Document:

Notice of Performance Unit Grant and Performance Unit Award Agmt (Hart)

 Exhibit 10.5 
 Dated: March 26, 2010 
 Notice of Performance Unit
Grant 
  

			
	Participant:	  	Robert Hart
		  	
	Notice:	  	You have been granted Performance Units in accordance with the terms of Article XI of the Kennedy-Wilson Holdings, Inc. 2009 Equity Participation Plan (the “Plan”) and
the Performance Unit Award Agreement attached hereto (the “Award Agreement”).
		  	
	Grant:	  	Date of Grant: March 26, 2010
		  	Number of Performance Units: To be determined as provided below
		  	Each Performance Unit has a value of $1.00

 Performance Period:    Calendar year 2010. 
 Calculation of Number of Performance Units to Be Awarded: 
 The number of Performance Units you will receive under the Agreement, if any, will be determined as follows. First, the Company’s Compensation Committee (the “Committee”) will compute the
2010 Company Bonus Pool (the “Bonus Pool”). Second, the Committee will determine the maximum number of your Performance Units by multiplying the Bonus Pool by 10%. By way of illustration, if your percentage of the Bonus Pool has a value
equal to $1 million, you would be entitled to a maximum of 1,000,000 Performance Units. As provided in Section 17.8 of the Plan, in no event may your Performance Units exceed $10 million. Finally, in its complete discretion, the Committee shall
determine the actual number of Performance Units to which you shall be entitled, which may be any lesser number (including 0) that the Committee determines. You will thereupon receive a cash payment from the Company, equal to the product of $1.00
multiplied by the number of Performance Units awarded to you, if any, which amount shall be paid to you prior to March 15, 2011, unless the Committee determines to reduce the number of your Performance Units to 0. 
 Computation of the Bonus Pool 
 First, “Adjusted EBITDA” is computed. Adjusted EBIDA equals GAAP net income/loss for the Company for calendar 2010 prior to subtraction of the Bonus Pool and with the following additional adjustments: 
 Income tax expense/benefit is added back or subtracted 
 Charges for stock-based compensation, non-cash charges for depreciation and amortization, and interest expense (including
the Company’s share of unconsolidated amounts for these items) are added back. 
 Extraordinary items are excluded.

			
	
	The Bonus Pool is a dollar amount computed as follows:
	
	There is no Bonus Pool unless Adjusted EBITDA is at least $25 million.
	 If Adjusted EBITDA equals or exceeds $25 million but is not more than $50 million, the Bonus Pool equals $2.5
million plus 20% of Adjusted EBITDA from $25 million through $50 million.

	 If Adjusted EBITDA exceeds $50 million but is not more than $75 million, the Bonus Pool equals $7.5 million plus
30% of Adjusted EBITDA from $50 million through $75 million.

	 If Adjusted EBITDA exceeds $75 million but is not more than $100 million, the Bonus Pool equals $15 million plus
40% of Adjusted EBITDA from $75 million through $100 million.

	 If Adjusted EBITDA exceeds $100 million, the Bonus Pool equals $25 million plus 25% of Adjusted EBITDA in excess
of $100 million.

 Rejection: 
 If you wish to accept this Performance Unit Award, please return the attached Award Agreement, executed by you, at any time within 45 days after the Date of Grant, to Kennedy-Wilson Holdings, Inc., 9701
Wilshire, Suite 700, Beverly Hills, CA 90210, Attn: Jim Ozello. If you do not return a signed copy of the Award Agreement within 45 days after the Date of Grant, you will have rejected this Performance Unit Award. 

