Document:

EX-10.1

 

Exhibit 10.1

JOINDER AGREEMENT

April 4, 2006

     
Reference is made to the Second Amended and Restated Credit
Agreement dated as of February 27, 2004 (as amended,
amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”)
among CROWLEY MARITIME CORPORATION, a Delaware corporation (the
“Borrower”), the Initial Lenders (as
defined in the Credit Agreement), Citibank, N.A., as issuing
bank, Citicorp USA, Inc., as administrative agent (together with
any successor agent appointed pursuant to Article VIII, the
“Administrative Agent”) for the Lender Parties and as
Collateral Agent (as defined in the Credit Agreement) and
Citigroup Global Markets Inc. as Arranger. Terms defined in the
Credit Agreement are used herein with the same meaning.

     
WHEREAS, the Borrower has requested an increase in the
Commitments pursuant to Section 2.17 of the Credit
Agreement (the “Revolving Credit Commitment
Increase”); and

     
WHEREAS, Fortis Capital Corp. (the “Post-Increase
Revolving Credit Lender”) has agreed to provide an
incremental Commitment (an “Incremental Revolving
Credit Commitment”) and to become a party to the
Credit Agreement;

     
NOW, THEREFORE, for good and valid consideration, the
sufficiency of which hereby is acknowledged, the Post-Increase
Revolving Credit Lender hereby agrees as follows:

		
	 	     
    (1) The Post-Increase Revolving Credit Lender agrees to
    provide the Incremental Revolving Credit Commitment set forth
    opposite its name on Schedule 1 hereto, effective as of the
    date upon which the conditions precedent set forth in
    Section 2.17(d) of the Credit Agreement shall have been met
    (the “Increase Effective Date”). Such
    Incremental Revolving Credit Commitment shall be subject to the
    terms and conditions set forth in the Credit Agreement and shall
    be a “Commitment” thereunder.
	 
	 	     
    (2) Upon the Increase Effective Date, the Post-Increase
    Revolving Credit Lender shall become a “Lender” under
    the Credit Agreement upon the terms and subject to the
    conditions set forth therein.
	 
	 	     
    (3) The Post-Increase Revolving Credit Lender
    (i) represents and warrants that it is legally authorized
    to enter into this Joinder Agreement; (ii) confirms that it
    has received a copy of the Credit Agreement and each other Loan
    Document, together with copies of the financial statements
    referred to in Section 4.01 of the Credit Agreement and
    such other documents and information as it has deemed
    appropriate to make its own credit analysis and decision to
    enter into this Joinder Agreement; (iii) agrees that it
    will, independently and without reliance upon any Agent or any
    other Lender and based on such documents and information as it
    shall deem appropriate at the time, continue to make its own
    credit decisions in taking or not taking action under the Credit
    Agreement; (iv) confirms that it is an Eligible Assignee;
    (v) appoints and authorizes each Agent to take such action
    as agent on its behalf and to exercise such powers and
    discretion under the Loan Documents as are delegated to such
    Agent by the terms thereof, together with such powers and
    discretion as are reasonably incidental thereto;
    (vi) agrees that it will perform in accordance with their
    terms all of the obligations that by the terms of the Credit
    Agreement and each other Loan Document are required to be
    performed by it as a Lender; and (vii) attaches any
    U.S. Internal Revenue Service forms required under
    Section 2.13 of the Credit Agreement.

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From and after the date hereof, the Post-Increase Revolving
Credit Lender shall (a) be a “Lender” for all
purposes under the Loan Documents, (b) have the rights and
obligations of a Lender under the Credit Agreement and under the
other Loan Documents, and (c) be bound by the provisions of
the Loan Documents as a Lender.

     
This Joinder Agreement may be executed in any number of
counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to
be an original and all of which taken together shall constitute
one and the same agreement. Delivery by telecopier of an
executed counterpart of a signature page to this Joinder
Agreement shall be effective as delivery of an original executed
counterpart of this Joinder Agreement.

     
THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

[Rest of this page intentionally left blank.]

