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.

	 	 	 

	 

	 	Amendment and
	 

	 	Restatement Deed
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	Each company listed in Schedule 1
	 
	 	 
	 

	 	Commonwealth Bank of Australia

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Contents

	 	 	 	 	 

	1. INTERPRETATION
	 	 	1	 
	 
	 	 	 	 
	1.1 Definitions
	 	 	1	 
	1.2 Terms defined in the Facility Agreement
	 	 	1	 
	1.3 Rules for interpreting this document
	 	 	2	 
	1.4 Transaction Document
	 	 	2	 
	 
	 	 	 	 
	2. CONSIDERATION
	 	 	2	 
	 
	 	 	 	 
	3. AMENDMENTS
	 	 	2	 
	 
	 	 	 	 
	3.1 Amendment to Facility Agreement
	 	 	2	 
	3.2 Effect of amendment
	 	 	2	 
	 
	 	 	 	 
	4. EFFECTIVE DATE
	 	 	2	 
	 
	 	 	 	 
	5. GENERAL
	 	 	3	 
	 
	 	 	 	 
	5.1 Governing law
	 	 	3	 
	5.2 Prohibition and enforceability
	 	 	3	 
	5.3 Variation
	 	 	3	 
	5.4 Counterparts
	 	 	3	 
	5.5 Attorneys
	 	 	3	 
	 
	 	 	 	 
	Schedule
	 	 	 	 
	 
	 	 	 	 
	1 BORROWERS
	 	 	4	 
	 
	 	 	 	 
	2 AMENDED AND RESTATED FORM OF FACILITY AGREEMENT
	 	 	7	 

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Amendment
and Restatement Deed 1

 

 

Amendment and Restatement Deed

DATE 23 June  2011

PARTIES

	 	 	Each company listed in Schedule 1 (each a Borrower and together the Borrowers)
	 
	 	 	Commonwealth Bank of Australia (the Lender)

RECITALS

	A.	 	Under the Facility Agreement, the Lender has granted certain facilities to the Borrowers.
	 
	B.	 	At the request of Sims Metal Management Limited (ABN 69 114 838 630) (Sims), the parties to
the Facility Agreement have agreed to make various amendments to those facilities as set out
in this document.
	 
	C.	 	Accordingly, the parties wish to amend and restate the Facility Agreement in the manner set
out in this document.

OPERATIVE PROVISIONS

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	The following definitions apply in this document.
	 
	 	 	[*]
	 
	 	 	Common Terms Deed means the “Common Terms Deed” of that title dated on or about the date of
this deed between amongst others, Sims and the Lender.
	 
	 	 	Effective Date has the meaning set out in clause 4.
	 
	 	 	[*]
	 
	 	 	Facility Agreement means the “Multi Option Facility Agreement” of that title dated 2
November 2009 between, amongst others, Sims and the Lender, as amended from time to time.
	 
	1.2	 	Terms defined in the Facility Agreement
	 
	 	 	A term (other than a term defined in clause 1.1) that is defined in the Facility Agreement
(as amended and restated by this document) or the Common Terms Deed has the same meaning in
this document.

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	1.3	 	Rules for interpreting this document
	 
	 	 	Clauses 1.3, 1.5. 1.6 and 1.7 of the Common Terms Deed apply to this document as if they
were set out in full in this document, except that any reference to “this deed” is replaced
by a reference to “this document”.
	 
	1.4	 	Transaction Document

	 	(a)	 	This document is a “Transaction Document” for the purposes of the definition
of “Transaction Document” in clause 1.2 of the Facility Agreement.
	 
	 	(b)	 	This document is a “Transaction Document” in respect of the Lender for the
purpose of the definition of “Transaction Document” in clause 1.2 of the Common Terms
Deed.

	2.	 	CONSIDERATION
	 
	 	 	Each party acknowledges that it has received valuable consideration for entering into this
document.
	 
	3.	 	AMENDMENTS
	 
	3.1	 	Amendment to Facility Agreement

	 	(a)	 	The Facility Agreement is amended and restated with effect on and from the
Effective Date to read as set out in Schedule 2.
	 
	 	(b)	 	Paragraph (a) does not affect any right or obligation of any party that
arises before the Effective Date.

	3.2	 	Effect of amendment

	 	(a)	 	Except as expressly amended by this document, the Facility Agreement is
confirmed and remains in full force and effect.
	 
	 	(b)	 	With effect on and from the Effective Date:

	 	(i)	 	the Facility Agreement and this document will be read and
construed as one document; and
	 
	 	(ii)	 	references in the Facility Agreement to “this agreement” will
be read and construed as references to the Facility Agreement as amended by
this document.

	4.	 	EFFECTIVE DATE
	 
	 	 	The Effective Date is the date on which the Lender has received:

	 	(a)	 	each of the documents set out in Schedule 4 of the Common Terms Deed in form
and substance satisfactory to it; and
	 
	 	(b)	 	[*]

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	5.	 	GENERAL
	 
	5.1	 	Governing law

	 	(a)	 	This document is governed by the laws of New South Wales.
	 
	 	(b)	 	Each Borrower irrevocably submits to the non—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 document 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 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.

	5.2	 	Prohibition and enforceability

	 	(a)	 	Any provision of, or the application of any provision of, this 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, this 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.

	5.3	 	Variation
	 
	 	 	A variation of any term of this document must be in writing and signed by the parties.
	 
	5.4	 	Counterparts

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

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

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Schedule 1

BORROWERS

	 	 	 	 	 
	 	 	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

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Amendment and Restatement Deed 4

 

 

	 	 	 	 	 
	 	 	Jurisdiction of incorporation /	 	 
	 	 	registration /	 	 
	Name	 	organisation	 	Company number (if any)
	Simsmetal West LLC
	 	Delaware	 	N/A
	 
	 	 	 	 
	Metal Management, Inc.
	 	Delaware	 	N/A
	 
	 	 	 	 
	Metal Management Alabama, Inc.
	 	Delaware	 	N/A
	 
	 	 	 	 
	Metal Management Arizona, L.L.C.
	 	Arizona	 	N/A
	 
	 	 	 	 
	SMM New England Corporation

 (formerly
known as

 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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	 	 	Jurisdiction of incorporation /	 	 
	 	 	registration /	 	 
	Name	 	organisation	 	Company number (if any)
	Sims Recycling Solutions Holdings Inc.

(formerly Sims Recycling Solutions,
Inc.)
	 	Illinois	 	N/A
	 
	Sims Recycling Solutions, Inc.

 (formerly
United Refining & Smelting Co)
	 	Illinois	 	N/A

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Amendment and Restatement Deed 6

 

 

Schedule 2

AMENDED AND RESTATED FORM OF FACILITY AGREEMENT

Agreement

	 	 	 

	Sims Metal Management Limited
	 	 
	 
	 	 
	Multi-option facility
	 	 
	agreement
	 	 
	 

	 	 
	 
	 	 
	Commonwealth Bank of Australia
	 	 
	 
	 	 
	Each Borrower specified in Schedule 1
	 	 

[*] 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	 
	 
	1.5 CLAUSE 7.17 (LIMITATION OF LIABILITY) OF COMMON TERMS DEED

	 	 	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 COMMITMENT, PURPOSE AND AVAILABILITY OF FACILITY

	 	 	15	 
	 
	3.1 PROVISION OF COMMITMENT

	 	 	15	 
	 
	3.2 PURPOSE

	 	 	15	 
	 
	3.3 CANCELLATION OF COMMITMENT DURING AVAILABILITY PERIOD

	 	 	16	 
	 
	3.4 CANCELLATION AT END OF AVAILABILITY PERIOD

	 	 	16	 
	 
	3.5 REVIEW AND RENEWAL OF COMMITMENT

	 	 	16	 
	 
	3.6 ANNUAL RESET OF COMMITMENT

	 	 	17	 

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	4 FUNDING AND RATE SETTING PROCEDURES

	 	 	17	 
	 
	4.1 DELIVERY OF FUNDING NOTICE

	 	 	17	 
	 
	4.2 REQUIREMENTS FOR A FUNDING NOTICE

	 	 	18	 
	 
	4.3 IRREVOCABILITY OF FUNDING NOTICE

	 	 	18	 
	 
	4.4 AMOUNT OF FUNDING PORTIONS

	 	 	18	 
	 
	4.5 SELECTION OF FUNDING PERIODS

	 	 	19	 
	 
	4.6 DETERMINATION OF FUNDING RATE

	 	 	19	 
	 
	4.7 MARKET DISRUPTION

	 	 	19	 
	 
	4.8 CONFIDENTIALITY

	 	 	20	 
	 
	4.9 CURRENCY MOVEMENTS

	 	 	20	 
	 
	4.10 UNAVAILABILITY OF A CURRENCY

	 	 	21	 
	 
	5 CASH ADVANCE FACILITY

	 	 	21	 
	 
	5.1 PROVISION OF FUNDING PORTIONS

	 	 	21	 
	 
	5.2 NUMBER OF FUNDING PORTIONS

	 	 	21	 
	 
	5.3 CONSOLIDATION AND DIVISION OF FUNDING PORTIONS

	 	 	22	 
	 
	5.4 SELECTION NOTICE

	 	 	22	 
	 
	5.5 REPAYMENT

	 	 	22	 
	 
	5.6 PREPAYMENT UNDER CASH ADVANCE FACILITY

	 	 	22

	 
	 
	5.7 PREPAYMENT DATE

	 	 	23	 
	 
	5.8 INTEREST

	 	 	23	 
	 
	5.9 LIQUIDITY BILLS

	 	 	23	 
	 
	5.10 FEES

	 	 	24	 
	 
	6 COMMERCIAL BILLS FACILITY

	 	 	24	 

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	6.1 AVAILABILITY

	 	 	24	 
	 
	6.2 BILL ACCEPTANCE AND ENDORSEMENT PROCEDURE

	 	 	24	 
	 
	6.3 PREPARATION OF BILLS

	 	 	24	 
	 
	6.4 FAILURE TO PREPARE BILLS

	 	 	25	 
	 
	6.5 FORM OF BILLS

	 	 	25	 
	 
	6.6 RESTRICTION ON USE BY THE LENDER

	 	 	25	 
	 
	6.7 TAX ON BILLS

	 	 	26	 
	 
	6.8 SIGNING OF BILLS AND APPOINTMENT OF LENDER AS ATTORNEY

	 	 	26	 
	 
	6.9 NOTIFICATION OF RATE AND DISCOUNTING PROCEDURE

	 	 	26	 
	 
	6.10 BILLS ACCEPTED OR ENDORSED BUT NOT DISCOUNTED

	 	 	27	 
	 
	6.11 BORROWER’S PRIMARY LIABILITY TO PAY BILLS

	 	 	27	 
	 
	6.12 INDEMNITY IN RESPECT OF BILLS

	 	 	27	 
	 
	6.13 VARIATION OF PROCEDURES

	 	 	27	 
	 
	6.14 FEES

	 	 	27	 
	 
	6.15 REPAYMENT BY CASH COVER AND NETTING

	 	 	28	 
	 
	6.16 ACKNOWLEDGMENT REGARDING SIGNED BILLS

	 	 	28	 
	 
	7 CREDIT SUPPORT FACILITY

	 	 	28	 
	 
	7.1 ISSUE OF CREDIT SUPPORT DOCUMENTS

	 	 	28	 
	 
	7.2 ADDITIONAL FUNDING NOTICE REQUIREMENTS

	 	 	29	 
	 
	7.3 FORM OF CREDIT SUPPORT DOCUMENTS

	 	 	29	 
	 
	7.4 PREPAYMENT UNDER CREDIT SUPPORT FACILITY

	 	 	30	 
	 
	7.5 PREPAYMENT DATE

	 	 	30	 
	 
	7.6 CASH COVER

	 	 	30	 

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	7.7 FEES

	 	 	30	 
	 
	7.8 TAX ON CREDIT SUPPORT DOCUMENTS

	 	 	31	 
	 
	7.9 LIABILITY OF BORROWERS

	 	 	31	 
	 
	7.10 EARLY EXPIRATION OR REDUCTION

	 	 	31	 
	 
	7.11 BENEFICIARY CONTRACTS AND NOTIFICATION

	 	 	32	 
	 
	7.12 OBLIGATIONS OF THE LENDER

	 	 	32	 
	 
	7.13 INDEMNITY IN RESPECT OF CREDIT SUPPORT DOCUMENT

	 	 	32	 
	 
	7.14 UNCONDITIONAL NATURE OF BORROWER’S OBLIGATIONS

	 	 	32	 
	 
	8 TRADE FINANCE FACILITY

	 	 	33	 
	 
	8.1 ADDITIONAL FUNDING NOTICE REQUIREMENTS

	 	 	33	 
	 
	8.2 PROVISION OF TRADE ADVANCES

	 	 	34	 
	 
	8.3 APPLICATION OF TRADE ADVANCES

	 	 	34	 
	 
	8.4 REPAYMENT OF TRADE ADVANCES

	 	 	35	 
	 
	8.5 INTEREST ON TRADE ADVANCES

	 	 	35	 
	 
	8.6 ISSUE OF DOCUMENTARY LCS

	 	 	35	 
	 
	8.7 FORM OF DOCUMENTARY LCS

	 	 	35	 
	 
	8.8 CREDIT SUPPORT DOCUMENT TERMS APPLY TO DOCUMENTARY LC

	 	 	35	 
	 
	8.9 FOREIGN BILLS NEGOTIATION

	 	 	36	 
	 
	8.10 INTEREST ON PROCEEDS OF NEGOTIATION

	 	 	36	 
	 
	8.11 REPAYMENT OF PROCEEDS OF NEGOTIATION

	 	 	36	 
	 
	8.12 EXTENSION OF REPAYMENT OF PROCEEDS OF NEGOTIATION

	 	 	36	 
	 
	8.13 FEES

	 	 	37	 
	 
	9 OVERDRAFT FACILITY

	 	 	37	 

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	9.1 OVERDRAFT FACILITY

	 	 	37	 
	 
	9.2 FUNDING PORTIONS

	 	 	37	 
	 
	9.3 PREPAYMENT

	 	 	37	 
	 
	9.4 FEES

	 	 	37	 
	 
	10 REPRESENTATIONS AND WARRANTIES

	 	 	37	 
	 
	10.1 REPRESENTATIONS AND WARRANTIES

	 	 	37	 
	 
	10.2 SURVIVAL AND REPETITION OF REPRESENTATIONS AND WARRANTIES

	 	 	37	 
	 
	10.3 RELIANCE BY LENDER

	 	 	38	 
	 
	11 UNDERTAKINGS

	 	 	38	 
	 
	11.1 INCORPORATED UNDERTAKINGS

	 	 	38	 
	 
	11.2 COMPLIANCE

	 	 	38	 
	 
	11.3 TERM OF UNDERTAKINGS

	 	 	38	 
	 
	12 EVENTS OF DEFAULT

	 	 	38	 
	 
	12.1 EVENTS OF DEFAULT

	 	 	38	 
	 
	12.2 EFFECT OF EVENT OF DEFAULT

	 	 	38	 
	 
	12.3 APPLICATION OF CASH COVER UNDER COMMERCIAL BILLS FACILITY, TRADE FINANCE FACILITY AND CREDIT SUPPORT FACILITY

	 	 	38	 
	 
	12.4 NEW RELATED BODY CORPORATE

	 	 	39	 
	 
	13 FEES

	 	 	39	 
	 
	14 INTEREST ON OVERDUE AMOUNTS

	 	 	40	 
	 
	14.1 PAYMENT OF INTEREST

	 	 	40	 
	 
	14.2 ACCRUAL OF INTEREST

	 	 	40	 
	 
	14.3 RATE OF INTEREST

	 	 	40	 

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	15 ASSIGNMENT AND SUBSTITUTION

	 	 	40	 
	 
	16 ADDITIONAL BORROWERS

	 	 	40	 
	 
	16.1 ADDITIONAL BORROWERS

	 	 	40	 
	 
	16.2 REPETITION OF REPRESENTATIONS

	 	 	41	 
	 
	17 GENERAL

	 	 	41	 
	 
	17.1 GOVERNING LAW AND JURISDICTION

	 	 	41	 
	 
	17.2 PROHIBITION AND ENFORCEABILITY

	 	 	41	 
	 
	17.3 WAIVERS

	 	 	41	 
	 
	17.4 VARIATION

	 	 	42	 
	 
	17.5 CUMULATIVE RIGHTS

	 	 	42	 
	 
	17.6 COUNTERPARTS

	 	 	42	 
	 
	17.7 ATTORNEYS

	 	 	42	 
	 
	Schedules
	 	 	 	 
	Borrowers

	 	 	44	 
	Key Terms Schedule

	 	 	47	 
	Fee Schedule

	 	 	51	 
	Funding Notices

	 	 	54	 
	Selection Notice

	 	 	60	 
	Renewal Notice

	 	 	62	 
	Revised Commitment Notice

	 	 	65	 
	Signing page

	 	 	67	 
	Attachments
	 	 	 	 
	 
	3 ACCESSION DEED — ADDITIONAL BORROWERS
	 	 	 	 

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The agreement

Multi-option facility agreement

	 	 	 

	Date
	 	 
	 
	 	2 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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Operative part

Definitions and interpretation

Agreement components

This agreement includes any schedule.

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 16.
	 
	 	 
	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 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 CAD;

	 

	 	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.
	 
	 	 
	Application for 

Irrevocable Documentary 

Credit

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

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	Term	 	Meaning
	Available Currency

	 	A$, US Dollars, Sterling, CAD, SGD 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:
	 

	 	7     the Termination Date for that Facility;

	 

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

	 

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

	 
	 	 
	A$ Facility

	 	the Facility, which may be drawn in any Available Currency up to the A$ Facility
Limit, made available by the Lender to the Borrowers under this agreement and on the
terms set out in Part A of the Key Terms Schedule.
	 
	 	 
	A$ Facility Limit

	 	the “Facility Limit” in respect of the A$ Facility (if any) as specified in Part A of
the Key Terms Schedule, as adjusted 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:
	 

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

	 

	 	11   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

	 

	 	12   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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	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 6.14(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:
	 

	 	13   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:

	 

	 	14   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

	 	15   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

	 

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

	 
	 	 
	CAD

	 	the lawful currency of Canada.

[*] Confidential Treatment Requested

4

 

	 	 	 
	Term	 	Meaning
	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 5 and on the
terms set out in Part 1 of the Key Terms Schedule.
	 
	 	 
	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 6 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

	 	in respect of a Facility, the amount (whether or not in A$) specified as the
Commitment for the Facility in Part D of the Key Terms Schedule.
	 
	 	 
	Commitment Currency

	 	in relation to a Facility, the currency in which the Commitment for that Facility is
denominated.
	 
	 	 
	Commitment Fee Rate

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

	 	the deed entitled ‘Common Terms Deed’ dated on or about 23 June 2011 between, amongst
others, the Lender and the Borrowers.
	 
	 	 
	Credit Support Document

	 	17   each Bank Guarantee; and

	 

	 	18   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 7 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 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.

[*] Confidential Treatment Requested

5

 

	 	 	 	 
	Term	 	Meaning
	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 Amount

	 	in respect of a Facility, at any time:
	 

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

	 

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

	 

	 	•   a currency other than the Commitment Currency, the Equivalent Amount
at that time of the principal amount of that Funding Portion outstanding at that
time;

	 

	 	20   for a Credit Support Document under the Credit Support Facility

denominated in:

	 

	 	•   Dollars, its Face Value Amount at that time;

	 

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

	 

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

	 

	 	•   Dollars, its Face Value Amount at that time;

	 

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

	 

	 	22   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
	 
	 	 
	 

	 	
	 

	 	FVA -  	FVA x
36500

	 

	 	36500 + (D x R)
	 
	 	 
	 

	 	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.
	 
