NINTH AMENDING AGREEMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
FOURTH AMENDED AND RESTATED CREDIT
AGREEMENT
THIS AGREEMENT dated as of the
21st day
of April, 2022.
BETWEEN:
THE BANK OF NOVA SCOTIA, a Canadian
chartered bank
(herein, in its
capacity as administrative agent for the Lenders, called the
“Administrative
Agent”)
- and
-
XXXXXXX MINES INC., a corporation
amalgamated under the laws of the Province of Ontario
(herein in its
capacity as the borrower, “DMI”)
- and
-
XXXXXXX MINES CORP., a corporation
amalgamated under the laws of the Province of Ontario
(herein in its
capacity as the guarantor, “DMC” and, together with DMI, the
“Obligors”)
- and
-
THE SEVERAL LENDERS FROM TIME TO TIME PARTY
THERETO (herein and therein in their capacities as lenders
to the Borrower, collectively called the “Lenders” and individually called a
“Lender”)
WHEREAS the Obligors, the Lenders and
the Administrative Agent entered into a fourth amended and restated
credit agreement dated as of January 30, 2015, (as amended by
amending agreements dated January 27, 2016, January 31, 2017,
January 15, 2018, April 9, 2018, January 29, 2019, January 29,
2020, January 14, 2021, and January 21, 2022, the
“Credit
Agreement”);
AND WHEREAS the parties hereto wish to,
inter alia, amend certain
provisions of the Credit Agreement;
NOW THEREFORE THIS AGREEMENT WITNESSES
that, in consideration of the mutual covenants and agreements
contained herein, the parties covenant and agree as
follows:
ARTICLE 1
DEFINED TERMS
1.1 Capitalized
Terms.
All capitalized
terms which are used herein without being specifically defined
herein shall have the meanings ascribed thereto in the Credit
Agreement.
ARTICLE 2
AMENDMENTS TO CREDIT AGREEMENT
2.1 General
Rule.
Subject to the
terms and conditions herein contained, the Credit Agreement is
hereby amended to the extent necessary to give effect to the
provisions of this agreement and to incorporate the provisions of
this agreement into the Credit Agreement.
2.2 Reduction
of Credit Facility.
The Obligors,
the Lenders, and the Administrative Agent hereby acknowledge and
agree that the Credit Facility shall be reduced to the amount of
$22,972,050, such reduction to be effective as of five Banking Days
following the date of this agreement in accordance with Section 2.3
of the Credit Agreement. Any and all references to the amount of
the Credit Facility in the Credit Agreement (including, without
limitation, Section 2.1 thereof and Schedule A thereto) shall
thereafter be amended to delete reference to
“$24,000,000” and replaced with
“$22,972,050”
2.3 Collateralized
Letter Amount.
Section 11.1(v)
of the Credit Agreement is hereby amended by deleting the reference
therein to “$9,000,000” and replacing it with
“$7,972,050”.
2.4 Schedule
G.
Schedule G to the
Credit Agreement is hereby amended by deleting the reference
therein to “11,582,500” and replacing it with
“12,982,500”.
ARTICLE 3
CONDITIONS
PRECEDENT
3.1 Conditions
Precedent.
This agreement
shall not become effective until the Administrative Agent, for and
on behalf of the Lenders, has received from the Obligors (i) an
officer certificate of a senior officer of each Obligor together
with a certified true copy of a resolution of the board of
directors of each Obligor authorizing the execution, delivery and
performance of this agreement by the applicable Obligor, (ii) a
legal opinion of counsel to the Obligors addressed to the
Administrative Agent and
the Lenders
relating to the status and capacity of each Obligor and the due
authorization, execution and delivery of this agreement, the
enforceability of the Credit Agreement as amended by this agreement
and such other matters as the Administrative Agent may reasonably
request, and (iii) except as delivered under the Existing Credit
Agreement, share certificates representing all of the issued and
outstanding shares of the Borrower duly endorsed in blank for
transfer or attached to duly executed stock transfers and powers of
attorney or as otherwise required under Applicable
Law.
ARTICLE 4
MISCELLANEOUS
4.1 No
Default.
The Obligors
represent and warrant to and in favour of the Administrative Agent
and the Lenders that no Default has occurred and is continuing as
at the date this agreement becomes effective and no Default would
arise immediately thereafter.
4.2 Future
References to the Credit Agreement.
