Document:

Amended and Restated U.S. Pledge Agreement, dated as of 12/19/2006

   
 Exhibit 10.8
 
 
 EXECUTION COPY
  
 AMENDED AND RESTATED U.S. PLEDGE AGREEMENT

 
 AMENDED AND RESTATED U.S. PLEDGE AGREEMENT, dated as of August 1, 2006 and amended and restated as of December 19, 2006 (as the same may be amended, restated, modified and/or
supplemented from time to time, this “Agreement”) among each
of the undersigned pledgors (each, a “Pledgor” and, together
with any other entity that becomes a pledgor hereunder pursuant to Section 30 hereof, the “Pledgors”) and DEUTSCHE BANK AG NEW YORK BRANCH, as collateral agent (together with any successor collateral agent, the “Pledgee”), for the benefit of the Secured Creditors (as defined below). Except as
otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined.
  
 W I T N E S S E T H :
  
 WHEREAS, Aurora Acquisition Merger Sub, Inc., Aleris
International, Inc., a Delaware corporation (“Aleris” or the
“U.S. Borrower”), Aleris Deutschland Holding GmbH, a company
with limited liability formed under the laws of Germany (the “German Borrower” and, together with the U.S. Borrower, each a “Borrower” and, collectively, the “Borrowers”), the lenders party thereto from time to time, (the “Lenders”), and the Administrative Agent (the Lenders, the Collateral Agent and the Administrative Agent are herein called the “Lender Creditors”) have entered into an Amended and Restated Term Loan Agreement,
dated as of August 1, 2006 and amended and restated as of the date hereof, providing for the making of Loans to the Borrowers as contemplated therein (as used herein, the term “Credit Agreement” means the Amended and Restated Term Loan Agreement described
above in this paragraph, as the same may be amended, modified, extended, renewed, replaced, restated, supplemented or refinanced from time to time, and including any agreement extending the maturity of, or refinancing or restructuring (including,
but not limited to, the inclusion of additional borrowers or guarantors thereunder or any increase in the amount borrowed) all or any portion of, the indebtedness under such agreement or any successor agreement, whether or not with the same agent,
trustee, representative, lenders or holders; provided that, with respect
to any agreement providing for the refinancing or replacement of indebtedness under the Credit Agreement, such agreement shall only be treated as, or as part of, the Credit Agreement hereunder if (i) either (A) all obligations under the Credit
Agreement being refinanced or replaced shall be paid in full at the time of such refinancing or replacement, and all commitments pursuant to the refinanced or replaced Credit Agreement shall have terminated in accordance with their terms or (B) the
Required Lenders shall have consented in writing to the refinancing or replacement indebtedness being treated as indebtedness pursuant to the Credit Agreement, and (ii) a notice to the effect that the refinancing or replacement indebtedness shall be
treated as issued under the Credit Agreement shall be delivered by Aleris to the Collateral Agent);
  
 WHEREAS, each Borrower and/or one or more of its Subsidiaries
may at any time and from time to time enter into one or more Secured Hedging Agreements with one or more Persons other than the Borrowers or their Subsidiaries (the “Other Creditors” and collectively, with the Lender Creditors, the
“Secured Creditors”);
  
 WHEREAS, pursuant to the U.S. Borrower Guaranty, the U.S. Borrower has guaranteed to the Secured Creditors the payment when due of all of its Relevant Guaranteed Obligations as
described therein;
  
 WHEREAS, pursuant to the U.S. Subsidiaries Guaranty, each
U.S. Subsidiary Guarantor has jointly and severally guaranteed to the Secured Creditors the payment when due of all Guaranteed Obligations (as defined in the U.S. Subsidiaries Guaranty);
  
 WHEREAS, the Intercreditor Agreement governs the relative rights and priorities of the Secured Creditors and the ABL Secured Parties in respect of the ABL Priority Collateral and
the Term Priority Collateral (and with respect to certain other matters as described therein);
  
 WHEREAS, it is a condition precedent to (i) the making of
Loans to the Borrowers under the Credit Agreement and (ii) the Other Creditors entering into Secured Hedging Agreements, that each Guarantor shall have executed and delivered to the Pledgee this Agreement; and
  
 WHEREAS, each Pledgor has obtained and will continue to obtain benefits from the incurrence of Loans by the Borrowers under the Credit Agreement and the entering into by the
Borrowers and/or one or more of their respective Subsidiaries of Secured Hedging Agreements and, accordingly each Pledgor, desires to execute this Agreement in order to (i) satisfy the condition described in the preceding paragraph and to (ii)
induce (x) the Lenders to make Loans to the Borrowers and (y) the Other Creditors to enter into Secured Hedging Agreements with the Borrowers and/or one or more of their respective Subsidiaries;
  
 NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to each Pledgor, the receipt and sufficiency of which are hereby acknowledged, each Pledgor hereby
makes the following representations and warranties to the Pledgee for the benefit of the Secured Creditors and hereby covenants and agrees with the Pledgee for the benefit of the Secured Creditors as follows:
  
 1.  SECURITY FOR
OBLIGATIONS. Subject to the terms of the Intercreditor Agreement with respect to rights and remedies between the Collateral Agent and the ABL Collateral Agent, this Agreement is made by each Pledgor for the benefit of the Secured Creditors to
secure:
  
 (i)  the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation,
unpaid principal, premium, interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor
or any Subsidiary thereof at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) and fees, costs and indemnities) of such Pledgor owing to the Secured Creditors,
whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and the other Credit Documents to which such Pledgor is a party (including, in the event such Pledgor is a Guarantor, all such obligations,
liabilities and indebtedness of such Pledgor under its Guaranty) and the due performance and compliance by such Pledgor with all of the terms, conditions and agreements contained in the Credit Agreement and in such other Credit Documents (all such
obligations, liabilities and indebtedness under this clause (i), except to the extent consisting of obligations, liabilities or indebtedness with respect to Secured Hedging Agreements, entitled to the benefits of this Agreement being herein
collectively, the “Credit Document Obligations”);

 
 (ii)  the full and
prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other
action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) owing
by such Pledgor to the Other Creditors now existing or hereafter incurred under, arising out of or in connection with any Secured Hedging Agreement, whether such Secured Hedging Agreement is now in existence or hereinafter arising (including, in the
case of a Pledgor that is a Guarantor, all obligations, liabilities and indebtedness of such Pledgor under its Guaranty in respect of the Secured Hedging Agreements), and the due performance and compliance by such Pledgor with all of the terms,
conditions and agreements contained in each such Interest Rate Protection Agreement (all such obligations, liabilities and indebtedness under this clause (ii) being herein collectively called the “Other Obligations”);
  
 (iii)  any and all
sums advanced by the Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its security interest in the Collateral;
  
 (iv)  in the event
of any proceeding for the collection or enforcement of any indebtedness, obligations, or liabilities of such Pledgor referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the reasonable expenses
of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together with reasonable attorneys’ fees and court
costs;
  
 (v)  all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement under Section 11 of this Agreement; and
  
 (vi)  all amounts
owing to any Agent or any of its affiliates pursuant to any of the Credit Documents in its capacity as such.
  

All such obligations, liabilities, indebtedness, sums and
expenses set forth in clauses (i) through (vi) of this Section 1 being herein collectively called the “Obligations”, it being acknowledged and agreed that the “Obligations” shall, subject to the immediately succeeding sentence, include extensions of credit of the types
described above, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement.
  
 NOTWITHSTANDING ANYTHING
HEREIN TO THE CONTRARY, THE LIENS AND SECURITY INTERESTS GRANTED TO THE PLEDGEE PURSUANT TO THIS AGREEMENT IN ANY ABL PRIORITY COLLATERAL AND THE EXERCISE OF ANY RIGHT OR REMEDY BY THE PLEDGEE WITH RESPECT TO ANY ABL PRIORITY COLLATERAL HEREUNDER
ARE SUBJECT TO THE PROVISIONS OF THE AMENDED AND RESTATED INTERCREDITOR AGREEMENT, DATED AS OF AUGUST 1, 2006 AND AMENDED AND RESTATED AS OF THE DATE HEREOF (AS AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE
“INTERCREDITOR AGREEMENT”), AMONG AURORA ACQUISITION MERGER
SUB, INC., A DELAWARE CORPORATION, ALERIS INTERNATIONAL, INC., A DELAWARE CORPORATION (THE “COMPANY”), THE OTHER GRANTORS FROM TIME TO TIME PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, (“DBNY”) AS ABL ADMINISTRATIVE AGENT, AND AS ABL COLLATERAL AGENT AND DBNY, AS TERM
ADMINISTRATIVE AGENT AND AS TERM COLLATERAL AGENT, AND CERTAIN OTHER PERSONS PARTY OR THAT MAY BECOME PARTY THERETO FROM TIME TO TIME. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND THIS AGREEMENT, THE TERMS OF THE
INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.
  
 2.  DEFINITIONS. (a) Unless otherwise defined herein, all capitalized terms used herein and defined in the
Credit Agreement shall be used herein as therein defined. Reference to singular terms shall include the plural and vice versa.
  
 (b)  The following capitalized terms used herein shall have the definitions specified below:
  
 “ABL Collateral Agent” shall have the meaning set forth in the Intercreditor Agreement.
  
 “ABL Credit Document Obligations Termination Date” shall mean the date on which the Discharge of ABL Obligations (as defined in the Intercreditor Agreement) shall have occurred.
  
 “ABL Documents” shall have the meaning set forth in the Intercreditor
Agreement.
  
 “ABL Obligations” shall have the meaning set forth in the Intercreditor
Agreement.
  
 “ABL Pledge Agreement” shall have the meaning set forth in the Intercreditor
Agreement.
  
 “ABL Priority Collateral” shall have the meaning set forth in the Intercreditor
Agreement.
  
 “ABL Secured Parties” shall have the meaning set forth in the Intercreditor
Agreement.
  
 “Administrative Agent” shall have the meaning set forth in the recitals
hereto.
  
 “Adverse Claim” shall have the meaning given such term in Section 8-102(a)(1) of the UCC.
  
 “Agreement” shall have the meaning set forth in the recitals hereto.
  
 “Aleris” shall have the meaning set forth in the recitals hereto.

 
 “Borrower” and “Borrowers” shall have the meaning set forth in the recitals hereto.
  
 “Certificated Security” shall have the meaning given such term in Section 8-102(a)(4) of the UCC.
  

“Clearing Corporation” shall have the meaning given such term in Section 8-102(a)(5) of the UCC.
  
 “Collateral” shall have the meaning set forth in Section 3.1 hereof.

 
 “Collateral Accounts” shall mean any and all accounts established and maintained by the Pledgee in the name of any Pledgor to which Collateral may be credited.
  
 “Credit Agreement” shall have the meaning set forth in the recitals hereto.
  
 “Credit Document Obligations” shall have the meaning set forth in Section 1
hereof.
  
 “Credit Documents” shall have the meaning provided in the Credit Agreement and shall include any documentation executed and delivered in connection with any replacement or refinancing of
the Credit Agreement.
  
 “Discharge of Term Obligations” shall have the meaning provided in the
Intercreditor Agreement.
  
 “Domestic Corporation” shall have the meaning set forth in the definition of
“Stock”.
  
 “Event of Default” shall mean (i) at any time when any Credit Document Obligations
or Letters of Credit are outstanding or any Commitments under the Credit Agreement exist, any Event of Default under, and as defined in the Credit Agreement and (ii) at any time after all of the Credit Document Obligations have been paid in full and
all Commitments under the Credit Agreement have been terminated and no further Commitments and Letters of Credit may be provided thereunder, any event of default on any of the Obligations after the expiration of any applicable grace
period.
  
 “Excess Foreign Corporation Voting Equity
Interests” shall have the meaning provided in Section 3.1.
  
 “Financial Asset” shall have the meaning given such term in Section 8-102(a)(9) of the UCC.
  
 “Foreign Corporation” shall have the meaning set forth in the definition of “Stock”.
  
 “German Borrower” shall have the meaning set forth in the recitals hereto.
  
 “Indemnitees” shall have the meaning set forth in Section 11 hereof.

 
 “Instrument” shall have the meaning given such term in Section 9-102(a)(47) of the UCC.
  
 “Investment Property” shall have the meaning given such term in Section 9-102(a)(49) of the
UCC.
  
 “Lender Creditors” shall have the meaning set forth in the recitals hereto.
  
 “Lenders” shall have the meaning set forth in the recitals hereto.

 
 “Limited Liability Company Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all limited liability company capital and
interest in other limited liability companies), at any time owned by any Pledgor and represented by any Limited Liability Company Interest.
  
 “Limited Liability Company Interests” shall mean the entire limited liability company interest at any time owned by any Pledgor in any limited liability company.
  
 “Location” of any Pledgor shall mean such Pledgor’s “location” as determined pursuant to Section 9-307 of the UCC.
  
 “Non-Voting Equity Interests” shall mean all Equity Interests of any Person which are not Voting Equity Interests.
  
 “Noticed Event of Default” shall mean (i) an Event of Default under Section 9.01 or 9.05 of the Credit Agreement and (ii) any other Event of Default in respect of which the Pledgee has given Aleris
notice that such Event of Default constitutes a “Noticed Event of Default”.
  
 “Notes” shall mean (x) all intercompany notes at any time issued to each Pledgor
and (y) all other promissory notes from time to time issued to, or held by, each Pledgor.
  
 “Obligations” shall have the meaning set forth in Section 1 hereof.

 
 “Other Creditors” shall have the meaning set forth in the recitals hereto.
  
 “Other Obligations” shall have the meaning set forth in the recitals
hereto.
  
 “Partnership Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all partnership capital and interest in other
partnerships), at any time owned by any Pledgor and represented by any Partnership Interest.
  
 “Partnership Interest” shall mean the entire general partnership interest or
limited partnership interest at any time owned by any Pledgor in any general partnership or limited partnership.
  
 “Pledged Notes” shall mean all Notes at any time pledged or required to be pledged
hereunder.
  
 “Pledgee” shall have the meaning set forth in the first paragraph
hereof.
  
 “Pledgor” shall have the meaning set forth in the first paragraph hereof.
  
 “Proceeds” shall have the meaning given such term in Section 9-102(a)(64) of the UCC.
  
 “Registered Organization” shall have the meaning given such term in Section 9-102(a)(70) of the
UCC.
  
 “Required Secured Creditors” shall have the meaning provided in the U.S. Security Agreement.
  
 “Secured Creditors” shall have the meaning set forth in the recitals hereto.
  
 “Secured Debt Agreements” shall mean and includes (i) this Agreement, (ii) the
other Credit Documents, (iii) the Secured Hedging Agreements and (iv) the Secured Hedging Intercreditor Agreement entered into by the Pledgee with an Other Creditor.
  
 “Secured Hedging Agreement” shall mean each Interest Rate Protection Agreement and/or Other Hedging Agreement; provided that (i) such Interest Rate Protection Agreement and/or Other Hedging
Agreement expressly states that (x) it constitutes a “Secured Hedging Agreement” for purposes of the Credit Agreement and the other Credit Documents and (y) does not constitute a “Secured Hedging Agreement” for purposes of
the ABL Credit Agreement, the ABL Security Documents or any guaranties relating to the ABL Credit Agreement, (ii) Aleris and the other parties thereto shall have delivered to the Collateral Agent a written notice specifying that such Interest Rate
Protection Agreement and/or Other Hedging Agreement (x) constitutes a “Secured Hedging Agreement” for purposes of the Credit Agreement and the other Credit Documents, (y) does not constitute a “Secured Hedging Agreement” for
purposes of the ABL Credit Agreement, the ABL Security Documents or any guaranties relating to the ABL Credit Agreement and (z) in the case of Aleris, that such Interest Rate Protection Agreement and/or Other Hedging Agreement and the obligations of
Aleris and its Subsidiaries thereunder have been, and will be, incurred in compliance with the Credit Agreement and (iii) such Other Creditor, if it is not a Lender or an affiliate thereof (even if such Lender subsequently ceases to be a Lender
under this Agreement for any reason), has entered has become party to the Secured Hedging Intercreditor Agreement with respect to the relevant Interest Rate Protection Agreement or Other Hedging Agreement on terms reasonably satisfactory to the
Collateral Agent.
  
