Document:

Exhibit 10.2(d)

 

FOURTH AMENDMENT

TO 2001 LP CANADA CREDIT AGREEMENT

(Dated for Reference November 30, 2001)

 

THIS FOURTH AMENDMENT TO 2001 LP CANADA CREDIT
AGREEMENT is dated for reference June 27, 2003

 

AMONG:

 

LOUISIANA-PACIFIC
CANADA LTD.,
a British Columbia company having an office at 2100 – 1075 West Georgia Street,
Vancouver, British Columbia, V6E 3G2

 

AND:

 

LOUISIANA-PACIFIC
CORPORATION,
a Delaware corporation having an office at 1200, 805 S.W. Broadway, Portland,
Oregon, U.S.A., 97205

 

AND:

 

ROYAL
BANK OF CANADA,
a Canadian chartered bank, having its head office in Montreal, Quebec, and a
branch office at 1025 West Georgia Street, Vancouver, British Columbia, V6E 3N9

 

WHEREAS:

 

A.                                   The parties entered into a credit
agreement dated for reference November 30, 2001, which credit agreement was
amended by a Waiver and First Amendment dated as of July 23, 2002 and further
amended by a Second Amendment dated for reference November 27, 2002 and a Third
Amendment dated for reference March 14, 2003 (as so amended, the “Credit
Agreement”);

 

B.                                     The parties have agreed to amend the
Credit Agreement as provided in this agreement (the “Amendment Agreement”).

 

WITNESSETH THAT in consideration of the mutual
covenants and agreements herein, the parties covenant and agree as follows:

 

 

1.                                       INTERPRETATION

 

1.1                                 Words with an initial capital letter
which are not otherwise defined in the Amendment Agreement have the meanings
set out in the Credit Agreement as amended by the Amendment Agreement.

 

1.2                                 The Amendment Agreement shall be
construed in accordance with and governed by the laws of the Province of
British Columbia and the laws of Canada applicable in that Province.

 

1.3                                 Wherever the singular or the
masculine are used in the Amendment Agreement, the same shall be deemed to
include the plural or the feminine or vice versa and a body politic or
corporate where the context or the parties so require.

 

1.4                                 Unless otherwise specified all
statements of, or references to dollar amounts in the Amendment Agreement
without currency specification shall refer to Canadian Funds.

 

2.                                       REPRESENTATIONS AND WARRANTIES

 

Each of the Borrower and the Guarantor severally
represents and warrants to Royal that the execution and delivery of the
Amendment Agreement and any required exhibits will not contravene a provision
of any regulation, order or permit applicable to it or cause a conflict with or
contravention of its constating documents or cause a breach of or constitute a
default under or require any consent under any instrument or agreement to which
it is a party or by which it is bound except such as have been obtained or
waived, as the case may be.

 

3.                                       AMENDMENT

 

If the conditions set forth in §4 of the Amendment
Agreement have been met or waived prior to or at the Effective Time then, as of
the Effective Time, the Credit Agreement shall be amended as follows:

 

(a)                                  by deleting the definition of
“Guarantor Credit Facility” from §1.1 and substituting the following:

 

““Guarantor Credit Facility” means the credit facility
made available to the Guarantor pursuant to the terms of a Credit Agreement
entered into as of November 15, 2001 among the Guarantor, as borrower, Bank of
America, N.A., as the Administrative Agent, Wachovia Bank, N.A., as the
Syndication Agent, Royal, as Documentation Agent and the other lenders party to
the credit agreement as amended and restated by the Third Amendment and as
further amended from time to time;”

 

(b)                                 by deleting the definition of “Note
Financing” from §1.1 and substituting the following:

 

2

 

““Note Financing” has the meaning set forth in the
Guarantor Credit Agreement as in effect as of May 15, 2003 (that is, for
greater certainty after the effective date of the Sixth Amendment but prior to
any subsequent amendment, restatement, modification, supplement, extension,
renewal or replacement thereof);”

 

(c)                                  by deleting the definition of
“Purchase Money Note” from §1.1 and substituting the following:

 

““Purchase Money Note” has the meaning set forth in
the Guarantor Credit Agreement as in effect as of May 15, 2003 (that is, for
greater certainty after the effective date of the Sixth Amendment but prior to
any subsequent amendment, restatement, modification, supplement, extension,
renewal or replacement thereof);”

