Exhibit 10.25

 

FIFTH AMENDMENT TO CREDIT AGREEMENT

 

This FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as
of January 6, 2006, among WESTLAKE CHEMICAL CORPORATION (“Westlake”) and certain
of its domestic subsidiaries listed as Borrowers to the Credit Agreement
described below (collectively, the “Borrowers”), Lenders under the Credit
Agreement, BANK OF AMERICA, N.A., in its capacity as Agent for Lenders under the
Credit Agreement (the “Agent”), and Guarantors under the Credit Agreement
(hereinafter defined).

 

Reference is made to the Credit Agreement, dated as of July 31, 2003 (as
amended, modified, and supplemented, the “Credit Agreement”), among the
Borrowers, the Agent, and Lenders party thereto. Unless otherwise defined in
this Amendment, capitalized terms used herein shall have the meanings set forth
in the Credit Agreement and all Section references herein are to Sections in the
Credit Agreement.

 

RECITALS

 

A. Borrowers have requested that Lenders agree to amend certain provisions of
the Credit Agreement, including without limitation, amending certain covenants
and amending the definition of Applicable Margin.

 

B. Subject to the terms and conditions of this Amendment, Lenders are willing to
agree to such amendments.

 

Accordingly, for adequate and sufficient consideration, the parties hereto
agree, as follows:

 

Paragraph 1. Amendments to Credit Agreement. By execution of this Amendment, the
Credit Agreement is hereby amended as follows:

 

1.1 Cover Page and Recitals. The reference to “$200,000,000” set forth in the
cover page of the Credit Agreement and the first paragraph of the recitals is
amended to be “$300,000,000.”

 

1.2 Total Facility. Section 1.1 of the Credit Agreement is amended in its
entirety to read as follows:

 

“1.1 Total Facility. Subject to all of the terms and conditions of this
Agreement, the Lenders agree to make available a total credit facility of up to
$300,000,000 (the “Total Facility”) to the Borrowers from time to time during
the term of this Agreement. The Total Facility shall be composed of a revolving
line of credit consisting of Revolving Loans and Letters of Credit described
herein.”

 

1.3 Prepayments of the Loans. Section 3.3(a) of the Credit Agreement is amended
in its entirety to read as follows:

 

“(a) At any time that Availability is less than $60,000,000, immediately upon
receipt by any Loan Party of proceeds of any Equity Issuance, the Borrowers
shall prepay the Loans (without a reduction of the Maximum Revolver Amount) in
an amount equal to 100% of all such proceeds to the extent any such proceeds are
not paid to redeem the Bond Debt or prepay the Fixed Asset Loan, net of
(i) commissions and other reasonable and customary transaction costs, fees, and
expenses properly attributable to such transaction and payable by such Loan
Party in

 

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connection therewith (in each case, paid to non-Affiliates), (ii) transfer
taxes, and (iii) an appropriate reserve for taxes in accordance with GAAP in
connection therewith.”

 

1.4 Use of Proceeds. The first sentence of Section 6.22 of the Credit Agreement
is amended in its entirety to read as follows:

 

“6.22 Use of Proceeds; Margin Regulations. The proceeds of the Loans are to be
used solely (a) to refinance existing Debt; (b) prepay or defease Debt of the
Loan Parties to the extent permitted hereunder; (c) to pay the costs and
expenses related to this Agreement, (d) for working capital purposes of the Loan
Parties, and (e) for general corporate purposes.”

 

1.5 Distributions; Capital Change; Restricted Investments. Section 7.10 of the
Credit Agreement is amended in its entirety to read as follows:

 

