Document:

ex10_27.htm

    Exhibit 10.27

     

    AMENDMENT
NO. 3

     

    AMENDMENT
NO. 3, dated as of December 14, 2007, among EMPIRE RESOURCES, INC., a
corporation duly organized and validly existing under the laws of the State of
Delaware (the “Company”); each of
the lenders that is a signatory hereto (individually, a “Bank” and,
collectively, the “Banks”); and JPMORGAN
CHASE BANK, N.A., as agent for the Banks (in such capacity, together with its
successors in such capacity, the “Agent”).

     

    The
Company, the Banks and the Agent are parties to an Amended and Restated Credit
Agreement, dated as of June 13, 2006 (as heretofore modified and supplemented
and in effect on the date hereof, the “Credit Agreement”),
providing, subject to the terms and conditions thereof, for extensions of credit
to be made by said Banks to the Company.  The Company, the Banks and
the Agent now wish to amend the Credit Agreement in certain respects and,
accordingly, the parties hereto hereby agree as follows:

     

    Section
1.  Definitions.  Except
as otherwise defined in this Amendment No. 3, terms defined in the Credit
Agreement are used herein as defined therein.

     

    Section
2.  Amendments.  Subject
to the occurrence of the Amendment Effective Date and effective on such date,
the Credit Agreement shall be amended as follows:

     

    2.01.  New
Definitions.  Section 1.01 of the Credit Agreement
(Definitions) shall be amended by inserting the following definition in the
appropriate alphabetical sequence:

     

    “Amendment No. 3”
shall mean Amendment No. 3 to this Credit Agreement, dated as of December 14,
2007 among the Company, the Banks party thereto and the Agent.

     

    2.02.  Imbali
Matters.  Section 8.18 shall be amended in its entirety to read
as follows:

     

    “8.18  Imbali
Matters.

     

    (a)           By
no later than February 1, 2008, the Company shall have granted to the Agent for
the benefit of the Banks a first priority perfected Lien on 65% of the equity
interests in Imbali Metals Bvba, pursuant to documentation in form and substance
satisfactory to the Agent.

     

    (b)           The
Company shall,

     

    (x)           by
no later than July 6, 2007, cause Imbali Metals Bvba to purchase for cash at
least $4,000,000 of inventory then held by it on consignment for the Company
(and upon such purchase the Agent’s Lien on such inventory so purchased shall
terminate), and

     

    (y)           by
no later than April 30, 2008, cause Imbali Metals Bvba to purchase for cash all
inventory in excess of €2,000,000 then held by it on consignment for the Company
(and upon such purchase the Agent’s Lien on such inventory so purchased shall
terminate).

     

    (c)           The
Company shall, promptly after entering into the same, furnish to the Agent
copies of each document or instrument governing or evidencing the Imbali
Facility, the Imbali Guarantee or any collateral security
therefor.”

     

    Section
3.  Representations and
Warranties.  The Company represents and warrants to the Banks
as of the Amendment Effective Date that (x) the representations and warranties
set forth in Section 7 of the Credit Agreement and in Article III of the
Amended and Restated Security Agreement are true and complete on the date hereof
as if made on and as of the date hereof and as if each reference in said
Section 7 to “this Agreement” included reference to this Amendment No. 3
except (i) changes resulting from transactions contemplated by or permitted by
the Credit Agreement, and (ii) those applicable to a specific date or period and
(y) no Default has occurred and is continuing.

     

    Section
4.  Conditions
Precedent.  As provided in Section 2 above, the amendments to
the Credit Agreement set forth in said Section 2 shall become effective, as of
December 14, 2007 (the “Amendment Effective
Date”), upon the satisfaction of the following conditions:

     

    (a)           the
execution of this Amendment No. 3 by the Company, the Required Banks and the
Agent, and

     

    (b)           the
delivery by the Company of board of director resolutions approving this
Amendment No. 3 and the transactions contemplated herein, in form and substance
satisfactory to the Agent.

     

               Section
5.  Miscellaneous.  Except
as herein provided, the Credit Agreement shall remain unchanged and in full
force and effect.  This Amendment No. 3 may be executed in any number
of counterparts, all of which taken together shall constitute one and the same
amendatory instrument and any of the parties hereto may execute this Amendment
No. 3 by signing any such counterpart.  This Amendment No. 3 shall be
governed by, and construed in accordance with, the law of the State of New
York.

