Document:

Amendment No.1 to Master Lease Agreement, dated April 25, 2008

 Exhibit 10.52 
 Execution Copy 
 AMENDMENT TO MASTER EQUIPMENT LEASE 
 AMENDMENT TO MASTER EQUIPMENT LEASE, dated as of April 25, 2008 (this “Amendment”), among Wilmington Trust Company, a Delaware
banking corporation, not in its individual capacity but solely as Owner Trustee (“Lessor”), The Employees’ Retirement System of Alabama and The Teachers’ Retirement System of Alabama (collectively, the “Owner
Participant”), and Wise Alloys LLC, a Delaware limited liability company (“Lessee”). 
 RECITALS 

A. The Lessee, Lessor and Owner Participant are parties to the Master Equipment Lease dated November 13, 2006 (the “Lease”).

 B. The parties desire to amend the Lease as provided herein. 
 For valuable consideration (receipt of which is hereby acknowledged), the parties hereto agree to amend the Lease as follows: 
 Section 1. Definitions. Each capitalized term used herein and not otherwise defined has the meaning assigned thereto in the Lease. 

Section 2. Additional Equity Investment. 
 A. Subject to the terms and conditions hereof, the Owner Participant agrees to make an additional equity investment in the Trust in an amount equal to $4,000,000 (the “Additional Equity Investment”).

 B. Subject to the terms and conditions hereof, as consideration for the Lessee’s agreement to amend the Equipment Schedules as
provided in Section 3 below, the Lessor will pay the Additional Equity Investment to the Lessee. 
 Section 3. Amendment to
Lease. The Lease is hereby amended by deleting the words “the 36-month” from the definition of “Basic Term” in Exhibit B to the Lease. 
 Section 4. Amendment of Equipment Schedules. Equipment Schedule No. 1, dated as of November 13, 2006, and Equipment Schedule No. 2, dated as of January 3, 2007, will be amended as
provided in Exhibit A and Exhibit B hereto, respectively. 
 Section 5. Additional Equity Investment Fee. Lessee, Owner
Participant and Guarantor are parties to the Fee Letter dated as of the date hereof (the “Fee Letter”). Subject to the terms of the Fee Letter, Lessee will pay, as Supplemental Rent hereunder, an additional fee equal to 3% per
annum on the unamortized portion of the Additional Equity Investment, as set forth on Exhibit C hereto (the “Additional Equity Investment Fee”). Such Additional Equity Investment Fee shall be payable to Lessor in the manner and to
the account specified in Section 3 of the Lease as and when Basic Rent is payable under the Lease only for so long as and only to the extent provided in the Fee Letter. 
 Amendment to Master Equipment Lease 

 Section 6. Closing Conditions. 
 A. The Owner Participant’s obligation to make the Additional Equity Investment in the Trust and Lessor’s obligations to pay the Additional
Equity Investment to Lessee shall be conditioned upon and subject to the receipt by Owner Participant and Lessor on or prior to the date hereof of the following, in form and substance reasonably satisfactory to Owner Participant and Lessor:

 (i) a certificate of a Responsible Officer of Lessee dated as of the date hereof, certifying on behalf of Lessee that to the knowledge of
such officer, after due inquiry, no Default or Potential Default has occurred and is continuing; 
 (ii) a certificate of a Responsible
Officer of Guarantor, dated as of the date hereof, certifying on behalf of Guarantor that the Guaranty remains in full force and effect, that the Guarantor consents to this Amendment and that the Obligations, as defined in the Guaranty, cover all of
the obligations of the Lessee under the Lease as amended by this Amendment; and 
 (iii) all such other documents, instruments and other
actions as Owner Participant or Lessor may reasonably request in connection with the consummation of the transactions contemplated herein and consistent with the terms hereof shall be complete and reasonably satisfactory to each of Owner Participant
and Lessor. 
 B. Lessee’s obligations to amend the Lease and the Equipment Schedules shall be conditioned upon and subject to the
receipt by Lessee on or prior to the date hereof of the following in form and substance reasonably satisfactory to Lessee: 
 (i) funds in the
aggregate amount equal to the Additional Equity Investment have been paid to Lessee or as Lessee shall direct in the manner provided in Section 3 of the Lease; 
 (ii) execution and delivery of this Amendment by Owner Participant and Lessor and execution and delivery of the amendments to the Equipment Schedules described in Section 5 by Lessor; and 
 (iii) all such other documents, instruments and other actions as Lessee may reasonably request in connection with the consummation of the transactions
contemplated herein and consistent with the terms hereof shall be complete and satisfactory to Lessee. 
 Section 7. Effective
Date. The amendments and additions made by this Amendment shall be effective from and after the date first written above. 
 Amendment
to Master Equipment Lease 
  

