AMENDMENT NO. 1
EXHIBIT 10.01
AMENDMENT NO. 1
AMENDMENT dated as of April 17, 2007 to the Five-Year Credit Agreement dated as of June 30,
2005 (the “Credit Agreement”) among XXXXXX XXXXXXXX MATERIALS, INC., the LENDERS listed on the
signature pages thereof, JPMORGAN CHASE BANK, N.A., as Administrative Agent, and BANK OF AMERICA,
N.A., BNP PARIBAS, BRANCH BANKING AND TRUST COMPANY and WACHOVIA BANK, NATIONAL ASSOCIATION, as
Co-Syndication Agents.
The parties hereto agree as follows:
Section 1. Defined Terms; References. Unless otherwise specifically
defined herein, each term used herein that is defined in the Credit Agreement has the meaning
assigned to such term in the Credit Agreement. Each reference to “hereof”, “hereunder”, “herein”
and “hereby” and each other similar reference and each reference to “this Agreement” and each other
similar reference contained in the Credit Agreement shall, after this Amendment becomes effective,
refer to the Credit Agreement as amended hereby.
Section 2. Amendments. The Credit Agreement is hereby amended as follows:
(a) The following two definitions are added to Section 1.01 in their appropriate alphabetical
position:
“Consolidated EBITDA” means, for any period, net income (or net loss) (before
discontinued operations) plus the sum of (a) consolidated interest expense, (b) income tax
expense, (c) depreciation expense, (d) amortization expense, (e) depletion expense, (f)
stock based compensation expense and (g) any non-cash losses or expenses from any unusual,
extraordinary or otherwise non-recurring items as reasonably determined by the Borrower,
and minus (x) consolidated interest income and (y) the sum of the amounts for such period
of any income tax benefits and any income or gains from any unusual, extraordinary or
otherwise non-recurring items as reasonably determined by the Borrower, in each case
determined on a consolidated basis for the Borrower and its Subsidiaries in accordance
with GAAP and in the case of items (a) through (g) and items (x) and (y), to the extent
such amounts were included in the calculation of net income. For the purpose of
calculating Consolidated EBITDA for any period, if during such period the Borrower or any
Subsidiary shall have made an acquisition or a disposition, Consolidated EBITDA for such
period shall be calculated after giving pro forma effect
thereto as if such acquisition or disposition, as the case may be, occurred on the
first day of such period.
“Leverage Ratio” means, at any date, the ratio of (a) Consolidated Debt at such date
to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters most
recently ended on or prior to such date, taken as one accounting period.
(b) Section 5.08 is amended by inserting the following at the beginning of clause (i) thereof:
“Liens incurred in the ordinary course of business not securing Debt which do not impair in any
material respect the usefulness in the business of the Borrower and its Restricted Subsidiaries of
the assets to which such Liens attach;”
(c) Section 5.09 is amended as follows:
(i) the text of the first sentence preceding the proviso is amended to read “The
Leverage Ratio shall not exceed 2.75 to 1.00 as of the end of any fiscal quarter;” and
(ii) the figure “65%” at the end of such proviso is changed to “3.25 to 1.00.”
(d) The following provisions are deleted:
(iii) the definitions of Equity Hybrid Security, Equity Purchase and Total Capital in
Section 1.01; and
(iv) the second sentence of Section 5.09.
(e) Paragraph 5 of Exhibit H is amended to read in its entirety as follows:
5. Maximum Leverage Ratio Calculation. The financial data and computations
supporting the Borrower’s compliance on and as of the Certification Date with the
financial covenant contained in Section 5.09 of the Agreement are set forth below, and
such financial data and computations are true, correct, and complete:
(A) Consolidated Debt
(B) Consolidated
EBITDA
Actual leverage
(A)/(B)
;
Maximum Allowable Leverage 2.75 to 1.00
(under certain circumstances set forth in Section 5.09 of the Credit Agreement, Maximum
Allowable Leverage can be 3.25 to 1.00)
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Section 3. Representations of Borrower. The Borrower represents and
warrants that (i) the representations and warranties of the Borrower set forth in Article 4 of the
Credit Agreement will be true on the Amendment Effective Date and (ii) no Default will have
occurred and be continuing at such time.
Section 4. Effect of Amendment. Except as expressly set forth herein, nothing contained
herein shall constitute a waiver or amendment of any term or condition of the Credit Agreement, and
all such terms and conditions shall remain in full force and effect and are hereby ratified and
confirmed in all respects.
Section 5. Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York.
Section 6. Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.
Section 7. Effectiveness. This Amendment shall become effective as of the
date (the “Amendment Effective Date”) on which the Administrative Agent shall have received from
the Borrower and such Lenders as may be necessary in order that the signatories hereto comprise the
Required Lenders a counterpart hereof signed by such party or facsimile or other written
confirmation (in form satisfactory to the Administrative Agent) that such party has signed a
counterpart hereof.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written.
XXXXXX XXXXXXXX MATERIALS, INC. |
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By: | /s/ Xxxx X. Xxxxx | |||
Name: | Xxxx X. Xxxxx | |||
Title: | Senior Vice President, Chief Financial Officer and Treasurer | |||
JPMORGAN CHASE BANK, N.A. as Administrative Agent and as Lender |
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By: | /s/ Xxxxxxx X. Xxxxx | |||
Name: | Xxxxxxx X. Xxxxx | |||
Title: | Vice President |
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written.
WACHOVIA BANK, NATIONAL ASSOCIATION as Lender |
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By: | /s/ Xxxxxx X. Xxxx | |||
Name: | Xxxxxx X. Xxxx | |||
Title: | Vice President | |||
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written.
BANK OF AMERICA, N.A. as Lender |
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By: | /s/ Xxxxxxx X. Xxxxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxxxx | |||
Title: | Managing Director | |||
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written.
CITIBANK, N.A. as Lender |
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By: | /s/ Xxxxx X. Xxxxxxxx | |||
Name: | Xxxxx X. Xxxxxxxx | |||
Title: | Vice President | |||
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written.
BRANCH BANKING AND TRUST COMPANY as Lender |
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By: | /s/ Xxxx X. Xxxxx | |||
Name: | Xxxx X. Xxxxx | |||
Title: | Senior Vice President | |||
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written.
XXXXX FARGO BANK, N.A. as Lender |
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By: | /s/ Xxxxxx X. Xxxxxxxx | |||
Name: | Xxxxxx X. Xxxxxxxx | |||
Title: | Vice President | |||