 Performance Unit Award Agreement 
 This Performance Unit Award Agreement (this “Agreement”), dated as of the date of the Notice of Performance Unit Grant attached
hereto (the “Grant Notice”), is made under the Kennedy-Wilson Holdings, Inc. 2009 Equity Participation Plan (the “Plan”) and is between Kennedy-Wilson Holdings, Inc. (the “Company”) and the Participant set forth in the
Grant Notice. The Grant Notice is included and made a part of this Agreement. 
 1. Definitions. 
 Capitalized terms used but not defined in this Agreement (including the Grant Notice) have the meaning set forth in the Plan. 
 2. Grant of Performance Units. 
 Subject to the provisions of this Agreement and the provisions of the Plan, the Company hereby grants to the Participant, pursuant to the Plan, the contingent right to receive in cash an amount equal to
the product of $1.00 multiplied by the number of Performance Units set forth in the Grant Notice, as such number of Performance Units may be reduced by the Committee in its sole and unfettered discretion (the “Performance Units”). Each
Performance Unit has a value of $1.00. 
 3. Vesting and Payment of Performance Units. 
 After the Performance Period (as specified in the Notice of Grant) has ended, the Company shall pay to the Participant in cash the product
of $1.00 multiplied by the number of Performance Units to which he or she is entitled, if any, as determined by the Committee pursuant to the Grant Notice; provided, however, that the Committee may, in its sole and unfettered
discretion, decrease the amount of Performance Units awarded to the Participant. Notwithstanding the foregoing, the Awardee’s entitlement to receive any payment hereunder shall be forfeited thereby upon the termination of the Awardee’s
employment with the Company (i) by the Company for Cause, or (ii) by the Awardee without Good Reason, in either case prior to the date on which the Committee determines the number of Performance Units to be awarded to the Awardee hereunder. For
purposes of Section 3, the term “Good Reason” shall mean the voluntary termination of the employment of the Awardee with the Company by the Awardee within six months of the Company’s (A) instructing the Awardee to work full-time or
substantially full-time at any location not acceptable to the Awardee (other than the Company’s main headquarters) that is more than 50 miles from the Awardee’s principal place of work and more than 50 miles from the Awardee’s
principal residence, (B) eliminating or materially reducing the Awardee’s duties for the Company, or (C) reducing the Awardee’s base pay; provided, however, that the Awardee must provide notice to the Company within 90 days of the initial
existence of the condition constituting the Awardee’s “Good Reason” and, provided further, that the Company shall have a period of 30 days to remedy such condition, and if it does, such condition shall not constitute “Good
Reason.” 
 4. No Right to Continued Employment. 
 None of the Performance Units nor any terms contained in this Agreement shall confer upon the Participant any express or implied right to be
retained in the employ of the Company or any Affiliate for any period, nor restrict in any way the right of the Company or any Affiliate, which right is hereby expressly reserved, to terminate the Participant’s employment at any time for any
reason. For the avoidance of doubt, this Section 4 is not intended to amend or modify any other agreement, including any employment agreement that may be in existence between the Participant and the Company or any Affiliate. 
 5. The Plan. 
 In consideration for this grant, the Participant agrees to comply with the terms of the Plan and this Agreement. This Agreement is subject to all the terms, provisions and conditions of the Plan, which are incorporated herein by reference,
and to such regulations as may from time to time be adopted by the Committee. In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control, and this Agreement shall be deemed to be
modified accordingly. A paper copy of the Plan shall be provided to the Participant upon the Participant’s written request to the Company. 
 6. Severability. 
 In the event any provision of this Agreement shall be
held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. 

7. Other Plans. 
 The Participant acknowledges that any income derived from the Performance Units shall not affect the Participant’s participation in or benefits under, any other benefit plan or other contract or arrangement maintained by the Company or
any Affiliate. 

 8. Assignment. Participant may not transfer or assign this Agreement or any part
hereof. The Company reserves the right to transfer or assign this Agreement to any of its Affiliates. 
  

									
	KENNEDY WILSON HOLDINGS, INC.	 		 	GRANTEE
					
	By:	 	/s/ Berry Schlesinger	 		 	By:	 	/s/ Robert Hart
	Name: Barry Schlesinger	 		 	Name: Robert Hart
	Title: Chief Administrative Officer	 		 	Title: President KW MultifamilyAmendment No. 17 to Amended & Restated Loan Agreement, dated February 12, 2010

