Document:

forwardpurchaseagmt04272012.htm

 

Exhibit 4.1

 

FORWARD PURCHASE AGREEMENT

 

by and among

 

OLIN CORPORATION

 

as Borrower

 

and

 

THE LENDERS PARTY HERETO

 

and

 

PNC BANK, NATIONAL ASSOCIATION

 

as Administrative Agent

 

and

 

PNC CAPITAL MARKETS LLC

 

as Lead Arranger and Sole Bookrunner

 

 

 

Dated as of April 27, 2012

 

  

  

  

FORWARD PURCHASE AGREEMENT

THIS FORWARD PURCHASE AGREEMENT (the “Agreement”) is dated as of April 27, 2012, and is made by and among OLIN CORPORATION, a Virginia corporation (the “Borrower”), the LENDERS (as hereinafter defined), and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders under the hereinafter defined Funding Agreement (hereinafter referred to in such capacity as the “Administrative Agent”).

R E C I T A L S:

 

       A.           The Industrial Development Authority of Washington County, an Alabama public corporation (the “AL Issuer”), issued and sold its Gulf Opportunity Revenue Bonds (Olin Corporation Project), Series 2010A in the aggregate principal amount of $50,000,000 (the “AL-A Bonds”) and its Recovery Zone Facility Revenue Bonds (Olin Corporation Project), Series 2010B in the aggregate principal amount of $20,000,000 (the “AL-B Bonds” and together with the AL-A Bonds, the “AL Bonds”).

 

B.          The AL Issuer loaned the proceeds of the AL Bonds to the Borrower (the “AL Loan”), and the Borrower is obligated to repay the AL Loan, pursuant to the Loan Agreement dated as of October 1, 2010 between the Issuer and the Borrower (the “AL Loan Agreement”).

 

C.          To evidence the Borrower’s obligation to repay the AL Loan, the Borrower has executed and delivered promissory notes of the Borrower to the AL Issuer (the “AL Bond Notes”), which have been assigned to the Administrative Agent for the ratable benefit of the Lenders.

 

D.          The Borrower requested that the Lenders purchase the AL Bonds.

 

E.           Pursuant to the Borrower’s request, the Lenders agreed to purchase the AL Bonds up to each Lender's Bond Purchase Commitment (as defined in the hereinafter defined Original Funding Agreement) under the terms and conditions set forth in the Funding and Credit Agreement dated as of October 14, 2010 by and among the Borrower, the Lenders and the Administrative Agent (the “Original Funding Agreement”).

 

F.           The Mississippi Business Finance Corporation, a public corporation organized and existing under the laws of the State of Mississippi (the “MS Issuer”) issued and sold its Recovery Zone Facility Revenue Bonds (Olin Corporation Project), Series 2010 in the aggregate principal amount of $42,000,000 (the “MS Bonds”).

 

G.          The MS Issuer loaned the proceeds of the MS Bonds to the Borrower (the “MS Loan”), and the Borrower is obligated to repay the MS Loan, pursuant to the Loan Agreement dated as of December 1, 2010 between the MS Issuer and the Borrower (the “MS Loan Agreement”).

 

H.          To evidence the Borrower’s obligation to repay the MS Loan, the Borrower executed and delivered a promissory note of the Borrower to the MS Issuer (the “MS Bond

 

  

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Note”), which has been assigned to the Administrative Agent for the ratable benefit of the Lenders.

 

I.           The Borrower requested that the Lenders purchase the MS Bonds.

 

J.           Pursuant to the Borrower’s request, the Lenders agreed to purchase the MS Bonds up to each Lender's Bond Purchase Commitment under the terms and conditions set forth in the Amended and Restated Funding and Credit Agreement dated as of December 9, 2010, by and among the Borrower, the Lenders and the Administrative Agent, as supplemented and amended to date (the “Funding Agreement”), which amended and restated the Original Funding Agreement in its entirety.

