Document:

a101executedfirstamendme

    FIRST AMENDMENT TO CREDIT AGREEMENT    THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of  December 17, 2021 is by and among CINER WYOMING LLC, a Delaware limited liability company  (the “Borrower”), the Guarantors from time to time party hereto (together with the Borrower, the “Loan  Parties”), the Lenders identified on the signature pages hereto and BANK OF AMERICA, N.A., as  Administrative Agent.    W I T N E S S E T H    WHEREAS, the Loan Parties entered into that certain Credit Agreement dated as of October 28,  2021, as amended, modified, supplemented, increased and extended from time to time, the “Credit  Agreement”), with the Lenders from time to time party thereto and Bank of America, N.A., as  Administrative Agent, Swing Line Lender and L/C Issuer.    WHEREAS, the Loan Parties have requested certain modifications to the Credit Agreement and  the Lenders, by action of the Required Lenders, have agreed to the requested modifications on the terms  and conditions set forth herein.    NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable  consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as  follows:    1. Defined Terms.  Capitalized terms used herein but not otherwise defined herein shall have the  meanings provided to such terms in the Credit Agreement.    2. Amendments.      (a) The definition of “Change of Control” in Section 1.01 of the Credit Agreement is hereby  amended and restated in its entirety to read as follows:    “Change of Control” means (a) prior to the Sisecam Purchase, an event or series of events  by which, except as a result of a Foreclosure Event, the Specified Owners cease at any time to (i)  own and control, of record and beneficially, directly or indirectly, at least fifty-one percent (51%)  of the Voting Equity Interests in the Borrower or (ii) have the ability to elect a majority of the  board of directors, board of managers or equivalent governing body of the Borrower and (b) upon  the occurrence of the Sisecam Purchase and thereafter, an event or series of events by which,  Sisecam and/or the Specified Owners (individually or collectively), cease(s) at any time to have  the ability to elect a majority of the board of directors, board of managers or equivalent governing  body of the Borrower; provided that any such cessation solely as a result of a Foreclosure Event  shall not constitute a “Change of Control”.  (b) In Section 1.01 of the Credit Agreement, the definition of “Foreclosure Event” is  amended and restated in its entirety to read as follows  “Foreclosure Event” means, (a) prior to the Sisceam Purcahse, any foreclosure upon, and  or involuntary sale or other transfer of direct or indirect ownership in the Borrower that causes the  Specified Owners to cease to (i) own and control, of record and beneficially, directly or indirectly at  least fifty-one percent (51%) of the Voting Equity Interests in the Borrower or (ii) have the ability to  elect a majority of the board of directors, board of managers or equivalent governing body of the  Borrower and (b) after the Sisecam Purchase, any foreclosure upon, and or involuntary sale or other  

 

  CHAR1\1852742v7  transfer of direct or indirect ownership in the Borrower that causes Sisecam and/or the Specified  Owners (individually or collectively) to cease at any time to have the ability to elect a majority of the  board of directors, board of managers or equivalent governing body of the Borrower.  (c) The following definitions are hereby added to Section 1.01 of the Credit Agreement in  appropriate alphabetical order:  “Sisecam” shall mean Turkiye Sise ve Cam Fabrikalari A.S. and its wholly owned  subsidiary, Sisecam Chemicals USA Inc.  “Sisecam Purchase” means the purchase, prior to March 31, 2022, of Voting Equity  Interests from the Specified Owners (or one or more Persons owned by them, directly or  indirectly) such that after giving effect thereto, Sisecam and the Specified Owners collectively  have the ability to elect a majority of the board of directors, board of managers or equivalent  governing body of the Borrower.  (d) In Section 8.03(e) of the Credit Agreement, the text “$50,000,000” is replaced with the  text “$55,000,000”.  3. Conditions Precedent.  This Amendment shall become effective as of the date hereof upon receipt  by the Administrative Agent of each of the items specifically listed below, all of which shall be in form  and content reasonably acceptable to the Administrative Agent:    (a) counterparts of this Amendment signed by or on behalf of each party hereto or written  evidence satisfactory to the Administrative Agent (which may include telecopy transmission of such  signed signature page) that such party has signed a counterpart of this Amendment and the other Loan  Documents to which such party is a party;     (b) receipt by the Administrative Agent and each Lender of all requested information in  connection with applicable “know your customer” and anti-money-laundering rules and regulations,  including, without limitation, the Patriot Act and, if any Loan Party qualifies as a “legal entity customer”  under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Loan  Party; and    (c) receipt by the Administrative Agent of all fees, expenses and other amounts due and  payable on or prior to date hereof, including without limitation, reimbursement or payment of all out-of- pocket expenses of the Administrative Agent and the Arranger (including reasonable fees, charges and  disbursements of counsel to the Administrative Agent and the Arranger) required to be reimbursed or paid  by the Borrower hereunder, under any other Loan Document and under any agreement with the  Administrative Agent or Arranger.    4. Representations and Warranties; No Default.  Each Loan Party represents and warrants to the  Administrative Agent that:    (a) The representations and warranties of the Loan Parties contained in the Credit Agreement  or in any other Loan Document are true and correct on and as of the date hereof, except to the extent that  such representations and warranties specifically refer to an earlier date, in which case such representations  and warranties are true and correct as of such earlier date.    (b) No event which is, or with notice or lapse of time or both would be, a Default or an Event  of Default under the Credit Agreement has occurred and is continuing.  

