Document:

Exhibit 4.7

 

CONSENT
OF

 

Norman
Pitcher, P. Geo

Chief
Operating Officer

Eldorado
Gold Corporation

 

Board of Directors of Eldorado Gold Corporation

 

United States Securities and Exchange Commission

 

I consent to:

 

1.                                       The
incorporation by reference in the Offer and Circular of Eldorado Gold
Corporation (the “Company”), included as part of the Company’s Registration
Statement on Form F-8 as filed with the Securities and Exchange
Commission, of the description of the reports which were prepared under my
direct supervision, the description of certain mineral reserves of the
Tanjianshan Mine as at December 31, 2007 and the Kisladag Mine as at December 31,
2007; and

 

2.                                       The
information that forms the summary of the Reports and other information
pertaining to the Tanjianshan Mine and the Kisladag Mine and to the use of my
name under the Offer and Circular and Registration Statement as a named expert.

 

 

Dated as of the 9th day of May 2008

 

 

	
  /s/ Norman Pitcher, P. Geo

  	
   

  
	
  Norman Pitcher, P. Geo

  	
   

  
	
  Chief Operating Officer

  	
   

  
	
  Eldorado Gold CorporationExhibit 4.8

 

	
  Eldorado
  Gold Corporation 

  1188 Bentall 5  

  	
   

  	
  TSX:
  ELD AMEX: EGO  

  	
  

  
	
  550
  Burrard Street 

  	
   

  	
  Tel:
  604.687.4018 • Fax: 604.687.4026 

  
	
  Vancouver,
  British Columbia 

  	
   

  	
  Toll
  free: 1.888.353.8166  

  
	
  Canada
  V6C 285

  	
   

  	
  E-mail:
  info@eldoradogold.com

  
	
   

  	
   

  	
   

  

 

CONSENT OF

 

Stephen Juras, P. Geo

Manager, Geology

Eldorado Gold Corporation

 

Board
of Directors of Eldorado Gold Corporation

 

United
States Securities and Exchange Commission

 

I
consent to:

 

1.                                       The incorporation by reference in the Offer
and Circular of Eldorado Gold Corporation (the “Company”), included as part of
the Company’s Registration Statement on Form F-8
as filed with the Securities and Exchange Commission, of the
description of the reports which were prepared under my direct supervision, the
description of certain mineral resources of the Tanjianshan Mine as at December
31, 2007, the Kisladag Mine as at December 31, 2007 the Efemcukuru Project as
at December 31, 2007 and the Vila Nova Iron Ore Project as at December 31,
2007; and

 

2.                                       The information that forms the summary of the
Reports and the description of certain mineral resource estimates and other
information pertaining to these projects and to the use of my name under the
Offer and Circular and Registration Statement as a named expert.

 

 

Dated as of the 9th day of May 2008

 

 

	
  /s/ Stephen Juras, P. Geo

  	
   

  
	
  Stephen Juras, P. Geo

  	
   

  
	
  Manager, Geology

  	
   

  
	
  Eldorado Gold CorporationExhibit 10.1

 

GUARANTY

Dated as of March 24, 2008

 

	
  Lessee:

  	
   

  	
  Lessor:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Grace
  Semiconductor USA, Inc.

  	
   

  	
  CIT
  Technologies Corporation

  	
   

  	
   

  
	
  530
  Alder Drive

  	
   

  	
  2285
  Franklin Road

  	
   

  	
   

  
	
  Milpitas,
  CA 95035

  	
   

  	
  Bloomfield
  Hills, MI 48302

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
  (248)
  253-9000

  
	
   

  	
   

  	
  Fax:

  	
  (248)
  339-1590

  
						

 

