Document:

exv10w2

 

Exhibit 10.2

EXHIBIT C

AMENDED AND RESTATED PROMISSORY NOTE

			
	US$30,000,000
	 	December 14, 2005

     FOR VALUE RECEIVED, the undersigned, ROYAL GOLD, INC., a corporation organized and existing
under the laws of Delaware (the “Maker”) hereby promises to pay to the order of HSBC BANK USA,
NATIONAL ASSOCIATION (“HSBC”), or other holder hereof (with HSBC and any other holder hereof
sometimes referred to herein as “Holder”), at the place and times provided in the Loan Agreement
(defined below), the principal sum of Thirty Million Dollars (US$30,000,000) or, if less, the
principal amount of all Loans made by the Lender from time to time or otherwise outstanding
pursuant to the Amended and Restated Loan Agreement dated as of December 14, 2005 between the Maker
and HSBC (as amended, restated, supplemented or otherwise modified in accordance with its terms,
the “Loan Agreement”). Subject to the Loan Agreement, the Maker may borrow, voluntarily repay and
reborrow amounts hereunder during the availability period. Capitalized terms used in this Note and
not defined herein shall have the meanings assigned thereto in the Loan Agreement.

     This Note evidences the obligation of the Maker to repay all sums Advanced by HSBC to Maker as
Loans pursuant to the Loan Agreement.

     This Note represents an extension and renewal of the outstanding principal amount of, and an
amendment to, replacement of and substitution for, the Promissory Note dated December 18, 2000 made
by the Maker and payable to HSBC (the “Existing Note”). The indebtedness evidenced by the Existing
Note is a continuing indebtedness and nothing contained herein shall be construed to deem paid the
Existing Note or to release, terminate or in any way impair any mortgage, pledge, lien or security
interest given to secure payment and performance of the Existing Note. This Note restates and
replaces the Existing Note.

     The Maker further agrees to pay and deliver to Holder, when and as provided in the Loan
Agreement, interest on the outstanding principal amount hereof at the rate and at the times
specified in the Loan Agreement. The unpaid principal amount of this Note from time to time
outstanding is subject to mandatory repayment from time to time as provided in the Loan
Agreement. All payments of principal and interest on this Note shall be payable in lawful currency
of the United States of America in immediately available funds as specified in the Loan Agreement.

     This Note is made by the Maker pursuant to, and is subject to, all of the terms and conditions
of the Loan Agreement. Reference is hereby made to the Loan Agreement and the documents delivered
in connection therewith for a statement of the prepayment rights and obligations of the Maker, a
description of the collateral in which Liens have been granted by the Maker to secure the payment
and performance of the Maker hereunder, the nature and extent of such Liens, and for a statement of
the terms and conditions under which the due date of this Note may be accelerated.

 

 

     In addition to, and not in limitation of, the foregoing and the provisions of the Loan
Agreement, the Maker further agrees, subject only to any limitation imposed by applicable law, to
pay all expenses, including reasonable attorneys’ fees and legal expenses, incurred by any Holder
hereof in endeavoring to collect any amounts due and payable hereunder which are not paid and
delivered or otherwise satisfied when due, whether by acceleration or otherwise.

     The Maker, for itself and for all endorsers hereof, hereby waives all requirements as to
diligence, notice, demand, presentment for payment, protest and notice of dishonor.

     This Note and the rights of Maker and any Holders hereof are governed by the laws of the State
of New York.

     IN WITNESS WHEREOF, the Maker has executed and delivered this Note as of the date first above
written.

	 	 	 	 	 
	 	ROYAL GOLD, INC.

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

-2-exv10w3

 

	 	 	 	 	 

Exhibit 10.3

EXHIBIT E

PROCEEDS AGREEMENT

[HSBC Bank USA Letterhead]

December 14, 2005

Johnson Matthey Inc.

4601 West 21000 South

Salt Lake City, Utah 84120

Re:      Royal Gold, Inc. – Confirmation of Collateral

Security Arrangements and Agreement

Gentlemen:

     This is to advise you that HSBC Bank USA (“HSBC”) has continued a credit facility in favor of
Royal Gold, Inc. (“Royal Gold”) pursuant to the Amended and Restated Loan Agreement dated as of
December 14, 2005 between HSBC and Royal Gold (the “Loan Agreement”), which amends and restates in
its entirety the Loan Agreement dated as of December 18, 2000 between HSBC and Royal Gold. The
Loan Agreement is secured by various collateral security arrangements, including: (1) a lien and
security interest in favor of HSBC on Royal Gold’s share of all mineral production (“Production”)
from the GSR#1 Royalty, the GSR#3 Royalty and the NVR#1 Royalty, each on the Pipeline/South
Pipeline Mining Complex in Lander County, Nevada (the “Project”), (2) a security interest in all
proceeds of such Production (“Proceeds”), and (3) a security interest in all accounts of Royal
Gold, whether metals or monetary, and credit balances therein, with Johnson Matthey Inc.
(“Accounts”).

