Document:

Exhibit 10.3

 

EXECUTION COPY

 

First Amendment 
 to 
 Intercreditor Agreement

 

This First Amendment to Intercreditor Agreement (this “Amendment”) is entered into as of August 7, 2012, between Bank of America, N.A. (“Bank of America”) in its capacity as collateral agent for the First Lien Secured Parties (as defined in the Existing Intercreditor Agreement referred to below) and Wells Fargo Bank, National Association (“Wells Fargo”) in its capacity as collateral agent for the Junior Lien Secured Parties (as defined in the Intercreditor Agreement referred to below) with reference to the following.

 

Recitals

 

A.            Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc. in its capacity as collateral agent for the First Lien Secured Parties (and predecessor to Bank of America as collateral agent for the First Lien Secured Parties (as defined in the Existing Intercreditor Agreement referred to below) and Wells Fargo in its capacity as collateral agent for the Junior Lien Secured Parties (as defined in the Existing Intercreditor Agreement referred to below) entered into an Intercreditor Agreement dated as of May 31, 2007 (such agreement the “Existing Intercreditor Agreement”, and the Existing Intercreditor Agreement as amended by this Amendment and as further amended, amended and restated, extended, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”).

 

B.            The Existing Intercreditor Agreement contemplated that Junior Lien Obligations (as defined in the Existing Intercreditor Agreement) in addition to the Indenture Obligations (as defined in the Existing Intercreditor Agreement) could be issued or otherwise incurred by Universal Hospital Services, Inc. (the “Company”) or any other Grantor (as defined in the Existing Intercreditor Agreement) and such additional Junior Lien Obligations would be subject to the terms of the Existing Intercreditor Agreement.

 

C.            The Company intends to issue certain additional Junior Lien Obligations consisting of $425,000,000 in aggregate principal amount of Second Lien Senior Secured Notes due 2020 (including any additional notes issued under the New Indenture referred to below, the “ New Notes”) issued under the Indenture dated on or about the date hereof (as amended, amended and restated, extended, refinanced, supplemented or otherwise modified from time to time, the “New Indenture”) among the Company and Wells Fargo, as trustee (in such capacity and together with its successors and assigns, the “New Trustee”), which New Notes will be secured by the liens granted under the Amended and Restated Second Lien Security Agreement, dated as of August 7, 2012 between the Company and Wells Fargo as collateral agent for the Secured Parties (as defined therein) (as amended, amended and restated, extended, refinanced, supplemented or otherwise modified from time to time, the “Second Lien Security Agreement”).  The Company and each other Grantor may in the future issue or otherwise incur additional Junior Lien Obligations as contemplated by the Existing Intercreditor Agreement.

 

D.            The Existing Intercreditor Agreement is being amended as set forth herein in order to (i) accurately reflect the agreement of the parties with respect to the New Notes and any such future additional Junior Lien Obligations, (ii) acknowledge Bank of America as successor collateral agent for the First Lien Secured Parties and (iii) pursuant to Section 8.3 of the Existing Intercreditor Agreement to acknowledge (A) that Obligations in respect of the New Notes and the related guarantees thereof secured by the Second Lien Security Agreement are Junior Lien Obligations for purposes of the Existing Intercreditor Agreement, (B) Wells Fargo as collateral agent for the holders of the New Notes is a “Junior Lien Representative” and that in such capacity, Wells Fargo, the holders of the New Notes and the New Trustee are “Junior Lien Secured Parties” in each case for all purposes of the Intercreditor Agreement.

 

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The parties hereto agree as follows:

 

1.             Defined Terms.  Capitalized terms used in this Amendment and not otherwise defined are used with the meanings ascribed to them in the Existing Intercreditor Agreement.

 

2.             Amendments to Existing Agreement.

 

(a)           Section 1.1 of the Existing Intercreditor Agreement is hereby amended as follows:

 

(i)            in the definition of “Junior Lien Obligations” appearing therein, replacing each appearance of the words “the Indenture” appearing therein with the words “each then extant Junior Lien Document”; and

 

(ii)           in the definition of “Junior Lien Security Documents” appearing therein, deleting the words “so long as the Indenture Obligations are outstanding,” appearing in clause (a) thereof and the word “thereafter” appearing in clause (b) thereof.