 “Secured Hedging Intercreditor Agreement” shall mean that certain Secured Hedging
Intercreditor Agreement dated as of December 19, 2006 among Aleris, the other grantors party thereto from time to time, the secured hedge counterparties party thereto from time to time and the Collateral Agent and the Administrative
Agent.
  
 “Securities Account” shall have the meaning given such term in Section 8-501 (a) of the UCC.

 
 “Securities Act” shall mean the Securities Act of 1933, as amended, as in effect from time to time.
  
 “Securities Intermediary” shall have the meaning given such term in Section 8-102(14) of the UCC.

 
 “Security” and “Securities” shall have the meaning given such term in Section 8-102(a)(15) of the UCC and shall in
any event also include all Stock.
  
 “Security Entitlement” shall have the meaning given such term in Section 8-102(a)(17) of the UCC.
  
 “Stock” shall mean (x) with respect to corporations incorporated under the laws of
the United States or any State or territory thereof or the District of Columbia (each, a “Domestic Corporation”), all of the issued and outstanding shares of capital stock of any Domestic Corporation at any time owned by any Pledgor and (y) with respect to corporations which are
not Domestic Corporations (each, a “Foreign Corporation”), all
of the issued and outstanding shares of capital stock or other Equity Interests of any Foreign Corporation at any time owned by any Pledgor.
  
 “Termination Date” shall have the meaning set forth in Section 20 hereof.
  
 “Transmitting Utility” has the meaning given such term in Section 9-102(a)(80) of
the UCC.
  
 “Term Priority Collateral” shall have the meaning set forth in the Intercreditor Agreement.
  
 “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York from time to time; provided that all references herein to specific Sections or subsections of the UCC are
references to such Sections or subsections, as the case may be, of the Uniform Commercial Code as in effect in the State of New York on the Effective Date; provided, further, that if by reason of mandatory provisions of law, the perfection, the effect
of perfection or non-perfection or the priority of the Liens of the Pledgee in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “UCC” shall mean the Uniform Commercial Code as in effect in such other
jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.
  
 “Uncertificated Security” shall have the meaning given such term in Section 8-102(a)(18) of the UCC.
  
 “U.S. Borrower” shall have the meaning set forth in the recitals
hereto.
  
 “Voting Equity Interests” of any Person shall mean all classes of Equity Interests of such Person entitled to vote.
  
 3.  PLEDGE OF
SECURITIES, ETC.
  
 3.1.  Pledge. (i) To secure the Obligations now or hereafter owed or to be performed by such
Pledgor (but subject to clause (x) of the proviso at the end of this Section 3.1 in the case of Voting Equity Interests of Foreign Corporations pledged hereunder), each Pledgor does hereby grant and pledge to the Pledgee for the benefit of the
Secured Creditors, and does hereby create a continuing security interest (subject to those Liens permitted to exist with respect to the Collateral pursuant to the terms of all Secured Debt Agreements then in effect) in favor of the Pledgee for the
benefit of the Secured Creditors in, all of its right, title and interest in and to the following, whether now existing or hereafter from time to time acquired (collectively, the “Collateral”):
  
 (a)  each of the
Collateral Accounts (to the extent a security interest therein is not created pursuant to the U.S. Security Agreement), including any and all assets of whatever type or kind deposited by such Pledgor in any such Collateral Account, whether now owned
or hereafter acquired, existing or arising, including, without limitation, all Financial Assets, Investment Property, monies, checks, drafts, Instruments, Securities or interests therein of any type or nature deposited or required by the Credit
Agreement or any other Secured Debt Agreement to be deposited in such Collateral Account, and all investments and all certificates and other Instruments (including depository receipts, if any) from time to time representing or evidencing the same,
and all dividends, interest, distributions, cash and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing;
  
 (b)  all Securities
owned or held by such Pledgor from time to time and all options and warrants owned by such Pledgor from time to time to purchase Securities;
  
 (c)  all Notes
owned or held by such Pledgor from time to time;
  
 (d)  all Limited Liability Company Interests owned by such Pledgor from time to time and all of its right, title and
interest in each limited liability company to which each such Limited Liability Company Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of
the documents and agreements governing such Limited Liability Company Interests and applicable law:
  
 (A)  all its capital therein and its interest in all profits, income, surpluses, losses, Limited Liability Company
Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests;
  
 (B)  all other
payments due or to become due to such Pledgor in respect of Limited Liability Company Interests, whether under any limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or
otherwise;
  
 (C)  all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited liability company agreement or operating
agreement, or at law or otherwise in respect of such Limited Liability Company Interests;
  
 (D)  all present and future claims, if any, of such Pledgor against any such limited liability company for monies
loaned or advanced, for services rendered or otherwise;
  
 (E)  all of such Pledgor’s rights under any limited liability company agreement or operating agreement or at
law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Limited Liability Company Interests, including any power to terminate, cancel or modify any such limited liability company
agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of any such Pledgor in respect of such Limited Liability Company Interests and any such limited liability company, to make
determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce,
collect or receipt for any of the foregoing or for any Limited Liability Company Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing;
and
  
 (F)  all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property
and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof;
  
 (e)  all
Partnership Interests owned by such Pledgor from time to time and all of its right, title and interest in each partnership to which each such Partnership Interest relates, whether now existing or hereafter acquired, including, without limitation, to
the fullest extent permitted under the terms and provisions of the documents and agreements governing such Partnership Interests and applicable law:
  
 (A)  all its
capital therein and its interest in all profits, income, surpluses, losses, Partnership Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Partnership Interests;
  
 (B)  all other
payments due or to become due to such Pledgor in respect of Partnership Interests, whether under any partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise;
  
 (C)  all of its
claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any partnership agreement or operating agreement, or at law or otherwise in respect of such Partnership Interests;
  
 (D)  all present
and future claims, if any, of such Pledgor against any such partnership for monies loaned or advanced, for services rendered or otherwise;
  
 (E)  all of such
Pledgor’s rights under any partnership agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Partnership Interests, including any power
to terminate, cancel or modify any partnership agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Partnership Interests and any such
partnership, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand,
receive, enforce, collect or receipt for any of the foregoing or for any Partnership Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing;
and
  
 (F)  all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property
and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof;
  
 (f)  all Financial
Assets and Investment Property owned by such Pledgor from time to time;
  
 (g)  all Security Entitlements owned by such Pledgor from time to time in any and all of the foregoing; and
  
 (h)  all Proceeds
of any and all of the foregoing;
  
 provided that (x) no Voting Equity Interests (which shall include, for this purpose, the Convertible Preferred Equity Certificates issued by Aleris Luxembourg S.à.r.l.) of any
Foreign Corporation which represents more than 65% of the total combined voting power of all classes of Voting Equity Interests of the respective Foreign Corporation (with all Voting Equity Interests of the respective Foreign Corporation in excess
of said 65% limit being herein called “Excess Foreign Corporation Equity Interests”), shall secure any direct Obligations of the U.S. Borrower or any of its Domestic Subsidiaries (or guarantees of such Obligations by the respective Pledgor) and such
Excess Foreign Corporation Equity Interests shall secure Obligations of the respective Pledgor only as a guarantor of the Obligations of the German Borrower and its Subsidiaries, (y) each Pledgor shall be required to pledge hereunder 100% of the
Non-Voting Equity Interests of each Foreign Corporation at any time and from time to time acquired by such Pledgor, which Non-Voting Equity Interests shall not be subject to the limitations described in preceding clause (x) and (z) notwithstanding
anything to the contrary contained in this Section 3.1 or elsewhere in this Agreement, each Pledgor and the Pledgee (on behalf of the Secured Creditors) acknowledges and agrees that:
  
 (i)  the security
interest granted pursuant to this Agreement (including pursuant to this Section 3.1) to the Pledgee for the benefit of the Secured Creditors (A) in the Term Priority Collateral, shall be a First Priority Lien and (B) in the ABL Priority Collateral,
shall be a second priority Lien in the ABL Priority Collateral fully junior, subordinated and subject to the security interest granted to the ABL Collateral Agent for the benefit of the ABL Secured Parties in the ABL Priority Collateral on the terms
and conditions set forth in the ABL Documents and the Intercreditor Agreement and all other rights and benefits afforded hereunder to the Secured Creditors with respect to the ABL Priority Collateral are expressly subject to the terms and conditions
of the Intercreditor Agreement; and
  
 (ii)  the Secured Creditors’ security interests in the Collateral constitute security interests separate and
apart (and of a different class and claim) from the ABL Secured Parties’ security interests in the Collateral.
  
 3.2.  Procedures. (a) To
the extent that any Pledgor at any time or from time to time owns, acquires or obtains any right, title or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by such Pledgor) be pledged pursuant to
Section 3.1 of this Agreement and, in addition thereto (but subject to the terms of the Intercreditor Agreement), such Pledgor shall (to the extent provided below and not inconsistent with the terms of the Intercreditor Agreement) take the following
actions as set forth below (as promptly as practicable and, in any event, within 10 days after it obtains such Collateral) for the benefit of the Pledgee and the other Secured Creditors:
  
 (i)  with respect
to a Certificated Security (other than a Certificated Security credited on the books of a Clearing Corporation or Securities Intermediary), such Pledgor shall physically deliver such Certificated Security to the Pledgee, endorsed to the Pledgee or
endorsed in blank;
  
 (ii)  with respect to an Uncertificated Security (other than an Uncertificated Security credited on the books of a Clearing Corporation or Securities Intermediary), such Pledgor shall
cause the issuer of such Uncertificated Security to duly authorize, execute, and deliver to the Pledgee, an agreement for the benefit of the Pledgee and the other Secured Creditors substantially in the form of Annex G hereto (appropriately completed
to the satisfaction of the Pledgee and with such modifications, if any, as shall be satisfactory to the Pledgee) pursuant to which such issuer agrees to comply with any and all instructions originated by the Pledgee without further consent by the
registered owner and not to comply with instructions regarding such Uncertificated Security (and any Partnership Interests and Limited Liability Company Interests issued by such issuer) originated by any other Person other than a court of competent
jurisdiction;
  
 (iii)  with respect to a Certificated Security, Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or
Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository Trust Company), such Pledgor shall promptly notify the Pledgee thereof and shall promptly take (x) all actions required (i) to comply with the
applicable rules of such Clearing Corporation or Securities Intermediary and (ii) to perfect the security interest of the Pledgee under applicable law (including, in any event, under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the UCC) and
(y) such other actions as the Pledgee deems necessary or desirable to effect the foregoing;
  
 (iv)  with respect to a Partnership Interest or a Limited Liability Company Interest (other than a Partnership
Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), (1) if such Partnership Interest or Limited Liability Company Interest is represented by a certificate and is a Security for
purposes of the UCC, the procedure set forth in Section 3.2(a)(i) hereof, and (2) if such Partnership Interest or Limited Liability Company Interest is not represented by a certificate or is not a Security for purposes of the UCC, the procedure set
forth in Section 3.2(a)(ii) hereof;
  
 (v)  with respect to any intercompany Note or any other Note evidencing a principal amount in excess of $1,000,000,
physical delivery of such Note to the Pledgee, endorsed in blank, or, at the request of the Pledgee, endorsed to the Pledgee; and
  
 (vi)  with respect to cash proceeds from any of the Collateral described in Section 3.1 hereof which are required to
be delivered to an held by the Collateral Agent pursuant to Section 6 hereof, (i) establishment by the Pledgee of a cash account in the name of such Pledgor over which the Pledgee shall (to the extent not inconsistent with the Intercreditor
Agreement) have “control” within the meaning of the UCC and at any time any Event of Default is in existence no withdrawals or transfers may be made by any Person except with the prior written consent of the Pledgee (subject to the terms
of the Intercreditor Agreement) and (ii) deposit of such cash in such cash account.
  
 (b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, each Pledgor shall take the
following additional actions with respect to the Collateral:
  
 (i)  with respect to all Collateral of such Pledgor whereby or with respect to which the Pledgee may obtain
“control” thereof within the meaning of Section 8-106 of the UCC (or under any provision of the UCC as same may be amended or supplemented from time to time, or under the laws of any relevant State other than the State of New York), such
Pledgor shall take all actions (to the extent not inconsistent with the Intercreditor Agreement) as may be reasonably requested from time to time by the Pledgee so that “control” of such Collateral is obtained and at all times held by
the Pledgee; and
  
 (ii)  each Pledgor shall from time to time cause appropriate financing statements (on appropriate forms) under the Uniform Commercial Code as in effect in the various relevant States,
covering all Collateral hereunder (with the form of such financing statements to be reasonably satisfactory to the Pledgee), to be filed in the relevant filing offices so that at all times the Pledgee’s security interest in all Investment
Property and other Collateral which can be perfected by the filing of such financing statements (in each case to the maximum extent perfection by filing may be obtained under the laws of the relevant States, including, without limitation, Section
9-312(a) of the UCC) is so perfected.
  
 3.3.  Subsequently Acquired Collateral. If any Pledgor shall acquire (by purchase, stock dividend, distribution or otherwise) any additional Collateral at any time or from time to time after the date hereof, such
Collateral shall automatically (and without any further action being required to be taken) be subject to the pledge and security interests created pursuant to Section 3.1 hereof and, furthermore, such Pledgor will, to the extent not inconsistent
with the Intercreditor Agreement, thereafter take (or cause to be taken) all action (as promptly as practicable and, in any event, within 10 days after it obtains such Collateral) with respect to such Collateral in accordance with the procedures set
forth in Section 3.2 hereof, and will to the extent not inconsistent with the terms of the Intercreditor Agreement, promptly thereafter deliver to the Pledgee (i) a certificate executed by an authorized officer of such Pledgor describing such
Collateral and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of the Secured Creditors) hereunder and (ii) supplements to Annexes A through F hereto as are necessary to cause such Annexes to be complete and
accurate at such time. Without limiting the foregoing, (A) each Pledgor shall be required to pledge hereunder the Equity Interests of any Foreign Corporation at any time and from time to time after the date hereof acquired by such Pledgor,
provided that (x) any such pledge of Voting Equity Interests of any
Foreign Corporation shall be subject to the provisions of clause (x) of the proviso to Section 3.1 hereof and (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Foreign Corporation at any time and
from time to time acquired by such Pledgor and (B) each Pledgor shall be required to pledge hereunder any Notes at any time and from time to time after the date hereof acquired by such Pledgor, subject to the threshold described in Section 3.2(a)(v)
above for the delivery of such Notes, provided that any such pledge or
Note shall be subject to the provisions of clause (z) of the proviso to Section 3.1 hereof.
  
 3.4.  Transfer Taxes. Each
pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be accompanied by any transfer tax stamps required in connection with the pledge of such Collateral.
  
 3.5.  Certain
Representations and Warranties Regarding the Collateral. Each Pledgor represents and warrants that as of the Effective Date: (i) each Subsidiary of such Pledgor,
and the direct ownership thereof, is listed on Schedule V to the Credit Agreement hereto; (ii) the Stock (and any warrants or options to purchase Stock) held by such Pledgor consists of the number and type of shares of the stock (or warrants or
options to purchase any stock) of the corporations as described in Annex B hereto; (iii) such Stock referenced in clause (ii) of this paragraph constitutes that percentage of the issued and outstanding capital stock of the issuing corporation as is
set forth in Annex B hereto; (iv) the Pledged Notes held by such Pledgor consist of the promissory notes described in Annex C hereto where such Pledgor is listed as the lender; (v) the Limited Liability Company Interests held by such Pledgor consist
of the number and type of interests of the Persons described in Annex D hereto; (vi) each such Limited Liability Company Interest referenced in clause (v) of this paragraph constitutes that percentage of the issued and outstanding equity interest of
the issuing Person as set forth in Annex D hereto; (vii) the Partnership Interests held by such Pledgor consist of the number and type of interests of the Persons described in Annex E hereto; (viii) each such Partnership Interest referenced in
clause (vii) of this paragraph constitutes that percentage or portion of the entire partnership interest of the Partnership as set forth in Annex E hereto; (ix) the exact address of each chief executive office of such Pledgor is listed on Annex F
hereto; (x) the Pledgor has complied with the respective procedure set forth in Section 3.2(a) hereof with respect to each item of Collateral described in Annexes B through E hereto; and (xi) on the date hereof, such Pledgor owns no other
Securities, Stock, Pledged Notes, Limited Liability Company Interests or Partnership Interests.
  
