Document:

Fourth Amendment to the Loan and Security Agreement

 EXHIBIT 10.23 
 FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT 
 This Fourth Amendment to Loan and Security
Agreement (“Amendment”) is dated as of October 31, 2007 by C&F Finance Company (“Borrower”) and Wells Fargo Financial Preferred Capital, Inc. (“Lender”). 
 BACKGROUND 
 A. Borrower and Lender are parties to a certain Loan and
Security Agreement dated as of August 1, 2005 (as may hereafter be amended or modified from time to time, the “Loan Agreement”) and related agreements, instruments and documents (collectively, with the Loan Agreement, the
“Existing Loan Documents”). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings respectively ascribed to them in the Loan Agreement. 
 B. Borrower has requested that Lender amend the Loan Agreement in certain respects, all on the terms and conditions set forth herein. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby promise and agree as follows: 
 1. Amendment. The Loan Agreement is hereby amended in the following manner: 
 a. Definition. Effective as of August 31, 2007, the following definition contained in Section 1.1 of the Loan Agreement is amended and
restated in its entirety as follows: 
 “Capital Base” means the sum of (a) Borrowers’ Tangible Net Worth,
plus (b) Subordinated Debt, plus (c) an amount equal to the excess, if any, of the aggregate value of Borrowers’ actual Allowance for Loan Losses, as calculated in accordance with GAAP, over an amount equal to net
outstanding Receivables of Borrowers multiplied by the rolling twelve month ratio of net charge-offs to average net Receivables outstanding of Borrowers during the twelve month period ending on the date of determination. 
 b. Indebtedness. Section 7.3 of the Loan Agreement is amended and restated in its entirety as follows: 
 Section 7.3 Indebtedness. Borrow any monies or create any Debt except: (a) borrowings from WFFPC hereunder; (b) Subordinated Debt;
(c) trade indebtedness in the normal and ordinary course of business for value received; (d) indebtedness and obligations incurred to purchase or lease fixed or capital assets and (e) unsecured indebtedness and obligations owing to
Citizens and Farmers Bank. 
 2. Legal and Filing Fees. Borrower agrees to pay immediately upon demand therefor all legal fees and
out-of-pocket expenses of Lender related to this Amendment, including the preparation, negotiation, documentation, execution, filing and delivery thereof. 

 3. Effectiveness Conditions. This Amendment shall be effective upon the completion of the
following conditions precedent (all agreements, documents and instruments to be in form and substance satisfactory to Lender and Lender’s counsel): 
 a. Execution and delivery by Borrower to Lender of this Amendment; and 
 b. Execution and/or delivery of all
other agreements, instruments and documents requested by Lender to effectuate and implement the terms hereof and the Existing Loan Documents. 
 4. Representations and Warranties. Borrower represents and warrants to Lender that: 
 a. All warranties and representations
made to Lender under the Loan Agreement and the Existing Loan Documents are true and correct as to the date hereof. 
 b. The execution and
delivery by Borrower of this Amendment and the performance by Borrower of the transactions herein contemplated: (i) are and will be within such party’s powers, (ii) have been authorized by all necessary organizational action, and
(iii) are not and will not be in contravention of any order of any court or other agency of government, of law or any other indenture, agreement or undertaking to which Borrower or by which the property of Borrower is bound, or be in conflict
with, result in a breach of, or constitute (with due notice and/or lapse of time) a default under any such indenture, agreement or undertaking or result in the imposition of any lien, charge or encumbrance of any nature on any of the properties of
Borrower. 
 c. This Amendment and any assignment, instrument, document, or agreement executed and delivered in connection herewith, will be
valid, binding and enforceable in accordance with its respective terms. 
 d. No Event of Default or Default has occurred under the Loan
Agreement or any of the other Existing Loan Documents. 
 5. Business Operations. Borrower hereby agrees to continue to operate its
business and operations in a manner consistent with its past business practice, continue to meet the standards generally observed by prudent finance companies and conform to its policies as have been previously disclosed to Lender in writing.

