Document:

exv4w12

Exhibit 4.12

Amendment and Restatement Deed

 

Each company listed in Schedule 1

Each company listed in Schedule 2

Each financial institution listed in Schedule 3

Sims Group Global Trade Corporation

Level 36, Grosvenor Place

225 George Street

Sydney NSW 2000

Australia

T 61 2 9258 6000

F 61 2 9258 6999

Reference

PAJ JWPM PRA 02 2018 0405

©Blake Dawson 2010

 

 

Contents

	 	 	 	 	 

	1. INTERPRETATION
	 	 	1	 
	 
	 	 	 	 
	1.1 Definitions
	 	 	1	 
	1.2 Terms defined in the Facility Agreement
	 	 	1	 
	1.3 Rules for interpreting this document
	 	 	2	 
	1.4 Transaction Document
	 	 	2	 
	 
	 	 	 	 
	2. CONSIDERATION
	 	 	2	 
	 
	 	 	 	 
	3. AMENDMENTS
	 	 	2	 
	 
	 	 	 	 
	3.1 Amendment to Facility Agreement
	 	 	2	 
	3.2 Effect of amendment
	 	 	2	 
	3.3 Confirmation by the New Borrower
	 	 	2	 
	 
	 	 	 	 
	4. EFFECTIVE DATE
	 	 	3	 
	 
	 	 	 	 
	5. EXISTING GUARANTORS’ ACKNOWLEDGMENT AND AGREEMENT
	 	 	4	 
	 
	 	 	 	 
	6. REPRESENTATIONS AND WARRANTIES
	 	 	4	 
	 
	 	 	 	 
	6.1 Representations and warranties
	 	 	4	 
	6.2 Reliance on representations and warranties
	 	 	4	 
	 
	 	 	 	 
	7. GENERAL
	 	 	4	 
	 
	 	 	 	 
	7.1 Governing law
	 	 	4	 
	7.2 Liability for expenses
	 	 	5	 
	7.3 Giving effect to this document
	 	 	5	 
	7.4 Waiver of rights
	 	 	5	 
	7.5 Operation of this document
	 	 	5	 
	7.6 Exclusion of contrary legislation
	 	 	6	 
	7.7 Amendment
	 	 	6	 
	7.8 Counterparts
	 	 	6	 
	7.9 Attorneys
	 	 	6	 
	 
	 	 	 	 
	Schedule
	 	 	 	 
	 
	 	 	 	 
	1 EXISTING BORROWERS
	 	 	7	 
	 
	 	 	 	 
	2 EXISTING GUARANTORS
	 	 	10	 
	 
	 	 	 	 
	3 EXISTING FINANCIERS
	 	 	18	 
	 
	 	 	 	 
	4 AMENDED AND RESTATED FORM OF FACILITY AGREEMENT
	 	 	19	 
	 
	 	 	 	 
	5 PRO-FORMA FEE LETTER
	 	 	20	 

Amendment and Restatement Deed     i

 

Amendment and Restatement Deed

DATE 7 October 2010

PARTIES

	 	 	Each company listed in Schedule 1 (each an Existing Borrower and together the Existing
Borrowers)

	 	 	Each company listed in Schedule 2 (each an Existing Guarantor and together the Existing
Guarantors)

	 	 	Each financial institution listed in Schedule 3 (each an Existing Financier and together
the Existing Financiers)

	 	 	Sims Group Global Trade Corporation (the New Borrower)

RECITALS

	A.	 	Under the Facility Agreement, the Existing Financiers have granted certain cash advance,
trade finance and hedging facilities to one or more Borrowers (as the case may be) and the
Existing Guarantors have jointly and severally guaranteed the punctual payment and
satisfaction of the Amount Owing by the Existing Borrowers to the Existing Financiers.
	 
	B.	 	At the request of Sims Metal Management Limited (ABN 69 114 838 630), the New Borrower has
agreed to accede to the Facility Agreement as a Borrower and a US Trade Borrower (in respect
of a new Trade Facility to be provided to it by HSBC (UK)).
	 
	C.	 	Accordingly, the parties wish to amend and restate the Facility Agreement in the manner set
out in this document.

OPERATIVE PROVISIONS

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	The following definitions apply in this document.
	 
	 	 	Companies means the New Borrower, the Existing Borrowers and the Existing Guarantors and
Company means any of them, as the context may require.
	 
	 	 	Effective Date has the meaning set out in clause 4.
	 
	 	 	Facility Agreement means the “Multi Option Facility Agreement” of that title dated 3
December 2003 between, amongst others, the Existing Borrowers, the Existing Guarantors and
the Existing Financiers, as amended and restated on 6 December 2005, 26 June 2008, 2
November 2009 and 12 May 2010.
	 
	1.2	 	Terms defined in the Facility Agreement
	 
	 	 	A term (other than a term defined in clause 1.1) that is defined in the Facility Agreement
(as amended and restated by this document) has the same meaning in this document.

Amendment and Restatement Deed     1

 

	1.3	 	Rules for interpreting this document
	 
	 	 	Clauses 1.2 to 1.4 (inclusive) of the Facility Agreement apply to this document as if they
were set out in full in this document, except that any reference to “this Agreement”, “the
Transaction Documents” or “a Transaction Document” is replaced by a reference to “this
document”.
	 
	1.4	 	Transaction Document
	 
	 	 	This document is a “Transaction Document” for the purposes of the Facility Agreement.
	 
	2.	 	CONSIDERATION
	 
	 	 	Each party acknowledges that it has received valuable consideration for entering into this
document.
	 
	3.	 	AMENDMENTS
	 
	3.1	 	Amendment to Facility Agreement

	 	(a)	 	The Facility Agreement is amended and restated with effect on and from the
Effective Date to read as set out in Schedule 4.
	 
	 	(b)	 	Paragraph (a) does not affect any right or obligation of any party that
arises before the Effective Date.

	3.2	 	Effect of amendment

	 	(a)	 	Except as expressly amended by this document, the Facility Agreement is
confirmed and remains in full force and effect.
	 
	 	(b)	 	With effect on and from the Effective Date:

	 	(i)	 	the Facility Agreement and this document will be read and
construed as one document; and
	 
	 	(ii)	 	references in the Facility Agreement to this Agreement will
be read and construed as references to the Facility Agreement as amended by
this document.

	3.3	 	Confirmation by the New Borrower
	 
	 	 	The New Borrower confirms that:

	 	(a)	 	it has received a copy of the Transaction Documents, together with all other
documents and information which it requires in connection with the transactions
contemplated by the Transaction Documents; and
	 
	 	(b)	 	it has not relied and will not rely on any other party to the Facility
Agreement to check or enquire on its behalf into the legality, validity,
effectiveness, adequacy or completeness of any of those documents or that information
described in paragraph (a).

Amendment and Restatement Deed     2

 

	4.	 	EFFECTIVE DATE
	 
	 	 	The Effective Date is the date on which HSBC (Australia) has received the following
documents and information, in form and substance satisfactory to it:

	 	(a)	 	in respect of the New Borrower only, a condition precedent certificate
substantially in the form of Annexure E of the Facility Agreement attaching:

	 	(i)	 	a copy of the constitutional documents of the New Borrower;
	 
	 	(ii)	 	a copy of a resolution of the board or, if applicable, a
committee of the board of directors or, if applicable, a resolution of the
shareholders of the New Borrower:

	 	(A)	 	approving the terms of, and the transactions
contemplated by, this document and resolving that it execute, deliver
and perform this document;
	 
	 	(B)	 	authorising a specified person or persons to
execute this document on its behalf;
	 
	 	(C)	 	appointing Authorised Officers for the
purposes of the Transaction Documents; and
	 
	 	(D)	 	acknowledging that each Transaction Document
to which it is a party will benefit the New Borrower; and

	 	(iii)	 	copies of the true and usual signatures of the Authorised
Officers of the New Borrower authorised to:

	 	(A)	 	sign this document and each other relevant
Transaction Document; and
	 
	 	(B)	 	give notices and other communications under
or in connection with this document and those Transaction Documents;

	 	(b)	 	in respect of each Company other than the New Borrower, a copy of a
resolution of the board or, if applicable, a committee of the board of directors or,
if applicable, a resolution of the shareholders of that Company:

	 	(i)	 	approving the terms of, and the transactions contemplated by,
this document and resolving that it execute, deliver and perform this
document; and
	 
	 	(ii)	 	authorising a specified person or persons to execute this
document on its behalf;

	 	(c)	 	four original counterparts of this document duly executed by each Existing
Borrower, each Existing Guarantor and the New Borrower;
	 
	 	(d)	 	an original counterpart of a fee letter in substantially the form of the fee
letter set out in Schedule 5, duly executed by the Parent; and
	 
	 	(e)	 	the following legal opinions, each addressed to, and in form and substance
satisfactory to, the Financiers and capable of being relied upon by any person who
becomes a Financier pursuant to the Facility Agreement:

Amendment and Restatement Deed     3

 

	 	(i)	 	a legal opinion from Baker and McKenzie LLP, legal advisers
to the Companies as to United States law, as to, amongst other matters, the
due execution of this document by the New Borrower; and
	 
	 	(ii)	 	a legal opinion from Blake Dawson, legal advisers to the
Financiers as to New South Wales law, as to the enforceability of this
document.

	5.	 	EXISTING GUARANTORS’ ACKNOWLEDGMENT AND AGREEMENT
	 
	 	 	Each Existing Guarantor unconditionally and irrevocably:

	 	(a)	 	consents and agrees to the amendments to the Facility Agreement contemplated
by this document, and to the other Existing Guarantors and the New Borrower entering
into this document;
	 
	 	(b)	 	ratifies and confirms its execution of each Transaction Document to which it
is a party; and
	 
	 	(c)	 	acknowledges and agrees that:

	 	(i)	 	its obligations under each Transaction Document to which it
is a party are not discharged, released or terminated in any way by the
parties to this document entering into this document or by the Facility
Agreement being amended and restated in the manner contemplated by this
document; and
	 
	 	(ii)	 	each Transaction Document to which it is a party remains in
full force and effect and continues to be binding notwithstanding the parties
to this document entering into this deed or the Facility Agreement being
amended and restated in the manner contemplated by this document.

	6.	 	REPRESENTATIONS AND WARRANTIES
	 
	6.1	 	Representations and warranties
	 
	 	 	Each Obligor:

	 	(a)	 	repeats or, in the case of the New Borrower, makes, the representations and
warranties given by it in clause 11.1 of the Facility Agreement on the date of this
document with references to the facts and circumstances then subsisting; and
	 
	 	(b)	 	represents and warrants that no Event of Default has occurred and that no
event has occurred which, with the giving of notice, the passage of time, any
determination of materiality or the fulfilment of any other condition, would be likely
to become and Event of Default, and, in each case, which is subsisting.

	6.2	 	Reliance on representations and warranties
	 
	 	 	Each party acknowledges that the Financiers have executed this document and agreed to take
part in the transactions that it contemplates in reliance on the representations and
warranties that are made or repeated in this clause 6.
	 
	7.	 	GENERAL
	 
	7.1	 	Governing law

	 	(a)	 	This document is governed by the laws of the State of New South Wales.

Amendment and Restatement Deed     4

 

	 	(b)	 	Each Company submits to the non–exclusive jurisdiction of the courts of the
State of New South Wales, and of any court that may hear appeals from any of those
courts, for any proceedings in connection with this document.
	 
	 	(c)	 	Each Company irrevocably waives:

	 	(i)	 	any objection to the venue of any proceedings on the ground
that they have been brought in an inconvenient forum; and
	 
	 	(ii)	 	any immunity from set off, suits, proceedings and execution
to which it or any of its property may now or in the future be entitled under
any applicable law.

	 	(d)	 	Each Company agrees that a document required to be served in proceedings in
connection with this document may be served:

	 	(i)	 	by being delivered to or left at its address for service of
notices under the Facility Agreement; or
	 
	 	(ii)	 	in any other way permitted by law.

	7.2	 	Liability for expenses
	 
	 	 	The Companies must pay to or reimburse each Financier on demand for all reasonable costs
and expenses (including external legal costs) incurred or payable by the Financier for the
negotiation, preparation, execution, completion, stamping and registration of this document
and any document required under this document.
	 
	7.3	 	Giving effect to this document
	 
	 	 	Each party must do anything (including execute any document), and must ensure that its
employees and agents do anything (including execute any document), that the other party may
reasonably require to give full effect to this document.
	 
	7.4	 	Waiver of rights
	 
	 	 	A right may only be waived in writing, signed by the party giving the waiver, and:

	 	(a)	 	no other conduct of a party (including a failure to exercise, or delay in
exercising, the right) operates as a waiver of the right or otherwise prevents the
exercise of the right;
	 
	 	(b)	 	a waiver of a right on one or more occasions does not operate as a waiver of
that right or as an estoppel precluding enforcement of that right if it arises again;
and
	 
	 	(c)	 	the exercise of a right does not prevent any further exercise of that right
or of any other right.

	7.5	 	Operation of this document

	 	(a)	 	Any right that a person may have under this document is in addition to, and
does not replace or limit, any other right that the person may have.
	 
	 	(b)	 	Any provision of this document which is unenforceable or partly unenforceable
is, where possible, to be severed to the extent necessary to make this document
enforceable, unless this would materially change the intended effect of this document.

Amendment and Restatement Deed     5

 

	7.6	 	Exclusion of contrary legislation
	 
	 	 	Any legislation that adversely affects an obligation of a party, or the exercise by a party
of a right or remedy, under or relating to this document is excluded to the full extent
permitted by law.
	 
	7.7	 	Amendment
	 
	 	 	This document can only be amended or replaced by another document signed by the parties.
	 
	7.8	 	Counterparts
	 
	 	 	This document may be executed in counterparts.
	 
	7.9	 	Attorneys
	 
	 	 	Each person who executes this document on behalf of a party under a power of attorney
declares that he or she is not aware of any fact or circumstance that might affect his or
her authority to do so under that power of attorney.

Amendment and Restatement Deed     6

 

Schedule 1

EXISTING BORROWERS

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Australian Borrowers
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group
Australia Holdings
Limited

	 	ABN 37 008 634 526 
	 	‘Sir Joseph Banks
Corporate Park’ Suite
3 Level 2
32 Lord Street
Botany NSW 2019
	 	ACT, Australia
	 
	 	 	 	 	 	 
	Sims Metal
Management Limited

	 	ABN 69 114 838 630 
	 	‘Sir Joseph Banks
Corporate Park’ Suite
3 Level 2
	 	VIC, Australia
	 

	 	 	 	32 Lord Street	 	 
	 

	 	 	 	Botany NSW 2019	 	 
	 
	 	 	 	 	 	 
	UK Borrowers
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group UK
Holdings Limited

	 	2904307 
	 	Long Marston

Stratford-Upon-Avon

Warwickshire CV37 8AQ
	 	United Kingdom
	 
	 	 	 	 	 	 
	Sims Group UK
Limited

	 	3242331 
	 	Long Marston

Stratford-Upon-Avon

Warwickshire CV37 8AQ
	 	United Kingdom
	 
	 	 	 	 	 	 
	Mirec BV

	 	N/A
	 	Hastelweg 251, 5652CV,

Eindhoven, The

Netherlands
	 	The Netherlands
	 
	 	 	 	 	 	 
	US Borrowers
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group USA
Corporation

	 	N/A
	 	c/o Corporation Service

Company
	 	Delaware, USA
	 

	 	 	 	2711 Centerville Road	 	 
	 

	 	 	 	Suite 400, Wilmington,	 	 
	 

	 	 	 	Delaware 19808	 	 
	 
	 	 	 	 	 	 
	Metal Dynamics 

Detroit LLC

	 	N/A
	 	c/o Corporation Service

Company
	 	Delaware, USA
	 

	 	 	 	2711 Centerville Road	 	 
	 

	 	 	 	Suite 400, Wilmington,	 	 
	 

	 	 	 	Delaware 19808	 	 

Amendment and Restatement Deed     7

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Metal Management
Alabama, Inc.

	 	N/A
	 	c/o Corporation Service

Company
	 	Delaware, USA
	 

	 	 	 	2711 Centerville Road	 	 
	 

	 	 	 	Suite 400, Wilmington,	 	 
	 

	 	 	 	Delaware 19808	 	 
	 
	 	 	 	 	 	 
	Metal Management
Arizona, L.L.C.

	 	N/A
	 	c/o CT Corporation

System
	 	Arizona, USA
	 

	 	 	 	2394 East Camelback Road	 	 
	 

	 	 	 	Phoenix, AZ 85016	 	 
	 
	 	 	 	 	 	 
	Metal Management
Connecticut, Inc.

	 	N/A
	 	c/o Corporation Service

Company
	 	Delaware, USA
	 

	 	 	 	2711 Centerville Road	 	 
	 

	 	 	 	Suite 400, Wilmington,	 	 
	 

	 	 	 	Delaware 19808	 	 
	 
	 	 	 	 	 	 
	Metal Management
Memphis, L.L.C.

	 	N/A
	 	c/o Corporation Service

Company
	 	Tennessee, USA
	 

	 	 	 	2908 Poston Avenue	 	 
	 

	 	 	 	Nashville, TN 37203	 	 
	 
	 	 	 	 	 	 
	Metal Management
Midwest, Inc.

	 	N/A
	 	c/o Illinois

Corporation Service

Company
	 	Illinois, USA
	 

	 	 	 	801 Adlai Stevenson

Drive	 	 
	 

	 	 	 	Springfield, IL 62703	 	 
	 
	 	 	 	 	 	 
	Metal Management
Mississippi, Inc.

	 	N/A
	 	c/o Corporation Service

Company
	 	Delaware, USA
	 

	 	 	 	2711 Centerville Road	 	 
	 

	 	 	 	Suite 400, Wilmington,	 	 
	 

	 	 	 	Delaware 19808	 	 
	 
	 	 	 	 	 	 
	Metal Management
Northeast, Inc.

	 	N/A
	 	c/o Corporation Service

Company
	 	New Jersey, USA
	 

	 	 	 	830 Bear Tavern Road	 	 
	 

	 	 	 	West Trenton, NJ 08628	 	 
	 
	 	 	 	 	 	 
	Metal Management
Ohio, Inc.

	 	N/A
	 	c/o CSC-Lawyers

Incorporating Service

(Corporation Service

Company)
	 	Ohio, USA
	 

	 	 	 	50 W. Broad St
Suite 1800	 	 
	 

	 	 	 	Columbus, OH 43215	 	 

Amendment and Restatement Deed     8

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Metal Management
West, Inc.

	 	N/A
	 	c/o Corporation Service

Company
	 	Colorado, USA
	 

	 	 	 	1560 Broadway, Suite	 	 
	 

	 	 	 	2090, Denver, CO 80202	 	 
	 
	 	 	 	 	 	 
	Metal Management,
Inc.

	 	N/A
	 	c/o Corporation Service

Company
	 	Delaware, USA
	 

	 	 	 	2711 Centerville Road	 	 
	 

	 	 	 	Suite 400, Wilmington,	 	 
	 

	 	 	 	Delaware 19808	 	 
	 
	 	 	 	 	 	 
	Proler Southwest LP

	 	N/A
	 	c/o Corporation Service

Company d/b/a

CSC-Lawyers

Incorporating Service

Company
	 	Texas, USA
	 

	 	 	 	211 E. 7th Street	 	 
	 

	 	 	 	Suite 620	 	 
	 

	 	 	 	Austin, TX 78701	 	 
	 
	 	 	 	 	 	 
	HK Trade Borrower
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Metal Management Asia

	 	30512 
	 	5407-8, 54th Floor,
	 	Hong Kong
	Limited (formerly known as

	 	 	 	Hopewell Centre, 183	 	 
	Sims Asia Holdings Limited)

	 	 	 	Queen’s Road East,	 	 
	 

	 	 	 	Wanchai, Hong Kong	 	 
	 
	 	 	 	 	 	 
	German Borrowers
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group German Holdings GmbH

	 	N/A
	 	Rathenaustrasse 10,

59191 Bergkamen,

Germany
	 	Germany
	 
	 	 	 	 	 	 
	Sims M+R GmbH

	 	N/A
	 	Rathenaustrasse 10,

59191 Bergkamen,

Germany
	 	Germany

Amendment and Restatement Deed     9

 

Schedule 2

EXISTING GUARANTORS

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Australia
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Energy Pty Limited

	 	ABN 42 009 667 752
	 	‘Sir Joseph Banks
	 	QLD, Australia
	 

	 	 	 	Corporate Park’
Suite 3 Level 2	 	 
	 

	 	 	 	32 Lord Street	 	 
	 

	 	 	 	Botany NSW 2019	 	 
	 
	 	 	 	 	 	 
	Sims Group Australia 

Holdings Limited

	 	ABN 37 008 634 526
	 	‘Sir Joseph Banks
Corporate Park’
	 	ACT, Australia
	 

	 	 	 	Suite 3 Level 2
32 Lord Street	 	 
	 

	 	 	 	Botany NSW 2019	 	 
	 
	 	 	 	 	 	 
	Sims Metal Management
Limited

	 	ABN 69 114 838 630
	 	‘Sir Joseph Banks
Corporate Park’
Suite 3 Level 2
32 Lord Street
	 	NSW, Australia
	 

	 	 	 	Botany NSW 2019	 	 
	 
	 	 	 	 	 	 
	Sims Industrial Pty Limited

	 	ABN 95 000 090 479
	 	‘Sir Joseph Banks
	 	NSW, Australia
	 

	 	 	 	Corporate Park’
Suite 3 Level 2	 	 
	 

	 	 	 	32 Lord Street	 	 
	 

	 	 	 	Botany NSW 2019	 	 
	 
	 	 	 	 	 	 
	Sims Manufacturing Pty
Limited

	 	ABN 13 004 332 870
	 	‘Sir Joseph Banks
Corporate Park’
	 	NSW, Australia
	 

	 	 	 	Suite 3 Level 2
32 Lord Street	 	 
	 

	 	 	 	Botany NSW 2019	 	 
	 
	 	 	 	 	 	 
	Simsmetal Holdings Pty. Ltd.

	 	ABN 97 000 021 563
	 	‘Sir Joseph Banks
	 	NSW, Australia
	 

	 	 	 	Corporate Park’
Suite 3 Level 2	 	 
	 

	 	 	 	32 Lord Street	 	 
	 

	 	 	 	Botany NSW 2019	 	 
	 
	 	 	 	 	 	 
	Simsmetal Services Pty.
Limited

	 	ABN 76 000 166 987
	 	‘Sir Joseph Banks
Corporate Park’
	 	NSW, Australia
	 

	 	 	 	Suite 3 Level 2
32 Lord Street	 	 
	 

	 	 	 	Botany NSW 2019	 	 

Amendment and Restatement Deed     10

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	United Kingdom
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group UK Holdings 

Limited

	 	2904307 
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37 8AQ
	 	United Kingdom
	 
	 	 	 	 	 	 
	Sims Group UK Limited

	 	3242331 
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37 8AQ
	 	United Kingdom
	 
	 	 	 	 	 	 
	The Netherlands
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Mirec BV

	 	N/A
	 	Hastelweg 251,

5652CV, Eindhoven,

The Netherlands
	 	The Netherlands
	 
	 	 	 	 	 	 
	New Zealand
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Simsmetal Industries Limited

	 	3597 
	 	James Fletcher Drive

Otahuhu, Auckland,

New Zealand
	 	New Zealand
	 
	 	 	 	 	 	 
	Sweden
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Recycling Solutions AB

	 	N/A
	 	Karosserigatan 6 641

51 Katrineholm

Sweden
	 	Sweden
	 
	 	 	 	 	 	 
	Germany
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group German Holdings
GmbH

	 	N/A
	 	Rathenaustrasse 10,

59191 Bergkamen,

Germany
	 	Germany
	 
	 	 	 	 	 	 
	Sims M+R GmbH

	 	N/A
	 	Rathenaustrasse 10,

59191 Bergkamen,

Germany
	 	Germany
	 
	 	 	 	 	 	 
	Hong Kong
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Metal Management Asia 

Limited (formerly known as 

Sims Asia Holdings Limited)

	 	30512 
	 	5407-8, 54th Floor,

Hopewell Centre, 183

Queen’s Road East,

Wanchai, Hong Kong
	 	Hong Kong
	 
	 	 	 	 	 	 
	Canada
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group Recycling
Solutions Canada Ltd.

	 	N/A
	 	1200-999 West

Hastings Street,

Vancouver, British

Columbia V6C 2W2,

Canada
	 	Canada

Amendment and Restatement Deed     11

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Sims Group Canada Holdings
Limited

	 	N/A
	 	Suite 2300, 550

Burrard Street, Box

30, Vancouver,

British Columbia V6C

2B5, Canada
	 	Canada
	 
	 	 	 	 	 	 
	United States of America
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group USA Corporation

	 	N/A
	 	c/o Corporation

Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	CIM Trucking, Inc.

	 	N/A
	 	c/o Illinois

Corporation Service

Company

801 Adlai Stevenson

Drive

Springfield, IL 62703
	 	Illinois, USA
	 
	 	 	 	 	 	 
	HNE Recycling LLC

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware

19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	HNW Recycling LLC

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware

19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Dynamics Detroit LLC

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	TH Properties LLC (formerly 

known as Metal Dynamics 

Indianapolis LLC)

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA

Amendment and Restatement Deed     12

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Metal Dynamics LLC

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Alabama,
Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Arizona,
L.L.C.

	 	N/A
	 	c/o CT Corporation
System

2394 East Camelback

Road

Phoenix, AZ 85016
	 	Arizona, USA
	 
	 	 	 	 	 	 
	Metal Management
Connecticut, Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Indiana,
Inc.

	 	N/A
	 	c/o Prentice Hall

Corporation

33 North LaSalle

Street

Chicago, IL 60602
	 	Illinois, USA
	 
	 	 	 	 	 	 
	Metal Management Memphis,
L.L.C.

	 	N/A
	 	c/o Corporation

Service Company

2908 Poston Avenue

Nashville, TN 37203
	 	Tennessee, USA
	 
	 	 	 	 	 	 
	Metal Management Midwest,
Inc.

	 	N/A
	 	c/o Illinois

Corporation Service

Company

801 Adlai Stevenson

Drive

Springfield, IL 62703
	 	Illinois, USA
	 
	 	 	 	 	 	 
	Metal Management
Mississippi, Inc.

	 	N/A 
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA

Amendment and Restatement Deed     13

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Metal Management New Haven,
Inc.

	 	N/A 
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Northeast,
Inc.

	 	N/A
	 	c/o Corporation

Service Company

830 Bear Tavern Road

West Trenton, NJ

08628
	 	New Jersey, USA
	 
	 	 	 	 	 	 
	Metal Management Ohio, Inc.

	 	N/A
	 	CSC-Lawyers
Incorporating
Service (Corporation
Service Company)

50 W. Broad St

Suite 1800

Columbus, OH 43215
	 	Ohio, USA
	 
	 	 	 	 	 	 
	Metal Management
Pittsburgh, Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Proler
Southwest, Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	SMM – North America 

Trade
Corporation

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	Metal Management West Coast
Holdings, Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA

Amendment and Restatement Deed     14

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Metal Management West, Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Colorado, USA
	 
	 	 	 	 	 	 
	Metal Management, Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	MM Metal Dynamics Holdings,
Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Naporano Iron & Metal, Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	New York Recycling
Ventures, Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	North Carolina Resource 

Conservation, LLC

	 	N/A
	 	c/o Corporation

Service Company

327 Hillsborough

Street

Raleigh, NC 27603
	 	North Carolina, USA
	 
	 	 	 	 	 	 
	Proler Southwest GP, Inc.

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA

Amendment and Restatement Deed     15

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Proler Southwest LP

	 	N/A
	 	c/o Corporation
Service Company

d/b/a CSC-Lawyers
Incorporating
Service Company

211 E. 7th Street

Suite 620

Austin, TX 78701
	 	Texas, USA
	 
	 	 	 	 	 	 
	Reserve Iron & Metal 

Limited Partnership

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Schiabo Larovo Corporation

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	SHN Co., LLC

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Sims Group Global Trade 

Corporation

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Sims Group USA Holdings 

Corporation

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA

Amendment and Restatement Deed     16

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Sims Municipal Recycling of
New York LLC

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Sims Recycling Solutions
Holdings Inc.

	 	N/A
	 	c/o Illinois

Corporation Service

Company

801 Adlai Stevenson

Drive

Springfield, IL 62703
	 	Illinois, USA
	 
	 	 	 	 	 	 
	Simsmetal East LLC

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Simsmetal West LLC

	 	N/A
	 	c/o Corporation
Service Company

2711 Centerville Road
Suite 400,

Wilmington, Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Sims Recycling Solutions,
Inc.

	 	N/A
	 	c/o Illinois

Corporation Service

Company

801 Adlai Stevenson

Drive

Springfield, IL 62703
	 	Illinois, USA

Amendment and Restatement Deed     17

 

Schedule 3

EXISTING FINANCIERS

	 	 	 	 	 
	Financier Name	 	Registered Number	 	Lending Office
	In relation to the Australian Borrowers, UK Borrowers, US Borrowers and German Borrowers
	 
	 	 	 	 
	HSBC Bank Australia Limited
	 	ABN 48 006 434 162	 	Level 31, 580 George Street
	 
	 	 	 	Sydney  NSW 2000
		 		 	Australia
	 
	 	 	 	 
	HSBC Bank plc
	 	14259	 	8 Canada Square, London, E14
		 		 	5HQ
	 
	 	 	 	 
	HSBC Bank USA, National Association
	 	 	 	452 Fifth Avenue, New York,
	 
	 	 	 	New York 10018
		 	 	 	USA
	 
	 	 	 	 
	In relation to the HK Trade Borrower
	 	 	 	 
	 
	 	 	 	 
	The Hongkong and Shanghai Banking
	 	ABN 65 117 925 970	 	Level 10, 1 Queens Road,
	Corporation Limited
	 		 	Central Hong Kong
	 
	 	 	 	 
	In relation to the US Trade Borrower
	 	 	 	 
	 
	 	 	 	 
	HSBC Bank plc
	 	14259	 	City Corporate Banking
	 
	 	 	 	Centre, 60 Queen Victoria
		 		 	Street, London, EC4N 4TR

Amendment and Restatement Deed     18

 

Schedule 4

AMENDED AND RESTATED FORM OF FACILITY AGREEMENT

Amendment and Restatement Deed     19

 

Schedule 5

PRO-FORMA FEE LETTER

	 	 	 

	To:

	 	Sims Metal Management Limited ACN 114 838 630
	 

	 	[insert address]
	 
	 	 
	Attention:

	 	[insert name]
	 
	 	 
	With a copy to:

	 	[insert address of the relevant Borrowers]
	 
	 	 
	Date:

	 	[insert date]

Dear Sirs

AMENDED AND RESTATED MULTI OPTION FACILITY AGREEMENT – FEE LETTER

We refer to the document entitled “Multi Option Facility Agreement” dated 3 December 2003 between,
amongst others, Sims Metal Management Limited ACN 114 838 630 (formerly Sims Group Limited) (Sims)
and HSBC Bank Australia Limited ABN 48 006 434 162, as amended from time to time (Facility
Agreement).

Definitions and Interpretation

	1.1	 	A term defined in clause 1.1 of the Facility Agreement has the same meaning when used in this
fee letter unless stated otherwise in this fee letter.
	 
	1.2	 	Clause 1.2 of the Facility Agreement is incorporated into this fee letter as if set out in
this fee letter in full and as if all references in that provision to “this Agreement” were to
this fee letter.
	 
	1.3	 	The provisions of the Facility Agreement will apply to this fee letter.
	 
	1.4	 	This fee letter is a Transaction Document.
	 
	1.5	 	This fee letter is entered into in connection with the [Cash Advance Facility][Trade
Facilities][Bank Guarantee and Standby Letter of Credit Facility]*.
	 
	2.	 	[Margin under [Cash Advance Facility][Trade Facilities]*] *
	 
	 	 	[Include details of any changes to the Margin payable in connection with the Facility
Agreement]
	 
	3.	 	[Fees]
	 
	 	 	[Include details of any changes to the fees payable in connection with the Facility
Agreement]
	 
	4.	 	Change in the Margin and/or Fees
	 
	 	 	The Margin or fees set out above will, if the Parent returns a signed copy of this fee
letter to the Financiers, apply with effect from the date of this fee letter unless
otherwise specified above.

 

			
	*	 	delete as appropriate

Amendment and Restatement Deed     20

 

	5.	 	Confidentiality
	 
	 	 	This fee letter must not be disclosed by Sims to any entity or person except as may be
required by law or to Sims’ employees and legal and financial advisers who have a need to
know the information and who are made aware of and agree to be bound by the confidentiality
obligation under this paragraph.
	 
	6.	 	Counterparts
	 
	 	 	This fee letter may be signed in any number of counterparts, each of which shall be an
original and which shall be taken together to constitute one agreement.
	 
	7.	 	Governing Law

This fee letter shall be governed by, and construed in accordance with, the laws of New
South Wales.

Please confirm your agreement to the above by signing, dating and returning to us the enclosed copy
of this fee letter.

Yours faithfully

[insert execution clause for the Financiers (as applicable)]

To: [insert name of each Financier]

We hereby confirm and agree to the terms of this fee letter as set out above.

 

for and on behalf of Sims Metal Management Limited ACN 114 838 630

Name:

Capacity:

Date:

Amendment and Restatement Deed     21

 

EXECUTED as a deed.

	 	 	 	 	 	 	 

	Existing Financier
	 	 	 	 	 	 
	SIGNED, SEALED and DELIVERED for
	 	 	 	 	 	 
	HSBC BANK AUSTRALIA LIMITED under
	 	 	 	 	 	 
	power of attorney in the presence of:
	 	 	 	 	 	 
	 

	 	 	 	 

Signature of attorney
	 	 
	 
	 	 	 	 	 	 
	 

Signature of witness

	 	 	 	 

Name
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Date of power of attorney
	 	 

Amendment and Restatement Deed     22

 

	 	 	 	 	 	 	 

	Existing Financier
	 	 	 	 	 	 
	SIGNED, SEALED and DELIVERED for
	 	 	 	 	 	 
	HSBC BANK PLC under power of attorney

 in
the presence of:
	 	 	 	 	 	 
	 

	 	 	 	 

Signature of attorney
	 	 
	 
	 	 	 	 	 	 
	 

Signature of witness

	 	 	 	 

Name
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Date of power of attorney
	 	 

Amendment and Restatement Deed     23

 

	 	 	 	 	 	 	 

	Existing Financier
	 	 	 	 	 	 
	SIGNED, SEALED and DELIVERED for
	 	 	 	 	 	 
	HSBC BANK USA, NATIONAL ASSOCIATION

in the presence of:
	 	 	 	 	 	 
	 

	 	 	 	 

Signature
	 	 
	 
	 	 	 	 	 	 
	 

Signature of witness

	 	 	 	 Name	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 Date	 	 

Amendment and Restatement Deed     24

 

	 	 	 	 	 	 	 

	Existing Financier
	 	 	 	 	 	 
	SIGNED, SEALED and DELIVERED for
THE HONGKONG
AND SHANGHAI BANKING CORPORATION
LIMITED under
power of attorney in the presence of:
	 	 	 	 	 	 
	 

	 	 	 	 

Signature of attorney
	 	 
	 
	 	 	 	 	 	 
	 

Signature of witness

	 	 	 	 

Name
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Date of power of attorney
	 	 

Amendment and Restatement Deed     25

 

	 	 	 	 	 	 	 

	Existing Borrower/Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS GROUP AUSTRALIA 

HOLDINGS
LIMITED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     26

 

	 	 	 	 	 	 	 

	Existing Borrower/Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS METAL MANAGEMENT LIMITED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     27

 

	 	 	 	 	 	 	 

	Existing Borrower/Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS GROUP UK HOLDINGS LIMITED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     28

 

	 	 	 	 	 	 	 

	Existing Borrower/Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS GROUP UK LIMITED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     29

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by

SIMS GROUP USA CORPORATION

by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     30

 

	 	 	 	 	 	 	 

	Existing Borrower/Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by MIREC BV:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     31

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	THE COMMON SEAL of SIMS METAL MANAGEMENT ASIA LIMITED (PREVIOUSLY KNOWN AS SIMS
ASIA HOLDINGS LIMITED) was affixed to this deed in the presence of:
	 	 
	 
	 	 
	 

Signature of Authorised Signatory

	 	 
	 
	 	 
	 

Name of Authorised Signatory

	 	 

Amendment and Restatement Deed     32

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL DYNAMICS DETROIT LLC
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer

	 	 

Amendment and Restatement Deed     33

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT ALABAMA, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     34

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT ARIZONA, L.L.C.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     35

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT CONNECTICUT, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     36

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT MEMPHIS, L.L.C.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     37

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT MIDWEST, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     38

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT MISSISSIPPI, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     39

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT NORTHEAST, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     40

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT OHIO, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     41

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT WEST, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     42

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     43

 

	 	 	 

	Existing Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	PROLER SOUTHWEST LP
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     44

 

	 	 	 	 	 	 	 

	Existing Borrower/Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS M+R GMBH:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     45

 

	 	 	 	 	 	 	 

	Existing Borrower/Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS GROUP GERMAN
 HOLDINGS
GMBH:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     46

 

	 	 	 	 	 	 	 

	Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS INDUSTRIAL PTY LIMITED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     47

 

	 	 	 	 	 	 	 

	Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMSMETAL SERVICES PTY.
LIMITED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     48

 

	 	 	 	 	 	 	 

	Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS ENERGY PTY LIMITED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     49

 

	 	 	 	 	 	 	 

	Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS MANUFACTURING PTY LIMITED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     50

 

	 	 	 	 	 	 	 

	Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMSMETAL HOLDINGS PTY. LTD.:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     51

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	CIM TRUCKING, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     52

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	HNE RECYCLING LLC
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

	 	 
	Name of officer (please print)
	 	 

Amendment and Restatement Deed     53

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	HNW RECYCLING LLC
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     54

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	TH PROPERTIES LLC (formerly known as

METAL DYNAMICS INDIANAPOLIS LLC)
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer

	 	 

Amendment and Restatement Deed     55

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL DYNAMICS LLC
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     56

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT INDIANA, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     57

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT PITTSBURGH, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     58

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by METAL MANAGEMENT PROLER
SOUTHWEST, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     59

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	SMM – NORTH AMERICA TRADE CORPORATION
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     60

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT WEST COAST HOLDINGS, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     61

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	MM METAL DYNAMICS HOLDINGS, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     62

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	NAPORANO IRON & METAL, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     63

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	NEW YORK RECYCLING VENTURES, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     64

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	NORTH CAROLINA RESOURCE CONSERVATION, LLC
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     65

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	PROLER SOUTHWEST GP, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     66

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	RESERVE IRON & METAL LIMITED PARTNERSHIP
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     67

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	SCHIABO LAROVO CORPORATION
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     68

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	SHN CO., LLC
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer

	 	 

Amendment and Restatement Deed     69

 

	 	 	 

	New Borrower/Existing Guarantor
	 	 
	EXECUTED by
	 	 
	SIMS GROUP GLOBAL TRADE CORPORATION
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     70

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	SIMS GROUP USA HOLDINGS CORPORATION
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer

	 	 

Amendment and Restatement Deed     71

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	SIMSMETAL EAST LLC
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     72

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	SIMSMETAL WEST LLC
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     73

 

	 	 	 	 	 	 	 

	Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by
	 	 	 	 	 	 
	SIMSMETAL INDUSTRIES LIMITED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director
	 	 
	 
	 	 	 	 	 	 
	 

Name of director (please print)

	 	 	 	 

Name of director (please print)
	 	 

Amendment and Restatement Deed     74

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	SIMS RECYCLING SOLUTIONS. INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     75

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	SIMS RECYCLING SOLUTIONS HOLDINGS INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     76

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	METAL MANAGEMENT NEW HAVEN, INC.
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     77

 

	 	 	 	 	 	 	 

	Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS RECYCLING SOLUTIONS AB:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     78

 

	 	 	 	 	 	 	 

	Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS GROUP 

RECYCLING SOLUTIONS
CANADA LTD.:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     79

 

	 	 	 	 	 	 	 

	Existing Guarantor
	 	 	 	 	 	 
	EXECUTED by SIMS GROUP CANADA
 HOLDINGS
LIMITED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

Signature of director

	 	 	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 	 	 
	 

Name

	 	 	 	 

Name
	 	 

Amendment and Restatement Deed     80

 

	 	 	 

	Existing Guarantor
	 	 
	EXECUTED by
	 	 
	SIMS MUNICIPAL RECYCLING OF NEW YORK LLC
	 	 
	by its officer:
	 	 
	 
	 	 
	 

Signature of officer

	 	 
	 
	 	 
	 

Name of officer (please print)

	 	 

Amendment and Restatement Deed     81exv4w13

Exhibit 4.13

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO CERTAIN PORTIONS OF THIS AGREEMENT.
CONFIDENTIAL PORTIONS HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.

