Document:

Exhibit
4.5.6

 

PARTICIPATIONS
PLEDGE AGREEMENT

 

MISTER
NOTARY:

 

Please enter in your registry of public deeds a deed attesting the
constitution of a Participations Pledge (the “Agreement”) entered into by and
among, on the one side, Doe Run Cayman Ltd. (the “Partner”), as
pledgor, a corporation incorporated and existing under the laws of the Cayman
Islands, with domicile at its registered office at the offices of M&C
Corporate Services Limited, P.O. Box 309GT, Ugland House, South Church Street,
George Town, Grand Cayman, Cayman Islands, duly represented by Mr. Kenneth
Ernest Hecker, Non Immigrant Identity Card Number N-100471 with domicile at Av.
Víctor Andrés Belaúnde No 147, Vía Principal No 155,
Edificio Real Tres, piso 9, San Isidro (hereinafter “Attorneys in Fact”), under
powers of attorney dated [       ]; in favor
of (i) State
Street Bank and Trust Company (the “Trustee”), as pledgee, a
Massachusetts trust company, in its capacity as trustee and collateral agent
under the Indenture, as defined in Section 2.2 of this Agreement, with
domicile at Two Avenue de Lafayette, 6th Floor, Boston,
Massachusetts, U.S.A., duly represented, for the purposes of this Agreement, by
Marco Alarcon Piana, identified with Voting Card No. 09536892, under powers of
attorney dated August 14, 2002, which powers of attorney shall be attached
to this public deed; and, (ii) Regiment Capital Advisors, L.L.C. (the
“Agent”), as pledgee, a Delaware limited liability company, in its capacity as
Agent under the Senior Credit Agreement, as defined in Section 2.2 of this
Agreement, with domicile at 70 Federal Street, Boston, MA 02110, United States
of America duly represented, for the purposes of this Agreement, by Marco
Alarcon Piana, identified with Voting Card No. 09536982, under powers of
attorney dated October 24, 2002, which powers of attorney shall be
attached to this public deed; and with the participation of Doe Run Perú
S.R.L., with Tax Payers Registry No. 20376303811, a limited
liability company established and existing under the laws of the Republic of
Perú (“Doe Run Perú”), registered in File No. 11015369 of the Registry of Legal
Entities of the Registry Office of Lima and Callao, with domicile at Av. Víctor
Andres García Belaunde 147, Vía Principal 155, Centro Empresarial Real – Torre
Real 3, Floor 9, San Isidro, duly represented by Kenneth Richard Buckley,
identified with Foreigner Identification Card No. 97767, under power of
attorney registered in File No. 11015369 of the Registry of Legal Entities of
the Registry Office of Lima and Callao. 
This Agreement is entered under the terms and conditions that are set
forth in the following clauses:

 

FIRST.-  DEFINITIONS AND INTERPRETATION

 

1.1                                 Except
as otherwise expressly provided herein, capitalized terms used in this
Agreement shall have the meaning ascribed to such terms in the Senior Credit
Agreement and the Indenture, each referred to in Section 2.2.

 

1.2                                 The
following terms shall have the following respective meanings:

 

“Agreement” has the meaning set forth in the preamble
to this Agreement.

 

“Trustee” means State Street Bank and Trust Company,
and its successors and assigns, acting as trustee and collateral agent pursuant
to the Indenture and Security Agreement.

 

 

“Agent” means Regiment Capital Advisors, LLC., and its
successors and assigns, acting in such capacity pursuant to the Senior Credit
Agreement and the Guarantee and Security Agreement.

 

“Applicable Law” has the meaning set forth in Clause
Sixteen.

 

“BCP Working Capital Facility” means the Foreign
Currency Credit Line Agreement, the Global and Floating Pledge and the Accounts
Receivable Assignment of Rights Agreement, all executed by and between Banco de
Crédito del Perú and Doe Run Perú and dated September 17, 2002.

 

“Credit Agreement Lenders” means the lenders under the
Senior Credit Agreement.

 

“Civil Code” has the meaning set forth in
Section 3.1.

 

“Collateral” has the meaning set forth in
Section 2.1 and Clause Four.

 

“Doe Run” means The Doe Run Resources Corporation, a
New York corporation.

 

“Event of Default” has the meaning set forth in Clause
Eleven.

 

“Indenture” has the meaning set forth in
Section 2.2.

 

“General Company Law” has the meaning set forth in
Section 3.1.

 

“Governmental Authorities” has the meaning set forth
in Clause Sixteen.

 

“Loan Documents” has the meaning set forth in
Section 2.3.

 

“Noteholders” means the holders from time to time of
the 11-3/4% Notes issued under the Indenture.

 

“Pledge” has the meaning set forth in
Section 3.1.

 

“Pledgees” means the Agent and the Trustee.

 

“Secured Capital Amount” has the meaning set forth in
Section 3.2.

 

“Secured Obligations” has the meaning set forth in
Section 3.1.

 

“Senior Credit Agreement” has the meaning set forth in
Section 2.2.

 

1.3                                 Except
as otherwise expressly provided herein or the context otherwise requires, this
Agreement shall be interpreted in accordance with the following rules:

 

1.3.1        The singular shall include the plural and vice
versa;

 

1.3.2        Reference to one gender shall include the other
gender;

 

2

 

1.3.3                        Reference to any contract
(including this Agreement), document or instrument shall be understood as made
to such contract, document or instrument, as it may be amended, restated,
supplemented or replaced from time to time in accordance with the terms
contained therein;

 

1.3.4                        Unless the context otherwise
requires, reference to any Article, Section or Clause shall mean such Article,
Section or Clause of this Agreement;

 

1.3.5                        In the event of conflict
between the provisions of this Agreement and the provisions of the Guarantee
and Security Agreement or the Security Agreement, the Guarantee and Security
Agreement or the Security Agreement, as the case may be, shall govern and
control;

 

1.3.6                        “Including” (and, consequently,
“includes”) shall mean to include, but is not limited to, the general
description preceding the use of such term;

 

1.3.7                        Any reference to “Days” in this
Agreement shall be deemed to be made to any days other than Saturdays, Sundays,
or non-working holidays in the Department of Lima, as established under the
Applicable Law or declared by the competent Governmental Authority; and

 

1.3.8                        Any reference to “Party” or
“Parties” in this Agreement shall be deemed made to a party or the parties to
this Agreement, as the case may be and their successors and assigns, including
any other Person which may become a party to this Agreement in accordance with
the terms of the Senior Credit Agreement or the Indenture, as the case may be.

 

SECOND.-  BACKGROUND

 

2.1                                 The
Partner is the holder of 10,342,854,431 participations of Doe Run Perú, which
represent the sixty five per cent (65%) of the quotas of Doe Run Perú, each
participation with a face value of US $ 0.01, fully subscribed and paid
(together with the rights, title and interests described in Clause Four hereto,
the “Collateral”).

 

2.2                                 On
October [  ], 2002 the Partner, together with Doe Run and certain of
its subsidiaries and DR Acquisition Corp., executed a Guarantee and Security
Agreement (the “Guarantee and Security Agreement”) with the Agent pursuant to
which the Partner guaranteed the obligations of Doe Run and each of the other
obligors under the Credit Agreement (the “Senior Credit Agreement”) executed on
October   , 2002, between Doe Run, the Agent and the Lenders that were
party thereto.  On October   ,
2002, Doe Run issued $ 175,832,200.00 principal amount of 11-3/4% Notes due
2008 pursuant to the Indenture entered into between Doe Run, certain of its
subsidiaries (including the Partner) as guarantors, and the Trustee.  In connection with their obligations under
the Indenture, Doe Run and certain of its subsidiaries (including the Partner)
on October   , 2002 entered into a Security Agreement (the “Security
Agreement”) with the Trustee.

 

3

 

2.3                                 According
to the Guarantee and Security Agreement and the Security Agreement, the Partner
has agreed to create a Pledge over the Collateral as a guarantee to each every
one of the obligations assumed by the Partner as Guarantor of the obligations
of Doe Run in accordance with the Guarantee and Security Agreement, the Senior
Credit Agreement, the Indenture, and the Security Agreement (collectively, the
“Loan Documents”).

 

2.4                                 The
Partner is executing this Agreement with the purpose of creating a pledge over
the Collateral in favor of the Agent for the benefit of each of the Credit
Agreement Lenders under the Senior Credit Agreement and in favor of the
Trustee, for the benefit of each of the Noteholders under the Indenture.  This pledge over the Collateral is created
by the Partner to secure the complete and timely payment of each and every one
of the obligations assumed by the Partner as Guarantor of Doe Run in the Loan
Documents.

 

THIRD.-  PURPOSE

 

3.1                                 The
Partner hereby grants a first and preferential pledge over the Collateral,
pursuant to articles 1055 et seq. of the Peruvian Civil Code (the “Civil Code”)
and articles 109 and 292 of the Peruvian General Company Law (the “General
Company Law”), in favor of the Agent and the Trustee, (the “Pledge”), to secure
the complete and timely payment and the due performance of all and every one of
the obligations assumed or to be assumed by the Partner as guarantor of the
obligations of Doe Run pursuant to the Loan Documents and of all and each of
the obligations assumed by the Partner in accordance with the terms of this
Agreement, including without being limited to the payment of capital,
interests, commissions and expenses (including lawyers’ fees), the pledge
execution expenses and any other expenses derived from the entering into and
execution of this Agreement, as well as, any other obligation that could be
assumed pursuant to this Agreement (collectively, the “Secured Obligations”).

 

3.2                                 The
Parties declare that the amount of the first and preferential Pledge
constituted hereby in favor of the Agent and the Trustee is US$300,000,000.00
(the “Secured Capital Amount”).

 

The Parties agree that the Secured Capital Amount
defined above covers, at all times during the term of this Agreement, the total
amount owed pursuant to the Secured Obligations, including without limitation
expenses, interests and judicial expenses, to the date in which the
determination of the amount owed is made.

 

In any event, the amount of this first and
preferential pledge will be equivalent to the Secured Capital Amount, as
defined above, or to the total amount of any of the outstanding obligations
referred in the Credit Agreement, the Indenture and the Guarantee and Security
Agreement, whichever is lower.

 

In this sense, (a) it shall not be interpreted,
understood, construed or deemed that the Secured Capital Amount is the total
amount secured by this Pledge for the purposes of the sale of the Collateral;
(b) the Secured Capital Amount shall not limit in any manner the exercise by
the Agent and/or the Trustee of its rights and/or remedies pursuant to the
terms and conditions of the Loan Documents to recuperate the entire amount that
in any

 

4

 

moment is owed to them; and (c) the full ascertainable
amount of the Secured Obligations outstanding at any time while this Agreement
is in effect may exceed the Secured Capital Amount.

 

If after the foreclosure of this Pledge, there is any
outstanding amount to be covered, the Agent and the Trustee shall not seek to
cover any deficiency with the foreclosure of the assets of Doe Run Perú, so
long as the BCP Working Capital Facility and the Sale and Lease Back signed
with Credileasing S.A. or any of their extensions or renewals thereof, are
still in force.

 

3.3                                 The
parties declare that the duration of this Pledge shall extend to the date of
the total compliance of all and every one of the Secured Obligations.

 

3.4                                 The
Partner hereby expressly waives its right to a reduction in the amount of this
Pledge provided under articles 1083 and 1116 of the Civil Code.

 

3.5                                 This
Pledge extends to all accessory goods of the Collateral and shall include the
amount of any insurance compensation and expropriation compensation, as the
case may be, that may be received by the Partner.

 

FOURTH.-  EXTENT OF THE PLEDGE

 

It is expressly agreed hereby that the Pledge over the Collateral
referred to in the preceding Clause covers the following:

 

4.1                                 Any
participation, title and interest which the Partner may at any time hereafter
acquire in and to the Collateral, including all warrants or any subscription or
other purchase rights with respect to only to such Collateral or any other
interest which, by reason of notice or lapse of time or the occurrence of other
events, may be converted into or constitute a direct equity interest or a
direct participation in the capital of Doe Run Perú being pledged hereunder, up
to the equivalent of 65% of the total participations of the capital of Doe Run
Perú.  Consequently, upon the issuance
of any such right, title or interest, such right, title or interest shall be
considered automatically pledged in favor of the Agent and the Trustee; and the
Partner shall proceed to register a Pledge with respect to any such additional
right, title or interest, as provided in Clause Five below.

