Document:

Exhibit 10.49

Exhibit 10.49

THIRD AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”),
dated as of November 23, 2011, is made by and among KMG CHEMICALS, INC., a Texas corporation,
KMG-BERNUTH, INC., a Delaware corporation, and KMG ELECTRONIC CHEMICALS, INC., a Texas corporation
(collectively, and as further defined in the Credit Agreement, the “Borrowers”), and WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, successor by merger to Wachovia
Bank, N.A., as Agent and Collateral Agent as defined in the Credit Agreement (hereinafter defined),
those lenders executing this Amendment as Lenders, and such other lenders (collectively, and as
further defined in the Credit Agreement, the “Lenders”) as may become a party to the Credit
Agreement.

R E C I T A L S:

A. Borrowers, Agent, Collateral Agent and Lenders have entered into that certain Amended and
Restated Credit Agreement dated as of December 31, 2007 (as heretofore amended, collectively, the
“Credit Agreement”).

B. The Term Loan and the Term Notes have been paid in full. Borrowers have requested that
Agent, Collateral Agent and Lenders (i) terminate the Term Loan Commitment, (ii) increase the
amount of the Revolving Loan (as defined in the Credit Agreement) from $50,000,000.00 to
$60,000,000.00, (iii) make Revolving Loan advances without reference to the Borrowing Base, and
(iv) modify certain terms of the Credit Agreement, and Lenders have agreed to the same upon the
terms and conditions set forth in this Amendment.

C. The Prudential Insurance Company of America and PRUCO Life Insurance Company have proposed
to sell their interests in the Revolving Loan to Wells Fargo Bank, National Association, as a
Lender, which has agreed to purchase such interests.

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

ARTICLE I

DEFINITIONS

Section 1.01 Definitions Above. As used herein, the terms “Amendment,”
“Borrowers,” “Credit Agreement” and “Lenders” shall have the meanings as
set forth above.

Section 1.02 Definitions in Agreement. Capitalized terms used in this Amendment, to
the extent not otherwise defined herein, shall have the same meanings as set forth in the Credit
Agreement; without limiting the foregoing, the following terms are defined in the Credit Agreement:
“Agent,” “Borrowing Base,” “Collateral Agent,” “Collateral Report,”
“Credit Agreement Obligations,” “Eligible Assignee,” “Intercreditor
Agreement,” “KMG-Bernuth,”
“KMG ECI,” “Loan Documents,” “Prudential Term Note,” “Revolving
Loan,” “Term Loan Commitment,” “Term Loans,” and “Term Notes”.

 

 

 

Section 1.03 Additional Definitions. As used herein, the following terms shall have
the meanings set forth below:

“Assigning Lenders” means The Prudential Insurance Company of America
and PRUCO Life Insurance Company.

“Acquiring Lender” means Wells Fargo Bank, National Association, as a
Lender.

ARTICLE II

AMENDMENTS TO AGREEMENT

Section 2.01 Defined Terms. Section 1.2 of the Credit Agreement is hereby
amended as follows:

(a) The term “Consolidated Current Assets” is inserted to read in full as
follows:

“Consolidated Current Assets” means, at any time, the consolidated
current assets of the Borrower Consolidated Group, as determined in accordance with
Generally Accepted Accounting Principles.

(b) The term “Consolidated Current Liabilities” is inserted to read in full as
follows:

“Consolidated Current Liabilities” means, at any time, the consolidated
current liabilities of the Borrower Consolidated Group, as determined in accordance
with Generally Accepted Accounting Principles.

(c) The term “Revolving Loan Commitment” is amended to read in full as follows:

“Revolving Loan Commitment” means Sixty Million and 00/100 Dollars
($60,000,000.00).

(d) The term “Revolving Loan Maturity Date” is amended to read in full as
follows:

“Revolving Loan Maturity Date” means December 31, 2016.

(e) The term “Revolving Notes” is amended to read in full as follows:

“Revolving Notes” means (a) the following promissory notes, each
executed by the Borrowers: (i) Revolving Note dated November 23, 2011 in the
face amount of $45,000,000.00 payable to the order of Wells Fargo Bank,
National Association, and (ii) Revolving Note dated March 18, 2010 in the face
amount of $15,000,000.00 payable to the order of Bank of America, N.A.; and (b) any
amendment to or modification of any such promissory note and any promissory note
given in extension or renewal of, or in substitution for, such promissory note.