	 	 	 	 

	 

	 	Amended and Restated Multi Option Facility Agreement	 
	 

	 	 	 
	 
	 	 	 
	 

	 	The companies specified in parts 1 and 2 of Annexure A	 
	 
	 	 	 
	 

	 	The Banks and Financial Institutions specified in Annexure B	 

Level 36, Grosvenor Place

225 George Street

Sydney NSW 2000

Australia

T 61 2 9258 6000

F 61 2 9258 6999

Reference

PAJ JWPM PRA 02 2018 0405

[*] Confidential Treatment Requested

 

 

Contents

	 	 	 	 	 

	1. INTERPRETATION
	 	 	1	 
	 
	 	 	 	 
	1.1 Definitions
	 	 	1	 
	1.2 Interpretation
	 	 	20	 
	1.3 Joint and several liability
	 	 	22	 
	1.4 Financier’s several obligations
	 	 	22	 
	1.5 Current Accounting Practice
	 	 	22	 
	 
	 	 	 	 
	2. THE FACILITIES
	 	 	23	 
	 
	 	 	 	 
	2.1 Cash Advance Facility
	 	 	23	 
	2.2 Trade Finance Facility
	 	 	23	 
	2.3 Hedging Facility
	 	 	24	 
	2.4 Purpose
	 	 	24	 
	2.5 Cancellation of Undrawn Commitment
	 	 	24	 
	 
	 	 	 	 
	3. CONDITIONS PRECEDENT
	 	 	25	 
	 
	 	 	 	 
	3.1 Conditions precedent to initial funding
	 	 	25	 
	3.2 Benefit of conditions precedent
	 	 	25	 
	 
	 	 	 	 
	4. FUNDING
	 	 	26	 
	 
	 	 	 	 
	4.1 Funding Notice
	 	 	26	 
	4.2 Limitations on Funding Notices
	 	 	27	 
	 
	 	 	 	 
	5. TERMINATION AND REPAYMENT
	 	 	27	 
	 
	 	 	 	 
	5.1 Termination
	 	 	27	 
	5.2 Repayment
	 	 	27	 
	 
	 	 	 	 
	6. COMMITMENT EXCEEDED
	 	 	28	 
	 
	 	 	 	 
	6.1 Excess of limit
	 	 	28	 
	6.2 Cash cover
	 	 	28	 
	 
	 	 	 	 
	7. PAYMENTS
	 	 	29	 
	 
	 	 	 	 
	7.1 Payments by an Obligor
	 	 	29	 
	7.2 Currency of payment
	 	 	29	 
	7.3 Change of currency
	 	 	29	 
	7.4 Business Days
	 	 	30	 
	7.5 Payable on demand
	 	 	30	 
	7.6 Payments in gross
	 	 	30	 
	7.7 Deductions and withholdings
	 	 	30	 
	7.8 Allocation of receipts
	 	 	30	 
	 
	 	 	 	 
	8. UNLAWFULNESS OR INCREASED COSTS
	 	 	30	 
	 
	 	 	 	 
	8.1 Unlawfulness
	 	 	30	 
	8.2 Increased costs
	 	 	31	 

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	9. MARKET DISTURBANCE AND REVIEW OF FACILITIES
	 	 	33	 
	 
	 	 	 	 
	9.1 Disturbance Notice
	 	 	33	 
	9.2 Market Disturbance Premium
	 	 	33	 
	9.3 Alternative Arrangements
	 	 	34	 
	9.4 Alternative Basis
	 	 	34	 
	9.5 Review of Facilities
	 	 	34	 
	 
	 	 	 	 
	10. COMMITMENT FEE, EXPENSES, COSTS AND TAXES
	 	 	35	 
	 
	 	 	 	 
	10.1 Expenses
	 	 	35	 
	10.2 Costs
	 	 	36	 
	10.3 Taxes
	 	 	36	 
	10.4 GST
	 	 	36	 
	10.5 Commitment Fee
	 	 	36	 
	 
	 	 	 	 
	11. REPRESENTATIONS AND WARRANTIES
	 	 	37	 
	 
	 	 	 	 
	11.1 General Representations and warranties by each Obligor
	 	 	37	 
	11.2 Continuing representations and warranties
	 	 	41	 
	11.3 Acknowledgment of reliance
	 	 	41	 
	11.4 Additional representations and warranties
	 	 	41	 
	 
	 	 	 	 
	12. UNDERTAKINGS
	 	 	41	 
	 
	 	 	 	 
	12.1 Undertakings
	 	 	41	 
	12.2 Negative pledge and restriction on disposal of Assets
	 	 	47	 
	12.3 Financial covenants
	 	 	48	 
	 
	 	 	 	 
	13. EVENTS OF DEFAULT
	 	 	49	 
	 
	 	 	 	 
	13.1 Events of Default
	 	 	49	 
	13.2 Consequences of default
	 	 	53	 
	13.3 Cash Cover
	 	 	53	 
	13.4 Technical Event of Default
	 	 	54	 
	13.5 Money received after Event of Default
	 	 	54	 
	 
	 	 	 	 
	14. REVIEW EVENT
	 	 	54	 
	 
	 	 	 	 
	14.1 Listing
	 	 	54	 
	 
	 	 	 	 
	15. INTEREST ON OVERDUE AMOUNTS
	 	 	55	 
	 
	 	 	 	 
	15.1 Default interest
	 	 	55	 
	15.2 Additional interest
	 	 	55	 
	 
	 	 	 	 
	16. INDEMNITIES
	 	 	55	 
	 
	 	 	 	 
	16.1 General indemnity
	 	 	55	 
	16.2 Currency indemnity
	 	 	56	 
	16.3 Survival of indemnities
	 	 	56	 
	 
	 	 	 	 
	17. ASSIGNMENT
	 	 	57	 
	 
	 	 	 	 
	17.1 Assignment by Borrowers
	 	 	57	 
	17.2 Assignment by Financiers
	 	 	57	 
	17.3 Disclosure
	 	 	57	 
	 
	 	 	 	 
	18. SET-OFF
	 	 	57	 
	 
	 	 	 	 
	18.1 Set-off
	 	 	57	 
	18.2 Currency conversion
	 	 	57
	 
	18.3 Additional right
	 	 	58	 

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Amended and Restated Multi Option Facility Agreement 

 

	 	 	 	 	 

	19. PRESERVATION OF RIGHTS
	 	 	58	 
	 
	 	 	 	 
	19.1 No merger
	 	 	58	 
	19.2 Moratorium legislation
	 	 	58	 
	19.3 Waiver and exercise of rights
	 	 	58	 
	19.4 Rights cumulative
	 	 	59	 
	19.5 Further assurances
	 	 	59	 
	19.6 Time of the essence
	 	 	59	 
	 
	 	 	 	 
	20. NOTICES
	 	 	59	 
	 
	 	 	 	 
	20.1 Requirements
	 	 	59	 
	20.2 Receipt
	 	 	61	 
	 
	 	 	 	 
	21. GENERAL PROVISIONS
	 	 	61	 
	 
	 	 	 	 
	21.1 Invalid or unenforceable provisions
	 	 	61	 
	21.2 Financier’s certificate
	 	 	62	 
	21.3 Certifications
	 	 	62	 
	21.4 Amendment
	 	 	62	 
	21.5 Counterparts
	 	 	62	 
	21.6 Successors and assigns
	 	 	62	 
	 
	 	 	 	 
	22. CROSS GUARANTEE
	 	 	62	 
	 
	 	 	 	 
	22.1 Consideration
	 	 	62	 
	22.2 Guarantee
	 	 	62	 
	22.3 Financiers’ right to demand
	 	 	62	 
	22.4 Indemnity
	 	 	62	 
	22.5 Separate and principal obligation
	 	 	63	 
	22.6 Continuing obligations
	 	 	63	 
	22.7 Obligations of Guarantors unaffected
	 	 	63	 
	22.8 Recourse to Guarantors
	 	 	65	 
	22.9 Dealings with this Agreement
	 	 	66	 
	22.10 No marshalling
	 	 	66	 
	22.11 Exercise of the Financiers’ rights
	 	 	66	 
	22.12 Waiver of rights by Guarantors
	 	 	66	 
	22.13 No rights against Financiers
	 	 	66	 
	22.14 Rights against Borrowers
	 	 	66	 
	22.15 No rights in winding up of Borrowers
	 	 	66	 
	22.16 Prove in winding up
	 	 	67	 
	22.17 Reinstatement of beneficiary’s rights
	 	 	67	 
	22.18 Cross-Guarantee
	 	 	68	 
	22.19 German Guarantors
	 	 	68	 
	 
	 	 	 	 
	23. NEW BORROWER
	 	 	68	 
	 
	 	 	 	 
	24. PROCUREMENT AND RETIREMENT OF GUARANTORS
	 	 	69	 
	 
	 	 	 	 
	24.1 Procurement of Guarantors
	 	 	69	 
	24.2 New Related Party
	 	 	70	 
	 
	 	 	 	 
	25. DISPUTE RESOLUTION
	 	 	70	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement 

 

	 	 	 	 	 

	26. GOVERNING LAW AND JURISDICTION
	 	 	73	 
	 
	 	 	 	 
	26.1 Governing law
	 	 	73	 
	26.2 Jurisdiction
	 	 	73	 
	26.3 Service of process
	 	 	73	 
	26.4 Agent for service of process
	 	 	73	 
	26.5 Execution by attorneys
	 	 	73	 
	 
	 	 	 	 
	Schedule
	 	 	 	 
	 
	 	 	 	 
	1 CASH ADVANCE FACILITY
	 	 	74	 
	 
	 	 	 	 
	2 AUSTRALIAN TRADE FACILITIES AND HK TRADE FACILITY
	 	 	78	 
	 
	 	 	 	 
	3 US TRADE FACILITY
	 	 	85	 
	 
	 	 	 	 
	4 BANK GUARANTEE AND STANDBY LETTER OF CREDIT FACILITY
	 	 	89	 
	 
	 	 	 	 
	5 HEDGING FACILITY
	 	 	94	 
	 
	 	 	 	 
	Annexure
	 	 	 	 
	 
	 	 	 	 
	A GROUP COMPANIES
	 	 	 	 
	 
	 	 	 	 
	B FINANCIERS
	 	 	 	 
	 
	 	 	 	 
	C CAF FINANCIERS
	 	 	 	 
	 
	 	 	 	 
	D FUNDING NOTICE
	 	 	 	 
	 
	 	 	 	 
	E CONDITION PRECEDENT CERTIFICATE
	 	 	 	 
	 
	 	 	 	 
	F ACCESSION DEED
	 	 	 	 
	 
	 	 	 	 
	G PRO FORMA FEE LETTER
	 	 	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement 

 

Amended and Restated Multi Option Facility Agreement

DATE 3 December 2003 (as amended and restated on 6 December 2005, 26 June 2008, on or about 30
October 2009, 12 May 2010 and on or about 7 October 2010)

PARTIES

The companies specified in parts 1 and 2 of Annexure A

The Banks and Financial Institutions specified in Annexure B

OPERATIVE PROVISIONS

	1.	 	INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	Accession Deed means an agreement substantially in the form of Annexure F under which a
Subsidiary of the Parent or other company becomes a Borrower under this Agreement and each
other agreement which a Financier and an Obligor agree in writing to be an Accession Deed
for the purposes of this Agreement;
	 
	 	 	ACDC means Australian Commercial Disputes Centre Limited;
	 
	 	 	ACDC Guidelines for Expert Determination means the ACDC Guidelines for Expert Determination
(or, if the ACDC ceases to exist, the guidelines for expert determination of any similar
organisation nominated by the Law Society of NSW) in force from time to time;
	 
	 	 	Advance has the meaning given to it in Schedule 1;
	 
	 	 	Affiliate Financiers means, in relation to a Financier, each Related Company of the
Financier, and Affiliate Financier means any one of them;
	 
	 	 	Amount Owing means all financial accommodation provided by a Financier to a Borrower under
the Transaction Documents and all money, obligations and liabilities of any kind that are
now or may in the future become due, owing or payable, whether actually, contingently or
prospectively, by an Obligor to or for the account of a Financier under or in relation to a
Transaction Document including on account of principal, interest, fees, expenses, indemnity
payments, losses or damages and irrespective of:

	 	(a)	 	the capacity of the Obligor or the Financier (whether as principal, agent,
trustee, beneficiary, partner or otherwise);
	 
	 	(b)	 	whether the Obligor is liable as principal debtor or as surety;
	 
	 	(c)	 	whether the Obligor is liable alone, jointly or jointly and severally with
another person;
	 
	 	(d)	 	whether or not the money, obligation or liability is owed to the Financier,
or to its account, as a result of an assignment, transfer or other dealing with or
without the Obligor’s consent; or

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Amended and Restated Multi Option Facility Agreement     1

 

	 	(e)	 	whether the money, obligation or liability is owed or secured before or after
the date of this Agreement or any assignment of this Agreement or any other
Transaction Document;

	 	 	Approved Currency means AUD or any Approved Foreign Currency;
	 
	 	 	Approved Foreign Currency means USD, GBP, HKD, Euro and any other foreign currency which is
approved by the relevant Financier for a Facility made available by it under this
Agreement;
	 
	 	 	Approved Purpose means:

	 	(a)	 	for a Cash Advance Facility, to assist with the Borrower’s debt funding;

	 	(b)	 	for a Trade Finance Facility, to assist with each Trade Borrower’s import and
export related trade finance requirements; and

	 	(c)	 	for a Hedging Facility, any purpose approved in writing from time to time by
the Financier that provides that Hedging Facility;

	 	 	Assets means, in relation to a Group Company or the Group taken as a whole (as the case may
be), all or any of its assets, undertakings or revenues both present and future, including
without limitation, its uncalled capital and called but unpaid capital;
	 
	 	 	ASX Limited means ASX Limited (ABN 98 008 624 691);
	 
	 	 	AUD and $ mean the lawful currency for the time being of Australia;
	 
	 	 	Auditor means the auditor or auditors for the time being of the Group;
	 
	 	 	Australian Borrowers means:

	 	(a)	 	the Parent;

	 	(b)	 	Sims Group Australia Holdings Limited (ABN 37 008 634 526); and

	 	(c)	 	any New Borrower designated as such in an Accession Deed,

and Australian Borrower means any one of them;

Australian Trade Borrowers means:

	 	(a)	 	the Parent;

	 	(b)	 	Sims Group Australia Holdings Limited (ABN 37 008 634 526); and

	 	(c)	 	any New Borrower designated as such in an Accession Deed,

and Australian Trade Borrower means any one of them;

Australian Trade Facility means the trade facility granted to the Australian Trade
Borrowers under clause 2.2(a) as part of the relevant Trade Finance Facility;

Authorisation means:

	 	(a)	 	any authorisation, approval, licence, permit, consent, qualification,
accreditation, filing, registration, certificate, resolution, direction, declaration
or exemption and any renewal and variation of them; and

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     2

 

	 	(b)	 	for anything which a Government Agency may prohibit or restrict within a
specified period, the expiry of that period without intervention or other action by
that Government Agency;

Authorised Officer means:

	 	(a)	 	for a Borrower or a Guarantor, a director or a company secretary of that
entity or any other person nominated by that entity by notice to each Financier to be
an Authorised Officer, the notice to be accompanied by a certified copy of the
signature of any person nominated; and

	 	(b)	 	for a Financier, a director or a company secretary of that entity, or any
employee of that entity whose title includes the word “Manager”, “President” or
“Director”, and includes a person acting in any of those capacities or any other
person nominated by that entity by notice to the Relevant Borrowers to which a
Facility is provided by that entity to be an Authorised Officer;

Availability Period means, for a Facility, the period starting on the date of this
Agreement and ending on the earlier of:

	 	(a)	 	the Final Repayment Date; and

	 	(b)	 	the date on which that Facility is cancelled in full or terminated under this
Agreement;

Bank means a deposit-taking institution authorised to carry on banking business under the
Banking Act 1959 (Cth) or under the laws of any Relevant Jurisdiction;

Bank Guarantee has the meaning given to it in Schedule 4;

Bank Guarantee and Standby Letter of Credit Facility means the bank guarantee and standby
letter of credit facility granted to the Trade Borrowers under clause 2.2(a) as part of the
Trade Finance Facility;

Base Lending Rate means the interest rate of the same name published by HSBC (Australia)
from time to time in the daily metropolitan newspapers in Sydney and Melbourne, and in the
Australian Financial Review;

Base Rate means:

	 	(a)	 	in relation to any relevant amount denominated in AUD for any relevant
period:

	 	(i)	 	the rate (expressed as a percentage per annum) determined by
the relevant Financier to be:

	 	(A)	 	the average bid rate quoted on the page
designated as “BBSY” on the Reuters Monitor Money Rates Services or
another page that replaces the “BBSY” page on that system to display
average bid rates for Bills accepted by a Bank, rounded up, if
necessary, to the nearest four decimal places; or

	 	(B)	 	the average of the buying rates for Bills
accepted by a Bank quoted by 3 Banks selected by the Financier,
rounded up, if necessary, to the nearest four decimal places, if:

	 	(I)	 	the page designated as “BBSY”
(or another page that replaces the “BBSY” page) on the Reuters
Monitor Money Rates Services is not available for any reason;
or

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Amended and Restated Multi Option Facility Agreement     3

 

	 	(II)	 	the basis on which the rate
quoted on that page is determined is changed and, in the
opinion of that Financier, that rate no longer reflects its
cost of funding to the same extent as it does at the date of
this Agreement,

in either case:

	 	(C)	 	determined at or about 10:10 am on the first
day of the relevant period; and

	 	(D)	 	for the amount and period closest to the
relevant amount and period; or

	 	(ii)	 	if the Base Rate cannot be determined under paragraph (a)(i),
the rate (expressed as a percentage per annum) determined by that Financier in
good faith to be the appropriate rate and for this purpose that Financier may
have regard to comparable indices then available in any market that Financier
considers appropriate; or

	 	(b)	 	in relation to any relevant amount denominated in an Approved Foreign
Currency for any relevant period, the rate (expressed as a percentage per annum)
quoted by the Financier as its costs of obtaining funds in the currency of the
relevant amount and for a period comparable to such period, in such interbank market
or by such other means as the Financier may at its discretion select, at or about the
normal time for seeking quotes for such funds two business days prior to the
commencement of such period;

Bill means an unconditional order in writing, addressed by one person to another, signed by
the person giving it, requiring the person to whom it is addressed to pay on demand, or at
a fixed or determinable future time, a sum certain in money to or to the order of a
specified person, or to bearer;

Borrowers means the companies specified in Part 1 of Annexure A and any New Borrower, and
Borrower means any one of them;

Business Day means, unless otherwise specified, in relation to an obligation required to be
performed, or any other action required to be taken, in a Relevant Jurisdiction, a day (not
being a Saturday or Sunday) on which Banks are open for general banking business in that
Relevant Jurisdiction;

CAF Borrowers means:

	 	(a)	 	the Australian Borrowers;

	 	(b)	 	the UK Borrowers;

	 	(c)	 	the US Borrowers;

	 	(d)	 	the German Borrowers; and

	 	(e)	 	any New Borrower designated as such in an Accession Deed,

and CAF Borrower means any one of them;

CAF Financiers means the banks and financial institutions specified in Annexure C, and CAF
Financier means any one of them;

CAF Limit means:

	 	(a)	 	for the Cash Advance Facility granted by HSBC (Australia), AUD 100,000,000;
and

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Amended and Restated Multi Option Facility Agreement     4

 

	 	(b)	 	for the Cash Advance Facility granted by HSBC (US), AUD 100,000,000; and

	 	(c)	 	for the Cash Advance Facility granted by HSBC (UK), AUD 100,000,000,

in each case, as varied or cancelled in accordance with this Agreement or as varied from
time to time with the prior written consent of HSBC (Australia), HSBC (US) and HSBC (UK);

Calculation Date means 30 June and 31 December in each year;

Calculation Period means each period of 12 months ending on a Calculation Date;

Capital Reduction has the meaning given to it in clause 12.1(x);

Capitalised Rent means in respect of a Finance Lease, at any time, the aggregate of:

	 	(a)	 	the greater of:

	 	(i)	 	the then present value (determined in a manner and on
assumptions accepted by the Auditor) of all unpaid rent or other periodic
payments (whether or not accrued) and the residual value to be paid under the
Finance Lease; or

	 	(ii)	 	the then termination value (whatever called) of the Finance
Lease (being the amount which would be paid under that Finance Lease if it was
terminated as a result of a default by the lessee); and

	 	(b)	 	any other amount payable under any document associated with a Finance Lease;

Cash means cash as disclosed against the heading “Cash” in the consolidated audited and
unaudited statements of financial position and statement of financial performance of the
Group;

Cash Advance Facilities means the cash advance facilities granted to the Borrowers under
clause 2.1;

Change of Control means, in respect of a corporation, a change in the control of the
corporation which occurs when a person, who at the date of this Agreement does not have a
“relevant interest” (as that term is defined in the Corporations Act) in 50% or more of the
voting shares in the corporation, acquires or becomes the holder of such “relevant
interest”;

Claim means any claim, cost, damages, debt, expense, Tax, liability, loss, allegation,
suit, action, demand, cause of action or proceeding of any kind irrespective of:

	 	(a)	 	how or when it arises;

	 	(b)	 	whether it is actual or contingent;

	 	(c)	 	whether or not it is in respect of legal or other costs, damages, expenses,
fees or losses;

	 	(d)	 	whether or not it is in respect of a breach of trust or of a fiduciary or
other duty or obligation; and

	 	(e)	 	whether or not it arises at law or in any other way;

Cleared Funds means money that is immediately available to the recipient and freely
transferable by it;

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     5

 

Collateral Security means any Security Interest, Guarantee or other document or agreement
at any time created or entered into as security for any of the Amount Owing, whether or not
it also secures any other Financial Indebtedness;

Commitment means:

	 	(a)	 	in respect of the Cash Advance Facilities, AUD 300,000,000 or the Dollar
Equivalent of AUD 300,000,000; and

	 	(b)	 	in respect of:

	 	(i)	 	the Trade Finance Facilities (other than the US Trade
Facility), AUD 30,000,000, or the Dollar Equivalent of AUD 30,000,000; and

	 	(ii)	 	the US Trade Facility, USD 40,000,000,

in each case, as varied or cancelled in accordance with this Agreement. For the avoidance
of doubt, the Commitment specified above for the Cash Advance Facilities, the Trade Finance
Facilities (other than the US Trade Facility) and the US Trade Facility respectively is an
aggregate amount for the relevant Facilities and not an amount for each individual
Facility;

Commitment Fee means the percentage per annum set out in a fee letter or fee letters
substantially in the form set out in Annexure G delivered from time to time by the
Financiers to the Parent;

Compliance Certificate has the meaning given to it in clause 12.1(a)(iii);

Contingent Liability means uncalled capital held by any Group Company in any corporation
other than another Group Company and any other contingent liability under a Guarantee given
by any Group Company to any person other than a Group Company;

Controller has the same meaning as in the Corporations Act;

Corporations Act means the Corporations Act 2001 (Cth);

Cross Guarantee means the guarantee granted by the Guarantors in clause 22;

Current Assets means, at any time, those of the Total Tangible Assets which are current
assets at that time as determined in accordance with accounting principles and practices
generally accepted in Australia consistently applied;

Current Bank Guarantee has the meaning given to it in Schedule 4;

Current Documentary Credit has the meaning given to it in Schedule 2 or Schedule 3 (as the
context may require);

Current Liabilities means, at any time, those of the secured and unsecured liabilities and
other items falling within the definition of Total Indebtedness at that time which are
current liabilities as determined in accordance with accounting principles and practices
generally accepted in Australia consistently applied, except that current liabilities shall
not include any liability to repay principal, to provide cash cover for maturing Bills, or
in relation to any Guarantee, where the relevant financial accommodation was provided under
a credit facility (not being an on demand facility) having a term expiring not less than 12
months after the date at which an examination is being made to determine Current
Liabilities and where the Financial Indebtedness outstanding under that credit facility has
not become due and payable prior to its stated maturity (whether upon default or through
the exercise of an optional right of prepayment or termination or otherwise);

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     6

 

Deed of Cross Guarantee means any deed entered into in connection with the granting by the
Australian Securities & Investments Commission of an order pursuant to Part 2M.6 of the
Corporations Act;

Deed of Warranty means the deed of warranty and indemnity dated 22 September 1991 between
NZFP Resources Limited, Carter Holt Harvey Limited and Sims Group Australia Holdings
Limited (ABN 37 008 634 526);

Dispute has the meaning given to it in clause 25(d).

Documentary Credit has the meaning given to it in Schedule 2 or Schedule 3 (as the context
may require);

Dollar Equivalent means, in relation to any amount in an Approved Foreign Currency on any
day, the equivalent amount in AUD of that amount converted by the relevant Financier at the
Spot Rate of exchange for the Approved Foreign Currency on that day;

EBITDA means, for a relevant period and in respect of the Group, the profit on ordinary
activities before:

	 	(a)	 	taxation;

	 	(b)	 	Net Interest Expense; and

	 	(c)	 	amortisation of intangible assets and depreciation of tangible assets of the
Group,

as shown on a consolidated basis and as disclosed in the Group’s most recent audited
consolidated annual Financial Reports or semi-annual audited or unaudited consolidated
Financial Reports, as applicable.

For the purposes of calculating EBITDA, the calculation will exclude:

	 	(d)	 	any significant non-cash items or items disclosed as required by AASB 101.97
and AASB 101.98 due to their size or nature or by the corresponding provisions of
future revisions of this accounting standard, that are of a non-recurring nature
including but not limited to:

	 	(i)	 	losses or gains on the sale or revaluation of assets;
	 
	 	(ii)	 	costs relating to restructuring and redundancy;
	 
	 	(iii)	 	discontinued operations;
	 
	 	(iv)	 	discounts on acquisition and gains on formation of joint ventures;
	 
	 	(v)	 	post acquisition adjustments to contingent liabilities
recorded on the date of a business acquisition pursuant to purchase accounting
rule changes to be introduced on 1 July 2009; and
	 
	 	(vi)	 	costs associated with becoming Sarbanes-Oxley Act compliant
(as required following the Group’s registration as an issuer in the United
States of America);

	 	(e)	 	significant unrealized gains or losses;
	 
	 	(f)	 	any other significant non-cash items or items including but not limited to:

	 	(i)	 	write downs of inventory to net realisable value;
	 
	 	(ii)	 	revaluation increments to inventory; and

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     7

 

	 	(iii)	 	forgone profit arising from sales contract negotiations; and

	 	(g)	 	any impairment charge or loss (or gain or reversal) relating to the
recoverable amount of assets (including any impairment charge relating to goodwill or
identified intangible assets),

that are of a non-recurring nature.

The foregoing adjustments to EBITDA in paragraphs (d) to (f) for each Calculation Period
will be agreed by the Financier and the Parent in writing prior to the end of that
Calculation Period, subject to the operation of clause 25. For the avoidance of doubt, the
adjustment to EBITDA in paragraph (g) is also subject to the operation of clause 25.

Except for the purpose of calculating the ratio of Net Interest Expense to EBITDA under
clause 12.3(b), EBITDA as calculated on the Calculation Date will be adjusted to take into
account the effects of any acquisitions or disposals of any company or business made during
the Calculation Period ending on that Calculation Date. The adjustments will be made on
the basis of the historical EBITDA of the company or business acquired or disposed of in
the Calculation Period and ending on that Calculation Date by reference to historical
EBITDA for the twelve months immediately preceding the Calculation Date and by reference
to:

	 	(a)	 	in the case of a disposal, the period of time during which the applicable
company or business was part of the Group; or

	 	(b)	 	in the case of an acquisition, for that period being the twelve months
immediately preceding the Calculation Date;

Environmental Law means a law regulating or otherwise relating to the environment,
including but not limited to:

	 	(a)	 	any law relating to land use or planning, pollution of air or water, soil or
ground water contamination, chemicals, waste, use of dangerous goods, or to any other
aspect of protection of the environment or persons or property; or

	 	(b)	 	any present or future statute relating to heritage places, the clearance of
land within the boundaries of catchment areas or water reserves, or the protection or
management of natural vegetation;

entity means a legal, administrative or fiduciary arrangement, organisational structure or
other party (including a person) having the capacity to deploy resources in order to
achieve objectives;

ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and the rules and regulations thereunder;

Euro means the lawful currency of the member states of the European Union that adopt the
single currency in accordance with the EC Treaty;

Event of Default means an event listed in clause 13.1;

Excluded Tax means, in respect of a Financier, a Tax imposed on the net income of the
Financier as a consequence of the Financier being organised, doing business, being a
resident of or receiving income from a source in a jurisdiction other than a Tax:

	 	(a)	 	imposed as a result of the Financier being deemed to be organised, doing
business, resident or receiving income in that jurisdiction only because it has
executed or delivered a Transaction Document, or performed its obligations, received a
payment under or enforced a Transaction Document; or

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     8

 

	 	(b)	 	deducted or to be deducted from, and calculated on or by reference to, the
gross amount of any payment received or receivable by the Financier under any
Transaction Document (without allowance for any deduction);

Expiry Date for a Bank Guarantee, a Standby Letter of Credit or a Documentary Credit, has
the meaning given to it in Schedule 2, Schedule 3 or Schedule 4, as the case may be;

Export Letter of Credit has the meaning given to it in Schedule 2;

Face Value Amount for a Bank Guarantee, a Standby Letter of Credit or a Documentary Credit,
has the meaning given to it in Schedule 2, Schedule 3 or Schedule 4, as the case may be;

Facilities means each Cash Advance Facility, each Trade Finance Facility and the Hedging
Facility and each facility which is part of any of those facilities, and Facility means any
one of them;

Final Repayment Date means:

	 	(a)	 	the date notified by a Financier to a Relevant Borrower under clause 5.1;

	 	(b)	 	the date of any request by a Financier for repayment under clause 13.2;

	 	(c)	 	the date of any request by a Financier for repayment under clause 14; or

	 	(d)	 	such later date as may be agreed by the Financiers;

Finance Lease means any lease referred to in paragraph (c) of the definition of Financial
Indebtedness where the lessee is a Group Company;

Financial Indebtedness means any debt or other monetary liability in respect of moneys
borrowed or raised or any financial accommodation including under or in respect of any:

	 	(a)	 	Bill, bond, debenture, note or similar instrument;

	 	(b)	 	acceptance, endorsement or discounting arrangement;

	 	(c)	 	Guarantee;

	 	(d)	 	finance or capital Lease;

	 	(e)	 	agreement for the deferral for more than 90 days of a purchase price or other
payment in relation to the acquisition of any asset or service;

	 	(f)	 	obligation to deliver goods or provide services paid for in advance by any
financier;

	 	(g)	 	agreement for the payment of capital or premium on the redemption of any
preference shares;

	 	(h)	 	interest or currency swap or hedge arrangement, financial option, futures
contract or analogous transaction (the amount of such Financial Indebtedness being the
marked to market value of the relevant transaction); or

	 	(i)	 	counter indemnity obligation in respect of a guarantee, bond, standby or
documentary letter of credit or any other instrument issued by a bank or financial
institution,

and irrespective of whether the debt or liability:

	 	(j)	 	is present or future;

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     9

 

	 	(k)	 	is actual, prospective, contingent or otherwise;

	 	(l)	 	is at any time ascertained or unascertained;

	 	(m)	 	is owed or incurred alone or severally or jointly or both with any other
person; or

	 	(n)	 	comprises any combination of the above;

Financial Report in relation to an entity, means the following financial statements and
information in relation to the entity, prepared for its financial half year or financial
year:

	 	(a)	 	an income statement;

	 	(b)	 	a balance sheet;

	 	(c)	 	a statement of changes in equity; and

	 	(d)	 	a cash flow statement;

Financiers means the banks and financial institutions specified in Annexure B, and
Financier means any one of them;

Funding Date means, in respect of an advance under a Facility, the date on which that
advance is or is to be made;

Funding Notice means a notice given under clause 4 which satisfies the requirements of that
clause 4;

Funding Period in relation to a Facility, has the meaning given to it in the Schedule for
that Facility;

GBP means the lawful currency for the time being of the United Kingdom;

German Borrowers means:

	 	(a)	 	Sims M+R GmbH;

	 	(b)	 	Sims Group German Holdings GmbH; and

	 	(c)	 	any New Borrower designated as such in an Accession Deed,

and German Borrower means any one of them;

German Guarantor means a Guarantor incorporated in the Federal Republic of Germany;

Government Agency means:

	 	(a)	 	a government, whether foreign, federal, state, territorial or local;
	 
	 	(b)	 	a department, office or minister of a government acting in that capacity; or

	 	(c)	 	a commission, delegate, instrumentality, agency, board, or other government,
semi-government, judicial, administrative, monetary or fiscal authority, whether
statutory or not;

Group means the Obligors and the companies specified in Part 3 of Annexure A, and Group
Company means any one of them;

GST means any goods and services tax, value added tax or other similar tax;

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     10

 

Guarantee means any guarantee, indemnity, letter of credit or suretyship, or any other
obligation (whatever called and of whatever nature):

	 	(a)	 	to pay, to purchase, to provide funds (whether by the advance of money, the
purchase of or subscription for shares or other securities, the purchase of Assets,
rights or services, or otherwise) for the payment or discharge of;

	 	(b)	 	to indemnify against the consequences of default in the payment of or
compliance with the terms of; or

	 	(c)	 	otherwise to be responsible for,

any obligation or indebtedness, any dividend, capital or premium on shares or stock, or the
insolvency or the financial condition of any other person;

Guaranteed Shares means any share or stock issued by a Group Company where the redemption
of such share or stock or the payment of capital or dividends on such share or stock is the
subject of a Guarantee of a Group Company or a Guarantee of another person who will have
recourse in respect of its liability under that Guarantee directly or indirectly to a Group
Company or its Assets (other than as a shareholder);

Guarantors means the companies specified in Part 2 of Annexure A and any New Guarantor, and
Guarantor means any one of them;

Hedging Facilities means the respective hedging facilities made available by each Financier
under clause 2.3;

HK Trade Borrowers means:

	 	(a)	 	Sims Metal Management Asia Limited (previously known as Sims Asia Holdings
Limited); and

	 	(b)	 	any New Borrower designated as such in an Accession Deed,

and HK Trade Borrower means any one of them;

HK Trade Facility means the trade facility granted to the HK Trade Borrower under clause
2.2(b) as part of the relevant Trade Finance Facility;

HKD means the lawful currency for the time being of Hong Kong Special Administrative
Region;

HSBC (Australia) means HSBC Bank Australia Limited (ABN 48 006 434 162);

HSBC (HK) means The Hongkong and Shanghai Banking Corporation Limited (ABN 65 117 925 970);

HSBC (UK) means HSBC Bank plc;

HSBC (US) means HSBC Bank USA, National Association;

Insolvent means in relation to an entity, the situation where:

	 	(a)	 	it is (or states that it is) an insolvent under administration or insolvent
(each as defined in the Corporations Act); or

	 	(b)	 	it is in liquidation, in provisional liquidation, under administration or
wound up or has had a Controller appointed to its property; or

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     11

 

	 	(c)	 	it is subject to any arrangement, assignment, moratorium or composition,
protected from creditors under any statute or dissolved (in each case, other than to
carry out a reconstruction or amalgamation while solvent which does not have, or is
not likely to have, a Material Adverse Effect); or

	 	(d)	 	an application or order has been made (and, in the case of an application, it
is not stayed, withdrawn or dismissed within 14 days), resolution passed, proposal put
forward, or any other action taken, in each case in connection with that person, which
is preparatory to or could result in any of (a), (b) or (c) above; or

	 	(e)	 	it is taken (under section 459F(1) of the Corporations Act) to have failed to
comply with a statutory demand; or

	 	(f)	 	it is the subject of an event described in section 459C(2)(b) or section 585
of the Corporations Act (or it makes a statement from which the Bank reasonably
deduces it is so subject); or

	 	(g)	 	it is otherwise unable to pay its debts when they fall due; or

something having a substantially similar effect to (a) to (g) happens in connection with
that entity under the law of any jurisdiction;

Intangible Assets means in respect of a Group Company or the Group taken as a whole (as the
case may be), all its goodwill, copyright, patents, trade marks and licences, research and
development, future income tax benefit, underwriting and formation expenses and other items
of a like nature which according to current accounting practices are regarded as
unidentifiable and intangible assets;

Interest Payment Date in respect of a Facility has the meaning given to it in the Schedule
for that Facility;

Issuance Date means, with respect to a Documentary Credit, Bank Guarantee, or Standby
Letter of Credit, the date on which that Documentary Credit, Bank Guarantee or Standby
Letter of Credit is or is to be issued;

Issue means any dispute (other than a dispute that is frivolous or vexatious) between the
Parent and the Financiers as to the calculation of the adjustments to be made in accordance
with paragraphs (d) to (g) of the definition of EBITDA in this clause 1.1;

Latest Audited Consolidated Statement of Financial Position means the most recently
prepared audited consolidated statement of financial position of the Group as at or prior
to the date at which an examination is being made to determine Total Indebtedness, Total
Tangible Assets, Current Assets, Current Liabilities or Shareholders’ Funds;

Lease means:

	 	(a)	 	any lease, charter or hiring arrangement of any property;
	 
	 	(b)	 	any other agreement under which any property is or may be used or operated by
a person other than the owner; or
	 
	 	(c)	 	any agreement under which any property is or may be managed or operated for
or on behalf of the owner or another person by a person other than the owner, and the
operator or manager or its Related Party (whether in the same or another agreement) is
required to make or assure minimum, fixed and/or floating rate payments of a periodic
nature, (other than agreements under which the manager of a joint venture uses assets
owned by the joint venturers on behalf of the joint venture);