	 	 
	Equivalent Amount

	 	in relation to a Funding Portion drawn under a Facility which is expressed in a
currency (first currency) which is not the Commitment Currency of that Facility, at
any time, the amount of the Commitment Currency determined by translating that amount
of the first currency into the Commitment Currency at the Exchange Rate for the first
currency at that time.

[*] Confidential Treatment Requested

6

 

	 	 	 
	Term	 	Meaning
	Euro, euro and €

	 	the single lawful currency of a Participating Member State.
	 
	 	 
	Event of Default

	 	any event specified in clause 12.1.
	 
	 	 
	Exchange Rate

	 	in relation to any currency, the spot rate of exchange determined by the Lender to be
the rate of exchange to buy that currency with an applicable Commitment Currency.
	 
	 	 
	Exchange Rate 

Calculation Date

	 	the last Business Day of each month.
	 
	 	 
	Expiry Date

	 	in relation to a Credit Support Document or a Documentary LC, the expiry date for
that Credit Support Document or Documentary LC as specified in that Credit Support
Document or Documentary LC (as applicable).
	 
	 	 
	Face Value Amount

	 	at any time:
	 

	 	23   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;

	 

	 	24   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

	 

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

	 
	 	 
	Facility

	 	the A$ Facility, the US$ Facility and the GBP Facility which may be comprised of any
one of the Sub-facilities, subject to clause 6.1.
	 
	 	 
	Facility Limit

	 	26   in respect of the A$ Facility, the A$ Facility Limit;

	 

	 	27   in respect of the US$ Facility, the US$ Facility Limit; and 

	 

	 	28   in respect of the GBP Facility, the GBP Facility Limit.

	 
	 	 
	[*]

	 	[*]
	 
	 	 
	Fee Schedule

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

	 	the date specified as such in Part D of the Key Terms Schedule as extended from time
to time in accordance with clause 3.5.
	 
	 	 
	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.

[*] Confidential Treatment Requested

7

 

	 	 	 
	Term	 	Meaning
	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, SGD 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 4.1.
	 
	 	 
	Funding Period

	 	for a Funding Portion, a period selected or determined under clause 4.5.
	 
	 	 
	Funding Portion

	 	each portion of the Commitment for a Facility 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:
	 

	 	•   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 of the Sims Group to
EBITDA.
	 
	 	 
	Group Limit Facility

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

	 	the Facility denominated in Sterling , which may be drawn in Sterling or any other
Available Currency agreed by the Lender from time to time up to the GBP Facility
Limit, made available by the Lender to the Borrowers under this agreement and on the
terms set out in Part C of the Key Terms Schedule.
	 
	 	 
	GBP Facility Limit

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

[*] Confidential Treatment Requested

8

 

	 	 	 
	Term	 	Meaning
	Lending Office

	 	29   the Sydney Lending Office;

	 

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

	 

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

	 

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

	 
	 	 
	Liquidity Bill

	 	a Bill drawn under clause 5.9.
	 
	 	 
	Margin

	 	33   on any date in respect of a Funding Portion under the Cash Advance
Facility, an amount payable under clause 14 or the Commitment Fee Rate, 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

	 

	 	34   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).

	 
	 	 
	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 6.9.
	 
	 	 
	Obligation

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

	 	in respect of a Facility:
	 

	 	35   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:

	 

	 	•   the Commitment Currency, the amount of that Funding Portion;

	 

	 	•   a currency which is not the Commitment Currency, the Equivalent
Amount of that Funding Portion calculated at the Exchange Rate for that currency on
the Funding Date for that Funding Portion; and

	 

	 	36   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 Equivalent Amount of its Face Value Amount
calculated on the Funding Date for that Credit Support Document; and

	 

	 	37   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 6.11, 6.12, 6.15(a) and 6.15(b)
remain unsatisfied.

[*] Confidential Treatment Requested

9

 

	 	 	 
	Term	 	Meaning
	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 9 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 D of the Key Terms Schedule.
	 
	 	 
	Overdue Rate

	 	in relation to an overdue amount, the aggregate of:
	 

	 	38   the Overdue Margin;

	 

	 	39   the Margin; and

	 

	 	40   the Base Rate for the currency in which that overdue amount is payable on
the relevant date on which the Overdue Rate is calculated under clause 14, as
determined by the Lender in accordance with the definition of Base Rate in this
clause 1.2 except that in making the determination all references in that definition
to:

	 

	 	•   ‘Funding Period’ are references to a period of 30 days;

	 

	 	•   ‘Rate Set Date’ are to the relevant date on which that Overdue Rate
is calculated under clause 14; and

	 

	 	•   ‘Funding Portion’ are to that overdue amount.

	 
	 	 
	Participating Member 

State

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

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

	 	at any time in relation to a Facility, the aggregate Current Amount of all
outstanding Funding Portions under that Facility.
	 
	 	 
	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:
	 

	 	41   denominated in Dollars, the first day of that Funding Period; and 

	 

	 	42   denominated in US Dollars, 2 days (excluding Saturday, Sunday and public
holidays and being days on which banks are open for business in London and New York)
before the first day of that Funding Period;

[*] Confidential Treatment Requested

10

 

	 	 	 
	Term	 	Meaning
	 

	 	43   denominated in Euro, 2 TARGET Days before the first day of that period;

	 

	 	44   denominated in CAD, 2 days (excluding Saturday, Sunday and public holidays
and being days on which banks are open for business in Ottawa) before the first day
of that Funding Period;

	 

	 	45   denominated in Sterling, the first day of that Funding Period; and 

	 

	 	46   denominated in any other Available Currency, the date agreed by the Lender
at the time such currency is approved by the Lender..

	 
	 	 
	Reference Bank

	 	47   Commonwealth Bank of Australia;

	 

	 	48   Westpac Banking Corporation;

	 

	 	49   Australia and New Zealand Banking Group Limited; and

	 

	 	50   National Australia Bank Limited,
or such other person as the Lender and the Borrower may agree.

	 
	 	 
	Relevant Credit Support

	 	51   each Transaction Document; 

	Documents

	 	52   each Credit Support Document;

	 

	 	53   each Documentary LC; and 

	 

	 	54   each Beneficiary Contract. 

	 
	 	 
	Relevant Currency

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

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

	 

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

	 

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

	 
	 	 
	Relevant Interbank Market

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

	 

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

	 

	 	60   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.
	 
	 	 
	Revised Commitment Notice

	 	a revised commitment notice substantially in the form set out in Schedule 7.
	 
	 	 
	SGD

	 	the lawful currency of the Republic of Singapore.
	 
	 	 
	Selection Date

	 	the last day of an Interest Period.
	 
	 	 
	Selection Notice

	 	a notice given under clause 5.4.

[*] Confidential Treatment Requested

11

 

	 	 	 
	Term	 	Meaning
	Standby LC

	 	a standby letter of credit issued by the Lender under the Credit Support Facility.
	 
	 	 
	Sterling, GBP and £

	 	the lawful currency of the United Kingdom.
	 
	 	 
	Sub-facility

	 	61   the Cash Advance Facility; 

	 

	 	62   the Commercial Bills Facility;

	 

	 	63   the Credit Support Facility; 

	 

	 	64   the Trade Finance Facility; and 

	 

	 	65   the Overdraft Facility.

	 
	 	 
	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:
	 

	 	66   the A$ Facility, the “Termination Date” in respect of the A$ Facility as
specified in Part A of the Key Terms Schedule;

	 

	 	67   the US$ Facility, the “Termination Date” in respect of the US$ Facility as
specified in Part B of the Key Terms Schedule;

	 

	 	68   the GBP Facility, the “Termination Date” in respect of the GBP Facility as
specified in Part C 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 8 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

	 	69   this agreement;

	 

	 	70   each [*];

	 

	 	71   the Common Terms Deed; 

[*] Confidential Treatment Requested

12

 

	 	 	 
	Term	 	Meaning
	 

	 	72   the Group Limit Facility;

	 

	 	73   each Renewal Notice and Key Terms Schedule;

	 

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

	 

	 	75   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 in relation to a Facility, the Commitment for that Facility less the
Principal Outstanding for that Facility.
	 
	 	 
	US Dollars, US$ or USD

	 	the lawful currency of the United States of America.
	 
	 	 
	US$ Facility

	 	the Facility denominated in US Dollars, which may be drawn in US Dollars or any other
Available Currency agreed by the Lender from time to time up to the US$ Facility
Limit, made available by the Lender to the Borrowers under this agreement and on the
terms set out in Part B of the Key Terms Schedule.
	 
	 	 
	US$ Facility Limit

	 	the “Facility Limit” in respect of the US$ Facility (if any) as specified in Part B
of the Key Terms Schedule, as adjusted under this agreement.

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.

Incorporated provisions

Clauses 1.3, 1.5 to 1.7 (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’.

Clause 7.17 (Limitation of Liability) of Common Terms Deed

Pursuant to clause 7.17(c) of the Common Terms Deed, the Lender and Sims agree that clause 7.17 of
the Common Terms Deed is to apply in respect of the Lender and all Guarantors.

Conditions precedent

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 a form and substance satisfactory to the Lender:

[*] Confidential Treatment Requested

13

 

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;

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:

duly stamped or, if not duly stamped, evidence satisfactory to the Lender that
they will be duly stamped; and

in registrable form together with all executed documents necessary to register
them;

enquiries: results of searches, enquiries and requisitions in respect of each Transaction Party;

opinions: an opinion from:

Freehills in respect of each Transaction Party incorporated in Australia, this agreement
and the Common Terms Deed;

counsel for the Borrowers in respect of each Transaction Party incorporated outside of
Australia;

Overdraft account authorities: signed account authorities, signature cards and any other documents
required by the Lender with respect to the Overdraft Accounts;

KYC & AML: if required, 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;

structure diagram: a complete diagram showing the structure and ownership arrangements of the Sims
Group; and

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.

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:

Funding Notice: the Borrower has delivered a Funding Notice to the Lender requesting the Funding
Portion;

Funding Date: the Funding Date for the Funding Portion is a Business Day within the Availability
Period for the Facility;

Commitment: the Commitment for the Facility is not, and will not be, exceeded by the provision of
that Funding Portion when the Original Amount of that proposed Funding Portion is added to the
Current Amount of all other outstanding Funding Portions under that Facility;

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 Amount of that proposed Funding Portion is
added to the Current Amount of all other outstanding Funding Portions under that Facility;

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;

[*] Confidential Treatment Requested

14

 

no Default: no Default has occurred which is continuing and no Default will result from the
Funding Portion being provided;

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;

GBP, US$ Funding Portions: in respect of a Funding Portion under the US$ Facility or the GBP
Facility which the Borrower requests to be denominated in a currency other than the Commitment
Currency for either of those Facilities, the Lender (in its absolute discretion) has given its
prior consent in writing to providing the Funding Portion in the requested currency; and

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.

Certified copies

If requested by the Lender, an Authorised 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.

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.

Commitment, purpose and availability of Facility

Provision of Commitment

The Lender must make the Commitment available to the Borrower on the terms of this agreement.

Purpose

A Borrower must use the net proceeds of a Funding Portion:

under:

the Cash Advance Facility, only for the “Purpose” specified in Part 1 of the
Key Terms Schedule;

the Commercial Bills Facility, only for the “Purpose” specified in Part 2 of
the Key Terms Schedule;

the Credit Support Facility, only for the “Purpose” specified in Part 3 of the
Key Terms Schedule;

the Trade Finance Facility, only for the “Purpose” specified in Part 4 of the
Key Terms Schedule;

[*] Confidential Treatment Requested

15

 

the Overdraft Facility, only for the “Purpose” specified in Part 5 of the Key
Terms Schedule; or

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

Cancellation of Commitment during Availability Period

A
Borrower may cancel any of the Undrawn Commitment by giving the Lender at least 10 Business
Days’ notice.

A
partial cancellation of the Undrawn Commitment may only be made:

in respect of the A$ Facility, in a minimum amount of A$5,000,000 and in an
integral multiple of A$500,000;

in respect of the US$ Facility, in a minimum amount of US$3,500,000 and in an
integral multiple of US$500,000; or

in respect of the GBP Facility, in a minimum amount of £2,500,000 and in an
integral multiple of £500,000.

A notice given under clause 3.3(a) is irrevocable.

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.

Review and renewal of Commitment

On or before the date falling 12 months after each anniversary of the date of the Common Terms
Deed, 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 Final Termination Date (New Termination Date)
by 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.

The Lender’s offer contained in any Renewal Notice delivered in accordance with clause 3.5(a) may
be subject to any conditions precedent or subsequent as the Lender specifies in its absolute
discretion.

If, within 30 days of receiving a Renewal Notice delivered in accordance with clause 3.5(a):

the Borrowers have signed and delivered to the Lender the Renewal Notice; and

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 specified in
the Renewal Notice.

If:

the Lender does not deliver a Renewal Notice to the Borrowers;

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the Borrowers do not satisfy any condition in the relevant Renewal Notice; or

the Borrowers do not sign and return a Renewal Notice delivered in accordance
with clause 3.5(a) within 30 days of having received it,

the Final Termination Date will not be amended.

Clause 12.2 of the Common Terms Deed is incorporated here by reference as if each reference therein
to “this deed” were a reference to this agreement.

Nothing in the Transaction Documents obliges the Lender:

to extend any Final Termination Date; or

to provide a Renewal Notice.

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 3.5 or a Renewal Notice does not:

affect the validity or enforceability of this agreement or any other Transaction Document;

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 3.5(c); or

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 3.5(c).

Annual reset of Commitment

On each anniversary date of the Common Terms Deed, the Commitment for each Facility will be
reset to an amount expressed in the Commitment Currency for that Facility (Revised Commitment)
which in aggregate is equivalent to a total amount of A$450,000,000 (or such other amount as
is agreed by the Lender (in its discretion) and Sims).

The Revised Commitment for each Facility will be determined, where applicable, using a rate of
exchange agreed by Sims and the Lender at that time for buying Australian dollars with the
relevant Commitment Currency.

Sims may also request the Lender to reallocate a portion of the Revised Commitment for a Facility
to another Facility expressed in the Commitment Currency of the other Facility, using the rate
of exchange agreed by Sims and the Lender at that time.

If, at the time the Commitment for each Facility is reset in accordance with this clause, the
Lender also elects to extend its participation under the Facility Agreement in accordance with
clause 3.5(a) by delivering to Sims a signed Renewal Notice attaching a proposed Key Terms
Schedule, the Lender will notify Sims of the Revised Commitments in the proposed Key Terms
Schedule attached to the Renewal Notice, and otherwise by delivering a Revised Commitment
Notice to Sims.

Funding and rate setting procedures

Delivery of Funding Notice

If a Borrower requires the provision of a Funding Portion under a Facility it must deliver to
the Lender a Funding Notice.

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Clause 4.1(a) does not apply in respect of the provision of a Funding Portion:

under the Overdraft Facility; or

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.

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 4.7, 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.

Requirements for a Funding Notice

To be effective, a Funding Notice must:

be in writing in the form of, and specifying the matters required in:

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;

Part B of Schedule 4, in respect of the Commercial Bills Facility; and

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;

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

if a Funding Portion is to be provided in a currency which is not the Commitment Currency of the
relevant Facility on the relevant Funding Date, specify the Original Amount of the Funding
Portion and the currency in which it is required.

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.

Amount of Funding Portions

Each Borrower must ensure that the amount of each Funding Portion under the Cash Advance Facility
or the Commercial Bills Facility is:

if denominated in Dollars, not less than A$500,000 and is an integral multiple of A$100,000;

if denominated in US Dollars, not less than US$350,000 and is an integral multiple of US$50,000;

if denominated in Sterling, not less than £250,000 and is an integral multiple of £50,000;

if denominated in Euro, not less than €300,000 and is an integral multiple of €50,000;

if denominated in any other Foreign Currency, not less than an amount, based on the Original
Amount, which is the equivalent of A$500,000 and which corresponds as closely as practicable
to an integral multiple of A$100,000; or

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when added to the Principal Outstanding for the applicable Facility, equal to or less than the
Commitment for that Facility.

Selection of Funding Periods

A Borrower of any Funding Portion under the Cash Advance Facility, the 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.

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.

Each Funding Period:

under the Cash Advance Facility must be of 1, 2, 3 or 6 months or any other
period that the Lender agrees with the Borrower;

under the Commercial Bills Facility must be between 30 and 185 days;

for a Trade Advance must be between 7 and 185 days; and

for Proceeds of Negotiation must be no greater than 180 days.

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.

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.

No Funding Period may end after the Termination Date for a Facility or the Final Termination
Date.

If a Borrower:

fails to select a Funding Period for a Funding Portion under clause 4.5(a) or
clause 4.5(b); or

selects a Funding Period in a manner which does not comply with this clause 4.5,

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

Determination of Funding Rate

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 within 2 Business Days, after it has made its
determination of the applicable Base Rate.

Each determination of the Base Rate by the Lender is sufficient evidence of that rate against the
Borrowers unless the contrary is proved.

Market disruption

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.

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The Lender shall determine the rate notified by it under clause 4.7(a) in good faith. The rate so
notified and any notification under clause 4.7(c) will be conclusive and binding on the
parties in the absence of manifest error.

In this agreement “Market Disruption Event” means:

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

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:

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

it is unable to obtain matching deposits in the Relevant
Interbank Market, or

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

Confidentiality

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 4.7.

However, the Lender, the Borrowers, or their officers or employees may disclose such information:

to the extent required by any applicable law or regulation; or

to the extent it reasonably deems necessary in connection with any actual or
contemplated proceedings or a claim with respect to clauses 4.7 or 4.8.

Currency movements

On or following each Exchange Rate Calculation Date the Lender may calculate the Current Amount
as at the Exchange Rate Calculation Date of each outstanding Funding Portion under a Facility
and notify Sims of any amount required to be paid by it to the Lender under clause 4.9(b).

If, at an Exchange Rate Calculation Date, the aggregate Current Amount of each outstanding
Funding Portion under a Facility is greater than 105% of the Commitment for that Facility, the
Borrowers must, upon Sims receiving notice from the Lender under clause 4.9(a), pay to the
Lender within 2 Business Days the amount of the difference.

All payments made under clause 4.9(b) must be deposited in an account:

with the Lender;

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

are only available to the Borrower in accordance with clause 4.9(d) or upon
termination and discharge of each Transaction Document and each Credit Support
Document.

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If, at an Exchange Rate Calculation Date, the aggregate Current Amount of each outstanding
Funding Portion under a Facility is less than the sum of:

the Commitment for that Facility; and

the balance of deposits held by the Lender under clause 4.9(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 the Facility.

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 Funding Portions in respect of that Facility drawn
under the Credit Support Facility) to be denominated in a Foreign Currency (other than USD) on any
Rate Set Date:

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

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.

Cash Advance Facility

Provision of Funding Portions

If a Borrower gives a Funding Notice for a Funding Portion denominated in Dollars under the Cash
Advance Facility, the Lender must provide, subject to this agreement, the Funding Portion in
Same Day Funds.

If a Borrower gives a Funding Notice for a Funding Portion denominated in a Foreign Currency
under the Cash Advance Facility, and, in the case of a Foreign Currency other than an
Available Currency which 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.

Number of Funding Portions

The Borrowers must ensure that no more than 12 Funding Portions under the Cash Advance Facility are
outstanding at any time.

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Consolidation and division of Funding Portions

If 2 or more Funding Portions, which are denominated in the same currency and drawn under the
same Facility, 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.

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 clause 4.5, then that Funding Portion will be
divided into the amounts and with the Funding Periods specified in the Selection Notice.

Selection Notice

A Selection Notice to be effective must be:

in writing in the form of Schedule 5; and

received by the Lender before 11.00am on a Business Day at least 2 Business Days before the
Selection Date for a relevant Funding Portion funded in Dollars and at least 3 Business Days
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).

Repayment

Each Borrower must repay each Funding Portion drawn under the Cash Advance Facility in respect of a
Facility and all other Outstanding Moneys:

in full on the earlier of:

the Termination Date for that Facility; and

the Final Termination Date; and

otherwise as required under this agreement.