 2 

 Section 8. General. 
 A. Ratification of Lease. Except as expressly modified and superseded by this Amendment, the Lease is ratified and confirmed in all respects and
shall continue in full force and effect. 
 B. Counterparts. This Amendment may be executed in two or more counterparts, each of which
shall be deemed to be an original but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or email shall be as effective as delivery of a
manually executed counterpart of this Amendment. 
 C. Successors and Assigns; Third Parties. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective permitted successors and assigns. No third party beneficiaries are intended in connection with this Amendment. 
 D. Severability. If any term or provision of this Amendment shall be deemed prohibited by or invalid under any Applicable Law, such provision
shall be invalidated without affecting the remaining provisions of this Amendment or the Lease, respectively. 
 E. Entire Agreement.
This Amendment, together with the Lease, the Equipment Schedules and the other Operative Documents, contains the entire and exclusive agreement of the parties hereto with reference to the matters discussed herein and therein. This Amendment
supersedes all prior drafts and communications with respect thereto. 
 F. Governing Law. This Amendment shall be governed by and
construed in accordance with the internal laws of the State of Alabama without regard to the conflict of laws principles thereto. 
 [Signatures on Following Page] 
 Amendment to Master Equipment Lease 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Master Equipment Lease to be duly
executed as of the day and year first above written. 
  

			
	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity, but solely as Owner Trustee

		
	By:	 	 

	Name:	 	Anita Roselli
	Title:	 	Senior Financial Services Officer
	
	 THE EMPLOYEES’ RETIREMENT
 SYSTEM OF
ALABAMA

		
	By:	 	  

	Name:	 	Dr. David G. Bronner
	Title:	 	Chief Executive Officer
	
	THE TEACHERS’ RETIREMENT SYSTEM OF ALABAMA
		
	By:	 	  

	Name:	 	Dr. David G. Bronner
	Title:	 	Chief Executive Officer
	
	WISE ALLOYS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 Amendment to Master Equipment Lease 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Master Equipment Lease to be duly
executed as of the day and year first above written. 
  

			
	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity, but solely as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE EMPLOYEES’ RETIREMENT SYSTEM OF ALABAMA
		
	By:	 	 

	Name:	 	Dr. David G. Bronner
	Title:	 	Chief Executive Officer
	
	THE TEACHERS’ RETIREMENT SYSTEM OF ALABAMA
		
	By:	 	 

	Name:	 	Dr. David G. Bronner
	Title:	 	Chief Executive Officer
	
	WISE ALLOYS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 Amendment to Master Equipment Lease 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Master Equipment Lease to be duly
executed as of the day and year first above written. 
  

			
	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity, but solely as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 THE EMPLOYEES’ RETIREMENT
 SYSTEM OF
ALABAMA

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE TEACHERS’ RETIREMENT SYSTEM OF ALABAMA
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WISE ALLOYS LLC
		
	By:	 	 

	Name:	 	Kenneth Stastny
	Title:	 	Assistant Secretary

 Amendment to Master Equipment Lease 
  

 4 

 Amendment No. 1 to Equipment Schedule No. 1 amending Equipment Schedule No. 1 dated as of
November 13, 2006 (“Equipment Schedule No. 1”) between Wise Alloys LLC as Lessee (“Lessee”) and Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee (“Lessor”). 
 Equipment Schedule No. 1 is hereby amended as follows: 
 A. Section 1 is amended by deleting Lessor’s Cost of $14,950,000 and substituting $14,889,937.60 in lieu thereof. 
 B. Section 2 is amended by deleting “November 13, 2009” in the last line thereof and substituting May 5, 2010 as the last day of the Basic Term. 
 C. Section 3 is amended by deleting Annex B-l attached to Equipment Schedule No. 1 and substituting in lieu thereof Annex B-l attached hereto.