 

K.          The Industrial Development Board of the County of Bradley and the City of Cleveland, Tennessee, a Tennessee public corporation (the “TN Issuer” and together with the AL Issuer and the MS Issuer, the “Issuers” and individually, an “Issuer”), issued and sold its Recovery Zone Facility Revenue Bonds (Olin Corporation Project), Series 2010 in the aggregate principal amount of $41,000,000 (the “TN Bonds” and together with the AL Bonds and the MS Bonds, the “Bonds”).

 

L.          The TN Issuer loaned the proceeds of the TN Bonds to the Borrower (the “TN Loan” and together with the AL Loan and the MS Loan, the “Loan”), and the Borrower is obligated to repay the TN Loan, pursuant to the Loan Agreement dated as of December 27, 2010 between the TN Issuer and the Borrower (the “TN Loan Agreement”).

 

M.         To evidence the Borrower’s obligation to repay the TN Loan, the Borrower executed and delivered a promissory note of the Borrower to the TN Issuer (the “TN Bond Note” and together with the AL Bond Notes and the MS Bond Note, the “Bond Notes”), which has been assigned to the Administrative Agent for the ratable benefit of the Lenders.

 

N.          The Borrower requested that the Lenders purchased the TN Bonds.

 

O.          Pursuant to the Borrower’s request, the Lenders purchased the TN Bonds and increased the Lender’s Bond Purchase Commitment under the terms and conditions set forth in the Funding Agreement.

 

P.          Pursuant to the terms of the Indentures (as defined in the Funding Agreement) and the terms of the Funding Agreement, the Lenders agreed to hold the Bonds until the Business Day immediately succeeding the conclusion of the Initial Direct Purchase Rate Period (November 1, 2015) (the “Purchase Date”) at which time the Lenders may elect to tender the Bonds for purchase by the Borrower.

 

Q.          As of the date hereof, the Lenders have provided notice pursuant to the provisions of the Indentures and the Funding Agreement for the Bonds to be purchased by the Borrower on the Purchase Date.

 

R.          Subject to the conditions and terms set forth in this Agreement, the Lenders agree to repurchase the Bonds on the Purchase Date for a new Direct Purchase Rate Period  commencing on November 1, 2015 through and including October 31, 2016 at which time the 

 

  

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Bonds shall be subject to optional tender pursuant to the terms of the Indentures on November 1, 2016.

 

NOW THEREFORE, in consideration of the premises, and the mutual covenants and agreements set forth herein, the parties agree as follows:

 

	
1.  

	
DEFINITIONS.

 

1.1.   Defined Terms. For the purposes of this Agreement, capitalized words and phrases have the meanings as set forth in the Funding Agreement.

 

	
2.  

	
COMMITMENT OF THE BANK.

 

2.1   Purchase of Bonds. Subject to the terms and conditions of this Agreement, the Lenders agree to purchase the Bonds on the Purchase Date (November 1, 2015) in accordance with the following terms:

 

	
  

	
Purchase Price:

	
The aggregate outstanding principal amount of the Bonds (each Lender to purchase a percentage of Bonds equal to the percentage of its Bond Purchase Commitment).

 

	
  

	
Interest Rate:

	
The Bonds shall bear interest at the Direct Purchase Rate.

 

	
  

	
Interest Period:

	
The Direct Purchase Rate Period shall be from November 1, 2015 to and including October 31, 2016.

 

	
  

	
Optional Tender:

	
The Bonds shall be subject to optional tender on November 1, 2016 consistent with the optional tender provisions set forth in Section 2.03 of the Funding Agreement.

 

2.2           Election of Optional Tender.  Upon the purchase of the Bonds on the Purchase Date, subject to the satisfaction of the conditions to purchase set forth herein, the Lenders hereby elect to tender the Bonds for optional tender on November 1, 2016 consistent with the provisions set forth in Section 2.03 of the Funding Agreement.

 

2.3           Acknowledgement of Election of Optional Tender.  By execution and delivery of this Agreement, in the event the Lenders purchase the Bonds on the Purchase Date, the Borrower acknowledges election by the Lenders to optionally tender the Bonds on November 1, 2016.

 

	
3.  

	
CONDITIONS OF PURCHASE OF BONDS.

