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Exhibit 4.2

 

AMENDMENT NO. 1 TO REVOLVING CREDIT AGREEMENT

 

This Amendment (this “Amendment”) is entered into as of September 29, 2010 by and among Corn Products International, Inc., a Delaware corporation (the “Borrower”), JPMorgan Chase Bank, National Association, individually and as administrative agent (the “Administrative Agent”), and the other financial institutions signatory hereto.

 

RECITALS

 

A.            The Borrower, the Administrative Agent and the Lenders are party to that certain Revolving Credit Agreement dated as of September 2, 2010 (the “Credit Agreement”).  Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them by the Credit Agreement.

 

B.            The Borrower, the Administrative Agent and the undersigned Lenders wish to amend the Credit Agreement on the terms and conditions set forth below.

 

Now, therefore, in consideration of the mutual execution hereof and other good and valuable consideration, the parties hereto agree as follows:

 

1.             Amendment to Credit Agreement.  Upon the “Effective Date” (as defined below), the Credit Agreement shall be amended as follows:

 

(a)           Section 6.04 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“SECTION 6.04  Restricted Payments.  The Borrower will not, and will not permit any of its Subsidiaries to, declare, pay or make, or agree to declare, pay or make, directly or indirectly, any Restricted Payment, except (a) the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock, (b) Subsidiaries may declare and make Restricted Payments (i) ratably with respect to their Equity Interests and (ii) to the Borrower and/or any Wholly-Owned Subsidiary or Wholly-Owned Subsidiaries, (c) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries and (d) the Borrower may make other Restricted Payments so long as both immediately before and immediately after giving effect to such Restricted Payments (i) no Default exists and (ii) the Borrower shall be in pro forma compliance with Sections 6.07 and 6.08.”

 

(b)           Section 6.06 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 



 

“SECTION 6.06  Restrictive Agreements.  The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary (i) to pay dividends or other distributions with respect to any shares of its capital stock, (ii) to make or repay loans or advances to the Borrower or any other Subsidiary or (iii) to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.06 (but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided that such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof, (vi) the foregoing shall not apply to restrictions and conditions which (A) are not in agreements in respect of Indebtedness for borrowed money in excess of $5,000,000 for each such agreement and (B) are existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of the Business or any Person that becomes a Subsidiary after the date hereof but prior to the time such Person becomes a Subsidiary and (vii) clauses (b)(i) and (ii) of the foregoing shall not apply to prohibitions, restrictions or conditions imposed solely for the benefit of the Borrower and/or any Wholly-Owned Subsidiary or Wholly-Owned Subsidiaries with respect to (A) dividends or distributions being paid or made to the Borrower and/or any Wholly-Owned Subsidiary or Wholly-Owned Subsidiaries by a Wholly-Owned Subsidiary or (B) making or repaying loans or advances to the Borrower or any other Subsidiary.”

 

2.             Representations and Warranties of the Borrower.  The Borrower represents and warrants that as of the date hereof:

 

(a)           The execution, delivery and performance by the Borrower of this Amendment have been duly authorized by all necessary corporate action and that this Amendment is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, except as the enforcement thereof may be subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally;

 

2



 

(b)           Each of the representations and warranties contained in the Credit Agreement is true and correct in all material respects on and as of the date hereof as if made on such date, except any such representation or warranty that expressly relates to or is made expressly as of a specific earlier date, in which case such representation or warranty shall be true and correct in all material respects with respect to or as of such specific earlier date; and

 

(c)           After giving effect to this Amendment, no Default has occurred and is continuing.

 

3.             Effective Date.  This Amendment shall become effective on the date (the “Effective Date”) upon which this Amendment is executed and delivered by the Borrower, the Administrative Agent and the Required Lenders (without respect to whether it has been executed and delivered by all the Lenders).

 

4.             Reference to and Effect Upon the Credit Agreement.

 

(a)           Except as specifically amended above, the Credit Agreement and the other Credit Documents shall remain in full force and effect and are hereby ratified and confirmed.

 

(b)           The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any Credit Document, nor constitute a waiver of any provision of the Credit Agreement or any Credit Document, except as specifically set forth herein.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby.

 

5.             Costs and Expenses.  The Borrower hereby affirms its obligation under Section 9.03 of the Credit Agreement to reimburse the Administrative Agent for all reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment, including but not limited to the reasonable fees, charges and disbursements of attorneys for the Administrative Agent with respect thereto.

 

6.             Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.

 

7.             Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purposes.

 

8.             Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all such counterparts shall constitute one and the same instrument.

 

[signature pages follow]

 

3



 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first above written.

 

 

 

CORN PRODUCTS INTERNATIONAL, INC.

 

 

 

 

 

 

 

 

By:

/s/ Cheryl K. Beebe

 

 

 

Name:

Cheryl K. Beebe

 

 

 

Title:

Vice President and Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Kimberly A. Hunter

 

 

 

Name:

Kimberly A. Hunter

 

 

 

Title:

Corporate Treasurer

 

 

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent

 

 

 

 

 

 

 

 

By

/s/ Dana Moran

 

 

Name:  Dana Moran

 

 

Title:  Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

Bank of America, N.A.

