Exhibit 10.1
SIXTH AMENDMENT TO CREDIT AGREEMENT
THIS SIXTH AMENDMENT TO CREDIT
AGREEMENT dated as of April 14, 2009 (the “
Amendment ”) is entered into among Georgia Gulf
Corporation, a Delaware corporation (“ GGC ”),
Royal Group, Inc. (formerly known as Royal Group Technologies
Limited), a Canadian federal corporation (the “ Canadian
Borrower ”; together with GGC, the “
Borrowers ”), the Guarantors, the Lenders party
hereto, Bank of America, National Association, as Domestic
Administrative Agent and Bank of America, National Association
acting through its Canada branch, as Canadian Administrative
Agent. All capitalized terms used herein and not otherwise
defined herein shall have the meanings given to such terms in the
Credit Agreement (as defined below).
RECITALS
WHEREAS, the Borrowers, the
Guarantors, the Lenders, Bank of America, National Association, as
Domestic Administrative Agent, Domestic Collateral Agent and
Domestic L/C Issuer, Bank of America, National Association acting
through its Canada branch, as Canadian Administrative Agent,
Canadian Collateral Agent and Canadian L/C Issuer and The Bank of
Nova Scotia, as Canadian Swing Line Lender entered into that
certain Credit Agreement dated as of October 3, 2006 (as
amended from time to time, the “ Credit Agreement
”); and
WHEREAS, GGC has requested that the
Lenders amend the Credit Agreement as set forth below;
NOW, THEREFORE, in consideration of
the premises and the mutual covenants contained herein, and for
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as
follows:
Section 1.
Amendments .
(a)
The first sentence of Section 6.07 of the Credit Agreement is
hereby amended by inserting “; provided that the
failure, if any, of GGC or any Subsidiary to make the interest
payments due on April 15, 2009 under the 2006 Senior Notes and
the 2006 Senior Subordinated Notes shall not render inaccurate the
foregoing representation unless any portion of such amounts remains
unpaid as of 5:00 p.m. on May 11, 2009” at the end
thereof.
(b)
Section 7.04 of the Credit Agreement is hereby amended by
inserting “; provided that the failure, if any, of any
Loan Party to make the interest payments due on April 15, 2009
under the 2006 Senior Notes and the 2006 Senior Subordinated Notes
shall not constitute a breach of this covenant unless any portion
of such amounts remains unpaid as of 5:00 p.m. on May 11,
2009” at the end thereof.
(c)
Section 9.01(f)(i)(A) of the Credit Agreement is hereby
amended by inserting “(or, in the case of the interest
payments due on April 15, 2009 under the 2006 Senior Notes and
the 2006 Senior Subordinated Notes, prior to 5:00 p.m. on
May 11, 2009)” immediately following the word
“due” in the first line thereof. For avoidance of
doubt, it is understood and agreed that the failure to have made
any such payment prior to 5:00 p.m. on May 11, 2009 does
not constitute a Default.
Section 2.
Conditions Precedent . This Amendment shall be
effective upon satisfaction of the following conditions precedent
(the date on which such conditions have been satisfied, the “
Amendment Effective Date ”):
(a)
Receipt by the Domestic Administrative Agent of counterparts of
this Amendment duly executed by the Borrowers, the Guarantors set
forth on the signature pages hereto, the Required Lenders, the
Required Domestic Revolving Lenders, the Required Canadian
Revolving Lenders and Bank of America, N.A., as Administrative
Agent;
(b)
Receipt by the Domestic Administrative Agent (i) for the
account of (x) each Lender that has the right under the
Credit Agreement to approve this Amendment and that has executed
this Amendment on or prior to 9:00 p.m., New York City time,
on April 14, 2009 and (y) each other Lender that has the
right under the Credit Agreement to approve this Amendment and that
has not been given the opportunity to access this Amendment and
consent thereto (each of the Lenders described in the foregoing
clauses (x) and (y) a “ Consenting Lender
”), a fee equal to 0.125% of the aggregate amount of each
such Consenting Lender’s (A) Canadian Revolving
Commitment, (B) Canadian Swing Line Commitment,
(C) Domestic Revolving Commitment and (D) portion of the
Term Loan outstanding and (ii) any fees and expenses of the
Administrative Agents (including reasonable attorneys’ fees
of the Administrative Agents) in connection with the Loan
Documents;
(c)
Receipt by BAS of all fees, expenses and other amounts that have
become due and payable to BAS, in its capacity as arranger of the
Amendment, on or prior to the Amendment Effective Date pursuant to
that certain letter agreement dated as of April 10, 2009
between GGC and BAS; and
(d)
Receipt by any Administrative Agent of such other documents,
instruments, agreements and information as reasonably requested by
such Administrative Agent.
