Document:

SECOND AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT

 Exhibit 10.2 
  
 SECOND AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT 
  
 Second Amendment to Revolving Credit and Security Agreement, dated as of the
16th day of July, 2004, by and among IMCO Recycling Inc., a Delaware corporation (“IMCO”), IMCO Investment Company, a Delaware corporation (“IMCO Investment”), IMCO Management Partnership, L.P., a Texas limited partnership
(“IMCO Management”), IMCO Energy Corp., a Delaware corporation (“IMCO Energy”), IMCO Recycling of Indiana Inc., a Delaware corporation (“IMCO Recycling of Indiana”), IMCO Indiana Partnership L.P., an Indiana limited
partnership (“IMCO Indiana LP”), IMCO Recycling of Illinois Inc., an Illinois corporation (“IMCO Recycling of Illinois”), Pittsburg Aluminum, Inc., a Kansas corporation (“Pittsburg Aluminum”), Alchem Aluminum, Inc., a
Delaware corporation (“Alchem”), IMCO Recycling of Michigan L.L.C., a Delaware limited liability company (“IMCO Recycling of Michigan”), IMSAMET, Inc., a Delaware corporation (“IMSAMET”), IMCO Recycling of Idaho Inc., a
Delaware corporation (“IMCO Recycling of Idaho”), Rock Creek Aluminum, Inc., an Ohio corporation (“Rock Creek”), IMCO Recycling of Utah Inc., a Delaware corporation (“IMCO Recycling of Utah”), Alchem Aluminum
Shelbyville Inc., a Delaware corporation (“Alchem Shelbyville”), Interamerican Zinc, Inc., a Delaware corporation (“Interamerican”), U.S. Zinc Corporation, a Delaware corporation (“U.S. Zinc”), Gulf Reduction
Corporation, a Delaware corporation (“Gulf Reduction”), Midwest Zinc Corporation, a Delaware corporation (“Midwest Zinc”), MetalChem, Inc., a Pennsylvania corporation (“MetalChem”), Western Zinc Corporation, a
California corporation (“Western Zinc”), U.S. Zinc Export Corporation, a Texas corporation (“U.S. Zinc Export”), IMCO Recycling of California, Inc., a Delaware corporation (“IMCO Recycling of California”), Indiana
Aluminum Inc., an Indiana corporation (“Indiana Aluminum”), IMCO Recycling of Ohio Inc., a Delaware corporation (“IMCO Recycling of Ohio”), IMCO Recycling Services Company, a Delaware corporation (“IMCO Recycling
Services”), IMCO Operations Services Company, a Delaware corporation (“IMCO Operations Services”) and IMCO International, Inc., a Delaware corporation (“IMCO International”) (IMCO, IMCO Investment, IMCO Management, IMCO
Energy, IMCO Recycling of Indiana, IMCO Indiana LP, IMCO Recycling of Illinois, Pittsburg Aluminum, Alchem, IMCO Recycling of Michigan, IMSAMET, IMCO Recycling of Idaho, Rock Creek, IMCO Recycling of Utah, Alchem Shelbyville, Interamerican, U.S.
Zinc, Gulf Reduction, Midwest Zinc, MetalChem, Western Zinc, U.S. Zinc Export, IMCO Recycling of California, Indiana Aluminum, IMCO Recycling of Ohio, IMCO Recycling Services, IMCO Operations Services and IMCO International are each a
“Borrower”, and collectively the “Borrowers”), the financial institutions which are now or which hereafter become a party hereto (collectively, the “Lenders” and, individually, a “Lender”), PNC Bank, National
Association, as administrative agent, syndication agent and collateral agent for the Lenders (in such capacity, the “Agent”), and JPMorgan Chase Bank, as documentation agent for the Lenders (in such capacity, the “Documentation
Agent”) (the “Second Amendment”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Borrowers, the Lenders, the Agent and the Documentation Agent are parties to that certain Revolving Credit and Security Agreement dated
October 6, 2003, pursuant to which, among other things, the Lenders agreed to extend credit to the Borrowers in 

 an aggregate principal amount not to exceed One Hundred Twenty Million and 00/100 Dollars ($120,000,000.00); and

  
 WHEREAS, such Revolving Credit and Security Agreement was
amended by the terms of that certain First Amendment to Revolving Credit and Security Agreement dated to be effective May 26, 2004, by and among the Borrowers, the Lenders, the Agent and the Documentation Agent (the “First Amendment”) (the
Revolving Credit and Security Agreement, as amended by the terms of the First Amendment, being referred to herein as the “Loan Agreement”); and 
  
 WHEREAS, the Borrowers desire to amend certain provisions of the Loan Agreement and the Lenders and the Agent desire to permit such amendments pursuant to
the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in
consideration of the premises contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 
  
 1. All capitalized terms used herein which are defined in the
Loan Agreement shall have the same meaning herein as in the Loan Agreement unless the context clearly indicates otherwise. 
  