 

(d)                                 by adding the following definition
to §1.1:

 

““Sixth Amendment” means the sixth amendment agreement
dated as of May 15, 2003 among the parties to the Guarantor Credit Agreement”

 

4.                                       CONDITIONS
PRECEDENT

 

Royal shall have no obligation to amend the Credit Agreement, as
provided by this Amendment Agreement unless, on or prior to the Satisfaction
Date specified in §5.2 it shall have received:

 

(a)                                  the Amendment Agreement duly
executed by the Borrower and the Guarantor;

 

(b)                                 certified copies of authorizing resolutions
of the board of directors of the Borrower, the Guarantor, L. P. Engineered Wood
Products Ltd. and Louisiana-Pacific B.C. Forests Products Limited or of a duly
constituted and authorized committee of their respective board of directors, as
the case may be, all in form and content satisfactory to Royal and its counsel,
authorizing the execution and delivery of the Amendment Agreement; and

 

(c)                                  a notice of agreement and
confirmation substantially in the same form of Exhibit II, III and IV from
respectively, the Guarantor, LP Engineered Wood Products Ltd. and
Louisiana-Pacific B.C. Forest Products Limited.

 

3

 

5.                                       GENERAL

 

5.1                                 The Amendment Agreement may be
executed in one or more counterparts or facsimile counterparts, each of which
when executed and delivered shall be deemed to be an original and all of which
together shall constitute one document in writing.

 

5.2                                 The Amendment Agreement shall be
effective as of 23:59 hours, local Vancouver time, on the date as of which the
Amendment Agreement is executed (“Effective Time”) if on or prior to June 30,
2003 or such earlier or later date as may be agreed among Royal, the Borrower
and the Guarantor (the “Satisfaction Date”), Royal shall have received the documents
described in §4.

 

5.3                                 The Borrower and the Guarantor will
do, execute and deliver, or will cause to be done, executed and delivered, all
such further acts, documents (including certificates, declarations, affidavits,
reports and opinions) and things as Royal may reasonably require for the
purpose of giving effect to the Amendment Agreement and the Credit Agreement.

 

The Amendment Agreement has been executed this 27 day
of June, 2003.

 

 

	
  The COMMON
  SEAL of LOUISIANA-

  PACIFIC CANADA LTD. was hereunto 

  affixed in the presence of:

  	
  Address for
  Notice  

  c/o Louisiana-Pacific Corporation 

  1200, 805 S.W. Broadway 

  Portland, Oregon 

  U.S.A.  97205

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Curtis M.
  Stevens 

  Vice President and Chief Financial 

  Officer  

  	
  Phone: (503)
  821-5100 

  Fax:  (503) 821-5322 

  Attention: Executive Vice President, 

  Administration, and Chief Financial 

  Officer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Mark G.
  Tobin 

  Treasurer

  	
  With a copy
  to: 

  Fasken, Martineau, DuMoulin LLP 

  2100 – 1075 West Georgia Street 

  Vancouver, British Columbia 

  V6E 3G2

  
	
   

  	
   

  
	
   

  	
  Phone: (604)
  631-3131 

  Fax:  (604) 631-3232 

  Attention: J. S. McKercher or D. J. 

  Weaver

  

 

4

 

	
  The COMMON
  SEAL of LOUISIANA-

  PACIFIC CORPORATION was hereunto 

  affixed in the presence of:

  	
  Address
  for Notice  

  Louisiana-Pacific Corporation 

  Suite 1200, 805 S.W. Broadway 

  Portland, Oregon 

  U.S.A.  97205  

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Curtis
  M. Stevens 

  Executive Vice President, Administration, 

  and Chief Financial Officer 

  	
  Phone:
  (503) 821-5100 

  Fax:  (503) 821-5322 

  Attention: Executive Vice President, 

  Administration, and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Mark
  G. Tobin 

  Treasurer

  	
   

  

 

 

	
  ROYAL
  BANK OF CANADA

  	
  RBC Capital Markets

  Suite 2100, Park Place

  666 Burrard Street

  
	
  By:

  	
   

  	
   

  	
  Vancouver, British Columbia

  
	
   

  	
  V6C 3B1

  
	
   

  	
   

  
	
  Gerry
  Derbyshire

  	
  Attention: Managing Director

  
	