 6. Representations and Release of Claims. Borrower hereby agrees to defend Lender and its directors, officers, agents, employees
and attorneys from, and hold each of them harmless against, any and all losses, liabilities (including without limitation settlement costs and amounts, transfer taxes, documentary taxes, or assessments or charges made by any governmental authority),
claims, damages, interests, judgments, costs, or expenses, including without limitation fees and disbursements of attorneys, incurred by any of them arising out of or in connection with or by reason of this Amendment, the Loan Agreement, the making
of the Loan or any Collateral, or any other Credit Document, including without limitation, any and all losses, liabilities, claims, damages, interests, judgments, costs or expenses relating to or arising under any Consumer Finance Laws or
Environmental Control Statute or the application of any such statute to Borrower’s properties or assets. Borrower hereby releases Lender and its respective directors, officers, agents, employees and attorneys from any and all claims for loss,
damages, costs or expenses caused or alleged to be caused by any act or omission on the part of any of them, other than such loss, damage cost or expense which has been determined by a court of competent jurisdiction to have been caused by the gross
negligence or willful misconduct of Lender. All obligations provided for in this Section 6 shall survive any termination of this Amendment, the Loan Agreement or the Commitment and the repayment of the Loan. 
  

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 7. Collateral. As security for the payment of the Borrower’s Obligations under the Loan
Agreement, and satisfaction by Borrower of all covenants and undertakings contained in the Loan Agreement and the Existing Loan Documents, Borrower acknowledges Lender’s prior security interest and lien in and to all of the Collateral.

 8. Ratification of Existing Loan Documents. Except as expressly set forth herein, all of the terms and conditions of the Loan
Agreement and Existing Loan Documents are hereby ratified and confirmed and continue unchanged and in full force and effect. All references to the Loan Agreement shall mean the Loan Agreement as modified by this Amendment. 
 9. Acknowledgment of Indebtedness and Obligations. Borrower hereby acknowledges and confirms that as of the date of this Amendment, Borrower is
indebted to Lender, without defense, setoff or counterclaim, under the Loan Agreement in the aggregate principal amount of $60,179,071.27 as of October 31, 2007 plus continually accruing interest and all fees, costs, and expenses, including
reasonable attorneys’ fees, incurred through the date hereof. 
 10. Governing Law. This Amendment, the Loan Agreement and the
Existing Loan Documents shall be governed by, construed and enforced in accordance with the laws of the State of Iowa, excluding its conflict of laws rules. 
 11. Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same
respective agreement. Signature by facsimile shall also bind the parties hereto. 
 12. Miscellaneous. 
 a. This Amendment shall be incorporated into and deemed a part of the Loan Agreement. 
 b. Except as expressly modified herein, all terms, covenants, and conditions of the Loan Agreement are and shall remain in full force and effect.

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 Dated the date and year first written above. 
 BORROWER: C&F FINANCE COMPANY 
  

			
	By:	 	 /s/ Thomas F. Cherry

	Name:	 	Thomas F. Cherry
	Title:	 	EVP & CFO

 LENDER: WELLS FARGO FINANCIAL PREFERRED CAPITAL, INC. 
  

			
	By:	 	 /s/ William M. Laird

		 	William M. Laird, Senior Vice President

 [SIGNATURE PAGE TO FOURTH AMENDMENT] 
  

 S-1Exhibit 10.1 -- Eleventh Amendment to Credit Agreement

 Exhibit 10.1 
 ELEVENTH AMENDMENT TO CREDIT AGREEMENT 
 THIS ELEVENTH AMENDMENT TO CREDIT AGREEMENT
(this “Amendment”) is dated and effective as of December 31, 2007, by and between TREX COMPANY, INC., a Delaware corporation (sometimes hereinafter referred to herein as “Trex Inc.”), and BRANCH BANKING AND TRUST
COMPANY, a North Carolina state banking corporation, successor by merger to Branch Banking and Trust Company of Virginia (hereinafter referred to herein as the “Bank”). 
 Trex Inc., TREX Company, LLC, a Delaware limited liability company (“TREX LLC”), and the Bank are the original parties to that certain Credit
Agreement dated as of June 19, 2002, as amended by a First Amendment to Credit Agreement dated as of August 29, 2003, as further amended by a Second Amendment to Credit Agreement dated as of September 30, 2004, as further amended by a
Third Amendment to Credit Agreement dated as of March 31, 2005, as further amended by a Fourth Amendment to Credit Agreement dated as of July 25, 2005, as further amended by a Fifth Amendment to Credit Agreement dated as of
December 31, 2005, as further amended by a Sixth Amendment to Credit Agreement dated as of November 9, 2006, as further amended by a Seventh Amendment to Credit Agreement dated as of December 31, 2006, as further amended by an Eighth
Amendment to Credit Agreement dated as of March 16, 2007, as further amended by a Ninth Amendment to Credit Agreement dated as of June 12, 2007 and effective as of June 18, 2007, as further amended by a Tenth Amendment to Credit
Agreement dated as of December 21, 2007 (as so amended and as it may hereafter be amended, restated, supplemented, replaced or otherwise modified from time to time, the “Credit Agreement”). Subject to the terms and conditions
contained in the Credit Agreement, the Bank agreed to extend to Trex Inc. and TREX LLC (i) a revolving credit facility, with a letter of credit subfacility, in the aggregate amount of $70,000,000 for working capital financing of Trex
Inc.’s and TREX LLC’s accounts receivable and inventory, to purchase new equipment and/or for other general corporate purposes of Trex Inc. and TREX LLC, (ii) a term loan facility in the amount of $9,570,079.88 to refinance the
Winchester Property (as defined in the Credit Agreement), and (iii) a term loan facility in the amount of $3,029,920.12 to finance existing improvements to the Winchester Property. Effective December 31, 2002, TREX LLC merged with and into
Trex Inc., with Trex Inc. being the surviving entity. As a result of such merger, Trex Inc. is the sole borrower under the Credit Agreement and shall hereinafter sometimes be referred to in this Amendment as the “Borrower.” 
 The Borrower has requested that the Bank modify certain financial covenants contained in the Credit Agreement, and the Bank is willing to do so upon the
terms and conditions contained herein. 
 Accordingly, the Borrower and the Bank hereby agree as follows: 
 1. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement. 