Prepayment under Cash Advance Facility

A Borrower may prepay all or part of the Principal Outstanding under the Cash Advance Facility
by giving the Lender at least 5 Business Days’ prior notice specifying:

the prepayment date; and

the relevant Funding Portions which are to be prepaid in whole or in part.

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

in the case of any prepayment denominated in and permitted to be made in
Dollars, in a minimum amount of A$500,000 and in an integral multiple of A$100,000;

in the case of any prepayment denominated in and permitted to be made in US
Dollars, in a minimum amount of US$350,000 and in an integral multiple of US$50,000;

in the case of any prepayment denominated in and permitted to be made in
Sterling, in a minimum amount of £250,000 and in an integral multiple of £50,000;

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in the case of any prepayment denominated in and permitted to be made in Euro,
in a minimum amount of €300,000 and in an integral multiple of €50,000; and

in the case of any prepayment denominated in and permitted to be made in any
other Foreign Currency, in a minimum amount which corresponds as closely as
practicable to A$500,000 and in an integral multiple of which corresponds as closely
as practicable to A$100,000.

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.

The Commitment of a Facility is not reduced by an amount prepaid in respect of that Facility
under this clause 5.6 and accordingly, subject to this agreement, a prepaid amount may be
redrawn.

A notice given under clause 5.6(a) is irrevocable.

Prepayment date

The Borrower may make a prepayment under clause 5.6 on any Business Day.

Interest

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.

Interest is calculated on daily balances on the basis of a 365 day year (in the case of a Funding
Portion denominated in Dollars or Sterling) and on the basis of a 360 day year (in the case of
a Funding Portion other than one denominated in Dollars 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.

The Borrowers must pay accrued interest in arrears to the Lender on each Interest Payment Date.

Liquidity Bills

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 in Dollars so that:

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;

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.

The Lender may negotiate or deal with any Liquidity Bill prepared by it as it sees fit and for
its own benefit.

The Lender must pay any Tax on or in respect of the Liquidity Bills and any dealing with the
Liquidity Bills.

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.

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Nothing in clause 5.9(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 5.9(d).

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.

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.

Commercial Bills Facility

Availability

The Borrowers acknowledge that the Commercial Bills Facility is only available under the A$
Facility.

Bill acceptance and endorsement procedure

Where a Funding Notice has been delivered in accordance with clause 4.2, Bills have been delivered
to the Lender under clause 6.3 or prepared by it under clause 6.4 and where this clause 6 has been
complied with in respect of those Bills the Lender must, subject to this agreement:

in respect of Bills it is required to accept, accept those Bills;

in respect of Bills it is required to endorse, endorse those Bills;

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.

Preparation of Bills

If a Borrower gives a Funding Notice for a Bill Funding the Borrower must:

prepare Bills comprised in a Bill Funding in accordance with clause 6.5;

sign each Bill in the Borrower’s relevant capacity;

if a third party is named as drawer, cause the third party to sign the Bills as drawer; and

deliver those Bills to the Lender:

not later than 12 noon (Sydney time) on the Business Day before the proposed
Funding Date if the Lender is required to accept and discount or endorse and discount
those Bills; and

not later than 10.00am (Sydney time) on the proposed Funding Date if the Lender
is required to accept only or endorse only those Bills.

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Failure to prepare Bills

If:

the Borrower of a Bill Funding fails to prepare or sign or deliver Bills in accordance with
clause 6.3; or

the Lender elects to do so,

each Borrower irrevocably authorises the Lender to prepare and sign (by one of its Authorised
Officers) as drawer, acceptor or endorser those Bills on behalf of the Borrower and in accordance
with clause 6.5.

Form of Bills

Each Bill comprised in a Bill Funding must:

be in the form approved by the Lender from time to time;

be payable on a specified date and so as to exclude days of grace for payment;

have a maturity date which is a Business Day before the end of the Availability
Period;

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);

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;

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;

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

be denominated in Dollars.

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.

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 6.5(a) and 6.5(b).

Each Borrower and the Lender must observe the requirements of the Bills of Exchange Act 1909 (Cth)
to ensure the validity of each Bill.

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 6
except in accordance with this clause 6.

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Tax on Bills

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.

To the extent possible, any such Tax must be paid before any Bills are delivered to the Lender
under clause 6.3.

Signing of Bills and appointment of Lender as attorney

All Bills under the Commercial Bills Facility to be signed by a Borrower (whether as drawer,
acceptor or endorser) must be signed by an Authorised Officer on its behalf.

The Borrower must, immediately upon any change occurring in the identity of its Authorised
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.

Each Borrower irrevocably authorises and appoints the Lender and each Authorised 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.

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 6.8(c) or by the Lender in respect of
any Bill which conforms with the relevant Funding Notice (as varied pursuant to clause 6.5(c))
and this agreement.

Notification of rate and discounting procedure

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.

If:

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

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 6.9(a) and, subject to clause 6.15(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:

the aggregate Discount Amount in respect of each Bill;

the Bill Acceptance / Endorsement Fee in respect of those Bills;

any amount payable by the Borrower under clauses 6.7, 6.11 or 6.12 which
remains unpaid; and

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

Any amount deducted by the Lender under clause 6.9(b)(5) or 6.9(b)(6) must be applied in
discharge of the Borrower’s obligations to the Lender under clauses 6.11 or 6.12, or in
payment of the relevant amount of Tax, as the case may be.

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Bills accepted or endorsed but not discounted

If the Lender is not required to discount Bills under clause 6.9:

before 1.00pm (Sydney time) on the Funding Date the Lender must, following acceptance or
endorsement of the Bills in accordance with clause 6.1, release the Bills to the Borrower of
the Bill Funding at the Lending Office but only against receipt of Same Day Funds for:

the Bill Acceptance / Endorsement Fee in respect of those Bills;

any amount payable by a Borrower under clauses 6.7, 6.11 or 6.12 which remains
unpaid;

any Outstanding Current Bill Amount in respect of Bills under the Commercial
Bills Facility on the Funding Date; and

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

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.

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
6.7) 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.

Variation of procedures

The Lender may, acting reasonably, vary any of the times at or by which any thing is to be done
under this clause 6 to ensure the effective operation of the procedures contemplated by this clause
6. Any such variation will be binding on the Borrowers immediately upon Sims being notified of it.

Fees

On each Funding Date on which a Bill Funding is made, including in respect of a Bill Funding
drawn in accordance with clause 6.15(e), the Borrowers must pay to the Lender as a Bill
Acceptance / Endorsement Fee, an amount equal to the Bill Acceptance / Endorsement Fee Rate
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.

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.

Repayment by cash cover and netting

Subject to clause 6.15(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

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held at maturity by the Lender, pay to the Lender an amount equal to the Face Value Amount of
the Bill.

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:

the amount which the Borrowers are required to pay to the Lender in respect of
Bills maturing on that day under clause 6.15(a) and 6.15(d) plus any amount the
Borrowers are required to pay on that date under clauses 6.9(b)(4) and 6.9(b)(5); and

any Net Bill Proceeds (excluding the amount payable under clause 6.9(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 6.9.

Clause 6.9(b) applies to clause 6.15(b) only to the extent specified in clause 6.15(b).

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:

on the maturity date immediately notify the Lender when the Borrower
discharges that Bill; and

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.

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 6.15(a), 6.15(b) or 6.15(d), each
Borrower irrevocably authorises and appoints the Lender and each Authorised 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 6.15(a), 6.15(b) or 6.15(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 6.15(e).

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 Authorised 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 6.12 will not be affected by any lack of
authority, fraud or forgery by any person (other than the Lender or its employees).

Credit Support Facility

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.

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Additional Funding Notice requirements

Each Funding Notice requesting the issue of any Credit Support Document must, in addition to
satisfying clause 4.2, specify in relation to each requested Credit Support Document:

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);

whether it is required to be in the form of a Standby LC or Bank Guarantee;

its proposed Funding Date;

its proposed Expiry Date;

the currency in which it is to be denominated;

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;

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

any other information the Lender may reasonably require from time to time.

Form of Credit Support Documents

A Credit Support Document must:

be substantially in a form acceptable to the Lender, in its sole discretion;

unless otherwise agreed by the Lender, have a minimum Face Value Amount:

if denominated in Dollars, of A$50,000; or

if denominated in a Foreign Currency, not less than an amount, based on the
Original Amount which is the equivalent of A$50,000;

be payable at a Lending Office;

only be payable on a Business Day;

unless otherwise agreed by the Lender, have an Expiry Date which is before the Termination Date for
the Facility in respect of which the Credit Support Document is issued and the Final
Termination Date;

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;

be irrevocable and non transferable; and

be denominated in an Available Currency.

Prepayment under Credit Support Facility

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 at least 10 Business
Days’ prior notice specifying:

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the prepayment date; and

the relevant Current Credit Support Documents.

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

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

paying cash cover to the Lender in Same Day Funds and in the Relevant Currency in which
the Credit Support Document is denominated in an amount equal to the Current Amount
of each Current Credit Support Document specified in the prepayment notice.

The Lender must apply any cash cover received by it under clause 7.4(b)(2) in accordance with
clause 12.3.

A
notice given under clause 7.4(a) is irrevocable.

Prepayment date

The Borrower may make a prepayment under clause 7.4 on any Business Day.

Cash cover

The Borrowers must not later than 1.00pm (Sydney time) on the earlier of:

the Termination Date for the Facility in respect of which a Credit Support Document has been
issued; and

the Final Termination Date,

repay each Current Credit Support Document issued in respect of that Facility by either:

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

paying cash cover to the Lender in Same Day Funds and in the Relevant Currency in which the Credit
Support Document is denominated in an amount equal to the Current Amount of each Current
Credit Support Document.

Fees

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:

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

A$80.00 for each Credit Support Document issued.

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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.

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.

Liability of Borrowers

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.

The liability of the Borrowers under clause 7.9(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.

Early expiration or reduction

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

the Credit Support Document will expire on a date before the Expiry Date; or

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.

The consent of the Lender under clause 7.10(a) will only be given if:

the proposed variation has been notified in writing to the Lender by Sims;

except in the case of Bank Guarantees, the Beneficiary’s bank has notified the Lender that
it agrees to the proposed variation; and

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.

Beneficiary Contracts and notification

Each Borrower must:

use all reasonable endeavours to comply with all its obligations under or in respect of each
Beneficiary Contract; and

give notice to the Lender promptly upon becoming aware of any:

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material breach of any term by a Transaction Party; or

termination, rescission or discharge,

of any Beneficiary Contract.

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:

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;

any direction by a Borrower to the Lender not to pay;

any right of set off or other claim which a Borrower or any other Transaction Party may have
against the Beneficiary;

any dispute between a Borrower or any other Transaction Party and the Beneficiary;

any dispute by a Borrower as to the obligation of the Lender to make payment; or

any other thing notified or known to the Lender relating to a Borrower, any other Transaction
Party and any Beneficiary.

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:

the Lender issuing, making payment under or consenting to any amendment to or variation of any
Credit Support Document;

any claim or purported claim for payment under a Credit Support Document; or

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.

Unconditional nature of Borrower’s obligations

The obligations of a Borrower under this agreement, including clause 7.13, 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:

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;

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;

any communication inaccurately transmitted or received or sent by an
unauthorised person;

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any impossibility or illegality of performance of any Relevant Credit Support
Document;

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;

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;

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;

any Relevant Credit Support Document which is wholly or partly void, voidable,
unenforceable or invalid; or

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.

The Lender is not liable for any failure, and is not required to make any enquiries, in respect
of any matter listed in clause 7.14(a) with respect to any claim which on its face complies
with the relevant Credit Support Document.

Clauses 7.14(a) and 7.14(b) apply irrespective of:

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 7.14(a); or

any rule of law or equity to the contrary.

Trade Finance Facility

Additional Funding Notice requirements

Each Funding Notice requesting the issue of a Funding Portion under the Trade Finance Facility
must, in addition to satisfying clause 4.2, specify in relation to each requested Funding
Portion:

whether the requested Funding Portion is to be provided as a Documentary LC, Proceeds of
Negotiation or a Trade Advance; and

the relevant Obligation to which the Funding Portion applies.

Each Funding Notice requesting that a Funding Portion be provided as a Documentary LC must, in
addition to satisfying clause 4.2, specify in relation to each requested Documentary LC:

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);

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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);

all other required terms and conditions of the Documentary LC (by annexing an
Application for Irrevocable Documentary Credit);

its proposed Funding Date;

its proposed Expiry Date;

the currency in which it is to be denominated;

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;

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

any other information the Lender may reasonably require from time to time.

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

such application forms and authorities as are required by the Lender in its
discretion; and

the relevant Foreign Bill.

Provision of Trade 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:

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 8.3;

denominated in a Foreign Currency, and, in the case of a Foreign Currency other than an Available
Currency which 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 8.3.

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.

Repayment of Trade Advances

Each Borrower must repay each Trade Advance on the Interest Payment Date for that Funding Portion.

Interest on Trade Advances

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.

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Interest is calculated on daily balances on the basis of a 365 day year (in the case of a Trade
Advance denominated in Dollars or Sterling) and on the basis of a 360 day year (in the case of
a Trade Advance other than one denominated in Dollars 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
Trade Advance under this agreement.

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 Trade Advance.

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.

Form of Documentary LCs

A Documentary LC must:

be substantially in a form acceptable to the Lender, in its sole discretion;

be payable at a Lending Office;

only be payable on a Business Day;

unless otherwise agreed by the Lender, have an Expiry Date which is before the Termination Date for
the applicable Facility in respect of which the Trade Finance Facility has been drawn down and
the Final Termination Date;

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;

be irrevocable and non transferable; and

be denominated in an Available Currency.

Credit Support Document terms apply to Documentary LC

Clauses 7.4 to 7.6 (inclusive) and clauses 7.8 to 7.14 (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.

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.

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Interest on Proceeds of Negotiation

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.

Interest is calculated on daily balances on the basis of a 365 day year (in the case of Proceeds of
Negotiation denominated in Dollars or Sterling) and on the basis of a 360 day year (in the
case of Proceeds of Negotiation other than one denominated in Dollars 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.

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 8.11.

Repayment of Proceeds of Negotiation

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 8.9.

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 8.9 will be deemed to
be a repayment of the relevant Funding Portion provided as Proceeds of Negotiation.

Extension of repayment of Proceeds of Negotiation

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

on any date prior to the date on which the Foreign Bill negotiated by the
Lender in accordance with clause 8.9 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

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).

If a Borrower has requested an extension for the repayment of a Funding Portion provided as
Proceeds of Negotiation in accordance with clause 8.12(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.

If the Lender agrees to extend the date for repayment of the Proceeds of Negotiation in
accordance with this clause 8.12, 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.

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.

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Overdraft Facility

Overdraft Facility

The Lender agrees to make the Overdraft Facility available on the terms and conditions set out in
this agreement and the Group Limit Facility.

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.

Funding Portions

A Funding Portion under the Overdraft Facility may be in any minimum amount and the
requirements of clause 4.4 do not apply to the Overdraft Facility.

Any number of Funding Portions under the Overdraft Facility may be outstanding at any time.

Prepayment

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

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.

Representations and warranties

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 10.1.

Survival and repetition of representations and warranties

The representations and warranties given under this agreement:

survive the execution of each Transaction Document; and

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.

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.

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Undertakings

Incorporated undertakings

The Borrowers must, and must ensure that each other Transaction Party will, comply with clause 4 of
the Common Terms Deed.

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.

Term of undertakings

Unless the Lender otherwise agrees in writing, until:

the Commitment is cancelled; and

the Outstanding Moneys are unconditionally repaid in full;

each Borrower must, at its own cost, comply with its undertakings in this clause 11.

Events of Default

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.

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’.

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

Support Facility

The Lender must apply any cash cover paid to it under clause 6.15, 7.4(b)(2), 7.6 or 12.2 or
pursuant to clause 8.8:

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

secondly, in payment of the balance, if any, of the Outstanding Moneys.

The Lender is not required to pay any interest on any amount of cash cover paid to it under
clause 6.15, 7.4(b)(2), 7.6 or 12.2 or pursuant to clause 8.8.

If the Lender is satisfied that:

every Current Credit Support Document, Current Bill and Current Documentary LC
has been paid in full or discharged; and

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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 6.15, 7.4(b)(2), 7.6 or 12.2 or pursuant to clause 8.8
which has not been, or is not required to be, applied in accordance with clause 12.3(a).

New Related Body Corporate

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 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:

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

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.

Amounts specified in a notice given pursuant to 12.4(a) are payable within the period specified in
such notice.

Fees

The Borrowers must pay to the Lender the following fees:

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 (in the case of a Commitment denominated in Dollars or Sterling) and on the basis
of a 360 day year (in the case of a Commitment other than
one denominated in Dollars or Sterling) and for the actual number of days elapsed, to be
paid in arrears on the last day of each calendar quarter; and

[*]

Interest on overdue amounts

Payment of interest

Each Borrower must pay interest on:

any of the Outstanding Moneys due and payable by it, but unpaid; and

any
interest payable but unpaid under this clause 14.

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Accrual of interest

The
interest payable under this clause 14:

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

may be capitalised at monthly intervals.

Rate of interest

The rate of interest payable under this clause 14 on any part of the Outstanding Moneys is the
higher of:

the Overdue Rate determined by the Lender:

on the date that part of the Outstanding Moneys becomes due and payable but is
unpaid; and

on each date which is 1 month after the immediately preceding date on which
the Overdue Rate was determined under this clause 14.3(a); and

the
rate fixed or payable under a judgment or other thing referred to in
clause 14.2(a).

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.

Additional Borrowers

Additional Borrowers

Sims may request that any of its wholly owned Subsidiaries becomes an Additional Borrower. That
Subsidiary shall become an Additional Borrower if:

the Lender approves the addition of that Subsidiary as an Additional Borrower;

Sims delivers to the Lender a duly completed and executed Accession Deed for the accession of that
Subsidiary as an Additional Borrower;

Sims confirms that no Default is continuing or would occur as a result of that Subsidiary becoming
an Additional Borrower; and

the Subsidiary has acceded as an “Additional Borrower” and an “Additional Guarantor” under the
Common Terms Deed.

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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.

General

Governing law and jurisdiction

This agreement is governed by the laws of New South Wales.

Each Borrower irrevocably submits to the non-exclusive jurisdiction of the courts of New South
Wales.

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.

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.

Each Borrower (other than Sims) 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.

Sims irrevocably accepts its appointment as process agent under clause 17.1(e).

Prohibition and enforceability

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.

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.

Waivers

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.

A failure or delay in exercise, or partial exercise, of:

a right arising from a breach of this agreement or the occurrence of an Event
of Default; or

a Power created or arising on default under this agreement or on the
occurrence of an Event of Default,

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41

 

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

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.

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.

This clause may not itself be waived except in writing.

Variation

A variation of any term of this agreement must be in writing and signed by the parties.

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.

Counterparts

	This agreement may be executed in any number of counterparts.

	All counterparts, taken together, constitute one instrument.

	A party may execute this agreement by signing any counterpart.

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
	 	 	44	 
	Key Terms Schedule
	 	 	47	 
	Fee Schedule
	 	 	51	 
	Funding Notices
	 	 	54	 
	Selection Notice
	 	 	60	 
	Renewal Notice
	 	 	62	 

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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

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	 	 	Jurisdiction of	 	 
	 	 	incorporation /	 	 
	 	 	registration /	 	 
	Name	 	organisation	 	Company number (if any)
	Simsmetal East LLC

	 	Delaware
	 	N/A
	Simsmetal West LLC

	 	Delaware
	 	N/A
	Metal Management, Inc.

	 	Delaware
	 	N/A
	Metal Management Alabama,
Inc.

