Document:

Form 8-K (10/26/2011) - Exhibit 10.1 (W0365876).DOC

Exhibit 10.1

EXECUTION COPY

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of October 26, 2011 is by and among Wausau Paper Corp., a Wisconsin corporation (the “Borrower”), the Lenders identified on the signature pages hereto and Bank of America, N.A., as Administrative Agent (the “Administrative Agent”), Swing Line Lender and an L/C Issuer.

W I T N E S S E T H

WHEREAS, a $125 million revolving credit facility has been established in favor of the Borrower pursuant to the terms of that certain Credit Agreement dated as of June 23,2010 (as 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 “Loan Documents” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Loan Documents” means this Agreement, the First Amendment, each Note, each Issuer Document, any Guaranty (if any), any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.15 of this Agreement, and the Fee Letter.

(b)

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

“First Amendment” means that certain First Amendment to Credit Agreement dated as of October 26, 2011 by and among the Borrower, the Lenders and the Administrative Agent.

“First Amendment Effective Date” means October 26, 2011.

“Printing and Writing Disposition” means Wausau Paper Mills, LLC’s sale of its printing and writing business and assets substantially defined as all printing and writing finished goods inventories, customer accounts receivable, intangible assets as well as all plant, property, equipment, inventories and related assets at its Brokaw, Wisconsin, mill (but excluding the real property and substantially all of the personal property at its Brainerd, Minnesota, mill).

“Timberlands Disposition” means Wausau Paper Mills, LLC’s sale of its 80,000 acres of remaining timberlands located in Wisconsin.

(c)

Section 7.04(a) of the Credit Agreement is hereby amended by inserting the following proviso immediately after the word “Agreement” at the end of clause (ii) thereof:

“provided, however, that so long as the assets subject to each of the Printing and Writing Disposition and the Timberlands Disposition do not exceed 24 percent of Consolidated Total Assets, such assets shall be excluded from the definition of Consolidated Total Assets solely for the purposes of determining compliance with Section 7.04(a)(i) but such assets shall be included in the definition of Consolidated Total Assets for the purposes of determining compliance with Section 7.04(a)(ii) and for all other purposes;”

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 (if any) and the Required Lenders; and

(b)

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.

4.

Representations and Warranties.  Each of the Borrower and each Guarantor (if any) 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 (if any) 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 First 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. 

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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 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.

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.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WEREEOF, 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.

FIRST AMENDMENT TO CREDIT AGREEMENT

ADMINISTRATIVE AGENT: 

BANK OF AMERICA, N.A., as

Administrative Agent

By:

  JOAN MOK

Name:  Joan Mok

Title:    Vice President

WAUSAU PAPER CORP.

FIRST AMENDMENT TO CREDIT AGREEMENT

LENDERS: 

BANK OF AMERICA, N.A., as a Lender,

Swing Line Lender and as L/C Issuer

By:

MICHAEL DELANEY

Name:  Michael Delaney

Title:     Director

WAUSAU PAPER CORP.

FIRST AMENDMENT TO CREDIT AGREEMENT

NORTHWEST FARM CREDIT SERVICES,

PCA, as a Lender

By:

CASEY KINZER

Name:  Casey Kinzer

Title:     Account Manager

WAUSAU PAPER CORP.

FIRST AMENDMENT TO CREDIT AGREEMENT

1ST FARM CREDIT SERVICES, PCA

as a Lender

By:

COREY J. WALDINGER

Name:  Corey Waldinger

Title:     Vice President, Capital Markets

WAUSAU PAPER CORP.

FIRST AMENDMENT TO CREDIT AGREEMENT

BMO HARRIS BANK NATIONAL

ASSOCIATION,

as a Lender

By:

RONALD J. CAREY

Name:  Ronald J. Carey

Title:    Senior Vice President

By:

DAVID A. ANDERSON

Name:  David A. Anderson

Title:   Senior Vice President

WAUSAU PAPER CORP.

FIRST AMENDMENT TO CREDIT AGREEMENT

WELLS FARGO BANK, NATIONAL

ASSOCIATION,

as a Lender

By:  RANDALL J. PETERSON

Name:  Randall J. Peterson

Title:     Vice President

WAUSAU PAPER CORP.