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to be duly
executed and delivered as of the day and year first above written.

     

    EMPIRE
RESOURCES, INC.

     

    
      	
               
      

            	
              By:
      /s/ Sandra R. Kahn

            

    

     

    
      	
               
      

            	
              Sandra
      R. Kahn

            

    

     

    
      	
               
      

            	
              Vice
      President

            

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              BANKS

            

    

     

    JPMORGAN CHASE BANK, N.A.

     

    

     

    
      	
               
      

            	
              By
      /s/ Camille B. LeFevre

            

    

     

    
      	
               
      

            	
              Camille
      B. LeFevre

            

    

     

    
      	
               
      

            	
              Vice
      President

            

    

     

    
      	
               
      

            	
              Lending
      Office for all Loans:

            

    

     

    
      	
               
      

            	
              JPMorgan
      Chase Bank, N.A.

            

    

     

    
      	
               
      

            	
              270
      Park Avenue

            

    

     

    
      	
               
      

            	
              New
      York, New York 10017

            

    

     

    
      	
               
      

            	
              Address
      for Notices:

            

    

     

    
      	
               
      

            	
              JPMorgan
      Chase Bank, N.A.

            

    

     

    
      	
               
      

            	
              1166
      Avenue of the Americas, 21st
      Floor

            

    

     

    
      	
               
      

            	
              New
      York, New York  10036

            

    

     

    
      	
               
      

            	
              Attention:  Camille
      B. LeFevre

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: (212) 899-2911

            

    

     

    
      	
               
      

            	
              Telephone
      No.: (212) 899-1382

            

    

     

    
      	
               
      

            	
              Email:
      camille.lefevre@jpmchase.com

            

    

     

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              BANKS

            

    

     

                                                          BROWN
BROTHERS HARRIMAN & CO.

     

    

     

    By_________________________

     

         Name:  Michael
L. Vellucci

     

         Title:  Vice
President

     

    
      	
               
      

            	
              Lending
      Office for all Loans:

            

    

    
      	
               
      

            	
              140
      Broadway

            

    

    
      	
               
      

            	
              New
      York, NY 10005

            

    

    

    
      	
               
      

            	
              Address
      for Notices:

            

    

    
      	
               
      

            	
              140
      Broadway

            

    

    
      	
               
      

            	
              New
      York, NY 10005

            

    

    

    
      	
               
      

            	
              Attention:  Michael
      Vellucci

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: 212-493-8998

            

    

     

    
      	
               
      

            	
              Telephone
      No.: 212-493-8538

            

    

     

    
      	
               
      

            	
              Email:
      michael.vellucci@bbh.com

            

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              BANKS

            

    

     

                                                          CITICORP
USA, INC.

     

    

     

    By /s/ Keith Pallman

     

         Name:  Keith
Pallmann

     

         Title:  Vice
President

     

    
      	
               
      

            	
              Lending
      Office for all Loans:

            

    

    
      	
               
      

            	
              Global
      Wealth Management

            

    

    
      	
               
      

            	
                  666
      5th
      Avenue – 7th
      Floor

            

    

    
      	
               
      

            	
              New
      York, New York 10103

            

    

    

    
      	
               
      

            	
              Address
      for Notices:

            

    

    
      	
               
      

            	
              Global
      Wealth Management

            

    

    
      	
               
      

            	
                  666
      5th
      Avenue – 7th
      Floor

            

    

    
      	
               
      

            	
              New
      York, New York 10103

            

    

    

    
      	
               
      

            	
              Attention:  Keith
      Pallmann

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: 212-793-4813

            

    

     

    
      	
               
      

            	
              Telephone
      No.: 212-559-0804

            

    

     

    
      	
               
      

            	
              Email:
      keith.pallmann@citi.com

            

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              BANKS

            

    

     

                                                          COOPERATIEVE
CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK

    INTERNATIONAL”,
NEW YORK BRANCH

     

    

     

    By /s/ Eva Rushkevich

     

         Name:  Eva
Rushkevich

     

         Title:  Executive
Director

     

    By /s/ Andrew Sherman

     

         Name:  Andrew
Sherman

     

         Title:  Executive
Director

     

    
      	
               
      

            	
              Lending
      Office for all Loans:

            

    

    
      	
               
      

            	
              245
      Park Avenue

            

    

    
      	
               
      

            	
              New
      York, New York 10167

            

    

    

    
      	
               
      

            	
              Address
      for Notices:

            

    

    
      	
               
      

            	
              245
      Park Avenue

            

    

    
      	
               
      

            	
              New
      York, New York 10167

            

    

    

    
      	
               
      

            	
              Attention:  Eva
      Rushkevich

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: 212-916-3731

            

    

     

    
      	
               
      

            	
              Telephone
      No.: 212-916-3711

            

    

     

    
      	
               
      

            	
              Email:
      eva.rushkevich@rabobank.com

            

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              BANKS

            

    

     

                                                          FORTIS
CAPITAL CORP.

