EXHIBIT 10.1

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

AMENDMENT NO. 1 (this “Amendment”), dated as of May 22, 2008, to the Credit
Agreement (as amended, supplemented or otherwise modified, the “Credit
Agreement”), dated as of May 8, 2007, among THE ALLSTATE CORPORATION, ALLSTATE
INSURANCE COMPANY, ALLSTATE LIFE INSURANCE COMPANY, the LENDERS party thereto,
WACHOVIA BANK, NATIONAL ASSOCIATION, as Syndication Agent, BANK OF AMERICA, N.A.
and CITIBANK, N.A., as Documentation Agents, LEHMAN BROTHERS BANK, FSB, MERRILL
LYNCH BANK USA, MORGAN STANLEY BANK and WILLIAM STREET COMMITMENT CORPORATION,
as Co-Agents, and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the
“Administrative Agent”).

 

RECITALS

 

A.                                   Capitalized terms used herein that are
defined in the Credit Agreement shall have the same meanings as therein defined.

 

B.                                     Section 2.8(a) of the Credit Agreement
provides that the Company may request an extension of the Maturity Date on the
first and second anniversary of the Effective Date.

 

C.                                     The Borrowers have requested that the
Administrative Agent and the Lenders make certain amendments to the Credit
Agreement such that the Company may request an extension of the Maturity Date on
the first, second, third, fourth and fifth anniversary of the Effective Date,
and the Administrative Agent and the Lenders are willing to do so subject to the
terms and conditions of this Amendment.

 

Accordingly, in consideration of the Recitals and the covenants, conditions and
agreements hereinafter set forth, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:

 

1.                                       SECTION 2.8(A) OF THE CREDIT AGREEMENT
IS HEREBY AMENDED AND RESTATED IN ITS ENTIRETY TO READ AS FOLLOWS:

 

(A)                                  REQUEST FOR EXTENSION.  THE COMPANY MAY, BY
NOTICE TO THE ADMINISTRATIVE AGENT (WHICH SHALL PROMPTLY NOTIFY THE LENDERS) NOT
MORE THAN 90 DAYS AND NOT LESS THAN 30 DAYS PRIOR TO EACH OF THE FIRST, SECOND,
THIRD, FOURTH AND FIFTH ANNIVERSARY OF THE EFFECTIVE DATE (EACH SUCH ANNIVERSARY
DATE, AN “EXTENSION DATE”), REQUEST (EACH, AN “EXTENSION REQUEST”) THAT THE
LENDERS EXTEND THE MATURITY DATE THEN IN EFFECT (THE “EXISTING MATURITY DATE”)
FOR AN ADDITIONAL ONE YEAR.  EACH LENDER, ACTING IN ITS SOLE DISCRETION, SHALL,
BY NOTICE TO THE COMPANY AND THE ADMINISTRATIVE AGENT GIVEN NOT LATER THAN THE
20TH DAY (OR SUCH LATER DAY AS SHALL BE ACCEPTABLE TO THE COMPANY) FOLLOWING THE
DATE OF THE COMPANY’S NOTICE, ADVISE THE COMPANY AND THE ADMINISTRATIVE AGENT
WHETHER OR NOT SUCH LENDER AGREES TO SUCH EXTENSION; PROVIDED THAT ANY LENDER
THAT DOES NOT SO ADVISE THE COMPANY AND THE ADMINISTRATIVE AGENT SHALL BE DEEMED
TO HAVE REJECTED SUCH EXTENSION REQUEST.  THE ELECTION OF ANY LENDER TO AGREE TO
SUCH EXTENSION SHALL NOT OBLIGATE ANY OTHER LENDER TO SO AGREE.  NOTWITHSTANDING
ANYTHING CONTAINED IN THIS CREDIT AGREEMENT TO THE CONTRARY, THE COMPANY MAY
ONLY EXTEND THE MATURITY DATE FOR A TOTAL OF TWO ADDITIONAL YEARS.

