Document:

WWW.EXFILE.COM, INC. -- 888-775-4789 -- HARSCO CORP. -- EXHIBIT 10.1 TO FORM 8-K

     

    
      EXHIBIT
10.1

    THIS AMENDING AGREEMENT is
made the 31st day of January 2008

    BETWEEN

    

    
      	
              (1)

            	
              HARSCO FINANCE B.V. (a
      company incorporated in The Netherlands) and HARSCO INVESTMENT LIMITED
      (registered number 03985379) (each a "Borrower" and together
      the "Borrowers");

            

    

    

    
      	
              (2)

            	
              HARSCO CORPORATION (a
      corporation incorporated in the State of Delaware) (the "Guarantor");
      and

            

    

    

    
      	
              (3)

            	
              THE ROYAL BANK OF SCOTLAND
      plc acting as agent for NATIONAL WESTMINSTER
      BANK Plc
      (the "Lender")

            

    

    

    

    WHEREAS

    

    
      	
              (A)  

            	
              The
      Lender, the Borrowers and the Guarantor entered into a US$50,000,000
      credit facility dated 15 December 2000, as amended by side letters dated
      19 December 2001, 6 March 2003, 19 December 2003, 17 December 2004, 12
      December 2005 and 8 December 2006 (the "Facility Agreement");
      and

            

    

    

    
      	
              (B)  

            	
              The
      Lender, the Borrowers and the Guarantor have agreed to make certain
      amendments to the Facility
Agreement.

            

    

    

    NOW IT IS AGREED as
follows:

    

    
      	
              1

            	
              AMENDMENTS

            

    

    

    With
effect from the Effective Date the following amendments shall be made to the
Facility Agreement:

    

    1.1           In
the definition of "Final
Maturity Date" in Clause 1.1 of the Facility Agreement sub clause (a)
shall be deleted in its entirety and replaced with:

    

    
      	
              (a)  

            	
              in
      relation to a Revolving Loan not converted into a Term Loan pursuant to
      Clause 7.2 (Term-Out), 10 December 2008 or, if extended in accordance with
      Clause 7.3 (Extension), the date provided for in Clause 7.3 (Extension);
      or

            

    

    

    1.2           Clause 7.2(b)(i) of the
Facility Agreement shall be deleted in its entirety and replaced
with:

    

    
      	
              (i)

            	
              the
      date to which the Final Maturity Date for each Term Loan converted from a
      Revolving Loan is to be extended, which date shall be no later than 10
      December 2009;

            

    

    

    1.3           Clause
7.2(b)(iv) of the Facility Agreement shall be deleted in its entirety and
replaced with:

    

    
      	
              (iv)

            	
              the
      Final Maturity Date for any further Term Loan requested, which date shall
      be no later than 10 December 2009.

            

    

    

    
      	
              2.

            	
              EFFECTIVE
      DATE

            

    

    

    The
Effective Date shall be the date the Lender confirms it has received, in form
and substance satisfactory to it:

    

    
      	
              2.1  

            	
              a
      copy, certified a true and up to date copy by the Secretary of Harsco
      Investment Limited of a resolution of its board of directors approving the
      execution and delivery of this Amending Agreement and the performance of
      the obligations hereunder and authorising a person or persons (specified
      by name) on behalf of it to sign and deliver this Amending Agreement and
      any other documents to be delivered by it pursuant hereto and to give all
      notices which may be required to be given on its
      behalf  hereunder;

            

    

    

    
      	
              2.2  

            	
              a
      legal opinion of the General Counsel and Secretary of the Guarantor in a
      form acceptable to the Lender;

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              2.3  

            	
              a
      copy of this Amending Agreement signed by the Borrowers and the
      Guarantor.

            

    

    

    
      
        	
              	
                3. 

              	
                FEES

              

      

    

    

    The
Guarantor must pay to the Lender a fee of US$35,000.

    

    
      	
              4.  

            	
              REPRESENTATIONS
      AND WARRANTIES

            

    

    

    The
Repeating Representations and Warranties set out in Clause 19.20 of the Facility
Agreement shall be deemed repeated by the Borrowers and the Guarantor on the
date of this Amending Agreement with reference to the facts and circumstances
then existing.

    

    
      
        	
              	
                5.

              	
                MISCELLANEOUS

              

      

    

    

    5.1           All
capitalised terms not otherwise defined herein shall have the meaning ascribed
to them in the Facility Agreement.

    

    5.2           All
other terms and conditions of the Facility Agreement remain the
same.

    

    5.3           This
Amending Agreement shall be governed by and construed in accordance with the
laws of England and the parties hereto submit to the jurisdiction of the English
courts.