     

    

     

    By /s/ Kimberly Oates

     

         Name:  Kimberly
Oates

     

         Title:  Director

     

    By /s/
Michiel V.M. van Der Voort

     

         Name:
Michiel V. M. van Der Voort

     

         Title:  Managing
Director

     

    
      	
               
      

            	
              Lending
      Office for all Loans:

            

    

    
      	
               
      

            	
              520
      Madison Avenue

            

    

    
      	
               
      

            	
              New
      York, New York 10022

            

    

    

    
      	
               
      

            	
              Address
      for Notices:

            

    

    
      	
               
      

            	
              520
      Madison Avenue

            

    

    
      	
               
      

            	
              New
      York, New York 10022

            

    

    

    
      	
               
      

            	
              Attention:  Kimberly
      Oates

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: 212-340-5340

            

    

     

    
      	
               
      

            	
              Telephone
      No.: 212-340-5349

            

    

     

    
      	
               
      

            	
              Email:
      kimberly.oates@us.fortis.com

            

    

    
      	
               
      

            	 

    

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              JPMORGAN
      CHASE BANK, N.A., as Agent and as the Swing Line
  Bank

            

    

     

    
      	
               
      

            	
              By
      /s/ Camille B. LeFevre

            

    

     

    
      	
               
      

            	
              Camille
      B. LeFevre

            

    

     

    
      	
               
      

            	
              Vice
      President

            

    

     

    
      	
               
      

            	
              Address
      for Notices:

            

    

     

    
      	
               
      

            	
              JPMorgan
      Chase Bank, N.A.

            

    

     

    
      	
               
      

            	
              1166
      Avenue of the Americas, 21st
      Floor

            

    

     

    
      	
               
      

            	
              New
      York, New York  10036

            

    

     

    
      	
               
      

            	
              Attention:  Camille
      B. LeFevre

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: (212) 899-2911

            

    

     

    
      	
               
      

            	
              Telephone
      No.: (212) 899-1382

            

    

     

    
      	
               
      

            	
              Email:
      camille.lefevre@jpmchase.comex10_28.htm

    Exhibit
10.28

     

    AMENDMENT
NO. 4

     

    AMENDMENT
NO. 4, dated as of January 30, 2008, among EMPIRE RESOURCES, INC., a corporation
duly organized and validly existing under the laws of the State of Delaware (the
“Company”);
each of the lenders that is a signatory hereto (individually, a “Bank” and,
collectively, the “Banks”); and JPMORGAN
CHASE BANK, N.A., as agent for the Banks (in such capacity, together with its
successors in such capacity, the “Agent”).

     

    The
Company, the Banks and the Agent are parties to an Amended and Restated Credit
Agreement, dated as of June 13, 2006 (as heretofore modified and supplemented
and in effect on the date hereof, the “Credit Agreement”),
providing, subject to the terms and conditions thereof, for extensions of credit
(by making loans and issuing letters of credit) to be made by said Banks to the
Company in an aggregate principal amount not to exceed
$150,000,000.  The Company, the Banks and the Agent now wish to amend
the Credit Agreement to increase the aggregate amount of the Commitments of the
Banks to extend credit to the Company to $175,000,000 and to amend the Credit
Agreement in certain other respects and, accordingly, the parties hereto hereby
agree as follows:

     

    

     

    Section
1.  Definitions.  Except
as otherwise defined in this Amendment No. 4, terms defined in the Credit
Agreement are used herein as defined therein.

     

    Section
2.  Amendments.  Subject
to the occurrence of the Amendment Effective Date and effective on such date,
the Credit Agreement shall be amended as follows:

     

    2.01.  New
Definitions.  Section 1.01 of the Credit Agreement
(Definitions) shall be amended by inserting the following definitions in the
appropriate alphabetical sequence:

     

    “Amendment No. 4”
shall mean Amendment No. 4 to this Credit Agreement,dated as of January 30, 2008
among the Company, the Banks party thereto and theAgent.

