Document:

Unassociated Document

 

AMENDMENT NO. 2 TO OPTION AGREEMENT

This Amendment No. 2 (the “Amendment”) to the Option Agreement dated as of January 26, 2012 (the “Original Agreement”) is entered into to be effective as of the 3rd day of May 2012, by and between Pershing Gold Corporation f/k/a Sagebrush Gold Ltd., a Nevada corporation, with principal executive offices located at 1658 Cole Boulevard, Building 6, Suite 210, Lakewood CO 80401 (“Pershing”), and American Strategic Minerals Corporation, a Nevada corporation, with principal executive offices located at 31161 Highway 90, Nucla, CO 81424 ( “Amicor”).

WHEREAS, Pershing and Amicor entered into Amendment No. 1 to the Original Agreement on April 24, 2012 (“Amendment No. 1”) in order to amend the definition of “Expiration Date” as set forth in the Original Agreement; and

WHEREAS, Pershing and Amicor desire to further amend the definition of “Expiration Date”.

NOW THEREFORE, in consideration of the above, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

	
  

	
1.

	
Section 2 of the Original Agreement  shall be amended and restated as follows:

“Buyer’s Option to acquire the Properties evidenced by this Option Agreement shall expire and automatically terminate at 11:59 p.m., M.D.T. on June 15, 2012 (the “Expiration Date”) if the Option is not exercised by Buyer prior to that date.”

	
  

	
2.

	
All other terms and provisions of the Original Agreement in direct conflict with the amendments specifically set forth herein are hereby amended to conform to these amendments; and except for these amendments, all other terms and conditions of the Original Agreement shall remain unamended hereby and in full force and effect.

 

	
  

	
3.

	
This Amendment, together with the Original Agreement, embodies the entire agreement and understanding between Pershing and Amicor relating to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter.

 

	
  

	
4.

	
If any provision of this Amendment, or the application of such provisions to any Person or circumstance, shall be held invalid, the remainder of this Amendment, or the application of such provision to Persons or circumstances other than those to which it is held invalid, shall not be affected thereby.

 

	
  

	
5.

	
This Amendment may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed an original, but all of which taken together shall constitute one and the same agreement.  A facsimile transmission of this signed Amendment shall be legal and binding on all parties hereto.

 

[Signature Page Follows]

 

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have duly caused this Amendment to be executed and delivered on the date first written above.

 

 

	

PERSHING GOLD CORPORATION

	

AMERICAN STRATEGIC MINERALS CORPORATION

	 	 
	

/s/ Stephen Alfers 

	

/s/ George Glasier

	

By: Stephen Alfers 

	

By: George Glasier

	

Title: President and Chief Executive Officer   

	

Title: President and Chief Executive OfficerEx10-1 AmendCreditAgreement

EXHIBIT 10.1
EXECUTION COPY
FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT
This FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT (this “Amendment”) is dated as of May 14, 2012 and is entered into by and among POST HOLDINGS, INC., a Missouri corporation, (the “Borrower”), BARCLAYS BANK PLC, in its capacity as Administrative Agent (in such capacity, the “Administrative Agent”), acting with the consent of the Required Lenders, the Required Lenders and the Guarantor, and is made with reference to that certain CREDIT AGREEMENT, dated as of February 3, 2012 (the “Credit Agreement”), by and among the Borrower, the Lenders, the Administrative Agent, and the other Agents named therein.  Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement after giving effect to this Amendment.
	