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     12

 

Lending Office means, in relation to a Financier and a Borrower to which the Financier
provides a Facility under this Agreement, the office of the Financier in the Borrower’s
Relevant Jurisdiction set out in Annexure B;

Margin means, for a Facility made available by a Financier under this Agreement, the
Financier’s Margin for that Facility as defined in the relevant Schedule;

Material Adverse Effect means, in the opinion of a Financier, a material adverse effect on:

	 	(a)	 	the financial condition of the Obligors taken as a whole;

	 	(b)	 	any Obligor’s ability to perform any of its obligations under the Transaction
Documents;

	 	(c)	 	the validity or enforceability of the whole or any material part of any
Transaction Document, or any material rights or remedies of a Financier under the
Transaction Documents; or

	 	(d)	 	any Security Interest provided to a Financier by an Obligor;

Net Interest Expense means, for any period in respect of the Group, the aggregate amount of
all interest paid or accrued during that period in respect of the sum of all monies
borrowed or raised by or in respect of any financial accommodation granted to any Group
Company (including, but not limited to, any fees and charges with respect of any guarantee,
indemnity or letter of credit or under any bill of exchange, promissory note or any other
acceptance or discounting arrangement and any finance charges paid or payable under any
higher purchase agreement or lease agreement for which a Group Company is actually or
contingently liable) less any interest income of the Group for that period, in each case on
a consolidated basis;

New Borrower means each Subsidiary of the Parent (other than any Subsidiary of the Parent
incorporated in New Zealand) and each other company which becomes a Borrower under this
Agreement pursuant to clause 23;

New Guarantor means an entity or company which becomes a Guarantor under this Agreement
pursuant to clause 24;

NZD means the lawful currency for the time being New Zealand;

Obligors means the Borrowers and the Guarantors, and Obligor means any one of them;

Opening Date for a Bank Guarantee or a Standby Letter of Credit or a Documentary Credit,
has the meaning given to it in Schedule 2, Schedule 3 or Schedule 4, as the case may be;

Other Bank Documents means agreements (other than this Agreement) evidencing Financial
Indebtedness entered into between a Group Company as borrower, or will enter as borrower,
and any other party or parties;

Other Hedging Arrangements means arrangements that any Group Company has entered, or will
enter, into with any other party in the ordinary course of business to manage that Group
Company’s exposure to future movements in interest or currency rates or other similar
rates, prices or indices (excluding any transactions conducted through any registered
futures exchange and any transactions in respect of commodity prices);

Overdue Rate means the aggregate of [*] and:

	 	(a)	 	in the case of an amount in respect of which there is a Base Rate and a
Margin, the sum of the Base Rate and the Margin for that amount; and

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     13

 

	 	(b)	 	in all other cases, the Base Lending Rate;

Parent means Sims Metal Management Limited (ABN 69 114 838 630);

Permitted Security Interest means a lien arising by operation of law in the ordinary course
of day to day business and not securing any Financial Indebtedness where the relevant
Obligor pays any indebtedness secured by such a lien on the due date other than
indebtedness contested in good faith;

Potential Event of Default means an event which would be likely to become an Event of
Default with the giving of notice, the passage of time, any determination of materiality or
the fulfilment of any other condition;

Principal Outstanding means, at any time:

	 	(a)	 	in respect of the Cash Advance Facility, the aggregate of all outstanding
Advances denominated in AUD and the Dollar Equivalent of all outstanding Advances in
an Approved Currency and the aggregate of all amounts contemplated in paragraph (b) at
that time; and

	 	(b)	 	in respect of the Trade Finance Facilities only, the aggregate of:

	 	(i)	 	the total Face Value Amount of all Current Documentary
Credits, Current Bank Guarantees and Current Standby Letters of Credit
denominated in AUD and the Dollar Equivalent of the total Face Value all
Current Documentary Credits, Current Bank Guarantees and Current Standby
Letters of Credit denominated in an Approved Currency at that time; and

	 	(ii)	 	all outstanding Trade Advances denominated in AUD and the
Dollar Equivalent of all outstanding Trade Advances in an Approved Currency at
that time;

Related Company means, in relation to a company, any other company of which the first
mentioned company is the Holding Company, a Subsidiary or a Subsidiary of the Holding
Company of such other company;

Related Party means, in relation to an entity, a party which is directly, or indirectly
through one or more intermediaries, controlled by such entity, where “control” has the
meaning given to it in Accounting Standard AASB 124: Related Party Disclosures;

Relevant Borrowers means, in respect of a Financier, the Borrowers to which the Financier
provides a Facility under this Agreement;

Relevant Jurisdictions means Australia, the United States of America, the United Kingdom,
Germany and any other jurisdiction in which an Obligor is incorporated, and Relevant
Jurisdiction means any one of them;

Repayment Date in respect of a Facility, has the meaning given to it in the Schedule for
that Facility;

Review Event means, in respect of a Facility and a Financier, the event specified in clause
14.1;

Secured Indebtedness means, at any time, the aggregate amount of all secured liabilities of
the Group;

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     14

 

Security Interest means a right, interest, power or arrangement in relation to any property
which provides security for, or protects against default by a person in, the payment or
satisfaction of a debt, obligation or liability and any arrangement under which rights are
subordinated to the rights of another party, including:

	 	(a)	 	a mortgage, charge, bill of sale, pledge, deposit, lien, encumbrance,
hypothecation or other security interest;

	 	(b)	 	any other arrangement having the effect of conferring security (including any
conditional sale, hire purchase or lease agreement, or arrangement for the retention
of title or sale and repurchase arrangement); or

	 	(c)	 	any contractual arrangement under which money or claims to, or the benefit
of, a bank or other account may be applied, set-off or made subject to a combination
of accounts;

Shareholders’ Funds means the Total Tangible Assets less Total Indebtedness;

Spot Rate means the best rate reasonably obtainable by the relevant Financier in accordance
with its usual practice and in the interbank market selected by it for the purchase of one
currency with another at or about 11:00 am on the day such exchange rate is to apply and in
the case of a Funding Period the rate so obtainable on the first day of that Funding
Period;

Standby Letter of Credit has the meaning given to it in Schedule 4;

Subsidiary has the same meaning as in the Corporations Act;

Tangible Assets means all Assets other than Intangible Assets;

Tangible Net Worth means, at any time, Shareholders’ Funds at that time less Total
Intangible Assets at that time;

Tax means a tax, levy, charge, impost, deduction, withholding or duty of any nature
(including stamp and transaction duty and GST) at any time:

	 	(a)	 	imposed or levied by any Government Agency; or

	 	(b)	 	required to be remitted to, or collected, withheld or assessed by, any
Government Agency,

and any related interest, expense, fine, penalty or other charge on those amounts and
includes any amount that a person is required to pay to another person on account of that
other person’s liability for Tax but does not include an Excluded Tax;

Total Indebtedness means at any time the aggregate amount (as disclosed by the Latest
Audited Consolidated Statement of Financial Position) of all secured and unsecured
liabilities of the Group together with, unless already included in the Latest Audited
Consolidated Statement of Financial Position:

	 	(a)	 	the aggregate amount (as disclosed by its latest audited statement of
financial position) of all secured and unsecured liabilities of any entity which has
become a Group Company since the date of the Latest Audited Consolidated Statement of
Financial Position and all other amounts which would be included in this definition if
references to the Latest Audited Consolidated Statement of Financial Position were to
the latest audited statement of financial position of that entity;

	 	(b)	 	the unrepaid principal (or its equivalent) of any Financial Indebtedness
(including the Capitalised Rent under each Finance Lease) where the proceeds or
benefits of that Financial Indebtedness:

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     15

 

	 	(i)	 	have been received by any Group Company, since the date of
the Latest Audited Consolidated Statement of Financial Position, excluding the
amount of any such proceeds which have been applied in reduction of any
secured or unsecured liabilities included in this definition; or

	 	(ii)	 	are to be received by any Group Company and the receipt of
such proceeds or benefits has been underwritten or otherwise assured to the
satisfaction of the Auditor;

	 	(c)	 	the Capitalised Rent under each Finance Lease as at the date of the Latest
Audited Consolidated Statement of Financial Position;

	 	(d)	 	the paid up capital amount and accrued but unpaid dividends of Guaranteed
Shares,

and after:

	 	(e)	 	deducting:

	 	(i)	 	the aggregate amount of all secured and unsecured liabilities
of any entity which has ceased to be a Group Company since the date of the
Latest Audited Consolidated Statement of Financial Position and in respect of
which no other Group Company has any liability; and

	 	(ii)	 	the aggregate amount of all liabilities which in the opinion
of the Auditor have been defeased in such a way as to enable any such
liability to be considered as having been extinguished within the meaning of
paragraph 30 of Australian Accounting Standard AAS23; and

	 	(iii)	 	debt reductions of the type referred to in (b)(iii) of the
definition of “Total Tangible Assets”;

	 	(f)	 	eliminating all inter-entity balances among the members of the Group or any
of them (including any Group Company which has become one since the date of the Latest
Audited Consolidated Statement of Financial Position); and

	 	(g)	 	making such further adjustments (including, without limitation, elimination
of any double counting arising in relation to any Guarantee and the obligation or
indebtedness the subject of the Guarantee) which in the opinion of the Auditor are
appropriate to make a proper determination of the total amount of the aggregate
indebtedness of the Group.

In this definition references to “secured and unsecured liabilities” shall include (without
limiting the generality of the expression) all Financial Indebtedness and provisions for
estimated liabilities for income taxes, long service leave and dividends recommended,
declared or accrued but unpaid and provisions for any Contingent Liability but shall not
include paid up share capital (other than Guaranteed Shares), reserves of any nature or
undistributed profit;

Total Intangible Assets means, at any time, the aggregate of the book values, as disclosed
by the Latest Audited Consolidated Statement of Financial Position, of all Intangible
Assets of the Group at that time;

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Amended and Restated Multi Option Facility Agreement     16

 

Total Tangible Assets means at any time the aggregate of the book values, as disclosed by
the Latest Audited Consolidated Statement of Financial Position, of all Tangible Assets of
the Group and of such Intangible Assets of the Group as a Financier in its sole and
absolute discretion may from time to time agree, together with, (unless already included in
the Latest Audited Consolidated Statement of Financial Position):

	 	(a)	 	the aggregate (as disclosed by its latest audited statement of financial
position) of the book value of the Tangible Assets as determined by the Auditor (after
making provisions for depreciation and bad and doubtful debts and any income yet to
mature) of any entity which has become a Group Company since the date of the Latest
Audited Consolidated Statement of Financial Position;

	 	(b)	 	(i)   the aggregate proceeds of any issue of shares or stock (including
premium) of any Group Company received since the balance date of the Latest Audited
Consolidated Statement of Financial Position; and

	 	(ii)	 	the aggregate proceeds of any calls on partly paid shares made
by any Group Company which have been received since the balance date of the
Latest Audited Consolidated Statement of Financial Position,

excluding the amount of any such proceeds which:

	 	(iii)	 	have been applied in reduction of any secured or unsecured
liabilities included in the definition of “Total Indebtedness”; or
	 
	 	(iv)	 	have been applied in acquiring any assets included in Total
Tangible Assets under this definition;

	 	(c)	 	the book value of any Tangible Assets (not excluded as provided below)
acquired since the date of the Latest Audited Consolidated Statement of Financial
Position by any Group Company with the proceeds of the sale of shares or units in any
entity which has ceased to be a Group Company since that date;

	 	(d)	 	the book value of all assets which are or may be leased, chartered, hired,
managed, used or operated under a Finance Lease (where the Capitalised Rent has been
included in Total Indebtedness) as determined by the Auditor at least annually or (at
the option of the Parent) the value as at the date of calculation as assessed by a
qualified independent valuer chosen by the Parent and approved by a Financier);

	 	(e)	 	the proceeds of any Indebtedness referred to in paragraph (b) of the
definition of “Total Indebtedness” excluding the amount of any proceeds which:

	 	(i)	 	have been applied in reduction of any other secured or
unsecured liabilities included in that definition; or

	 	(ii)	 	have been applied in acquiring any Assets included in Total
Tangible Assets under this definition;

	 	(f)	 	if a revaluation of a Tangible Asset of any Group Company has been carried
out by an independent valuer approved by a Financier, the excess (if any) of the fair
value of that Tangible Asset as established by the valuer over its book value (as
disclosed in the Latest Audited Consolidated Statement of Financial Position or, in
the case of any entity which has become a Group Company since the Latest Audited
Consolidated Statement of Financial Position, as disclosed in the latest audited
statement of financial position of that entity) and as accepted by the Auditor without
qualification,
and after deducting:

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Amended and Restated Multi Option Facility Agreement     17

 

	 	(g)	 	the amount of any income yet to mature and the amount of provisions for
depreciation and for bad and doubtful debts as disclosed by the Latest Audited
Consolidated Statement of Financial Position;

	 	(h)	 	the aggregate (as disclosed by the latest audited statement of financial
position of the relevant entity) of the book values of the Tangible Assets of any
entity which has ceased to be a Group Company since the date of the Latest Audited
Consolidated Statement of Financial Position, other than Tangible Assets of that
entity which have become assets of another Group Company since that date (except that,
where a revaluation of any asset had previously been made under paragraph (f), the
fair value of that asset as determined in accordance with that paragraph shall be used
instead of the book value);

	 	(i)	 	the book value of any Tangible Assets of any Group Company which have been
applied since the date of the Latest Audited Consolidated Statement of Financial
Position in the acquisition of any entity which has become a Group Company since that
date (except that, where a revaluation of any asset had previously been made under
paragraph (f), the fair value of that asset as determined in accordance with that
paragraph shall be used instead of the book value); and

	 	(j)	 	if a revaluation of a Tangible Asset of any Group Company has been carried
out by an independent valuer (whether at the request of a Financier or otherwise), the
excess (if any) of the book value of that Tangible Asset (as disclosed in the Latest
Audited Consolidated Statement of Financial Position or, in the case of any entity
which has become a Group Company since the Latest Audited Consolidated Statement of
Financial Position, as disclosed in the latest audited statement of financial position
of that entity) over its fair value as established by the valuer and as accepted by
the Auditor without qualification,

and after:

	 	(k)	 	eliminating all inter-entity balances among any of the Group (including any
Group Company which has become such since the Latest Audited Consolidated Statement of
Financial Position); and

	 	(l)	 	making such further adjustments as may properly be necessary to avoid any
double counting of assets or as may be required by the Auditor to enable a proper
determination to be made of the total amount of the Total Tangible Assets;

Trade Advance for a Trade Facility, has the same meaning given to it in Schedule 2;

Trade Borrowers means the Australian Trade Borrowers, the HK Trade Borrowers and the US
Trade Borrowers and Trade Borrower means any one of them;

Trade Credit Limit means:

	 	(a)	 	for the Trade Finance Facility granted by HSBC (Australia), AUD 5,000,000;

	 	(b)	 	for the Trade Finance Facility granted by HSBC (HK), AUD 25,000,000; and

	 	(c)	 	for the Trade Finance Facility granted by HSBC (UK), USD 40,000,000,

in each case, as varied or cancelled in accordance with this Agreement or as varied from
time to time with the prior written consent of HSBC (Australia), HSBC (HK) and HSBC (UK);

Trade Facilities means the trade facilities granted to the Australian Trade Borrowers, the
HK Trade Borrower and the US Trade Borrower under clause 2.2(a), clause 2.2(b) and

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Amended and Restated Multi Option Facility Agreement     18

 

clause 2.2(c) (respectively) as part of the relevant Trade Finance Facility, and Trade
Facility means any one of them;

Trade Finance Facilities means:

	 	(a)	 	in respect of HSBC (Australia), the Trade Facilities and the Bank Guarantee
and Standby Letter of Credit Facility granted by HSBC (Australia) under clause 2.2(a);

	 	(b)	 	in respect of HSBC (HK), the Trade Facility granted by HSBC (HK) under clause
2.2(b); and

	 	(c)	 	in respect of HSBC (UK), the Trade Facility granted by HSBC (UK) under clause
2.2(c),

and Trade Finance Facility means any one of them;

Trade Financiers means HSBC (Australia), HSBC (HK) and HSBC (UK) and Trade Financier means
any of them;

Transaction Documents means:

	 	(a)	 	this Agreement;

	 	(b)	 	each Treasury Document;

	 	(c)	 	each document which a Financier and an Obligor agree in writing is a
Transaction Document for the purposes of this Agreement; and

	 	(d)	 	each document entered into or provided under any of the documents described
in paragraphs (a), (b) or (c) or for the purpose of amending or novating any of those
documents, including any Bank Guarantee, Documentary Credit or Export Letter of
Credit,

and Transaction Document means any of them and, when used in relation to an Obligor, means
any of those documents to which that Obligor is a party;

Treasury Document means any currency or interest rate swap agreement, forward interest rate
agreement foreign exchange agreement or similar agreement made been a Financier and one or
more members of the Group from time to time;

UCP has the meaning given to it in Schedule 2 or Schedule 3 (as the context may require);

UK Borrowers means:

	 	(a)	 	Sims Group UK Holdings Limited;

	 	(b)	 	Sims Group UK Limited;

	 	(c)	 	Mirec BV;

	 	(d)	 	Sims Metal Management Asia Limited; and

	 	(e)	 	any New Borrower designated as such in an Accession Deed,

and UK Borrower means any one of them;

Undrawn Commitment means, at any time the Commitment less the Principal Outstanding;

USD means the lawful currency for the time being of the United States of America;

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Amended and Restated Multi Option Facility Agreement     19

 

USD Equivalent means, in relation to any amount in an Approved Currency on any day, the
equivalent amount in USD of that amount converted by the relevant Financier at the Spot
Rate of exchange for the Approved Currency on that day;

US Borrowers means:

	 	(a)	 	Sims Group USA Corporation;

	 	(b)	 	Metal Dynamics Detroit LLC;

	 	(c)	 	Metal Management Alabama, Inc.;

	 	(d)	 	Metal Management Arizona, L.L.C.;

	 	(e)	 	Metal Management Connecticut, Inc.;

	 	(f)	 	Metal Management Memphis, L.L.C.;

	 	(g)	 	Metal Management Midwest, Inc.;

	 	(h)	 	Metal Management Mississippi, Inc.;

	 	(i)	 	Metal Management Northeast, Inc.;

	 	(j)	 	Metal Management Ohio, Inc.;

	 	(k)	 	Metal Management West, Inc.;

	 	(l)	 	Metal Management, Inc.;

	 	(m)	 	Proler Southwest LP; and

	 	(n)	 	any New Borrower designated as such in an Accession Deed,

and US Borrower means any one of them;

US Trade Borrowers means:

	 	(a)	 	Sims Group Global Trade Corporation; and

	 	(b)	 	any New Borrower designated as such in an Accession Deed,

and US Trade Borrower means any one of them; and

US Trade Facility means the trade facilities granted to the US Trade Borrower under clause
2.2(c) as part of the relevant Trade Finance Facility.

	1.2	 	Interpretation

	 	(a)	 	In this Agreement, unless the context requires another meaning, a reference:

	 	(i)	 	to the singular includes the plural and vice versa;

	 	(ii)	 	to a gender includes all genders;

	 	(iii)	 	to a document (including this Agreement) is a reference to
that document (including any Schedules and Annexures) as amended,
consolidated, supplemented, novated or replaced;

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Amended and Restated Multi Option Facility Agreement     20

 

	 	(iv)	 	to an agreement includes any undertaking, representation,
deed, agreement or legally enforceable arrangement or understanding whether
written or not;

	 	(v)	 	to a party means a party to this Agreement;

	 	(vi)	 	to an item, Recital, clause, section, Schedule or Annexure is
to an item, Recital, clause, section, Schedule or Annexure of or to this
Agreement;

	 	(vii)	 	to a notice means a notice, approval, demand, request,
nomination or other communication given by one party to another under or in
connection with a Transaction Document;

	 	(viii)	 	to a person (including a party) includes:

	 	(A)	 	an individual, company, other body corporate,
association, partnership, firm, joint venture, trust or Government
Agency;

	 	(B)	 	the person’s successors, permitted assigns,
substitutes, executors and administrators; and

	 	(C)	 	a reference to the representative member of
the GST group to which the person belongs to the extent that the
representative member has assumed rights, entitlements, benefits,
obligations and liabilities which would remain with the person if the
person were not a member of a GST group;

	 	(ix)	 	to a statute is to a statute of Australia, unless otherwise
specified;

	 	(x)	 	to a law:

	 	(A)	 	includes a reference to any legislation,
treaty, judgment, rule of common law or equity or rule of any
applicable stock exchange in any Relevant Jurisdiction; and

	 	(B)	 	is a reference to that law as amended,
consolidated, supplemented or replaced;

	 	(C)	 	includes a reference to any regulation, rule,
statutory instrument, by-law or other subordinate legislation in any
Relevant Jurisdiction; and

	 	(D)	 	of Australia in a Transaction Document,
extends, in relation to a party to the Transaction Document
incorporated in another jurisdiction, to any equivalent law of the
jurisdiction where that party is incorporated;

	 	(xi)	 	to proceedings includes litigation, arbitration and
investigation;

	 	(xii)	 	to a judgment includes an order, injunction, decree,
determination or award of any court or tribunal;

	 	(xiii)	 	to time in relation to an obligation required to be performed, or any other
action required to be taken, in a Relevant Jurisdiction is to the time in that
Relevant Jurisdiction;

	 	(xiv)	 	to the words “including” or “includes” means “including but
not limited to” or “includes without limitation”; and

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Amended and Restated Multi Option Facility Agreement     21

 

	 	(xv)	 	to drawing, endorsement, acceptance or other dealing in
respect of a Bill is a reference to drawing, endorsement, acceptance or other
dealing within the meaning of the Bills of Exchange Act 1909 (Cth) or any
equivalent legislation in a Relevant Jurisdiction.

	 	(b)	 	Where a word or phrase is defined, its other grammatical forms have a
corresponding meaning.

	 	(c)	 	Headings are for convenience only and do not affect interpretation of this
Agreement.

	 	(d)	 	This Agreement may not be interpreted adversely to a party only because that
party was responsible for preparing it.

	1.3	 	Joint and several liability

	 	(a)	 	Each agreement, warranty, representation or obligation made, given or
incurred by an Obligor binds all Obligors in this Agreement jointly and each of them
severally.

	 	(b)	 	Each Financier may enforce its rights under this Agreement and proceed
against any one or more Obligors in the manner, order and at the times the Financier
determines in its absolute discretion. A Financier is not required to enforce its
rights or proceed against all Obligors.

	 	(c)	 	A notice given by a Financier to the Parent or to any one Obligor with a copy
to the Parent is to be considered to have been given to all Obligors.

	1.4	 	Financier’s several obligations

	 	(a)	 	The obligations of each Financier under the Transaction Documents are
several.

	 	(b)	 	Failure by a Financier to perform its obligations under a Transaction
Document does not relieve any other Financier or a Borrower from any of their
respective obligations.

	 	(c)	 	A Financier is not responsible for the obligations of any other Financier or
of a Borrower.

	 	(d)	 	A representation, warranty, undertaking or obligation of a Financier or the
Financiers binds each Financier severally only.

	1.5	 	Current Accounting Practice

	 	(a)	 	Any accounting practice or concept relevant to this Agreement is to be
construed or determined in accordance with generally accepted accounting standards in
Australia (Accounting Standards).

	 	(b)	 	Each Financier and Obligor acknowledges that changes in the Accounting
Standards after the date of this Agreement may make the operation of the financial
undertakings set out in clause 12.3, a defined term or another clause in a Transaction
Document that refers to the Accounting Standards or any accounting practice or
concept, inappropriate.

	 	(c)	 	If the Parent or a Financier considers that such a change has occurred and
notifies the Financiers or the Parent (as applicable) to that effect (the date such
notice is given, the Notification Date), the Parent and the Financiers agree to
negotiate in good faith to agree to appropriate amendments to the affected clause or
definition.

	 	(d)	 	If the Parent and the Financiers fail to agree on amendments to the affected
clause or definition within 20 Business Days (or such other period as may be agreed

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Amended and Restated Multi Option Facility Agreement     22

 

	 	 	 	between the Parent and the Financiers) of the Notification Date, then any
references to the Accounting Standards in this Agreement or any other Transaction
Document will be deemed to be a reference to the Accounting Standards as at the
date of this Agreement.

	 	(e)	 	Unless and until an agreement is reached as contemplated in this clause 1.5,
the Borrowers will provide each Financial Report and Compliance Certificate together
with, in each case, any reconciliation statements (audited, where applicable)
necessary to enable calculation of the financial undertakings and associated
definitions based on the Accounting Standards prior to the relevant change occurring
and those changes will be ignored for the purposes of the financial undertakings and
the relevant definitions.

	2.	 	THE FACILITIES
	 
	2.1	 	Cash Advance Facility

	 	(a)	 	Each of the CAF Financiers grants to each of the CAF Borrowers a cash advance
facility under which each CAF Borrower may obtain Advances in an Approved Currency, on
the terms and conditions set out in this Agreement, including those in Schedule 1.

	 	(b)	 	A CAF Financier is not obliged to provide financial accommodation to a CAF
Borrower if, as a result of providing that financial accommodation:

	 	(i)	 	the Principal Outstanding under the Cash Advance Facility
provided by that CAF Financier would exceed the CAF Limit corresponding to
that CAF Financier; or

	 	(ii)	 	the Principal Outstanding under the Cash Advance Facilities
provided by all CAF Financiers would exceed the Commitment corresponding to
the Cash Advance Facilities.

	2.2	 	Trade Finance Facility

	 	(a)	 	HSBC (Australia) grants to the Australian Trade Borrowers a Trade Finance
Facility under which:

	 	(i)	 	an Australian Trade Borrower may utilise any one or more of
the Trade Facilities on the terms and conditions set out in this Agreement,
including those in Schedule 2; and

	 	(ii)	 	an Australian Trade Borrower may obtain Bank Guarantees and
Standby Letters of Credit issued by HSBC (Australia) on the terms and
conditions set out in this Agreement, including those in Schedule 4.

	 	(b)	 	HSBC (HK) grants to the HK Trade Borrowers a Trade Finance Facility under
which a HK Trade Borrower may utilise any one or more of the Trade Facilities on the
terms and conditions set out in this Agreement, including those in Schedule 2.

	 	(c)	 	HSBC (UK) grants to the US Trade Borrowers a Trade Finance Facility under
which a US Trade Borrower may utilise any one or more of the Trade Facilities on the
terms and conditions set out in this Agreement, including those in Schedule 3.

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Amended and Restated Multi Option Facility Agreement     23

 

	 	(d)	 	A Trade Financier is not obliged to provide financial accommodation to a
Trade Borrower if, as a result of providing that financial accommodation:

	 	(i)	 	the Principal Outstanding under the Trade Finance Facility
provided by that Trade Financier would exceed the Trade Credit Limit
corresponding to that Trade Financier; or

	 	(ii)	 	the Principal Outstanding under the Trade Finance Facility
provided by each Trade Financier would exceed the Commitment corresponding to
the Trade Finance Facilities.

	2.3	 	Hedging Facility

	 	(a)	 	HSBC (Australia) agrees to provide a hedging facility to the Australian
Borrowers on the terms of Schedule 5.

	 	(b)	 	HSBC (HK) agrees to provide a hedging facility to the HK Trade Borrowers on
the terms of Schedule 5.

	 	(c)	 	HSBC (UK) agrees to provide a hedging facility to the UK Borrowers on the
terms of Schedule 5.

	 	(d)	 	HSBC (US) agrees to provide a hedging facility to the US Borrowers on the
terms of Schedule 5.

	2.4	 	Purpose

	 	(a)	 	A Borrower must only utilise a Facility for an Approved Purpose of that
Facility.

	 	(b)	 	Each Financier is not bound to enquire as to the application by a Borrower of
any utilisation of a Facility and has no responsibility for that application.

	2.5	 	Cancellation of Undrawn Commitment

For a Facility granted by a Financier under clause 2.1 or clause 2.2:

	 	(a)	 	the Undrawn Commitment is cancelled at 5:00 pm on the last day of the
Availability Period;

	 	(b)	 	the Parent may cancel all or part of the Undrawn Commitment at any time
during the Availability Period if:

	 	(i)	 	HSBC (Australia) receives prior written notice specifying the
proposed date and amount of the cancellation and whether the cancellation is
in respect of the Cash Advance Facility or the Trade Finance Facility or both;
and

	 	(ii)	 	in the case of a partial cancellation, it is at least
$250,000 and a whole multiple of $100,000 unless HSBC (Australia) agrees
otherwise;

	 	(c)	 	a written notice of cancellation given under clause 2.5(b) must be signed by
an Authorised Officer of the Parent giving the notice and is irrevocable once given;

	 	(d)	 	the Undrawn Commitment is cancelled, and the Commitment in respect of the
applicable Facility is reduced, with effect from the proposed date of cancellation
specified in a notice of cancellation under clause 2.5(b) by an amount equal to the
amount specified in the notice of cancellation;

	 	(e)	 	the Borrowers must pay to the Financier all fees, expenses and other amounts
accrued (whether or not yet payable) under the Transaction Documents up to the

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Amended and Restated Multi Option Facility Agreement     24

 

	 	 	 	date of cancellation specified in a notice of cancellation under clause 2.5(b) on
or before the date of cancellation; and

	 	(f)	 	any cancellation of all or part of the Undrawn Commitment proposed in a
notice of cancellation under clause 2.5(b) and which is to take effect after the
Financier has received a request for financial accommodation will be reduced to the
extent necessary to ensure that, after providing the requested financial
accommodation, the Principal Outstanding will not exceed the Commitment.

	3.	 	CONDITIONS PRECEDENT
	 
	3.1	 	Conditions precedent to initial funding

No Financier is obliged to make the first funding available under this Agreement unless
HSBC (Australia) confirms in writing that each of the following conditions precedent is
satisfied or waived by all Financiers:

	 	(a)	 	HSBC (Australia) has received the following documents in form and substance
satisfactory to it:

	 	(i)	 	a certificate substantially in the form of Annexure E
providing the details and annexures specified in that Annexure for each
Obligor, which is dated not more than 5 days before the date of HSBC
(Australia)’s confirmation and is signed by a director or company secretary of
the Obligor;

	 	(ii)	 	each original power of attorney under which a Transaction
Document has been or will be executed by an Obligor;

	 	(iii)	 	duly executed counterparts of each Transaction Document;

	 	(iv)	 	certified copies of all documents evidencing that:

	 	(A)	 	all Authorisations necessary or desirable for
the entry into, or the performance of, the Transaction Documents by
each Obligor have been obtained;

	 	(B)	 	all necessary filings, registrations or other
formalities have been completed;

	 	(C)	 	all Taxes and other fees have been paid, or
sufficient funds have been provided to the Financier for the payment
of all Taxes and other fees, to ensure that the Transaction Documents
are valid, binding and enforceable;

	 	(v)	 	any other documents, assurances, opinions and information
that HSBC (Australia) requires.

	3.2	 	Benefit of conditions precedent

The conditions precedent in clause 3.1 are for the benefit of each Financier only and may
only be waived by all Financiers. If satisfaction of any condition precedent or condition
subsequent is waived on condition that an Obligor satisfy that or any other requirement at
or before a particular time, that Obligor must comply with that condition.

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Amended and Restated Multi Option Facility Agreement     25

 

	4.	 	FUNDING
	 
	4.1	 	Funding Notice

	 	(a)	 	A Financier is not obliged to make a Facility available for utilisation by a
Relevant Borrower unless:

	 	(i)	 	a Funding Notice which satisfies the requirements of clause
4.1(b) has been delivered to the Lending Office of HSBC (Australia) and the
Lending Office of the Financier no later than 11:00 am:

	 	(A)	 	in respect of the Trade Finance Facilities,
on the proposed Issuance Date or Funding Date, as the case may be; and

	 	(B)	 	in respect of amounts to be made available by
HSBC (Australia), HSBC (UK), HSBC (US) or HSBC (HK), 2 Business Days
before the proposed Funding Date,

or at a later time agreed in writing by the relevant Financier;

	 	(ii)	 	all conditions precedent to utilisation of that Facility,
including those set out in clause 3.1, have been satisfied; and

	 	(iii)	 	as at the date of the Funding Notice and the proposed
Funding Date or Issuance Date, as applicable:

	 	(A)	 	all representations and warranties made by
that Relevant Borrower and each other Obligor in, or in connection
with, a Transaction Document are true and not misleading, by omission
or in any other way; and

	 	(B)	 	no Event of Default or Potential Event of
Default has occurred which has not been remedied or waived by all
Financiers or would result from the proposed utilisation of that
Facility.

	 	(b)	 	Each Funding Notice must:

	 	(i)	 	be in legible writing and:

	 	(A)	 	in the case of the Cash Advance Facility and
the Bank Guarantee and Standby Letter of Credit Facility,
substantially in the form of Annexure D and must specify the matters
set out in that Annexure; and

	 	(B)	 	in the case of any Trade Facilities to be
provided by a Trade Financier, be in such form and include such
application forms, authorities and documents which that Trade
Financier requires;

	 	(ii)	 	be signed by an Authorised Officer of the Relevant Borrower;
and

	 	(iii)	 	specify the Funding Date or Issuance Date, as applicable,
which must be a Business Day during the Availability Period for that Facility.

	 	(c)	 	Each Funding Notice:

	 	(i)	 	constitutes a representation and warranty by the Borrower
under this Agreement that no Event of Default or Potential Event of Default
has occurred which has not been remedied or waived by all Financiers or will
occur as a result of the proposed utilisation of the Facility; and

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Amended and Restated Multi Option Facility Agreement     26

 

	 	(ii)	 	once given is irrevocable.

	4.2	 	Limitations on Funding Notices

A Relevant Borrower must not give a Funding Notice to a Financier and the Financier is not
obliged to provide any financial accommodation requested by that Relevant Borrower under a
Facility granted by the Financier to the Relevant Borrowers if, as a result of the
Financier providing the financial accommodation requested in the Funding Notice:

	 	(a)	 	the Principal Outstanding would exceed the Commitment;

	 	(b)	 	if the Facility is a Trade Finance Facility, the Principal Outstanding under
the Trade Finance Facility would exceed the Trade Credit Limit corresponding to the
relevant provider of that Trade Finance Facility; or

	 	(c)	 	if the Facility is a Cash Advance Facility, the Advance requested in the
Funding Notice when aggregated with all outstanding Advances provided by that
Financier would exceed the CAF Limit corresponding to the relevant provider of that
Cash Advance Facility.

	5.	 	TERMINATION AND REPAYMENT
	 
	5.1	 	Termination

If a Financier determines to terminate a Facility provided by it, it must notify the Parent
and each other Financier of the date upon which that Facility will be terminated. The date
notified to the Parent under this clause 5.1 shall be 19 months after the date the notice
was provided under this clause 5.1 and the date so notified will be deemed to be the Final
Repayment Date.

	5.2	 	Repayment

	 	(a)	 	Each Borrower must pay in full the Amount Owing by it to the Financiers on
the Final Repayment Date.

	 	(b)	 	On the Final Repayment Date, each Trade Borrower must pay to:

	 	(i)	 	HSBC (Australia) (in respect of a Trade Finance Facility
provided by HSBC (Australia)) an amount equal to the aggregate of the total
Face Value Amount of all Current Bank Guarantees, Current Standby Letters of
Credit and Current Documentary Credits denominated in AUD and the Dollar
Equivalent of the total Face Value Amount of all Current Bank Guarantees,
Current Standby Letters of Credit and Current Documentary Credits denominated
in an Approved Currency, which in each case have been drawn by that Trade
Borrower and which correspond to HSBC (Australia) as the relevant provider of
that Trade Finance Facility. Such amount will be dealt with by HSBC
(Australia) in accordance with clause 13.3;

	 	(ii)	 	HSBC (HK) (in respect of a Trade Finance Facility provided by
HSBC (HK)) an amount equal to the aggregate of the total Face Value Amount of
all Current Documentary Credits denominated in AUD and the Dollar Equivalent
of the total Face Value Amount of all Current Documentary Credits denominated
in an Approved Currency, which have been drawn by that Trade Borrower and
which correspond to HSBC (HK) as the relevant provider of that Trade Finance
Facility. Such amount will be dealt with by HSBC (HK) in accordance with
clause 13.3; and

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	 	(iii)	 	HSBC (UK) (in respect of a Trade Finance Facility provided
by HSBC (UK)) an amount equal to the aggregate of the total Face Value Amount
of all Current Documentary Credits denominated in USD and the USD Equivalent
of the total Face Value Amount of all Current Documentary Credits denominated
in an Approved Currency, which have been drawn by that Trade Borrower and
which correspond to HSBC (UK) as the relevant provider of that Trade Finance
Facility. Such amount will be dealt with by HSBC (UK) in accordance with
clause 13.3.

	6.	 	COMMITMENT EXCEEDED
	 
	6.1	 	Excess of limit

If a Financier determines in good faith that the Dollar Equivalent of the Principal
Outstanding under the Cash Advance Facility or the Trade Finance Facility exceeds the limit
of that Facility, the Parent and the Relevant Borrowers must take remedial measures to the
Financier’s satisfaction with respect to the excess as soon as possible, and in any event
no later than 10 Business Days after being demanded to do so by the Financier.

	6.2	 	Cash cover

	 	(a)	 	If at any time the Principal Outstanding under the Cash Advance Facility
exceeds 105% of the Commitment, the Parent shall deposit into the account held by the
Parent with HSBC (Australia) (the “Margin Account”) the amount of the currency
certified by HSBC (Australia) as being required to ensure that the Principal
Outstanding at that time less the amount standing to the credit of the Margin Account
will not exceed the Commitment.

	 	(b)	 	If, in respect of a Trade Finance Facility, and at any time, the Principal
Outstanding under that Trade Finance Facility exceeds 105% of the Trade Credit Limit
corresponding to the provider of that Trade Finance Facility, the Parent shall deposit
into the Margin Account the amount of the currency certified by HSBC (Australia) as
being required to ensure that the Principal Outstanding under that Trade Finance
Facility at that time less the amount standing to the credit of the Margin Account
will not exceed the Trade Credit Limit corresponding to the provider of that Trade
Finance Facility.

	 	(c)	 	The Parent may demand or require repayments or withdrawals of any amounts
standing to the credit of the Margin Account and HSBC (Australia) will comply with any
such demand or requirement from the Parent) only to the extent or amount that:

	 	(i)	 	the Commitment exceeds the Principal Outstanding at that time
plus the amount (including interest) standing to the credit of the Margin
Account; and

	 	(ii)	 	in respect of a Trade Finance Facility, the Trade Credit
Limit corresponding to the provider of that Trade Finance Facility exceeds the
Principal Outstanding under that Trade Finance Facility at that time plus the
amount (including interest) standing to the credit of the Margin Account,

at the relevant time.

	 	(d)	 	Other than as permitted by clause 6.2(c), the Parent may not demand or
require repayments or withdrawals of any amounts standing to the credit in the Margin
Account and HSBC (Australia) will not be required to comply with such demand or

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	 	 	 	requirement unless and until all moneys, liabilities and obligations due or owing
to HSBC (Australia) under the Facilities have been paid and satisfied in full.

