Document:

exv10w16

 

Exhibit 10.16

AMENDMENT NO. 7 TO LOAN AGREEMENT

     This Amendment No. 7 (the “Amendment”) dated as of March 31, 2006 between Bank of America, N.A. (“the Bank”) and Sport Chalet,
Inc. (the “Borrower”).

RECITALS

A. The Bank and the Borrower entered into a certain Business Loan Agreement dated as of June
19, 1998 (together with any previous amendments, the “Agreement”).

B. The Bank and the Borrower desire to amend the Agreement.

AGREEMENT

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the
meaning given to them in the Agreement.

2. Amendments. The Agreement is hereby amended as follows:

2.1 Paragraph 8.9 of the Agreement is amended to read in its entirety as follows:

“8.9 Capital Expenditures. Not to spend or incur obligations (including the amount of any
capital leases but excluding landlord reimbursements) to acquire fixed assets for more than
Nineteen Million Dollars ($19,000,000) in any single fiscal year on a consolidated basis.”

     3. Representations and Warranties. When the Borrower signs this Amendment, the Borrower
represents and warrants to the Bank that: (a) there is no event which is, or with notice or lapse
of time or both would be, a default under the Agreement except those events, if any, that have been
disclosed in writing to the Bank or waived in writing by the Bank (b) the representations and
warranties in the Agreement are true as of the date of this Amendment as if made on the date of
this Amendment, (c) this Amendment does not conflict with any law, agreement, or obligation by
which the Borrower is bound, and (d) if the Borrower is a business entity or a trust, this
Amendment is within the Borrower’s powers, has been duly authorized, and does not conflict with any
of the Borrower’s organizational papers.

4. Effect of Amendment. Except as provided in this Amendment, all of the terms and conditions of
the Agreement shall remain in full force and effect.

5. Counterparts. This Amendment may be executed in counterparts, each of which when so executed
shall be deemed an original, but all such counterparts together shall constitute but one and the
same instrument.

6. FINAL AGREEMENT. BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THIS
DOCUMENT REPRESENTS THE FINAL AGREEMENT BETWEEN PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF,
(B) THIS DOCUMENT SUPERSEDES ANY COMMITMENT LETTER, TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS
AND CONDITIONS RELATING TO THE SUBJECT MATTER HEREOF, UNLESS SUCH COMMITMENT LETTER, TERM SHEET OR
OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS EXPRESSLY PROVIDES TO THE CONTRARY, (C) THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (D) THIS DOCUMENT MAY NOT BE CONTRADICTED BY
EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE
PARTIES.

 

 

This Amendment is executed as of the date stated at the beginning of this Amendment.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	BANK:	 	 
	 
	 	 	 	 	 	 
	 	 	Bank of America, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Matthew Koenig	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Matthew Koenig, Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	Sport Chalet, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Howard Kaminsky	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Howard K. Kaminsky, Executive Vice

President-Finance, Chief Financial Officer

and Secretaryexv10w1

 

Exhibit 10.1

EXECUTION COPY

SECOND AMENDMENT

TO CREDIT AGREEMENT

     THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of June 19,
2006, 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 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. 2 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. 2 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. Amendments to Section 1.1. Section 1.1 of the Existing Credit
Agreement is hereby amended by adding the following definitions in appropriate alphabetical
order:

     Shreveport Capex Exclusion Limit — means an amount equal to the lesser
of (a) $150,000,000 and (b) the proceeds of the Equity Issuance by the MLP Parent
(including any underwriters’ option to purchase additional units in connection with
such Equity Issuance) described in the registration statement on Form S-1 filed by
the MLP Parent with the SEC on June 14, 2006, as amended from time to time
thereafter, which are contributed to a Borrower and used to pay for the Shreveport
Initiative.

     Shreveport Initiative — means the expansion of the manufacturing
capacity of the refinery owned and operated by one or more of the Borrowers and
located in Shreveport, Louisiana.