    

    

    SIGNED
FOR AND ON BEHALF OF:-

    

    THE
LENDER

    

    By: John
Baini

    

    Address:

    

    Attention:

    

    HARSCO
FINANCE B.V.

    

    By:                  Mark
E.
Kimmel                                                          
     Salvatore D. Fazzolari

    

    :

    

    HARSCO
INVESTMENT LIMITED

    

    By:                  G.D.H.
Butler                                                                    Salvatore
D. Fazzolari

    

    

    HARSCO
CORPORATION

    

    By:                  Mark
E. KimmelExhibit 10.1

 

CAPITAL SUPPORT AGREEMENT

 

This
Capital Support Agreement (“Agreement”) is entered into between Allstate
Insurance Company (“AIC”), an Illinois domiciled property and casualty
insurance company, and Allstate Life Insurance Company (“ALIC”), an Illinois
domiciled life insurance company and wholly owned subsidiary of AIC, effective December 14,
2007.

 

AIC
acknowledges with respect to itself and ALIC that each party has a long history
of, and continues to benefit from, sound management, strong performance, and
consistently high levels of capital.  AIC’s
ongoing consideration of economic capital has led to the conclusion that the
uncorrelated risk profiles of the parties allow for a lower level of economic
capital in the aggregate without threatening the strong operating positions of
each party.  By entering into this
agreement, AIC will be able to more efficiently manage its capital, including
capital invested in ALIC, on both an ongoing basis and under unusual or
unprecedented events that might have an impact on the capital and surplus of
AIC or ALIC, including but not limited to natural or manmade catastrophes and
events in the capital markets.  AIC also
expects to gain a meaningful competitive advantage relative to competitors that
are less diversified.  It is the
intention of the parties to comply with all legal and regulatory requirements
and maintain a reasonable level of ALIC capital and surplus to allow for
profitable growth with a goal of maintaining ALIC’s financial strength ratings
at or above those of AIC.

 

In
consideration of the following agreements and covenants and other good and
valuable consideration, the receipt and sufficiency of which are acknowledged,
the parties agree as follows:

 

1.               Capital and Surplus:

 

AIC agrees that, subject to the conditions set forth
below in this Agreement, it shall take such actions as may be necessary and
appropriate to cause ALIC to maintain during the term of this Agreement the
amount of statutory capital and surplus necessary for ALIC to maintain a “Company
Action Level RBC” ratio, as defined in the Illinois Insurance Code, 215 ILCS
5/35A-5 as in effect on the date of this Agreement, of no less than 150%.

 

2.               Limitations:

 

AIC’s obligation to provide, or cause to be
provided, capital and surplus under this Agreement is limited to an aggregate
amount of no more than $1,000,000,000 (the “Capital and Surplus Maximum”).

 

3.               Fees:

 

While this agreement is in effect, ALIC each year
shall pay to AIC an annual commitment fee of 1% of the amount of the Capital
and Surplus Maximum that remains available on January 1 of such year.  This fee shall be payable on March 1 of
each year, or if that day is not a business day, then on the first business day
following that date, for that year.  If
the agreement is terminated prior to the end of the year, AIC shall refund a
prorated amount to ALIC

 

4.               Procedure for Request of
Funds by ALIC:

 

 

 

A request by ALIC that AIC provide, or cause to be
provided, capital and surplus must be authorized by resolution of the Board or Executive
Committee of ALIC and must be delivered to AIC’s Chief Financial Officer or
Treasurer prior to any such payment by AIC under this Agreement.  A request must include:

 

a)              a written
request that AIC provide, or cause to be provided, capital and/or surplus
pursuant to the terms of this Agreement, signed by an officer of ALIC
authorized by such resolution; and

 

b)             the most
recently filed quarterly statutory statement and pro-forma quarterly statutory
statement for the then current quarter including an accompanying  pro-forma calculation of the Company Action
Level Risk Based Capital ratio.

 

The financial information included in the request
must be reviewed and approved in writing by ALIC’s Group Vice President and
Controller and AIC’s Vice President of Protection Finance or their
designees.  AIC shall provide, or cause
to otherwise be provided, the requested amount of additional capital and/or
surplus to ALIC promptly upon receipt of authorization from AIC’s Chief
Financial Officer and Treasurer or their designees following their
determination that the requirements of this Agreement for such payment have
been met.