     

    “ASIC” means, as at
the date of Amendment No. 4, the Australian government authority known as the
“Australian Securities & Investments Commission”.

     

    “Australian
Registered” means registered as a foreign company under the Corporations
Act 2001 (Cth), or any successor legislation of the parliament of the
Commonwealth of Australia.

     

    2.02.  Definition of “Australian
Effective Date”. The definition of “Australian Effective Date” in Section
1.01 of the Credit Agreement (Definitions) shall be amended in its entirety to
read as follows:

     

    “‘Australian Effective
Date’ shall mean, with respect to any Australian State or Territory, the
date on which each of the following conditions shall have been
satisfied:

     

    (a) a
Floating Charge with respect to all Receivables located in such State or
Territory,  shall have been duly executed and delivered by the Company
and the Agent;

     

    (b)           a
duly executed and undated Australian ASIC Form 309 to enable ASIC registration
of the Floating Charge in Australia if the Company is, or becomes at any time,
Australian Registered, shall have been delivered by the Company to the Agent’s
Australian counsel;

     

    (c)           the
Floating Charge has been stamped in the relevant State or Territory (if
applicable) or arrangements for stamping acceptable to the Agent are in place,
and that all other fees, costs and expenses with respect to the execution and
delivery of such Floating Charge shall have been paid;

     

    (d)           evidence
that the Company is not, and does not intend to become, Australian Registered
(or that it has been so registered and has complied with its obligations under
Section 8.19(a) hereof); and

     

    (e)           the
Company’s Australian counsel (such counsel being acceptable to the Agent) shall
have furnished to the Agent and the Banks a legal opinion (in form satisfactory
to the Agent) with respect to the enforceability and priority under Australian
law of the Floating Charge over the Receivables purported to be covered
thereby.”

     

    2.03.  Definition of “Borrowing
Base”.  Clauses (d), (g) and (h) of the definition of
“Borrowing Base” in Section 1.01 of the Credit Agreement (Definitions) shall be
amended in their entirety to read as follows:

     

    “(d)           70%
of the aggregate amount of Australian Receivables at said date, provided
that

     

    (i)           no
Australian Receivable shall be included in the Borrowing Base unless the
Australian Effective Date has occurred with respect to the State or Territory in
which the account debtor of such Australian Receivables is located,
and

     

    (ii)           in
no event shall the portion of the Borrowing Base attributable to Australian
Receivables exceed 10% of the Borrowing Base after giving effect to the 70%
limitation referenced to in this clause (d) (calculated before the inclusion of
any Australian Receivables therein), plus”

     

    “(g)           75%
of the aggregate value of Eligible Inventory at said date, provided, that in no
event shall the portion of the Borrowing Base attributable to Eligible Inventory
pursuant to this clause (g), together with inventory included in the Borrowing
Base pursuant to clause (h) below, constitute more than 65% of the Borrowing
Base, plus

     

     (h)           without
duplication of clauses (e) and (f) above, 65% of the aggregate amount of unsold
aluminum billet, sheet and coil (which, but for clause (e)(i) of the definition
of “Eligible Inventory”, would constitute Eligible Inventory), provided that in no
event shall the aggregate amount of such unsold aluminum billet, sheet and coil
exceed $7,500,000, provided further, that in no
event shall the inventory included in the Borrowing Base pursuant to this clause
(h), together with the portion of the Borrowing Base attributable to Eligible
Inventory pursuant to clause (g) above, constitute more than 65% of the
Borrowing Base, plus”

     

    2.04.  Definition of “Eligible
Inventory”.  Each reference to “Eligible Inventory” in the
Credit Agreement shall be deemed to be a reference to “Eligible Warehouse
Inventory”.

     

    2.05.  Definition of “Eligible
Warehouse Inventory”.  The definition of “Eligible Warehouse
Inventory” in Section 1.01 of the Credit Agreement (Definitions) (which, prior
to giving effect to this Amendment No. 4 was the definition of “Eligible
Inventory”) shall be amended by deleting the word “and” at the end of clause
(d), replacing the period at the end of clause (e) with “; and” and adding the
following new clause (f) immediately after clause (e) therein:

     

    “(f)           that
for Inventory that is in the possession or control of a warehouseman, the Agent
shall have received evidence that such warehouseman has been notified of the
security interest created in favor of the Agent, and that the Company has used
commercially reasonable efforts to obtain an authenticated record from such
warehouseman acknowledging that it holds possession of such Inventory subject to
a Lien in favor of the Agent and waives any Lien held by it against such
Inventory.”