  Managing
  Director-Corporate Credit

  	
  Phone:
  (604) 257-7100

  
	
   

  	
  Fax: 
  (604) 665-6465

  
				

 

5

 

EXHIBIT I TO THE AMENDMENT
AGREEMENT

 

NOTICE OF AGREEMENT,
REQUEST AND CONFIRMATION

Dated
as of June        , 2003

 

TO:                            ROYAL BANK OF CANADA

 

Re:                               Guarantee (Particular Guarantee) dated for reference November 30,
2001 and executed December 14, 2001  (“Guarantee”) by the Guarantor in favour
of Royal guaranteeing the obligations of the Borrower under the Credit
Agreement as amended by the Amendment Agreement.

 

Words with an
initial capital letter which are not otherwise defined in the Notice of
Agreement, Request and Confirmation have the meanings defined in the Credit
Agreement as amended by the Amendment Agreement.

 

1.                                       The Borrower has asked Royal to enter into the Amendment Agreement;

 

2.                                       This is notice that the undersigned is aware of the reasons for the
Amendment Agreement and concurs with the Borrower’s aforesaid request to Royal;

 

3.                                       The undersigned hereby joins the Borrower in its request to Royal
that it enter into the Amendment Agreement and acknowledges the terms of the
Credit Agreement as amended by the Amendment Agreement and confirms that the
Guarantee remains valid, binding and enforceable against the Guarantor.

 

 

	
  LOUISIANA-PACIFIC CORPORATION

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Authorized
  Signatory

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Authorized
  Signatory

  
			

 

 

EXHIBIT II TO THE
AMENDMENT AGREEMENT

 

NOTICE OF AGREEMENT,
REQUEST AND CONFIRMATION

Dated
as of June       , 2003

 

TO:                            ROYAL BANK OF CANADA

 

Re:                               Guarantee (Particular Guarantee) dated for reference November 30,
2001 and executed December 14, 2001  (“Guarantee”) by the Guarantor in favour
of Royal guaranteeing the obligations of the Borrower under the Credit
Agreement as amended by the Amendment Agreement.

 

Words with an
initial capital letter which are not otherwise defined in the Notice of
Agreement, Request and Confirmation have the meanings defined in the Credit
Agreement as amended by the Amendment Agreement.

 

1.                                       The Borrower has asked Royal to enter into the Amendment Agreement;

 

2.                                       This is notice that the undersigned is aware of the reasons for the
Amendment Agreement and concurs with the Borrower’s aforesaid request to Royal;

 

3.                                       The undersigned hereby joins the Borrower in its request to Royal
that it enter into the Amendment Agreement and acknowledges the terms of the
Credit Agreement as amended by the Amendment Agreement and confirms that the
Guarantee remains valid, binding and enforceable against the Guarantor.

 

 

	
  LP ENGINEERED WOOD PRODUCTS LTD.

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Authorized
  Signatory

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Authorized
  Signatory

  
			

 

 

EXHIBIT III TO THE
AMENDMENT AGREEMENT

 

NOTICE OF AGREEMENT,
REQUEST AND CONFIRMATION

Dated
as of June     , 2003

 

TO:                            ROYAL BANK OF CANADA

 

Re:                               Guarantee (Particular Guarantee) dated for reference November 30,
2001 and executed December 14, 2001  (“Guarantee”) by the Guarantor in favour
of Royal guaranteeing the obligations of the Borrower under the Credit
Agreement as amended by the Amendment Agreement.

 

Words with an
initial capital letter which are not otherwise defined in the Notice of
Agreement, Request and Confirmation have the meanings defined in the Credit
Agreement as amended by the Amendment Agreement.

 

1.                                       The Borrower has asked Royal to enter into the Amendment Agreement;

 

2.                                       This is notice that the undersigned is aware of the reasons for the
Amendment Agreement and concurs with the Borrower’s aforesaid request to Royal;

 

3.                                       The undersigned hereby joins the Borrower in its request to Royal
that it enter into the Amendment Agreement and acknowledges the terms of the
Credit Agreement as amended by the Amendment Agreement and confirms that the
Guarantee remains valid, binding and enforceable against the Guarantor.

