Document:

Amendment No. 1, Consent, Waiver and Agreement to the Second Lien Agreement

 Exhibit 10.2 
  
 AMENDMENT NO. 1, CONSENT, WAIVER AND AGREEMENT dated as of September 24, 2004 (this “Amendment”), to the Second Lien Credit Agreement dated as of
March 29, 2004 (the “Credit Agreement”), among ATP OIL & GAS CORPORATION (the “Borrower”), the Lenders (as defined therein) and CREDIT SUISSE FIRST BOSTON, as administrative agent (in such
capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”) for the Lenders. 
  
 A. Pursuant to the Credit Agreement, the Lenders have extended credit to the Borrower. 
  
 B. The Borrower has informed the Administrative Agent that it intends to
repurchase in privately negotiated transactions, terminate and cancel 1,926,837 of the outstanding Second Lien Facility Warrants for an aggregate purchase price not to exceed $11,561,022 (the “Warrant Repurchase”), and has
further requested that the Lenders consent to the Warrant Repurchase and waive compliance by the Borrower with certain provisions of the Credit Agreement in connection therewith. 
  
 C. The Borrower has further requested certain amendments to the Credit Agreement as set forth herein. 
  
 D. The Borrower has informed the Administrative Agent that it has requested
that the lenders under the First Lien Facility agree to make additional term loans thereunder in an aggregate principal amount of $35,000,000 and has requested the Lenders to authorize the Collateral Agent to enter into an amendment to the
Intercreditor Agreement in connection therewith. 
  
 E. The
Lenders are willing to grant such consent and waiver and authorization and to agree to such amendments on the terms and subject to the conditions set forth herein. 
  
 F. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Credit Agreement.

  
 Accordingly, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows: 
  
 SECTION 1. Consent and Waiver. (a) The Lenders hereby consent to the Warrant Repurchase and hereby waive compliance by the Borrower with the
provisions of Section 6.06 of the Credit Agreement to the extent (but only to the extent) necessary to permit the Borrower to consummate the Warrant Repurchase. 
  

(b) For greater certainty, the amount of the Warrant Repurchase shall not be counted against the new Restricted Payment basket contemplated by Section
2(c) hereof. 

 SECTION 2. Amendments. (a) Section 6.01(c) of the Credit Agreement is hereby amended by (i)
deleting the first parenthetical therein in its entirety and (ii) replacing the amount “$175,000,000” with the amount “$185,000,000”. 
  
 (b) Section 6.04(h) of the Credit Agreement is hereby amended by replacing the amount “$10,000,000” in clause (i) of the proviso
thereto with the amount “$25,000,000”. 
  
 (c) Section 6.06(a) of the Credit Agreement is hereby amended (i) by deleting the word “and” at the end of clause (iii) of the proviso thereto and substituting therefor a comma, and (ii) by inserting the following at the end of
clause (iv) thereof: 
  
 “and (v) so long as
no Default or Event of Default shall have occurred and be continuing or would result therefrom, the Borrower may make other Restricted Payments under this clause (v) in an amount not to exceed $5,000,000 in any fiscal year.”. 
  
 (d) Section 6.12 of the Credit Agreement is hereby amended
and restated in its entirety to read as follows: 
  
 “SECTION 6.12. Interest Coverage Ratio. Permit the Interest Coverage Ratio for any period of four consecutive fiscal quarters, in each case taken as one accounting period, ending on the last day of any fiscal quarter (commencing
with the fiscal quarter ending on June 30, 2004) to be less than 2.50 to 1.00.”. 
  
 (e) The table appearing in Section 6.13 (Maximum Leverage Ratio) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows: 
  

			
	 Date or Period

	  	Ratio

	 Closing Date through June 30, 2004
	  	3.25 to 1.00
	 Thereafter
	  	3.00 to 1.00

  
 (f)
Section 6.15 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
  
 “SECTION 6.15. Minimum Asset Coverage Ratios. (a) Permit (i) the Proved Reserve Coverage Ratio at June 30 or December 31 of
any fiscal year to be less than 2.5 to 1.0 or (ii) the PDP Coverage Ratio at June 30 or December 31 of any fiscal year to be less than 0.5 to 1.0 (in the case of each of clauses (i) and (ii), commencing on June 30, 2004). 
  
 (b) Permit the Debt to Reserve Amount at the end of any
fiscal year (commencing with the fiscal year ending on December 31, 2004) to be greater than $2.50.”. 
  

