Document:

Exhbiit 4.2 (W0205101).DOC

Exhibit 4.2

EXECUTION COPY

FOURTH AMENDMENT TO CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of March __, 2009 is by and among Wausau Paper Corp., a Wisconsin corporation (the “Borrower”), certain subsidiaries of the Borrower identified as Subsidiary Guarantors on the signature pages hereto, the Lenders identified on the signature pages hereto and Bank of America, N.A., as Administrative Agent (the “Administrative Agent”), Swing Line Lender and L/C Issuer.

W I T N E S S E T H

WHEREAS, a $165 million revolving credit facility has been established in favor of the Borrower pursuant to the terms of that certain Credit Agreement dated as of July 27, 2006 (as amended by that certain First Amendment to Credit Agreement dated as of December 21, 2006, that certain Second Amendment to Credit Agreement dated as of October 19, 2007 and that certain Third Amendment to Credit Agreement dated as of August 20, 2008, and as further amended, restated, modified or supplemented from time to time, the “Credit Agreement”) among the Borrower, certain Subsidiaries of the Borrower from time to time party thereto (the “Guarantors”), the Lenders from time to time party thereto (the “Lenders”) and the Administrative Agent;

WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement to modify certain provisions contained therein; and

WHEREAS, the Required Lenders have agreed to amend the Credit Agreement on the terms and subject to the conditions set forth herein.

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.

Defined Terms.  Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement.

2.

Amendments.  Subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, as of the date hereof the Credit Agreement is hereby amended as follows:

(a)

 The definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended by: 

(i) deleting the table therein in its entirety and replacing it with the table below, and 

					
	Applicable Rate

	Pricing Level

	Consolidated Leverage Ratio

	Facility Fee

	Eurodollar Rate Loans and

Letters of Credit

	Base Rate Loans

	1

	< 20.0%

	0.325%

	1.425%

	0.425%

	2

	> 20.0% but < 30.0%

	0.350%

	1.525%

	0.525%

	3

	> 30.0% but < 40.0%

	0.375%

	1.625%

	0.625%

	4

	> 40.0% but < 50.0%

	0.500%

	1.750%

	0.750% 

	5

	> 50.0%

	0.750%

	2.000%

	1.000%

(ii) adding the following sentence to the end of such definition:

“Effective immediately upon the Fourth Amendment Effective Date, the Applicable Rates shall be adjusted to reflect those set forth in the pricing grid contained in the Fourth Amendment.”

(b)

The following new definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order:

“Fourth Amendment” means that certain Fourth Amendment to Credit Agreement dated as of March __, 2009 by and among the Borrower, the Guarantors, the Lenders and the Administrative Agent.

“Fourth Amendment Effective Date” means March __, 2009.

“1999 Note Agreement” has the meaning set forth in the Existing Intercreditor Agreement.

(c)

Section 7.13 of the Credit Agreement is hereby amended by deleting the reference to “(as defined in the Existing Intercreditor Agreement)” in clause (a) thereof.

(d)

Section 8.01(c) of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(c)

Minimum Net Worth.  The Loan Parties will not at any time permit Consolidated Net Worth to be less than: (i) $200,000,000 plus (ii) the sum, as of the end of each fiscal quarter commencing with the end of the fiscal quarter ended December 31, 2007, of (A) 25% of Consolidated Net Income for the fiscal quarter then ended (with no deduction for a net loss in any such fiscal quarter), and (B) 100% of the proceeds of the issuance of any Equity Interests, such increases to be cumulative; provided, however, that (I) this Section 8.01(c) shall be deemed terminated and no longer applicable as of the date on which the 1999 Note Agreement is amended to terminate the application of the corresponding minimum net worth covenant set forth therein and (II) the calculation of 

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Consolidated Net Worth for purposes of this Section 8.01(c) (only) shall be adjusted to exclude all “Accumulated other comprehensive income or loss” as shown on the Borrower's Consolidated balance sheet (i.e., there will be added back to Consolidated Net Worth any such amount that is shown as a negative number and there will be subtracted from Consolidated Net Worth any such amount that is shown as a positive number); provided further, however, that the aggregate amount of all such amounts added back to Consolidated Net Worth pursuant to this proviso as of any such date shall not exceed $70,000,000.”