1.                                      Lease. 
Capitalized terms used in this Guaranty (the “Guaranty”) which are not
otherwise defined herein shall have the meanings ascribed to them in Schedule No. 008
dated as of March 24, 2008 (the “Schedule”) between Lessee and Lessor,
and, as provided below, counter-signed by Guarantor subject to the terms of
this Guaranty, to the Master Equipment Lease Agreement dated as of October 26,
2006 between Lessee and Lessor (“Master Lease”; the Schedule and the Master
Lease, as applicable thereto, collectively, the “Lease”).  The Lease provides for (a) an Initial
Term commencing on Lessee’s written acceptance of the Equipment under the Lease
and continuing for 36 months following April 1, 2008; and (b) Rental
Payments, to be paid by Lessee, quarterly in advance, at the rate of US $864,325.00
for each quarter during the Initial Term. 
Copies of the Lease documents, as executed by Lessee, have been reviewed
and accepted by Guarantor.  Guarantor has
signed a true and correct copy of the Schedule solely for purpose of
acknowledging that the copy so signed is the form of the Schedule which is the
subject of this Guaranty; and each reference to the Schedule in this Guaranty
is substantively limited to the Schedule as so acknowledged by Guarantor,
provided further that this Guaranty shall not apply to any changes in the
Schedule, the Master Lease or any other agreements between Lessor and Lessee
without Guarantor’s prior written consent such that Guarantor’s liability for
the Guaranteed Obligations (as defined below) shall in the absence of such
written consent and an amendment to this Guaranty signed by Guarantor and
Lessor continue in full force with respect to the Guaranteed Obligations as
they existed prior to such change).

 

2.                                      Guaranty.  Guarantor
understands and acknowledges that the Equipment is being leased by Lessor to
Lessee with the understanding that the Equipment and/or its use will be
furnished by the Lessee to Grace Semiconductor Manufacturing Corporation, an
exempted company corporation of the Cayman Islands (“Grace Parent”; Grace
Parent is the Lessee’s parent company and is guarantying the obligations of
Lessee under the Lease), and that the Equipment and/or its use will be further
furnished by Grace Parent itself to Grace Parent’s subsidiary, Shanghai Grace
Semiconductor Manufacturing Corporation (“Grace Shanghai”), and the Equipment
will be located in Shanghai, China for the benefit of Grace Shanghai and Grace
Parent and be used for production by Grace Parent/Grace Shanghai of goods under
a contract with Cypress.  Guarantor
acknowledges that it will derive commercial benefit from Lessor’s extension of
the Lease to Lessee and the giving of this Guaranty since without the benefit
of this Guaranty Lessor would not be entering into the Lease, or acquiring the
Equipment for lease thereunder. 
Accordingly, in order to induce Lessor to enter into the Lease and
acquire the Equipment, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Guarantor
unconditionally guarantees to Lessor the full and prompt payment, observance,
and performance when due of all obligations of Lessee under the Lease to pay
Rental Payments (as provided in the Lease, including, without limitation as
referenced in Section 5 of the Master Lease, and pursuant to the Schedule)
(collectively, “Guaranteed 

 

1

 

Obligations”).  Guarantor will pay any Guaranteed Obligations
to Lessor within 10 days of Lessor’s written demand to Guarantor therefor (such
demand, the “Demand Notice”; such period, the “Demand Period”), and  Guarantor agrees to pay, and the Guaranteed
Obligations shall also include, late interest accruing under the Lease to the
extent, and only to the extent consistent with the following calculation:  late interest accruing with respect to such
Guaranteed Obligations at the rate of 9% per annum, such late interest to
commence accruing after Guarantor has failed to pay any Guaranteed Obligations
during the Demand Period.  This Guaranty
is absolute, continuing (for so long as the Guaranteed Obligations remain
unsatisfied), limited only by the amount of Guaranteed Obligations, and
independent, and shall not be affected, diminished or released for any reason
(other than actual payment thereof), including, but not limited to, the
following:  (a) any invalidity or
lack of enforceability of any of the Guaranteed Obligations; or (b) the
absence of any attempt by the Lessor to collect any of the Guaranteed
Obligations from the Lessee or Grace Parent or any other guarantor, or the
absence of any other action to enforce the same; or (c) the renewal,
extension, acceleration or any other change (provided any such change is
approved by Guarantor and is the subject of (and referenced in) an amendment to
this Guaranty signed by Guarantor and Lessor; provided, however, and in the
event such change is not approved by Guarantor, or no such amendment is entered
into, Guarantor’s liability for the Guaranteed Obligations shall continue as
provided above with respect to the Guaranteed Obligations as they existed prior
to such change) in the time for payment of, or other terms relating to the
Guaranteed Obligations respecting Rental Payments coming due during the Initial
Term of the Lease, or any modification, amendment, waiver, or other change of
the terms of any instrument evidencing the Guaranteed Obligations, provided,
however, that if any one or more events of the kind referred to in this
subsection (c) shall occur, and if such event(s) shall have the
effect of increasing the total dollar amount of the Guaranteed Obligations,
this Guaranty shall continue in full force and effect with respect to the
Guaranteed Obligations, but only to the extent of the total dollar amount the
Guaranteed Obligations would have had if any such event(s) increasing the
total dollar amount of the Guaranteed Obligations had not occurred; or (d) the
failure by the Lessor to take any steps to perfect and maintain its security
interest in, or to preserve its rights to, any security or collateral relating
to the Guaranteed Obligations (including, without limitation, the Security
Funds); or (e) any judicial or governmental action, including, without
limitation, judicial or governmental action in the nature of any bankruptcy,
receivership, insolvency or similar proceeding, that affects Lessee, the
Equipment, or the Guaranteed Obligations, including, but not limited to, Lessee’s
release from the Guaranteed Obligations or the rejection or disaffirmance of
the Lease or any other agreement or any of the terms thereof, provided further
that, for the avoidance of doubt, Lessor acknowledges that Guarantor shall not
be liable for any costs or other damages associated with Lessor’s inability to
recover possession of the Equipment; (f) any disability, defense or
cessation of the liability of Lessee; or (g) any assignment or transfer by
Lessor of any rights relating to the Guaranteed Obligations; or (h) the
disallowance of all or any portion of Lessor’s claim(s) for repayment of
the Guaranteed Obligations under Section 502 of Title 11 of the United
States Code.