		
	SECTION I.
	WAIVER

A.    Waiver. On the terms and subject to the conditions set forth herein and in reliance on the representations and warranties set forth herein, the Required Lenders hereby waive: 
(a)    any Default that may have arisen or may arise in connection with the representations and warranties in Sections 5.05(a), 5.05(b) and 5.05(d) of the Credit Agreement and the covenants in Sections 6.01(a) and 6.01(b) of the Credit Agreement, including any certification relating thereto, but in each case solely to the extent that such Default may have arisen or may arise as a result of errors in the financial statements required to be delivered pursuant to Sections 6.01(a) and 6.01(b) of the Credit Agreement for the fiscal year ended September 30, 2011 and fiscal quarter ended December 31, 2011 (or in the Pro Forma Financial Statements which were derived therefrom), which errors are described in the Borrower’s press release dated and filed with the SEC on Form 8-K on May 7, 2012;
(b)    any Default that may have arisen or may arise in connection with Section 6.03(a) of the Credit Agreement by not delivering a notice of Default with respect to any Default described in clause (a) above; and
(c)    any Event of Default that may have arisen or may arise under Sections 8.01(b) and 8.01(d) of the Credit Agreement, but solely to the extent any such Event of Default is a result of a Default described in clauses (a) or (b) above.
B.    Effective Period.  The waiver set forth in Section I.A. above shall be effective during the period beginning on the First Amendment and Waiver Effective Date and ending upon the occurrence, if any, of a Waiver Termination Event.  As used herein, “Waiver Termination Event” shall mean the failure by the Borrower to deliver to the Administrative Agent on or prior to June 14, 2012, the Borrower’s annual financial statements for the fiscal year ended September 30, 2011, and the Borrower’s quarterly financial statements for the quarter ended December 31, 2011, in each case restated to correct any error in such financial statements as previously delivered, and otherwise in accordance with the requirements of Section 6.01(a) or 6.01(b) of the Credit Agreement, as applicable.
	
		
	SECTION II.
	AMENDMENT TO SECTION 6.01 OF THE CREDIT AGREEMENT

Section 6.01 of the Credit Agreement is hereby amended as follows:  the words “but in any event within 45 days after the end of each such fiscal quarter” in Section 6.01(b)(ii) of the Credit Agreement are hereby deleted in their entirety and replaced with “but in any event within 75 days after the end of the fiscal quarter ending March 31, 2012, and within 45 days after the end of each other such fiscal quarter”.

1

	
		
	SECTION III.
	CONDITIONS TO EFFECTIVENESS

This Amendment shall become effective as of the date hereof only upon the satisfaction of all of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the “First Amendment and Waiver Effective Date”):
A.    Execution. The Administrative Agent shall have received a counterpart signature page of this Amendment duly executed by the Borrower, the Guarantor and the Required Lenders.
B.    Representations and Warranties.  The representations and warranties set forth in Section IV of this Amendment shall be true and correct.
C.    Fees and Expenses. The Administrative Agent shall have received all fees required to be paid, and all expenses for which invoices have been presented (including reasonable fees, disbursements and other charges of counsel to the Administrative Agent), in accordance with the Credit Agreement, on or before the First Amendment and Waiver Effective Date.
D.    Other Documents.  The Administrative Agent and Lenders shall have received a secretary’s certificate attaching the applicable Organization Documents and resolutions or other forms of organizational action of the Loan Parties authorizing the execution, delivery and performance of this Amendment, together with applicable incumbency certificates and such other documents, instruments or certificates as it may reasonably request.
	
		
	SECTION IV.
	REPRESENTATIONS AND WARRANTIES

In order to induce the Lenders to enter into this Amendment and to grant the waivers set forth herein and amend the Credit Agreement in the manner provided herein, each Loan Party which is a party hereto represents and warrants to the Lenders that the following statements are true and correct in all material respects:
A.    Corporate Power and Authority.  Each Loan Party has all requisite power and authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Amendment (the “Amended Agreement”).
B.    Due Authorization; No Contravention.  The execution and delivery by each Loan Party of this Amendment and the performance by each Loan Party of the terms hereof have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien (other than any Lien Permitted by Section 7.01 of the Credit Agreement) under, or require any payment to be made under (i) any material contract to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law.
C.    Governmental Authorization; Other Consents.  No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with  the execution, delivery or performance by, or enforcement against, any Loan Party of this Amendment or the Amended Agreement, except for the approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect.