 

(b)           Section 2.3 of the Existing Intercreditor Agreement is amended by adding the following paragraph thereto:

 

“Notwithstanding the foregoing, if UHS or any other Grantor shall grant to the First Lien Collateral Agent any Lien on any additional asset (real, personal or mixed) to secure the First Lien Obligations, then UHS shall (and shall cause each such Grantor to) grant to the Junior Lien Collateral Agent a Lien on such asset to secure the Junior Lien Obligations, which Liens shall be subject in all respects to the terms of this Agreement, including the priority set forth in Section 2.1 hereof; provided, however, that Liens in favor of the First Lien Collateral Agent on cash and cash equivalents to cash collateralize or otherwise satisfy reimbursement obligations relating to letters of credit issued pursuant to the First Lien Documents, to the extent permitted by the Junior Lien Documents,  shall not be subject to the requirement to grant a Lien on such assets to the Junior Lien Collateral Agent set forth above.”

 

(c)           Section 5.1(a) of the Existing Intercreditor Agreement is deleted in its entirety and the following is inserted in lieu thereof:

 

“(a)         (i)  If, at any time any Grantor or any First Lien Secured Party delivers notice to the Junior Lien Collateral Agent with respect to any specified Common Collateral (including for such purpose, in the case of the sale or other disposition of all or substantially all of the equity interests in any Subsidiary, any Common Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof) that:

 

(A)                               such specified Common Collateral has been or is being sold, transferred or otherwise disposed of (a “Disposition”) by the owner of such Common Collateral in a transaction permitted under the Credit Agreement and under the Junior Lien Documents relating to then outstanding Junior Lien Obligations; or

 

(B)                               the First Priority Liens thereon have been or are being released in connection with a Subsidiary that is released from its guarantee under the Credit Agreement and under the Junior Lien Documents relating to Junior Lien Obligations then outstanding; or

 

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(C)                               the First Priority Liens thereon have been or are being otherwise released as permitted by the Credit Agreement or by the First Lien Collateral Agent on behalf of the First Lien Secured Parties (unless, in the case of clause (B) or (C) of this Section 5.1(a)(i) such release occurs in connection with, and after giving effect to, a Discharge of First Lien Obligations, which discharge is not in connection with a foreclosure of, or other exercise of remedies with respect to, Common Collateral by the First Lien Secured Parties (such discharge not in connection with any such foreclosure or exercise of remedies, a “Payment Discharge”)),

 

then the Junior Liens upon such Common Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Common Collateral securing First Lien Obligations are released and discharged (provided that in the case of a Payment Discharge, the Liens on any Common Collateral disposed of in connection with the satisfaction in whole or in part of First Lien Obligations shall be automatically released but any proceeds thereof not used for purposes of the Discharge of First Lien Obligations or otherwise in accordance with the Junior Lien Documents relating to Junior Lien Obligations then outstanding shall be subject to Junior Liens and shall be applied pursuant to Section 4.1). Upon delivery to the Junior Lien Collateral Agent of a notice from the First Lien Collateral Agent stating that any such release of Liens securing or supporting the First Lien Obligations has become effective (or shall become effective upon the Junior Lien Collateral Agent’s release), the Junior Lien Collateral Agent will promptly, at the Company’s expense, execute and deliver such instruments, releases, termination statements or other documents confirming such release on customary terms, which instruments, releases and termination statements shall be substantially identical to the comparable instruments, releases and termination statements executed by the First Lien Collateral Agent in connection with such release. In the case of the sale of capital stock of a Subsidiary or any other transaction resulting in the release of such Subsidiary’s guarantee under the Credit Agreement in accordance with the Credit Agreement, the guarantee in favor of the Junior Lien Secured Parties, if any, made by such Subsidiary will automatically be released and discharged as and when, but only to the extent, the guarantee by such Subsidiary of First Lien Obligations is released and discharged.

