Exhibit 10.2
AMENDMENT NO. 1 TO THE
CREDIT AGREEMENT
Dated as of
April , 2009
AMENDMENT NO. 1 TO THE CREDIT
AGREEMENT (this “
Amendment ”) among Chemtura Corporation, a Delaware
corporation (the “ Borrower ”), the guarantors
party thereto (the “ Guarantors ”), the banks,
financial institutions and other institutional lenders party to the
Credit Agreement referred to below (collectively, the “
Lenders ”) and Citibank, N.A., as administrative agent
(the “ Administrative Agent ”) for the
Lenders.
PRELIMINARY
STATEMENTS:
(1)
The Borrower, the Guarantors, the
Lenders and the Administrative Agent have entered into the Senior
Secured Superpriority Debtor-in-Possession Credit Agreement dated
as of March 18, 2009 (the “ Credit Agreement
”). Capitalized terms not otherwise defined in this
Amendment have the same meanings as specified in the Credit
Agreement.
(2)
The Borrower has requested that the
Lenders amend certain provisions of the Credit Agreement. The
Lenders party hereto are, on the terms and conditions stated below,
willing to grant the request of the Borrower.
SECTION 1.
Amendments to the Credit
Agreement . The
Credit Agreement is, effective as of the date hereof and subject to
the satisfaction of the conditions precedent set forth in
Section 2 of this Amendment, hereby amended as
follows:
(a)
The definition of
“Specified Interest Accrual Period” contained in
Section 1.01 of the Credit Agreement is hereby amended by
adding the following proviso at the end of such
definition:
“; provided that no
Specified Interest Accrual Period shall commence or end after
April 28, 2009 and any Specified Interest Accrual Period in
effect as of April 28, 2009 shall be deemed to end on
April 28, 2009.”
(b)
Section 5.02(g)(xii) of
the Credit Agreement is hereby amended by replacing
“$7,500,000” therein with
“$40,000,000”.
(c)
Section 5.04(b) of
the Credit Agreement is hereby amended in full to read as
follows:
“(b)
Minimum Availability
. Not permit Availability to
be less than (i) $25,000,000 on any day that occurs after the
Final Term Advance Date but on or before June 30, 2009 and
(ii) $30,000,000 on any day after June 30,
2009.”