 2 

 SECTION 3. Amendment Fee. The Borrower agrees to pay to the Administrative Agent for the account
of each Lender that executes and delivers a copy of this Amendment to the Administrative Agent (or its counsel) at or prior to 2:00 p.m., New York City time, on September 27, 2004 (the “Signing Date”), an amendment fee (the
“Amendment Fee”) in an amount equal to 0.50% of the aggregate principal amount of the Loans of such Lender outstanding under the Credit Agreement as of the Signing Date. The Amendment Fee shall be payable in immediately
available funds on the Amendment Effective Date (as defined below). Once paid, the Amendment Fee shall not be refundable. 
  
 SECTION 4. Representations and Warranties. To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to
the Administrative Agent, the Collateral Agent and each of the Lenders that, as of the Amendment Effective Date: 
  
 (a) This Amendment has been duly authorized, executed and delivered by the Borrower and each of the Subsidiary Guarantors and the Credit
Agreement, as amended hereby, constitutes a legal, valid and binding obligation of the Borrower, and this Amendment constitutes a legal, valid and binding obligation of the Borrower and each Subsidiary Guarantor. 
  
 (b) The representations and warranties set forth in Article
III of the Credit Agreement are true and correct in all material respects on and as of the Amendment Effective Date with the same effect as though made on and as of the Amendment Effective Date, except to the extent such representations and
warranties expressly relate to an earlier date (in which case such representations and warranties were true and correct in all material respects as of such earlier date). 
  
 (c) No Default or Event of Default has occurred and is continuing. 
  
 SECTION 5. Other Agreements. The Required Lenders hereby authorize the
Collateral Agent, in its capacity as Second Lien Collateral Agent under the Intercreditor Agreement, to enter into an amendment to the Intercreditor Agreement in substantially the form of Annex I hereto. 
  
 SECTION 6. Effectiveness. This Amendment shall become effective as of
the date (the “Amendment Effective Date”) occurring on or prior to September 29, 2004, that the following conditions are satisfied: 
  
 (a) The Administrative Agent shall have received the Amendment Fee. 
  
 (b) The Administrative Agent shall have received counterparts of this Amendment that, when taken together,
bear the signatures of (i) the Borrower, (ii) the Subsidiary Guarantors and (iii) the Required Lenders. 
  
 SECTION 7. Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Collateral Agent or the 
  

 3 

 Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any
way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing
herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan
Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein. After the date hereof, any reference to the Credit Agreement
shall mean the Credit Agreement, as modified hereby. This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
  
 SECTION 8. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto
in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract. Delivery of an executed counterpart of a signature page of this
Amendment by facsimile transmission shall be as effective as delivery of a manually executed counterpart hereof. 
  
 SECTION 9. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 10. Headings. The headings of this Amendment are for purposes
of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 SECTION 11. Expenses. The Borrower agrees to reimburse the Administrative Agent for all reasonable out-of-pocket expenses incurred in connection with this Amendment, including the reasonable fees, charges and
disbursements of Cravath, Swaine & Moore LLP, counsel for the Administrative Agent. 
  
 SECTION 12. Acknowledgment of Subsidiary Guarantors. Each of the Subsidiary Guarantors hereby acknowledges receipt and notice of, and consents to the terms of, this Amendment, and affirms and confirms its
guarantee of the Obligations and, if applicable, the pledge of and/or grant of a security interest in its assets as Collateral to secure the Obligations, all as provided in the Guarantee and Collateral Agreement and the other Security Documents as
originally executed, and acknowledges and agrees that such guarantee, pledge and/or grant of security interest continue in full force and effect in respect of, and to secure, the Obligations under the Credit Agreement, as amended hereby, and the
other Loan Documents. 
  
 [Remainder of page intentionally left
blank] 
  

 4 

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

			
	ATP OIL & GAS CORPORATION,
		
	By	 	 /s/ T. Paul Bulmahn

	 	 	 Name: T. Paul Bulmahn
 Title: President

  

			
	ATP ENERGY, INC.,
		
	By	 	 /s/ T. Paul Bulmahn

	 	 	 Name: T. Paul Bulmahn
 Title: President

  

			
	ATP OIL & GAS (UK) LIMITED,
		
	By	 	 /s/ T. Paul Bulmahn

	 	 	 Name: T. Paul Bulmahn
 Title: Director

  