 

(ii)           At such time as (1) the First Lien Obligations have been satisfied in full in cash in accordance with the terms thereof and all commitments and letters of credit thereunder have been terminated or (2) the holders of the First Priority Liens have released their First Priority Liens on all or any portion of the Collateral, the Junior Liens will also be automatically released to the same extent; provided, however, that (a) in the case of clause (1) of this sentence, in the event that an Event of Default under any Junior Lien Document relating to Junior Lien Obligations then outstanding exists as of the date on which the First Lien Obligations are repaid in full and terminated as described in clause (1), the Junior Liens on the Collateral will not be released, except to the extent the Collateral or any portion thereof was disposed of in order to repay the First Lien Obligations secured by the Collateral and, thereafter, (x) the Trustee, solely with respect to the Indenture Secured Parties and the Indenture Obligations, acting at the direction of the holders of a majority of outstanding principal amount of the Notes, and (y) each other Junior Lien Representative, solely with respect to the Junior Lien Secured Parties and the Junior Lien Obligations for which such other Junior Lien Representative has been designated as the duly authorized representative pursuant to the applicable Junior Lien Documents, acting at the direction of the holders of a majority in outstanding principal amount such Junior Lien Obligations, will have the right to direct the Junior Lien Collateral Agent with respect to their respective Junior Lien Obligations to foreclose upon the Collateral (but, in such event, the Junior Liens will be released when such Event of Default and all other Events of Default under any such Junior Lien Document cease to 

 

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exist), and (b) in the case of clause (2) of this sentence, if the First Priority Lien Obligations (or any portion thereof) are thereafter secured by assets that would constitute Collateral, the Junior Lien Obligations will then be secured by the Junior Liens on such Collateral, to the same extent provided pursuant to the Junior Lien Security Documents.  If UHS subsequently incurs obligations under the Credit Agreement or other First Priority Lien Obligations which are secured by assets of UHS or any other Grantors of the type constituting Collateral, then the Junior Lien Obligations will be secured at such time by a Junior Lien on the collateral securing such First Lien Obligations to the same extent provided by the Junior Lien Documents relating to Junior Lien Obligations then outstanding.”

 

(d)           Section 8.3 of the Existing Intercreditor Agreement is hereby amended by inserting the words “, each other extant Junior Lien Document” after the words “Indenture Documents” appearing in the penultimate sentence of such Section.

 

(e)           Section 8.21 of the Existing Intercreditor Agreement is hereby amended as follows:

 

(i)            in the first sentence of such Section, inserting the words “, each other extant Junior Lien Document” after the words “Indenture Documents” appearing therein; and

 

(ii)           replacing the last two sentences of such Section with the following:

 

“Without limiting anything contained herein and for the avoidance of doubt, with respect to any intercreditor agreements (or similar arrangements) entered into by Junior Lien Secured Parties (as among themselves) governing the rights, benefits and privileges among Junior Lien Secured Parties in respect of Common Collateral as referred to above that have or will have Liens junior to the Liens securing the then existing Junior Lien Obligations (x) the Trustee, acting on behalf of the Indenture Secured Parties, and (y) each other Junior Lien Representative, acting on behalf of the Junior Lien Secured Parties for which such other Junior Lien Representative has been designated as the duly authorized representative pursuant to the applicable Junior Lien Documents, may, at the written request of the Company, enter into and execute on behalf of itself and the applicable Junior Lien Secured Parties, any intercreditor agreement with any other Junior Lien Representative on behalf of other Junior Lien Secured Parties with respect the Common Collateral to the extent permitted under the First Lien Documents, the Indenture Documents and each other extant Junior Lien Document, which intercreditor agreement is substantially identical to this Agreement except that the Liens on the Common Collateral granted to such other Junior Lien Secured Parties shall be junior and subordinated to the Junior Liens on the Common Collateral granted to the Junior Lien Secured Parties pursuant to the Junior Lien Security Documents substantially to the same extent as the Junior Liens on the Common Collateral are junior and subordinate to the First Priority Liens granted to the First Lien Secured Parties under this Agreement and the First Lien Security Documents.  The Trustee and each other Junior Lien Representative shall be entitled to conclusively rely on an Officer’s Certificate and an opinion of counsel, at the Company’s expense, that such intercreditor agreement satisfies the criterion set forth in the preceding sentence.”

 

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3.             Conditions to Effectiveness.  This Amendment shall become effective on the date (the “Amendment Effective Date”) on which the First Lien Collateral Agent and the Junior Lien Collateral Agent shall have duly executed and delivered to the other counterparts of this Amendment.