 Exhibit 10.59 
 [Execution] 
 AMENDMENT NO. 17 TO AMENDED AND RESTATED LOAN
AGREEMENT 
 This AMENDMENT NO. 17 TO AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”), dated as of February
[    ], 2010, is entered into by and among Wise Alloys LLC, a Delaware limited liability company (“Alloys”), Wise Recycling, LLC, a Maryland limited liability company (“Recycling” and together with Alloys,
each individually a “Borrower” and collectively, “Borrowers”), Wise Metals Group LLC, a Delaware limited liability company (“Group”), Wise Alloys Finance Corporation, a Delaware corporation (“Finance”),
Listerhill Total Maintenance Center LLC, a Delaware limited liability company (“Listerhill”), Wise Warehousing, LLC, a Delaware limited liability company (“Warehousing”), Wise Recycling Texas, LLC, a Delaware limited liability
company (“Recycling Texas”), Wise Recycling West, LLC, a Delaware limited liability company (“Recycling West” and together with Group, Finance, Listerhill, Warehousing and Recycling Texas, each individually a
“Guarantor” and collectively, “Guarantors”), the lenders from time to time party thereto, and Wachovia Bank, National Association, successor by merger to Congress Financial Corporation, in its capacity as administrative agent (in
such capacity, “Agent”) for Lenders (as hereinafter defined). 
 W I T N E S
S E T H: 
 WHEREAS, Agent and the financial institutions from time to time parties to the Loan
Agreement (as hereinafter defined) as lenders (each individually, a “Lender” and collectively, “Lenders”) have entered into financing arrangements with Borrowers pursuant to which Agent and Lenders have made and provided and
hereafter may make and provide, upon certain terms and conditions, loans and advances and other financial accommodations to Borrowers as set forth in the Amended and Restated Loan Agreement, dated May 5, 2004, by and among Agent, Lenders,
Borrowers and Guarantors, as amended by Amendment No. 1 to Amended and Restated Loan Agreement, dated as of June 30, 2004, Amendment No. 2 to Amended and Restated Loan Agreement, dated as of November 10, 2004, Amendment
No. 3 and Waiver to Amended and Restated Loan Agreement, dated as of March 21, 2005, Amendment No. 4 to Amended and Restated Loan Agreement, dated as of October 31, 2005, Amendment No. 5 to Amended and Restated Loan
Agreement, dated as of March 3, 2006, Amendment No. 6 to Amended and Restated Loan Agreement, dated as of March 31, 2006, Amendment No. 7 to Amended and Restated Loan Agreement, dated as of April 28, 2006, Amendment
No. 8 to Amended and Restated Loan Agreement, dated as of June 12, 2006, Amendment No. 9 and Waiver to Amended and Restated Loan Agreement, dated as of August 4, 2006, Amendment No. 10 to Amended and Restated Loan Agreement,
dated as of December 31, 2006, Amendment No. 11 to Amended and Restated Loan Agreement, dated as of July 31, 2007, Amendment No. 12 to Amended and Restated Loan Agreement, dated as of February 25, 2008, Amendment No. 13
and Waiver to Amended and Restated Loan Agreement, dated as of April 25, 2008, Amendment No. 14 to Amended and Restated Loan Agreement, dated as of October 8, 2008, Amendment No. 15 to Amended and Restated Loan Agreement, dated
as of December 17, 2008, and Amendment No. 16 and Waiver to Amended and Restated Loan Agreement, dated as of April 30, 2009 (as the same now exists and may hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced, the “Loan Agreement”) and the other agreements,

 
documents and instruments referred to therein or any time executed and/or delivered in connection therewith or related thereto, including this Amendment (all of the foregoing, together with the
Loan Agreement, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, being collectively referred to herein as the “Financing Agreements”); 
 WHEREAS, Borrowers have requested that Agent and Lenders agree to make certain amendments to the Loan Agreement, and Agent and Lenders are
willing to agree to such amendments, subject to the terms and conditions contained herein; 
 WHEREAS, the parties hereto desire
to enter into this Amendment to evidence and effectuate such amendments, subject to the terms and conditions and to the extent set forth herein; 
 NOW, THEREFORE, in consideration of the premises and covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows: 
 1. Definitions. 
 (a) Additional Definitions. As used herein, the following terms shall have the meanings given to them below and the Loan Agreement shall be deemed and is hereby amended to include, in addition and
not in limitation, the following definitions: 
 (i) “Amendment No. 17” shall mean Amendment
No. 17 to Amended and Restated Loan Agreement, dated as of February [    ], 2010, among Agent, Lenders, Borrowers and Guarantors, as the same now exists and may hereafter be amended, modified, supplemented, extended,
renewed, restated or replaced. 
 (ii) “Amendment No. 17 Effective Date” shall mean the first
date on which all of the conditions precedent to the effectiveness of Amendment No. 17 shall have been satisfied or shall have been waived by Agent. 
 (iii) “ASAP” shall mean Alabama Spares and Parts LLC, a Delaware limited liability company, and its successors and assigns. 
 (iv) “ASAP Lenders” shall mean, collectively, ERSA and TRSA, in their capacities as lenders under the ASAP Loan
Agreement, and their respective successors and assigns; each sometimes being referred to herein individually as an “ASAP Lender”. 
 (v) “ASAP Loan Agreement” shall mean the Term Loan Agreement, dated as of the Amendment No. 17 Effective Date, among ASAP and ASAP Lenders, as the same now exists or may hereafter be
amended, modified, supplemented, renewed, restated or replaced. 
  