“7.10. Distributions; Capital Change; Restricted Investments. No Loan Party nor
any of their Subsidiaries shall (a) directly or indirectly declare or make, or
incur any liability to make, any Distribution, except (i) Distributions by
wholly owned Subsidiaries, and (ii) Distributions by Loan Parties and non wholly
owned Subsidiaries, if, after giving effect to such Distribution, Availability
equals or exceeds $60,000,000, (b) make any change in its capital structure
which could reasonably be expected to have a Material Adverse Effect; or
(c) make any Restricted Investment, unless after giving effect to such
Restricted Investment, Availability equals or exceeds $60,000,000; provided that
if any payment, prepayment, redemption, defeasance, purchase, or deposit in
respect of any Debt of the Loan Parties is permitted to be made under
Section 7.14(c), and such payment, prepayment, redemption, purchase, or deposit
otherwise constitutes a Restricted Investment, such payment, prepayment,
redemption, defeasance, purchase, or deposit shall not be prohibited by the
terms of this Section 7.10(c). Notwithstanding the foregoing, Distributions are
permitted hereunder only if no Default or Event of Default then exists and only
to the extent that any such Distribution is made in accordance with applicable
Requirement of Law and constitutes a valid, non-voidable transaction.”

 

1.6 Debt. Section 7.13 (g) of the Credit Agreement is amended in it entirety to
read as follows:

 

“(g) other unsecured Debt;”

 

1.7 Debt. Section 7.13(h) of the Credit Agreement is amended in its entirety to
read as follows:

 

“(h) Debt evidencing a substantially concurrent (substantially concurrent shall
be not more than 45 days prior to any refunding, renewal, extension, defeasance,
or replacement of Debt) refunding, renewal, extension, defeasance, or
replacement (“Refinancing”) of the Debt existing on the Closing Date and
described on Schedule 6.9 and other Debt permitted hereunder (the “Replaced
Debt”); provided that (i) the principal amount thereof is not increased, except
in an amount equal to all accrued interest on such Replaced Debt and the amount
of expenses and premiums incurred in connection with such Refinancing, (ii) the
Liens, if any, securing such Debt do not attach to any assets in addition to
those assets, if any, securing the Replaced Debt, (iii) no Person that is not an
obligor or guarantor of such Replaced Debt as of such date shall become as of
such date, an obligor or guarantor thereof, and (iv) the terms of such
refunding, renewal, or extension are not materially less favorable, taken as a
whole, to the Borrowers, the Agent, or the Lenders than the Replaced Debt,
including, without limitation, the maturity date thereof and any principal
amortization thereof;”

 

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1.8 Prepayments. Section 7.14(b)(v) of the Credit Agreement is amended in its
entirety to read as follows:

 

“(v) refinancings, refundings, renewals, extensions, replacements, or
defeasances of the Fixed Asset Loan or other Debt to the extent such
refinancing, refunding, renewal, extension, replacement, or defeasance is
permitted by Section 7.13(h), whether subordinate to the Obligations, or not”.

 

1.9 Prepayments. The introductory paragraph of Section 7.14(c) of the Credit
Agreement is amended in its entirety to read as follows:

 

“(c) shall not, directly or indirectly, pay, prepay, redeem, defease, or
purchase, or deposit funds or property for the payment (including, without
limitation, a payment in respect of any sinking fund or defeasance of any Bond
Debt or the Fixed Asset Loan), prepayment, redemption, defeasance, or purchase
of, any Bond Debt or the Fixed Asset Loan other than”

 

1.10 Prepayments. Section 7.14(c) of the Credit Agreement is amended by deleting
the “and” at the end of subparagraph (iii), deleting the period at the end of
clause (iv) and adding to the end thereof the following new clause (v):

 

“(v) refinancings, refundings, renewals, extensions, replacements, or
defeasances of Debt to the extent such refinancing, refunding, renewal,
extension, replacement, or defeasance is permitted by Section 7.13(h)”.

 

1.11 Prepayments. Section 7.14(c)(ii) of the Credit Agreement is amended in its
entirety to read as follows:

 

“(ii) redemptions, defeasance, or prepayments (whether voluntary or mandatory)
of the Bond Debt or the Fixed Asset Loan (other than Excess Cash Flow
Prepayments and Equity Proceeds Prepayments), if, after giving effect to such
redemption, defeasance or prepayment, Availability is at least $60,000,000;”

 

1.12 Transactions with Affiliates. Section 7.15 of the Credit Agreement is
amended by adding to the end thereof, the following:

 

; provided that the foregoing restrictions shall not apply to (x) any
Distribution permitted by Section 7.10 or (y) any transactions between or among
any Loan Parties.”

