Exhibit 10.17

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

This FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as
of November 30, 2004, 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, extending the Stated
Termination Date to July 14, 2008 and amending the definition of Applicable
Margin, and adding North American Bristol Corporation, a Delaware corporation,
and North American Profiles, Inc., a Delaware corporation (collectively,
“Additional Borrowers”), as Borrowers under the Credit Agreement.

 

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

 

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 Early Termination Fee. The table in Section 3.2(c) is deleted in its
entirety and the following is substituted therefor:

 

Period during which

early termination

occurs

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Early Termination

Fee

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On or prior to the first Anniversary Date   1.0% of the Maximum Revolver Amount
or the Partial Termination Amount, as applicable After the first Anniversary
Date but on or prior to the second Anniversary Date   0.50% of the Maximum
Revolver Amount or the Partial Termination Amount, as applicable After the
second Anniversary Date but on or prior to the third Anniversary Date   0.25% of
the Maximum Revolver Amount or the Partial Termination Amount, as applicable
After the third Anniversary Date   0.00% of the Maximum Revolver Amount or the
Partial Termination Amount, as applicable

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1.2 Permitted Debt. Sections 7.13(h) and (i) are deleted in their entirety and
the following is substituted therefor:

 

(h) Debt evidencing a refunding, renewal, extension, or replacement of the Debt
existing on the Closing Date and described on Schedule 6.9 and other Debt
permitted hereunder; provided that (i) the principal amount thereof is not
increased (other than with respect to the Fixed Asset Loan, which may be
increased to an amount not to exceed $170,000,000 outstanding at any time), (ii)
the Liens, if any, securing such refunded, renewed, extended, or replaced Debt
do not attach to any assets in addition to those assets, if any, securing the
Debt to be refunded, renewed, extended, or replaced, (iii) no Person that is not
an obligor or guarantor of such Debt as of such date shall become an obligor or
guarantor thereof, and (iv) the terms of such refunding, renewal, or extension
are no less favorable to the Borrowers, the Agent, or the Lenders than the
original Debt, including, without limitation, the maturity date thereof and any
principal amortization thereof;

 

(i) Debt of any Loan Party owed to any Restricted Subsidiaries, or Debt of any
Restricted Subsidiary owed to the owner of its equity interests which is a Loan
Party;

 

1.3 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 %   0.00 %   0.00 %

LIBOR Rate Loans

   2.50 %   2.25 %   2.00 %   1.75 %   1.50 %

 

1.4 Fixed Asset Loan. The definition of “Fixed Asset Loan” in Annex A to the
Credit Agreement is deleted in its entirety and the following is substituted
therefor:

 

“Fixed Asset Loan” means the loans under the Credit Agreement dated as of July
31, 2003, among Westlake, as borrower, certain Subsidiaries of Westlake, as
guarantors, Bank of America, N.A., as administrative agent, and the lenders
party thereto, as the same may be amended or refinanced from time to time in
accordance with the terms thereof and hereof, including without limitation, in
accordance with Sections 7.12, 7.13, 7.14, 7.17, 7.21, and 7.28 hereof.

 

2

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1.5 Fixed Charges. The definition of “Fixed Charges” in Annex A to the Credit
Agreement is deleted in its entirety and the following is substituted therefor:

 

“Fixed Charges” means, with respect to any fiscal period of the Loan Parties on
a consolidated basis, without duplication, interest expense, Capital
Expenditures (excluding Capital Expenditures funded with Debt other than
Revolving Loans, but including, without duplication, principal payments with
respect to such Debt), scheduled principal payments of Debt, prepayments and
unscheduled payments of Debt (other than the Fixed Asset Loan and excluding (a)
the prepayment of $133,000,000 principal amount of the Bond Debt and (b) the
prepayment of $27,000,000 principal amount of Debt of GPPI, each from proceeds
of the initial public offering of common stock of Westlake), payments on any
deferred payment plan for insurance premiums permitted pursuant to Section
7.13(j), cash Distributions paid by any Loan Party, and Federal, state, local
and foreign income taxes, excluding deferred taxes.

 

1.6 Permitted Liens. Clause (i) of the definition of “Permitted Liens” in Annex
A to the Credit Agreement is deleted in its entirety and the following is
substituted therefor:

 

(i) Liens securing the Fixed Asset Loan (and permitted amendments and
refinancings thereof) (including, without limitation, Liens in the Fixed Asset
Loan Collateral Account), which to the extent such Liens attach to Collateral,
are subject to the Intercreditor Agreement, but in no event shall such Liens
attach to any Accounts or Inventory;

 

1.7 Restricted Investments. A new clause (n) is added to the definition of
“Restricted Investment” in Annex A to the Credit Agreement by deleting the word
“and” immediately prior to clause (m) thereof, and inserting the following
clause (n) immediately prior to the period:

 

; and (n) investments in any Dollar denominated money market fund as defined by
Rule 2a-7 under the Investment Company Act of 1940

 

1.8 Stated Termination Date. The definition of “Stated Termination Date” in
Annex A to the Credit Agreement is deleted in its entirety and the following is
substituted therefor:

 

“Stated Termination Date” means July 14, 2008.