 

4.2                                 The
parties expressly acknowledge that the term “Collateral” also includes each and
every one of the participations representing the capital of Doe Run Perú, with
or without voting rights, of which the Partner may be the holder or which may
be acquired by the Partner under any title or mode, or those participations
representing the capital of Doe Run Perú of which the Partner may be
usufructuary or exercise any real or personal right, as well as, any right or
title that can be issued by Doe Run Perú in favor of the Partner, but in each
case only up to the equivalent of 65% of the total participations representing
the capital of Doe Run Perú.

 

Consequently, the Pledge is made extensive to all the
participations issued by Doe Run Perú in the name of the Partner by any reason,
in each case up to the equivalent of 65% of

 

5

 

the total participations representing the capital of
Doe Run Perú outstanding at any time, including the following, without
limitation, new capital contributions, capitalization of debts or obligations,
conversion of obligations, exchange of participations of any nature, class or
type, and through any means, capitalization of surpluses from revaluation, reserves,
earnings, restatement of capital, among others.  However, it is expressly acknowledged and agreed that other
direct equity interests held by the Partner in Doe Run Perú above the
equivalent to 65% of the total participations of Doe Run Perú outstanding at
any time, which is pledged hereunder, or any increase thereof now or hereafter
shall not be affected by the pledge granted herein.

 

4.3                                 In
the case of the participations or rights over participations representing the
capital of Doe Run Perú referred to in section 4.2 above, the Partner is
obligated to perform all the acts that shall or could be necessary for the
immediate establishment of a first and preferred pledge thereon, in accordance
with the terms of this Agreement, in favor of the Agent and the Trustee, and it
shall notify the acquisition or ownership of such participations or rights and
the subsequent establishment of such a pledge to the Agent and the Trustee,
within a period of thirty (30) Working Days counted from the establishment of the
pledge.  The term “establishment”
includes the notification, granting and signature of the corresponding public
deed and any other acts or documents required for the granting of the pledge
and the filing before the relevant public registry of the corresponding public
deed; and it does not include the duly registration of the pledge.  The delay in the signature of the
corresponding public deed, if such delay is caused solely by acts of the Agent
and/or the Trustee, will not be considered as a default of this Agreement.

 

4.4                                 The
Partner shall proceed to create and register the Pledge, as appropriate,
registering it in the relevant public registry and/or in any other manner that
may be appropriate under Peruvian Law.

 

4.5                                 In
accordance with provisions of articles 109 and 292 of the General Company Law
and of the preceding Sections of this Clause Four, this Pledge does not cover
the voting and other rights associated with the Collateral, notwithstanding the
provisions of section 4.6 of this Agreement.

 

4.6                                 The
exercise of the rights over the Collateral shall be the responsibility of the
Partner.  However, if an Event of
Default occurs and the Agent and/or the Trustee, declares the terms of any of
the Loan Documents expired, all rights inherent to the Collateral, including
voting rights, shall be exercised directly by the Agent and/or the Trustee, in
representation of the Credit Agreement Lenders and/or the Noteholders, upon a
mere request by the Agent and/or the Trustee, without the need to show the
default in question.

 

The Partner expressly waives the right to any
compensation or claim arising out of actions of ordinary negligence by the
Agent, the Trustee, or the Credit Agreement Lenders or Noteholders, in
accordance with the provisions of this Section.

 

6

 

All the rights, titles, participations and other
interests referred to as Collateral in this Clause Four, now existing or
acquired or created after the date hereof, shall be referred to as “Collateral”
for the purposes hereof.

 

FIFTH.-  CONSTITUTION AND PERFECTION OF THE PLEDGE

 

Pursuant to the applicable provisions of the General Company Law and
for the purposes of the creation and perfection of this Pledge, the Partner
shall register this Pledge in the relevant public registry.

 

The obligations set forth in this Clause Five extend to each and every
participation, right, title and interest referred to in the preceding Clause
Four that is pledged as Collateral.

 

SIXTH.-  INDIVISIBILITY OF THE COLLATERAL

 

This Pledge and the Collateral subject hereto (as a whole or
considering its individual parts) are indivisible and are intended to secure
the full performance of each and every Secured Obligation as provided in the
Loan Documents, and this Pledge shall remain in force until the full payment
and full performance of all Secured Obligations in accordance with the
provisions of the Loan Documents, even if this Pledge and/or the Collateral may
be divided.  The Collateral shall not be
totally or partially cancelled, discharged, removed or separated from this
Pledge, which shall remain in full force and effect at all times, until:  (i) the obligors under the applicable Loan
Documents have complied with and performed each and every one of the Secured
Obligations pursuant to the terms of such documents or (ii) the Partner has
obtained the express prior written, and with a date certain, consent of the
Agent, acting for and on behalf of the Credit Agreement Lenders and/or the
Trustee, acting for and on behalf of the Noteholders.

 

Any obligations not expressly encompassed under the term Secured
Obligations shall not be covered by this Pledge.

 

SEVENTH.-  OBLIGATIONS OF THE PARTNER

 

The Partner hereby agrees to undertake the following obligations and
responsibilities with respect to the Collateral:

 

7.1                                 Register
the Pledge with the Public Registry Office within fifty (50) calendar Days
following the date of execution of the public deed resulting from this
preliminary notarial instrument.

 

7.2                                 Carry
out and fulfill all requirements, documents or other acts necessary for the
perfection of the Pledge.

 

7.3                                 Obtain
the prior, express, written and date-specific consent from the Agent and/or the
Trustee, who act in the name and on behalf of the Credit Agreement Lenders
and/or the Noteholders, as the case may be, to establish a new pledge, lien,
guaranty or encumbrance of any type, new rights in rem or any other right over
the Collateral; transfer all or part of the Collateral, carry out acts with the
purpose of transferring all or

 

7

 

part thereof, enter into any other agreement, contract
or act which may negatively affect the value of the Collateral or the rights of
the Agent and/or the Trustee, and/or the Credit Agreement Lenders and/or the Noteholders
with respect to the Collateral.

 

7.4                                 Act
as depositary, pursuant to the applicable provisions of Book V, Section Four,
Title I; and Book VII, Section Two, Title IX, Chapter Five, of the Civil Code;

 

7.5                                 Notify
to the Agent and the Trustee of any facts or circumstances which may
negatively, in a material way, affect the value of the Collateral, as required
by the Credit Agreement and the Guarantee and Security Agreement.

 

7.6                                 Be
responsible for any expenses and comply with all the obligations related to the
preservation of the Collateral;

 

7.7                                 Deliver
to the Agent, in the name and on behalf of the Credit Agreement Lenders, and to
the Trustee, in the name and on behalf of the Noteholders, a certified copy of
the public deed (testimonio) of this Agreement, including the notary public’s
certification of the registration of the Pledge in the relevant public
registry, and a copy of the entry of the file corresponding to Doe Run Perú,
issued by the pertinent Public Registry Office, showing the registration of the
Pledge, within five (5) Days following the expiry of the term prescribed in
Section 7.1 of this Agreement.

 

7.8                                 Renew
and maintain in effect and duly registered with the pertinent Public Registry
Office, the irrevocability of the power of attorney referred to in Clause Nine,
throughout the time during which the Pledge is in force; and,

 

7.9           Any
other obligations provided for in the Applicable Law and in this Agreement.

 

The Agent, acting in the name and on behalf of the Credit Agreement
Lenders and the Trustee, acting in the name and on behalf of the Noteholders,
and the Partner, as applicable, hereby waive any rights corresponding thereto
in accordance with Article 1073 of the Civil Code.

 

EIGHTH:  REPRESENTATIONS OF THE PARTNER

 

The Partner hereby states and warrants to the Agent and the Trustee,
that:

 

8.1                                 It
has taken all corporate action necessary to authorize the undertaking of this
Agreement and the establishment of a first and preferential pledge over the
Collateral, pursuant to the terms and conditions of this Agreement;

 

8.2                                 Subject
to the security interests created pursuant to the Loan Documents, it is the one
and only holder of the Collateral and that it fully enjoys its property and
ownership rights as the holder of the Collateral;

 

Subject to the security interests created pursuant to
the Loan Documents, the property, rights, securities and interests subject
matter of the Collateral are free from any other pledges, encumbrances,
judicial rulings, acts, contracts or any other attachments or liens which may
limit or restrict the Partner’s ability to establish the Pledge, it being

 

8

 

understood that the Partner undertakes, in any event,
to provide warranty of title and warranty against hidden effects in the event
of any transfer; and, that subject to the BCP Working Capital Facility and the
Sale and Lease Back Agreement signed with Credileasing S.A., by virtue of which
Doe Run Cayman binds itself to refrain from encumbering, pledging, and/or in
any other way affecting in favor of third parties the percentage that results
by subtracting from the 33.33% of the participations that represent Doe Run
Perú’s capital, the percentage of participations which title is held by quota
holders that are the former or current employees of Centromin Perú S.A.,
Metaloroya S.A. or Doe Run Perú, or their successors or assigns or any other
quota holder different from Doe Run Cayman;

 

8.3                                 Subject
to the security interests created pursuant to the Loan Documents, there are no
impediments of any type, whether contractual or under Applicable Law, to
formalize and register the Pledge established hereunder as a first and
preferential pledge, other than pursuant to this Agreement.

 

NINTH:  APPOINTMENT OF ATTORNEY

 

The Partner hereby appoints, makes and constitutes the Agent and the
Trustee its attorney-in-fact, to the fullest extent permitted by law, so that
in the name and on behalf of the Partner, any of them may perform the following
acts:

 

9.1                                 In
case an Event of Default occurs and the Agent and/or the Trustee, declares the
terms of any of the Loan Documents expired, the Agent and/or the Trustee, as
the case may be, shall be entitled to transfer ownership of all or part of the
Collateral.  For that purpose, acting on
behalf of the Partner, the Agent and/or the Trustee, as the case may be, may:

 

9.1.1                        Perform any act, negotiate all
and every one of the terms and conditions, execute and sign any contract,
agreement and any private or public document related to the sale, assignment or
transfer of ownership of all or part of the Collateral, including any
preliminary notarial instruments (minutas) and public deeds, and file such
sale, assignment or transfer in the corresponding registries, as the case may
be, and collect the proceeds from the sale, assignment or transfer of such
Collateral.

 

9.1.2                        Represent the Partner before
the National Superintendency of Public Registries (Superintendencia Nacional de los
Registros Públicos), the Lima and Callao Registry Office (Oficina
Registral de Lima y Callao), as well as, before any other entity or
authority necessary for the registration and perfection of such sale,
assignment or transfer of the Collateral, its related or ancillary agreements
and related acts, with the general powers of attorney listed in article 74 of
Legislative Decree No. 768 - Code of Civil Procedures (Código Procesal Civil), and
the special powers of attorney listed in article 75 of said Code of Civil
Procedures, to present any kind of statements, petitions, claims, complaints or
other administrative appeals, and abandon the procedures and the cause of
actions.

 

9

 

9.2                                 In
the event that the Partner, after the date of execution of this Agreement, does
not grant and/or create the additional pledges and/or fails to register those
pledges, as provided by Clause Four and in the term provided thereof, the Agent
and/or the Trustee, as the case may be, acting on behalf of the Partner, may:

 

9.2.1                        Perform any act, execute and
sign any contract, agreement and any private or public document which may be
required for the granting and/or creation and registration before the
corresponding registries of any additional pledge, including any preliminary
notarial instruments (minutas) and public deeds.

 

9.2.2                        Represent the Partner before
the National Superintendency of Public Registries (Superintendencia Nacional de los
Registros Públicos), the Lima and Callao Registry Office (Oficina
Registral de Lima y Callao), as well as, before any other entity or
authority necessary for the registration and perfection of any additional
pledge, its related or ancillary agreements and related acts, with the general
powers of attorney listed in article 74 of Legislative Decree No. 768 - Code of
Civil Procedures (Código Procesal Civil), and the special powers of attorney
listed in article 75 of said Code of Civil Procedures, to present any kind of
statements, petitions, claims, complaints or other administrative appeals, and
abandon the procedures and the cause of actions.

 

The parties expressly agree that the sole exercise of
the powers conferred to the Agent and the Trustee by any of them granted
pursuant to this Section 9.2 shall imply the conclusive presumption that
any of the situations described in the first paragraph of this Section 9.2
have occurred.

