Document:

exv10w02

EXHIBIT 10.02

FIRST AMENDMENT TO TERM LOAN AGREEMENT

     THIS FIRST AMENDMENT TO TERM LOAN AGREEMENT (this “Amendment”), is made and entered
into as of December 23, 2009, by and among MARTIN MARIETTA MATERIALS, INC., a North
Carolina corporation (the “Borrower”), the several banks and other financial institutions
from time to time party hereto (collectively, the “Lenders”) and SUNTRUST BANK, in its
capacity as Administrative Agent for the Lenders (the “Administrative Agent”).

W I T N E S S E T H:

     WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to a
certain Term Loan Agreement, dated as of April 23, 2009 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used
herein and not otherwise defined shall have the meanings assigned to such terms in the
Credit Agreement), pursuant to which the Lenders have made certain financial accommodations
available to the Borrower;

     WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent
amend certain provisions of the Credit Agreement, and subject to the terms and conditions
hereof, the Lenders are willing to do so;

     NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of
all of which are acknowledged, the Borrower, the Lenders and the Administrative Agent agree
as follows:

     1. Amendment. Section 5.09 of the Credit Agreement is hereby amended by
replacing the first paragraph of such Section in its entirety with the following:

     The Leverage Ratio shall not exceed (i) 3.25 to 1.00 as of the end of
any fiscal quarter ending on or prior to September 30, 2009, (ii) 3.75 to
1.00 as of December 31, 2009 or March 31, 2010 and (iii) 3.50 to 1.00 as of
the end of any fiscal quarter ending on or after June 30, 2010; provided that
if (i) Consolidated Debt has increased in connection with a Specified
Acquisition, (ii) as a consequence of such Specified Acquisition, the rating
of long-term unsecured debt of the Borrower has not been suspended, withdrawn
or fallen below BBB by Standard & Poor’s (a division of The McGraw-Hill
Companies, Inc.) or Baa2 by Moody’s Investors Service, Inc. and (iii) the
Administrative Agent has received a Specified Acquisition Notice within 10
days of consummation of such Specified Acquisition, then, for a period of 180
consecutive days following the consummation of such Specified Acquisition,
the additional Consolidated Debt in connection with such Specified
Acquisition shall be excluded from Consolidated Debt for purposes of
calculating the Leverage Ratio, but only if the Leverage Ratio calculated
without such exclusion at no time exceeds during such 180 day period the
otherwise applicable maximum ratio set forth above modified to increase the
numerator by 0.25.

     2. Conditions to Effectiveness of this Amendment. Notwithstanding any other provision
of this Amendment and without affecting in any manner the rights of the Lenders hereunder, it is
understood and agreed that this Amendment shall not become effective, and the Borrower shall have
no rights under this Amendment, until the Administrative Agent shall have received (i) an amendment
fee in an amount equal to 0.08% of the outstanding principal balance of each such Consenting Bank’s
Loan, (ii) reimbursement or payment of its costs and expenses incurred in connection with this
Amendment or the Credit Agreement (including reasonable fees,

 

 

charges and disbursements of King & Spalding LLP, counsel to the Administrative Agent), and
(iii) each of the following documents:

     (a) executed counterparts to this Amendment from the Borrower and the Required Lenders;

     (b) an amendment to the Existing Agreement, duly executed by the JPMorgan Chase Bank, N.A.,
the required lenders thereunder and the Borrower; and

     (c) an amendment to the Account Purchase Agreement dated as of April 21, 2009 among the
Borrower and Wells Fargo Bank, N.A. , duly executed by the Borrower and Wells Fargo Bank, N.A.