 

1.9 Exhibit A. Exhibit A to the Credit Agreement is amended in its entirety to
be in the form of Exhibit A attached hereto, and all references in the Credit
Agreement to “Note” or “Notes” shall be deemed to be to the Amended and Restated
Notes executed and delivered in connection with this Amendment.

 

1.10 Schedule 1. Schedule 1 to the Credit Agreement is amended in its entirety
to be in the form of Schedule 1 attached hereto. Each Borrower, Guarantor,
Agent, and Lender agrees and acknowledges that all and any references in the
Credit Agreement and other Loan Documents to “Borrower” and “Borrowers” shall
include all the entities listed on Schedule 1 attached hereto.

 

1.11 Additional Borrowers. Agent and Lenders consent to the Additional Borrowers
becoming Borrowers under the Credit Agreement and authorize Agent to enter into,
execute, and deliver a joinder agreement in which the Additional Borrowers agree
to become Borrowers under the Credit Agreement.

 

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;

 

3

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

 

(c) the Additional Borrowers, other Borrowers, Guarantors, and Agent shall have
entered into, executed, and delivered a Joinder Agreement, acceptable in form
and substance to Agent;

 

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

 

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

 

(f) all representations and warranties made hereunder and in the other Loan
Documents shall be true and correct;

 

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

 

(h) 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. 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 addition of the Additional Borrowers; 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.

 

Paragraph 4. 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 5. 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 6. Miscellaneous.

 

6.1 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

 

4

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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.

 

6.2 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.

 

Paragraph 7. 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 8. Parties. This Amendment binds and inures to Borrowers, Guarantors,
the Agent, Lenders, and their respective successors and assigns.

 

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.

 

5

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Signature Page to that certain Fourth 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

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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/ Samantha Farber

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

Name:

 

Samantha Farber

Title:

 

Duly Authorized Signatory

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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/ C. Graham Sones

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

Name:

 

C. Graham Sones

Title:

 

Vice President

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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/ Joseph G. Fudrez

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

Name:

 

Joseph G. Fudrez

Title:

 

Sr. Vice President

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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/ Wilfred V. Saint

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

Name:

 

Wilfred V. Saint

Title:

 

Director, Banking Products Services, US

By:

 

/s/ Juan Zuniga

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

Name:

 

Juan Zuniga

Title:

 

Associate Director, Banking Products Services, US

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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 FIRST BOSTON, acting through its Cayman Islands Branch, as a
Lender

By:

 

/s/ Peter Chauvin

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

Name:

 

Peter Chauvin

Title:

 

Vice President

By:

 

/s/ Alain Daoust

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

Name:

 

Alain Daoust

Title:

 

Director

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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/ Albert Fischetti

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

Name:

 

Albert Fischetti

Title:

 

Director

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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 Fourth Amendment

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

Signature Page to that certain Fourth 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

NORTH AMERICAN PROFILES, INC.,

a Delaware corporation

By:

 

/s/ Wayne D. Morse

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

   

Wayne D. Morse

   

President of the above Borrowers

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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 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 Fourth Amendment

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

Signature Page to that certain Fourth 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 TECHNOLOGY CORPORATION

a Delaware corporation

By:

 

/s/ Albert Chao

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

   

Albert Chao

   

President of the above entities

 

Signature page to Fourth Amendment

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

Signature Page to that certain Fourth 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 Fourth Amendment

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

EXHIBIT A

 

FORM OF AMENDED AND RESTATED NOTE

 

$                    

                           , 2003

 

For Value Received, the undersigned (referred to herein as the “Borrowers”)
hereby jointly and severally promise to pay to the order of              (the
“Lender”) in care of Bank of America, N.A. (the “Agent”), at the Agent’s office
located at 55 S. Lake Avenue, Suite 900, Pasadena, CA 91101, for the account of
the Lender, the lesser of the principal amount of                     
($            ) or the aggregate amount of all outstanding Revolving Loans made
to Borrowers by the Lender from time to time. The undersigned also promise to
pay interest on the unpaid principal amount of each Borrowing from the date of
such Borrowing until such principal amount is paid. This Note shall be subject
to the terms of that certain Credit Agreement described below (the “Credit
Agreement”), and all principal and interest payable hereunder shall be due and
payable in accordance with the terms of the Credit Agreement.