 

The Agent and the Trustee are appointed as attorneys-in-fact for the
common interest of the Partner and of the Agent, acting in the name and on
behalf of the Credit Agreement Lenders, and of the Trustee, acting in the name
and on behalf of the Noteholders, and thus, this appointment is irrevocable,
subject to the provisions of Applicable Law. 
Until the termination of each and every one of its obligations
hereunder, the Partner unconditionally undertakes to keep in force and duly
registered in the respective Public Registry Office, in favor of the Agent and
the Trustee a power of attorney with the same scope and purpose, under the same
terms and conditions contained in the power of attorney granted in accordance
with the provisions of Sections 9.1 and 9.2 of this Clause Nine.

 

The Agent and/or the Trustee, as the case may be, will have the right,
but not the obligation, to exercise the powers conferred upon it in this
Clause, being authorized, at its sole discretion, to delegate such powers to
one or more persons, serving a notice of such delegation to the Partner within
ten (10) Days from the date of the delegation. 
The Agent and/or the Trustee will only be responsible for the acts or
omissions of the person to which it delegates this power of attorney, whenever
it has acted with gross negligence in the selection of such person.

 

The exercise or non-exercise on the part of the Agent and/or the
Trustee of any of the rights mentioned in this Clause, does not imply -as it
cannot not imply- the existence of a fiduciary duty or alike with the Partner
or with the Credit Agreement Lenders and/or Noteholders, as the case may be.

 

10

 

TENTH.-  EXERCISE OF ACTIONS

 

The Agent, acting for and on behalf of the Credit Agreement Lenders,
and/or the Trustee, acting for and on behalf of the Noteholders, as the case
may be, may demand the performance of the Secured Obligations from the Partner
by a personal action or from the third party acquirer of the Collateral by an
action in rem (foreclosure).  The
exercise of either of such actions will not exclude the exercise of the other
rights hereunder, nor will the Agent, acting for and on behalf of the Credit
Agreement Lenders, and/or the Trustee, acting for and on behalf of the
Noteholders, be precluded from foreclosing this Pledge while one or more of the
assets that make up the Collateral are in the possession of a third party.

 

ELEVENTH.-  EVENTS OF DEFAULT

 

In the event that any of the following events of default (each one, an
“Event of Default”) occurs, the Agent, acting for and on behalf of the Credit
Agreement Lenders, and/or the Trustee, acting for and on behalf of the
Noteholders, may proceed to foreclose this Pledge in the manner provided in
Clause Twelve.

 

The following are Events of Default:

 

11.1                           The
Events of Default defined as such established under the Loan Documents.

 

11.2                           A
default by the Partner of any of the Secured Obligations which is not cured
immediately upon notice of such default given to the Partner by the Agent
and/or the Trustee.

 

11.3                           If any
of the declarations or guarantees of the Partner contained in Clause Eighth of
this Agreement results to be false or inaccurate at the moment of the execution
of this Agreement and/or of its registration in the respective Public Registry
Office; and

 

11.4                           If the
Partner fails to comply with any of the obligations assumed pursuant to this
Agreement, different to those stipulated in the Loan Documents and does not
cure such default within a maximum term of ten (10) calendar days from the date
of reception of the notice from the Agent, acting in the name and on behalf of
the Credit Agreement Lenders, and/or the Trustee, acting in the name and on
behalf of the Noteholders, letting it know about the existence of such default,
or in the greater term that for this effect is awarded by the Agent, acting in
the name and on behalf of the Credit Agreement Lenders, and/or the Trustee,
acting in the name and on behalf of the Noteholders, in each case to its
discretion.

 

TWELFTH.-  FORECLOSURE OF THE COLLATERAL

 

For the purposes of this Pledge, the Banks and the Partner agree to
assign to the Collateral, a referential value of US$300,000,000.00 as of the
date hereof.

 

If an Event of Default, as set forth in Clause Eleven of this Agreement
occurs and the Agent and/or the Trustee, as the case may be, declares the terms
of any of the Loan Documents expired

 

11

 

by reason of such Event of Default, the Agent and/or the Trustee, as
the case may be, in its sole discretion, may proceed to the following:

 

12.1                           Foreclose
all or part of this Pledge through an extra-judicial process, as provided in
article 1069 of the Civil Code.  For
this purpose, the Agent, acting for and on behalf of the Credit Agreement
Lenders, and/or the Trustee, acting for and on behalf of the Noteholders, is
empowered to proceed to sell all or part of the assets that make up the
Collateral, acting always in a reasonably commercial manner in a market where
assets such as those that make up the Collateral are normally traded.  The sale of all or part of the Collateral
shall take place in the place or places that the Agent, acting for and on behalf
of the Credit Agreement Lenders, and/or the Trustee, acting for and on behalf
of the Noteholders, as the case may be, considers most appropriate, through
either a public or private sale, giving notice to the Partner fifteen (15) Days
in advance, indicating the time and place of the corresponding sale, without
being necessary to demand the fulfillment of the Secured Obligations.  For the purposes of the extra-judicial
foreclosure described in this Section, the value assigned to the Collateral in
this Clause Twelve is only referential;

 

12.2                           Foreclose
all or part of this Pledge through a judicial process for the execution of
guarantees filed with a court of competent jurisdiction, subject to the
relevant provisions of the Code of Civil Procedures of Perú;

 

12.3                           Exercise
all the rights that the Loan Documents, this Agreement or the Applicable Law
grant to, or authorize the Credit Agreement Lenders, the Noteholders, the
Trustee, and/or the Agent, to exercise with respect to the Collateral.  In the event that the Agent and/or the
Trustee, exercises the power of attorney granted to it by the Partner in
connection with this Agreement, pursuant to Clause Nine, and sells all or part
of the assets that make up the Collateral, in the manner the Agent and/or the
Trustee deems to be most appropriate, any such sale shall be made in a
reasonable commercial manner.  In such
case, the value assigned to the Collateral in this Clause Twelve is only
referential; or

 

12.4                           Request
a new appraisal of any of the assets that make up the Collateral if it
determines in its own criteria that the valuation referred to in the preceding
Sections 12.1 and 12.3 is outdated or if there is any other reason that
justifies it.

 

The Agent and/or the Trustee, as the case may be, is expressly
authorized to sign such documents as may be necessary or convenient to enforce
the Pledge and to allow the transfer of the Collateral to be perfected, as the
case may be, including the signing of any document and communication that might
be required.  The Agent and/or the
Trustee, as the case may be, may act for those purposes through the
representatives that it may designate.

 

The Partner hereby waives its right to make any claim against the Agent
or any of the Credit Agreement Lenders, and/or the Trustee, and/or any of the
Noteholders, based on the price obtained from the sale of the Collateral or
generally, in connection with the foreclosure of this Pledge, except for claims
against such parties where any of such parties, acting with willful misconduct
or gross negligence, fails to observe the procedures stipulated in this Clause
Twelve

 

12

 

or in the Loan Documents and such willful misconduct or gross
negligence results in damage to the Partner.

 

If after the foreclosure of this Pledge, there is any outstanding
amount to be covered, the Agent and/or the Trustee shall not seek to cover any
deficiency with the foreclosure of the assets of Doe Run Perú, so long as the
BCP Working Capital Facility and the Sale and Lease Back signed with
Credileasing S.A. or any of their extensions or renewals, are still in force.

 

THIRTEENTH.-  PROCEEDS OF THE FORECLOSURE OF THE
COLLATERAL

 

In the case of a foreclosure of the Collateral, the Agent, acting for
and on behalf of the Credit Agreement Lenders, and/or the Trustee, acting for
and on behalf of the Noteholders, is entitled to collect payment, from the
proceeds of the sale of the Collateral, with preference over the other
creditors of the Partner, except as otherwise required under the Applicable Law
in matters of insolvency and patrimonial restructuring.

 

The Agent, acting for and on behalf of the Credit Agreement Lenders,
and/or the Trustee, acting for and on behalf of the Noteholders, as the case
may be, shall apply, the proceeds of the sale of the Collateral in the following
manner:

 

13.1                           First,
to the payment of the costs and expenses of the exercise of the rights that are
conferred to it under this Agreement including, but without limiting to, the
costs and reasonable expenses of the Agent and/or the Trustee, as the case may
be, lawyers’ fees, and any other expenses of its lawyers, and any other
expenses incurred, payments and advances made by the Agent and/or the Trustee,
as the case may be, in connection with the exercise of those rights.

 

13.2                           Second,
to the total payment of the Secured Obligations, subject to any other
agreements and/or documents executed and existing between the Credit Agreement
Lenders and/or Noteholders relating to payment priority, and,

 

13.3                           Third,
to the payment or delivery to the Partner or its respective successors or
assignees, or to whom any competent court orders, of any remnant or balance
that results after making the payments referred to in Sections 13.1 and
13.2.

 

FOURTEENTH.-  INTERPRETATION

 

This Agreement shall be interpreted in accordance with the rules and
principles of interpretation contained in the Applicable Law, with the
understanding that it is the intention of the Parties:

 

14.1                           That,
subject to the terms and conditions of the Loan Documents, the rights vested
upon the Credit Agreement Lenders and the Agent, acting for and on behalf of
the Credit Agreement Lenders, and/or the Noteholders and the Trustee, acting
for and on behalf of the Noteholders, are the most extensive that may be
granted under Applicable Law;

 

14.2                           That the
obligations, duties and responsibilities of the Partner subject to the terms
and conditions of the Loan Documents and this Agreement be as extensive as
those that the

 

13

 

Applicable Law permits to be imposed upon a debtor
that pledges its own property and rights as Collateral; and

 

14.3                           In no
event shall the application of the rules of interpretation set forth in this
Clause, expand or limit, in any way the rights and obligations set forth in the
Loan Documents for the Parties.

 

FIFTEENTH.-  NOTICES

 

The parties designate as their domiciles those contained in the
introduction of this Agreement.  All the
notifications or communications must be directed to those domiciles so they can
have effects.  Any variation of the
domicile must be notified by a written communication to the other parties ten
(10) Days in advance to have full effects among the parties, otherwise it
should be considered as valid any notification or communication made to the
previous domicile.

 

Any notice addressed to the Parties hereunder shall be considered
validly delivered if in writing and (i) delivered personally or by courier,
messenger service, or similar means, receipt confirmed on the date of delivery
in the place of receipt; or (ii) sent by facsimile, receipt confirmed, on the
date of delivery in the place of receipt; or (iii) sent by mail on the date
five (5) Days after sent by certified mail, with prepaid postage, to the
indicated addresses in the introduction of this Agreement.

 

SIXTEENTH.-  APPLICABLE LAW

 

The Parties agree that this Agreement and the creation, extension and
extinction of the rights created hereby shall be subject to the Applicable
Law.  It is understood that when used in
this Agreement, “Applicable Law” shall mean all the laws, legal norms, rules,
regulations, decrees or decisions of any national, regional or local
governmental entity of the Republic of Perú, or any sub-division thereof, or
any other political, judicial, administrative, police or military authority, or
any other autonomous body or entity, agency, unit, department, arbitrator or
arbitration court in the Republic of Perú, having legal capacity to bind a
person under its jurisdiction (collectively, the “Governmental Authorities”)
effective on the date of execution of this Agreement and as they may be
interpreted, amended or modified in the future.

 

SEVENTEENTH.-  JURISDICTION AND VENUE

 

17.1                           The
Parties do submit themselves to the jurisdiction and venue of the judges of the
courts of Lima, Perú for the purpose of judicially foreclosing this
Pledge.  The Partner and Doe Run Perú
irrevocably waive any objection which they may have now or hereafter to the
Peruvian judges and courts to which they are submitting and agree not to claim
that any such judges and courts are not a convenient or appropriate forum.

 

17.2                           For
purposes of any judicial proceeding related to this Agreement, the Parties
establish as their domiciles, where they must be considered validly notified in
Perú, the addresses indicated in Clause Fifteen of this Agreement.  Any change of domicile will be

 

14

 

communicated to the other Party in writing, at least
ten (10) Days in advance, otherwise such change shall not have effect for
purposes of notification.

 

17.3                           The
Parties acknowledge and agree that they do not submit to the jurisdiction and
venue of the judges of the courts of Lima, Perú for the purposes of
adjudicating any dispute concerning the Loan Documents.

