	)	 
	 

	 	(PREVIOUSLY KNOWN AS
	 	 	)	 
	 

	 	SIMS ASIA HOLDINGS LIMITED)
	 	 	)	 
	 

	 	was affixed to this Deed
	 	 	)	 
	 

	 	in the presence of:	 	 	 	 
	 
	 	 	 	 	 	 
	sign here 4

	 	 

Officer
	 	 	 	 
	 
	 	 	 	 	 	 
	print name
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 

	 	in the presence of	 	 	 	 
	 
	 	 	 	 	 	 
	sign here 4

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Witness	 	 	 	 
	 
	 	 	 	 	 	 
	print name

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Guarantor	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Signed sealed and delivered for

Sims Group Recycling Solutions Canada Ltd

by its officer	 	 	 	 
	 
	 	 	 	 	 	 
	sign here 4

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Officer	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 	 	 
	 
	 	 	 	 	 	 
	print name

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	print title

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 

	 	in the presence of	 	 	 	 
	 
	 	 	 	 	 	 
	sign here 4

	 	 
 

Witness
	 	 	 	 
	 
	 	 	 	 	 	 
	print name

	 	 	 	 	 	 
	 

	 	 	 	 	 	 

page 99

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for

Sims Group Canada Holdings Limited

by its officer	 	 
	 
	 	 	 	 
	sign here 4

	 	 
	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	print title

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 

page 100

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for

Sims Group USA Corporation

by its officer	 	 
	 
	 	 	 	 
	sign here 4

	 	 
 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for

Sims Group Global Trade Corporation

by its officer	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 

page 101

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for

North Carolina Resource Conservation, LLC

by its officer	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for

Sims Group USA Holdings Corporation

by its officer	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 

page 102

 

			
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for

SHN Co., LLC

by its officer	 	 
	 
	 	 	 	 
	sign here 4

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for

HNE Recycling LLC

by its officer	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 	 	 
	 

	 	 	 	 

 page 103

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	HNW Recycling LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Schiabo Larovo Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 104

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Simsmetal East LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Simsmetal West LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 105

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Recycling Solutions Holdings Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Recycling Solutions, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 106

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	CIM Trucking, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 107

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Alabama, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Arizona, L.L.C.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 108

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Connecticut, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Indiana, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 109

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Memphis, L.L.C.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Midwest, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 110

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Mississippi, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management New Haven, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 111

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Northeast, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Ohio, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 112

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Pittsburgh, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Proler Southwest, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 113

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	SMM — North America Trade Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management West Coast Holdings, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 114

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management West, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	MM Metal Dynamics Holdings, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 115

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Naporano Iron & Metal, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	New York Recycling Ventures, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 116

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Proler Southwest GP, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Proler Southwest LP	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 117

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Reserve Iron & Metal Limited Partnership	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Dynamics LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 118

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Dynamics Detroit LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Dynamics Indianapolis LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 119

 

			
	 	 	 
	
	 	Signing page

	 	 	 	 	 
	 

	 	Guarantor	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Municipal Recycling of New York LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

	 	By executing this deed the signatory states that the signatory
has received no notice of revocation of the authority under
which the signatory signs this deed	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Lender	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Commonwealth Bank of Australia	 	 
	 

	 	by its attorney	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Attorney
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

page 120

 

Attachments

Table of contents

Accession Deed – Additional Guarantors and Additional Borrowers

Accession Deed – New Lenders

Page 1

 

Attachment 1

Accession Deed – Additional Guarantors and Additional Borrowers

Clauses 1.2 (Definitions) and 14 (New Lenders and Additional Transaction Parties)

Date 4

This deed poll is made by

	 	 	 
	Sims

	 	Sims Metal Management Limited

ACN 114 838 630 of Sir Joseph Banks Corporate Park,
Suite 3, Level 2 32-34 Lord Street Botany NSW 2019
	 
	 	 
	Additional Guarantor

	 	[          ]
	 
	 	 
	 

	 	[insert ACN/ABN/ARBN] of [          ]
	 
	 	 
	Background

	 	1   
Under the Common Terms Deed dated 2 November 2009
(Common Terms Deed) between Sims Metal Management
Limited, each party listed in Part 1 of Schedule 1 of
that deed (as Original Borrowers), each party listed
in Part 2 of Schedule 1 of that deed (as Original
Guarantors) and the person listed in Part 3 of
Schedule 1 of that deed (as Original Lender) a person
may become a Guarantor[ and Borrower] by execution of
this deed poll.

	 
	 	 
	 

	 	2    The Additional Guarantor wishes to become a
Guarantor[ and Borrower] on the terms and conditions
set out in this deed poll.

This deed poll witnesses as follows:

	3	 	Interpretation

	(a)	 	Words and phrases defined in the Common Terms Deed have the same meaning when used in this
deed poll.

page 1

 

			
	 	 	 
	
	 	<Attachment 1 Accession Deed — Additional Guarantors and 
Additional Borrowers

	(b)	 	In this deed poll, Existing Guarantor has the meaning set out below.