 

3.                                      Waivers. 
Guarantor waives acceptance of this Guaranty (except that Guarantor
shall have no obligation to provide the original Credit described below until
it has received a counterpart of this Guaranty executed by Lessor) and
diligence, presentment, or demand for payment (except for the demand provided
for in Section 2 above necessary to begin the Demand Period for any
Guaranteed Obligations or other notices required to be provided hereunder as
specified in Section 6 as relating to any non-Guaranteed Obligations of
Guarantor hereunder), notice of default or nonperformance by Lessee, and all
affirmative defenses and offsets and counterclaims against Lessor (but nothing
in such waiver of offsets and counterclaims shall diminish or affect such
liability as Lessor may have to Guarantor from being asserted by Guarantor
against Lessor in a separate action, it being the sole intent of this waiver to
waive the right to assert offsets and counterclaims in any enforcement of this
Guaranty against the Guarantor, and not a waiver of the underlying substantive
rights Guarantor may have against Lessor), any right to the benefit of any
security, and any requirement that Lessor proceed first against Lessee, Grace
Parent or any other 

 

2

 

guarantor
or the Security Funds or any other collateral security.  Guarantor hereby waives any right to require
that Lessor apply any payments or proceeds received toward satisfaction of the
Guaranteed Obligations in any particular order, including any right to require
Lessor to apply payments first to rent or principal, provided, however, that
Guarantor shall not be liable under this Guaranty for any amounts respecting
Guaranteed Obligations which are satisfied by payment from the Lessee or Grace
Parent.

 

4.                                      Payments.  The
parties agree that all payments made by Lessee, Grace Parent or Guarantor to
Lessor on any of the Guaranteed Obligations will, when made, be final.  If any such payment is recovered from or
repaid by the Lessor, in whole or in part, in any bankruptcy, insolvency or
similar proceeding instituted by or against Lessee or Guarantor, this Guaranty
shall continue to be fully applicable to the Guaranteed Obligations to the same
extent as though the payment so recovered had never been originally made.  If any Guaranteed Obligation is paid by
Guarantor but recovered by Lessor from or repaid by the Lessee or Grace Parent,
and such amounts are not applied by Lessor to any other Guaranteed Obligations
arising from the Lease, Lessor agrees to return or reimburse such recovered but
unapplied amounts to Guarantor. 
Notwithstanding anything to the contrary in the foregoing or elsewhere
in this Guaranty, Guarantor understands and agrees that the Security Funds are
not intended as security for the Guaranteed Obligations (or other obligations
of Guarantor under this Guaranty, if any), and, therefore, if as a requirement
of law, including, as a result of any action by a bankruptcy or other court
Lessor is required to apply, or it otherwise determines that it needs to apply
and does so apply, all or any portion of the Security Funds in satisfaction of
any Guaranteed Obligations, Guarantor agrees that for purposes of this Guaranty
Guarantor will remain fully liable for the Guaranteed Obligations paid out of
the Security Funds and that any such payment utilizing the Security Funds shall
not be considered a payment of the Guaranteed Obligation in
question.  For the avoidance of doubt,
Guarantor waives any right, title or interest it may have in or to the Security
Funds or the proceeds or benefits thereof, whether by way of subrogation,
indemnity, reimbursement, contribution or otherwise, provided that no party
other than Lessor or its lawful assigns shall be entitled to assert the
foregoing provision (or any other provision in this Guaranty) as against
Guarantor.

