FIRST AMENDMENT TO CREDIT AGREEMENT
Exhibit 10.8
EXECUTION COPY
FIRST AMENDMENT
TO CREDIT AGREEMENT
TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of April 6,
2006, is by and among CALUMET LUBRICANTS CO., LIMITED PARTNERSHIP, an Indiana limited partnership
(the “Company”), CALUMET SHREVEPORT, LLC, an Indiana limited liability company
(“Calumet Shreveport”), CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC, an Indiana limited
liability company (“CSLW”), CALUMET SHREVEPORT FUELS, LLC, an Indiana limited liability
company (“CSF”), CALUMET SPECIALTY PRODUCTS PARTNERS, L.P., a Delaware limited partnership
(“CSPP”), CALUMET LP GP, LLC, a Delaware limited liability company (“CLPGP”),
CALUMET OPERATING, LLC, a Delaware limited liability company (“Operating”) and CALUMET
SALES COMPANY INCORPORATED, a Delaware corporation (“Calumet Sales” and together with the
Company, Calumet Shreveport, CSLW, CSF, CSPP, CLPGP and Operating, collectively, the
“Borrowers” and each individually a “Borrower”), the financial institutions
identified on the signature pages hereto as lenders (collectively, “Lenders”), and BANK OF
AMERICA, N.A., as agent for the Lenders (the “Agent”).
W I T N E S S E T H:
WHEREAS, pursuant to that certain Credit Agreement dated as of December 9, 2005 among the
Borrowers, the Lenders and the Agent (as amended, the “Existing Credit Agreement”), the
Lenders have extended commitments to make certain credit facilities available to the Borrowers;
WHEREAS, the Company has requested that the Lenders agree to amend certain provisions of the
Existing Credit Agreement; and
WHEREAS, the Agent and the Lenders are willing to make such amendments upon the terms and
conditions contained in this Amendment;
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and in consideration of the agreements herein contained, the parties hereby
agree as follows:
PART I
DEFINITIONS
DEFINITIONS
SUBPART 1.1. Certain Definitions. Unless otherwise defined herein or the
context otherwise requires, the following terms used in this Amendment, including its
preamble and recitals, have the following meanings:
“Amended Credit Agreement” means the Existing Credit Agreement as
amended hereby.
“Amendment No. 1 Effective Date” is defined in Subpart
3.1.
SUBPART 1.2. Other Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Amendment, including its preamble and
recitals, have the meanings provided in the Amended Credit Agreement.
PART II
AMENDMENTS TO EXISTING CREDIT AGREEMENT
AMENDMENTS TO EXISTING CREDIT AGREEMENT
Effective on (and subject to the occurrence of) the Amendment No. 1 Effective Date, the
Existing Credit Agreement is hereby amended in accordance with this Part II. Except as so
amended, the Existing Credit Agreement shall continue in full force and effect.
SUBPART 2.1. Amendments to Section 1.1. The definition of “Reporting Trigger
Event” in Section 1.1 of the Existing Credit Agreement is hereby deleted in its entirety and
replaced with the following:
Reporting Trigger Event — the occurrence of any of the
following: (a) Availability falls below $50,000,000 or (b) a Default or
Event of Default.
PART III
CONDITIONS TO EFFECTIVENESS
CONDITIONS TO EFFECTIVENESS
SUBPART 3.1. Amendment No. 1 Effective Date. This Amendment shall be and
become effective as of the date hereof (the “Amendment No. 1 Effective Date”) when
all of the conditions set forth in this Part III shall have been satisfied, and
thereafter this Amendment shall be known, and may be referred to, as the “First
Amendment.”
SUBPART 3.2. Execution of Counterparts of Amendment. The Agent shall have
received counterparts (or other evidence of execution, including telephonic message,
satisfactory to the Agent) of this Amendment, which collectively shall have been duly
executed on behalf of each of the Borrowers and each of the Lenders.
SUBPART 3.3 Amendment Fee. The Borrower shall have paid or caused to be paid
an amendment fee to the Agent in connection with this Amendment for the account of each
Lender that shall have returned executed signature pages to this Amendment no later than
5:00 p.m. on Thursday, April 6, 2006, as directed by the Agent, in an amount equal to
$1,428.57 per Lender.
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PART IV
MISCELLANEOUS
MISCELLANEOUS
SUBPART 4.1 Cross-References. References in this Amendment to any Part or
Subpart are, unless otherwise specified, to such Part or Subpart of this Amendment.
SUBPART 4.2. Instrument Pursuant to Existing Credit Agreement. This Amendment
is an Other Agreement executed pursuant to the Existing Credit Agreement and shall (unless
otherwise expressly indicated therein) be construed, administered and applied in accordance
with the terms and provisions of the Existing Credit Agreement.
SUBPART 4.3. References in Other Agreements. At such time as this Amendment
shall become effective pursuant to the terms of Subpart 3.1, all references in the
Other Agreements to the “Credit Agreement” shall be deemed to refer to the Existing Credit
Agreement as amended by this Amendment.
SUBPART 4.4. Representations and Warranties of the Borrowers. Each Borrower
hereby represents and warrants that (a) it has the requisite power and authority to execute,
deliver and perform this Amendment, (b) it is duly authorized to, and has been authorized by
all necessary action, to execute, deliver and perform this Amendment, (c) the
representations and warranties contained in Section 9 of the Existing Credit
Agreement (as amended by this Amendment) are true and correct in all material respects on
and as of the date hereof as though made on and as of such date and after giving effect to
the amendments contained herein (except for those which expressly relate to an earlier date)
and (d) no Default or Event of Default exists under the Existing Credit Agreement on and as
of the date hereof both before and after giving effect to the amendments contained herein.