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 (vi) “ASAP Loan Documents” shall mean, collectively, the
following (as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated, refinanced or replaced): (a) the ASAP Loan Agreement, (b) the Term Note, dated as of the Amendment No. 17 Effective
Date, by ASAP in favor of ERSA, (c) the Term Note, dated as of the Amendment No. 17 Effective Date, by ASAP in favor of TRSA, (d) the Security Agreement, dated as of the Amendment No. 17 Effective Date, by ASAP in favor of ASAP
Lenders, (e) the letter agreement, dated as of the Amendment No. 17 Effective Date, among Alloys, Group and ASAP Lenders with respect to certain distributions to be made by ASAP; (f) the Pledge Agreement, dated as of the Amendment
No. 17 Effective Date, by Silver Knot LLC and Danny Mendelson in favor of ASAP Lenders, and (g) all other agreements, documents and instruments at any time executed and/or delivered by ASAP or any Borrower or Guarantor to, with or in favor
of ASAP Lenders in connection therewith or related thereto. 
 (vii) “Specified Spare Parts
Collateral” shall mean the Equipment of Alloys constituting spare parts and related Inventory of Alloys which is set forth on the schedule of assets which was delivered to Agent on or about the Amendment No. 17 Effective Date. 

(b) Amendment to Definition of Subsidiary. The definition of “Subsidiary” in Section 1.122 of the Loan Agreement
is hereby amended by inserting the following sentence at the end of such definition: 
 “Notwithstanding
the foregoing, all references to any “Subsidiary” of any Borrower or Guarantor in Sections 1.10, 1.49, 6.3, 8.8, 8.14, 8.17, 9.3, 9.4, 9.5, 9.6, 9.7, 9.17, 9.18 and 9.25 of the Loan Agreement shall be deemed to exclude ASAP.”

 (c) Interpretation. Capitalized terms used herein which are not otherwise defined herein shall have the respective
meanings ascribed thereto in the Loan Agreement. 
 2. Encumbrances. Section 9.8 of the Loan Agreement is hereby
amended by (a) deleting “and” appearing at the end of subsection (l) of such Section and (b) inserting the following immediately prior to the period at the end of such Section: 
 “; and (n) the security interests in and liens upon the assets of ASAP in favor of ASAP Lenders granted pursuant
to the ASAP Loan Documents (as in effect on the Amendment No. 17 Effective Date) to secure the Indebtedness of ASAP to ASAP Lenders permitted by Section 9.9(k) hereof”. 
 3. Indebtedness. Section 9.9 of the Loan Agreement is hereby amended by (a) deleting “and” appearing at the end
of subsection (i) of such Section and (b) inserting the following immediately prior to the period at the end of such Section: 
 “; and (k) the Indebtedness of ASAP to ASAP Lenders pursuant to the ASAP Loan Documents (as in effect on the Amendment No. 17 Effective Date), provided, that each of the
following conditions is satisfied as determined by Agent: 
 (i) the aggregate principal amount of such
Indebtedness shall not at any time exceed $8,000,000 (subject to clause (viii) of this Section 9.10(k)), less the aggregate amount of all repayments, repurchases or redemptions thereof, whether optional or mandatory; 
  