 

2

 

Section 2.02 Borrowing Base; Collateral Report. The Borrowing Base will no longer be
used in determining the amount of the Revolving Loan. Therefore:

(a) Section 7.2(J) is hereby restated to read in full as follows:

(J) There shall have been delivered to Agent the Compliance Certificates as
required under this Agreement and reflecting compliance with the terms of this
Agreement.

(b) Section 10.1(C)(5) is hereby deleted.

(c) Exhibit B to the Credit Agreement is hereby deleted.

Section 2.03 Term Loan Commitment. The Term Loan Commitment is hereby terminated. No
further Term Loan Advances shall be made.

Section 2.04 Lenders’ Credit Percentages. Exhibit D to the Credit Agreement
is hereby amended by substituting Exhibit D attached hereto for Exhibit D attached
to the Credit Agreement.

Section 2.05 Financial Covenants. Section 10.3 of the Credit Agreement is
hereby amended by restating Subsection 10.3 (A)(2) to read in full as follows:

(2) A ratio of Consolidated Current Assets to Consolidated Current Liabilities
of not less that 1.5 to 1.0. For purposes of this covenant, Consolidated Current
Liabilities shall exclude any payment required to be made on the final maturity date
of the Prudential Term Note.

Section 2.06 Maintaining Bank Accounts. Section 10.14(A) of the Credit
Agreement is hereby amended to read in full as follows:

(A) Borrowers shall maintain all of their principal bank accounts
(collectively, the “Bank Accounts”), including any Deposit Accounts and disbursement
accounts, with Wells Fargo Bank, National Association (the “Approved Bank
Accounts”).

 

3

 

ARTICLE III

CONDITIONS PRECEDENT

The effectiveness of this Agreement is conditioned upon the satisfaction of the following
further conditions which must be satisfied as of the date of this Amendment:

Section 3.01 Representations and Warranties True and Correct. The representations and
warranties contained herein and in all other Loan Documents, as amended hereby and by the other
documents given in connection with this Amendment, shall be true and correct as of the date hereof
except as previously disclosed to Lender.

Section 3.02 No Default. No Default or Event of Default shall exist.

Section 3.03 Borrower Documents. Borrowers shall have executed and delivered to
Agent, for the benefit of the Lenders, the following documents, in form and substance satisfactory
to Agent in its sole discretion; each of such documents shall be a Loan Document:

(a) this Agreement;

(b) Revolving Note payable to Wells Fargo Bank, National Association in the face amount
of $45,000,000.00;

(c) First Amendment to Deed of Trust, Assignment of Rents, Security Agreement and
Financing Statement relating to real property owned by KMG ECI in Hollister, California;

(d) Second Amendment to Deed of Trust and Security Agreement relating to real property
owned by KMG ECI in Pueblo County, Colorado;

(e) Second Amendment to Mortgage and Security Agreement relating to real property owned
by, KMG-Bernuth in Doniphan County, Kansas;

(f) CLTA Form 110.6 Endorsement to the Loan Policy of Title Insurance relating to real
property owned by KMG ECI in Hollister, California;

(g) ALTA Form 11 Endorsement to the Loan Policy of Title Insurance relating to real
property owned by KMG ECI in Pueblo County, Colorado;

(h) ALTA Form 11 Endorsement to the Loan Policy of Title Insurance relating to real
property owned by, KMG-Bernuth in Doniphan County, Kansas; and

(i) Closing Certificates for each Borrower.

Section 3.04 Opinion of Counsel. Borrower’s outside legal counsel shall have
delivered to Agent a legal opinion in form and substance satisfactory to Agent in its sole
discretion.

 

4

 

Section 3.05 Execution of Revolving Loan Sale Documents. Assigning Lenders and
Acquiring Lender shall have executed and delivered to each other Assignment and Acceptance
Agreements, the original Revolving Notes for the Assigning Lenders endorsed to Acquiring Lender and
marked by Acquiring Lender as “Renewed and Extended”, and such other documents as Assigning Lenders
and Acquiring Lender shall agree are useful or necessary for the sale of Assigning Lenders’ portion
of the Revolving Loan to Acquiring Lender, all in form and substance as mutually agreed upon by
Assigning Lenders and Acquiring Lender.