	 	(e)	 	HSBC (Australia) shall pay interest on the amounts standing to the credit of
the Margin Account. Interest shall be calculated daily and be payable monthly in
arrears. The applicable interest rate shall be the rate quoted in good faith by HSBC
(Australia) as the rate at which it would accept 24 hour call deposits of a similar
amount and in the same currency or currencies as the credit balance in the Margin
Account.

	7.	 	PAYMENTS
	 
	7.1	 	Payments by an Obligor

All payments by an Obligor to a Financier under a Transaction Document must be made:

	 	(a)	 	to the Lending Office of the Financier in the Relevant Jurisdiction where the
Obligor is incorporated, or, where the Financier does not have a Lending Office in
that Relevant Jurisdiction or otherwise, such other office specified by the Financier;

	 	(b)	 	not later than 11:00 am on the due date for payment;

	 	(c)	 	in Cleared Funds; and

	 	(d)	 	to the account specified by the Financier,

or in any other manner that the Financier notifies to the Obligor provided that that other
manner is consistent with normal practice in the Relevant Jurisdiction where the Obligor is
incorporated and in the jurisdiction from which the payment is to be made.

	7.2	 	Currency of payment

Payments by an Obligor to a Financier under the Transaction Documents must be made as
follows:

	 	(a)	 	repayments and prepayments of principal amounts must be made in the currency
in which those amounts are denominated;

	 	(b)	 	interest must be paid in the currency in which the amount in respect of which
the interest has accrued is denominated;

	 	(c)	 	amounts payable in respect of:

	 	(i)	 	costs, expenses, Taxes and other disbursements incurred or
payable by the Financier must be paid in the currency in which they were
incurred; and

	 	(ii)	 	each other amount payable under the Transaction Documents
must be paid in the currency specified in the Transaction Documents.

	7.3	 	Change of currency

If a change in the currency of a Relevant Jurisdiction occurs, the Transaction Documents
will, to the extent the relevant Financiers (acting reasonably and after consultation with
the Borrowers incorporated in that Relevant Jurisdiction) specify to be necessary, be
amended to comply with any generally accepted conventions and market practice in the
relevant interbank market and otherwise to reflect the change in currency.

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	7.4	 	Business Days

If an amount would otherwise be due for payment on a day that is not a Business Day, that
amount is due on the next Business Day or, if that Business Day is in another calendar
month, on the preceding Business Day.

	7.5	 	Payable on demand

An amount payable under a Transaction Document that is not payable on a specified date is
payable on demand.

	7.6	 	Payments in gross

Subject to clause 7.7, all money payable by an Obligor under a Transaction Document must be
paid unconditionally and in full without:

	 	(a)	 	set-off or counterclaim of any kind; or

	 	(b)	 	deduction or withholding for Tax or any other reason, unless the deduction or
withholding is required by applicable law.

	7.7	 	Deductions and withholdings

	 	(a)	 	If an Obligor or any other person is required by law to make a deduction or
withholding for Tax from a payment under a Transaction Document or a Financier is
required to make a payment for Tax on any payment received or receivable by it from an
Obligor under a Transaction Document, the Obligor:

	 	(i)	 	indemnifies the Financier against any Claim in respect of the
Tax; and

	 	(ii)	 	must immediately pay an additional amount to the Financier so
that, after all applicable deductions, withholdings or payments for Tax, the
Financier actually receives for its own benefit a net amount equal to the
amount which it would have received if no deductions, withholdings or payments
had been required.

	 	(b)	 	If a Financier is required by law to make a deduction or withholding for Tax
from a payment to the Financier under a Transaction Document, the Obligor making that
payment must pay the full amount of the deduction or withholding to the appropriate
Government Agency in accordance with applicable law and deliver the original receipts
to the Financier.

	7.8	 	Allocation of receipts

A Financier must allocate payments made by or for the account of a Borrower to the purpose
for which the payment was made but after the occurrence of an Event of Default the
Financier may allocate such payments towards principal, interest or other money owing under
a Transaction Document as it considers appropriate.

	8.	 	UNLAWFULNESS OR INCREASED COSTS

	8.1	 	Unlawfulness

	 	(a)	 	If a Financier determines in good faith that it is or will be:

	 	(i)	 	unlawful;

	 	(ii)	 	contrary to any request or requirement of any central bank or
any other Government Agency (whether or not having the force of law); or

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	 	(iii)	 	in the case of a Documentary Credit, Bank Guarantee or
Standby Letter of Credit, incompatible with any national or international
financial, political or economic conditions or exchange controls,

for the Financier to make available, fund or maintain a Facility or to otherwise
perform its obligations under a Transaction Document, the Financier must as soon as
reasonably possible notify its determination to the Relevant Borrowers to which the
Facility has been granted.

	 	(b)	 	The Financier’s notice must set out:

	 	(i)	 	which Facility, Facilities or parts of a Facility are
affected;

	 	(ii)	 	whether or not the underlying event or situation applies to a
particular utilisation of a Facility or to all outstanding utilisations under
that Facility;

	 	(iii)	 	whether or not the Financier has determined that all or part
of the Commitment must be cancelled as a result of the event or situation, and
the amount of Commitment to be cancelled, if applicable; and

	 	(iv)	 	whether all or part of the Principal Outstanding or Amount
Owing is to be repaid by the Relevant Borrowers, and the amount of Principal
Outstanding or Amount Owing to be repaid, if applicable.

	 	(c)	 	On the giving of that notice to the Relevant Borrowers, the Financier’s
obligation to make available, fund or maintain the Facility or perform the relevant
obligation ceases in accordance with the terms of the notice, and, if applicable the
Commitment (or part of it) is cancelled in accordance with the terms of that notice.

	 	(d)	 	If all or part of the Principal Outstanding or Amount Owing is repayable in
accordance with clause 8.1(b), each Relevant Borrower must pay the amount of Principal
Outstanding or Amount Owing, as specified in the notice given under clause 8.1(b) to
the Financier in full on the earlier of:

	 	(i)	 	60 days after receipt of the Financier’s notice; or

	 	(ii)	 	the date specified in the notice and certified by the
Financier as the last day on which payment is required or permitted in order
to comply with the relevant law, request or requirement or prevent or remedy a
breach of the relevant law.

	 	(e)	 	Following delivery of a notice under clause 8.1(a), if a Trade Financier is
not able to provide a Documentary Credit, Bank Guarantee or Standby Letter of Credit
requested by a Trade Borrower, that Trade Financier and the Trade Borrower shall
negotiate in good faith with a view to agreeing an alternative basis on which the
requested accommodation may be provided by that Trade Financier to the Trade Borrower.

	8.2	 	Increased costs

	 	(a)	 	If a Financier determines that:

	 	(i)	 	the introduction of, implementation of or a change in any
law, or any official directive, requirement or request of any central bank or
any other Government Agency (whether or not having the force of law but
compliance with which is in accordance with the practice of responsible banks
or financial institutions in the relevant jurisdiction) including any one of
them relating to:

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	 	(A)	 	capital adequacy, reserve, liquidity or
deposit requirements, the classification or allocation of capital or
prudential supervision; or

	 	(B)	 	a Tax on or affecting payments made or to be
made under a Transaction Document; or

	 	(ii)	 	any change in the interpretation or application of any law,
official directive, requirement or request referred to in paragraph (a)(i) of
this clause 8.2(a) by a Government Agency;

directly or indirectly:

	 	(iii)	 	increases the cost to the Financier of underwriting, making,
funding or maintaining a Facility or performing an obligation under a
Transaction Document;

	 	(iv)	 	reduces the amount of any payment made or payable by or for
the account of an Obligor or received or receivable by the Financier under a
Transaction Document;

	 	(v)	 	reduces the effective return to the Financier on capital
which is or becomes allocated by the Financier to a Facility or the effective
return on overall capital of the Financier;

	 	(vi)	 	imposes any requirement that the Financier make any payment
or forego any interest or other return on or calculated by reference to:

	 	(A)	 	any sum received or receivable by it under
any Transaction Document in an amount which the Financier considers
material; or

	 	(B)	 	any capital or other amount directly or
indirectly allocated by the Financier to making a Facility available
in an amount which the Financier considers material; or

	 	(vii)	 	restricts or prevents the Financier from entering into any
other transaction with the result that the Financier incurs any cost or loss
of interest or other return specified in paragraphs (iii), (iv), (v) or (vi)
of this clause 8.2(a);

each Relevant Borrower must in each such case pay to the Financier on demand the
amounts certified by the Financier as necessary to compensate it for that increased
cost, reduction, payment or foregone interest or return or other cost or loss of
interest or other return (each an “Increased Cost”).

	 	(b)	 	A Relevant Borrower may, upon becoming aware of the Increased Cost, revoke
any Funding Notice with a view to minimising the amount of any compensation payable
pursuant to clause 8.2(a) and 8.2(c), by notifying the Financier to that effect on or
before 4:00 pm on the date which is 2 Business Days before the relevant Funding Date
or Issuance Date, as applicable.

	 	(c)	 	Where an Increased Cost arises from circumstances which relate not only to
the Financier’s funding of a Facility, but also to other business, the Financier is
entitled to claim as compensation for the Increased Cost the amount it determines is
fairly attributable to its funding of the Facility. The Financier may use averaging
and attribution methods commonly used by the Financier or any other method it
considers appropriate.

	 	(d)	 	In providing a certificate under this clause 8.2, the Financier is not
required to disclose any confidential information relating to the organisation of its
business.

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	 	(e)	 	It will not be a defence that any Increased Cost could have been avoided.

	9.	 	MARKET DISTURBANCE AND REVIEW OF FACILITIES

	9.1	 	Disturbance Notice

A Financier may give a notice in respect of the Cash Advance Facility (a Disturbance
Notice) to the Parent at any time (Disturbance Notice Date) if the Financier forms the view
that market conditions in the relevant financial market for the currency concerned are
seriously disturbed, including without limitation as a result of the conditions described
in this clause 9 (Market Disturbance).

	9.2	 	Market Disturbance Premium

If a Financier gives a Disturbance Notice as a result of circumstances where, in the
Financier’s opinion:

	 	(a)	 	adequate and fair means are not available for fixing the Base Rate in respect
of AUD or any Approved Foreign Currency, or

	 	(b)	 	the cost to the Financier of obtaining deposits in the relevant financial
market or other funds to fund an Advance exceeds the Base Rate,

the Financier will, in the Disturbance Notice, notify the Parent of the rate at which the
Financier (acting commercially and in good faith) will charge a premium to be added to the
Base Rate in respect of Funding Periods for each Advance which commences on or after the
Disturbance Notice Date, which rate will be the rate that reflects the Financier’s cost of
funding the advances from whatever sources it may reasonably select. The rate must be
expressed as a percentage rate per annum and be rounded up to the nearest fourth decimal
place (Market Disturbance Premium).

At the beginning of each calendar quarter that commences after the Disturbance Notice Date,
the Financier may amend the Market Disturbance Premium that applies to new Advances
advanced on or after the beginning of that calendar quarter or, in the case of existing
Advances, to new Funding Periods commencing on or after the beginning of that calendar
quarter.

Portions of the Market Disturbance Premium may differ for each Funding Period for an
Advance and also according to which currency that advance may be made. Despite this, the
relevant Financier need not inform any Obligor which portions of the Market Disturbance
Premium relate to particular Advances, particular Funding Periods for an Advance,
particular currencies for an Advance or any other factor when notifying the Parent of that
Market Disturbance Premium for the Cash Advance Facility. The Financier is not required to
give the Parent calculations showing how the Market Disruption Premium has been
ascertained, nor is required to provide details of its business or tax affairs.

The Parent agrees to pay the Market Disturbance Premium on all Advances and in respect of
each Funding Period for those Advances on the relevant Interest Payment Dates during a
Funding Period for that Advance provided that the Market Disturbance Premium that is to
apply is advised to the Parent prior to the drawdown for that Advance or the commencement
of a new Funding Period.

The relevant Financier will promptly notify the Parent once it determines the circumstances
requiring a Market Disturbance Premium have ceased to exist. From the time of such notice,
no Market Disturbance Premium for new Advances or new Funding Periods will be payable
unless a further Disturbance Notice is delivered to the Parent.

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	9.3	 	Alternative Arrangements

If a Financier gives a Disturbance Notice as a result of circumstances where, in the
Financier’s opinion:

	 	(a)	 	because of national or international financial, political or economic
circumstances or exchange rates or exchange controls it is impractical for it to fund
or continue to fund an Advance for the Funding Period; or

	 	(b)	 	deposits in the currency concerned are not available in the ordinary course
of business to the Financier in the relevant financial market, and the Disturbance
Notice relates to an Advance which has not been made,

then the Financier’s obligations to make the Advance shall be suspended while it and the
Parent negotiate alternative arrangements. If they reach agreement within 30 days, those
alternative arrangements will apply. If they do not reach agreement within that period,
the Financier will be released from its obligations to make the Advance.

	9.4	 	Alternative Basis

If the Disturbance Notice given under clause 9.3 relates to an Advance which has been made,
the Financier will maintain the Advance, and will within 30 days after giving the
Disturbance Notice notify the Parent of an alternative basis (Alternative Basis) for
maintaining the Advance.

The Parent will comply with the Alternative Basis. The Financier and the Parent will
consult monthly while the Alternative Basis is in force, and if the circumstances which
justified the establishment of the Alternative Basis cease to apply, the Financier will
revoke the Alternative Basis as promptly as practicable.

An Alternative Basis may include, in the Financier’s absolute discretion:

	 	(a)	 	alternative currencies;

	 	(b)	 	alternative Funding Periods; or

	 	(c)	 	alternative methods of fixing the interest rate.

	9.5	 	Review of Facilities

	 	(a)	 	Without prejudice to the rights of the Financiers under the Transaction
Documents, the Financiers may conduct an annual review of their respective
participation under this Agreement, such review to occur on or around 1 November of
each year (or such other time as the Financiers notify the Parent in writing).

	 	(b)	 	Following any annual review conducted in accordance with clause 9.5(a) above,
the Financiers may (in their sole and absolute discretion) propose changes to the
Margin, pricing, fees and/or costs that apply to the Facilities by delivering to the
Parent a replacement fee letter or fee letters (as applicable) in substantially the
form set out in Annexure G (New Fee Letter). Each New Fee Letter shall set out the
proposed changes to the Margin, pricing, fees and/or costs that will apply to the
Facilities.

	 	(c)	 	The Parent must, by notice in writing to the Financiers within 15 Business
Days of the date of issue of the New Fee Letter, either:

	 	(i)	 	accept the New Fee Letter by returning a signed copy of the
New Fee Letter to the Financiers, in which case the revised Margin, pricing,
fees and/or costs will apply with effect from the date of the New Fee Letter;
or

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	 	(ii)	 	reject the New Fee Letter.

	 	(d)	 	If the Parent rejects the New Fee Letter in accordance with clause 9.5(c)
above:

	 	(i)	 	the Parent must include with its notice referred to in clause
9.5(c) reasonable details of Parent’s reasons for rejecting the New Fee
Letter; and

	 	(ii)	 	the Parent and the Financiers shall, during a period of 20
Business Days commencing on the date of issue of the New Fee Letter
(Negotiation Period), enter into negotiations with respect to whether there
will be any change to the Margin, pricing, fees and/or costs that applies to
the Facilities as at the date of the New Fee Letter.

	 	(e)	 	If the Financiers and the Parent reach agreement on the terms of the New Fee
Letter before the end of the Negotiation Period, the Financiers will deliver to the
Parent a revised fee letter or fee letters (as applicable) in substantially the same
form as set out in Annexure G which set out the revised Margin, pricing, fees and/or
costs that will apply to the Facilities. The revised Margin, pricing, fees and/or
costs set out in such revised fee letter or fee letters (as applicable) will apply
with effect from the date of the relevant revised fee letter or fee letters (as
applicable).

	 	(f)	 	If the Financiers and the Parent do not reach agreement on the terms of the
New Fee Letter before the end of the Negotiation Period, the Financiers reserve the
right to take such action in respect of the Facilities as it is entitled to take under
this Agreement.

	 	(g)	 	Nothing in this clause 9.5 limits the rights of the Financiers to cancel a
Facility or to require repayment of the Amount Owing if it were otherwise entitled to
do so under this Agreement, including without limitation during the negotiations
referred to in clause 9.5(e) above.

	10.	 	COMMITMENT FEE, EXPENSES, COSTS AND TAXES

	10.1	 	Expenses

	 	(a)	 	Whether or not a Facility is utilised, the Borrowers must pay to or reimburse
each Financier on demand for:

	 	(i)	 	all reasonable costs (including legal costs) and
out-of-pocket expenses and Taxes incurred or payable by that Financier for the
negotiation, preparation, execution, completion, stamping and registration of,
or in respect of, the Transaction Documents;

	 	(ii)	 	all reasonable costs, expenses and Taxes incurred or payable
by that Financier for:

	 	(A)	 	any attendance, inspection, calculation,
approval, consent, waiver, variation, release or discharge made or
given by that Financier under a Transaction Document; and

	 	(B)	 	any amendment of any Transaction Document;
and

	 	(iii)	 	all reasonable costs (including legal costs), expenses and
Taxes incurred or payable by that Financier for any contemplated or actual
enforcement of a Transaction Document, or the preservation of its rights,
powers and remedies under a Transaction Document.

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	10.2	 	Costs

The Borrowers must bear the cost of doing or refraining from doing any act, matter or thing
which it is required to do or refrain from doing under or in connection with a Transaction
Document.

	10.3	 	Taxes

	 	(a)	 	The Borrowers must pay all Tax in relation to the execution, delivery,
registration, performance, release, discharge, variation, enforcement or attempted
enforcement of or otherwise in respect of the Transaction Documents.

	 	(b)	 	The Borrowers indemnify each Financier against all Claims in respect of any
amount payable under clause 10.3(a), except for any Claim which arises solely as a
result of that Financier failing to pay a Tax in circumstances where the Borrowers
provide that Financier with sufficient Cleared Funds and written instructions
directing that Financier to pay the Tax 5 Business Days prior to the date on which
that Tax is due for payment.

	10.4	 	GST

	 	(a)	 	The Australian Borrowers must pay to HSBC (Australia) on demand any GST which
is payable as a consequence of any supply made or deemed to be made or other matter or
thing done under or in connection with a Transaction Document by HSBC (Australia),
together with any fine, penalty or interest payable because of a default of the
Australian Borrowers.

	 	(b)	 	The amount paid by the Australian Borrowers to HSBC (Australia) on account of
GST must be sufficient to ensure that the economic benefit to HSBC (Australia) of the
relevant Transaction Document remains the same whether GST applies or not.

	 	(c)	 	HSBC (Australia) will give the Australian Borrowers a tax invoice complying
with any legislation under which GST is imposed.

	 	(d)	 	The Australian Borrowers must pay any amount it is required to pay under this
clause 10.4 in full and without deduction, notwithstanding any entitlement that it may
have to a credit or offset.

	10.5	 	Commitment Fee

The Borrowers must pay HSBC (Australia) (for the account of the Financiers) a non
refundable Commitment Fee on the Undrawn Commitment. The Commitment Fee:

	 	(a)	 	accrues from day to day;

	 	(b)	 	is calculated from and including the date of this Agreement to and including
the last day of the Availability Period on the actual number of days elapsed and a 365
day year; and

	 	(c)	 	must be paid to HSBC (Australia) (for the account of the Financiers)
quarterly in arrears on or before the date specified by HSBC (Australia) in the
relevant invoice for that Commitment Fee issued by HSBC (Australia) after the end of
the quarter corresponding to that Commitment Fee (being a quarter ending on 31 March,
30 June, 30 September and 31 December, as the case may be).

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	11.	 	REPRESENTATIONS AND WARRANTIES

	11.1	 	General Representations and warranties by each Obligor

Each Obligor represents and warrants to each Financier in respect of itself that (except
where the representation and warranty is expressed to apply to the Parent only in which
case the Parent gives the relevant representation and warranty):

	 	(a)	 	(status) it is validly created and existing under relevant laws;

	 	(b)	 	(power) it has the power to enter into and perform its obligations under the
Transaction Documents to which it is expressed to be a party, to carry out the
transactions contemplated by those documents and to carry on its business as now
conducted or contemplated;

	 	(c)	 	(authorisations) it has taken all necessary action to authorise the entry
into and performance of the Transaction Documents to which it is expressed to be a
party and to carry out the transactions contemplated by those documents;

	 	(d)	 	(documents binding) each Transaction Document to which it is expressed to be
a party is a valid and binding obligation enforceable in accordance with its terms;

	 	(e)	 	(transactions permitted) neither the execution and performance by it of the
Transaction Documents to which it is expressed to be a party nor any transaction
contemplated under any such document will violate in any respect any provision of:

	 	(i)	 	any law or treaty or any judgment, ruling, order or decree of
any Government Agency binding on it;

	 	(ii)	 	its memorandum or articles of association or other
constituent documents; or

	 	(iii)	 	any other document or agreement which is binding upon it or
its Assets,

and, except as may be provided by the Transaction Documents, does not and will not
result in:

	 	(iv)	 	the creation or imposition of any Security Interest on any of
its Assets under any of the foregoing; or

	 	(v)	 	the acceleration or cancellation of any obligation with
respect to any Financial Indebtedness, or anything which constitutes (or
which, with the giving of notice and/or lapse of time would constitute) an
event of default, cancellation event, prepayment event or similar event
(whatever called) under any agreement relating to Financial Indebtedness;

	 	(f)	 	(accounts):

	 	(i)	 	the most recent audited accounts of the Group give a true and
fair view of its and the Group’s state of affairs as at the date to which they
relate and the results of its and the Group’s operations for the accounting
period ended on such date;

	 	(ii)	 	there has been no change in its and the Group’s state of
affairs since such date which may have a Material Adverse Effect;

	 	(iii)	 	those accounts have been prepared in accordance with clause
1.5; and

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Amended and Restated Multi Option Facility Agreement     37

 

	 	(iv)	 	there is no material Financial Indebtedness or any other
liability or contingent liability which is not disclosed in those accounts;

	 	(g)	 	(no litigation) no litigation, arbitration, tax claim, dispute or
administrative proceeding is presently current or pending or, to its knowledge,
threatened, which might have a Material Adverse Effect;

	 	(h)	 	(no default):

	 	(i)	 	it is not in default under any document or agreement binding
on it or its Assets which relates to Financial Indebtedness or is material;
and

	 	(ii)	 	nothing has occurred which is or would with the giving of
notice and/or lapse of time constitute an event of default, cancellation
event, prepayment event or similar event (whatever called) under any such
document or agreement;

	 	(i)	 	(Authorisations):

	 	(i)	 	all Authorisations, if any, required in connection with the
execution, delivery or performance by it of its obligations under, or to
ensure the validity and enforceability of the Transaction Documents to which
it is a party and the transactions contemplated by those documents, and

	 	(ii)	 	all Authorisations required for it to carry on its business,
which are material and where failure to obtain or effect any such
Authorisation would have a Material Adverse Effect,

have been obtained or effected and are in full force and effect;

	 	(j)	 	(pari passu) its payment obligations under the Transaction Documents rank at
least pari passu with the claims of all its other unsecured and unsubordinated
creditors, except for obligations mandatorily preferred by law applying to companies
generally;

	 	(k)	 	(solvency) there are no reasonable grounds to suspect that it is unable to
pay its debts as and when they become due and payable;

	 	(l)	 	(not a trustee) it does not enter into any Transaction Document as trustee,
or hold any property as trustee;

	 	(m)	 	(legal and beneficial owner) it is the legal and beneficial owner of its
assets and undertaking;

	 	(n)	 	(commercial benefit) the entering into and performance by it of its
obligations under the Transaction Documents to which it is expressed to be a party is
for its commercial benefit and is in its commercial interests;

	 	(o)	 	(no benefit to related party) it has not contravened nor will contravene
section 208 or section 209 of the Corporations Act (or similar laws under the laws of
any other jurisdiction which may be applicable to it) by entering into any Transaction
Document or participating in any transaction in connection with a Transaction
Document;

	 	(p)	 	(no financial assistance) it has not contravened nor will contravene Part
2J.3 of the Corporations Act (or similar laws under the laws of any other jurisdiction
which may be applicable to it) by entering into any Transaction Document or
participating in any transaction in connection with a Transaction Document;

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Amended and Restated Multi Option Facility Agreement     38

 

	 	(q)	 	(default under law — Material Adverse Effect) neither it nor any of its
Subsidiaries is in breach of a law or obligation affecting any of them or their assets
in a way which has had, or is likely to have, a Material Adverse Effect;

	 	(r)	 	(taxation) to the best of its knowledge, information and belief, having made
due enquiries, it has complied with all material laws relating to Tax in all
jurisdictions in which it is subject to Tax and has paid all Taxes due and payable by
it (other than those Taxes which it is contesting in good faith and in respect of
which it has made adequate reserves as long as failure to pay those Taxes would not
have, and is not reasonably likely to have, a Material Adverse Effect);

	 	(s)	 	(no immunity) neither it nor any of its Subsidiaries has immunity from the
jurisdiction of a court or from legal process;

	 	(t)	 	(governing law and enforcement) subject to any qualification in any legal
opinion provided to the Financiers pursuant to this Agreement:

	 	(i)	 	the choice of law referred to in clause 26.1 as the governing
law of the Transaction Documents will be recognised and enforced in its
jurisdiction of incorporation or organisation and in the jurisdiction referred
to in that clause (if different); and

	 	(ii)	 	any judgment obtained against it in any jurisdiction referred
to in clause 26.2 in relation to a Transaction Document will be recognised and
enforced in its jurisdiction of incorporation or organisation;

	 	(u)	 	(No filing or stamp taxes) under the law of any relevant jurisdiction it is
not necessary that the Transaction Documents be filed, recorded or enrolled with any
court or other authority in that jurisdiction or that any stamp duty, registration or
other similar Tax be paid on or in relation to the Transaction Documents or the
transactions contemplated by the Transaction Documents;

	 	(v)	 	(“most favoured nation” — facilities) in the reasonable opinion of the Parent
and unless as disclosed under clause 12.1(t), the terms of each Transaction Document,
whether alone or in combination with another Transaction Document, except those terms
related to pricing (including, without limitation, fees and margins), facility limits
and repayment dates, are no less favourable in any material respect than the terms in
any Other Bank Document;

	 	(w)	 	(“most favoured nation” — hedging) in the reasonable opinion of the Parent
and unless as disclosed under clause 12.1(u), the terms and conditions of any ISDA
Master Agreement between an Obligor and a Financier, except those terms related to
pricing and individual transactions, will be no less favourable in any material
respect than the terms and conditions of the Other Hedging Arrangements;

	 	(x)	 	(ERISA.) in the case of each Obligor incorporated or organised in the United
States of America, it and its Subsidiaries have operated and administered each
employee benefit plan (as defined in Section 3 of ERISA) in compliance with all
applicable laws except for such instances of noncompliance as have not resulted in and
could not reasonably be expected to result in a Material Adverse Effect. It and its
Subsidiaries have not incurred any liability pursuant to Title I or IV of ERISA or the
penalty or excise tax provisions of the U.S. Internal Revenue Code relating to
employee benefit plans (as defined in Section 3 of ERISA), and no event, transaction
or condition has occurred or exists that would reasonably be expected to result in the
incurrence of any such liability by it or its Subsidiaries, or in the imposition of
any lien on any of it or any of its Subsidiary’s rights, properties or assets, in
either case pursuant to Title I or IV of ERISA or to such penalty or excise tax
provisions or to Section 401(a)(29) or 412 of the U.S. Internal Revenue Code,

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Amended and Restated Multi Option Facility Agreement     39

 

	 	 	 	other than such liabilities or liens as would not individually or in the aggregate
reasonably be expected to result in respect of it or any of its Subsidiaries in a
Material Adverse Effect (as if, for the purpose of this clause (x) only, each
reference to “the Group” in the definition of “Material Adverse Effect” in this
agreement were a reference to such Obligor or any of its Subsidiaries);

	 	(y)	 	(Federal Reserve Regulations). it is not engaged principally, nor as one of
its important activities, in the business of extending credit for the purpose of
purchasing or carrying any margin stock (as defined in Regulation U of the Board of
Governors of the Federal Reserve System). No part of the proceeds of the loan will be
used, whether immediately, incidentally or ultimately, for purchasing or carrying any
“margin security” or “margin stock” as such terms are used in Regulations U and X of
the Board of Governors of the Federal Reserve System;

	 	(z)	 	(Not an Investment Company) it is not, nor during the term of the loan will
it be, an “investment company” within the meaning of the Investment Company Act of
1940, as amended;

	 	(aa)	 	(no misrepresentation) all information provided by it or on its behalf to the
Financiers in or in connection with the Transaction Documents is or was true in all
material respects as at the date and time it was provided and is not, by the omission
of information or otherwise, misleading;

	 	(bb)	 	(disclosure) all information provided to the Financiers by or on its behalf
in relation to it, its assets, business or affairs or the Transaction Documents was
correct and not misleading (by omission or otherwise) as at the time it was provided;

	 	(cc)	 	(full disclosure): it has disclosed in writing to the Financier all facts
relating to it and its Subsidiaries, the Transactions Documents of that Financier and
all things in connection with them, which are material to the assessment of the nature
and amount of the risk undertaken by the Financier in entering into the Transaction
Documents of that Financier and doing anything in connection with them;

	 	(dd)	 	(title) none of its Assets is subject to any Security Interest which is not
permitted by clause 12.2 or to any agreement to give such a Security Interest; and

	 	(ee)	 	(Environmental Law):

	 	(i)	 	it is aware of and complies in all material and respects with
the requirements of all Environmental Laws and standards applicable to its
property and the conduct of its business;

	 	(ii)	 	it and its officers exercise reasonable due diligence and
take all reasonably necessary precautions to detect and prevent the commission
of an offence under any Environmental Law resulting in pollution of or harm to
the environment or to any person or property, including its property;

	 	(iii)	 	at the date hereof such due diligence has not revealed any
material contamination of or emanating from any of its property;

	 	(iv)	 	so far as it is aware after due enquiry, its occupation and
use of its property and the conduct of its business does not breach any
Environmental Law or standard in any material respect;

	 	(v)	 	there has been no notice or complaint from any environmental
authority pursuant to any Environmental Law that has not been answered to the
satisfaction of the complainant, alleging that its activities on, in or in

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Amended and Restated Multi Option Facility Agreement     40

 

	 	 	 	relation to its property are polluting the environment in any material
respect or that the carrying on of its business causes any significant
public or private nuisance;

	 	(vi)	 	so far as it is aware after due enquiry, there is no proposal
to revoke, suspend, modify or not renew any Authorisation or approval under
any Environmental Law relating to any of its property or the conduct of its
business; and

	 	(vii)	 	no proceedings or suits have been commenced, no Court orders
have been issued and no material penalty has been imposed, in each case in
relation to any offence by it or its officers under any Environmental Law.

	11.2	 	Continuing representations and warranties

The representations and warranties in this Agreement, including those in this clause 11,
survive the execution of each Transaction Document and are repeated on the first date that
a Facility is utilised and on each subsequent Funding Date and Issuance Date while any of
the Amount Owing remains outstanding.

	11.3	 	Acknowledgment of reliance

The Obligor acknowledges that each Financier has entered into each Transaction Document in
reliance on the representations and warranties in this Agreement.

	11.4	 	Additional representations and warranties

The representations and warranties in this Agreement are in addition to any other
representations and warranties in any other Transaction Document.

	12.	 	UNDERTAKINGS

	12.1	 	Undertakings

Unless all Financiers otherwise agree in writing, each Obligor undertakes as follows
(except where the undertaking is expressed to apply to the Parent only in which case the
Parent gives the relevant undertaking):

	 	(a)	 	(corporate reporting and information) it will furnish to the Financiers:

	 	(i)	 	(annual accounts) as soon as practicable (and in any event
not later than 90 days) after the close of each of its financial years, copies
of the Latest Audited Consolidated Statement of Financial Position and its
audited statement of financial performance and statement of cash flows and,
upon request by the Financier, its unconsolidated audited statement of
financial position and statement of financial performance and statement of
cash flows;

	 	(ii)	 	(semi-annual accounts) as soon as practicable (and in any
event not later than 90 days) after the first half of each of its financial
years, copies of the Group’s consolidated unaudited statement of financial
position and statement of financial performance and statement of cash flows in
respect of such half-year;

	 	(iii)	 	(compliance certificates): together with the documents
provided under clauses 12.1(a)(i) and (ii), a statement (Compliance
Certificate) signed by the Parent confirming that:

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Amended and Restated Multi Option Facility Agreement     41

 

	 	(A)	 	each financial covenant in clause 12.3 has
been complied with during the relevant period;

	 	(B)	 	since the date of the last compliance
certificate no event that constitutes an Event of Default, Potential
Event of Default or Review Event has occurred or is subsisting other
than as set out in the certificate; and

	 	(C)	 	the representations and warranties in this
Agreement are true and correct as though they have been made at the
date of the certificate in respect of the facts and circumstances then
subsisting other than as set out in the certificate;

	 	(iv)	 	(Directors’ certificate) at the Financier’s request, a
certificate signed by at least two directors of the Parent stating:

	 	(A)	 	if an Event of Default or Potential Event of
Default has occurred; and

	 	(B)	 	if so, full details of the relevant Event of
Default or Potential Event of Default and the remedial action being
taken or proposed;

	 	(v)	 	(management accounts) as soon as practicable (and in any
event not later than 60 days) after the end of each half year management
accounts relating to the Group specifying:

	 	(A)	 	half yearly, year-to-date and budget figures
in respect of the financial performance account and cash flow;

	 	(B)	 	a statement of financial position as at the
end of the relevant half year;

	 	(C)	 	detailed calculations demonstrating
compliance with the covenants in clause 12.3;

	 	(vi)	 	(Auditor’s certificate) as soon as practicable (and in any
event not later than 90 days) after the close of each of its financial years a
statement signed by the Auditor confirming that in his opinion the negative
pledge and asset disposal restrictions in clause 12.2 and financial covenants
in clause 12.3 have been complied with during the relevant financial year;

	 	(vii)	 	(documents issued to shareholders) promptly, all documents
issued by each Obligor as required by applicable law to its shareholders or
unitholders, as the case may be, except notices of annual general meetings
unless there is any business to be conducted at an annual general meeting
other than approval of the accounts;

	 	(viii)	 	(prospectuses) a copy of any prospectus or other document intended for
public release, released by an Obligor, relating to the issue of any security
to the public, promptly following its release; and

	 	(ix)	 	(other information) upon request, such other information,
including, without limitation, copies of any valuations obtained, in relation
to its and the Group’s financial condition or business (including, without
limitation, such information as will enable the Financiers at any time to
determine compliance with clauses 12.2 and 12.3) as the Financiers may
reasonably request;

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Amended and Restated Multi Option Facility Agreement     42

 

	 	(b)	 	(accounting principles) it will ensure that each set of accounts furnished to
the Financiers under clauses 12.1(a)(i) and (a)(ii) shall:

	 	(i)	 	be prepared in accordance with clause 1.5; and

	 	(ii)	 	give a true and fair view of the state of affairs of the
relevant entity and the result of its operations, as at the date, and for the
period ending on the date, to which such accounts are prepared;

	 	(c)	 	(Authorisations) it will use its best endeavours to ensure that:

	 	(i)	 	all Authorisations required for the validity, enforceability
and performance of its obligations under the Transaction Documents; and

	 	(ii)	 	all Authorisations which are material to the carrying on of
the business of the Group (taken as a whole) where failure to do so has or is
likely to have a Material Adverse Effect,

are obtained and promptly renewed and maintained in full force and effect and it
will promptly provide copies to the Financiers when they are obtained or renewed;

	 	(d)	 	(notice to Financiers) it will give notice to the Financiers as soon as it
becomes aware of the same of:

	 	(i)	 	any Event of Default or Potential Event of Default;

	 	(ii)	 	all litigation, arbitration or similar proceedings to which
any Borrower is a party involving a claim in excess of AUD10,000,000 (or,
where the claim is denominated in a currency other than AUD, the equivalent in
that currency of AUD10,000,000, calculated at the Financiers’ Spot Rate two
Business Days beforehand);

	 	(iii)	 	any proposal by any Government Agency to acquire
compulsorily the whole or a substantial part of the Assets or business of an
Obligor;

	 	(iv)	 	any substantial dispute between any Obligor and any
Government Agency;

	 	(v)	 	the appointment of an inspector under any companies
legislation to investigate all or any part of the affairs of any Obligor in
relation to a possible contravention by it of that legislation;

	 	(vi)	 	the acquisition by it of a Subsidiary;

	 	(vii)	 	where such event has had or is reasonably likely to have a
Material Adverse Effect:

	 	(A)	 	any breach of any Environmental Law; or

	 	(B)	 	the issuing of any proceedings or notice or
requirements against or upon it or its assets in respect of, or which
is likely to result in, any environmental liability or breach of any
Environmental Law; and

	 	(viii)	 	any change in its Authorised Officers, giving specimen signatures of any new
Authorised Officer so appointed and any major change in management or other
personnel which may have a significant impact on the conduct of the business
of any Obligor;

	 	(e)	 	(corporate existence) it will, and will ensure that each Group Company will,
do all things necessary to maintain its existence in good standing and will not
transfer its

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Amended and Restated Multi Option Facility Agreement     43

 

	 	 	 	jurisdiction of creation or enter into any merger or consolidation and/or default
in a material respect in complying with the provisions of the Corporations Act or
any analogous law in any Relevant Jurisdiction;

	 	(f)	 	(revaluation) it will, on those occasions when the Financiers consider that
the circumstances render it reasonable to do so (and the Financiers having their
reasons for so considering), obtain a revaluation of any Tangible Asset by a valuer
approved by the Financiers, at its expense;

	 	(g)	 	(insurance) it must, and must ensure that each Group Company will:

	 	(i)	 	maintain industrial special risks insurance, public liability
insurance, professional indemnity liability insurance and directors and
officers liability insurance with an independent and reputable insurer and
consistent with the insurances maintained by it as at the date of this
Agreement;

	 	(ii)	 	otherwise insure, and keep insured, its property which is of
an insurable nature in the manner and to the extent which is in accordance
with good business practice for property of such nature; and

	 	(iii)	 	promptly following a request by the Financier, provide the
Financier with any certificates of currency or other evidence of currency in
respect of all insurances required to be maintained by it under this
Agreement;

	 	(h)	 	(accounts) it shall maintain proper books of record and account in which
full, true and correct entries will be made of all dealings or transactions of or in
relation to its business and affairs in accordance with generally accepted accounting
practices consistently applied;

	 	(i)	 	(reserves) it shall maintain adequate reserves in its books of account for
all appropriate expenses, costs and contingencies in accordance with generally
accepted accounting practices consistently applied including (without limitation)
reserves for all taxes, assessments, charges, levies, claims, doubtful debts, premiums
due on required prepayment, depreciation, obsolescence and amortisation;

	 	(j)	 	(inspection) it shall permit the Financiers to inspect any of its Assets and
to examine the minute books, books of account and other records reasonably requested
by the Financiers and to make copies or take extracts and discuss its affairs,
finances and accounts with its officers and the Auditor during normal business hours
and at such other reasonable times and as often as the Financiers may reasonably
request;

	 	(k)	 	(maintenance of property) unless its Assets comprise less than 2% of the
Total Tangible Assets or its profits from ordinary activities account for less than 2%
of EBITDA, it shall maintain, keep and preserve all of its Assets in good repair,
working order and condition allowing for fair wear and tear except where the failure
to do so would not have a material adverse effect on:

	 	(i)	 	the financial condition of the Obligor;

	 	(ii)	 	its ability to perform any of its obligations under a
Transaction Document; or

	 	(iii)	 	any encumbrance provided to a Financier by that Obligor.