 2. Section 10.11 of the Loan Agreement is hereby deleted in its entirety and in its stead is inserted the following: 
  
 10.11 any change in any Borrower’s condition or affairs
(financial or otherwise) which in Agent’s reasonable opinion has a Material Adverse Effect; provided, however, that this Section 10.11 shall not be applicable and the Agent and the Lenders shall have no rights under this Section 10.11 so
long as (a) the Borrowers’ Undrawn Availability for any period of three (3) consecutive Business Days is not less than Five Million and 00/100 Dollars ($5,000,000.00), and (b) the Borrowers’ daily average Undrawn Availability for any
calendar month is not less than or equal to Ten Million and 00/100 Dollars ($10,000,000.00). 
  
 3. The provisions of Section 2 of this Second Amendment shall not become effective until the Agent has received the following, each in
form and substance acceptable to the Agent: 
  

	 	(a)	this Second Amendment, duly executed by each Borrower and the Required Lenders; and 

  

	 	(b)	such other documents as may be reasonably requested by the Agent. 

  
 4. The Borrowers hereby reconfirm and reaffirm all representations and warranties, agreements and covenants made by and pursuant to the
terms and conditions of 
  

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 the Loan Agreement, except as such representations and warranties, agreements and covenants may have
heretofore been amended, modified or waived in writing in accordance with the Loan Agreement or as set forth in this Second Amendment or the exhibits attached hereto, and except any such representations or warranties made as of a specific date or
time, which shall have been true and correct in all material respects as of such date or time. 
  
 5. The Borrowers acknowledge and agree that each and every document, instrument or agreement which at any time has secured payment of the
Obligations including, but not limited to, (i) the Loan Agreement, (ii) the Guarantor Security Agreement, and (iii) the Blocked Account Agreement, continue to secure prompt payment when due of the Obligations. 
  
 6. The Borrowers hereby represent and warrant to the Lenders
and the Agent that (i) the Borrowers have the legal power and authority to execute and deliver this Second Amendment; (ii) the officers of the Borrowers executing this Second Amendment have been duly authorized to execute and deliver the same and
bind the Borrowers with respect to the provisions hereof; (iii) the execution and delivery hereof by the Borrowers and the performance and observance by the Borrowers of the provisions hereof and of the Loan Agreement and all documents executed or
to be executed therewith, do not violate or conflict with the organizational documents of the Borrowers or any law applicable to the Borrowers or result in a breach of any provision of or constitute a default under any other agreement, instrument or
document binding upon or enforceable against the Borrowers and (iv) this Second Amendment, the Loan Agreement and the documents executed or to be executed by the Borrowers in connection herewith or therewith constitute valid and binding obligations
of the Borrowers in every respect, enforceable in accordance with their respective terms. 
  
 7. The Borrowers represent and warrant that (i) no Event of Default exists under the Loan Agreement, nor will any occur as a result of the
execution and delivery of this Second Amendment or the performance or observance of any provision hereof; (ii) the Schedules attached to and made part of the Loan Agreement are true and correct as of the date hereof in all material respects and
there are no material modifications or supplements thereto, except as attached hereto; and (iii) they presently have no claims or actions of any kind at law or in equity against the Lenders or the Agent arising out of or in any way relating to the
Loan Agreement or the Other Documents. 
  
 8. Each
reference to the Loan Agreement that is made in the Loan Agreement or any other document executed or to be executed in connection therewith shall hereafter be construed as a reference to the Loan Agreement as amended hereby. 
  
 9. Except as amended hereby, all of the terms and conditions
of the Loan Agreement shall remain in full force and effect. This Second Amendment amends the Loan Agreement and is not a novation thereof. 
  
 10. This Second Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts each
of which, when so 
  

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 executed, shall be deemed an original, but all such counterparts shall constitute but one and the same
instrument. 
  
 11. This Second Amendment shall be
governed by, and shall be construed and enforced in accordance with, the Laws of the Commonwealth of Pennsylvania without regard to the conflicts of law principles thereof. The Borrowers hereby consent to the jurisdiction and venue of the Court of
Common Pleas of Allegheny County, Pennsylvania and the United States District Court for the Western District of Pennsylvania with respect to any suit arising out of or mentioning this Second Amendment. 
  
 [INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto, have caused this Second
Amendment to be duly executed by their duly authorized officers on the day and year first above written. 
  

											
	 	 	 	 	BORROWERS:
			
	 ATTEST/WITNESS
	 	 	 	 IMCO RECYCLING INC.