Section 3.06 Amendment to Intercreditor Agreement. The parties to the Intercreditor
Agreement shall have executed and delivered to Agent and Collateral Agent an amendment to the
Intercreditor Agreement, in form and substance satisfactory to Agent in its sole discretion; such
document shall be a Loan Document.

Section 3.07 Amendment to Note Purchase Agreement. Borrowers and the Purchasers (as
defined in the Note Purchase Agreement dated December 31, 2007 as more particularly described in
the Intercreditor Agreement) shall have executed and delivered among themselves an amendment to the
Note Purchase Agreement, granting such waivers and consents as may be required to permit the
Transaction.

ARTICLE IV

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

Section 4.01 Renewal and Extension of Revolving Notes. To the extent of
$35,000,000.00, the Revolving Note of even date herewith in favor of Wells Fargo Bank, National
Association is given in renewal and extension, and not in extinguishment or novation, of the
following Revolving Notes, each executed by Borrowers: (i) dated March 18, 2010, payable to the
order of Wachovia Bank, N.A., in the face amount of $30,000,000.00, (ii) dated December 31, 2007,
payable to the order of The Prudential Insurance Company of America, in the face amount of
$2,500,000.00, and (iii) dated December 31, 2007, payable to the order of PRUCO Life Insurance
Company, in the face amount of $2,500,000.00; the Liens securing said Revolving Notes are hereby
renewed and extended to secure the Credit Agreement Obligations, and said Liens are hereby ratified
and confirmed in every respect by Borrowers and shall continue in full force and effect.

Section 4.02 Ratifications. The terms and provisions set forth in this Amendment
shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement
and except as expressly modified and superseded by this Amendment, the terms and provisions of the
Credit Agreement are ratified and confirmed and shall continue in full force and effect. Borrowers
and Lenders agree that the Credit Agreement as amended hereby shall continue to be legal, valid,
binding and enforceable in accordance with its terms. The terms, provisions, and conditions of any
and all of the Loan Documents are hereby ratified and confirmed in every respect by Borrowers and
shall continue in full force and effect.

 

5

 

Section 4.03 Representations and Warranties. Borrowers hereby represent and warrant
to Lenders that:

(a) the execution, delivery and performance of this Amendment and any and all other
Loan Documents executed and/or delivered in connection herewith have been authorized by all
requisite corporate action on the part of Borrowers and will not violate the articles of
incorporation or bylaws of Borrowers;

(b) after giving effect to the modifications contained in this Amendment, and any other
Loan Document, the representations and warranties contained in the Credit Agreement are true
and correct in all material respects on and as of the date hereof except as previously
disclosed to Lenders;

(c) after giving effect to the modifications contained in this Amendment, no Default or
Event of Default has occurred and is continuing and no event or condition has occurred that
with the giving of notice or lapse of time or both would be a Default or an Event of
Default;

(d) after giving effect to the modifications contained in this Amendment, Borrowers are
in full compliance with all covenants and agreements contained in the Credit Agreement as
amended hereby; and

(e) Borrowers are not presently aware of any claim they have against Lenders, nor are
they aware of any claim any of their respective Subsidiaries have against Lenders, for
damages arising out of any prior action or inaction on the part of Lenders or their
representatives or agents.

ARTICLE V

ASSIGNMENT OF PRUDENTIAL AND PRUCO 

PORTIONS OF REVOLVING LOAN

Section 5.01 Assignment of Portions of Revolving Loan. Contemporaneously with the
execution and delivery of this Agreement, the Assigning Lenders are assigning their portion of the
Revolving Loan to the Acquiring Lender, which is an Eligible Assignee, and endorsing their
Revolving Notes to the Acquiring Lender.

ARTICLE VI

MISCELLANEOUS

Section 6.01 Survival of Representations and Warranties. All representations and
warranties made in this Amendment or any other Loan Document including any Loan Document furnished
in connection with this Amendment shall survive the execution and delivery of this Amendment and
the other Loan Documents executed in connection with this Amendment.

 

6

 

Section 6.02 Reference to Agreement. Each of the Loan Documents, including the Credit
Agreement and any and all other agreements, documents, or instruments now or hereafter executed and
delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement as amended
hereby, are hereby amended so that any reference in such Loan Documents to the Credit Agreement
shall mean a reference to the Credit Agreement as amended hereby.

