Document:

exv4w1

 

Exhibit 4.1

THIRD AMENDMENT TO CREDIT AGREEMENT

     THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of November 13,
2007, is by and among LA-Z-BOY INCORPORATED, a Michigan corporation, (the “Borrower”),
those Subsidiaries of the Borrower identified as a “Guarantor” on the signature pages hereto
(individually a “Guarantor” and collectively the “Guarantors”), and WACHOVIA BANK,
NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”).

WITNESSETH

     WHEREAS, the Borrower, the Guarantors, the several banks and other financial institutions as
may from time to time become parties thereto (the “Lenders”), and the Administrative Agent
have entered into that certain Credit Agreement dated as of March 30, 2004 (as previously amended
and/or modified and as further amended, modified, supplemented, restated or amended and restated
from time to time, the “Credit Agreement”; capitalized terms used but not otherwise defined
herein shall have the meaning ascribed thereto in the Credit Agreement);

     WHEREAS, the Borrower has requested certain amendments to the Credit Agreement as more fully
set forth herein; and

     WHEREAS, the Required Lenders have agreed to such amendments, subject to the terms and
conditions set forth herein.

     NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT

     1.1 New Definitions. The following definitions are hereby added to Section 1.1 of the
Credit Agreement in the appropriate alphabetical order:

     “Accounts Receivable” means, as of any date of determination, the amount representing
accounts receivable of the Borrower and the Subsidiaries that would appear on a consolidated
balance sheet of the Borrower and its Subsidiaries at such time prepared in accordance with GAAP.

     “Asset Coverage Ratio” shall mean, as of the last day of any fiscal month of the
Borrower and its Subsidiaries on a consolidated basis, the ratio (a) the numerator of which shall
be equal to the sum of (i) 85% of Eligible Accounts Receivable plus (ii) 60% of Eligible

 

 

Finished Goods Inventory plus (iii) 35% of Eligible Raw Materials Inventory and (b)
the denominator of which shall be equal to all Funded Debt of the Borrower and its Subsidiaries on
a consolidated basis.

     “Eligible Accounts Receivable” shall mean 90% of all Accounts Receivable.

     “Eligible Finished Goods Inventory” shall mean 85% of all Finished Goods Inventory.

     “Eligible Raw Materials Inventory” shall mean 70% of all Raw Materials Inventory.

     “Finished Goods Inventory” means, as of any date of determination, the amount
representing finished goods inventory of the Borrower and the Subsidiaries that would appear on a
consolidated balance sheet of the Borrower and its Subsidiaries at such time prepared in accordance
with GAAP.

     “Raw Materials Inventory” means, as of any date of determination, the amount
representing raw materials inventory of the Borrower and the Subsidiaries that would appear on a
consolidated balance sheet of the Borrower and its Subsidiaries at such time prepared in accordance
with GAAP.

     “Third
Amendment Effective Date” shall mean November 13, 2007.

     1.2 Definition of Applicable Percentage. The pricing grid set forth in the definition
of “Applicable Percentage” in Section 1.1 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Alternate	 	LIBOR Rate Margin	 	 	 	 
	 	 	 	 	Base Rate	 	for Revolving Loans	 	 	 	 
	 	 	Funded Debt to	 	Margin for	 	and Standby Letter	 	Commercial and	 	 
	 	 	Total Capitalization	 	Revolving	 	of	 	Trade Letters of	 	Facility
	Level	 	Ratio	 	Loans	 	Credit Fee	 	Credit Fee	 	Fee
	I
	 	> .400 to 1.0	 	 	0.475	%	 	 	1.475	%	 	 	1.075	%	 	 	0.325	%
	II
	 	< .400 to 1.0 but	 	 	0.225	%	 	 	1.225	%	 	 	0.950 	%	 	 	0.275	%
	 
	 	> .250 to 1.0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	III
	 	< .250 to 1.0	 	 	0.150	%	 	 	1.150	%	 	 	0.9125	%	 	 	0.250	%

     1.3 Fixed Charge Coverage Ratio. Section 6.7(b) of the Credit Agreement is hereby
amended by adding the following proviso to the end of Section 6.7(b):

     ; provided that, notwithstanding the foregoing, the Fixed Charge Coverage Ratio as of
the end of the fiscal quarter ended October 27, 2007 shall be greater than or equal to 2.00
to 1.0.