 

 

	
  LOUISIANA-PACIFIC B. C. FOREST 

  PRODUCTS LIMITED

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Authorized
  Signatory

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Authorized
  SignatoryExhibit 10.3(c)

 

EXECUTION COPY

 

THIRD AMENDMENT

TO RECEIVABLES SALE AGREEMENT

 

THIS THIRD AMENDMENT TO RECEIVABLES SALE
AGREEMENT, dated as of April 25, 2003 (this “Amendment”),
is entered into by and between LP RECEIVABLES CORPORATION and LOUISIANA-PACIFIC
CORPORATION.  Capitalized terms used and
not otherwise defined herein are used as defined in the Agreement (as defined
below and amended hereby).

 

WHEREAS, the parties
hereto have entered into that certain Receivables Sale Agreement, as amended,
supplemented or otherwise modified by the First Amendment dated as of December
27, 2001 and the Limited Waiver of Credit and Security Agreement and Limited
Waiver of and Second Amendment to Receivables Sale Agreement dated as of July
23, 2002 (such waiver and amendment, as amended, supplemented or otherwise
modified, the “Waiver Agreement”)
(such Receivables Sale Agreement, as so amended, supplemented or otherwise
modified, the “Agreement”);

 

WHEREAS, the parties
hereto wish to amend the Agreement as hereinafter set forth;

 

NOW THEREFORE, in
consideration of the premises and the other mutual covenants contained herein,
the parties hereto agree as follows:

 

SECTION 1.  Amendments.
The Agreement is, as of the Effective Date defined below, hereby amended as
follows:

 

(a)                                  Section
1.2(b) of the Agreement is hereby amended and restated in its entirety to read
as follows:

 

(b)                                 On
each Monthly Reporting Date, Originator shall deliver to Buyer such information
as Buyer may reasonably request with respect to the Receivables sold and/or
contributed by Originator to Buyer during the Settlement Period then most
recently ended, including, without limitation, information regarding the
Eligible Receivables transferred by Originator which shall be included in the
related Monthly Report.

 

(b)                                 Section
1.3(b) of the Agreement is hereby amended and restated in its entirety to read
as follows:

 

(b)                                 With
respect to any Receivables coming into existence after the Initial Cutoff Date,
not later than the Purchase Settlement Date, Buyer shall pay the Purchase Price
therefor in accordance with Section 1.3(d) and in the following manner,

 

 

(i)                                     first, by delivery of immediately available funds to the extent of
funds made available to Buyer in connection with Advances made to Buyer under
the Credit Agreement or other cash on hand,

 

(ii)                                  second,
to the extent not paid pursuant to clause (i) above, by delivery to
Louisiana-Pacific of the proceeds of a subordinated revolving loan from
Louisiana-Pacific to Buyer (a “Subordinated
Loan”), evidenced by an entry by Louisiana-Pacific on the
Subordinated Note,  in an amount not to
exceed the least of (A) the remaining unpaid portion of such Purchase Price and
(B) the maximum Subordinated Loan (aggregated with all Subordinated Loans then
outstanding) that could be borrowed without rendering Buyer’s Net Worth less
than the Required Capital Amount. 
Louisiana-Pacific is hereby authorized by Buyer to endorse on the
schedule attached to the Subordinated Note an appropriate notation evidencing
the date and amount of each advance thereunder, as well as the date of each
payment with respect thereto, provided that the failure to make such
notation shall not affect any obligation of Buyer thereunder; and

 

(iii)                               third,
to the extent the Purchase Price of Receivables has not been paid in full,
unless Louisiana-Pacific has declared the Termination Date to have occurred
pursuant to this Agreement, by accepting a contribution to its capital in an
amount equal to the remaining unpaid balance of such Purchase Price.

 

Subject to the limitations set forth in Section 1.3(b)(ii),
Originator irrevocably agrees to advance each Subordinated Loan requested by
Buyer on or prior to the Termination Date. 
The Subordinated Loans shall be evidenced by, and shall be payable in
accordance with the terms and provisions of the Subordinated Note and shall be
payable solely from funds which Buyer is not required under the Credit
Agreement to set aside for the benefit of, or otherwise pay over to, the
Secured Parties.

 

(c)                                  Section
1.3(c) of the Agreement is hereby amended and restated in its entirety to read
as follows:

 

(c)                                  From
and after the Termination Date, Originator shall not be obligated to (but may,
at its option):  (i) sell Receivables to
Buyer, or (ii) contribute Receivables to Buyer’s capital pursuant to Section
1.3(b)(iii).