     

    2.06.  Definition of “Floating
Charge”. The definition of “Floating Charge” in Section 1.01 of the
Credit Agreement (Definitions) shall be amended in its entirety to read as
follows:

     

    “‘Floating Charge’
shall mean a Deed of Charge, in form and substance satisfactory to the Banks,
that creates a charge under Australian law with respect to the Company’s present
and future, right, title and interest in specified Receivables.”

     

    2.07.  Definition of “Revolving
Loan Commitment”. The definition of “Revolving Loan Commitment” in
Section 1.01 of the Credit Agreement (Definitions) shall be amended in its
entirety to read as follows:

     

    “‘Revolving Loan
Commitment’ shall mean, as to each Bank, the obligation of such Bank to
make Loans and to acquire a participation in Letters of Credit and Acceptances
in an aggregate principal or face amount at any one time outstanding up to but
not exceeding the amount set opposite such Bank’s name under the caption
“Commitment” on the signature page of Amendment No. 4 (as the same may be
reduced from time to time pursuant to Section 2.05 hereof and increased pursuant
to Section 2.01(b) hereof).  The aggregate amount of the Revolving
Loan Commitments on the Amendment Effective Date (as that term is defined in
Amendment No. 4) is $175,000,000.”

     

    2.08.  Borrowing Base
Certificate.  The form of Borrowing Base Certificate set forth
as Exhibit B to the Credit Agreement, shall be amended and restated in its
entirety to read as Exhibit B to this Amendment No. 4.

     

    2.09.  Financial Statements
Etc.  Section 8.01 of the Credit Agreement (Financial
Statements Etc.) is hereby amended by deleting the final paragraph of that
section and inserting the following new paragraph therein:

     

    “The
Company will furnish to each Bank, at the time it furnishes each set of
financial statements pursuant to paragraph (a) or (b) above, a
certificate of a senior financial officer of the Company (the “Compliance
Certificate”) (i) to the effect that no Default has occurred and is
continuing (or, if any Default has occurred and is continuing, describing the
same in reasonable detail and describing the action that the Company has taken
or proposes to take with respect thereto) and (ii) setting forth in
reasonable detail the computations necessary to determine whether the Company is
in compliance with Sections 8.07, 8.08(d), 8.09, 8.10 and 8.11 hereof as of the
end of the respective quarterly fiscal period or fiscal year, and (iii)
certifying that the Company has not been Australian Registered (or that it has
been so registered and complied with its obligations under Section 8.19(a)
hereof).”

     

    2.10.
Additional
Covenant.  Section 8 of the Credit Agreement (Covenants of the
Company) is hereby amended by inserting new clause 8.19 immediately after clause
8.18 therein:

     

    “8.19.
Australian
Matters. The Company agrees that:

     

    (a)           if
it becomes, or takes steps towards becoming, Australian Registered, it will
promptly notify the Agent and will do all things necessary (including the due
execution (or re-execution as the case may be) of all required ASIC Forms 309
and 350 (or such other applicable ASIC Forms at that time)) to enable the Agent
to immediately register each existing Floating Charge with ASIC (as contemplated
by the definition of Australian Effective Date in Section 1.01 hereof) and,
thereafter, do all things necessary to enable each new Floating Charge entered
into by it (as so contemplated) to be immediately registered with the Australian
Securities Commission, and

     

    (b)           it
will, at the request of the Required Banks, (i) promptly become Australian
Registered, (ii) furnish to the Agent evidence of such registration and (iii)
thereafter, comply with the provisions of the foregoing
clause (a).”

     

    

     

    2.11.
Events of
Default. Section 9(d) of the Credit Agreement (Events of Default) is
hereby amended by replacing the phrase “or 8.15” with the phrase “, 8.15 or
8.19.”

