Document:

EXHIBIT
10.2

 

THE SECURITIES
REPRESENTED BY THIS WARRANT AND THE OTHER SECURITIES ISSUABLE UPON EXERCISE
HEREOF MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (i) AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (ii) TO
THE EXTENT SUCH APPLICABLE, RULE 144 UNDER SUCH ACT (OR ANY SIMILAR RULE
UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES) OR (iii) ANOTHER
EXEMPTION FROM REGISTRATION UNDER SUCH ACT, THE AVAILABILITY OF WHICH SHALL BE
THE SUBJECT OF AN OPINION OF COUNSEL, SUCH OPINION TO BE REASONABLY
SATISFACTORY TO THE COMPANY.

 

WARRANT

 

To Subscribe for and Purchase Units of

 

GOLDEN OVAL EGGS, LLC

 

THIS CERTIFIES
THAT, for value received, LAND O’LAKES, INC., a Minnesota cooperative
corporation (herein called “Purchaser”), is, subject to the limitations and
conditions described herein, entitled to subscribe for and purchase from GOLDEN
OVAL EGGS, LLC, a Delaware limited liability company (herein called the “Company”),
at any time, at Purchaser’s discretion, on or after February 15, 2008 (the
“Vesting Date”), to and including the seventh anniversary of the Vesting Date
(the “Expiration Date”), up to 880,492 Units (subject to adjustment as provided
herein, each, a “Warrant Unit” and, together, the “Warrant Units”) of Class A
Convertible Preferred Units  of the
Company (“Class A Preferred”) at the exercise price of $0.01 per Warrant
Unit (the “Exercise Price”) payable in cash or check.  The amount and kind of securities obtainable
pursuant to the purchase rights granted hereunder and the purchase price for
such securities are subject to adjustment pursuant to the provisions contained
in this Warrant.

 

This Warrant has
been issued concurrent with that certain Amendment to Asset Purchase Agreement
dated February 15, 2008 between the Company and affiliates of the
Purchaser (the “Amendment”).  Capitalized
terms used herein and not otherwise defined shall have the meaning set forth in
the Amendment.

 

This
Warrant is subject to the following provisions, terms and conditions:

 

1.             The purchase rights represented by this
Warrant may be exercised by the holder hereof, in whole or in part, at any time
and from time to time after the Vesting Date to and including the Expiration
Date,  by written notice of exercise
delivered to the Company ten (10) days prior to the intended date of
exercise and by the surrender of this Warrant at the principal office of the
Company and upon payment to it by cash or check of the aggregate Exercise Price
for the total Warrant Units to be purchased. 
The Company agrees that the Warrant Units so purchased shall be and are
deemed to be issued to the holder hereof as the record owner of such Warrant
Units as of the close of business on the date on which this Warrant shall have
been surrendered and payment 

 

1

 

made for such Warrant
Units as aforesaid.  Subject to the
provisions of the next succeeding paragraph, certificates for the Class A
Preferred so purchased shall be promptly delivered to the holder hereof, not exceeding
five (5) business days, after the rights represented by this Warrant shall
have been so exercised.  Unless this
Warrant has expired or all of the purchase rights represented hereby have been
exercised, the Company shall prepare a new Warrant, substantially identical
hereto, representing the purchase rights formerly represented by this Warrant
that have not expired or been exercised and shall within such five (5) business
day period deliver such new Warrant to the person designated for delivery in such
exercise notice.

 

2.             The issuance of certificates of Class A
Preferred upon exercise of this Warrant shall be made without charge to the
holder hereof for any issuance tax in respect thereof, if issued to the holder,
or other cost incurred by the Company in connection with such exercise.

 

3.             The Company covenants and agrees
that all Class A Preferred that may be issued upon the exercise of the
purchase rights represented by this Warrant have been duly authorized and will,
upon issuance, be validly issued, fully paid and nonassessable and free from
all liens and charges with respect to the issuance thereof.  The Company further covenants and agrees that
during the period within which the purchase rights represented by this Warrant
may be exercised, the Company will at all times have authorized, and reserved
for the purpose of issue or transfer upon exercise of the purchase rights
evidenced by this Warrant, a sufficient number of its Class A Preferred to
provide for the exercise of the purchase rights represented by this
Warrant.  The Company shall not close its
books against the transfer of this Warrant or of any security issuable upon
exercise of this Warrant or conversion of the Class A Preferred in any
manner that interferes with the timely and proper exercise of this Warrant.

