Document:

Exhibit

FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED
REVOLVING CREDIT AND TERM LOAN AGREEMENT

THIS FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT (this “Amendment”), is made and entered into as of November 14, 2018, by and among Fox Factory Holding Corp., a Delaware corporation (“FFH”), Fox Factory, Inc., a California Corporation (“FF”), and ST USA Holding Corp., a Delaware corporation (“ST USA” and together with FFH and FF, each a “Borrower” and, collectively, the “Borrowers”), the other Loan Parties party hereto, the several banks and other financial institutions party hereto (collectively, the “Lenders”) constituting the “Required Lenders” under the Credit Agreement (as defined below) and SUNTRUST BANK, in its capacity as Administrative Agent for the Lenders (the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to a certain Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of May 11, 2016, as amended by that certain First Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement dated as of August 11, 2016, that certain Second Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement dated as of June 12, 2017 and that certain Third Amendment to Second Amended and Restated Revolving Credit and Term Loan Agreement dated as of November 30, 2017 (as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement), pursuant to which the Lenders have made certain financial accommodations available to the Borrowers; 
WHEREAS, the Borrowers have informed the Lenders and the Administrative Agent that the Borrowers may cause the transfer of the equity interests of Fox Factory GmbH, a company organized under the laws of Germany (“FF GmbH”), RFE Holding (Canada) Corp., a company organized under the laws of British Columbia and Fox Factory Switzerland GmbH, a company organized under the laws of Switzerland from FF to Fox Factory UK Limited (collectively, the “Corporate Reorganization”);
WHEREAS, the Borrowers have requested that the Lenders and the Administrative Agent consent to the Corporate Reorganization and amend certain provisions of the Credit Agreement, and subject to the terms and conditions hereof, the Lenders are willing to do so; 
NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of all of which are acknowledged, the Borrowers, the Lenders and the Administrative Agent agree as follows:

1.Amendments.  

(a)    Section 1.1 of the Credit Agreement, “Definitions”, is hereby amended by replacing sub-clause (ii)(L) of the defined term “Consolidated EBITDA” in its entirety with the following:

(L) non-recurring legal expenses and other non-recurring charges, provided that the amount attributable to this section (L), exclusive of any amounts attributable to (A) through (K) hereof, shall not exceed $10,000,000 in any four quarter period. 

(b)    Section 1.1 of the Credit Agreement, “Definitions”, is hereby further amended by inserting the following new defined terms in correct alphabetical order:

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

“Screen Rate” shall mean the rate specified in clause (i) of the definition of Adjusted LIBO Rate.

(c)    Section 1.3 of the Credit Agreement “Accounting Terms and Determination”, is hereby amended by inserting the following language at the end of such Section:

For the avoidance of doubt, any “capitalized lease obligation” as a result of the adoption of ASC 842 shall be excluded from Indebtedness for purposes of this Agreement so long as any such lease creating such “capitalized lease obligation” would not have been capitalized under GAAP as in effect on the Closing Date.

(d)    Section 2.12 of the Credit Agreement “Mandatory Prepayments”, is hereby amended by inserting the following language at the end of the seventh clause of subsection (c) of such Section:

; provided, however, notwithstanding anything to the contrary contained in clauses “fourth” and “sixth” above, any such prepayments made by the Borrowers with the proceeds from any sale and leaseback transaction shall be applied to the principal balance of the Revolving Loans prior to being applied to the principal balance of the Term Loans, such application of proceeds (other than with respect to the principal balance of the Term Loans and Revolving Loans) to otherwise be on the terms and conditions set forth in this subsection (c).

(e)    Section 2.16 of the Credit Agreement “Inability to Determine Interest Rates”, is hereby amended by replacing such Section in its entirety with the following:

Section 2.16.    Inability to Determine Interest Rates.  

(a)     If, prior to the commencement of any Interest Period for any Eurodollar Borrowing:

(i)the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrowers) that, by reason of circumstances affecting the relevant interbank market, ad-equate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate (including, without limitation, because the Screen Rate is not available or published on a current basis) for such Interest Period, or 

(ii)the Administrative Agent shall have received notice from the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making, funding or maintaining their Eurodollar Loans for such Interest Period, then the Administrative Agent shall give written notice thereof (or telephonic notice, promptly confirmed in writing) to the Borrower Representative and to the Lenders as soon as practicable thereafter.  Until the Administrative Agent shall notify the Borrower Representative and the Lenders that the circumstances giv-ing rise to such notice no longer exist, (i) the obligations of the Lenders to make Eurodollar Revolving Loans or to continue or convert outstanding Loans as or into Eurodollar Loans shall be suspended and (ii) all such affected Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto unless the Borrowers prepay such Loans in accordance with this Agreement. Unless the Borrower Representative notifies the Administrative Agent at least one (1) Business Day before the date of any Eurodollar Borrowing for which a Notice of Revolving Borrowing or a Notice of Continuation/Conversion has previously been given that it elects not to borrow, continue or convert to a Eurodollar Borrowing on such date, then such Revolving Borrowing shall be made as, continued as or converted into a Base Rate Borrowing.