 

(d)                                 Section
1.3(d) of the Agreement is hereby amended and restated in its entirety to read
as follows:

 

Although the
Purchase Price for each Receivable coming into existence after the Initial
Cutoff Date shall be due and payable in full by Buyer to Originator on the date
such Receivable came into existence, settlement of the Purchase Price between
Buyer and Originator shall be effected on Purchase Settlement Dates 

 

2

 

with respect
to all Receivables coming into existence during the related Calculation Period
and based on the information provided to Buyer pursuant to Section 1.2(b).  Although settlement, including without
limitation any contribution of capital by Originator pursuant to Section
1.3(b)(iii), shall be effected on Purchase Settlement Dates, increases or
decreases in the amount owing under the Subordinated Note made pursuant to this
Section 1.3 for interest calculation purposes only shall be deemed to
have occurred and shall be effective as of the first Business Day of the
Calculation Period in which such Purchase Settlement Date occurs.

 

(e)                                  Section
1.4(a)(iv) of the Agreement is hereby amended and restated in its entirety to
read as follows:

 

(iv)                              less
than the amount included in calculating the Outstanding Balance for purposes of
any Monthly Report (for any reason other than such Receivable becoming a
Defaulted Receivable or payment in full of the entire Outstanding Balance being
made on such Receivable), or

 

(f)                                    Section
2.1(u) of the Agreement is hereby amended and restated in its entirety to read
as follows:

 

(u)                                 Eligible
Receivables.  Each Receivable
reflected in any Monthly Report as an Eligible Receivable on the date of such
Monthly Report was an Eligible Receivable on the last day of the period to
which such Monthly Report relates.

 

(g)                                 Section
6.1(i) of the Agreement is hereby amended and restated in its entirety to read
as follows:

 

(i)                                     any
representation or warranty made by Originator (or any officers of Originator)
under or in connection with any Monthly Report, this Agreement, any other
Transaction Document or any other information or report delivered by Originator
pursuant hereto or thereto for which Buyer has not received a Purchase Price
Credit that shall have been false or incorrect when made or deemed made;

 

(h)                                 Section
6.1(xiv) of the Agreement is hereby amended and restated in its entirety to
read as follows:

 

(xiv)                         the
failure of any Receivable reflected as an Eligible Receivable in any Monthly
Report to be an Eligible Receivable on the date of such Monthly Report.

 

(i)                                     The
definition of “Net Worth” in Exhibit I to the Agreement is hereby amended and
restated in its entirety to read as follows:

 

Net Worth:  With respect to any Calculation Period, the
sum of (i) stockholder’s equity for such Calculation Period, calculated as of
the Purchase Settlement Date immediately following such Calculation Period and
in accordance with GAAP consistently applied and (ii) the aggregate amount of
any capital contributions 

 

3

 

made during
the period on and after the Cut-Off Date for such Calculation Period to, and
including, the immediately following Purchase Settlement Date.

 

(j)                                     The
definition of “Purchase Report” in Exhibit I to the Agreement is hereby deleted
in its entirety, together with all references thereto in the Agreement.

 

(k)                                  The
definition of “Required Capital Amount” in Exhibit I to the Agreement is hereby
amended and restated in its entirety to read as follows:

 

Required
Capital Amount: 
With respect to any Calculation Period, an amount equal to the sum of
(i) the Required Equity Reserve for such Calculation Period plus (ii) the
Receivables Adjustment Amount for such Calculation Period, in each case,
calculated as of the Purchase Settlement Date immediately following such
Calculation Period.

 

(l)                                     The
definition of “Subordinated Loan” in Exhibit I to the Agreement is hereby
amended and restated to read as follows:

 

Subordinated Loan:  As defined in Section 1.3(b)(ii).

 

(m)                               The
following definitions are hereby added to Exhibit I to the Agreement in
alphabetical order thereto:

 

Adjusted
Receivables Balance: 
For any Calculation Period, the Outstanding Balance of the Receivables minus
the Receivables Adjustment Amount, in each case, as of the Cut-Off Date for
such Calculation Period.

 

Equity Loss
Reserve:  For
any Calculation Period, the product (expressed as a percentage) of (i) 1.5
times (ii) the highest three-month rolling average Default Ratio during the
twelve (12) Calculation Periods ending on the Cut-Off Date for such of such
Calculation Period, times (iii) the Default Horizon Ratio as of the Cut-Off
Date for such Calculation Period.