 

4.             Notwithstanding any provision
hereof, if an exercise of any portion of this Warrant is to be made in
connection with a registered public offering or a sale of the Company, the
exercise of any portion of this Warrant may, at the election of the holder
hereof, be conditioned upon the consummation of the public offering or sale of
the Company in which case such exercise shall not be deemed to be effective
until the consummation of such transaction.

 

5.             The above provisions
are, however, subject to the following:

 

(a)           If any capital reorganization or
reclassification of the equity interests of the Company, or consolidation or
merger of the Company with another person or business enterprise, or the sale
of all or substantially all of its assets to another person or business
enterprise shall be effected in such a way that holders of the Company’s Class A
Common Units shall be entitled to receive stock, securities or assets with
respect to or in exchange for Units, then, as a condition of such
reorganization, reclassification, consolidation, merger or sale, lawful and
adequate provision shall be made whereby the holder hereof shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and
conditions specified in this Warrant and in lieu of the Units immediately
theretofore purchasable and receivable upon the exercise of the purchase rights
represented hereby, such units, securities or assets as may be issued or
payable with respect to or in exchange for a number of outstanding Units equal
to the number of Units immediately theretofore purchasable and receivable upon
the exercise of the purchase rights represented hereby had such reorganization,
reclassification, consolidation, merger or sale not taken place, and in any
such case 

 

2

 

appropriate
provision shall be made with respect to the purchase rights and other interests
of the holder of this Warrant to the end that the provisions hereof shall
thereafter be applicable, as nearly as may be, in relation to any equity
interests, securities or assets thereafter deliverable upon the exercise
hereof, including the exercise price, which shall not exceed the Exercise
Price.  The Company shall not effect any
such consolidation, merger or sale, unless prior to the consummation thereof
the successor (if other than the Company) resulting from such consolidation or
merger or the purchaser of such assets shall assume, by written instrument
executed and mailed to the registered holder hereof at the last address of such
holder appearing on the books of the Company, the obligation to deliver to such
holder such equity interests, securities or assets as, in accordance with the
foregoing provisions, such holder may be entitled to purchase.

 

(b)           In the event the
Company at any time or from time to time after the date hereof shall declare,
order, pay or make a dividend or other distribution (including without
limitation any distribution of cash, additional Units or other securities, property
or options, by way of dividend or spin-off, reclassification, recapitalization
or similar corporate rearrangement or otherwise) on Units, then, and in each
such case, the holder of this Warrant shall be entitled to receive upon the
exercise or conversion of this Warrant at any time on or after such record
date, the number of shares of Class A Preferred Convertible Units to be
received upon exercise or conversion of this Warrant determined as provided
herein and, in addition and without further payment, such dividends or other
distribution to which such holder would have been entitled by way of such
dividend or other distribution and subsequent dividends and other distributions
that such holder would have been entitled to through the date of exercise if such
holder had (x) exercised this Warrant and converted such resulting Class A
Preferred Units to Class A Common Units, if applicable, immediately prior
to such record date and (y) retained any stock or other securities issued
in connection with such dividend or other distribution through the date of
exercise.