     1.4 Asset Coverage Ratio. Section 6.7 of the Credit Agreement is hereby amended by
adding the following clause (c):

     (c) Asset Coverage Ratio. The Asset Coverage Ratio measured as of the last day
of the twelve month period ending as of each fiscal month end shall be greater than

2

 

or equal to 1.10 to 1.0 at all times; provided that it is acknowledged and
agreed that Credit Parties shall not be required to show such calculations except in
connection with the delivery of the financial statements referred to in Sections 6.1(a) and
6.1(b) in accordance with Section 6.2(a).

     1.5 Indebtedness. Section 7.1(b) and (c) of the Credit Agreement is hereby amended
and restated in its entirety to read as follows:

     (b) Priority Debt existing as of the Third Amendment Effective Date; and

     (c) Indebtedness existing as of the Third Amendment Effective Date plus 
other Indebtedness (other than Priority Debt) in an aggregate amount not to exceed
$5,000,000 at any time outstanding; provided that the Credit Parties are in
compliance with the financial covenants set forth in Section 6.7 on a Pro Forma Basis.

     1.6 Liens. Section 7.2(a) of the Credit Agreement is hereby amended and restated in
its entirety to read as follows:

     (a) (i) purchase money security interests in fixed assets granted prior to the Third
Amendment Effective Date (including such security interests granted in connection with the
issuance of industrial development revenue bonds issued to permit the Borrower or any of its
Subsidiaries to acquire fixed assets) and (ii) purchase money security interests in fixed
assets granted after the Third Amendment Effective Date in an aggregate amount not to exceed
$4,000,000 at any time outstanding (including such security interests granted in connection
with the issuance of industrial development revenue bonds issued to permit the Borrower or
any of its Subsidiaries to acquire fixed assets), provided that each such security
interest is created substantially contemporaneously with the acquisition of such fixed
assets and does not extend to any property other than the fixed assets so financed;

     1.7 Mergers, Sale of Assets and Indebtedness of Subsidiaries. Section 7.4(v) of the
Credit Agreement is hereby amended and restated in its entirety to read as follows:

     (v) in addition to the foregoing, the sale, lease or transfer of property or assets to
Persons other than the Borrower and its Subsidiaries not to exceed 10% of Consolidated
Assets (determined as of the end of the most recently ended fiscal quarter prior to the
Closing Date) in the aggregate during the term of this Credit Agreement; or

     1.8 Advances, Investments and Loans. Section 7.5(c) of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:

     (c) consummate any acquisition except for Permitted Acquisitions that are dealer
acquisitions in an aggregate amount not to exceed $6,000,000 from the Third Amendment
Effective Date through the end of this Agreement;

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provided that after giving effect to the making of any Investment, loan or advance
permitted by this Section 7.5, no Default or Event of Default shall have occurred and be
continuing.

     1.9 Restricted Payments. Section 7.9 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

     7.9 Restricted Payments.

     Directly or indirectly, declare, order, make or set apart any sum for or pay any
Restricted Payment, except (a) to make dividends payable solely in the same class of Capital
Stock of such Person, (b) to make dividends or other distributions payable to the Borrower
(directly or indirectly through Subsidiaries) and (c) the Borrower may pay cash dividends to
the shareholders of the Borrower so long as, after giving effect thereto on a Pro Forma
Basis, no Default or Event of Default shall exist.

ARTICLE II

CONDITIONS TO EFFECTIVENESS

     2.1 Closing Conditions. This Amendment shall become effective as of the day and year
set forth above upon satisfaction of the following conditions (in form and substance reasonably
acceptable to the Administrative Agent):

     (a) Executed Amendment. The Administrative Agent shall have received a copy of
this Amendment duly executed by each of the Credit Parties, the Required Lenders and the
Administrative Agent.

     (b) New Facility. The Borrower shall be actively engaged in obtaining a new
credit facility for the purpose of terminating all Credit Party Obligations under the Credit
Documents.

     (c) Fees and Expenses. The Administrative Agent shall have received from the
Borrower, on behalf of each Lender that executes and delivers a Lender Consent to the
Administrative Agent by 2:00 p.m. (Charlotte, NC time) on November 6, 2007, an amendment fee
in an amount equal to 5.0 basis points on the aggregate Revolving Commitments of such
approving Lenders. In addition, the Administrative Agent shall have received from the
Borrower such other fees and expenses that are payable in connection with the consummation
of the transactions contemplated hereby, including, without limitation, the reasonable fees
and expenses of Moore & Van Allen PLLC.

     (d) Miscellaneous. All other documents and legal matters in connection with
the transactions contemplated by this Amendment shall be reasonably satisfactory in form and
substance to the Administrative Agent and its counsel.