 2. Section 6.01(c) of the Credit Agreement is hereby deleted in its entirety and the following
Section is substituted in its place: 
 (c) Periodic Financial Statements and Borrowing Base Certificates. As soon as
available and in any event within 15 Business Days after the end of each month: (A) a Borrowing Base Certificate and (B) a financial report of accounts receivable (including an aging of accounts receivable in an initial increment of 30
days, a second increment of 31-45 days, a third increment of 46-60 days and in 30-day increments thereafter), inventory and production. For each calendar month ending during the period commencing on January 1, 2008 to and including
December 31, 2008, as soon as available and in any event within 30 calendar days after the end of each month, an internally prepared consolidated and, with respect to Material Subsidiaries, consolidating balance sheet of the Borrower and its
Consolidated Subsidiaries and the related consolidated and, with respect to Material Subsidiaries, consolidating statements of income and cash flows of the Borrower and its Consolidated Subsidiaries for such month all in reasonable detail and
satisfactory in form to the Bank and all certified (subject to normal year-end audit adjustments) as to fairness of presentation, GAAP and consistency by the chief financial officer or chief accounting officer of the Borrower. As soon as available
and in any event within 15 Business Days after the end of the first two months of each fiscal quarter commencing with the first two months of the fiscal quarter ending March 31, 2009, an internally prepared consolidated and, with respect to
Material Subsidiaries, consolidating balance sheet of the Borrower and its Consolidated Subsidiaries and the related consolidated and, with respect to Material Subsidiaries, consolidating statements of income and cash flows of the Borrower and its
Consolidated Subsidiaries for such month all in reasonable detail and satisfactory in form to the Bank and all certified (subject to normal year-end audit adjustments) as to fairness of presentation, GAAP and consistency by the chief financial
officer or chief accounting officer of the Borrower. 
 3. Section 6.10 of the Credit Agreement is hereby deleted in its entirety and
the following Section is substituted in its place: 
 Section 6.10 Total Consolidated Debt to Total Consolidated
Capitalization Ratio. The Borrower will not, as of the end of any fiscal quarter, permit the ratio of Total Consolidated Debt to Total Consolidated Capitalization (the “Total Consolidated Debt to Total Consolidated Capitalization
Ratio”), as a percentage, to exceed the following amounts for the following periods: (i) 70% for the period commencing on the January 1, 2008 to and including March 31, 2008, (ii) 62.5% for the period commencing on
April 1, 2008 to and including June 30, 2008, (iii) 60% for the period commencing on July 1, 2008 to and including September 30, 2008, (iv) 65% for the period commencing on October 1, 2008 to and including
December 31, 2008, (v) 60% for the period commencing on January 1, 2009 to and including March 31, 2009 and (vi) thereafter (A) 50% for 

  