     3. Representations and Warranties. To induce the Lenders and the Administrative Agent
to enter into this Amendment, each Loan Party hereby represents and warrants to the Lenders and the
Administrative Agent:

     (a) Each of the Borrower and its Restricted Subsidiaries is a corporation duly organized and
validly existing under the laws of the state of its incorporation without limitation on the
duration of its existence, is in good standing therein, and is duly qualified to transact business
in all jurisdictions where such qualification is necessary, except for such jurisdictions where the
failure to be so qualified or licensed will not be reasonably likely to have a Material Adverse
Effect;

     (b) The execution, delivery and performance by the Borrower of this Agreement and the Notes
are within the corporate powers of the Borrower, have been duly authorized by all necessary
corporate action and do not contravene, or constitute a default under, any provision of applicable
law or regulation or of the certificate of incorporation or by-laws of the Borrower or of any
agreement, judgment, injunction, order, decree or other instrument binding upon the Borrower or any
of its Subsidiaries or result in the creation or imposition of any Lien on any asset of the
Borrower or any of its Subsidiaries which would be reasonably likely to have a Material Adverse
Effect;

     (c) This Amendment has been duly executed and delivered for the benefit of or on behalf of the
Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable against
the Borrower in accordance with its terms except as the enforceability hereof may be limited by
bankruptcy, insolvency, reorganization, moratorium and other laws affecting creditors’ rights and
remedies in general; and

     (d) After giving effect to this Amendment, the representations and warranties contained in the
Credit Agreement are true and correct in all material respects, and no Default or Event of Default
has occurred and is continuing as of the date hereof.

     4. Effect of Amendment. Except as set forth expressly herein, all terms of the Credit
Agreement, as amended hereby, shall be and remain in full force and effect and shall constitute the
legal, valid, binding and enforceable obligations of the Borrower to the Lenders and the
Administrative Agent. 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 the
Lenders under the Credit Agreement, nor constitute a waiver of any provision of the Credit
Agreement.

     5. Governing Law. This Amendment shall be governed by, and construed in accordance
with, the internal laws of the State of New York and all applicable federal laws of the United
States of America.

 

 

     6. No Novation. This Amendment is not intended by the parties to be, and shall not be
construed to be, a novation of the Credit Agreement or an accord and satisfaction in regard
thereto.

     7. Costs and Expenses. The Borrower agrees to pay on demand all costs and expenses of
the Administrative Agent in connection with the preparation, execution and delivery of this
Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of outside
counsel for the Administrative Agent with respect thereto.

     8. Counterparts. This Amendment may be executed by one or more of the parties hereto
in any number of separate counterparts, each of which shall be deemed an original and all of which,
taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed
counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form shall be
as effective as delivery of a manually executed counterpart hereof.

     9. Binding Nature. This Amendment shall be binding upon and inure to the benefit of
the parties hereto, their respective successors, successors-in-titles, and assigns.

     10. Entire Understanding. This Amendment sets forth the entire understanding of the
parties with respect to the matters set forth herein, and shall supersede any prior negotiations or
agreements, whether written or oral, with respect thereto.

[Signature Pages To Follow]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed, under
seal in the case of the Borrower, by their respective authorized officers as of the day and year
first above written.

	 	 	 	 	 
	 

	 	BORROWER:
	 
	 	 	 	 
	 

	 	MARTIN MARIETTA MATERIALS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Anne H. Lloyd
	 

	 	 	 	 
	 

	 	 	 	Name: Anne H. Lloyd

Title:   EVP, CFO and Treasurer
	 
	 	 	 	 
	 

	 	LENDERS:
	 
	 	 	 	 
	 

	 	SUNTRUST BANK,
individually and as Administrative Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Steven Deily
	 

	 	 	 	 
	 

	 	 	 	Name: Steven Deily

Title:   Managing Director
	 
	 	 	 	 
	 

	 	BRANCH BANKING & TRUST COMPANY, as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jack Frost
	 

	 	 	 	 
	 

	 	 	 	Name: Jack Frost

Title:   Senior Vice President
	 
	 	 	 	 
	 

	 	NORTHERN TRUST COMPANY, as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Canty
	 

	 	 	 	 
	 