 

EIGHTEENTH.-  COSTS

 

All legal costs and fees, notarial and registration costs and fees
incurred for the execution of this Agreement, its conversion into a public
deed, including any extension, amendment and cancellation thereof, and receipt
of a certified copy thereof for the Agent and the Trustee shall be exclusively
borne by the Partner.

 

NINETEENTH.-  GENERAL

 

19.1                           This
Agreement may only be amended, regulated, or terminated, and this Pledge
created hereunder may only be extinguished, by express agreement of the Parties
formally executed in accordance with the Applicable Law;

 

19.2                           The
headings and titles used in each Clause are for reference purposes only and
have no effect on the interpretation of the contents and on the scope of this
Agreement; and,

 

19.3                           This
Agreement is only for the benefit of the Partner, Doe Run Perú, the Agent, the
Credit Agreement Lenders, the Trustee, and the Noteholders, their successors
and authorized assigns, including but not limited to any other Person that may
become a Secured Party in accordance with the terms of the Loan Documents, for
which purpose the Partner and Doe Run Perú hereby consent and acknowledge that
the provisions of this Agreement will also be applicable in the benefit of any
such successors, authorized assigns and Persons.

 

TWENTIETH.-  PARTICIPATION OF DOE RUN PERÚ

 

Doe Run Perú gives its conformity with all the terms and conditions of
this Agreement.

 

In case an Event of Default occurs and the Agent and/or the Trustee, as
the case may be, declares the terms of any of the Loan Documents expired, as
provided by Section 4.6 of this Agreement, and provided that the Agent,
acting in the name and representation of the Credit Agreement Lenders, and/or
the Trustee, acting in the name and representation of the Noteholders, have
sent a written communication in that regard to the Doe Run Perú, Doe Run Perú
undertakes to:

 

20.1                           Recognize
the Agent, acting in the name and on behalf of the Credit Agreement Lenders,
and/or the Trustee, acting in the name and on behalf of the Noteholders, as the
sole holders of the voting and other rights inherent and/or pertaining to the
Collateral and shall allow the exercise of such rights by the Agent, acting in
the name and on behalf of the Credit Agreement Lenders, and/or the Trustee,
acting in the name and on behalf of the Noteholders;

 

15

 

20.2                           Not
accept any instructions and/or communication to the contrary, which may be
issued by the Partner in the event an Event of Default occurs and the Agent
and/or the Trustee, as the case may be, decides to exercise any and/or all of
the rights conferred under this Pledge; and

 

20.3                           Not
allow the exercise of any of the rights inherent and/or pertaining to the
Collateral, including but not limited to the voting rights, by the Partner.

 

20.4                           In the
event of sale by the Agent and/or the Trustee, act according to the procedure
established by Article Fourth of its Bylaws. 
Therefore, after the Agent and/or the Trustee communicates the intention
to sell the participations, the General Manager of Doe Run Perú will
communicate this intention to the other partners of Doe Run Perú within a
ten-day period.  From the day of such
communication, such other partners will have a thirty-day term to exercise
their right of first refusal in the acquisition of the participations.

 

Please, Mr. Notary Public, add the legal introduction and conclusion
hereto, and send the necessary documents to the relevant public registry for
the registration of the power of attorney and the pledge created hereunder.

 

Signed in Lima, on the [  ] day of the month of October,
2002, in three (3) copies.

 

16

 

	
  Regiment Capital Advisors, L.L.C., as Agent

  	
   

  
	
  under the Senior Credit Agreement

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Marco Alarcon Piana

  	
   

  
	
  By:

  	
  Marco Alarcon Piana

  	
   

  
	
  Title:

  	
  Attorney-in-fact

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  STATE STREET BANK AND TRUST

  	
   

  
	
  COMPANY, as Trustee and Collateral Agent

  under the Indenture

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Marco Alarcon Piana

  	
   

  
	
  By:

  	
  Marco Alarcon Piana

  	
   

  
	
  Title:

  	
  Attorney-in-fact

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  DOE RUN CAYMAN, LTD.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Kenneth Ernest Hecker

  	
   

  
	
  By:

  	
  Kenneth Ernest Hecker

  	
   

  
	
  Title:

  	
  Power of Attorney

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  DOE RUN PERÚ S.R.L.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/  Kenneth
  Richard Buckley

  	
   

  
	
  By:

  	
  Kenneth Richard Buckley

  	
   

  
	
  Title:

  	
  President and General Manager

  	
   

  

 

17Exhibit 4.5.7

 

Execution Version

 

INTERCREDITOR AGREEMENT

 

THIS INTERCREDITOR AGREEMENT dated as of March 21,
2003 (as amended and in effect from time to time, this “Intercreditor Agreement”) is by and among
Congress Financial Corporation, a Delaware corporation (“Congress”), in its capacity as Revolving Loan
Agent (as hereinafter defined), The Renco Group, Inc., a New York corporation
(“Renco Group”), in its capacity as
Term Loan Agent (as hereinafter defined), and U.S. Bank National Association, a
national banking association organized under the laws of the United States of
America (“U.S. Bank”), successor in interest to State Street Bank and
Trust Company, a Massachusetts trust company (“State Street”), in its capacity
as Collateral Agent (as hereinafter defined).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Revolving Loan Documents (as
hereinafter defined), the Revolving Loan Lenders (as hereinafter defined) have
entered into financing arrangements with the Borrowers (as hereinafter
defined), pursuant to which the Revolving Loan Lenders may, upon certain terms
and conditions, make loans and advances and provide other financial
accommodations to the Borrowers secured by certain assets and properties of the
Borrowers and the Obligors (as hereinafter defined);

 

WHEREAS, pursuant to the Term
Loan Documents (as hereinafter defined), the Term Loan Lenders (as hereinafter
defined) have entered into financing arrangements with Doe Run (as hereinafter
defined), pursuant to which the Term Loan Lenders may, upon certain terms and
conditions, make loans and advances and provide other financial accommodations
to Doe Run secured by certain assets and properties of Doe Run and the
Obligors;

 

WHEREAS, pursuant to the
Indenture (as hereinafter defined), Doe Run has issued, and may issue, Notes
(as hereinafter defined) secured by certain assets and properties of Doe Run
and the Obligors;

 

WHEREAS, pursuant to that
certain Assignment and Acceptance (as hereinafter defined), Renco Group has
been assigned all rights of Regiment Capital Advisors, L.L.C. (“Regiment”)
under the Term Loan Documents, as agent thereunder and all rights of Regiment
Capital II, L.P. and Lathi, LLC as lenders thereunder including, without
limitation, the right to receive all payments of principal, interest and fees
due under the Term Loan Agreement and the right to all collateral pledged as
security under the Term Loan Documents; and

 

WHEREAS, the Revolving Loan
Lenders, the Term Loan Lenders and the Indenture Parties (as hereinafter
defined) desire that the Revolving Loan Agent, the Term Loan Agent and the
Collateral Agent enter into this Intercreditor Agreement (a) to confirm
the relative priority of the security interests of the Revolving Loan Lenders
under the Revolving Loan Documents and the Term Loan Lenders under the Term
Loan Documents, on one hand, and the 

 

 

Indenture
Parties under the Indenture Documents (as hereinafter defined), on the other
hand, in certain of the assets and properties of the Borrowers and the
Obligors, (b) to provide for the orderly sharing among them, in accordance
with such priorities, of proceeds of such assets and properties upon any
foreclosure thereon or other disposition thereof and (c) to amend and restate
the terms and conditions of the Intercreditor Agreement, dated as of October
29, 2002, by and among Revolving Loan Agent, Regiment, in its capacity as prior
Term Loan Agent and State Street, in its capacity as prior Collateral Agent;

 

NOW, THEREFORE, in
consideration of the mutual benefits accruing to the Revolving Loan Lenders,
the Term Loan Lenders and the Indenture Parties hereunder and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto do hereby agree as follows:

 

1.             DEFINITIONS; CERTAIN RULES OF
CONSTRUCTION.

 

Certain capitalized terms are
used in this Intercreditor Agreement with the specific meanings set forth below
in this Section 1.  Except as otherwise
explicitly specified to the contrary or unless the context clearly requires
otherwise, (a) the capitalized term “Section” refers to sections to this
Intercreditor Agreement, (b) references to a particular Section include
all subsections thereof, (c) the word “including” shall be construed as
“including without limitation”, (d) references to a particular statute or
regulation include all rules and regulations thereunder and any successor
statute, regulation or rules, in each case as from time to time in effect,
(e) references to a particular Person include such Person’s successors and
assigns (including a receiver, trustee or debtor-in-possession on behalf of
such Person or on behalf of any such successor or assign) to the extent not
prohibited by this Intercreditor Agreement, (f) terms defined in the UCC
and not otherwise defined herein are used herein with the meanings set forth in
the UCC and (g) all references to any term in the plural include the
singular and all references to any term in the singular include the plural.

 

1.1.          “Agents” shall
mean, collectively, the Revolving Loan Agent, the Term Loan Agent and the
Collateral Agent.

 

1.2.          “Agreements” shall
mean, collectively, the Revolving Loan Documents, the Term Loan Documents and
the Indenture Documents.

 

1.3.          “Assignment and Acceptance” shall mean the
Assignment and Acceptance, dated as of March 21, 2003, among Doe Run, Regiment
Capital II, L.P. and Lathi, LLC, as assignors, Renco Group, as assignee and new
agent and Regiment, as prior agent.

 

1.4.          “Borrowers” shall
mean, collectively, Doe Run, The Buick Resource Recycling Facility LLC, a
Delaware limited liability company, and Fabricated Products, Inc., a Delaware
corporation.

 

1.5.          “Business Day” shall have the meaning set forth in
the Revolving Loan Agreement.

 

1.6.          “Collateral” shall
mean, collectively, the Revolving Loan Collateral, the Term Loan Collateral and
the Indenture Collateral.

 

 

2

 

1.7.          “Collateral Agent”
shall mean the Trustee, in its capacity as collateral agent pursuant to the
Indenture and the Security Agreement for the benefit and on behalf of the
Indenture Parties, and any successor, assignee or additional Person at any time
acting as collateral agent for the benefit of and on behalf of the Indenture
Parties.

 

1.8.          “Congress” shall
have the meaning set forth in the preamble to this Intercreditor Agreement.

 

1.9.          “Doe Run” shall
mean The Doe Run Resources Corporation, a New York corporation.

 

1.10.        “Event of Default”
shall mean any act, condition or event that is (a) an Event of Default as
such term is defined in the Revolving Loan Documents as in effect on the date
hereof, (b) an Event of Default as such term is defined in the Term Loan
Documents as in effect on the date hereof or (c) an Event of Default as
such term is defined in the Indenture Documents as in effect on the date
hereof.

 

1.11.        “Indenture” shall
mean the Indenture, dated as of October 29, 2002, by and among Doe Run, certain
of its affiliates and the Trustee, as the same now exists or may hereafter be
amended, modified, supplemented, extended, renewed, restated or replaced.

 

1.12.        “Indenture Collateral”
shall have the meaning set forth for “Pledged Collateral” in section 2.1 of the
Security Agreement as in effect on the date hereof; provided, however, that in
no event shall the Indenture Collateral include any Revolving Loan Collateral.

 

1.13.        “Indenture Debt”
shall mean all obligations, liabilities and indebtedness of every kind, nature
and description owing by any Borrower or any Obligor to any Indenture Party
and/or its affiliates or participants, including principal, interest, charges,
fees, premiums, indemnities and expenses, however evidenced, whether as
principal, surety, endorser, guarantor or otherwise, arising under the
Indenture Documents, by operation of law or otherwise, whether now existing or
hereafter arising, whether arising before, during or after the initial or any
renewal term of any Indenture Document or after the commencement of any case
with respect to any Borrower or any Obligors under the United States Bankruptcy
Code or any similar statute (and including any principal, interest, fees,
costs, expenses and other amounts which would accrue and become due but for the
commencement of such case or similar proceeding and whether or not such amounts
are allowable in whole or in part, in any such case or similar proceeding),
whether direct or indirect, absolute or contingent, joint or several, due or
not due, primary or secondary, liquidated or unliquidated, secured or
unsecured, and whether arising directly or howsoever acquired by any Indenture Party.