 

3.1.   Conditions of Purchase of Bonds.  Notwithstanding any other provision of this Agreement, the Lenders shall not be required to purchase the Bonds on November 1, 2015, unless each of the following conditions has been satisfied.

 

	
3.1.1.  

	
The Borrower has executed and delivered an amendment to the Funding Agreement memorializing the terms set forth in Section 2.1 above.

 

  

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3.1.2.  

	
The Borrower has delivered certificates certifying that the representations and warranties set forth in the Funding Agreement and each other document executed in connection with the issuance of the Bonds are true and correct as of the purchase date and confirming that no Event of Default has occurred and is continuing.

 

	
3.1.3.  

	
A certificate of the Remarketing Agent (as defined in the Indentures) certifying that the Direct Purchase Rate is the lowest rate possible to sell the Bonds at 100% of the purchase price thereof.

 

	
3.1.4.  

	
An opinion of bond counsel that the purchase of the Bonds on the Purchase Date does not adversely affect the tax exempt status of the Bonds.

 

	
3.1.5.  

	
No Event of Default has occurred and is continuing.

 

	
4.  

	
MISCELLANEOUS.

 

4.1.   Binding Effect.  This Agreement shall become effective upon execution by the Borrower, the Lenders and the Administrative Agent.

 

4.2.   Governing Law.  This Agreement shall be delivered and accepted in and shall be deemed to be contracts made under and governed by the internal laws of the State of New York (but giving effect to federal laws applicable to national banks) applicable to contracts made and to be performed entirely within such state, without regard to conflict of laws principles.

 

4.3.   Enforceability.  Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by, unenforceable or invalid under any jurisdiction, such provision shall as to such jurisdiction, be severable and be ineffective to the extent of such prohibition or invalidity, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

 

4.4.   Time of Essence.  Time is of the essence in making payments of all amounts due the Lenders and the Administrative Agent under this Agreement and in the performance and observance by the Borrower of each covenant, agreement, provision and term of this Agreement.

 

4.5.   Counterparts; Facsimile Signatures.  This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. Receipt of an executed signature page to this Agreement by facsimile or other electronic transmission shall constitute effective delivery thereof. Electronic records of executed signature pages maintained by the Administrative Agent shall deemed to be originals thereof.

 

[SIGNATURE PAGE FOLLOWS]

 

 

  

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[SIGNATURE PAGE TO FORWARD PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Agreement as of the day and year first above written.

 

	
OLIN CORPORATION

 

 

 

	
PNC BANK, NATIONAL ASSOCIATION

Individually and as Administrative Agent

 

 

	
By:/s/ Stephen C. Curley                                                            

Name: Stephen C. Curley

Title: Vice President and Treasurer

 

	
By:/s/ Thomas S. Sherman                                                      

Name: Thomas S. Sherman

Title: Senior Vice President

 

	
WELLS FARGO BANK, N.A.

 

 

	
BANK OF AMERICA, N.A.

 

 

	
By:/s/ Daniel R. Van Aken                                                          

Name: Daniel R. Van Aken

Title: Director

 

	
By:/s/ Eric A. Escagne                                                            

Name: Eric A. Escagne

Title: Senior Vice President

 

	
THE NORTHERN TRUST COMPANY

 

 

	
BRANCH BANKING AND TRUST COMPANY

 

 

	
By:/s/ Thomas Hasenauer                                                           

Name: Thomas Hasenauer

Title: Vice President

 

	
By:/s/ Eric Searls                                                                     

Name: Eric Searls

Title: Vice President

 

	
U.S. BANK NATIONAL ASSOCIATION

 

 

	
BANK OF OKLAHOMA, N.A.