43

 

     
IN WITNESS WHEREOF, the Post-Increase Revolving Credit Lender
has caused this Joinder Agreement to be executed by its duly
authorized officer as of the date first set forth above.

		
	 	
    FORTIS CAPITAL CORP.

			
	 	By: 	
                 /s/
    Carl Rasmussen

		
	 	
     

	 	
    Name:        Carl
    Rasmussen

			
	 	Title:	
    Senior Vice President

		
	
    ACKNOWLEDGED AND AGREED BY:	 
	 
	
    CITICORP USA, INC.,	 
	
    as Administrative Agent	 

			
	By: 	
                /s/
    Robert H. Malleck	 

		
	
     
	 
	
    Name:        Robert
    H. Malleck
    	 

			
	Title:	
    Vice President	 

		
	
    CROWLEY MARITIME CORPORATION	 

			
	By: 	
                /s/
    Daniel Warner	 

		
	
     
	 
	
    Name:        Daniel
    Warner
    	 

			
	Title:	
    Senior Vice President and Treasurer	 

44EX-10.27.7

 

Exhibit 10.27.7

Wells Fargo Foothill, Inc.

One Boston Place, Suite 1800

Boston, MA 02108

April 18, 2006

PHIBRO ANIMAL HEALTH CORPORATION

65 Challenger Road

Ridgefield Park, NJ 07660

Attn: President

Fax No. 201-944-5937

			
	Re:	 	Amendment No. 7 and Waiver

Ladies and Gentlemen:

          Reference is made to that certain LOAN AND SECURITY AGREEMENT dated as of October 21, 2003 by
and among PHIBRO ANIMAL HEALTH CORPORATION, a New York corporation (“Parent”), PHIBRO
ANIMAL HEALTH U.S., INC., a Delaware corporation (“PAHUS”), PHIBRO ANIMAL HEALTH HOLDINGS,
INC., a Delaware corporation (“Holdings”), PRINCE AGRIPRODUCTS, INC., a Delaware
corporation (“Prince”), PHIBRO-TECH, INC. (“PTI”; together with Parent, PAHUS,
Holdings, and Prince, the “Borrowers”), the lenders from time to time party thereto (each a
“Lender” and collectively, the “Lenders”), and WELLS FARGO FOOTHILL, INC., a
California corporation, as the arranger and administrative agent for the Lenders (in such capacity,
“Agent”) (as amended, restated, supplemented, or otherwise modified from time to time, the
“Loan Agreement”).

          Capitalized terms used in this letter agreement without definition have the meanings ascribed
to them in the Loan Agreement.

          Borrowers have advised the Lender Group that Parent has formed a new Subsidiary, Philipp
Brothers Chemicals, Inc., a Delaware corporation (“Philipp Brothers Chemicals”), which is
inactive and has no assets or liabilities or assets and have requested that the Lender Group waive
the requirements set forth in Section 6.15 of the Loan Agreement with respect to Philipp
Brothers Chemicals.

          Subject to the terms and conditions set forth herein, the Lender Group is willing to waive the
requirements set forth in Section 6.15 solely with respect to Philipp Brothers Chemicals.

          A. Waiver.

          Anything to the contrary in the Loan Agreement notwithstanding, but subject to the conditions
set forth herein, this letter agreement confirms that the Lender Group waives the requirements in
Section 6.15 of the Loan Agreement that (1) Philipp Brothers Chemicals provide to Agent a
joinder to the Loan Agreement or the Guaranty and Guarantor Security Agreement or
any other security documents, and (2) Parent provide to Agent a pledge agreement and

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appropriate certificates and powers or financing statements regarding its ownership interest in
Philipp Brothers Chemicals.

          B. Amendments.

          1. Section 1.1 of the Loan Agreement is hereby amended by adding the following
definitions in proper alphabetical order:

          “Philipp Brothers Chemicals” means Philipp Brothers Chemicals, Inc., a
Delaware corporation.

          “Western Magnesium Corp.” means Western Magnesium Corp., a California
corporation.”

