Exhibit 10.1.1
 
 
AMENDMENT NO. 1
TO
CREDIT AGREEMENT
among
RPM INTERNATIONAL INC.,
as a Borrower,
THE LENDERS NAMED HEREIN,
as Lenders,
and
NATIONAL CITY BANK,
as the Administrative Agent
 
dated as of July 18, 2006
 
 
 

 

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     This AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”) is entered into
as of July 18, 2006, by and among the following: (i) RPM INTERNATIONAL INC., a
Delaware corporation (the “Company”); (ii) the Lenders, as defined in the Credit
Agreement referred to below; and (iii) NATIONAL CITY BANK, as administrative
agent for the Lenders (the “Administrative Agent”).
RECITALS:
     A. The Company, the Foreign Borrowers from time to time party to the Credit
Agreement, the Administrative Agent, the Lenders, NATIONAL CITY BANK, as a joint
lead arranger, a joint book runner, an LC Issuer, and the Swing Line Lender,
KEYBANK NATIONAL ASSOCIATION, as a joint lead arranger, a joint book runner and
the syndication agent, WACHOVIA BANK, N.A., as co-documentation agent; and FLEET
NATIONAL BANK, as co-documentation agent, are parties to a Credit Agreement
dated as of November 19, 2004 (as the same may from time to time be amended,
restated or otherwise modified, the “Credit Agreement”; capitalized terms used
herein and not defined herein are used herein as defined in the Credit
Agreement).
     B. The Company has requested that Administrative Agent and the Lenders
agree to amend certain provisions of the Credit Agreement, as set forth herein.
     C. The Administrative Agent and the Lenders are willing to agree to such
amendments pursuant to the terms and subject to the conditions set forth herein.
AGREEMENT:
     In consideration of the premises and mutual covenants herein and for other
valuable consideration, the Company, the Administrative Agent and the Lenders
agree as follows:
     Section 1. Amendment to Definitions. Section 1.01 of the Credit Agreement
is hereby amended effective as of May 31, 2006, to delete the definition of
“EDITDA” therefrom and insert in place thereof the following:
     “EBITDA” shall mean, for any period, determined on a consolidated basis for
the Company and its Subsidiaries, (i) net income of the Company and its
Subsidiaries (calculated before provision for income taxes, interest expense,
extraordinary items, non-recurring gains or losses in connection with asset
dispositions, income attributable to equity in affiliates, all amounts
attributable to depreciation and amortization and non-cash charges associated
with asbestos liabilities) for such period, minus (ii) cash payments made by the
Company or any of its Subsidiaries in respect of asbestos liabilities (which
liabilities include, without limitation, defense costs and indemnification
liabilities incurred in connection with asbestos liabilities) during such
period.
     Section 2. Conditions Precedent. The amendments set forth above shall
become effective as of the date first written above if on or before such date
the following conditions have been satisfied:
     (i) this Amendment shall have been executed by the Company, the
Administrative Agent and the Majority Lenders, and counterparts hereof as so
executed shall have been delivered to the Administrative Agent; and
     (ii) the Company shall have provided such other items and shall have
satisfied such other conditions as may be reasonably required by the
Administrative Agent.