 D. Section 7 is amended by deleting Annex B-2 attached to Equipment Schedule No. 1 and substituting in lieu thereof Annex B-2
attached hereto. 
 DATE OF EXECUTION: April 25, 2008 
  

			
	WISE ALLOYS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity, but solely as Owner Trustee

		
	By:	 	 

	Name:	 	Anita Roselli
	Title:	 	Senior Financial Services Officer

 Exhibit A to 
 Amendment to Master Equipment Lease 

 Amendment No, 1 to Equipment Schedule No. 1 amending Equipment Schedule No. 1 dated as of
November 13, 2006 (“Equipment Schedule No. 1”) between Wise Alloys LLC us Lessee (“Lessee”) and Wilmington Trust Company, not in its individual capacity, but solely as Owner trustee (“Lessor”). 
 Equipment Schedule No. 1 is hereby amended as follows: 
 A. Section 1 is amended by deleting Lessor’s Cost of $14,950,000 and substituting $14,889,937.60 in lieu thereof. 
 B. Section 2 is amended by deleting “November 13, 2009” in the last line thereof and substituting May 5, 2010 as the last day of the Basic Term. 
 C. Section 3 is amended by deleting Annex B-l attached to Equipment Schedule No. 1 and substituting in lieu thereof Annex B-l attached hereto,

 D. Section 7 is amended by deleting Annex B-2 attached to Equipment Schedule No, 1 and substituting in lieu thereof Annex B-2
attached hereto, 
 DATE OF EXECUTION: April 25, 2008 
  

			
	WISE ALLOYS LLC
		
	By:	 	 

	Name:	 	Kenneth Stastny
	Title:	 	Assistant Secretary
	
	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity, but solely as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Amendment No. 1 to 
 Equipment Schedule No. 1 

 Annex B-1 to 
 Amendment No. 1 to 
 Equipment Schedule No. 1 
  

 SCHEDULE OF BASIC RENT 
  

				
	 Rent Payment Date
	  	% Of
Lessor’s Cost	 
	 4/25/2008
	  	—  	 
	 5/25/2008
	  	1.72	%
	 6/25/2008
	  	1.72	%
	 7/25/2008
	  	1.72	%
	 8/25/2008
	  	1.72	%
	 9/25/2008
	  	1.72	%
	 10/25/2008
	  	1.72	%
	 11/25/2008
	  	1.72	%
	 12/25/2008
	  	1.72	%
	 1/25/2009
	  	1.72	%
	 2/25/2009
	  	1.72	%
	 3/25/2009
	  	1.72	%
	 4/25/2009
	  	1.72	%
	 5/25/2009
	  	1.72	%
	 6/25/2009
	  	1.72	%
	 7/25/2009
	  	1.72	%
	 8/25/2009
	  	1.72	%
	 9/25/2009
	  	1.72	%
	 10/25/2009
	  	1.72	%
	 11/25/2009
	  	1.72	%
	 12/25/2009
	  	1.72	%
	 1/25/2010
	  	1.72	%
	 2/25/2010
	  	1.72	%
	 3/25/2010
	  	1.72	%
	 4/25/2010
	  	1.72	%
	 5/5/2010
	  	79.26	%
		  	 	 
		  	120.48	%

  