 

5.                                      Lists of Outstanding Amounts.  From
time to time, but not more than once in any three month period, Guarantor may request
from Lessor, in writing, directed to the Lessor’s address stated above,
Attention:  Lease Operations, and Lessor
will promptly provide to Guarantor, a list of all Rental Payments under the
Lease which have come due and remain outstanding.  Any such list provided by Lessor will be
binding upon Lessor, except with respect to payments recovered from or repaid
by Lessor, as contemplated under Section 4 above and the collection of
instruments received in respect of the Guaranteed Obligations.

 

6.                                      Notices of Default and Other
Notices Under the Lease; Notice of Payments Received; Notice of Default Under
this Guaranty.  As a
courtesy and accommodation to Guarantor, but not as a condition to Guarantor’s
obligations hereunder, Lessor shall endeavor to (a) provide notice to
Guarantor of copies of any written notices of default given under the Lease at
the same time as, or promptly following, the time it gives such notices to
Lessee, (b) provide notice to Guarantor of a copy of any other notice sent
under the Lease at the same time as, or promptly following, the time it gives
the notice to the Lessee, (c) any notice of nonrenewal of the Credit (as
defined in Section 8 below) received from the issuer thereof; and (d) confirm
to Guarantor of Lessor’s receipt of any Rental Payments, promptly after such
receipt, by fax or telephone, or in such other manner reasonably acceptable to
Lessor as Cypress may from time to time request of Lessor, directed to
Attn:  Brad W. Buss, Chief Financial
Officer, Cypress Semiconductor Corp., 198 Champion Ct., San Jose, CA 95134,
Telephone: (408) 943-2754, Fax: 
(408) 943-4730, at such other address as Cypress may from time to
time notify Lessee (any such confirmation, however, shall be subject to Section 4
with respect to payments recovered from or repaid by Lessor, as contemplated
under Section 4 above, and the collection of instruments received in
respect of the Guaranteed Obligations). 
Except with 

 

3

 

respect
to any obligation of Guarantor to provide a Substitute Credit, as provided in Section 8
below (with respect to which the obligation to provide a Substitute Credit
shall be only subject to the notice requirements, if any, provided for in Section 8),
Lessor further agrees to provide Guarantor with at least 10 days written notice
of Lessor’s assertion that Guarantor has any liability arising under this
Guaranty or is required to take any action, during which time Guarantor shall
have the right to cure such alleged liability or other breach arising under
this Guaranty.  For the avoidance of
doubt, a Demand Notice given as provided in Section 2 shall be the one and
only notice needed to be given hereunder with respect to the Guaranteed
Obligations which are the subject of any such Demand Notice (including pursuant
to the preceding sentence and Section 2 hereof), and the ensuing Demand
Period shall be the 10 day period referred to in the preceding sentence.

 

7.                                      Assignment.  This
Guaranty cannot be assigned by Guarantor without Lessor’s prior written
consent, and it is binding upon the respective successors, and any permitted
assigns of Guarantor.  However, Lessor
shall have the unqualified right to assign this Guaranty or any portion hereof
or any benefits hereunder to any party, without the consent of or notice to
Guarantor or Lessee.  Lessor’s assignee
shall have all of the rights, privileges and powers granted hereunder to Lessor
and shall have the right to rely upon this Guaranty.