Section 6.03 Expenses of Lender. As provided in the Credit Agreement, Borrowers agree
to pay on demand all reasonable costs and expenses incurred by Lenders in connection with the
preparation, negotiation, and execution of this Amendment and the other Loan Documents executed
pursuant hereto and any and all amendments, modifications, and supplements thereto, including
without limitation the reasonable costs and fees of Lenders’ legal counsel, and all reasonable
costs and expenses incurred by Lenders in connection with the enforcement or preservation of any
rights under the Credit Agreement as amended hereby, or any other Loan Document, including without
limitation the reasonable costs and fees of Agent’s legal counsel.

Section 6.04 Severability. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder
of this Amendment and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable.

Section 6.05 APPLICABLE LAW. THIS AMENDMENT IS ENTERED INTO AND PERFORMABLE IN HARRIS
COUNTY, TEXAS, AND THE SUBSTANTIVE LAWS, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS,
OF THE UNITED STATES AND THE STATE OF TEXAS SHALL GOVERN THE CONSTRUCTION OF THIS AGREEMENT AND THE
DOCUMENTS EXECUTED AND DELIVERED PURSUANT HERETO, AND THE RIGHTS AND REMEDIES OF THE PARTIES HERETO
AND THERETO.

Section 6.06 Successors and Assigns. This Amendment is binding upon and shall inure
to the benefit of Lenders and Borrowers and their respective successors and assigns, except
Borrowers may not assign or transfer any of their rights or obligations hereunder without the prior
written consent of Lenders.

Section 6.07 Counterparts. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original, but all of which
when taken together shall constitute one and the same instrument.

Section 6.08 Effect of Waiver. No consent or waiver, express or implied, by Lenders
to or for any breach of or deviation from any covenant, condition or duty by Borrowers shall be
deemed a consent or waiver to or of any other breach of the same or any other covenant, condition
or duty.

Section 6.09 Headings. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of this Amendment.

 

7

 

Section 6.10 SECTION 26.02 NOTICE. THE CREDIT AGREEMENT, AS AMENDED BY THIS
AMENDMENT, AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION
WITH THE CREDIT AGREEMENT AND THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES
HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS,
WHETHER WRITTEN OR ORAL, RELATING TO THE CREDIT AGREEMENT AND THIS AMENDMENT, AND MAY NOT BE
CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR
DISCUSSIONS OF THE PARTIES HERETO.

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO.

EXECUTED as of the date first written above.

[Remainder of page is blank. Signatures appear on following pages.]

 

8

 

SIGNATURE PAGES — BORROWERS

	 	 	 	 	 	 	 
	 	 	KMG CHEMICALS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/
 

J. Neal Butler

President and Chief Executive Officer
	 	 
	 
	 	 	 	 	 	 
	 	 	KMG-BERNUTH, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/
 

J. Neal Butler
	 	 
	 

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	KMG ELECTRONIC CHEMICALS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/
 

J. Neal Butler
	 	 
	 

	 	 	 	President and Chief Executive Officer	 	 

 

9

 

SIGNATURE PAGE — WELLS FARGO

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK,	 	 
	 	 	NATIONAL ASSOCIATION	 	 
	 	 	as Agent, Collateral Agent,	 	 
	 	 	Lender and Issuing Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/
 

John L. Kallina
	 	 
	 

	 	 	 	Senior Vice President	 	 

Instructions for Wire Transfers to Agent:

Wells Fargo Bank, National Association

Charlotte, NC

ABA Number: 053 000 219

Account Number: 01459670001944

Account Name: Agency Svcs Synd Clearing

Payment Details: KMG Chemicals

 

10

 

SIGNATURE PAGE — BANK OF AMERICA

	 	 	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,
	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Shawyna Jarrett 	 	 
	 

	 	 	 	Title:
	 	Vice President	 

 

11

 

SIGNATURE PAGE — THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

	 	 	 	 	 	 	 	 	 
	 	 	THE PRUDENTIAL INSURANCE	 	 
	 	 	COMPANY OF AMERICA,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Brian N. Thomas	 	 
	 

	 	 	 	Title:
	 	Vice President	 

 

12

 

SIGNATURE PAGE — PRUCO LIFE INSURANCE COMPANY

	 	 	 	 	 	 	 	 	 
	 	 	PRUCO LIFE INSURANCE COMPANY,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	Brian N. Thomas	 	 
	 