(b)     If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause (a)(i) above have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) above have not arisen but the supervisor for the administrator of the Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the Screen Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrowers shall endeavor to establish an alternate rate of interest to the Screen Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Margin).  Notwithstanding anything to the contrary in Section 10.2, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause (ii) of the first sentence of this Section 2.16(b), only to the extent the Screen Rate for the applicable currency and/or such Interest Period is not available or published at such time on a current basis), (x) any Notice of Conversion/Continuation that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (y) if any Notice of Revolving Borrowing or Notice of Swingline Borrowing requests a Eurodollar Borrowing, such Borrowing shall be made as a Base Rate Borrowing; provided, that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

(f)    Section 7.1 of the Credit Agreement, “Indebtedness and Preferred Equity”, is hereby amended by (i) deleting the “and” directly following the “;” in clause (q) of such Section, (ii) replacing the “.” at the end of clause (r) of such Section with “; and” and (iii) inserting the following new clause (s):

(s) (i) Capital Lease Obligations and Synthetic Lease Obligations entered into by the Borrowers or any of their Subsidiaries in connection with sale and leaseback transactions and/or (ii) other secured Indebtedness in order to finance the construction of any fixed or capital assets in connection with real estate development (provided that such Indebtedness is incurred prior to or within 180 days after the completion of such construction), in an aggregate amount not to exceed $100,000,000 at any time outstanding; provided, that in the case of sale and leaseback transactions that result in an operating lease, the Borrowers shall have delivered to the Administrative Agent a pro forma Compliance Certificate signed by a Responsible Officer certifying that, before and after giving effect to such sale and leaseback transaction, the Borrowers are in pro forma compliance with each of the covenants set forth in Article VI.

(g)    Section 7.6 of the Credit Agreement, “Sale of Assets”, is hereby amended by (i) deleting the “and” directly following the “;” in clause (g) of such Section, (ii) replacing the “.” at the end of clause (h) of such Section with “; and” and (iii) inserting the following new clause (i):

(i)    the sale or other disposition of assets in connection with a sale and leaseback transaction related to the construction or acquisition of any fixed or capital assets in connection with real estate development, or the financing of any such construction or acquisition, so long as such sale and leaseback transaction is permitted under Section 7.1(s).

(h)    Section 7.9 of the Credit Agreement, “Sale and Leaseback Transactions”, is hereby amended by replacing such Section its entirety with the following:

Section 7.9.    [Reserved]. 

(i)    Section 10.14 of the Credit Agreement, “Patriot Act”, is hereby amended by replacing such Section in its entirety with the following:

Section 10.14.       Patriot Act.  The Administrative Agent and each Lender hereby notifies the Loan Parties that, (a) pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify such Loan Party in accordance with the Patriot Act, and (b) pursuant to the Beneficial Ownership Regulation, it is required to obtain a Beneficial Ownership Certificate.

2.Consent; Release of Pledge. 
    
(a)    Subject to the terms and conditions of this Amendment, the Administrative Agent and the Required Lenders hereby consent to (i) the Corporate Reorganization, notwithstanding Sections 7.3 and 7.4 of the Credit Agreement and (ii) the cash investment in the amount of $2,000,000 made, directly or indirectly, by FF to FF GmbH  (the “German Investment”), notwithstanding Section 7.4 of the Credit Agreement, in each case so long as (x) each transaction contemplated in the Corporate Reorganization and the German Investment is completed on or before December 31, 2019 and (y) no Default or Event of Default shall have occurred and be continuing immediately before or after giving effect to any transaction contemplated by the Corporate Reorganization or the German Investment.

(b)    Solely in connection with the Corporate Organization and subject to the terms and conditions of this Amendment, the Administrative Agent hereby expressly declares to grant, automatically and immediately upon the consummation of each transaction contemplated by the Corporate Reorganization and the effectiveness of this Amendment, an express, unconditional, full and irrevocable release of the Pledged Securities (as defined in the Guaranty and Security Agreement) set forth on Schedule I attached hereto. 

3.Conditions to Effectiveness of this Amendment. Notwithstanding any other provision of this Amendment and without affecting in any manner the rights of the Lenders hereunder, it is understood and agreed that this Amendment shall not become effective, and the Borrowers shall have no rights under this Amendment, until the Administrative Agent shall have received (i) reimbursement or payment of its reasonable costs and expenses incurred in connection with this Amendment or the Credit Agreement (including reasonable fees, charges and disbursements of King & Spalding LLP, counsel to the Administrative Agent), and (ii) executed counterparts to this Amendment from the Borrowers, each of the Guarantors and the Required Lenders.
 
4.Representations and Warranties.  To induce the Lenders and the Administrative Agent to enter into this Amendment, each Loan Party hereby represents and warrants to the Lenders and the Administrative Agent: 

(a)    Each Borrower and each of their Subsidiaries (i) is duly organized, validly existing and in good standing as a corporation, partnership, limited liability company or other organization under the laws of the jurisdiction of its organization, (ii) -has all requisite power and authority to carry on its business as now conducted, and (iii) is duly qualified to do business, and is in good standing, in each jurisdiction where such qualification is required, except where a failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect;

(b)    The execution, delivery and performance by each Loan Party of this Amendment are within such Loan Party’s organizational powers and have been duly authorized by all necessary organizational, and if required, shareholder, partner or member action; 

(c)    The execution, delivery and performance by the Loan Parties of this Amendment (i) do not require any consent or approval of, registration or filing with, or any action by, any Governmental Authority, except those as have been obtained or made and are in full force and effect and except for filings necessary to perfect or maintain perfection of the Liens created under the Loan Documents, (ii) will not violate any Requirement of Law applicable to any Borrower or any of their Subsidiaries or any judgment, order or ruling of any Governmental Authority, (iii) will not violate or result in a default under any Contractual Obligation of any Borrower or any of their Subsidiaries or any of their assets or give rise to a right thereunder to require any payment to be made by any Borrower or any of their Subsidiaries and (iv) will not result in the creation or imposition of any Lien on any asset of any Borrower or any of their Subsidiaries, except Liens (if any) created under the Loan Documents, except in the case of clauses (ii) and (iii) those the failure of which could not reasonably be expected to have a Material Adverse Effect;

(d)    This Amendment has been duly executed and delivered by each Loan Party and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against it in accordance with its terms except as the enforceability hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally and by general principles of equity; and

(e)    After giving effect to this Amendment, the representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects, and no Default or Event of Default has occurred and is continuing as of the date hereof.