          2. Section 5.21 of the Loan Agreement is hereby deleted and replaced in its entirety
with the following:

“5.21 Inactive Subsidiaries. (a) Western Magnesium Corp. has no assets or
liabilities and conducts no business activities other than its 1% interest in First
Dice Road Company, and (b) Philipp Brothers Chemicals has no assets or liabilities
and conducts no business activities.”

          3. The Loan Agreement is hereby amended by adding the following new Section 7.21:

“7.21 Inactive Subsidiaries. Permit Western Magnesium Corp. or Philipp
Brothers Chemicals to (a) own any assets (other than, with respect to Western
Magnesium Corp., a 1% interest in First Dice Road Company), (b) incur any
liabilities, or (c) engage in any business activity.”

          4. The Loan Agreement is hereby amended by replacing the address of the Administrative
Borrower set forth in Section 12 to:

	 	 	 
	 

	 	“PHIBRO ANIMAL HEALTH CORPORATION
	 

	 	65 Challenger Road
	 

	 	Ridgefield Park, NJ 07660
	 

	 	Attn: President
	 

	 	Fax No. 201-944-5937”

          The effectiveness of this letter agreement shall be conditioned upon the prior or concurrent
satisfaction of each of the following: (a) Agent shall have received a counterpart of this letter
agreement duly executed by each Borrower; (b) Agent shall have received the reaffirmation and
consent of each Guarantor, attached hereto as Exhibit A, duly executed and delivered by an
authorized official of such Guarantor; (c) no Default or Event of Default has occurred and is
continuing or would result from the transactions contemplated by this letter agreement; and (d) the
representations and warranties herein and in the Loan Agreement and the other Loan Documents shall
be true and correct in all material respects on and as of the date

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hereof, as though made on such date (except to the extent that such representations and
warranties relate solely to an earlier date).

          Each Borrower represents and warrants that: (a) the execution, delivery, and performance of
this letter agreement are within its corporate powers, have been duly authorized by all necessary
corporate action, and are not in contravention of any law, rule, or regulation, or any order,
judgment, decree, writ, injunction, or award of any arbitrator, court, or governmental authority,
or of the terms of its Governing Documents, or of any contract or undertaking to which it is a
party or by which any of its properties may be bound or affected; (b) the representations and
warranties in the Loan Agreement and the other Loan Documents are true and correct in all respects
on and as of the date hereof, as though made on such date (except to the extent that such
representations and warranties relate solely to an earlier date); and (c) except as expressly
waived herein, no Default or Event of Default has occurred and is continuing on the date hereof or
as of the date of the effectiveness of this letter agreement.

          This letter agreement is limited to the specifics hereof, shall not apply with respect to any
facts or occurrences other than those on which this letter agreement are based, shall not excuse
future non-compliance with the Loan Agreement or any other Loan Document, (as they may from time to
time be amended), shall not operate as a waiver or an amendment of any right, power or remedy of
the Lender Group, nor as a consent to any further or other matter, under any of the Loan Documents.

          This letter agreement may be executed in one or more counterparts and by different parties on
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which when taken together shall constitute but one and the same agreement. Delivery of an executed
counterpart of this letter agreement by telefacsimile shall be equally as effective as delivery of
an original executed counterpart hereof. Any party delivering an executed counterpart hereof by
telefacsimile also shall deliver an original executed counterpart hereof, but the failure to so
deliver an original executed counterpart hereof shall not affect the validity, enforceability, and
binding effect hereof. This letter agreement is a Loan Document.

          The validity of this letter agreement, its construction, interpretation and enforcement, the
rights of the parties hereunder, shall be determined under, governed by, and construed in
accordance with the laws of the State of New York.

          Please indicate your agreement with the foregoing by signing in the space provided below and
returning to the undersigned.

3

 

	 	 	 	 	 	 	 
	 	 	Cordially,	 	 
	 
	 	 	 	 	 	 
	 	 	WELLS FARGO FOOTHILL, INC.,	 	 
	 	 	a California corporation, as Agent
and as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Vincent J. Egan, Jr.	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Vincent J. Egan, Jr.	 	 
	 