			
	ATP OIL & GAS (NETHERLANDS) B.V.,
		
	By	 	 John E. Tschirhart

	 	 	 Name: John E. Tschirhart
 Title: Managing Director

  

 5 

			
	 CREDIT SUISSE FIRST BOSTON,
 acting through its Cayman Islands branch, individually, and as Administrative Agent and Collateral Agent,

		
	By	 	 /s/ James P. Moran

	 	 	 Name: James P. Moran
 Title: Director

		
	By	 	 /s/ Vanessa Gomez

	 	 	 Name: Vanessa Gomez
 Title: AssociateNinth Amendment

 EXHIBIT 10.1 
  
 NINTH AMENDMENT TO FOURTH AMENDED AND RESTATED  
 REVOLVING CREDIT AND SECURITY AGREEMENT  
  
 THIS NINTH AMENDMENT TO FOURTH AMENDED AND
RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT (the “Amendment”) is made this 27th day of September, 2004, by and among WinCup Holdings, Inc., Radnor Chemical Corporation, StyroChem U.S., Ltd., Radnor Holdings Corporation, Radnor Delaware
II, Inc., StyroChem Delaware, Inc., WinCup Texas, Ltd., StyroChem GP, L.L.C., StyroChem LP, L.L.C., WinCup GP, L.L.C., and WinCup LP, L.L.C. (each individually a “Borrower” and collectively, “Borrowers”), and PNC Bank, National
Association (“PNC”), as Lead Arranger and Administrative Agent (defined below), Fleet Capital Corporation (“Fleet”), as Documentation Agent (defined below) and Lenders (defined below). 
  
 BACKGROUND 
  
 A. On December 26, 2001, Borrowers, the financial institutions which are now
or which hereafter become a party thereto (individually, a “Lender” and collectively, the “Lenders”), and PNC, as agent for Lenders (PNC in such capacity, the “Agent”) entered into a certain Fourth Amended and Restated
Revolving Credit and Security Agreement (as amended, modified, renewed, extended, replaced or substituted from time to time, the “Loan Agreement”) to reflect certain financing arrangements between the parties thereto. The Loan Agreement
and all other documents executed in connection therewith are collectively referred to as the “Existing Financing Agreements.” All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Loan Agreement.
In the case of a direct conflict between the provisions of the Loan Agreement and the provisions of this Amendment, the provisions hereof shall prevail. 
  
 B. Borrowers, Agent and Lenders modified certain definitions, terms and conditions contained in the Loan Agreement pursuant to that (i) certain First
Amendment to Revolving Credit and Security Agreement dated February 4, 2002 to facilitate the execution of a Commitment Transfer Supplement by and between Lenders and Fleet Capital Corporation, (ii) certain Letter Agreement, dated as of March 21,
2002, among Borrowers, Agent and Lenders, (iii) certain Second Amendment to Revolving Credit, Term Loan and Security Agreement dated March 5, 2003, (iv) certain Third Amendment to Revolving Credit, Term Loan and Security Agreement dated August 1,
2003, (v) certain Fourth Amendment to Revolving Credit, Term Loan and Security Agreement dated September 12, 2003, (vi) certain Fifth Amendment to Revolving Credit, Term Loan and Security Agreement dated October 27, 2003, (vii) certain Sixth
Amendment to Revolving Credit, Term Loan and Security Agreement dated November 17, 2003, (viii) certain Seventh Amendment to Revolving Credit, Term Loan and Security Agreement dated March 12, 2004 and (ix) certain Eighth Amendment to Revolving
Credit, Term Loan and Security Agreement dated April 27, 2004. 
  
 C. The Borrowers have requested and the Agent has agreed to modify certain definitions, terms and conditions in the Loan Agreement. 

 D. The parties have agreed, subject to the terms and conditions of this Amendment, to modify and amend
the Existing Financing Agreements. 
  
 NOW THEREFORE, with the
foregoing background hereinafter deemed incorporated by reference herein and made part hereof, the parties hereto, intending to be legally bound, promise and agree as follows: 
  
 1. Section I of the Loan Agreement shall be amended as follows: 
  
 (a) The definitions of “Maximum Loan Amount” and
“Maximum Revolving Advance Amount” shall be deleted in their entirety and replaced as follows: 
  
 “Maximum Loan Amount” shall mean Sixty Five Million Dollars ($65,000,000). 
  
 “Maximum Revolving Advance Amount” shall
mean Sixty Five Million Dollars ($65,000,000). 
  
