Document:

Exhibit 4.23

 

GUARANTY SUPPLEMENT

 

SUPPLEMENT, dated as of December 4, 2013 (this “Supplement”), to the Guaranty, dated as of March 31, 2011, among NEXEO SOLUTIONS HOLDINGS, LLC, a Delaware limited liability company (“Holdings”), NEXEO SOLUTIONS SUB HOLDING CORP., a Delaware corporation (“Sub Holdco”), the other Guarantors party thereto from time to time and BANK OF AMERICA, N.A., as Administrative Agent and Collateral Agent for the Secured Parties (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Guaranty”).

 

A.            Reference is made to the Credit Agreement, dated as of March 9, 2011 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Credit Agreement”), among Nexeo Solutions, LLC, a Delaware limited liability company (the “Borrower”), Holdings, Sub Holdco, the Lenders party thereto from time to time, and Bank of America, N.A., as Administrative Agent and Collateral Agent for the Lenders.

 

B.            Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement and the Guaranty, as applicable.

 

C.            The Guarantors have entered into the Guaranty in order to induce the Lenders to make Loans to the Borrower. Section 4.13 of the Guaranty provides that additional Restricted Subsidiaries of the Guarantors may become Guarantors under the Guaranty by execution and delivery of an instrument in the form of this Supplement. Each undersigned Restricted Subsidiary (each, a “New Subsidiary” and, together, the “New Subsidiaries”) is executing this Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under the Guaranty as consideration for Loans previously made.

 

Accordingly, the Administrative Agent and each New Subsidiary agree as follows:

 

Section 1.              In accordance with Section 4.13 of the Guaranty, each New Subsidiary by its signature below becomes a Guarantor under the Guaranty with the same force and effect as if originally named therein as a Guarantor and such New Subsidiary hereby (a) agrees to all the terms and provisions of the Guaranty applicable to it as a Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Guarantor thereunder are true and correct on and as of the date hereof, provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all respects as of such earlier date. Each reference to a “Guarantor” in the Guaranty shall be deemed to include each New Subsidiary as if originally named therein as a Guarantor. The Guaranty is hereby incorporated herein by reference.

 

Section 2.              Each New Subsidiary represents and warrants to the Administrative Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity.

 

Section 3.              This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which

 

 

when taken together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received a counterpart of this Supplement that bears the signature of each New Subsidiary and the Administrative Agent has executed a counterpart hereof. Delivery of an executed counterpart of a signature page of this Supplement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Supplement.

 

Section 4.              Except as expressly supplemented hereby, the Guaranty shall remain in full force and effect.

 

Section 5.

 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH PARTY HERETO AGREES THAT THE ADMINISTRATIVE AGENT AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER THIS AGREEMENT OR THE ENFORCEMENT OF ANY JUDGMENT.

 

(c) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE

 

 

TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 6.              If any provision of this Supplement is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Supplement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 7.              All communications and notices hereunder shall be in writing and given as provided in Section 4.01 of the Guaranty.

 

Section 8.              Each New Subsidiary agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with this Supplement as provided in Section 4.03(a) of the Guaranty.

 

 

IN WITNESS WHEREOF, each New Subsidiary and the Administrative Agent have duly executed this Supplement to the Guaranty as of the day and year first above written.

 

 

	
 
    	
CHEMICAL SPECIALISTS AND DEVELOPMENT, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ross Crane
    
	
 
    	
Name:
    	
Ross Crane
    
	
 
    	
Title:
    	
Executive Vice   President, Chief Financial Officer and Assistant Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
STARTEX CHEMICAL, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ross Crane
    
	
 
    	
Name:
    	
Ross Crane
    
	
 
    	
Title:
    	
Executive Vice   President, Chief Financial Officer and Assistant Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
STARTEX DISTRIBUTION WEST, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ross Crane
    
	
 
    	
Name:
    	
Ross Crane
    
	
 
    	
Title:
    	
Executive Vice President,   Chief Financial Officer and Assistant Treasurer
    

 

[Signature Page to Guaranty Supplement]