SUBPART 5.5. Counterparts. This Amendment may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original and all of
which shall constitute together but one and the same agreement. Delivery of executed
counterparts of this Amendment by telecopy shall be effective as an original and shall
constitute a representation that an original will be delivered.
SUBPART 5.6. Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT
TO THE CONFLICT OF LAW PRINCIPLES THEREOF.
SUBPART 5.7. Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns.
SUBPART 5.8. Costs and Expenses. The Borrowers agree to pay all reasonable
costs and expenses of the Agent in connection with the preparation, execution and delivery
of this Amendment, including without limitation the reasonable fees and expenses of Xxxxx &
Xxx Xxxxx, PLLC.
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SUBPART 5.9. No Other Modification. Except to the extent specifically provided
to the contrary in this Amendment, all terms and conditions of the Existing Credit Agreement
and the Other Agreements shall remain in full force and effect, without modification or
limitation.
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Each of the parties hereto has caused a counterpart of this Amendment to be duly executed and
delivered as of the date first above written.
BORROWERS: | CALUMET LUBRICANTS CO., LIMITED PARTNERSHIP |
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By: | Calumet LP GP, LLC, its general partner | |||||||||||
By: | Calumet Operating, LLC, its sole member |
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By: | Calumet Specialty Products Partners, L.P., its sole member | |||||||||||
By: | Calumet GP, LLC, its general partner |
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By: /s/ R. XXXXXXX XXXXXX II | ||||||||||||
Name: R. Xxxxxxx Xxxxxx II | ||||||||||||
Title: Vice
President and Chief Financial Officer |
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CALUMET SHREVEPORT, LLC | ||||||||||||
By: /s/ R. XXXXXXX XXXXXX II | ||||||||||||
Name: R. Xxxxxxx Xxxxxx II | ||||||||||||
Title: Vice President and Chief Financial Officer | ||||||||||||
CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC | ||||||||||||
By: /s/ R. XXXXXXX XXXXXX II | ||||||||||||
Name: R. Xxxxxxx Xxxxxx II | ||||||||||||
Title: Vice President and Chief Financial Officer | ||||||||||||
CALUMET SHREVEPORT FUELS, LLC | ||||||||||||
By: /s/ R. XXXXXXX XXXXXX II | ||||||||||||
Name: R. Xxxxxxx Xxxxxx II | ||||||||||||
Title: Vice President and Chief Financial Officer | ||||||||||||
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. |
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By: | Calumet GP, LLC, its general partner | |||||||||||
By: | /s/ R. XXXXXXX XXXXXX II | |||||||||||
Name: | R. Xxxxxxx Xxxxxx II | |||||||||||
Title: | Vice President and Chief Financial Officer | |||||||||||
CALUMET LP GP, LLC | ||||||||||||
By: | Calumet Operating, LLC, its sole member | |||||||||||
By: | Calumet Specialty Products Partners, L.P., its sole member |
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By: | Calumet GP, LLC, its general partner |
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By: | /s/ R. XXXXXXX XXXXXX II | |||||||||||
Name: | R. Xxxxxxx Xxxxxx II | |||||||||||
Title: | Vice President and Chief Financial Officer | |||||||||||
CALUMET OPERATING, LLC | ||||||||||||
By: | Calumet Specialty Products Partners, L.P., its sole member |
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By: | Calumet GP, LLC, its general partner |
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By: | /s/ R. XXXXXXX XXXXXX II | |||||||||||
Name: | R. Xxxxxxx Xxxxxx II | |||||||||||
Title: | Vice President and Chief Financial Officer | |||||||||||
CALUMET SALES COMPANY INCORPORATED | ||||||||||||
By: | /s/ R. XXXXXXX XXXXXX II | |||||||||||
Name: | R. Xxxxxxx Xxxxxx II | |||||||||||
Title: | Vice President and Chief Financial Officer | |||||||||||
AGENT AND LENDERS: | BANK OF AMERICA, N.A., as Agent and a Lender |
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By: | /s/ XXXXX XXX XXXXX | |||||
Name: | Xxxxx Xxx Xxxxx | |||||
Title: | Senior Vice President | |||||
JPMORGAN CHASE BANK, N.A., as Co-Syndication Agent and a Lender |
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By: | /s/ XXXXXXXX XXXXXXXXXX | |||||
Name: | Xxxxxxxx Xxxxxxxxxx | |||||
Title: | Vice President | |||||
LASALLE BUSINESS CREDIT, INC., as Co-Syndication Agent and a Lender |
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By: | /s/ XXX XXXXXXXX | |||||
Name: | Xxx Xxxxxxxx | |||||
Title: | Vice President | |||||
XXXXX FARGO FOOTHILL, LLC, as a Lender |
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By: | /s/ XXXXX XXXXXXX | |||||
Name: | Xxxxx Xxxxxxx | |||||
Title: | Assistant Vice President | |||||
WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender |
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By: | /s/ XXX XXXXX | |||||
Name: | Xxx Xxxxx | |||||
Title: | Vice President | |||||
NATIONAL CITY BUSINESS CREDIT, INC., as a Lender |
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By: | /s/ XXX XXXX | |||||
Name: | Xxx Xxxx | |||||
Title: | Vice President | |||||
SIEMENS FINANCIAL SERVICES, INC., as a Lender |
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By: | /s/ XXXXXX X. XXXXXXX | |||||
Name: | Xxxxxx X. Xxxxxxx | |||||
Title: | Managing Director | |||||
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