(e)

Section 8.01 of the Credit Agreement is hereby further amended by inserting the following proviso immediately before the “.” at the end thereof (and two lines below clause (c) of Section 8.01):

“; provided, however, that this Section 8.01 shall be deemed amended as of the date on which the 1999 Note Agreement is amended to either (x) make any of the financial covenants set forth therein that are also set forth herein more restrictive than such covenant as set forth herein or (y) add a new financial covenant that is not set forth herein, in either case such that the financial covenants set forth in this Section 8.01 are substantively no less restrictive than the financial covenants in the 1999 Note Agreement, as amended”

(f)

Section 8.05 of the Credit Agreement is hereby amended by deleting the word “The” at the beginning thereof and replacing it with: “Except as set forth in the 1999 Note Agreement and as otherwise set forth herein, the”.

(g)

Article VIII of the Credit Agreement is hereby amended by inserting the following new Section 8.12 immediately after Section 8.11:

8.12

Limitation on Restricted Payments

The Borrower will not, and will not permit any of its Subsidiaries to, declare or pay any dividends or make any distributions on its capital stock (other than dividends payable by the Borrower consisting only of its own common stock) or redeem, repurchase or otherwise acquire or retire any of its capital stock at any time outstanding or set aside funds for any of the foregoing, except that (i) any Subsidiary may declare and pay dividends or make distributions to the Borrower or to a Loan Party and (ii) the Borrower may declare and pay dividends on its capital stock consistent with past practices after the Series B Notes (as defined in the 1999 Note Agreement) have been paid in full, provided that (1) no Default or Event of Default exists or would result from any such dividend payment and (2) the Borrower is (before and after giving effect to the proposed dividend) in full compliance with the portion of Section 8.01(c) prior to the first proviso thereto without giving any effect to clause (II) of the first proviso thereto (i.e., without giving effect to the adjustment to exclude “accumulated other comprehensive income or loss”).

3

3.

Conditions Precedent.  This Amendment shall become effective as of the date hereof upon receipt by the Administrative Agent of the following:

(a)

counterparts of this Amendment duly executed by the Borrower, the Guarantors and the Required Lenders; and

(b)

(i) an amendment fee, for the benefit of each Lender executing this Amendment, equal to 15.0 basis points on each such Lender’s Commitment as of the date hereof and (ii) all reasonable costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of Moore & Van Allen PLLC; and

(c)

(i) receipt, and approval by the Required Lenders, of the final form of an amendment to the 1999 Note Agreement whereby the minimum net worth covenant set forth therein is modified to correspond to the terms of Section 8.01(c) of the Credit Agreement as amended hereby (the “Note Amendment”) and (ii) evidence of the concurrent effectiveness of the Note Amendment.

4.

Representations and Warranties.  Each of the Borrower and each Guarantor hereby represents and warrants that (a) it has the requisite corporate power and authority to execute, deliver and perform this Amendment, (b) it is duly authorized to, and has been authorized by all necessary corporate action to, execute, deliver and perform this Amendment, (c) no consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by it of this Amendment, (d) the execution, delivery and performance by it of this Amendment do not and will not conflict with, result in a breach of or constitute a default under the articles of incorporation, bylaws or other organizational documents of either the Borrower or the Guarantors or any of their Subsidiaries or any indenture or other material agreement or instrument to which any such Person is a party or by which any of its properties may be bound or the approval of any Governmental Authority relating to such Person except as could not reasonably be expected to have a Material Adverse Effect, (e) the representations and warranties contained in Article V of the Credit Agreement and the other Loan Documents are true and correct on and as of the Fourth Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Amendment, the representations and warranties contained in Section 5.13 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement and (f) after giving effect to this Amendment, no Default or Event of Default exists under the Credit Agreement on and as of the date hereof or will occur as a result of the transactions contemplated hereby. 

5.

No Other Changes; Ratification.  Except as expressly modified hereby, all of the terms and provisions of the Credit Agreement (including schedules and exhibits thereto) and the other Loan Documents shall remain in full force and effect.  The term “this Agreement” or “Credit Agreement” and all similar references as used in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  Except as herein 

4

specifically agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.  This Amendment shall be deemed a Loan Document as referred to, and defined in, the Credit Agreement for all purposes.

6.

Costs and Expenses.  The Borrower agrees to pay all reasonable costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of Moore & Van Allen PLLC.

7.

Counterparts; Facsimile; Email.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart.  Delivery of an executed counterpart of this Amendment by telecopy or email (in PDF format) by any party hereto shall be effective as such party’s original executed counterpart.