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ARTICLE III

MISCELLANEOUS

     3.1 Amended Terms. All references to the Credit Agreement in each of the Credit
Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as
specifically amended hereby or otherwise agreed, all of the terms and provisions and conditions of
each of the Credit Documents shall remain unchanged and are hereby ratified and confirmed and shall
remain in full force and effect according to their respective terms. The amendments to the Credit
Agreement set forth in this Amendment shall be effective from and after the date of this Amendment
and shall not be applied retroactively.

     3.2 Representations and Warranties of Credit Parties. Each of the Credit Parties
represents and warrants as follows:

     (a) It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

     (b) This Amendment has been duly executed and delivered by such Person and constitutes
such Person’s legal, valid and binding obligations, enforceable in accordance with its
terms, except as such enforceability may be subject to (i) bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors’ rights generally and (ii) general principles of equity (regardless of whether
such enforceability is considered in a proceeding at law or in equity).

     (c) No consent, approval, authorization or order of, or filing, registration or
qualification with, any court or governmental authority or third party is required in
connection with the execution, delivery or performance by such Person of this Amendment.

     (d) The representations and warranties set forth in Section 5 of the Credit Agreement
are true and correct as of the date hereof (except for those which expressly relate to an
earlier date).

     (e) No Default or Event of Default exists after giving effect to this Amendment.

     (f) Both before and after giving effect to this Amendment, the Borrower is in
compliance with all representations, warranties, covenants and other terms and conditions
set forth in the definitive documentation for the Private Shelf Facility.

     3.3 Acknowledgment of Guarantors. The Guarantors acknowledge and consent to all of
the terms and conditions of this Amendment and agree that this Amendment and all documents executed
in connection herewith do not operate to reduce or discharge the Guarantors’ obligations under the
Credit Documents.

5

 

     3.4 Credit Document. This Amendment shall constitute a Credit Document under the
terms of the Credit Agreement.

     3.5 Entirety. This Amendment and the other Credit Documents embody the entire
agreement between the parties hereto and supersede all prior agreements and understandings, oral or
written, if any, relating to the subject matter hereof.

     3.6 Counterparts; Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which
shall constitute one and the same instrument. Delivery of an executed counterpart to this
Amendment by telecopy shall be effective as an original and shall constitute a representation that
an original will be delivered. A copy of this Amendment executed by the Borrower and the
Administrative Agent shall constitute definitive evidence that this Amendment has been executed by
all requisite parties.

     3.7 Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

     3.8 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NORTH CAROLINA.

     3.9 Consent to Jurisdiction; Service of Process. The jurisdiction and service of
process provisions set forth in Section 11.14 of the Credit Agreement are hereby incorporated by
reference, mutatis mutandis.

     3.10 GENERAL RELEASE. IN CONSIDERATION OF THE REQUIRED LENDERS ENTERING INTO THIS
AMENDMENT, THE CREDIT PARTIES HEREBY RELEASE THE ADMINISTRATIVE AGENT, THE LENDERS, AND THE
ADMINISTRATIVE AGENT’S AND THE LENDERS’ RESPECTIVE OFFICERS, EMPLOYEES, REPRESENTATIVES, AGENTS,
COUNSEL AND DIRECTORS FROM ANY AND ALL ACTIONS, CAUSES OF ACTION, CLAIMS, DEMANDS, DAMAGES AND
LIABILITIES OF WHATEVER KIND OR NATURE, IN LAW OR IN EQUITY, NOW KNOWN OR UNKNOWN, SUSPECTED OR
UNSUSPECTED TO THE EXTENT THAT ANY OF THE FOREGOING ARISES FROM ANY ACTION OR FAILURE TO ACT UNDER
THE CREDIT AGREEMENT OR UNDER THE OTHER CREDIT DOCUMENTS ON OR PRIOR TO THE DATE HEREOF.

6

 

LA-Z-BOY INCORPORATED

THIRD AMENDMENT TO CREDIT AGREEMENT

     IN WITNESS WHEREOF the Borrower, the Guarantors and the Administrative Agent, on behalf of the
Required Lenders, have caused this Amendment to be duly executed on the date first above written.