	 	 	 	Title:
	 	Vice President	 

 

13Exhibit 10.50

Exhibit 10.50

AMENDMENT NO. 3 TO NOTE PURCHASE AGREEMENT AND

LIMITED CONSENT

THIS AMENDMENT NO. 3 TO NOTE PURCHASE AGREEMENT AND LIMITED CONSENT (this “Amendment”) is
entered into as of November 23, 2011, by and among KMG Chemicals, Inc., a Texas
corporation (“KMG Chemicals”), KMG-Bernuth, Inc., a Delaware corporation (“KMG-Bernuth”),
KMG Electronic Chemicals, Inc., a Texas corporation (“KMG ECI” and, together with KMG
Chemicals and KMG-Bernuth, collectively, the “Companies” and each, individually, a “Company”), and
the undersigned holders of Notes (as hereinafter defined).

Recitals

A. The Companies entered into a Note Purchase Agreement dated as of December 31, 2007 (as
amended by Amendment No. 1 to Note Purchase Agreement dated as of March 6, 2009, as amended by
Amendment No. 2 to Note Purchase Agreement dated as of March 18, 2010, and as the same may be
further amended, restated, supplemented or otherwise modified from time to time, the “Note
Agreement”), with the several Purchasers (as defined in the Note Agreement) listed in the Purchaser
Schedule attached thereto, pursuant to which the Companies issued and sold to such Purchasers the
Companies’ 7.43% Senior Secured Notes due December 31, 2014, in the aggregate principal amount of
$20,000,000 (together with any such promissory notes that may have been issued in substitution or
exchange therefor prior to the date hereof, the “Notes”).

B. The Companies have requested that the holders of Notes consent to an increase in the
maximum principal amount of the Credit Agreement Obligations (as defined in the Note Agreement) in
respect of the Revolving Loans (as defined in the Credit Agreement (as defined in the Note
Agreement)) from $50,000,000 to $60,000,000, as set forth in this Amendment, and the undersigned
holders of Notes, subject to the terms and conditions set forth herein, are willing to consent to
such increase.

C. The Companies desire to make certain amendments and modifications to the Note Agreement, as
set forth in this Amendment, and the undersigned holders of Notes, subject to the terms and
conditions set forth herein, are willing to agree to such amendments and modifications.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. Definitions. Capitalized terms used and not otherwise defined herein shall have
the respective meanings ascribed to them in the Note Agreement.

 

 

 

2. Amendments to Schedule B (Defined Terms). Schedule B of the Note Agreement
is hereby amended by adding the following new definitions in the appropriate alphabetical position
therein:

“Consolidated Current Assets” means, at any time, the consolidated current
assets of the Company Consolidated Group, as determined in accordance with GAAP.

“Consolidated Current Liabilities” means, at any time, the consolidated current
liabilities of the Company Consolidated Group, as determined in accordance with
GAAP.

3. Amendment to Section 9.13(a) (Maintaining Bank Accounts). Section 9.13(a)
of the Note Agreement is hereby amended by restating it in its entirety to read as follows:

(a) Each Company shall maintain all of their principal bank accounts
(collectively, the “Bank Accounts”), including any Deposit Accounts and disbursement
accounts, with Wells Fargo Bank, National Association (the “Approved Bank
Accounts”).

4. Amendment to Section 10.1(b) (Financial Covenants). Section 10.1(b) of the
Note Agreement is hereby amended by restating it in its entirety to read as follows:

(b) A ratio of Consolidated Current Assets to Consolidated Current Liabilities
of not less that 1.50 to 1.00. For purposes of this covenant, Consolidated Current
Liabilities shall exclude any payment required to be made on the stated maturity
date of the Notes.

5. Limited Consent. Subject to the terms and conditions set forth herein, and in
reliance upon the representations and warranties of the Companies set forth herein, the undersigned
holders of Notes hereby consent to the execution, delivery and performance of the Companies’
obligations under the Third Amendment to Amended and Restated Credit Agreement, dated as of
November 23, 2011 (the “Credit Agreement Amendment”), among the Companies and the Lender Parties,
including the increase in the maximum principal amount of the Revolving Loans from $50,000,000 to
$60,000,000 effected thereby, to the extent that such Credit Agreement Amendment would otherwise
violate Section 10.13(f) of the Note Agreement. This consent shall not be a precedent for
any subsequent requested waiver of (or consent under) this or any other covenant or other provision
of the Note Agreement.