 

8.                                      Letter of Credit.

 

(a)                                  Guarantor agrees to obtain, as a condition
precedent to Lessor’s obligations under the Lease, an irrevocable letter of
credit (the “Credit”) from such issuer which is a US Bank having a Standard &
Poor’s rating of BBB or better and in an initial amount of not less than $7,918,200.00
and in such form as is consistent with the terms of this Guaranty and as is
reasonably acceptable to Lessor.  The
Credit shall be unconditional and remain in full force and effect for the
entire Initial Term of the Schedule identified in Section 1 above, provided
that Guarantor shall upon at least 30 days prior written notice to Lessor be
entitled to replace any existing letter of credit with a substitute
irrevocable letter of credit (“Substitute Credit”) in such form as is consistent with the terms of this Guaranty, and in
Lessor’s reasonable opinion, substantively identical in all respects to the
Credit as then in effect (including, without limitation, providing for an
available amount equal to the then currently available amount under the Credit
and, if such substitute letter of credit provides for a transfer fee, the
transfer fee does not exceed the transfer fee that would be in effect under the
Credit originally accepted by Lessor hereunder), and is from an issuer
reasonably acceptable to Lessor.  Any
such Substitute Credit, once issued and in the possession of Lessor, shall
become the only Credit on which Lessor shall make any subsequently initiated
draws.  Any proceeds of the Credit shall
be applied by Lessor:  (i) only to
Guaranteed Obligations under this Guaranty, and (ii) only following the
giving of a Demand Notice and the expiration of the Demand Period with respect
thereto.  Lessor will only be entitled to
draw upon the Credit only to the extent of the foregoing or, if it shall have
received a notice of nonrenewal from the issuer of the Credit, Lessor will be
entitled to draw up to the entire available amount of the Credit, but only to
the extent of the total of the Guaranteed Obligations then outstanding, and the
extent of any other outstanding obligations of Guarantor under this Guaranty,
and to the extent of any Guaranteed Obligations which are not due which are to
come due, provided further that in the event of such a notice of nonrenewal
Lessor shall not draw on the Credit if Guarantor has within 30 days of Lessor’s
receipt of the notice of nonrenewal replaced the existing letter of credit with
a Substitute Credit as provided above .

 

If, for any reason, whether or not in breach of this
Guaranty or in compliance with this Guaranty, Lessor (or its lawful assignees
or transferees) draw on the Credit for any sums exceeding the amounts then due
by Guarantor for obligations under this Guaranty (such amounts so drawn in
breach of this Guaranty to the extent they have not from time to time been
applied to Guaranteed Obligations hereunder or paid to 

 

4

 

Guarantor hereunder, the “Excess
Amounts”), Lessor agrees (A) to pay interest on such Excess Amounts at the
3-Month Treasury Constant Maturity rate as described in Federal Reserve
Statistical Release H.15 — Selected Interest Rates (available, for example, at http://www.federalreserve.gov/Releases/H15/data.htm
and, specifically, http://www.federalreserve.gov/Releases/H15/data/Weekly_Friday_/H15_TCMNOM_M3.txt
which, by way of further example, reflects a rate of 4.99% for the week ending December 8,
2006), or any successor publication of the US Federal
Reserve System, as from time to time existing at and after such time(s) that
such draws are made, the rate reported for the last day of each complete week
to apply for the entire preceding week, and (B) to pay such Excess Amounts
and such accrued interest to Guarantor as follows:  (1) in full at such time as the
Guaranteed Obligations have been paid in full, (2) in full at such time
that Guarantor provides a Substitute Credit in such form as is consistent with
the terms of this Guaranty, and in Lessor’s reasonable opinion, substantively
identical in all respects to the original Credit (including, without
limitation, providing for an available amount equal to the amount that would
have been available under the original Credit at the time the Substitute Credit
is issued had Lessor (or its lawful assignees or transferees) not drawn on the
original Credit and, if such Substitute Credit provides for a transfer fee, the
transfer fee does not exceed the transfer fee that was in effect under the
original Credit), and such Substitute Credit is from an issuer reasonably
acceptable to Lessor; (3) if at any time the Excess Amounts plus accrued
interest therein plus the amounts then available under the Credit exceed the
amount that would have otherwise been available under the Credit if the Excess
Amounts then outstanding had not been drawn under the Credit (and no subsequent
conditions had existed that would have allowed a draw of any portion of such
Excess Amounts or otherwise permitted Lessor to notify the issuer of the Credit
to cease further reductions), and the quarterly reductions had thus continued
to occur under the terms of the Credit (the “Putatively Scheduled Reductions”),
Lessor shall upon demand of Guarantor immediately pay Guarantor the Excess
Amounts and accrued interest thereon to the extent the actual amount available
under the Credit exceeds the amount that would have been available under the
Credit had the Putatively Scheduled Reductions (as in effect on the date of
Guarantor’s demand) taken place, or (4) as is subsequently agreed-to in
writing by the parties hereto or ordered by a court of competent jurisdiction
as referenced in Section 11 below (provided, however, that this reference
to such order shall not be considered an agreement or stipulation thereto by
Lessor).  Any Excess Amounts and accrued
interest shall be considered a general obligation of Lessor and, for the
avoidance of doubt, not the property of Guarantor and not property held in held
in trust for the benefit of Guarantor. 
For the further avoidance of doubt, Lessor shall have no obligations
with respect to such Excess Amounts or accrued interest except as expressly
provided for in this Guaranty, and, without limiting the generality of the
foregoing, Lessor need not keep any Excess Amounts or accrued interest in a
separate account or otherwise segregate any Excess Amounts or accrued interest
from its general assets and obligations (it being the express agreement of the
parties that in exchange for Lessor’s obligation to pay interest on the Excess
Amounts as provided above Lessor shall have the full benefit and use of the
Excess Amounts and accrued interest, which it may invest, reinvest, or not
invest, all as Lessor may see fit in its absolute discretion, without having to
account to Guarantor for the same).  Any
Excess Amounts and accrued interest shall be applied by Lessor only to
Guaranteed Obligations under this Guaranty, and only following the giving of a
Demand Notice and the expiration of the Demand Period with respect thereto.