	 	 	 	 	 
	BORROWER:         	LA-Z-BOY INCORPORATED, a Michigan corporation

 	 
	 	By:  	/s/
M. Skrzypczak 	 
	 	 	Name:  	Michael S. Skrzypczak 	 
	 	 	Title:  	VP and Treasurer 	 
	 
	GUARANTORS:       	KINCAID FURNITURE COMPANY

INCORPORATED, a Delaware corporation

ENGLAND, INC., a Michigan corporation

BAUHAUS U.S.A., INC., a Mississippi corporation

LA-Z-BOY GREENSBORO, INC., a North Carolina corporation

LZB MANUFACTURING, INC., a Michigan corporation

 	 
	 	By:  	/s/
M. Skrzypczak 	 
	 	 	Name:  	Michael S. Skrzypczak 	 
	 	 	Title:  	VP and Treasurer 	 
	 

 

 

LA-Z-BOY INCORPORATED

THIRD AMENDMENT TO CREDIT AGREEMENT

	 	 	 	 	 
	ADMINISTRATIVE AGENT:       	WACHOVIA BANK, NATIONAL ASSOCIATION,

as a Lender and as Administrative Agent

 	 
	 	By:  	 /s/ Martha M. Winters
	 	 	Name:  Martha M. Winters
	 	 	Title:  Director	 	 

 

 

	 	 	 	 	 

LA-Z-BOY INCORPORATED

THIRD AMENDMENT TO CREDIT AGREEMENT

	 	 	 	 	 
	LENDERS:         	JPMORGAN CHASE, N.A.,
as a lender

 	 
	 	By:  	/s/
James M. Sumoski	 
	 	 	Name:  	James M. Sumoski	 
	 	 	Title:  	Vice President	 

 

 

LA-Z-BOY INCORPORATED

THIRD AMENDMENT TO CREDIT AGREEMENT

	 	 	 	 	 
	LENDERS:       	THE NORTHERN TRUST COMPANY,

as a Lender

 	 
	 	By:  	 /s/
J. T. Hall
	 	 	Name:  Jared T. Hall
	 	 	Title:  Vice President	 	 

 

 

LA-Z-BOY INCORPORATED

THIRD AMENDMENT TO CREDIT AGREEMENT

	 	 	 	 	 
	LENDERS:       	SunTrust Bank,

as a Lender

 	 
	 	By:  	 /s/ William Humphries
	 	 	Name:  William Humphries
	 	 	Title:    Managing Director	 	 

 

 

LA-Z-BOY INCORPORATED

THIRD AMENDMENT TO CREDIT AGREEMENT

	 	 	 	 	 
	LENDERS:       	COMERICA BANK,

as a Lender	 
	 
	 	By:  	 /s/
Steven J. McCormack
	 	 	Name:  Steven J. McCormack
	 	 	Title:  Vice President	 	 

 

 

LA-Z-BOY INCORPORATED

THIRD AMENDMENT TO CREDIT AGREEMENT

	 	 	 	 	 
	LENDERS:       	BRANCH BANKING AND TRUST COMPANY,

as a Lender

 	 
	 	By:  	 /s/
Jennifer L. Cudd
	 	 	Name:  Jennifer L. Cudd
	 	 	Title:  Senior Vice Presidentexv10w1

 

Exhibit 10.1

FIFTH AMENDMENT

TO CREDIT AGREEMENT

     THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of November 6,
2007, is by and among CALUMET LUBRICANTS CO., LIMITED PARTNERSHIP, an Indiana limited partnership
(the “Company”), CALUMET SHREVEPORT, LLC, an Indiana limited liability company (“Calumet
Shreveport”), CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC, an Indiana limited liability company
(“CSLW”), CALUMET SHREVEPORT FUELS, LLC, an Indiana limited liability company
(“CSF”), CALUMET SPECIALTY PRODUCTS PARTNERS, L.P., a Delaware limited partnership
(“CSPP”), CALUMET LP GP, LLC, a Delaware limited liability company (“CLPGP”), CALUMET
OPERATING, LLC, a Delaware limited liability company (“Operating”) and CALUMET SALES COMPANY
INCORPORATED, a Delaware corporation (“Calumet Sales” and together with the Company, Calumet
Shreveport, CSLW, CSF, CSPP, CLPGP and Operating, collectively, the “Borrowers” and each
individually a “Borrower”), the financial institutions identified on the signature pages
hereto as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., as agent for the
Lenders (the “Agent”).

