SENIOR UNSECURED REVOLVING CREDIT AGREEMENT
This FOURTH AMENDMENT TO SENIOR UNSECURED REVOLVING CREDIT AGREEMENT (this Amendment) is made and entered into as of July 12, 2022, by and among WESTLAKE CHEMICAL PARTNERS LP, a Delaware limited partnership (Borrower), as borrower and WESTLAKE CHEMICAL FINANCE CORPORATION, a Delaware corporation (Lender), as lender.
W I T N E S S E T H
WHEREAS, the parties hereto entered into that certain Senior Unsecured Revolving Credit Agreement, dated as of April 29, 2015, as amended by the First Amendment thereto, dated as of August 1, 2017, and the Second Amendment thereto, dated as of November 28, 2017, and the Third Amendment thereto, dated as of March 19, 2020 (as so amended, the Credit Agreement), pursuant to which the Lender has made certain financial accommodations available to the Borrower; and
WHEREAS, the Lender desires to make certain modifications to the Credit Agreement, including to extend the maturity date thereof, as more fully set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and subject to the terms and conditions herein set forth, the parties hereby agree as follows:
Unless otherwise defined herein, including in the text of the preamble and recitals hereto, all capitalized terms used herein shall have the respective meanings given to such terms in Section 1.1 of the Credit Agreement, as amended hereby.
The rules of interpretation set forth in Sections 1.2 and 1.3 of the Credit Agreement shall apply to this Amendment in all respects.
Article I of the Credit Agreement is hereby amended by inserting the following defined terms, in each case in their proper alphabetical order:
Credit Spread Adjustment shall mean 0.10%.
SOFR shall mean, a rate equal to the three-month secured overnight financing rate as administered by the SOFR Administrator, in each case as of the date that is two (2) Business Days before the first day of each Interest Period.
SOFR Administrator shall mean the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
SOFR Loan shall mean any Loan bearing interest at a rate determined by reference to SOFR.
SOFR Scheduled Unavailability Date shall have the meaning assigned to such term in Section 1.4.
SOFR Screen Rate shall have the meaning assigned to such term in Section 1.4.
SOFR Successor Rate shall have the meaning assigned to such term in Section 1.4.
SOFR Successor Rate Conforming Changes shall mean, with respect to any proposed SOFR Successor Rate, any conforming changes to this Agreement, including changes to Loan Interest Rate, Interest Period, timing and frequency of determining rates and payments of interest and other administrative matters as may be appropriate, in the Lenders reasonable discretion, to reflect the adoption of such SOFR Successor Rate and to permit its administration in a manner substantially consistent with market practice (or, if the Lender reasonably determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such SOFR Successor Rate exists, in such other manner of administration as the Lender reasonably determines in consultation with the Borrower). Such changes shall provide that the SOFR Successor Rate cannot be less than zero for purposes of this Agreement.