     SUBPART 2.2. Amendment to Section 10.2.11. Section 10.2.11 of the Existing
Credit Agreement is hereby deleted in its entirety and replaced with the following:

     Permit Consolidated Capital Expenditures for any fiscal year to exceed (i) for
the period from the Closing Date through the end of fiscal year 2006, $40,000,000,
and (ii) for any fiscal year thereafter, $50,000,000; provided that, for the
purposes of the foregoing, Consolidated Capital Expenditures shall not include
capital expenditures in an amount of up to the Shreveport Capex Exclusion Limit made
in connection with the Shreveport Initiative (i) to the extent the applicable
Property acquired by the Consolidated Parties in connection with the Shreveport
Initiative constitutes Collateral and (ii) so long as the Administrative Agent shall
have received all items in respect of the Property acquired in connection with such
capital expenditures required to be delivered by the terms of Section 10.1.14). To
the extent that any portion of the Consolidated Capital Expenditures limitation
(determined without giving effect to this sentence) is not used during any fiscal
year,

- 2 -

 

such unused available amount may be carried forward and used during the next
fiscal year only; provided, however, that with respect to any fiscal
year, Consolidated Capital Expenditures made during such fiscal year shall be deemed
to be made first with respect to the applicable limitation for such fiscal year and
then with respect to any carry-forward from the immediately preceding fiscal year.

PART III

CONDITIONS TO EFFECTIVENESS

     SUBPART 3.1. Amendment No. 2 Effective Date. This Amendment shall be and
become effective as of the date hereof (the “Amendment No. 2 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 “Second
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 Required Lenders.

     SUBPART 3.3 Amendment Fee. The Borrower shall have paid or caused to be paid
an amendment fee to the Agent in connection with this Amendment for the account of each
Lender that shall have returned executed signature pages to this Amendment no later than
5:00 p.m. on Friday, June 16, 2006, as directed by the Agent, in an aggregate amount equal
to $2,500 per Lender.

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

- 3 -

 

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
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]

- 4 -

 

     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: VP & CFO	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	CALUMET SHREVEPORT, LLC
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ R. Patrick Murray II	 	 
	 	 	 	 	 	 	 
	 	 	Name: R. Patrick Murray II

Title: VP & CFO
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ R. Patrick Murray II	 	 
	 	 	 	 	 	 	 
	 	 	Name: R. Patrick Murray II

Title: VP & CFO
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	CALUMET SHREVEPORT FUELS, LLC
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ R. Patrick Murray II	 	 
	 	 	 	 	 	 	 
	 	 	Name: R. Patrick Murray II

Title: VP & CFO

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	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: VP & CFO
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	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
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Name: R. Patrick Murray II

Title: VP & CFO
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	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
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Name: R. Patrick Murray II

Title: VP & CFO
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	CALUMET SALES COMPANY INCORPORATED
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ R. Patrick Murray II	 	 
	 	 	 	 	 	 	 
	 	 	Name: R. Patrick Murray II

Title: VP & CFO

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	AGENT AND LENDERS:	 	BANK OF AMERICA, N.A.,

as Agent and a Lender
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Hance VanBeber	 	 
	 	 	 	 	 	 	 
	 	 	Name: Hance VanBeber

Title: Sr. Vice President
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,

as Co-Syndication Agent and a Lender
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Lawrence Cannaristo	 	 
	 	 	 	 	 	 	 
	 	 	Name: Lawrence Cannaristo

Title: Vice President
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LASALLE BUSINESS CREDIT, INC.,

as Co-Syndication Agent and a Lender
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Vik Dewanjee	 	 
	 	 	 	 	 	 	 
	 	 	Name: Vik Dewanjee

Title: Vice President
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO FOOTHILL, LLC,

as a Lender
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Jennifer Fung	 	 
	 	 	 	 	 	 	 
	 	 	Name: Jennifer Fung

Title: Assistant Vice President
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

as a Lender
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Joe Curdy	 	 
	 	 	 	 	 	 	 
	 	 	Name: Joe Curdy

Title: Vice President
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	NATIONAL CITY BUSINESS CREDIT, INC.,

as a Lender
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Tom Buda	 	 
	 	 	 	 	 	 	 
	 	 	Name: Tom Buda

Title: VP

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	SIEMENS FINANCIAL SERVICES, INC.,

as a Lender
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Joseph Accardi	 	 
	 	 	 	 	 	 	 
	 	 	Name: Joseph Accardi

Title: M.D.

[END OF SIGNATURE PAGES]

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