 

(c)           In case any time:

 

(i)            the Company shall pay any cash
distribution on its Units;

 

(ii)           the Company shall
pay any dividend payable in equity interests upon its Units or make any
distribution (other than cash) to the holders of its Units;

 

(iii)          the Company shall
offer for subscription pro rata to the holders of its Units any additional
equity interests of any class or other rights;

 

(iv)          there shall be any
capital reorganization, or reclassification of the equity interests of the
Company, or consolidation or merger of the Company with, or sale of all or
substantially all of its assets to, another person or business enterprise; or

 

(v)           there shall be a
voluntary or involuntary dissolution, liquidation or winding up of the Company;

 

then,
in any one or more of said cases, the Company shall give written notice, by
first-class mail, postage prepaid, addressed to the registered holder of this
Warrant at the address of such holder as 

 

3

 

shown
on the books of the Company, of the date on which (aa) the books of the
Company shall close or a record shall be taken for such dividend, distribution
or subscription rights, or (bb) such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding up shall take
place, as the case may be.  Such notice
shall also specify the date as of which the holders of Units of record shall
participate in such dividend, distribution or subscription rights, or shall be
entitled to exchange their Units for securities or other property deliverable
upon such reorganization, reclassification, consolidation, merger, sale,
dissolution, liquidation or winding up, as the case may be.  Such written notice shall be given at least
twenty (20) days prior to the action in question and not less than twenty (20)
days prior to the record date or the date on which the Company’s transfer books
are closed in respect thereto.

 

6.             The Company shall not by amendment of its Amended
and Restated Limited Liability Company
Agreement (the “Operating Agreement”) or through any reorganization,
transfer of assets, consolidation, combination, merger, dissolution, issuance
or sale of securities, recapitalization, reclassification or any other
voluntary action, avoid or seek to avoid the observance or performance of any
of the provisions of this Warrant or to modify, rescind or limit the rights,
privileges and preferences of the Class A Preferred but shall at all times
in good faith assist in the carrying out of all of the provisions of this
Warrant and shall take all such action as the holder may reasonably request to
preserve and maintain the rights, privileges and preferences of the Class A
Preferred.

 

7.             This Warrant shall not entitle the
holder hereof to any voting rights or other rights as a Member or Unit owner of the Company.  In the absence of affirmative action by the
holder to purchase Class A Preferred pursuant to the purchase rights
granted hereunder, no enumeration herein of the rights or privileges of the
holder shall give rise to any liability of such holder for the Exercise Price
of Class A Preferred acquirable by exercise hereof or as a holder of Units
of the Company.

 

8.             (a)           The
holder understands that this Warrant and, until such time as Class A
Preferred issuable upon exercise thereof have been registered under the
Securities Act of 1933 (the “Securities Act”) or otherwise may be sold by a
holder under Rule 144 under the Securities Act, the certificates for such Class A
Preferred will bear the restrictive legend under the heading “Restrictions on
Transfer” below.

 

(b)           Such legend shall be removed and the
Company shall issue a certificate without such legend to the holder of any
security upon which it is stamped, if, unless otherwise required by state
securities laws, (i) the sale of such security is registered under the
Securities Act or (ii) such security is sold pursuant to Rule 144
under the Securities Act.

 

(c)           Notwithstanding anything in this
Warrant to the contrary, the Purchaser shall not sell, assign or otherwise
transfer this Warrant nor any Class A Preferred issuable upon exercise
hereof to any third party without the prior written approval of the Company.
This Warrant shall be binding upon and inure to the benefit of the parties
hereto and their successors and permitted assigns.  Subject to the provisions of this
paragraph 8 and the restrictive legend under the heading “Restrictions on
Transfer” below, this Warrant and all rights hereunder are transferable, in
whole or in part, at the principal office of the Company by the holder hereof
in person or by duly authorized attorney, upon surrender of this Warrant
properly endorsed; provided, however, that (i) 

 

4

 

such
transfer or assignment is permitted under the Securities Act and applicable
state or foreign securities laws or exceptions therefrom, (ii) the Company
is furnished with (A) written notice of the name and address of such
transferee or assignee and (B) evidence as reasonably requested by the
Company to determine the permissibility of such transfer or assignment and (iii) the
transferee or assignee agrees in writing for the benefit of the Company to be
bound by all of the provisions contained herein and acknowledges in writing for
the benefit of the Company that the transferee does not currently compete with
the Company or its business.  Every
person receiving Class A Preferred as a result of an exercise of this
Warrant takes such Class A Preferred subject to the terms and Conditions
of the Operating Agreement.