 

4.             Limited Effect.  Except as expressly provided by this Amendment, all of the terms and provisions of the Existing Intercreditor Agreement shall remain in full force and effect.

 

5.             Continuing Effect.  Each signatory hereto further confirms that the Intercreditor Agreement is and shall continue to be in full force and effect and the same is hereby ratified and confirmed in all respects, except that upon the occurrence of the Amendment Effective Date, all references in the Existing Intercreditor Agreement to the “this Agreement,” “thereunder,” “thereof,” or words of similar import shall mean the Intercreditor Agreement as amended by this Amendment.

 

6.             GOVERNING LAW.  .  THIS AGREEMENT HAS BEEN DELIVERED AND ACCEPTED AT AND SHALL BE DEEMED TO HAVE BEEN MADE AT NEW YORK, NEW YORK AND SHALL BE INTERPRETED, AND THE RIGHTS AND LIABILITIES OF THE PARTIES BOUND HEREBY DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

7.             Miscellaneous.  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Copies of this Amendment signed by all parties hereto shall be lodged with the Borrower, the First Lien Collateral Agent and the Junior Lien Collateral Agent.  Delivery of an executed signature page of this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

[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 proper and duly authorized officers as of the day and year first written above.

 

 

	
 
    	
BANK OF AMERICA, N.A.,
    
	
 
    	
as First Lien Collateral Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Brian J. Wright
    
	
 
    	
Name: Brian J. Wright
    
	
 
    	
Title: Senior Vice President
    

 

[Signature Page to First Amendment to Intercreditor Agreement]

 

 

	
 
    	
WELLS FARGO BANK, NATIONAL   ASSOCIATION,
    
	
 
    	
as Junior Lien Collateral Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Lynn M. Steiner
    
	
 
    	
Name: Lynn M. Steiner
    
	
 
    	
Title: Vice President
    

 

[Signature Page to First Amendment to Intercreditor Agreement]

 

 

	
Acknowledged and Agreed:
    	
 
    
	
 
    	
 
    
	
UNIVERSAL HOSPITAL   SERVICES, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By: 
    	
/s/ Susan L. Wolf
    	
 
    
	
Name: Susan L. Wolf
    	
 
    
	
Title: Treasurer
    	
 
    
	
 
    	
 
    
			

 

[Signature Page to First Amendment to Intercreditor Agreement]Exhibit 10.1

 

EXECUTION VERSION

 

FIFTH AMENDMENT TO THE CREDIT AGREEMENT

 

FIFTH AMENDMENT (this “Amendment”), dated as of August 10, 2012, to the Credit Agreement dated as of December 10, 2010 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”), among Thompson Creek Metals Company Inc. (the “Borrower”), the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), and the other agents party thereto.

 

W I T N E S S E T H :

 

WHEREAS, the parties hereto are parties to the Credit Agreement;

 

WHEREAS, the Borrower has requested that the Lenders agree to make certain amendments to the Credit Agreement and the Royal Gold Intercreditor Agreement as set forth herein; and

 

WHEREAS, the Required Lenders are willing to agree to such amendments and other matters, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1.                                DEFINITIONS.

 

1.1                                 Unless otherwise defined herein, capitalized terms which are defined in the Credit Agreement are used herein as therein defined.

 

SECTION 2.                                AMENDMENTS.

 

(a)                                  Amendment to Section 1 of the Credit Agreement.

 

(i)                                     Section 1.1 of the Credit Agreement is hereby amended by adding the following terms in proper alphabetical order:

 

“Forecast”: as defined in Section 6.2(j).

 

“Fifth Amendment”: the Fifth Amendment to this Agreement, dated as of August 10, 2012.

 

“Fifth Amendment Forecast”: the forecast delivered pursuant to Section 3(f) of the Fifth Amendment.

 

“Fifth Amendment Effective Date”: the date on which each of the conditions to the effectiveness of the Fifth Amendment have been satisfied, in accordance with the terms of Section 3 thereof, which date is August 10, 2012.

 

“Royal Gold Purchase Agreement First Amendment”: the First Amendment to Royal Gold Purchase Agreement, dated as of August 8, 2012, substantially in the form of Exhibit A to the Fifth Amendment.

