Consent Letter Regarding Capital Expenditure Increase under Securities Purchase Agreement – ClimaChem, Inc. and Guggenheim Investment Management, LLC
ClimaChem, Inc., its subsidiaries, and LSB Industries, Inc. (as guarantor) are parties to a Securities Purchase Agreement with certain purchasers and Guggenheim Investment Management, LLC as collateral agent. This letter documents the consent of Guggenheim and the purchasers to increase the allowable capital expenditures to $11,240,000 for each 12-month period ending with each fiscal quarter after the SPA date. The consent is confirmed by signature, formalizing the amendment to the original agreement.
ClimaChem, Inc.
March 3, 2003
Todd L. Boehly, Managing Director
Guggenheim Partners
135 East 57th Street, 9th Floor
New York, New York 10022
RE: Securities Purchase Agreement (the "SPA"), dated as of May 24, 2002, as amended, by and among ClimaChem, Inc. ("ClimaChem"), certain subsidiaries of ClimaChem, LSB Industries, Inc., as guarantor, the Purchasers identified therein and Guggenheim Investment Management, LLC, as Collateral Agent 9;
Dear Todd:
This letter shall serve to document the consent by Guggenheim Investment Management, LLC, as collateral agent and the Purchasers that are party to the SPA, to the increase in Capital Expenditures, as defined under the SPA, to $11,240,000 for the 12-month period ending each fiscal quarter after the date of the SPA. Please confirm your consent to the foregoing by signing below where indicated. Thank you.
Sincerely,
David M. Shear
General Counsel
AGREED TO AND ACKNOWLEDGED:
_____________________________________
Todd L. Boehly, Managing Director for
the Purchasers and Collateral Agent