 3.6.  Overriding Provisions with respect to ABL Priority Collateral. Notwithstanding anything to the contrary contained above in this Section 3, or elsewhere in this Agreement or any other Security Document, to the extent the provisions of this
Agreement (or any other Security Documents) require the delivery of, or control over, ABL Priority Collateral to be granted to the Pledgee at any time prior to the ABL Credit Documents Obligations Termination Date, then delivery of such ABL Priority
Collateral (or control with respect thereto) shall instead be granted to the ABL Collateral Agent, to be held in accordance with the ABL Documents and the Intercreditor Agreement. Furthermore, at all times prior to the ABL Credit Document
Obligations Termination Date, the Collateral Agent is authorized by the parties hereto to effect transfers of ABL Priority Collateral at any time in its possession (and any “control” or similar agreements with respect to ABL Priority
Collateral) to the ABL Collateral Agent.
  
 4.  APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. The Pledgee shall have the right to appoint one or more
sub-agents for the purpose of retaining physical possession of the Collateral, which may be held (in the discretion of the Pledgee) in the name of the relevant Pledgor, endorsed or assigned in blank or in favor of the Pledgee or any nominee or
nominees of the Pledgee or a sub-agent appointed by the Pledgee.
  
 5.  VOTING, ETC., WHILE NO NOTICED EVENT OF DEFAULT. Unless and until there shall have occurred and be continuing
any Noticed Event of Default, each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral owned by it, and to give consents, waivers or ratifications in respect thereof; provided that, in each case, no vote shall be cast or any consent, waiver or
ratification given or any action taken or omitted to be taken which would violate or result in a breach of any covenant contained in the Intercreditor Agreement or any Secured Debt Agreement, or which could reasonably be expected to have the effect
of materially impairing the value of the Collateral or any part thereof or the position or interests of the Pledgee or any other Secured Creditor in the Collateral, unless permitted by the terms of the Secured Debt Agreements. All such rights of
each Pledgor to vote and to give consents, waivers and ratifications shall cease in case a Noticed Event of Default has occurred and is continuing, and Section 7 hereof shall become applicable.
  
 6.  DIVIDENDS AND
OTHER DISTRIBUTIONS. Subject to the terms of the Intercreditor Agreement, unless and until there shall have occurred and be continuing a Noticed Event of Default, all cash dividends, cash distributions, cash Proceeds and other cash amounts payable
in respect of the Collateral shall be paid to the respective Pledgor. Subject to the terms of the Intercreditor Agreement, the Pledgee shall be entitled to receive directly, and to retain as part of the Collateral:
  
 (i)  all other or
additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (excluding cash dividends) paid or distributed by way of dividend or otherwise in respect of the
Collateral;
  
 (ii)  all other or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (other than cash) paid
or distributed in respect of the Collateral by way of stock-split, spin-off, split-up, reclassification, combination of shares or similar rearrangement;
  
 (iii)  all other or
additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (excluding cash) which may be paid in respect of the Collateral by reason of any consolidation, merger,
exchange of stock, conveyance of assets, liquidation or similar corporate or other reorganization; and
  
 (iv)  all cash distributions in respect of the Collateral after a Noticed Event of Default.
  
 Except as set forth in the Intercreditor Agreement, nothing contained in this Section 6 shall limit or restrict in any way the Pledgee’s right to receive the proceeds of
the Collateral in any form in accordance with Section 3 of this Agreement. To the extent not inconsistent with the terms of the Intercreditor Agreement, all dividends, distributions or other payments which are received by any Pledgor contrary to the
provisions of this Section 6 or Section 7 hereof shall be received in trust for the benefit of the Pledgee, shall be segregated from other property or funds of such Pledgor and shall be forthwith paid over to the Pledgee as Collateral in the same
form as so received (with any necessary endorsement).
  
 7.  REMEDIES IN CASE OF A NOTICED EVENT OF DEFAULT. (a) If there shall have occurred and be continuing a Noticed
Event of Default, then and in every such case, to the extent not inconsistent with the terms of the Intercreditor Agreement, the Pledgee shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement,
any other Secured Debt Agreement or by law) for the protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a secured party under the UCC as in effect in any
relevant jurisdiction and also shall be entitled, without limitation, to exercise the following rights, which each Pledgor hereby agrees to be commercially reasonable:
  
 (i)  to receive all
amounts payable in respect of the Collateral otherwise payable under Section 6 hereof to the respective Pledgor;
  
 (ii)  to transfer all or any part of the Collateral into the Pledgee’s name or the name of its nominee or
nominees;
  
 (iii)  to accelerate any Pledged Note which may be accelerated in accordance with its terms, and take any other lawful action to collect upon any Pledged Note (including, without
limitation, to make any demand for payment thereon);
  
 (iv)  to vote (and exercise all rights and powers in respect of voting) all or any part of the Collateral (whether or
not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor hereby irrevocably
constituting and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so);
  
 (v)  at any time and from time to time to sell, assign and deliver, or grant options to purchase, all or any part of
the Collateral, or any interest therein, at any public or private sale, without demand of performance, advertisement or, notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or otherwise purchase or dispose
(all of which are hereby waived by each Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on such terms as the Pledgee in its absolute
discretion may determine, provided at least 10 days’ written notice
of the time and place of any such sale shall be given to the respective Pledgor. The Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. Each Pledgor hereby
waives and releases to the fullest extent permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security or the
Obligations or otherwise. At any such sale, unless prohibited by applicable law, the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption.
Neither the Pledgee nor any other Secured Creditor shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with
regard thereto; and
  
 (vi)  to set off any and all Collateral against any and all Obligations, and to withdraw any and all cash or other Collateral from any and all Collateral Accounts and to apply such
cash and other Collateral to the payment of any and all Obligations.
  
 (b) If there shall have occurred and be continuing a Noticed Event of Default, then and in every such case, the
Pledgee shall be entitled to vote (and exercise all rights and powers in respect of voting) all or any part of the Collateral (whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of
the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor hereby irrevocably constituting and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of
substitution to do so).
  
 8.  REMEDIES, CUMULATIVE, ETC. Subject to the terms of (and to the extent not inconsistent with) the Intercreditor Agreement, each and every right, power and remedy of the Pledgee
provided for in this Agreement or in any other Secured Debt Agreement, or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The
exercise or beginning of the exercise by the Pledgee or any other Secured Creditor of any one or more of the rights, powers or remedies provided for in this Agreement or any other Secured Debt Agreement (including, without limitation, the
Intercreditor Agreement) or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee or any other Secured Creditor of all such other rights, powers or remedies, and
no failure or delay on the part of the Pledgee or any other Secured Creditor to exercise any such right, power or remedy shall operate as a waiver thereof. No notice to or demand on any Pledgor in any case shall entitle it to any other or further
notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the Pledgee or any other Secured Creditor to any other or further action in any circumstances without notice or demand. The Secured Creditors agree
that this Agreement may be enforced only by the action of the Pledgee, in each case, acting upon the instructions of the Required Secured Creditors, and that no other Secured Creditor shall have any right individually to seek to enforce or to
enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Pledgee for the benefit of the Secured Creditors upon the terms of this Agreement and
the U.S. Security Agreement.
  
 9.  APPLICATION OF PROCEEDS. (a) Subject to the terms of the Intercreditor Agreement, all monies collected by the
Pledgee upon any sale or other disposition of the Collateral pursuant to the terms of this Agreement, together with all other monies received by the Pledgee hereunder, shall be applied in the manner provided in the U.S. Security
Agreement.
  
 (b) It is understood and agreed that each Pledgor shall remain jointly and severally liable with respect to its
Obligations to the extent of any deficiency between the amount of the proceeds of the Collateral pledged by it hereunder and the aggregate amount of such Obligations.
  
 (c) It is understood
and agreed by all parties hereto that the Pledgee shall have no liability for any determinations made by it in this Section 9 (including, without limitation, as to whether given Collateral constitutes ABL Priority Collateral or Term Priority
Collateral), in each case except to the extent resulting from the gross negligence or willful misconduct of the Pledgee (as determined by a court of competent jurisdiction in a final and non-appealable decision). The parties also agree that the
Pledgee may (but shall not be required to), at any time and in its sole discretion, and with no liability resulting therefrom, petition a court of competent jurisdiction regarding any application of Collateral in accordance with the requirements
hereof and of the Intercreditor Agreement, and the Pledgee shall be entitled to wait for, and may conclusively rely on, any such determination.
  
 10.  PURCHASERS OF
COLLATERAL. Upon any sale of the Collateral by the Pledgee hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making such sale shall be a sufficient
discharge to the purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in any
way for the misapplication or nonapplication thereof.
  
 11.  INDEMNITY. Each Pledgor jointly and severally agrees (i) to indemnify, reimburse and hold harmless the Pledgee
and each other Secured Creditor and their respective successors, assigns, employees, agents and affiliates (individually an “Indemnitee”, and collectively, the “Indemnitees”) from and against any and all obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities
for penalties) of whatsoever kind or nature, and (ii) to reimburse each Indemnitee for all reasonable costs, expenses and disbursements, including reasonable attorneys’ fees and expenses, in each case arising out of or resulting from this
Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder or under any other Secured Debt Agreement (but excluding any obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities
(including, without limitation, liabilities for penalties) or expenses of whatsoever kind or nature to the extent (x) incurred or arising by reason of gross negligence or willful misconduct of such Indemnitee (as determined by a court of competent
jurisdiction in a final and non-appealable decision)) or (y) brought solely by an Affiliate of the Person to be indemnified); provided that the Pledgors shall not be required to reimburse the legal fees and expenses of more than one outside counsel (in addition to and necessary or advisable special counsel and
up to one local counsel in each applicable local jurisdiction) for all Indemnitees unless, in the written opinion of outside counsel reasonably satisfactory to the Pledgors and the Pledgee, representation of all such Indemnitees would be
inappropriate due to the existence of an actual or potential conflict of interest. In no event shall the Pledgee hereunder be liable, in the absence of gross negligence or willful misconduct on its part (as determined by a court of competent
jurisdiction in a final and non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies or other property actually received by it in accordance with the terms hereof. If and to the extent that
the obligations of any Pledgor under this Section 11 are unenforceable for any reason, such Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. The
indemnity obligations of each Pledgor contained in this Section 11 shall continue in full force and effect notwithstanding the full payment of all the Notes issued under the Credit Agreement, the termination of all Secured Hedging Agreements and the
payment of all other Obligations and notwithstanding the discharge thereof and the occurrence of the Termination Date.
  
 12.  PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER. (a) Nothing herein shall be construed to make the
Pledgee or any other Secured Creditor liable as a member of any limited liability company or as a partner of any partnership and neither the Pledgee nor any other Secured Creditor by virtue of this Agreement or otherwise (except as referred to in
the following sentence) shall have any of the duties, obligations or liabilities of a member of any limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the Pledgee shall become the absolute
owner of Collateral consisting of a Limited Liability Company Interest or a Partnership Interest pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other Secured Creditor, any
Pledgor and/or any other Person.
  
 (b) Except as provided in the last sentence of paragraph (a) of this Section 12, the Pledgee, by accepting this
Agreement, did not intend to become a member of any limited liability company or a partner of any partnership or otherwise be deemed to be a co-venturer with respect to any Pledgor, any limited liability company, partnership and/or any other Person
either before or after an Event of Default shall have occurred. The Pledgee shall have only those powers set forth herein and the Secured Creditors shall assume none of the duties, obligations or liabilities of a member of any limited liability
company or as a partner of any partnership or any Pledgor except as provided in the last sentence of paragraph (a) of this Section 12.
  
 (c) The Pledgee and the other Secured Creditors shall not be obligated to perform or discharge any obligation of any
Pledgor as a result of the pledge hereby effected.
  
 (d) The acceptance by the Pledgee of this Agreement, with all the rights, powers, privileges and authority so created,
shall not at any time or in any event obligate the Pledgee or any other Secured Creditor to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to
expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Collateral.
  
 13.  FURTHER ASSURANCES; POWER-OF-ATTORNEY. (a) Each Pledgor agrees that it will join with the Pledgee in executing
and, at such Pledgor’s own expense, file and refile under the UCC or other applicable law such financing statements, continuation statements and other documents, in form reasonably acceptable to the Pledgee, in such offices as the Pledgee
(acting on its own or on the instructions of the Required Secured Creditors) may reasonably deem necessary or appropriate and wherever required or permitted by law in order to perfect and preserve the Pledgee’s security interest in the
Collateral hereunder and hereby authorizes the Pledgee to file financing statements and amendments thereto relative to all or any part of the Collateral (including, without limitation, financing statements which list the Collateral specifically
and/or “all assets” as collateral) without the signature of such Pledgor where permitted by law, and agrees to do such further acts and things and to execute and deliver to the Pledgee such additional conveyances, assignments, agreements
and instruments as the Pledgee may reasonably require or deem advisable to carry into effect the purposes of this Agreement or to further assure and confirm unto the Pledgee its rights, powers and remedies hereunder or thereunder.
  
 (b) Each Pledgor
hereby constitutes and appoints the Pledgee its true and lawful attorney-in-fact, irrevocably, with full authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time after the occurrence and during
the continuance of a Noticed Event of Default, in the Pledgee’s discretion, to act, require, demand, receive and give acquittance for any and all monies and claims for monies due or to become due to such Pledgor under or arising out of the
Collateral, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings and to execute any instrument which the Pledgee may deem necessary or advisable to
accomplish the purposes of this Agreement, which appointment as attorney is coupled with an interest.
  
 14.  THE PLEDGEE AS COLLATERAL AGENT. Subject to the terms of the Intercreditor Agreement, the Pledgee will hold in
accordance with this Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood, acknowledged and agreed by each Secured Creditor that by accepting the benefits of this Agreement each such Secured
Creditor acknowledges and agrees that the obligations of the Pledgee as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this
Agreement and in Annex M to the Security Agreement. The Pledgee shall act hereunder on the terms and conditions set forth herein and in Annex M to the Security Agreement, the terms of which shall be deemed incorporated herein by reference,
mutatis mutandis, as fully as if the same were set forth herein and
referencing this Agreement in its entirety.
  
 15.  TRANSFER BY THE PLEDGORS. Except as permitted (i) prior to the date all Credit Document Obligations have been
paid in full and all Commitments under the Credit Agreement have been terminated, pursuant to the Credit Agreement, and (ii) thereafter, pursuant to the other Secured Debt Agreements, no Pledgor will sell or otherwise dispose of, grant any option
with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein.
  