	 	(l)	 	(change in ownership or control) it shall notify the Financiers in writing as
soon as practicable and in any event within 30 days of it becoming aware of any Change
of Control or an intention to effect a Change of Control of the Parent;

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Amended and Restated Multi Option Facility Agreement     44

 

	 	(m)	 	(new Related Party) it shall notify the Financier in writing as soon as
practicable and in any event within 30 days of it becoming aware of an entity becoming
a Related Party of an Obligor or it becoming aware of an intention to cause an entity
to become a Related Party of an Obligor. Such notice shall state whether, at that
time, financial accommodation has been provided by the Financiers or any Affiliate
Financiers to that entity;

	 	(n)	 	(business activities) it shall ensure that the Group maintain secondary metal
recycling, collection and processing and related activities as core business
activities of the Group;

	 	(o)	 	(risk management) it shall only engage in foreign exchange, swap, futures
contracts, forward contracts or similar transactions where such transactions are
linked to the risk management (as determined by the risk management policy guidelines
set down by the board of directors of the Parent from time to time and provided to the
Financiers) of that Obligor’s Financial Indebtedness or underlying foreign currency
exposure;

	 	(p)	 	(Board of Directors) to the extent it is able, it must do all things
necessary to ensure that the board of directors of the Parent and of it is comprised
of persons more than half of whom:

	 	(i)	 	are not appointed by, or appointed to represent the interests
of, any substantial shareholder (as that term is understood in the
Corporations Act) in the Parent; and

	 	(ii)	 	are not Associates of any substantial shareholder (as that
term is defined in the Corporations Act) of the Parent (other than by being a
director of an Obligor); and

	 	(iii)	 	are not employed by the Parent or any of its Subsidiaries;

	 	(q)	 	(Deed of Warranty) ensure that Sims Group Australia Holdings Limited (ABN 37
008 634 526) does not assign, encumber or amend or consent or acquiesce to the
assignment, encumbering or amendment of the Deed of Warranty or interests thereunder;

	 	(r)	 	(constituent documents) it will not amend its constituent documents where
such amendment has or would be likely to have a Material Adverse Effect;

	 	(s)	 	(arms length dealings) it will not deal with any other party except at arms
length for full commercial consideration in the ordinary course of business;

	 	(t)	 	(“most favoured nation” — facilities) in the event that, in the reasonable
opinion of the Parent, the terms of a Transaction Document, whether alone or in
combination with another Transaction Document, except those terms related to pricing
(including, without limitation, fees and margins), facility limits and repayment dates
become less favourable in any material respect than the terms in any Other Bank
Documents (including, without limitation, granting any Security Interest to any other
party other than a Security Interest which it is permitted by the terms of the
Transaction Documents to grant to another party, but excluding terms related to
pricing, facility limits and repayment dates), it will promptly notify the Financiers
of, and upon request, amend the Transaction Documents to provide for, the same or
substantially similar terms and conditions to apply to the Financiers;

	 	(u)	 	(“most favoured nation” — hedging) in the event that, in the reasonable
opinion of the Parent, the terms of any ISDA Master Agreement between an Obligor and a
Financier (including, without limitation, granting any Security Interest to any other
party other than a Security Interest which it is permitted by the terms of the ISDA

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Amended and Restated Multi Option Facility Agreement     45

 

	 	 	 	Master Agreement to grant to another party, but excluding terms related to pricing,
facility limits and repayment dates) become less favourable in any material respect
than the terms of an Other Hedging Arrangement, it will promptly notify the
Financier of, and upon request, amend the ISDA Master Agreement (as applicable) to
provide for, the same or substantially similar terms and conditions to apply to the
Financier;

	 	(v)	 	(conduct of business) it will conduct its business (including collecting
debts owed to it) in a proper, orderly and efficient manner;

	 	(w)	 	(corporate reconstruction) the Group will not enter into any amalgamation,
demerger or corporate reconstruction where such event has or would be likely to have a
Material Adverse Effect except a solvent amalgamation or reconstruction on terms
agreed by the Financiers;

	 	(x)	 	(not reduce capital) it will ensure that no Group Company takes any action to
reduce its capital, cancel its uncalled capital or buy back its shares (Capital
Reduction) if the Capital Reduction would, in aggregate with any other Capital
Reductions by that Group Company in the preceding year, result in a reduction of the
issued ordinary capital of that Group Company of greater than or equal to 10% for that
year (however any Capital Reduction may not in any event be made if it causes a breach
of the financial covenants in clause 12.3);

	 	(y)	 	(comply with all laws and regulations) it will comply in all respects with
any applicable laws and regulations to which it or its assets are subject where
failure to comply would have, or is reasonably likely to have, a Material Adverse
Effect;

	 	(z)	 	(ensure no Event of Default) the Parent will do everything necessary to
ensure that no Event of Default occurs and ensure that each of its Subsidiaries does
the same;

	 	(aa)	 	(Taxes) it will pay:

	 	(i)	 	all Taxes due and payable by it other than those Taxes which
it is contesting in good faith and in respect of which it has made adequate
reserves of liquid assets to satisfy the liability if the contest is
unsuccessful as long as failure to pay those Taxes does not have, and is not
likely to have, a Material Adverse Effect; and

	 	(ii)	 	all contested Taxes which remain due and payable by it after
final determination or settlement of the contest;

	 	(bb)	 	(Environmental Laws):

	 	(i)	 	it will comply with all reasonable requirements of the
Financiers concerning the application of all material Environmental Laws and
standards to or in relation to its property or any part thereof;

	 	(ii)	 	it will at its cost and at such interval or intervals
nominated at any time and from time to time by the Financiers, or when
otherwise required to do so by the Financiers, provide the Financiers with
copies (certified by its company secretary as being true copies) of:

	 	(A)	 	all environmental assessment and/or audit
documents prepared by it or any other person; and

	 	(B)	 	any similar documents it receives from any
other independent party including, without limitation, any Government
Agency,

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Amended and Restated Multi Option Facility Agreement     46

 

	 	 	 	in respect of its property or any part of its property; and

	 	(iii)	 	it will inform the Financiers promptly of:

	 	(A)	 	the existence of any material contamination
of or emanating from the property of the Obligor contrary to any
Environmental Law or standard;
	 
	 	(B)	 	the receipt of any material penalty notices
or material directions to “clean up” any property of the Obligor
issued under any Environmental Law;
	 
	 	(C)	 	the receipt of any notice or complaint
referred to in clause 11.1(ee)(v);
	 
	 	(D)	 	any revocation, suspension, modification or
refusal or failure to renew referred to in clause 11.1(ee)(vi); and
	 
	 	(E)	 	the commencement of any proceeding or suit,
the issue of any order or the imposition of any penalty referred to in
clause 11.1(ee)(vii); and

	 	(cc)	 	(Deed of Cross Guarantee):

	 	(i)	 	an Obligor:

	 	(A)	 	must not consent to the amendment,
termination, revocation, suspension, repudiation of, or waive its
rights arising under, any Deed of Cross Guarantee to which it is a
party without the Financiers’ consent (which consent may be withheld
in the Financiers’ absolute discretion or, where granted, may be
subject to such terms as the Financiers, in their absolute discretion,
require); and
	 
	 	(B)	 	must notify the Financiers immediately upon
it becoming aware of any proposal or request or requirement that it
provide a consent or waiver in respect of any Deed of Cross Guarantee
to which it is a party.

	12.2	 	Negative pledge and restriction on disposal of Assets

Unless the Financiers otherwise agree in writing, each Obligor undertakes that it will not,
and will ensure that each other Obligor and Simsmetal Industries Limited (3597) does not:

	 	(a)	 	create, assume, permit or suffer to exist any Security Interest over all or
any of its Assets, except for:

	 	(i)	 	a Permitted Security Interest;

	 	(ii)	 	any Collateral Security; and

	 	(iii)	 	any Security Interest in respect of Secured Indebtedness not
exceeding 5% of Total Tangible Assets;

	 	(b)	 	without the consent of the Financier, transfer, sell, assign, surrender,
convey, lease, lend (other than to members of the Group), licence, discount or
otherwise dispose of, or (subject to clause 12.2(a)) create any interest in, all or
any part of its Assets (defined as a “Disposal”), either in a single transaction or in
a series of transactions (whether related or not) if as a result of the Disposal,
Total Tangible Assets would be reduced by 10% or more except:

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	 	(i)	 	where the Disposal is in the ordinary course of day to day
trading; and

	 	(ii)	 	the Disposal is of obsolete Assets no longer required for its
business;

	 	(c)	 	notwithstanding anything in clause 12.2(b) above, transfer, sell, assign,
surrender, convey, lease, lend, licence, discount or otherwise dispose of any Asset to
Simsmetal Industries Limited, or make any financial accommodation available to
Simsmetal Industries Limited (whether by loan, the raising of money, gift or
otherwise) in excess of NZD10,000,000;

	 	(d)	 	provide financial accommodation to persons other than Obligors (except for
deposits held with financial institutions in the ordinary course of business and
supplier advances for which security adequate to cover the amount of the supplier
advance is taken) which when added to all such other outstanding financial
accommodation provided by all other Group Companies would be in excess of
AUD35,000,000;

	 	(e)	 	in the case of each Obligor, permit financial accommodation to remain owing
to it by a Group Company (other than another Obligor);

	 	(f)	 	satisfy any financial accommodation an Obligor now or in the future owes to a
Group Company other than an Obligor except any financial accommodation which, in
aggregate with all other financial accommodation owed by an Obligor to a Group Company
which is not an Obligor that is satisfied in the 12 month period prior to the date on
which the financial accommodation is to be satisfied, does not exceed AUD10,000,000;
or

	 	(g)	 	deposit money with a person in circumstances where the money is not repayable
unless the Obligor performs obligations (including to pay money) to that person,
except deposits which in aggregate do not exceed AUD35,000,000 at any time.

Paragraphs (a) to (c) (inclusive) do not apply to any disposal of Assets if the disposal
cannot be prohibited pursuant to Section 1136 of the German Civil Code (Bürgerliches
Gesetzbuch).

	12.3	 	Financial covenants

	 	(a)	 	Unless all Financiers otherwise agree in writing, each Obligor undertakes
that it will not, and will ensure that each Group Company does not, allow, permit or
suffer Secured Indebtedness to exceed 5% of Total Tangible Assets.

	 	(b)	 	Each Obligor must ensure that on each Calculation Date:

	 	(i)	 	the ratio of Financial Indebtedness to EBITDA for the
Calculation Period ending on that Calculation Date is not greater than 3.0:1;

	 	(ii)	 	the ratio of EBITDA to Net Interest Expense for the
Calculation Period ending on that Calculation Date is not less than 3.5:1; and

	 	(iii)	 	Tangible Net Worth is at least 85% of the Tangible Net Worth
calculated for the last Calculation Date of the preceding financial year.

	 	(c)	 	Each Obligor must ensure that:

	 	(i)	 	the Guarantors (excluding any German Guarantors) will:

	 	(A)	 	at all times own, in aggregate, at least 80%
of the Total Tangible Assets of the Group; and

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	 	(B)	 	generate at least 80% of the EBITDA for each
Calculation Period ending on a Calculation Date of the Group,

or where a Subsidiary has been newly acquired or created or where assets or
a business have been newly acquired, the Guarantors (excluding any German
Guarantors) will own at least 80% of Total Tangible Assets and generate at
least 80% of EBITDA within 3 months of such acquisition or creation; and

	 	(ii)	 	where a Subsidiary owns at least 5% of Total Tangible Assets
at any time or generates at least 5% of EBITDA for a Calculation Period ending
on a Calculation Date, the Subsidiary must become a New Guarantor in
accordance with clause 24.1 within 3 months of the earlier of becoming the
owner of 5% of Total Tangible Assets or the relevant Calculation Date, unless
the Financier is provided with a written legal advice (in a form satisfactory
to the Financier, acting reasonably) from a law firm in the jurisdiction in
which the Subsidiary was incorporated to the effect that the accession of the
Subsidiary to this deed as a member of the Guarantors on the terms of this
Agreement would be contrary to the law under which the Subsidiary was
incorporated or carries on a substantial portion of its business.

	13.	 	EVENTS OF DEFAULT

	13.1	 	Events of Default

An Event of Default occurs if:

	 	(a)	 	(non-payment) any Obligor fails to pay in the manner required any amount due
and payable by it under any Transaction Document on the due date or within an
applicable grace period under any Transaction Document;

	 	(b)	 	(other obligation):

	 	(i)	 	any Obligor fails to observe or perform any of its other
obligations under this Agreement or any other Transaction Document; and

	 	(ii)	 	if such failure is capable of remedy, it is not remedied to
the satisfaction of the Financiers by the date 14 days after such failure;

	 	(c)	 	(misrepresentation) any representation, warranty or statement made or deemed
to be made by any Obligor in any Transaction Document or any document delivered under
any Transaction Document proves to have been untrue in any material respect when made
or deemed made;

	 	(d)	 	(cross default):

	 	(i)	 	Financial Indebtedness of:

	 	(A)	 	a Group Company for an amount totalling at
least AUD5,000,000 or its equivalent; or

	 	(B)	 	the Group Companies for amounts totalling (in
aggregate for all such Group Companies) at least AUD25,000,000 or its
equivalent,

is not paid when due (or within an applicable grace period) or becomes due
and payable before its stated maturity, except as a result of an exercise
of a prepayment right in the absence of default; or

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	 	(ii)	 	an obligation upon any person to provide finance to:

	 	(A)	 	a Group Company totalling at least
AUD5,000,000 or

	 	(B)	 	the Group Companies for amounts totalling (in
aggregate for all such Group Companies) at least AUD25,000,000 or its
equivalent,

is terminated except as a result of voluntary termination in the absence of
default; or

	 	(iii)	 	any stock or share issued by an Obligor is required to be
redeemed or repurchased in advance of its stated maturity (other than at the
option of the issuer or as agreed between the holder and the relevant issuer,
in the absence of continuing default);

	 	(e)	 	(environmental) there is any claim or requirement of expenditure or
alteration of activity or cessation of activity under any Environmental Law or law
relating to health or there is any breach of any Authorisation, in each case which in
the opinion of the Financiers is likely to have a Material Adverse Effect or any
circumstance arises which may give rise to such an action, claim, requirement or
breach;

	 	(f)	 	(governmental interference) a law or anything done by a Government Agency is
likely to in the opinion of the Financiers have a Material Adverse Effect;

	 	(g)	 	(seizure) all or any material part of the assets of the Group are seized or
otherwise appropriated by, or custody thereof is assumed by any Government Agency, or
the Group is otherwise prevented from exercising normal day-to-day control over all or
a material part of its assets or loses any of the rights or privileges necessary to
maintain its existence or to carry on its business and the Parent does not demonstrate
to the reasonable satisfaction of the Financiers within 15 Business Days of such
seizure, appropriation, assumption of custody or execution that no Material Adverse
Effect has resulted, or is reasonably likely to result, therefrom;

	 	(h)	 	(deregistration) a step is taken under section 601AA, 601AB or 601AC of the
Corporations Act to cancel the registration of any Obligor;

	 	(i)	 	(ASX delisting/suspension) except with the written consent of the Financiers,
any securities of the Parent are:

	 	(i)	 	not listed on at least one of:

	 	(A)	 	the official list of the Australian
Securities Exchange operated by ASX Limited; or

	 	(B)	 	the official list of the New York Stock
Exchange; or

	 	(ii)	 	suspended from quotation or trading on any official list
referred to in paragraph (i) above for 5 consecutive trading days (except
where such suspension is requested by the Parent for the purpose of an
acquisition or a fundraising and such securities remain suspended on that
basis only and not on any other basis); or

	 	(iii)	 	removed from the official list of any of:

	 	(A)	 	the Australian Securities Exchange operated
by ASX Limited;

	 	(B)	 	the New York Stock Exchange; or

	 	(C)	 	another stock exchange,

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	 	 	 	because the operator of the relevant stock exchange decides that the Parent
or its securities no longer meet the requirements for continued listing
(except where the Parent has requested such removal and that is the sole
basis for the removal);

	 	(j)	 	(insolvency) a Group Company is Insolvent;

	 	(k)	 	(Security Interests) any Security Interest over any of the Assets of any
Obligor is enforced for an amount exceeding AUD10,000,000 (or, where the amount for
which enforcement is sought is denominated in a currency other than AUD, the
equivalent in that currency of AUD10,000,000, calculated at the Spot Rate);

	 	(l)	 	(suspends payment) a Group Company suspends payment of its debts generally;

	 	(m)	 	(execution) a distress, attachment or execution or other process of a
government agency is issued against, levied or entered upon:

	 	(i)	 	an Asset of a Group Company with a value or in an amount of
at least AUD10,000,000 or its equivalent; or

	 	(ii)	 	an Asset or Assets of Group Companies totalling (in aggregate
for all such Group Companies) at least AUD25,000,000 or its equivalent.

	 	(n)	 	(cessation of business) any Obligor ceases or threatens to cease to carry on
its business or disposes or threatens to dispose of the whole or a substantial part of
its:

	 	(i)	 	business; or

	 	(ii)	 	Assets,

whether by a single transaction or a series of transactions and whether related or
not (except as permitted under 12.2(b) or for the purpose of reorganisation, merger
or consolidation the terms of which have been approved by the Financiers) or stops
payment generally and which event may have a Material Adverse Effect;

	 	(o)	 	(reduction of capital) without the prior written consent of the Financiers
(such consent not to be unreasonably withheld) any Group Company undertakes any
Capital Reduction if the Capital Reduction would, in aggregate with any other Capital
Reductions by that Group Company in the preceding year, result in a reduction of the
issued ordinary capital of that Group Company of greater than or equal to 10% for that
year (however any Capital Reduction may not in any event be made if it causes a breach
of the financial covenants in clause 12.3);

	 	(p)	 	(inspector) an inspector is appointed under any companies or trade practices
legislation to investigate all or any part of the affairs of any Obligor and that
relevant Obligor does not demonstrate to the reasonable satisfaction of the Financier
within 15 Business Days of such appointment that no Material Adverse Effect has
resulted from, or is reasonably likely to result from or be revealed by, the
investigation or as a consequence thereof;

	 	(q)	 	(analogous process) anything analogous or having substantially similar effect
to anything referred to in paragraphs (k) to (p) inclusive shall occur with respect to
any Obligor;

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	 	(r)	 	(vitiation of Transaction Documents):

	 	(i)	 	all or any part of clauses 12.2 or 12.3 of this Agreement or
of any other material provision of any Transaction Document is terminated or
is or becomes void, illegal, unenforceable or of limited force and effect; or

	 	(ii)	 	a Group Company becomes entitled to terminate any material
provision of any Transaction Document (other than following the occurrence of
a termination event or an event of default under a Hedging Facility with the
Financier in respect of which the Financier is an “Affected Party” or the
“Defaulting Party” (as applicable) as defined in that Hedging Facility);

	 	(s)	 	(unenforceability)

	 	(i)	 	all or a material part of a Transaction Document of that
Financier is illegal, void, voidable or unenforceable;

	 	(ii)	 	A Group Company becomes entitled to terminate any material
provision of any Transaction Document of that Financier (other than following
the occurrence of a termination event or an event of default under a Hedging
Facility with the Financier in respect of which the Financier is an “Affected
Party” or the “Defaulting Party” (as applicable) as defined in that Treasury
Document; or

	 	(iii)	 	the execution, delivery or performance of a Transaction
Document of that Financier by an Obligor or the exercise by the Financier of
all or any of its rights under a Transaction Document breaches or results in a
contravention of any law;

	 	(t)	 	(revocation of Authorisation) any Authorisation of a Government Agency which
is essential to the performance by any Obligor of its obligations under any
Transaction Document or for the validity and enforceability of any Transaction
Document is repealed, revoked or terminated or expires or is modified or amended in a
manner unacceptable to the Financiers and is not replaced by another sufficient
Authorisation;

	 	(u)	 	(Change of Control) there has been a Change of Control of the Parent, and the
Financiers at any time following a review of the terms of the Transaction Documents,
which is conducted within 90 days after the date of notification to the Financiers of
the Change of Control coming into effect, by notice in writing to the Parent declares
the Change of Control to be unacceptable;

	 	(v)	 	(material adverse change) any other event or series of events, whether
related or not, occurs (including, without limitation, any material adverse change in
the business, Assets or financial condition of the Parent) which in the reasonable
opinion of the Financiers may have a Material Adverse Effect;

	 	(w)	 	(event of default) an event of default, termination event (other than a
termination event under a Hedging Facility with the Financier in respect of which the
Financier is an “Affected Party” (as defined in that Hedging Facility)) or other
similar event occurs with respect to a Group Company under any agreement relating to
Financial Indebtedness between a Group Company and the Financier including the
occurrence of an event which is an “event of default” with respect to a Group Company
under any Transaction Document of that Financier other than this Agreement, or any
other event occurs which renders enforceable a Transaction Document which comprises or
includes a Guarantee; or

	 	(x)	 	(Disposal without consent) a disposal of Assets under clause 12.2(a) to (c)
(inclusive) which cannot be prohibited pursuant to Section 1136 of the German

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	 	 	 	Civil Code (Bürgerliches Gesetzbuch) occurs, and such disposal has not been
approved by the Financiers in writing.

	13.2	 	Consequences of default

	 	(a)	 	If an Event of Default occurs, HSBC (Australia) (on behalf of the Financiers)
may by notice to the Parent (on behalf of all the Obligors):

	 	(i)	 	declare the Amount Owing by the Obligor to each Financier to
be either:

	 	(A)	 	payable on demand; or

	 	(B)	 	immediately due and payable without further
demand, notice or other legal formality of any kind; or

	 	(ii)	 	declare the Facilities terminated and the Commitment of each
Financier cancelled;

	 	(iii)	 	require the Obligor to pay to the relevant Financier an
amount equal to the aggregate of the total Face Value Amount of all Current
Bank Guarantees, Current Standby Letters of Credit and Current Documentary
Credits denominated in AUD and the Dollar Equivalent of the total Face Value
Amount of all Current Bank Guarantees, Current Standby Letters of Credit and
Current Documentary Credits denominated in an Approved Currency,

or make any of those declarations.

	 	(b)	 	A notice given under clause 13.2(a) is effective on receipt.

	 	(c)	 	If HSBC (Australia) (on behalf of the Financiers) gives a notice under clause
13.2(a)(i)(B) or under clause 13.2(a)(iii), the Obligor must immediately pay to each
relevant Financier the Amount Owing by the Obligor to that Financier in full.

	13.3	 	Cash Cover

	 	(a)	 	Each Financier must hold by way of cash cover any money paid to it under
clause 5.2(b) and clause 13.2(a)(iii) in respect of the contingent liability under any
Current Bank Guarantee, Current Standby Letter of Credit and Current Documentary
Credit.

	 	(b)	 	After applying the money held by it by way of cash cover under clause 13.3(a)
in or towards satisfaction of the contingent liabilities referred to in that clause, a
Financier may set-off against any remaining balance any amount due and owing to it
under or in connection with this Agreement.

	 	(c)	 	A Financier may give notice to the Parent requiring it to pay additional
money by way of cash cover to that Financier so that, in its good faith opinion, the
total amount paid is equal to that Financier’s total maximum liability under all
Current Bank Guarantees, Current Standby Letters of Credit and Current Documentary
Credits. Any further payments must be on the same terms as the original payment.

	 	(d)	 	Each Financier will pay interest to the Parent on the balance of any amount
paid to it by the Parent under clause 13.2(a)(iii) or clause 13.3(c) after applying
money held by way of cash cover toward satisfaction of contingent liabilities under
clause 13.3(a) at the rate payable by that Financier from time to time to its
customers on similar amounts until the date determined in accordance with clause
13.3(e).

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	 	(e)	 	The remaining balance (including interest) of the amounts paid by the Parent
under clause 13.2(a)(iii) and clause 13.3(c) will be repaid to the Parent on:

	 	(i)	 	the expiry or cancellation of all Current Bank Guarantees,
Current Standby Letters of Credit and Current Documentary Credits; and

	 	(ii)	 	the payment in full of all money which the Obligors are
liable or may become actually or contingently liability to pay to the
Financiers under or in connection with this Agreement.

	13.4	 	Technical Event of Default

Any notice given by HSBC (Australia) (on behalf of the Financiers) pursuant to clause
13.2(a) shall be of no effect if:

	 	(a)	 	it is given because of the occurrence of an Event of Default specified in
clauses 13.1(b), 13.1(c), 13.1(d), 13.1(n), 13.1(o) or 13.1(r); and

	 	(b)	 	within two Business Days of the notice the Obligor is able to show to the
Financiers’ absolute satisfaction and in the Financiers’ absolute discretion that:

	 	(i)	 	in the case where the notice relates to any of the Events of
Default specified in clauses 13.1(b), 13.1(c), 13.1(d) or 13.1(r), the
relevant Event of Default has been cured; or

	 	(ii)	 	in the case where the notice relates to any of the Events of
Default specified in clauses 13.1(n) or 13.1(o), the continuation of the
relevant Event of Default does not have a Material Adverse Effect.

	13.5	 	Money received after Event of Default

This Agreement may be enforced:

	 	(a)	 	despite the acceptance of any part of the money payable under this Agreement
after any Event of Default; and

	 	(b)	 	despite any previous or other Event of Default.

	14.	 	REVIEW EVENT

	14.1	 	Listing

It is a Review Event with respect to a Facility and a Financier if any securities of the
Parent are added to the official list of any stock exchange (other than the official list
of the Australian Securities Exchange operated by ASX Limited and the official list of the
New York Stock Exchange) then the relevant Financier may for a period of not less than 60
days of notification after the date the Financier is notified of that event (Listing Review
Period) review the terms of any financial accommodation provided under any Transaction
Document. Following the Listing Review Period, the Financier may require repayment on
demand of all or part of the financial accommodation provided to any Obligor and terminate
all its facilities, if the Financier, acting reasonably, believes that the Parent’s
presence on the official list of such a stock exchange, will have, or is reasonably likely
to have, a Material Adverse Effect.

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	15.	 	INTEREST ON OVERDUE AMOUNTS

	15.1	 	Default interest

	 	(a)	 	In respect of any amount due and payable by an Obligor to a Financier under a
Transaction Document but unpaid (including interest payable under this clause 15.1),
that Obligor must pay interest on that amount to the Financier on demand.

	 	(b)	 	Interest under clause 15.1(a):

	 	(i)	 	accrues on each unpaid amount from and including the due date
for payment to the date of actual payment at the Overdue Rate calculated with
reference to successive periods of a length selected by the Financier or, if
no selection is made, of quarterly intervals, starting on the due date for
payment;

	 	(ii)	 	accrues from day to day;

	 	(iii)	 	is calculated on the basis of the actual number of days
elapsed (including the first day but excluding the last) and, if the unpaid
amount is in USD, a 360 day year or, if the unpaid amount is in any other
Approved Currency, a 365 day year; and

	 	(iv)	 	may be compounded by the relevant Financier at intervals
selected by that Financier or, if no selection is made, at quarterly
intervals.

	15.2	 	Additional interest

If a liability of an Obligor to a Financier under a Transaction Document becomes merged in
a judgment, that Obligor must, as an independent obligation, pay interest on the amount of
that liability to the Financier. Interest on the amount of that liability will accrue from
the date the amount becomes due until the date the amount is paid, both before and after
judgment, at the rate which is the higher of:

	 	(a)	 	the rate payable under the judgment; and

	 	(b)	 	the rate referred to in clause 15.1(b).

	16.	 	INDEMNITIES

	16.1	 	General indemnity

	 	(a)	 	Each Obligor unconditionally and irrevocably indemnifies each Financier
against any Claim suffered or incurred or payable by the Financier arising directly or
indirectly as a result of:

	 	(i)	 	an Event of Default or Potential Event of Default or the
exercise or attempted exercise by the Financier of a right or power arising
from an Event of Default or Potential Event of Default;

	 	(ii)	 	the failure of an Obligor to make a prepayment or repayment
in accordance with this Agreement;

	 	(iii)	 	the use, operation, maintenance or repair of the property
subject to a Collateral Security or the breach of an Environmental Law
affecting the property subject to a Collateral Security; or

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	 	(iv)	 	in the case of HSBC (Australia), any amount paid by HSBC
(Australia) to HSBC (UK), HSBC (US) or HSBC (HK) in connection with any amount
which is due and unpaid by a UK Borrower, a US Borrower, a German Borrower, a
HK Trade Borrower or a US Trade Borrower to HSBC (UK), HSBC (US) and HSBC (HK)
respectively.

	 	(b)	 	Without limiting clause 16.1(a), the indemnity of each Obligor includes an
indemnity against loss of profit or other loss, cost, penalty, expense or Tax incurred
or payable by a Financier in:

	 	(i)	 	liquidating or redeploying funds acquired from third parties;
or

	 	(ii)	 	terminating, reversing or varying arrangements to fund a
Facility or any part of it or any interest rate or currency hedge, related
trading position or other derivatives arrangement put in place by the
Financier in respect of the Facility or any part of it.

The amount of loss of profit or other loss may be determined by the Financier by
reference to a pool of funds and averaging techniques rather than by reference to a
specific borrowing or a specific contract made in respect of the Facility or any
part of it.

	 	(c)	 	Without limiting clause 16.1(a), the indemnity of each Obligor includes an
indemnity for legal costs and other expenses (and Taxes on those amounts) on a full
indemnity basis.

	16.2	 	Currency indemnity

If an amount payable by an Obligor under a Transaction Document is received or recovered by
a Financier or a Controller in a currency other than the currency (Required Currency) in
which that amount is required to be paid under the Transaction Document (whether under a
judgment, in the winding up of that Obligor or otherwise):

	 	(a)	 	the obligations of that Obligor are discharged only to the extent that the
Financier or Controller may purchase the Required Currency with that other currency in
accordance with its usual banking procedures on receipt of that amount; and

	 	(b)	 	that Obligor indemnifies the Financier or Controller in respect of, and will
immediately pay to the Financier or to the Controller, the amount of any shortfall
between the amount in the Required Currency which may be purchased under clause
16.2(a), after deducting any costs of exchange and any other related costs and Taxes,
and the relevant sum payable under the Transaction Documents.

The Financier agrees to use reasonable endeavours to obtain the most favourable rate of
exchange to minimise the cost to the Borrower.

	16.3	 	Survival of indemnities

	 	(a)	 	The indemnities in this Agreement are continuing obligations of each Obligor,
separate and independent from the other obligations of that Obligor and survive the
termination of this Agreement or any other Transaction Document.

	 	(b)	 	It is not necessary for a Financier to incur expense or make payment before
enforcing a right of indemnity under this Agreement.

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	17.	 	ASSIGNMENT

	17.1	 	Assignment by Borrowers

A Borrower must not assign or otherwise transfer, create any charge, trust or other
interest in or otherwise deal with a Transaction Document or a right, remedy, power, duty
or obligation under a Transaction Document without the prior written consent of all
Financiers.

	17.2	 	Assignment by Financiers

A Financier may assign, novate, transfer, sub-participate or otherwise dispose of or deal
with all or any part of its rights or obligations under a Transaction Document to another
bank or financial institution if:

	 	(a)	 	any necessary prior Authorisation is obtained; and

	 	(b)	 	the Parent has given its prior written consent to such assignment, novation,
transfer, sub-participation or other disposal or dealing, which consent:

	 	(i)	 	must not be unreasonably withheld; and

	 	(ii)	 	will be deemed to be given if no response is received within
15 days of a request for such consent.

	17.3	 	Disclosure

A Financier may disclose to a potential assignee, transferee, participant or
sub-participant or any other person who is considering entering into contractual relations
with it in connection with or in relation to a Transaction Document any information about
an Obligor and the Transaction Documents as that Financier considers appropriate, provided
that the person to whom the information is disclosed covenants for the benefit of the
relevant Obligor and the Parent to keep that information confidential.

	18.	 	SET-OFF

	18.1	 	Set-off

A Financier may, without notice to an Obligor or any other person, set-off and apply the
whole or any part of any credit balance on any account of the Obligor with the Financier
and any money owing by the Financier to the Obligor towards satisfaction of any Amount
Owing by the Obligor to the Financier irrespective of:

	 	(a)	 	whether the account is subject to notice;

	 	(b)	 	whether the account is matured or the amount is due; or

	 	(c)	 	the currency of the account or the Amount Owing.

	18.2	 	Currency conversion

If the currency of the Obligor’s account or the Amount Owing referred to in clause 18.1 is
not AUD, the Financier may for the purpose of clause 18.1 effect currency exchanges in
accordance with its usual banking procedures and apply the amount purchased, after
deducting any costs of exchange and any other related costs and Taxes, in accordance with
clause 18.1.

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	18.3	 	Additional right

The right of set-off contained in this clause 18 is in addition to any general or banker’s
lien, right of set-off, right to combine accounts or other right to which the Financier is
entitled.

	19.	 	PRESERVATION OF RIGHTS

	19.1	 	No merger

	 	(a)	 	No Transaction Document merges, discharges, postpones or adversely affects in
any other way the rights, remedies or powers of a Financier under any other
Transaction Document.

	 	(b)	 	Nothing in any Transaction Document merges, discharges, postpones or
adversely affects in any other way a Collateral Security or any of the rights,
remedies or powers of a Financier against any person.

	 	(c)	 	If a judgment is made in favour of a Financier against an Obligor in respect
of the Amount Owing or any part of it, the Financier holds the judgment collaterally
with the Transaction Documents as security for payment of the Amount Owing and no
Transaction Document merges in the judgment.

	19.2	 	Moratorium legislation

To the extent permitted by law, a provision of a law is excluded if it does or may,
directly or indirectly:

	 	(a)	 	lessen or vary in any other way an Obligor’s obligations under a Transaction
Document; or

	 	(b)	 	delay, curtail or prevent or adversely affect in any other way the exercise
by a Financier or a Controller appointed by a Financier of any of its rights, remedies
or powers under a Transaction Document.

	19.3	 	Waiver and exercise of rights

	 	(a)	 	A waiver by a Financier of a provision of or of a right under a Transaction
Document is binding on the Financier only if it is given in writing and is signed by
the Financier or an Authorised Officer of the Financier.

	 	(b)	 	A waiver of a breach by an Obligor of a Transaction Document is binding on a
Financier only if that waiver is consented to by all Financiers;

	 	(c)	 	A waiver is effective only in the specific instance and for the specific
purpose for which it is given.

	 	(d)	 	A single or partial exercise of a right by a Financier does not prevent
another exercise or attempted exercise of that right or the exercise of another right.

	 	(e)	 	Failure by a Financier to exercise or delay in exercising a right does not
prevent its exercise or operate as a waiver.

	 	(f)	 	A Financier is not liable for any loss, cost or expense of the Borrower
caused or contributed to by the waiver, exercise, attempted exercise, failure to
exercise or delay in the exercise of a right.

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	19.4	 	Rights cumulative

The rights, remedies and powers under the Transaction Documents of a Financier, or a
Controller appointed by a Financier, are cumulative and do not exclude any other rights,
remedies or powers.

	19.5	 	Further assurances

An Obligor must, at its own expense, whenever requested by a Financier, promptly do or
cause to be done, anything which the Financier considers reasonably necessary or desirable
to:

	 	(a)	 	give full effect to a Transaction Document; or

	 	(b)	 	more fully secure the rights, remedies and powers of the Financier under a
Transaction Document or to enable the Financier to exercise those rights, remedies and
powers; or

	 	(c)	 	perfect or complete any transfer or assignment referred to in clause 17 and
the benefit of any Collateral Security in relation to any transfer or assignment,

	 	 	including signing and delivering documents.
	 
	19.6	 	Time of the essence
	 
	 	 	Time is of the essence of the performance by an Obligor of each of its obligations under
each Transaction Document.
	 
	20.	 	NOTICES
	 
	20.1	 	Requirements

All notices must be:

	 	(a)	 	in legible writing and in English and copied to the Parent;

	 	(b)	 	addressed to the recipient at the address or facsimile number set out below
or to any other address or facsimile number that a party may notify to the other:
	 
	 	 	 	to each Australian Borrower:

	 	 	 	 	 

	 

	 	Address:
	 	Level 12, Suite 1202

65 Berry Street

North Sydney NSW 2060

Australia
	 
	 	 	 	 
	 

	 	Attention:
	 	Company Secretary
	 
	 	 	 	 
	 

	 	Facsimile No:
	 	+61 2 9956 9101
	 
	 	 	 	 
	 	 	to each US Borrower:
	 
	 	 	 	 
	 

	 	Address:
	 	Sims Metal Management

110 Fifth Avenue, Suite 700

New York, NY 10011 USA
	 
	 	 	 	 
	 

	 	Attention:
	 	Company Secretary
	 
	 	 	 	 
	 

	 	Facsimile No:
	 	(1-212) 604 0453

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	 	 	to the UK Borrower:
	 
	 	 	 	 
	 

	 	Address:
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37 8AQ

United Kingdom
	 
	 	 	 	 
	 

	 	Attention:
	 	Company Secretary
	 
	 	 	 	 
	 

	 	Facsimile No:
	 	1789 720 940
	 
	 	 	 	 
	 	 	to each German Borrower:
	 
	 	 	 	 
	 

	 	Address:
	 	Rathenaustrasse 10

59191 Bergkamen

Germany
	 
	 	 	 	 
	 

	 	Attention:
	 	Marc Faller
	 
	 	 	 	 
	 

	 	Facsimile No:
	 	+49 2307 9737-99
	 
	 	 	 	 
	 	 	to the HK Trade Borrower:
	 
	 	 	 	 
	 

	 	Address:
	 	RM 5407, 54F

Hopewell Centre

183 Queen’s Road East

Wanchai HK
	 
	 	 	 	 
	 

	 	Attention:
	 	Ms Las Hui
	 
	 	 	 	 
	 

	 	Facsimile No:
	 	2866 4900
	 
	 	 	 	 
	 	 	to the US Trade Borrower:
	 
	 	 	 	 
	 

	 	Address:
	 	c/o Sims Metal Management

110 Fifth Avenue

Suite 700

New York, NY 10011 USA
	 
	 	 	 	 
	 

	 	Attention:
	 	Myles A. Partridge
	 
	 	 	 	 
	 

	 	Facsimile No:
	 	(1-212) 604 0722
	 
	 	 	 	 
	 	 	to HSBC (Australia):
	 
	 	 	 	 
	 

	 	Address:
	 	Level 31, 580 George Street

Sydney NSW 2000

Australia
	 
	 	 	 	 
	 

	 	Attention:
	 	Relationship Manager, Large Corporates
	 
	 	 	 	 
	 

	 	Facsimile No:
	 	(61-2) 9006 5777
	 
	 	 	 	 
	 

	 	to HSBC (US):	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	452 Fifth Avenue, New York, New York 10018 USA
	 
	 	 	 	 
	 

	 	Attention:
	 	Vice President

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	 	Facsimile No:
	 	(1-212) 525 2555
	 
	 	 	 	 
	 

	 	to HSBC (UK):	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	City Corporate Banking Centre, 60 Queen Victoria Street, London, EC4N 4TR
	 
	 	 	 	 
	 

	 	Attention:
	 	Simon Adcock
	 
	 	 	 	 
	 

	 	Facsimile No:
	 	(44) 08455 878 676
	 
	 	 	 	 
	 

	 	to HSBC (HK):	 	 
	 
	 	 	 	 
	 

	 	Address:
	 	Level 10, 1 Queens Road

Central Hong Kong
	 
	 	 	 	 
	 

	 	Attention:
	 	Commercial Banking, Group 1
	 
	 	 	 	 
	 

	 	Facsimile No:
	 	(852) 2840 0457

	 	(c)	 	signed by the party or, where the sender is a company, by an Authorised
Officer or under the common seal of the sender; and
	 
	 	(d)	 	sent to the recipient by hand, prepaid post (airmail if to or from a place
outside Australia) or facsimile.

