Document:

Unassociated Document

        

    AMENDMENT
      NO. 1 TO THE

    AMENDED
      AND RESTATED CREDIT AGREEMENT

     

    Dated
      as
      of September 30, 2007    

     

    AMENDMENT
      NO. 1 TO THE AMENDED AND RESTATED CREDIT AGREEMENT
      among
      Chemtura Corporation, a Delaware corporation (the “Company”),
      the
      guarantors party thereto (the “Guarantors”),
      the
      banks, financial institutions and other institutional lenders party to the
      Credit Agreement referred to below (collectively, the “Lenders”)
      and
      Citibank, N.A., as agent (the “Agent”)
      for
      the Lenders.

     

    PRELIMINARY
      STATEMENTS:

     

    (1) The
      Company, the Guarantors, the Lenders and the Agent have entered into an Amended
      and Restated Credit Agreement dated as of July 31, 2007, (as so amended, the
      “Credit
      Agreement”).
      Capitalized terms not otherwise defined in this Amendment have the same meanings
      as specified in the Credit Agreement.

     

    (2) The
      Company, the Guarantors and the Required Lenders have agreed to amend the Credit
      Agreement as hereinafter set forth.

     

    (3) The
      Required Lenders are, on the terms and conditions stated below, willing to
      grant
      the request of the Company and the Company, the Guarantors and the Required
      Lenders have agreed to amend the Credit Agreement as hereinafter set
      forth.

     

    SECTION
      1.  Amendments
      to Credit Agreement. 
      The Credit Agreement is, effective as of the date hereof and subject to the
      satisfaction of the conditions precedent set forth in Section 2, hereby
      amended by deleting the table in Section 5.03(b) and substituting therefor
      the
      following:

     

    
      	
              Quarter

              Ending
                On

            	
               

              Ratio

            
	
              June
                30, 2005

            	
              3.75
                : 1.00

            
	
              September
                30, 2005

            	
              3.75
                : 1.00

            
	
              December
                31, 2005

            	
              4.00
                : 1.00

            
	
              March
                31, 2006

            	
              4.00
                : 1.00

            
	
              June
                30, 2006

            	
              4.00
                : 1.00

            
	
              September
                30, 2006

            	
              4.00
                : 1.00

            
	
              December
                31, 2006 

            	
              4.00
                : 1.00

            
	
              March
                31, 2007 

            	
              3.80
                : 1.00

            
	
              June
                30, 2007

            	
              4.00
                : 1.00

            
	
              September
                30, 2007 

            	
              4.25
                : 1.00

            
	
              December
                31, 2007

            	
              4.25
                : 1.00

            
	
              March
                31, 2008 and thereafter

            	
              4.50
                : 1.00

            

    

     

    SECTION
      2.  Conditions
      of Effectiveness.
       This Amendment shall become effective as of the date first above written
      when, and only when, the Agent shall have received counterparts of this
      Amendment executed by the Company, each Guarantor and the Required Lenders
      or,
      as to any of the Lenders, advice satisfactory to the Agent that such Lender
      has
      executed this Amendment and the Company shall have paid to the Agent a fee
      for
      the account of each Lender that has executed this Amendment, before 5:00 p.m.
      (New York time) on October 31, 2007, (each, an “Approving Lender”) in an amount
      equal to 0.10% of the aggregate Revolving Credit Commitments of the Approving
      Lenders. This Amendment is subject to the provisions of Section 9.01 of the
      Credit Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SECTION
      3.  Representations
      and Warranties of the Company. 
      The Company represents and warrants as follows:

     

    (a)  Each
      Loan
      Party and each of its Subsidiaries (i) is a corporation, limited liability
      company, limited partnership, unlimited liability company or other legal entity
      duly organized, validly existing and in good standing (or its equivalent) under
      the laws of the jurisdiction of its incorporation or formation, except where
      the
      failure to be so duly organized, validly existing or in good standing in the
      case of a Subsidiary organized outside of the United States has not had, or
      could not reasonably be expected to have, a Material Adverse Effect, (ii) is
      duly qualified and in good standing as a foreign corporation or company in
      each
      other jurisdiction in which it owns or leases property or in which the conduct
      of its business requires it to so qualify or be licensed except where the
      failure to so qualify or be licensed would not be reasonably likely to have
      a
      Material Adverse Effect, and (iii) has all requisite corporate, limited
      liability company, partnership, unlimited liability company or other
      organizational (as applicable) power and authority and has all applicable
      governmental authorizations to own or lease and operate its properties and
      to
      carry on its business.