 2. Section
2.1(a)(y)(iii) shall be deleted in its entirety and replaced as follows: 
  
 (iii) the lesser of (x) $35,000,000 or (y) up to 60%, subject to the provisions of Section 2.1(b) hereof (“Inventory Advance Rate”), of Eligible Inventory of Borrowers (the Receivables Advance Rate,
the Canadian Receivables Advance Rate and the Inventory Advance Rate shall be referred to, collectively, as the “Advance Rates”), minus 
  
 3. Section VI of the Loan Agreement shall be amended as follows: 
  

(a) Section 6.5 of the Loan Agreement shall be deleted in its entirety and replaced as follows: 
  
 6.5. Fixed Charge Coverage Ratio for Radnor on a Consolidated
Basis. Cause to be maintained a Fixed Charge Coverage Ratio for Radnor on a Consolidated Basis to be calculated at the end of each fiscal quarter, based on the most recent four fiscal quarters then ended (for purposes of calculating the
Fixed Charge Coverage Ratio, the amount of interest expense attributable to the Senior Notes shall be equal to one-quarter of the annual interest expense for each quarter included in the test period) equal to or greater than the amounts set forth
below for the periods set forth below: 
  

			
	 Period

	  	 Fixed Charge Coverage Ratio

	 September 30, 2004
	  	 1.00 to 1.00;

	 December 31, 2004
	  	 1.00 to 1.00;

	 March 31, 2005
	  	 1.10 to 1.00;

	 June 30, 2005
	  	 1.10 to 1.00;

	 September 30, 2005 and each quarter thereafter
	  	 1.15 to 1.

  

 2 

 (b) Section 6.6 shall be deleted in its entirety and replaced as follows: 
  
 6.6. Funded Debt to EBITDA Ratio. Cause to be maintained a
Funded Debt to EBITDA Ratio for Radnor on a Consolidated Basis to be calculated at the end of each fiscal quarter, based on the most recent four fiscal quarters then ended not greater than the amounts set forth below for the periods set forth below:

  

			
	 Period

	  	 Funded Debt to
 EBITDA
Ratio

	 September 30, 2004
	  	7.90 to 1;
	 December 31, 2004
	  	7.60 to 1;
	 March 31, 2005
	  	7.60 to 1;
	 June 30, 2005
	  	7.20 to 1;
	 September 30, 2005
	  	6.20 to 1;
	 December 31, 2005
	  	5.25 to 1;
	 March 31, 2006
	  	5.00 to 1;
	 June 30, 2006
	  	4.50 to 1;
	 September 30, 2006
	  	4.25 to 1;
	 December 31, 2006
	  	4.00 to 1; and
	 March 31, 2007 and each quarter thereafter
	  	3.75 to 1.

  
 4. Representations
and Warranties. Each Borrower hereby: 
  
 (a) reaffirms all
representations and warranties made to Agent and Lenders under the Loan Agreement and all of the other Existing Financing Agreements and confirms that all are true and correct as of the date hereof; 
  
 (b) reaffirms all of the covenants contained in the Loan Agreement, as
amended hereby, and covenants to abide thereby until all Advances, Obligations and other liabilities of Borrowers to Agent and Lenders, of whatever nature and whenever incurred, are satisfied and/or released by Agent and Lenders; 
  
 (c) represents and warrants that no Default or Event of Default has occurred
and is continuing under any of the Existing Financing Agreements; 
  
 (d) represents and warrants that it has the authority and legal right to execute, deliver and carry out the terms of this Amendment, that such actions were duly authorized by all necessary corporate, partnership or limited liability company
action, as applicable, and that the officers executing this Amendment on its behalf were similarly authorized and empowered, and that this Amendment does not contravene any provisions of its organizational documents or of any contract or agreement
to which it is a party or by which any of its properties are bound; and 
  

 3 

 (e) represents and warrants that this Amendment and all assignments, instruments, documents, and
agreements executed and delivered in connection herewith, are valid, binding and enforceable in accordance with their respective terms. 
  
 5. Conditions Precedent/Effectiveness Conditions. This Amendment shall be effective upon satisfaction of the following conditions precedent (all
documents to be in form and substance satisfactory to Agent and Agent’s counsel): 
  
 (a) Agent shall have received all fees which are due and payable to Agent or to the Lenders as required by the Loan Agreement, this Amendment or any fee letter entered into by Borrowers and Agent; 
  
 (b) Each Lender shall have received a fully executed copy of its revolving
credit note; and 
  
 (c) Agent shall have received such other
documents as required by Agent in its sole discretion. 
  