5.Reaffirmations and Acknowledgments.  

(a)    Reaffirmation of Guaranty.  Each Guarantor consents to the execution and delivery by the Borrowers of this Amendment and jointly and severally ratifies and confirms the terms of the Guaranty and Security Agreement with respect to the indebtedness now or hereafter outstanding under the Credit Agreement as amended hereby and all promissory notes issued thereunder. Each Guarantor acknowledges that, notwithstanding anything to the contrary contained herein or in any other document evidencing any indebtedness of the Borrowers to the Lenders or any other obligation of the Borrowers, or any actions now or hereafter taken by the Lenders with respect to any obligation of the Borrowers, the Guaranty and Security Agreement (i) is and shall continue to be a primary obligation of the Guarantors, (ii) is and shall continue to be an absolute, unconditional, joint and several, continuing and irrevocable guaranty of payment, and (iii) is and shall continue to be in full force and effect in accordance with its terms.  Nothing contained herein to the contrary shall release, discharge, modify, change or affect the original liability of the Guarantors under the Guaranty and Security Agreement.  

(b)    Acknowledgment of Perfection of Security Interest. Each Loan Party hereby acknowledges that, as of the date hereof, the security interests and liens granted to the Administrative Agent and the Lenders under the Credit Agreement and the other Loan Documents are in full force and effect, are properly perfected and are enforceable in accordance with the terms of the Credit Agreement and the other Loan Documents.

6.Effect of Amendment.  Except as set forth expressly herein, all terms of the Credit Agreement, as amended hereby, and the other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Borrowers to the Lenders and the Administrative Agent.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders under the Credit Agreement, nor constitute a waiver of or a consent to any provision of the Credit Agreement. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement.

7.Governing Law.   This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York and all applicable federal laws of the United States of America.

8.No Novation.  This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement or an accord and satisfaction in regard thereto.

9.Costs and Expenses.  The Borrowers agree to pay on demand all costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of outside counsel for the Administrative Agent with respect thereto.

10.Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form shall be as effective as delivery of a manually executed counterpart hereof.

11.Binding Nature.  This Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns.

12.Entire Understanding.  This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed, under seal in the case of the Borrowers and the Guarantors, by their respective authorized officers as of the day and year first above written.

BORROWERS:

FOX FACTORY HOLDING CORP.

                            
By:   /s/ Zvi Glasman            
Name: Zvi Glasman
Title: Chief Financial Officer

FOX FACTORY, INC.

                            
By:   /s/ Zvi Glasman            
Name: Zvi Glasman
Title: Chief Financial Officer

                            
ST USA HOLDING CORP.

                            
By:   /s/ Mark Meldrum            
Name: Mark Meldrum
Title: President

                    
GUARANTOR:

RFE Holding (US) Corp. 

                            
By:   /s/ Zvi Glasman            
Name: Zvi Glasman
Title: Chief Financial Officer

FF US HOLDING LLC 

                            
By:   /s/ Zvi Glasman            
Name: Zvi Glasman
Title: Chief Financial Officer

FF US ACQUISITION CORP. 

                            
By:   /s/ Zvi Glasman            
Name: Zvi Glasman
Title: Chief Financial Officer

FF US HOLDING CORP. 

                        
By:   /s/ Zvi Glasman            
Name: Zvi Glasman
Title: Chief Financial Officer

LENDERS:

SUNTRUST BANK, individually and as Administrative Agent
By:   /s/ Christian Sumulong        
Name: Christian Sumulong
Title: Vice President

FIFTH THIRD, AN OHIO BANKING CORPORATION, as a Lender

By:   /s/ Michael Kratofil        
Name: Michael Kratofil
Title: Vice President

BANK OF AMERICA, N.A., as a Lender

By:   /s/ Jeremy Fernandez                            
Name: Jeremy Fernandez
Title: Vice President

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By:   /s/ Chris Zinn                
Name: Chris Zinn
Title: Senior Vice President

HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender

By:   /s/ Vanessa Printz                                
Name: Vanessa Printz
Title: Senior Vice President

Schedule I

	
					
	Owner
	Issuer
	Class of Stock
	No. of Shares
	Certificate No.

	Fox Factory, Inc.
	Fox Factory Switzerland GmbH
	common
	65
	Nr. 1

	Fox Factory, Inc.
	Fox Factory GmbH
	n/a
	16,250
	n/a

	Fox Factory, Inc.
	RFE Holding (Canada) Corp.
	common
	650,000
	2gsm_Ex4_1

		

			 

		

		
			Exhibit 4.1
		

		
			SECOND AMENDMENT
		

		
			TO
		

		
			CREDIT AGREEMENT
		

		
			THIS SECOND AMENDMENT TO CREDIT AGREEMENT (“this Second Amendment”) is made and entered into as of the 22nd day of February, 2019, by and among:
		

		
			(i)        FERROGLOBE PLC, a public limited company organized under the laws of England and Wales with a registered address at 5 Fleet Place, London EC4M 7RD, United Kingdom and registered number 09425113 (the “Borrower”);
		

		
			(ii)        the LENDERS SIGNATORIES hereto (each a “Lender” and, collectively, the “Lenders”); and
		

		
			(iii)      PNC BANK, NATIONAL ASSOCIATION, a national banking association, in its capacity as administrative agent (in such capacity, the “Administrative Agent”).
		

