Notice of Revolver Reduction under Five-Year Credit Agreement between The Valspar Corporation and JP Morgan Chase Bank
The Valspar Corporation notifies JP Morgan Chase Bank that, effective November 1, 2004, it is reducing the total commitments under their existing Five-Year Credit Agreement from $1 billion to $500 million. The reduction affects the U.S. and MultiCurrency tranches, while the Australia tranche remains unchanged. Valspar requests written acknowledgment from the bank to confirm acceptance of this change. This notice is issued in accordance with the terms of the original credit agreement.
Exhibit 10(n)
NOTICE OF REVOLVER REDUCTIONOctober 26, 2004
| JP Morgan Chase Bank | By fax to ###-###-#### and overnight courier | ||
| 10 South LaSalle Street | |||
| 23rd Floor | |||
| Chicago, IL 60603 | |||
| Attention: Jaime Garcia |
| Re: | FIVE-YEAR CREDIT AGREEMENT dated as of November 17, 2000 |
Ladies and Gentlemen:
Pursuant to Section 2.07 of the above Credit Agreement, The Valspar Corporation hereby notifies you that effective November 1, 2004, it is reducing the Commitments on the above referenced Credit Agreement from $1 billion to $500 million as follows:
| US Tranche | MultiCurrency Tranche | Australia Tranche | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Existing Facility Amount | 500,000,000 | 450,000,000 | 50,000,000 | 1,000,000,000 | |||||
| Reduce Facility | (150,000,000 | ) | (350,000,000 | ) | — | (500,000,000 | ) | ||
| New Amount as of November 1, 2004 | 350,000,000 | 100,000,000 | 50,000,000 | 500,000,000 | |||||
Please send us written acknowledgement of your acceptance of this reduction.
| THE VALSPAR CORPORATION | |||||
By: | /s/ Deborah D. Weiss | ||||
| Vice President and Treasurer | |||||