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each period commencing on April 1 of a calendar year to and including September 30 of such calendar year and (B) 60% for each period
commencing on October 1 of a calendar year to and including March 31 of the immediately succeeding calendar year. 
 4.
Section 6.12 of the Credit Agreement is hereby deleted in its entirety and the following Section is substituted in its place: 
 Section 6.12. Fixed Charge Coverage Ratio. The Borrower will not, as of the end of any fiscal quarter, permit the Fixed Charge Coverage Ratio to be less than the following amounts for the following periods: (i) 0.75 to 1
for the one-quarter period ending on March 31, 2008, (ii) 0.85 to 1 for the two-quarter period ending on June 30, 2008, (iii) 1.0 to 1 for the three-quarter period ending on September 30, 2008, (iv) 0.60 to 1 for the
four-quarter period ending on December 31, 2008 and (v) 1.4 to 1 for the four-quarter period ending on each fiscal quarter thereafter. 
 5. Section 6.13 of the Credit Agreement is hereby deleted in its entirety and the following Section is substituted in its place: 
 Section 6.13. Minimum Tangible Net Worth. The Borrower will at all times maintain Consolidated Tangible Net Worth at not less than the sum of (i) $85,000,000, (ii) 100% of the Net Proceeds of all
stock issued after January 1, 2008, plus (iii) fifty percent (50%) of Consolidated Net Income after December 31, 2007 (taken as one accounting period), but excluding from such calculation of Consolidated Net Income for purposes
of this clause (iii) any quarter in which Consolidated Net Income is negative. 
 6. Section 6.15(b)(ii)(D) of the Credit Agreement
is hereby deleted in its entirety and the following Section is substituted in its place: 
 (D) (1) the Total Consolidated Debt to Total
Consolidated Capitalization Ratio both immediately prior to such proposed Acquisition and immediately after and giving effect to such proposed Acquisition shall be at least three percentage points lower than the maximum Total Consolidated Debt to
Total Consolidated Capitalization Ratio required by Section 6.10 on the date of such proposed Acquisition (e.g., if the proposed Acquisition occurs during the period commencing on January 1, 2009 to and including March 31,
2009, the Total Consolidated Debt to Total Consolidated Capitalization Ratio both immediately prior to such proposed Acquisition and immediately after and giving effect to such proposed Acquisition shall not exceed 57%) and (2) the Pro Forma
Total Consolidated Senior Debt to Consolidated EBITDA Ratio shall be at least 0.5 lower than the maximum ratio of the Total Consolidated Senior Debt to Consolidated EBITDA required by Section 6.11 on the date of the proposed Acquisition
(e.g., if the proposed Acquisition occurs during the period commencing on January 1, 2009 to and including March 31, 2009, the Pro Forma Total Consolidated Senior Debt to Consolidated EBITDA Ratio shall not exceed 2.5 to 1);

  

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 7. The Bank hereby waives the Borrower’s compliance with (i) the Total Consolidated Debt to
Total Consolidated Capitalization Ratio covenant described in Section 6.10 of the Credit Agreement for the fiscal quarter ending on December 31, 2007; (ii) the Total Consolidated Senior Debt to Consolidated EBITDA Ratio covenant
described in Section 6.11 of the Credit Agreement for the fiscal quarters ending on December 31, 2007, March 31, 2008, June 30, 2008, September 30, 2008 and December 31, 2008; (iii) the Fixed Charge
Coverage Ratio covenant described in Section 6.12 of the Credit Agreement for the fiscal quarter ending on December 31, 2007; and (iv) the Minimum Tangible Net Worth covenant described in Section 6.13 of the Credit Agreement for
the fiscal quarter ending on December 31, 2007. 
 8. The Borrower hereby represents and warrants to the Bank (which representations and
warranties shall survive the execution and delivery of this Amendment) that: 
 (a) It is in compliance with all of the terms, covenants and
conditions of the Credit Agreement, as amended by this Amendment, and each of the other Loan Documents. 
 (b) There exists no Default or
Event of Default under the Credit Agreement, as amended by this Amendment, and no event has occurred or condition exists which, with the giving of notice or lapse of time, or both, would constitute such a Default or Event of Default. 
 (c) The representations and warranties contained in Article V of the Credit Agreement are, except to the extent that they relate solely to an earlier
date or except to the extent that they relate solely to TREX LLC, true in all material respects with the same effect as though such representations and warranties had been made on the date of this Amendment. 
 (d) The execution, delivery and performance by the Borrower of this Amendment are within its corporate powers, have been duly authorized by all necessary
corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene or constitute (with or without the giving of notice or lapse of time or both) a default under any provision of
applicable law or of the organizational documents of the Borrower or any Subsidiary or of any agreement, judgment, injunction, order, decree or other instrument binding upon or affecting the Borrower or any Subsidiary or result in the creation or
imposition of any Lien on any asset of the Borrower or any of its Subsidiaries other than a Lien in favor of the Bank as provided in the Security Agreement. 
 (e) This Amendment constitutes the valid and binding agreement of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency or
similar laws affecting creditors’ rights generally and by equitable principles of general applicability (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
  