16.  REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a) Each Pledgor represents, warrants and
covenants:
  
 (i)  it is the legal, beneficial and record owner of, and has good and marketable title to, all of its Collateral consisting of one or more Securities, Notes, Partnership Interests
and Limited Liability Company Interests and that it has sufficient interest in all of its Collateral in which a security interest is purported to be created hereunder for such security interest to attach (subject, in each case, to no pledge, lien,
mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance whatsoever, except the liens and security interests created by this Agreement or permitted under the Secured Debt Agreements);
  
 (ii)  it has full
power, authority and legal right to pledge all the Collateral pledged by it pursuant to this Agreement;
  
 (iii)  this Agreement has been duly authorized, executed and delivered by such Pledgor and constitutes a legal, valid
and binding obligation of such Pledgor enforceable against such Pledgor in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law);
  
 (iv)  except to the
extent already obtained or made and except for the filing of the UCC financing statements required to be filed on or about the date hereof in accordance with the U.S. Security Agreement, no consent of any other party (including, without limitation,
any stockholder, partner, member or creditor of such Pledgor or any of its Subsidiaries) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental
authority is required to be obtained by such Pledgor in connection with (a) the execution, delivery or performance of this Agreement by such Pledgor, (b) the validity or enforceability of this Agreement against such Pledgor (except as set forth in
clause (iii) above), (c) the perfection or enforceability of the Pledgee’s security interest in such Pledgor’s Collateral or (d) except for compliance with or as may be required by applicable securities laws, the exercise by the Pledgee
of any of its rights or remedies provided herein;
  
 (v)  neither the execution, delivery or performance by such Pledgor of this Agreement, or any other Secured Debt
Agreement to which it is a party, nor compliance by it with the terms and provisions hereof nor the consummation of the transactions contemplated therein: (i) will contravene in any material respect any provision of any material applicable law,
statute, rule or regulation, or any applicable order, writ, injunction or decree of any court, arbitrator or governmental instrumentality, domestic or foreign, applicable to such Pledgor; (ii) will conflict or be inconsistent with or result in any
breach of any of the material terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Security Documents) upon
any of the properties or assets of such Pledgor or any of its Subsidiaries pursuant to the terms of any indenture, lease, mortgage, deed of trust, credit agreement, loan agreement or any other material agreement, contract or other instrument to
which such Pledgor or any of its Subsidiaries is a party or is otherwise bound, or by which it or any of its properties or assets is bound or to which it may be subject; or (iii) will violate any provision of the certificate of incorporation,
by-laws, certificate of partnership, partnership agreement, certificate of formation or limited liability company agreement (or equivalent organizational documents), as the case may be, of such Pledgor or any of its Subsidiaries;
  
 (vi)  all of such
Pledgor’s Collateral (consisting of Securities, Limited Liability Company Interests and Partnership Interests) has been duly and validly issued, is fully paid and non-assessable and is subject to no options to purchase or similar
rights;
  
 (vii)  to the knowledge of the Pledgor, each of such Pledgor’s Pledged Notes constitutes, or when executed by the obligor thereof will constitute, the legal, valid and binding
obligation of such obligor, enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law);
  
 (viii)  the pledge, collateral assignment and delivery to the Pledgee of such Pledgor’s Collateral consisting of Certificated Securities and Pledged Notes pursuant to this Agreement creates a valid and perfected first priority security interest in
such Certificated Securities and Pledged Notes, and the proceeds thereof, subject to no prior Lien or encumbrance or to any agreement purporting to grant to any third party a Lien or encumbrance on the property or assets of such Pledgor which would
include the Securities and/or Pledged Notes (other than the liens and security interests permitted under the Secured Debt Agreements then in effect) and the Pledgee is entitled to all the rights, priorities and benefits afforded by the UCC or other
relevant law as enacted in any relevant jurisdiction to perfect security interests in respect of such Collateral; and
  
 (ix)  “control” (as defined in Section 8-106 of the UCC) has been obtained by the Pledgee over all of
such Pledgor’s Collateral consisting of Securities and/or Pledged Notes with respect to which such “control” may be obtained pursuant to Section 8-106 of the UCC, except to the extent that the obligation of the applicable Pledgor
to provide the Pledgee with “control” of such Collateral has not yet arisen under this Agreement; provided that in the case of the Pledgee obtaining “control” over Collateral consisting of a Security Entitlement, such Pledgor shall have taken all steps in its control so
that the Pledgee obtains “control” over such Security Entitlement.
  
 (b) Each Pledgor covenants and agrees that it will defend the Pledgee’s right, title and security interest in
and to such Pledgor’s Collateral and the proceeds thereof against the claims and demands of all persons whomsoever.
  
 (c) Each Pledgor covenants and agrees that it will take no action which would violate any of the terms of any Secured
Debt Agreement.
  
 17.  LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION
NUMBERS; CHANGES THERETO; ETC. The exact legal name of each Pledgor, the type of organization of such Pledgor, whether or not such Pledgor is a Registered Organization, the jurisdiction of organization of such Pledgor, such Pledgor’s Location,
the organizational identification number (if any) of such Pledgor, and whether or not such Pledgor is a Transmitting Utility, is listed on Annex A hereto for such Pledgor. No Pledgor shall change its legal name, its type of organization, or its
organizational identification number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Secured Debt Agreements and so long as same do not involve any Pledgor changing its
jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, outside the United States or a State thereof) if (i) it shall have given to the Collateral Agent
not less than 15 days’ prior written notice of each change to the information listed on Annex A (as adjusted for any subsequent changes thereto previously made in accordance with this sentence), together with a supplement to Annex A which
shall correct all information contained therein for such Pledgor, and (ii) in connection with the respective change or changes, it shall have taken all action reasonably requested by the Collateral Agent to maintain the security interests of the
Collateral Agent in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. In addition, to the extent that any Pledgor does not have an organizational identification number on the date hereof and
later obtains one, such Pledgor shall promptly thereafter deliver a notification of the Collateral Agent of such organizational identification number and shall take all actions reasonably satisfactory to the Collateral Agent to the extent necessary
to maintain the security interest of the Collateral Agent in the Collateral intended to be granted hereby fully perfected and in full force and effect.
  
 18.  PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC. The obligations of each Pledgor under this Agreement shall be absolute and unconditional and shall remain in full force and effect
without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (other than termination of this Agreement pursuant to Section 20 or, with respect to a specific
Pledgor, release of such Pledgor pursuant to Section 32 hereof), including, without limitation:
  
 (i)  any renewal, extension, amendment or modification of, or addition or supplement to or deletion from any Secured
Debt Agreement (other than this Agreement in accordance with its terms), or any other instrument or agreement referred to therein, or any assignment or transfer of any thereof;
  
 (ii)  any waiver,
consent, extension, indulgence or other action or inaction under or in respect of any such agreement or instrument including, without limitation, this Agreement (other than a waiver, consent or extension with respect to this Agreement in accordance
with its terms);
  
 (iii)  any furnishing of any additional security to the Pledgee or its assignee or any acceptance thereof or any release of any security by the Pledgee or its assignee;

 
 (iv)  any
limitation on any party’s liability or obligations under any such instrument or agreement or any invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; or
  
 (v)  any
bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to any Pledgor or any Subsidiary of any Pledgor, or any action taken with respect to this Agreement by any trustee or
receiver, or by any court, in any such proceeding, whether or not such Pledgor shall have notice or knowledge of any of the foregoing.
  
 19.  SALE OF COLLATERAL WITHOUT REGISTRATION. If at any time when the Pledgee shall determine to exercise its right
to sell all or any part of the Collateral consisting of Securities, Limited Liability Company Interests or Partnership Interests pursuant to Section 7 hereof, and such Collateral or the part thereof to be sold shall not, for any reason whatsoever,
be effectively registered under the Securities Act, as then in effect, the Pledgee may, in its sole and absolute discretion, sell such Collateral or part thereof by private sale in such manner and under such circumstances as the Pledgee may deem
necessary or advisable in order that such sale may legally be effected without such registration. Without limiting the generality of the foregoing, in any such event the Pledgee, in its sole and absolute discretion (i) may proceed to make such
private sale notwithstanding that a registration statement for the purpose of registering such Collateral or part thereof shall have been filed under such Securities Act, (ii) may approach and negotiate with a single possible purchaser to effect
such sale, and (iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In the
event of any such sale, the Pledgee shall incur no responsibility or liability for selling all or any part of the Collateral at a price which the Pledgee, in its sole and absolute discretion, may in good faith deem reasonable under the
circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until the registration as aforesaid.
  
 20.  TERMINATION;
RELEASE. (a) On the Termination Date (as defined below), this Agreement shall terminate (provided that all indemnities set forth herein including, without limitation in Section 11 hereof, shall survive such termination) and the Pledgee, at the request and expense of the
respective Pledgor will, subject to the provisions of the Intercreditor Agreement, promptly execute and deliver to such Pledgor a proper instrument or instruments (including Uniform Commercial Code termination statements on form UCC-3) acknowledging
the satisfaction and termination of this Agreement, and will duly assign, transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as may be in the possession of the Pledgee or any of
its sub-agents hereunder and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement, together with any moneys at the time held by the Pledgee or any of its sub-agents hereunder and, with respect to any
Collateral consisting of an Uncertificated Security, a Partnership Interest or a Limited Liability Company Interest (other than an Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a
Clearing Corporation or Securities Intermediary), a termination of the agreement relating thereto executed and delivered by the issuer of such Uncertificated Security pursuant to Section 3.2(a)(ii) or by the respective partnership or limited
liability company pursuant to Section 3.2(a)(iv)(2). As used in this Agreement, “Termination Date” shall mean the date upon which the Total Commitment under the Credit Agreement has been terminated, no Note (as defined in the Credit Agreement) is outstanding (and all
Loans have been paid in full) and all Obligations under Secured Hedging Agreements and all other Obligations appearing therein (other than indemnities under the Secured Debt Agreements which are not then due and payable) have been paid in full and
the Secured Hedging Agreements have been terminated.
  
 (b) In the event that any part of the Collateral and all Obligations is sold or otherwise disposed of (to a Person
other than a Credit Party) (x) at any time prior to the time at which all Credit Document Obligations have been paid in full and all Commitments under the Credit Agreement have been terminated, in connection with a sale or disposition permitted by
Section 8.06 of the Credit Agreement or is otherwise released at the direction of the Required Lenders (or all the Lenders if required by Section 11.12 of the Credit Agreement) or (y) at any time thereafter, to the extent permitted by the other
Secured Debt Agreements, and in the case of clauses (x) and (y), and the proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Credit Agreement or such other Secured Debt Agreement, as the case
may be, to the extent required to be so applied, the Pledgee, at the request and expense of Aleris, will duly release from the security interest created hereby (and will execute and deliver such documentation, including termination or partial
release statements and the like in connection therewith) and assign, transfer and deliver to Aleris, on behalf of the applicable Pledgor (without recourse and without any representation or warranty) such of the Collateral (as defined in the Credit
Agreement) as is then being (or has been) so sold or otherwise disposed of, or released, and as may be in the possession of the Pledgee (or any of its sub-agents hereunder) and has not theretofore been released pursuant to this Agreement.
Furthermore, upon the release of any Guarantor from any Guaranty in accordance with the provisions thereof or in accordance with Section 11.12(b) of the Credit Agreement, such Pledgor (and the Collateral at such time assigned by the respective
Pledgor, grantor, pledgor or assignor pursuant hereto) shall be released from this Agreement.
  
 (c) At any time that any Pledgor desires that the Pledgee take any action to acknowledge or give effect to any release
of Collateral pursuant to the foregoing Section 20(a) or (b), such Pledgor shall deliver to the Pledgee (and the relevant sub-agent, if any, designated hereunder) a certificate signed by a principal executive officer of such Pledgor stating that the
release of the respective Collateral is permitted pursuant to Section 20(a) or (b) hereof. If reasonably requested by the Pledgee (although the Pledgee shall have no obligation to make any such request), the respective Pledgor shall furnish
appropriate legal opinions (from counsel, reasonably acceptable to the Pledgee) to the effect set forth in the immediately preceding sentence. At any time that the U.S. Borrower or the respective Pledgor desires that a Subsidiary of the U.S.
Borrower which has been released from the U.S. Subsidiaries Guaranty be released hereunder as provided in the penultimate sentence of Section 20(b), it shall deliver to the Pledgee a certificate signed by a principal executive officer of the U.S.
Borrower and the respective Pledgor stating that the release of the respective Pledgor (and its Collateral) is permitted pursuant to such Section 20(b).
  
 (d) The Pledgee shall
have no liability whatsoever to any other Secured Creditor as the result of any release of Collateral by it in accordance with, or which the Pledgee believes to be in accordance with, this Section 20.
  
 21.  NOTICES, ETC.
Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the respective parties hereto shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and
communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex
or telecopier, except that notices and communications to the Pledgee or any Pledgor shall not be effective until received by the Pledgee or such Pledgor, as the case may be. All notices and other communications shall be in writing and addressed as
follows:
  
 (a) if to any Pledgor, c/o:
  
 
 
	 	       Aleris International, Inc.,
       25825 Science Park Drive, Suite 400,
       Beachwood, OH
44122,
      
Attention: General Counsel
       Telephone No.: (216) 910-3400
       Telecopier No.: (216) 910-3650
  
 

 
 
 (b) if to the Pledgee or Administrative Agent, at:
  
 
 
	 	       Deutsche Bank AG New York Branch
       60 Wall Street
       New York, NY 10005

      Attention: Marguerite
Sutton
      
Telephone No.: (212) 250-6150
       Telecopier No.: (212) 797-4655
  
 

 
 
 (c) if to any Lender
Creditor, either (x) to the Administrative Agent, at the address of the Administrative Agent specified in the Credit Agreement, or (y) at such address as such Lender Creditor shall have specified in the Credit Agreement;
  
 (d) if to any Other
Creditor, at such address as such Other Creditor shall have specified in writing to Aleris and the Pledgee;
  

or at such other address or addressed to such other
individual as shall have been furnished in writing by any Person described above to the party required to give notice hereunder.
  
 22.  WAIVER; AMENDMENT. Except as provided in Section 30 hereof, none of the terms and conditions of this Agreement
may be changed, waived, modified or varied in any manner whatsoever except in accordance with the requirements specified in the U.S. Security Agreement.
  
 23.  SUCCESSORS AND
ASSIGNS. This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect, subject to release and/or termination as set forth in Section 20, (ii) be binding upon each Pledgor, its successors
and assigns; provided, however, that no Pledgor shall assign any of its rights or obligations hereunder
without the prior written consent of the Pledgee (with the prior written consent of the Required Secured Creditors), and (iii) inure, together with the rights and remedies of the Pledgee hereunder, to the benefit of the Pledgee, the other Secured
Creditors and their respective successors, transferees and assigns. All agreements, statements, representations and warranties made by each Pledgor herein or in any certificate or other instrument delivered by such Pledgor or on its behalf under
this Agreement shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of this Agreement and the other Secured Debt Agreements regardless of any investigation made by the Secured Creditors
or on their behalf.
  
 24.  HEADINGS DESCRIPTIVE. The headings of the several Sections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any
provision of this Agreement.
  
 25.  GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS
OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PLEDGOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF
AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PLEDGOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH PLEDGOR, AND
AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER SUCH PLEDGOR. EACH PLEDGOR FURTHER
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ANY SUCH PLEDGOR AT ITS ADDRESS FOR NOTICES
AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY
ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE PLEDGEE UNDER THIS AGREEMENT, OR ANY SECURED CREDITOR, TO
SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY PLEDGOR IN ANY OTHER JURISDICTION.
  
 (b) EACH PLEDGOR
HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS
REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
  
 (c) EACH OF THE
PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY.
  
 26.  PLEDGOR’S DUTIES. It is expressly agreed, anything herein contained to the contrary notwithstanding, that each Pledgor shall remain liable to perform all of the
obligations, if any, assumed by it with respect to the Collateral and the Pledgee shall not have any obligations or liabilities with respect to any Collateral by reason of or arising out of this Agreement, except for the safekeeping of Collateral
actually in Pledgor’s possession, nor shall the Pledgee be required or obligated in any manner to perform or fulfill any of the obligations of any Pledgor under or with respect to any Collateral.
  
 27.  COUNTERPARTS.
This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same
instrument. A set of counterparts executed by all the parties hereto shall be lodged with each Pledgor and the Pledgee.
  
 28.  SEVERABILITY. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.
  
 29.  RECOURSE. This Agreement is made with full recourse to each Pledgor and pursuant to and upon all the
representations, warranties, covenants and agreements on the part of such Pledgor contained herein and in the other Secured Debt Agreements and otherwise in writing in connection herewith or therewith.
  
 30.  ADDITIONAL
PLEDGORS. It is understood and agreed that any Subsidiary of Aleris that is required to become a party to this Agreement after the date hereof pursuant to the requirements of the Credit Agreement or any other Credit Document, shall become a Pledgor
hereunder by (x) executing a counterpart hereof, or a joinder agreement in form reasonably satisfactory to the Pledgee, and delivering the same to the Pledgee, (y) delivering supplements to Annexes A through F hereto as are necessary to cause such
annexes to be complete and accurate with respect to such additional Pledgor on such date and (z) taking all actions as specified in this Agreement as would have been taken by such Pledgor had it been an original party to this Agreement, in each case
with all documents required above to be delivered to the Pledgee and with all documents and actions required above to be taken to the reasonable satisfaction of the Pledgee.
  