 

1.13 Permitted Debt under Bond Debt and Fixed Asset Loan. Section 7.25 of the
Credit Agreement is amended in its entirety to read as follows:

 

“Permitted Debt under Original Bond Debt and Fixed Asset Loan. The Borrowers
shall (a) so long as the Original Bond Debt is outstanding, reserve the full
amount of the Maximum Revolver Amount under Section 4.09(b)(1) (the basket
permitting the credit facilities) of the indenture for the Original Bond Debt
and (b) so long as the Fixed Asset Loan is outstanding, reserve the full amount
of the Maximum Revolver Amount under Section 8.03(c)(i) of the Fixed Asset Loan
credit agreement.”

 

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1.14 Acquisitions. Section 7.26(e) of the Credit Agreement is amended in its
entirety to read as follows:

 

“(e) if such Acquisition is structured as a merger, a Loan Party must be the
surviving entity after giving effect to such merger;”

 

1.15 Acquisitions. Section 7.26(i) of the Credit Agreement is amended in its
entirety to read as follows:

 

“(i) immediately after giving effect to any Revolving Loans to be made in
connection with any Acquisition, (A) there is at least $60,000,000 of
Availability, and (B) the Pro Forma Fixed Charge Coverage Ratio shall be at
least 1.00 to 1.0; and”

 

1.16 Account Triggering Date. The definition of “Account Triggering Date” in
Annex A to the Credit Agreement is amended in its entirety to read as follows:

 

“Account Triggering Date” means the date upon which Availability is less than
$40,000,000 at any time.”

 

1.17 Applicable Margin. The pricing grids in the definition of “Applicable
Margin” in Annex A to the Credit Agreement are deleted in their entirety and the
following grids are substituted therefor:

 

If Fixed Charge Coverage Ratio is:

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Level of

Applicable Margins:

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Less than 1.20:1.0

   Level I

Less than 1.40:1.0, but greater than or equal to 1.20:1.0

   Level II

Less than 1.60:1.0, but greater than or equal to 1.40:1.0

   Level III

Less than 1.80:1.0, but greater than or equal to 1.60:1.0

   Level IV

Greater than or equal to 1.80:1.0

   Level V

 

     Applicable Margins

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       Level I

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    Level II

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    Level III

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    Level IV

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    Level V

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Base Rate Loans

   0.50 %   0.25 %   0.00 %   -.25 %   -0.50 %

LIBOR Rate Loans

   2.00 %   1.75 %   1.50 %   1.25 %   1.00 %

Unused Line Fee

   0.35 %   0.35 %   0.30 %   0.25 %   0.25 %

 

1.18 Bond Debt. The definition of Bond Debt in Annex A to the Credit Agreement
is amended in its entirety to read as follows:

 

“Bond Debt” means the 8 3/4% Senior Notes due 2011 issued by Westlake pursuant
to that certain Indenture dated as of the Closing Date, between Westlake and
JPMorgan Chase Bank in an aggregate original principal amount of $380,000,000,
and the documents and agreements evidencing and establishing such Debt, as the
same may be amended, from time to time in accordance with the terms thereof and
hereof, and including any replacements or refinancings thereof permitted under
this Credit Agreement.”

 

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1.19 Equity Proceeds Prepayments. The definition of Equity Proceeds Prepayment
in Annex A to the Credit Agreement is amended in its entirety to read as
follows:

 

“Equity Proceeds Prepayment” means any prepayment or defeasance of the Fixed
Asset Loan from the issuance of Capital Stock, as currently set forth in
Sections 2.04(a)(ii) or 2.04(b)(iii) of the Fixed Asset Loan credit agreement in
effect on the Closing Date.

 

1.20 Excess Cash Flow Prepayment. The definition of Excess Cash Flow Prepayment
in Annex A to the Credit Agreement is amended in its entirety to read as
follows:

 

“Excess Cash Flow Prepayment” means any prepayment or defeasance of the Fixed
Asset Loan from “Excess Cash Flow,” as defined in and as set forth in
Section 2.04(b)(i) of the Fixed Asset Loan credit agreement on the Closing
Date.”