		
			Recitals:
		

		
			A.         The Borrower, the guarantors party thereto, the Administrative Agent, the Lenders, and certain other parties are the parties to that certain Credit Agreement dated as of February 27, 2018 (as amended by the First Amendment to Credit Agreement, dated as of October 31, 2018, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement.
		

		
			B.         The Borrower has requested that the aggregate amount of the Revolving Credit Commitments be reduced from $250,000,000 to $200,000,000.
		

		
			C.         The Borrower, for itself and on behalf of the other Loan Parties, has requested that the Administrative Agent, with the consent of the Required Lenders and on behalf of the Lenders, agree to amend certain other provisions of the Credit Agreement.
		

		
			D.         Subject to the terms and conditions of this Second Amendment, the Lenders have agreed to grant such requests.
		

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			Agreements:
		

		
			NOW, THEREFORE, in consideration of the foregoing Recitals and of the mutual agreements hereinafter set forth, the parties hereby agree as follows:
		

		
			1.         Amendments to the Credit Agreement.  Subject to the terms, conditions and limitations of this Second Amendment, including, without limitation, Section 2, below, the Credit Agreement is hereby amended as follows:
		

		
			(A)       The following sentence is hereby added to the end of the definition of “Collateral Document” in Section 1.1 [Certain Definitions] of the Credit Agreement:
		

		
			Notwithstanding anything to the contrary in the immediately preceding sentence, each Free-Cash Hypothecation Agreement shall be deemed to be a “Collateral Document” for all purposes under this Agreement and the other Loan Documents.
		

		
			(B)       The following new defined terms and definitions thereof are hereby added to Section 1.1 [Certain Definitions] of the Credit Agreement in the appropriate alphabetical order:
		

		
			Cash-Only Liquidity shall mean, at any time, the Dollar Equivalent aggregate amount of Free Cash that at such time is credited to all Controlled Accounts.  With respect to a Controlled Account that is a Deposit Account, only collected funds credited thereto shall be included in Cash-Only Liquidity; and with respect to Free Cash in a Controlled Account that is a Securities Account, the amount thereof on any date shall be the Dollar Equivalent fair market value (as determined in good faith by the Borrower) of Permitted Investments credited thereto as of such date, if such date is the last day of a fiscal month of the Borrower or, if not, the fiscal month most recently ended.
		

		
			Controlled Account shall mean a Deposit Account or Securities Account (or, as to each such term, an equivalent account otherwise named under the applicable Laws of a jurisdiction other than the United States) owned by a Loan Party or a Specified Cash Pledgor that is (a) subject to a perfected Lien in favor of the Administrative Agent (including Deposit Accounts or Securities Accounts in England which are subject to a floating charge) securing the Obligations pursuant to, as applicable, (i) with respect to a Loan Party, the Security Agreement to which such Loan Party is a party and (ii) with respect to a Specified Cash Pledgor, a Free-Cash Hypothecation Agreement and (b) free and clear of all other Liens (other than any Lien of the type set forth in clause (c)(ii) of the definition of “Permitted Liens”); provided that, for a period of ninety (90) days following the Second Amendment Effective Date, or such later date approved in writing by the Administrative Agent in its sole discretion that is not more than ten (10) Business Days after such 90th day (such 90-day period, as it may so be extended by the Administrative Agent, the “Account Grace Period”), 
		

		
			
		

		
			

		 

		

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			each Deposit Account listed on Schedule 1.1(C) (each a “Liquidity Account”) shall be deemed to be a Controlled Account notwithstanding that the requirements of clauses (a) and (b) above have not been satisfied with respect thereto; and provided,  further, that if the requirements of clauses (a) and (b) above have not been satisfied with respect any such Liquidity Account on or before the last day of the Account Grace Period, then, effective at the opening of business of the immediately following Business Day, such Liquidity Account shall cease to be a Controlled Account and the property credited thereto shall cease to be included in the computation of Cash-Only Liquidity, in each case unless and until the requirements of clauses (a) and (b) above have been satisfied with respect to such Liquidity Account.
		

		
			Free-Cash Hypothecation Agreement shall mean, collectively, a pledge and security agreement and related filings and other perfection documents, in each case in form and substance reasonably satisfactory to the Administrative Agent (which shall include such representations, warranties, covenants and events of default as the Administrative Agent may reasonably determine), pursuant to which a Specified Cash Pledgor grants to the Administrative Agent a perfected Lien in its Liquidity Accounts and all Cash and investment property (as defined in the US Security Agreement or equivalent property otherwise named under the applicable Laws of a jurisdiction other than the United States) credited thereto and proceeds thereof; provided that, if the Laws of the jurisdiction that governs any such pledge and security agreement require, as a condition to the efficacy of the grant of a Lien thereunder, that the Specified Cash Pledgor party thereto have its own independent obligation to be secured thereby, such pledge and security agreement shall include a guaranty of the Obligations by such Specified Cash Pledgor, the Administrative Agent’s recourse under which shall, however, be limited to the property encumbered thereby.
		