 

1.14.        “Indenture Documents”
shall mean, collectively, the Indenture and all agreements, documents and
instruments (including the Notes and the Security Agreement) at any time
executed and/or delivered by any Borrower, any Obligor or any other Person
with, to or in favor of any Indenture Party in connection therewith or related
thereto, as all of the foregoing now exist or may hereafter be amended,
modified, supplemented, extended, renewed, restated or replaced.

 

1.15.        “Indenture Parties”
shall mean, collectively, the Trustee, the Collateral Agent and any other
Person who holds, beneficially or of record, any Note (including any other
lender or 

 

 

3

 

group of lenders that at any time succeeds to or refinances,
replaces or substitutes for all or any portion of the Indenture Debt at any
time and from time to time); provided, however, that if any Person is an
Indenture Party and a Term Loan Lender, then such Person shall be deemed to be
an Indenture Party only to the extent that such Person is exercising rights or
remedies under the Indenture Documents.

 

1.16.        “Indenture Priority Collateral”
shall mean the assets and properties of the Borrowers and the Obligors that are
subject to the security interests and liens of the Collateral Agent, for the
benefit of itself and the other Indenture Parties, pursuant to the terms of the
Indenture Documents as in effect from time to time to secure the Indenture
Debt, other than the Revolving Loan Collateral and the Term Loan Collateral.

 

1.17.        “Intercreditor Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

1.18.        “Junior Participation Agreement” shall mean the Junior
Participation Agreement, dated as of October 29, 2002, by and among Renco Group,
the financial institutions from time to time parties to the Revolving Loan
Agreement, and the Revolving Loan Agent, as the same now exists or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.

 

1.19.        “Lenders” shall mean,
collectively, the Revolving Loan Lenders, the Term Loan Lenders and the
Indenture Parties.

 

1.20.        “Lien” shall mean any
mortgage, deed of trust, pledge, hypothecation, assignment, deposit
arrangement, security interest, encumbrance (including easements, rights of way
and the like), lien (statutory or other), security agreement or transfer
intended as security, including any conditional sale or other title retention
agreement, the interest of a lessor under a capital lease or any financing
lease having substantially the same economic effect as any of the foregoing.

 

1.21.        “Notes” shall mean
the 113⁄4% Notes due 2008 issued by Doe Run from time to time pursuant to the
Indenture, as the same now exist or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced.

 

1.22.        “Obligors” shall
mean, collectively, all Persons liable on, or in respect of, the Revolving Loan
Debt, the Term Loan Debt or the Indenture Debt, other than the Borrowers.

 

1.23.        “Person” shall mean
any individual, sole proprietorship, partnership, corporation (including any
corporation which elects subchapter S status under the Internal Revenue Code of
1986), limited liability corporation, limited liability partnership, business
trust, unincorporated association, joint stock company, trust, joint venture,
or other entity or any government or any agency or instrumentality or political
subdivision thereof.

 

1.24.        “Regiment” shall have
the meaning set forth in the recitals to this Intercreditor Agreement.

 

1.25.        “Revolving Loan Agent”
shall mean Congress in its capacity as agent pursuant to the Revolving Loan
Agreement for the benefit and on behalf of the Revolving Loan Lenders, and 

 

 

4

 

any successor, assignee or additional Person at any
time acting as agent for the benefit of or on behalf of the Revolving Loan
Lenders.

 

1.26.        “Revolving Loan Agreement”
shall mean the Amended and Restated Loan and Security Agreement, dated as of
October 29, 2002, by and among the Revolving Loan Agent, the other Revolving
Loan Lenders, the Borrowers and certain of their affiliates, as the same now
exists or may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced.

 

1.27.        “Revolving Loan Collateral”
shall have the meaning set forth for “Collateral” in section 5.1 of the
Revolving Loan Agreement as in effect on the date hereof.

 

1.28.        “Revolving Loan Debt”
shall mean all obligations, liabilities and indebtedness of every kind, nature
and description owing by any Borrower or any Obligor to any Revolving Loan
Lender and/or its affiliates or participants, including principal, interest,
charges, fees, premiums, indemnities and expenses, however evidenced, whether
as principal, surety, endorser, guarantor or otherwise, arising under the
Revolving Loan Documents, by operation of law or otherwise, whether now
existing or hereafter arising, whether arising before, during or after the
initial or any renewal term of any Revolving Loan Document or after the
commencement of any case with respect to any Borrower or any Obligor under the
United States Bankruptcy Code or any similar statute (and including any
principal, interest, fees, costs, expenses and other amounts which would accrue
and become due but for the commencement of such case or similar proceeding and
whether or not such amounts are allowable in whole or in part in any such case
or similar proceeding), whether direct or indirect, absolute or contingent,
joint or several, due or not due, primary or secondary, liquidated or
unliquidated, secured or unsecured, and whether arising directly or howsoever
acquired by any Revolving Loan Lender.

 

1.29.        “Revolving Loan Documents”
shall mean, collectively, the Revolving Loan Agreement and all agreements,
documents and instruments at any time executed and/or delivered by any
Borrower, any Obligor or any other Person with, to or in favor of any Revolving
Loan Lender in connection therewith or related thereto, as all of the foregoing
now exist or may hereafter be amended, modified, supplemented, extended,
renewed, restated or replaced.

 

1.30.        “Revolving Loan Lenders”
shall mean, collectively, the Revolving Loan Agent and any other Person who is
a party to any Revolving Loan Document as a lender (including any other lender
or group of lenders that at any time succeeds to or refinances, replaces or
substitutes for all or any portion of the Revolving Loan Debt at any time and
from time to time).

 

1.31.        “Security Agreement”
shall mean the Security Agreement, dated as of October 29, 2002, by and among
Doe Run, certain of its affiliates and the Collateral Agent, as the same now
exists or may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced.

 

1.32.        “Senior Intercreditor Agreement”
shall mean the Intercreditor Agreement, dated as of October 29, 2002, by and
between the Revolving Loan Agent and the Term Loan Agent, as the same now
exists or may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced.

 

1.33.        “State Street” shall have the meaning set forth in the
preamble to this Agreement.

 

 

5

 

1.34.        “Term Loan Agent”
shall mean Renco Group in its capacity as agent pursuant to the Term Loan
Agreement for the benefit and on behalf of the Term Loan Lenders, and any
successor, assignee or additional Person at any time acting as agent for the
benefit of or on behalf of the Term Loan Lenders.

 

1.35.        “Term Loan Agreement”
shall mean the Credit Agreement, dated as of October 29, 2002, by and among Doe
Run, the Term Loan Agent and the other Term Loan Lenders, as the same now
exists or may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced.

 

1.36.        “Term Loan Collateral”
shall have the meaning set forth for “Credit Security” in section 3.1 of the
Guarantee and Security Agreement, dated as of October 29, 2002, as in effect on
the date hereof, by and among Doe Run, certain of its affiliates and the Term
Loan Agent.

 

1.37.        “Term Loan Debt”
shall mean all obligations, liabilities and indebtedness of every kind, nature
and description owing by any Borrower or any Obligor to any Term Loan Lender
and/or its affiliates or participants, including principal, interest, charges,
fees, premiums, indemnities and expenses, however evidenced, whether as
principal, surety, endorser, guarantor or otherwise, arising under the Term
Loan Documents, by operation of law or otherwise, whether now existing or
hereafter arising, whether arising before, during or after the initial or any
renewal term of any Term Loan Document or after the commencement of any case
with respect to any Borrower or any Obligors under the United States Bankruptcy
Code or any similar statute (and including any principal, interest, fees,
costs, expenses and other amounts which would accrue and become due but for the
commencement of such case or similar proceeding and whether or not such amounts
are allowable in whole or in part, in any such case or similar proceeding),
whether direct or indirect, absolute or contingent, joint or several, due or
not due, primary or secondary, liquidated or unliquidated, secured or
unsecured, and whether arising directly or howsoever acquired by any Term Loan
Lender.

 

1.38.        “Term Loan Documents”
shall mean, collectively, the Term Loan Agreement and all agreements, documents
and instruments at any time executed and/or delivered by any Borrower, any
Obligor or any other Person with, to or in favor of any Term Loan Lender in
connection therewith or related thereto, as all of the foregoing now exist or
may hereafter be amended, modified, supplemented, extended, renewed, restated
or replaced.

 

1.39.        “Term Loan Lenders”
shall mean, collectively, the Term Loan Agent and any other Person who is a
party to any Term Loan Document as a lender (including any other lender or
group of lenders that at any time succeeds to or refinances, replaces or
substitutes for all or any portion of the Term Loan Debt at any time and from
time to time); provided, however, that if any Person is a Term Loan Lender and
an Indenture Party, then such Person shall be deemed to be a Term Loan Lender
except to the extent that such Person is exercising rights or remedies under
the Indenture Documents.

 

1.40.        “Third Party Purchaser”
shall have the meaning set forth in Section 2.4(f).

 

1.41.        “Trustee” shall mean
U.S. Bank in its capacity as trustee pursuant to the Indenture for the benefit
and on behalf of the Indenture Parties, and any successor, assignee or
additional Person at any time acting as trustee for the benefit of and on
behalf of the Indenture Parties.

 

 

6

 

1.42.        “UCC” means the
Uniform Commercial Code as in effect on the date hereof in the State of New
York.

 

1.43.        “U.S. Bank” shall
have the meaning set forth in the preamble to this Agreement.

 

2.             SECURITY INTERESTS; PRIORITIES;
REMEDIES.

 

2.1.          Acknowledgement. 
The Revolving Loan Agent hereby acknowledges that (a) the
Collateral Agent acting for and on behalf of the Indenture Parties has been
granted Liens upon the Indenture Collateral pursuant to the Indenture Documents
to secure the Indenture Debt and (b) the Revolving Loan Agent does not
have any Lien upon the Indenture Collateral. 
The Term Loan Agent hereby acknowledges that the Collateral Agent acting
for and on behalf of the Indenture Parties has been granted Liens upon the
Indenture Collateral pursuant to the Indenture Documents to secure the
Indenture Debt.  The Collateral Agent
hereby acknowledges that (i) the Revolving Loan Agent acting for and on
behalf of the Revolving Loan Lenders has been granted Liens upon the Revolving
Loan Collateral pursuant to the Revolving Loan Documents to secure the
Revolving Loan Debt, (ii) the Term Loan Agent acting for and on behalf of
the Term Loan Lenders has been granted Liens upon the Term Loan Collateral
pursuant to the Term Loan Documents to secure the Term Loan Debt and
(iii) the Collateral Agent does not have any Lien upon the Revolving Loan
Collateral.

 

2.2.          Priorities.

 

(a)           Notwithstanding the order or time of attachment of, or the
order, time or manner of perfection of, or the order or time of filing or
recordation of any document or instrument with respect to, or any other method
of perfecting, any security interest in favor of any Lender in any Collateral,
and notwithstanding any conflicting terms or conditions which may be contained
in any of the Agreements, (i) the Liens of the Revolving Loan Lenders and
the Term Loan Lenders upon the Collateral have and shall have priority over any
Liens of the Indenture Parties in the Collateral and (ii) any such Liens
of the Indenture Parties upon the Collateral are and shall be, in all respects,
subject and subordinate to the Liens of the Revolving Loan Lenders and the Term
Loan Lenders upon the Collateral.

 

(b)           The lien priorities provided in this Section 2.2 shall not
be altered or otherwise affected by any amendment, modification, supplement,
extension, renewal, restatement, replacement or refinancing of the Revolving
Loan Debt, the Term Loan Debt or the Indenture Debt, nor by any action or
inaction which any Lender may take or fail to take in respect of the
Collateral.

 

(c)           Each Lender shall be solely responsible for perfecting and
maintaining the perfection of its Lien in and to each item constituting the
Collateral in which such Lender has been granted a Lien.  The foregoing provisions of this
Intercreditor Agreement are intended solely to govern the respective lien
priorities as between the Revolving Loan Lenders and Term Loan Lenders, on one
hand, and the Indenture Parties, on the other hand, and shall not impose on any
of the Lenders any obligations in respect of the disposition of proceeds of
foreclosure on any Collateral which would conflict with prior perfected claims
therein in favor of any other Person or any order or decree of any court or
other governmental authority or any applicable law.