 

 

	
By:/s/ Michael P. Dickman                                                        

Name: Michael P. Dickman

Title: Vice President

	
By:/s/ Bershunda J. Taylor                                                      

Name: Bershunda J. Taylor

Title: Vice President

 

-6-secamendment04272012.htm

 

Exhibit 4.2

 

SECOND AMENDMENT TO AMENDED AND RESTATED

CREDIT AND FUNDING AGREEMENT

 

by and among

 

OLIN CORPORATION

 

as Borrower

 

and

 

THE LENDERS PARTY HERETO

 

and

 

PNC BANK, NATIONAL ASSOCIATION

 

as Administrative Agent

 

and

 

PNC CAPITAL MARKETS LLC

 

as Lead Arranger and Sole Bookrunner

 

 

 

Dated as of April 27, 2012

 

  

  

  

 

SECOND AMENDMENT TO AMENDED AND RESTATED

FUNDING AND CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED FUNDING AND CREDIT AGREEMENT (as hereafter amended, the “Amendment”) is dated as of April 27, 2012, and is made by and among OLIN CORPORATION, a Virginia corporation (the “Borrower”), the LENDERS (as hereinafter defined), and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders under the Agreement (hereinafter referred to in such capacity as the “Administrative Agent”).

 

R E C I T A L S:

 

A.          The Industrial Development Authority of Washington County, an Alabama public corporation (the “AL Issuer”), issued and sold its Gulf Opportunity Revenue Bonds (Olin Corporation Project), Series 2010A in the aggregate principal amount of $50,000,000 (the “AL-A Bonds”) and its Recovery Zone Facility Revenue Bonds (Olin Corporation Project), Series 2010B in the aggregate principal amount of $20,000,000 (the “AL-B Bonds” and together with the AL-A Bonds, the “AL Bonds”).

 

B.          The AL Issuer loaned the proceeds of the AL Bonds to the Borrower (the “AL Loan”), and the Borrower is obligated to repay the AL Loan, pursuant to the Loan Agreement dated as of October 1, 2010 between the Issuer and the Borrower (the “AL Loan Agreement”).

 

C.          To evidence the Borrower’s obligation to repay the AL Loan, the Borrower has executed and delivered promissory notes of the Borrower to the AL Issuer (the “AL Bond Notes”), which have been assigned to the Administrative Agent for the ratable benefit of the Lenders.

 

D.          The Borrower requested that the Lenders purchase the AL Bonds.

 

E.          Pursuant to the Borrower’s request, the Lenders agreed to purchase the AL Bonds up to each Lender's Bond Purchase Commitment (as defined in the hereinafter defined Agreement) under the terms and conditions set forth in the Funding and Credit Agreement dated as of October 14, 2010 by and among the Borrower, the Lenders and the Administrative Agent (the “Initial Agreement”).

 

F.           The Mississippi Business Finance Corporation, a public corporation organized and existing under the laws of the State of Mississippi (the “MS Issuer”) issued and sold its Recovery Zone Facility Revenue Bonds (Olin Corporation Project), Series 2010 in the aggregate principal amount of $42,000,000 (the “MS Bonds”).

 

G.          The MS Issuer loaned the proceeds of the MS Bonds to the Borrower (the “MS Loan”), and the Borrower is obligated to repay the MS Loan, pursuant to the Loan Agreement dated as of December 1, 2010 between the MS Issuer and the Borrower (the “MS Loan Agreement”).

 

  

  

  

H.          To evidence the Borrower’s obligation to repay the MS Loan, the Borrower executed and delivered a promissory note of the Borrower to the MS Issuer (the “MS Bond Note”), which has been assigned to the Administrative Agent for the ratable benefit of the Lenders.

 

I.            The Borrower requested that the Lenders purchase the MS Bonds.

 

J.           Pursuant to the Borrower’s request, the Lenders agreed to purchase the MS Bonds up to each Lender's Bond Purchase Commitment under the terms and conditions set forth in the Amended and Restated Funding and Credit Agreement dated as of December 9, 2010 by and among the Borrower, the Lenders and the Administrative Agent (the “Amended and Restated Agreement”), which amended and restated the Initial Agreement in its entirety.

 

K.          The Industrial Development Board of the County of Bradley and the City of Cleveland, Tennessee, a Tennessee public corporation (the “TN Issuer” and together with the AL Issuer and the MS Issuer, the “Issuers” and individually, an “Issuer”), issued and sold its Recovery Zone Facility Revenue Bonds (Olin Corporation Project), Series 2010 in the aggregate principal amount of $41,000,000 (the “TN Bonds” and together with the AL Bonds and the MS Bonds, the “Bonds”).