 

1.21 Fixed Charges. The definition of “Fixed Charges” in Annex A to the Credit
Agreement is amended in its entirety to read as follows:

 

“Fixed Charges” means, with respect to any fiscal period of the Loan Parties on
a consolidated basis, without duplication, (a) interest expense, (b) Capital
Expenditures (excluding Capital Expenditures funded with Debt other than
Revolving Loans, but including, without duplication, principal payments with
respect to such Debt, and further excluding up to $75,000,000 of Capital
Expenditures made by the Loan Parties from April 1, 2006, through and including
March 31, 2007, (c) scheduled principal payments of Debt, prepayments and
unscheduled payments (except in connection with a permitted refinancing,
replacement, or defeasance) of Debt (other than the Fixed Asset Loan);
(d) payments on any deferred payment plan for insurance premiums permitted
pursuant to Section 7.13(j), (e) cash Distributions paid by any Loan Party to
Persons other than Westlake and its Subsidiaries, and (f) Federal, state, local
and foreign income taxes, excluding deferred taxes. The following shall be
excluded from Fixed Charges: (x) prepayment of up to $275,000,000 of the Bond
Debt and (y) Distributions in the aggregate amount of up to $275,000,000 on the
capital stock of Westlake so long as on the date of each such Distribution, at
least $247,000,000 principal amount of Bond Debt is outstanding.”

 

1.22 Letter of Credit Subfacility. The definition of “Letter of Credit
Subfacility” in Annex A to the Credit Agreement is amended in its entirety to
read as follows:

 

“Letter of Credit Subfacility” means $300,000,000.”

 

1.23 Maximum Revolver Amount. The definition of “Maximum Revolver Amount” in
Annex A to the Credit Agreement is amended in its entirety to read as follows:

 

“Maximum Revolver Amount” means $300,000,000, as such amount may be reduced from
time to time pursuant to the terms of this Agreement.”

 

1.24 A new definition of “Original Bond Debt” shall be added to Annex A,
immediately following the definition of “Obligations”:

 

“Original Bond Debt” means the 8 3/4% Senior Notes due 2011 issued by Westlake
pursuant to that certain Indenture dated as of the Closing Date, between
Westlake and JPMorgan Chase Bank in an aggregate original principal amount of
$380,000,000, and the documents and agreements evidencing and establishing such
Debt, as the same may be amended from time to time in accordance with the terms
thereof and hereof.”

 

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1.25 Restricted Investments.

 

(A) Clause (e) of the definition of “Restricted Investment” in Annex A to the
Credit Agreement shall be amended in its entirety to read as follows:

 

“(e) acquisitions of certificates of deposit maturing within one year from the
date of acquisition, bankers’ acceptances, Eurodollar bank deposits, or
overnight bank deposits, in each case issued by, created by, or with a bank or
trust company organized under the laws of the United States of America or any
state thereof or any other country having capital and surplus aggregating at
least $100,000,000 or the Dollar equivalent thereof;”

 

(B) New clauses (o) through (s) are added to the definition of “Restricted
Investment” in Annex A to the Credit Agreement by deleting the word “and”
immediately prior to clause (n) thereof, and inserting the following clauses
(o) through (s) immediately prior to the period:

 

“(o) fully collateralized repurchase agreements with a term of not more than 30
days for securities described in clause (f) above (without regard to the
limitation on maturity contained in such clause) and entered into with a
financial institution satisfying the criteria described in clause (e) above;

 

(p) marketable direct obligations issued by any U.S. corporation, state of the
United States of America or any political subdivision of any such state or any
public instrumentality thereof maturing within one year from the date of
acquisition thereof and, at the time of acquisition, having a rating of no lower
than single A from either Standard & Poors or from Moody’s Investment Services,
Inc.;

 

(q) auction rate preferred stocks, whether taxable, tax-exempt or DRD, issued by
a domestic or foreign corporation, a domestic or foreign bank, or closed-end
municipal or taxable bond fund, that reset periodically through a modified
“Dutch” auction, the frequency of auctions of which allows for classification as
short term investment, available for sale, at the time of acquisition, having a
rating of no lower than triple A from either Standard & Poors or from Moody’s
Investment Services, Inc.;

 

(r) floating rate, variable rate and auction rate bonds, whether taxable or
tax-exempt, issued by municipalities, states, state agencies, political
subdivision of states or any public instrumentality thereof, that reset
periodically through a modified “Dutch” auction, the frequency of auctions of
which allows for classification as short term investment, available for sale
thereof and, at the time of acquisition, having a rating of no lower than triple
A from either Standard & Poors or from Moody’s Investment Services, Inc.; and

 

(s) investments in bond funds which are triple A rated by either Moody’s or S&P
which maintain a dollar weighted average portfolio maturity or not more than
three years and a dollar weighted average duration not exceeding two years.”