					
	By:	 	 /s/    Jeffrey S. Mecom
	 	 	 	By:	 	 /s/    Paul V.
Dufour        

	 Name:
	 	 Jeffrey S. Mecom
	 	 	 	 Name:
	 	 Paul V. Dufour

	 Title:
	 	 Vice President and Secretary
	 	 	 	 Title:
	 	 Executive Vice President and CEO

			
	 ATTEST/WITNESS
	 	 	 	 IMCO INVESTMENT COMPANY
 IMCO RECYCLING OF INDIANA INC.
 IMCO ENERGY CORP.
 IMCO RECYCLING OF ILLINOIS INC.
 ALCHEM ALUMINUM, INC.
 PITTSBURG ALUMINUM, INC.
 INTERAMERICAN ZINC, INC.
 IMCO RECYCLING OF CALIFORNIA, INC.
 IMCO INTERNATIONAL, INC.
 IMCO RECYCLING OF OHIO INC.
 IMSAMET, INC.
 IMCO RECYCLING OF IDAHO INC.
 IMCO RECYCLING OF UTAH INC.
 ROCK CREEK ALUMINUM, INC.
 U.S. ZINC CORPORATION
 GULF REDUCTION CORPORATION
 MIDWEST ZINC CORPORATION
 METALCHEM, INC.
 U.S. ZINC EXPORT CORPORATION
 ALCHEM ALUMINUM SHELBYVILLE INC.
 INDIANA ALUMINUM INC.
 IMCO OPERATIONS SERVICES COMPANY
 WESTERN ZINC CORPORATION

					
	By:	 	 /s/    Jeffrey S. Mecom
	 	 	 	By:	 	 /s/    Robert R. Holian
        

	 Name:
	 	 Jeffrey S. Mecom
	 	 	 	 Name:
	 	 Robert R. Holian

	 Title:
	 	 Vice President and Secretary
	 	 	 	 Title:
	 	 Vice President of each of the above-

	 	 	 	 	 	 	 	 	 named entities

											
			
	 	 	 	 	 IMCO INDIANA PARTNERSHIP L.P.

				
	 ATTEST/WITNESS
	 	 	 	 By:
	 	 IMCO Energy Corp., its General Partner

						
	By:	 	/s/    Jeffrey S. Mecom        	 	 	 	 	 	By:	 	 /s/    Robert R.
Holian        

	 Name:
	 	 Jeffrey S. Mecom
	 	 	 	 	 	 Name:
	 	 Robert R. Holian

	 Title:
	 	 Vice President and Secretary
	 	 	 	 	 	 Title:
	 	 Vice President

			
	 	 	 	 	 IMCO MANAGEMENT PARTNERSHIP L.P.

				
	 ATTEST/WITNESS
	 	 	 	 By:
	 	 IMCO Recycling Inc., its General Partner

						
	By:	 	/s/    Jeffrey S. Mecom        	 	 	 	 	 	By:	 	 /s/    Paul V. Dufour
        

	 Name:
	 	 Jeffrey S. Mecom
	 	 	 	 	 	 Name:
	 	 Paul V. Dufour

	 Title:
	 	 Vice President and Secretary
	 	 	 	 	 	 Title:
	 	 Executive Vice President and CEO

			
	 	 	 	 	 IMCO RECYCLING OF MICHIGAN L.L.C.

				
	 ATTEST/WITNESS
	 	 	 	 By:
	 	 IMCO Recycling Inc., its Manager

						
	By:	 	/s/    Jeffrey S. Mecom        	 	 	 	 	 	By:	 	 /s/    Paul V. Dufour
        

	 Name:
	 	 Jeffrey S. Mecom
	 	 	 	 	 	 Name:
	 	 Paul V. Dufour

	 Title:
	 	 Vice President and Secretary
	 	 	 	 	 	 Title:
	 	 Executive Vice President and CEO

			
	 	 	 	 	 IMCO RECYCLING SERVICES COMPANY

				
	 ATTEST/WITNESS
	 	 	 	 By:
	 	 Indiana Aluminum Inc., Its Manager

						
	By:	 	/s/    Jeffrey S. Mecom        	 	 	 	 	 	By:	 	 /s/    Robert R.
Holian        

	 Name:
	 	 Jeffrey S. Mecom
	 	 	 	 	 	 Name:
	 	 Robert R. Holian

	 Title:
	 	 Vice President and Secretary
	 	 	 	 	 	 Title:
	 	 Vice President

			
	 	 	 	 	 Agent and Lenders:
  