     

    (b)  The
      execution, delivery and performance by the Company of this Amendment and the
      Credit Agreement, as amended hereby, are within the Company’s corporate powers,
      have been duly authorized by all necessary corporate action, and do not (i)
      contravene the Company’s charter or bylaws, (ii) violate any law, rule,
      regulation (including, without limitation, Regulation X of the Board of
      Governors of the Federal Reserve System), order, writ, judgment, injunction,
      decree, determination or award applicable to the Company, (iii) conflict with
      or
      result in the breach of, or constitute a default or require any payment to
      be
      made under, any contract, loan agreement, indenture, mortgage, deed of trust,
      lease or other instrument binding on or affecting the Company, any of its
      Subsidiaries or any of their properties or (iv) except for the Liens created
      under the Loan Documents, result in or require the creation or imposition of
      any
      Lien upon or with respect to any of the properties of the Company or any of
      its
      Subsidiaries. Neither the Company nor any of its Subsidiaries is in violation
      of
      any such law, rule, regulation, order, writ, judgment, injunction, decree,
      determination or award or in breach of any such contract, loan agreement,
      indenture, mortgage, deed of trust, lease or other instrument, the violation
      or
      breach of which would be reasonably likely to have a Material Adverse
      Effect.

     

    (c)  No
      authorization or approval or other action by, and no notice to or filing with,
      any governmental authority or regulatory body or any other third party is
      required for the due execution, delivery and performance by the Company of
      this
      Amendment and the Credit Agreement, as amended hereby, except for those
      authorizations, approvals, actions, notices and filings which have been duly
      obtained, taken, given, waived or made and are in full force and
      effect.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (d)  This
      Amendment has been duly executed and delivered by each Loan Party. This
      Amendment and the Credit Agreement, as amended hereby, are the legal, valid
      and
      binding obligation of the Company, enforceable against each Loan Party in
      accordance with their terms, except to the extent that such enforcement may
      be
      limited by applicable bankruptcy, insolvency, reorganization, moratorium or
      similar laws affecting creditors rights generally and by equitable principles
      (regardless of whether enforcement is sought in equity or at law).

     

    (e)  There
      is
      no action, suit, investigation, litigation or proceeding affecting any Loan
      Party or any of its Subsidiaries, including any Environmental Action, pending
      or
      threatened before any court, governmental agency or arbitrator that (i) would
      be
      reasonably likely to have a Material Adverse Effect (other than the Disclosed
      Litigation) or (ii) purports to affect the legality, validity or enforceability
      of this Amendment or the Credit Agreement, as amended hereby, and there has
      been
      no material adverse change in the status, or financial effect on any Loan Party
      or any of its Subsidiaries, of the Disclosed Litigation.

     

    (f)   After
      giving effect to this Amendment, no Default has occurred and is
      continuing.

     

    SECTION
      4.  Reference
      to and Effect on the Credit Agreement and the Notes.
       (a) On
      and
      after the effectiveness of this Amendment, each reference in the Credit
      Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import
      referring to the Credit Agreement, and each reference in the Notes and each
      of
      the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or
      words of like import referring to the Credit Agreement, shall mean and be a
      reference to the Credit Agreement, as amended by this Amendment.

     

    (b)  The
      Credit Agreement and the Notes and each of the other Loan Documents, as
      specifically amended by this Amendment, are and shall continue to be in full
      force and effect and are hereby in all respects ratified and confirmed.

     

    (c)  The
      execution, delivery and effectiveness of this Amendment shall not, except as
      expressly provided herein, operate as a waiver of any right, power or remedy
      of
      any Lender or the Agent under the Credit Agreement or any other Loan Document,
      nor constitute a waiver of any provision of the Credit Agreement or any other
      Loan Document.

     

    SECTION
      5.  Costs
      and Expenses.
       The Company agrees to pay on demand all costs and expenses of the Agent in
      connection with the preparation, execution, delivery and administration,
      modification and amendment of this Amendment and the other instruments and
      documents to be delivered hereunder (including, without limitation, the
      reasonable fees and expenses of counsel for the Agent) in accordance with the
      terms of Section 9.04 of the Credit Agreement. 

     

    SECTION
      6.  Execution
      in 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 shall be deemed to be an original and all of which taken together
      shall
      constitute but one and the same agreement. Delivery of an executed counterpart
      of a signature page to this Amendment by telecopier shall be effective as
      delivery of a manually executed counterpart of this Amendment.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    SECTION
      7.  Governing
      Law.
       This Amendment shall be governed by, and construed in accordance with, the
      laws of the State of New York.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

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

    
      	 	 	 
	 	CHEMTURA
              CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
              Stephen P. Forsyth
	 	
              Title:
                Executive Vice President,

              Chief
                Financial Officer and
                Treasurer 

            

    

     

    
      
        	 	
                A
                  & M CLEANING PRODUCTS, LLC

              
	 	
                ANDEROL,
                  INC.