On and after the
date of this agreement, each reference in the Credit Agreement to
“this agreement”, “hereunder”,
“hereof”, or words of like import referring to the
Credit Agreement, and each reference in any related document to the
“Credit Agreement”, “thereunder”,
“thereof”, or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit
Agreement as amended hereby. The Credit Agreement, as amended
hereby, is and shall continue to be in full force and effect and is
hereby in all respects ratified and confirmed.
4.3 Governing
Law.
This agreement
shall be governed by and construed in accordance with the laws of
the Province of Ontario and the federal laws of Canada applicable
therein.
4.4 Enurement.
This agreement
shall enure to the benefit of and shall be binding upon the parties
hereto and their respective successors and permitted
assigns.
4.5 Further
Assurances.
The Obligors
shall do, execute and deliver or shall cause to be done, executed
and delivered all such further acts, documents and things as the
Administrative Agent may reasonably request for the purpose of
giving effect to this agreement and to each and every provision
hereof.
4.6 Counterparts.
This agreement
may be executed and delivered in one or more original, emailed (in
..pdf format), faxed or by other electronic means, signed
counterparts, and by different parties in separate counterparts,
each of which shall be deemed to be an original and all of which
taken together shall be deemed to constitute one and the same
instrument.
4.7 Confirmation
of Security.
Each
Obligor confirms and agrees that the Liens and other obligations
expressed to be created under or pursuant to each Security Document
to which it is a party shall be binding upon such Obligor and its
collateral (as described in each such Security Document) shall be
unaffected by and shall continue in full force and effect
notwithstanding the amendment to the Credit Agreement as
constituted hereby and the execution and delivery and effectiveness
of this agreement shall not in any manner whatsoever reduce,
release, discharge, impair or otherwise prejudice or change the
rights of the Finance Parties arising under, by reason of or
otherwise in respect of such Liens and other obligations
constituted by each such Security Document. For the avoidance of
doubt, each Obligor hereby confirms that each Security Document to
which it is a party secures its Secured Obligations and that each
such Security Document continues in full force and
effect.
[Remainder of page intentionally blank.]
IN WITNESS WHEREOF, the parties hereto
have executed and delivered this agreement on the date first above
written.
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Xxxxxxx Mines
Inc.
1100 - 00
Xxxxxxxxxx Xxxxxx
Xxxxxxx, XX X0X
0X0
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XXXXXXX MINES INC.
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By:
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“Xxxxx
Xxxxx”
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Attention:
Chief Financial Officer
Telefax: (000)
000-0000
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By:
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Name: Xxxxx
Xxxxx
Title: President
& CEO
“Xxxxxxx XxXxxxxx”
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Name: Xxxxxxx
XxXxxxxx
Title:
CFO
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Xxxxxxx Mines
Corp.
1100 - 00
Xxxxxxxxxx Xxxxxx
Xxxxxxx, XX X0X
0X0
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XXXXXXX MINES CORP.
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By:
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“Xxxxx Xxxxx”
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Attention:
Chief Financial Officer
Telefax: (000)
000-0000
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By:
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Name: Xxxxx
Xxxxx
Title: President
& CEO
“Xxxxxxx XxXxxxxx”
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Name: Xxxxxxx
XxXxxxxx
Title: Exec VP
& CFO
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The Bank of Nova ScotiaCorporate Banking –
Loan Syndications40 King St. West – 00xx XxxxxXxxxxxx, Xxxxxxx X0X 0X0
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THE BANK OF NOVA SCOTIA, as Administrative Agent
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Attention:
Managing Director
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By:
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“Xxxxxxx Xx”
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Telefax: (000)
000-0000
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Name:
Xxxxxxx Xx
Title:
Director
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By:
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“Xxxx Xxxxxxxx”
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Name:
Xxxx Xxxxxxxx
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Title:
Analyst
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The Bank of Nova
ScotiaCorporate Banking – Global Mining
Scotia Plaza,
62nd
Floor
00 Xxxx Xxxxxx
Xxxx
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XXX XXXX XX XXXX XXXXXX, as Lender
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Xxxxxxx, Xxxxxxx
X0X 0X0
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By:
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“Xxxxxxxxx Xxxxxxx”
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Name:
Xxxxxxxxx Xxxxxxx
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Attention:
Managing Director
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Title:
Managing Director
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Telefax:
(000) 000-0000
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By:
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“Xxxxx Xxxxxxx”
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Name:
Xxxxx Xxxxxxx
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Title:
Associate Director
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