 

L.          The TN Issuer loaned the proceeds of the TN Bonds to the Borrower (the “TN Loan” and together with the AL Loan and the MS Loan, the “Loan”), and the Borrower is obligated to repay the TN Loan, pursuant to the Loan Agreement dated as of December 27, 2010 between the TN Issuer and the Borrower (the “TN Loan Agreement”).

 

M.         To evidence the Borrower’s obligation to repay the TN Loan, the Borrower has executed and delivered a promissory note of the Borrower to the TN Issuer (the “TN Bond Note” and together with the AL Bond Notes and the MS Bond Note, the “Bond Notes”), which has been assigned to the Administrative Agent for the ratable benefit of the Lenders hereunder.

 

N.          The Borrower requested that the Lenders purchase the TN Bonds.

 

O.          Pursuant to the Borrower’s request, the Lenders purchased the TN Bonds and increased the Lender’s Bond Purchase Commitment under the terms and conditions set forth in the Amended and Restated Agreement and the First Amendment to Amended and Restated Credit and Funding Agreement dated as of December 27, 2010 among the Borrower, the Lenders and the Administrative Agent (the “First Amendment” and together with the Amended and Restated Agreement, the “Original Agreement” and the Original Agreement together with this Amendment, the “Agreement”).

 

The Borrower, the Lenders and the Administrative Agent have agreed to certain amendments to the Original Agreement and desire to acknowledge such amendment to the Original Agreement through the execution and delivery of this Amendment.

 

 

  

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AGREEMENT

 

1.           Recitals.  The foregoing Recitals are accurate and made a part of this Amendment.

 

2.           Capitalized Terms.  Any capitalized terms used in this Amendment without definition shall have such meaning as set forth in the Original Agreement.

 

3.           Amended and Restated Sections.

 

             a.           Schedule 1 to the Original Agreement is hereby amended and restated in its entirety with SCHEDULE 1 attached hereto.

 

4.           Representations and Warranties.  As an inducement to the Lenders and the Administrative Agent to enter into this Amendment, Borrower hereby reaffirms and acknowledges the truth and accuracy of the representations and warranties set forth in the Original Agreement and the other documents executed in connection with the issuance of the Bonds (the “Bond Documents”) to the same extent as if the same were made as of the date hereof. Borrower further represents and warrants that there does not now exist an Event of Default or any event or condition which, with notice, lapse of time or the making of any advance hereunder, would constitute an Event of Default.

 

5.           Survival of Representations and Warranties.  The Borrower reaffirms to the Lenders and the Administrative Agent all representations and warranties of the Borrower contained in the Original Agreement and the Bond Documents at the time of Borrower’s execution of this Amendment and shall survive the execution, delivery and acceptance thereof by the Lenders and the Administrative Agent and the parties thereto and the closing of the transactions described therein or related thereto.

 

6.           Conditions Precedent.  Notwithstanding any other provision of this Amendment, and without affecting in any manner the rights of the Lenders or the Administrative Agent under other Sections of this Amendment, it is agreed that this Amendment shall not be in effect unless and until the following conditions have been and continue to be satisfied, all in form and substance satisfactory to the Administrative Agent and its counsel:

 

             a.           No Legal Action.  No legal action, proceeding, investigation, regulations or legislation shall have been instituted, threatened or proposed before any court, governmental agency or legislative body to enjoin, restrain, or prohibit, or to obtain damages in respect of, or which is related to or arises out of the Original Agreement, this Amendment or any of the Bond Documents or the consummation of the transactions contemplated hereby or thereby, or which, in the Administrative Agent’s opinion would make it inadvisable to consummate the transactions contemplated by this Amendment.

 

             b.           Documentation and Fees.  The Lenders and the Administrative Agent shall have received the following documents, each to be in form and substance satisfactory to the Administrative Agent and its counsel:

 

  

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                  (i)           A certificate of the secretary or an assistant secretary of the Borrower, dated as of the date hereof, certifying (i) that attached thereto is a true and complete copy of resolutions, in form satisfactory to each Lender, adopted by the Board of Directors of the Borrower, authorizing the execution, delivery and performance of this Amendment, and (ii) as to the incumbency and genuineness of the signature of each officer of the Borrower executing this Amendment.