Section 3.
Release .
(a)
Each Loan Party and its respective successors, assigns and legal
representatives (collectively, the “ Releasors
”), releases, acquits and forever discharges each
Administrative Agent and each Lender (collectively, the “
Lender Parties ”), and their respective subsidiaries,
parents, affiliates, officers, directors, employees, agents,
attorneys, advisors, successors and assigns, both present and
former (collectively, the “ Lender Party Affiliates
”), from any and all manner of losses, costs, defenses,
damages, liabilities, deficiencies, actions, causes of action,
suits, debts, controversies, damages, judgments, executions,
claims, demands and out-of-pocket expenses whatsoever, asserted or
unasserted, known or unknown, foreseen or unforeseen, in contract,
tort, law or equity (generically, “ Claims ”),
that any Releasor has or may have against any of the Lender Parties
and/or the Lender Party Affiliates by reason of any action, failure
to act, event, statement, accusation, assertion, matter or thing
whatsoever arising from or based on facts occurring prior to the
Amendment Effective Date that arises out of or is connected to the
Loan Documents, the Loans and the Letters of Credit, including but
not limited to any Claims or defense that relates to, in whole or
in part, directly or indirectly: (i) the Credit
Agreement or any other Loan Document or the transactions
contemplated thereby; (ii) the making of any Loans or issuance
of Letters of Credit under the Loan Documents; (iii) any
actual or proposed use by the Loan Parties of the proceeds of the
Loans or Letters of Credit; (iv) any actions or omissions of
any Lender Party or Lender Party Affiliate in connection with the
initiation or continuing exercise of any right or remedy contained
in the Loan Documents at law or in equity; (v) the making or
administration of the Loans, including without limitation, any such
claims and defenses based on fraud, mistake, duress, usury or
misrepresentation, or any other claim based on so-called
“lender liability theories”; (vi) any covenants,
agreements, duties or obligations set forth in the Loan Documents;
(vii) lost profits, (viii) loss of business opportunity,
(ix) increased financing costs, (x) increased legal or
other administrative fees or (xi) damages to business
reputation.
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(b)
Each Loan Party, on behalf of itself and its successors, assigns,
and other legal representatives, hereby unconditionally and
irrevocably agrees that it will not sue any Lender Party or Lender
Party Affiliate on the basis of any Claim released, remised and
discharged by such Loan Party pursuant to this
Section 3. If any Loan Party or any of their respective
successors, assigns or other legal representatives violates the
foregoing covenant, each Loan Party, for itself and its successors,
assigns and legal representatives, agrees to pay, in addition to
such other damages as any Lender Party or Lender Party Affiliate
may sustain as a result of such violation, all reasonable and
documented attorneys’ fees and costs incurred by any Lender
Party or Lender Party Affiliate as a result of such
violation.
Section 4.
Miscellaneous .
(a)
The Credit Agreement, and the obligations of the Loan Parties
thereunder and under the other Loan Documents, are hereby ratified
and confirmed and shall remain in full force and effect according
to their terms.
(b)
Each Guarantor (a) acknowledges and consents to all of the
terms and conditions of this Amendment, (b) affirms all of its
obligations under the Loan Documents and (c) agrees that this
Amendment and all documents executed in connection herewith do not
operate to reduce or discharge its obligations under the Credit
Agreement or the Loan Documents.