	 	 	 
	Term	 	Meaning
	 
	 	 
	Existing Guarantor

	 	each person which is a Guarantor under the Common Terms
Deed at the time of execution of this deed poll.

	4	 	Guarantee

	 	 	In consideration of, among other things:
	 
	(a)	 	forbearance by the Lender to require repayment of the Outstanding Moneys in full; and
	 
	(b)	 	the payment to the Additional Guarantor of $10 (receipt of which is acknowledged),
	 
	 	 	the Additional Guarantor jointly and severally with each Existing Guarantor irrevocably
and unconditionally guarantees to the Lender the payment of the Outstanding Moneys on the
terms contained in the Common Terms Deed (including clause 7 of the Common Terms Deed).
	 
	5	 	Representations and warranties
	 
	 	 	The Additional Guarantor represents and warrants to, and for the benefit of each Lender,
as set out in clause 3.1 of the Common Terms Deed, on the basis that:
	 
	(a)	 	each reference to a Transaction Party in clause 3.1 of the Common Terms Deed includes a
reference to the Additional Guarantor;
	 
	(b)	 	each reference to a Transaction Document includes this deed and each other Transaction
Document to which the Additional Guarantor is a party; and
	 
	(c)	 	clauses 3.2 and 3.3 of the Common Terms Deed apply to this clause 5 as if set out in full.
	 
	6	 	Status of Additional Guarantor
	 
	 	 	The Additional Guarantor agrees that it irrevocably becomes an ‘Additional Guarantor’[ and
‘Additional Borrower’] as defined in, and for all purposes under, the Common Terms Deed as
if named in and as a party to the Common Terms Deed, and accordingly is bound by the
Common Terms Deed as an Additional Guarantor[ and Additional Borrower].

page 2

 

			
	 	 	 
	
	 	<Attachment 1 Accession Deed — Additional Guarantors and 
Additional Borrowers

	7	 	Receipt of documents
	 
	 	 	The Additional Guarantor acknowledges having received and reviewed to its satisfaction a
copy of each Transaction Document and each other document requested by it before signing
this deed poll.
	 
	8	 	Confirmation by existing Transaction Parties
	 
	 	 	Sims (for itself and as attorney for each other Transaction Party) confirms that nothing
in this deed poll:
	 
	(a)	 	affects the validity or enforceability of the Transaction Documents;
	 
	(b)	 	prejudices or adversely affects any right, power, authority, discretion or remedy arising
under the Transaction Documents; or
	 
	(c)	 	discharges, releases or otherwise affects any liability or obligation arising under the
Transaction Documents.
	 
	9	 	Governing law
	 
	 	 	This deed poll is governed by the laws of New South Wales.
	 
	10	 	Benefit of deed poll
	 
	(a)	 	This deed poll is given in favour of and for the benefit of:

	 	(1)	 	each Lender; and
	 
	 	(2)	 	each Transaction Party,

	 	 	under the Common Terms Deed and their respective successors and permitted assigns
	 
	(b)	 	Each Lender has the benefit of this deed poll and can enforce it even if not in existence at
the time this deed poll is executed.
	 
	(c)	 	Each Lender may enforce its rights under this deed poll independently from each other Lender.

	11	 	Address for notices
	 
	 	 	The details for the Additional Guarantor for service of notices are:
	 
	 	 	Address:      [     ].
	 
	 	 	Attention:     [     ].

page 3

 

			
	 	 	 
	
	 	<Attachment 1 Accession Deed — Additional Guarantors and 
Additional Borrowers

	 	 	Facsimile:     [     ].
	 
	12	 	Attorneys
	 
	 	 	Each of the attorneys executing this deed poll states that the attorney has no notice of
the revocation of the power of attorney appointing that attorney.
	 
	 	 	Executed as a deed poll
	 
	 	 	Additional Guarantor
	 
	 	 	Signed sealed and delivered for
	 
	 	 	[     ]
	 
	 	 	by its attorney

	 	 	 	 	 
	sign here 4

	 	 
 

	 	 
	 

	 	Attorney	 	 
	 
	 	 	 	 
	print name

	 	 
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here 4

	 	 
 

	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	 
 

	 	 

page 4

 

			
	 	 	 
	
	 	<Attachment 1 Accession Deed — Additional Guarantors and 
Additional Borrowers

	 	 	 	 	 
	 

	 	Sims	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for
Sims Metal Management Limited
for itself and as attorney for each
other Transaction Party	 	 
	 
	 	 	 	 
	sign here 4

	 	 
 

	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	 
 

	 	 
	 
	 	 	 	 
	sign here 4

	 	 
 

	 	 
	 

	 	Director/Secretary	 	 
	 
	 	 	 	 
	print name

	 	 
 

	 	 

page 5

 

 

Attachment
2

	 	 	Accession Deed — New Lenders
	 
	 	 	Clauses 1.2 (Definitions) and 14 (New Lenders and Additional Transaction Parties)
	 