 

                  (ii)           A fee equal to $50,000 to the Administrative Agent and a fee to each Lender, including without limitation, PNC Bank, National Association, in a amount equal to one-tenth of one percent (0.10%) of the outstanding principal amount of the Bonds, together with any fees or expenses of counsel in connection with this Amendment.

 

7.   Survival of Obligations.  Except as otherwise expressly provided for in the Original Agreement, this Amendment or any of the Bond Documents, no termination or cancellation (regardless of cause or procedure), or amendment of the Agreement, including this Amendment, or any of the Bond Documents, shall in any way affect or impair the powers, obligations, duties, rights, and liabilities of the Borrower, the Lenders or the Administrative Agent in any way or respect relating to (i) any transaction or event occurring prior to such termination, cancellation or amendment, or (ii) any of the undertakings, agreements, covenants, warranties and representations of the Borrower, the Lenders or the Administrative Agent contained in the Original Agreement or the Bond Documents. All such undertakings, agreements, covenants, warranties and representations shall survive such termination, cancellation or amendment, and the Lenders and the Administrative Agent shall retain all of their rights and remedies under the Original Agreement, notwithstanding such termination, cancellation or amendment, until all obligations of the Borrower to the Lenders and the Administrative Agent have been fully paid and satisfied and the Agreement is terminated.

 

8.   Miscellaneous.  This Amendment is subject to all the terms and conditions of the Original Agreement, all amendments thereto, and all Bond Documents, which amendments and documents are incorporated herein by reference, except that to the extent that such terms and conditions are expressly contradicted herein, they are superseded, provided such supersession does not result in the cancellation, in whole or in part, of any indebtedness of the Borrower to the Lenders. The Borrower will pay all expenses incurred by the Lenders and the Administrative Agent in connection with the preparation of this Amendment, whether or not the transactions herein contemplated shall be consummated.

 

       This Amendment is not a waiver of any existing Event of Default or any other default under the terms and conditions of the Original Agreement or any Bond Document. Default under the terms and conditions of the Original Agreement or any Bond Document created or acquired hereafter shall immediately accelerate the maturity of any and all of the liabilities then existing between and among the Borrower and the Lenders. The Lenders and Administrative Agent shall be entitled to all of the remedies described herein, in the Original Agreement and any Bond Document and all remedies available at law and specifically under the Uniform Commercial Code as enacted in New York. The Borrower, to the maximum extent permitted by law, hereby releases Lenders and the Administrative Agent their respective officers, attorneys, agents and employees for any and all claims for losses or damages arising prior to the date hereof which 

 

  

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were caused by any act or omission on the part of any such parties except to the extent due to willful misconduct or gross negligence of a Lender or the Administrative Agent.

 

8.           Effect.  Except as specifically amended or supplemented pursuant to this Amendment, the Original Agreement continues in full force and effect as originally written.  All references in the Original Agreement to “this Agreement” shall mean the Original Agreement as supplemented and amended by this Amendment.

 

9.           Counterparts; Facsimile Signatures. This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. Receipt of an executed signature page to this Amendment by facsimile or other electronic transmission shall constitute effective delivery thereof. Electronic records of executed signature pages maintained by the Administrative Agent shall deemed to be originals thereof.

 