 

 

7

 

(d)           No Revolving Loan Lender will contest the validity,
perfection, priority or enforceability of the Liens of the Indenture Parties
upon the Indenture Collateral; no Term Loan Lender will contest the validity,
perfection, priority or enforceability of the Liens of the Indenture Parties
upon the Indenture Collateral; and no Indenture Party will contest the
validity, perfection, priority or enforceability of (i) the Liens of the
Revolving Loan Lenders upon the Revolving Loan Collateral or (ii) the
Liens of the Term Loan Lenders upon the Term Loan Collateral.  As between the Revolving Loan Lenders and
the Term Loan Lenders, on one hand, and the Indenture Parties, on the other
hand, the terms of this Intercreditor Agreement shall govern even if part or
all of the Revolving Loan Debt, the Term Loan Debt or the Indenture Debt or the
Liens securing payment and performance thereof are avoided, disallowed, set
aside or otherwise invalidated in any judicial proceeding or otherwise.

 

2.3.          Disposition
of Proceeds.

 

(a)           Each of the parties acknowledges and agrees that the
proceeds of any sale, disposition or other realization upon all or any part of
the Revolving Loan Collateral shall be applied to the Revolving Loan Debt and
the Term Loan Debt in the order of priority set forth in the Senior
Intercreditor Agreement.

 

(b)           Subject to the terms set forth in the Senior Intercreditor
Agreement, the proceeds of any sale, disposition or other realization upon all
or any part of the Term Loan Collateral and the Indenture Collateral shall be
applied in the following order of priority: (i) first, to the payment and
satisfaction in full of all Term Loan Debt, in such order and manner as the
Term Loan Agent may determine; and (ii) second, to the payment and
satisfaction in full of all the Indenture Debt, in such order and manner as the
Collateral Agent may determine.

 

2.4.          Remedies.

 

(a)           In the event that any of the Lenders shall, in the
exercise of any of its rights under its Agreements, receive possession or
control of any books and records of any Borrower or any Obligor which contain
information identifying or pertaining to any of the property of any Borrower or
any Obligor in which any other Lender has been granted a Lien, it shall notify
the other Lenders that it has received such books and records and shall, as
promptly as practicable thereafter, make available to the other Lenders such
books and records for inspection and duplication.

 

(b)           The Revolving Loan Agent shall have the exclusive right to
manage, perform and enforce the terms of the Revolving Loan Documents with
respect to the Revolving Loan Collateral, to exercise and enforce all
privileges and rights thereunder according to its discretion and the exercise
of its business judgment, including the exclusive right to take or retake
control or possession of the Revolving Loan Collateral and to hold, prepare for
sale, process, sell, lease, dispose of, or liquidate the Revolving Loan
Collateral.

 

(c)           Subject to the terms of the Senior Intercreditor
Agreement, the Term Loan Agent shall have the exclusive right to manage,
perform and enforce the terms of the Term Loan Documents with respect to the
Term Loan Collateral, to exercise and enforce all privileges and rights
thereunder according to its discretion and the exercise of its business
judgment, including the exclusive right to take or retake control or possession
of the Term Loan Collateral and to hold, prepare for sale, process, sell,
lease, dispose of, or liquidate the Term Loan Collateral.

 

 

8

 

(d)           Notwithstanding anything to the contrary contained in any
of the Agreements, except as otherwise provided in this Agreement or in the
Senior Intercreditor Agreement, only the Term Loan Lenders shall have the right
to restrict or permit, or approve or disapprove, the sale, transfer or other
disposition of any of the Term Loan Collateral.   The Collateral Agent shall: (i) be deemed to have
automatically and without further action released and terminated any Liens it
may have on the Term Loan Collateral to the extent such Term Loan Collateral is
sold or otherwise disposed of either by the Term Loan Agent, any agent of the
Term Loan Agent, or any Borrower or Obligor with the consent of the Term Loan
Agent; (ii) be deemed to have authorized the Term Loan Agent to file UCC
amendments and terminations covering the Term Loan Collateral so sold or
otherwise disposed of as to UCC financing statements between any Borrower or
Obligor and any Indenture Party to evidence such release and termination;
(iii) promptly upon the request of the Term Loan Agent execute and deliver
such other release documents and confirmations of the authorization to file UCC
amendments and terminations provided for herein, in each case as the Term Loan
Agent may reasonably require in connection with such sale or other disposition
by the Term Loan Agent, any agent of the Term Loan Agent or any Borrower or
Obligor with the consent of the Term Loan Agent to evidence and effectuate such
termination and release; provided, however, that any such release or UCC
amendment or termination by any Indenture Party shall not extend to or
otherwise affect any of the rights, if any, of the Collateral Agent to the
proceeds from any such sale or other disposition of Term Loan Collateral; and
(iv) be deemed to have consented under the Indenture Documents to such
sale or other disposition.  In the event
that for any reason the Collateral Agent shall fail to promptly execute and
deliver to the Term Loan Agent any such release documents, the Term Loan Agent
is hereby irrevocably authorized to execute and deliver such release documents
on behalf of any Indenture Party as its attorney-in-fact.  Any such sale or other disposition of any of
the Term Loan Collateral conducted by the Term Loan Agent in connection with
the exercise of its rights and remedies to any affiliate of any Borrower or any
Obligor shall be conducted in a commercially reasonable manner or amounts paid
in respect of such sale shall otherwise be consistent with the value of such
Term Loan Collateral as determined by an appraiser or other valuation by an
appropriate third party.

 

(e)           No Indenture Party will, directly or indirectly:
(i) exercise any of its rights or remedies if an Event of Default or an
act, condition or event which with notice, or passage of time, or both would
constitute an Event of Default exists or has occurred against any Collateral;
(ii) seek to foreclose or realize upon (judicially or non-judicially) its
Lien on any Collateral or assert any claims or interest therein (including by
setoff or notification of account debtors); or (iii) take any other action
with respect to the Collateral or any other assets or properties of any
Borrower or any Obligor that interferes in any material respect with the rights
of the Revolving Loan Lenders or the Term Loan Lenders with respect to the
Collateral; provided, however, that nothing contained in this Section 2.4(e)
shall be construed in any way to limit or impair the right of any Indenture
Party: (A) to participate in any administrative, legal or equitable action
or proceeding against any Borrower or any Obligor seeking any reorganization,
liquidation, bankruptcy or any other action involving the readjustment of all
or any part of the Indenture Debt, or other similar relief under the United
States Bankruptcy Code; provided, however, that in no event shall any Indenture
Party (1) challenge any Liens of any Revolving Loan Lender or any Term
Loan Lender, (2) challenge or dispute the validity or priority of any
Revolving Loan Debt or Term Loan Debt or (3) vote its claim in any manner
which would be inconsistent with the provisions of this Intercreditor Agreement;
(B) to exercise its right to accelerate the maturity of all or any part of
the Indenture Debt; (C) to send notices to any governmental authority of
the 

 

 

9

 

existence of, or any evidence or confirmation of, the
Indenture Debt owed to any Indenture Party or the Liens of the Collateral
Agent, for the benefit of any Indenture Party, in the Collateral, or file or
record any such notice or evidence to the extent necessary to prove or preserve
(1) the obligations of any Borrower or any Obligor in respect of the
Indenture Debt or (2) the Liens of the Collateral Agent, for the benefit
of any Indenture Party, in the Collateral; (D) to bid at a foreclosure or
other sale of the Collateral; or (E) to exercise any rights or remedies,
or to take any other action, with respect to any Lien of any Indenture Party
upon any of the Indenture Priority Collateral; provided, however, that
(1) such exercise of rights and remedies shall be subject to the rights of
the Revolving Loan Lenders and the Term Loan Lenders set forth in Sections
2.4(f) and 2.4(g), and (2) in connection with any sale or other
disposition of any Indenture Priority Collateral by any Indenture Party, the
terms of any such sale or disposition shall require that any Third Party
Purchaser or assignees thereof acquire such Indenture Priority Collateral
subject to the rights of the Revolving Loan Lenders and the Term Loan Lenders
set forth in Sections 2.4(f) and 2.4(g).

 

(f)            In the event that the Indenture Parties shall acquire
control or possession of any Indenture Priority Collateral or shall, through
the exercise or remedies under the Indenture Documents or otherwise, sell any
of the Indenture Priority Collateral to any third party (a “Third Party Purchaser”), the Indenture
Parties shall permit the Revolving Loan Lenders, at their option: (i) to
enter any or all of the real property of any Borrower or any Obligor during
normal business hours in order (A) to inspect, remove or take any action
with respect to the Revolving Loan Collateral (including manufacturing or
processing raw materials or work-in-process into finished inventory),
(B) to enforce the rights of the Revolving Loan Lenders with respect
thereto, including the examination and removal of the Revolving Loan Collateral
and the examination and duplication of the books and records of the Borrowers
and the Obligors related to the Revolving Loan Collateral under the possession
and control of the Indenture Parties (or sold to a Third Party Purchaser), (C) to
otherwise reasonably handle, deal with or dispose of any Revolving Loan
Collateral such right to include, without limiting the generality of the
foregoing, the right to conduct one or more public or private sales or auctions
on any or all of the real property and improvements thereon of any Borrower or
any Obligor under such control or possession of the Indenture Parties (or sold
to a Third Party Purchaser), and (D) to use any of the equipment
consisting of computers or other data processing equipment related to the
storage or processing of records, documents or files pertaining to the
Revolving Loan Collateral and to use any other equipment to handle, deal with
or dispose of any Revolving Loan Collateral pursuant to the Revolving Loan
Lenders’ rights as set forth in the Revolving Loan Documents, the Uniform
Commercial Code of any applicable jurisdiction and other applicable law; and
(ii) to use any of the intellectual property marked or stamped on any
Revolving Loan Collateral for purposes of selling any Revolving Loan Collateral
or otherwise necessary or reasonably desirable in connection with the
collection, sale or other disposition of any Revolving Loan Collateral.

 

(g)           In the event that the Indenture Parties shall acquire
control or possession of any Indenture Priority Collateral or shall, through
the exercise or remedies under the Indenture Documents or otherwise, sell any
of the Indenture Priority Collateral to any Third Party Purchaser, the
Indenture Parties shall permit the Term Loan Lenders, at their option but
subject to the terms of the Senior Intercreditor Agreement: (i) to enter
any or all of the real property of any Borrower or any Obligor during normal
business hours in order (A) to inspect, remove or take any action with
respect to the Term Loan Collateral (including manufacturing or processing 

 

 

10

 

raw materials or work-in-process into finished
inventory), (B) to enforce the rights of the Term Loan Lenders with
respect thereto, including the examination and removal of the Term Loan
Collateral and the examination and duplication of the books and records of the
Borrowers and the Obligors related to the Term Loan Collateral under the
possession and control of the Indenture Parties (or sold to a Third Party
Purchaser), (C) to otherwise reasonably handle, deal with or dispose of
any Term Loan Collateral such right to include, without limiting the generality
of the foregoing, the right to conduct one or more public or private sales or
auctions on any or all of the real property and improvements thereon of any
Borrower or any Obligor under such control or possession of the Indenture
Parties (or sold to a Third Party Purchaser), and (D) to use any of the
equipment consisting of computers or other data processing equipment related to
the storage or processing of records, documents or files pertaining to the Term
Loan Collateral and to use any other equipment to handle, deal with or dispose
of any Term Loan Collateral pursuant to the Term Loan Lenders’ rights as set
forth in the Term Loan Documents, the Uniform Commercial Code of any applicable
jurisdiction and other applicable law; and (ii) to use any of the
intellectual property marked or stamped on any Term Loan Collateral for
purposes of selling any Term Loan Collateral or otherwise necessary or
reasonably desirable in connection with the collection, sale or other
disposition of any Term Loan Collateral.

 

(h)           No Lender shall have any responsibility or liability for
the acts or omissions of any other Lender arising in connection with such other
Lender’s use and/or occupancy of the real property, equipment or intellectual
property of any Borrower or any Obligor.

 

2.5.          No Liability. 
If any Lender should honor a request by any Borrower or any Obligor for
a loan, advance or other financial accommodation under the Agreements, whether
or not such Lender has knowledge that the honoring of such request would result
in an Event of Default, or act, condition or event which with notice or passage
of time or both would constitute an Event of Default, in no event shall any
Lender have any liability whatsoever to any other Lender as a result of such
breach, and without limiting the generality of the foregoing, the parties agree
that no Lender shall have any liability for tortious interference with
contractual relations or for inducement by any Lender of any Borrower or any
Obligor to breach of contract or otherwise. 
Nothing contained in this Section 2.5 shall limit or waive any right that
the parties may have to enforce any of the provisions of their respective
Agreements against any Borrower or any Obligor.