	20.2	 	Receipt

Without limiting any other means by which a party may be able to prove that a notice has
been received by the other party, a notice will be considered to have been received:

	 	(a)	 	if sent by hand, when left at the address of the recipient;

	 	(b)	 	if sent by prepaid post, 3 days (if posted within a Relevant Jurisdiction to
an address in the Relevant Jurisdiction) or 10 days (if posted from one country to
another) after the date of posting; or

	 	(c)	 	if sent by facsimile, on receipt by the sender of an acknowledgment or
transmission report generated by the sender’s machine indicating that the whole
facsimile was sent to the recipient’s facsimile number,

but if a notice is served by hand, or is received by the recipient’s facsimile on a day
that is not a Business Day, or after 5:00 pm (recipient’s local time) on a Business Day,
the notice will be considered to have been received by the recipient at 9:00 am
(recipient’s local time) on the next Business Day.

	21.	 	GENERAL PROVISIONS

	21.1	 	Invalid or unenforceable provisions

If a provision of a Transaction Document is invalid or unenforceable in a jurisdiction:

	 	(a)	 	it is to be read down or severed in that jurisdiction to the extent of the
invalidity or unenforceability; and

	 	(b)	 	that fact does not affect the validity or enforceability of that provision in
another jurisdiction or the remaining provisions.

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	21.2	 	Financier’s certificate

A certificate signed by an Authorised Officer of a Financier stating an amount due, owing
or payable or a rate or any other matter for the purpose of a Transaction Document is, in
the absence of manifest error, conclusive and binding on the Borrower to which the
certificate is given by the Financier.

	21.3	 	Certifications

Any document or thing required to be certified by an Obligor must be certified by an
Authorised Officer of an Obligor, as the case requires, or in any other manner that the all
Financiers approve.

	21.4	 	Amendment
	 
	 	 	This Agreement may be amended only by a document signed by all parties.
	 
	21.5	 	Counterparts
	 
	 	 	This Agreement may be signed in counterparts and all counterparts taken together constitute
one document.
	 
	21.6	 	Successors and assigns
	 
	 	 	This Agreement is binding on, and has effect for the benefit of, the parties and their
respective successors and permitted assigns.
	 
	22.	 	CROSS GUARANTEE
	 
	22.1	 	Consideration
	 
	 	 	Each Guarantor agrees that it grants this guarantee for valuable consideration including,
without limitation, the Financiers, at the request of each Guarantor, entering into this
Agreement, and the Financiers making available and/or continuing to make available the
Commitment to the Borrowers.
	 
	22.2	 	Guarantee
	 
	 	 	Each Guarantor unconditionally and irrevocably guarantees jointly and severally the due and
punctual payment and satisfaction of the Amount Owing by each Borrower to the Financiers.
	 
	22.3	 	Financiers’ right to demand
	 
	 	 	If a Borrower defaults in the due and punctual payment or satisfaction of any of the Amount
Owing, the Guarantors will pay the whole amount of the Amount Owing to the Financiers
immediately upon demand by the Financiers, or as otherwise directed by the Financiers,
after any Event of Default has occurred which has not been waived by the Financiers, or
remedied to the Financiers’ satisfaction. The Financiers may make such a demand on any
Guarantor from time to time and whether or not demand has been made on the Borrowers.
	 
	22.4	 	Indemnity
	 
	 	 	For the consideration mentioned in clause 22.1, if the whole or any part of the Amount
Owing:

	 	(a)	 	is irrecoverable or has never been recoverable by the Financiers from the
Borrowers or from a Guarantor as Guarantor;

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	 	(b)	 	cannot be enforced against the Borrowers or against a Guarantor as Guarantor;
or

	 	(c)	 	is not paid to the Financiers for any other reason,

in any case for any reason whatsoever including, without limitation, by reason of:

	 	(d)	 	any legal limitation, disability, incapacity, lack of power or lack of
authority of or affecting any person;

	 	(e)	 	any of the transactions relating to the Amount Owing or the Transaction
Documents being void, voidable, illegal or unenforceable (whether or not any of the
matters or facts relating thereto have been or ought to have been within the knowledge
of the Financiers); or

	 	(f)	 	any other fact, matter or thing whatsoever,

the Guarantor unconditionally and irrevocably indemnifies the Financiers in respect of such
moneys.

	22.5	 	Separate and principal obligation

Each Guarantor agrees that the indemnity contained in clause 22.4 is a separate and
distinct obligation and will not be restrictively interpreted by reason of the guarantee
set out in clause 22.2. The Guarantor agrees that its liability under clause 22.4 is that
of principal debtor.

	22.6	 	Continuing obligations

This guarantee is a continuing guarantee and indemnity and will remain in full force and
effect until the whole of the Amount Owing has been paid or satisfied in full, subject to
clause 22.17. The obligations under it are principal obligations and not ancillary or
collateral to any other right or obligation and may be enforced by the Financiers without
the Financiers first being required to exhaust any remedy it may have against the Borrowers
or enforce any security it may hold relating to the Amounts Owing.

	22.7	 	Obligations of Guarantors unaffected

Each Guarantor’s obligations as guarantor and indemnifier under this guarantee are
absolute, unconditional and irrevocable in any and all circumstances and will not be
prejudiced, released, discharged or otherwise affected by any one or more of the following
(whether occurring with or without the consent of or notice to any person):

	 	(a)	 	any release, failure or agreement not to sue, discharge, relinquishment,
waiver, replacement, amendment, variation, increase, decrease or compounding of the
obligations of the Borrowers or of any other person (other than an express written
release of or express written waiver for the benefit of the Guarantor) under this
Agreement or any other Transaction Document or of the Amount Owing including, without
limitation:

	 	(i)	 	any increase or other variation in the financial
accommodation provided under this Agreement or the incurring of further or
additional obligations by the Borrowers to the Financiers;

	 	(ii)	 	any variation in the time or method of payment of any amount
payable under this Agreement or any other Transaction Document; or

	 	(iii)	 	any increase or other variation in the interest rate payable
under this Agreement or in the method of the calculation thereof;

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	 	(b)	 	any of the obligations of the Borrowers, the Guarantor or any other person
under this Agreement being or becoming wholly or partially illegal, void, voidable or
unenforceable, whether by reason of any law or for any other reason whatsoever;

	 	(c)	 	any waiver, replacement, amendment, variation, increase, decrease or
compounding of the obligations of the Guarantor (other than an express waiver for the
benefit of the Guarantor) under this Agreement or any other Transaction Document
including, without limitation:

	 	(i)	 	in respect of a Cash Advance Facility, any variation of the
Margin or the Commitment Fee applicable to that Cash Advance Facility;

	 	(ii)	 	in respect of a Trade Facility, any variation of the Margin,
the Commitment Fee or the import and export fees applicable to that Trade
Facility; and

	 	(iii)	 	in respect of a Bank Guarantee and Standby Letter of Credit
Facility, any variation of the Guarantee Fee or Establishment Fee applicable
to that Bank Guarantee and Standby Letter of Credit Facility;

	 	(d)	 	any dealing, act or omission, whether constituting an election, waiver,
estoppel or otherwise, by the Financiers with respect to any judgment for payment of
moneys, speciality instrument (negotiable or otherwise) or other security recovered,
held or enforceable by it in respect of all or any of the Amount Owing;

	 	(e)	 	any delay, laches, acquiescence, mistake, act or omission on the part of the
Financiers or any other person;

	 	(f)	 	any part of the moneys forming part of the Amount Owing being or becoming
irrecoverable or never having been recoverable or any part of the obligations forming
part of the Amount Owing being or becoming unenforceable or never having been
enforceable;

	 	(g)	 	any irregularity or deficiency in the execution of this Agreement by the
Borrowers, the Guarantor or any other person (other than the Financiers) or any lack
or abuse of authority or power of any person in relation to any such execution;

	 	(h)	 	any failure by any person to give or require any certificate or other
instrument in connection with this Agreement or otherwise;

	 	(i)	 	any non-compliance by the Financiers or any other person with the provisions
of any law or any non-compliance by the Financiers or any other person with any
provisions of any agreement with the Borrowers or the Guarantor relating to any Amount
Owing or any omission or negligence by the Financiers or any other person in relation
to the Borrowers or the Guarantor;

	 	(j)	 	any law or judgment staying or suspending all or any of the rights of the
Financiers against the Borrowers, the Guarantor, or any other person (by operation of
law or otherwise);

	 	(k)	 	any person becoming or not becoming the Guarantor of the Amount Owing or any
part thereof or any discharge or release of any such person;

	 	(l)	 	the granting of any time, credit, further advances or concession to the
Borrowers, the Guarantor or any other person, with or without the imposition of any
additional burden;

	 	(m)	 	any judgment or rights which any person may have or exercise against the
Borrowers, the Guarantor or any other person;

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	 	(n)	 	the insolvency, bankruptcy, winding up, receivership, reconstruction,
reorganisation or amalgamation of the Borrowers, the Guarantor or any other person;

	 	(o)	 	the Borrowers, the Guarantor or any other person entering into any scheme of
arrangement, composition, assignment for the benefit of, or other arrangement with,
creditors or the receipt by the Financiers of any moneys thereunder or any reduction
of capital in or voluntary administration of the Borrowers, the Guarantor or any other
person;

	 	(p)	 	any change in the membership of any partnership, trust, or other association
of which the Borrowers, the Guarantor or any other person is a member (whether any
such change occurs by reason of the death or retirement of any partner or the
admission of any new partner or otherwise howsoever), any change in the nature of, or
the cessation of, the business carried on by such persons or the fact that the
Borrowers or the Guarantor is not (or having once been a member of such partnership,
trust or other association, is no longer) a member of any such partnership, trust or
other association;

	 	(q)	 	the fact that the Borrowers, the Guarantor or any other person may enter into
agreements or transactions with or incur obligations to the Financiers;

	 	(r)	 	any transfer, assignment, participation, sub-participation, novation or
syndication of, or other dealing with, the benefit of this Agreement or any other
Transaction Document by the Financiers;

	 	(s)	 	the granting of any Security Interest, guarantee or indemnity by the
Borrowers, the Guarantor or any other person to the Financiers or the failure to take
or obtain or the loss or impairment of any Security Interest, guarantee or indemnity
from the Borrowers, the Guarantor or any other person or the failure to register or
perfect any such Security Interest;

	 	(t)	 	the discharge or termination of this Agreement or any other Transaction
Document given by the Borrowers, the Guarantor or any other person or any composition,
compromise, release, waiver, variation, relinquishment or renewal of the obligations
of the Borrowers, the Guarantor or any other person thereunder or of any rights of the
Financiers thereunder;

	 	(u)	 	any setting aside or avoidance of any payment by the Borrowers or the
Guarantor for any reason whatsoever;

	 	(v)	 	the fact that any negotiable or other instrument is still in circulation or
outstanding; or

	 	(w)	 	any other fact, matter, circumstance or thing whatsoever which, but for this
provision, could or might operate to prejudice, release, discharge or otherwise affect
a Guarantor’s obligations under this Agreement.

	22.8	 	Recourse to Guarantors

The Financiers will not be required to proceed against the Borrowers or any other guarantor
or exhaust any remedies they or any of them may have against the Borrowers or any other
guarantor but will be entitled to demand and receive payment from the Guarantor when any
payment is due under this Agreement.

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	22.9	 	Dealings with this Agreement

The Guarantor will not hold the Financiers liable for any loss or damage suffered by the
Guarantor, and nor will the Guarantor be released or discharged in whole or in part, as a
result of:

	 	(a)	 	any release or other dealing with this Agreement or any other Transaction
Document including, without limitation, any prejudice to or loss of any rights of
subrogation; or

	 	(b)	 	the Financiers failing or neglecting to recover, any moneys owing or to
become owing to the Financiers by the Borrowers or the Guarantor.

	22.10	 	No marshalling

The Financiers will not be obliged to marshal or appropriate in favour of a Guarantor any
Security Interest held by the Financiers or to exercise, apply, perfect or recover any
Security Interest that the Financiers hold at any time or any funds or assets (including
property) that the Financiers may be entitled to receive or have a claim upon.

	22.11	 	Exercise of the Financiers’ rights

The Financiers may in their absolute discretion determine from time to time not to enforce
this Agreement against the Guarantor and may from time to time make any arrangement or
compromise with the Guarantor as the Financiers think fit.

	22.12	 	Waiver of rights by Guarantors

The Guarantor waives in favour of the Financiers all rights whatsoever (whether at law or
otherwise) against the Financiers, the Borrowers and any other person and any property so
far as is necessary to give effect to the terms of this Agreement.

	22.13	 	No rights against Financiers

The Guarantor will not, whether or not the Amount Owing has been paid or satisfied in full,
call on the Financiers to sue or take proceedings against the Borrowers or raise a defence,
set-off or counterclaim of itself or of the Borrowers in reduction of its liability
hereunder and, unless and until the whole of the Amount Owing has been paid or satisfied in
full, the Guarantor will not claim the benefit of, or participate in, any Security
Interest, guarantee or indemnity now or hereafter held by the Financiers in respect of the
Amount Owing.

	22.14	 	Rights against Borrowers

Unless and until the whole of the Amount Owing has been paid or satisfied in full, the
Guarantor will not make any claim for any sum paid under this Agreement or enforce any
rights which it may have (whether by way of defence, indemnity, set-off, counterclaim,
contribution, subrogation or otherwise) against the Borrowers or their property.

	22.15	 	No rights in winding up of Borrowers

Unless and until the whole of the Amount Owing has been paid or satisfied in full, upon the
winding up, bankruptcy or receivership of the Borrowers (or any other person) or upon the
Borrowers (or such other person) entering into any scheme of arrangement, composition,
assignment or arrangement with its creditors or members:

	 	(a)	 	the Guarantor will not (except in circumstances where the Financiers do not
prove in the name of the Guarantor in accordance with clause 22.16(a) prove or claim
in competition to the Financiers so as to diminish any distribution, dividend or
payment which, but for such proof or claim, the Financiers would be entitled to

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	 	 	 	receive thereunder and the Guarantor will not claim or receive the benefit of any
distribution, dividend or payment arising out of or relating thereto; and

	 	(b)	 	the Financiers may prove or claim for the full amount of the Amount Owing and
payments received by the Financiers from the Guarantor under this Agreement, or from
the enforcement of any Security Interest granted to the Financiers by a Guarantor,
will not affect the Financiers’ right to prove or claim for the full amount of the
Amount Owing.

	22.16	 	Prove in winding up

	 	(a)	 	Upon the winding up, bankruptcy or receivership of the Borrowers (or any
other person) or upon the Borrowers (or such other person) entering into any scheme of
arrangement, composition, assignment or arrangement with its creditors or members, the
Guarantor authorises the Financiers to (without being obliged to do so):

	 	(i)	 	prove, in the name of the Guarantor, for all moneys for which
the Borrowers are liable to the Guarantor, including any moneys which the
Guarantor has paid under this Agreement; and/or

	 	(ii)	 	retain and carry to a separate account and appropriate at the
Financiers’ discretion any distribution, dividend or payment received
thereunder until the Amount Owing have been paid or satisfied in full; and/or

	 	(iii)	 	do anything and exercise all rights which the Guarantor
could lawfully do or exercise in such proceedings,

and the Guarantor appoints the Financiers and each Authorised Officer of the
Financiers, severally, to be its attorney for the purposes set out above.

	 	(b)	 	The Financiers must notify the Guarantor in writing if it does not intend to
prove in the name of the Guarantor under clause 22.16(a)(i).

	22.17	 	Reinstatement of beneficiary’s rights

If any claim is made that any moneys received by the Financiers in payment or satisfaction
of the Amount Owing must be repaid or refunded, or that any settlement, obligation,
transaction, conveyance or transfer affecting or relating to the Amount Owing is void or
voidable, under any law (including, without limitation, under any law relating to
preferences, bankruptcy, insolvency or the winding up of companies):

	 	(a)	 	the Guarantor will, at its own expense, promptly do, execute and deliver, and
cause any relevant third person to do, execute and deliver, all such acts and
instruments as the Financiers may require to reinstate the guarantee under clause 22.2
and to restore to the Financiers any Security Interest, guarantee, indemnity or other
security held by them or any of them immediately prior to such payment, satisfaction,
settlement, obligation, transaction, conveyance or transfer; and

	 	(b)	 	if the claim is upheld, compromised or admitted, the Financiers shall be
entitled to the same rights, powers and remedies against the Guarantor as it would
have had if the relevant moneys had never been applied in payment or satisfaction of
the Amount Owing or if such settlement, obligation, transaction, conveyance or
transfer had not been incurred or taken place,

and this clause 22.17 will survive the release or termination of this Agreement unless the
Financiers expressly agree otherwise in writing.

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	22.18	 	Cross-Guarantee

The guarantee and indemnity contained in clause 22.2 and clause 22.4 takes effect as a
cross-guarantee and cross-indemnity where one or more of the Borrowers are the same as one
or more of the Guarantors. In these circumstances, it is a separate guarantee and
indemnity in relation to each Borrower as if that person were:

	 	(a)	 	the only person included in the definition of “Borrowers”; and

	 	(b)	 	excluded from the definition of “Guarantor”.

	22.19	 	German Guarantors

	 	(a)	 	To the extent that the guarantee and indemnity contained in clause 22.2 and
clause 22.4 is granted by a German Guarantor (the German Guarantee and Indemnity) and
that German Guarantee and Indemnity guarantees or indemnifies amounts which are owed
by direct or indirect shareholders of the German Guarantor or affiliated companies of
such shareholders (with the exception of affiliated companies which are also
affiliated companies of the German Guarantor), the German Guarantee and Indemnity
shall be subject to certain limitations as set out in paragraph (b) below. In
relation to any other amounts guaranteed and/or indemnified, the German Guarantee and
Indemnity remains unlimited.

	 	(b)	 	To the extent that the demand under the German Guarantee and Indemnity
against a German Guarantor is made in respect of amounts in relation to which the
conditions pursuant to paragraph (a) are fulfilled, the relevant German Guarantor’s
liability shall be limited as follows:

	 	(i)	 	the German Guarantee and Indemnity shall not be enforceable
to the extent that the German Guarantor is able to demonstrate that such
enforcement has the effect of:

	 	(A)	 	reducing the German Guarantor’s net assets
(Nettovermögen) (the Net Assets) to an amount less than its stated
share capital (Stammkapital); or

	 	(B)	 	(if its Net Assets are already lower than its
stated share capital) causing such amount to be further reduced,

and thereby affects its assets which are required for the obligatory
preservation of its stated share capital according to §§ 30, 31 German
GmbH-Act (GmbH-Gesetz).

	 	(c)	 	This clause 22.19 shall apply mutatis mutandis if the German Guarantee and
Indemnity is granted by a Guarantor incorporated in Germany as a limited liability
partnership (GmbH & Co. KG) in relation to the limited liability company as general
partner (Komplementär) of such Guarantor.

	23.	 	NEW BORROWER

	 	(a)	 	Subject to the Financiers’ prior written consent, any Subsidiary of the
Parent (other than any Subsidiary of the Parent which is incorporated in New Zealand)
and any other company may become a Borrower for the purposes of this Agreement by
becoming a New Borrower by entering into an Accession Deed.

	 	(b)	 	Upon execution of an Accession Deed by the Parent, New Borrower and the
Financier, the New Borrower will be taken to be an Obligor and a Guarantor for the
purposes of this Agreement with all the rights and obligations of a Borrower and

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	 	 	 	Guarantor as if it were an original party to this Agreement and to have made the
representations and warranties in clause 11 on the date of such execution.

	 	(c)	 	The Parent will ensure that before the parties execute the Accession Deed,
the Financier has received the following in form and substance satisfactory to it:

	 	(i)	 	a certificate in relation to the New Borrower given by a
director of the New Borrower substantially in the form of Annexure E (with the
attachments referred to in that certificate) dated not earlier than 14 days
before the execution of the Obligor Accession Deed by the New Borrower; and

	 	(ii)	 	if the New Borrower is a foreign entity, at the cost of the
New Borrower a legal opinion confirming that upon execution by the New
Borrower the Accession Deed will constitute valid, binding and enforceable
obligations of the New Borrower.

	 	(d)	 	Each Guarantor irrevocably appoints the Parent to execute any Accession Deed
on its behalf.

	24.	 	PROCUREMENT AND RETIREMENT OF GUARANTORS

	24.1	 	Procurement of Guarantors

	 	(a)	 	In order to comply with clause 12.3(c), each Obligor undertakes that (other
than with respect to entities which the Financier agrees to exclude from this clause
24) it shall procure that sufficient entities which are or become Subsidiaries of that
Obligor shall become a Guarantor by entering into an accession deed (or accession
deeds) in form and substance reasonably satisfactory to the Financier (and satisfying
any additional reasonable requirements of the Financier) whereby the New Guarantor
agrees to be bound by all the obligations, representations, warranties and other
provisions of the Cross Guarantee set out in clause 22 as if it were an original party
to this Agreement.

	 	(b)	 	A Guarantor shall cease to be a Guarantor for the purposes of this Agreement,
and shall be released from all obligations or liabilities under this Agreement, only
in the event of:

	 	(i)	 	such Guarantor ceasing to be a Related Party of all Obligors
following the disposal of shares (or the relevant means of control) by the
Obligors in such Guarantor, provided that the disposal of shares and the
ceasing of the Guarantor to be a Guarantor for the purposes of this Agreement
will not result in a contravention of clause 12.2 or 12.3;

	 	(ii)	 	the distribution or transfer to the Obligors in the course of
a voluntary winding up or a creditors’ voluntary winding up (where the only
creditors are one or more Obligors) of such Guarantor of such part of the
Assets of such Guarantor being wound up as the Obligors are entitled to in
proportion to their ownership in such Guarantor; or

	 	(iii)	 	the Amount Owing being fully paid or repaid to the
Financier, as the case may be, provided that any payment or repayment of the
Amount Owing which shall at any time hereafter be avoided under any law for
the time being in force relating to the winding up or official management of
companies shall be deemed never to have been made and to that extent that
liability of the Obligors in respect of such amount and this Agreement shall
subsist to the benefit of the Financier.

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	 	(c)	 	The Financier may in its sole and absolute discretion at any time agree to
release a Guarantor from all obligations or liabilities under this Agreement,
whereupon such Guarantor shall cease to be a Guarantor for the purposes of this
Agreement and in such event, the Financier shall at the request and cost of such
Guarantor execute and do all such deeds, acts and things as may be reasonably
necessary to release the Guarantor from such obligations and liabilities, provided
that any such agreement to release shall not affect any obligation or liability of any
other Guarantor.

	24.2	 	New Related Party

	 	(a)	 	Where, after the date of this Agreement, an entity becomes a Related Party of
an Obligor and, at such time, financial accommodation has been provided to such entity
by the Financier or any Affiliate Financiers (“existing accommodation”), the Financier
may, at any time within 60 days after the notification to the Financier that an entity
with existing accommodation has become a Related Party of an Obligor, by notice in
writing to that entity or any other Obligor declare:

	 	(i)	 	that where the notice is given to the relevant entity, the
existing accommodation (or any lesser amount specified in the notice) is due
and payable within the period specified in the notice which shall be not less
than 60 days;

	 	(ii)	 	that where the notice is given to an Obligor other than the
relevant entity, financial accommodation then provided by the Financier to
that Obligor must be reduced by payment of an amount (specified in the notice)
equal to or less than the existing accommodation within the period specified
in the notice.

	 	(b)	 	Amounts specified in a notice given pursuant to paragraph (a) are payable
within the period specified in such notice.

	25.	 	DISPUTE RESOLUTION

	 	(a)	 	If an Issue, or a circumstance that is reasonably likely to result in an
Issue arises each of the Parent and the Financiers must not commence any court
proceedings relating to the Issue unless it has complied with the provisions of this
clause 25, except to seek urgent interlocutory relief.

	 	(b)	 	If the Parent or the Financiers become aware of an Issue, or a circumstance
that is reasonably likely to result in an Issue, it must promptly notify the other
(Initial Notice) and if the Issue is not resolved within ten (10) Business Days from
the date of on which the Initial Notice is provided (excluding the date on which the
Initial Notice is given) (or such other period as agreed to in writing between the
Parent and the Financiers), then either the Parent or the Financiers may give a
written notice to the other specifying the nature and giving details of the Issue
(Notification).

	 	(c)	 	If an Issue is resolved within ten (10) Business Days from the date on which
the Initial Notice is provided (excluding the date on which the Initial Notice is
given) (or such other period as agreed to in writing between the Parent and the
Financiers), the Parent and the Financiers must exchange written acknowledgement of
such resolution prior to the end of the ten (10) Business Day period.

	 	(d)	 	Once a Notification is given in accordance with clause 25(b), a Dispute is
taken to have arisen. If no Notification is given in accordance with clause 25(b) or
the Issue is resolved and written acknowledgement has been exchanged between the

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	 	 	 	Parent and the Financiers in accordance with clause 25(c), a Dispute will not be
taken to have arisen in relation to the Issue and the provisions of this clause 25
will no longer apply. If the provisions of this clause 25 no longer apply as a
result of the failure of either the Parent or the Financiers to give a
Notification, the matter or thing asserted by either the Parent or the Financiers
which gave rise to the Issue (Contesting Party) will be disregarded and the view of
the party other than the Contesting Party will prevail in respect of the issue
forming the subject matter of the Issue.

	 	(e)	 	If the Parent and the Financiers do not resolve the Dispute within ten (10)
Business Days after the Notification is given (excluding the date on which the
Notification is given) (or such other period as agreed to in writing between the
Parent and the Financiers) either the Parent or the Financiers may submit the Dispute
to expert determination.

	 	(f)	 	If the Dispute is referred to expert determination under clause 25(e):

	 	(i)	 	both the Parent and the Financiers may nominate an
independent expert with relevant expertise in accounting, legal and commercial
matters to act as expert and submit this nomination to the other within the
earlier of twelve (12) Business Days after the Notification is given
(excluding the date on which the Notification is given), or two (2) Business
Days following a decision by the Parent and the Financiers to submit the
Dispute to expert determination (excluding the date on which that decision is
reached) (or such other period as agreed to in writing between the Parent and
the Financiers);

	 	(ii)	 	if only the Financiers or only the Parent nominates an expert
in accordance with clause 25(f)(i), the nominated expert will be taken to have
been agreed to by both the Parent and the Financiers and that expert will be
validly appointed;

	 	(iii)	 	if the Parent and the Financiers do not agree on the
appointment of an expert within three (3) Business Days after both expert
nominations have been submitted (excluding the date on which both nominations
have been submitted), the matter will be referred to the President of the
Institute of Chartered Accountants of Australia who will nominate an
independent expert with relevant expertise in accounting, legal and commercial
matters to determine the Dispute and both the Parent and the Financiers will
accept this nomination;

	 	(iv)	 	where the Parent is engaged in a dispute with any of its
other lenders (which have adopted a dispute resolution clause in substantially
the same form as this clause 25) in relation to the same subject matter as a
Dispute or Issue between the Parent and the Financiers, the Financiers agree
to the common appointment of an expert to resolve the disputes simultaneously
and an expert appointed in these circumstances can only be appointed if the
expert accepts a common appointment;

	 	(v)	 	the terms of the expert’s retainer must provide that in
resolving the Dispute the expert will, to the extent relevant, be subject to
the then current ACDC Guidelines for Expert Determination, and will use all
reasonable endeavours to ensure that if a Dispute relates to a current
Calculation Period a decision is reached prior to the Calculation Date for
that Calculation Period;

	 	(vi)	 	the terms of the expert’s retainer must provide that the
expert must provide a decision as soon as reasonably practicable and in any
event no later

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	 	 	 	than the five (5) Business Days from the date of referral (excluding the
date of referral) (or such other period as agreed to in writing between the
Parent and the Financiers);

	 	(vii)	 	the decision of the expert is final and binding on the
Financiers and the Obligors except in the case of manifest error; and

	 	(viii)	 	if, for any reason:

	 	(A)	 	an expert is not appointed within five (5)
Business Days of the expert appointment decision being referred to the
President of the Institute of Chartered Accountants of Australia
(excluding the date on which the matter is referred);

	 	(B)	 	or the appointed expert provides the Parent
and the Financiers with written confirmation that the expert is unable
to reach a decision in relation to the Dispute,

the provisions of this clause 25 will no longer apply to the Dispute and
each of the Parent and the Financiers may:

	 	(C)	 	commence court proceedings; and/or

	 	(D)	 	pursue any other remedies that are available
to the relevant party;

in relation to the matter or thing forming the subject matter of the
Dispute.

	 	(g)	 	If a Dispute or Issue first arises prior to the end of a Calculation Period
and is not resolved in accordance with this clause 25 by the end of that Calculation
Period, the Parent and the Financiers agree to use reasonable endeavours to resolve
the Dispute or Issue as soon as possible following the relevant Calculation Date and
in any event no later than 30 Business Days following the Parent and the Financiers
first becoming aware of the Issue (excluding the date on which both the Parent and the
Financiers first become aware of the Issue) (or such other period as agreed to in
writing between the Parent and the Financiers).

	 	(h)	 	The Financiers agree that prior to the resolution of the Dispute or Issue in
accordance with the provisions of this clause 25, or the termination of the dispute
resolution process as contemplated by clause 25(f)(viii), the subject matter of any
Dispute or Issue may not be taken into account in determining whether the Parent is in
breach of any of the financial undertakings contained in clause 12.3 of this Agreement
that require EBITDA to be calculated.

	 	(i)	 	The Parent must bear the costs of complying with this clause 25 and comply
with the obligations under the Transaction Documents during the dispute resolution
process contained in this clause 25.

	 	(j)	 	In acting under the provisions of this clause 25, the Parent and the
Financiers must at all times use reasonable endeavours to resolve any Dispute or
Issue.

	 	(k)	 	Each Obligor represents and warrants for the benefit of the Financiers that
each Other Bank Document that requires or contemplates adjustments to EBITDA contains
a dispute resolution clause in substantially the same form as this clause 25.

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	26.	 	GOVERNING LAW AND JURISDICTION

	26.1	 	Governing law
	 
	 	 	This Agreement is governed by the laws of the state of New South Wales, Australia.
	 
	26.2	 	Jurisdiction
	 
	 	 	Each Obligor irrevocably and unconditionally:

	 	(a)	 	submits to the non-exclusive jurisdiction of the courts of the state of New
South Wales, Australia; and

	 	(b)	 	waives, without limitation, any claim or objection based on absence of
jurisdiction or inconvenient forum.

	26.3	 	Service of process

Each Borrower agrees that a document required to be served in proceedings about a
Transaction Document may be served:

	 	(a)	 	by being delivered to or left at its address for service of notices under
clause 20.1; or

	 	(b)	 	in any other way permitted by law.

	26.4	 	Agent for service of process

	 	(a)	 	Each Borrower which is not incorporated in Australia (Foreign Borrower)
irrevocably appoints the Parent as its agent to receive service of process in any
proceedings about a Transaction Document.

	 	(b)	 	Each Foreign Borrower agrees that a document required to be served in
proceedings about a Transaction Document may be served:

	 	(i)	 	by being delivered to or left at the address of its agent for
service of process, whether or not that agent in turn notifies the Foreign
Borrower; or

	 	(ii)	 	in any other way permitted by law.

	 	(c)	 	If for any reason the Parent ceases to act in its capacity as process agent
for a Foreign Borrower, the Foreign Borrower must immediately appoint a substitute
process agent approved by all Financiers in New South Wales and notify each Financier
of that appointment. Until each Financier receives that notification, it will be
entitled to treat the Parent (or its successor) as the agent of each Foreign Borrower
for the purpose of this clause.

	26.5	 	Execution by attorneys

Each attorney executing this Agreement states that the attorney has no notice of revocation
or suspension of the power of attorney under which the attorney executes this Agreement.

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Schedule 1

CASH ADVANCE FACILITY

	1.	 	Definitions

In this Schedule, a reference to a section is to a section of this Schedule and unless the
context requires another meaning:

Advance means the principal amount advanced or to be advanced by a CAF Financier to a CAF
Borrower in accordance with a Funding Notice or the amount of the Advance which remains
outstanding;

Funding Period means, in respect of the Cash Advance Facility, a period selected in
accordance with section 5;

Interest Payment Date means, in respect of the Cash Advance Facility:

	 	(a)	 	the last day of a Funding Period; and

	 	(b)	 	in the case of a Funding Period of more than 6 months, the last day of each 6
month period during that Funding Period; and

Margin means, in respect of a CAF Borrower, the percentage per annum set out in a fee
letter or fee letters substantially in the form set out in Annexure G delivered from time
to time by the Financiers to the Parent.

	2.	 	Availability

Subject to this Agreement, a CAF Borrower may draw Advances in any Approved Currency during
the Availability Period under the Cash Advance Facility.

	3.	 	Amount of each Advance

The principal amount of an Advance under the Cash Advance Facility must be at least:

	 	(a)	 	for Advances denominated in AUD: AUD200,000 and thereafter in multiples of
no less than AUD100,000;

	 	(b)	 	for Advances denominated in USD: USD500,000 and thereafter in multiples of
no less than USD100,000; and

	 	(c)	 	for Advances denominated in GBP: GBP350,000 and thereafter in multiples of
no less than GPB50,000.

	4.	 	Interest

	 	(a)	 	A CAF Borrower must pay interest to a CAF Financier on each Advance provided
by that CAF Financier to it:

	 	(i)	 	at the rate determined under section 4(b) for each Funding
Period for that Advance; and

	 	(ii)	 	in arrears on each Interest Payment Date.

	 	(b)	 	The rate of interest for a Funding Period is a rate of interest per annum
which is the sum of the Base Rate for that Funding Period and the Margin.

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	 	(c)	 	Interest under this section 4:

	 	(i)	 	accrues from day to day; and

	 	(ii)	 	is calculated on the basis of the actual number of days
elapsed (including the first day but excluding the last) and a 360 day year
for Advances in USD, or a 365 day year for Advances in other Approved
Currencies.

	5.	 	Selection

For an Advance under the Cash Advance Facility:

	 	(a)	 	subject to this section 5 and section 6:

	 	(i)	 	the length of the first Funding Period is the period selected
by the relevant CAF Borrower in the Funding Notice for that Advance; and

	 	(ii)	 	the length of each subsequent Funding Period for an Advance
is the period selected by the relevant CAF Borrower by notice which must be
received by the relevant CAF Financier not later than 11:00 am at least 2
Business Days before the start of the relevant Funding Period (or a later
time agreed in writing by the Financier);

	 	(b)	 	the Funding Period selected pursuant to section 5(a) may be a period of 30,
60, 90, 120, 150 or 180 days or any other period that the Financier agrees in writing;
and

	 	(c)	 	if a CAF Borrower does not give a notice selecting a Funding Period or
selects a Funding Period which does not comply with this section 5 or section 6, the
CAF Borrower is considered to have selected a Funding Period of 1 month or any other
period selected by the relevant CAF Financier.

	6.	 	Funding Periods

	 	(a)	 	The first Funding Period for an Advance starts on the Funding Date for that
Advance.

	 	(b)	 	Each Funding Period (except the first) starts on the last day of the
preceding Funding Period.

	 	(c)	 	A Funding Period which would otherwise end on a day that is not a Business
Day instead ends on the following Business Day or, if that Business Day is in another
calendar month, on the immediately preceding Business Day.

	 	(d)	 	If a Funding Period starts on a day for which there is no numerically
corresponding day in the month in which the Funding Period ends, the Funding Period
ends on the last Business Day of the later calendar month.

	 	(e)	 	No Funding Period may end after the Final Repayment Date. A Funding Period
which would otherwise end after the Final Repayment Date instead ends on the Final
Repayment Date.

	7.	 	Prepayment

	 	(a)	 	A CAF Borrower may only prepay an Advance provided to it by a CAF Financier
in accordance with this Agreement.

	 	(b)	 	A CAF Borrower may only prepay to a CAF Financier all or any part of an
Advance provided to it by that CAF Financier by giving the CAF Financier notice of its
intention to do so by 11:00 am on the date of prepayment.

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	 	(c)	 	The amount of any partial prepayment of an Advance must be at least $250,000
(or its equivalent in the relevant Approved Foreign Currency) and a whole multiple of
$50,000 (or its equivalent in the relevant Approved Foreign Currency).

	 	(d)	 	A notice of prepayment given under this section 7 is irrevocable.

	 	(e)	 	On the proposed prepayment date, the CAF Borrower must:

	 	(i)	 	prepay the amount specified in the notice of prepayment;

	 	(ii)	 	pay all reasonable interest, fees, expenses and other amounts
accrued under the Transaction Documents on the amount prepaid to the
prepayment date (whether or not yet payable); and

	 	(iii)	 	all reasonable costs and losses of the relevant CAF
Financier arising from an Advance being prepaid other than on the last day of
a Funding Period, as determined by the CAF Financier.

	 	(f)	 	Amounts prepaid may be re-borrowed under this Agreement.

	8.	 	Netting of Advances

	 	(a)	 	If an Advance (the Maturing Advance) is due to be repaid by the CAF Borrower
on the last day of its Funding Period and a new Advance (the New Advance) is to be
made to the CAF Borrower on the same day, then:

	 	(i)	 	if the amount of the New Advance is greater than the Maturing
Advance, the relevant CAF Financier is only required to actually pay on that
date an amount equal to the New Advance minus the amount of the Maturing
Advance;

	 	(ii)	 	if the amount of the New Advance is less than the amount of
the Maturing Advance, the CAF Borrower is only required under section 9(a) to
actually pay to the relevant CAF Financier on that date an amount equal to the
Maturing Advance less the amount of the New Advance; and

	 	(iii)	 	if the amount of the New Advance is equal to the amount of
the Maturing Advance, neither the relevant CAF Financier nor the relevant CAF
Borrower need actually pay any amount to each other in respect of the New
Advance or the Maturing Advance on that date.

	 	(b)	 	This section 8 does not otherwise affect the relevant CAF Borrower’s
obligations in respect of any Amount Owing.

