Document:

Nor 2012.03.31  EX 10.1 Amended

Exhibit 10.1

[EXECUTION VERSION]

AMENDMENT NO. 1 TO ABL CREDIT AGREEMENT
This Amendment No. 1, dated as of March 21, 2012 (this “Amendment”), to that certain ABL Credit Agreement, dated as of February 29, 2012 (the “Credit Agreement”), among NORANDA ALUMINUM Holding CORPORATION, a Delaware corporation (“Holdings”); NORANDA ALUMINUM ACQUISITION CORPORATION, a Delaware corporation (the “Company”); the Subsidiaries of the Company party thereto (collectively with the Company, the “Borrowers”), the banks and other financial institutions or entities from time to time parties thereto (the “Lenders”); BANK OF AMERICA, N.A., as Administrative Agent and as Collateral Agent (in such capacities, the “Administrative Agent”); CITIBANK, N.A.; UBS SECURITIES LLC; BARCLAYS CAPITAL, the investment banking division of BARCLAYS BANK PLC; CREDIT SUISSE SECURITIES (USA) LLC and GOLDMAN SACHS BANK USA, as co-syndication agents and co-documentation agents, is entered into among Holdings, the Company, the other Borrowers, the Administrative Agent and the Lenders party hereto. Capitalized terms used herein but not defined herein are used as defined in the Credit Agreement.
WITNESSETH:
Whereas, the Company, the other Borrowers, Holdings, the Administrative Agent, the Lenders and other parties thereto are parties to the Credit Agreement, and the parties hereto wish, subject to the terms and conditions set forth herein, to amend the Credit Agreement as herein provided; 
Now, Therefore, in consideration of the foregoing, the mutual covenants and obligations herein set forth and other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, and in reliance upon the representations, warranties and covenants herein contained, the parties hereto, intending to be legally bound, hereby agree as follows:

SECTION 1.    AMENDMENT TO THE CREDIT AGREEMENT.
Effective as of the First Amendment Effective Date (as defined in Section 2 below), the Credit Agreement is hereby amended as follows:
1.1    The definition of “Consolidated Net Income” in Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by (i) deleting the period at the end of clause (xvi) and replacing in lieu thereof a semi-colon and (ii) inserting the following at the end of such definition:
“provided, that for purposes of calculating Consolidated Net Income of the Company, for any full four-fiscal-quarter period, the Company shall, at its option, be entitled to employ one or the other of the “LIFO” or “FIFO” methods of inventory valuation, irrespective of the manner in which it accounts for inventory for other purposes and to adjust its otherwise-reported financial calculations accordingly (it being understood that any valuation adjustment (i) is consistent in all material respects with the methodology used by the Company in the ordinary course of business as of the Closing Date and (ii) results in “FIFO” inventory valuation for purposes of this Agreement).”

SECTION 2.    CONDITIONS PRECEDENT
This Amendment shall become effective as of the date hereof on the date (the “First Amendment Effective Date”) on which each of the following conditions precedent shall have been satisfied:
2.1    Certain Documents.  The Administrative Agent shall have received counterparts of this Amendment, duly executed by each of the Company, each other Borrower and Holdings, the Administrative Agent and the Required Lenders.
2.2    Representations and Warranties.  Each of the representations and warranties contained in Section 3 below shall be true and correct.

