THIRD SUPPLEMENTAL INDENTURE
THIRD
SUPPLEMENTAL INDENTURE
This
THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental
Indenture”) is dated as of May 7, 2007, among XXXXX PLASTICS HOLDING
CORPORATION (or its successor) (the “Company”), XXXXX
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee
under the indenture referred to below (the “Trustee”), ROLLPAK
ACQUISITION CORPORATION and ROLLPAK CORPORATION (each, a “New Guarantor” and
collectively, the “New
Guarantors”).
W I T N E
S S E T H :
WHEREAS,
the Company (as successor to Covalence Specialty Materials Corp.) and certain
Guarantors have heretofore executed and delivered to the Trustee an indenture
(as supplemented by the first supplemental indenture dated as of April 3, 2007
among Covalence Specialty Materials Corp., the guarantors party thereto and the
Trustee and the second supplemental indenture dated as of April 3, 2007, among
Covalence Specialty Materials Corp., the Company, the guarantors party thereto
and the Trustee, and as further amended, supplemented or otherwise modified, the
“Indenture”)
dated as of February 16, 2006, providing for the issuance of 10¼% Senior
Subordinated Notes due 2016 (the “Securities”) in the
aggregate principal amount of $265,000,000;
WHEREAS,
the Company has entered into that certain Stock Purchase Agreement dated as of
March 30, 2007 (the “Stock Purchase
Agreement”) with the Sellers identified therein, pursuant to which the
Company purchased (the “Stock Purchase”) all
of the issued and outstanding capital stock of Rollpak Acquisition Corporation
which, in turn, owns 100% of the issued and outstanding capital stock of Rollpak
Corporation;
WHEREAS,
upon the effectiveness of the Stock Purchase, each New Guarantor shall be a
Restricted Subsidiary of the Company;
WHEREAS,
Section 4.11 of the Indenture provides that the Company shall cause each
Restricted Subsidiary that is a Domestic Subsidiary that guarantees any
indebtedness of the Company or any of its Restricted Subsidiaries, to execute
and deliver to the Trustee a supplemental indenture pursuant to which such
Restricted Subsidiary shall guarantee payment of the Securities;
WHEREAS,
as of the date hereof, each New Guarantor will guarantee indebtedness of the
Company under the following agreements: (i) the Amended and Restated Revolving
Credit Agreement dated as of April 3, 2007 among the Company (as successor to
Covalence Specialty Materials Corp.), Xxxxx Plastics Group, Inc. (“Holdings”), certain
domestic subsidiaries of the Company party thereto from time to time, the
lenders party thereto from time to time, Bank of America, N.A., as Collateral
Agent and Administrative Agent and the other financial institutions party
thereto, (ii) the Second Amended and Restated Term Loan Credit Agreement dated
as of April 3, 2007, among the Company (as successor to Covalence Specialty
Materials Corp.), Holdings, the lenders party thereto from time to time, Credit
Suisse, Cayman
Islands
Branch, as Collateral Agent and Administrative Agent and the other financial
institutions party thereto, (iii) the indenture dated as of September 20, 2006
between BPC Acquisition Corp. and the Trustee (as supplemented by the first
supplemental indenture dated as of September 20, 2006 by and among the Company
(formerly known as BPC Holding Corporation), BPC Acquisition Corp., the
guarantors party thereto and the Trustee and the second supplemental indenture
dated as of April 3, 2007, among the Company, the guarantors party thereto and
the Trustee, and as further amended, supplemented or otherwise modified),
providing for the issuance of the Company’s 8 7/8 % Second Priority Senior
Secured Fixed Rate Notes due 2014 in the aggregate principal amount of
$525,000,000 and Second Priority Senior Secured Floating Rate Notes due 2014 in
the aggregate principal amount of $225,000,000, and (iv) the indenture between
BPC Acquisition Corp. and the Trustee dated as of September 20, 2006 (as
supplemented by the first supplemental indenture dated as of September 20, 2006
by and among the Company (formerly known as BPC Holding Corporation), BPC
Acquisition Corp., the guarantors party thereto and the Trustee and the second
supplemental indenture dated as of April 3, 2007, among the Company, the
guarantors party thereto and the Trustee, and as further amended, supplemented
or otherwise modified), providing for the issuance of the Company’s 11% Senior
Subordinated Notes due 2016 in the aggregate principal amount of $425,000,000,
and therefore is required to guarantee payment of the Securities;
WHEREAS,
pursuant to Section 9.01 of the Indenture, the Trustee, the Company and the New
Guarantors are authorized to execute and deliver this Third Supplemental
Indenture;
NOW
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Guarantors,
the Company, and the Trustee mutually covenant and agree for the equal and
ratable benefit of the Holders of the Securities as follows:
1. Definitions. Capitalized
terms used herein and not defined herein have the meanings ascribed to such
terms in the Indenture.
2. Agreement to
Guarantee. Each of the New Guarantors hereby agrees, jointly
and severally with all existing Guarantors, to unconditionally guarantee the
Company’s obligations under the Securities on the terms and subject to the
conditions set forth in Articles 11 and 12 of the Indenture and to be bound by
all other applicable provisions of the Indenture and the Securities and to
perform all of the obligations and agreements of a Guarantor under the
Indenture.
3. Notices. All
notices or other communications to the New Guarantors shall be given as provided
in Section 13.02 of the Indenture.
4. Ratification of Indenture;
Third Supplemental Indenture Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect. This Third Supplemental Indenture shall form a
part of the Indenture for all purposes, and every Holder of Securities
heretofore or hereafter authenticated and delivered shall be bound
hereby.
5. Governing
Law. THIS
THIRD SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.
6. Trustee Makes No
Representation. The Trustee makes no representation as to the
validity or sufficiency of this Third Supplemental Indenture.
7. Counterparts. The
parties may sign any number of copies of this Third Supplemental
Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.
8. Effect of
Headings. The Section headings herein are for convenience only
and shall not effect the construction thereof.
[SIGNATURE
PAGES FOLLOW]
IN
WITNESS WHEREOF, the parties hereto have caused this Third Supplemental
Indenture to be duly executed as of the date first above written.
THE NEW
GUARANTORS:
ROLLPAK
ACQUISITION CORPORATION
By: /s/ Xxxxxxx
Thompson________________
Name:
Xxxxxxx Xxxxxxxx
Title:
Authorized Signatory
ROLLPAK
CORPORATION
By: /s/ Xxxxxxx
Thompson________________
Name:
Xxxxxxx Xxxxxxxx
Title:
Authorized Signatory
XXXXX
PLASTICS HOLDING CORPORATION
By:/s/ Xxxxxxx
Thompson___________________
Name:
Xxxxxxx Xxxxxxxx
Title:
Authorized Signatory
XXXXX
FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE
By: /s/ Xxxxxx X.
X’Xxxxxxx
Name:
Xxxxxx X. X’Xxxxxxx
Title:
Vice President