 

 

“Weekly Reporting Period”: a period commencing on a Saturday and ending on (and including) the following Friday.

 

(ii)                                  The definitions of “Applicable Margin”, “Commitment Fee Rate”, “Consolidated Borrowing Liquidity”, “Royal Gold Intercreditor Agreement” and “Royal Gold Purchase Agreement” in Section 1.1 of the Credit Agreement are hereby amended by replacing such definitions in their entirety with the following definitions:

 

“Applicable Margin”: (a) as to any ABR Loan or Canadian Prime Rate Loan, 4.00% and (b) as to any Eurodollar Loan, CDOR Loan or the Acceptance Fees, 5.00%.

 

“Commitment Fee Rate”:  1.00% per annum.

 

“Consolidated Borrowing Liquidity”:  as of any date of determination, the sum of (a) the aggregate amount of the Available Commitments as of such date plus (b) the Cash Balance as of such date plus (c) the amount of cash to be received in the immediately following fiscal quarter pursuant to the Royal Gold Purchase Agreement; provided that, any amounts pursuant to this clause (c) shall only be included if the Company is either in compliance with, or (with respect to conditions scheduled to occur after the date of such certificate) has no reason to believe that it will not meet, the conditions of Section 5.3 of the Royal Gold Purchase Agreement in effect as of the Fifth Amendment Effective Date (without giving effect to any amendments, modifications or waivers thereto) for such cash to be received in the immediately following fiscal quarter.

 

“Royal Gold Intercreditor Agreement”: the Intercreditor Agreement entered into among the Administrative Agent, the Borrower, Terrane Metals Corp. and RGLD Gold AG (as successor to RGL Royalty AG), substantially in the form of Exhibit H (as amended by the First Amendment to the Intercreditor Agreement, dated as of December 14, 2011 and the Second Amendment to the Intercreditor Agreement, dated as of August 10, 2012).

 

“Royal Gold Purchase Agreement”: the Amended and Restated Purchase and Sale agreement dated as of December 14, 2011 (as amended by the Royal Gold Purchase Agreement First Amendment) among the Borrower, Terrane Metals Corp., RGLD Gold AG and Royal Gold, Inc.

 

(iii)                               The definitions of “Applicable Pricing Grid”, “Endako Completion Date” and “Mt. Milligan Completion” in Section 1.1 of the Credit Agreement are hereby deleted in their entirety.

 

(b)                                 Amendment to Section 2.9 of the Credit Agreement.  Section 2.9 of the Credit Agreement is hereby amended by adding the following immediately after clause (c) of such section:

 

(d) In the event that the Cash Balance exceeds $75,000,000 for three consecutive Business Days, the Borrower shall within one Business Day repay any Revolving Loans and/or the Swingline Loans in an aggregate amount equal to such excess amount on the date previous to such repayment.

 

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(c)                                  Amendment to Section 5.2 of the Credit Agreement.  Section 5.2 of the Credit Agreement is hereby amended by adding the following immediately after clause (b) of such section:

 

(c) Maximum Cash Balance.

 

The Cash Balance, before giving effect to such extension of credit and any other transactions related (directly or indirectly) to such extension of credit, is less than $50,000,000.

 

(d) Officer’s Certificate.

 

The Borrower shall deliver to the Administrative Agent a certificate duly executed by a Responsible Officer in form and substance satisfactory to the Administrative Agent that (i) provides the Cash Balance and (ii) certifies that the Company is either in compliance with, or (with respect to conditions scheduled to occur after the date of such certificate) has no reason to believe that it will not meet, the conditions of Section 5.3 of the Royal Gold Purchase Agreement as of the Fifth Amendment Effective Date (without giving effect to any amendments, modifications or waivers thereto) for any Scheduled Deposit Payment (as defined in the Royal Gold Purchase Agreement) scheduled to be paid pursuant to the terms of the Royal Gold Purchase Agreement.