		
			Interim Net Secured Leverage Ratio shall mean, as of any date of determination, the ratio of (a) an amount equal to (i) Consolidated Secured Indebtedness on such date (but excluding obligations of the type described in clause (d) of the definition of Indebtedness, unless such obligations are due and payable on such date), plus (ii) the Securitization Amount on such date, and minus (iii) Free Cash on such date to (b) Consolidated EBITDA for the four fiscal quarter period then ending (or if such date is not a fiscal quarter-end, most recently ended for which financial statements are available).
		

		
			Liquidity Account shall have the meaning specified in the definition of the defined term “Controlled Account” and shall include, if applicable, other Deposit Accounts and Securities Accounts of a Specified Cash Pledgor that is specified by the Borrower and approved in writing by the Administrative Agent for inclusion in the computation of Cash-Only Liquidity.
		

		
			Second Amendment Effective Date shall mean the “Second Amendment Effective Date” as defined in that certain Second Amendment to Credit Agreement, dated as of February 22, 2019, among the Borrower, the Lenders party thereto and the Administrative Agent for itself and on behalf of the Lenders.
		

		
			Securities Account shall mean a “securities account” as defined in Article 9 of the UCC.
		

		
			

		 

		

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			Specified Cash Pledgor shall mean, as of the Second Amendment Effective Date, each of QSIP Canada ULC, an unlimited liability company organized and existing under the laws of Quebec, Silicon Smelters (Pty) Limited, a corporation organized and existing under the laws of South Africa, and FerroAtlantica del Cinca S.L., a limited liability company organized and existing under the laws of Spain, and each other Subsidiary that, with the written consent of the Administrative Agent, thereafter becomes the grantor under a Free-Cash Hypothecation Agreement.
		

		
			(C)       Clause (e) of Section 7.2 [Each Loan or Letter of Credit] of the Credit Agreement is hereby amended and restated in its entirety to provide as follows:
		

		
			(e)        if at such time the aggregate of the Revolving Credit Commitments exceeds $200,000,000, with respect to the making of any Loans or the issuance of any Letter of Credit when the Revolving Facility Usage is in excess of $200,000,000, or with respect to the making of any Loans or the issuance of any Letter of Credit that, after giving effect thereto, would cause the Revolving Facility Usage to exceed $200,000,000, the Borrower shall have certified that (i) the condition under Section 4.01(b)(i)(B) of the 2022 Indenture (or equivalent provision in any refinancing thereof) is met with respect to the Revolving Facility Usage, as it would be increased by such proposed Loans or Letter of Credit or (ii) that such condition contained in the 2022 Indenture, or any refinancing thereof, is no longer in effect; and
		

		
			(D)       Clause (iii) of subsection (h) of Section 8.2.5 [Restricted Payments] of the Credit Agreement is hereby amended and restated in its entirety to provide as follows:
		

		
			(iii)       after giving pro forma effect to such Restricted Payment, the Net Secured Leverage Ratio does not exceed 2.00 to 1.00, and
		

		
			(E)       Section 8.2.12 [Reserved] of the Credit Agreement is hereby amended and restated in its entirety to provide as follows:
		

		
			8.2.12  Interim Additional Financial Covenants.
		

		
			(a)        Minimum Cash-Only Liquidity.  The Loan Parties shall not at any time during the period commencing on the Second Amendment Effective Date through and including March 31, 2020 permit Cash-Only Liquidity to be less than the greater of (a) $150,000,000 and (b) the Revolving Facility Usage at such time.
		

		
			(b)        Maximum Interim Net Secured Leverage Ratio.  The Loan Parties shall not permit the Interim Net Secured Leverage Ratio, as of the end of any fiscal quarter ending on or after March 31, 2019 through and including the fiscal quarter ending March 31, 2020, to exceed 2.75 to 1.00.
		

		
			(F)        Section 8.2.16 [Maximum Net Total Leverage Ratio] of the Credit Agreement is
		

		
			
		

		
			

		 

		

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			hereby amended and restated in its entirety to provide as follows:
		

		
			8.2.16  Maximum Net Total Leverage Ratio.  The Loan Parties shall not permit the Net Total Leverage Ratio to exceed (a) as of the end of any fiscal quarter ending on or after December 31, 2017 through and including the fiscal quarter ending December 31, 2018, 3.50 to 1.00 and (b) as of the end of any fiscal quarter ending on or after June 30, 2020, 3.00 to 1.00.
		

		
			(G)       Section 9.1.3 [Reserved] of the Credit Agreement is hereby amended and restated in its entirety to provide as follows:
		

		
			9.1.3    Default under Free-Cash Hypothecation Agreement.  An “Event of Default” (or equivalent term in a language other than English) shall occur under and pursuant to any Free-Cash Hypothecation Agreement;
		

		
			(H)       The following sentence is hereby added to the end of Section 10.10 [Authorization to Release Collateral and Guarantors] of the Credit Agreement:
		

		
			Without limiting the generality of the foregoing provisions of this Section 10.10, so long as no Potential Default or Event of Default shall then exist, the Lenders hereby authorize and instruct the Administrative Agent, at the expense of the Borrower, to release and terminate each of the Free-Cash Hypothecation Agreements (including related filings, if any) promptly following the Borrower’s delivery of the financial statements and Compliance Certificate required by, respectively, Section 8.1.1 [Quarterly Financial Statements] and Section 8.1.3 [Certificates of the Borrower] for its fiscal quarter ending March 31, 2020.
		

		
			(I)        Part 1 of Schedule 1.1(B) of the Credit Agreement [Commitments of Lenders and Addresses for Notices] is hereby amended, restated and replaced by the Amended and Restated Part 1 to Schedule 1.1(B) attached as Annex I hereto; and any references in the Credit Agreement or other Loan Documents to Revolving Credit Commitments in an aggregate principal amount of $250,000,000 shall be deemed modified to an aggregate principal amount of $200,000,000.
		