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 (ii) the proceeds of such Indebtedness (which shall not be less than
$8,000,000) shall be contributed from ASAP to Alloys on the Amendment No. 17 Effective Date and shall thereafter be immediately remitted to Agent for application to the Obligations in accordance with Section 6.4 hereof; 
 (iii) no Borrower or Guarantor shall be directly or indirectly liable in respect of such Indebtedness (by virtue of such
Borrower or Guarantor being the primary obligor on such Indebtedness, guarantor of such Indebtedness, or otherwise); 
 (iv) no Letter of Credit Accommodations shall support any such Indebtedness; 
 (v) Agent shall have
received true, correct and complete copies of all of the ASAP Loan Documents, as duly authorized, executed and delivered by the parties thereto; 
 (vi) ASAP shall not, directly or indirectly, make, or be required to make, any payments of principal in respect of such Indebtedness unless and until the Obligations shall have been paid in full and this
Agreement shall have been terminated; provided, that, ASAP may make mandatory prepayments of principal in respect of such Indebtedness to the extent required by Section 4.3 of the ASAP Loan Agreement (as in effect on the Amendment
No. 17 Effective Date) so long as on the date of any such payment and after giving effect thereto, no Event of Default shall exist or shall have occurred and be continuing; 
 (vii) ASAP shall not, directly or indirectly, make, or be required to make, any payments of interest in respect of such
Indebtedness, except, that ASAP may make payments of interest in respect of such Indebtedness to the extent required by the terms of the ASAP Loan Documents (as in effect on the Amendment No. 17 Effective Date), so long as on the date of any
such payment and after giving effect thereto, no Event of Default shall exist or shall have occurred and be continuing; 
 (viii) ASAP shall not, directly or indirectly, (A) amend, modify, alter or change the terms of such Indebtedness or any of the ASAP Loan Documents, except, that, (A) ASAP may agree to amend the
ASAP Loan Documents to increase the principal amount of such Indebtedness to an amount not to exceed $10,000,000 and ASAP may otherwise amend, modify, alter or change the terms

  

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thereof in a manner which is not adverse to the interests of Borrowers, Guarantors, Agent or Lenders in any material respect, so long as (1) the proceeds of any additional Indebtedness
incurred by ASAP shall be immediately contributed from ASAP to Alloys and shall thereafter be immediately remitted by Alloys to Agent for application to the Obligations in accordance with Section 6.4 hereof, and (2) Agent shall have
received, in form and substance reasonably satisfactory to Agent, true, correct and complete copies of all such amendments to the ASAP Loan Documents, as duly authorized, executed and delivered by the parties thereto; or (B) redeem, retire,
defease, purchase or otherwise acquire such Indebtedness, or set aside or otherwise deposit or invest any sums for such purpose; 
 (ix) ASAP or Administrative Borrower shall furnish to Agent all notices or demands in connection with such Indebtedness either received by ASAP or any Borrower or Guarantor or on its behalf promptly after
the receipt thereof, or sent by ASAP or any Borrower or Guarantor or on its behalf concurrently with the sending thereof, as the case may be; and 
 (x) the incurrence of such Indebtedness shall not conflict with Section 4.9 of the Indenture”. 
 4. Loans, Investments, Etc. Section 9.10 of the Loan Agreement is hereby amended by (a) deleting “and” appearing at the end of subsection (i) of such Section and
(b) inserting the following immediately prior to the period at the end of such Section: 
 “; and
(k) the formation of ASAP by Alloys and investments by Alloys in ASAP; provided, that each of the following conditions is satisfied as determined by Agent: 
 (i) no Borrower or Guarantor shall, directly or indirectly, make investments in ASAP (by capital contribution,
dividend or otherwise), transfer any assets or properties to or on behalf of or for the benefit of ASAP, make any loans or advance money or property to ASAP, or make any other payments to ASAP, except that (A) Alloys may contribute the
Specified Spare Parts Collateral to ASAP on the Amendment No. 17 Effective Date, and (B) Alloys may make capital contributions to ASAP from time to time on and after the Amendment No. 17 Effective Date; provided, that,
(1) the amount of such capital contributions shall not exceed $80,000 during any month and shall not exceed $2,500,000 in the aggregate during the term of this Agreement, and (2) on the date of any such contribution and after giving effect
thereto, no Event of Default shall exist or shall have occurred and be continuing; 
 (ii) no Borrower or
Guarantor shall, directly or indirectly, guarantee or otherwise become liable in any respect for any Indebtedness, liabilities or other obligations of ASAP (including, without limitation, the Indebtedness of ASAP under the ASAP Loan Documents) or
grant a security interest in any of its assets or properties to secure any Indebtedness, liabilities or other obligations of ASAP; 
  