SECTION 3.    REPRESENTATIONS AND WARRANTIES
In order to induce the Lenders to consent to the amendment contained herein, each of Holdings, the Company and each other Borrower hereby represents and warrants to the Administrative Agent and each Lender, with respect to all Loan Parties, as follows:
(a)    After giving effect to this Amendment, the Credit Agreement, as amended, does not impair the validity, effectiveness or priority of the Liens granted pursuant to the Security Documents, and such Liens continue unimpaired with the same priority to secure repayment of all ABL Finance Obligations, whether heretofore or hereafter incurred.  The position of the Lenders and the Collateral Agent with respect to such Liens, the Collateral in which a security interest was granted pursuant to the Security Documents and the ability of the Administrative Agent or the Collateral Agent to realize upon such Liens pursuant to the terms of the Security Documents have not been adversely affected in any material respect by the amendment to the Credit Agreement effected pursuant to this Amendment or by the execution, delivery, performance or effectiveness of this Amendment.  
(b)    Each of Holdings, the Company and each other Borrower (i) reaffirms as of the date hereof and the First Amendment Effective Date its covenants and agreements contained in the Credit Agreement and each Security Document and other Loan Document to which it is a party, including, in each case, as such covenants and agreements may be modified by this Amendment on the First Amendment Effective Date and (ii) ratifies and confirms as of the date hereof and the First Amendment Effective Date its respective ABL Credit Obligations under the Credit Agreement and each Security Document and other Loan Document to which it is a party, including, in each case, as such ABL Credit Obligations may be modified by this Amendment on the First Amendment Effective Date.  Each of Holdings, the Company and each other Borrower further confirms that the Credit Agreement, each Security Document and other Loan Document to which it is a party is, and shall continue to be, in full force and effect, and the same are hereby ratified, approved and confirmed in all respects, except as the Credit Agreement may be amended by this Amendment.
(c)    Immediately after giving effect to this Amendment, the representations and warranties set forth in Article IV of the Credit Agreement and each other Loan Document are, in each case, true and correct in all material respects (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date).  
(d)    This Amendment constitutes the legal, valid and binding obligation of each of Holdings, the Company and each other Borrower enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.
(e)    Each of Holdings, the Company and each other Borrower has all requisite corporate power and authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, this Amendment and the Credit Agreement as amended by this Amendment.
(f)    As of the date hereof, Holdings, the Company and the other Borrowers party hereto constitute all of the Persons who are or are required to be Loan Parties under the terms of the Loan Documents.

SECTION 4.    MISCELLANEOUS
4.1    Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.
4.2    Execution in Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section 2. Delivery of an executed counterpart to this Amendment by facsimile transmission (or pdf file or other electronic transmission pursuant to procedures approved by the Administrative Agent) shall be as effective as delivery of a manually signed original. 
4.3    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

4.4    Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF LAWS OF ANOTHER JURISDICTION.
4.5    Fees and Expenses.  The Company agrees to pay all reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution, delivery and enforcement of this Amendment and the other documents and instruments referred to herein or contemplated hereby, including, but not limited to, the fees and disbursements of counsel to the Administrative Agent.
4.6    Loan Document Pursuant to Credit Agreement.  This Amendment is a Loan Document executed pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with all of the terms and provisions of the Credit Agreement (and, following the date hereof, the Credit Agreement, as amended hereby).
4.7    Effects of this Amendment.
(a)    On the First Amendment Effective Date, the Credit Agreement will be automatically amended to reflect the amendment thereto provided for in this Amendment.  Once the First Amendment Effective Date has occurred, all references to the Credit Agreement in any document, instrument, agreement, or writing shall be deemed to refer to the Credit Agreement as amended by this Amendment.
(b)    Noranda Intermediate Holding Corporation acknowledges and agrees that it is currently, and at all times since the Closing Date has been, a Borrower, and fully bound by, and subject to, all of the covenants, terms, obligations (including, without limitation, all payment obligations) and conditions of the Credit Agreement and the other Loan Documents which are applicable to it in its capacity as a Borrower and party to the Credit Agreement, and each of Holdings, the Company and the other Borrowers hereby acknowledges and agrees to the foregoing.
(c)    Other than as specifically provided herein, this Amendment shall not operate as a waiver or amendment of any right, power or privilege of the Administrative Agent or any Lender under the Credit Agreement or any other Loan Document or of any other term or condition of the Credit Agreement or any other Loan Document, nor shall the entering into of this Amendment preclude the Administrative Agent and/or any Lender from refusing to enter into any further waivers or amendments with respect thereto.  This Amendment is not intended by any of the parties hereto to be interpreted as a course of dealing which would in any way impair the rights or remedies of the Administrative Agent or any Lender except as expressly stated herein, and no Lender shall have any obligation to extend credit to the Borrower other than pursuant to the strict terms of the Credit Agreement and the other Loan Documents, as amended or supplemented to date (including by means of this Amendment).
[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers and members thereunto duly authorized, as of the date indicated above.

	
			
	 
	 
	NORANDA ALUMINUM HOLDING CORPORATION

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	 
	 
	NORANDA ALUMINUM ACQUISITION CORPORATION

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	 
	 
	NORANDAL USA, INC.

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	 
	 
	NORANDA ALUMINUM, INC.

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	 
	 
	NORANDA ALUMINA LLC

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	 
	 
	NORANDA INTERMEDIATE HOLDING CORPORATION

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	
			
	 
	 
	NORANDA INTERMEDIATE HOLDINGS II, INC.

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	 
	 
	GRAMERCY ALUMINA HOLDINGS INC.

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	
			
	 
	 
	BANK OF AMERICA, N.A.