 

(d)           Restrictions on Transfer.  The certificates for Class A Preferred
issued upon exercise of this Warrant shall bear the following restrictive
legend:

 

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES ISSUABLE UPON
CONVERSION HEREOF MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (i) AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (ii) TO
THE EXTENT SUCH APPLICABLE, RULE 144 UNDER SUCH ACT (OR ANY SIMILAR RULE
UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES) OR (iii) ANOTHER
EXEMPTION FROM REGISTRATION UNDER SUCH ACT, THE AVAILABILITY OF WHICH SHALL BE
THE SUBJECT OF AN OPINION OF COUNSEL, SUCH OPINION TO BE REASONABLY
SATISFACTORY TO THE COMPANY.

 

9.             Each taker and holder of this
Warrant, by taking or holding the same, consents and agrees that the bearer of
this Warrant, when endorsed, may be treated by the Company and all other
persons dealing with this Warrant as the absolute owner hereof for any purpose
and as the person entitled to exercise the rights represented by this Warrant,
or to the transfer hereof on the books of the Company, any notice to the
contrary notwithstanding; but until such transfer on such books, the Company
may treat the registered holder hereof as the owner for all purposes.

 

10.           This Warrant is exchangeable, upon
the surrender hereof by the holder hereof at the principal office of the
Company, for new Warrants of like tenor representing in the aggregate the right
to subscribe for and purchase the percentage of Warrant Units that may be
subscribed for and purchased hereunder, each of such new Warrants to represent
the right to subscribe for and purchase such percentage of Warrant Units as
shall be designated by said holder hereof at the time of such surrender.

 

11.           Upon receipt of evidence reasonably
satisfactory to the Company (an affidavit of the holder shall be satisfactory)
of the ownership and the loss, theft, destruction or mutilation of any
certificate evidencing this Warrant, and in the case of any such loss, theft or
destruction, upon receipt of indemnity reasonably satisfactory to the Company
(provided that if the holder is a financial institution or other institutional
investor its own agreement shall be satisfactory), or, in the case of any such
mutilation upon surrender of such certificate, the Company shall (at its
expense) execute and deliver in lieu of such certificate a new certificate of
like kind representing the number of Warrants represented by such lost, stolen,
destroyed or mutilated certificate and dated the date of such lost, stolen,
destroyed or mutilated certificate.

 

5

 

12.           Except as otherwise expressly
provided hereunder, all notices referred to herein shall be in writing and
shall be delivered by registered or certified mail, return receipt requested
and postage prepaid, or by reputable overnight courier service, charges
prepaid, and shall be deemed to have been given when so mailed or sent (i) to
the Company, at its principal executive offices, Attention: Dana Persson, Chief
Executive Officer and (ii) to the holder, at such holder’s address as it
appears in the records of the Company (unless otherwise indicated by any such
holder).

 

13.           Any provision of this Warrant may be
amended or modified in whole or in part at any time by an agreement in writing
among the Company and the holder of this Warrant. Excepting that this Warrant
may not be exercised after the Expiration Date, no failure on the part of
either the Company or the holder of this Warrant to exercise, and no delay in
exercising, any right shall operate as a waiver thereof nor shall any single or
partial exercise by either the Company or the holder of this Warrant of any
right preclude any other or future exercise thereof or the exercise of any
other right.

 

14.           References in this Warrant to
paragraphs and attachments are references to paragraphs of, and attachments to
this Warrant unless otherwise noted. The limited liability company laws of the
State of Delaware shall govern all issues concerning the relative rights of the
Company and its Members and Unit owners. All other questions concerning the
construction, validity, enforcement and interpretation of this Warrant shall be
governed by the internal law of the State of Delaware, without giving effect to
any choice of law or conflict of law provision or rule (whether of the
State of Delaware or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of Delaware.

 

15.           Should any part of this Warrant for
any reason be declared invalid, such decision shall not affect the validity of
the remaining portion, which remaining portion shall remain in full force and
effect as if this Warrant had been executed with the invalid portion thereof
eliminated, and it is hereby declared the intention of the Company hereto that
it would have executed the remaining portion of this Warrant without including
therein any such parts or parts that may, for any reason, be hereafter declared
invalid.