	 	 	Date ►

	 	 	 	 	 
	This deed is made by	 	 
	 
	 	 	 	 
	Sims	 	Sims Metal Management Limited
	 
	 	 	 	 
	 	 	ACN 114 838 630 of Sir Joseph Banks Corporate Park, Suite 3, Level 2 32-34 Lord Street Botany NSW 2019
	 
	 	 	 	 

	 	 	 
	New Lender

	 	[          ]
	 

	 	[insert ACN/ABN/ARBN] of [          ]

	 	 	 	 	 	 	 
	Background

	 	 	1	 	 	Under the Common Terms Deed dated 2
November 2009 (Common Terms Deed) between Sims Metal Management Limited
(Sims), each party listed in Part 1 of Schedule 1 of that deed (as Original Borrowers), each party
listed in Part 2 of Schedule 1 of that deed (as Original Guarantors) and the person listed in Part 3
of Schedule 1 of that deed (as Original Lender) a person may become a Lender by execution of this
deed.
	 
	 	 	 	 	 	 
	 

	 	 	2	 	 	The New Lender wishes to become a Lender on the terms and conditions set out in this deed poll.

	 	 	This deed witnesses as follows:

	1	 	Interpretation
	 
	 	 	Words and phrases defined in the Common Terms Deed have the same meaning when used in this
deed.

page 1

 

			
	 	 	 
	
	 	<Attachment 2 Accession Deed — New Lenders

	2	 	New Lender
	 
	 	 	The New Lender agrees that it irrevocably becomes a ‘New Lender’ as defined in, and for
all purposes under, the Common Terms Deed as if named in and as a party to the
	 
	 	 	Common Terms Deed, and accordingly is bound by the Common Terms Deed as a New Lender.
	 
	 	 	[The Facility Agent (as defined in clause 15.1 of the Common Terms Deed) for the New Lender is [Insert details].]
	 
	3	 	Facility Agreement and Transaction Documents
	 
	 	 	For the purposes of the Common Terms Deed:
	 
	(a)	 	the “Facility Agreement” of the New Lender is:
	 
	 	 	[Insert details]
	 
	(b)	 	The “Transaction Documents” of the New Lender are:

	 	(1)	 	each Transaction Document as defined in the Common Terms Deed to which the
New Lender is a party; and
	 
	 	(2)	 	[Insert details].

	4	 	Confirmation by existing Transaction Parties
	 
	 	 	Sims (for itself and as attorney for each other Transaction Party) confirms that nothing
in this deed:
	 
	(a)	 	affects the validity or enforceability of the Transaction Documents;
	 
	(b)	 	prejudices or adversely affects any right, power, authority, discretion or remedy arising
under the Transaction Documents; or
	 
	(c)	 	discharges, releases or otherwise affects any liability or obligation arising under the
Transaction Documents.
	 
	5	 	Governing law
	 
	 	 	This deed poll is governed by the laws of New South Wales.
	 
	6	 	Benefit of deed poll
	 
	(a)	 	This deed poll is given in favour of and for the benefit of:

page 2

 

			
	 	 	 
	
	 	<Attachment 2 Accession Deed — New Lenders

	 	(1)	 	each Lender; and
	 
	 	(2)	 	each Transaction Party,

	 	 	under the Common Terms Deed and their respective successors and permitted assigns

	(b)	 	Each Lender has the benefit of this deed poll and can enforce it even if not in existence at
the time this deed poll is executed.
	 
	(c)	 	Each Lender may enforce its rights under this deed poll independently from each other Lender.

	7	 	Address for notices
	 
	 	 	The details for the New Lender for service of notices are:
	 
	 	 	Address:                   [          ].
	 
	 	 	Attention:                 [          ].
	 
	 	 	Facsimile:                 [          ].

	8	 	Attorneys
	 
	 	 	Each of the attorneys executing this deed poll states that the attorney has no notice of
the revocation of the power of attorney appointing that attorney.

page 3

 

			
	 	 	 
	
	 	<Attachment 2 Accession Deed — New Lenders

	 	 	Executed as a deed poll
	 
	 	 	New Lender
	 
	 	 	Signed sealed and delivered for
	 
	 	 	[          ]
	 
	 	 	by its attorney

	 	 	 	 	 
	sign here 4

	 	 
 

Attorney
	 	 
	 
	 	 	 	 
	print name

	 	  

in the presence of
	 	 
	 
	 	 	 	 
	sign here 4

	 	
Witness
	 	 
	 
	 	 	 	 
	print name

	 	 
 

	 	 

	 	 	 
	 

	 	Sims
	 

	 	 
	 

	 	Signed sealed and delivered for
	 

	 	Sims Metal Management Limited
	 

	 	for itself and as attorney for each
	 

	 	other Transaction Party

	 	 	 	 	 
	sign here 4

	 	 
 

Director
	 	 
	 
	 	 	 	 
	print name

	 	 
 

	 	 
	 
	 	 	 	 
	sign here 4

	 	  

Director/Company
Secretary
	 	 
	 
	 	 	 	 
	print name

	 	 
 

	 	 

page 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]