     Please execute and return a copy of this letter: (a) acknowledging and confirming that you
have been advised of the existence of a lien and security interest in favor of HSBC in Royal Gold’s
share of Production, and in the Proceeds and the Accounts and (b) expressing your agreement, (i) to
credit to the account of HSBC at Johnson Matthey any Production received at Johnson Matthey, and
(ii) upon a written request from HSBC, without confirmation, countersignature or additional
direction from Royal Gold, to transfer to the account of HSBC at Johnson Matthey any credit
balances in Account of Royal Gold at Johnson Matthey.

 

 

Johnson Matthey Inc.

December 14, 2005

Page 2

     By execution hereof Royal Gold has indicated its acceptance of the foregoing agreements and
its irrevocable instructions to Johnson Matthey to act in accordance with the terms hereof until
such time as Royal Gold and HSBC jointly advise Johnson Matthey to the contrary.

	 	 	 	 	 	 	 	 
	 	 	 	 	Yours sincerely,
	 
	 	 	 	 	 	 
	 	 	 	 	HSBC BANK USA
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Agreed as of December 14, 2005	 	Notice acknowledged and agreement
confirmed as of December 14, 2005
	 
	 	 	 	 	 	 
	ROYAL GOLD, INC.	 	JOHNSON MATTHEY INC.
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Name:

	 	 	 	Name:	 	 
	 

	 	 
	 	 	 	 
	Title:

	 	 	 	Title:exv10w1

 

EXHIBIT 10.1

Description of Director Compensation

	 	 	 
	Compensation Element	 	Terms or Amounts
	General Board Service — Cash

	 	Ø Board retainer: $25,000
	 

	 	Ø Board meeting fees: none
	 
	 	 
	General Board Service — Equity

	 	Ø Initial grant: 25,000 options
	 

	 	Ø Annual grant: 6,000 options, granted at time of annual meeting provided director
has had at least 6 months of prior service
	 

	 	Ø Existing directors receive one-time “true-up” grants to bring director to 25,000
share initial grant
	 
	 	 
	Equity Vesting

	 	Ø Initial grant: Three-year vest; one third will vest on each anniversary
	 

	 	Ø Annual grant: One-year vest after date of grant
	 
	 	 
	Committee Service

	 	Ø Eliminate per meeting fees and replace with the following retainers:

	 	 	 	 	 	 	 	 	 
	Committee	 	Chair	 	Member
	Audit
	 	$	25,000	 	 	$	12,500	 
	Compensation
	 	$	7,500	 	 	$	3,750	 
	Nominating & Governance
	 	$	5,000	 	 	$	2,500	 

	 	 	 
	Cash Fee Provisions

	 	Ø All fees payable quarterly
	 

	 	Ø Directors must receive at least 50% of cash fees in the form of restricted stock
grants and may receive up to 100% in the form of restricted stock grantsexv10w1

 

EXHIBIT 10.1

Execution version

SIXTH AMENDMENT TO

SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT

     THIS SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT(this
“Amendment”), dated as of December 14, 2005, is entered into, by and among LENNOX
INDUSTRIES INC., an Iowa corporation, (“Lennox” or the “Master Servicer”), LPAC
CORP., a Delaware corporation (“LPAC” or the “Company”), LIBERTY STREET FUNDING
CORP. (“Liberty Street”), the investors named in the Purchase Agreement (defined below),
THE BANK OF NOVA SCOTIA (“Scotiabank”) YC SUSI TRUST (“Yorktown”), BANK OF AMERICA,
NATIONAL ASSOCIATION (the “Yorktown Agent”) and THE YORKTOWN INVESTORS. Capitalized terms
used and not otherwise defined herein are used as defined in the Purchase Agreement (as defined
below).

     WHEREAS, LPAC, Lennox, Liberty Street, the investors named therein, Scotiabank, Yorktown, the
Yorktown Agent, and the Yorktown Investors are party to that certain Second Amended and Restated
Receivables Purchase Agreement, dated as of June 16, 2003 (as amended, supplemented or otherwise
modified through the date hereof, the “Purchase Agreement); and

     WHEREAS, the parties hereto desire to amend the Purchase Agreement as set forth herein.