 

(d)                                 Amendment to Section 6.2 of the Credit Agreement.  Section 6.2 of the Credit Agreement is hereby amended by adding the following immediately after clause (i) of such section:

 

(j) within 30 days after the end of each calendar month, commencing within 30 days after August 31, 2012, a detailed consolidated forecast (in a form consistent with the Fifth Amendment Forecast) for the three succeeding calendar months, including (i) a projected consolidated balance sheet of the Borrower as of the end of such calendar month, and the related consolidated statements of projected cash flow, income and Consolidated EBITDA and (ii) a description of the key underlying operating statistics and assumptions with respect thereto (collectively, the “Forecast”);

 

(k) within 30 days after the end of each calendar month, commencing within 30 days after August 31, 2012,  a reconciliation for the calendar month so ended with the Fifth Amendment Forecast or the last Forecast delivered pursuant to Section 6.2(j), as applicable, with respect to such calendar month;

 

(l) on each Monday (or, if such day is not a Business Day, the next succeeding Business Day) of each calendar week, a report prepared by the Borrower as of the last day of the Weekly Reporting Period then most recently ended that sets forth actual sources and uses of funds during the previous Weekly Reporting Period;

 

(m)  each report delivered by the Borrower or its Subsidiaries pursuant to Article 7 of the Royal Gold Purchase Agreement, in each case, within the period of time set forth in the Royal Gold Purchase Agreement in effect as of the Fifth Amendment Effective Date (without giving effect to any amendments, modifications or waivers thereto);

 

(n) within five Business Days after completion, the monthly operations report for the Endako Mine created by the Borrower or its Subsidiaries (it being understood and agreed that the

 

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Borrower and its Subsidiaries will continue producing the monthly operations report being created in the ordinary course of business prior to the Fifth Amendment Effective Date).

 

(e)                                  Amendment to Section 6.6(b) of the Credit Agreement.  Section 6.6(b) of the Credit Agreement is hereby amended by replacing such section in its entirety with the following:

 

(b) permit (i) representatives of the Administrative Agent together with representatives of any Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Group Members with officers and employees of the Group Members and with their independent certified public accountants; provided that, so as long as no Default or Event of Default exists, the Borrower shall only be obligated to reimburse the Administrative Agent for one inspection pursuant to this clause (i) per fiscal year and (ii) third party advisors selected by the Administrative Agent to conduct valuations, assessments and any other examinations or inspections on the mines, properties, smelter, refinery or other processing locations and other locations of the Borrower and its Subsidiaries (including, without limitation, the Thompson Creek Mine, the Endako Mine, the Langeloth Facility and the Mount Milligan Project); provided that, so as long as no Default or Event of Default exists, the Borrower shall only be obligated to reimburse the Administrative Agent for (x) one inspection at each of the Thompson Creek Mine, the Endako Mine, the Langeloth Facility and the Mount Milligan Project per fiscal year and (y) one other inspection per fiscal year.

 

(f)                                    Amendment to Section 7.1(c) of the Credit Agreement.  Section 7.1(c) of the Credit Agreement is hereby amended by replacing such section in its entirety with the following:

 

(c) Permit Consolidated EBITDA for the fiscal quarter ending on any date set forth below to be less than (including by being negative) the amount set forth below opposite such date:

 

	
Date
    	
 
    	
Amount
    	
 
    
	
December 31, 2012
    	
 
    	
$
    	
0
    	
 
    
	
March 31, 2013
    	
 
    	
$
    	
23,000,000
    	
 
    
	
June 30, 2013
    	
 
    	
$
    	
19,000,000
    	
 
    
	
September 30, 2013
    	
 
    	
$
    	
29,000,000
    	
 
    
	
December 31, 2013
    	
 
    	
$
    	
23,000,000
    	
 
    

 

(g)                                 Amendment to Section 7.1(d) of the Credit Agreement.  Section 7.1(d) of the Credit Agreement is hereby amended by replacing such section in its entirety with the following:

 

(d) Minimum Liquidity.

 

Permit the Consolidated Borrowing Liquidity at any time to be less than $100,000,000.

 

(h)                                 Amendments to the Royal Gold Intercreditor Agreement.  The Royal Gold Intercreditor Agreement shall be amended as set forth on Exhibit B hereto.

 

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SECTION 3.                     CONDITIONS PRECEDENT.  This Amendment shall become effective on the date (the “Effective Date”) on which all of the following conditions have been satisfied or waived:

 

(a)                                  Execution and Delivery.  The Administrative Agent shall have received counterparts of this Amendment duly executed by (i) the Borrower, (ii) the Required Lenders and (iii) the Administrative Agent.