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 (iii) other than the Indebtedness to ASAP Lender under the ASAP Loan
Documents (as in effect on the Amendment No. 17 Effective Date) permitted under Section 9.9(k) hereof, ASAP shall not guarantee or become obligated or liable, directly or indirectly, contingently or otherwise, in respect of any
Indebtedness or have any other obligations or have any liabilities, including without limitation, Indebtedness to or obligations or liabilities under the Indenture, the Senior Secured Notes or the other Note Purchase Documents; 
 (iv) ASAP shall not (A) be engaged in any business or commercial activities, other than the management, purchase and
sale of spare parts (including the Specified Spare Parts Collateral), or (B) own any material assets (other than the Specified Spare Parts Collateral, the proceeds from the sale of the Specified Spare Parts Collateral, other spare parts
purchased by ASAP in the ordinary course of business, and the proceeds of the capital contributions from Alloys permitted hereunder); 
 (v) ASAP shall be designated as and shall at all times be deemed to be an “Unrestricted Subsidiary” under and as defined in the Indenture and the contributions by Alloys to ASAP permitted under
clause (i) of this Section 9.10(k) constitute “Permitted Investments” or permitted “Restricted Payments” under and as defined in the Indenture; 
 (vi) Agent shall have received, in accordance with Section 2.7 of the Intercreditor Agreement, a written direction
letter from Noteholder Collateral Agent requesting that Agent release its security interests in and liens upon the Specified Spare Parts Collateral; 
 (vii) Agent shall have received, in form and substance satisfactory to Agent, true and correct copies of (A) a written consent of the management board of Group and officer’s certificates from
each of Group and Finance authorizing the formation of ASAP and its designation as an “Unrestricted Subsidiary” under and as defined in the Indenture and authorizing the assignment of the Specified Spare Parts Collateral from Alloys to
ASAP, (B) a written notice from Group to Noteholder Collateral Agent requesting and providing for the release by Noteholder Collateral Agent of its security interests in and lien upon the Specified Spare Parts Collateral, (C) all consents,
waivers, acknowledgments and other agreements and instruments (including UCC financing statement amendments) by Noteholder Collateral Agent in favor of any Borrower or Guarantor providing for the release by Noteholder Collateral Agent of its
security interests in and liens upon the Specified Spare Parts Collateral, and (D) all other notices, consents, waivers, acknowledgments and other agreements to or by any other third party with respect to the transactions contemplated by the
ASAP Loan Documents which Agent may deem necessary or desirable in order to effectuate the provisions or purposes of this Section, in each case duly authorized, executed and delivered by the parties thereto; 
  

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 (viii) Agent shall have received, in form and substance satisfactory to
Agent, true, correct and complete copies of (A) the Certificate of Formation of ASAP, as filed with the Secretary of State of the State of Delaware, (B) the Limited Liability Company Agreement of ASAP, duly authorized and executed by
Alloys; (C) the Assignment Agreement by Alloys in favor of ASAP with respect to the Specified Spare Parts Collateral, and (D) all of the other agreements, documents, instruments, certificates and resolutions relating to the formation of
ASAP and the contribution of the Specified Spare Parts Collateral by Alloys to ASAP, in each case duly authorized, executed and delivered by the parties thereto; and 
 (ix) if requested by Agent, Alloys shall deliver to Agent, in form and substance satisfactory to Agent, a report of the
amount of Alloys’ investment in ASAP and such other information with respect thereto as Agent may reasonably request”. 
 5. Dividends and Redemptions. Section 9.11 of the Loan Agreement is hereby amended by (a) deleting “and” appearing at the end of subsection (f) of such Section and (b) inserting the following immediately
prior to the period at the end of such Section: 
 “; and (h) ASAP may make dividends and other
distributions to Alloys (including the distribution of the proceeds of the Indebtedness permitted under Section 9.9(k) hereof on the Amendment No. 17 Effective Date as required by Section 9.10(k) hereof)”. 
 6. Transactions with Affiliates. Section 9.12(a) of the Loan Agreement is hereby amended by (a) deleting “and”
appearing at the end of clause (i) of such Section and (b) inserting the following immediately prior to the period at the end of such Section: 
 “; and (iii) the purchase by Alloys from ASAP of spare parts in the ordinary course of and pursuant to the reasonable requirements of Alloys’ business; provided, that,
(A) any such purchase shall be upon fair and reasonable terms no less favorable to Alloys than Alloys would obtain in a comparable arm’s length transaction with an unaffiliated person, (B) Alloys shall not make any payments in respect
of the purchase of any spare part unless and until it has received evidence (in the form of an invoice or other documentation) of the acquisition of a replacement for such spare part by ASAP, and (C) as soon as possible after the end of each
week (but in any event by each Wednesday after the end thereof), on a weekly basis, Alloys shall provide Agent with a summary of all purchases of spare parts made by Alloys during the prior week and such other documents and information related
thereto as Agent may request”. 
 7. Additional Representations, Warranties and Covenants. Borrowers and Guarantors,
jointly and severally, represent, warrant and covenant with and to Agent and Lenders as follows, which representations, warranties and covenants are continuing and shall survive the execution and delivery hereof, and the truth and accuracy of, or
compliance with each, together with the representations, warranties and covenants in the other Financing Agreements, being a continuing condition of the making of Loans by Lenders to Borrowers: 
 (a) This Amendment and the other Financing Agreements executed and/or delivered by any Borrower or Guarantor in connection herewith
(together with this Amendment, the “Amendment Documents”) have been duly authorized, executed and delivered by all necessary action on the part of each Borrower and Guarantor which is a party hereto and, if necessary, their respective
members or stockholders, as the case may be, and is in full force and effect as of the date hereof, as the case may be, and the agreements and obligations of Borrowers and Guarantors contained herein or therein constitute legal, valid and binding
obligations of Borrowers and Guarantors enforceable against them in accordance with their terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability
affecting the enforcement of creditors’ rights and (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
  