	 	 	 	Name: John Canty

Title:   Senior Vice President
	 
	 	 	 	 
	 

	 	REGIONS BANK, as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Anthony LeTrent
	 

	 	 	 	 
	 

	 	 	 	Name: Anthony LeTrent

Title:   Senior Vice President

[SIGNATURE PAGE TO FIRST AMENDMENT]

 

 

	 	 	 	 	 
	 

	 	BANK OF AMERICA, N.A., as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Scott Hitchens
	 

	 	 	 	 
	 

	 	 	 	Name: Scott Hitchens

Title:   Vice President
	 
	 	 	 	 
	 

	 	COMERICA BANK, as Lender
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Scott M. Kowalski
	 

	 	 	 	 
	 

	 	 	 	Name: Scott M. Kowalski

Title:   Vice Presidentexv10w03

EXHIBIT 10.03

FIRST AMENDMENT TO ACCOUNT PURCHASE AGREEMENT

     THIS FIRST AMENDMENT (this “Amendment”), dated as of December 23, 2009, is entered into by and
between MARTIN MARIETTA MATERIALS, INC., a North Carolina corporation (the “Customer”), and WELLS
FARGO BANK, NATIONAL ASSOCIATION, acting through its Wells Fargo Business Credit operating division
(“WFBC”).

RECITALS

     The Customer and WFBC are parties to an Account Purchase Agreement dated April 21, 2009 (as
amended from time to time, the “Account Purchase Agreement”). Capitalized terms used in these
recitals have the meanings given to them in the Account Purchase Agreement unless otherwise
specified.

     The Customer has requested that certain amendments be made to the Account Purchase Agreement,
which WFBC is willing to make pursuant to the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
herein contained, it is agreed as follows:

     1. Defined Terms. Capitalized terms used in this Amendment which are defined in the
Account Purchase Agreement shall have the same meanings as defined therein, unless otherwise
defined herein.

     2. Section 7.12 of the Account Purchase Agreement is hereby amended and restated to read in
its entirety as follows:

	 	 	“7.12 Leverage Ratio. The Leverage Ratio will not exceed (a) 3.25 to 1.00 as of the end of
any fiscal quarter ending on or prior to September 30, 2009, (b) 3.75 to 1.00 as of December
31, 2009 or March 31, 2010 and (c) 3.50 to 1.00 as of the end of any fiscal quarter ending
on or after June 30, 2010; provided that if (i) Consolidated Debt has increased in
connection with a Specified Acquisition, (ii) as a consequence of such Specified
Acquisition, the rating of long-term unsecured debt of the Customer has not been suspended,
withdrawn or fallen below BBB by Standard & Poor’s (a division of The McGraw-Hill Companies,
Inc.) or Baa2 by Moody’s Investors Service, Inc. and (iii) the Administrative Agent (as
defined in the Credit Agreement) has received a Specified Acquisition Notice within 10 days
of consummation of such Specified Acquisition, then, for a period of 180 consecutive days
following the consummation of such Specified Acquisition, the additional Consolidated Debt
in connection with such Specified Acquisition will be excluded from Consolidated Debt for
purposes of calculating the Leverage Ratio, but only if the Leverage Ratio calculated
without such exclusion at no time during such 180-day period exceeds the otherwise
applicable maximum ratio set forth above modified to increase the numerator by 0.25.”

 

 

     3. No Other Changes. Except as explicitly amended by this Amendment, all of the terms
and conditions of the Account Purchase Agreement shall remain in full force and effect and shall
apply to any purchase thereunder.

     4. Amendment Fee. The Customer shall pay WFBC on the first Settlement Date in January
2010 a fully earned, non-refundable fee in the amount of $80,000 in consideration of WFBC’s
execution and delivery of this Amendment.

