Amendment to Credit Agreement between Deutsche Bank Trust Company Americas and Wellman, Inc. (October 27, 2008)

Summary

This amendment, dated October 27, 2008, modifies the existing Credit Agreement between Wellman, Inc. and Deutsche Bank Trust Company Americas, acting as Administrative Agent for the lenders. The amendment changes a specific date in Section 9.1(i)(xv) of the Credit Agreement from October 27, 2008, to November 4, 2008. All other terms and conditions of the original Credit Agreement remain unchanged. The amendment is acknowledged and agreed to by both parties.

EX-10.16 7 b72644q3exv10w16.htm EX-10.16 AMENDMENT TO THE CREDIT AGREEMENT, DATED OCTOBER 27, 2008 exv10w16

Exhibit 10.16

DEUTSCHE BANK TRUST COMPANY AMERICAS
60 WALL STREET
NEW YORK, NEW YORK 10005

October 27, 2008

Wellman, Inc.
1041 521 Corporate Center Drive
Fort Mill, South Carolina 29715
Attention: Chief Financial Officer
and Treasurer and Chief Accounting Officer

Re: Wellman, Inc. Credit Agreement dated as of February 27, 2008

Reference is hereby made to that certain Credit Agreement, dated as of February 27, 2008, by and among Wellman, Inc. (the “Funds Administrator”) and the other Borrowers party thereto, as debtors and debtors in possession, as Borrowers, the Lenders from time to time party thereto, Deutsche Bank Trust Company Americas, as Administrative Agent (in such capacity, the “Administrative Agent”) and Collateral Agent, and the other agents signatory thereto (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement or, if not defined therein, in the Johnsonville Motion (defined below).

The undersigned Administrative Agent, on behalf of the Majority Lenders, hereby consents to the Funds Administrator’s request that Section 9.1(i)(xv) of the Credit Agreement be amended as of October 27, 2008 by deleting the date “October 27, 2008” in sub clauses (iii) and (iv) thereof and replacing it with “November 4, 2008”.

Except as expressly provided herein with respect to Section 9.1(i)(xv) of the Credit Agreement, (i) this letter shall not be construed as a consent, waiver or other modification with respect to any term, condition, or any other provision of the Credit Agreement or any other Loan Document, and each of the Loan Documents shall remain in full force and effect, and (ii) neither this letter, nor any other communication between the Administrative Agent and the Funds Administrator or any other Borrower shall be deemed to be a waiver, modification, or release of any Default or Event of Default, whether such Default or Event of Default arose or arises before, on or after the date hereof and whether or not known to the Administrative Agent.


	Very truly yours, DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent
	By:	/s/ Dusan Lazarov
		Title: Vice President

	By:	/s/ David J. Bell
		Title: Managing Director

Acknowledged and agreed as of
this 27 day of October, 2008


WELLMAN, INC.
By:	/s/ Keith R. Phillips
	Title: Chief Financial Officer