 

(b)                                 No Default.  Both prior to and after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing on the Effective Date.

 

(c)                                  Representations and Warranties.  As of the Effective Date (both prior to and after giving effect to this Amendment) all representations and warranties contained in Section 4 shall be true and correct in all material respects.

 

(d)                                 Royal Gold Purchase Agreement First Amendment.  The Administrative Agent shall have received true, correct and executed copies of the Royal Gold Purchase Agreement First Amendment and the conditions to the effectiveness of the Royal Gold Purchase Agreement First Amendment set forth in Sections 10(B)(a) and 10(B)(b) of the Royal Gold Purchase Agreement First Amendment shall have been satisfied.

 

(e)                                  Fees and Expenses.  The Administrative Agent shall have received the fees and expenses required to be paid by the Borrower pursuant to Section 5 of this Amendment.

 

(f)                                    Forecast.  The Administrative Agent shall have received a detailed consolidated forecast in form and substance satisfactory to the Administrative Agent for August, September and October of 2012, including (i) a projected consolidated balance sheet of the Borrower as of the end of July 2012, and the related consolidated statements of projected income, cash flow and Consolidated EBITDA and (ii) a description of the key underlying operating statistics and assumptions with respect thereto.

 

For the purpose of determining compliance with the conditions specified in this Section 3, each Lender that has signed this Amendment shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 3.

 

SECTION 4.                     REPRESENTATIONS AND WARRANTIES.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrower hereby represents and warrants to the Administrative Agent and the Lenders that:

 

(a)                                  the representations and warranties of the Borrower and the other Loan Parties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the Effective Date as if made on and as of the Effective Date both prior to, and after giving effect to, this Amendment, except where such representations and warranties expressly relate to an earlier date in which case such representations and warranties were true and correct in all material respects as of such earlier date;

 

(b)                                 both prior to and after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing on the Effective Date; and

 

(c)                                  after giving effect to the transactions contemplated by the Royal Gold Purchase Agreement, each Loan Party is Solvent.

 

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SECTION 5.                     FEES AND EXPENSES.  The Borrower agrees to pay (i) the Administrative Agent for the account of each Lender that consents to this Amendment on or prior to 5:00 p.m., New York time, August 10, 2012, a fee equal to 0.75% of such Lender’s Commitment on the Effective Date and (ii) all invoiced fees and accrued expenses of the Administrative Agent, including without limitation, the reasonable fees and expenses of legal counsel.

 

SECTION 6.                     CONTINUING EFFECT.  Except as expressly amended, waived or modified hereby, the Loan Documents shall continue to be and shall remain in full force and effect in accordance with their respective terms.  This Amendment shall not constitute an amendment, waiver or modification of any provision of any Loan Document not expressly referred to herein and shall not be construed as an amendment, waiver or modification of any action on the part of the Borrower or the other Loan Parties that would require an amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein, or be construed to indicate the willingness of the Administrative Agent or the Lenders to further amend, waive or modify any provision of any Loan Document amended, waived or modified hereby for any other period, circumstance or event.  Except as expressly modified by this Amendment, the Credit Agreement and the other Loan Documents are ratified and confirmed and are, and shall continue to be, in full force and effect in accordance with their respective terms.  Except as expressly set forth herein, each Lender and the Administrative Agent reserves all of its rights, remedies, powers and privileges under the Credit Agreement, the other Loan Documents, applicable law and/or equity.  Any reference to the “Credit Agreement” in any Loan Document or any related documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment and the term “Loan Documents” in the Credit  Agreement and the other Loan Documents shall include, without limitation, this Amendment and any agreements, instruments and other documents executed and/or delivered in connection herewith.

 

SECTION 7.                     CONSENT OF GUARANTORS.  Each of the Guarantors hereby consents to this Amendment, and to the amendments and modifications to the Credit Agreement pursuant hereto and acknowledges the effectiveness and continuing validity of its obligations under or with respect to the Credit Agreement and any Security Document, as applicable, and its liability for the Obligations, pursuant to the terms thereof and that such obligations are without defense, setoff and counterclaim.