 Annex B-1 

 Annex B-2 to 
 Amendment No. 1 to 
 Equipment Schedule No. 1 
  

 SCHEDULE OF STIPULATED LOSS VALUES 
  

				
	 Rent Payment Date
	  	Stipulated Loss Value	 
	 4/25/2008
	  	100.00	%
	 5/25/2008
	  	99.19	%
	 6/25/2008
	  	98.37	%
	 7/25/2008
	  	97.54	%
	 8/25/2008
	  	96.71	%
	 9/25/2008
	  	95.87	%
	 10/25/2008
	  	95.02	%
	 11/25/2008
	  	94.16	%
	 12/25/2008
	  	93.30	%
	 1/25/2009
	  	92.43	%
	 2/25/2009
	  	91.55	%
	 3/25/2009
	  	90.66	%
	 4/25/2009
	  	89.77	%
	 5/25/2009
	  	88.86	%
	 6/25/2009
	  	87.95	%
	 7/25/2009
	  	87.03	%
	 8/25/2009
	  	86.11	%
	 9/25/2009
	  	85.17	%
	 10/25/2009
	  	84.23	%
	 11/25/2009
	  	83.28	%
	 12/25/2009
	  	82.31	%
	 1/25/2010
	  	81.35	%
	 2/25/2010
	  	80.37	%
	 3/25/2010
	  	79.38	%
	 4/25/2010
	  	78.38	%
	 5/5/2010
	  	0.00	%

  

 Annex B-2 

 Amendment No. 1 to Equipment Schedule No. 2 amending Equipment Schedule No. 2 dated as of
January 3, 2007 (“Equipment Schedule No. 2”) between Wise Alloys LLC as Lessee (“Lessee”) and Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee (“Lessor”). 
 Equipment Schedule No. 2 is hereby amended as follows: 
 A. Section 1 is amended by deleting Lessor’s Cost of $14,950,000 and substituting $14,889,937.60 in lieu thereof. 
 B. Section 2 is amended by deleting “January 4, 2010” in the last line thereof and substituting May 5, 2010 as the last day of the Basic Term. 
 C. Section 3 is amended by deleting Annex B-l attached to Equipment Schedule No. 2 and substituting in lieu thereof Annex B-l attached hereto.

 D. Section 7 is amended by deleting Annex B-2 attached to Equipment Schedule No. 2 and substituting in lieu thereof Annex B-2
attached hereto. 
 DATE OF EXECUTION: April 25, 2008 
  

			
	WISE ALLOYS LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity, but solely as Owner Trustee

		
	By:	 	 

	Name:	 	Anita Roselli
	Title:	 	Senior Financial Services Officer

  

 Exhibit B to 
 Amendment to Master Equipment Lease 

 Amendment No. 1 to Equipment Schedule No. 2 amending Equipment Schedule No. 2 dated as of
January 3, 2007 (“Equipment Schedule No. 2”) between Wise Alloys LLC as Lessee (“Lessee”) and Wilmington Trust Company, not in its individual capacity, but solely as Owner Trustee (“Lessor”). 
 Equipment Schedule No. 2 is hereby amended as follows: 
 A. Section 1 is amended by deleting Lessor’s Cost of $14,950,000 and substituting $14,889,937.60 in lieu thereof. 
 B. Section 2 is amended by deleting “January 4, 2010” in the last line thereof and substituting May 5, 2010 as the last day of the Basic Term. 
 C. Section 3 is amended by deleting Annex B-1 attached to Equipment Schedule No. 2 and substituting in lieu thereof Annex B-l attached hereto.

 D. Section 7 is amended by deleting Annex B-2 attached to Equipment Schedule No. 2 and substituting in lieu thereof Annex B-2
attached hereto. 
 DATE OF EXECUTION: April 25, 2008 
  

			
	WISE ALLOYS LLC
		
	By:	 	 

	Name:	 	Kenneth Stastny
	Title:	 	Assistant Secretary
	
	 WILMINGTON TRUST COMPANY, not in
 its
individual capacity, but solely as Owner Trustee

		
	By:	 	  

	Name	 	
	Title:	 	

  