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

	 	Arizona
	 	N/A
	SMM New England Corporation

(formerly known as 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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	 	 	Jurisdiction of	 	 
	 	 	incorporation /	 	 
	 	 	registration /	 	 
	Name	 	organisation	 	Company number (if any)
	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

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Schedule 2

Key Terms Schedule

Sub-facilities

Part 1 — Cash Advance Facility

	 	 	 	 	 

	Facility

	 	Available.	 	 
	 
	 	 	 	 
	Facility Limit

	 	Not applicable.	 	 
	 
	 	 	 	 
	Purpose	 	Acquisition financing and for general corporate purposes.
	 
	 	 	 	 
	Margin	 	The Margin determined in accordance with the following table:
	 
	 	 	 	 
	 

	 	Gearing Ratio
	 	Margin
(3 years)
	 

	 	[*]
	 	[*]

Part 2 — Commercial Bills Facility

	 	 	 	 	 

	Facility

	 	Available.	 	 
	 
	 	 	 	 
	Facility Limit

	 	Not applicable.	 	 
	 
	 	 	 	 
	Purpose	 	Financing or supporting the working capital
needs of the Sims Group and for general
corporate purposes.
	 
	 	 	 	 
	Bill Acceptance /

Endorsement Fee Rate	 	The Bill Acceptance / Endorsement Fee Rate determined in accordance with the following table:
	 
	 	 	 	 
	 

	 	Gearing Ratio
	 	Bill Acceptance /Endorsement

Fee Rate
	 

	 	[*]
	 	[*]

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Part 3 — Credit Support Facility

	 	 	 	 	 

	Facility

	 	Available.	 	 
	 
	 	 	 	 
	Facility Limit

	 	Not applicable.	 	 
	 
	 	 	 	 
	Purpose	 	Financing or supporting the working capital
needs of the Sims Group and for general
corporate purposes.
	 
	 	 	 	 
	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.	 	 
	 
	 	 	 	 
	Purpose	 	The financing or refinancing of Obligations.
	 
	 	 	 	 
	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.
	 
	 	 	 	 
	Overdraft Borrower	 	76 Sims Group Australia Holdings Limited;
	 	 	77 Sims Aluminium Pty Limited;
	 	 	78 Sims Metal Management Ltd; and
	 	 	79 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.

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Facilities

Part A — A$ Facility

	 	 	 

	Facility

	 	Available.
	 
	 	 
	Facility Limit

	 	A$87,200,000
	 
	 	 
	Termination Date

	 	The date which is three years after the date of the
Common Terms Deed.

Part B — US$ Facility

	 	 	 

	Facility

	 	Available.
	 
	 	 
	Facility Limit

	 	US$250,000,000
	 
	 	 
	Termination Date

	 	The date which is three years after the date of the
Common Terms Deed.

Part C — GBP Facility

	 	 	 

	Facility

	 	Available.
	 
	 	 
	Facility Limit

	 	£82,500,000
	 
	 	 
	Termination Date

	 	The date which is three years after the date of the
Common Terms Deed.

Part D — General

	 	 	 	 	 	 	 
	Commitment	 	A$ Facility	 	US$ Facility	 	GBP Facility
	 	 	 	 	millions	 	 
	 

	 	A$87.2
	 	US$250
	 	£82.5
	Commitment Fee Rate	 	On any date, [*] of the applicable Margin on that date.
	 
	 	 	 	 	 	 
	Final Termination Date	 	The date which is three years after the date of the Common Terms
Deed.
	 
	 	 	 	 	 	 
	Overdue Margin

	 	[*] per annum.	 	 	 	 

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Schedule 3

     Fee Schedule

Cash Advance Facility fees

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

Commercial Bills Facility fees

	 	 	 	 	 
	Charge type	 	Pricing	 	Min/Max
	Bill Handling Fee

	 	A$150
	 	n/a

Credit Support Facility fees

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

Trade Finance Facility fees

	 	 	 	 	 	 	 
	Product	 	 	 	 	 	 
	Imports	 	Charge Type	 	Pricing	 	Min/Max
	Import Documentary
Collections

	 	Document handling
	 	0.25% of collection amount
	 	A$100 / A$1000
	 

	 	Accepted Bills received for
payment
	 	A$80
	 	n/a
	 

	 	Documents free of payment
	 	A$80
	 	n/a
	 

	 	Consignment
	 	A$100
	 	n/a
	 

	 	AWB release issuance
	 	A$100
	 	n/a
	 

	 	Avalisation Bills of Exchange
	 	On application
	 	MinA$100
	 

	 	Additional handling charges
	 	A$80
	 	n/a
	 

	 	Import collection
cancellation
	 	A$75
	 	A$75
	Import Documentary
Letters of Credits
(IDLC)

	 	Issuance
	 	0.125% of amount for each
6 month period or part
thereof
	 	A$100

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	Product	 	 	 	 	 	 
	Imports	 	Charge Type	 	Pricing	 	Min/Max
	 

	 	Issuance — via bank’s
e-channel
	 	0.125% of amount for each
6 month period or part
thereof
	 	A$75
	 

	 	Amendment
	 	 A$80
	 	n/ a
	 

	 	Amendment — via bank’s
e-channel
	 	 A$65
	 	n/a
	 

	 	Increase in value
	 	0.125% of amount for each
6 month period or part
thereof
	 	n/a
	 

	 	Extension of expiry
	 	0.125% of amount for each
6 month period or part
thereof
	 	n/a
	 

	 	Back-to-back issuance
	 	Price on Application
	 	MinA$300
	 

	 	Cash-covered issuance
structuring
	 	Price on application
	 	Min A$100
	Bank’s e-channel

	 	System set-up
	 	 n/a
	 	n/a
	 

	 	Monthly channel cost
	 	 n/a
	 	n/a
	Drawings under IDLC

	 	Document handling
	 	 0.3%
	 	A$100 / A$1000
	 

	 	Acceptance/deferred payment
	 	0.125% per 30 day period
or part thereof
	 	MinA$80
	 

	 	Drawing under expired DC
	 	 A$80
	 	n/a
	 

	 	Discrepancy fee
	 	 US$100 or A$ Equivalent
	 	n/a
	 

	 	Reimbursement Commission
	 	 US$100 or A$ Equivalent
	 	n/a
	 

	 	Telex fee
	 	 US$20 or A$ Equivalent
	 	n/a
	Exports
	 	 	 	 	 	 
	Export Documentary 

Collections

	 	Document handling
	 	 0.25%( includes GST)
	 	A$100 / A$1000
	 

	 	Documents free of payment
	 	 A$80 ( includes GST)
	 	n/a
	 

	 	Tracers for payment
	 	 A$20
	 	n/a
	 

	 	Additional handling charges
	 	 A$80 ( includes GST)
	 	n/a
	Foreign Bills Negotiated

	 	Document handling
	 	 0.25% (GST exempt)
	 	A$100 / A$1000
	 

	 	Additional handling charges
	 	 A$80 ( includes GST)
	 	n/a

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	Product	 	 	 	 	 	 
	Imports	 	Charge Type	 	Pricing	 	Min/Max
	Export Documentary 

Letters Credits (EDLC)

	 	Advising
	 	 A$90
	 	n/a
	 

	 	Advising of amendments
	 	 A$50
	 	n/a
	 

	 	Assignment of proceeds
	 	 A$100
	 	n/a
	 

	 	Transfer of EDLC
	 	0.25%on value of transfer
	 	Min A$300
	 

	 	Transfer of amendment
	 	 A$80
	 	n/a
	 

	 	Confirmation of EDLC (charge
for Bank and Country Risk)
	 	Point of application
	 	Min US$50
	 

	 	Without Recourse Export

Finance
	 	Point of application	 	 
	Drawings under EDLC

	 	Document handling
	 	 0.25%
	 	A$80 / A$1000
	 

	 	Acceptance
	 	Price on application
	 	MinA$80
	 

	 	Discrepancy fee
	 	 A$50
	 	n/a
	 

	 	Telex fee
	 	US$20 or A$ equivalent
	 	n/a
	Trade Advances

	 	Draw down
	 	 A$50
	 	n/a
	 

	 	Roll over
	 	 A$50
	 	n/a
	 

	 	Prepayment
	 	 A$50 plus Break Costs
	 	n/a
	 

	 	Late payment fee
	 	 A$50
	 	n/a
	Out of pocket expenses

	 	SWIFT per message
	 	 MinA$15
	 	n/a
	 

	 	Telex per message
	 	 MinA$20
	 	n/a
	 

	 	Fax per message

(international)
	 	 MinA$20
	 	n/a
	 

	 	Fax per message (domestic)
	 	 MinA$5 plus A$1 per page
	 	n/a
	 

	 	Courier (International)
	 	 At cost
	 	MinA$30
	 

	 	Courier (domestic)
	 	 At cost
	 	MinA$20
	 

	 	Express post
	 	 At cost
	 	Min A$10

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Schedule 4

     Funding Notices

     Clause
4.2 (Requirements for a Funding Notice)

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

To: Commonwealth Bank of Australia (Lender)

Attention: [insert relevant name]

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

Under clause 4 of the Facility Agreement:

We give you notice that we wish to draw on [insert date] (Funding Date).

The aggregate Original Amount to be drawn is [insert amount].

Particulars of each Funding Portion are:

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

The proceeds of each Funding Portion are to be used in accordance with clause 3.2 of the
Facility Agreement.

We request that the proceeds [be remitted to account number [insert account number] at [insert
details]/be applied towards satisfaction of the above Obligation.]

[Note: for Proceeds of Negotiation only] [The Foreign Bill to be negotiated in connection with the
Funding Portion is attached.]

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]].

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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 ►
	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 
	print name
	 	 	 	 
	 

	 	 	 	 

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     Part B — Commercial Bills Facility

Clause
4.2 (Requirements for a Funding Notice)

To: Commonwealth Bank of Australia (Lender)

Attention: [insert relevant name]

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

Under clause 4 of the Facility Agreement:

we give you notice that we wish to draw on [insert date] (Funding Date);

the aggregate Original Amount to be drawn is A$[insert amount];

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.

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

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.

[*] Confidential Treatment Requested

55

 

	 	 	 	 	 

	date

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	Signed for and on behalf of

[insert Borrower]

by	 	 
	sign
here ►
	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 
	print name
	 	 	 	 
	 

	 	 	 	 

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

Clause
4.2 (Requirements for a Funding Notice)

To: Commonwealth Bank of Australia (Lender)

Attention: [insert relevant name]

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

Under clause 4 of the Facility Agreement:

we give you notice that we wish to draw on [insert date] (Funding Date);

the aggregate Original Amount to be drawn is [insert amount];

particulars of the Funding Portion are:

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

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

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

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

[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]]

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

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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57

 

	 	 	 	 	 

	date

	 	 	 	 
	 

	 	 	 	 
	 

	 	

Signed for and on behalf of

[insert Borrower]

by	 	 
	sign
here ►
	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 
	print name
	 	 	 	 
	 

	 	 	 	 

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Schedule 5

     Selection Notice

     Clause
5.4 (Selection Notice)

To: Commonwealth Bank of Australia (Lender)

Attention: [insert relevant name]

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

Under clause 4 of the Facility Agreement:

We give you notice that, in respect of the [A$ Facility / US$ Facility / GBP
Facility], 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].

We give you notice that, in respect of the [A$ Facility / US$ Facility / GBP Facility], 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].

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.

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59

 

	 	 	 	 	 

	date

	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	Signed for and on behalf of

[insert Borrower]

by	 	 
	sign
here ►
	 	 	 	 
	 

	 	 	 	 
	 

	 	Officer	 	 
	print name
	 	 	 	 
	 

	 	 	 	 

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Schedule 6

     Renewal Notice

To: Sims Metal Management Limited (Sims)

Attention: [insert relevant name]

Date:

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

Under clause 3.5 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:

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;

[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

[insert additional conditions precedent as required].

Subject to the above conditions being satisfied, we agree that on and from [insert date which is
to be the upcoming anniversary date of the Common Terms Deed]:

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

the Key Terms Schedule will be amended and restated in the form set out in the attached Schedule;
and

the “Margin” for the purposes of the Group Limit Facility will be amended to be as follows:]

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

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

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Schedule — Amended and restated Key Terms Schedule

[to be inserted]

Lender

Signed for

Commonwealth Bank of Australia

by its attorney

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Attorney
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

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Agreed and acknowledged by Sims for itself and on behalf of the other Borrowers:

Sims

Signed for

Sims Metal Management Limited

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director/Company Secretary
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

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Schedule 7

Revised Commitment Notice

To:      Sims Metal Management Limited (Sims)

Attention: [insert relevant name]

Date:

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

Under clause 3.6 of the Facility Agreement we give you notice that, as of the date you sign this
Revised Commitment Notice, the Commitment under the:

	(a)	 	A$ Facility, will be A$[insert], determined by reference to the following agreed rate of
exchange: [insert].
	 
	(b)	 	US$ Facility, will be US$[insert], determined by reference to the following agreed rate of
exchange: [insert].
	 
	(c)	 	GBP$ Facility, will be £[insert], determined by reference to the following agreed rate
of exchange: [insert],

which in aggregate is equivalent to a total amount of A$450,000,000.

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

This is a Transaction Document for the purposes of the Facility Agreement.

[*] Confidential Treatment Requested

64

 

Lender

Signed for

Commonwealth Bank of Australia

by its attorney

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Attorney
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Agreed and acknowledged by Sims for itself and on behalf of the other Borrowers:

Sims

Signed for

Sims Metal Management Limited

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director/Company Secretary
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Date signed by Sims:

[*] Confidential Treatment Requested

65

 

Signing page

Executed as an agreement

Sims

Signed sealed and delivered by

Sims Metal Management Limited

by

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered by

Sims Group Australia Holdings Limited

by

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

66

 

Borrower

Signed sealed and delivered by

Sims Aluminium Pty Limited

by

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered by

Sims Group UK Limited

by

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

67

 

Borrower

Signed sealed and delivered by

Sims Group UK Holdings Limited

by

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered by

Mirec B.V.

by

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

68

 

Borrower

Signed sealed and delivered by

Sims Recycling Solutions AB

by

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

Sims Group USA Corporation

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

in the presence of
	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

69

 

Borrower

Signed sealed and delivered for

Sims Group Global Trade Corporation

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

North Carolina Resource Conservation, LLC

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

70

 

Borrower

Signed sealed and delivered for

Sims Group USA Holdings Corporation

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

Schiabo Larovo Corporation

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

71

 

Borrower

Signed sealed and delivered for

Simsmetal East LLC

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

Simsmetal West LLC

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

72

 

Borrower

Signed sealed and delivered for

Metal Management, Inc.

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

Metal Management Alabama, Inc.

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

73

 

Borrower

Signed sealed and delivered for

Metal Management Arizona, L.L.C.

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

SMM New England Corporation (formerly known as Metal

Management Connecticut, Inc.)

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

74

 

Borrower

Signed sealed and delivered for

Metal Management Memphis, L.L.C.

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

Metal Management Midwest, Inc.

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

75

 

Borrower

Signed sealed and delivered for

Metal Management Mississippi, Inc.

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

Metal Management Northeast, Inc.

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

76

 

Borrower

Signed sealed and delivered for

Metal Management Ohio, Inc.

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

Metal Management West, Inc.

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

77

 

Borrower

Signed sealed and delivered for

Proler Southwest LP

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

Metal Dynamics Detroit LLC

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

78

 

Borrower

Signed sealed and delivered for

Sims Recycling Solutions Holdings Inc. (formerly Sims

Recycling Solutions, Inc.)

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

Borrower

Signed sealed and delivered for

Sims Recycling Solutions, Inc. (formerly United Refining & Smelting Co)

by its officer

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Officer
	 	 
	 
	 	 	 	 
	 

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

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

79

 

Lender

Signed sealed and delivered for

Commonwealth Bank of Australia

by its attorney

	 	 	 	 	 

	sign here ►
	 	 	 	 
	 

	 	 

Attorney
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

[*] Confidential Treatment Requested

80

 

Attachments

Table of contents

Accession Deed — Additional Borrowers

[*] Confidential Treatment Requested

81

 

Attachment 1

Accession Deed — Additional Borrowers

Clauses
1.2 (Definitions) and 16 (Additional Borrowers)

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
	 
	 	 
	Additional Borrower[s]

	 	[           ]
	 
	 	 
	 

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

	 	80   Under the Facility Agreement dated 2
November 2009, as amended from time to time
(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.

	 
	 	 
	 

	 	81   The Additional Borrower[s] wish[es]
to become a Borrower on the terms and
conditions set out in this deed.

This deed witnesses as follows:

Interpretation

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

[*] Confidential Treatment Requested

82

 

In this deed, 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.

Representations and warranties

The Additional Borrower[s] represent[s] and warrant[s] to, and for the benefit of the Lender,
as set out in clause 10.1 of the Facility Agreement, on the basis that:

each
reference to a Borrower in clause 10.1 of the Facility Agreement includes a reference to the
Additional Borrower[s];

each reference to a Transaction Document includes this deed and each other Transaction Document to
which the Additional Borrower[s] is a party; and

clauses
10.2 and 10.3 of the Facility Agreement apply to this clause 2 as if set out in full.

Status of Additional Borrower[s]

[Each/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.

Receipt of documents

[Each/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.

Confirmation by existing Transaction Parties

Sims (for itself and as attorney for each other Transaction Party) confirms that nothing in
this deed:

affects the validity or enforceability of the Transaction Documents;

[*] Confidential Treatment Requested

 

 

prejudices or adversely affects any right, power, authority, discretion or remedy
arising under the Transaction Documents; or

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

Governing law

This deed is governed by the laws of New South Wales.

Benefit of deed

This deed is given in favour of and for the benefit of:

the Lender; and

each Borrower,

under the Facility Agreement and their respective successors and permitted assigns

Address for notices

The details for [each/the] Additional Borrower for service of notices are:

	 	 	 

	Address:

	 	[            ].
	 
	 	 
	Attention:

	 	[            ].
	 
	 	 
	Facsimile:

	 	[            ].

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.

[*] Confidential Treatment Requested

 

 

EXECUTED as a deed.