 

SECTION 8.                     GOVERNING LAW.  THIS AMENDMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 9.                     SUCCESSORS AND ASSIGNS.  This Amendment shall be binding upon and inure to the benefit of the Borrower, the other Loan Parties, the Administrative Agent, the other Agents and the Lenders, and each of their respective successors and assigns, and shall not inure to the benefit of any third parties.  The execution and delivery of this Amendment by the Lenders prior to the Effective Date shall be binding upon its successors and assigns and shall be effective as to any Loans or Commitments assigned to it after such execution and delivery.

 

SECTION 10.               ENTIRE AGREEMENT.  This Amendment, the Credit Agreement and the other Loan Documents represent the entire agreement of the Loan Parties, the Administrative Agent, the Agents, the Lenders and the Lenders, as applicable, with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, any other Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the Credit Agreement or the other Loan Documents.

 

SECTION 11.               LOAN DOCUMENT.  This Amendment is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions of the Credit Agreement.

 

6

 

SECTION 12.               COUNTERPARTS.  This Amendment may be executed by the parties hereto in any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  An executed signature page of this Amendment may be delivered by facsimile transmission or electronic PDF of the relevant signature page hereof.

 

SECTION 13.               HEADINGS.  Section headings used in this Amendment are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.

 

7

 

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

 

	
 
    	
THOMPSON   CREEK METALS COMPANY INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Pamela L. Saxton
    
	
 
    	
 
    	
Name:
    	
Pamela   L. Saxton
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President and Chief Financial Officer
    

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A., as
   Administrative Agent and Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brian Knapp
    
	
 
    	
 
    	
Name:
    	
Brian   Knapp
    
	
 
    	
 
    	
Title:
    	
Vice   President 
    

 

 

	
 
    	
DEUTSCHE BANK AG CANADA BRANCH, as Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David Gynn
    
	
 
    	
 
    	
Name:
    	
David   Gynn
    
	
 
    	
 
    	
Title:
    	
Chief   Financial Officer 
    

 

 

	
 
    	
By:
    	
/s/   Marcellus Leung
    
	
 
    	
 
    	
Name:
    	
Marcellus   Leung
    
	
 
    	
 
    	
Title:
    	
Assistant   Vice President 
    

 

 

	
 
    	
COMPASS BANK, as Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Joseph W. Nimmons
    
	
 
    	
 
    	
Name:
    	
Joseph   W. Nimmons
    
	
 
    	
 
    	
Title:
    	
Vice   President 
    

 

 

	
 
    	
ROYAL BANK OF CANADA, as Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stam Fountoulakis
    
	
 
    	
 
    	
Name:
    	
Stam   Fountoulakis
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory 
    

 

 

	
 
    	
STANDARD BANK PLC, as Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mick Mullen
    
	
 
    	
 
    	
Name:
    	
Mick   Mullen
    
	
 
    	
 
    	
Title:
    	
Executive
    

 

 

	
 
    	
By:
    	
/s/   Paul Stevens
    
	
 
    	
 
    	
Name:
    	
Paul   Stevens
    
	
 
    	
 
    	
Title:
    	
Executive
    

 

 

	
 
    	
SOCIÉTÉ   GÉNÉRALE (CANADA BRANCH), as Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Chris Henstock
    
	
 
    	
 
    	
Name:
    	
Mick   Mullen
    
	
 
    	
 
    	
Title:
    	
Managing   Director
    
	
 
    	
 
    	
 
    	
Mining   & Commodities Finance
    

 

 

	
 
    	
By:
    	
/s/   Michael C. Manion
    
	
 
    	
 
    	
Name:
    	
Michael   C. Manion
    
	
 
    	
 
    	
Title:
    	
Director
    

 

 

	
 
    	
UBS   LOAN FINANCE LLC, as Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mary E. Evans
    
	
 
    	
 
    	
Name:
    	
Mary   E. Evans
    
	
 
    	
 
    	
Title:
    	
Associate   Director
   Banking Products Services, US
    

 

 

	
 
    	
By:
    	
/s/   Christopher Gomes
    
	
 
    	
 
    	
Name:
    	
Christopher   Gomes
    
	
 
    	
 
    	
Title:
    	
Associate   Director
   Banking Products Services, US

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00207-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00207-of-00352.parquet"}]]