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     Section 3. Miscellaneous.
     3.1 Representations and Warranties. The Company, by signing below, hereby
represents and warrants to the Administrative Agent and the Lenders that:
     (i) the Company has the legal power and authority to execute and deliver
this Amendment;
     (ii) the officers executing this Amendment on behalf of the Company have
been duly authorized to execute and deliver the same and bind the Company with
respect to the provisions hereof;
     (iii) the execution and delivery hereof by the Company and the performance
and observance by the Company of the provisions hereof do not violate or
conflict with the Organizational Documents of the Company or any law applicable
to the Company or result in a breach of any provision of or constitute a default
under any other agreement, instrument or document binding upon or enforceable
against the Company;
     (iv) no Default or Event of Default exists under the Credit Agreement, nor
will any occur immediately after the execution and delivery of this Amendment or
by the performance or observance of any provision hereof;
     (v) upon the execution and delivery of this Amendment by the Company, this
Amendment shall constitute a valid and binding obligation of the Company in
every respect, enforceable in accordance with its terms, except as the
enforceability thereof may be limited by bankruptcy, insolvency or other similar
laws of general application affecting the enforcement of creditors’ rights or by
general principles of equity limiting the availability of equitable remedies;
and
     (vi) each of the representations and warranties set forth in Article VIII
of the Credit Agreement is true and correct in all material respects as of the
date hereof, except to the extent that any thereof expressly relate to an
earlier date.
     3.2 Waiver of Claims. The Company hereby waives and releases the
Administrative Agent and each of the Lenders and their respective directors,
officers, employees, attorneys, affiliates and subsidiaries from any and all
claims, offsets, defenses and counterclaims of which any of the undersigned is
aware arising out of or relating to the Credit Agreement and the other Loan
Documents, such waiver and release being with full knowledge and understanding
of the circumstances and effect thereof and after having consulted legal counsel
with respect thereto.
     3.3 Expenses. As provided in the Credit Agreement, but without limiting any
terms or provisions thereof, the Company agrees to pay on demand all reasonable
costs and expenses incurred by the Administrative Agent in connection with the
preparation, negotiation, and execution of this Amendment, including without
limitation the reasonable costs and fees of the Administrative Agent’s special
legal counsel, regardless of whether this Amendment becomes effective in
accordance with the terms hereof, and all costs and expenses incurred by the
Administrative Agent or any Lender in connection with the enforcement or
preservation of any rights under the Credit Agreement, as amended hereby.
     3.4 Credit Agreement Unaffected. Each reference to the Credit Agreement
herein or in any other Loan Document shall hereafter be construed as a reference
to the Credit Agreement as amended

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hereby. Except as herein otherwise specifically provided, all provisions of the
Credit Agreement shall remain in full force and effect and be unaffected hereby.
This Amendment is a Loan Document.
     3.5 Entire Agreement. This Amendment, together with the Credit Agreement
and the other Loan Documents, integrates all the terms and conditions mentioned
herein or incidental hereto and supersedes all oral representations and
negotiations and prior writings with respect to the subject matter hereof.
     3.6 Counterparts. This Amendment may be executed in any number of
counterparts, by different parties hereto in separate counterparts and by
facsimile signature, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same agreement.
     3.7 Governing Law. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF OHIO,
WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. TO THE FULLEST EXTENT PERMITTED
BY LAW, THE COMPANY HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO
ASSERT THAT THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF OHIO GOVERNS
THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS.
     3.8 JURY TRIAL WAIVER. EACH OF THE PARTIES TO THIS AMENDMENT HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OF THE OTHER
LOAN DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY AMENDMENTS, WAIVERS OR OTHER
MODIFICATIONS RELATING TO ANY OF THE FOREGOING), OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.
[Signature pages follow.]

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     IN WITNESS WHEREOF, this Amendment has been duly executed and delivered as
of the date first above written.

                      RPM INTERNATIONAL INC.
 
                    By:   /s/ Keith R. Smiley                   Name:   Keith R.
Smiley         Title:   Vice President, Treasurer and
Assistant Secretary
 
                    NATIONAL CITY BANK,
as the Administrative Agent, the Swing Line Lender,
the LC Issuer and a Lender
 
                    By:   /s/ Robert S Coleman                   Name:   Robert
S Coleman         Title:   Senior Vice President
 
                    NATIONAL CITY BANK, CANADA BRANCH
 
                    By:   /s/ Caroline Stade   /s/ William Hines                
      Name: Caroline Stade   William Hines         Title: Senior Vice President
  Senior Vice President

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Signature page to
the Amendment No. 1 to Credit Agreement
among RPM International Inc., as Borrower,
National City Bank, as the Administrative Agent,
and the Lenders party thereto

             
 
                Name of Institution:   KEYBANK NATIONAL ASSOCIATION          
 
           
 
