EXHIBIT 10.18(1)
The Mocatta Group
April 9, 1996
Advanced Metallurgy, Inc.
▇▇▇▇▇▇ Corporate Park
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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/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: Senior Vice President
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Title: Vice President
Confirmed and agreed:
ADVANCED METALLURGY, INC.
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
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Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
Title: President