     

    Section
3.  Representations and
Warranties.  The Company represents and warrants to the Banks
as of the Amendment Effective Date that (x) the representations and warranties
set forth in Section 7 of the Credit Agreement and in Article III of the
Amended and Restated Security Agreement are true and complete on the date hereof
as if made on and as of the date hereof and as if each reference in said
Section 7 to “this Agreement” included reference to this Amendment No. 4
except (i) changes resulting from transactions contemplated by or permitted by
the Credit Agreement, and (ii) those applicable to a specific date or period (in
which case such representations and warranties shall be true and complete as of
such specific date or period) and (y) no Default has occurred and is
continuing.

     

    

     

    Section
4.  Conditions
Precedent.  As provided in Section 2 above, the amendments to
the Credit Agreement set forth in said Section 2 shall become effective, as of
the date hereof (the “Amendment Effective
Date”), upon the satisfaction of the following conditions:

     

    (a)           the
execution of this Amendment No. 4 by the Company, the Banks and the
Agent,

     

    (b)           each
Bank increasing its Commitment pursuant to this Amendment No. 4 shall have
received from the Company a Note, dated the date hereof, payable to such Bank in
a principal amount equal to the amount of the Commitment set opposite such
Bank’s name under the caption “Commitment” on the signature page of this
Amendment No. 4,

     

    (c)           the
Agent shall have received from the Company for the account of each Bank an
amendment fee in an amount equal to $1,250,

     

    (d)           the
Agent shall have received from the Company for the account of each Bank
increasing its Commitment pursuant to this Amendment No. 4 a fee in an amount
equal to 17.5 basis points of the amount by which such Bank’s Commitment is
increased, and

     

    (e)           the
Company shall have borrowed from each of the Banks increasing its Commitment
pursuant to this Amendment No. 4 and (notwithstanding the provisions of Section
2.11 of the Credit Agreement requiring that prepayments be made ratably in
accordance with the principal amounts of the Loans held by the Banks) the
Company shall have prepaid Loans made by the other Banks, together with accrued
interest and any amounts payable under Section 2.11 of the Credit Agreement, in
such amounts as shall be necessary so that after giving effect to such Loans and
prepayments, the Loans and all other Obligations of the Borrower under the
Credit Agreement shall be held by the Banks pro rata in accordance with the
respective amounts of their Commitments (as increased hereby).

     

    Section
5.  Miscellaneous.  Except
as herein provided, the Credit Agreement shall remain unchanged and in full
force and effect.  This Amendment No. 4 may be executed in any number
of counterparts, all of which taken together shall constitute one and the same
amendatory instrument and any of the parties hereto may execute this Amendment
No. 4 by signing any such counterpart.  This Amendment No. 4 shall be
governed by, and construed in accordance with, the law of the State of New
York.

     

    IN WITNESS WHEREOF, the parties hereto
have caused this Amendment No. 4 to be duly executed and delivered as of the day
and year first above written.

     

    EMPIRE
RESOURCES, INC.

     

    /s/
Sandra R. Kahn

     

    
      	
               
      

            	
              By:Sandra
      R. Kahn

            

    

     

    
      	
               
      

            	
              Vice
      President

            

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              BANKS

            

    

     

    Commitment                                                                           JPMORGAN
CHASE BANK, N.A.

     

    $55,000,000

     

    
      	
               
      

            	
              By
      /s/Camille B. LeFevre

            

    

     

    
      	
               
      

            	
              Camille
      B. LeFevre

            

    

     

    
      	
               
      

            	
              Vice
      President

            

    

     

    
      	
               
      

            	
              Lending
      Office for all Loans:

            

    

     

    
      	
               
      

            	
              JPMorgan
      Chase Bank, N.A.

            

    

     

    
      	
               
      

            	
              270
      Park Avenue

            

    

     

    
      	
               
      

            	
              New
      York, New York 10017

            

    

     

    
      	
               
      

            	
              Address
      for Notices:

            

    

     

    
      	
               
      

            	
              JPMorgan
      Chase Bank, N.A.

            

    

     

    
      	
               
      

            	
              1166
      Avenue of the Americas, 21st
      Floor

            

    

     

    
      	
               
      

            	
              New
      York, New York  10036

            

    

     

    
      	
               
      

            	
              Attention:  Camille
      B. LeFevre

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: (212) 899-2911

            

    

     

    
      	
               
      

            	
              Telephone
      No.: (212) 899-1382

            

    

     

    
      	
               
      

            	
              Email:
      camille.lefevre@jpmchase.com

            

    

     

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              BANKS

            

    

     

    Commitment                                                                            BROWN
BROTHERS HARRIMAN & CO.