2

D.    Binding Effect.  Each of this Amendment and the Amended Agreement constitutes a legal, valid and binding obligation of each Loan Party, enforceable against each Loan Party in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law).
E.    Incorporation of Representations and Warranties from Credit Agreement.  The representations and warranties contained in Article V of the Amended Agreement are and will be true and correct on and as of the First Amendment and Waiver Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all respects on and as of such earlier date, in each case after giving effect to this Amendment.
F.    Absence of Default.  No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment that would constitute an Event of Default or a Default, in each case after giving effect to this Amendment.
	
		
	SECTION V.
	ACKNOWLEDGMENT AND CONSENT

The Borrower hereby confirms its pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Loan Documents to which it is party, and agrees that, notwithstanding the effectiveness of this Amendment or any of the transactions contemplated thereby, such pledges, grants of security interests and other obligations, and the terms of each of the Loan Documents to which it is a party, as supplemented in connection with this Amendment and the transactions contemplated hereby, are not impaired or affected in any manner whatsoever and shall continue to be in full force and effect and shall continue to secure all the Obligations.  
The Guarantor hereby acknowledges that it has reviewed the terms and provisions of the Credit Agreement and this Amendment and consents to the amendment of the Credit Agreement effected pursuant to this Amendment.  The Guarantor hereby confirms its respective guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Loan Documents to which it is party, and agrees that, notwithstanding the effectiveness of this Amendment or any of the transactions contemplated thereby, such guarantees, pledges, grants of security interests and other obligations, and the terms of each of the Loan Documents to which it is a party, as supplemented in connection with this Amendment and the transactions contemplated hereby, are not impaired or affected in any manner whatsoever and shall continue to be in full force and effect and shall continue to secure all the Obligations.  
The Guarantor acknowledges and agrees that each Loan Document to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment.
The Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Amendment, the Guarantor is not required by the terms of the Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of the Guarantor to any future amendments to the Credit Agreement.

3

	
		
	SECTION VI.
	MISCELLANEOUS

A.    Limited Waiver.  The waiver set forth in Section I.A. hereof is effective solely for the purposes as set forth herein and shall be limited precisely as written.  The execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under, the Credit Agreement or any of the other Loan Documents, except as expressly stated herein, or constitute a course of dealing among the parties.  Except as expressly stated herein, the Administrative Agent and the Lenders reserve all rights, privileges and remedies under the Loan Documents. 
B.    Reference to and Effect on the Credit Agreement and the Other Credit Documents. 
(i)    On and after the First Amendment and Waiver Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement,” “thereunder,” “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Agreement.
(ii)    Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.
C.    Loan Document.  This Amendment shall constitute a Loan Document under the terms of the Amended Agreement.
D.    Headings.  Section and Subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.
E.    Applicable Law.  THIS AMENDMENT AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE IN ANY WAY HERETO OR THE NEGOTIATION, EXECUTION OR PERFORMANCE HEREOF OR THE TRANSACTIONS CONTEMPLATED HEREBY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  The provisions of Section 10.14(a), (b), (c) and (d), Section 10.15 and 10.16 of the Credit Agreement are incorporated by reference herein and made a part hereof.
F.    Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single agreement.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Amendment.
[Signature pages follow.]

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

	
			
	 
	Borrower:

	 
	 

	 
	POST HOLDINGS, INC.

	 
	 

	 
	 

	 
	By:
	/s/ Robert V. Vitale

	 
	Name:
	Robert V. Vitale

	 
	Title:
	Chief Financial Officer

	
			
	 
	POST FOODS, LLC

	 
	 

	 
	 

	 
	By:
	/s/ Robert V. Vitale

	 
	Name:
	Robert V. Vitale

	 
	Title:
	Vice President

	
			
	 
	ACKNOWLEDGED:

	 
	 

	 
	BARCLAYS BANK PLC, 
as Administrative Agent

	 
	 

	 
	 

	 
	By:
	/s/ Craig J. Malloy

	 
	Name:
	Craig J. Malloy

	 
	Title:
	Director

	
			
	 
	Barclays Bank PLC

	 
	 