 

This Note is the Note referred to in the Credit Agreement, dated as of July 31,
2003, among the Borrowers, the Lender, certain other Lenders party thereto, and
Bank of America, N.A., as Agent for the Lenders, as amended, renewed, and
refinanced from time to time. Terms defined in the Credit Agreement are used
herein with the same meanings. The Credit Agreement, among other things,
contains provisions for acceleration of the maturity of this Note, upon the
happening of certain stated events and also for prepayments on account of the
principal of this Note prior to the maturity of this Note upon the terms and
conditions specified in the Credit Agreement. Without limiting the immediately
preceding sentence, reference is made to Section 2.3 of the Credit Agreement for
usury savings provisions.

 

Principal and interest payments shall be in money of the United States of
America, lawful at such times for the satisfaction of public and private debts,
and shall be in immediately available funds.

 

The Borrowers jointly and severally promise to pay the costs of collection,
including reasonable attorney’s fees, if default is made in the payment of this
Note.

 

This Note is in renewal and replacement, and not extinguishment, of the Note
dated July 31, 2003 made by the original Borrowers under the Credit Agreement,
payable to the order of the Lender.

 

THIS NOTE AND THE OTHER LOAN DOCUMENTS HAVE BEEN ENTERED INTO PURSUANT TO
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND THE SUBSTANTIVE LAWS
OF THE STATE OF NEW YORK, AND THE APPLICABLE FEDERAL LAWS OF THE UNITED STATES
OF AMERICA SHALL GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT, AND
INTERPRETATION HEREOF.

 

IN WITNESS WHEREOF, the undersigned have caused this Note to be executed by
officers thereunto duly authorized and directed by appropriate corporate
authority.

 

[Remainder of Page Intentionally Left Blank; Signatures Follow]

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BORROWERS: Westlake Chemical Corporation, a Delaware corporation

By:

 

 

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

Name:

 

 

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

Title:

 

 

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

North American Pipe Corporation, a Delaware corporation

By:

 

 

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

Name:

 

 

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

Title:

 

 

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

Westlake Styrene LP, a Delaware limited partnership

By:

 

Westlake Chemical Holdings, Inc., its general partner

   

By:

 

 

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

   

Name:

 

 

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

   

Title:

 

 

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

WPT LP, a Delaware limited partnership

By:

 

Westlake Chemical Holdings, Inc., its general partner

   

By:

 

 

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

   

Name:

 

 

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

   

Title:

 

 

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

Westlake Vinyls, Inc., a Delaware corporation

By:

 

 

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

Name:

 

 

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

Title:

 

 

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

Signature Page to Note

 

 

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

Westlake PVC Corporation, a Delaware corporation

By:

 

 

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

Name:

 

 

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

Title:

 

 

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

Geismer Vinyls Company LP, a Delaware limited partnership

By:

 

GVGP, Inc., its general partner

   

By:

 

 

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

   

Name:

 

 

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

   

Title:

 

 

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

Westech Building Products, Inc., a Delaware corporation

By:

 

 

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

Name:

 

 

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

Title:

 

 

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

Westlake Petrochemicals LP, a Delaware limited partnership

By:

 

Westlake Chemical Investments, Inc., its general partner

   

By:

 

 

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

   

Name:

 

 

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

   

Title:

 

 

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

Westlake Polymers LP, a Delaware limited partnership

By:

 

Westlake Chemical Investments, Inc., its general partner

   

By:

 

 

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

   

Name:

 

 

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

   

Title:

 

 

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

 

Signature Page to Note

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

Van Buren Pipe Corporation, a Delaware corporation

By:

 

 

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

Name:

 

 

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

Title:

 

 

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

North American Bristol Corporation, a Delaware corporation

By:

 

 

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

Name:

 

 

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

Title:

 

 

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

North American Profiles, Inc., a Delaware corporation

By:

 

 

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

Name:

 

 

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

Title:

 

 

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

 

Signature Page to Note

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SCHEDULE 1

 

BORROWERS

 

1. GEISMAR VINYLS COMPANY LP

 

2. NORTH AMERICAN PIPE CORPORATION

 

3. VAN BUREN PIPE CORPORATION

 

4. WESTECH BUILDING PRODUCTS, INC.

 

5. WESTLAKE CHEMICAL CORPORATION

 

6. WESTLAKE PETROCHEMICALS LP

 

7. WESTLAKE POLYMERS LP

 

8. WESTLAKE PVC CORPORATION

 

9. WESTLAKE STYRENE LP

 

10. WESTLAKE VINYLS, INC.

 

11. WPT LP

 

12. NORTH AMERICAN BRISTOL CORPORATION

 

13. NORTH AMERICAN PROFILES, INC.