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 (f) Except as set forth on Schedule 5.05 to the Credit Agreement, there is no material action,
suit, proceeding or investigation pending against, or to the knowledge of the Borrower threatened against, contemplated or affecting, the Borrower or any of its Subsidiaries before any court, arbitrator or governmental body, agency or official which
has, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or which in any manner draws into question the validity or enforceability of this Amendment or any of the other Loan Documents, and there is
no basis known to the Borrower or any of its Subsidiaries for any such action, suit, proceeding or investigation. 
 9. The Bank’s
agreement to enter into this Amendment is subject to the following conditions precedent: 
 (a) The Borrower shall have executed and delivered
to the Bank this Amendment. 
 (b) The Borrower, JPMorgan Chase Bank, N.A., as issuing bank (the “Issuing Bank”), and JPMorgan
Chase Bank, N.A., as administrative agent (the “Administrative Agent”), shall have executed and delivered an amendment to the Chase Credit Agreement in form and substance acceptable to the Bank. 
 (c) The Bank shall have received a favorable opinion of counsel to the Borrower addressed to the Bank, dated as of the date hereof and satisfactory in
form and substance to the Bank, as to the due authorization, execution, delivery and enforceability of this Amendment and such other matters as the Bank shall reasonably request. 
 (d) The Borrower shall have executed and delivered, or caused to be executed and delivered, to the Bank such other and further documents, certificates,
opinions and other papers as the Bank shall reasonably request; and the Borrower shall have paid all fees due to the Bank. 
 10. Except as
expressly amended hereby, the terms of the Credit Agreement shall remain in full force and effect in all respects, and the Borrower hereby reaffirms its obligations under the Credit Agreement, as amended by this Amendment, and each of the other Loan
Documents. The Borrower hereby waives any claim, cause of action, defense, counterclaim, setoff or recoupment of any kind or nature that it may assert against the Bank arising from or in connection with the Credit Agreement, as amended by this
Amendment, any of the Loan Documents, or the transactions contemplated thereby or hereby that exist on the date hereof or arise from facts or actions occurring prior hereto or on the date hereof. Nothing contained in this Amendment shall be
construed to constitute a novation with respect to the obligations described in the Credit Agreement. 
 11. All references to the Credit
Agreement in any of the Loan Documents, or any other documents or instruments that refer to the Credit Agreement, shall be deemed to be references to the Credit Agreement as amended by this Amendment. 
  

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 12. This Amendment shall be construed in accordance with and governed by the laws of the Commonwealth of
Virginia. 
 13. Any Dispute arising out of or related to this Amendment or any of the other Loan Documents shall be resolved by binding
arbitration as provided in Section 9.07 of the Credit Agreement. TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY DISPUTE. 
 14. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute
one and the same instrument. 
 15. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. The Borrower shall not have the right to assign any of its rights or obligations under or delegate any of its duties under the Credit Agreement, as amended by this Amendment, or any of the other Loan Documents. 
 16. The Borrower hereby agrees that it will pay on demand all out-of-pocket expenses incurred by the Bank in connection with the preparation of this
Amendment and all other related documents, including but not limited to the fees and disbursements of counsel for the Bank. 
 17. This
Amendment represents the final agreement between the Borrower and the Bank with respect to the subject matter hereof, and may not be contradicted, modified or supplemented in any way by evidence of any prior or contemporaneous written or oral
agreements of the Borrower and the Bank. 
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 IN WITNESS WHEREOF, the Borrower and the Bank have caused this Amendment to be executed by their
duly authorized officers under seal as of the date first written above. 
  

					
	TREX COMPANY, INC.
			
	By:	 	 /s/ William R. Gupp
	 	(SEAL)
	Name:	 	William R. Gupp	 	
	Title:	 	General Counsel	 	
	
	BRANCH BANKING AND TRUST COMPANY
			
	By:	 	 /s/ David A. Chandler
	 	(SEAL)
	Name:	 	David A. Chandler	 	
	Title:	 	Senior Vice President	 	

  

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