FIRST AMENDMENT TO CREDIT AGREEMENTexh10-1_extension.htm

 

 

 

 

 

 

 

 

 

 

EXHIBIT 10.1

 

Extension Agreement with Brigus Gold Corp.

dated October 24, 2011

 

 

 

   

 

 

 

 

 

  

  

  

EXTENSION AGREEMENT

This Extension Agreement (the “Agreement”) is dated as of October 24, 2011 and is made by and among Brigus Gold Corp., a Canadian corporation (“BGC”), Brigus Gold, Inc., a Delaware corporation (“BGI” and, together with BGC, “Brigus”), Calais Resources Inc., a British Columbia corporation (“CRI”), and Calais Resources Colorado, Inc., a Nevada corporation (“CRCI” and, together with CRI, “Calais”).  Brigus and Calais are collectively referred to herein as the parties.  Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Forbearance Agreement (as defined below).

WITNESSETH:

WHEREAS, on January 15, 2011, the parties entered into a Forbearance Agreement (the “Forbearance Agreement”) pursuant to which Brigus agreed to forbear from enforcing its rights with respect to indebtedness evidenced by certain Promissory Notes issued by Calais which are set forth on Exhibit A to the Forbearance Agreement;

WHEREAS, as set forth in subparagraph 2.2(a) of the Forbearance Agreement, the Forbearance Period originally expired on the earlier of June 30, 2011 or the date on which any of a number of events specified in subparagraph 2.2(a) should occur;

WHEREAS, on June 8, 2011, the parties amended the definition of Forbearance Period in subparagraph 2.2(a) of the Forbearance Agreement by replacing “June 30, 2011” with “October 31, 2011”; and

WHEREAS, the parties have now agreed that Brigus will further amend the definition of Forbearance Period by replacing “October 31, 2011” with “December 1, 2011” in subparagraph 2.2(a) of the Forbearance Agreement, but if and only if Calais pays at least two hundred thousand US dollars (US$200,000) to Brigus on or before October 24, 2011, which payment would be applied towards the interest on the amount due by Calais to Brigus as represented by the Promissory Notes.

NOW, THEREFORE, in consideration of the foregoing, and the respective agreements and covenants contained herein, the parties hereto, intending to be legally bound, agree as follows:

	
  

	
1.

	
Calais agrees to pay to Brigus the amount of at least two hundred thousand US dollars (US$200,000) in immediately available funds on or before October 24, 2011, unless the parties mutually agree to an extension of the time for payment.  These funds shall be applied against the interest due on the Promissory Notes.

	
  

	
2.

	
Brigus and Calais agree that upon the receipt by Brigus of at least US$200,000 payment by October 24, 2011 (unless extended by mutual agreement), the date in subparagraph 2.2(a) of the Forbearance Agreement, as amended, shall be changed from “October 31, 2011” to “December 1, 2011”.

 

 

  

  

  

 

	
  

	
3.

	
The Forbearance Agreement, as amended by this Agreement, is and shall continue to be in full force and effect and is hereby in all respects confirmed, approved and ratified.  Except as amended by this Agreement, all terms and conditions of the Forbearance Agreement remain the same.

	
  

	
4.

	
THE DOMESTIC LAW, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, OF THE STATE OF COLORADO WILL GOVERN ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS AGREEMENT AND THE PERFORMANCE OF THE OBLIGATIONS IMPOSED BY THIS AGREEMENT.

	
  

	
5.

	
From and after the date first referenced above, each reference in the Forbearance Agreement to “this Agreement”, “hereof”, “hereunder” or words of like import, and all references to the Forbearance Agreement in any and all agreements, instruments, documents, notes, certificates and other writings of every kind and nature, shall be deemed to mean the Forbearance Agreement as modified and amended by this Agreement.

	
  

	
6.

	
Calais will pay for all the legal fees (including those of Brigus) associated with this Agreement.

	
  

	
7.

	
With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.

	
  

	
8.

	
This Agreement may be executed in any number of counterparts, but all of such counterparts shall together constitute but one and the same agreement.

[The remainder of this page is intentionally left blank.]

 

  

  

  

IN WITNESS WHEREOF, this Agreement is executed and delivered as of the day and year first above written.

CALAIS RESOURCES, INC.

By:     /s/                                                                 

      David K. Young, President

CALAIS RESOURCES OF COLORADO, INC.

By:    /s/                                                                 

      Thomas S. Hendricks, Vice President

BRIGUS GOLD CORP.

By:    /s/                                                                 

       C.F.O.

BRIGUS GOLD, INC.

By:    /s/                                                                   

       C.F.O.

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