 

16.           This Warrant and the documents
described herein or attached or delivered pursuant hereto set forth the entire
agreement between the Company and the holder with respect to the transactions
contemplated by this Warrant.

 

*  *  *

 

[Signature
Page Follows]

 

6

 

IN WITNESS WHEREOF, the Company has caused this
Warrant to be signed by its duly authorized officer and this Warrant to be
dated as of February 15, 2008.

 

	
   

  	
  GOLDEN OVAL EGGS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Thomas A. Powell

  
	
   

  	
   

  	
  Name: Thomas
  A. Powell

  
	
   

  	
   

  	
  Title:   Chief Financial Officer

  
				

 

7Exhibit 10.1

 

EXECUTION COPY

 

AMENDMENT NO.3 TO THE

 

FIRST LIEN SENIOR SECURED CREDIT AGREEMENT

 

Dated as of February 19, 2008

 

among

 

WII MERGER CORPORATION,

as the initial Borrower,

 

CREDIT SUISSE,

as Administrative Agent, Swing Line Lender and

an L/C Issuer,

 

The Other Lenders Parties Hereto

 

and

 

 

CREDIT SUISSE,

as Collateral Agent

 

 

 

CREDIT SUISSE SECURITIES (USA) LLC

 

Sole Lead Arranger and Sole Bookrunning Manager

 

 

 

 

AMENDMENT NO. 
3 TO THE

CREDIT AGREEMENT

 

Dated as of February 19, 2008

 

AMENDMENT NO. 3 TO THE CREDIT
AGREEMENT  (this “Amendment”)
among WII COMPONENTS, INC., a Delaware corporation (the “Borrower”), the
Lenders party thereto and CREDIT SUISSE, acting through one or more of its
branches, or any Affiliate thereof (collectively, “Credit Suisse”), as
Administrative Agent, Swing Line Lender, an L/C Issuer and Collateral Agent.

 

PRELIMINARY STATEMENTS:

 

(1)           WII Merger Corporation and Credit Suisse entered into a
Credit Agreement dated as of January 9, 2007, as amended by Amendment No. 1
dated as of February 7, 2007 and Amendment No. 2 dated as of June 12,
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)           Pursuant to the Merger and the Assumption Agreement, the
Borrower assumed all of the obligations of WII Merger Corporation under the
Loan Documents.

 

(3)           The Borrower has requested that the Required Lenders agree
to amend certain provisions of the Credit Agreement as described herein.

 

(4)           The Required Lenders have agreed, subject to the terms and
conditions stated below, 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 as follows:

 

(a)           The definition of “Applicable Margin” in Section 1.01
is hereby amended by (i) deleting the figure “2.75%” in clause (a) thereof
and replacing it with the figure “3.75%”, (ii) deleting the figure “1.75%”
in clause (b) thereof and replacing it with the figure “2.75%” and (iii) restating
the pricing grid in its entirety to read as follows:

 

	
  Pricing Level

  	
   

  	
  Consolidated Leverage Ratio

  	
   

  	
  Eurodollar Loans

  	
   

  	
  Base Rate Loans

  	
   

  
	
  I

  	
   

  	
  Greater than or equal
  to 4.00:1.00

  	
   

  	
  3.75%

  	
   

  	
  2.75%

  	
   

  
	
  II

  	
   

  	
  Less than 4.00:1.00 and
  greater than or equal to 3.00:1.00

  	
   

  	
  3.50%

  	
   

  	
  2.50%

  	
   

  
	
  III

  	
   

  	
  Less than 3.00:1.00

  	
   

  	
  3.25%

  	
   

  	
  2.25%

  	
   

  

 

(b)           Section 2.09(a) is hereby amended by deleting the
figure “0.5%” in the first sentence thereof and replacing it with the figure “1.0%”.

 

(c)           Section 7.02(a)(ii) is hereby amended by
deleting the date “March 31, 2008” appearing therein and replacing it with
the date “March 31, 2009”.