 

2.6.          Bailee for Perfection.  Each Lender hereby appoints the other Lenders, and each hereby
agrees to serve, as agent and bailee for the other Lenders for the purpose of
perfecting their respective Liens on any of the Collateral, and a Lender that
at any time has any Collateral in its possession acknowledges that it holds and
will hold possession of such Collateral for the benefit of the Lenders.  Each Lender shall not have any duty to
protect or preserve any rights pertaining to any of such Collateral held by it,
and each Lender hereby waives and releases the other Lenders from all claims
and liabilities at any time arising pursuant to the role of agent and bailee
with respect to the Collateral held by it, except for the gross negligence or
wilful misconduct of the bailee Lender as determined pursuant to a final,
non-appealable order of a court of competent jurisdiction.

 

2.7.          Notices of Default and Acceleration.  Each Agent shall give to the other Agents
concurrently with the giving thereof to any Borrower or any Obligor, a copy of
any written notice by such Agent of either (a) a default or an event of
default under its Agreements with such 

 

 

11

 

Borrower or Obligor or (b) written notice of
demand for payment from such Borrower or Obligor; provided, however,
that the failure of any party to give any such notice to the other shall not
affect the relative priorities of the Lenders’ respective Liens as provided
herein or the validity or effectiveness of any such notice as against any
Borrower or any Obligor.  The Borrowers
and the Obligors hereby authorize and consent to each Agent sending any such
notices to the other Agents or providing any other information with respect to
any Borrower or any Obligor to the other Agents.

 

3.             MISCELLANEOUS.

 

3.1.          Additional
Representations.

 

(a)           The Term Loan Agent represents and warrants to the
Revolving Loan Agent and the Collateral Agent that:

 

(i)          as of the date hereof, no default or
event of default, or act, condition or event which with notice or passage of
time or both would constitute an event of default under any of the Term Loan
Documents exists or has occurred, as for which a waiver has not been granted
prior to the date hereof or as to which the grant of a waiver is not
contemplated to be provided by Term Loan Lenders within five (5) Business Days
of the date hereof;

 

(ii)         the execution, delivery and performance
of this Intercreditor Agreement by the Term Loan Agent is within its powers in
its capacity as agent for each Term Loan Lender and has been authorized by each
Term Loan Lender as provided in, and in accordance with the requirements of,
the Term Loan Documents, and does not contravene any law, any provision of any
of the Term Loan Documents or any other agreement to which any Term Loan Lender
is a party or by which it is bound;

 

(iii)        the Term Loan Agent has been duly
appointed and constituted as agent to act for and on behalf of each Term Loan
Lender and has been irrevocably authorized to execute and deliver this
Intercreditor Agreement for itself and on behalf of each Term Loan Lender and
to perform all of its obligations hereunder, and to take such actions on behalf
of each Term Loan Lender as may be required of it under the terms hereof,
without any further consent or approval of any Term Loan Lender and is in such
position as of the date hereof;

 

(iv)        the Term Loan Lenders have not been
granted, and do not have, any Liens upon the assets and properties of any
Borrower pursuant to the Term Loan Documents, except for the Liens granted to
the Term Loan Agent on behalf and for the benefit of the Term Loan Lenders
thereunder; and

 

(v)         this Intercreditor Agreement
constitutes the legal, valid and binding obligation of the Term Loan Lenders,
enforceable against the Term Loan Lenders in accordance with its terms.

 

(b)           The Revolving Loan Agent represents and warrants to the
Term Loan Agent and the Collateral Agent that:

 

 

12

 

(i)          as of the date hereof, no default or
event of default, or act, condition or event which with notice or passage of
time or both would constitute an event of default under any of the Revolving
Loan Documents exists or has occurred, except for the “Existing Defaults” as
such term is defined in Amendment No. 1 to Amended and Restated Loan and
Security Agreement, dated as of March 11, 2003, by and among Congress, as agent
for itself and the financial institutions from time to time party to the
Revolving Loan Agreement, The CIT Group/Business Credit, Inc., as co-agent, the
Borrowers and DR Land Holdings, LLC, as guarantor;

 

(ii)         the execution, delivery and performance
of this Intercreditor Agreement by the Revolving Loan Agent is within its
powers in its capacity as agent for each Revolving Loan Lender and has been
authorized by each Revolving Loan Lender as provided in, and in accordance with
the requirements of, the Revolving Loan Documents, and does not contravene any law,
any provision of any of the Revolving Loan Documents or any other agreement to
which any Revolving Loan Lender is a party or by which it is bound;

 

(iii)        the Revolving Loan Agent has been duly
appointed and constituted as agent to act for and on behalf of each Revolving
Loan Lender and has been irrevocably authorized to execute and deliver this
Intercreditor Agreement for itself and on behalf of each Revolving Loan Lender
and to perform all of its obligations hereunder, and to take such actions on
behalf of each Revolving Loan Lender as may be required of it under the terms
hereof, without any further consent or approval of any Revolving Loan Lender
and is in such position as of the date hereof; the Revolving Loan Lenders have
not been granted, and do not have, any Liens upon the assets and properties of
any Borrower pursuant to the Revolving Loan Documents, except for the Liens on
the Collateral granted to the Revolving Loan Agent for the benefit of the
Revolving Loan Lenders thereunder; and

 

(iv)        this Intercreditor Agreement constitutes
the legal, valid and binding obligation of the Revolving Loan Lenders,
enforceable against the Revolving Loan Lenders in accordance with its terms.

 

(c)           The Collateral Agent represents and warrants to the
Revolving Loan Agent and the Term Loan Agent that:

 

(i)          to the knowledge of the Collateral
Agent, as of the date hereof, no default or event of default, or act, condition
or event which with notice or passage of time or both would constitute an event
of default under any of the Indenture Documents exists or has occurred;

 

(ii)         the execution, delivery and performance
of this Intercreditor Agreement by the Collateral Agent is within its powers in
its capacity as agent for each Indenture Party and, to the knowledge of the
Collateral Agent, has been authorized by each Indenture Party as provided in,
and in accordance with the requirements of, the Indenture Documents, and does
not contravene any law, any provision of any of the Indenture Documents or any
other agreement to which any Indenture Party is a party or by which it is
bound;

 

 

13

 

(iii)        to the knowledge of the Collateral
Agent, the Collateral Agent has been duly appointed and constituted as agent to
act for and on behalf of each Indenture Party and has been irrevocably
authorized to execute and deliver this Intercreditor Agreement for itself and
on behalf of each Indenture Party and to perform all of its obligations
hereunder, and to take such actions on behalf of each Indenture Party as may be
required of it under the terms hereof, without any further consent or approval
of any Indenture Party and is in such position as of the date hereof;

 

(iv)        to the knowledge of the Collateral
Agent, the Indenture Parties have not been granted, and do not have, any Liens
upon the assets and properties of any Borrower pursuant to the Indenture
Documents, except for the Liens granted to the Collateral Agent on behalf and
for the benefit of the Indenture Parties thereunder; and

 

(v)         to the knowledge of the Collateral
Agent, this Intercreditor Agreement constitutes the legal, valid and binding
obligation of the Indenture Parties, enforceable against the Indenture Parties
in accordance with its terms.

 

3.2.          Amendments. 
Any waiver, permit, consent or approval by any party of or under any
provision, condition or covenant to this Intercreditor Agreement must be in
writing and shall be effective only to the extent it is set forth in writing
and as to the specific facts or circumstances covered thereby.  Any amendment of this Intercreditor
Agreement must be in writing and signed by each of the parties to be bound
thereby; provided, however, that notwithstanding that such
amendment may be signed only by the Agents, each Agent is hereby authorized to
rely on such execution by the other Agents without inquiry as to such other
Agents’ right or authority to so bind any Revolving Loan Lender, Term Loan
Lender or Indenture Party, as the case may be.

 

3.3.          Successors
and Assigns.

 

(a)           This Intercreditor Agreement shall be binding upon each of
the Lenders and its successors and assigns and shall inure to the benefit of
each of the Lenders and its successors, participants and assigns.  Notwithstanding that each Lender may not
execute and deliver this Intercreditor Agreement, each Lender shall be bound
hereby as if each Lender had executed and delivered this Intercreditor
Agreement.  Each Lender acknowledges
that the other Lenders are relying upon the binding nature of this Intercreditor
Agreement upon such Lender.

 

(b)           To the extent provided in their respective Agreements and
subject to Section 8.2(b) of the Junior Participation Agreement, each of the
Lenders may grant participations in, or otherwise sell, assign, transfer or
negotiate all or any part of, or any interest in, the Revolving Loan Debt, the
Term Loan Debt or the Indenture Debt, as the case may be, and the Collateral
securing same; provided, however, that no Lender shall be obligated to give any
notices to or otherwise in any manner deal directly with any participant in the
Revolving Loan Debt, the Term Loan Debt or the Indenture Debt, as the case may
be, and no participant shall be entitled to any rights or benefits under this
Intercreditor Agreement except through the Lender with which it is a participant.  In connection with any such participation or
other transfer or assignment, a Lender (i) may, subject to its Agreements,
disclose to such assignee, participant or other transferee or assignee all
documents and information which such Lender now or hereafter may have relating
to any Borrower, any Obligor or the Collateral and (ii) shall disclose to
such 

 

 

14

 

participant or other transferee or assignee the
existence and terms and conditions of this Intercreditor Agreement.

 

(c)           In connection with any assignment or transfer of any or
all of the Revolving Loan Debt, the Term Loan Debt or the Indenture Debt, as
the case may be, or any or all rights of the Revolving Loan Lenders, the Term
Loan Lenders or the Indenture Parties, as the case may be, in the property of
any Borrower or any Obligor (other than pursuant to a participation), each of
the Revolving Loan Agent, the Term Loan Agent and the Collateral Agent shall
(and is hereby irrevocably authorized and directed by each other Revolving Loan
Lender, Term Loan Lender or Indenture Party, as the case may be) to execute and
deliver an agreement containing terms substantially identical to those
contained herein in favor of any such assignee or transferee and, in addition,
will execute and deliver an agreement containing terms substantially identical
to those contained herein in favor of any third Person who succeeds to or
refinances, replaces or substitutes for any or all of the Revolving Loan Debt,
the Term Loan Debt or the Indenture Debt, as the case may be, whether such
successor or replacement financing occurs by transfer, assignment, “takeout” or
any other means or vehicle.

 

3.4.          Insolvency. 
This Intercreditor Agreement shall be applicable both before and after
the filing of any petition by or against any Borrower or any Obligor under the
United States Bankruptcy Code and all converted or succeeding cases in respect
thereof, and all references herein to any Borrower or any Obligor shall be
deemed to apply to a trustee for any Borrower or any Obligor and any Borrower
or any Obligor as debtor-in-possession. 
The relative rights of the Revolving Loan Lenders, the Term Loan Lenders
and the Indenture Parties to repayment of the Revolving Loan Debt, the Term
Loan Debt and the Indenture Debt, respectively, and in or to any distributions
from or in respect of any Borrower or any Obligor or any Collateral or proceeds
of any Collateral, shall continue after the filing thereof on the same basis as
prior to the date of the petition, subject to any court order approving the
financing of, or use of cash collateral by, any Borrower or any Obligor as
debtor-in-possession.

 

3.5.          Bankruptcy Financing.  If (a) any Borrower or any Obligor shall become subject to a
proceeding under the United States Bankruptcy Code and (b) the Revolving
Loan Agent or, subject to the terms of the Senior Intercreditor Agreement, the
Term Loan Agent desires to permit the use of cash collateral or to provide
financing to such Borrower or such Obligor under either Section 363 or 364 of
the United States Bankruptcy Code, the Collateral Agent agrees that:
(i) adequate notice to the Indenture Parties shall have been provided for
such use of cash collateral or such financing if the Collateral Agent receives
notice five Business Days prior to the entry of the order approving such use of
cash collateral or such financing; and (ii) no objection will be raised by
any Indenture Party to any such financing on the ground of a failure to provide
“adequate protection” for the Liens of the Indenture Parties on the Indenture
Collateral or any other grounds with respect to the Indenture Collateral; provided,
however, that the Collateral Agent, for the benefit of the Indenture
Parties, retains a Lien on the post-petition Indenture Collateral with the same
priority as its Lien on the Indenture Collateral that existed prior to the
commencement of the proceeding under the United States Bankruptcy Code.  Nothing in this Section 3.5 shall be deemed
to prohibit any Indenture Party from providing financing to any Borrower or any
Obligor in any proceeding under the United States Bankruptcy Code so long as
any Lien on the Collateral in favor of any Indenture Party with respect to such
financing has the same priority as the Lien in favor of the Collateral Agent,
for the benefit of the Indenture Parties, on the Collateral that existed prior
to the commencement of the proceeding under the United 

 

 

15

 

States Bankruptcy Code.  For purposes of this Section 3.5, notice of a proposed use of
cash collateral or a proposed financing shall be deemed given when given to the
Collateral Agent in the manner prescribed by Section 3.6.