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 (b) As of the date hereof, all of the representations and warranties set forth in the Loan
Agreement and the other Financing Agreements are true and correct in all material respects on and as of the date hereof as if made on the date hereof, except to the extent any such representation or warranty is made as of a specified date, in which
case such representation or warranty shall have been true and correct as of such date. 
 (c) Neither the execution, delivery
and performance of this Amendment or any other Amendment Document or any of the ASAP Loan Documents, nor the consummation of any of the transactions contemplated herein or therein (i) are in contravention of law or any indenture, agreement or
undertaking (including the Indenture) to which ASAP, any Borrower or Guarantor is a party or by which ASAP, any Borrower or Guarantor or its property are bound, (ii) violates any provision of the Certificate of Incorporation, Certificate of
Formation, Operating Agreement, By-Laws or other governing documents of ASAP or any Borrower or Guarantor, or (iii) will not result in the creation or imposition of, or require or give rise to any obligation to grant, any lien, security
interest, charge or other encumbrance upon any property of any Borrower or Guarantor. 
 (d) As of the date of this Amendment
and after giving effect hereto, no Default or Event of Default exists or has occurred and is continuing. 
 8. Conditions
Precedent. The provisions contained herein shall be effective as of the date hereof, but only upon the satisfaction of each of the following conditions precedent, in a manner satisfactory to Agent: 
 (a) Agent shall have received an original of this Amendment, duly authorized, executed and delivered by Borrowers, Guarantors and the
Required Tranche A Lenders; 
 (b) Agent shall have received the proceeds of the Indebtedness permitted under
Section 9.9(k) of the Loan Agreement (which shall not be less than $8,000,000) for application to the Obligations in accordance with Section 6.4 of the Loan Agreement; 
  