 

(d)           Section 7.06(k) is hereby amended by:

 

 

2

 

(i)    deleting the date “March 31,
2008” appearing therein and replacing it with the date “March 31, 2009”;

 

(ii)   inserting the following
before the words “the Acquisition Loan” in the fourth line thereof:  “or, during the fiscal quarter ending March 31,
2008, cash payments of principal on”; and

 

(iii)  inserting the following at
the end of clause (ii) thereof:  “plus,
during the fiscal quarter ending March 31, 2008, an amount not to exceed
$3,600,000 in respect of cash payments of principal on the Acquisition Loan”.

 

(e)           The grid in Section 7.11(a)(i) is hereby amended
to read as follows:

 

	
  Four Fiscal Quarters Ending

  	
   

  	
  Maximum Consolidated Leverage Ratio

  	
   

  
	
  March 31, 2007
  through September 30, 2007

  	
   

  	
  6.50:1.00

  	
   

  
	
  December 31, 2007

  	
   

  	
  6.90:1.00

  	
   

  
	
  March 31, 2008
  through March 31, 2010

  	
   

  	
  7.80:1.00

  	
   

  
	
  June 30, 2010
  through December 31, 2011

  	
   

  	
  6.00:1.00

  	
   

  
	
  March 31, 2012

  	
   

  	
  4.20:1.00

  	
   

  
	
  June 30, 2012

  	
   

  	
  4.00:1.00

  	
   

  
	
  September 30, 2012

  	
   

  	
  3.90:1.00

  	
   

  
	
  December 31, 2012

  	
   

  	
  3.80:1.00

  	
   

  

 

(f)            The grid in Section 7.11(c)(i) is hereby
amended to read as follows:

 

	
  Four Fiscal Quarters Ending

  	
   

  	
  Minimum Consolidated Interest Coverage Ratio

  	
   

  
	
  March 31, 2007
  through September 30, 2007

  	
   

  	
  2.50:1.00

  	
   

  
	
  December 31, 2007

  	
   

  	
  2.60:1.00

  	
   

  
	
  March 31, 2008
  through March 31, 2010

  	
   

  	
  1.90:1.00

  	
   

  
	
  June 30, 2010

  	
   

  	
  3.70:1.00

  	
   

  
	
  September 30, 2010
  through December 31, 2010

  	
   

  	
  3.80:1.00

  	
   

  
	
  March 31, 2011

  	
   

  	
  3.90:1.00

  	
   

  
	
  June 30, 2011

  	
   

  	
  4.00:1.00

  	
   

  
	
  September 30, 2011
  through December 31, 2011

  	
   

  	
  4.10:1.00

  	
   

  
	
  March 31, 2012

  	
   

  	
  4.70:1.00

  	
   

  
	
  June 30, 2012

  	
   

  	
  5.40:1.00

  	
   

  
	
  September 30, 2012

  	
   

  	
  6.20:1.00

  	
   

  
	
  December 31, 2012

  	
   

  	
  7.10:1.00

  	
   

  

 

(g)           Section 7.15(a)(iv) is hereby amended by
inserting at the end thereof “or cash payments of principal on the Acquisition
Loan permitted under Section 7.06(k)”.

 

(h)           Section 8.01(o) is hereby amended by deleting
the date “March 31, 2008” appearing therein and replacing it with the date
“March 31, 2009”.

 

3

 

SECTION 2.           Conditions of Effectiveness.  This Amendment shall become effective as of
the date first above written when, and only when,

 

(a)           the Administrative Agent shall have received counterparts
of this Amendment executed by each Loan Party and the Required Lenders;

 

(b)           the Administrative Agent shall have received, in form and
substance satisfactory to the Administrative Agent:

 

(i)   a certificate signed by a duly authorized officer of the Borrower
stating that (A) the representations and warranties contained in Article V
of the Credit Agreement are true and correct in all material respects on and as
of the date of such certificate as though made on and as of such date other
than any such representations or warranties that, by their terms, refer to a
date other than the date of such certificate, and (B) no event has
occurred and is continuing that constitutes a Default; and

 

(ii)  A certificate of the Secretary or an Assistant Secretary of each
Loan Party certifying that the certified resolutions of the Board of Directors
(or similar governing body) of each Loan Party delivered in connection with the
Credit Agreement have not been amended, modified or revoked and are in full
force and effect on the date hereof; and

 

(c)           all expenses of the Administrative
Agent (including all reasonable fees and expenses of counsel to the
Administrative Agent), to the extent invoiced and due prior to the date hereof,
shall have been paid.