 Amendment No. 1 to 
 Equipment Schedule No. 2 

 Annex B-1 to 
 Amendment No. 1 to 
 Equipment Schedule No. 2 
  

 SCHEDULE OF BASIC RENT 
  

				
	 Rent Payment Date
	  	% of
Lessor’s Cost	 
	 4/25/2008
	  	—  	 
	 5/25/2008
	  	1.72	%
	 6/25/2008
	  	1.72	%
	 7/25/2008
	  	1.72	%
	 8/25/2008
	  	1.72	%
	 9/25/2008
	  	1.72	%
	 10/25/2008
	  	1.72	%
	 11/25/2008
	  	1.72	%
	 12/25/2008
	  	1.72	%
	 1/25/2009
	  	1.72	%
	 2/25/2009
	  	1.72	%
	 3/25/2009
	  	1.72	%
	 4/25/2009
	  	1.72	%
	 5/25/2009
	  	1.72	%
	 6/25/2009
	  	1.72	%
	 7/25/2009
	  	1.72	%
	 8/25/2009
	  	1.72	%
	 9/25/2009
	  	1.72	%
	 10/25/2009
	  	1.72	%
	 11/25/2009
	  	1.72	%
	 12/25/2009
	  	1.72	%
	 1/25/2010
	  	1.72	%
	 2/25/2010
	  	1.72	%
	 3/25/2010
	  	1.72	%
	 4/25/2010
	  	1.72	%
	 5/5/2010
	  	79.26	%
		  	 	 
		  	120.48	%

  

 Annex B-1 

 Annex B-2 to 
 Amendment No. 1 to 
 Equipment Schedule No. 2 
  

 SCHEDULE OF STIPULATED LOSS VALUES 
  

				
	 Rent Payment Date
	  	Stipulated Loss Value	 
	 4/25/2008
	  	100.00	%
	 5/25/2008
	  	99.19	%
	 6/25/2008
	  	98.37	%
	 7/25/2008
	  	97.54	%
	 8/25/2008
	  	96.71	%
	 9/25/2008
	  	95.87	%
	 10/25/2008
	  	95.02	%
	 11/25/2008
	  	94.16	%
	 12/25/2008
	  	93.30	%
	 1/25/2009
	  	92.43	%
	 2/25/2009
	  	91.55	%
	 3/25/2009
	  	90.66	%
	 4/25/2009
	  	89.77	%
	 5/25/2009
	  	88.86	%
	 6/25/2009
	  	87.95	%
	 7/25/2009
	  	87.03	%
	 8/25/2009
	  	86.11	%
	 9/25/2009
	  	85.17	%
	 10/25/2009
	  	84.23	%
	 11/25/2009
	  	83.28	%
	 12/25/2009
	  	82.31	%
	 1/25/2010
	  	81.35	%
	 2/25/2010
	  	80.37	%
	 3/25/2010
	  	79.38	%
	 4/25/2010
	  	78.38	%
	 5/5/2010
	  	0.00	%

  

 Annex B-2 

 Exhibit C 
  

					
	 Rent Payment Date
	 	 Unamortized Portion of
 Additional Equity Investment
	 	 Additional Equity
 Investment Fee*

	 4/25/2008
	 	$4,000,000.00	 	—  
	 5/25/2008
	 	$3,967,532.51	 	$10,000.00
	 6/25/2008
	 	$3,935,065.02	 	$9,918.83
	 7/25/2008
	 	$3,902,597.53	 	$9,837.66
	 8/25/2008
	 	$3,870,130.03	 	$9,756.49
	 9/25/2008
	 	$3,837,662.54	 	$9,675.33
	 10/25/2008
	 	$3,805,195.05	 	$9,594.16
	 11/25/2008
	 	$3,772,727.56	 	$9,512.99
	 12/25/2008
	 	$3,740,260.07	 	$9,431.82
	 1/25/2009
	 	$3,707,792.58	 	$9,350.65
	 2/25/2009
	 	$3,675,325.09	 	$9,269.48
	 3/25/2009
	 	$3,642,857.60	 	$9,188.31
	 4/25/2009
	 	$3,610,390.10	 	$9,107.14
	 5/25/2009
	 	$3,577,922.61	 	$9,025.98
	 6/25/2009
	 	$3,545,455.12	 	$8,944.81
	 7/25/2009
	 	$3,512,987.63	 	$8,863.64
	 8/25/2009
	 	$3,480,520.14	 	$8,782.47
	 9/25/2009
	 	$3,448,052.65	 	$8,701.30
	 10/25/2009
	 	$3,415,585.16	 	$8,620.13
	 11/25/2009
	 	$3,383,117.67	 	$8,538.96
	 12/25/2009
	 	$3,350,650.17	 	$8,457.79
	 1/25/2010
	 	$3,318,182.68	 	$8,376.63
	 2/25/2010
	 	$3,285,715.19	 	$8,295.46
	 3/25/2010
	 	$3,253,247.70	 	$8,214.29
	 4/25/2010
	 	$3,220,780.21	 	$8,133.12
	 5/5/2010
	 	                (0.00)	 	$8,051.95

  

	*	Calculated at a rate of 3% per annum on the unamortized portion of the Additional Equity Investment, subject to the limits provided in the Fee Letter and adjustments in connection
with any payment of Stipulated Loss Value under the Lease which will result in a prepayment of a corresponding portion of the Additional Equity Investment. 