W I T N E S S E T H:

     WHEREAS, pursuant to that certain Credit Agreement dated as of December 9, 2005 among the
Borrowers, the Lenders and the Agent (as previously amended, the “Existing Credit
Agreement”), the Lenders have extended commitments to make certain credit facilities available
to the Borrowers;

     WHEREAS, the Company has requested that the Lenders agree to amend certain provisions of the
Existing Credit Agreement; and

     WHEREAS, the Agent and the Lenders are willing to make such amendments upon the terms and
conditions contained in this Amendment;

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and in consideration of the agreements herein contained, the parties hereby
agree as follows:

PART I

DEFINITIONS

     SUBPART 1.1. Certain Definitions. Unless otherwise defined herein or the
context otherwise requires, the following terms used in this Amendment, including its
preamble and recitals, have the following meanings:

     “Amended Credit Agreement” means the Existing Credit Agreement as
amended hereby.

 

 

     “Amendment No. 5 Effective Date” is defined in Subpart
3.1.

     SUBPART 1.2. Other Definitions. Unless otherwise defined herein or the context
otherwise requires, terms used in this Amendment, including its preamble and recitals, have
the meanings provided in the Amended Credit Agreement.

PART II

AMENDMENTS TO EXISTING CREDIT AGREEMENT

     Effective on (and subject to the occurrence of) the Amendment No. 5 Effective Date, the
Existing Credit Agreement is hereby amended in accordance with this Part II. Except as so
amended, the Existing Credit Agreement shall continue in full force and effect.

     SUBPART 2.1. Amendment to Section 1.1. Section 1.1 of the Existing Credit
Agreement is hereby amended as follows:

     (A) The definitions of “Borrowing Base”, “General Revolver Loan Committed
Amount”, “Reporting Trigger Event” and “Revolver Commitment” are hereby deleted in
their entirety and replaced with the following:

     “Borrowing Base” — on any date of determination, an
amount equal to the lesser of (a) the aggregate amount of Revolver
Commitments, minus the Availability Reserve; or (b) the sum
of the Accounts Formula Amount, plus the Inventory Formula
Amount, minus the Availability Reserve, plus, during
the Bridge Period only, the Incremental Borrowing Availability.

     General Revolver Loan Committed Amount — at all times
other than during the Bridge Period, $175,000,000, and during the
Bridge Period, $210,000,000.

     Reporting Trigger Event — the occurrence of any of the
following: (a) Availability falls below (i) at all times other than
during the Bridge Period, $50,000,000 and (ii) during the Bridge
Period, $0 or (b) a Default or Event of Default.

     Revolver Commitment — for any Lender, its obligation to
make Revolver Loans and to participate in LC Obligations up to the
maximum principal amount shown on Schedule 1.1, or as specified
hereafter in the most recent Assignment and Acceptance to which it
is a party. “Revolver
Commitments” means the aggregate amount of such commitments
of all Lenders. The Revolver Commitments as of the Closing Date
total $225,000,000. The Revolver Commitments during the Bridge
Period will total $260,000,000.

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     (B) The following definitions are herby added in appropriate alphabetical
order:

     “Amendment
No. 5 Effective Date” — November 12, 2007.

     “Bridge Period” — the period beginning on November 15, 2007 and
ending on the earliest of (i) January 15, 2008, (ii) the date of the PP&E
Refinancing and (iii) the first Business Day immediately following the
closing date of the first Equity Issuance by Calumet Specialty Products
Partners, L.P. to Persons that are not its Affiliates following the
Amendment No. 5 Effective Date.

     “Incremental Accounts Formula Amount” — 5% of the net amount of
Eligible Accounts. “Net amount” has the meaning provided in the
definition of “Accounts Formula Amount”.

     “Incremental Borrowing Availability” — the lesser of (a) the
sum of (i) the Incremental Accounts Formula Amount plus (ii) the
Incremental Inventory Formula Amount or (b) $35,000,000.

     “Incremental Inventory Formula Amount” —  the lesser of (a) the
sum of (i) 15% of the Value of Eligible Category A Inventory plus
(ii) 15% of the Value of Eligible Category B Inventory; or (b) 15% of the
NOLV Percentage of the Value of Eligible Category A Inventory and Eligible
Category B Inventory; provided, however, that Agent, subject
to Section 14.1.1(a)(ii)(C), may adjust such advance percentages from time
to time in its reasonable discretion exercised in good faith.

     “PP&E Refinancing” — the repayment or refinancing of the PP&E
Obligations.