 6.
Further Assurances and Affirmative Covenant. Each Borrower hereby agrees to take all such actions and to execute and/or deliver to Agent and Lenders all such documents, assignments, financing statements and other documents, as Agent and
Lenders may reasonably require from time to time, to effectuate and implement the purposes of this Amendment; 
  
 7. Payment of Expenses. Borrowers shall pay or reimburse Agent and Lenders for their reasonable attorneys’ fees and expenses in connection
with the preparation, negotiation and execution of this Amendment and the documents provided for herein or related hereto. 
  
 8. Reaffirmation of Loan Agreement. Except as modified by the terms hereof, all of the terms and conditions of the Loan Agreement and all other of
the Existing Financing Agreements are hereby reaffirmed and shall continue in full force and effect as therein written. 
  
 9. Miscellaneous. 
  
 (a) Third Party Rights. No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental
beneficiary. 
  
 (b) Headings. The headings of any
paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof. 
  
 (c) Modifications. No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed on
behalf of the party against whom enforcement is sought. 
  

 4 

 (d) Governing Law. The terms and conditions of this Amendment shall be governed by the laws of the
Commonwealth of Pennsylvania. 
  
 (e) Counterparts. This
Amendment may be executed in any number of counterparts and by facsimile, 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. 
  
 [Signatures begin on next page] 
  

 5 

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

			
	 RADNOR CHEMICAL CORPORATION

	 STYROCHEM DELAWARE, INC.

	 RADNOR DELAWARE II, INC.

	 STYROCHEM GP, LLC

	   By:
	 	 Radnor Chemical Corporation,
 its Sole Member

	 STYROCHEM LP, LLC

	   By:
	 	 Radnor Chemical Corporation,
 its Sole Member

	 STYROCHEM U.S., LTD.,

	   By:
	 	 StyroChem GP, LLC, its General Partner

	     By:
	 	 Radnor Chemical Corporation,
 its Sole Member

		
	 By:
	 	 /s/ R. Radcliffe Hastings

	 	 	 R. Radcliffe Hastings, Executive Vice President

	
	 RADNOR HOLDINGS CORPORATION

	 WINCUP HOLDINGS, INC.

	 WINCUP GP, LLC

	   By:
	 	 WinCup Holdings, Inc.,

	 	 	 its Sole Member

	 WINCUP LP, LLC

	   By:
	 	 WinCup Holdings, Inc.

	 	 	 its Sole Member

	 WINCUP TEXAS, LTD.

	   By:
	 	 WinCup GP, LLC
 its General Partner

	     By:
	 	 WinCup Holdings, Inc.
 its Sole Member

		
	 By:
	 	 /s/ R. Radcliffe Hastings

	 	 	 R. Radcliffe Hastings, Executive Vice President

  

 Signature Page 1 of 3 

			
	Agents:
	PNC BANK, NATIONAL ASSOCIATION,
	as Lead Arranger and Administrative Agent
		
	 By:
	 	 /s/ Janeann Fehrle

	 	 	 Janeann Fehrle, Vice President

	
	FLEET CAPITAL CORPORATION,
	as Documentation Agent
		
	 By:
	 	 /s/ Robert Anchundia

	 	 	 Robert Anchundia, Vice President

	
	Lenders:
	PNC BANK, NATIONAL ASSOCIATION,
	as Lender
		
	 By:
	 	 /s/ Janeann Fehrle

	 	 	 Janeann Fehrle, Vice President

	 	 	 Commitment Percentage: 33.3333%

	
	FLEET CAPITAL CORPORATION,
	as Lender
		
	 By:
	 	 /s/ Robert Anchundia

	 	 	 Robert Anchundia, Vice President

	 	 	 Commitment Percentage: 27.7778%

  

 Signature Page 2 of 3 

			
	LASALLE BUSINESS CREDIT, LLC,
	as Lender
		
	By:	 	 /s/ Herbert M. Kidd II

	 	 	Herbert M. Kidd II, Senior Vice President
	 	 	Commitment Percentage: 27.7778%
	
	FIFTH THIRD BANK,
	as Lender
		
	By:	 	 /s/ Donald K. Mitchell

	 	 	Donald K. Mitchell, Vice President
	 	 	Commitment Percentage: 11.1111%

  

 Signature Page 3 of 3

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