  

 Exhibit C to 
 Amendment to Master Equipment LeaseFee Letter agreement dated April 25, 2008

 Exhibit 10.53 
 April 25, 2008 
 The Retirement System of Alabama 
 135 South Union Street 
 Suite 570 
 Montgomery, AL 36130 
 Re: Fee Letter  
 Ladies and Gentlemen: 
 Reference is made to a commitment letter dated April 15, 2008 (“Commitment”) between Wise
Metals Group, LLC (“Wise”) on the one hand, and The Employees Retirement System of Alabama and The Teachers Retirement System of Alabama (collectively, the “RSA”). Capitalized terms used in this letter agreement which are defined
in the Commitment and not otherwise defined herein are used herein as defined therein. 
 The purpose of this letter agreement is to document
the manner in which additional compensation will be paid to the RSA for its agreement to participate in the Loan Agreement. Such additional compensation is intended to give the RSA an 8.5% return on the average outstanding balance of its Loans under
the Loan Agreement. The return will be generated by (1) interest paid to the RSA under the Loan Agreement, (2) an unused line fee provided for all lenders under the Loan Agreement, (3) the Additional Equity Investment Fee (as such
term is defined in Amendment to Master Lease Agreement dated as of April 25, 2008 (the “Lease Amendment”) among RSA, Wise Alloys LLC (“Lessee”) and Wilmington Trust Company, not in its individual capacity, but solely as
Owner Trustee (“Lessor”)) payable by Lessee pursuant to 

  

 1 

 
Section 4 of the Lease Amendment, and (4) a monthly payment of Deferred Financing Fees. The combination of these payments will give the RSA its
8.5% return on the average outstanding Loan (as such term is defined in the Loan Agreement). 
 The parties, therefore, agree as follows:

 1. Simultaneously with the execution of the Amendment, the Company will credit the RSA with the following deferred fees: 
  

	 	(a)	A Deferred Commitment Fee equal to 2% of the Commitment. 

  

	 	(b)	A Deferred Closing Fee equal to 1% of the Commitment. 

  

	 	(c)	A Deferred Consulting Fee equal to 2% of the Commitment. 

 The aggregate
deferred fees (“Deferred Fees”) shall equal $5,000,000 for the initial commitment. 
 2. For so long as there are any accrued but
unpaid Deferred Fees, no later than the earlier of the fifth day (i) after the end of each month or (ii) the termination of the Commitment, Wise will make the following calculation, and deliver such calculation in the form set forth on
Exhibit 1 hereto to the RSA for each month. Wise shall: 
  

	 	(a)	determine the amount of interest earned by the RSA on the Loan during such period. 

  

	 	(b)	determine the amount of the unused line fee (as such term is used in the Loan Agreement) earned by the RSA during such period. 

  

	 	(c)	determine the amount of the Additional Equity Investment Fee earned under Section 4 of the Lease Amendment during such period. 

 Wise will then add the three amounts set forth above. 
  