              
	 	
                AQUA
                  CLEAR INDUSTRIES, LLC

              
	 	
                ASCK,
                  INC. 

              
	 	
                ASEPSIS,
                  INC.

              
	 	
                BIOLAB
                  TEXTILE ADDITIVES, LLC 

              
	 	
                BIO-LAB,
                  INC.

              
	 	
                CNK
                  CHEMICAL REALTY CORPORATION

              
	 	
                CROMPTON
                  COLORS INCORPORATED

              
	 	
                CROMPTON
                  HOLDING CORPORATION

              
	 	
                CROMPTON
                  MONOCHEM, INC.

              
	 	
                ENENCO,
                  INCORPORATED

              
	 	
                GREAT
                  LAKES CHEMICAL CORPORATION 

              
	 	
                GREAT
                  LAKES CHEMICAL GLOBAL, INC.

              
	 	
                GT
                  SEED TREATMENT, INC.

              
	 	
                HATCO
                  CORPORATION

              
	 	
                HATCO
                  INNOVATTI HOLDINGS, INC.

              
	 	
                HOMECARE
                  LABS, INC. 

              
	 	
                ISCI,
                  INC.

              
	 	
                KAUFMAN
                  HOLDINGS CORPORATION

              
	 	
                KEM
                  MANUFACTURING CORPORATION

              
	 	
                MONOCHEM,
                  INC.

              
	 	
                NAUGATUCK
                  TREATMENT COMPANY

              
	 	
                RECREATIONAL
                  WATER PRODUCTS, INC.

              
	 	
                UNIROYAL
                  CHEMICAL COMPANY LIMITED (DELAWARE)

              
	 	
                WEBER
                  CITY ROAD LLC

              
	 	
                WRL
                  OF INDIANA, INC. 

              

      

    

     

    
      	 	 	 
	 	By:  	 
	 	
              
Name:
              Barry J. Shainman
	 	Title:
              Secretary 

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    
      	
              Accepted
                and agreed:

               

              CITIBANK,
                N.A.,

              as
                Agent and as a Lender

               

               

              By:         

              Name:

              Title:

               

            
	
              BANK
                OF AMERICA, N.A.

               

              By:         

              Name:

              Title:

               

            
	
              ABN
                AMRO BANK N.V. 

               

              By:         

              Name:

              Title:

               

              By:         

              Name:

              Title:

               

            
	
              CREDIT
                SUISSE, CAYMAN ISLANDS BRANCH

               

              By:         

              Name:

              Title:

               

              By:         

              Name:

              Title:

               

            
	
              MORGAN
                STANLEY BANK, as a Lender

               

              By:         

              Name:

              Title:

               

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              THE
                ROYAL BANK OF SCOTLAND PLC, as a Lender

               

              By:         

              Name:

              Title:

               

            
	
              WACHOVIA
                BANK, NATIONAL ASSOCIATION

               

              By:         

              Name:

              Title:

               

            
	
              CALYON
                NEW YORK BRANCH

               

              By:         

              Name:

              Title:

               

            
	
              DEUTSCHE
                BANK AG NEW YORK BRANCH

               

              By:         

              Name:

              Title:

               

              By:         

              Name:

              Title:

               

            
	
              ING
                CAPITAL LLC

               

              By:         

              Name:

              Title:

               

            
	
              SUMITOMO
                MITSUI BANKING CORP., NEW YORK

               

              By:         

              Name:

              Title:

               

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              INTESA
                SANPAOLO SpA - 

              NEW
                YORK BRANCH (formerly known as Banca Intesa)

               

              By:         

              Name:

              Title:

               

              By:         

              Name:

              Title:

               

            
	
              BANCA
                NAZIONALE DEL LAVOR SPA, 

              NEW
                YORK BRANCH

               

              By:         

              Name:

              Title:

               

            
	
              BANK
                OF TOKYO-MITSUBISHI UFJ TRUST COMPANY, 

              f.k.a.
                BANK OF TOKYO-MITSUBISHI TRUST COMPANY

               

              By:         

              Name:

              Title:

               

            
	
              COMMERZBANK
                AG, NEW YORK AND 

              GRAND
                CAYMAN BRANCHES

               

              By:         

              Name:

              Title:

               

              By:         

              Name:

              Title:

               

            
	
              THE
                NORTHERN TRUST COMPANY

               

              By:         

              Name:

              Title:

               

            

    

     

    
      
        
        

      

      
        8Exhibit
      10.1

    

    Wits
      Basin Precious Minerals, Inc.