     

    $15,000,000

     

    By /s/ Michael L.
Vellucci

     

         Name:  Michael
L. Vellucci

     

         Title:  Senior
Vice President

     

    
      	
               
      

            	
              Lending
      Office for all Loans:

            

    

    
      	
               
      

            	
              140
      Broadway

            

    

    
      	
               
      

            	
              New
      York, NY 10005

            

    

    

    
      	
               
      

            	
              Address
      for Notices:

            

    

    
      	
               
      

            	
              140
      Broadway

            

    

    
      	
               
      

            	
              New
      York, NY 10005

            

    

    

    
      	
               
      

            	
              Attention:  Michael
      Vellucci

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: 212-493-8998

            

    

     

    
      	
               
      

            	
              Telephone
      No.: 212-493-8538

            

    

     

    
      	
               
      

            	
              Email:
      michael.vellucci@bbh.com

            

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              BANKS

            

    

     

    Commitment                                                                            CITICORP
USA, INC.

     

    $35,000,000

     

    By /s/ Keith Pallman

     

         Name:  Keith
Pallmann

     

         Title:  Vice
President

     

    
      	
               
      

            	
              Lending
      Office for all Loans:

            

    

    
      	
               
      

            	
              Global
      Wealth Management

            

    

    
      	
               
      

            	
                  666
      5th
      Avenue – 7th
      Floor

            

    

    
      	
               
      

            	
              New
      York, New York 10103

            

    

    

    
      	
               
      

            	
              Address
      for Notices:

            

    

    
      	
               
      

            	
              Global
      Wealth Management

            

    

    
      	
               
      

            	
                  666
      5th
      Avenue – 7th
      Floor

            

    

    
      	
               
      

            	
              New
      York, New York 10103

            

    

    

    
      	
               
      

            	
              Attention:  Keith
      Pallmann

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: 212-793-4813

            

    

     

    
      	
               
      

            	
              Telephone
      No.: 212-559-0804

            

    

     

    
      	
               
      

            	
              Email:
      keith.pallmann@citi.com

            

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              BANKS

            

    

     

    Commitment                                                                            COOPERATIEVE
CENTRALE RAIFFEISEN-$45,000,000BOERENLEENBANK B.A., “RABOBANK

    INTERNATIONAL”,
NEW YORK BRANCH

     

    

     

    By /s/ Eva Rushkevich

     

         Name:  Eva
Rushkevich

     

         Title:  Executive
Director

     

    By /s/ Rebecca O. Morrow

     

         Name:  Rebecca
O. Morrow

     

         Title:  Executive
Director

     

    
      	
               
      

            	
              Lending
      Office for all Loans:

            

    

    
      	
               
      

            	
              245
      Park Avenue

            

    

    
      	
               
      

            	
              New
      York, New York 10167

            

    

    

    
      	
               
      

            	
              Address
      for Notices:

            

    

    
      	
               
      

            	
              245
      Park Avenue

            

    

    
      	
               
      

            	
              New
      York, New York 10167

            

    

    

    
      	
               
      

            	
              Attention:  Eva
      Rushkevich

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: 212-916-3731

            

    

     

    
      	
               
      

            	
              Telephone
      No.: 212-916-3711

            

    

     

    
      	
               
      

            	
              Email:
      eva.rushkevich@rabobank.com

            

    

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              BANKS

            

    

     

    Commitment                                                                            FORTIS
CAPITAL CORP.

     

    $25,000,000

     

    By /s/ Kimberly Oates

     

         Name:  Kimberly
Oates

     

         Title:  Vice
President

     

    By /s/
Juan J. Mejia

     

         Name:  Juan
J. Mejia

     

         Title:  Director

     

    
      	
               
      

            	
              Lending
      Office for all Loans:

            

    

    
      	
               
      

            	
              520
      Madison Avenue

            

    

    
      	
               
      

            	
              New
      York, New York 10022

            

    

    

    
      	
               
      

            	
              Address
      for Notices:

            

    

    
      	
               
      

            	
              520
      Madison Avenue

            

    

    
      	
               
      

            	
              New
      York, New York 10022

            

    

    

    
      	
               
      

            	
              Attention:  Kimberly
      Oates

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: 212-340-5340

            

    

     

    
      	
               
      