     5. Conditions Precedent. This Amendment shall be effective when WFBC shall have
received an executed original hereof.

     6. Representations and Warranties. The Customer hereby represents and warrants to
WFBC as follows:

          (a) The Customer has all requisite power and authority to execute this Amendment and any other
agreements or instruments required hereunder and to perform all of its obligations hereunder and
thereunder, and this Amendment and all such other agreements and instruments have been duly
executed and delivered by the Customer and constitute the legal, valid and binding obligation of
the Customer, enforceable in accordance with their terms.

          (b) The execution, delivery and performance by the Customer of this Amendment and any other
agreements or instruments required hereunder have been duly authorized by all necessary corporate
action and do not (i) require any authorization, consent or approval by any governmental
department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate
any provision of any law, rule or regulation or of any order, writ, injunction or decree presently
in effect, having applicability to the Customer, or the articles of incorporation or by-laws of the
Customer, or (iii) result in a breach of or constitute a default under any agreement, lease or
instrument to which the Customer is a party or by which it or its properties may be bound or
affected.

          (c) All of the representations and warranties contained in Article 6 of the Account Purchase
Agreement are correct on and as of the date hereof as though made on and as of such date, except to
the extent that such representations and warranties relate solely to an earlier date.

     7. References. All references in the Account Purchase Agreement to “this Agreement”
shall be deemed to refer to the Account Purchase Agreement as amended hereby; and any and all
references in the Related Documents to the Account Purchase Agreement shall be deemed to refer to
the Account Purchase Agreement as amended hereby.

     8. No Waiver. The execution of this Amendment and the acceptance of all other
agreements and instruments related hereto shall not be deemed to be a waiver of any Event of
Termination under the Account Purchase Agreement or a waiver of any breach, default or event of
default under any Related Document or other document held by WFBC, whether or not known to WFBC and
whether or not existing on the date of this Amendment.

2

 

     9. Costs and Expenses. The Customer hereby reaffirms its agreement under the Account
Purchase Agreement to pay or reimburse WFBC on demand for all costs and expenses incurred by WFBC
in connection with the Account Purchase Agreement and the Related Documents, including without
limitation all reasonable fees and disbursements of legal counsel. Without limiting the generality
of the foregoing, the Customer specifically agrees to pay the fee required under Paragraph 4 of
this Amendment and all fees and disbursements of counsel to WFBC for the services performed by such
counsel in connection with the preparation of this Amendment and the documents and instruments
incidental hereto.

     10. Choice of Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of New York without giving effect to its conflicts of laws provisions,
except with respect to (a) Section 5-1401 of the New York General Obligations Law; and (b) the
choice of laws provisions of the Uniform Commercial Code as adopted in New York.

     11. WAIVER OF JURY TRIAL. EACH OF THE CUSTOMER AND WFBC HEREBY IRREVOCABLY WAIVES ANY
RIGHT TO TRIAL BY JURY IN ANY ACTION AT LAW OR IN EQUITY OR IN ANY OTHER PROCEEDING BASED ON OR
PERTAINING TO THIS AMENDMENT.

     12. Miscellaneous. This Amendment may be executed in counterparts and each
counterpart shall constitute one and the same original. Manually executed counterparts of the
signature pages of this Amendment may be delivered by the parties electronically so long as
transmitted pages are reproducible on paper medium upon receipt. Each party is duly authorized to
print any executed signature page so received and attach it to this Amendment, whereupon this
Amendment shall be deemed to have been duly executed and delivered by the transmitting party and
the paper copy of this Amendment assembled by the recipient with such signature page attached shall
be deemed an original for all purposes, absent manifest error or bad faith.

[This space intentionally left blank.]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written.

	 	 	 	 	 	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	MARTIN MARIETTA MATERIALS, INC.
	 
	 	 	 	 	 	 
	By:

	 	/s/ Martin E. Tracy
	 	By:
	 	/s/ Anne H. Lloyd
	 

	 	 
	 	 	 	 
	Name:

	 	Martin E. Tracy
	 	Name:
	 	Anne H. Lloyd
	Its:

	 	Vice President
	 	Its:
	 	Chief Financial Officer

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