 PNC Bank, National Association, as Lender and
 as Agent

					
	 	 	 	 	 	 	By:	 	 /s/    Timothy S.
Culver        

	 	 	 	 	 	 	 Name:
	 	 Timothy S. Culver

	 	 	 	 	 	 	 Title:
	 	 Vice President

			
	 JPMorgan Chase Bank, as Lender and as
 Documentation Agent

		
	By:	 	 /s/    Kevin D.
Padgett        

	 Name:
	 	 Kevin D. Padgett

	 Title:
	 	 Vice President

	
	 Fifth Third Bank, as a Lender

		
	By:	 	 /s/    Mike
Ehleat        

	 Name:
	 	 Mike Ehleat

	 Title:
	 	 Vice President

	
	 HSBC Business Credit (USA) Inc., as a Lender

		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	 LaSalle Business Credit, LLC, as a Lender

		
	By:	 	 /s/    John
Mostofi        

	 Name:
	 	 John Mostofi

	 Title:
	 	 Senior Vice President

	
	 Webster Business Credit Corporation, as a Lender

		
	By:	 	 /s/    Alan F.
McKay        

	 Name:
	 	 Alan F. McKay

	 Title:
	 	 Vice PresidentLetter Agreement

 Exhibit 10.1 
  
 EXECUTION COPY 
  
 As of July 15, 2004 
  
 CDC Mortgage Capital Inc. 
 9 West 57th Street, 36th Floor 
 New York, New York 10019

  

					
	 Attention:
	  	Mr. Raymond Sullivan
			
	 	  	Re:	  	Second Amended and Restated Master Repurchase Agreement, dated as of June 23, 2003, as amended (the “Repurchase Agreement”), among CDC Mortgage Capital Inc.
(“Buyer”) and New Century Mortgage Corporation and NC Capital Corporation (each, a “Seller”)

  
 Ladies and Gentlemen: 
  
 In general, the Termination
Date under the Repurchase Agreement is June 23, 2004 unless otherwise extended pursuant to Section 3(m) of the Repurchase Agreement and pursuant to Waiver and Amendment No. 5 to the Repurchase Agreement (“Amendment No. 5”), certain
covenants under the Repurchase Agreement were waived for the period ending on May 15, 2004. Seller and Buyer have entered into an extension letter, dated as of June 18, 2004, whereby the Termination Date has been extended until the close of business
on July 7, 2004 and certain waivers of the covenants until the close of business on July 7, 2004. In addition, Seller and Buyer have entered into an extension letter, dated as of July 1, 2004, whereby the Termination Date has been extended until the
close of business on July 21, 2004 and certain waivers of the covenants until the close of business on July 21, 2004. At the present time, the Seller has again requested that the Buyer extend the Termination Date and such waivers. 
  
 In consideration of the mutual agreements hereinafter set forth, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer hereby agree as follows: 
  

	1.	Pursuant to Section 3(m) of the Repurchase Agreement, Buyer hereby extends the Termination Date until the close of business on July 30, 2004. 

  

	2.	Each of the parties hereto agrees that the provisions of Amendment No. 5, as amended by the extensions of waiver, are hereby amended by deleting the date July 21, 2004 in each place
that it appears in Amendment No. 5 and substituting therefor the date July 30, 2004. 

  

	3.	Except as described herein, all of the terms of the Repurchase Agreement are hereby ratified and confirmed in all respects. 

	4.	All capitalized terms used herein and not defined herein shall have the respective meanings ascribed to them in the Repurchase Agreement. 

  

	5.	In the event that any provision of this agreement conflicts with any provision of the Repurchase Agreement or the Custodial and Disbursement Agreement, the terms of this agreement
shall control. 

  

	6.	This agreement shall not be assigned by the Seller without the prior written consent of the Buyer, which consent shall be in Buyer’s sole discretion. 

 

	7.	This agreement may be executed in any number of counterparts, each of which shall constitute an original agreement, and all of which together shall constitute one and the same
instrument, and either party hereto may execute this agreement by signing any such counterpart. 

  

	8.	This agreement shall be governed and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles. 

 
 [SIGNATURE PAGE FOLLOWS] 
  

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 Please indicate your acceptance and agreement by signing below where indicated and returning an
originally executed copy of this agreement to Seller. 
  

			
	 Very truly yours,

	
	 NEW CENTURY MORTGAGE CORPORATION

		
	 By:
	 	 /s/ KEVIN CLOYD

	 Name:
	 	 Kevin Cloyd

	 Title:
	 	 Executive Vice President

	
	 NC CAPITAL CORPORATION

		
	 By:
	 	 /s/ KEVIN CLOYD

	 Name:
	 	 Kevin Cloyd

	 Title:
	 	 President

  
 Accepted and Agreed: 
  

			
	 CDC MORTGAGE CAPITAL INC.

		
	 By:
	 	 /s/ F. RENÉ MENDEZ

	 Name:
	 	 F. René Mendez

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/ WILLIAM BRANAGH

	 Name:
	 	 William Branagh

	 Title:
	 	 Managing Director

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