 2 

 Insofar as such sum is less than the amount determined by multiplying the average daily outstanding Loan
for such month or other period by 8.5% and multiplying such product by a fraction the numerator of which is the number of days in such period and the denominator of which is 360 (the “RSA Return Amount”), Wise shall within two days wire
transfer to the RSA such amount and, in each case, shall decrease each of the Deferred Fees pro rata. 
 Insofar as sum is greater
than RSA Return Amount the amount will be accrued and offset against future amounts which may be owed by the RSA pursuant to this paragraph 2. 
 3. Upon the termination of the RSA’s Commitment under the Loan Agreement, such that the RSA has no continuing obligation to make Loans, and the repayment of all obligations of Wise to the RSA pursuant to the Loan Agreement or pursuant
hereto, Wise shall have no further obligation to pay any Deferred Fees hereunder. Concurrently with the termination of its obligation to pay Deferred Fees hereunder, the obligation of Lessee to make the Additional Equity Investment Fee payment
pursuant to Section 4 of the Lease Amendment shall simultaneously terminate. 
 4. Wise will pay all fees and expenses reasonably
incurred by or on behalf of RSA in connection with the completion or enforcement of the Loan Agreement or the Fee Letter and the transactions contemplated by this Fee Letter, including, without limitation, reasonable legal, accounting and due
diligence fees and expenses. Wise shall also pay all fees and expenses reasonably incurred by or on behalf of RSA in connection with any modifications, exercise of remedies or enforcement of Wise’s obligations in connection with the Loan
Agreement or the Fee Letter and the transactions contemplated by this Fee Letter, including, without limitation, reasonable legal, accounting, investigation, UCC filing fees and other expenses. 
  

 3 

 5. For as long as the Commitment is outstanding, Wise shall provide the following financial information
to RSA within the time periods specified below: 
 (a) within ninety (90) days after the closed of each fiscal year,
audited financial statements of Wise for such year (including statements of income and of changes in cash flow for such period, and balance sheets as of the end of such period, setting forth in each case in comparative form figures from the
preceding annual audit) showing all consolidating adjustments (if any), prepared by an independent certified public accounting firm of recognized national standing acceptable to RSA and issued with an unqualified opinion from such firm; 

(b) within forty-five (45) days after the close of each quarterly accounting period in each fiscal year, unaudited financial
statements of Wise for such quarter and for the fiscal year to date (including statements of income and of changes in cash flow for such period, setting forth in each case in comparative form figures for the corresponding period in the preceding
fiscal year) showing all consolidating adjustments (if any); 
 (c) within thirty (30) days after the close of each
month, unaudited monthly financial statements of Wise for such monthly period; and 
 (d) at RSA’s request, any other
financial information required to be provided by Wise to the Agent (as defined in the Loan Agreement) under the terms of the Loan Agreement, whether or not such requirement under the Loan Agreement is still in effect. 
 All of the financial information of Wise to be provided to the RSA pursuant to this Paragraph 5 shall be provided in electronic format, via email to M.
Hunter Harrell at the following email address: HunterH@rsa.state.al.us, with a copy to Julie Barranco (JulieB@rsa.state.al.us) or such other address as the RSA may specify from time to time. 
  

 4 

 If the above currently reflects our arrangements with respect to the Commitment, please sign where
indicated below. 
  

			
	Very truly yours,
	
	WISE METALS GROUP LLC
		
	By:	 	 

	Name:	 	 Kenneth Stastny

	Title:	 	 Chief Financial Officer

	Date:	 	 April 25, 2008

  

			
	WISE ALLOYS LLC
		
	By:	 	 

	Name:	 	 Kenneth Stastny

	Title:	 	 Assistant Secretary

	Date:	 	 April 25, 2008

  

			
	AGREED AND ACCEPTED:
	
	 THE EMPLOYEES’ RETIREMENT
 SYSTEM OF ALABAMA

		
	By:	 	 

	Name:	 	 Dr. David G. Bronner

	Title:	 	 Chief Executive Officer

	Date:	 	 April 25, 2008

  

			
	 THE TEACHERS’ RETIREMENT
 SYSTEM OF ALABAMA

		
	By:	 	 

	Name:	 	 Dr. David G. Bronner

	Title:	 	 Chief Executive Officer

	Date:	 	 April 25, 2008

  

 5 

 EXHIBIT I 
 For the period from                  to
                 (“Subject Period”) 
  

			
	1.      Interest paid by the RSA pursuant to the Loan Agreement for the
         Subject Period.	  	___________________
		
	 2.      Unused line fee (currently 0.5%) earned under the Loan Agreement for the Subject Period.
	  	___________________
		
	 3.      Interest earned by the RSA in excess of 10.7% (excess currently set at 3%) of the sale/leaseback
transaction for the subject period.
	  	___________________
		
	 Total
	  	___________________
		
	The RSA Return Amount	  	___________________
		
	Amount Owed/Credited by Wise	  	___________________

  

 6

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