		
			(J)        The schedule in the form of Annex II hereto is hereby added to the Credit Agreement as a new Schedule 1.1(C) [Liquidity Accounts] thereof.
		

		
			2.         Second Amendment Effective Date; Conditions Precedent; Certifications.
		

		
			(A)       Conditions Precedent.  The amendments provided for in Section 1, above, shall not be effective unless and until the Borrower has satisfied all of the following conditions precedent (the date
		

		
			
		

		
			

		 

		

			5

		

 

		

			 

		

		

		
			on which such effectiveness occurs being the “Second Amendment Effective Date”):
		

		
			(i)         The Borrower, on behalf of the Loan Parties, the Required Lenders and the Administrative Agent, on behalf of the Lenders, shall have executed and delivered this Second Amendment;
		

		
			(ii)        The Administrative Agent shall have received a certificate of the Borrower signed by an Authorized Officer, dated the Second Amendment Effective Date stating that (a) the representations and warranties of the Loan Parties contained in the Credit Agreement are true and correct in all material respects as though made on and as of such date, unless expressly made as of a prior date (in which case such representations and warranties shall have been true and correct in all material respects as of such prior date); provided that any representation and warranty that is qualified as to materiality, “Material Adverse Change” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects as of such respective dates; (b) no event or condition has occurred and is continuing that constitutes an Event of Default or Potential Default; and (c) since the Closing Date, no Material Adverse Change has occurred;
		

		
			(iii)      The Administrative Agent shall have received a certificate dated the Second Amendment Effective Date and signed by the Secretary or an Assistant Secretary (or, in each case, equivalent officer otherwise named) of the Borrower, certifying as appropriate as to: (a) all action taken by the Borrower in connection with this Second Amendment (including copies of signed resolutions to the extent customary under local Law); (b) the names of the Authorized Officers authorized to sign this Second Amendment and their true signatures; and (c) copies of the Borrower’s organizational documents as in effect on the Second Amendment Effective Date certified by the appropriate public official of the jurisdiction where the Borrower is organized (or a certification by such Secretary or Assistant Secretary that such organizational documents previously delivered to the
		

		
			
		

		
			

		 

		

			6

		

 

		

			 

		

		

		
			Administrative Agent pursuant to the Credit Agreement  on the Closing Date remain in full force and effect without any amendment or modification), together with certificates from the appropriate public officials as to the continued existence and good standing (or equivalent term otherwise named, where applicable or customary in the relevant jurisdiction) of the Borrower in each jurisdiction where the Borrower is organized or qualified to do business;
		

		
			(iv)       The Borrower shall have executed and delivered to the Administrative Agent, for delivery to the Lenders, amended and restated Notes reflecting the decreased Commitments provided for hereby;
		

		
			(v)        The Borrower shall have paid to the Administrative Agent, in immediately available funds, for the ratable benefit of each Lender that executes and delivers this Second Amendment to the Administrative Agent on or before the date and time specified therefor by the Administrative Agent, an amendment fee in an amount, as to each such Lender, equal to one-fourth percent (0.25%) of such Lender’s Revolving Credit Commitment (after giving effect to the reduction thereof effected by this Second Amendment);
		

		
			(vi)       Each Guarantor shall have executed and delivered the Confirmation of Guaranty in the form of Annex III attached hereto; and
		

		
			(vii)      All legal matters incident to this Second Amendment and the consummation of the transactions contemplated hereby shall be reasonably satisfactory to Squire Patton Boggs (US) LLP, Cleveland, Ohio, special counsel to the Administrative Agent (the “Special Counsel”).
		

		
			(B)       Effectiveness.  Upon the satisfaction of the foregoing conditions and the effectiveness of this Second Amendment, the Administrative Agent shall advise the Borrower and the Lenders of the date on which the Second Amendment Effective Date occurs.  Notwithstanding the foregoing, if the Second Amendment Effective Date has not occurred on or before March 8, 2019, this Second 
		

		
			
		

		
			

		 

		

			7

		

 

		

			 

		

		

		
			Amendment shall not become effective and shall be deemed of no further force and effect.
		

		
			3.         No Other Modifications.  Except as expressly provided in this Second Amendment, all of the terms and conditions of the Credit Agreement and the other Loan Documents remain unchanged and in full force and effect.
		

		
			4.         Confirmation of Obligations.  The Borrower hereby confirms that the Borrower is indebted to the Lenders for the outstanding Loans and Letter of Credit Obligations, and that the Borrower and each Guarantor are also obligated to the Lenders in respect of other Obligations as set forth in the Credit Agreement and the other Loan Documents to which each is a party.  The Borrower further acknowledges and agrees that as of the date hereof, to its knowledge after due inquiry, it has no claim, defense or set-off right against any Lender, the Administrative Agent, or any Issuing Lender of any nature whatsoever, whether sounding in tort, contract or otherwise, and has no claim, defense or set-off of any nature whatsoever to the enforcement by any Lender, the Administrative Agent, or any Issuing Lender of the full amount of the Loans and other Obligations of the Loan Parties under the Credit Agreement and the other Loan Documents.
		

		
			5.         Administrative Agent’s Expense.  The Borrower agrees to reimburse the Administrative Agent promptly for its reasonable invoiced out-of-pocket costs and expenses incurred in connection with this Second Amendment and the transactions contemplated hereby, including, without limitation, the reasonable fees and expenses of the Special Counsel.
		