8.

Governing Law.  This Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance with, the laws of the State of New York.

9.

Entirety. This Amendment and the other Loan Documents embody the entire agreement between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof.  This Amendment and the other Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.  There are no oral agreements between the parties.

10.

Acknowledgment of Loan Parties.  Each of the Loan Parties affirms and acknowledges that this Amendment constitutes a Loan Document under the Credit Agreement and any reference to the Loan Documents under the Credit Agreement contained in any notice, request, certificate or other document executed concurrently with or after the execution and delivery of this Amendment shall be deemed to include this Amendment unless the context shall otherwise specify.

11.

Acknowledgment of Guarantors.  The Guarantors acknowledge and consent to all of the terms and conditions of this Amendment and agree that this Amendment and any documents executed in connection herewith do not operate to reduce or discharge the Guarantors’ obligations under the Credit Agreement or the other Loan Documents. 

[SIGNATURE PAGES FOLLOW]

5

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date first above written.

BORROWER:

WAUSAU PAPER CORP.

By:  SCOTT P. DOESCHER

Name: Scott P. Doescher

Title: Executive Vice President, Finance

WAUSAU PAPER CORP.

FOURTH AMENDMENT TO CREDIT AGREEMENT 

SUBSIDIARY GUARANTORS:

WAUSAU PAPER SPECIALTY PRODUCTS, LLC,

a Wisconsin limited liability company

WAUSAU PAPER PRINTING & WRITING, LLC,

a Wisconsin limited liability company

WAUSAU PAPER TOWEL & TISSUE, LLC, 

a Wisconsin limited liability company

By:  SCOTT P. DOESCHER

Name: 

Scott P. Doescher

Title: Executive Vice President, Finance/Manager

WAUSAU PAPER CORP.

FOURTH AMENDMENT TO CREDIT AGREEMENT 

ADMINISTRATIVE

BANK OF AMERICA, N.A., as 

AGENT:

Administrative Agent

By:  JOAN MOK

Name:  Joan Mok

Title:  Vice President

WAUSAU PAPER CORP.

FOURTH AMENDMENT TO CREDIT AGREEMENT 

LENDERS:

BANK OF AMERICA, N.A., as a Lender, Swing Line Lender and as L/C Issuer 

By:  MICHAEL L. LETSON, JR.

Name:  Michael L. Letson, Jr.

Title:  Vice President

WAUSAU PAPER CORP.

FOURTH AMENDMENT TO CREDIT AGREEMENT 

M&I MARSHALL & ILSLEY BANK, 

as a Lender

By:  RONALD J. CAREY

Name:  Ronald J. Carey

Title:  Vice President

By:  DAN DEFNET

Name:  Dan Defnet

Title:  Senior Vice President

WAUSAU PAPER CORP.

FOURTH AMENDMENT TO CREDIT AGREEMENT 

HARRIS N.A., 

as a Lender

By:  SCOTT MORRIS

Name:  Scott Morris

Title:  Vice President

WAUSAU PAPER CORP.

FOURTH AMENDMENT TO CREDIT AGREEMENT 

NORTHWEST FARM CREDIT SERVICES, PCA, 

as a Lender

By:  CAROL J. MAGNESS

Name:  Carol J. Magness

Title:  Vice President

WAUSAU PAPER CORP.

FOURTH AMENDMENT TO CREDIT AGREEMENT 

WELLS FARGO BANK N.A., 

as a Lender

By:  THOMAS J. FAMEREE

Name:  Thomas J. Fameree

Title:  Vice President

WAUSAU PAPER CORP.

FOURTH AMENDMENT TO CREDIT AGREEMENTex101to8k07419_03272009.htm

    Exhibit 10.1

     

    
      PURCHASE
TRADING PLAN AGREEMENT

       

      WHEREAS, Primoris Services Corporation,
a Delaware corporation (the “Company”), desires to purchase, from time to time,
certain of its common stock purchase warrants, each of which entitles the holder
to purchase one share of the Company’s common stock at a price of $5.00 per
share and is exercisable at any time on or prior to October 2, 2010, unless
earlier redeemed (the “Warrants”).

       

      WHEREAS, the Company desires to enter
into this Agreement for the purpose of establishing a trading plan to make
purchases of Warrants in compliance with all applicable laws, including, but not
limited to, Section 10(b) of the Securities Exchange Act of 1934, as amended
(the “1934 Act”), and the rules and regulations promulgated thereunder,
including, but not limited to, Rule 10b5-1.  References herein to this
“Agreement” refer to this agreement and specifically include the trading plan
described herein.