 

1.26. The definition of “Stated Termination Date” in Annex A to the Credit
Agreement is amended in its entirety to read as follows:

 

“Stated Termination Date” means January 6, 2011.”

 

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1.27 Triggering Date. The definition of “Triggering Date” in Annex A to the
Credit Agreement is amended in its entirety to read as follows:

 

“Triggering Date” means the date upon which Availability is less than
$50,000,000 for at least three (3) consecutive days, or less than $40,000,000 at
any time; provided that in the event (i) the Availability has been greater than
$50,000,000 at all times for ninety (90) consecutive days and (ii) the Fixed
Charge Coverage Ratio on such date of determination is 1.00 to 1.0, commencing
on the first day of any month after the criteria set forth above is satisfied,
then the Triggering Date shall be deemed to not be continuing for purposes of
this Agreement, and the requirements of Sections 5.2(l)(iii) and 7.21 shall not
be required unless a subsequent Triggering Date occurs.”

 

1.28 Unrestricted Subsidiary. The definition of “Unrestricted Subsidiary” in
Annex A to the Credit Agreement is amended in its entirety to read as follows:

 

“Unrestricted Subsidiary” means, at any time of determination thereof,
(a) Westlake International Services Corporation, (b) any Foreign Subsidiary of
Westlake or any other Loan Party, and (c) any Subsidiary of an Unrestricted
Subsidiary of Westlake.”

 

1.29 Unused Letter of Credit Subfacility. The definition of “Unused Letter of
Credit Subfacility” in Annex A to the Credit Agreement is amended in its
entirety to read as follows:

 

“Unused Letter of Credit Subfacility” means an amount equal to $300,000,000
minus the sum of (a) the aggregate undrawn amount of all outstanding Letters of
Credit plus, without duplication, (b) the aggregate unpaid reimbursement
obligations with respect to all Letters of Credit.”

 

1.30 Schedules. Schedules 1.2, 6.3, 6.4, 6.5, 6.12, 6.13, 6.14, 6.16, and 6.27
to the Credit Agreement are amended in their entirety to be in the form of such
Schedules attached hereto.

 

Paragraph 2. Effective Date. Notwithstanding any contrary provision, this
Amendment is not effective until the date (the “Effective Date”) upon which:

 

(a) the Agent has received counterparts of this Amendment executed by each
Borrower, each Guarantor, Agent, and each Lender;

 

(b) the Agent has received revised schedules to the Credit Agreement as follows:

 

Schedule 6.3

     –      Organization and Qualifications

Schedule 6.4

     –      Prior Names

Schedule 6.5

     –      Subsidiaries and Affiliates

Schedule 6.12

     –      Proprietary Rights

Schedule 6.13

     –      Trade Names

Schedule 6.14

     –      Litigation

Schedule 6.16

     –      Environmental;

Schedule 6.27

     –      Bank Accounts

 

(c) the Agent shall have received counterparts of Guaranty Agreements executed
by Westlake NG I Corporation and Westlake NG II Corporation, together with board
of directors resolutions,

 

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incumbency certificates, good standing and existence certificates, and uniform
commercial code searches, relating thereto, in form and substance acceptable to
the Agent;

 

(d) all representations and warranties made hereunder and in the other Loan
Documents shall be true and correct as of the date hereof as though made on and
as of the date hereof, other than any such representation or warranty which
relates to a specified prior date;

 

(e) Agent shall have received for the benefit of each requesting Lender, an
Amended and Restated Note, payable to the order of such Lender, in the amount of
its Commitment, as increased hereby;

 