	 
	 
	as Administrative Agent and Lender

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	
			
	 
	 
	CITIBANK, N.A.

	 
	 
	as Co-Syndication Agent, Co-Documentation Agent and Lender

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	
			
	 
	 
	UBS SECURITIES LLC

	 
	 
	as Co-Syndication Agent and Co-Documentation Agent

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	
			
	 
	 
	UBS LOAN FINANCE LLC

	 
	 
	as Lender

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	
			
	 
	 
	BARCLAYS BANK PLC

	 
	 
	as Co-Syndication Agent, Co-Documentation Agent and Lender

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	
			
	 
	 
	CREDIT SUISSE SECURITIES (USA) LLC

	 
	 
	as Co-Syndication Agent and Co-Documentation Agent

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	
			
	 
	 
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

	 
	 
	as Lender

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:

	
			
	 
	 
	GOLDMAN SACHS BANK USA

	 
	 
	as Co-Syndication Agent, Co-Documentation Agent and Lender

	 
	 
	By:______________________________________________________

	 
	 
	Name:

	 
	 
	Title:Exhibit 4.8

English Translation

Shares Sale and Purchase Agreement

 

	Seller (Party A):
	Wuxi Seamless Oil Pipes Co., Ltd.
	 

	 
	 
	 

	Purchaser (Party B):
	Mr. Zhou Liming,
	ID No.: 130222196706090032

	 
	 
	 

	Other shareholders (Party C):
	Mr. Wang Ren,
	ID No.: 220303195505023435

	 
	 
	 

	 
	Mr. Ou Xiangli,
	ID No.: 220302195812300635
	 

 

WHEREAS Party A, as one of the shareholders
of Chaoyang Seamless Oil Steel Casting Pipes Co., Ltd. (herein after referred to as "Chaoyang Company"), has made capital contribution
to Chaoyang Company in an aggregate amount of RMB51 million which accounts for 51% stake of the total capital investment of Chaoyang
Company. After joint consultation with respect to the sale of the entire capital contribution to Chaoyang Company by Party A to
Party B, the parties hereby agree as follows:

 

1.

Party A shall sell to Party B, and Party B shall purchase from Party
A, the capital contribution of Party A to Chaoyang Company, as of December 31, 2011 which shall be the cut-off pricing date for
such sale and purchase, in an aggregate amount of RMB51 million for the consideration of RMB1. In determining the aforesaid consideration,
the parties have taken into full consideration all the financial conditions and the ownership interest of Chaoyang Company as of
the cut-off date and shall pay such consideration on the date of this Agreement.

 

2.

After the transfer of shares contemplated under this Agreement comes
into effect, Party B may exercise the relevant rights and shall perform the relevant obligations of shareholder in proportion to
the capital contribution made by Party A to Chaoyang Company.

 

3.

Party C agrees to waive its pre-emptive right and that Party A may
sell and transfer its entire share interest in Chaoyang Company to Party B in accordance with the terms and conditions of this
Agreement.

 

4.

A pledge has been created and now exists over the shares of Party
A contemplated to be sold under this Agreement. Upon signing of this Agreement, Party A shall seek the pledgee of such pledge of
shares for grant of consent without any delay.

 

5.

After this Agreement comes into effect, the parties shall cooperate
to effect any and all the formalities in relation to this transfer of shares, including but not limited to amending the articles
of association of Chaoyang Company, signing any other document when necessary, and filing with the relevant local counterpart of
the State Administration for Industry and Commerce where Chaoyang Company is located.

 

6.

This Agreement shall not come into effect until after the date on
which the pledgee agrees to release the aforesaid pledge over the shares of Party A.

 

7.

Any matter that has not been completely addressed under this Agreement
shall be settled through consultation by the parties. Any supplemental agreement to this Agreement entered into by the parties
shall have the same legal effect as this Agreement.  This Agreement
shall be executed in six counterparts. Party A, Party B and Chaoyang Company shall each hold one counterpart and Party C hold two
(one for each shareholder). The remaining counterpart shall be prepared for the purpose of the filing of share transfer with the
registration authority of Chaoyang Company.

 

	 	 
	Seller (company chop)	Purchaser (signature):    /s/ Zhou Liming                       
	 	 
	Representative:    /s/ Longhua Piao                     	 
	 	 
	                         (affixed with company chop)	 
	 	 
	 	 
	 	 
	Other shareholders (signatures): /s/ Wang Ren,   /s/ Ou Xiangli          

 

 

 

 

Date:January 17, 2012

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