	 	(c)	 	A rollover fee of AUD75 applies in relation to each Advance netted under this
section 8.

	9.	 	Repayment

	 	(a)	 	Subject to section 8, the CAF Borrowers must repay each Advance to the
relevant CAF Financiers on the last day of its Funding Period. Subject to this
Agreement, any Advance repaid in accordance with this section 9(a) is available for
further drawing under the Cash Advance Facility.

	 	(b)	 	Each CAF Borrower must pay in full to the relevant CAF Financier the Amount
Owing by that CAF Borrower under the Cash Advance Facility on the Final Repayment
Date.

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	10.	 	Review of Margin and Commitment Fee

Each CAF Borrower and each Guarantor consents and agrees to, and acknowledges and agrees
that its respective liability under this document extends to, any variation to the Margin
and/or the Commitment Fee set out in each fee letter substantially in the form set out in
Annexure G delivered from time to time by the Financiers to the Parent.

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Schedule 2

AUSTRALIAN TRADE FACILITIES AND HK TRADE FACILITY

The following terms in this Schedule 2 apply to the Australian Trade Facilities and the HK Trade
Facility and do not apply to the US Trade Facility.

	1.	 	Definitions

In this Schedule, a reference to a section is to a section of this Schedule and unless the
context requires another meaning:

Approved Invoice means an invoice of a Debtor acceptable to HSBC (Australia);

Cost of Funds means, in respect of any Funding Period, the rate quoted by the relevant
Financier as its cost of obtaining funds in the currency of the relevant Trade Advance and
for a period comparable to such Funding Period, in such interbank market or by such other
means as that Financier may at its discretion select, at or about the normal time for
seeking quotes for such funds two Business Days prior to the commencement of such Funding
Period;

Credit has the meaning given to it in the UCP;

Current Documentary Credit means a Documentary Credit the Expiry Date of which has not yet
arrived or in respect of which a Trade Borrower has not discharged all of its obligations
under the UCP or this Agreement to the relevant Trade Financier as the corresponding issuer
of that Documentary Credit;

Debtor means the debtor under an Approved Invoice or Documentary Collection;

Documentary Credit means an irrevocable documentary credit issued or to be issued by a
Trade Financier for the account of a Trade Borrower in accordance with section 3;

Documentary Collection means a document evidencing Financial Indebtedness of a Debtor and
acceptable to the relevant Trade Financier;

Expiry Date of a Documentary Credit issued by a Trade Financier means the expiry date
specified in that Documentary Credit, following which no Claim, demand or drawing may be
made on that Trade Financier under that Documentary Credit;

Export Letter of Credit means a Credit issued by an Issuing Bank in favour of a Trade
Borrower;

Face Value Amount means for a Documentary Credit issued by a Trade Financier, the maximum
undrawn amount payable by that Trade Financier under that Documentary Credit;

Funding Period means, for a Trade Advance made by a Trade Financier, any Funding Period
selected by a Trade Borrower in a Funding Notice, which is acceptable to that Trade
Financier;

Interest Payment Date means, in respect of the Trade Facility, the last day of a Funding
Period;

Issuing Bank has the meaning given to it in the UCP;

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LIBOR means, for an amount and a period:

	 	(a)	 	the rate determined by HSBC (HK) to be the arithmetic mean, expressed as a
percentage per annum (rounded up (if necessary) to four decimal places), of the rates
quoted:

	 	(i)	 	at or about 11.00 am (London time) two Business Days (in
London) before the first day of that period; and

	 	(ii)	 	for a period equal or comparable to that period and for value
on the first day of that period,

on:

	 	(iii)	 	where the amount is in USD, the Reuters monitor system page “LIBO”;
	 
	 	(iv)	 	where the amount is in HKD, the Reuters monitor system page
selected by HSBC (HK),

or (in each case) any page which replaces that page; or

	 	(b)	 	where the page referred to in paragraph (a) for the currency in which that
amount is denominated is not available, or less than two rates are quoted on that page
at that time, the rate determined by HSBC (HK) to be the arithmetic mean of the rates
expressed as a percentage per annum (rounded up (if necessary) to four decimal
places), at which deposits:

	 	(i)	 	denominated in the same currency;
	 
	 	(ii)	 	for the same or a comparable amount;
	 
	 	(iii)	 	for a period equal or comparable to that period; and
	 
	 	(iv)	 	or value on the first day of that period,

are offered to HSBC (HK) by prime banks, in the interbank market selected by it, at
or about 11.00 am (local time in the place of that market) two Business Days in the
place of that market before the first day of that period;

Margin means, in respect of a Relevant Borrower, a percentage per annum set out in a fee
letter or fee letters substantially in the form set out in Annexure G delivered from time
to time by the Trade Financier that provides the Trade Facility to that Relevant Borrower
and the Parent;

Opening Date means, for a Documentary Credit, the date that Documentary Credit is, or is to
be, issued;

Repayment Date means, in respect of a Trade Advance, the last day of the Funding Period for
that Trade Advance;

Trade Advance means, for a Trade Advance Facility, the principal amount advanced or to be
advanced under a Trade Advance Facility in accordance with a Funding Notice or the amount
of the Trade Advance which remains outstanding;

Trade Advance Facility means the Clean Import Advance Facility set out in section 4, the
Negotiation Advance Facility set out in section 5 and the Receivables Advance Facility set
out in section 6;

Trade Borrowers means the Australian Trade Borrowers and the HK Trade Borrowers and Trade
Borrower means any one of them;

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Trade Financiers means HSBC (Australia) and HSBC (HK) and Trade Financier means either of
them; and

UCP means the Uniform Customs and Practice for Documentary Credits (7th Revision),
International Chamber of Commerce Publication No. 600.

	2.	 	Trade Facilities

Subject to this Agreement:

	 	(a)	 	HSBC (Australia) agrees to provide the Australian Trade Borrowers with the
Trade Facilities described below in AUD; and

	 	(b)	 	HSBC (HK) agrees to provide the HK Trade Borrower with the Trade Facilities
described below in HKD or USD,

or any other Approved Currency for the purpose and on the terms and conditions set out
below and on such other terms and conditions as may be agreed from time to time between
that Trade Financier and the Parent.

	3.	 	Import Documentary Credit Facility

	3.1	 	Purpose

To support the establishment and negotiation of sight and/or term irrevocable Documentary
Credits up to a maximum of 120 days and bills drawn thereunder.

	3.2	 	Conditions of utilisation

A Trade Financier is not obliged to issue any Documentary Credit under this Facility unless
that Trade Financier has received a Funding Notice no later than 11:00 am on the proposed
Issuance Date. A Documentary Credit requested in a Funding Notice received by that Trade
Financier after 11.00 am will, subject to the terms of this Agreement, be issued on the
following Business Day.

	3.3	 	Documentary Credits

	 	(a)	 	A Trade Financier will only issue a Documentary Credit if the requested
Documentary Credit:

	 	(i)	 	has an Opening Date which is a Business Day during the
Availability Period;

	 	(ii)	 	has an Expiry Date which is not later than 120 days after the
Opening Date and is before the Final Repayment Date;

	 	(iii)	 	is payable on a Business Day at the Lending Office of that
Trade Financier where the Documentary Credit is issued or any other place
approved by that Trade Financier in writing;

	 	(iv)	 	is denominated in AUD (in respect of HSBC (Australia)), HKD
or USD (in respect of HSBC (HK)) or an Approved Foreign Currency;

	 	(v)	 	is irrevocable and non-transferable; and

	 	(vi)	 	is subject to the UCP,

unless otherwise agreed by that Trade Financier.

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	 	(b)	 	A Trade Financier may pay immediately on demand (and without any prior notice
to the relevant Trade Borrower) any amount demanded pursuant to the Documentary Credit
despite:

	 	(i)	 	any dispute between the relevant Trade Borrower and any
person entitled to the Documentary Credit;

	 	(ii)	 	any right of set-off or other claim the relevant Trade
Borrower has against and any person entitled to the Documentary Credit;

	 	(iii)	 	any direction by the relevant Trade Borrower to that Trade
Financier not to make the payment;

	 	(iv)	 	any breach by the relevant Trade Borrower or any person
entitled to the Documentary Credit of any agreement between them; or

	 	(v)	 	any Event of Default or Potential Event of Default.

	 	(c)	 	Each Trade Borrower unconditionally and irrevocably indemnifies each Trade
Financier on demand against any Claim suffered or incurred or payable by that Trade
Financier arising directly or indirectly as a result of:

	 	(i)	 	that Trade Financier issuing or making payment under a
Documentary Credit;

	 	(ii)	 	any claim made or purportedly made under a Documentary
Credit; or

	 	(iii)	 	any act of any person who is or claims to be entitled to the
benefit of a Documentary Credit,

whether or not the Documentary Credit may be void, voidable or unenforceable.

	 	(d)	 	The obligations of each Trade Borrower under section 3.3(c) are absolute and
unconditional.

	 	(e)	 	Each Trade Borrower’s obligations under section 3.3(c) are not subject to any
reduction or termination or otherwise affected or in any way limited by:

	 	(i)	 	any failure or default on the part of the relevant Trade
Financier or its employees (other than negligent failure or wilful default);
or

	 	(ii)	 	any falsity, inaccuracy, insufficiency or forgery of or in
any document which on its face conforms to the requirements of the Documentary
Credit under which it is given;

	 	(iii)	 	any Transaction Document, Documentary Credit or agreement
being invalid or being affected by any invalidity or impossibility or
illegality of performance or any law or act of any Government Agency or
arbitrator;

	 	(iv)	 	any time, waiver or other indulgence granted by the relevant
Trade Financier; or

	 	(v)	 	any set-off, counterclaim, defence, deduction or other claim
the relevant Trade Borrower has against the relevant Trade Financier or any
person entitled to the Documentary Credit.

	 	(f)	 	Each Trade Borrower acknowledges that the Trade Financiers are not liable or
under any duty to enquire:

	 	(i)	 	as to any of the matters referred to in this section 3.3; or

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	 	(ii)	 	into the justification for or the validity of any demand
made, or the correctness of any document given under or for the purpose of a
Documentary Credit, or which purports to be so made or given under a
Documentary Credit; or

	 	(iii)	 	the authority for, validity or genuineness of, any
signature.

	 	(g)	 	The rights of each Trade Financier under this Schedule do not derogate from
any rights of subrogation, indemnity or other rights that Trade Financier has under
any law. If a conflict arises between any Trade Financier’s rights under this
Schedule and any other rights, that Trade Financier’s rights under this Schedule
prevail. Without limiting the generality of this section, each Trade Borrower agrees
that no Trade Financier has any greater obligations under a Documentary Credit than
are imposed by the UCP.

	3.4	 	No liability

Each Trade Borrower holds each Trade Financier and its employees, correspondents and agents
free of any liability or responsibility for the consequences arising from any ambiguity in
instructions from the Trade Borrower, or in connection with any reliance placed by that
Trade Financier in good faith on such message as a result of such message not having been
properly authorised by the person by whom it purported to have been sent.

	4.	 	Clean Import Advance Facility

	4.1	 	Purpose

To refinance bills drawn under Documentary Credits established under the Import Documentary
Credit Facility for a maximum of 60 days inclusive of supplier terms (or such other period
determined by the relevant Trade Financier to reflect local market practice and/or to match
the needs and/or trade cycle of the relevant Trade Borrower).

	4.2	 	Conditions of utilisation

A Trade Financier is not obliged to provide an advance under this Facility unless that
Trade Financier has received a Funding Notice no later than 11:00 am on the proposed
Funding Date.

	5.	 	Negotiation Of Discrepant Documents Under Documentary Credits (“Negotiation Advance
Facility”)

	5.1	 	Purpose

To discount 100% of the face value of documents presented under export documentary credits
by a Trade Borrower that contain discrepancies (with full recourse to the Trade Borrower).

	5.2	 	Conditions of utilisation

A Trade Financier is not obliged to provide an advance under this Facility unless that
Trade Financier has received a Funding Notice no later than 11:00 am on the proposed
Funding Date.

	6.	 	Discounting of Export Collections and Open Account Receivables Facility (“Receivables Advance
Facility”)

	6.1	 	Purpose

To discount 100% of the face value of Documentary Collections, Approved Invoices and/or
Export Letters of Credit for a maximum of 30 days (or such other period determined by the

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relevant Trade Financier to reflect local market practice and/or to match the needs and/or
trade cycle of the relevant Trade Borrower).

	6.2	 	Conditions of utilisation

A Trade Financier is not obliged to provide an advance in connection with Documentary
Collections, Approved Invoices or an Export Letter of Credit unless that Trade Financier
has received no later than 11:00 am on the Funding Date:

	 	(a)	 	a Funding Notice;

	 	(b)	 	a copy of each Documentary Collection, Approved Invoice and/or Export Letter
of Credit (as the case may be);

	 	(c)	 	any other document or information reasonably required by that Trade
Financier; and

	 	(d)	 	evidence that the purpose of the advance is to match the local business needs
of a Group Company.

	7.	 	Interest

	 	(a)	 	Each Trade Borrower must pay interest to a Trade Financier in relation to
each Trade Advance made to the Trade Borrower by that Trade Financier under a Trade
Advance Facility:

	 	(i)	 	at the rate determined under section 7(b) for the Funding
Period for that Trade Advance; and

	 	(ii)	 	in arrears on each Interest Payment Date.

	 	(b)	 	The rate of interest for a Funding Period is the rate of interest per annum
determined by the relevant Trade Financier to be the sum of:

	 	(i)	 	in the case of Advances, the Base Rate for the Funding Period
and the relevant Margin;

	 	(ii)	 	in the case of Trade Advances in Approved Currencies (other
than a Trade Advance in an Approved Currency under the Negotiation Advance
Facility provided by HSBC (HK)), Cost of Funds for that Funding Period and the
relevant Margin; and

	 	(i)	 	in the case of a Trade Advance in an Approved Currency under
the Negotiation Advance Facility provided by HSBC (HK), LIBOR and the relevant
Margin.

	 	(c)	 	Interest under this section 7:

	 	(i)	 	accrues from day to day; and

	 	(ii)	 	is calculated on the basis of the actual number of days
elapsed (including the first day but excluding the last) and a 360 day year
for Trade Advances in USD, or 365 day year for Trade Advances in other
Approved Currencies.

	8.	 	Fees

Subject to section 9, all import and export fees are notified by HSBC (Australia) and HSBC
(HK) (as the case may be) to the Parent under a fee letter or fee letters substantially in
the form set out in Annexure G delivered by the Trade Financiers to the Parent from time to
time.

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	9.	 	Review of Margin, Commitment Fee and import and export fees

Each Relevant Borrower and each Guarantor consents and agrees to, and acknowledges and
agrees that its respective liability under this document extends to, any variation to the
Margin, the Commitment Fee and the import and export fees set out in a fee letter or fee
letters substantially in the form set out in Annexure G delivered from time to time by the
Trade Financier that provides the Trade Facility to the Relevant Borrower to the Parent.

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Schedule 3

US TRADE FACILITY

The following terms apply to the US Trade Facility and do not apply to the Australian Trade
Facilities or the HK Trade Facility.

	1.	 	Definitions

In this Schedule, a reference to a section is to a section of this Schedule and unless the
context requires another meaning:

Credit has the meaning given to it in the UCP;

Current Documentary Credit means a Documentary Credit the Expiry Date of which has not yet
arrived or in respect of which a US Trade Borrower has not discharged all of its
obligations under the UCP or this Agreement to HSBC (UK) as the corresponding issuer of
that Documentary Credit;

Documentary Credit means an irrevocable documentary credit issued or to be issued by HSBC
(UK) for the account of a US Trade Borrower in accordance with section 3;

Expiry Date of a Documentary Credit issued by HSBC (UK) means the expiry date specified in
that Documentary Credit, following which no Claim, demand or drawing may be made on HSBC
(UK) under that Documentary Credit;

Opening Date means, for a Documentary Credit, the date that Documentary Credit is, or is to
be, issued; and

UCP means the Uniform Customs and Practice for Documentary Credits (7th Revision),
International Chamber of Commerce Publication No. 600.

	2.	 	Trade Facility

Subject to this Agreement, HSBC (UK) agrees to provide the US Trade Borrowers with the
Trade Facility described below in USD, or any other Approved Currency for the purpose and
on the terms and conditions set out below and on such other terms and conditions as may be
agreed from time to time between HSBC (UK) and the Parent.

	3.	 	Import Documentary Credit Facility

	3.1	 	Purpose

To support the establishment and negotiation of sight irrevocable Documentary Credits up to
a maximum of 120 days and bills drawn thereunder.

	3.2	 	Conditions of utilisation

HSBC (UK) is not obliged to issue any Documentary Credit under this Facility unless that
Trade Financier has received a Funding Notice no later than 11:00 am on the proposed
Issuance Date. A Documentary Credit requested in a Funding Notice received by HSBC (UK)
after 11.00 am will, subject to the terms of this Agreement, be issued on the following
Business Day.

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Amended and Restated Multi Option Facility Agreement     85

 

	3.3	 	Documentary Credits

	 	(a)	 	HSBC (UK) will only issue a Documentary Credit if the requested Documentary
Credit:

	 	(i)	 	has an Opening Date which is a Business Day during the
Availability Period;

	 	(ii)	 	has an Expiry Date which is not later than 120 days after the
Opening Date and is before the Final Repayment Date;

	 	(iii)	 	is payable on a Business Day at the Lending Office of that
Trade Financier where the Documentary Credit is issued or any other place
approved by HSBC (UK) in writing;

	 	(iv)	 	is denominated in USD or an Approved Currency;

	 	(v)	 	is irrevocable and non-transferable;

	 	(vi)	 	is subject to the UCP; and

	 	(vii)	 	calls for a transport document / freight cargo receipt
evidencing goods consigned / assigned to HSBC (UK),

unless otherwise agreed by HSBC (UK).

	 	(b)	 	HSBC (UK) may pay immediately on demand (and without any prior notice to a US
Trade Borrower) any amount demanded pursuant to the Documentary Credit despite:

	 	(i)	 	any dispute between the relevant US Trade Borrower and any
person entitled to the Documentary Credit;

	 	(ii)	 	any right of set-off or other claim the relevant US Trade
Borrower has against and any person entitled to the Documentary Credit;

	 	(iii)	 	any direction by the relevant US Trade Borrower to HSBC (UK)
not to make the payment;

	 	(iv)	 	any breach by the relevant US Trade Borrower or any person
entitled to the Documentary Credit of any agreement between them; or

	 	(v)	 	any Event of Default or Potential Event of Default.

	 	(c)	 	Each US Trade Borrower unconditionally and irrevocably indemnifies HSBC (UK)
on demand against any Claim suffered or incurred or payable by HSBC (UK) arising
directly or indirectly as a result of:

	 	(i)	 	HSBC (UK) issuing or making payment under a Documentary
Credit;

	 	(ii)	 	any claim made or purportedly made under a Documentary
Credit; or

	 	(iii)	 	any act of any person who is or claims to be entitled to the
benefit of a Documentary Credit,

whether or not the Documentary Credit may be void, voidable or unenforceable.

	 	(d)	 	The obligations of each US Trade Borrower under section 3.3(c) are absolute
and unconditional.

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	 	(e)	 	Each US Trade Borrower’s obligations under section 3.3(c) are not subject to
any reduction or termination or otherwise affected or in any way limited by:

	 	(i)	 	any failure or default on the part of HSBC (UK) or its
employees (other than negligent failure or wilful default); or

	 	(ii)	 	any falsity, inaccuracy, insufficiency or forgery of or in
any document which on its face conforms to the requirements of the Documentary
Credit under which it is given;

	 	(iii)	 	any Transaction Document, Documentary Credit or agreement
being invalid or being affected by any invalidity or impossibility or
illegality of performance or any law or act of any Government Agency or
arbitrator;

	 	(iv)	 	any time, waiver or other indulgence granted by HSBC (UK); or

	 	(v)	 	any set-off, counterclaim, defence, deduction or other claim
that US Trade Borrower has against HSBC (UK) or any person entitled to the
Documentary Credit.

	 	(f)	 	Each US Trade Borrower acknowledges that HSBC (UK) is not liable or under any
duty to enquire:

	 	(i)	 	as to any of the matters referred to in this section 3.3; or

	 	(ii)	 	into the justification for or the validity of any demand
made, or the correctness of any document given under or for the purpose of a
Documentary Credit, or which purports to be so made or given under a
Documentary Credit; or

	 	(iii)	 	the authority for, validity or genuineness of, any
signature.

	 	(g)	 	The rights of HSBC (UK) under this Schedule do not derogate from any rights
of subrogation, indemnity or other rights that HSBC (UK) has under any law. If a
conflict arises between HSBC (UK)’s rights under this Schedule and any other rights,
HSBC (UK)’s rights under this Schedule prevail. Without limiting the generality of
this section, each US Trade Borrower agrees that HSBC (UK) does not have any greater
obligations under a Documentary Credit than are imposed by the UCP.

	3.4	 	No liability

Each US Trade Borrower holds HSBC (UK) and its employees, correspondents and agents free of
any liability or responsibility for the consequences arising from any ambiguity in
instructions from any US Trade Borrower, or in connection with any reliance placed by HSBC
(UK) in good faith on such message as a result of such message not having been properly
authorised by the person by whom it purported to have been sent.

	4.	 	Fees

Subject to section 5, all import fees are notified by HSBC (UK) to the Parent under a fee
letter or fee letters substantially in the form set out in Annexure G delivered by HSBC
(UK) (and/or one or more other Trade Financier’s) to the Parent from time to time.

	5.	 	Review of Commitment Fee and import fees

Each Relevant Borrower and each Guarantor consents and agrees to, and acknowledges and
agrees that its respective liability under this document extends to, any variation to the
Commitment Fee and the import fees set out in a fee letter or fee letters substantially in
the

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form set out in Annexure G delivered from time to time by HSBC (UK) (and/or one or more other Trade
Financier’s) to the Parent.

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Schedule 4

BANK GUARANTEE AND STANDBY LETTER OF CREDIT FACILITY

	1.	 	Definitions

In this Schedule, a reference to a section is to a section of this Schedule and unless the
context requires another meaning:

Beneficiary means the person in whose favour a Bank Guarantee or a Standby Letter of Credit
is, or is to be, issued by HSBC (Australia);

Bank Guarantee means a guarantee issued or to be issued to a Beneficiary under section 2;

Beneficiary Contract means any agreement between a Borrower and a Beneficiary under which
an Australian Trade Borrower has an obligation to pay or repay any amount to the
Beneficiary or an Australian Trade Borrower has an obligation to perform any obligation for
the benefit of the Beneficiary, in connection with which that Australian Trade Borrower
requests the issue of a Bank Guarantee or a Standby Letter of Credit;

Current Bank Guarantee means, in respect of a Bank Guarantee issued by HSBC (Australia), a
Bank Guarantee the Expiry Date of which has not yet arrived or in respect of which an
Australian Trade Borrower has not discharged all of its obligations under this Agreement to
HSBC (Australia);

Current Standby Letter of Credit means, in respect of Standby Letter of Credit issued by
HSBC (Australia), a Standby Letter of Credit the Expiry Date of which has not yet arrived
or in respect of which an Australian Trade Borrower has not discharged all its obligations
under the UCP or this Agreement to HSBC (Australia);

Establishment Fee means, in respect of a Relevant Borrower, the amount set out in a fee
letter or fee letters substantially in the form set out in Annexure G delivered from time
to time by HSBC (Australia) to the Parent that provides the Bank Guarantee and Standby
Letter of Credit Facility to that Relevant Borrower and the Parent;

Expiry Date of a Bank Guarantee or a Standby Letter of Credit issued by HSBC (Australia)
means the expiry date specified in that Bank Guarantee or the Standby Letter of Credit,
following which no Claim, demand or drawing may be made on HSBC (Australia) under that Bank
Guarantee or Standby Letter of Credit;

Face Value Amount means, for a Bank Guarantee or a Standby Letter of Credit issued by HSBC
(Australia), the maximum undrawn amount payable by HSBC (Australia) under that Bank
Guarantee or Standby Letter of Credit;

Guarantee Fee means, in respect of a Relevant Borrower, the percentage per annum set out in
a fee letter or fee letters substantially in the form set out in Annexure G delivered from
time to time by HSBC (Australia) to the Parent;

Opening Date means, for a Bank Guarantee or Standby Letter of Credit, the date that Bank
Guarantee or Standby Letter of Credit is, or is to be, issued;

Standby Letter of Credit means a standby letter of credit issued or to be issued to a
Beneficiary under section 2; and

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UCP means the Uniform Customs and Practice for Documentary Credits (7th Revision),
International Chamber of Commerce Publication No. 600.

	2.	 	Availability

	2.1	 	Availability

Subject to this Agreement, an Australian Trade Borrower may, by giving it a Funding Notice
in accordance with clause 4, request HSBC (Australia) to, and at that Australian Trade
Borrower’s request, HSBC (Australia) will, issue Bank Guarantees and Standby Letters of
Credit for the account of that Australian Trade Borrower.

	2.2	 	Conditions of utilisation

HSBC (Australia) is not obliged to issue any Bank Guarantee or Standby Letter of Credit
under this Facility unless it has received a Funding Notice no later than 11:00 am on the
proposed Issuance Date. A Bank Guarantee or Standby Letter of Credit requested in a
Funding Notice received by HSBC (Australia) after 11.00 am will, subject to the terms of
this Agreement, be issued on the following Business Day.

	3.	 	Form Of Bank Guarantees And Standby Letters Of Credit

	 	(a)	 	Each Bank Guarantee and Standby Letter of Credit to be issued by HSBC
(Australia) must be consistent with the Funding Notice under which it is issued and in
a form acceptable to HSBC (Australia) in its absolute discretion.

	 	(b)	 	Each Bank Guarantee and Standby Letter of Credit issued by HSBC (Australia)
for the account of an Australian Trade Borrower must:

	 	(i)	 	have an Opening Date which is a Business Day during the
Availability Period;

	 	(ii)	 	have an Expiry Date which is before the Final Repayment Date;

	 	(iii)	 	be payable on a Business Day at the Lending Office of HSBC
(Australia) specified in this Agreement for that Australian Trade Borrower or
any other place approved by HSBC (Australia) in writing;

	 	(iv)	 	be denominated in AUD or an Approved Foreign Currency;

	 	(v)	 	be non-transferable and not confirmed by any other person
except at the cost of that Australian Trade Borrower;

	 	(vi)	 	be issued in respect of a Beneficiary and Beneficiary
Contract acceptable to HSBC (Australia); and

	 	(vii)	 	in the case of a Standby Letter of Credit, be subject to
UCP,

unless otherwise agreed by HSBC (Australia).

	4.	 	Beneficiary Contracts

Each Australian Trade Borrower must perform all its obligations under a Beneficiary
Contract to which it is a party and do all other things necessary to ensure that a
Beneficiary does not become entitled to draw on a Bank Guarantee or a Standby Letter of
Credit.

	5.	 	Financier’s Authority To Pay

In respect of a Bank Guarantee or Standby Letter of Credit issued by HSBC (Australia) to a
Beneficiary for the account of an Australian Trade Borrower, HSBC (Australia) may pay

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immediately on demand by the Beneficiary (and without any prior notice to that Australian
Trade Borrower) any amount demanded by the Beneficiary pursuant to the Bank Guarantee or
Standby Letter of Credit despite:

	 	(a)	 	any dispute between that Australian Trade Borrower and the Beneficiary;

	 	(b)	 	any right of set-off or other claim that Australian Trade Borrower has
against the Beneficiary;

	 	(c)	 	any direction by that Australian Trade Borrower to HSBC (Australia) not to
make the payment;

	 	(d)	 	any breach by that Australian Trade Borrower or the Beneficiary of a
Beneficiary Contract; or

	 	(e)	 	any Event of Default or Potential Event of Default.

	6.	 	Payment By An Australian Trade Borrower

Each Australian Trade Borrower must pay to HSBC (Australia):

	 	(a)	 	all amounts which HSBC (Australia) pays or is required to pay under a Bank
Guarantee or Standby Letter of Credit issued by HSBC (Australia) for the account of
that Australian Trade Borrower, on the same day as HSBC (Australia) is required to
make that payment; and

	 	(b)	 	interest on those amounts from that day calculated in accordance with clause
15.1.

	7.	 	Indemnity

Each Australian Trade Borrower unconditionally and irrevocably indemnifies HSBC (Australia)
on demand against any Claim suffered or incurred or payable by HSBC (Australia) arising
directly or indirectly as a result of:

	 	(a)	 	HSBC (Australia) issuing or making payment under a Bank Guarantee or Standby
Letter of Credit; or

	 	(b)	 	any claim made or purportedly made under a Bank Guarantee or Standby Letter
of Credit; or

	 	(c)	 	any act of any person who is or claims to be entitled to the benefit of a
Bank Guarantee or Standby Letter of Credit,

whether or not the Bank Guarantee or Standby Letter of Credit may be void, voidable or
unenforceable.

	 	(a)	 	The obligations of each Australian Trade Borrower under this section 7 are
absolute and unconditional.

	 	(b)	 	Each Australian Trade Borrower’s obligations under this section 7 are not
subject to any reduction or termination or otherwise affected or in any way limited
by:

	 	(i)	 	any failure or default on the part of HSBC (Australia) or its
employees (other than negligent failure or wilful default); or

	 	(ii)	 	any falsity, inaccuracy, insufficiency or forgery of or in
any document which on its face conforms to the requirements of the Bank
Guarantee or Standby Letter of Credit under which it is given;

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     91

 

	 	(iii)	 	any Transaction Document, Beneficiary Contract, Bank
Guarantee or Standby Letter of Credit being invalid or being affected by any
invalidity or impossibility or illegality of performance or any law or act of
any Government Agency or arbitrator;

	 	(iv)	 	any time, waiver or other indulgence granted by HSBC
(Australia); or

	 	(v)	 	any set-off, counterclaim, defence, deduction or other claim
that an Australian Trade Borrower has against HSBC (Australia) or a
Beneficiary.

	 	(c)	 	Each Australian Trade Borrower acknowledges that HSBC (Australia) is not
liable or under any duty to enquire:

	 	(i)	 	as to any of the matters referred to in this section 7; or

	 	(ii)	 	into the justification for or the validity of any demand
made, or the correctness of any document given under or for the purpose of a
Bank Guarantee, or which purports to be so made or given under a Bank
Guarantee; or

	 	(iii)	 	the authority for, validity or genuineness of, any
signature.

	8.	 	No Limitation On Other Rights

HSBC (Australia)’s rights under this Schedule do not derogate from any rights of
subrogation, indemnity or other rights that it has under any law. If a conflict arises
between HSBC (Australia)’s rights under this Schedule and any other rights, its rights
under this Schedule prevail.

	9.	 	Fees

	9.1	 	Guarantee Fee

Each Australian Trade Borrower must pay to HSBC (Australia) a non-refundable Guarantee Fee
on the Face Value Amount of each Bank Guarantee and Standby Letter of Credit requested by
that Australian Trade Borrower to be issued by HSBC (Australia). The Guarantee Fee:

	 	(a)	 	accrues from day to day;

	 	(b)	 	is calculated from the date of issue of the Bank Guarantee or Standby Letter
of Credit; and

	 	(c)	 	must be paid to HSBC (Australia) quarterly in advance with the first payment
made on or before the date of issue of the Bank Guarantee or the Standby Letter of
Credit by HSBC (Australia).

	9.2	 	Establishment Fee

Each Australian Trade Borrower must pay to HSBC (Australia) a non-refundable establishment
fee on each Bank Guarantee or Standby Letter of Credit requested by that Australian Trade
Borrower to be issued by HSBC (Australia). The Establishment Fee is payable on or before
the date of issue of the Bank Guarantee or Standby Letter of Credit.

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     92

 

	10.	 	Review of Guarantee Fee and Establishment Fee

Each Australian Trade Borrower and each Guarantor consents and agrees to, and acknowledges
and agrees that its respective liability under this document extends to, any variation to
the Guarantee Fee and the Establishment Fee set out in each fee letter substantially in the
form set out in Annexure G delivered from time to time by HSBC (Australia) to the Parent.

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     93

 

Schedule 5

HEDGING FACILITY

The parties acknowledge and agree that:

	 	(a)	 	at the request of the Parent and on an unadvised and uncommitted basis:

	 	(i)	 	HSBC (Australia) has agreed to provide to the Australian
Borrowers a “Foreign Exchange Limit” for spot and forward foreign currency
transactions on the terms and conditions of a master agreement for foreign
currency transaction in the form agreed between HSBC (Australia) and the
Australian Borrowers;

	 	(ii)	 	HSBC (HK) may, subject to HSBC (HK) obtaining all necessary
credit and other local approvals and all necessary documentation being entered
into in form and substance satisfactory to HSBC (HK), provide appropriate
limits to the HK Trade Borrower to hedge against its foreign currency and
interest rate exposures;

	 	(iii)	 	HSBC (UK) may, subject to HSBC (UK) obtaining all necessary
credit and other local approvals and all necessary documentation being entered
into in form and substance satisfactory to HSBC (UK), provide appropriate
limits to the UK Borrowers to hedge against its foreign currency and interest
rate exposures; and

	 	(iv)	 	HSBC (US) may, subject to HSBC (US) obtaining all necessary
credit and other local approvals and all necessary documentation being entered
into in form and substance satisfactory to HSBC (US), provide appropriate
limits to the US Borrowers to hedge against its foreign currency and interest
rate exposures,

in each case, to assist with the Group’s hedging and derivative instrument
requirements;

	 	(b)	 	the pricing for each Hedging Facility described in paragraph (a) above will
be determined by the Financier that provides that Hedging Facility; and

	 	(c)	 	unless otherwise agreed between HSBC (Australia) and the Parent, the tenor
for each Hedging Facility provided by HSBC (Australia) to the Australian Borrowers
will have a maximum length of two calendar years.

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     94

 

EXECUTED as an agreement.

	 	 	 	 	 

	SIGNED for HSBC BANK AUSTRALIA LIMITED under
power of attorney in the presence of:
	 	 	 	 
	 

	 	 

Signature of attorney
	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of witness

	 	Name	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Date of power of attorney	 	 
	 
	 	 	 	 
	SIGNED for HSBC BANK PLC under power of
attorney in the presence of:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Signature of attorney	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of witness

	 	Name	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Date of power of attorney	 	 
	 
	 	 	 	 
	SIGNED for HSBC BANK USA, NATIONAL
ASSOCIATION under power of attorney in the
presence of:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Signature of attorney	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of witness

	 	Name	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Date of power of attorney	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     95

 

 

	 	 	 	 	 

	SIGNED for THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED under power of
attorney in the presence of:

	 	 	 	 
	 

	 	 	 	 
	 

	 	Signature of attorney	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of witness

	 	Name	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Date of power of attorney	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by SIMS GROUP AUSTRALIA
 HOLDINGS
LIMITED:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director/secretary	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by SIMS METAL MANAGEMENT LIMITED:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director/secretary	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     96

 

 

	 	 	 	 	 

	Borrower/Guarantor 

EXECUTED by SIMS GROUP UK HOLDINGS LIMITED:
	 	 	 	 
	 
	 	 	 	 
	 

Signature of director

	 	 

Signature of director/secretary
	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by SIMS GROUP UK LIMITED:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director/secretary	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by

SIMS GROUP USA CORPORATION

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by SIMS INDUSTRIAL PTY LIMITED:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director/secretary	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     97

 

 

	 	 	 	 	 

	Guarantor 

EXECUTED by SIMSMETAL SERVICES PTY.
LIMITED:

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director/secretary	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by SIMS ENERGY PTY LIMITED:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director/secretary	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by SIMS MANUFACTURING PTY LIMITED:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director/secretary	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by SIMSMETAL HOLDINGS PTY. LTD.:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director/secretary	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     98

 

 

	 	 	 	 	 

	Borrower/Guarantor 

THE COMMON SEAL OF SIMS METAL 

MANAGEMENT ASIA LIMITED

(PREVIOUSLY KNOWN AS SIMS 

ASIA HOLDINGS LIMITED):
	 	 	 	 
	 
	 	 	 	 
	 

Signature of witness

	 	 
	 	 
	 
	 	 	 	 
	 

Name of witness

	 	 	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by

METAL DYNAMICS DETROIT LLC

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by

METAL MANAGEMENT ALABAMA, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     99

 

 

	 	 	 	 	 

	Borrower/Guarantor 

EXECUTED by

METAL MANAGEMENT ARIZONA, L.L.C.

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)
	 	 	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by

METAL MANAGEMENT CONNECTICUT, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by

METAL MANAGEMENT MEMPHIS, L.L.C.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     100

 

 

	 	 	 	 	 

	Borrower/Guarantor 

EXECUTED by

METAL MANAGEMENT MIDWEST, INC.

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by

METAL MANAGEMENT MISSISSIPPI, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by

METAL MANAGEMENT NORTHEAST, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     101

 

 

	 	 	 	 	 

	Borrower/Guarantor 

EXECUTED by

METAL MANAGEMENT OHIO, INC.

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by

METAL MANAGEMENT WEST, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by

METAL MANAGEMENT, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     102

 

 

	 	 	 	 	 

	Borrower/Guarantor 

EXECUTED by

PROLER SOUTHWEST LP

by its officer:

	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by MIREC BV:
	 	 	 	 
	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

CIM TRUCKING, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

HNE RECYCLING LLC

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     103

 

 

	 	 	 	 	 

	Guarantor 

EXECUTED by

HNW RECYCLING LLC

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

TH PROPERTIES LLC
(formerly known as
METAL DYNAMICS
INDIANAPOLIS LLC)

by its officer:
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

METAL DYNAMICS LLC

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     104

 

 

	 	 	 	 	 

	Guarantor 

EXECUTED by

METAL MANAGEMENT INDIANA, INC.

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

METAL MANAGEMENT PITTSBURGH, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	Guarantor 

EXECUTED by

METAL MANAGEMENT PROLER
SOUTHWEST, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of director	 	 
	 
	 	 	 	 
	 	 	 
	Name	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     105

 

 

	 	 	 	 	 

	Guarantor 

EXECUTED by

SMM — NORTH AMERICA
TRADE CORPORATION

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

METAL MANAGEMENT
WEST COAST HOLDINGS, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

MM METAL DYNAMICS
HOLDINGS, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     106

 

 

	 	 	 	 	 

	Guarantor 

EXECUTED by

NAPORANO IRON & METAL, INC.

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

NEW YORK RECYCLING
VENTURES, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

NORTH CAROLINA
RESOURCE CONSERVATION, LLC

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     107

 

 

	 	 	 	 	 

	Guarantor 

EXECUTED by

PROLER SOUTHWEST GP, INC.

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

RESERVE IRON &
METAL LIMITED PARTNERSHIP

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

SCHIABO LAROVO CORPORATION

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     108

 

 

	 	 	 	 	 

	Guarantor 

EXECUTED by

SHN CO., LLC

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Borrower/Guarantor 

EXECUTED by

SIMS GROUP GLOBAL
TRADE CORPORATION

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

SIMS GROUP USA
HOLDINGS CORPORATION

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     109

 

 

	 	 	 	 	 

	Guarantor 

EXECUTED by

SIMSMETAL EAST LLC

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

SIMSMETAL WEST LLC

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by SIMSMETAL 

INDUSTRIES LIMITED:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     110

 

 

	 	 	 	 	 

	Borrower/ Guarantor 

EXECUTED by SIMS M+R GMBH:

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Signature of director

	 	Signature of director/secretary	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	Name

	 	Name	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

SIMS RECYCLING
SOLUTIONS HOLDINGS INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

SIMS RECYCLING
SOLUTIONS, INC.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     111

 

 

	 	 	 	 	 

	Guarantor 

EXECUTED by

METAL MANAGEMENT
NEW HAVEN, INC.