 31.  LIMITED
OBLIGATIONS. It is the desire and intent of each Pledgor and the Secured Creditors that this Agreement shall be enforced against each Pledgor to the fullest extent permissible under the laws applied in each jurisdiction in which enforcement is
sought. Notwithstanding anything to the contrary contained herein, in furtherance of the foregoing, it is noted that the obligations of each Pledgor constituting a U.S. Subsidiary Guarantor have been limited as provided in the U.S. Subsidiaries
Guaranty.
  
 32.  RESTATEMENT AND AMENDMENT. This Agreement shall amend and restate in its entirety the U.S. Pledge Agreement, dated as of August 1, 2006 among certain of the Guarantors and the
Administrative Agent (the “Existing U.S. Pledge Agreement”)
and all obligations of the Pledgors thereunder shall be deemed replaced and extended as obligations under this Agreement and be governed hereby without novation. In no event shall such amendment and restatement be construed as a termination of the
obligations under the Existing U.S. Pledge Agreement.
  
 ****
  
 

 
 

  

    

  
 
  
 
   
  
 
 
   
  
 
 

 IN WITNESS WHEREOF, each Pledgor and the Pledgee have caused this Agreement to be executed by their duly elected officers duly authorized as of the date first above
written.
  
 
 
	 	        ALERIS INTERNATIONAL, INC.,
        as a
Pledgor
 
	 	        By:
 	 /s/  Michael D. Friday	 
	 	 	 Name: 
Michael D. Friday
 	 
	 	 	 Title:    Executive Vice President and 
              Chief  Financial Officer
 	 

 
 
  
  
 
 
	 	        AURORA ACQUISITION MERGER SUB, INC., 
        as a Pledgor

	 	        By:
 	 /s/  Clive Bode	 
	 	 	 Name: 
Clive Bode
 	 
	 	 	 Title:     Vice President
 	 

 
 
 

 
 
	 	 ALCHEM
ALUMINUM, INC., 
 as a Pledgor

 
 
	 	 ALCHEM
ALUMINUM SHELBYVILLE INC.,
 as a
Pledgor
  
 
	 	 ALERIS, INC.,
as a Pledgor
  
 
	 	 ALERIS OHIO
MANAGEMENT, INC., 
 as a Pledgor

 
 
	 	 ALSCO
HOLDINGS, INC., as a Pledgor
  
 
	 	 ALSCO METALS
CORPORATION, 
 as a Pledgor
  
 
	 	 ALUMITECH OF
CLEVELAND, INC., 
 as a Pledgor

 
 
	 	 ALUMITECH OF
WABASH, INC.,
 as a Pledgor
  
 
	 	 ALUMITECH OF
WEST VIRGINIA, INC.,
 as a
Pledgor
  
 
	 	 ALUMITECH,
INC., as a Pledgor
  
 
	 	 AWT
PROPERTIES, INC., as a Pledgor
  
 
	 	 CA LEWISPORT,
LLC, as a Pledgor
  
 
	 	 CI HOLDINGS,
LLC, as a Pledgor
  
 
	 	 COMMONWEALTH
ALUMINUM 
 CONCAST, INC., as a
Pledgor
  
 
	 	 COMMONWEALTH
ALUMINUM 
 LEWISPORT, LLC, as a
Pledgor
  
 
	 	 COMMONWEALTH
ALUMINUM METALS, 
 LLC, as a
Pledgor
  
 
	 	 COMMONWEALTH
ALUMINUM SALES 
 CORPORATION, as a
Pledgor
  
 
	 	 COMMONWEALTH
ALUMINUM TUBE 
 ENTERPRISES, LLC, as a
Pledgor
  
 
	 	 COMMONWEALTH
ALUMINUM, LLC, 
 as a Pledgor

 
 
	 	 COMMONWEALTH
FINANCING CORP., 
 as a Pledgor

 
 
	 	 COMMONWEALTH
INDUSTRIES, INC., 
 as a Pledgor

 
 
	 	 ETS SCHAEFER
CORPORATION, 
 as a Pledgor
  
 
	 	 GULF REDUCTION
CORPORATION, 
 as a Pledgor
  
 
	 	 IMCO
INTERNATIONAL, INC., 
 as a
Pledgor
  
 
	 	 IMCO
INVESTMENT COMPANY, 
 as a
Pledgor
  
 
	 	 IMCO RECYCLING
OF CALIFORNIA, INC., 
 as a
Pledgor
  
 
	 	 IMCO RECYCLING
OF IDAHO INC., 
 as a Pledgor

 
 
	 	 IMCO RECYCLING
OF ILLINOIS INC., 
 as a Pledgor

 
 
	 	 IMCO RECYCLING
OF INDIANA INC., 
 as a Pledgor

 
 
	 	 IMCO RECYCLING
OF MICHIGAN L.L.C.,
 as a
Pledgor
  
 
	 	 IMCO RECYCLING
OF OHIO INC., 
 as a Pledgor

 
 
	 	 IMCO RECYCLING
OF UTAH INC.,
 as a Pledgor
  
 
	 	 IMCO RECYCLING
SERVICES COMPANY, 
 as a Pledgor

 
 
	 	 IMSAMET, INC.,
as a Pledgor
  
 
	 	 ALERIS
BLANKING AND RIM PRODUCTS, 
 INC. (f/k/a
INDIANA ALUMINUM INC.), 
 as a
Pledgor
  
 
	 	 INTERAMERICAN
ZINC, INC., 
 as a Pledgor
  
 
	 	 METALCHEM,
INC., as a Pledgor
  

	 	 MIDWEST ZINC
CORPORATION, 
 as a Pledgor
  
 
	 	 ROCK CREEK
ALUMINUM, INC., 
 as a Pledgor

 
 
	 	 SILVER FOX
HOLDING COMPANY, 
 as a Pledgor

 
 
	 	 U.S. ZINC
CORPORATION, 
 as a Pledgor
  
 
	 	 U.S. ZINC
EXPORT CORPORATION, 
 as a
Pledgor
  
 
	 	 WESTERN ZINC
CORPORATION,
 as a Pledgor
  
 

 
 

  
 
	 	      By:
 	 /s/  Michael D. Friday	 
	 	 	 Name: 
Michael D. Friday
 	 
	 	 	 Title:    Director
 	 

 
 

    
 
  

  
 
 
   
 
 

 

  
 
	 	        IMCO INDIANA PARTNERSHIP L.P.
        By: IMCO
International, Inc., its 
        General Partner,
        as a Pledgor
  
 
	 	        By:
 	 /s/  Michael D. Friday	 
	 	 	 Name: 
Michael D. Friday
 	 
	 	 	 Title:    President
 	 

 
 

  
 
	 	        IMCO MANAGEMENT PARTNERSHIP, L.P.
        By: Aleris
International, Inc.,
        its General Partner,
        as a Pledgor
  
 
	 	        By:
 	 /s/  Michael D. Friday	 
	 	 	 Name: 
Michael D. Friday
 	 
	 	 	 Title:    Executive Vice President and
               Chief Financial Officer
 	 

 
 

  

    
 
   
  
 
 
   
 
 

 

  
 
	 	        CORUS ALUMINIUM CORP., as a Pledgor
        HOOGOVENS ALUMINIUM
EUROPE INC.,
        as a Pledgor
  
 
	 	        By:
 	 /s/  Michael D. Friday	 
	 	 	 Name: 
Michael D. Friday
 	 
	 	 	 Title:    Director
 	 

 
 
  
  
  

    
  
 
   
  
 
 
   
 
 

 
 
 Accepted and Agreed
to:
  
 DEUTSCHE BANK AG NEW YORK BRANCH, 
 As Collateral Agent and Pledgee
   
 
	 By:

	 /s/  Carin Keegan
	 	 Name: Carin Keegan
 
	 	 Title:   Vice President
 

 
 

 
   
 
	 By:

	 /s/  Scottye Lindsey
	 	 Name:  Scottye Lindsey
 
	 	 Title:    Director
 

 
 

 
 Address:  
60 Wall Street 
                   New York, NY 10005
  
  

   
 
   
  
 
 
   
 
 

 
  
 TABLE OF CONTENTS
                                                                                                             

   
	 	 	 Page
  
 
	 1.

 
 	 SECURITY FOR OBLIGATIONS
  
 	 2

 
 
	 2.

	 DEFINITIONS
  
 	 4

 
 
	 3.

	 PLEDGE OF SECURITIES, ETC.
  
 	 9

 
 
	 	 3.1.

	 Pledge
 	 9

	 	 3.2.

	 Procedures
 	 12

	 	 3.3.

	 Subsequently
Acquired Collateral
 	 14

	 	 3.4.

	 Transfer
Taxes
 	 14

	 	 3.5.

	 Certain
Representations and Warranties Regarding the Collateral
 	 14

	 	 3.6.

	 Overriding
Provisions with respect to ABL Priority Collateral
  
 	 15

	 4.

	 APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC
  
 	 15

	 5.

	 VOTING, ETC., WHILE NO NOTICED EVENT OF DEFAULT
  
 	 15

	 6.

	 DIVIDENDS AND OTHER DISTRIBUTIONS
  

	 15

	 7.

	 REMEDIES IN CASE OF A NOTICED EVENT OF DEFAULT
  
 	 16

	 8.

	 REMEDIES, CUMULATIVE, ETC
  
 	 17

	 9.

	 APPLICATION OF PROCEEDS
  
 	 18

	 10.

	 PURCHASERS OF COLLATERAL
  
 	 18

	 11.

	 INDEMNITY
  
 	 18

	 12.

	 PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER
  
 	 19

	 13.

	 FURTHER ASSURANCES; POWER-OF-ATTORNEY
  

	 20

	 14.

	 THE
PLEDGEE AS COLLATERAL AGENT
  
 	 20

	 15.

	 TRANSFER BY THE PLEDGORS
  
 	 21

	 16.

	 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS
  
 	 21

	 17.

	  LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED
ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC.
  
 
 	  
  
 23
 
	 18.

	 PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC.
  
 	 24

	 19.

	 SALE
OF COLLATERAL WITHOUT REGISTRATION
  
 	 24

	20.	 TERMINATION; RELEASE
  
 	25 
	 21.

	 NOTICES, ETC
  
 	 26

	 22.

	 WAIVER; AMENDMENT
  
 	 27

	 23.

	 SUCCESSORS AND ASSIGNS
  
 	 27

	24.   	 HEADINGS DESCRIPTIVE
  
 	27 
	 25.

	 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL
  
 	 27

	 26.

	 PLEDGOR’S DUTIES
  
 	 28

	 27.

	 COUNTERPARTS
  
 	 29

	 28.

	 SEVERABILITY
  
 	 29

	 29.

	 RECOURSE
  
 	 29

	 30.

	 ADDITIONAL PLEDGORS
  
 	 29

	 31.

	 LIMITED OBLIGATIONS
  
 	 29

	32.	RESTATEMENT AND AMENDMENT	29 

 
 

  
 
  
	 ANNEX A
-
 	 SCHEDULE OF LEGAL
NAMES, TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY), JURISDICTION OF ORGANIZATION, LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS
 
	 ANNEX B
-
 	 SCHEDULE OF
STOCK
 
	 ANNEX C
-
 	 SCHEDULE OF
NOTES
 
	 ANNEX D
-
 	 SCHEDULE OF
LIMITED LIABILITY COMPANY INTERESTS
 
	 ANNEX E
-
 	 SCHEDULE OF
PARTNERSHIP INTERESTS
 
	 ANNEX F
-
 	 SCHEDULE OF CHIEF
EXECUTIVE OFFICES
 
	 ANNEX G
-
 	 FORM OF AGREEMENT
REGARDING UNCERTIFICATED SECURITIES, LIMITED LIABILITY COMPANY INTERESTS AND PARTNERSHIP INTERESTSAmended and Restated U.S. Subsidiaries Guaranty, dated 12/19/2006

  Exhibit 10.9
  
 EXECUTION COPY
  
 
 
 AMENDED AND RESTATED U.S. SUBSIDIARIES GUARANTY
  
 AMENDED AND RESTATED U.S. SUBSIDIARIES GUARANTY, dated as of August 1, 2006 and amended and restated as of December 19, 2006 (as amended, modified or supplemented from time to
time, this “Guaranty”), made by each of the undersigned
guarantors (each a “Guarantor” and, together with any other
entity that becomes a guarantor hereunder pursuant to Section 22 hereof, collectively, the “Guarantors”) in favor of DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent (together with any successor administrative agent, the “Administrative Agent”), for the benefit of the Secured Creditors (as defined
below). Except as otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined.
  
 WITNESSETH
:
  
 WHEREAS, Aurora Acquisition Merger Sub, Inc., Aleris International, Inc., a Delaware corporation (“Aleris” or the “U.S. Borrower”), Aleris Deutschland Holdings GmbH, a company with limited
liability formed under the laws of Germany (the “German Borrower” and, together with the U.S. Borrower, collectively, the “Borrowers” and each, a “Borrower”), the lenders party thereto from time to time (the “Lenders”), and the Administrative Agent, have entered into an Amended and
Restated Term Loan Agreement, dated as of August 1, 2006 and amended and restated as of the date hereof, providing among other things for the making of Loans to the Borrowers as contemplated therein (the Lenders and the Administrative Agent are
herein called the “Lender Creditors”) (as used herein, the
term “Credit Agreement” means the Amended and Restated Term
Loan Agreement described above in this paragraph, as the same may be amended, modified, extended, renewed, replaced, restated, supplemented or refinanced from time to time, and including any agreement extending the maturity of, or refinancing or
restructuring (including, but not limited to, the inclusion of additional borrowers or guarantors thereunder or any increase in the amount borrowed) all or any portion of, the indebtedness under such agreement or any successor agreement, whether or
not with the same agent, trustee, representative, lenders or holders; provided that, with respect to any agreement providing for the refinancing or replacement of indebtedness under the Credit Agreement, such agreement shall only be treated as, or as part
of, the Credit Agreement hereunder if (i) either (A) all obligations under the Credit Agreement being refinanced or replaced shall be paid in full at the time of such refinancing or replacement, and all commitments issued pursuant to the refinanced
or replaced Credit Agreement shall have terminated in accordance with their terms, or (B) the Required Lenders shall have consented in writing to the refinancing or replacement indebtedness being treated as indebtedness pursuant to the Credit
Agreement, and (ii) a notice to the effect that the refinancing or replacement indebtedness shall be treated as issued under the Credit Agreement shall be delivered by Aleris to the Collateral Agent);
  
 WHEREAS, the U.S. Borrower and/or one or more of its Subsidiaries may at any time and from time to time enter into one or more Secured Hedging Agreements with one or more Persons
other than the Borrowers and their Subsidiaries (the “Other Creditors” and collectively, with the Lender Creditors, the “Secured
Creditors”);
  

WHEREAS, each Guarantor is a direct or indirect
Wholly-Owned Domestic Subsidiary of Aleris;
  
 WHEREAS, it is a condition precedent to (i) the making of
Loans to the Borrowers under the Credit Agreement and (ii) the Other Creditors entering into Secured Hedging Agreements, that each Guarantor shall have executed and delivered to the Administrative Agent this Guaranty; and
  
 WHEREAS, each Guarantor will obtain benefits from the incurrence of Loans by the Borrowers under the Credit Agreement and the entering into by the Borrowers and/or one or more of
their Subsidiaries of Secured Hedging Agreements with the Other Creditors, accordingly, desires to execute this Guaranty in order to (i) satisfy the condition described in the preceding paragraph and (ii) induce (x) the Lenders to make Loans to the
Borrowers and (y) the Other Creditors to enter into Secured Hedging Agreements with the Borrowers and/or one or more of their Subsidiaries;
  
 NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to each Guarantor, the receipt and sufficiency of which are hereby acknowledged, each Guarantor
hereby makes the following representations and warranties to the Administrative Agent for the benefit of the Secured Creditors and hereby covenants and agrees with each other Guarantor and the Administrative Agent for the benefit of the Secured
Creditors as follows:
  
 1.   GUARANTY. (a) Each Guarantor, jointly and severally, irrevocably, absolutely and unconditionally
guarantees as a primary obligor and not merely as surety (i) to the Lender Creditors the full and prompt payment when due (whether at the stated maturity, by required prepayment, declaration, acceleration, demand or otherwise) of (x) the principal
of, premium, if any, and interest on the Notes issued by, and the Loans made to, the Borrowers under the Credit Agreement and (y) all other obligations (including, without limitation, obligations which, but for the commencement of any insolvency
proceeding, would become due), liabilities and indebtedness owing by each Borrower to the Lender Creditors under the Credit Agreement and each other Credit Document to which such Borrower is a party (including, without limitation, indemnities, Fees
and interest thereon (including, without limitation, in each case, any interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar proceeding at the rate provided for in the Credit Agreement, whether or not such
interest is an allowed claim in any such proceeding)), whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and each such other Credit Document (all such principal, premium, interest,
liabilities, indebtedness and other obligations under this clause (i), except to the extent consisting of obligations, liabilities or indebtedness with respect to Secured Hedging Agreements are herein collectively called the “Credit Document Obligations”) and (ii) to each Other Creditor the full and prompt
payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations (including obligations which, but for the commencement of any insolvency proceeding, would become due), liabilities and indebtedness (including, in
each case, any interest accruing after the commencement of any bankruptcy, insolvency, receivership or similar proceeding at the rate provided for in the respective Secured Hedging Agreements, whether or not such interest is an allowed claim in any
such proceeding) owing by the Borrowers and their Subsidiaries under any Secured Hedging Agreement, whether now in existence or hereafter arising, (all such obligations, liabilities and indebtedness described in this clause (ii) being herein
collectively called the “Other Obligations” and together with
the Credit Document Obligations, the “Guaranteed Obligations”). Each Guarantor understands, agrees and confirms that the Secured Creditors may enforce this Guaranty up to the full amount of the Guaranteed Obligations against such
Guarantor without proceeding against any other Guarantor, the Borrowers, any other Guaranteed Party, against any security for the Guaranteed Obligations, or under any other guaranty covering all or a portion of the Guaranteed
Obligations.
  
