Item 1.01. Entry into a Material Definitive Agreement.
Equipment Financing Agreement
“Master Loan Agreement”), pursuant to which UES can borrow, from time to time,
reimbursement of deposits) by UES of certain equipment (the “Equipment”), each
constituting a secured loan transaction (each, a “Term Loan”). UES’s obligation
to repay each Term Loan will be evidenced by a term note (each, a “Term Note”),
which will have a term of 84 months in arrears fully amortizing and will
commence on the date of the Term Note. Interest on progress payments and
reimbursement of deposits will accrue at an annual fixed rate of 8.00%, payable
monthly. Interest on each Term Loan will accrue at a fixed rate to be calculated
other information service available to
immediately prior to the commencement date for such Term Note, plus 4.50%.
The Term Loans and Term Notes will be secured by a first priority security
interest in and to all of UES’s rights, title and interests in the Equipment.
In accordance with the Master Loan Agreement, Ampco delivered an unconditional
guaranty of payment and performance of the obligations of UES under the Master
Loan Agreement to
The financing to be provided under the Master Loan Agreement will be used to
finance the Ampco’s previously announced capital expenditure project. All of the
equipment will be domiciled in
The foregoing descriptions of the Master Loan Agreement and the Guaranty do not
purport to be a complete description of the parties’ rights and obligations
under the Master Loan Agreement and the Guaranty. The above descriptions are
qualified in their entirety by reference to the complete Master Loan Agreement
and the Guaranty, copies of are filed herewith.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
To the extent applicable, the information included in Item 1.01 under the
heading “Equipment Financing Agreement” is incorporated by reference into this
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. 10.1†
Master Loanand Security Agreement between Union Electric Steel Corporationand Clarus Capital Funding I, LLC, dated September 29, 2022, filed herewith. 10.2† Guaranty made by Ampco-Pittsburgh Corporationto Clarus Capital Funding I, LLC, and dated September 29, 2022, filed herewith. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) † Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K and will be provided to the Securities and Exchange Commissionupon request.
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