 

--------------------------------------------------------------------------------

 

2.                                       PARAGRAPH 1 SHALL NOT BE EFFECTIVE
UNTIL SUCH TIME AS THE FOLLOWING CONDITIONS ARE SATISFIED:

 

(A)                                  THE ADMINISTRATIVE AGENT (OR ITS COUNSEL)
SHALL HAVE RECEIVED FROM EACH BORROWER AND REQUIRED LENDERS EITHER (I) A
COUNTERPART OF THIS AMENDMENT SIGNED ON BEHALF OF SUCH PARTY OR (II) WRITTEN
EVIDENCE SATISFACTORY TO THE ADMINISTRATIVE AGENT (WHICH MAY INCLUDE FACSIMILE
TRANSMISSION OF A SIGNED SIGNATURE PAGE OF THIS AMENDMENT) THAT SUCH PARTY HAS
SIGNED A COUNTERPART OF THIS AMENDMENT; AND

 

(B)                                 THE ADMINISTRATIVE AGENT SHALL HAVE RECEIVED
SUCH OTHER DOCUMENTATION AND ASSURANCES AS IT SHALL REASONABLY REQUEST IN
CONNECTION WITH THIS AMENDMENT.

 

3.                                       EACH BORROWER HEREBY (A) REAFFIRMS AND
ADMITS THE VALIDITY AND ENFORCEABILITY OF EACH LOAN DOCUMENT TO WHICH IT IS A
PARTY AND ITS OBLIGATIONS THEREUNDER, AND AGREES AND ADMITS THAT IT HAS NO
DEFENSE TO OR OFFSET AGAINST ANY SUCH OBLIGATION, (B) REPRESENTS AND WARRANTS
THAT AFTER GIVING EFFECT TO THIS AMENDMENT, NO DEFAULT HAS OCCURRED AND IS
CONTINUING, AND (C) REPRESENTS AND WARRANTS THAT ALL OF THE REPRESENTATIONS AND
WARRANTIES (OTHER THAN SECTION 4.4(C) AND SECTION 4.5) MADE BY IT IN THE LOAN
DOCUMENTS ARE TRUE AND CORRECT, BOTH IMMEDIATELY BEFORE AND AFTER GIVING EFFECT
TO THIS AMENDMENT (EXCEPT TO THE EXTENT SUCH REPRESENTATIONS AND WARRANTIES
EXPRESSLY RELATE TO AN EARLIER DATE, IN WHICH CASE SUCH REPRESENTATIONS AND
WARRANTIES SHALL HAVE BEEN TRUE AND CORRECT ON AND AS OF SUCH EARLIER DATE).

 

4.                                       THIS AMENDMENT MAY BE EXECUTED IN ANY
NUMBER OF COUNTERPARTS, EACH OF WHICH SHALL BE AN ORIGINAL AND ALL OF WHICH
SHALL CONSTITUTE ONE AGREEMENT.  IT SHALL NOT BE NECESSARY IN MAKING PROOF OF
THIS AMENDMENT TO PRODUCE OR ACCOUNT FOR MORE THAN ONE COUNTERPART SIGNED BY THE
PARTY TO BE CHARGED. DELIVERY OF AN EXECUTED COUNTERPART BY FACSIMILE
TRANSMISSION SHALL BE EFFECTIVE AS DELIVERY OF A MANUALLY EXECUTED COUNTERPART.

 

5.                                       EXCEPT AS AMENDED HEREBY, THE CREDIT
AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL IN ALL OTHER RESPECTS REMAIN IN
FULL FORCE AND EFFECT.

 

6.                                       THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

[Signature Pages Follow]

 

2

--------------------------------------------------------------------------------

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be
duly executed by their respective authorized officers as of the day and year
first above written.