	 	 	 	 	 
	 

	 	Sims	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Metal Management Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Frank Moratti
 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	Frank Moratti
 

	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Daniel W. Dienst
 

Director
	 	 
	 
	 	 	 	 
	print name

	 	Daniel W. Dienst
 

	 	 
	 
	 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Group Australia Holdings Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Frank Moratti
 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	Frank Moratti
 

	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Rodney Shields
 

Director
	 	 
	 
	 	 	 	 
	print name

	 	Rodney Shields	 	 
	 

	 	 	 	 
	 
	 

[*] Confidential Treatment Requested

 88

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Aluminium Pty Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Frank Moratti
 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	Frank Moratti
 

	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Rodney Shields
 

Director
	 	 
	 
	 	 	 	 
	print name

	 	Rodney Shields
 

	 	 
	 
	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Group UK Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ M. Coombs
 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	M. Coombs
 

	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ G. Davy
 

Director
	 	 
	 
	 	 	 	 
	print name

	 	G. Davy
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Group UK Holdings Limited	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ M. Coombs
 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	M.
Coombs
 

	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ G. Davy
 

Director
	 	 
	 
	 	 	 	 
	print name

	 	G.
Davy
 

	 	 
	 
	 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Mirec B.V.	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ M. Coombs
 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	M. Coombs
 

	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ G. Davy
 

Director
	 	 
	 
	 	 	 	 
	print name

	 	G. Davy
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jon Godfrey
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jon Godfrey
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered by	 	 
	 

	 	Sims Recycling Solutions AB	 	 
	 

	 	by	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ M. Coombs
 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	M. Coombs
 

	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ G. Davy
 

Director
	 	 
	 
	 	 	 	 
	print name

	 	G. Davy
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jon Godfrey
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jon Godfrey
 

	 	 
	 
	 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Group USA Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Myles Partridge
 

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

	 	Myles Partridge
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Brian S. Brandt
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Group Global Trade Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Myles Partridge
 

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

	 	Myles Partridge
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Brian S. Brandt
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt
 

	 	 
	 
	 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	North Carolina Resource Conservation, LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Myles Partridge
 

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

	 	Myles Partridge
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Brian S. Brandt
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Group USA Holdings Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Myles Partridge
 

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

	 	Myles Partridge
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Brian S. Brandt
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt
 

	 	 
	 
	 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Schiabo Larovo Corporation	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Myles Partridge
 

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

	 	Myles Partridge
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Brian S. Brandt
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Simsmetal East LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Myles Partridge
 

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

	 	Myles Partridge
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Brian S. Brandt
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt
 

	 	 
	 
	 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Simsmetal West LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Myles Partridge
 

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

	 	Myles Partridge
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Brian S. Brandt
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Alabama, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Arizona, L.L.C.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ L. Steven Shinn
 

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

	 	L. Steven Shinn
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Evelyn Panlaqui
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Evelyn Panlaqui
 

	 	 
	 
	 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	SMM New England Corporation (formerly known as Metal
Management Connecticut, Inc.)	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Memphis, L.L.C.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Midwest, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Mississippi, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Northeast, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management Ohio, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here   ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here   ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Management West, Inc.	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here   ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here   ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Proler Southwest LP	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Metal Dynamics Detroit LLC	 	 
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jocelyn Francis
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Recycling Solutions Holdings Inc. (formerly Sims
Recycling 

Solutions, Inc.)
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Darrell Stoecklin
 

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

	 	Darrell Stoecklin
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jeanne Grimmer
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jeanne Grimmer
 

	 	 
	 
	 

	 	 	 	 	 
	 

	 	Borrower	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Sims Recycling Solutions, Inc. (formerly United Refining & Smelting Co)
	 

	 	by its officer	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Darrell Stoecklin
 

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

	 	Darrell Stoecklin
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Jeanne Grimmer
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Jeanne Grimmer
 

	 	 
	 
	 

[*] Confidential Treatment Requested

 

 

	 	 	 	 	 

	 

	 	Lender	 	 
	 
	 	 	 	 
	 

	 	Signed sealed and delivered for	 	 
	 

	 	Commonwealth Bank of Australia	 	 
	 

	 	by its attorney	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Penelope Bishop
 

Attorney
	 	 
	 
	 	 	 	 
	print name

	 	Penelope Bishop
 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here  ►

	 	/s/ Katherine Morrison
 

Witness
	 	 
	 
	 	 	 	 
	print name

	 	Katherine Morrison
 

	 	 
	 
	 

[*] Confidential Treatment Requestedexv4w15

Exhibit 4.15

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.

Amendment and Restatement Deed

	 	 	 

	Dated as of

	 	23 June 2011
	 
	 	 
	Parties

	 	National Australia Bank Limited
(ABN 12 004 044 937)
(the Lender)
	 
	 	 
	 

	 	Sims Metal Management Limited
(ACN 114 838 630)
(Sims)
	 
	 	 
	 

	 	The companies listed in Schedule 1

 

Recitals

The Lender and Sims and its subsidiaries listed in Schedule 1 (together the Borrowers) agree
to amend and restate the Facility Agreement in the manner set out in this deed.

Operative Provisions

DEFINITIONS AND INTERPRETATION

 

Definitions

In this Deed:

	1.1	 	Common Terms Deed means the deed entitled “Common Terms Deed” dated on or about 23 June 2011,
between, among others, Sims and the Lender.

	1.2	 	Facility Agreement means the multicurrency revolving floating rate cash advance facility
agreement dated 13 March 2009, as amended from time to time.

Interpretation

Capitalised terms defined in the Facility Agreement and the Common Terms Deed have the same
meanings when used in this deed.

Clauses 1.3, 1.5, 1.7, 15.2 and 16 of the Common Terms Deed apply to this deed as if set out in
full.

This deed is a Transaction Document in respect of the Lender for the purpose of the definition of
Transaction Document in clause 1.2 of the Common Terms Deed.

This deed is a Transaction Document for the purpose of the definition of Transaction Documents in
clause 16.1 of the Facility Agreement.

	 	 
	[*] Confidential Treatment Requested	
	NAB AMENDED AND
RESTATED FACILITY AGREEMENT     1
	 

 

 

AMENDMENTS

 

The Facility Agreement is amended and restated to read as set out in the Annexure.

CONDITIONS PRECEDENT

 

Before the amendments referred to in clause 2 above become effective the Lender must have
received each of the conditions precedent set out in Schedule 4 of the Common Terms Deed in form
and substance satisfactory to it.

GENERAL

 

1 REFERENCES TO FACILITY AGREEMENT

Any reference in the Facility Agreement or the Common Terms Deed to the Facility Agreement
includes a reference to the Facility Agreement as amended and restated as set out in the Annexure
to this deed or as further varied from time to time.

2 GOVERNING LAW AND JURISDICTION

This deed is governed by New South Wales law. The Borrowers accept the non-exclusive
jurisdiction of the courts having jurisdiction there.

3 COUNTERPARTS

This deed may be executed and delivered in counterparts (including by facsimile transmission),
each of which will be deemed an original.

	 	 
	[*] Confidential Treatment Requested	
	NAB AMENDED AND
RESTATED FACILITY AGREEMENT     2
	

 

 

Schedule 1

	 	 	 
	 	 	ACN/ARBN/Registered Number/Place of
	Name of Borrower	 	Incorporation
	Sims Group Australia Holdings Limited

	 	008 634 526
	 
	 	 
	 	 	 
	Sims Group UK Limited

	 	UK 3242331
	 
	 	 
	 	 	 
	Sims Group UK Holdings Limited

	 	UK 2904307
	 
	 	 
	 	 	 
	Mirec B.V.

	 	The Netherlands 17073024
	 
	 	 
	 	 	 
	Sims Recycling Solutions AB

	 	Sweden
	 
	 	 
	 	 	 
	Sims Group USA Corporation

	 	Delaware
	 
	 	 
	 	 	 
	Sims Group Global Trade Corporation

	 	Delaware
	 
	 	 
	 	 	 
	North Carolina Resource Conservation, LLC

	 	North Carolina
	 
	 	 
	 	 	 
	Sims Group USA Holdings Corporation

	 	Delaware
	 
	 	 
	 	 	 
	Schiabo Larovo Corporation

	 	Delaware
	 
	 	 
	 	 	 
	Simsmetal East LLC

	 	Delaware
	 
	 	 
	 	 	 
	Simsmetal West LLC

	 	Delaware
	 
	 	 
	 	 	 
	Metal Management, Inc.

	 	Delaware
	 
	 	 
	 	 	 
	Metal Management Alabama, Inc.

	 	Delaware
	 
	 	 
	 	 	 
	Metal Management Arizona, L.L.C.

	 	Arizona
	 
	 	 
	 	 	 
	SMM New England Corporation (formerly known
as Metal Management Connecticut, Inc.)

	 	Delaware
	 
	 	 
	 	 	 
	Metal Management Memphis, L.L.C.

	 	Tennessee
	 
	 	 
	 	 	 
	Metal Management Midwest, Inc.

	 	Illinois
	 
	 	 
	 	 	 
	Metal Management Mississippi, Inc.

	 	Delaware
	 
	 	 
	 	 	 
	Metal Management Northeast, Inc.

	 	New Jersey
	 
	 	 
	 	 	 
	Metal Management Ohio, Inc.

	 	Ohio
	 
	 	 
	 	 	 
	Metal Management West, Inc.

	 	Colorado
	 
	 	 
	 	 	 
	Proler Southwest LP

	 	Texas
	 
	 	 
	 	 	 
	Metal Dynamics Detroit LLC

	 	Delaware
	 
	 	 
	 	 	 
	Sims Recycling Solutions Holdings Inc.
(formerly known as Sims Recycling Solutions,
Inc)

	 	Illinois
	 
	 	 
	 	 	 
	Sims Recycling Solutions, Inc. (formerly
known as United Refining & Smelting Co)

	 	Illinois
	 
	 	 
	 	 	 

	 	 
	[*] Confidential Treatment Requested	
	NAB AMENDED AND
RESTATED FACILITY AGREEMENT     3
	

 

 

Annexure

Amended and Restated Facility Agreement

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           4

 

 

Facility Agreement

Sims Metal Management Limited

(Sims)

National Australia Bank Limited

(Lender)

[*] Confidential Treatment Requested

NAB AMENDED AND RESTATED FACILITY AGREEMENT

1

 

Originally dated 13 March 2009, as amended and restated most recently on or about 23 June 2011
(Amendment and Restatement Date)

The Directors

Sims Metal Management Limited

Level 12, Suite 1202

65 Berry Street

North Sydney NSW 2060

Australia

Attention: Mr. Peter Ricketts

and to each other Original Borrower as listed in Schedule 1

Dear Sirs,

MULTICURRENCY REVOLVING FLOATING RATE CASH

ADVANCE FACILITY — FACILITY AGREEMENT

	1	 	PRELIMINARY
	 
	1.1	 	Offer
	 
	 	 	National Australia Bank Limited ABN 12 004 044 937 (Lender) is pleased to offer Sims Metal
Management Limited ABN 69 114 838 630 (Sims) and each other Original Borrower listed in
Schedule 1 below (together with Sims, each an Original Borrower) a Facility, on and subject
to:

	 	(a)	 	the terms set out in this letter (Agreement); and
	 
	 	(b)	 	the terms set out in the deed entitled “Common Terms Deed” dated on or about 23
June 2011, between, among others, Sims and the Lender (Common Terms Deed).

	 	 	Each Borrower and the Lender acknowledge that this Agreement is a Facility Agreement and
Transaction Document for the Lender for the purposes of the Common Terms Deed.
	 
	 	 	The Facility is also available to any Additional Borrower.
	 
	 	 	Capitalised terms used in this Agreement are defined in the text or in clause 16.1 below.

[*] Confidential Treatment Requested

NAB AMENDED AND RESTATED FACILITY AGREEMENT

2

 

2    FACILITY DETAILS

	 	 	 

	2.1 Maximum
amount of financial
accommodation
available to all
Borrowers at any time
during the
Availability Period:

	 	The amount specified in the Key Terms Schedule (as
reduced, the Commitment). 

That maximum applies to the Borrowers as a whole and is
not a limit applying to each Borrower individually.
	 
	 	 
	2.2 Cancellation:

	 	Sims may cancel all or part of the undrawn Commitment on
twenty (20) Business Days’ notice to the Lender. 

A partial cancellation of the undrawn Commitment may only
be made in a minimum amount of US$5,000,000 and a whole
multiple of US$1,000,000.Once given, the notice is
irrevocable. The Commitment reduces by the amount of any
cancellation.

The Commitment will be automatically cancelled on the last
day of the Term or as otherwise agreed in writing.
	 
	 	 
	2.3 Margin:

	 	The Margin is payable on Advances drawn under the Facility
and will vary as set out in the Key Terms Schedule
calculated as at the relevant time based on Financial
Indebtedness of the Sims Group and EBITDA (as disclosed in
the most recent Financial Report provided to the Lender).
	 
	 	 
	2.4 Nature of
Facility:

	 	The Facility is revolving.
	 
	 	 
	2.5 Interest Rate:

	 	For each Advance having an Interest Period of 7 days, 14
days or 1, 2, 3, 4, 5 or 6 months, the Base Rate (as
defined in clause16.1) plus the Margin (determined at the
same time as the Base Rate is determined for an Interest
Period) and (in the case of Advances denominated in an
Available Currency other than Australian dollars) the
Mandatory Cost, as applicable if the Lender is required to
comply with any requirements of any of the Bank of
England, or the Financial Services Authority (or, in
either case, any other authority which replaces all or any
of its functions) or the European Central Bank, as
calculated under the formulae set out in Schedule 3
attached to this Agreement.
	 
	 	 
	2.6 Term:

	 	The period:
	 
	 	 
	 

	 	•    from the Amendment and Restatement Date;

•    to the date set out in the Key Terms Schedule as
the Repayment Date as extended from time to time in
accordance with clause 3.6 or as otherwise agreed
(Repayment Date).

	 
	 	 
	2.7 Repayment:

	 	In one sum the total of the Advances on the Repayment Date.

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	2.8 Fees:

	 	[*]
	 
	 	 
	 

	 	Unused Commitment Fee: A rate percent per annum of the daily
amount of the undrawn portion of the Commitment, as set out
in the Key Terms Schedule. The Unused Commitment Fee is
payable quarterly in arrears on the last Business Day of
each calendar quarter, and on the Repayment Date (or at
other intervals designated by the Lender from time to time).
The Unused Commitment Fee is calculated on actual days
elapsed using a 360 day year, and is payable in US dollars
(unless otherwise agreed between the Lender and Sims).

[*]
	 
	 	 
	2.9 Purpose:

	 	A Borrower must use the Facility only for acquisition
financing and for general corporate purposes.
	 
	 	 
	2.10 Security:

	 	The Common Terms Deed, including the guarantee and indemnity
created under clause 7 of the Common Terms Deed.

3 DRAWINGS

3.1 Facility

	 	(a)	 	Sims and any Borrower can draw an Advance under the Facility on any Business
Day.
	 
	 	(b)	 	If a Borrower wants a drawdown, it agrees to give a Drawdown Notice to the
Lender by fax (with original to follow promptly):

	 	(i)	 	for a drawing in Australian dollars, by 10.00 am (Sydney time)
on the second Business Day before the Business Day it wants the drawdown at the
Sydney Branch; or
	 
	 	(ii)	 	for a drawing in an Available Currency other than Australian
dollars, by 10.00 am (Sydney time) on the third Business Day before the
Business Day it wants the drawdown at the Lender’s Offshore Banking Unit.

	 	(c)	 	A Drawdown Notice is effective when the Lender actually receives it in legible
form. An effective Drawdown Notice is irrevocable.
	 
	 	(d)	 	The Commitment may be drawn down by Advances in the following currencies:

	 	(i)	 	Australian dollars;
	 
	 	(ii)	 	US dollars;
	 
	 	(iii)	 	Pounds Sterling;
	 
	 	(iv)	 	Euros;
	 
	 	(v)	 	SGD;
	 
	 	(vi)	 	CAD; or
	 
	 	(vii)	 	subject to availability, another Available Currency.

	 	(e)	 	The Original Amount of all outstanding Advances together with the Original
Amount of any requested Advance must not exceed the Commitment.
	 
	 	(f)	 	Advances in Australian dollars will be made by the Sydney Branch.
	 
	 	(g)	 	Advances in Available Currencies other than Australian dollars will be made by:

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	 	(i)	 	the Lender’s Offshore Banking Unit at the Lender’s absolute
discretion, but only if the Borrower of the relevant Advance is not a resident
of Australia for Tax purposes and also not acting through a permanent
establishment in Australia; or
	 
	 	(ii)	 	in the case where the Offshore Banking Unit does not wish to
provide the relevant Advance:

	 	(A)	 	the Sydney Branch, in the case of drawings in
GBP;
	 
	 	(B)	 	the Sydney Branch in the case of drawings in
euro;
	 
	 	(C)	 	the Sydney Branch in the case of drawings in
USD; or
	 
	 	(D)	 	in respect of any other Available Currency, the
branch of the Lender, notified by the Lender from time to time,

	 	 	 	unless the Lender agrees otherwise.

3.2 Minimum denominations

	 	 	Each Advance must have a minimum amount as follows:

	 	(a)	 	if in Australian dollars, A$5,000,000; with an integral multiple of
A$1,000,000;
	 
	 	(b)	 	if in US dollars, US$5,000,000; with an integral multiple of US$1,000,000;
	 
	 	(c)	 	if in Pounds Sterling, GBP5,000,000; with an integral multiple of GBP1,000,000;
	 
	 	(d)	 	if in euros, EURO5,000,000, with an integral multiple of EURO1,000,000;
	 
	 	(e)	 	if in another Available Currency, a minimum amount and integral multiple as
advised by the Lender,

	 	 	or which is equal to the amount remaining for the undrawn Commitment.
	 
	 	 	Advances in no more than six (6) currencies may be outstanding at any one time.

3.3 Conditions Precedent to first drawdown

	 	 	The obligations of the Lender pursuant to this Agreement are subject to, and each Borrower
agrees not to request the first drawdown until, the Lender has received every item listed in
this clause 3.3, each in form and substance satisfactory to the Lender:

	 	(a)	 	(Transaction Documents) original signed counterparts of:

	 	(i)	 	this Agreement; and
	 
	 	(ii)	 	the Common Terms Deed,

	 	 	 	signed and delivered by each party and, if required by the Lender, in each case
evidence of its stamping and registration;

	 	(b)	 	(Verification Certificates) in relation to each Transaction Party, a Verification
Certificate;
	 
	 	(c)	 	[*]
	 
	 	(d)	 	(disbursements) reimbursement for the cost of any company searches the Lender
may conduct in respect of this Agreement;

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	 	(e)	 	(company searches) the results of all searches required by the Lender
with respect to each Transaction Party;

	 	(f)	 	(Drawdown Notice) a Drawdown Notice for the Advance in the place, and by the
time, required under this Agreement;

	 	(g)	 	(other documents) any other conditions precedent specified in a Transaction
Document;

	 	(h)	 	(know your customer) any document or other information that the Lender requests
to enable the Lender to comply with its relevant know your customer and anti-money
laundering requirements in connection with the transactions contemplated by the
Transaction Documents; and

	 	(i)	 	(other information) ensure the Lender has received all other documents and
other information the Lender reasonably requests.

	3.4	 	Conditions to all drawdowns

	 	 	The Lender is not obliged to provide an Advance unless:

	 	(a)	 	(Availability Period) it is to be provided during the Availability Period; and

	 	(b)	 	(Commitment) the Lender is satisfied that after providing the accommodation
the Commitment would not be exceeded; and

	 	(c)	 	(Drawdown Notice) the Lender has received a Drawdown Notice in respect of it
in the place, and by the time, required under this Agreement; and

	 	(d)	 	(Representations and warranties) the Lender is satisfied that the
representations and warranties in clause 7 of this Agreement and clause 3
(Representations and warranties) of the Common Terms Deed and the statements in the
Drawdown Notice are correct and not misleading at the date of the Drawdown Notice and
at the date the accommodation is provided; and

	 	(e)	 	(no Default, Review Event) the Lender is satisfied that no Default or Review
Event is continuing, or would result from the accommodation being provided; and

	 	(f)	 	(know your customer) the Lender has received any document or other information
that the Lender requests to enable the Lender to comply with its relevant know your
customer and anti-money laundering requirements in connection with the transactions
contemplated by the Transaction Documents that it has not already received as a
condition precedent to the first drawdown.

	 	 	Each condition to drawdown is for the sole benefit of the Lender and may be waived by it.
	 
	3.5	 	The Lender’s right to draw Bills

	 	(a)	 	At any time, the Lender may prepare at its cost reliquification Bills in
respect of an Australian dollar Advance and deal with them as it sees fit. These Bills
must mature on or before the end of the Interest Period for the Advance, and their
total face amount must not be more than the total amount of principal and interest of
that Advance.
	 
	 	(b)	 	For value, Sims and each other Borrower irrevocably authorises the Lender (or
those authorised by it) to prepare and sign those Bills on the Borrower’s behalf, as
drawer, endorser or both. Each Borrower irrevocably appoints the Lender and each
Authorised Officer of the Lender individually as its attorney to draw the Bills and
agrees to ratify all action taken by an attorney under this clause.

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	 	(c)	 	The Lender will indemnify Sims and each other Borrower against any liability,
loss, cost and expense in relation to the Bills. If a reliquification Bill is
presented to Sims or a Borrower and it pays it, the amount of that payment will be
taken to have been applied against the amounts it owes under this Agreement.
Otherwise, the indemnity obligation will not affect a Borrower’s obligations under this
Agreement in any way.

	 	(d)	 	Sims and each Borrower must make payments in relation to an Advance even though
reliquification Bills are outstanding in relation to that Advance.