     SUBPART 2.2 Amendment to Section 2.1.1. Section 2.1.1 of the Existing Credit
Agreement is hereby deleted in its entirety and replaced with the following:

     2.1.1. Revolver Loans. Each Lender agrees, severally on a Pro Rata basis up to its Revolver Commitment,
on the terms set forth herein, to make Revolver Loans to Borrowers from time to time
through the Commitment Termination Date. In no event shall
Lenders have any obligation to honor a request for a Revolver Loan if the unpaid
balance of Revolver Loans outstanding at such time (including the requested Loan)
would exceed the Borrowing Base. Each Lender agrees, severally on a Pro Rata basis,
on the terms set forth herein, to make certain Revolver Loans (the “General
Revolver Loans”) to Borrowers from time to time through the Commitment
Termination Date for the purposes set forth in Section 2.1.3. In no event shall
Lenders have any obligation to honor a request for a General Revolver Loan if the
unpaid balance of General Revolver Loans outstanding at such time (including the
requested Loan) plus total LC Obligations would exceed the General Revolver
Loan Committed Amount. Each

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Lender agrees, severally on a Pro Rata basis, on the
terms set forth herein, to make certain Revolver Loans (the “Distribution
Revolver Loans”) to Borrowers from time to time through the Commitment
Termination Date for the purposes set forth in Section 2.1.3. In no event shall
Lenders have any obligation to honor a request for a Distribution Revolver Loan if
the unpaid balance of Distribution Revolver Loans outstanding at such time
(including the requested Loan) would exceed the difference of (a) the Distribution
Revolver Loan Committed Amount minus (b) the amount by which the sum of (1)
the outstanding principal balance of General Revolver Loans and (2) the amount
available for drawing under Letters of Credit hereunder, exceeds (A) at all times
other than during the Bridge Period, $175,000,000 and (B) during the Bridge Period,
$210,000,000. The Revolver Loans may be repaid and reborrowed as provided herein.

     SUBPART 2.3 Amendment to Section 3.2. Section 3.2 of the Existing Credit
Agreement is hereby amended by adding the following new section to the end thereof:

     3.2.5 Bridge Period Fee. Borrowers shall pay to Agent, for the Pro Rata
benefit of the Lenders, a fee in an amount equal to $1,000 per day for each day
during the Bridge Period.

     SUBPART 2.4 Amendment to Section 10.3. Section 10.3.1 is here by amended by
adding the following sentence to the end thereof:

     Notwithstanding the foregoing, the Fixed Charge Coverage Ratio shall not be
tested during the Bridge Period.

     SUBPART 2.5 Amendment to Schedule 1.1. Schedule 1.1 of the Existing Credit
Agreement is hereby deleted in its entirety and replaced with the Schedule attached hereto
as Exhibit A.

PART III

CONDITIONS TO EFFECTIVENESS

     SUBPART 3.1. Amendment No. 5 Effective Date. This Amendment shall be and become
effective as of the date hereof (the “Amendment No. 5 Effective Date”) when all of
the conditions set forth in this Part III shall have been satisfied, and thereafter
this Amendment shall be known, and may be referred to, as the “Fifth Amendment.”

     SUBPART 3.2. Execution of Counterparts of Amendment. The Agent shall have
received counterparts (or other evidence of execution, including telephonic message,
satisfactory to the Agent) of this Amendment, which collectively shall have been duly
executed on behalf of each of the Borrowers and each of the Lenders.

     SUBPART 3.3 Legal Opinion. The Agent shall have received, dated as of the
Amendment No. 5 Effective Date and in form and substance reasonably satisfactory to the
Agent, one or more legal opinions from counsel to the Borrowers.

- 4 -

 

     SUBPART 3.4 Resolutions; Good Standings. The Agent shall have received the
following, each of which shall be properly executed by a Senior Officer of the signing
Obligor or the General Partner, each dated as of the Amendment No. 5 Effective Date (or, in
the case of certificates of governmental officials, a recent date before the Amendment No. 5
Effective Date) and each in form and substance satisfactory to the Agent and each of the
Lenders:

     (a) such certificates of resolutions or other action and/or other certificates
of Senior Officers of each Obligor or the General Partner as Agent may require
evidencing each Obligor’s authority to enter into this Amendment; and

     (b) such documents and certifications as the Agent may reasonably require to
evidence that each Obligor is duly organized or formed, and is validly existing, in
good standing and qualified to engage in business in (A) the jurisdiction of its
incorporation or organization and (B) each jurisdiction where its ownership, lease
or operation of Properties or the conduct of its business requires such
qualification, except to the extent that failure to do so could not reasonably be
expected to have a Material Adverse Effect.