(f) each of the Borrowers and Guarantors shall have executed and delivered an
Officer’s Certificate setting forth incumbency of the officers, and certifying
the certificate of incorporation, bylaws, board of directors resolutions and
other matters;

 

(g) Agent shall have received opinions of counsel regarding the due execution,
authorization, and enforceability of this Amendment, and other matters requested
by Agent, satisfactory in form and substance to Agent;

 

(h) No Default or Event of Default shall have occurred and be continuing;

 

(i) Borrowers shall have paid to each Lender a nonrefundable fee equal to its
Commitment (as may be increased pursuant to this Amendment) on the date hereof,
multiplied by fifteen (15) basis points; and

 

(j) Borrowers shall have paid Attorney Costs of the Agent incurred in connection
with the Loan Documents, including any outstanding Attorney’s Costs of the Agent
on the Effective Date.

 

Paragraph 3. Waiver and Consent. Lenders hereby waive any Default or Event of
Default which may be existing under the Credit Agreement as a result of the Loan
Parties’ failure to provide the notice to the Agent required pursuant to
Section 7.19 of the Credit Agreement of the creation of Westlake NG I
Corporation, Westlake NG II Corporation or Westlake International Services
Corporation as Subsidiaries or the failure of such Subsidiaries to deliver an
Obligation Guaranty and Collateral Documents to the Agent on the dates set forth
in Section 7.19 of the Credit Agreement. Lenders also waive the requirement of
Westlake International Services Corporation delivering an Obligation Guaranty
and Collateral Documents to the Agent, and agree that Westlake NG I Corporation.
and Westlake NG II Corporation may provide Collateral Documents to the Agent
upon the earlier of: (a) no other contract to which any Loan Party is a party
prohibits the delivery of such Collateral Documents, and (b) such entities
owning any assets not owned on the date hereof. Lenders also consent to the name
change of North American Profiles Inc. to Westech Profiles Limited.

 

Paragraph 4. Acknowledgment and Ratification. As a material inducement to the
Agent and Lenders to execute and deliver this Amendment, each Borrower and each
Guarantor (a) consent to the agreements in this Amendment, including, without
limitation, the amendment to the definition of “Applicable Margin” and the
increase in the Maximum Revolver Amount; and (b) agree and acknowledge that the
execution, delivery, and performance of this Amendment shall in no way release,
diminish, impair, reduce, or otherwise affect the respective obligations of
Borrowers or Guarantors under their respective Loan Documents, which Loan
Documents shall remain in full force and effect, and all Liens, guaranties, and
rights thereunder are hereby ratified and confirmed.

 

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Paragraph 5. Representations. As a material inducement to Lenders to execute and
deliver this Amendment, each Borrower and each Guarantor represent and warrant
to Lenders (with the knowledge and intent that Lenders are relying upon the same
in entering into this Amendment) that as of the Effective Date and as of the
date of execution of this Amendment, (a) all representations and warranties in
the Loan Documents are true and correct in all material respects as though made
on the date hereof, except to the extent that (i) any of them speak to a
different specific date or (ii) the facts on which any of them were based have
been changed by transactions contemplated or permitted by the Credit Agreement,
and (b) no Default or Event of Default exists.

 

Paragraph 6. Fees and Expenses. Borrowers shall pay all reasonable costs, fees,
and expenses paid or incurred by the Agent in connection with this Amendment,
including, without limitation, Attorney Costs of the Agent in connection with
the negotiation, preparation, delivery, and execution of this Amendment and any
related documents.

 

Paragraph 7. Waiver. Each Loan Party (i) acknowledges and agrees that, as of the
date hereof, it has no actual or potential claim or cause of action against
Agent or any Lender relating to any Loan Documents or any actions or events
occurring on or before the date of this Amendment and (ii) waives and releases
any right to assert such claim or cause of action to the extent based on actions
or events occurring on or before the date hereof.

 

Paragraph 8. Miscellaneous.