 

  CHAR1\1852742v7    (c) The Sisecam Purchase does not violate the terms, or create a default or conflict under, the  Organization Documents of the Borrower, and all material third party consents and approvals, including  the approvals of any applicable Governmental Authorities, necessary in connection with the Sisecam  Purchase have been obtained or will have been obtained prior to consummation of the Sisecam Purchase,  and all applicable waiting periods in connection with the Sisecam Purchase shall have expired without  any action being taken by any authority that could restrain, prevent or impose any material adverse  condition on the Sisecam Purchase.    5. Amendment is a “Loan Document”.  This Amendment shall be deemed to be, and is, a Loan  Document and all references to a “Loan Document” in the Credit Agreement and the other Loan  Documents (including, without limitation, all such references in the representations and warranties in the  Credit Agreement and the other Loan Documents) shall be deemed to include this Amendment.  6. Reaffirmation of Obligations.  Each Loan Party affirms all of its obligations under the Loan  Documents and agrees that this Amendment does not operate to reduce or discharge its obligations under  the Loan Documents.     7. No Other Changes.  Except as modified hereby, all of the terms and provisions of the Loan  Documents shall remain in full force and effect.    8. Counterparts; Delivery.  This Amendment may be executed in counterparts (and by different  parties hereto in different counterparts), each of which shall constitute an original, but all of which when  taken together shall constitute a single contract. Delivery of an executed counterpart of this Amendment  by facsimile or other electronic imaging means shall be effective as an original.    9. Governing Law.  This Amendment shall be deemed to be a contract made under, and for all  purposes shall be construed in accordance with, the laws of the State of New York.     [Signature Pages Follow]  

 

 

 

  CINER WYOMING LLC  FIRST AMENDMENT TO CREDIT AGREEMENT    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by  their duly authorized officers as of the first day and year written above.    BORROWER: CINER WYOMING LLC,   a Delaware limited liability company    By:       Name: Oguz Erkan  Title: President     ADMINISTRATIVE  AGENT: BANK OF AMERICA, N.A., as Administrative Agent    By:       Name: Christine Trotter  Title: Vice President    LENDERS: BANK OF AMERICA, N.A.,  as a Lender, L/C Issuer and Swing Line Lender    By:       Name: Ryan Maples  Title: Senior Vice President    PNC BANK, NATIONAL ASSOCIATION,  as a Lender     By:       Name: Brandon K. Fiddler  Title: Senior Vice Presidenta102fullyexecutednote002

  HOU 3966299v1           Banc of America Leasing & Capital, LLC  Equipment Security Note Number 002  This Equipment Security Note No. 002, dated as of December 17, 2021 (this "Equipment Note"), is entered into pursuant  to and incorporates by this reference all of the terms and provisions of that certain Master Loan and Security Agreement No.  49660-70000 dated as of March 25, 2020 (the "Master Agreement"), by and between Banc of America Leasing & Capital,  LLC ("Lender") and Ciner Wyoming LLC ("Borrower").  All capitalized terms used herein and not defined herein shall  have the respective meanings assigned to such terms in the Master Agreement. If any provision of this Equipment Note  conflicts with any provision of the Master Agreement, the provisions contained in this Equipment Note shall prevail.  Borrower hereby authorizes Lender to insert the serial numbers and other identification data of the Equipment, dates, and  other omitted factual matters or descriptions in this Equipment Note.       The occurrence of an "Event of Default," as defined in the Master Agreement, shall entitle Lender to accelerate the maturity  of this Equipment Note and to declare the Prepayment Amount to be immediately due and payable, and to proceed at once  to exercise each and every one of the remedies provided in the Master Agreement or otherwise available at law or in equity.   All of Borrower's Obligations under this Equipment Note are absolute and unconditional, and shall not be subject to any  offset or deduction whatsoever.  Borrower waives any right to assert, by way of counterclaim or affirmative defense in any  action to enforce Borrower's Obligations hereunder, any claim whatsoever against Lender.      1. Equipment Financed; Equipment Location; Grant of Security Interest.  Subject to the terms and  provisions of the Master Agreement and as provided herein, Lender is providing financing in the principal amount described  in Section 2 below to Borrower in connection with the acquisition or financing of the following described Equipment:     UQuantityU  UDescriptionU  USerial NumberU                                                        UCost    See Exhibit A attached hereto and made a part thereof  Location of Equipment.  The Equipment will be located or (in the case of over-the-road vehicles) based at the  following locations:    ULocationU  UAddressU  UCityU  UCountyU  UStateU  UZIP                                             A              254 County Road 4-6           Green River      Sweetwater WY 82935  Borrower has agreed and does hereby grant a security interest in and to the Equipment and the Collateral related thereto,  whether now owned or hereafter acquired and wherever located, in order to secure the payment and performance of all  Obligations owing to Lender, including but not limited to this Equipment Note, all as more particularly provided in the  Master Agreement.  Lender's agreement to provide the financing contemplated herein shall be subject to the satisfaction  of all conditions established by Lender and Lender's prior receipt of all required documentation in form and substance  satisfactory to Lender in its sole discretion.   2. Payments.  For value received, Borrower promises to pay to the order of Lender, the principal amount of  $29,000,000.00, together with interest thereon as provided herein.  This Equipment Note shall be payable by Borrower to  Lender in sixty consecutive monthly installments of principal and interest (the "Payments") commencing on January 17,  2022 (the “Initial Payment”) and continuing thereafter through and including the Maturity Date (as defined below)  (collectively, the “Equipment Note Term”).  Each Payment shall be in the amount provided below, and due and payable  on the same day of the month as the Initial Payment set forth above in each succeeding payment period (each, a "Payment  Date" and the final such scheduled Payment Date, the "Maturity Date") during Equipment Note Term.  All interest  hereunder shall be calculated on the basis of a year of 360 days comprised of 12 months of 30 days each.  The final Payment  due and payable on the Maturity Date shall in any event be equal to the entire outstanding and unpaid principal amount of  

 

 

 

December 17, 2021

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