(c)
The Borrowers and the Guarantors hereby represent and warrant as
follows:
(i)
Each Loan Party has taken all necessary action to authorize the
execution, delivery and performance of this Amendment.
(ii)
This Amendment has been duly executed and delivered by the Loan
Parties and constitutes each of the Loan Parties’ legal,
valid and binding obligations, enforceable in accordance with its
terms, except as such enforceability may be limited by Debtor
Relief Laws and general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at
law).
(iii)
No consent, approval, authorization or order of, or filing,
registration or qualification with, any court or governmental
authority or third party is required in connection with the
execution, delivery or performance by any Loan Party of this
Amendment.
(d)
The Loan Parties represent and warrant to the Lenders that after
giving effect to this Amendment (i) the representations and
warranties of the Loan Parties set forth in Article VI of the
Credit Agreement and in each other Loan Document are true and
correct in all material respects as of the date hereof and will be
true and correct in all material respects as of the Amendment
Effective Date with the same effect as if made on and as of such
dates, except to the extent such representations and warranties
expressly relate solely to an earlier date and (ii) no event
has occurred and is continuing which constitutes a Default or an
Event of Default.
(e)
Each Loan Party hereby ratifies and confirms the security interest
in and to all Collateral granted to the Collateral Agent pursuant
to the Collateral Documents and the perfected, first priority
status of such security interest as set forth therein (subject only
to liens which are permitted by the terms of the Loan Documents to
be prior to the Lien of the Collateral Agent).
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(f)
In the event that the Amendment Effective Date occurs during the
period beginning on April 15, 2009 through and including
May 11, 2009, the Lenders hereby waive, solely during the
period beginning on April 15, 2009 through and including the
Amendment Effective Date, any Event of Default under
Section 9.01(f) of the Credit Agreement arising from the
Company’s failure to pay the interest payments due on
April 15, 2009 on the 2006 Senior Notes and the 2006 Senior
Subordinated Notes. The waiver granted pursuant to this
Section 4(f) shall be limited precisely as written, and
shall not extend to any Default or Event of Default under any other
provision of the Credit Agreement.
(g)
This Amendment may be executed in any number of counterparts, each
of which when so executed and delivered shall be an original, but
all of which shall constitute one and the same instrument.
Delivery of an executed counterpart of this Amendment by telecopy
shall be effective as an original and shall constitute a
representation that an executed original shall be
delivered.
(h)
THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
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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.
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BORROWERS:
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GEORGIA GULF CORPORATION ,
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a Delaware corporation, as a Borrower and, with
respect to the Canadian Obligations, as a Guarantor
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By:
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/s/ Gregory Thompson
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Name: Gregory Thompson
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Title: Chief Financial Officer
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ROYAL GROUP, INC. (formerly known as ROYAL GROUP
TECHNOLOGIES LIMITED) , a
Canadian federal corporation, as a Borrower
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By:
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/s/ Gregory Thompson
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Name: Gregory Thompson
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Title: Chief Financial Officer
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DOMESTIC GUARANTORS:
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GEORGIA GULF CHEMICALS & VINYLS,
LLC , a Delaware limited
liability company
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By:
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/s/ Gregory Thompson
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Name: Gregory Thompson
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Title: Vice President
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GEORGIA GULF LAKE CHARLES, LLC
, a Delaware limited liability
company
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By:
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/s/ Gregory Thompson
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Name: Gregory Thompson
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Title: Vice President
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GREAT RIVER OIL & GAS
CORPORATION , a Delaware
corporation
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By:
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/s/ Gregory Thompson
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Name: Gregory Thompson
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Title: Vice President
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ROME DELAWARE CORP. , a Delaware corporation
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By:
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/s/ Gregory Thompson
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Name: Gregory Thompson
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Title: Vice President
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ROYAL PLASTICS GROUP (U.S.A.) LIMITED
, a Delaware corporation
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By:
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/s/ Gregory Thompson
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Name: Gregory Thompson
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Title: Vice President
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PLASTIC TRENDS, INC. , a Michigan corporation
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By:
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/s/ Gregory Thompson
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Name: Gregory Thompson
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Title: Vice President
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