 

SECTION 3.           Confirmation of Representations
and Warranties.  Each of the Loan
Parties hereby represents and warrants, on and as of the date hereof, that the
representations and warranties contained in the Loan Documents are true and
correct in all material respects on and as of the date hereof, before and after
giving effect to this Amendment, as though made on and as of the date hereof,
other than any such representations or warranties that, by their terms, refer
to a specific date.

 

SECTION 4.           Affirmation
of Guarantors.  Each Guarantor hereby
consents to the amendments to the Credit Agreement effected hereby, and hereby
confirms and agrees that, notwithstanding the effectiveness of this Amendment,
the obligations of such Guarantor contained in the Holdings Guaranty or the Subsidiary Guaranty (as
the case may be), or in any other Loan Document to which it is a party are, and
shall remain, in full force and effect and are hereby ratified and confirmed in
all respects, except as set forth in Section 5(a) below.

 

SECTION 5.           Reference to and Effect on the
Loan Documents.  (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 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 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 

 

4

 

expressly provided herein, operate
as a waiver of any right, power or remedy of any Lender or the Administrative
Agent under the Credit Agreement, nor constitute a waiver of any provision of
the Credit Agreement or any other Loan Document.

 

SECTION 6.           Costs, Expenses.  The Borrower agrees to pay on demand all
costs and expenses of the Administrative Agent (including, without limitation,
the reasonable fees and expenses of counsel for the Administrative 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, in accordance with the terms of Section 10.04 of the
Credit Agreement.

 

SECTION 7.           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 facsimile shall be effective as
delivery of a manually executed counterpart of this Amendment.

 

SECTION 8.           Governing Law.  This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York.

 

[The
remainder of this page intentionally left blank.]

 

 

5

 

 

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.

 

	
   

  	
  WII COMPONENTS, INC., as Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dale B. Herbst

  
	
   

  	
  Name:

  	
  Dale B. Herbst

  
	
   

  	
  Title:

  	
  CFO

  
				

 

6

 

	
   

  	
  WII HOLDING, INC.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dale B. Herbst

  
	
   

  	
  Name:

  	
  Dale B. Herbst

  
	
   

  	
  Title:

  	
  CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WOODCRAFT INDUSTRIES, INC.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dale B. Herbst

  
	
   

  	
  Name:

  	
  Dale B. Herbst

  
	
   

  	
  Title:

  	
  CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BRENTWOOD ACQUISITION CORP.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dale B. Herbst

  
	
   

  	
  Name:

  	
  Dale B. Herbst

  
	
   

  	
  Title:

  	
  CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PRIMEWOOD, INC.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dale B. Herbst

  
	
   

  	
  Name:

  	
  Dale B. Herbst

  
	
   

  	
  Title:

  	
  CFO

  
				

 

7

 

	
   

  	
  CREDIT SUISSE,

  	
   

  
	
   

  	
  Cayman Islands Branch,

  	
   

  
	
   

  	
  as Administrative Agent and Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Mikhail Faybusovich

  
	
   

  	
  Name:

  	
  Mikhail Faybusovich

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ James Neira

  
	
   

  	
  Name:

  	
  James Neira

  
	
   

  	
  Title:

  	
  Associate

  
					

 

8

 

	
   

  	
  CREDIT SUISSE,

  	
   

  
	
   

  	
  Cayman Islands Branch,

  	
   

  
	
   

  	
  as Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Mikhail Faybusovich

  
	
   

  	
  Name:

  	
  Mikhail Faybusovich

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ James Neira

  
	
   

  	
  Name:

  	
  James Neira

  
	
   

  	
  Title:

  	
  Associate

  
					

 

 

9

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