 The following capitalized terms used herein shall have the
definitions specified below:
  
 “Guaranteed Party” shall mean (x) each Borrower and (y) each Subsidiary of Aleris
party to a Secured Hedging Agreement.
  
 “Secured Debt Agreements” shall mean and include (i) this Agreement, (ii) the
other Credit Documents, (iii) the Secured Hedging Agreements and (iv) the Secured Hedging Agreement Intercreditor Agreement entered into by the Collateral Agent with an Other Creditor.
  
 “Secured Hedging Agreement” shall mean each Interest Rate Protection Agreement and/or Other Hedging Agreements provided that (i) such Interest Rate Protection Agreement and/or Other Hedging
Agreement expressly states that (x) it constitutes a “Secured Hedging Agreement” for purposes of this Agreement and the other Credit Documents and (y) does not constitute a “Secured Hedging Agreement” for purposes of the ABL
Credit Agreement, the ABL Security Documents or any guaranties relating to the ABL Credit Agreement, (ii) Aleris and the other parties thereto shall have delivered to the Collateral Agent a written notice specifying that such Interest Rate
Protection Agreement and/or Other Hedging Agreement (x) constitutes a “Secured Hedging Agreement” for purposes of this Agreement and the other Credit Documents, (y) does not constitute a “Secured Hedging Agreement” for
purposes of the ABL Credit Agreement, the ABL Security Documents or any guaranties relating to the ABL Credit Agreement and (z) in the case of Aleris, that such Interest Rate Protection Agreement and/or Other Hedging Agreement and the obligations of
Aleris and its Subsidiaries thereunder have been, and will be, incurred in compliance with this Agreement and (iii) such Other Creditor has become party to the Secured Hedging Agreement Intercreditor Agreement with respect to the relevant Interest
Rate Protection Agreement or Other Hedging Agreement on terms reasonably satisfactory to the Collateral Agent.
  
 “Secured Hedging Agreement Intercreditor Agreement” shall mean that certain
Secured Hedging Agreement Intercreditor Agreement dated as of December 19, 2006 among Aleris, the other grantors party thereto from time to time, the secured hedge counterparties party thereto from time to time and the Collateral Agent and the
Administrative Agent (as amended, modified or supplemented from time to time).
  
 (b)  Additionally, each Guarantor, jointly and severally, unconditionally, absolutely and irrevocably, guarantees the payment of any and all Guaranteed Obligations whether or not due or payable by any Borrower or any such other Guaranteed Party upon the
occurrence in respect of any Borrower or any such other Guaranteed Party of any of the events specified in Section 9.05 of the Credit Agreement, and unconditionally, absolutely and irrevocably, jointly and severally, promises to pay such Guaranteed
Obligations to the Secured Creditors, or order, on demand. This Guaranty shall constitute a guaranty of payment, and not of collection.
  
 2.   LIABILITY OF GUARANTORS ABSOLUTE. The liability of each Guarantor hereunder is primary, absolute, joint and several, and unconditional and is exclusive and independent of any security for or other guaranty of
the indebtedness of any Borrower or any other Guaranteed Party, whether executed by such Guarantor, any other Guarantor, any other guarantor or by any other party, and the liability of each Guarantor hereunder shall not be affected or impaired by
any circumstance or occurrence whatsoever, including, without limitation: (a) any direction as to application of payment by any Borrower, any other Guaranteed Party or any other party, (b) any other continuing or other guaranty, undertaking or
maximum liability of a Guarantor or of any other party as to the Guaranteed Obligations, (c) any payment on or in reduction of any such other guaranty or undertaking, (d) any dissolution, termination or increase, decrease or change in personnel by
any Borrower or any other Guaranteed Party, (e) the failure of the Guarantor to receive any benefit from or as a result of its execution, delivery and performance of this Guaranty, (f) any payment made to any Secured Creditor on the indebtedness
which any Secured Creditor repays any Borrower or any other Guaranteed Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each Guarantor waives any right to the deferral or
modification of its obligations hereunder by reason of any such proceeding, (g) any action or inaction by the Secured Creditors as contemplated in Section 5 hereof or (h) any invalidity, rescission, irregularity or unenforceability of all or any
part of the Guaranteed Obligations or of any security therefore; provided that nothing in this Guaranty shall prevent the Guarantor from asserting the defense of payment of all or any portion of the Guaranteed Obligations.
  
 3.   OBLIGATIONS
OF GUARANTORS INDEPENDENT. The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor, any other guarantor, any
Borrower or any other Guaranteed Party, and a separate action or actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor, any other guarantor, any Borrower or any other Guaranteed
Party and whether or not any other Guarantor, any other guarantor, any Borrower or any other Guaranteed Party be joined in any such action or actions. Each Guarantor waives, to the fullest extent permitted by law, the benefits of any statute of
limitations affecting its liability hereunder or the enforcement thereof. Any payment by any Borrower or any Guaranteed Party or other circumstance which operates to toll any statute of limitations as to any Borrower or any such other Guaranteed
Party shall operate to toll the statute of limitations as to each Guarantor.
  
 4.   WAIVERS BY GUARANTORS. (a) To
the fullest extent permitted under applicable law, each Guarantor hereby waives notice of acceptance of this Guaranty and notice of the existence, creation or incurrence of any new or additional liability to which it may apply, and waives
promptness, diligence, presentment, demand of payment, demand for performance, protest, notice of dishonor or nonpayment of any such liabilities, suit or taking of other action by the Administrative Agent or any other Secured Creditor against, and
any other notice to, any party liable thereon (including such Guarantor, any other Guarantor, any other guarantor, any Borrower or any other Guaranteed Party) and each Guarantor further hereby waives any and all notice of the creation, renewal,
extension or accrual of any of the Guaranteed Obligations and notice or proof of reliance by any Secured Creditor upon this Guaranty, and the Guaranteed Obligations shall conclusively be deemed to have been created, contracted or incurred, or
renewed, extended, amended, modified, supplemented or waived, in reliance upon this Guaranty.
  
 (b)  Each Guarantor waives any right to require the Secured Creditors to: (i) proceed against any Borrower, any
other Guaranteed Party, any other Guarantor, any other guarantor of the Guaranteed Obligations or any other party; (ii) proceed against or exhaust any security held from any Borrower, any other Guaranteed Party, any other Guarantor, any other
guarantor of the Guaranteed Obligations or any other party; or (iii) pursue any other remedy in the Secured Creditors’ power whatsoever. Each Guarantor waives any defense based on or arising out of any defense of any Borrower, any other
Guaranteed Party, any other Guarantor, any other guarantor of the Guaranteed Obligations or any other party other than payment in full in cash of the Guaranteed Obligations, including, without limitation, any defense based on or arising out of the
disability of any Borrower, any other Guaranteed Party, any other Guarantor, any other guarantor of the Guaranteed Obligations or any other party, or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the
cessation from any cause of the liability of any Borrower or any other Guaranteed Party other than payment in full in cash of the Guaranteed Obligations. The Secured Creditors may, at their election, foreclose on any collateral serving as security
held by the Administrative Agent, the Collateral Agent or the other Secured Creditors by one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by
applicable law), or exercise any other right or remedy the Secured Creditors may have against any Borrower, any other Guaranteed Party or any other party, or any security, without affecting or impairing in any way the liability of any Guarantor
hereunder except to the extent the Guaranteed Obligations have been paid in full in cash. Each Guarantor waives any defense arising out of any such election by the Secured Creditors, even though such election operates to impair or extinguish any
right of reimbursement, contribution, indemnification or subrogation or other right or remedy of such Guarantor against any Borrower, any other Guaranteed Party, any other guarantor of the Guaranteed Obligations or any other party or any
security.
  
 (c)  Each Guarantor has knowledge and assumes all responsibility for being and keeping itself informed of each Borrower’s, each other Guaranteed Party’s and each other
Guarantor’s financial condition, affairs and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks which such Guarantor assumes and incurs
hereunder, and has adequate means to obtain from each Borrower, each other Guaranteed Party and each other Guarantor on an ongoing basis information relating thereto and each Borrower’s, each other Guaranteed Party’s and each other
Guarantor’s ability to pay and perform its respective Guaranteed Obligations, and agrees to assume the responsibility for keeping, and to keep, so informed for so long as this Guaranty is in effect. Each Guarantor acknowledges and agrees that
(x) the Secured Creditors shall have no obligation to investigate the financial condition or affairs of any Borrower, any other Guaranteed Party or any other Guarantor for the benefit of such Guarantor nor to advise such Guarantor of any fact
respecting, or any change in, the financial condition, assets or affairs of any Borrower, any other Guaranteed Party or any other Guarantor that might become known to any Secured Creditor at any time, whether or not such Secured Creditor knows or
believes or has reason to know or believe that any such fact or change is unknown to such Guarantor, or might (or does) increase the risk of such Guarantor as guarantor hereunder, or might (or would) affect the willingness of such Guarantor to
continue as a guarantor of the Guaranteed Obligations hereunder and (y) the Secured Creditors shall have no duty to advise any Guarantor of information known to them regarding any of the aforementioned circumstances or risks.
  
 (d)  Each Guarantor
hereby acknowledges and affirms that it understands that to the extent the Guaranteed Obligations are secured by Real Property located in the State of California, such Guarantor shall be liable for the full amount of the liability hereunder
notwithstanding foreclosure on such Real Property by trustee sale or any other reason impairing such Guarantor’s or any Secured Creditors’ right to proceed against any Borrower, any other Guaranteed Party or any other guarantor of the
Guaranteed Obligations.
  
 (e)  Each Guarantor hereby waives (to the fullest extent permitted by applicable law) all rights and benefits under Section 580a, 580b, 580d and 726 of the California Code of Civil
Procedure. Each Guarantor hereby further waives (to the fullest extent permitted by applicable law), without limiting the generality of the foregoing or any other provision hereof, all rights and benefits which might otherwise be available to such
Guarantor under Sections 2809, 2810, 2815, 2819, 2821, 2839, 2845, 2848, 2849, 2850, 2899 and 3433 of the California Civil Code.
  
 (f)  Until the Guaranteed Obligations have been paid in full in cash, each Guarantor waives its rights of
subrogation and reimbursement and any other rights and defenses available to such Guarantor by reason of Sections 2787 to 2855, inclusive, of the California Civil Code, including, without limitation, (1) any defenses such Guarantor may have to this
Guaranty by reason of an election of remedies by the Secured Creditors and (2) any rights or defenses such Guarantor may have by reason of protection afforded to any Borrower or any other Guaranteed Party pursuant to the antideficiency or other laws
of California limiting or discharging such Borrower’s, such other Guaranteed Party’s indebtedness, including, without limitation, Section 580a, 580b, 580d or 726 of the California Code of Civil Procedure. In furtherance of such
provisions, each Guarantor hereby waives all rights and defenses arising out of an election of remedies by the Secured Creditors, even though that election of remedies, such as a nonjudicial foreclosure, destroys such Guarantor’s rights of
subrogation and reimbursement against any Borrower or any other Guaranteed Party by the operation of Section 580d of the California Code of Civil Procedure or otherwise.
  
 (g)  Each Guarantor
hereby acknowledges and agrees that no Secured Creditor nor any other Person shall be under any obligation (a) to marshal any assets in favor of such Guarantor or in payment of any or all of the liabilities of any Guaranteed Party under the Secured
Debt Agreements or the obligation of such Guarantor hereunder or (b) to pursue any other remedy that such Guarantor may or may not be able to pursue itself any right to which such Guarantor hereby waives.
  
 (h)  Each Guarantor
warrants and agrees that each of the waivers set forth in Section 3 and in this Section 4 is made with full knowledge of its significance and consequences and that if any of such waivers are determined to be contrary to any applicable law or public
policy, such waivers shall be effective only to the maximum extent permitted by applicable law.
  
 5.   RIGHTS OF SECURED CREDITORS. Subject to Sections 4 and 13, the Secured Creditors may (except as shall be required by applicable statute and cannot be waived) at any time and from time to time without the
consent of, or notice to, any Guarantor, without incurring responsibility to such Guarantor, without impairing or releasing the obligations or liabilities of such Guarantor hereunder, upon or without any terms or conditions and in whole or in
part:
  
 (a)  change the manner, place or terms of payment of, and/or change, increase or extend the time of payment of, renew, increase, accelerate or alter, any of the Guaranteed Obligations
(including, without limitation, any increase or decrease in the rate of interest thereon or the principal amount thereof), any security therefor, or any liability incurred directly or indirectly in respect thereof, and the guaranty herein made shall
apply to the Guaranteed Obligations as so changed, extended, increased, accelerated, renewed or altered;
  

(b)  take and hold security for the payment of the Guaranteed Obligations and sell, exchange, release, surrender,
impair, realize upon or otherwise deal with in any manner and in any order any property or other collateral by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any
of those hereunder) incurred directly or indirectly in respect thereof or hereof, and/or any offset thereagainst;
  
 (c)  exercise or refrain from exercising any rights against any Borrower, any other Guaranteed Party, any other
Credit Party, any Subsidiary thereof, any other guarantor of any Borrower or others or otherwise act or refrain from acting;
  
 (d)  release or substitute any one or more endorsers, Guarantors, other guarantors, any Borrower, any other
Guaranteed Party, any other Credit Party or other obligors;
  
 (e)  settle or compromise any of the Guaranteed Obligations, any security therefor or any liability (including any
of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of any Borrower or any other Guaranteed Party to
creditors of such Borrower or such other Guaranteed Party other than the Secured Creditors;
  
 (f)  except as otherwise expressly required by the Security Documents, apply any sums by whomsoever paid or
howsoever realized to any liability or liabilities of any Borrower or any other Guaranteed Party to the Secured Creditors regardless of what liabilities of such Borrower or such other Guaranteed Party remain unpaid;
  
 (g)  consent to or
waive any breach of, or any act, omission or default under, any of the Secured Debt Agreements or any of the instruments or agreements referred to therein, or otherwise amend, modify or supplement any of the Secured Debt Agreements or any of such
other instruments or agreements;
  
 (h)  act or fail to act in any manner which may deprive such Guarantor of its right to subrogation against any
Borrower or any other Guaranteed Party to recover full indemnity for any payments made pursuant to this Guaranty; and/or
  
 (i)  take any action or omit to take any other action which would, under otherwise applicable principles of common
law, give rise to a legal or equitable discharge of such Guarantor from its liabilities under this Guaranty (including, without limitation, any action or omission whatsoever that might otherwise vary the risk of such Guarantor or constitute a legal
or equitable defense to or discharge of the liabilities of a guarantor or surety or that might otherwise limit recourse against such Guarantor); provided in each case that nothing in this Guaranty shall prevent the Guarantor from
asserting the defense of payment of all or any portion of the Guaranteed Obligations.
  