 

 

 

 

 

 

 

 

By

/s/Adam Feit

 

 

Name:  Adam Feit

 

 

Title: Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

Citibank, N.A.

 

 

 

 

 

 

 

 

By

/s/ CarolynA. Sheridan

 

 

Name:  Carolyn A. Sheridan

 

 

Title:  Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

Bank of Montreal

 

 

 

 

 

 

 

 

By

/s/ Philip Langheim

 

 

Name:  Philip Langheim

 

 

Title:   Managing Director

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

COBANK, ACB

 

 

 

 

 

 

 

 

By

/s/ Alan V. Schuler

 

 

Name:  Alan V. Schuler

 

 

Title:    Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., NEW YORK BRANCH

 

 

 

 

 

 

 

 

By

/s/ Michael Oka

 

 

Name:

Michael Oka

 

 

Title:

Executive Director

 

 

 

 

 

 

 

 

 

 

By

/s/ Luis Ruigomez

 

 

Name:

Luis Ruigomez

 

 

Title:

Executive Director

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

FIFTH THIRD BANK

 

 

 

 

 

 

 

 

By

/s/ Joseph A. Wemhoff

 

 

Name:    Joseph A. Wemhoff

 

 

Title:          Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

ING CAPITAL LLC

 

 

 

 

 

 

 

 

By

/s/ Daniel W. Lamprecht

 

 

Name: Daniel W. Lamprecht

 

 

Title: Managing Director

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

Lloyds TSB Bank, plc

 

 

 

 

 

 

 

 

By

/s/ Russell Protti

 

 

Name:

Russell Protti

 

 

Title:

Director

 

 

 

Project Finance

 

 

 

P067

 

 

 

 

 

 

 

 

 

 

By

/s/ Daniel Carr

 

 

Name:

Daniel Carr

 

 

Title:

Vice President, Project Finance

 

 

 

C021

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

Mizuho Corporate Bank (USA)

 

 

 

 

 

By

/s/ Leon Mo

 

 

Name: Leon Mo

 

 

Title: Senior Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

PNC Bank, National Association

 

 

 

 

 

 

 

 

By

/s/ Jon R. Hinard

 

 

Name: Jon R. Hinard

 

 

Title: Senior Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND” NEW YORK BRANCH

 

 

 

 

 

 

 

 

By

/s/ Andrew Sherman

 

 

Name: Andrew Sherman

 

 

Title: Executive Director

 

 

 

 

 

By

/s/ Peter Duncan

 

 

Name: Peter Duncan

 

 

Title: Managing Director

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

U.S. Bank National Association

 

 

 

 

 

 

 

 

By

Kathleen D. Schurr

 

 

Name:

Kathleen D. Schurr

 

 

Title:

Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

WELLS FARGO BANK, N.A.

 

 

 

 

 

 

 

 

By

/s/ Dan Van Aken

 

 

Name: Dan Van Aken

 

 

Title: Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

Branch Banking and Trust Company

 

 

 

 

 

 

 

 

By

/s/ Matthew Grau

 

 

Name: Matthew Grau

 

 

Title: Banking Officer

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

Comerica Bank

 

 

 

 

 

 

 

 

By

/s/ Brandon Wellling

 

 

Name: Brandon Welling

 

 

Title: Assistant Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

GreenStone Farm Credit Services, ACA/FLCA

 

 

 

 

 

 

 

 

By

/s/ Curtis Flammini

 

 

Name:

Curtis Flammini

 

 

Title:

Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

HSBC BANK USA, N.A.

 

 

 

 

 

 

 

 

By

/s/ Meredith Philips

 

 

Name: Meredith Philips

 

 

Title: Assistant Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

SCOTIABANK INC.

 

 

 

 

 

 

 

 

By

J. F. Todd

 

 

Name:

J.F. Todd

 

 

Title:

Managing Director

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

The Governor and Company of the Bank of Ireland

 

 

 

 

 

 

 

 

By

/s/ Orla Jones

 

 

Name: Orla Jones

 

 

Title: Authorised Signatory

 

 

 

 

 

By

/s/ David Rafferty

 

 

Name: David Rafferty

 

 

Title: Authorised Signatory

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

The Northern Trust Company

 

 

 

 

 

 

 

 

By

/s/ Keith L. Burson

 

 

Name:

Keith L. Burson

 

 

Title:

Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

Bank of China, New York Branch

 

 

 

 

 

 

 

 

By

/s/ William W. Smith

 

 

Name:

William W. Smith

 

 

Title:

Chief Lending Officer

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

THE BANK OF NEW YORK MELLON

 

 

 

 

 

 

 

 

By

/s/ John T. Smathers

 

 

Name:

John T. Smathers

 

 

Title:

First Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

Bank of China, Los Angeles Branch

 

 

 

 

 

 

 

 

By

/s/ Jason Fu

 

 

Name:  Jason Fu

 

 

Title:  Vice President

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement

 



 

 

 

1ST FARM CREDIT SERVICES, FLCA

 

 

 

 

 

 

 

 

By

/s/ Dale A. Richardson

 

 

Name:

Dale A. Richardson

 

 

Title:

Vice President, Capital Markets

 

Signature Page to Amendment No. 1 to

Revolving Credit Agreement