     SUBPART 3.5 Amendment Fee. The Borrowers shall have paid or caused to be paid
an amendment fee to the Agent in connection with this Amendment for the pro rata account of
each Lender that shall have returned executed signature pages to this Amendment no later
than 3:00 p.m. on November 6, 2007, as directed by the Agent, in an aggregate amount equal
to $120,000 for such Lenders as a group.

PART IV

MISCELLANEOUS

     SUBPART 4.1 Cross-References. References in this Amendment to any Part or
Subpart are, unless otherwise specified, to such Part or Subpart of this Amendment.

     SUBPART 4.2. Instrument Pursuant to Existing Credit Agreement. This Amendment
is an Other Agreement executed pursuant to the Existing Credit Agreement and shall (unless
otherwise expressly indicated therein) be construed, administered and applied in accordance
with the terms and provisions of the Existing Credit Agreement.

     SUBPART 4.3. References in Other Agreements. At such time as this Amendment
shall become effective pursuant to the terms of Subpart 3.1, all references in the
Other Agreements to the “Credit Agreement” shall be deemed to refer to the Existing Credit
Agreement as amended by this Amendment.

     SUBPART 4.4. Representations and Warranties of the Borrowers. Each Borrower
hereby represents and warrants that (a) it has the requisite power and authority to execute,
deliver and perform this Amendment, (b) it is duly authorized to, and has been

- 5 -

 

authorized by
all necessary action, to execute, deliver and perform this Amendment, (c) the
representations and warranties contained in Section 9 of the Existing Credit
Agreement (as amended by this Amendment) are true and correct in all material respects on
and as of the date hereof as though made on and as of such date and after giving effect to
the amendments contained herein (except for those which expressly relate to an earlier date)
and (d) no Default or Event of Default exists under the Existing Credit Agreement on and as
of the date hereof both before and after giving effect to the amendments contained herein.

     SUBPART 5.5. Counterparts. This Amendment may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original and all of
which shall constitute together but one and the same agreement. Delivery of executed
counterparts of this Amendment by telecopy shall be effective as an original and shall
constitute a representation that an original will be delivered.

     SUBPART 5.6. Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT
TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

     SUBPART 5.7. Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns.

     SUBPART 5.8. Costs and Expenses. The Borrowers agree to pay all reasonable out
of pocket costs and expenses of the Agent in connection with the preparation, execution and
delivery of this Amendment, including without limitation the reasonable fees and expenses of
Moore & Van Allen, PLLC.

     SUBPART 5.9. No Other Modification. Except to the extent specifically provided
to the contrary in this Amendment, all terms and conditions of the Existing Credit Agreement
and the Other Agreements shall remain in full force and effect, without modification or
limitation.

[remainder of page intentionally left blank]

- 6 -

 

     Each of the parties hereto has caused a counterpart of this Amendment to be duly executed and
delivered as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	BORROWERS:	 	CALUMET LUBRICANTS CO., LIMITED PARTNERSHIP
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Calumet LP GP, LLC, its general partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Calumet Operating, LLC, its sole member
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Calumet Specialty Products Partners, L.P., its sole member
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	Calumet GP, LLC, its general partner
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ R. PATRICK MURRAY, II
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name:
	 	R. Patrick Murray, II
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Title:
	 	Vice President and Chief Financial Officer
	 

	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	 	CALUMET SHREVEPORT, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ R. PATRICK MURRAY, II
	 

	 	 	 	 
	 

	 	Name:
	 	R. Patrick Murray, II
	 

	 	 	 	 
	 

	 	Title:
	 	Vice President and Chief Financial Officer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ R. PATRICK MURRAY, II
	 

	 	 	 	 
	 

	 	Name:
	 	R. Patrick Murray, II
	 

	 	 	 	 
	 

	 	Title:
	 	Vice President and Chief Financial Officer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	CALUMET SHREVEPORT FUELS, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ R. PATRICK MURRAY, II
	 

	 	 	 	 
	 

	 	Name:
	 	R. Patrick Murray, II
	 

	 	 	 	 
	 

	 	Title:
	 	Vice President and Chief Financial Officer
	 

	 	 	 	 

 

 

	 	 	 	 	 
	 	 	CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	Calumet GP, LLC, its general partner
	 
	 	 	 	 
	 

	 	By:
	 	/s/ R. PATRICK MURRAY, II
	 

	 	 	 	 
	 

	 	Name:
	 	R. Patrick Murray, II
	 

	 	 	 	 
	 