 No invalidity, illegality, irregularity or unenforceability
of all or any part of the Guaranteed Obligations, the Secured Debt Agreements or any other agreement or instrument relating to the Guaranteed Obligations or of any security or guarantee therefor shall affect, impair or be a defense to this Guaranty,
and this Guaranty shall be primary, absolute and unconditional notwithstanding the occurrence of any event or the existence of any other circumstances which might constitute a legal or equitable discharge of a surety or guarantor except payment in
full in cash of the Guaranteed Obligations.
  
 6.   CONTINUING GUARANTY.
This Guaranty is a continuing one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in reliance hereon. No failure or delay on the part of any Secured Creditor in
exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies herein expressly specified are cumulative and not exclusive of any rights or remedies which any Secured Creditor would otherwise have. No notice to or demand on any Guarantor in any case shall
entitle such Guarantor to any other further notice or demand in similar or other circumstances or constitute a waiver of the rights of any Secured Creditor to any other or further action in any circumstances without notice or demand. It is not
necessary for any Secured Creditor to inquire into the capacity or powers of any Borrower or any other Guaranteed Party or the officers, directors, partners or agents acting or purporting to act on its or their behalf, and any indebtedness made or
created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.
  
 7.   SUBORDINATION OF INDEBTEDNESS HELD BY GUARANTORS. Any indebtedness of any Borrower or any other Guaranteed Party now or hereafter owing to any Guarantor is hereby subordinated to the Guaranteed Obligations of such Borrower or
such other Guaranteed Party to the Secured Creditors, and such Guaranteed Obligations of such Borrower or such other Guaranteed Party to any Guarantor, if the Administrative Agent or the Collateral Agent, after the occurrence and during the
continuance of an Event of Default, so requests, shall be collected, enforced and received by such Guarantor as trustee for the Secured Creditors and be paid over to the Secured Creditors on account of the Guaranteed Obligations of such Borrower or
such other Guaranteed Parties to the Secured Creditors, but without affecting or impairing in any manner the liability of such Guarantor under the other provisions of this Guaranty. Prior to the transfer by any Guarantor of any note or negotiable
instrument evidencing any indebtedness of any Borrower or any other Guaranteed Party to such Guarantor, such Guarantor shall mark such note or negotiable instrument with a legend that the same is subject to this subordination. Without limiting the
generality of the foregoing, each Guarantor hereby agrees with the Secured Creditors that it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section 509 of
the Bankruptcy Code or otherwise) until all Guaranteed Obligations have been paid in full in cash; provided, that if any amount shall be paid to such Guarantor on account of such subrogation rights at any time prior to the irrevocable payment in
full in cash of all the Guaranteed Obligations, such amount shall be held in trust for the benefit of the Secured Creditors and shall forthwith be paid to the Secured Creditors to be credited and applied upon the Guaranteed Obligations, whether
matured or unmatured, in accordance with the terms of the Credit Documents or, if the Credit Documents do not provide for the application of such amount, to be held by the Secured Creditors as collateral security for any Guaranteed Obligations
thereafter existing.
  
 8.   GUARANTY ENFORCEABLE BY ADMINISTRATIVE AGENT OR COLLATERAL AGENT. Notwithstanding
anything to the contrary elsewhere in this Guaranty, the Secured Creditors agree (by their acceptance of the benefits of this Guaranty) that this Guaranty may be enforced only by the action of (i) the Administrative Agent or the Collateral Agent, in
each case acting upon the instructions of the Required Lenders and (ii) with respect to the Other Obligations, the holders of at least a majority of the outstanding Other Obligations and that no other Secured Creditor shall have any right
individually to seek to enforce or to enforce this Guaranty or to realize upon the security to be granted by the Security Documents, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent or the
Collateral Agent or, after all the Credit Document Obligations have been paid in full, by the holders of at least a majority of the outstanding Other Obligations, as the case may be, for the benefit of the Secured Creditors upon the terms of this
Guaranty and the Security Documents. The Secured Creditors further agree that this Guaranty may not be enforced against any director, officer, employee, partner, member or stockholder of any Guarantor (except to the extent such partner, member or
stockholder is also a Guarantor hereunder). It is expressly understood, acknowledged and agreed by each Secured Creditor that by accepting the benefits of this Agreement each such Secured Creditor acknowledges and agrees that the obligations of the
Administrative Agent under this Agreement, are only those expressly set forth in this Agreement and in Annex M to the Security Agreement. The Administrative Agent shall act hereunder on the terms and conditions set forth herein and in Annex M to the
Security Agreement, the terms of which shall be deemed incorporated herein by reference, mutatis mutandis, as fully as if the same were set forth herein (and referencing this Agreement) in its entirety. It is further understood and agreed that the agreement in this Section 8 is among
and solely for the benefit of the Secured Creditors and that, if the Required Lenders (or, after the date on which all Credit Document Obligations have been paid in full, the holders of at least a majority of the outstanding Other Obligations) so
agree (without requiring the consent of any Guarantor), this Guaranty may be directly enforced by any Secured Creditor.
  
 9.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF GUARANTORS. In order to induce the Lenders to make Loans to the Borrowers pursuant to the Credit Agreement and in order to induce the Other Creditors to execute, to deliver and perform the
Secured Hedging Agreements to which they are a party, each Guarantor represents, warrants and covenants that:
  
 (a)  Such Guarantor (i) is a duly organized and validly existing corporation, partnership or limited liability
company, as the case may be, in good standing under the laws of the jurisdiction of its organization, (ii) has the corporate, partnership or limited liability company power and authority, as the case may be, to own its property and assets and to
transact the business in which it is engaged and (iii) is duly qualified and is authorized to do business and is in good standing in each jurisdiction where the ownership, leasing or operation of its property or the conduct of its business requires
such qualification except for failures to be so qualified which, either individually or in the aggregate, could not reasonably be expected to have, a Material Adverse Effect.
  
 (b)  Such Guarantor
has the corporate, partnership or limited liability company power and authority, as the case may be, to execute, deliver and perform the terms and provisions of this Guaranty and each other Secured Debt Agreement to which it is a party and has taken
all necessary corporate, partnership or limited liability company action, as the case may be, to authorize the execution, delivery and performance by it of this Guaranty and each such other Secured Debt Agreement. Such Guarantor has duly executed
and delivered this Guaranty and each other Secured Debt Agreement to which it is a party, and this Guaranty and each such other Secured Debt Agreement constitutes the legal, valid and binding obligation of such Guarantor enforceable in accordance
with its terms, except to the extent that the enforceability hereof or thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable
principles (regardless of whether enforcement is sought in equity or at law).
  
 (c)  Neither the execution, delivery or performance by such Guarantor of this Guaranty or any other Secured Debt
Agreement to which it is a party, nor compliance by it with the terms and provisions hereof and thereof, will (i) contravene any provision of any material applicable law, statute, rule or regulation or any applicable order, writ, injunction or
decree of any court or governmental instrumentality in any material respect, (ii) conflict with or result in any breach of any of the material terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or
imposition of (or the obligation to create or impose) any Lien (except pursuant to the Security Documents) upon any of the property or assets of such Guarantor or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of
trust, loan agreement, credit agreement, or any other material agreement, contract or instrument to which such Guarantor or any of its Subsidiaries is a party or by which it or any of its property or assets is bound or to which it may be subject or
(iii) violate any provision of the certificate or articles of incorporation or by-laws (or equivalent organizational documents) of such Guarantor or any of its Subsidiaries.
  
 (d)  No order,
consent, approval, license, authorization or validation of, or filing, recording or registration with (except for (x) those that have otherwise been obtained or made, (y) filings which are necessary to perfect the security interests created under
the Security Documents and (z) other than with respect to the Secured Debt Agreements, those the failure to obtain which could not reasonably be expected to have a Material Adverse Effect), or exemption by, any governmental or public body or
authority, or any subdivision thereof, is required to authorize, or is required in connection with, (i) the execution, delivery and performance of this Guaranty by such Guarantor or any other Document to which such Guarantor is a party or (ii) the
legality, validity, binding effect or enforceability of any Document to which such Guarantor is a party.
  

(e)  There are no actions, suits or proceedings pending or, to such Guarantor’s knowledge, threatened in
writing (i) with respect to this Guaranty or any other Secured Debt Agreement to which such Guarantor is a party or (ii) with respect to such Guarantor or any of its Subsidiaries that, either individually or in the aggregate, has had, or would
reasonably be expected to have, a Material Adverse Effect.
  
 (f)  Each Guarantor covenants and agrees that on and after the Restatement Effective Date and until the date upon
which the Total Commitment under the Credit Agreement has been terminated, no Note (as defined in the Credit Agreement) is outstanding (and all Loans have been paid in full) (the “Credit Document Termination Date”), all Guaranteed Obligations under Secured
Hedging Agreements and all other Guaranteed Obligations (other than indemnities under the Credit Documents which are not then due and payable) have been paid in full and the Secured Hedging Agreements have been terminated, such Guarantor will
comply, and will cause each of its Subsidiaries to comply, with all of the applicable provisions, covenants and agreements contained in Sections 7 and 8 of the Credit Agreement, and will take, or will refrain from taking, as the case may be, all
actions that are necessary to be taken or not taken so that it is not in violation of any provision, covenant or agreement contained in Section 7 or 8 of the Credit Agreement, and so that no Default or Event of Default is caused by the actions of
such Guarantor or any of its Subsidiaries.
  
 (g)  An executed (or conformed) copy of each of the Secured Debt Agreements, has been made available to a senior
officer of such Guarantor and such officer is familiar with the contents thereof.
  
 10.   EXPENSES. The
Guarantors hereby jointly and severally agree to pay all reasonable out-of-pocket costs and expenses of each Secured Creditor in connection with the enforcement of this Guaranty (including, without limitation, the fees and disbursements of counsel
employed by each of the Secured Creditors) and of the Administrative Agent in connection with any amendment, waiver or consent relating hereto (including, without limitation, the reasonable fees and disbursements of counsel employed by each of the
Agents).
  
 11.   BENEFIT AND BINDING EFFECT. This Guaranty shall be binding upon each Guarantor and its
successors and assigns and shall inure to the benefit of the Secured Creditors and their successors and assigns.
  
 12.   AMENDMENTS; WAIVERS.
Neither this Guaranty nor any provision hereof may be changed or waived except with the written consent of each Guarantor directly affected thereby (it being understood that the addition or release of any Guarantor hereunder shall not constitute a
change or waiver affecting any Guarantor other than the Guarantor so added or released) and with the written consent of either (x) the Required Lenders (or, to the extent required by Section 11.12 of the Credit Agreement, with the written consent of
each Lender) at all times prior to the Credit Document Termination Date or (y) the holders of at least a majority of the outstanding Other Obligations (taken as a whole) at all times after the time at which all Credit Document Obligations have been
paid in full; provided, that (i) any change, waiver, modification or
variance affecting the rights and benefits of a single Class (as defined below) of Secured Creditors (and not all Secured Creditors in a like or similar manner) shall also require the written consent of the Requisite Creditors (as defined below) of
such Class of Secured Creditors (it being understood that the addition or release of any Guarantor hereunder in accordance with the terms hereof or the Credit Agreement or any increase in or addition of one or more classes of Guaranteed Obligations
shall not constitute a change or waiver affecting any Guarantor other than the Guarantor so added or released and shall not require the consent of any Secured Creditor other than the Administrative Agent) and (ii) to the extent provided in the
Secured Hedging Agreement Intercreditor Agreement, the consent of the Other Creditors to amendments, modifications and waivers described in the Secured Hedging Agreement Intercreditor Agreement shall be required. For the purpose of this Guaranty,
the term “Class” shall mean each class of Secured Creditors,
i.e., whether (x) the Lender Creditors as holders of the Credit Document Obligations, or (y) the Other Creditors as holders of the Other Obligations. For the purpose of this Guaranty, the term “Requisite Creditors” of any Class shall mean (x) with respect to the Credit
Document Obligations, the Required Lenders (or, to the extent required by Section 11.12 of the Credit Agreement, each Lender) and (y) with respect to the Other Obligations, the holders of at least a majority of all Other Obligations outstanding from
time to time.
  
 13.   SET OFF. In addition to any rights now or hereafter granted under applicable law
(including, without limitation, Section 151 of the New York Debtor and Secured Creditor Law) and not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default (such term to mean and include (i) at
any time when any Credit Document Obligations are outstanding or any Commitments under the Credit Agreement exist, any Event of Default under, and as defined in the Credit Agreement and (ii) at any time after all of the Credit Document Obligations
have been paid in full and all Commitments under the Credit Agreement have been terminated and no further Commitments may be provided thereunder, any event of default under any Secured Hedging Agreement or any payment default on any of the
Obligations after the expiration of any applicable grace period), each Secured Creditor is hereby authorized, at any time or from time to time, without notice to any Guarantor or to any other Person, any such notice being expressly waived, to set
off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by such Secured Creditor to or for the credit or the account of such Guarantor, against and on account of the obligations
and liabilities of such Guarantor to such Secured Creditor under this Guaranty, irrespective of whether or not such Secured Creditor shall have made any demand hereunder and although said obligations, liabilities, deposits or claims, or any of them,
shall be contingent or unmatured. Notwithstanding anything to the contrary contained in this Guaranty, at any time that the Guaranteed Obligations shall be secured by any Real Property located in the State of California, no Secured Creditor shall
exercise any right of set-off, lien or counterclaim or take any court or administrative action or institute any proceedings to enforce any provision of this Guaranty without the prior consent of (x) at all times prior to the Credit Document
Termination Date, the Administrative Agent or the Required Lenders (or, to the extent required by Section 11.12 of the Credit Agreement, all of the Lenders), or (y) the holders of a majority of the Other Obligations at all times after the Credit
Document Termination Date, if such setoff or action or proceeding would or might (pursuant to Sections 580a, 580b, 580d and 726 of the California Code of Civil Procedure or Section 2924 of the California Civil Code, if applicable, or otherwise)
affect or impair the validity, priority, or enforceability of the liens granted to the Collateral Agent pursuant to the Security Documents or the enforceability of the Guaranteed Obligations hereunder, and any attempted exercise by any Secured
Creditor or the Administrative Agent of any such right without obtaining such consent of (x) at all times prior to the Credit Document Termination Date, the Required Lenders or the Administrative Agent or (y) the holders of a majority of the Other
Obligations at all times after the Credit Document Termination Date, shall be null and void. It is understood and agreed that the foregoing sentence of this Section 13 is for the sole benefit of the Secured Creditors and may be amended, modified or
waived in any respect by (x) at all times prior to the Credit Document Termination Date, the Required Lenders or (y) the holders of a majority of the Other Obligations at all times after the Credit Document Termination Date, (without any requirement
of prior notice to or consent by any Credit Party or any other Person) and does not constitute a waiver of any rights against any Credit Party or against any Collateral.
  
 14.   NOTICE. All notices, requests, demands or other communications pursuant hereto shall be
sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by overnight courier, be effective when deposited in the
mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Administrative Agent or any Guarantor shall not be effective until
received by the Administrative Agent or such Guarantor, as the case may be. All notices and other communications shall be in writing and addressed to such party at (i) in the case of any Secured Creditor, as provided in the Credit Agreement, (ii) in
the case of any Other Creditor, at such address as such Other Creditor shall have specified in writing to Aleris and the Administrative Agent and (iii) in the case of any Guarantor, at: Aleris International, Inc., 25825 Science Park Drive, Suite
400, Beachwood, OH 44122, Attention: General Counsel, Telephone No.: (216) 910-3400, Telecopier No.: (216) 910-3650; or in any case at such other address as any of the Persons listed above may hereafter notify the others in writing.