            	
              Telephone
      No.: 212-340-5349

            

    

     

    
      	
               
      

            	
              Email:
      kimberly.oates@us.fortis.com

            

    

    
      	
               
      

            	 

    

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              JPMORGAN
      CHASE BANK, N.A., as Agent and as the Swing Line
  Bank

            

    

     

    
      	
               
      

            	
              By
      /s/ Camille B. LeFevre

            

    

     

    
      	
               
      

            	
              Camille
      B. LeFevre

            

    

     

    
      	
               
      

            	
              Vice
      President

            

    

     

    
      	
               
      

            	
              Address
      for Notices:

            

    

     

    
      	
               
      

            	
              JPMorgan
      Chase Bank, N.A.

            

    

     

    
      	
               
      

            	
              1166
      Avenue of the Americas, 21st
      Floor

            

    

     

    
      	
               
      

            	
              New
      York, New York  10036

            

    

     

    
      	
               
      

            	
              Attention:  Camille
      B. LeFevre

            

    

     

    
      	
               
      

            	
              Facsimile
      No.: (212) 899-2911

            

    

     

    
      	
               
      

            	
              Telephone
      No.: (212) 899-1382

            

    

     

    
      	
               
      

            	
              Email:
      camille.lefevre@jpmchase.com

            

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    
      	
               
      

            	
              EXHIBIT
      B

            

    

     

    Form of
Borrowing Base Certificate

     

    EMPIRE
RESOURCES, INC.

     

    Borrowing
Base

     

    As of           
, 20__

     

    
      	 
      	
              Empire

              Resources, Inc.

            	 
      
	
              Insured
      Eligible Receivables

            	
              $

            	
              (x
      0.90 =) $

            
	
              Eligible
      Receivables (other than (i) Australian Receivables, Eligible Long
      Receivables and Insured Eligible Receivables and (ii) Uninsured Eligible
      Receivables from any one account debtor in excess of
      $2,500,000)

            	
              $

            	
              (x
      0.80 =) $

            
	
              The
      lesser of (i) $1,000,000 and (ii) 80% of the aggregate amount of Eligible
      Long Receivables (other than Australian Receivables and Insured Eligible
      Receivables)

            	
              $

            	
              $1,000,000

              (x
      0.80 = ) $

            
	
              Australian
      Receivables

              (only
      after the Australian Effective Date and not to exceed 10% of the Borrowing
      Base)

            	
              $

            	
              (x
      0.70 = ) $

            
	
              Inventory

            	 
      	
              $

            
	
              (a)           Eligible
      In-transitInventory

            	
              $

            	
              (x
      0.80 = ) $

            
	
              (b)           Eligible
      InventoryOrdered Under L/C

            	
              $

            	
              (x
      0.80 = ) $

            
	
              (c)           Eligible
      WarehouseInventory

              ((c)
      and (d) not to exceed65% of the BorrowingBase)

            	
              $

            	
              (x
      0.75 = ) $

            
	
              (d)           Unsold
      Aluminum Billet,Sheet and Coil

              (not
      to
      exceed                                $7,500,000)

              ((c)
      and (d) not to exceed65% of the BorrowingBase)

            	
              $

            	
              (x
      0.65 = ) $

            
	
              Pledged
      Securities:

            	
                    $

            	
              (x
      0.80 = ) $

            
	
              Pledged
      Cash:

            	
              $

            	
              $

            
	
              TOTAL
      (A):

            	 
      	
              $

            
	
              ***

            
	
              Loans:

            	
                    $

            	 
      
	
              Letter
      of Credit Liabilities

            	 
      	 
      
	
              Letters
      of Credit:

            	
                    $

            	 
      
	
              Letters
      of Indemnity:

            	
                    $

            	 
      
	
              Acceptances:

            	
                    $

            	 
      
	
              Credit
      Reserves:

            	
                    $

            	 
      
	
              TOTAL
      (B):

            	 
      	
              $

            
	
              ***

            
	
              Surplus
      (Deficit) is the sum of (i) the lesser of the amount of the Revolving Loan
      Commitments and Total (A) minus (ii)
      Total (B):

            	
              $

            

    

     

    

     

    EMPIRE
RESOURCES, INC.

    

    

    

    

    
      	
              By:
      ________________________

            

    

    
      	
              Name:

            

    

    
      	
              Title:

            

    

    Date:                
, 20__

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]