Letter Agreement Regarding UCC Filings and Material Use – Standard Chartered Bank (Mocatta Bullion) and Advanced Metallurgy, Inc.
Summary
This agreement is between Standard Chartered Bank (Mocatta Bullion) and Advanced Metallurgy, Inc. It confirms that Advanced Metallurgy has no outstanding materials under lease or similar arrangements with Rhode Island Hospital Trust National Bank or Degussa Corporation. Advanced Metallurgy agrees to ensure the termination of any related UCC financing statements and not to use materials from these entities without prior consent and proper termination of filings. Breaching this agreement will be considered an event of default under the related Silver Lease Agreement.
EX-10.18(1) 15 d61078_ex10-181.txt LETTER AGREEMENT DATED APRIL 9, 1996 EXHIBIT 10.18(1) The Mocatta Group April 9, 1996 Advanced Metallurgy, Inc. Murray Corporate Park 1003 Corporate Drive Export, PA 15362 Gentlemen/Mesdames: In consideration of the Silver Lease Agreement between you and us dated as of April __, 1996 (the "Agreement"), you hereby confirm and agree that (i) as of the date hereof you have no Material (as defined in the Agreement) outstanding under any lease, consignment, loan or similar agreement or arrangement with Rhode Island Hospital Trust National Bank ("Rhode Island") or Degussa Corporation ("Degussa"), (ii) you have requested each of Rhode Island and Degussa to terminate all UCC financing statements and continuation statements at any time filed by it in respect of Material leased, consigned, borrowed or otherwise used or obtained by you and shall use your best efforts to confirm that such statements are promptly terminated and provide us with evidence of such termination as promptly as possible, (iii) for as long as the Agreement remains in effect you shall not lease, consign, borrow or otherwise use or obtain Material from Rhode Island or Degussa unless all UCC statements previously filed by Rhode Island or Degussa, as the case may be, have been terminated and (iv) you shall not permit Rhode Island or Degussa to file financing statements with respect to Material without notice to us and our consent as required by the Agreement. A breach of this letter agreement shall be an Event of Default under the Agreement, and we shall have the rights and remedies available to us upon the occurrence of such Event. Please return a signed copy of this letter to us at the address shown below to indicate your confirmation of and agreement to the foregoing. We look forward to a successful relationship. Very truly yours, STANDARD CHARTERED BANK - MOCATTA BULLION, NEW YORK By: /s/ Timothy P. Dinneny -------------------------------------- Name: Timothy P. Dinneny Title: Senior Vice President By: /s/ Randy M. Weinerman -------------------------------------- Name: Randy M. Weinerman Title: Vice President Confirmed and agreed: ADVANCED METALLURGY, INC. By: /s/ James J. Rafferty, Sr. ---------------------------- Name: James J. Rafferty, Sr. Title: President