	 	Title:
	 	Vice President and Chief Financial Officer
	 

	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 	 	CALUMET LP GP, LLC
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Calumet Operating, LLC, its sole member
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Calumet Specialty Products Partners, L.P., its sole member
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	Calumet GP, LLC, its general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ R. PATRICK MURRAY, II
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	R. Patrick Murray, II
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:
	 	Vice President and Chief Financial Officer
	 

	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	CALUMET OPERATING, LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	Calumet Specialty Products Partners, L.P., its sole member
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	Calumet GP, LLC, its general partner
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ R. PATRICK MURRAY, II
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	R. Patrick Murray, II
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:
	 	Vice President and Chief Financial Officer
	 

	 	 	 	 	 	 

	 	 	 	 	 
	 	 	CALUMET SALES COMPANY INCORPORATED
	 
	 	 	 	 
	 

	 	By:
	 	/s/ R. PATRICK MURRAY, II
	 

	 	 	 	 
	 

	 	Name:
	 	R. Patrick Murray, II
	 

	 	 	 	 
	 

	 	Title:
	 	Vice President and Chief Financial Officer
	 

	 	 	 	 

 

 

	 	 	 	 	 
	AGENT AND LENDERS:	 	BANK OF AMERICA, N.A.,
	 	 	as Agent and a Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ HANCE VAN BEBER
	 

	 	 	 	 
	 

	 	Name:
	 	Hance Van Beber
	 

	 	 	 	 
	 

	 	Title:
	 	Sr. Vice President
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,
	 	 	as Co-Syndication Agent and a Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ SANTIAGO GIRALDO
	 

	 	 	 	 
	 

	 	Name:
	 	Santiago Giraldo
	 

	 	 	 	 
	 

	 	Title:
	 	Vice-President
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION,
	 	 	as Co-Syndication Agent and a Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ HANCE VAN BEBER
	 

	 	 	 	 
	 

	 	Name:
	 	Hance Van Beber
	 

	 	 	 	 
	 

	 	Title:
	 	Sr. Vice President
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	WELLS FARGO FOOTHILL, LLC,
	 	 	as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ JENNIFER FONG
	 

	 	 	 	 
	 

	 	Name:
	 	Jennifer Fong
	 

	 	 	 	 
	 

	 	Title:
	 	Assistant Vice President
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,
	 	 	as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ JOE CURDY
	 

	 	 	 	 
	 

	 	Name:
	 	Joe Curdy
	 

	 	 	 	 
	 

	 	Title:
	 	Director
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	NATIONAL CITY BUSINESS CREDIT, INC.,
	 	 	as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ TOM BUDA
	 

	 	 	 	 
	 

	 	Name:
	 	Tom Buda
	 

	 	 	 	 
	 

	 	Title:
	 	Vice President
	 

	 	 	 	 

 

 

	 	 	 	 	 
	 	 	SIEMENS FINANCIAL SERVICES, INC.,
	 	 	as a Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ MARK PICILLO
	 

	 	 	 	 
	 

	 	Name:
	 	Mark Picillo
	 

	 	 	 	 
	 

	 	Title:
	 	Vice President
	 

	 	 	 	 

[END OF SIGNATURE PAGES]

 

 

Exhibit A

Schedule 1.1

Revolver Commitments

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Lender	 	Revolver	 	Revolver	 	Commitment
	 	 	Commitment	 	Commitment	 	Percentage
	 	 	(Outside Bridge	 	(During Bridge	 	 
	 	 	Period)	 	Period)	 	 
	 
	Bank of America, N.A.
	 	$	50,000,000	 	 	$	57,777,777.79	 	 	 	22.222222222	%
	JPMorgan Chase Bank, N.A.
	 	$	37,500,000	 	 	$	43,333,333.34	 	 	 	16.666666667	%
	LaSalle Bank National Association
	 	$	37,500,000	 	 	$	43,333,333.34	 	 	 	16.666666667	%
	Wells Fargo Foothill, LLC
	 	$	27,500,000	 	 	$	31,777,777.77	 	 	 	12.222222222	%
	Wachovia Bank, National Association
	 	$	27,500,000	 	 	$	31,777,777.77	 	 	 	12.222222222	%
	National City Business Credit, Inc.
	 	$	25,000,000	 	 	$	28,888,888.88	 	 	 	11.111111111	%
	Siemens Financial Services, Inc.
	 	$	20,000,000	 	 	 	23,111,111.11	 	 	 	8.888888889	%
	Total:
	 	$	225,000,000	 	 	$	260,000,000	 	 	 	100.000000000	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}]]