		
			6.         Governing Law; Binding Effect.
		

		
			(A)      This Second Amendment shall be deemed to be a contract under the Laws of the State of New York without regard to its conflict of laws principles.
		

		
			(B)      The provisions of this Second Amendment shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns permitted by the Credit Agreement.
		

		
			
		

		
			

		 

		

			8

		

 

		

			 

		

		

		
			7.         Counterparts.  This Second Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Second Amendment, or any certificate delivered hereunder, by telecopy or e‐mail shall be effective as delivery of a manually executed counterpart of this Second Amendment.  Upon request of the Administrative Agent, any party delivering by facsimile or email transmission a counterpart executed by it shall promptly thereafter also deliver a manually signed counterpart of this Second Amendment.
		

		
			8.         Miscellaneous.
		

		
			(A)       Upon the effectiveness of this Second Amendment, this Second Amendment shall be a Loan Document.
		

		
			(B)       The provisions of this Second Amendment are intended to be severable.  If any provision of this Second Amendment shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.
		

		
			(C)       Section headings herein are included for convenience and shall not affect the interpretation of this Second Amendment.
		

		
			9.         Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECOND AMENDMENT OR 
		

		
			
		

		
			

		 

		

			9

		

 

		

			 

		

		

		
			ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, ADMINISTRATIVE AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SECOND AMENDMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
		

		
			[No additional provisions are on this page; the page next following is a signature page.]
		

		
			 
		

		
			 
		

		
			

		 

		

			10

		

 

		

			 

		

		

		
			IN WITNESS WHEREOF, the Borrower (for itself and on behalf of the other Loan Parties) and, pursuant to the written consent of the Required Lenders evidenced by their execution and delivery hereof, the Administrative Agent (for itself and on behalf of all Lenders as provided in Section 11.1 [Modifications, Amendments or Waivers] of the Credit Agreement) have hereunto set their hands as of the date first above written.
		

		
			 
		

			
					
						dr

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BORROWER

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						FERROGLOBE PLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pedro Larrea Paguaga

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Pedro Larrea Paguaga

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						CEO

				

		
			 
		

		
			
		

		

		 

		

			[Ferroglobe Second Amendment Signature Page]

		

 

		

			 

		

	
					
						

					
						 

					
					
						ADMINISTRATIVE AGENT, ISSUING LENDERS AND LENDERS

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PNC BANK, NATIONAL ASSOCIATION, as
Administrative Agent, Spanish Security Agent, UK Security 

				
	
					
						 

					
					
						Trustee, Issuing Lender, Swing Loan Lender and a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Mahir J. Desai

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Mahir J. Desai

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CITIZENS BANK, N.A. (Successor by Merger to
CITIZENS BANK OF PENNSYLVANIA), as Issuing 

				
	
					
						 

					
					
						Lender for Existing Letters of Credit and a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ A. Paul Dawley

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						A. Paul Dawley

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BMO HARRIS BANK N.A., as a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Joshua Hovermale

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Joshua Hovermale

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

		
			
		

		

		 

		

			[Ferroglobe Second Amendment Signature Page]

		

 

		

			 

		

	
					
						

					
						 

					
					
						CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Timothy Ramijanc

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Timothy Ramijanc

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Duly Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CAIXABANK, S.A., as a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Enrique Antón and Lucía Fondo 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Enrique Antón and Lucía Fondo 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Corporate and Institutional Banking - Caixabank

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						GOLDMAN SACHS LENDING PARTNERS LLC, as a
Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jamie Minieri

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Jamie Minieri

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			 
		

		
			

		 

		

			[Ferroglobe Second Amendment Signature Page]

		

 

		

			 

		

		

		
			Annex I
		

		
			SCHEDULE 1.1(B)
		

		
			COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
		

		
			Amended and Restated Part 1 - Commitments of Lenders and Addresses for Notices to Lenders
		

			
					
						Lender

					
					
						Amount of Commitment
for Revolving Credit Loans

					
					
						Ratable Share

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Name:  PNC Bank, National Association
Address: 300 Fifth Avenue, 10th Floor
Pittsburgh, PA 15222
Attention:  Mahir J. Desai
Telephone:  (412)762-4866
Telecopy:  (412) 705-3232

					
					
						$59,200,000.00

					
					
						29.600%

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Name:  Citizens Bank, N.A. (Successor by Merger to Citizens Bank of Pennsylvania)
Address:525 William Penn Place, PW 2625
Pittsburgh, PA  15219
Attention: Laura Ferraz
Telephone:  (412) 867-4519
Telecopy:  (855) 457-1554

					
					
						$52,000,000.00

					
					
						26.000%

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Name: BMO Harris Bank N.A.
Address:  115 South LaSalle Street, 25th Floor 
Chicago, IL  60603
Attention:  Patrick Hartweger
Telephone:  (312) 461-8379
Telecopy:  (312) 293-4327

					
					
						$52,000,000.00

					
					
						26.000%

				

		
			 
		

		
			
		

		

		 

		

			 

		

 

		

			 

		

	
					
						

					
						Name:  Capital One, National Association
Address:  299 Park Avenue, 23rd Floor
New York, NY  10171
Attention:  Michael Sullivan
Telephone:  (646) 836-5456
Telecopy:  (__) ___-______

					
					
						$20,000,000.00

					
					
						10.000%

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Name: CaixaBank, S.A.
Address:  Av. Diagonal 615, pl. 5
08028 Barcelona, Spain
Attention:  Syndicated Loans Department
Telephone:  34- 93-404-41-39
Telecopy:  34-93-404-64-66