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 (c) Agent shall have received, in form and substance satisfactory to Agent, a schedule
listing the Equipment and Inventory of Alloys constituting the Specified Spare Parts Collateral; 
 (d) the Specified Spare
Parts Collateral shall have an appraised value of not greater than $10,000,000 in the aggregate and the Inventory constituting the Specified Spare Parts Collateral shall have an appraised value of not greater than $100,000; 
 (e) Agent shall have received, in form and substance satisfactory to Agent, an opinion letter of counsel to Borrowers and Guarantors with
respect to this Amendment and such other matters as Agent may request (including, without limitation, an opinion as to no conflicts with other Indebtedness); 
 (f) Agent shall have received, in form and substance satisfactory to Agent, a certificate of a senior officer of Group certifying, among other things, that after giving effect to this Amendment:
(i) the incurrence of the Indebtedness of ASAP to ASAP Lenders under the ASAP Loan Agreement does not conflict with Section 4.9 of the Indenture, (ii) the contribution of the Specified Spare Parts Collateral and the cash contributions
by Alloys to ASAP permitted under Section 9.10(k)(i) of the Loan Agreement constitute “Permitted Investments” or permitted “Restricted Payments” for all purposes under the Indenture, and (iii) the execution and delivery
by ASAP of the ASAP Loan Documents, the performance by ASAP of the terms and conditions thereof, the incurrence of the Indebtedness of ASAP thereunder, and the consummation of the transactions contemplated thereby: (A) are within ASAP’s
and each Borrower’s and Guarantor’s corporate or limited liability company powers, (B) have been duly authorized by ASAP and each Borrower and Guarantor, (C) are not in contravention of law or the terms of ASAP’s or any
Borrower’s or Guarantor’s certificate of incorporation, certificate of formation, by laws, limited liability company operating agreement or other organizational documentation, or any indenture (including the Indenture), agreement or
undertaking to which ASAP or any Borrower or Guarantor is a party or by which ASAP or any Borrower or Guarantor or its property are bound, and (D) will not result in the creation or imposition of, or require or give rise to any obligation to
grant, any lien, security interest, charge or other encumbrance upon any property of any Borrower or Guarantor; 
 (g) all
representations and warranties contained herein, in the Loan Agreement and in the other Financing Agreements shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on and
as of the date hereof and after giving effect hereto, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on
and as of such earlier date); 
 (h) no law, regulation, order, judgment or decree of any Governmental Authority shall exist,
and no action, suit, investigation, litigation or proceeding shall be pending or threatened in any court or before any arbitrator or Governmental Authority, which (i) purports to enjoin, prohibit, restrain or otherwise affect (A) the
making of the Loans or providing the Letter of Credit Accommodations, or (B) the consummation of the transactions contemplated pursuant to the terms of this Amendment, the Loan Agreement or the other Financing Agreements or (ii) has or has
a reasonable likelihood of having a Material Adverse Effect; and 
  

 9 

 (i) as of the date of this Amendment and after giving effect hereto, no Default or Event of
Default shall exist or shall have occurred and be continuing. 
 9. Effect of this Amendment; Entire Agreement. Except as
expressly set forth herein, no other changes or modifications to the Financing Agreements are intended or implied, and in all other respects the Financing Agreements are hereby specifically ratified, restated and confirmed by all parties hereto as
of the date hereof. This Amendment and any instruments or documents delivered or to be delivered in connection herewith, represent the entire agreement and understanding concerning the subject matter hereof and thereof between the parties hereto,
and supersede all other prior agreements, understandings, negotiations and discussions, representations, warranties, commitments, proposals, offers and contracts concerning the subject matter hereof, whether oral or written. To the extent of
conflict between the terms of this Amendment and the other Financing Agreements, the terms of this Amendment shall control. The Loan Agreement and this Amendment shall be read and construed as one agreement. 
 10. Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional action as may
be reasonably necessary or desirable to effectuate the provisions and purposes of this Amendment. 
 11. Governing Law.
The validity, interpretation and enforcement of this Amendment and any dispute arising out of the relationship between the parties hereto whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of New York
(including, without limitation, Section 5-1401 of the New York General Obligations Law) but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of
the State of New York. 
 12. Binding Effect. This Amendment shall be binding upon and inure to the benefit of each of
the parties hereto and their respective successors and assigns. 
 13. Headings. The headings listed herein are for
convenience only and do not constitute matters to be construed in interpreting this Amendment. 
 14. Counterparts. This
Amendment may be executed in any number of counterparts, but all of such counterparts shall together constitute but one and the same agreement. In making proof of this Amendment, it shall not be necessary to produce or account for more than one
counterpart thereof signed by each of the parties hereto. This Amendment may be executed and delivered by telecopier or other electronic method of transmission with the same force and effect as if it were a manually executed and delivered
counterpart. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 10 

 IN WITNESS WHEREOF, Agent, Lenders, Borrowers and Guarantors have caused this Amendment to
be duly executed as of the day and year first above written. 
  

			
	AGENT AND LENDERS
	
	WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent and as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BURDALE FINANCIAL LIMITED, as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Amendment No. 17 to 
 Amended and Restated Loan Agreement] 

			
	BORROWERS AND GUARANTORS
	
	WISE ALLOYS LLC
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	
	
	WISE RECYCLING, LLC
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	
	
	WISE METALS GROUP LLC
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	
	
	WISE ALLOYS FINANCE CORPORATION
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	
	
	LISTERHILL TOTAL MAINTENANCE CENTER LLC
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	
	
	WISE RECYCLING TEXAS, LLC
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	
	
	WISE WAREHOUSING, LLC
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	
	
	WISE RECYCLING WEST, LLC
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	

 [Signature Page to Amendment No. 17 to 
 Amended and Restated Loan Agreement]

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