 

 

 

THE ALLSTATE CORPORATION

 

 

 

 

 

 

By:

/s/ Steven C. Verney

 

Name:

Steven C. Verney

 

Title:

Treasurer

 

 

 

 

 

 

 

ALLSTATE INSURANCE COMPANY

 

 

 

 

 

 

By:

/s/ Samuel H. Pilch

 

Name:

Samuel H. Pilch

 

Title:

Group Vice President, Controller and Acting Chief

 

 

Financial Officer

 

 

 

 

 

 

 

ALLSTATE LIFE INSURANCE COMPANY

 

 

 

 

 

 

By:

/s/ John C. Pintozzi

 

Name:

John C. Pintozzi

 

Title:

Senior Vice President and Chief Financial Officer

 

--------------------------------------------------------------------------------

 

 

JPMORGAN CHASE BANK, N.A., individually and as
Administrative Agent

 

 

 

 

 

 

By:

/s/ Lawrence Palumbo, Jr.

 

Name:

  Lawrence Palumbo, Jr.

 

Title:

    Vice President

 

--------------------------------------------------------------------------------

 

 

WACHOVIA BANK, NATIONAL ASSOCIATION,
individually and as Syndication Agent

 

 

 

 

 

 

By:

 /s/ Casey Connelly

 

Name:

  Casey Connelly

 

Title:

    Associate

 

--------------------------------------------------------------------------------

 

 

BANK OF AMERICA, N.A., individually and as a
Documentation Agent

 

 

 

 

By:

  /s/ Chris Choi

 

Name:

 Chris Choi

 

Title:

    Vice President

 

--------------------------------------------------------------------------------

 

 

CITIBANK, N.A., individually and as a Documentation
Agent

 

 

 

 

By:

/s/ Peter C. Bickford

 

Name:

 Peter C. Bickford

 

Title:

  Vice President

 

--------------------------------------------------------------------------------

 

 

LEHMAN BROTHERS BANK, FSB, individually and as a
Co-Agent

 

 

 

 

By:

 /s/ Janine M. Shugan

 

Name:

 Janine M. Shugan

 

Title:

    Authorized Signatory

 

--------------------------------------------------------------------------------

 

 

MERRILL LYNCH BANK USA, individually and as a Co-
Agent

 

 

 

By:

 /s/ Louis Alder

 

Name:

 Louis Alder

 

Title:

    First Vice President

 

--------------------------------------------------------------------------------

 

 

MORGAN STANLEY BANK, individually and as a

 

Co-Agent

 

 

 

By:

/s/ Elizabeth Hendricks

 

Name:

Elizabeth Hendricks

 

Title:

   Authorized Signatory

 

--------------------------------------------------------------------------------

 

 

 

 

WILLIAM STREET COMMITMENT CORPORATION,
individually and as a Co-Agent

 

 

 

By:

 /s/ Mark Walton

 

Name:

 Mark Walton

 

Title:

   Assistant Vice President

 

--------------------------------------------------------------------------------

 

 

THE BANK OF NEW YORK

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

--------------------------------------------------------------------------------

 

 

THE NORTHERN TRUST COMPANY

 

 

 

By:

 /s/ Chris McKean

 

Name:

 Chris McKean

 

Title:

   Vice President

 

--------------------------------------------------------------------------------

 

 

SUNTRUST BANK

 

 

 

By:

 /s/ W. Bradley Hamilton

 

Name:

  W. Bradley Hamilton

 

Title:

     Director

 

--------------------------------------------------------------------------------

 

 

U.S. BANK NATIONAL ASSOCIATION

 

 

 

 

By:

/s/ Jeffrey S. Johnson

 

Name:

Jeffrey S. Johnson

 

Title:

   Vice President

 

--------------------------------------------------------------------------------

 

 

 WELLS FARGO BANK, NATIONAL ASSOCIATION

 

 

 

By:

/s/ David Bendel

 

Name:

 David Bendel

 

Title:

    Vice President

 

--------------------------------------------------------------------------------