					
					
						$16,000,000.00

					
					
						8.000%

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Name:  Goldman Sachs Lending Partners LLC
Address: 200 West Street, New York, NY 10282-2198
Attention: Eduardo Acosta______________
Telephone:  (972) 368-0273
Telecopy:  (__) ___-______

					
					
						$  800,000.00

					
					
						0.400%

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Total

					
					
						$200,000,000.00

					
					
						100.000%

				

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			Annex II
		

		
			SCHEDULE 1.1(C)
		

		
			LIQUIDITY ACCOUNTS
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Holder

					
					
						Holder Jurisdiction

					
					
						Bank

					
					
						Account Number

				
	
					
						QSIP Canada ULC

					
					
						Canada

					
					
						Bank of America, N.A., Canada Branch

					
					
						50230200

				
	
					
						QSIP Canada ULC

					
					
						Canada

					
					
						Bank of America, N.A., Canada Branch

					
					
						50230804

				
	
					
						QSIP Canada ULC

					
					
						Canada

					
					
						Bank of America, N.A., Canada Branch

					
					
						50230101

				
	
					
						Silicon Smelters (Pty) Limited

					
					
						South Africa

					
					
						Investec Bank Limited

					
					
						1300201936502

				
	
					
						Silicon Smelters (Pty) Limited

					
					
						South Africa

					
					
						Investec Bank Limited

					
					
						1300201936501

				
	
					
						Silicon Smelters (Pty) Limited

					
					
						South Africa

					
					
						Standard Bank of South Africa

					
					
						0000030106761

				
	
					
						Silicon Smelters (Pty) Limited

					
					
						South Africa

					
					
						Standard Bank of South Africa

					
					
						00000000090369742

				
	
					
						Silicon Smelters (Pty) Limited

					
					
						South Africa

					
					
						Standard Bank of South Africa

					
					
						00000000090369750

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Abanca

					
					
						ES9501318801912722004716 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						BBVA

					
					
						ES3501823994030010063373 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Bankia

					
					
						ES3820380654302000004128 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Bankia

					
					
						ES5420380654376000079021 

				

		
			
		

		

		 

		

			 

		

 

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Bankinter

					
					
						ES1601289444180100053395 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Bankinter

					
					
						ES4701289444110140000981 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Bankinter

					
					
						ES8701289444100100123416 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Banque National du Paris

					
					
						ES6401490101140250935020 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Banque National du Paris

					
					
						ES7201490101130250935022 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Caixabank

					
					
						ES0200000000000000000000 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Caixabank

					
					
						ES0221002931970200307110

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Caixabank

					
					
						ES1921002931957200342748 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Caixabank

					
					
						ES9321002931940200548313 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Banco de Santander

					
					
						ES4200301518020001387271 

				
	
					
						FerroAtlantica del Cinca S.L.

					
					
						Spain

					
					
						Banco de Santander

					
					
						ES4600301518020200063278 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			Annex III
		

		
			Confirmation of Guarantors
		

		
			Each of the undersigned Guarantors hereby acknowledges receipt of the terms of the Second Amendment to Credit Agreement of even date herewith among Ferroglobe PLC, the lenders party thereto and PNC Bank, National Association, as the administrative agent (the “Second Amendment”). Each of the undersigned Guarantors hereby confirms that, notwithstanding the effectiveness of the Second Amendment, the Guaranty Agreement remains the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms.
		

		
			[Signature Page Follows]
		

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			IN WITNESS WHEREOF, the Guarantors have hereunto set their hands as of the __ day of February 2019.
		

			
					
						 

					
					
						GUARANTORS

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						GLOBE SPECIALTY METALS, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Paul Lojek

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Paul Lojek

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						GRUPO FERROATLÁNTICA S.A.U

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Oscar Robles Alvarez

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Oscar Robles Alvarez

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Deputy CFO

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						FERROATLÁNTICA S.A.U.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Oscar Robles Alvarez

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Oscar Robles Alvarez

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Deputy CFO

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FERROPEM, S.A.S.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pedro Larrea Paguaga

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Pedro Larrea Paguaga

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						President

				

		
			
		

		

		 

		

			 

		

 

		

			 

		

	
					
						

					
						 

					
					
						ALABAMA SAND AND GRAVEL, INC., a Delaware corporation

				
	
					
						 

					
					
						GLOBE METALLURGICAL INC., a Delaware corporation

				
	
					
						 

					
					
						ALDEN RESOURCES LLC, a Delaware limited liability company

				
	
					
						 

					
					
						ARL RESOURCES, LLC, a Delaware limited liability company

				
	
					
						 

					
					
						ARL SERVICES, LLC, a Delaware limited liability company

				
	
					
						 

					
					
						ALDEN SALES CORP, LLC, a Delaware limited liability company

				
	
					
						 

					
					
						CORE METALS GROUP HOLDINGS LLC, a Delaware limited liability company

				
	
					
						 

					
					
						CORE METALS GROUP LLC, a Delaware limited liability company

				
	
					
						 

					
					
						METALLURGICAL PROCESS MATERIALS, LLC, a Delaware limited liability company

				
	
					
						 

					
					
						TENNESSEE ALLOYS COMPANY, LLC, a Delaware limited liability company

				
	
					
						 

					
					
						GSM SALES, INC., a Delaware corporation

				
	
					
						 

					
					
						NORCHEM, INC., a Florida corporation

				
	
					
						 

					
					
						GATLIFF SERVICES, LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Brian D’Amico

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Brian D’Amico

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Vice President Secretary

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