	 
	 

	 
	By:
	/s/ Craig J. Malloy

	 
	Name:
	Craig J. Malloy

	 
	Title:
	Director

	
			
	 
	JPMORGAN CHASE BANK, N.A. 
As Documentation Agent and Lender

	 
	 

	 
	 

	 
	By:
	/s/ Brendan Korb

	 
	Name:
	Brendan Korb

	 
	Title:
	Vice President

	
			
	 
	AgFirst Farm Credit Bank

	 
	 

	 
	 

	 
	By:
	/s/ Steven J O’Shea

	 
	Steven J O’Shea

	 
	Vice President

	
			
	 
	THE HUNTINGTON NATIONAL BANK

	 
	 

	 
	 

	 
	By:
	/s/ Lori Cummins-Meyer

	 
	Name:
	Lori Cummins-Meyer

	 
	Title:
	Vice President

	
			
	 
	Wells Fargo Bank, National Association

	 
	 

	 
	 

	 
	By:
	/s/ Daniel R. Van Aken

	 
	Name:
	Daniel R. Van Aken

	 
	Title:
	Director

	
			
	 
	CREDIT SUISSE AG. CAYMAN ISLANDS BRANCH

	 
	 

	 
	 

	 
	By:
	/s/ Ari Bruger

	 
	Name:
	Ari Bruger

	 
	Title:
	Vice President

	 
	 

	 
	 

	 
	By:
	/s/ Kevin Buddhdew

	 
	Name:
	KEVIN BUDDHDEW

	 
	Title:
	ASSOCIATE

	
			
	 
	Farm Credit Services of America, PCA

	 
	 

	 
	 

	 
	By:
	/s/ Steve Moore

	 
	Name:
	Steve Moore

	 
	Title:
	Vice President

	
			
	 
	FCS Financial, FLCA

	 
	 

	 
	 

	 
	By:
	/s/ Laura Roessler

	 
	Name:
	Laura Roessler

	 
	Title:
	Senior Lending Officer

	
			
	 
	Union Bank, N.A.

	 
	 

	 
	 

	 
	By:
	/s/ Michael Gardner

	 
	Name:
	Michael Gardner

	 
	Title:
	Vice President

	
			
	 
	Regions Bank

	 
	 

	 
	 

	 
	By:
	/s/ John Holland

	 
	Name:
	John Holland

	 
	Title:
	Senior Vice President

	
			
	 
	GreenStone Farm Credit Services, ACA/FLCA

	 
	 

	 
	 

	 
	By:
	/s/ Jeff Pavlik

	 
	Name:
	Jeff Pavlik

	 
	Title:
	Vice President

	
			
	 
	BANK OF THE WEST

	 
	 

	 
	 

	 
	By:
	/s/ Roger Lumley

	 
	Name:
	Roger Lumley

	 
	Title:
	Senior Vice President

	
			
	 
	COOPERATIEVE CENTRALE RAIFFEISEN- 
BOERENLEENBANK B.A., 
“RABOBANK NEDERLAND” NEW 
YORK BRANCH

	 
	 

	 
	 

	 
	By:
	/s/ Brad Peterson

	 
	Name:
	Brad Peterson

	 
	Title:
	Executive Director

	 
	 

	 
	 

	 
	By:
	/s/ Brett Delfino

	 
	Name:
	Brett Delfino

	 
	Title:
	Executive Director

	
			
	 
	PNC Bank, National Association

	 
	 

	 
	 

	 
	By:
	/s/ Daniel Miller

	 
	Name:
	Daniel Miller

	 
	Title:
	Vice President

	
			
	 
	CoBank, ACB

	 
	 

	 
	 

	 
	By:
	/s/ Hal Nelson

	 
	Name:
	Hal Nelson

	 
	Title:
	Vice President

	
			
	 
	SunTrust Bank

	 
	 

	 
	 

	 
	By:
	/s/ Tesha Winslow

	 
	Name:
	Tesha Winslow

	 
	Title:
	Vice President

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