 

The parties agree that their
fundamental agreement and intent hereunder is that the Guaranteed Obligations
be at all times unconditionally secured by full access to the funds intended to
be available under the Credit (as originally contemplated hereby) even
following any breach hereunder by Lessor. 
Accordingly, the parties agree that no payment of the Excess Amounts
shall be paid to Guarantor except to the extent provided in clauses (1) through
(3) above and that any court in determining remedies for the breach by
Lessor hereunder shall not order payment of such amounts over to Guarantor
except consistent with clauses (1) through (3) above but, rather,
shall consider alternative remedies consistent with the parties’ intent,
including, without limitation, maintaining the Excess Amounts and accrued
interest thereon which are not required to be paid to Guarantor under any of
clauses (1) through (3) above in a separate 

 

5

 

account
such that Lessor shall have the full benefit thereof without condition or
contingency—other than the conditions provided in this Guaranty that the
Guaranteed Obligations shall not have been actually paid, that a Demand Notice
shall be given as provided above, and that the ensuing Demand Period shall have
expired.  For the avoidance of doubt, as
stated in clause (2) above, nothing in this paragraph shall prevent Guarantor
from being entitled to immediate payment of the Excess Amounts if and when
Guarantor provides a Substitute Credit in such form as is consistent with the
terms of this Guaranty, and in Lessor’s reasonable opinion, substantively
identical in all respects to the original Credit (including, without
limitation, providing for an available amount equal to the amount that would
have been available under the original Credit at the time the Substitute Credit
is issued had Lessor (or its lawful assignees or transferees) not drawn on the
original Credit and, if such Substitute Credit provides for a transfer fee, the
transfer fee does not exceed the transfer fee that was in effect under the
original Credit), and such Substitute Credit is from an issuer reasonably
acceptable to Lessor.

 

(b)                                 Subject to Section 6 above and the terms
of this subsection 8(b), Guarantor shall, from time to time, upon notice and
demand and at the sole expense of Lessor or such other person who as Assignee
of Lessor may be the then current beneficiary of the Credit (as the case may
be, “Beneficiary”), either (i) cause the issuer of the Credit to consent
to the transfer of the Credit to such person as Beneficiary may determine, or (ii) cause
the issuer of the Credit or another issuer reasonably acceptable to Lessor and
Beneficiary to issue a Substitute Credit in the name of such further Assignee
of Lessor as Beneficiary may determine. Lessor shall be solely responsible for,
or, at Guarantor’s option Lessor or Beneficiary shall reimburse Guarantor for,
any fees anticipated to be charged by the issuer for the transfer of a Credit
or issuance of a replacement Credit. 
Subject to the foregoing, the parties’ obligations under this section
are absolute and, except for the requirement that an original Credit be
surrendered to the issuer for amendment (in the case of a transfer) or
cancellation (in the case of the issuance of a replacement Credit),
unconditional.  Guarantor acknowledges
and agrees that in connection with any transaction between the Beneficiary and
an Assignee of the Beneficiary, the Beneficiary may elect to hold the Credit in
trust for its Assignee on such terms as the Beneficiary and such Assignee may
agree.