     NOW THEREFORE, in consideration of the premises and the other mutual covenants contained
herein, the parties hereto agree as follows:

     SECTION 1. Amendments to Purchase Agreement.

     (a) Clause (i) of the definition of “Funding Termination Date” in Appendix A to the Purchase
Agreement is hereby deleted and replaced with the following:

     “(i) December 14, 2006, or such later date as may, from time to time, be agreed to in
writing by the Agents;”

     SECTION 2. Representations and Warranties.

     Each Seller Party hereby certifies that, subject to the effectiveness of this Amendment, each
of the representations and warranties set forth in Article VI of the Receivables Purchase
Agreement is true and correct on the date hereof, as if each such representation and warranty were
made on the date hereof.

     SECTION 3. Purchase Agreement in Full Force and Effect as Amended.

     Except as specifically amended hereby, the Purchase Agreement shall remain in full force and
effect. All references to the Purchase Agreement shall be deemed to mean the Purchase Agreement as
modified hereby. This Amendment shall not constitute a novation of the Purchase

 

 

Agreement, but shall constitute an amendment thereof. The parties hereto agree to be bound by
the terms and conditions of the Purchase Agreement, as amended by this Amendment, as though such
terms and conditions were set forth herein.

     SECTION 4. Miscellaneous.

     (a) This Amendment may be executed in any number of counterparts, and by the different
parties hereto on the same or separate counterparts, each of which shall be deemed to be an
original instrument but all of which together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page by facsimile or other electronic
transmission shall be effective as delivery of a manually executed counterpart of this Amendment.

     (b) The descriptive headings of the various sections of this Amendment are inserted for
convenience of reference only and shall not be deemed to affect the meaning or construction of any
of the provisions hereof.

     (c) This Amendment may not be amended or otherwise modified except as provided in the
Agreement.

     (d) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE
GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

[remainder of page intentionally left blank]

2

 

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

	 	 	 	 	 	 
	 
	 	LPAC CORP.,
as Seller	 	 

	 
	 	 	 	 
	 

	 	By:
	 	/s/ Gary A. Larson
	 

	 	 	 	 
	 

	 	Name:
	 	Gary A. Larson
	 

	 	 	 	 
	 

	 	Title:
	 	Treasurer
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	LENNOX INDUSTRIES INC.,
as Master Servicer	 	 

	 
	 	 	 	 
	 

	 	By:
	 	/s/ Gary A. Larson
	 

	 	 	 	 
	 

	 	Name:
	 	Gary A. Larson
	 

	 	 	 	 
	 

	 	Title:
	 	Treasurer
	 

	 	 	 	 

[additional signatures to follow]

 

 

	 	 	 	 	 	 
	 
	 	LIBERTY STREET FUNDING CORP.,
as a Purchaser	 	 

	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bernard J. Angelo
	 

	 	 	 	 
	 

	 	Name:
	 	Bernard J. Angelo
	 

	 	 	 	 
	 

	 	Title:
	 	Vice President
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	THE BANK OF NOVA SCOTIA,
as Liberty Street Purchaser Agent and
Liberty Street Investor	 	 

	 
	 	 	 	 
	 

	 	By:
	 	/s/ Norman Last
	 

	 	 	 	 
	 

	 	Name:
	 	Norman Last
	 

	 	 	 	 
	 

	 	Title:
	 	Managing Director
	 

	 	 	 	 

[additional signatures to follow]

 

 

	 	 	 	 	 	 
	 
	 	YC SUSI TRUST,

as the Yorktown Purchaser	 	 

	 
	 	 	 	 
	 

	 	By:
	 	Bank of America, National Association, as

Administrative Trustee
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Zeszutek
	 

	 	Name:

Title:
	 	John Zeszutek

Vice President
	 
	 	 	 	 
	 
	 	BANK OF AMERICA, NATIONAL ASSOCIATION,
as the Yorktown Investor	 	 

	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Zeszutek
	 

	 	Name:

Title:
	 	John Zeszutek

Vice President
	 
	 	 	 	 
	 
	 	BANK OF AMERICA, NATIONAL ASSOCIATION,
as the Yorktown Purchaser Agent	 	 

	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Zeszutek
	 

	 	Name:

Title:
	 	John Zeszutek

Vice President

[end of signatures]

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