Exhibit 10.4

 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of
February 14, 2014 (this “Amendment”), by and among the Borrowers (as defined
below), the Lenders party hereto and the Administrative Agent (as defined
below).  Reference is made to the AMENDED AND RESTATED CREDIT AGREEMENT dated as
of January 28, 2013 (as amended, restated, amended and restated or otherwise
modified, the “Credit Agreement”), by and among AXIALL CORPORATION, a Delaware
corporation (“Axiall”), EAGLE SPINCO INC., a Delaware corporation (“Eagle”),
ROYAL GROUP, INC., a Canadian federal corporation (“Royal Group” and, together
with Axiall and Eagle, the “Borrowers”), GENERAL ELECTRIC CAPITAL CORPORATION, a
Delaware corporation, as administrative agent (in such capacity, “Administrative
Agent”), the Lenders (such term and each other capitalized term used but not
defined herein having the meaning given to it in the Credit Agreement) and the
other parties thereto.

 

WHEREAS, pursuant to Section 4.2(d) of the Credit Agreement, the Borrowers are
required to deliver a Borrowing Base Certificate for the calendar month ended
January 31, 2014 (the “January BBC”) by February 14, 2014;

 

WHEREAS, the Borrowers have requested that the Required Lenders agree to extend
the date on which the January BBC is required to be delivered from February 14,
2014 to February 28, 2014;

 

WHEREAS, subject to the terms and conditions set forth herein, the Lenders party
hereto have agreed to such extension;

 

NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration (the receipt and sufficiency of which is hereby acknowledged), the
parties hereto hereby agree as follows:

 

Section 1.              Amendment.

 

(a)           Section 4.2(d) of the Credit Agreement is hereby amended by adding
the following parenthetical immediately following the phrase “within ten
(10) Business Days after the end of each calendar month”:

 

“(or, solely with respect to the calendar month ending January 31, 2014, within
twenty (20) Business Days after the end of such calendar month)”

 

Section 2.              Representations and Warranties.  The Borrowers represent
and warrant to the Administrative Agent and the Lenders as of the date hereof
that:

 

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(a)           This Amendment has been duly authorized, executed and delivered by
it and constitutes a legal, valid and binding obligation of Borrowers,
enforceable against Borrowers in accordance with its terms.

 

(b)           After giving effect to this Amendment, the representations and
warranties set forth in Article III of the Credit Agreement, are true and
correct in all material respects (without duplication of any materiality
qualifier contained therein) as of such date, except to the extent such
representation or warranty relates to an earlier date (in which event such
representations and warranties shall be true and correct in all material
respects (without duplication of any materiality qualifier contained therein (as
of such earlier date).

 

(c)           At the time of and after giving effect to this Amendment, no
Default or Event of Default has occurred and is continuing.

 

Section 3.              Conditions to Effectiveness.  This Amendment shall
become effective when the Administrative Agent (or its counsel) shall have
received from (a) the Required Lenders and (b) the Borrowers, a counterpart of
this Amendment signed on behalf of such party.

 

Section 4.              Expenses.  Borrowers agree to reimburse the
Administrative Agent for its reasonable out-of-pocket expenses incurred by it in
connection with this Amendment, including the reasonable fees, charges and
disbursements of Weil, Gotshal & Manges LLP, counsel for the Administrative
Agent.

 

Section 5.              Headings.  Section headings used herein are for
convenience of reference only, are not part of this Amendment and shall not
affect the construction of, or be taken into consideration in interpreting, this
Amendment.

 

Section 6.              Governing Law.  THE LAWS OF THE STATE OF NEW YORK SHALL
GOVERN ALL MATTERS ARISING OUT OF, IN CONNECTION WITH OR RELATING TO THIS
AMENDMENT, INCLUDING, WITHOUT LIMITATION, ITS VALIDITY, INTERPRETATION,
CONSTRUCTION, PERFORMANCE AND ENFORCEMENT.

 

Section 7.              Counterparts.  This Amendment may be executed in any
number of counterparts and by different parties in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.  Signature pages may
be detached from multiple separate counterparts and attached to a single
counterpart.  Delivery of an executed signature page of this Amendment by
facsimile transmission or Electronic Transmission shall be as effective as
delivery of a manually executed counterpart hereof.

 

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Section 8.              Effect of Amendment.  Except as expressly set forth
herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of or otherwise affect the rights and remedies of the
Lenders or the Agents under the Credit Agreement or any other Loan Document, and
shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other provision of the Credit Agreement or any other Loan
Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect.  The parties hereto expressly acknowledge
that it is not their intention that this Amendment or any of the other Loan
Documents executed or delivered pursuant hereto constitute a novation of any of
the obligations, covenants or agreements contained in the Credit Agreement or
any other Loan Document, but a modification thereof pursuant to the terms
contained herein.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

 

 

AXIALL CORPORATION,

 

as Borrower

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

 

 

 

 

EAGLE SPINCO INC.,

 

as Borrower

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

 

 

 

 

ROYAL GROUP, INC.,

 

as Borrower

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 1

 

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GENERAL ELECTRIC CAPITAL CORPORATION,

 

as Administrative Agent and as a Lender

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 1

 

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JPMORGAN CHASE BANK, N.A.,

 

as a Lender

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 1

 

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WELLS FARGO CAPITAL FINANCE, LLC,

 

as a Lender

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 1

 

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ROYAL BANK OF CANADA,

 

as a Lender

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 1

 

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BARCLAYS BANK PLC,

 

as a Lender

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 1

 

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