	3.6	 	Review and renewal of Repayment Date and Commitment

	 	(a)	 	On or before the date falling 24 months prior to the then Repayment Date
(Existing Repayment 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 Repayment Date (New Repayment Date) by delivering to Sims a signed Renewal
Notice attaching a proposed Key Terms Schedule.

	 	(b)	 	The Lender’s offer contained in any Renewal Notice delivered in accordance with
clause 3.6(a) may be subject to any conditions precedent or subsequent as the Lender
specifies in its absolute discretion.

	 	(c)	 	In the course of reviewing its participation under this Agreement in accordance
with clause 3.6(a), the Lender has the absolute right to propose the variation of any
and all of the terms of the Facility (Revised Terms), including, but not limited to,
the Margin and the Unused Commitment Fee, as part of its offer to the Borrowers to
extend its participation. The Revised Terms will be set out in the Key Terms Schedule
attached to a Renewal Notice delivered in accordance with clause 3.6(a).

	 	(d)	 	If, within 30 days of receiving a Renewal Notice delivered in accordance with
clause 3.6(a):

	 	(i)	 	the Borrowers have signed and delivered to the Lender the
Renewal Notice; and

	 	(ii)	 	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 “Repayment Date” under this Agreement shall be amended to be the
New Repayment Date and the Key Terms Schedule amended in accordance with the Renewal
Notice with effect on and from the date of the Renewal Notice. If the Borrowers sign
and deliver to the Lender the Renewal Notice in accordance with clause 3.6(d)(i),
Sims and each Borrower undertake to enter into any other documentation on reasonable
terms required by the Lender to give effect to the extension of the Repayment Date
and the variation of the terms of the Facility.

	 	(e)	 	If:

	 	(i)	 	the Lender does not deliver a Renewal Notice to the Borrowers;
or

	 	(ii)	 	the Borrowers do not satisfy any condition in the relevant
Renewal Notice; or

	 	(iii)	 	the Borrowers do not sign and return a Renewal Notice
delivered in accordance with clause 3.6(a) within 30 days of having received
it,

	 	 	 	the Repayment Date will not be amended and any Revised Terms contained in a Renewal
Notice delivered in accordance with clause 3.6(a) will not apply.

	 	(f)	 	Nothing in the Transaction Documents obliges the Lender:

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	 	(i)	 	to extend any Repayment Date; or

	 	(ii)	 	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 3.6
or a Renewal Notice does not:

	 	(i)	 	affect the validity or enforceability of this Agreement or any
other Transaction Document;

	 	(ii)	 	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 3.6(d); or

	 	(iii)	 	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 3.6(d).

	 	(h)	 	On each anniversary date of the Amendment and Restatement Date, the Commitment
will be reset to an amount expressed in US dollars which is equivalent to A$175,000,000
(Revised Commitment), determined by reference to the Lender’s spot rate of exchange
prevailing at that time for buying Australian dollars with US dollars. If, at that
time, the Lender also elects to extend its participation under the Facility Agreement
in accordance with clause 3.6(a) by delivering to Sims a signed Renewal Notice
attaching a proposed Key Terms Schedule, the Lender will notify Sims of the Revised
Commitment in the proposed Key Terms Schedule attached to the Renewal Notice, and
otherwise by delivering a Revised Commitment Notice to Sims.

	4	 	CALCULATION OF INTEREST
	 
	4.1	 	Interest charges

	 	(a)	 	Each Borrower agrees to pay interest on each Advance made to it for each of its
Interest Periods at the applicable Interest Rate.

	 	(b)	 	Interest accrues daily on each Advance from and including the first day of an
Interest Period to but excluding the last day of the Interest Period at the Interest
Rate.

	 	(c)	 	Interest is calculated on actual days elapsed and a year of 365 days for
Australian dollars and Pounds Sterling and a year of 360 days for US dollars and Euros.
For other Available Currencies, the basis will be advised by the Lender.

	4.2	 	Payment of interest

	 	 	Interest in respect of an Advance will be payable by the Borrower of that Advance in arrears
on each relevant Interest Payment Date and on repayment or prepayment of the relevant
Advance.

	4.3	 	Notification of Interest Periods

	 	(a)	 	Unless the Lender agrees otherwise, an Interest Period must be a period of 7
days or 14 days or a period of 1, 2, 3, 4, 5 or 6 months.

	 	(b)	 	The relevant Borrower will select, and notify the Lender of, the Interest
Period for an Advance to be made to that Borrower in the Drawdown Notice.

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	 	(c)	 	The relevant Borrower will select, and notify the Lender of, each subsequent
Interest Period by written notice to the Branch that made the Advance by 10 am (local
time) at least 2 Business Days before the end of the previous Interest Period. If the
relevant Borrower fails to select a period or does not give correct notice, it will be
taken to have selected one of 3 months.

	4.4	 	When Interest Periods begin and end

	 	(a)	 	An Interest Period for an Advance begins:

	 	(i)	 	in the case of the first Interest Period, on the Drawdown Date;
and

	 	(ii)	 	in the case of each subsequent Interest Period, on the last day
of the previous Interest Period.

	 	(b)	 	If an Interest Period would end on a day that is not a Business Day, then it
will end on the previous Business Day.

	 	(c)	 	If an Interest Period begins on a date for which there is no corresponding date
in the month in which it is to end, it will end on the last Business Day of that month.

	 	(d)	 	The relevant Borrower must select Interest Periods for Advances so that they do
not expire after the Repayment Date.

	5	 	PAYMENT OBLIGATIONS
	 
	5.1	 	Interest and fees

	 	(a)	 	The relevant Borrower of an Advance will, and Sims will procure that such
Borrower will, pay interest (in respect of that Advance) and fees as set out in this
Agreement.

	 	(b)	 	Interest on an Advance will be paid in the currency of the Advance, to the
Branch that made the Advance and fees will be paid in the currency specified in clause
2.8 as the currency for payment of the relevant fee.

	 	(c)	 	Fees payable in Australian dollars will be paid to the Sydney Branch and fees
payable in other Available Currencies will be paid to the account of the Lender, as the
Lender directs.

	5.2	 	Rollovers

	 	(a)	 	The Borrower of an Advance must repay it on the last day of its Interest
Period. However, if all or part of the Advance is to be redrawn in the same currency
for a further Interest Period, the amount of the Advance which is to be redrawn need
not be repaid at the end of that Interest Period except as follows.

	 	(b)	 	The Borrower of an Advance may switch an Advance from one currency to another
at the end of an Interest Period, but only by repaying the Advance in the first
currency and redrawing it in the second currency. The ability of a Borrower to redraw
the Advance in the second currency will be subject to the other provisions of this
Agreement.

	5.3	 	Repayments and prepayments

	 	(a)	 	(repayments) The Borrower of each Advance will repay the amount lent in
accordance with clause 2.7 (Repayment) of this Agreement, and in any event also repay
each Advance at the end of its Interest Period except to the extent it is being
redrawn.

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	 	(b)	 	(prepayments) At any time the relevant Borrower may prepay all or part of the
amount lent if it gives at least 5 Business Days’ prior written notice. Once given,
the prepayment notice is irrevocable and the Borrower is obliged to prepay in
accordance with the notice. Partial prepayments must be in multiples of A$5,000,000
(or, if in any other Available Currency, multiples that comply with the Minimum
Denominations). The Commitment is not reduced by amounts prepaid.

	 	(c)	 	(cleandown) If at any time the aggregate of the Equivalent Amount of all
Alternative Currency Advances and the amount of all US dollar Advances (the Current
Aggregate) exceeds 110% of the Commitment, then, if required by written notice from the
Lender, Sims must within the period stated in the notice (to the extent that it has
borrowed an Advance) repay, or ensure that a Borrower repays, an amount sufficient to
ensure that the Current Aggregate does not exceed the Commitment.

	 	(d)	 	(method of payment) Repayments and prepayments will be made in the currency of
the relevant Advance, to the relevant Branch that made the Advance or as otherwise
specified by the Lender.

	 	(e)	 	(redraws) Amounts repaid or prepaid may be redrawn.

	5.4	 	Method of payment

	 	 	Sims and the other Borrowers will make all payments as specified by the Lender. In the
absence of a specific direction payments will be made to the Lender’s accounts as follows:

	 	 	USD

	 	(a)	 	if in US$ (in respect of Advances made by the Sydney Branch) to the following
account (under reference Sims or as specified by the Lender):

	 	 	 	 	 

	Bank:

	 	Citibank, New York

	Account Name:

	 	National Australia Bank

	Account Number:

	 	10920636	 	 
	SWIFT:

	 	CITIUS33

	 		 	or such other account from time to time notified in writing by the Lender.

	 	(b)	 	if in US$ (in respect of Advances made by the Offshore Banking Unit) to the
following account (under reference Sims or as specified by the Lender):

	 	 	 	 	 

	Bank:

	 	Citibank NA, New York

	Account Name:

	 	National Australia Bank Ltd. (Offshore Banking Unit)

	Account Number:

	 	36244285	 	 
	SWIFT:

	 	CITIUS33

	 		 	or such other account from time to time notified in writing by the Lender.

	 	 	GBP

	 	(a)	 	if in GBP (in respect of Advances made by the Sydney Branch) to the following
account (under reference Sims or as specified by the Lender):

	 	 	 

	Bank:

	 	Royal Bank of Scotland, London
	Account Name:

	 	National Australia Bank

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	Account Number:

	 	12231081	 	 
	SWIFT:

	 	RBOSGB2L

	 		 	or such other account from time to time notified in writing by the Lender.

	 	(b)	 	if in GBP (in respect of Advances made by the Offshore Banking Unit) to the
following account (under reference Sims or as specified by the Lender):

	 	 	 

	Bank:

	 	Royal Bank of Scotland, London
	Account Name:

	 	National Australia Bank Ltd. (Offshore Banking Unit)
	Account Number:

	 	1600 3410 0065 79
	SWIFT:

	 	RBOSGB2L

	 		 	or such other account from time to time notified in writing by the Lender.

	 	 	Euro

	 	(a)	 	if in euro (in respect of Advances made by the Sydney Branch) to the following
account (under reference Sims or as specified by the Lender):

	 	 	 

	Bank:

	 	Deutsche Bank, Frankfurt
	Account Name:

	 	National Australia Bank Limited
	Account Number:

	 	950 3954 10
	SWIFT:

	 	DEUTDEFF

	 		 	or such other account from time to time notified in writing by the Lender.

	 	(b)	 	if in euro (in respect of Advances made by the Offshore Banking Unit) to the
following account (under reference Sims or as specified by the Lender):

	 	 	 

	Bank:

	 	Deutsche Bank AG, Frankfurt
	Account Name:

	 	National Australia Bank Ltd. (Offshore Banking Unit)
	Account Number:

	 	1009 5044 3200 00
	SWIFT:

	 	DEUTDEFF

	 		 	or such other account from time to time notified in writing by the Lender.

	 	 	SGD

	 	(a)	 	if in SGD (in respect of Advances made by the Sydney Branch) to the following
account (under reference Sims or as specified by the Lender):

	 	 	 

	Bank:

	 	Overseas-Chinese Banking Corporation, Singapore
	Account Name:

	 	National Australia Bank Limited
	Account Number:

	 	5010 1016 9001
	SWIFT:

	 	OCBCSGSG

	 		 	or such other account from time to time notified in writing by the Lender.

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	 	(b)	 	if in SGD (in respect of Advances made by the Offshore Banking Unit) to the
following account (under reference Sims or as specified by the Lender):

	 	 	 

	Bank:

	 	Overseas-Chinese Banking Corporation
	Account Name:

	 	National Australia Bank Ltd. (Offshore Banking Unit)
	Account Number:

	 	5014 7447 2001
	SWIFT:

	 	OCBCSGSG

	 		 	or such other account from time to time notified in writing by the Lender.

	 	 	CAD

	 	(a)	 	if in CAD (in respect of Advances made by the Sydney Branch) to the following
account (under reference Sims or as specified by the Lender):

	 	 	 	 	 

	Bank:

	 	Canadian Imperial Bank of Commerce, Toronto

	Account Name:

	 	National Australia Bank Limited

	Account Number:

	 	1708511	 	 
	SWIFT:

	 	CIBCCATT

	 		 	or such other account from time to time notified in writing by the Lender.

	 	(b)	 	if in CAD (in respect of Advances made by the Offshore Banking Unit) to the
following account (under reference Sims or as specified by the Lender):

	 	 	 

	Bank:

	 	CIBC, Toronto
	Account Name:

	 	National Australia Bank Ltd. (Offshore Banking Unit)
	Account Number:

	 	177 3313
	SWIFT:

	 	CIBCCATT

	 		 	or such other account from time to time notified in writing by the Lender.

	 	 	Australian dollars

	 	(a)	 	if in Australian dollars, to the following account (or as specified by the
Lender):

	 	 	 

	Bank:

	 	National Australia Bank
	Account Name:

	 	OSA — Lending Administration — NSW
	BSB:

	 	082-036
	Account Number:

	 	79-172-6392

	 		 	or such other account from time to time notified in writing by the Lender.

	6	 	EXTERNAL CIRCUMSTANCES
	 
	6.1	 	Available Currency impracticability

	 	 	If in the Lender’s opinion:

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	 	(a)	 	there is any change in applicable law or any change in national or
international financial, political or economic conditions, currency availability,
exchange rates or exchange contracts which make it impractical for a particular Advance
to be denominated in the selected Available Currency (other than Australian dollars)
during an Interest Period; or

	 	(b)	 	any necessary government approval is not obtained,

	 	 	then the Lender must notify Sims promptly,

	 	 	and:

	 	(c)	 	if the relevant Drawdown Notice requested that the Advance be made in
Australian dollars if the relevant Available Currency was unavailable, or

	 	(d)	 	Sims and the Lender agree,

the Advance will be made in Australian dollars. Otherwise, the Drawdown Notice will be
cancelled.

	6.2	 	Market Disturbance

	 	(a)	 	(Disturbance Notice) The Lender may give a notice (a Disturbance Notice) to
Sims at any time (Disturbance Notice Date) if the Lender forms the view that market
conditions in the relevant financial market for the currency concerned are seriously
disturbed, including without limitation as a result of the conditions described in this
clause 6.2 (Market Disturbance).

	 	(b)	 	(Market Disturbance Premium) If the Lender gives a Disturbance Notice as a
result of circumstances where, in the Lender’s opinion:

	 	(i)	 	adequate and fair means are not available for fixing the Base
Rate in respect of USD or any Alternative Currency, or

	 	(ii)	 	the cost to the Lender of obtaining deposits in the relevant
financial market or other funds to fund an Advance exceeds the Base Rate,

	 	 	 	the Lender will, in the Disturbance Notice, notify Sims of the rate at which the
Lender (acting commercially and in good faith) will charge a premium to be added to
the Interest Rate in respect of Interest Periods for each Advance which commence on
or after the Disturbance Notice Date, which rate will be the rate that reflects the
Lender’s cost of funding the Advances from whatever sources it may reasonably
select. The rate must be expressed as a percentage rate per annum and be rounded up
to the nearest fourth decimal place (Market Disturbance Premium).

	 	 	 	At the beginning of each calendar quarter that commences after the Disturbance
Notice Date, the Lender may amend the Market Disturbance Premium that applies to new
Advances advanced on or after the beginning of that calendar quarter or, in the case
of existing Advances, to new Interest Periods commencing on or after the beginning
of that calendar quarter.

	 	 	 	Portions of the Market Disturbance Premium may differ for each Interest Period for
an Advance and also according to which currency that Advance may be made. Despite
this, the Lender need not inform any Obligor which portions of the Market
Disturbance Premium relate to particular Advances, particular Interest Periods for
an Advance, particular currencies for an Advance or any other factor when notifying
Sims of that Market Disturbance Premium for the Facility. The Lender is not
required to give Sims calculations showing how the Market Disruption Premium has
been ascertained, nor is required to provide details of its business or Tax affairs.

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	 	 	 	Sims agrees to pay the Market Disturbance Premium on all Advances and in respect of
each Interest Period for those Advances on the relevant Interest Payment Dates
during an Interest Period for that Advance provided that the Market Disturbance
Premium that is to apply is advised to Sims prior to the drawdown for that Advance
or the commencement of a new Interest Period.

	 	 	 	The Lender will promptly notify Sims once it determines the circumstances requiring
a Market Disturbance Premium have ceased to exist. From the time of such notice, no
Market Disturbance Premium for new Advances or new Interest Periods will be payable
unless a further Disturbance Notice is delivered to Sims.

	 	 	 	Sims acknowledges and agrees the Lender has given a Disturbance Notice to it on or
about the date of this Agreement and that the Market Disturbance Premium will apply
to the Facility and all Advances made under it in respect of the first calendar
quarter during which this letter is signed.

	 	(c)	 	(Alternative Arrangements) If the Lender gives a Disturbance Notice as a result
of circumstances where, in the Lender’s opinion:

	 	(i)	 	because of national or international financial, political or
economic circumstances or exchange rates or exchange controls it is impractical
for it to fund or continue to fund the Advance for the Interest Period; or

	 	(ii)	 	deposits in the currency concerned are not available in the
ordinary course of business to the Lender in the relevant financial market, and
the Disturbance Notice relates to an Advance which has not been made,

	 	 	 	then the Lender’s obligations to make the Advance shall be suspended while it and
Sims negotiate alternative arrangements. If they reach agreement within 30 days,
those alternative arrangements will apply. If they do not reach agreement within
that period, the Lender will be released from its obligations to make the Advance.

	 	(d)	 	(Alternative Basis) If the Disturbance Notice given under paragraph (c) relates
to an Advance which has been made, the Lender will maintain the Advance, and will
within 30 days after giving the Disturbance Notice notify Sims of an alternative basis
(Alternative Basis) for maintaining the Advance.

	 	 	 	Sims will comply with the Alternative Basis. The Lender and Sims will consult
monthly while the Alternative Basis is in force, and if the circumstances which
justified the establishment of the Alternative Basis cease to apply, the Lender will
revoke the Alternative Basis as promptly as practicable.

	 	 	 	An Alternative Basis may include, in the Lender’s absolute discretion:

	 	(i)	 	alternative currencies;
	 
	 	(ii)	 	alternative Interest Periods; or

	 
	 	(iii)	 	alternative methods of fixing the interest rate.

	7	 	REPRESENTATIONS AND WARRANTIES
	 
	7.1	 	Representations and warranties

	 	 	Each Borrower makes the representations and warranties contained in clause 3 of the Common
Terms Deed to the Lender in respect of itself and on behalf of each other Transaction Party
(except where the representation and warranty is expressed to apply to Sims only in which

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	 	 	case Sims gives the relevant representation and warranty), as if those representations and
warranties were set out in full in this clause 7.1.

	7.2	 	Repetition of representations and warranties

	 	 	The representations and warranties given under this Agreement, including those in this
clause 7, survive the execution of each Transaction Document and are 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.

	7.3	 	Acknowledgment of reliance

	 	 	Each Borrower acknowledges that the Lender has entered into each Transaction Document in
reliance on the representations and warranties given under this Agreement.

	8	 	UNDERTAKINGS

	 	 	Unless the Lender otherwise agrees in writing, each Borrower undertakes, and undertakes
to ensure that each other Transaction Party will (to the extent that the undertaking applies
to a Transaction Party), comply with clause 4 of the Common Terms Deed as follows (except
where the undertaking is expressed to apply to Sims only in which case Sims gives the
relevant undertaking).

	9	 	EVENTS OF DEFAULT
	 
	9.1	 	Events of Default

	 	 	An Event of Default occurs if an “Event of Default” as defined in the Common Terms Deed
occurs.

	9.2	 	Incorporation of provisions

	 	 	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”.

	9.3	 	Termination of facilities

	 	 	Where a Transaction Document specifies that a facility can be terminated by the Lender at
any time, the Lender may at any time do either of the things specified in clause 5.2(a)(1)
or 5.2(a)(2) of the Common Terms Deed whether or not an Event of Default has occurred.