10.         Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 

       11.    WAIVER BY BORROWER.  EXCEPT AS OTHERWISE PROVIDED FOR IN THE AGREEMENT, OR AS REQUIRED BY APPLICABLE LAW, BORROWER WAIVES (I) PRESENTMENT, DEMAND AND PROTEST AND NOTICE OF PRESENTMENT, PROTEST, DEFAULT, NONPAYMENT, MATURITY, RELEASE, COMPROMISE, SETTLEMENT, EXTENSION OR RENEWAL OF ANY OR ALL COMMERCIAL PAPER, ACCOUNTS, CONTRACT RIGHTS, DOCUMENTS, INSTRUMENTS, CHATTEL PAPER AND GUARANTIES AT ANY TIME HELD BY LENDERS ON WHICH BORROWER MAY IN ANY WAY BE LIABLE, AND (II) NOTICE PRIOR TO TAKING POSSESSION OR CONTROL OF THE COLLATERAL WHICH MIGHT BE REQUIRED BY ANY COURT PRIOR TO ALLOWING LENDER TO EXERCISE ANY OF ITS REMEDIES, BORROWER ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY COUNSEL OF ITS CHOICE WITH RESPECT TO THIS AGREEMENT AND THE TRANSACTIONS EVIDENCED BY THIS AGREEMENT.

 

 

 

 

[SIGNATURE PAGES FOLLOW]

 

  

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[SIGNATURE PAGE TO SECOND AMENDMENT TO

AMENDED AND RESTATED FUNDING AND CREDIT AGREEMENT]

 

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Agreement as of the day and year first above written.

 

	
OLIN CORPORATION

 

 

 

	
PNC BANK, NATIONAL ASSOCIATION

Individually and as Administrative Agent

 

 

	
By:/s/ Stephen C. Curley                                                            

Name: Stephen C. Curley

Title: Vice President and Treasurer

 

	
By:/s/ Thomas S. Sherman                                                       

Name: Thomas S. Sherman

Title: Senior Vice President

 

	
WELLS FARGO BANK, N.A.

 

 

	
BANK OF AMERICA, N.A.

 

 

	
By:/s/ Daniel R. Van Aken                                                            

Name: Daniel R. Van Aken

Title: Director

 

	
By:/s/ Eric A. Escagne                                                             

Name: Eric A. Escagne

Title: Senior Vice President

 

	
THE NORTHERN TRUST COMPANY

 

 

	
BRANCH BANKING AND TRUST COMPANY

 

 

	
By:/s/ Thomas Hasenauer                                                            

Name: Thomas Hasenauer

Title: Vice President

 

	
By:/s/ Eric Searls                                                                     

Name: Eric Searls

Title: Vice President

 

	
U.S. BANK NATIONAL ASSOCIATION

 

 

	
BANK OF OKLAHOMA, N.A.

 

 

	
By:/s/ Michael P. Dickman                                                            

Name: Michael P. Dickman

Title: Vice President

	
By:/s/ Bershunda J. Taylor                                                       

Name: Bershunda J. Taylor

Title: Vice President

  

6

  

SCHEDULE 1

 

PRICING GRID--

VARIABLE PRICING AND FEES BASED ON CONSOLIDATED NET LEVERAGE RATIO

(PRICING EXPRESSED IN BASIS POINTS)

 

	
Pricing Level

	
 

Applicable Commitment

Fee Rate

	
 

Designated

Basis Points

	
 

I

	
 

0.20%

	
 

1.250%

	
 

II

	
 

0.25%

	
 

1.450%

	
 

III

	
 

0.30%

	
 

1.625%

	
 

IV

	
 

0.50%

	
 

2.000%

For purposes of determining the Designated Basis Points for computing the Direct Purchase Rate and the Applicable Commitment Fee Rate:

 

(a)         The Designated Basis Points and the Applicable Commitment Fee Rate shall be determined on the Closing Date based on the Consolidated Net Leverage Ratio computed on such date pursuant to a certificate to be delivered on the Closing Date.

 

(b)         The Designated Basis Points and the Applicable Commitment Fee Rate shall be recomputed as of the end of each Reference Period based on the Consolidated Net Leverage Ratio.  Any increase or decrease in the Designated Basis Points and the Applicable Commitment Fee Rate Fee Rate computed as of such Reference Period shall be effective on the date on which the Certificate evidencing such computation is due to be delivered under Section 6.01(i)(iv).

 

(c)         If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the Borrower or the Lenders determine that (i) the Consolidated Net Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Net Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent or any Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period 

 

 

  

7

  

 

over the amount of interest and fees actually paid for such period.  This paragraph shall not limit the rights of the Administrative Agent or any Lender, as the case may be, under Article V.  The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder.

 

 

 

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