 

(c)                                  Only the following events shall be considered
defaults by Guarantor under this Guaranty and entitle Lessor to draw upon the
Credit:  (i) Guarantor fails to make
any payment of a Guaranteed Obligation required under this Guaranty within the
Demand Period specified above or any other amount that Guarantor is required to
pay under this Guaranty within 10 days of written demand from Lessor for the
applicable payment, (ii) Guarantor makes an assignment for the benefit of
creditors, or becomes insolvent, or is the subject of a petition or proceeding
under any bankruptcy, reorganization, arrangement of debts, insolvency, or
receivership law, or Guarantor seeks to effectuate a bulk sale of its
inventory, equipment, or assets, or any action is taken with a view to
Guarantor’s termination or the termination of its business, and, if any of the
foregoing events is not voluntary, it continues for 60 days, or (iii) notice
is given by the issuer of the Credit that the Credit is not being renewed and
Guarantor has not within 30 days of Lessor’s receipt of the issuer’s notice of
nonrenewal replaced the existing letter of credit with a Substitute Credit
(Guarantor agrees that it will arrange with the issuer of the Credit to
directly provide to Guarantor any notice of nonrenewal given by the issuer and
that Lessor’s endeavoring to provide Guarantor with a copy of the nonrenewal
notice or the fact of the nonrenewal shall be as a courtesy and accommodation
to Guarantor and not as a condition to any of Guarantor’s obligations
hereunder).

 

(d)                                 The
amount available under the Credit shall decline according to a schedule
mutually acceptable to Lessor and Guarantor providing for quarterly reductions
proportionately relating to (but less than) the amount of Rental Payments
scheduled to come due from Lessee during the Initial Term of the Lease.  If,
pursuant to the terms of this Guaranty, Guarantor is required but fails to make
any Rental Payment for or on behalf of Lessee within the Demand Period
specified in Section 1, Lessor may notify the 

 

6

 

issuer
of the Credit that the amount available under the Credit shall stop declining
and shall remain fixed for the duration of the Initial Term at the amount then
available under the Credit.

 

9.                                      Limitation of Liability.   Guarantor’s liability shall be limited to the
explicit terms of this Guaranty, and shall in no event exceed the liability of
the Guaranteed Obligations and Guarantor’s other obligations hereunder, if any.

 

10.                               Default by Lessee/Assignment:  If
there is an “Event of Default” under the Lease actually known to Lessor,
Guarantor shall have the option of undertaking either of the following (but
Guarantor shall in no event have any obligation under the following unless, in
the case of clause (1) it actually does purchase the Lease and the
Equipment from Lessor on such terms, or, in the case of clause (2) it
gives the writing contemplated by subclause (A) of clause (2)):

 

(1)                                                        to purchase the
Lease and the Equipment from Lessor, AS-IS, WHERE-IS (except that Lessor will
warrant no liens, claims, or encumbrances by, through, or under Lessor), for a
purchase price equal to (a) the amount of all outstanding obligations of
Lessee under the Lease (whether or not those obligations are Guaranteed
Obligations hereunder) on and as of the date of purchase, (b) the amount
of Lessor’s net investment in the Lease and the Equipment on and as of the date
of the purchase as certified by Lessor to Guarantor, (c) the assumption by
Guarantor, in form reasonably satisfactory to Lessor, of all of Lessor’s
obligations under the Lease, including, without limitation, Lessor’s expressed
and implied obligations of good faith and fair dealing and covenant of quiet
enjoyment and obligations relating to the Security Funds, and in connection
with such assumption, Guarantor will, prospectively, indemnify, defend, and
hold harmless Lessor from and against any Claims arising under or in connection
with the Lease or Equipment or Security Funds, (d) any sales/use taxes
relating to any of the foregoing.  Upon
the date of purchase and Lessor’s receipt of all of the foregoing, Lessor shall
transfer the Lease and the Equipment to Guarantor by bill of sale and the
Security Funds to Guarantor by business check; or

 