       

      NOW, IT IS AGREED, as of this March 26,
2009 by the Company and CJS Securities, Inc. (the “Broker”) as
follows:

      
         

        Section
1.               Terms of
Purchase.

         

        (a)           The
Company desires that the Broker effect purchases of the Warrants on its behalf
in the open market in accordance with trading requirements adopted by the
Company and to be delivered in writing to the Broker by separate letter (the
“Initial Trading Instructions”).  The trading requirements adopted by
the Company are referred to herein as the “Program Period.”

         

        (b)           In
furtherance of Section 1(a) hereof, the Company directs the Broker to purchase,
in customary brokerage transactions, the Warrants, for the Company's account or
accounts, in the Broker's sole discretion as to execution and timing, subject to
the condition that as of the time of any purchase of Warrants, any individual
employee of the Broker making the Broker's investment decisions on behalf of the
Company shall not be in possession of or aware of material nonpublic information
relating to the Company's business, operations or prospects or the value of the
Common Stock (“Material Nonpublic Information”).

         

        (c)           Notwithstanding
the foregoing, the Broker shall not purchase Warrants at any time when the
Broker, in its sole discretion, shall have determined that such purchase would
violate applicable law, including, without limitation, Section 10(b) of the 1934
Act and the rules and regulations promulgated thereunder and Section 5 of the
Securities Act of 1933, as amended (the “1933 Act”).

         

        (d)           The
Company agrees that, during the Program Period, it shall not exercise any
subsequent influence over how, when or whether to effect purchases of the
Warrants, except that the Company may amend this Agreement as set forth in
Section 3 hereof.  Each of the Company and the Broker agrees that it
will not discuss with the other the Company's business, operations or prospects
or any other information likely to be related to the value of the Warrants or
likely to influence a decision to purchase the
Warrants.  Notwithstanding the preceding sentence, with the approval
of counsel to the Broker, the Company may communicate with Broker personnel who
are not responsible for, and have no ability to influence, the execution of the
trading plan set forth in this Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Section
2.               Representations, Warranties
and Covenants.

         

        (a)           The
Company represents, warrants and covenants to the Broker as
follows:

         

        (i)           The
Company is not, as of the date hereof, aware of or in possession of Material
Nonpublic Information.

         

        (ii)           The
Company will at all times, in connection with the performance of this Agreement,
comply with all applicable laws, including, without limitation, Section 16 of
the 1934 Act and the rules and regulations promulgated thereunder.

         

        (iii)           The
Company agrees to provide such additional information and to execute such
additional documents or instruments as may be reasonably requested by the Broker
in connection with the performance of this Agreement and to confirm compliance
with applicable law.

         

        (iv)           The
Company's Board has approved this Agreement.

         

        (v)           This
Agreement constitutes the legal, valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except as the
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium and other laws affecting the
enforceability of creditors' rights and general principles of equity, and as
rights to indemnity hereunder may be limited by applicable law.

         

        (b)           The
Broker represents, warrants and covenants to the Company as
follows:

         

        (i)           The
Broker has implemented reasonable policies and procedures, taking into
consideration the nature of the Broker's business, to ensure that individuals
making investment decisions will not violate the laws prohibiting trading on the
basis of Material Nonpublic Information.  These policies and
procedures include those that restrict any purchase or sale, or causing any
purchase or sale, of any security as to which the Broker has Material Nonpublic
Information, as well as those that prevent such individuals from becoming aware
of or in possession of such Material Nonpublic Information.  The
Broker agrees to comply with Rule 10b-18 of the 1934 Act, with respect to all
repurchases of the Warrants pursuant to this Agreement.

         

        (ii)           In
connection with all purchases of Warrants, the Broker shall deliver to the
Company by facsimile or electronic mail, no later than the close of business on
the date such transaction is effected, all information relating to each Warrant
purchase.

         

        (iii)           This
Agreement constitutes the legal, valid and binding obligation of the Broker
enforceable against the Broker in accordance with its terms, except as the
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium and other laws affecting the
enforceability of creditors' rights and general principles of equity, and as
rights to indemnity hereunder may be limited by applicable law.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Section
3.               Amendments.  This
Agreement (including the Initial Trading Instructions) may not be amended by the
parties hereto, except as follows: The parties hereto may amend the provisions
of this Agreement (including the Initial Trading Instructions), provided that at
the time of such amendment, the Company was not in possession of or aware of
Material Nonpublic Information.  Any modification by the Company will
be made in accordance with applicable law and in good faith and not as part of a
scheme to evade the prohibitions of Rule 10b5-1.