 

8.1 This Amendment is a “Loan Document” referred to in the Credit Agreement, and
the provisions relating to Loan Documents in Article 13 of the Credit Agreement
are incorporated in this Amendment by reference. Unless stated otherwise (a) the
singular number includes the plural and vice versa and words of any gender
include each other gender, in each case, as appropriate, (b) headings and
captions may not be construed in interpreting provisions, (c) this Amendment
must be construed, and its performance enforced, under New York law, (d) if any
part of this Amendment is for any reason found to be unenforceable, all other
portions of it nevertheless remain enforceable, and (e) this Amendment may be
executed in any number of counterparts with the same effect as if all
signatories had signed the same document, and all of those counterparts must be
construed together to constitute the same document.

 

8.2 The Loan Documents shall remain unchanged and in full force and effect,
except as provided in this Amendment, and are hereby ratified and confirmed. On
and after the Effective Date, all references to the “Credit Agreement” shall be
to the Credit Agreement as herein amended. The execution, delivery, and
effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any rights of Lenders under any Loan Document, nor
constitute a waiver under any of the Loan Documents. Notwithstanding anything to
the contrary set forth in any Loan Document, each Lender’s Commitment Percentage
prior to the Effective Date shall be as set forth in Schedule 2.1 in effect
prior to the Effective Date, and thereafter shall be the Commitment Percentage
set forth on Schedule 2.1 attached hereto.

 

Paragraph 9. ENTIRE AGREEMENT. THIS AMENDMENT REPRESENTS THE FINAL AGREEMENT
BETWEEN THE PARTIES ABOUT THE SUBJECT MATTER OF THIS AMENDMENT AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.

 

Paragraph 10. Parties. This Amendment binds and inures to Borrowers, Guarantors,
the Agent, Lenders, and their respective successors and assigns.

 

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The parties hereto have executed this Amendment in multiple counterparts to be
effective as of the Effective Date.

 

Remainder of Page Intentionally Blank.

Signature Pages to Follow.

 

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

BANK OF AMERICA, N.A., as the Agent and a Lender

By: 

 

/s/ Robert Mostert

Name: 

 

Robert Mostert

Title: 

 

Vice President

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

GENERAL ELECTRIC CAPITAL CORPORATION,

as a Lender

By:   

/s/ Bond Harberts

Name: 

 

Bond Harberts

Title: 

 

Duly Authorized Signatory

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

THE CIT GROUP/BUSINESS CREDIT, INC.,

as a Lender

By:   

/s/ David Rothbert

Name: 

 

David Rothbert

Title: 

 

Assistant Vice President

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

PNC BANK, NATIONAL ASSOCIATION,

as a Lender

By:   

/s/ Timothy S. Culver

Name: 

 

Timothy S. Culver

Title: 

 

Vice President

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

WELLS FARGO FOOTHILL, LLC,

as a Lender

By:   

/s/ Juan Barrera

Name: 

 

Juan Barrera

Title: 

 

Vice President

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

LASALLE BUSINESS CREDIT, LLC,

as a Lender

By:   

/s/ Douglas Colletti

Name: 

 

Douglas Colletti

Title: 

 

Senior Vice President

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

UBS AG, STAMFORD BRANCH,

as a Lender

By:

 

/s/ Irja R. Otsa

Name:

 

Irja R. Otsa

Title:

 

Associate Director Banking Products Services, US

 

By:

 

/s/ Pamela Oh

Name:

 

Pamela Oh

Title:

 

Associated Director Banking Products Services, US

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

CREDIT SUISSE, Cayman Islands Branch (formerly known as CREDIT SUISSE FIRST
BOSTON, acting through

its Cayman Islands Branch, as a Lender

By:

 

/s/ Alain Dacust

Name:

 

Alain Dacust

Title:

 

Director

By:

 

/s/ James Neira

Name:

 

James Neira

Title:

 

Associate

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as a Lender

By:

 

/s/ Marguerite Sutton

Name:

 

Marguerite Sutton

Title:

 

Director

 

By:

 

/s/ Frank Fazio

Name:

 

Frank Fazio

Title:

 

Director

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

BORROWERS AND GUARANTORS: WESTLAKE CHEMICAL CORPORATION,

a Delaware corporation

WESTLAKE PVC CORPORATION,

a Delaware corporation

WESTLAKE VINYLS, INC.,

a Delaware corporation

NORTH AMERICAN BRISTOL CORPORATION,

a Delaware corporation

By:

 

/s/ Albert Chao

   

Albert Chao

   

President of the above Borrowers

 

Signature Page to Fifth Amendment

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

NORTH AMERICAN PIPE CORPORATION,

a Delaware corporation

VAN BUREN PIPE CORPORATION,

a Delaware corporation

WESTECH BUILDING PRODUCTS, INC.,

a Delaware corporation

WESTECH PROFILES LIMITED,

a Delaware corporation

By:

 

/s/ Wayne D. Morse

   

Wayne D. Morse

   

President of the above Borrowers

 

Signature Page to Fifth Amendment

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

WESTLAKE VINYLS COMPANY LP,

a Delaware limited partnership

   By:

 

GVGP, Inc., its general partner

WESTLAKE PETROCHEMICALS LP,

a Delaware limited partnership

   By:

  Westlake Chemical Investments, Inc., its general partner

WESTLAKE POLYMERS LP, a Delaware limited

partnership

   By:

 

Westlake Chemical Investments, Inc., its general

partner

WESTLAKE STYRENE LP, a Delaware limited

partnership

   By:

 

Westlake Chemical Holdings, Inc., its general

partner

WPT LP, a Delaware limited partnership

   By:

 

Westlake Chemical Holdings, Inc., its general

partner

   By:  

/s/ Albert Chao

   

Albert Chao

President of the general partners of the above Borrowers

 

Signature Page to Fifth Amendment

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

GUARANTORS:

GVGP, INC., a Delaware corporation

WESTLAKE CHEMICAL HOLDINGS, INC.,

a Delaware corporation

WESTLAKE CHEMICAL INVESTMENTS, INC.,

a Delaware corporation

WESTLAKE MANAGEMENT SERVICES, INC.,

a Delaware corporation

WESTLAKE OLEFINS CORPORATION,

a Delaware corporation

WESTLAKE RESOURCES CORPORATION,

a Delaware corporation

WESTLAKE VINYL CORPORATION,

a Delaware corporation

WESTLAKE INTERNATIONAL CORPORATION,

a Delaware corporation

WESTLAKE NG I CORPORATION,

a Delaware corporation

WESTLAKE NG II CORPORATION

a Delaware corporation

By:  

/s/ Albert Chao

   

Albert Chao

President of the above entities

 

Signature Page to Fifth Amendment

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Signature Page to that certain Fifth Amendment to Credit Agreement dated as of
the date first stated above, among Westlake Chemical Corporation and certain of
its domestic subsidiaries, as Borrowers, Bank of America, N.A., in its capacity
as Agent, Required Lenders, and Guarantors.

 

GEISMAR HOLDINGS, INC., a Delaware corporation

WESTLAKE CHEMICAL MANUFACTURING, INC.,

a Delaware corporation

WESTLAKE CHEMICAL PRODUCTS, INC.,

a Delaware corporation

WESTLAKE DEVELOPMENT CORPORATION,

a Delaware corporation

By:

 

/s/ R. Michael Looney

   

R. Michael Looney

President of the above entities

 

Signature Page to Fifth Amendment

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SCHEDULE 1.2

LENDERS’ COMMITMENTS

 

LENDER

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

   REVOLVING LOAN
COMMITMENT

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

   PRO RATA SHARE
(3 DECIMALS)

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

Bank of America, N.A.

   $ 55,000,000    18.333%

General Electric Capital Corporation

   $ 41,250,000    13.750%

The CIT Group/Business Credit, Inc.

   $ 41,250,000    13.750%

PNC Bank, National Association

   $ 35,000,000    11.667%

Wells Fargo Foothill, LLC

   $ 37,500,000    12.500%

LaSalle Business Credit, LLC

   $ 33,750,000    11.250%

UBS AG, Stamford Branch

   $ 26,250,000    8.750%

CREDIT SUISSE, Cayman Island Branch (formerly known as CREDIT SUISSE FIRST
BOSTON, acting through its Cayman Islands Branch)

   $ 15,000,000    5.000%

Deutsche Bank Trust Company Americas

   $ 15,000,000    5.000%     

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

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

  

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TOTAL

$300,000,000

   100.000%

 

Schedule 1.2