	 	Title:
	 	Vice President
	 	 

	 	 	 	 	 
	ACKNOWLEDGED AND AGREED as of the
date first above written:	 	 
	 
	 	 	 	 
	PHIBRO ANIMAL HEALTH CORPORATION,	 	 
	a New York corporation	 	 
	 
	 	 	 	 
	By:

	 	/s/ Richard G. Johnson	 	 
	 

	 	 	 	 
	Title:

	 	Chief Financial Officer	 	 
	 
	 	 	 	 
	PHIBRO ANIMAL HEALTH U.S., INC.,	 	 
	a Delaware corporation	 	 
	 
	 	 	 	 
	By:

	 	/s/ David C. Storbeck	 	 
	 

	 	 	 	 
	Title:

	 	Vice President	 	 
	 
	 	 	 	 
	PHIBRO ANIMAL HEALTH HOLDINGS, INC.,	 	 
	a Delaware corporation	 	 
	 
	 	 	 	 
	By:

	 	/s/ David C. Storbeck	 	 
	 

	 	 	 	 
	Title:

	 	Vice President	 	 
	 
	 	 	 	 
	PRINCE AGRIPRODUCTS, INC.,	 	 
	a Delaware corporation	 	 
	 
	 	 	 	 
	By:

	 	/s/ David C. Storbeck	 	 
	 

	 	 	 	 
	Title:

	 	Vice President
	 	 

4

 

	 	 	 	 	 
	PHIBRO-TECH, INC.,	 	 
	a Delaware corporation	 	 
	 
	 	 	 	 
	By:

	 	/s/ David C. Storbeck	 	 
	 

	 	 	 	 
	Title:

	 	Vice President
	 	 

5

 

Exhibit A

REAFFIRMATION AND CONSENT

          All capitalized terms used herein but not otherwise defined herein shall have the meanings
ascribed to them in that certain letter agreement re: Amendment No. 7 and Waiver (the
“Amendment”), dated as of April 18, 2006. The undersigned each hereby (a) represents and
warrants to the Lender Group that the execution, delivery, and performance of this Reaffirmation
and Consent are within its corporate powers, have been duly authorized by all necessary corporate
action, and are not in contravention of any law, rule, or regulation, or any order, judgment,
decree, writ, injunction, or award of any arbitrator, court, or governmental authority, or of the
terms of its charter or bylaws, or of any material contract or undertaking to which it is a party
or by which any of its properties may be bound or affected; (b) consents to the execution,
delivery, and performance of the Amendment; (c) acknowledges and reaffirms its obligations owing to
the Lender Group under the Loan Documents to which it is a party; and (d) agrees that each of the
Loan Documents to which it is a party is and shall remain in full force and effect in accordance
with the terms thereof. Although the undersigned has been informed of the matters set forth herein
and has acknowledged and agreed to same, it understands that the Lender Group has no obligations to
inform it of such matters in the future or to seek its acknowledgement or agreement to future
consents or amendments, and nothing herein shall create such a duty. Delivery of an executed
counterpart of this Reaffirmation and Consent by telefacsimile shall be equally as effective as
delivery of an original executed counterpart of this Reaffirmation and Consent. Any party
delivering an executed counterpart of this Reaffirmation and Consent by telefacsimile also shall
deliver an original executed counterpart of this Reaffirmation and Consent but the failure to
deliver an original executed counterpart shall not affect the validity, enforceability, and binding
effect of this Reaffirmation and Consent. This Reaffirmation and Consent shall be governed by the
laws of the State of New York.

[Signature page follows.]

6

 

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

	 	 	 	 	 	 	 
	 	 	PHIBROCHEM, INC., a New Jersey corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David C. Storbeck	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	David C. Storbeck	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	WESTERN MAGNESIUM CORP., a California corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David C. Storbeck	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	David C. Storbeck	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	CP CHEMICALS, INC., a New Jersey corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David C. Storbeck	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	David C. Storbeck	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	PHIBRO CHEMICALS, INC., a New York corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David C. Storbeck	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	David C. Storbeck	 	 
	 

	 	Title:
	 	Vice President
	 	 

7

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