    80
      South 8th Street, Suite 900

    Minneapolis
      MN 55402

    

    October
      31, 2007

    

    China
      Gold, LLC

    Attn:
      C.
      Andrew Martin

    7300
      College Blvd., Suite 303

    Overland
      Park, KS 66210 

     

    
      	 	
              Re:

            	
              Amendment
                of Notes issued pursuant to that certain Convertible Notes Purchase
                Agreement dated April 10, 2007 by and between Wits Basin Precious
                Minerals
                Inc. (“Wits Basin”) and China Gold, LLC (“China Gold”), as amended by that
                certain Amendment to Convertible Notes Purchase Agreement dated June
                19,
                2007 (as amended, the “Purchase Agreement”)

            

    

     

    Dear
      Andrew:

     

    This
      letter is to confirm our understanding that China Gold has agreed to, with
      respect to (i) that certain Convertible Note of Wits Basin dated April 10,
      2007
      issued in favor of China Gold in the principal amount of $3,000,000 (“Note 1”),
      (ii) that certain Convertible Note of Wits Basin dated May 7, 2007 issued in
      favor of China Gold in the principal amount of $2,000,000 (“Note 2”), (iii) that
      certain Convertible Note of Wits Basin dated July 19, 2007 issued in favor
      of
      China Gold in the principal amount of $4,000,000 (“Note 3”), and (iv) that
      certain Convertible Note of Wits Basin dated July 7, 2007 issued in favor of
      China Gold in the principal amount of $800,000 (“Note 4”; collectively with Note
      1, Note 2 and Note 3, the “Notes”), amend the Maturity Date of each Note (as
      defined in each Note, respectively) to February 28, 2008. 

     

    In
      consideration of China Gold’s agreement, Wits Basin has agreed to (i) reduce the
      Conversion Price (as defined in each Note respectively) applicable to each
      Note
      from $1.00 to $0.50 per share and (ii) reduce the purchase price applicable
      to
      China Gold’s Purchase Right (as defined in the Purchase Agreement, Note 3 and
      Note 4, as applicable) to each Note from $1.00 to $0.50 per share.

     

    Additionally,
      China Gold has agreed to provide Wits Basin the option, exercisable on or before
      February 28, 2008 at the sole discretion of Wits Basin, to further extend the
      Maturity Date of each of the Notes to May 31, 2008 if Wits Basin agrees to
      further reduce the Conversion Price of each Note and the purchase price
      applicable to China Gold’s Purchase Right relating to each Note from $0.50 to
      $0.25 per share. 

     

    All
      purchase rights, in their entirety (9,800,000), will reduce in price, as
      delineated above, on the dates listed above unless the entire principal amount
      and accrued interest is paid in full prior to February 28, 2008. Any partial
      payments prior to February 28, 2008 or May 31, 2008 will not keep the strike
      price from adjusting on all the purchase rights.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    China
      Gold, LLC

    Attn:
      Andrew Martin

    Page
      2

    October
      31, 2007

     

    Except
      with respect to the specific amendments referenced herein, the terms of the
      Notes shall continue to be in full force and effect as set forth in the
      respective Notes. By execution of this letter, China Gold represents that it
      has
      not sold or otherwise transferred its rights under the Notes to any third party,
      and further acknowledges that it is required to obtain the prior written consent
      of Wits Basin to transfer such rights. 

     

    If
      the
      terms of this letter are consistent with your understanding, please execute
      this
      letter on behalf of China Gold where provided below to confirm your agreement,
      and return it to Wits Basin at 80 South 8th Street, Suite 900, Minneapolis
      Minnesota 55402, Attention: Mark Dacko. 

     

    If
      you
      have any questions, please feel free to contact me at (612) 349-5277. Thank
      you.

     

    
      
        	 	
                Sincerely,

              
	 	 
	 	
                /s/
                  Stephen D. King

              
	 	
                Stephen
                  D. King

              
	 	
                Chief
                  Executive Officer

              

      

    

     

    Agreed
      of
      the 31st day of October, 2007:

    

    
      	
              CHINA
                GOLD, LLC

            	 
	
              By:
                Pioneer Holdings, LLC

            	 
	
              Its:
                Manager

            	 
	 	 
	
              /s/
                C. Andrew Martin

            	 
	
              C.
                Andrew Martin, Manager

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