 

3.6.          Notices.  All
notices, requests and demands to or upon the respective parties hereto shall be
in writing and shall be deemed duly given, made or received: (a) if
delivered in person, immediately upon delivery; (b) if delivered by telex,
telegram or facsimile transmission, immediately upon sending and upon confirmation
of receipt; (c) if delivered by nationally recognized overnight courier
service with instructions to deliver the next Business Day, one Business Day
after sending; and (d) if mailed by certified mail, return receipt
requested, five days after mailing to the applicable party at its address set
forth below (or to such other address as such party may designate in accordance
with the provisions of this Section 3.6):

 

	
  To the Revolving
  Loan Agent:

  	
   

  	
  Congress
  Financial Corporation, as Agent

  
	
   

  	
   

  	
  1133 Avenue of
  the Americas

  
	
   

  	
   

  	
  New York, New
  York 10036

  
	
   

  	
   

  	
  Attention:
  Portfolio Manager

  
	
   

  	
   

  	
  Telecopy: (212)
  840-4283

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
  Otterbourg,
  Steindler, Houston & Rosen, P.C.

  
	
   

  	
   

  	
  230 Park Avenue

  
	
   

  	
   

  	
  New York, New
  York 10169

  
	
   

  	
   

  	
  Attn: David W.
  Morse, Esq.

  
	
   

  	
   

  	
  Telecopy: (212) 682-6104

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cadwalader, Wickersham & Taft
  LLP

  
	
   

  	
   

  	
  100 Maiden Lane

  
	
   

  	
   

  	
  New York, New York 10038

  
	
   

  	
   

  	
  Attn: Michael C. Ryan, Esq.

  
	
   

  	
   

  	
  c/o Managing Attorneys’ Office

  
	
   

  	
   

  	
  Telecopy: (212) 504-6666

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Renco Group, Inc.

  
	
   

  	
   

  	
  30 Rockefeller Plaza

  
	
   

  	
   

  	
  New York, New York 10112

  
	
   

  	
   

  	
  Attn: Mr. Roger Fay

  
	
   

  	
   

  	
  Telecopy: (212) 541-6197

  
	
   

  	
   

  	
   

  
	
  To the Term Loan
  Agent:

  	
   

  	
  The Renco Group,
  Inc.

  
	
   

  	
   

  	
  30 Rockefeller
  Plaza

  
	
   

  	
   

  	
  New York, New
  York 10112

  
	
   

  	
   

  	
  Attn: Mr. Roger
  Fay

  
	
   

  	
   

  	
  Telecopy: (212)
  541-6197

  

 

 

16

 

	
  with a copy to:

  	
   

  	
  Cadwalader,
  Wickersham & Taft LLP

  
	
   

  	
   

  	
  100 Maiden Lane

  
	
   

  	
   

  	
  New York, New
  York 10038

  
	
   

  	
   

  	
  Attn: Michael C.
  Ryan, Esq.

  
	
   

  	
   

  	
  c/o Managing
  Attorneys’ Office

  
	
   

  	
   

  	
  Telecopy: (212)
  504-6666

  
	
   

  	
   

  	
   

  
	
  To the Collateral
  Agent:

  	
   

  	
  U.S. Bank National
  Association

  
	
   

  	
   

  	
  Corporate Trust
  Services Department

  
	
   

  	
   

  	
  225 Asylum, 23rd
  Floor

  
	
   

  	
   

  	
  Hartford, CT
  06103

  
	
   

  	
   

  	
  Attention: Kathy
  Larimore

  
	
   

  	
   

  	
  Facsimile No.:
  860-241-6881

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
  Shipman &
  Goodwin LLP

  
	
   

  	
   

  	
  One American Row

  
	
   

  	
   

  	
  Hartford, CT
  06103-2819

  
	
   

  	
   

  	
  Attn: Thomas
  Tresselt., Esq.

  
	
   

  	
   

  	
  Facsimile No.:
  860-251-5899

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cadwalader, Wickersham & Taft
  LLP

  
	
   

  	
   

  	
  100 Maiden Lane

  
	
   

  	
   

  	
  New York, New York 10038

  
	
   

  	
   

  	
  Attn: Michael C. Ryan, Esq.

  
	
   

  	
   

  	
  c/o Managing Attorneys’ Office

  
	
   

  	
   

  	
  Telecopy: (212) 504-6666

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Renco Group, Inc.

  
	
   

  	
   

  	
  30 Rockefeller Plaza

  
	
   

  	
   

  	
  New York, New York 10112

  
	
   

  	
   

  	
  Attn: Mr. Roger Fay

  
	
   

  	
   

  	
  Telecopy: (212) 541-6197

  

 

Any party may change the
address to which all notices, requests and other communications are to be sent
to such party by giving written notice of such address change to the other
party in conformity with this Section 3.6, but such change shall not be
effective until notice of such change has been received by the other party.

 

3.7.          Counterparts. 
This Intercreditor Agreement may be executed in any number of
counterparts, each of which shall be an original with the same force and effect
as if the signatures thereto and hereto were upon the same instrument.

 

3.8.          Governing Law. 
The validity, construction and effect of this Intercreditor Agreement
shall be governed by the internal laws of the State of New York (without giving
effect to principles of conflicts of law).

 

3.9.          Consent to Jurisdiction; Waiver of Jury Trial.  EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY CONSENTS TO THE NON-EXCLUSIVE JURISDIC­TION OF THE SUPREME COURT OF
THE STATE OF NEW YORK IN NEW YORK 

 

 

17

 

COUNTY AND THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK AND WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING
WITH RESPECT TO THIS INTERCREDITOR AGREEMENT.

 

3.10.        Complete Agreement. 
This written Intercreditor Agreement is intended by the parties as a
final expression of their agreement and is intended as a complete statement of
the terms and conditions of their agreement.

 

3.11.        No Third Parties Benefited.  Except as expressly provided in Section 3.3, this Intercreditor
Agreement is solely for the benefit of the Lenders and their respective
successors, participants and assigns, and no other Person shall have any right,
benefit, priority or interest under, or because of the existence of, this
Intercreditor Agreement.

 

3.12.        Disclosures; Non-Reliance.  Each Lender has the means to, and shall in the future remain,
fully informed as to the financial condition and other affairs of the Borrowers
and the Obligors, and no Lender shall have any obligation or duty to disclose
any such information to any other Lender. 
Except as expressly set forth in this Intercreditor Agreement, the
parties hereto have not otherwise made to each other nor do they hereby make to
each other any representations or warranties, express or implied, nor do they
assume any liability to each other with respect to: (a) the
enforceability, validity, value or collectability of any of the Revolving Loan
Debt, the Term Loan Debt or the Indenture Debt or any guarantee or security
which may have been granted to any of them in connection therewith;
(b) any Borrower’s or any Obligor’s title to, or right to transfer, any of
the Collateral; or (c) any other matter except as expressly set forth in
this Intercreditor Agreement.

 

3.13.        Term.  Upon
(a) the indefeasible satisfaction in full in cash or other immediately
available funds of all Revolving Loan Debt and (b) the termination of the
financing arrangements among the Revolving Loan Lenders and the Borrowers, and
without any further action required by any party, this Intercreditor Agreement
shall terminate and shall be of no further force or effect with respect to the
Revolving Loan Agent and the Revolving Loan Lenders, and neither the Term Loan
Agent nor the Collateral Agent shall have any further obligations or
liabilities to the Revolving Loan Lenders hereunder.  Upon (i) the indefeasible satisfaction in full in cash or
other immediately available funds of all Term Loan Debt and (ii) the
termination of the financing arrangements among the Term Loan Lenders and Doe
Run, and without any further action required by any party, this Intercreditor
Agreement shall terminate and shall be of no further force and effect with
respect to the Term Loan Agent and the Term Loan Lenders, and the Collateral
Agent shall have no further obligations or liabilities to the Term Loan Lenders
hereunder.

 

 

18

 

3.14.        Amendment and Restatement.  As of the date hereof, Revolving Loan Agent, Renco Group, in its
capacity as Term Loan Agent (as successor to Regiment, in such capacity,
pursuant to the Assignment and Acceptance) and U.S. Bank, in its capacity as
Collateral Agent (as successor in interest to State Street) are entering into
this Intercreditor Agreement so that the terms, conditions, agreements,
covenants, representations and warranties set forth in the Intercreditor
Agreement, dated as of October 29, 2002, by and among Revolving Loan Agent,
Regiment, in its capacity as prior Term Loan Agent and State Street, in its
capacity as prior Collateral Agent, are hereby amended and restated in their
entirety, and as so amended and restated, are replaced and superceded, by the
terms, conditions, agreements, covenants, representations and warranties set
forth in this Intercreditor Agreement.

 

 

IN WITNESS WHEREOF, the
parties have caused this Intercreditor Agreement to be duly executed as of the
day and year first above written.

 

	
   

  	
  CONGRESS FINANCIAL
  CORPORATION,

  as Revolving Loan Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Herbert Korn

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  Vice
  President

  

 

[SIGNATURES OF THE RENCO GROUP, INC.
AND U.S. BANK NATIONAL ASSOCIATION FOLLOW ON NEXT PAGE]

 

 

19

 

	
   

  	
  THE RENCO GROUP, INC.

  as Term Loan Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Roger Fay

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  Vice
  President-Finance

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION, as Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kathy Larimore

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  Vice
  President

  

 

[SIGNATURE PAGES OF THE DOE RUN RESOURCES
CORPORATION AND THE BUICK RESOURCE RECYCLING FACILITY LLC FOLLOW ON NEXT PAGE]

 

 

20

 

ACKNOWLEDGMENT AND CONSENT

 

The undersigned hereby
acknowledges and agrees to the foregoing terms and provisions of this
Intercreditor Agreement.  By its
signature below, the undersigned agrees that it will, together with its
successors and assigns, be bound by the provisions hereof.

 

The undersigned agrees that
any of Lenders holding Collateral does so as bailee (under the UCC) for each
other of Lenders which has a Lien on such Collateral and is hereby authorized
to, and may, turn over to such other Lender upon request therefor any such
Collateral, after all obligations and indebtedness of the undersigned to the
bailee Lender have been fully paid and performed.

 

The undersigned acknowledges
and agrees that: (a) although it may sign this Intercreditor Agreement it
is not a party hereto and does not and will not receive any right, benefit,
priority or interest under or because of the existence of this Intercreditor
Agreement; and (b) it will execute and deliver such additional documents
and take such additional action as may be necessary or desirable in the
reasonable opinion of any of Lenders to effectuate the provisions and purposes
of this Intercreditor Agreement.

 

	
   

  	
  THE DOE RUN RESOURCES
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Chaput

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  Vice
  President-Finance

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BUICK RESOURCE RECYCLING
  FACILITY LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jeffrey Zelms

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  Manager

  

 

[SIGNATURES OF FABRICATED PRODUCTS,
INC., DR LAND HOLDINGS, LLC, DOE RUN CAYMAN LTD., DOE RUN PERU S.R.L. AND DOE
RUN DEVELOPMENT S.A.C. FOLLOW ON NEXT PAGE]

 

 

21

 

	
   

  	
  FABRICATED PRODUCTS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jerry Pyatt

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  DR LAND HOLDINGS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Chaput

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  Vice
  President of The Doe Run Resources Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  DOE RUN CAYMAN LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jeffrey Zelms

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  DOE RUN PERU S.R.L.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Chaput

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  By
  Power of Attorney

  
	
   

  	
   

  	
   

  
	
   

  	
  DOE RUN DEVELOPMENT S.A.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Chaput

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:
  

  	
  By
  Power of Attorney

  

 

 

22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]