 

Non-Investment
Grade Obligors: 
Obligors who are not rated by S&P or Moody’s or who have short term
unsecured debt ratings (or in the absence thereof, the equivalent long term
unsecured debt ratings) which are below either A-3 by S&P or P-3 by
Moody’s.

 

Receivables
Adjustment Amount: 
For any Calculation Period, the aggregate Outstanding Balance of
Defaulted Receivables as of the Cut-Off Date for such Calculation Period.

 

Required
Equity Reserve: 
For any Calculation Period, the greater of (i) the Required Equity
Reserve Floor for such Calculation Period or (ii) the product of (A) the sum of
the Equity Loss Reserve, the Interest Reserve and the Servicing Reserve for
such Calculation Period times (B) the Adjusted Receivables Balance for such
Calculation Period.

 

Required
Equity Reserve Floor: 
For any Calculation Period, the sum of (i) the aggregate Outstanding
Balance of Receivables owed by the three largest Non-Investment Grade Obligors
as of the Cut-Off Date of such Calculation Period plus  

 

4

 

(ii) the
product of the Adjusted Dilution Ratio times the Dilution Horizon Ratio times
the Adjusted Receivables Balance, in each case, as of the Cut-Off Date of such
Calculation Period.

 

(n)                                 Exhibit VII is hereby
deleted from the Agreement.

 

(o)                                 Notwithstanding the
defined terms appearing in the Agreement and the Credit Agreement, for the sole
purpose of calculating the Purchase Price for each Receivable the following
conventions shall be used:

 

(i)

 

	
  Words Appearing in the
  Defined Term

  	
   

  	
  Interpretation Solely with
  Respect to Calculation for Purchase Price

  
	
   

  	
   

  	
   

  
	
  As of any date,

  	
   

  	
  As of the related Purchase
  Settlement Date,

  
	
   

  	
   

  	
   

  
	
  As of the date of any
  Purchase,

  	
   

  	
  As of the related Purchase
  Settlement Date,

  
	
   

  	
   

  	
   

  
	
  For any Calculation Period,

  	
   

  	
  For the Fiscal Month most
  recently ended, prior to such Purchase Settlement Date

  

 

 

(ii)                                  Notwithstanding
clause (i) above and the defined terms appearing in the Agreement and the
Credit Agreement, for the sole purpose of calculating the Purchase Price for
each Receivable on any Purchase Settlement Date, each of the following shall be
calculated as of the last day of, or ending with, as applicable, the Fiscal
Month immediately preceding the Calculation Period to which such Purchase
Settlement Date relates:

 

Days Sales Outstanding

 

Interest Reserve

 

Cash Discount Reserve

 

Rebate Reserve

 

Servicing Reserve

 

Eligible Receivables Pool Percentage

 

Loss Discount Factor

 

Purchase Price Credits owing pursuant to
Section 1.4(a)(ii)

 

5

 

SECTION
2.  Effective Date.  (a)  This Amendment shall become effective as of
the date first above written (the “Effective Date”) on the date on which
the Buyer and the Administrative Agent shall have received each of the
following:

 

(i)                                     a
duly executed copy of the Second Amendment to Credit and Security Agreement
dated as of the date hereof; and

 

(ii)                                  a
favorable opinion of Mayer, Brown, Rowe & Maw reasonably acceptable to the
Administrative Agent which addresses the existence of a “true sale” of the
Receivables from Originator to the Buyer under the Agreement.

 

SECTION
3.  Provisions of Waiver Agreement No
Longer In Effect.

 