	10	 	LENDER’S REMEDIES AND POWERS AND INDEMNITY
	 
	10.1	 	No waiver
	 
	 	 	No failure to exercise a power, and no delay in exercising a power, operates as a waiver.
	 
	10.2	 	Variation and waiver

	 	 	A provision of a Transaction Document, or right created under it, may not be waived or
varied except in writing signed by the party or parties to be bound.

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	10.3	 	Discretion in exercising rights

	 	 	The Lender may exercise a right or remedy or give or refuse its consent under a Transaction
Document in any way it considers appropriate (including by imposing conditions).

	10.4	 	Partial exercising of rights

	 	 	If the Lender does not exercise a right or remedy under a Transaction Document fully or at a
given time, the Lender may still exercise it later.

	10.5	 	No liability for loss

	 	 	The Lender is not liable for loss caused by the exercise or attempted exercise of, failure
to exercise, or delay in exercising, a right or remedy under a Transaction Document.

	10.6	 	Conflict of interest

	 	 	The Lender’s rights and remedies under any Transaction Document may be exercised even if
this involves a conflict of duty or the Lender has a personal interest in their exercise.

	10.7	 	Remedies cumulative

	 	 	The rights and remedies of the Lender under any Transaction Document are in addition to
other rights and remedies given by law independently of the Transaction Document.

	10.8	 	Indemnity

	 	(a)	 	Each Borrower will indemnify the Lender against any liability, loss, cost,
charge or expense (including legal costs on a full indemnity basis, including any GST
and including those costs, charges and expenses paid, or that the Lender reasonably
believes are payable, to persons engaged by the Lender in connection with the
Transaction Documents such as consultants) it incurs in or as a result of the Lender
acting in connection with a Transaction Document in good faith on fax, telephone, email
or written instructions purporting to originate from the offices of a Transaction Party
or to be given by an Authorised Officer of the Transaction Party.

	 	(b)	 	Any indemnity in this Agreement is a continuing obligation, independent of the
Borrower’s other obligations under this Agreement and continues after this Agreement
ends. It is not necessary for the Lender to incur expense or make payment before
enforcing a right of indemnity under this Agreement.

	11	 	DEFAULT INTEREST

11.1 Default interest

	 	(a)	 	(obligation to pay) Interest will accrue each day on each amount due under a
Transaction Document but unpaid, from (and including) the due date to (but excluding)
the date of actual payment and is calculated on actual days elapsed and a year of:

	 	(i)	 	365 days, for amounts due and payable in Australian dollars and
Pounds Sterling; and

	 	(ii)	 	360 days, for US dollars and Euros; and

	 	(iii)	 	the number of days to be advised by the Lender, for other
Available Currencies.

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	 	 	 	The relevant Borrower agrees to pay interest under this clause on demand from the
Lender at the rate set out in this clause.

	 	(b)	 	(default rate) Unless otherwise specified in the Transaction Document, the rate
will be the interest rate for the relevant facility as set out in the relevant
Transaction Document (or any equivalent rate which is substituted for this rate from
time to time) plus 2%. That interest accrues before and after any judgment. For the
purpose of this clause, the Interest Rate is calculated as if the overdue amount is a
drawing with interest periods of 30 days (or another period chosen from time to time by
the Lender) with the first interest period starting on and including the due date.

	 	(c)	 	(compounding) Interest payable under this clause which is not paid when due
for payment may be added to the overdue amount by the Lender at intervals which the
Lender determines from time to time or, if no determination is made, every 30 days.
Unless it does so more often, the Lender will be taken to have debited monthly the
Borrower’s account with accrued interest under this paragraph. Interest is payable on
the increased overdue amount in the manner set out in this clause.

	12	 	ADDITIONAL BORROWERS
	 
	12.1	 	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.

	12.2	 	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.

	13	 	ASSIGNMENT
	 
	13.1	 	Assignment

	 	(a)	 	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”.

	 	(b)	 	Where the Lender wants to transfer any part of its obligations, Sims on behalf
of each Borrower will sign when reasonably requested by the Lender a document which
will effect that transfer. The Lender will bear its own costs and stamp duty on that
document.

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	14	 	GENERAL PROVISIONS
	 
	14.1	 	Prompt performance

	 	 	Subject to clause 14.2 (Time of the essence):

	 	(a)	 	if a Transaction Document specifies when the Borrower agrees to perform an
obligation, the Borrower agrees to perform it by the time specified; and

	 	(b)	 	the Borrower agrees to perform all other obligations promptly.

	14.2	 	Time of the essence

	 	 	Time is of the essence in any Transaction Document in respect of an obligation to pay money.

	14.3	 	Further steps

	 	 	Each Borrower agrees to do anything the Lender asks (such as obtaining consents, signing and
producing documents and getting documents completed and signed):

	 	(a)	 	to bind the Borrower and any other person intended to be bound under the
Transaction Documents;

	 	(b)	 	to enable the Lender to register any power of attorney or any Transaction
Document; or

	 	(c)	 	to show whether a Borrower is complying with this deed.

	14.4	 	Code of Banking Practice

	 	 	The parties agree that the Code of Banking Practice does not apply to the Transaction
Documents and the transactions in connection with them.

	14.5	 	Counterparts

	 	 	This Agreement may consist of a number of copies, each signed by one or more parties to this
Agreement. If so, the signed copies are treated as making up the one document.

	15	 	GOVERNING LAW & JURISDICTION
	 
	15.1	 	Governing law and jurisdiction

	 	(a)	 	This Agreement is governed by the law in force in New South Wales. Each
Borrower accepts the non-exclusive jurisdiction of the courts having jurisdiction there
in relation to this Agreement (including a dispute regarding the existence, validity or
termination of this Agreement) (a Dispute).

	 	(b)	 	Each Borrower agrees that those courts are an appropriate and convenient courts
to settle Disputes and accordingly no Borrower will argue to the contrary.

	 	(c)	 	Each Borrower irrevocably waives any objection it may now or in the future have
to the venue of any proceedings, and any claim it may now or in the future have that
any proceedings have been brought in an inconvenient forum, where that venue falls
within clause 15.1(a).

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	15.2	 	Service of process

	 	(a)	 	Without preventing any other method of service, any document in a court action
may be served on a party by being delivered to or left at that party’s address for
service of notices under clause 17.4 of the Common Terms Deed.

	 	(b)	 	Without prejudice to any other mode of service allowed under any relevant law,
each Borrower (other than a Borrower incorporated in Australia):

	 	(i)	 	irrevocably appoints Sims as its agent for service of process
in relation to any proceedings under or in connection with this Agreement; and

	 	(ii)	 	agrees that failure by the process agent to notify the relevant
Borrower of the process will not invalidate the proceedings concerned.

	 	(c)	 	Sims accepts its appointment as process agent under this clause 15.2.

	 	(d)	 	If for any reason Sims ceases to be able to act as process agent for a
Borrower, the Borrower must promptly appoint another person in New South Wales
acceptable to the Lender to act as its process agent.

	 	(e)	 	Each party expressly agrees and consents to the provisions of this clause 15.2.

	16	 	INTERPRETATION
	 
	16.1	 	Definitions

	 	 	Accession Deed means an accession deed in the form of Schedule 4.

	 	 	Additional Borrower means any wholly owned Subsidiary of Sims which becomes, or has become,
as the context may require, party to this Agreement as an Additional Borrower in accordance
with clause 12.

	 	 	Advance means the outstanding principal amount of a drawdown made under the Facility.

	 	 	Agreement has the meaning given in clause 1.1 of this Agreement.

	 	 	Alternative Currency means:

	 	(a)	 	Australian dollars, Pounds Sterling, euro, SGD or CAD; or

	 	(b)	 	any other currency (excluding US dollars) agreed by the Lender in its absolute
discretion which is freely transferable and convertible into US dollars.

	 	 	Amendment and Restatement Date means the date of the Common Terms Deed.

	 	 	A$, AUD or Australian dollars means the lawful currency of Australia.

	 	 	Availability Period means the period from the Amendment and Restatement Date until the
Repayment Date.

	 	 	Available Currency means:

	 	(a)	 	Australian dollars, US dollars, Pounds Sterling, euro, SGD or CAD; or

	 	(b)	 	any other currency agreed by the Lender in its absolute discretion which is
freely transferable and convertible into US dollars.

	 	 	Base Rate means:

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	 	(a)	 	in relation to Australian dollars, BBR;

	 	(b)	 	in relation to US dollars and Pounds Sterling, LIBOR;

	 	(c)	 	in relation to euro, EURIBOR; and

	 	(d)	 	in relation to other Available Currencies, the rate notified by the Lender to
Sims or the Borrower as the Lender’s funding rate for making loans in the currency
concerned for the relevant Interest Period.

BBR means, for an Interest Period, the average bid rate for Bills having a tenor closest to
the Interest Period as displayed on the Reuters BBSY page of the Reuters Monitor System on
the first day of that Interest Period, except in respect of Advances which have a tenor of 7
days or 14 days, BBR will be the average bid rate for Bills having a tenor of 30 days.
However, if:

	 	(a)	 	the average bid rate for the relevant tenor described above is not displayed by
10.30 am on that day or if it is displayed but there is an obvious error in that rate,
BBR means the rate set by the Lender in good faith at approximately 10.30 am on that
day, having regard, to the extent possible, to the rates otherwise bid for Bills of
that tenor at or around that time (including any displayed on the “BBSW” page of the
Reuters Monitor System). The rate set by the Lender must be expressed as a percentage
rate per annum and be rounded up to the nearest fourth decimal place; or

	 	(b)	 	the basis on which those rates are displayed is changed to one which, in the
Lender’s opinion, does not reflect its cost of funding the Advance, then BBR will be
the rate calculated by the Lender as its cost of raising deposits in Australian Dollars
for a term comparable to the Interest Period from leading banks in the Australian
Interbank Market.

Borrowers means each Original Borrower and each Additional Borrower and Borrower means any
one of them.

Branch means the Sydney Branch and the Offshore Banking Unit, as the case may be.

Business Day means despite the terms of the Common Terms Deed, in relation to the drawing of
Advances and the making of payments of principal and interest in respect of those Advances:

	 	(a)	 	for Advances made by the Offshore Banking Unit a weekday:

	 	(i)	 	on which the relevant financial markets are open in Sydney;

	 	(ii)	 	on which the Offshore Banking Unit is open at its address in
Sydney;

	 	(iii)	 	(in relation to any date for payment or purchase of a currency
other than euro) on which banks are open for business in the principal
financial centre for the relevant currency; and

	 	(iv)	 	(in relation to any date for payment or purchase of euro) which
is also a TARGET Day;

	 	 	 	but in any case not a day which is a public holiday or bank holiday in:

	 	(A)	 	Sydney; or

	 	(B)	 	the country of the currency of the Advance; and

	 	(b)	 	for Advances made by Sydney Branch a weekday:

	 	(i)	 	on which the relevant financial markets are open in Sydney;

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	 	(ii)	 	on which the Sydney Branch is open at its address in Sydney;

	 	(iii)	 	(in relation to any date for payment or purchase of a currency
other than euro) on which banks are open for business in the principal
financial centre for the relevant currency; and

	 	(iv)	 	(in relation to any date for payment or purchase of euro) which
is also a TARGET Day;

	 	 	 	but not a day which is a public holiday the country of the currency of the Advance,

	 	(c)	 	for Australian dollar Advances made by the Lender’s Sydney Branch and for
purposes not connected with the Sydney Branch means a weekday on which the Lender is
open at its address in Sydney.

CAD means the lawful currency of Canada.

Commitment has the meaning given to it in clause 2.1 of this Agreement.

Common Terms Deed has the meaning given to that phrase in clause 1.1 of this Agreement.

Disturbance Notice has the meaning given to it in clause 6.2 of this Agreement.

Drawdown Date means the date on which an Advance is, or is to be, made.

Drawdown Notice means a notice in the form set out in Schedule 3 to this Agreement (properly
completed and executed and containing the information and representations and warranties set
out therein).

Equivalent Amount means, on any date, in relation to an amount in an Alternative Currency,
the equivalent of that amount in US dollars, determined by reference to the Lender’s spot
rate of exchange for buying US dollars with the Alternative Currency two (2) Business Days
before that date. For the purposes of determining the unused portion of the Commitment, the
Equivalent Amount shall be determined at the Drawdown Date and the first day of each
subsequent Interest Period.

EURIBOR in relation to any Advance denominated in Euro and for a period means (unless
otherwise agreed):

	 	(a)	 	the percentage rate per annum determined by the Banking Federation of the
European Union for Euro and the relevant period displayed on the EURIBOR page of the
Reuters screen; or

	 	(b)	 	subject to the final paragraph below, if the screen rate specified in paragraph
(a) above is not available for the period of the Advance, the arithmetic mean of the
rates (rounded upwards to four decimal places) as supplied to the Lender at its request
quoted by at least three Reference Banks to leading banks in the European inter-bank
market,

as of 11.00am (Brussels time) two TARGET Days before the first day of the period for the
offering of deposits in Euro for a period comparable to the Interest Period of the relevant
Advance.

The relevant inter-bank market for Euro and EURIBOR is the inter-bank market for Euro
operating in the United Kingdom and those member states of the European Union that have
adopted the single currency in accordance with legislation of the European Union relating to
European Monetary Union.

For the purposes of paragraph (b), other than in respect of a period of less than one month,
if the rate is not available only as a consequence of the relevant period not having a tenor
quoted

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on the relevant screen page, then the rate will be determined by the Lender through the use
of straight line interpolation by reference to two rates, one of which shall be determined
as if the period were the period of time for which rates are available next shorter than the
length of the period and the other of which shall be determined as if the period were the
period of time for which rates are available next longer than the length of the period.

Euro, euro and € means the single lawful currency of a Participating Member State.

[*]

Event of Default has the meaning given in clause 9 (Events of Default).

[*]

Facility means the facility made available under this Agreement.

Interest Payment Date means each 90th day during, and the last day of, an Interest Period.

Interest Period means each period selected in accordance with clause 4.3 (Notification of
Interest Periods) of this Agreement.

Interest Rate means the interest rate set out in clause 2.5 (Interest Rate) Agreement.

Key Terms Schedule means the Key Terms Schedule set out in Schedule 5 as amended,
supplemented or replaced from time to time in accordance with this Agreement.

Lender has the meaning given in clause 1.1 of this Agreement.

LIBOR in relation to an Interest Period means the offered rate for deposits in USD or GPB
for a period comparable to the relevant Interest Period which appears on Reuters Screen
LIBOR01 at or about 11.00am (London) time 2 Business Days before the first day of the
Interest Period (or, for Pounds Sterling on the first day of the Interest Period). If,
however, there are no rates displayed for a term comparable to that Interest Period, or the
basis on which those rates are displayed is changed to one which, in the Lender’s opinion,
does not reflect its cost of funding the Advance, then LIBOR will be the rate calculated by
the Lender as its cost of raising deposits in that currency for a term comparable to the
Interest Period from leading banks in the London Interbank Market.

Margin has the meaning given in clause 2.3 of this Agreement.

Mandatory Cost has the meaning given in Schedule 3 of this Agreement.

Offshore Banking Unit means the Lender’s offshore banking unit located at the date of this
agreement in Sydney.

Original Borrower has the meaning given in clause 1.1 of this Agreement.

Original Amount means:

	 	(a)	 	in relation to a US dollar Advance, the US dollar amount specified for that
Advance; and

	 	(b)	 	in relation to an Alternative Currency Advance, the Equivalent Amount on its
Drawdown Date and the first day of each subsequent Interest Period (whether an Interest
Period for that or any other Advance),

as reduced from time to time by the amount of repayments or prepayments.

Participating Member State means any member state of the European Union that adopts or has
adopted the euro as its lawful currency in accordance with legislation of the European
Community relating to the Economic and Monetary Union.

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Pounds Sterling, Sterling, British pound, GBP and £ refer to the lawful currency of the
United Kingdom.

Reference Banks means:

	 	(a)	 	BNP Paribas;

	 	(b)	 	Calyon;

	 	(c)	 	HSBC Bank plc; and

	 	(d)	 	The Royal Bank of Scotland plc.

Renewal Notice means a renewal notice substantially in the form set out in Schedule 6 of
this Agreement.

Repayment Date has the meaning given in clause 2.6 of this Agreement.

Revised Commitment has the meaning given in clause 3.6(h) of this Agreement.

Revised Commitment Notice means a revised commitment notice substantially in the form set
out in Schedule 7 of this Agreement.

Security has the meaning given in clause 2.10 of this Agreement.

SGD means the lawful currency of the Republic of Singapore.

Sims has the meaning given in clause 1.1 of this Agreement.

Sydney Branch means the Sydney Branch of the Lender.

TARGET means Trans-European Automated Real-Time Gross Settlement Express Transfer payment
system.

TARGET Day means any day on which TARGET is open for the settlement of payments in euro.

Term has the meaning given in clause 2.6 of this Agreement.

Transaction Documents means:

	 	(a)	 	this Agreement;

	 	(b)	 	the Common Terms Deed;

	 	(c)	 	any Hedging Agreement entered into by any Transaction Party and the Lender; and

	 	(d)	 	each Renewal Notice and Key Terms Schedule;

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

	 	(f)	 	any document which Sims acknowledges in writing to be a Transaction Document;

	 	(g)	 	any document which is entered into, or given under, or for the purposes of,
amending any Transaction Document; and

	 	(h)	 	any other present or future document, agreement or arrangement (whether or not
in writing):

	 	(i)	 	to which any Borrower is or becomes a party with the Lender; or

	 	(ii)	 	under which obligations are owed by any Transaction Party to the Lender,

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	 	 	 	in each case, whether or not other parties are involved and whether or not it
arises as a result of an assignment or transfer.

	 	 	Unused Commitment Fee has the meaning given to it in clause 2.8 of this Agreement.
	 
	 	 	US dollars, USD or US$ refer to the lawful currency of the United States of America.
	 
	 	 	Verification Certificate means the certificate substantially in the form of Schedule 2 to
the Common Terms Deed properly completed and executed and containing the information set out
therein, and attaching the documents referred to therein.

	16.2	 	Interaction with the Common Terms Deed

	 	(a)	 	A term which has a defined meaning (including by reference to another document)
in the Common Terms Deed has the same meaning when used in this Agreement unless it is
expressly defined in this Agreement, in which case the meaning in this Agreement
prevails.
	 
	 	(b)	 	Clauses 1.3, 1.5, 1.6, 1.7, 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”.
	 
	 	(c)	 	Pursuant to clause 7.17(c) of the Common Terms Deed, the Lender and Sims agree
that clause 7.17 of the Common Terms Deed is to apply in respect of the Lender and all
Guarantors.
	 
	 	(d)	 	Unless the contrary intention appears, in a Transaction Document:

	 	(i)	 	a reference to a group of persons is a reference to any two or
more of them jointly and to each of them individually;
	 
	 	(ii)	 	an agreement, representation or warranty in favour of two or
more persons is for the benefit of them jointly and each of them individually;
and
	 
	 	(iii)	 	an agreement, representation or warranty by two or more
persons binds them jointly and each of them individually but an agreement,
representation or warranty by the Lender binds the Lender individually only.

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SCHEDULE 1 — ORIGINAL BORROWERS

	 	 	 	 	 	 	 
	 	 	 	 	 	 	jurisdiction of
	 	 	 	 	 	 	incorporation / registration /
	NAME OF COMPANY	 	corporation number	 	organisation
	Sims Metal Management Limited

	 	ACN 114 838 630
ABN 69 114 838 630
	 	Australia
	Sims Group Australia Holdings Limited

	 	ACN 008 634 526
ABN 37 008 634 526
	 	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
	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
	SMM New England Corporation (formerly
known as 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
	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

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SCHEDULE 2 — FORM OF DRAWDOWN NOTICE

			
	TO:	 	National Australia Bank Limited

Level 24

255 George Street

Sydney NSW 2000

Fax: +61 2 9237 1888

			
		 	Attention: Director, Industrials

[Date]

Drawdown Notice — Multicurrency Revolving Floating Rate Cash Advance Facility — Facility Agreement
Dated 13 March 2009, as amended from time to time, including as
amended and restated on
[•]
June 2011, between National Australia Bank Limited, Sims Metal Management Limited and Others
(“Facility Agreement”)

I refer to the Facility Agreement.