         

        Section
4.               Termination.  This
Agreement shall terminate upon the earlier to occur of the
following:

         

        (a)           The
close of business on May 15, 2009; or

         

        (b)           The
Broker purchases the maximum number of Warrants allowable under the Initial
Trading Instructions, as may be amended as provided in Section 3 hereof;
or

         

        (c)           The
Agreement is terminated by either party immediately upon receipt of written
notice to the other party; provided, however, that with respect to any
termination by the Company pursuant to this Section 4(c) at the time of such
termination, the Company was not in possession of or aware of Material Nonpublic
Information and such termination was made in good faith and not as part of a
scheme to evade the prohibitions of Rule 10b5-1; or

         

        (d)           Any
purchase effected pursuant to this Agreement that violates (or in the opinion of
counsel to the Company or the Broker is likely to violate) Section 16 of the
1934 Act, any other provision of the Federal securities laws or regulations
adopted by the U.S. Securities and Exchange Commission thereunder, or any other
applicable Federal or State law or regulation; or

         

        (e)           The
Company materially breaches its obligations under this Agreement;
or

         

        (f)           The
Company enters into a contract that prevents or materially restricts purchases
by the Company under this Agreement.

         

        Section
5.               Indemnification and
Limitation on Liability; No Tax, Accounting or Legal Advice.

         

        (a)           The
Company agrees to indemnify and hold harmless the Broker (and its directors,
officers, employees and affiliates) from and against all claims, liabilities,
losses, damages and expenses (including reasonable attorneys' fees and costs)
arising out of or attributable to:  (i) any material breach by the
Company of this Agreement (including the Company's representations and
warranties), (ii) any violation by the Company of applicable laws or regulations
and (iii) any action taken by the Broker in good faith and without negligence
pursuant to this Agreement.  This indemnification will survive the
termination of this Agreement.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        (b)           Notwithstanding
any other provision herein, the Broker will not be liable to the Company
for:  (i) special, indirect, punitive, exemplary, or consequential
damages, or incidental losses or damages of any kind, including but not limited
to lost profits, lost savings, and loss of use of facility or equipment,
regardless of whether arising from breach of contract, warranty, tort, strict
liability or otherwise, and even if advised of the possibility of such losses or
damages or if such losses or damages could have been reasonably foreseen, or
(ii) any failure to perform or for any delay in performance that results from a
cause or circumstance that is beyond its reasonable control, including but not
limited to failure of electronic or mechanical equipment, strikes, failure of
common carrier or utility systems, severe weather, market disruptions or other
causes commonly known as “acts of God.”

         

        (c)           The
Company acknowledges and agrees that the Broker has not provided the Company
with any tax, accounting or legal advice with respect to this
Agreement.

         

        Section
6.               Governing Law. This
Agreement (including the Initial Trading Instructions) will be governed by, and
construed in accordance with, the laws of the State of New York, without regard to such
State's conflict of laws rules.

         

        Section
7.               Entire
Agreement.  This Agreement (including the Initial Trading
Instructions) constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof, and supersedes any previous or
contemporaneous agreements, understandings, proposals or promises with respect
thereto, whether written or oral.

         

        Section
8.               Assignment.  This
Agreement and each party's rights and obligations hereunder may not be assigned
or delegated without the written permission of the other party and shall inure
to the benefit of each party's successors and permitted assigns, whether by
merger, consolidation or otherwise.

      

       

      [The
remainder of this page intentionally left blank]

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

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

       

      
        
          	 
      	
                  PRIMORIS
      SERVICES CORPORATION

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:

                	/s/
      Peter
      J. Moerbeek  
	 
      	
                  Name:

                	
                  Peter
      J. Moerbeek

                
	 
      	
                  Title:

                	
                  Executive
      Vice President, Chief Financial
Officer

                

        

        

        

        
          	 
      	
                  CJS
      SECURITIES, INC.

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:

                	/s/
      Charles Strauzer
	 
      	
                  Name:

                	Charles
      Strauzer
	 
      	
                  Title:

                	Managing
      Director

        

        

         

        
          
            
            

          

          
            5

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