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

SIMS GROUP RECYCLING
SOLUTIONS CANADA LTD.

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

SIMS GROUP CANADA
HOLDINGS LIMITED

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     112

 

 

	 	 	 	 	 

	Guarantor 

EXECUTED by

SIMS RECYCLING SOLUTIONS AB

by its officer:

	 	 
	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Borrower / Guarantor 

EXECUTED by

SIMS GROUP GERMAN
HOLDINGS GMBH

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 
	 
	 	 	 	 
	Guarantor 

EXECUTED by

SIMS MUNICIPAL RECYCLING
OF NEW YORK LLC

by its officer:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	Signature of officer	 	 
	 
	 	 	 	 
	 	 	 
	Name of officer (please print)	 	 

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     113

 

 

Annexure A

GROUP COMPANIES

PART 1 BORROWERS

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Australian Borrowers
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group Australia 

Holdings Limited

	 	ABN 37 008 634 526
	 	‘Sir Joseph Banks 

Corporate Part’
Suite 
3, Level 2, 32
Lord 
Street, Botany
NSW 
2019
	 	ACT, Australia
	 
	 	 	 	 	 	 
	Sims Metal Management 

Limited

	 	ABN 69 114 838 630
	 	‘Sir Joseph Banks 

Corporate Part’
Suite 
3, Level 2, 32
Lord 
Street, Botany
NSW 
2019
	 	VIC, Australia
	 
	 	 	 	 	 	 
	Australian Trade Borrowers
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group Australia 

Holdings Limited

	 	ABN 37 008 634 526
	 	‘Sir Joseph Banks 

Corporate Part’
Suite 
3, Level 2, 32
Lord 
Street, Botany
NSW 
2019
	 	ACT, Australia
	 
	 	 	 	 	 	 
	Sims Metal Management 

Limited

	 	ABN 69 114 838 630
	 	‘Sir Joseph Banks

Corporate Part’
Suite 
3, Level 2, 32
Lord 
Street, Botany
NSW
 2019
	 	VIC, Australia
	 
	 	 	 	 	 	 
	UK Borrowers
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group UK Holdings 

Limited

	 	2904307 
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37 
8AQ
	 	United Kingdom
	 
	 	 	 	 	 	 
	Sims Group UK Limited

	 	3242331 
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37 
8AQ
	 	United Kingdom
	 
	 	 	 	 	 	 
	Mirec BV

	 	N/A
	 	Hastelweg 251,

5652CV, Eindhoven,

The Netherlands
	 	The Netherlands

Confidential treatment requested for redacted (circled) portions; redated (circled)
portions has been filed separately with the Securities and Exchange Commission.

Amended and Restated Multi Option Facility Agreement     114

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	US Trade Borrower
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group Global Trade 

Corporation

	 	N/A
	 	c/o Corporation

Service Company 
2711
Centerville 
Road 

Suite 400, 
Wilmington, Delaware

19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	US Borrowers
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group USA Corporation

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville
 Road 

Suite 400,

Wilmington, Delaware 

19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Dynamics Detroit LLC

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road

Suite 400,

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Alabama,
Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville
 Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Arizona,
L.L.C.

	 	N/A
	 	c/o CT Corporation

System

2394 East Camelback

Road

Phoenix, AZ 850
	 	Arizona, USA
	 
	 	 	 	 	 	 
	Metal Management
Connecticut, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400,

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Memphis,
L.L.C.

	 	N/A
	 	c/o Corporation

Service Company

2908 Poston Avenue

Nashville, TN 37203
	 	Tennessee, USA

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     115

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Metal Management Midwest,
Inc.

	 	N/A
	 	c/o Illinois

Corporation Service

Company

801 Adlai Stevenson

Drive

Springfield, IL 62703
	 	Illinois, USA
	 
	 	 	 	 	 	 
	Metal Management
Mississippi, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville
 Road

Suite 400,

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management
Northeast, Inc.

	 	N/A
	 	c/o Corporation

Service Company

830 Bear Tavern Road

West Trenton, NJ

08628
	 	New Jersey, USA
	 
	 	 	 	 	 	 
	Metal Management Ohio,
Inc.

	 	N/A
	 	c/o CSC-Lawyers 

Incorporating
Service 
(Corporation
Service 
Company) 

50 W. Broad St

Suite 1800

Columbus, OH 
43215
	 	Ohio, USA
	 
	 	 	 	 	 	 
	Metal Management West,
Inc.

	 	N/A
	 	c/o Corporation

Service Company

1560 Broadway, Suite

2090, Denver, CO

80202
	 	Colorado, USA
	 
	 	 	 	 	 	 
	Metal Management, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Proler Southwest LP

	 	N/A
	 	c/o Corporation 

Service Company 

d/b/a CSC-Lawyers 

Incorporating
Service 
Company 

211 E. 7th Street 

Suite 620

Austin, TX 78701
	 	Texas, USA

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     116

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	HK Trade Borrower
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Metal Management 

Asia Limited (previously 

known as Sims Asia 

Holdings Limited)

	 	30512 
	 	5407-8, 54th Floor,

Hopewell Centre, 
183
Queen’s Road 
East,
Wanchai, Hong Kong
	 	Hong Kong
	 
	 	 	 	 	 	 
	Germany
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims M+R GmbH

	 	N/A
	 	Rathenaustraβe 10,

59192 Bergkamen,

Germany
	 	Germany
	 
	 	 	 	 	 	 
	Sims Group German 

Holdings GmbH

	 	N/A
	 	Rathenaustraβe 10,

59192 Bergkamen,

Germany
	 	Germany

PART 2 GUARANTORS

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Australia
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Energy Pty Limited

	 	ABN 42 009 667 752
	 	‘Sir Joseph Banks 

Corporate Part’
Suite 
3, Level 2, 32
Lord 
Street, Botany
NSW 
2019
	 	QLD, Australia
	 
	 	 	 	 	 	 
	Sims Group Australia 

Holdings Limited

	 	ABN 37 008 634 526
	 	‘Sir Joseph Banks 

Corporate Part’
Suite 
3, Level 2, 32
Lord
 Street, Botany
NSW 
2019
	 	ACT, Australia
	 
	 	 	 	 	 	 
	Sims Metal Management 

Limited

	 	ABN 69 114 838 630
	 	‘Sir Joseph Banks 

Corporate Part’
Suite 
3, Level 2, 32
Lord 
Street, Botany
NSW 
2019
	 	VIC, Australia
	 
	 	 	 	 	 	 
	Sims Industrial Pty Limited

	 	ABN 95 000 090 479
	 	‘Sir Joseph Banks 

Corporate Part’
Suite 
3, Level 2, 32
Lord 
Street, Botany
NSW 
2019
	 	NSW, Australia
	 
	 	 	 	 	 	 
	Sims Manufacturing Pty 

Limited

	 	ABN 13 004 332 870
	 	‘Sir Joseph Banks 

Corporate Part’
Suite 
3, Level 2, 32
Lord 
Street, Botany
NSW
 2019
	 	VIC, Australia

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     117

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Simsmetal Holdings Pty.
Ltd.

	 	ABN 97 000 021 563
	 	‘Sir Joseph Banks 

Corporate Part’
Suite 
3, Level 2, 32
Lord 
Street, Botany
NSW 
2019
	 	NSW, Australia
	 
	 	 	 	 	 	 
	Simsmetal Services Pty.
Limited

	 	ABN 76 000 166 987
	 	‘Sir Joseph Banks 

Corporate Part’
Suite 
3, Level 2, 32
Lord
 Street, Botany
NSW 
2019
	 	NSW, Australia
	 
	 	 	 	 	 	 
	The Netherlands
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Mirec BV

	 	N/A
	 	Hastelweg 251,

5652CV, Eindhoven,

The Netherlands
	 	The Netherlands
	 
	 	 	 	 	 	 
	New Zealand
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Simsmetal Industries
Limited

	 	3597 
	 	James Fletcher Drive
Otahuhu, Auckland,

New Zealand
	 	New Zealand
	 
	 	 	 	 	 	 
	Germany
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims M+R GmbH

	 	N/A
	 	Rathenaustraβe 10,

59192 Bergkamen,

Germany
	 	Germany
	 
	 	 	 	 	 	 
	Sims Group German Holdings 

GmbH

	 	N/A
	 	Rathenaustraβe 10,

59192 Bergkamen,

Germany
	 	Germany
	 
	 	 	 	 	 	 
	United Kingdom
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group UK Holdings 

Limited

	 	2904307 
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37 8AQ
	 	United Kingdom
	 
	 	 	 	 	 	 
	Sims Group UK Limited

	 	3242331 
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37 8AQ
	 	United Kingdom
	United States of America
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group USA Corporation

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington,
 Delaware
19808
	 	Delaware, USA

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     118

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	CIM Trucking, Inc.

	 	N/A
	 	c/o Illinois

Corporation Service

Company

801 Adlai Stevenson

Drive

Springfield, IL 62703
	 	Illinois, USA
	 
	 	 	 	 	 	 
	HNE Recycling LLC

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington,
 Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	HNW Recycling LLC

	 	N/A
	 	c/o Corporation 

Service Company

2711 Centerville 
Road 

Suite 400,

Wilmington,
 Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Dynamics Detroit LLC

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	TH Properties LLC

(formerly known as Metal 

Dynamics Indianapolis LLC)

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville
 Road

Suite 400,

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Dynamics LLC

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Alabama,
Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     119

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Metal Management Arizona,
L.L.C.

	 	N/A
	 	c/o CT Corporation

System

2394 East Camelback

Road

Phoenix, AZ 85016
	 	Arizona, USA
	 
	 	 	 	 	 	 
	Metal Management
Connecticut, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road
Suite 400, 

Wilmington,
 Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Indiana,
Inc.

	 	N/A
	 	c/o Prentice Hall

Corporation

33 North LaSalle

Street

Chicago, IL 60602
	 	Illinois, USA
	 
	 	 	 	 	 	 
	Metal Management Memphis,
L.L.C.

	 	N/A
	 	c/o Corporation

Service Company

2908 Poston Avenue

Nashville, TN 37203
	 	Tennessee, USA
	 
	 	 	 	 	 	 
	Metal Management Midwest,
Inc.

	 	N/A
	 	c/o Illinois

Corporation Service

Company

801 Adlai Stevenson

Drive

Springfield, IL 62703
	 	Illinois, USA
	 
	 	 	 	 	 	 
	Metal Management
Mississippi, Inc.

	 	N/A
	 	c/o Corporation 

Service Company

2711 Centerville
 Road 

Suite 400,

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management New
Haven, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management
Northeast, Inc.

	 	N/A
	 	c/o Corporation

Service Company

830 Bear Tavern Road

West Trenton, NJ

08628
	 	New Jersey, USA

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     120

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Metal Management Ohio, Inc.

	 	N/A
	 	CSC-Lawyers 

Incorporating
Service 
(Corporation
Service 
Company) 

50 W. Broad St

Suite 1800

Columbus, OH 43215
	 	Ohio, USA
	 
	 	 	 	 	 	 
	Metal Management
Pittsburgh, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management Proler
Southwest, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville
 Road 

Suite 400,

Wilmington,
 Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	SMM — North America Trade
Corporation

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400,

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management West
Coast Holdings, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400,

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Metal Management West, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington,
 Delaware
19808
	 	Colorado, USA

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     121

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Metal Management, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	MM Metal Dynamics
Holdings, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400,

Wilmington,
 Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Naporano Iron & Metal, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	New York Recycling
Ventures, Inc.

	 	N/A
	 	c/o Corporation

Service Company

2711 Centerville 
Road 

Suite 400,

Wilmington,
 Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	North Carolina Resource 

Conservation, LLC

	 	N/A
	 	c/o Corporation

Service Company

327 Hillsborough

Street

Raleigh, NC 27603
	 	North Carolina, USA
	 
	 	 	 	 	 	 
	Proler Southwest GP, Inc.

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville
 Road 

Suite 400, 

Wilmington,
 Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Proler Southwest LP

	 	N/A
	 	c/o Corporation 

Service Company 

d/b/a CSC-Lawyers 

Incorporating
Service 
Company 

211 E. 7th Street 

Suite 620

Austin, TX 78701
	 	Texas, USA

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     122

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Reserve Iron & Metal 

Limited Partnership

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville
 Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Schiabo Larovo Corporation

	 	N/A
	 	c/o Corporation 

Service Company 
2711
Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	SHN Co., LLC

	 	N/A
	 	c/o Corporation 

Service Company 
2711
Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Sims Group Global Trade 

Corporation

	 	N/A
	 	c/o Corporation 

Service Company 
2711
Centerville 
Road 

Suite 400,

Wilmington,
 Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Sims Group USA Holdings 

Corporation

	 	N/A
	 	c/o Corporation 

Service Company 
2711
Centerville 
Road 

Suite 400, 

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Sims Recycling Solutions
Holdings Inc.

	 	N/A
	 	c/o Illinois

Corporation Service

Company

801 Adlai Stevenson

Drive

Springfield, IL 62703
	 	Illinois, USA
	 
	 	 	 	 	 	 
	Simsmetal East LLC

	 	N/A
	 	c/o Corporation 

Service Company 
2711
Centerville 
Road

Suite 400,

Wilmington, 
Delaware
19808
	 	Delaware, USA

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     123

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Simsmetal West LLC

	 	N/A
	 	c/o Corporation 

Service Company 
2711
Centerville 
Road 

Suite 400,

Wilmington,
 Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Sims Recycling Solutions,
Inc.

	 	N/A
	 	c/o Illinois

Corporation Service

Company

801 Adlai Stevenson

Drive

Springfield, IL 62703
	 	Illinois, USA
	 
	 	 	 	 	 	 
	Sims Municipal Recycling
of New York LLC

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville
 Road 

Suite 400,

Wilmington, 
Delaware
19808
	 	Delaware, USA
	 
	 	 	 	 	 	 
	Hong Kong
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Metal Management Asia 

Limited (previously known 

as Sims Asia Holdings 

Limited)

	 	30512 
	 	5407-8, 54th Floor, 

Hopewell Centre, 183

Queen’s Road East, 

Wanchai, Hong Kong
	 	Hong Kong
	 
	 	 	 	 	 	 
	Canada
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Group Recycling
Solutions Canada Ltd.

	 	N/A
	 	1200-999 West

Hastings Street,

Vancouver, British

Columbia V6C 2W2,

Canada
	 	Canada
	 
	 	 	 	 	 	 
	Sims Group Canada Holdings 

Limited

	 	N/A
	 	Suite 2300, 550

Burrard Street, Box 

30, Vancouver, 

British Columbia V6C 

2B5, Canada
	 	Canada
	 
	 	 	 	 	 	 
	Sweden
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Sims Recycling Solutions AB

	 	N/A
	 	Karosserigatan 6 641

51 Katrineholm

Sweden
	 	Sweden

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     124

 

 

PART 3 — GROUP (OTHER MEMBERS)

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Sims Aluminium Pty Limited

	 	ABN 93 004 370 905
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	VIC, Australia
	 
	 	 	 	 	 	 
	Sims Tyrecycle Pty Limited

	 	ABN 84 085 545 053
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	VIC, Australia
	 
	 	 	 	 	 	 
	Sims Tyrecycle Properties 

Pty Limited

	 	ABN 87 085 580 712
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	VIC, Australia
	 
	 	 	 	 	 	 
	Universal Inspection and
Testing Company Pty
Limited

	 	ABN 14 000 554 656
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	NSW, Australia
	 
	 	 	 	 	 	 
	LMS Energy Pty Limited

	 	ABN 19 090 914 640
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	SA, Australia
	 
	 	 	 	 	 	 
	LMS Generation Pty Limited

	 	ABN 39 059 428 474
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	SA, Australia
	 
	 	 	 	 	 	 
	Consolidated Extrusions 

Pty Limited

	 	ABN 37 003 173 484
	 	Crane Group Limited

Level 14, Philips

House

15 Blue Street

North Sydney NSW

2060
	 	NSW, Australia
	 
	 	 	 	 	 	 
	Consolidated Extrusions

(Management) Pty Limited

	 	ABN 24 003 123 573
	 	Crane Group Limited

Level 14, Philips

House

15 Blue Street

North Sydney NSW

2060
	 	NSW, Australia

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     125

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Australian Refined Alloys 

Pty Limited

	 	ABN 36 001 463 127
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	NSW, Australia
	 
	 	 	 	 	 	 
	Australian Refined Alloys

(Sales) Pty Limited

	 	ABN 59 002 815 563
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	NSW, Australia
	 
	 	 	 	 	 	 
	Sims E-Recycling Pty Ltd

	 	ACN 114 176 493
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	NSW, Australia
	 
	 	 	 	 	 	 
	Simsmetal Executive Staff 

Superannuation Pty Ltd

	 	ACN 069 238 937
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	NSW, Australia
	 
	 	 	 	 	 	 
	Simsmetal Staff Equity Pty 

Limited

	 	ABN 98 052 893 259
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	NSW, Australia
	 
	 	 	 	 	 	 
	Sims Superannuation 

Management Pty Limited

	 	ACN 000 966 478
	 	Level 6, Sims Group

House

41 McLaren Street

North Sydney NSW

2060
	 	NSW, Australia
	 
	 	 	 	 	 	 
	Sims Group Mauritius 

Limited

	 	N/A
	 	Citco (Mauritius)

Limited

9th Floor, Medine

Mews

La Chaussée Street

Port Louis
	 	Mauritius
	 
	 	 	 	 	 	 
	Trishyiraya Recycling 

India Private Limited

	 	N/A
	 	A-7, Phase- I,

Madras Export

Processing Zone-

SEZ, Tambaram,

Chennai- 600045
	 	India
	 
	 	 	 	 	 	 
	Sims Recycling Solutions 

Pte Ltd

	 	N/A
	 	12 Changi North 

Way, Unit 01-06, 

Singapore 98791.
	 	Singapore

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     126

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	United Castings Limited

	 	N/A
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37

8AQ
	 	UK
	 
	 	 	 	 	 	 
	Sims Group UK Intermediate 

Holdings Limited

	 	N/A
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37

8AQ
	 	UK
	 
	 	 	 	 	 	 
	Sims Recycling Solutions 

UK Holdings Limited

	 	N/A
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37

8AQ
	 	Scotland
	 
	 	 	 	 	 	 
	Sims Recycling Solutions 

UK Group Limited

	 	N/A
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37

8AQ
	 	Scotland
	 
	 	 	 	 	 	 
	Sims Recycling Solutions NV

	 	N/A
	 	56

Industriepark-West,

9011, Sint-Niklaas,

Belgium
	 	Belgium
	 
	 	 	 	 	 	 
	Sims Recycling Solutions 

UK Limited

	 	N/A
	 	Irongray Business

Park

Lochside Industrial

Estate

Dumfries DG2 ONR
	 	Scotland
	 
	 	 	 	 	 	 
	Sims Group UK Pension 

Trustees Limited

	 	N/A
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37

8AQ
	 	UK
	 
	 	 	 	 	 	 
	Sims Cymru Limited

	 	N/A
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37

8AQ
	 	UK
	 
	 	 	 	 	 	 
	ER Coley (Steel) Limited

	 	N/A
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37

8AQ
	 	UK
	 
	 	 	 	 	 	 
	Recommit Limited

	 	N/A
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37

8AQ
	 	UK
	 
	 	 	 	 	 	 
	ER Coley (Cast) Limited

	 	N/A
	 	Long Marston

Stratford-on-Avon

Warwickshire CV37

8AQ
	 	UK

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     127

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	Extruded Metals (New 

Zealand) Limited

	 	N/A
	 	Level 11, KPMG

Centre, 9 Princes

Street, Auckland,

New Zealand
	 	New Zealand
	 
	 	 	 	 	 	 
	Sims Pacific Metals Limited

	 	N/A
	 	James Fletcher

Drive, Otahuhu,

Auckland, New

Zealand
	 	New Zealand
	 
	 	 	 	 	 	 
	PNG Recycling Limited

	 	N/A
	 	PO Box 3467, 

Boroko, Section 36, 

Lot 9110, Waigani 

Drive, Hohola, PNG
	 	Papua New Guinea
	 
	 	 	 	 	 	 
	IKISE Geri Donusum Sanayi 

ve Ticaret Limited Sirketi

	 	N/A
	 	Barbaros Bulvari No

12/1 D:10 Balmumcu

Besiktas 34349

Istanbul Turkey
	 	Turkey
	 
	 	 	 	 	 	 
	Accu-Shred Limited

	 	N/A
	 	1200-999 West

Hastings Street,

Vancouver, British

Columbia V6C 2W2
	 	Canada
	 
	 	 	 	 	 	 
	Richmond Steel Recycling 

Limited

	 	N/A
	 	11760 Mitchell

Road, Richmond,

Canada V6V 1V6
	 	Canada
	 
	 	 	 	 	 	 
	Metal Management
Aerospace, Inc.

	 	N/A
	 	500 Flatbush Ave. 

Hartford, CT 06141
	 	Delaware
	 
	 	 	 	 	 	 
	Metal Management 

Nashville, LLC

	 	N/A
	 	1840 Linder 

Industrial Dr. 

Nashville, TN 37209
	 	Delaware
	 
	 	 	 	 	 	 
	Port Albany Ventures, LLC

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 

Road 

Suite 400, 

Wilmington, 

Delaware 19808
	 	Delaware
	 
	 	 	 	 	 	 
	Rondout Iron & Metal, LLC

	 	N/A
	 	1501 Rockland Road

Lake Bluff, IL 60044
	 	Delaware
	 
	 	 	 	 	 	 
	Dover Barge Company

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 

Road 

Suite 400, 

Wilmington, 

Delaware 19808
	 	Delaware

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Amended and Restated Multi Option Facility Agreement     128

 

 

	 	 	 	 	 	 	 
	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	SA Recycling LLC

	 	N/A
	 	Corporation Service

Company, 2730

Gateway Oaks Drive, 

Suite 100, 

Sacramento, CA 

95833
	 	Delaware
	 
	 	 	 	 	 	 
	T&L Properties Corporation

	 	N/A
	 	Corporation Service 

Company, 2730

Gateway Oaks Drive, 

Suite 100, 

Sacramento, CA 

95833
	 	California
	 
	 	 	 	 	 	 
	American Metals Recycling
Corp.

	 	N/A
	 	Corporation Service 

Company, 2730

Gateway Oaks Drive, 

Suite 100, 

Sacramento, CA 

95833
	 	California
	 
	 	 	 	 	 	 
	Colton Iron & Metal, LLC

	 	N/A
	 	c/o Corporation 

Service Company 

2711 Centerville 

Road 

Suite 400, 

Wilmington, 

Delaware 19808
	 	Delaware
	 
	 	 	 	 	 	 
	Oxnard Metals Corporation

	 	N/A
	 	Corporation Service 

Company, 2730

Gateway Oaks Drive, 

Suite 100, 

Sacramento, CA 

95833
	 	California
	 
	 	 	 	 	 	 
	Lancaster Recycling, LLC

	 	N/A
	 	Corporation Service 

Company, 2730

Gateway Oaks Drive, 

Suite 100, 

Sacramento, CA 

95833
	 	California
	 
	 	 	 	 	 	 
	Remedy Environmental 

Services LLC

	 	N/A
	 	George Adams, 3200

East Frontera

Street, Anaheim, CA

92807
	 	California
	 
	 	 	 	 	 	 
	Las Vegas Metals 

Recycling, LLC

	 	N/A
	 	CSC Services 

company of Nevada, 

502 East John 

Street, Carson 

City, NV 89706
	 	Nevada

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	 	 	 	 	 	 	Place of
	Company Name	 	Registered Number	 	Registered Office	 	Incorporation
	SA Recycling de Mexico S.
de R.L. de C.V.

	 	N/A
	 	Flavio Diego 

Sandoval Gonzalez, 

Alvaro Obregon

#1525-5 2do Piso, 

Col. Nueva C.P. 

21100
	 	Mexico
	 
	 	 	 	 	 	 
	SA Recycling de Mexico
Noroeste S. de R.L. de
C.V.

	 	N/A
	 	Flavio Diego 

Sandoval Gonzalez, 

Alvaro Obregon

#1525-5 2do Piso, 

Col. Nueva C.P. 

21100
	 	Mexico

[*]
Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     130

 

 

Annexure B

FINANCIERS

	 	 	 	 	 
	Financier Name	 	Registered Number	 	Lending Office
	In relation to the Australian Borrowers, UK Borrowers, US Borrowers and German Borrowers
	 
	 	 	 	 
	HSBC Bank Australia Limited

	 	ABN 48 006 434 162
	 	Level 31, 580 George Street

Sydney NSW 2000

Australia
	 
	 	 	 	 
	HSBC Bank plc

	 	14259 
	 	City Corporate Banking

Centre, 60 Queen Victoria

Street, London, EC4N 4TR
	 
	 	 	 	 
	HSBC Bank USA, National Association

	 	N/A
	 	452 Fifth Avenue, New

York, New York 10018

USA
	 
	 	 	 	 
	In relation to the Australian Trade
Borrowers
	 	 	 	 
	 
	 	 	 	 
	HSBC Bank Australia Limited

	 	ABN 48 006 434 162
	 	Level 31, 580 George Street

Sydney NSW 2000

Australia
	 
	 	 	 	 
	In relation to the HK Trade Borrower
	 	 	 	 
	 
	 	 	 	 
	The Hongkong and Shanghai Banking
Corporation Limited

	 	ABN 65 117 925 970
	 	Level 10, 1 Queens Road,

Central Hong Kong
	 
	 	 	 	 
	In relation to the US Trade Borrower
	 	 	 	 
	 
	 	 	 	 
	HSBC Bank plc

	 	14259 
	 	City Corporate Banking

Centre, 60 Queen Victoria

Street, London, EC4N 4TR

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Annexure C

CAF FINANCIERS

	 	 	 	 	 
	Financier Name	 	Registered Number	 	Lending Office
	HSBC Bank Australia Limited

	 	ABN 48 006 434 162
	 	Level 31, 580 George Street

Sydney NSW 2000

Australia
	 
	 	 	 	 
	HSBC Bank plc

	 	14259 
	 	City Corporate Banking

Centre, 60 Queen Victoria

Street, London, EC4N 4TR
	 
	 	 	 	 
	HSBC Bank USA, National Association

	 	N/A
	 	452 Fifth Avenue, New

York, New York 10018

USA

Confidential treatment requested for redacted (circled) portions; redated (circled)
portions has been filed separately with the Securities and Exchange Commission.

Amended and Restated Multi Option Facility Agreement     132

 

 

Annexure D

FUNDING NOTICE

			
	To:	 	[Financier’s name]

And to: HSBC Bank Australia Limited [in the case where the Financier to the Relevant Borrower is
not HSBC Bank Australia Limited]

[date]

Dear Sirs

Multi-Option Facility Agreement dated 3 December 2003, as amended from time to time (the “Facility
Agreement”)

We refer to the Facility Agreement and give irrevocable notice that we request the following
drawings.

Terms defined in the Facility Agreement have the same meaning in this Funding Notice.

	1.	 	The proposed Funding Date/Issuance Date is [specify date].
	 
	2.	 	The Facilities under which the financial accommodation is requested: [Cash Advance Facility
/Trade Finance Facility].
	 
	3.	 	Particulars of the financial accommodation requested are as follows [as applicable]:

	 	(a)	 	Cash Advance Facility
	 
	 	 	 	Amount: [          ]
	 
	 	 	 	Currency: AUD/USD/GBP]
	 
	 	 	 	Funding Period: [          ]
	 
	 	(b)	 	Bank Guarantee Facility / Standby Letter of Credit Facility
	 
	 	 	 	Face Value Amount: [          ]
	 
	 	 	 	Currency: [AUD/USD/GBP/HKD]
	 
	 	 	 	Beneficiary:
	 
	 	 	 	Details of Beneficiary Contract:
	 
	 	 	 	Funding Period:
	 
	 	 	 	Expiry Date:
	 
	 	 	 	A copy of the Beneficiary Contract is enclosed.

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Annexure E

CONDITION PRECEDENT CERTIFICATE

			
	To:	 	[Financier’s name] (the Financier)

This condition precedent certificate is given on [specify date] under clause 3.1 of the
Multi-Option Facility Agreement (the Facility Agreement) dated 3 December 2003 between, among
others, [Obligor’s name] and the Financier, as amended from time to time. Terms defined in the
Facility Agreement have the same meaning in this condition precedent certificate.

I, [                    ], being [a director/secretary] of [name
of Obligor] (the
Company), certify as follows:

	1.	 	Documents
	 
	 	 	True, complete and up to date copies of each of the following are attached to this
Certificate:

	 	(a)	 	In the case where the Company is incorporated in Australia, the certificate
of registration/incorporation [as applicable], the constitution/memorandum and
articles of association/by-laws [as applicable] and all other constitutional documents
of the Company (marked “A”);
	 
	 	(b)	 	an extract of minutes (marked “B”) of a duly convened meeting of the
directors of the Company confirming that the directors have passed resolutions:

	 	(i)	 	approving execution of each Transaction Document to which it
is a party;
	 
	 	(ii)	 	appointing Authorised Officers for the purpose of the
Transaction Documents; and
	 
	 	(iii)	 	acknowledging that each Transaction Document to which it is
a party will benefit the Company;

	 	 	 	which minutes are in full force and effect and have not been varied or revoked;

	2.	 	Specimen Signatures
	 
	 	 	The following signatures are the true and usual signatures of the Authorised Officers of
the Company authorised to sign the Transaction Documents to which the Company is a party
and to give notices and other communications under or in connection with those Transaction
Documents:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Name	 	 	Title	 	 	Signature	 
	(a)
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(b)
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(c)
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 

	 	 	(The following section only needs to be completed if the Company is incorporated in
Australia)

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	3.	 	Replaceable rules/Section 135 of the Corporations Act 2001 (Cth) (the “Corporations Act”)
	 
	 	 	The Company does have a constitution and all of the provisions of the Corporations Act that
apply as mandatory rules and the following provisions of the Corporations Act that apply as
replaceable rules apply to the Company and its internal management:
	 
	 	 	none

	 	 	 	 	 	 

	 	Signed:

	 	 	 	 
	 	 

	 	 	 	 
	 	 

	 	Director/Secretary	 	 

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Annexure F

ACCESSION DEED

This Accession Deed is made on the [          ] day of [          ],
[          ] under the
Multi-Option Facility Agreement (the Facility Agreement) dated 3 December 2003 between (amongst
others) Sims Group Australia Holdings Limited as borrower and HSBC Bank Australia Limited as
financier, as amended from time to time.

Between

[Insert New Borrower’s Name] (ACN [insert New Borrower’s ABN number or equivalent]) of [insert New
Borrower’s Address] (the New Borrower)

And

Sims Metal Management Limited (ACN 114 838 630) of Level 6, Simsmetal House, 41 McLaren Street,
North Sydney, NSW, 2060 (the Parent).

And

HSBC Bank Australia Limited (ABN 48 006 434 162) of Level 31, 580 George Street, Sydney, NSW, HSBC
Bank plc of [         ], HSBC Bank USA, National Association of [
        ] and The Hongkong and Shanghai Banking Corporation Limited (ABN 65 117 925 970)
(the Financiers).

	1.	 	Definitions And Interpretation
	 
	1.1	 	Definitions
	 
	 	 	Accession Date means the later of:

	 	(a)	 	[insert a date later to the date in (b) if appropriate]; and
	 
	 	(b)	 	the date on which this Accession Deed, executed by the New Borrower and the
Parent, is executed by or on behalf of the Financiers.

	1.2	 	Interpretation

	 	(a)	 	A term defined in the Facility Agreement has the same meaning when used in
this Accession Deed unless defined to have a different meaning in this Accession Deed.
	 
	 	(b)	 	Clause 1.2 of the Facility Agreement applies to this Accession Deed.
	 
	 	(c)	 	In this Accession Deed, a reference to obligations or rights being identical
to other obligations or rights is a reference to obligations or rights identical to
those other obligations or rights except to the extent they relate to the identity of
the person required to perform them or entitled to their benefit.

	2.	 	Accession
	 
	2.1	 	Accession
	 
	 	 	With effect on and from the Accession Date:

	 	(a)	 	the New Borrower:

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Amended and Restated Multi Option Facility Agreement     136

 

 

	 	(i)	 	is bound by the terms of the Transaction Documents to which
the Borrowers and Guarantors are parties;
	 
	 	(ii)	 	assumes towards each other party to the Transaction Documents
obligations under the Transaction Documents which are identical to the
obligations which a Borrower and a Guarantor is required to perform;
	 
	 	(iii)	 	must observe and comply with the obligations of a Borrower
and a Guarantor under the Transaction Documents;
	 
	 	(iv)	 	is granted rights under the Transaction Documents which are
identical to the rights which a Borrower and a Guarantor has under the
Transaction Documents; and
	 
	 	(v)	 	is a party to the Transaction Documents as a Borrower and a
Guarantor;

	 	(b)	 	each other party to the Facility Agreement acquires rights against and
assumes obligations towards the New Borrower which are identical to the rights and
obligations which it has or is required to perform under the Transaction Documents to
a Borrower and a Guarantor; and
	 
	 	(c)	 	a reference in the Transaction Documents to a “Borrower” and a “Guarantor”
includes a reference to the New Borrower.

	3.	 	Acknowledgments
	 
	3.1	 	Borrower
	 
	 	 	The New Borrower acknowledges that it will be an [Australian Borrower/UK Borrower/US
Borrower] for the purposes of the Facility Agreement.
	 
	3.2	 	Parent
	 
	 	 	The Parent on its behalf and on behalf of each Guarantor acknowledges and agrees that the
Amount Owing by the New Borrower is guaranteed by the Guarantors under clause 22 of the
Facility Agreement.
	 
	3.3	 	Representations and warranties
	 
	 	 	The New Borrower makes the same representations and warranties in respect of itself that
each Borrower and Guarantor has made in, or in connection with, the Transaction Documents
and confirms that those representations and warranties are, at the Accession Date, true and
not misleading in any material respect, by omission or in any other way.
	 
	3.4	 	Information
	 
	 	 	The New Borrower:

	 	(a)	 	confirms that it has received a copy of the Transaction Documents together
with any other documents and information it has required in connection with the
Facility Agreement; and
	 
	 	(b)	 	acknowledges that the Financier has entered into this Accession Deed in
reliance on the representations and warranties made by the New Borrower in this
Accession Deed.

	3.5	 	No liability

	 	(a)	 	The New Borrower confirms that it has not relied on the Financier to assess
or inform it as to:

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	 	(i)	 	the legality, validity, effect or enforceability of any
Transaction Document against any party;
	 
	 	(ii)	 	the accuracy or completeness of any information referred to
in clause 3.4 of this Accession Deed; or
	 
	 	(iii)	 	the creditworthiness, affairs, condition or status of any of
the parties to the Transaction Documents.

	 	(b)	 	The New Borrower agrees that the Financiers have not or will not have any
liability or obligation to the New Borrower for the accuracy or completeness of the
information or documents provided to it under clause 3.4 of this Accession Deed, and
that any condition or warranty in relation to any of those matters, whether express or
implied by law or in any other way, is excluded.

	4.	 	Miscellaneous
	 
	4.1	 	Transaction Document
	 
	 	 	This Accession Deed is a Transaction Document for the purposes of the Facility Agreement.

	 
	4.2	 	 Counterparts
	 
	 	 	This Accession Deed may be signed in counterparts and all counterparts taken together
constitute one document.
	 
	4.3	 	Governing law
	 
	 	 	This Accession Deed is governed by the laws applying in New South Wales.

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     138

 

 

Annexure G

PRO FORMA FEE LETTER

	 	 	 

	To:

	 	Sims Metal Management Limited ACN 114 838 630
	 

	 	[insert address]
	 
	 	 
	Attention:

	 	[insert name]
	 
	 	 
	With a copy to:

	 	[insert address of the relevant Borrowers]
	 
	 	 
	Date:

	 	[insert date]

Dear Sirs

AMENDED AND RESTATED MULTI OPTION FACILITY AGREEMENT — FEE LETTER

We refer to the document entitled “Multi Option Facility Agreement” dated 3 December 2003 between,
amongst others, Sims Metal Management Limited ACN 114 838 630 (formerly Sims Group Limited) (Sims)
and HSBC Bank Australia Limited ABN 48 006 434 162, as amended from time to time (Facility
Agreement).

	1.	 	Definitions and Interpretation
	 
	1.1	 	A term defined in clause 1.1 of the Facility Agreement has the same meaning when used in this
fee letter unless stated otherwise in this fee letter.
	 
	1.2	 	Clause 1.2 of the Facility Agreement is incorporated into this fee letter as if set out in
this fee letter in full and as if all references in that provision to “this Agreement” were to
this fee letter.
	 
	1.3	 	The provisions of the Facility Agreement will apply to this fee letter.
	 
	1.4	 	This fee letter is a Transaction Document [and is issued pursuant to clause 9.5 of the
Facility Agreement]*.
	 
	1.5	 	This fee letter is entered into in connection with the [Cash Advance Facility][Trade
Facilities][Bank Guarantee and Standby Letter of Credit Facility]*.
	 
	2.	 	[Margin under [Cash Advance Facility][Trade Facilities]*] *
	 
	 	 	[Include details of any changes to the Margin payable in connection with the Facility
Agreement]
	 
	3.	 	[Fees]
	 
	 	 	[Include details of any changes to the fees payable in connection with the Facility
Agreement]
	 
	4.	 	Change in the Margin and/or Fees
	 
	 	 	Any change in the Margin or fees set out above will apply with effect from the date
specified in clause 9.5 of the Facility Agreement.

 

			
	*	 	delete as appropriate

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     139

 

 

	5.	 	Confidentiality
	 
	 	 	This fee letter must not be disclosed by Sims to any entity or person except as may be
required by law or to Sims’ employees and legal and financial advisers who have a need to
know the information and who are made aware of and agree to be bound by the confidentiality
obligation under this paragraph.
	 
	6.	 	Counterparts
	 
	 	 	This fee letter may be signed in any number of counterparts, each of which shall be an
original and which shall be taken together to constitute one agreement.
	 
	7.	 	Governing Law
	 
	 	 	This fee letter shall be governed by, and construed in accordance with, the laws of New
South Wales.

Please confirm your agreement to the above by signing, dating and returning to us the enclosed copy
of this fee letter.

Yours faithfully

[insert execution clause for the Financiers (as applicable)]

To: [insert name of each Financier]

We hereby confirm and agree to the terms of this fee letter as set out above.

	 	 	 

	 

for and on behalf of Sims Metal Management Limited ACN 114 838 630

	 	 

Name:

Capacity:

Date:

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     140

 

 

Executed as a deed.

[*] Confidential Treatment Requested

Amended and Restated Multi Option Facility Agreement     141

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