 
 15.   REINSTATEMENT. If claim is ever made upon any Secured Creditor for repayment or
recovery of any amount or amounts received in payment or on account of any of the Guaranteed Obligations and any of the aforesaid payees repays all or part of said amount by reason of (i) any judgment, decree or order of any court or administrative
body having jurisdiction over such payee or any of its property or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including any Borrower or any other Guaranteed Party) then and in such event each
Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding upon such Guarantor, notwithstanding any revocation hereof or other instrument evidencing any liability of any Borrower or any other Guaranteed Party,
and such Guarantor shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee.
  
 16.   CONSENT TO
JURISDICTION; SERVICE OF PROCESS; AND WAIVER OF TRIAL BY JURY. (a) THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE SECURED CREDITORS AND OF THE
UNDERSIGNED HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. Any legal action or proceeding with respect to this Guaranty or any other Credit Document to which any Guarantor is a party may be brought
in the courts of the State of New York or of the United States of America for the Southern District of New York in each case which are located within the City of New York, and, by execution and delivery of this Guaranty, each Guarantor and each
Secured Creditor (by its acceptance of the benefits of this Guaranty) hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. Each Guarantor and each Secured
Creditor (by its acceptance of the benefits of this Guaranty) hereby further irrevocably waives any claim that any such court lacks personal jurisdiction over it, and agrees not to plead or claim in any legal action or proceeding with respect to
this Guaranty or any other Credit Document to which it is a party brought in any of the aforesaid courts that any such court lacks personal jurisdiction over such Guarantor. Each Guarantor and each Secured Creditor (by its acceptance of the benefits
of this Guaranty) further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such party at its
address set forth in Section 14 hereof, such service to become effective 30 days after such mailing. Each Guarantor and each Secured Creditor (by its acceptance of the benefits of this Guaranty) hereby irrevocably waives any objection to such
service of process and further irrevocably waives and agrees not to plead or claim in any action or proceeding commenced hereunder or under any other Credit Document to which it is a party that such service of process was in any way invalid or
ineffective. Nothing herein shall affect the right of any such party to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against any other party in any other jurisdiction.
  
 (b)  Each Guarantor
and each Secured Party (by its acceptance of the benefits of this Guaranty) hereby irrevocably waives (to the fullest extent permitted by applicable law) any objection which it may now or hereafter have to the laying of venue of any of the aforesaid
actions or proceedings arising out of or in connection with this Guaranty or any other Credit Document to which such Guarantor is a party brought in the courts referred to in clause (a) above and hereby further irrevocably waives and agrees not to
plead or claim in any such court that such action or proceeding brought in any such court has been brought in an inconvenient forum.
  
 (c)  EACH GUARANTOR AND EACH SECURED CREDITOR (BY ITS ACCEPTANCE OF THE BENEFITS OF THIS GUARANTY) HEREBY
IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, THE OTHER CREDIT DOCUMENTS TO WHICH SUCH GUARANTOR IS A PARTY OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY.
  
 17.   RELEASE OF LIABILITY OF GUARANTOR UPON SALE OR DISSOLUTION, ETC. In the event that all
of the Equity Interests of a Guarantor are sold or otherwise disposed of or liquidated in compliance with the requirements of Section 8.02 of the Credit Agreement (or such sale, other disposition or liquidation has been approved in writing by the
Required Lenders (or all the Lenders if required by Section 11.12 of the Credit Agreement) or is otherwise permitted pursuant to Section 11.12 of the Credit Agreement) and the proceeds of such sale, disposition or liquidation are applied in
accordance with the provisions of the Credit Agreement, to the extent applicable, such Guarantor shall upon consummation of such sale or other disposition (except to the extent that such sale or disposition is to Aleris or another Subsidiary
thereof) be released from this Guaranty automatically and without further action and this Guaranty shall, as to each such Guarantor, terminate, and have no further force or effect (it being understood and agreed that the sale of one or more Persons
that own, directly or indirectly, all of the Equity Interests of any Guarantor shall be deemed to be a sale of such Guarantor for the purposes of this Section 17).
  
 18.   CONTRIBUTION. At any time a payment in respect of the Guaranteed Obligations is made
under this Guaranty, the right of contribution of each Guarantor against each other Guarantor shall be determined as provided in the immediately following sentence, with the right of contribution of each Guarantor to be revised and restated as of
each date on which a payment (a “Relevant Payment”) is made on
the Guaranteed Obligations under this Guaranty. At any time that a Relevant Payment is made by a Guarantor that results in the aggregate payments made by such Guarantor in respect of the Guaranteed Obligations to and including the date of the
Relevant Payment exceeding such Guarantor’s Contribution Percentage (as defined below) of the aggregate payments made by all Guarantors in respect of the Guaranteed Obligations to and including the date of the Relevant Payment (such excess,
the “Aggregate Excess Amount”), each such Guarantor shall have
a right of contribution against each other Guarantor who has made payments in respect of the Guaranteed Obligations to and including the date of the Relevant Payment in an aggregate amount less than such other Guarantor’s Contribution
Percentage of the aggregate payments made to and including the date of the Relevant Payment by all Guarantors in respect of the Guaranteed Obligations (the aggregate amount of such deficit, the “Aggregate Deficit Amount”) in an amount equal to (x) a fraction the numerator of
which is the Aggregate Excess Amount of such Guarantor and the denominator of which is the Aggregate Excess Amount of all Guarantors multiplied by (y) the Aggregate Deficit Amount of such other Guarantor. A Guarantor’s right of contribution
pursuant to the preceding sentences shall arise at the time of each computation, subject to adjustment to the time of each computation; provided that no Guarantor may take any action to enforce such right until the Guaranteed Obligations have been
paid in full in cash, it being expressly recognized and agreed by all parties hereto that any Guarantor’s right of contribution arising pursuant to this Section 18 against any other Guarantor shall be expressly junior and subordinate to such
other Guarantor’s obligations and liabilities in respect of the Guaranteed Obligations and any other obligations owing under this Guaranty. As used in this Section 18: (i) each Guarantor’s “Contribution Percentage” shall mean the percentage obtained by dividing (x) the
Adjusted Net Worth (as defined below) of such Guarantor by (y) the aggregate Adjusted Net Worth of all Guarantors; (ii) the “Adjusted Net
Worth” of each Guarantor shall mean the greater of (x) the Net
Worth (as defined below) of such Guarantor and (y) zero; and (iii) the “Net Worth” of each Guarantor shall mean the amount by which the fair
saleable value of such Guarantor’s assets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including contingent liabilities, but without giving effect to any Guaranteed Obligations arising under this
Guaranty on such date. Notwithstanding anything to the contrary contained above, any Guarantor that is released from this Guaranty pursuant to Section 17 hereof shall thereafter have no contribution obligations, or rights, pursuant to this Section
18, and at the time of any such release, if the released Guarantor had an Aggregate Excess Amount or an Aggregate Deficit Amount, same shall be deemed reduced to $0, and the contribution rights and obligations of the remaining Guarantors shall be
recalculated on the respective date of release (as otherwise provided above) based on the payments made hereunder by the remaining Guarantors. All parties hereto recognize and agree that, except for any right of contribution arising pursuant to this
Section 18, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall have no right of contribution or subrogation against any other Guarantor in respect of such payment until all of the Guaranteed Obligations have been
paid in full in cash. Each of the Guarantors recognizes and acknowledges that the rights to contribution arising hereunder shall constitute an asset in favor of the party entitled to such contribution. In this connection, each Guarantor has the
right to waive its contribution right against any Guarantor to the extent that after giving effect to such waiver such Guarantor would remain solvent, in the determination of the Required Lenders.
  
 19.   LIMITATION
ON GUARANTEED OBLIGATIONS. Each Guarantor and each Secured Creditor (by its acceptance of the benefits of this Guaranty) hereby confirms that it is its intention
that this Guaranty not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act of any similar Federal or state law. To effectuate the foregoing intention, each Guarantor and each
Secured Creditor (by its acceptance of the benefits of this Guaranty) hereby irrevocably agrees that the Guaranteed Obligations guaranteed by such Guarantor shall be limited to such amount as will, after giving effect to such maximum amount and all
other (contingent or otherwise) liabilities of such Guarantor that are relevant under such laws and after giving effect to any rights to contribution pursuant to any agreement providing for an equitable contribution among such Guarantor and the
other Guarantors, result in the Guaranteed Obligations of such Guarantor in respect of such maximum amount not constituting a fraudulent transfer or conveyance.
  
 20.   COUNTERPARTS. This Guaranty may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto
shall be lodged with the Guarantors and the Administrative Agent.
  
 21.   PAYMENTS. All
payments made by any Guarantor hereunder will be made without setoff, counterclaim or other defense and on the same basis as payments are made by the Borrowers under Sections 4.03 and 4.04 of the Credit Agreement.
  
 22.   ADDITIONAL
GUARANTORS. It is understood and agreed that any Subsidiary of Aleris that is required to become a party to this Guaranty after the date hereof pursuant to the
requirements of the Credit Agreement or any other Credit Document, shall become a Guarantor hereunder by (x) executing and delivering a counterpart hereof, or a joinder agreement in form satisfactory to the Administrative Agent, and delivering same
to the Administrative Agent and (y) taking all actions as specified in this Guaranty as would have been taken by such Guarantor had it been an original party to this Guaranty, in each case with all documents required by the Credit Documents to be
delivered to the Administrative Agent and with all documents and actions required by the Credit Documents to be taken to the reasonable satisfaction of the Administrative Agent.
  
 23.   HEADINGS
DESCRIPTIVE. The headings of the several Sections of this Guaranty are inserted for convenience only and shall not in any way affect the meaning or construction
of any provision of this Guaranty.
  
 24.   VIRGINIA WAIVER.
Guarantor waives all rights of Guarantor arising under Sections 49-25 and 49-26 of the Code of Virginia.
  

25.   CALCULATION OF OBLIGATIONS UNDER SECURED HEDGING AGREEMENTS. Any calculation of obligations outstanding under a Secured Hedging Agreement for purposes of this Agreement shall be for purposes of the definition of Required Secured
Creditors (x) if prior to the termination of such Secured Hedging Agreement, the maximum aggregate amount (giving effect to any netting agreements) that Aleris and the Guarantors would be required to pay if such Secured Hedging Agreement were
terminated at such time, but in no event should such amount with respect to the Secured Hedging Agreement entered into on the Restatement Effective Date be deemed to be less than $35,000,000 and (y) if after the termination of such Secured Hedging
Agreements, the amount which is actually due and payable by Aleris and the Guarantos under such Secured Hedging Agreement at such time.
  
 26.   AMENDMENT AND RESTATEMENT. This Guaranty shall amend and restate in its entirety the U.S. Subsidiaries Guaranty dated as of August 1, 2006 among certain of the Guarantors and the Administrative Agent
(the “Existing U.S. Subsidiaries Guaranty”), and all
obligations of the Guarantors thereunder shall be deemed replaced and extended as obligations under this Guaranty and be governed hereby without novation. In no event shall such amendment and restatement be construed as a termination of the
obligations under the Existing U.S. Subsidiaries Guaranty.
  
 * * *
  
 

  

  

    

  

  
 
   
  
 
 
   
  
 
 

 IN WITNESS WHEREOF, each Guarantor has caused this Guaranty
to be executed and delivered as of the date first above written.
  
  ALCHEM ALUMINUM,INC., as a Guarantor
  

ALCHEM ALUMINUM SHELBYVILLE INC., 
 as a Guarantor
  
 ALERIS, INC., as a Guarantor
  
 ALERIS OHIO MANAGEMENT, INC., 
 as a Guarantor
  
 ALSCO HOLDINGS, INC., as a Guarantor
  
 ALSCO METALS CORPORATION, 
 as a Guarantor
  
 ALUMITECH OF CLEVELAND, INC., 
 as a Guarantor
  
 ALUMITECH OF WABASH, INC., 
 as a Guarantor
  
 ALUMITECH OF WEST VIRGINIA, INC., 
 as a Guarantor
  
 ALUMITECH, INC., as a Guarantor
  
 AWT PROPERTIES, INC., as a Guarantor 
  
 CA LEWISPORT, LLC, as a Guarantor
  

CI HOLDINGS, LLC, as a Guarantor
  
 COMMONWEALTH ALUMINUM 
 CONCAST, INC., as a Guarantor
  
 COMMONWEALTH ALUMINUM 
 LEWISPORT, LLC, as a Guarantor
  
 COMMONWEALTH ALUMINUM METALS, 
 LLC, as a Guarantor
  
 COMMONWEALTH ALUMINUM SALES 
 CORPORATION, as a Guarantor
  
 COMMONWEALTH ALUMINUM TUBE 
 ENTERPRISES, LLC, as a Guarantor
  
 COMMONWEALTH ALUMINUM, LLC, 
 as a Guarantor
  
 COMMONWEALTH FINANCING CORP., 
 as a Guarantor
  
 COMMONWEALTH INDUSTRIES, INC., 
 as a Guarantor
  
 ETS SCHAEFER CORPORATION, 
 as a Guarantor
  
 GULF REDUCTION CORPORATION, 
 as a Guarantor
  
 IMCO INTERNATIONAL, INC., 
 as a Guarantor
  
 IMCO INVESTMENT COMPANY, 
 as a Guarantor
  
 IMCO RECYCLING OF CALIFORNIA, INC., 
 as a Guarantor
  
 IMCO RECYCLING OF IDAHO INC., 
 as a Guarantor
  
 IMCO RECYCLING OF ILLINOIS INC., 
 as a Guarantor
  
 IMCO RECYCLING OF INDIANA INC. 
 as a Guarantor
  
 IMCO RECYCLING OF MICHIGAN L.L.C., 
 as a Guarantor
  
 IMCO RECYCLING OF OHIO INC., 
 as a Guarantor
  
 IMCO RECYCLING OF UTAH INC., 
 as a Guarantor
  
 IMCO RECYCLING SERVICES COMPANY, 
 as a Guarantor
  
 IMSAMET, INC., as a Guarantor
  
 ALERIS BLANKING AND RIM PRODUCTS, 
 INC. (f/k/a INDIANA ALUMINUM INC.), 
 as a Guarantor
  
 INTERAMERICAN ZINC, INC., 
 as a Guarantor
  
 METALCHEM, INC., as a Guarantor
  
 MIDWEST ZINC CORPORATION, 
 as a Guarantor
  
 ROCK CREEK ALUMINUM, INC., 
 as a Guarantor
  
 SILVER FOX HOLDING COMPANY,
 as a Guarantor
  
 U.S. ZINC CORPORATION, as a Guarantor
  
 U.S. ZINC EXPORT CORPORATION, 
 as a Guarantor
  
 WESTERN ZINC CORPORATION, 
 as a Guarantor
  
 
   
	 By:
 	/s/ Michael D. Friday
	 	 Name:
 	 Michael D. Friday
	 	 Title:
 	 Director

 

  
 
 
  
 

  

    
  
  
 
   
  
 
 
   
 
 

 IMCO INDIANA
PARTNERSHIP L.P. 
 By: IMCO International,
Inc., its General Partner,
 as a
Guarantor
  
   
   
	 By:
 	/s/ Michael D. Friday
	 	 Name:
 	 Michael D. Friday
	 	 Title:
 	 President

 

  
 
 
 
 

 IMCO MANAGEMENT PARTNERSHIP, L.P. 
 By: Aleris International, Inc., its General Partner,
 as a Guarantor
  
    
   
	 By:
 	/s/ Michael D. Friday
	 	 Name:
 	 Michael D. Friday
	 	 Title:
 	 Chief Financial Officer

 

  
 
 

 

 

    
  
 
   
  
 
 
   
 
 

 CORUS ALUMINIUM CORP., as a Guarantor
  
 HOOGOVENS ALUMINIUM EUROPE
INC., as a Guarantor
    
   
	 By:
 	/s/ Michael D. Friday
	 	 Name:
 	 Michael D. Friday
	 	 Title:
 	 Director

 

  
 
 
  

    
  
 
   
  
 

   
 
 

 
 Accepted and Agreed to:
  
 DEUTSCHE BANK AG NEW YORK BRANCH,
 as Administrative Agent
   
 
	 By:
 	 /s/ Carin Keegan
	 	 Name:
 	 Carin Keegan
	 	 Title:
 	 Vice President

 
 

  
 
	 By:
 	 /s/ Scottye Lindsey
	 	 Name:
 	 Scottye Lindsey
	 	 Title:
 	 Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]