(a)                                  Pursuant to Section
1.3(a)(ii) of the Agreement (without giving effect to this Amendment), with
respect to each Purchase of Receivables, amounts outstanding under the Subordinated
Note shall not exceed the least of (i) the remaining unpaid portion of the
Purchase Price, (ii) the maximum Subordinated Loan that could be borrowed
without rendering the Buyer’s Net Worth (as defined in the Agreement without
giving effect to this Amendment) less than the Required Capital Amount (as
defined in the Agreement without giving effect to this Amendment) and (ii)
fifteen percent (15%) of such Purchase Price (such requirement as in effect
prior to the Effective Date, the “Note
Limitation”).  Pursuant
to Section 3 of the Waiver Agreement, on the twenty-fifth Business Day
following the Purchase Settlement Date occurring in March 2003, the Buyer and
the Originator shall reduce the outstanding principal amount of the
Subordinated Note so as to be in compliance with the Note Limitation.  On and as of the Effective Date, the
Administrative Agent and the Lender hereby confirm, by acknowledging its
consent on the signature pages hereto, that the Note Limitation and the
provisions of Section 3 of the Waiver Agreement shall no longer be in effect
and the Buyer and the Originator shall not be obligated to comply with the Note
Limitation or make any reduction in the amounts outstanding under the
Subordinated Note in order to comply with the Note Limitation; provided,
however, that, on and as of the Effective Date and as of each Purchase
Settlement Date thereafter, the principal amount outstanding under the
Subordinated Note shall not be greater than that which could be borrowed
without rendering the Buyer’s Net Worth less than the Required Capital Amount
(as each such term is defined after giving effect to this Amendment).

 

(b)                                 Notwithstanding any
prior amendments and/or waivers to the Agreement, the parties hereto
acknowledge that as of and upon the Effective Date, Originator shall not be
required to deliver any Purchase Report (as defined in the Agreement without
giving effect to this Amendment) to the Buyer (or its assigns) or the
Administrative Agent.

 

SECTION
4.  Reference to and Effect on the
Agreement and the Related Documents.

 

(a)                                  Upon
the effectiveness of this Amendment, (i) Originator hereby reaffirms all
representations and warranties made by it in Article II of the Agreement
(as amended hereby) and agrees that all such representations and warranties
shall be deemed to have been remade as of the Effective Date of this Amendment,
(ii) Originator hereby represents and warrants that no Termination Event or
Unmatured Termination Event, shall have occurred and be continuing and (iii)
each reference in the Agreement to “this Agreement”, “hereunder”, “hereof”,
“herein” or 

 

6

 

words of like import shall mean
and be, and any references to the Agreement in any other document, instrument
or agreement executed and/or delivered in connection with the Agreement shall
mean and be, a reference to the Agreement as amended hereby.

 

(b)                                 Wachovia
represents and warrants to LP and LP Receivables that Wachovia is the sole
Committed Bank and the sole Liquidity Bank. 
Each of the Lender, the Administrative Agent, the Committed Bank and the
Liquidity Bank represents and warrants to LP and LP Receivables that
satisfaction of the Rating Agency Condition with respect to this Amendment is
not required for the effectiveness of this Amendment.

 

SECTION
5.  Effect.  Except as otherwise amended by this
Amendment and except to the extent of the waiver specifically provided for
above, the Agreement shall continue in full force and effect and is hereby
ratified and confirmed.  The execution,
delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the
Administrative Agent or the Lender under any of the Transaction Documents.

 

SECTION
6.  Governing Law.  This Amendment will be governed by and
construed in accordance with the laws of the State of New York (without regard
to principles of conflicts of law other than Section 5-1401 of the New York
General Obligations Law).

 

SECTION
7. Severability.  Each provision of this Amendment shall be severable from every
other provision of this Amendment for the purpose of determining the legal
enforceability of any provision hereof, and the unenforceability of one or more
provisions of this Amendment in one jurisdiction shall not have the effect of
rendering such provision or provisions unenforceable in any other jurisdiction.

 

SECTION
8. Counterparts.  This Amendment may be executed in one or more counterparts, each
of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument. 
Delivery of an executed counterpart of a signature page by facsimile
shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[remainder of page intentionally left blank]

 

7

 

IN WITNESS
WHEREOF, the parties have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above
written.

 

	
   

  	
   

  	
   

  	
   

  	
  LP
  RECEIVABLES CORPORATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  LOUISIANA-PACIFIC
  CORPORATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 

[additional signatures to follow]

 

 

	
  Acknowledged
  and consented to

  as of this        day of April, 2003:

  
	
   

  
	
   

  
	
  WACHOVIA
  BANK, NATIONAL ASSOCIATION,

  as Administrative Agent, Committed Bank and Liquidity Bank

  
	
   

  
	
   

  
	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  
	
   

  
	
  BLUE RIDGE
  ASSET FUNDING CORPORATION

  
	
   

  
	
  by:  Wachovia Securities, Inc.

  its Attorney-in-Fact

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]