 

5.               Payments:

 

If ALIC fails to pay to AIC any obligation due under
this Agreement, including, without limitation, any annual commitment fee, AIC
may treat such amount as a contribution of capital and surplus that reduces the
amount of capital and surplus that can be requested under this Agreement by
notifying ALIC in writing of its intent to do so.

 

6.               Termination:

 

Either party shall have the right to terminate this
Agreement upon the occurrence of any one or more of the following events
whether or not such event is continuing at the time of termination:

 

a)              ALIC qualifies
for a financial strength rating from Standard and Poor’s, Moody’s or A.M.
Best, without giving weight to the existence of this Agreement, that is the
same or better than its rating with such support; or

 

b)             ALIC’s Company
Action Level RBC ratio is at least 300%; or

 

c)              AIC ceases to
own directly or indirectly at least 50% of the voting stock of ALIC.

 

For
purposes of this Section 6, all calculations of RBC shall be made pursuant
to the provisions of the Illinois Insurance Code, 215 ILCS 5/35A-5, as in
effect on the date of this Agreement.

 

If
either party elects to terminate this Agreement following any such occurrence,
it shall provide written notice, within 90 days of such occurrence, to the
other party designating an effective date for the termination, which shall not
be earlier than the date of such notice . 
The Agreement shall then terminate on such effective date.

 

This Agreement shall terminate without notice or
further action of the parties when the aggregate amount of capital and surplus
provided, or caused to be provided, by AIC to ALIC under this 

 

 

2

 

Agreement reaches the Capital and Surplus Maximum.

 

7.               Notices:

 

All notices, requests,
demands, and other communications under this Agreement from or to ALIC or AIC,
shall be in writing and shall be deemed to have been duly given: (a) on
the date of service if served personally on the party to which such notice is
to be given or (b) on the day after delivery to any overnight
carrier.  All notices should be addressed
as follows:

 

If to ALIC:

 

Allstate Life Insurance Company

President

3100 Sanders Road

Northbrook, IL 60062

 

With a copy to:

Allstate Life Insurance Company

Allstate Financial Law

3100 Sanders Road

Northbrook, IL 60062

 

If to AIC:

 

Allstate Insurance Company

Treasurer

3075 Sanders Road

Northbrook, IL 60062

 

With a copy to:

Allstate Insurance Company

Corporate Law

2775 Sanders Road

Northbrook, IL 60062

 

8.               Written Agreement:

 

This Agreement may be amended or modified only by
written agreement executed by ALIC and AIC. 
Written notice of any amendment, modification, or termination shall be
provided to each nationally recognized statistical rating organization that
rates ALIC within thirty (30) days of such amendment, modification, or
termination.

 

9.               Miscellaneous Provisions:

 

a)              This Agreement shall be
governed by and construed in accordance with the internal laws of the State of
Illinois.

 

b)             No party hereto shall assign
this Agreement or any rights or obligations hereunder without the prior written
consent of the other party and any such attempted assignment without such prior
written consent shall be void.

 

 

3

 

c)              The agreements herein set
forth shall be mutually binding upon and inure to the mutual benefit of ALIC
and AIC and their respective successors, subject to Section 6 above.

 

d)             If any part of this
Agreement shall be held invalid, illegal, or unenforceable, the remaining parts
of the Agreement shall not be affected and shall continue with full force and
effect.

 

e)              The descriptive headings of
the various sections or parts of this Agreement are for convenience only and
shall not affect the meaning or construction of any of the provision hereof.

 

f)                This Agreement constitutes
the entire agreement between the parties hereto with respect to the subject
matter hereof.  There are no
understandings between the parties other than as expressed in this Agreement.

 

g)             This Agreement is solely for
the benefit of the parties hereto.

 

 

 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement.

 

Allstate
Insurance Company

 

	
  By:

  	
  /s/
  Samuel H. Pilch

  	
   

  	
  By:

  	
  /s/
  Steven C. Verney

  
	
  Name:

  	
  Samuel
  H. Pilch

  	
   

  	
  Name:

  	
  Steven
  C. Verney

  
	
  Title:

  	
  Group
  Vice President and Controller

  	
   

  	
  Title:

  	
  Vice
  President and Treasurer

  

 

 

 

Allstate
Life Insurance Company

 

	
  By:

  	
  /s/
  James E. Hohmann

  	
   

  	
  By:

  	
  /s/
  John C. Pintozzi

  
	
  Name:

  	
  James
  E. Hohmann

  	
   

  	
  Name:

  	
  John
  C. Pintozzi

  
	
  Title:

  	
  President
  and Chief Executive Officer

  	
   

  	
  Title:

  	
  Senior
  Vice President and Chief Financial Officer

  

 

 

4

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