I am authorised to give this notice1, which is irrevocable, on behalf of the [Sims as
agent for the Borrower] / [Borrower] referred to below.

Under clause 3.1 (“Facility”) of the Facility Agreement, we wish to draw under the Facility:

	(a)	 	the requested Drawdown Date is [      ];
	 
	(b)	 	the amount of the proposed drawdown is2 A$[*] / GBP [*] / USD [*] / EURO [*] /
[other Available Currency] [*] on [a Business Day]3;
	 
	(c)	 	with an initial Interest Period of [      ]4

[If [Available Currency] is not available please provide the Advance in Australian dollars].

The Loan [is intended / is not intended] to be utilised for the purposes of any Australian business
covered by the Borrower and the Borrower [is / is not] resident in Australia for Tax purposes or
acting through a permanent establishment in Australia.

No Event of Default has occurred. No breach or other Potential Event of Default has occurred.

The Borrower has [has not] complied with its undertakings in the Facility Agreement and the Common
Terms Deed.

Please pay the drawing as follows:

	 	 	 	 	 	 	 

	 

	 	Account number:
	 	[
	 	]
	 
	 	 	 	 	 	 
	 

	 	Account name:
	 	[
	 	]
	 
	 	 	 	 	 	 
	 

	 	Bank:
	 	[
	 	]
	 
	 	 	 	 	 	 
	 

	 	Branch:
	 	[
	 	]
	 
	 	 	 	 	 	 
	 

	 	BSB:
	 	[
	 	]

 

			
	1	 	All items must be completed.
	 
	2	 	The amount of the proposed drawdown must be a
minimum amount as specified in clause 3.2 (Minimum Denominations) of the
Facility Agreement, with an integral multiple of the amount specified in that
same clause.
	 
	3	 	Must be a Business Day within the Availability
Period.
	 
	4	 	Must be an Interest Period as set out in
clause 4.3 (Notification of Interest Periods) of the Facility Agreement.

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The Borrower represents and warrants that the representations and warranties in the Facility
Agreement and the Common Terms Deed by the Borrower are correct and not misleading on the date of
this notice and that each will be correct and not misleading on the Drawdown Date.

Clause 16 of the Facility Agreement applies to this notice as if it was fully set out in this
notice (including those defined terms in that clause incorporated into that clause by reference to
another Transaction Document).

Dated [*]

_________________________________

SIGNED for [name of Borrower]

[To be signed by an Authorised Officer whose signatures and status have been verified to the
Lender].

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SCHEDULE 3 — MANDATORY COST FORMULAE

	1.	 	The mandatory cost is an addition to the interest rate to compensate lenders for the cost
of compliance with (a) the requirements of the Bank of England and/or the Financial Services
Authority (or, in either case, any other authority which replaces all or any of its functions)
or (b) the requirements of the European Central Bank (Mandatory Cost).
	 
	2.	 	On the first day of each Interest Period (or as soon as possible thereafter) the Lender shall
calculate, as a percentage rate, a rate (the Additional Cost Rate) in accordance with the
paragraphs set out below.
	 
	3.	 	The Additional Cost Rate will be calculated as follows:

	 	(a)	 	in relation to a sterling Advance:

	 	 	 	 	 

	 

	 	AB + C(B - D) + E x [*]	 	 
	 

	 	 

100 - (A + C)
	 	per cent.per annum

	 	(b)	 	in relation to an Advance in any currency other than sterling:

	 	 	 	 	 

	 

	 	E x [*]	 	 
	 

	 	 

300
	 	per cent.per annum

	 	 	 	Where:

	 	A	 	is the percentage of Eligible Liabilities (assuming these to be
in excess of any stated minimum) which the Lender is from time to time required
to maintain as an interest free cash ratio deposit with the Bank of England to
comply with cash ratio requirements.
	 
	 	B	 	is the percentage rate of interest (excluding the Margin and
the Mandatory Cost) payable for the relevant Interest Period on the Advance.
	 
	 	C	 	is the percentage (if any) of Eligible Liabilities which the
Lender is required from time to time to maintain as interest bearing Special
Deposits with the Bank of England.
	 
	 	D	 	is the percentage rate per annum payable by the Bank of England
to the Lender on interest bearing Special Deposits.
	 
	 	E	 	is the rate of charge payable by the Lender to the Financial
Services Authority pursuant to the Fees Regulations (but, for this purpose,
ignoring any minimum fee required pursuant to the Fees Regulations) and
expressed in pounds per £1,000,000 of the Fee Base of that Lender.

	 	 	For the purposes of this Schedule:

	 	(a)	 	Eligible Liabilities and Special Deposits have the meanings given to them from
time to time under or pursuant to the Bank of England Act 1998 or (as may be
appropriate) by the Bank of England;
	 
	 	(b)	 	Fees Regulations means the Banking Supervision (Fees) Regulations 1999 or such
other law or regulation as may be in force from time to time in respect of the payment
of fees for banking supervision; and
	 
	 	(c)	 	Fee Base has the meaning given to it, and will be calculated in accordance
with, the Fees Regulations.

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	4.	 	In application of the above formulae, A, B, C and D will be included in the formulae as
percentages (i.e. 5 per cent. will be included in the formula as 5 and not as 0.05). A
negative result obtained by subtracting D from B shall be taken as zero. The resulting
figures shall be rounded to four decimal places.
	 
	5.	 	If, in the reasonable opinion of the Lender, the above formulae or definitions are incorrect
or erroneous or inapplicable, the Lender is entitled by notice to Sims to change the relevant
formulae or definitions so as to ensure that the Additional Cost Rate is sufficient to
compensate the Lender for the cost of compliance with (a) the requirements of the Bank of
England, the Financial Services Authority (or, in either case, any other authority which
replaces all or any of its functions) or (b) the requirements of the European Central Bank (or
any other authority which replaces all or any of its function).
	 
	6.	 	The Lender may from time to time, after consultation with Sims determine and notify to Sims
any amendments which are required to be made to this attachment in order to comply with any
change in law, regulation or any requirements from time to time imposed by the Bank of
England, the Financial Services Authority or the European Central Bank (or, in any case, any
other authority which replaces all or any of its functions) and any such determination shall,
in the absence of manifest error, be conclusive and binding on Sims and the other Borrowers.

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SCHEDULE 4 — ACCESSION DEED

ACCESSION DEED

Date:

This deed is made by:

     Sims Metal Management Limited (ACN 114 838 630) of [insert address] (Sims)

     [insert name] [insert ACN/ABN/ARBN] of [insert address] (Additional Borrower[s])

     National Australia Bank Limited [insert ACN/ABN/ARBN] of [insert address] (Lender)

BACKGROUND

	1.	 	Under the Multicurrency Revolving Floating Rate Cash Advance Facility — Facility Agreement
dated 13 March 2009, as amended from time to time, including as amended and restated on
[•] June 2011 (Facility Agreement), between each party listed in Schedule 1 of that
agreement (as Borrowers) and the Lender, a person may become a Borrower by execution of this
deed.
	 
	2	 	The Additional Borrower[s] wish[es] to become a Borrower on the terms and conditions set out
in this deed.
	 
	 	 	This deed 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.
	 
	 	(b)	 	In this deed:
	 
	 	 	 	Existing Borrower means each person which is a Borrower under the Facility Agreement
at the time of execution of this deed.

	2	 	REPRESENTATIONS AND WARRANTIES
	 
	 	 	The Additional Borrower[s] represent[s] and warrant[s] to, and for the benefit of the
Lender, as set out in clause 7.1 of the Facility Agreement, on the basis that:

	 	(a)	 	each reference to a Borrower in clause 7.1 of the Facility Agreement includes a
reference to the Additional Borrower[s];
	 
	 	(b)	 	each reference to a Transaction Document includes this deed and each other
Transaction Document to which the Additional Borrower[s] is a party; and
	 
	 	(c)	 	clauses 7.2 and 7.3 of the Facility Agreement apply to this clause 2 as if set
out in full.

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	3	 	STATUS OF ADDITIONAL BORROWER[S]
	 
	 	 	[Each/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
	 
	 	 	[Each/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.

	5	 	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.

	6	 	GOVERNING LAW
	 
	 	 	This deed is governed by the laws of New South Wales.
	 
	7	 	BENEFIT OF DEED
	 
	 	 	This deed is given in favour of and for the benefit of:

	 	(a)	 	the Lender; and
	 
	 	(b)	 	each Borrower,

	 	 	under the Facility Agreement and their respective successors and permitted assigns

	8	 	ADDRESS FOR NOTICES
	 
	 	 	The details for [each/the] Additional Borrower for service of notices are:

	 	 	 	 	 	 	 

	 

	 	Address:
	 	[
	 	].
	 

	 

	 	Attention:
	 	[
	 	].
	 

	 

	 	Facsimile:
	 	[
	 	].

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	9	 	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.

Executed as a deed

[insert execution clause for Additional Borrower[s]]

	 	 	 

	Signed sealed and delivered by

Sims Metal Management Limited for 

itself and as attorney for each
other 
Transaction Party pursuant to
clause 15.2 of the 

Common Terms Deed
	 	 
	in accordance with section 127(1)
of the 
Corporations Act 2001 (Cth)
by a director and secretary/director:
	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	Signature of director

	 	Signature of director/secretary
	 
	 	 
	 
	 	 
	 

	 	 
	Name of director (please print)

	 	Name of director/secretary (please print)
	 
	 	 
	Signed sealed and delivered
	 	 
	for and on behalf of
	 	 
	National Australia Bank Limited
	 	 
	by a duly appointed attorney 

in the presence of:
	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	Signature of witness

	 	Signature of attorney (I have no notice of
revocation of the power of attorney under
which I sign this document)
	 
	 	 
	 
	 	 
	 

	 	 
	Name of witness (please print)

	 	Name of attorney (please print)

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SCHEDULE 5 — KEY TERMS SCHEDULE

	 	 	 	 	 
	FACILITY DETAILS

 	 	 	 	 
	Maximum amount
of financial
accommodation
available to all
Borrowers at any
time during the
Availability Period

	 	Commitment: US$175,000,000.	 	 
	Margin

	 	Financial Indebtedness of the
Sims Group/EBITDA =
	 	Margin
	 

	 	[*]
	 	[*]
	Repayment Date	 	The date which is three years after the date of the Common Terms Deed.
	Fees

	 	[*]	 	 
	 
	 	 	 	 
	 	 	Unused Commitment Fee: [*] of the applicable Margin.
	 
	 	 	 	 
	 

	 	[*]	 	 

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SCHEDULE 6 — FORM OF RENEWAL NOTICE

Renewal Notice

To: Sims Metal Management Limited (Sims)

Attention: [insert relevant name]

Date:

We refer to the Multicurrency Revolving Floating Rate Cash Advance Facility — Facility Agreement
dated 13 March 2009, as amended from time to time, including as amended and restated on [•]
June 2011, between each party listed in Schedule 1 of that agreement (as Borrowers) and the Lender
(Facility Agreement).

Under clause 3.6(a) of the Facility Agreement we give you notice that the Lender has agreed to
extend the Repayment Date by 12 months, from [insert date] (Existing Repayment Date) to [insert
date] (New Repayment Date), subject to the following conditions:

	(a)	 	the Borrowers indicating their acknowledgement and agreement to the extension of the
Repayment 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 Repayment
Date:

	(a)	 	the definition of “Repayment Date” in clause 2.6 of the Facility Agreement shall be amended
to be the New Repayment Date[; and
	 
	(b)	 	the Key Terms Schedule will be amended and restated in the form set out in the attached
Schedule].

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

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34

 

Schedule — Amended and restated Key Terms Schedule

[to be inserted]

	 	 	 	 	 

	 

	 	Lender	 	 
	 
	 	 	 	 
	 

	 	Signed for

National Australia Bank Limited

by its attorney	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Attorney
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Witness
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

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Agreed and acknowledged by Sims on behalf of the Borrowers:

	 	 	 	 	 

	 

	 	Sims	 	 
	 
	 	 	 	 
	 

	 	Signed for

Sims Metal Management Limited	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Director/Company Secretary
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

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SCHEDULE 7 — FORM OF REVISED COMMITMENT NOTICE

Revised Commitment Notice

To: Sims Metal Management Limited (Sims)

Attention: [insert relevant name]

Date:

We refer to the Multicurrency Revolving Floating Rate Cash Advance Facility — Facility Agreement
dated 13 March 2009, as amended from time to time, including as amended and restated on [•]
June 2011, between each party listed in Schedule 1 of that agreement (as Borrowers) and the Lender
(Facility Agreement).

Under clause 3.6(h) of the Facility Agreement we give you notice that, as of the date of this
Revised Commitment Notice, the Commitment under the Facility Agreement is US$[insert], being the
equivalent to A$175,000,000, determined by reference to the Lender’s spot rate of exchange of
[insert].

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

	 	 	 	 	 

	 

	 	Signed for

National Australia Bank Limited

by its Authorised Officer	 	 
	 
	 	 	 	 
	sign here ►
	 	 	 	 
	 

	 	 

Authorised Officer
	 	 
	 
	 	 	 	 
	print name
	 	 	 	 
	 

	 	 

	 	 

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Signing pages

Executed as a deed.

The Lender

Signed sealed and delivered for

National Australia Bank Limited

by its attorney

	 	 	 	 	 

	sign
here ►

	 	/s/ Steven Russell	 	 
	 

	 	 

Attorney
	 	 
	 
	 	 	 	 
	print
name

	 	Steven Russell	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Ji Hee Moon	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Ji Hee Moon	 	 
	 

	 	 	 	 

	 	 
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Borrowers

Signed sealed and delivered by

Sims Metal Management Limited

by

	 	 	 	 	 

	sign here ►

	 	/s/ Frank Moratti	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	Frank Moratti	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Daniel W. Dienst	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	Daniel W. Dienst	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
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Signed sealed and delivered by

Sims Group Australia Holdings Limited

by

	 	 	 	 	 

	sign
here ►

	 	/s/ Frank Moratti	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	Frank Moratti	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Rodney Shields	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	Rodney Shields	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
	NAB AMENDED AND
RESTATED FACILITY AGREEMENT	45

 

 

Signed sealed and delivered by

Sims Group UK Limited

by

	 	 	 	 	 

	sign here ►

	 	/s/ M. Coombs	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	M. Coombs	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ G. Davy	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	G. Davy	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
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Signed sealed and delivered by

Sims Group UK Holdings Limited

by

	 	 	 	 	 

	sign here ►

	 	/s/ M. Coombs	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	M. Coombs	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ G. Davy	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	G. Davy	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
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Signed sealed and delivered by

Mirec B.V.

by

	 	 	 	 	 

	sign here ►

	 	/s/ M. Coombs	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	M. Coombs	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ G. Davy	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	G. Davy	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jon Godfrey	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jon Godfrey	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
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Signed sealed and delivered by

Sims Recycling Solutions AB

by

	 	 	 	 	 

	sign here ►

	 	/s/ M. Coombs	 	 
	 

	 	 

Company Secretary/Director
	 	 
	 
	 	 	 	 
	print name

	 	M. Coombs	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ G. Davy	 	 
	 

	 	 	 	 
	 

	 	Director	 	 
	 
	 	 	 	 
	print name

	 	G. Davy	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jon Godfrey	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jon Godfrey	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
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Signed sealed and delivered for

Sims Group USA Corporation

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Myles Partridge	 	 
	 

	 	 

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

	 	Myles Partridge	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Brian S. Brandt	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
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Signed sealed and delivered for

Sims Group Global Trade Corporation

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Myles Partridge	 	 
	 

	 	 

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

	 	Myles Partridge	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Brian S. Brandt	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
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Signed sealed and delivered for

North Carolina Resource Conservation, LLC

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Myles Partridge	 	 
	 

	 	 

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

	 	Myles Partridge	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Brian S. Brandt	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
	NAB AMENDED AND
RESTATED FACILITY AGREEMENT	52

 

 

Signed sealed and delivered for

Sims Group USA Holdings Corporation

by its officer

	 	 	 	 	 

	sign
here ►

	 	/s/ Myles Partridge
 

	 	 
	 

	 	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

	 	Myles Partridge	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Brian S. Brandt	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
	NAB AMENDED AND
RESTATED FACILITY AGREEMENT	53

 

 

Signed sealed and delivered for

Schiabo Larovo Corporation

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Myles Partridge	 	 
	 

	 	 

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

	 	Myles Partridge	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Brian S. Brandt	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
	NAB AMENDED AND
RESTATED FACILITY AGREEMENT	54

 

 

Signed sealed and delivered for

Simsmetal East LLC

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Myles Partridge	 	 
	 

	 	 

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

	 	Myles Partridge	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Brian S. Brandt	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
	NAB AMENDED AND
RESTATED FACILITY AGREEMENT	55

 

 

Signed sealed and delivered for

Simsmetal West LLC

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Myles Partridge	 	 
	 

	 	 

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

	 	Myles Partridge	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Brian S. Brandt	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Brian S. Brandt	 	 
	 

	 	 	 	 

	 	 
	[*] Confidential Treatment Requested	 
	NAB AMENDED AND
RESTATED FACILITY AGREEMENT	56

 

 

Signed sealed and delivered for

Metal Management, Inc.

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB AMENDED AND RESTATED FACILITY AGREEMENT           57

 

 

Signed sealed and delivered for

Metal Management Alabama, Inc.

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           58

 

 

Signed sealed and delivered for

Metal Management Arizona, L.L.C.

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ L. Steven Shinn
 

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

	 	L. Steven Shinn	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Evelyn Panlaqui	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Evelyn Panlaqui	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           59

 

 

Signed sealed and delivered for

SMM New England Corporation (formerly known as Metal

Management Connecticut, Inc.)

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           60

 

 

Signed sealed and delivered for

Metal Management Memphis, L.L.C.

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           61

 

 

Signed sealed and delivered for

Metal Management Midwest, Inc.

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           62

 

 

Signed sealed and delivered for

Metal Management Mississippi, Inc.

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY
AGREEMENT          63

 

 

Signed sealed and delivered for

Metal Management Northeast, Inc.

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           64

64

 

Signed sealed and delivered for

Metal Management Ohio, Inc.

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           65

 

 

Signed sealed and delivered for

Metal Management West, Inc.

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           66

 

 

Signed sealed and delivered for

Proler Southwest LP

by its officer Larry

	 	 	 	 	 

	sign here ►

	 	/s/ Robert
C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           67

 

 

Signed sealed and delivered for

Metal Dynamics Detroit LLC

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Robert C. Larry
 

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

	 	Robert C. Larry	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jocelyn Francis	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jocelyn Francis	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY
AGREEMENT     68

 

 

Signed sealed and delivered for

Sims Recycling Solutions Holdings Inc. (formerly Sims

Recycling Solutions, Inc.)

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Darrell Stoecklin
 

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

	 	Darrell Stoecklin	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jeanne Grimmer	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jeanne Grimmer	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT           69

 

 

Signed sealed and delivered for

Sims Recycling Solutions, Inc. (formerly United Refining & Smelting Co)

by its officer

	 	 	 	 	 

	sign here ►

	 	/s/ Darrell Stoecklin
 

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

	 	Darrell Stoecklin	 	 
	 

	 	 	 	 
	 

	 	
in the presence of	 	 
	 
	 	 	 	 
	sign here ►

	 	/s/ Jeanne Grimmer	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 
	 
	 	 	 	 
	print name

	 	Jeanne Grimmer	 	 
	 

	 	 	 	 

[*] Confidential Treatment Requested

NAB
AMENDED AND RESTATED FACILITY AGREEMENT          70

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00195-of-00352.parquet"}]]