SEC Contract Filing

Filing Date: 2019-10-03

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d814580dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">September&nbsp;30, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ampco-Pitt Corporation,
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as Borrowing Agent </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">726 Bell Avenue, Suite 301 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Box 427 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carnegie, PA 15106 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:&nbsp;Chief Financial Officer and General Counsel </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Credit facility provided to AIR&nbsp;&amp; LIQUID SYSTEMS CORPORATION, a Pennsylvania corporation
(&#147;ALS&#148;), UNION ELECTRIC STEEL CORPORATION, a Pennsylvania corporation (&#147;UES&#148;), ALLOYS UNLIMITED AND PROCESSING, LLC, a Pennsylvania limited liability company (&#147;Alloys&#148;), AKERS NATIONAL ROLL COMPANY, a Delaware
corporation (&#147;National Roll&#148;), AKERS SWEDEN AB, a company duly incorporated and organized under the laws of Sweden with registration number 556031-8080 (&#147;Akers Sweden&#148;), AKERS AB, a company duly incorporated and organized under
the laws of Sweden with registration number 556153-4792 (&#147;Akers AB&#148;) (Akers Sweden and Akers AB are, each a &#147;Swedish Borrower&#148; and collectively, the &#147;Swedish Borrowers&#148;), UNION ELECTRIC STEEL UK LIMITED, a limited
liability company organized under the laws of England and Wales with registered company number 00162966 (the &#147;UK Borrower&#148;), and ASW Steel Inc., an Ontario corporation (&#147;ASW&#148;)(ALS, UES, Alloys, National Roll, the Swedish
Borrowers, the UK Borrower, ASW and each Person (as defined in the Credit Agreement (as hereinafter defined)) joined hereto as a borrower from time to time, are collectively, the &#147;Borrowers&#148;, and each a &#147;Borrower&#148;),
AMPCO-PITTSBURGH CORPORATION, a Pennsylvania corporation (&#147;Ampco-Pitt Corp.&#148;), AMPCO UES SUB, INC., a Delaware corporation (&#147;Ampco UES&#148;), the other Guarantors (as defined in the Credit Agreement) party thereto, the Lenders (as
defined in the Credit Agreement) party thereto, and PNC BANK, NATIONAL ASSOCIATION, in its capacity as agent for the Lenders (hereinafter referred to in such capacity as the &#147;Agent&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sir/Madame: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Reference is made to that
certain Revolving Credit and Security Agreement, dated effective as of May&nbsp;20, 2015, by and among the Borrowers (other than ASW), the Guarantors, the Lenders and the Agent, as amended by that certain: (i)&nbsp;First Amendment to Revolving
Credit and Security Agreement, dated October&nbsp;31, 2016, by and among the Borrowers, the Guarantors, the Lenders and the Agent; (ii)&nbsp;Second Amendment to Revolving Credit and Security Agreement, dated March&nbsp;2, 2017, by and among the
Borrowers, the Guarantors, the Lenders and the Agent; and (iii)&nbsp;Third Amendment to Revolving Credit and Security Agreement, dated September&nbsp;28, 2018, by and among the Borrowers, the Guarantors, the Lenders and the Agent (as further
amended, modified, supplemented, extended, renewed or restated from time to time, the &#147;Credit Agreement&#148;). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Credit Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;7.1(b) of the Credit Agreement, each Loan Party agreed that, among
other things, no Loan Party would sell, lease, transfer or otherwise dispose of any of its properties or assets, except (i)&nbsp;(a) the sale of Inventory in the Ordinary Course of Business and (b)&nbsp;the disposition or transfer of obsolete and <FONT
STYLE="white-space:nowrap">worn-out</FONT> equipment and equipment no longer used or useful in the reasonable judgment of the Loan Parties and in the Ordinary Course of Business during any fiscal year having an aggregate fair market value of not
more than Five Million and 00/100 Dollars ($5,000,000.00) and only to the extent that (x)&nbsp;the proceeds of any such disposition are used to acquire replacement equipment which is subject to Agent&#146;s first priority security interest or
(y)&nbsp;the proceeds of which are remitted to Agent to be applied pursuant to Section&nbsp;2.20, (ii) Equity Interests of any Excluded Subsidiary and (iii)&nbsp;any other sales or dispositions expressly permitted by this Agreement. <