 

 

	
 
    	
BANK OF AMERICA, N.A., as
    
	
 
    	
Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Aamir Saleem
    
	
 
    	
Name:
    	
Aamir Saleem
    
	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to Guaranty Supplement]Exhibit 4.24

 

TRADEMARK SECURITY AGREEMENT

 

Trademark Security Agreement, dated as of December 4, 2013, by CHEMICAL SPECIALISTS AND DEVELOPMENT, LLC, a Delaware limited liability company, and STARTEX CHEMICAL, LLC, a Delaware limited liability company (each, individually, a “Grantor”), in favor of BANK OF AMERICA, N.A., in its capacity as collateral agent pursuant to the Security Agreement referred to below (in such capacity, the “Collateral Agent”).

 

WITNESSETH

 

WHEREAS, each Grantor is party to that certain Pledge and Security Agreement, dated as of March 31, 2011, among Nexeo Solutions, LLC (the “Borrower”), Nexeo Solutions Holdings, LLC, Nexeo Solutions Sub Holding Corp., certain subsidiaries of the Borrower party thereto from time to time (including each Grantor), the Lenders party thereto from time to time and the Collateral Agent (as it may be from time to time amended, restated, modified or supplemented, including pursuant to the Joinder Agreement, dated December 4, 2013, by and among each Grantor, Startex Distribution West, LLC and the Collateral Agent, the “Security Agreement”), in favor of the Collateral Agent pursuant to which such Grantor is required to execute and deliver this Trademark Security Agreement;

 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to extend credit under the Credit Agreement (as defined in the Security Agreement), each Grantor hereby agrees with the Collateral Agent as follows:

 

SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement.

 

SECTION 2. Grant of Security Interest in Trademark Collateral. Each Grantor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following pledged Collateral of such Grantor:

 

(a) Trademarks of such Grantor listed on Schedule I attached hereto;

 

(b) all goodwill associated with such Trademarks; and

 

(c) all Proceeds of any and all of the foregoing.

 

SECTION 3. Security Agreement. The security interest granted pursuant to this Trademark Security Agreement is granted in conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and each Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security interest in the Trademarks made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Trademark Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control.

 

 

SECTION 4. Termination. Upon the termination of the Security Agreement in accordance with its terms, the Collateral Agent shall execute, acknowledge, and deliver to each Grantor an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the Trademarks under this Trademark Security Agreement.

 

SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of a signature page of this Trademark Security Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Trademark Security Agreement.

 

[Signature page follows]

 

 

IN WITNESS WHEREOF, each Grantor has caused this Trademark Security Agreement to be executed and delivered by its duly authorized offer as of the date first set forth above.

 

 

	
 
    	
CHEMICAL SPECIALISTS AND   DEVELOPMENT, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ross Crane
    
	
 
    	
Name:
    	
Ross Crane
    
	
 
    	
Title:
    	
Executive Vice   President, Chief Financial Officer and Assistant Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
STARTEX CHEMICAL, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Ross Crane
    
	
 
    	
Name:
    	
Ross Crane
    
	
 
    	
Title:
    	
Executive Vice   President, Chief Financial Officer and Assistant Treasurer
    

 

[Signature Page to TLB Trademark Security Agreement]

 

 

	
Accepted and Agreed:
    	
 
    
	
 
    	
 
    
	
BANK OF AMERICA, N.A., as Collateral Agent
    	
 
    
	
By:
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    

 

[Signature Page to TLB Trademark Security Agreement]

 

 

Schedule 1 to Trademark Security Agreement

 

	
Trademark
    	
 
    	
Owner
    	
 
    	
Federal Registration No.
    
	
PRIST
    	
 
    	
Chemical   Specialists and Development LLC
    	
 
    	
3,256,175
    
	
STARTEX QUALITY PRODUCTS with design
    	
 
    	
Startex Chemical,   LLC
    	
 
    	
1,614,531
    
	
STARTEX
    	
 
    	
Startex Chemical,   LLC
    	
 
    	
1,614,532

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