(2)                                                        if (A) Guarantor
agrees in a subsequent writing to cause Lessee to fully cure all Events of Default
under the Lease then actually known to Lessor and assume all liability of
Lessee under the Lease respecting such Event of Default, and (B) Guarantor
subsequently does in fact cause a full cure of such Events of Default, then
Lessor shall agree to assign to Guarantor, and reasonably cooperate with
Guarantor, at Guarantor’s expense, in enforcing, such rights under the Lease as
are reasonably necessary for Guarantor to recover from Lessee (or Grace Parent
under any guaranty issued by Grace Parent) Guarantor’s out-of-pocket costs in
causing such cure, including, without limitation, legal expenses and other
expenses of enforcement, and any late interest accruing under the Lease in
connection therewith; provided, however, that for the avoidance of doubt the
foregoing assignment shall NOT be considered a general right of subrogation or
general assignment of the right to enforce any other remedies under the Lease,
and under no circumstances shall Guarantor under this clause (2) have the
right to terminate the Lease, to accelerate or recover Rental Payments or
declare due or recover any portion or all of the Lessor’s Return, to gain
possession of or take any action with respect to the Equipment, to recover
damages (other than reimbursement for such out-of-pocket costs themselves)
suffered by Lessor as a 

 

7

 

result
of such Events of Default, or to have any rights whatsoever in or to the
Security Funds.

 

11. Miscellaneous.  In the event of any default or
material breach by Guarantor under this Guaranty, Guarantor agrees to pay all
costs and expenses, including, without limitation, all court costs and legal
fees and expenses incurred by Lessor in connection with the enforcement of this
Guaranty; in the event of any legal action between Lessor and Guarantor, the
prevailing party shall be entitled to payment from the other party of all court
costs and legal fees and expenses incurred by the prevailing party in
connection with such action.  Lessor’s
and Guarantor’s addresses in this Guaranty are their addresses for notice and
may be changed upon 10 days’ prior written notice, provided further that any
notices to Guarantor shall be sent to the attention of the person signing for
Guarantor below with an additional copy sent separately to the attention of the
Chief Financial Officer at the same address of Guarantor.  All notices and/or demands shall be in
writing and shall be effective three (3) days after the date of mailing by
US mail, postage prepaid, certified or registered, return receipt requested, or
on the next business day after being sent by confirming fax receipt of which
has been acknowledged by the recipient. 
This document contains the entire agreement of the parties concerning
the guarantee of the Guaranteed Obligations by Guarantor, and may not be
amended or modified except by a writing signed by Guarantor and Lessor.  This is a continuing Guaranty and shall not
be revoked or terminated by the Guarantor so long as any of the Guaranteed
Obligations remains unpaid.  This
Guaranty shall be governed by the internal laws (as opposed to conflicts of law
provisions) of the State of New Jersey. 
If any provision of this Guaranty shall be prohibited by or invalid
under that law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Guaranty. 
Guarantor consents to the jurisdiction of any local, state or federal court
located within the State of New Jersey, and waives any objection relating to
improper venue or forum non conveniens to the conduct of any proceeding in any
such court.

 

12.                               Assignment to Macquarie. 
Guarantor understands and expressly agrees that Lessor, concurrently
with the execution of the Schedule, assigns the Lease and sells the Equipment
to Macquarie Equipment Finance, LLC 2285 Franklin Road, Bloomfield Hills, MI
48302, Telephone: (248) 253-9000, Fax: (248) 339-1590, as Assignee (“Macquarie”),
whereupon Macquarie shall become, and be solely responsible for the obligations
of, the Lessor hereunder, and the Credit described in Section 8 will be
issued directly to Macquarie.

 

	
  Lessor:

  	
  Guarantor:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CIT
  Technologies Corporation

  	
  Cypress
  Semiconductor Corporation

  	
   

  	
   

  
	
  One
  CIT Drive

  	
  198
  Champion Court

  	
   

  	
   

  
	
  Livingston,
  NJ 07039

  	
  San
  Jose, CA 95134

  	
   

  	
   

  
	
  Telephone:    (973)
  740-5000

  	
  Telephone:    (408)
  943-2600

  	
   

  	
   

  

 

 

	
  By: /s/ Andrew R. Feldstein

  	
   

  	
  By: /s/ Neil Weiss

  
	
   

  	
   

  	
   

  
	
  Name: Andrew R. Feldstein

  	
   

  	
  Name: Neil Weiss

  
	
   

  	
   

  	
   

  
	
  Title: Attorney-in-Fact

  	
   

  	
  Title: Senior Vice President, Treasurer

  
	
   

  	
   

  	
   

  
	
  Date:
  March 24, 2008

  	
   

  	
  Date:
  March 24, 2008

  

 

8

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