      By:   /s/ Thomas J. Purcell
 
           
 
          Name: Thomas J. Purcell
Title: Senior Vice President

 

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Signature page to
the Amendment No. 1 to Credit Agreement
among RPM International Inc., as Borrower,
National City Bank, as the Administrative Agent,
and the Lenders party thereto

             
 
                Name of Institution:   Wachovia Bank, National Association      
   
 
           
 
      By:   /s/ Barbara Van Meerten
 
           
 
          Name: Barbara Van Meerten
Title: Director

 

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Signature page to
the Amendment No. 1 to Credit Agreement
among RPM International Inc., as Borrower,
National City Bank, as the Administrative Agent,
and the Lenders party thereto

             
 
                Name of Institution:   FIFTH THIRD BANK          
 
           
 
      By:   /s/ Roy C. Lanctot
 
           
 
          Name: Roy C. Lanctot
 
          Title: Vice President

 

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Signature page to
the Amendment No. 1 to Credit Agreement
among RPM International Inc., as Borrower,
National City Bank, as the Administrative Agent,
and the Lenders party thereto

             
 
                Name of Institution:   LaSalle Bank National Association        
 
 
           
 
      By:   /s/ Patrick F Dunphy
 
           
 
          Name: Patrick F. Dunphy
 
          Title: First Vice President

 

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Signature page to
the Amendment No. 1 to Credit Agreement
among RPM International Inc., as Borrower,
National City Bank, as the Administrative Agent,
and the Lenders party thereto

             
 
                Name of Institution:   The Bank of Tokyo — Mitsubishi UFJ, Ltd.,
Chicago Branch          
 
           
 
      By:   /s/ Tsuguyuki Umene
 
           
 
          Name: Tsuguyuki Umene
 
          Title: Deputy General Manager

 

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Signature page to
the Amendment No. 1 to Credit Agreement
among RPM International Inc., as Borrower,
National City Bank, as the Administrative Agent,
and the Lenders party thereto

             
 
                Name of Institution:   The Bank of New York          
 
           
 
      By:   /s/ Kenneth R. McDonnell
 
           
 
          Name: Kenneth R. McDonnell
Title: Vice President

 

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Signature page to
the Amendment No. 1 to Credit Agreement
among RPM International Inc., as Borrower,
National City Bank, as the Administrative Agent,
and the Lenders party thereto

             
 
                Name of Institution:   US Bank National Association          
 
           
 
      By:   /s/ Christine C. Gencer
 
           
 
          Name: Christine C. Gencer
 
          Title: Vice President

 

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Signature page to
the Amendment No. 1 to Credit Agreement
among RPM International Inc., as Borrower,
National City Bank, as the Administrative Agent,
and the Lenders party thereto

             
 
                Name of Institution:   Credit Suisse, Cayman Islands Branch    
     
 
           
 
      By:   /s/ Tom Cantello
 
           
 
          Name: Tom Cantello
 
          Title: Vice President
 
           
 
      By:   /s/ Greg Richards
 
           
 
          Name: Greg Richards
 
          Title: Associate

 

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Signature page to
the Amendment No. 1 to Credit Agreement
among RPM International Inc., as Borrower,
National City Bank, as the Administrative Agent,
and the Lenders party thereto

             
 
                Name of Institution:   KBC BANK N.V.          
 
           
 
      By:   /s/ Jean-Pierre Diels
 
           
 
          Name: Jean-Pierre Diels
 
          Title: First Vice President
 
           
 
      By:   /s/ William Cavanaugh
 
           
 
          Name: William Cavanaugh
 
          Title: Vice President

 

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Signature page to
the Amendment No. 1 to Credit Agreement
among RPM International Inc., as Borrower,
National City Bank, as the Administrative Agent,
and the Lenders party thereto

             
 
                Name of Institution:   Bank of America, N.A.          
 
           
 
      By:   /s/ Irene Bertozzi Bartenstein
 
           
 
          Name: Irene Bertozzi Bartenstein
 
          Title: Principal