6. Representations and Warranties of the Companies. Each Company hereby represents
and warrants that it is a corporation duly organized and validly existing in good standing under
the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and
is in good standing in each jurisdiction in which such qualification is required by law, other than
those jurisdictions as to which the failure to be so qualified or in good standing could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each
Company has the corporate power and authority to execute and deliver this Amendment and to perform
its obligations under this Amendment and the Note Agreement as amended hereby. The execution and
delivery by each Company of this Amendment and the performance by each such Company of its
obligations under this Amendment and the Note Agreement as amended hereby have been duly authorized
by all necessary corporate action on the part of each Company. Each Company has duly executed and
delivered this Amendment,
and this Amendment and the Note Agreement as amended hereby constitute the legal, valid and
binding obligations of each Company, enforceable against each such Company in accordance with its
terms.

 

2

 

7. Conditions to Effectiveness. The parties hereto agree that this Amendment and the
consent and amendments to the Note Agreement contained herein shall become effective, as of the
date first written above (the “Effective Date”), upon the satisfaction of each of the following
conditions:

(a) Representations and Warranties. Each of the representations and warranties made
in this Amendment and the other Note Documents shall be true and correct on and as of the Effective
Date as if made on and as of such date, both before and after giving effect to this Amendment.

(b) No Default or Event of Default. No Default or Event of Default shall exist, both
before and after giving effect to this Amendment.

(c) Execution and Delivery of this Amendment. The holders of Notes shall have
received a copy of this Amendment executed and delivered by the Companies and the Required Holders.

(d) Credit Agreement Amendment. The holders of Notes shall have received a copy of
the Credit Agreement Amendment executed and delivered by the Companies and the Lender Parties,
which Credit Agreement Amendment shall be in form and substance satisfactory to the Required
Holders.

(e) Intercreditor Agreement Amendment. The holders of Notes shall have received an
amendment to the Intercreditor Agreement executed and delivered by the parties thereto, which
amendment to the Intercreditor Agreement shall be in form and substance satisfactory to Required
Holders.

(f) Officer’s Certificates. The holders of Notes shall have received Officer’s
Certificates executed and delivered by the Companies, which Officer’s Certificates shall be in form
and substance satisfactory to the Required Holders.

8. Miscellaneous.

(a) References to Note Agreement. Upon and after the date of this Amendment, each
reference to the Note Agreement in the Note Agreement, the Notes or any other instrument or
agreement entered into in connection therewith or otherwise related thereto shall mean and be a
reference to the Note Agreement as amended by this Amendment.

(b) Ratification and Confirmation. Except as specifically amended herein, the Note
Agreement shall remain in full force and effect, and is hereby ratified and confirmed.

(c) No Waiver. The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of any holder of Notes, nor, except as expressly
provided herein, constitute a waiver or amendment of any provision of the Note
Agreement, any Note or any other instrument or agreement entered into in connection therewith or
otherwise related thereto.

 

3

 

(d) Note Document. This Amendment is a Note Document and all of the provisions of the
Note Agreement that apply to Note Documents apply hereto.

(e) Expenses. Each Company agrees to pay promptly all expenses of the holders of
Notes related to this Amendment and all matters contemplated hereby, including, without limitation,
all fees and expenses of the holders’ special counsel.

(f) GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.

(g) 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 instrument. Each counterpart may consist of a number of copies hereof, each signed by less
than all, but together signed by all, the parties hereto. Delivery of this Amendment may be made
by telecopy or electronic transmission of a duly executed counterpart copy hereof; provided that
any such delivery by electronic transmission shall be effective only if transmitted in .pdf format, .tif
format or other format in which the text is not readily modifiable by any recipient thereof.

[The remainder of this page is intentionally left blank; signature page follows]

 

4

 

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

	 	 	 	 	 	 	 	 	 
	 	 	KMG CHEMICALS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	J. Neal Butler	 	 
	 

	 	 	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	KMG-BERNUTH, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	J. Neal Butler	 	 
	 

	 	 	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	KMG ELECTRONIC CHEMICALS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	J. Neal Butler	 	 
	 

	 	 	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Brian N. Thomas	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 

Signature page to Amendment No. 3 to Note Purchase Agreement and Limited Consent

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