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Credit Agreement

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Title:

Credit Agreement

Entities:

Huttig Building Products Inc.; McGraw-Hill Companies Inc.; National City Bank; Bank of New York; Lewis, Rice & Fingersh

Date:

2004

Size:

282KB total

Price:

$93

ID:

#381505

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CREDIT AGREEMENT

dated as of September 24, 2004

among

HUTTIG BUILDING PRODUCTS, INC.

as the Company

THE VARIOUS FINANCIAL INSTITUTIONS PARTY HERETO,

as Lenders,

and

LASALLE BANK NATIONAL ASSOCIATION,

as Administrative Agent

LASALLE BANK NATIONAL ASSOCIATION,

as Arranger and

LASALLE BANK NATIONAL ASSOCIATION,

as sole Book Runner

GENERAL ELECTRIC CAPITAL CORPORATION

and

HARRIS TRUST & SAVINGS BANK

as co-Syndication Agents


SECTION 1	DEFINITIONS		1
1.1	Definitions		1
1.2	Other Interpretive Provisions		20

SECTION 2	COMMITMENTS OF THE LENDERS; BORROWING, CONVERSION AND LETTER OF CREDIT PROCEDURES		21
2.1	Commitments		21
	2.1.1	Revolving Loan Commitment	21
	2.1.2	Increase in Revolving Commitment	22
	2.1.3	Term Loan Commitment	22
	2.1.4	L/C Commitment	22
2.2	Loan Procedures		22
	2.2.1	Various Types of Loans	22
	2.2.2	Borrowing Procedures	22
	2.2.3	Conversion and Continuation Procedures	23
	2.2.4	Swing Line Facility	24
2.3	Letter of Credit Procedures		25
	2.3.1	L/C Applications	25
	2.3.2	Participations in Letters of Credit	26
	2.3.3	Reimbursement Obligations	26
	2.3.4	Funding by Lenders to Issuing Lender	27
2.4	Commitments Several		28
2.5	Certain Conditions		28

SECTION 3	EVIDENCING OF LOANS		28
3.1	Notes		28
3.2	Recordkeeping		28

SECTION 4	INTEREST		28
4.1	Interest Rates		28
4.2	Interest Payment Dates		29
4.3	Setting and Notice of LIBOR Rates		29
4.4	Computation of Interest		29

SECTION 5	FEES		29
5.1	Non-Use Fee		29
5.2	Letter of Credit Fees		29
5.3	Administrative Agents Fees		30

SECTION 6	REDUCTION OR TERMINATION OF THE REVOLVING COMMITMENT; PREPAYMENTS		30
6.1	Reduction or Termination of the Revolving Commitment		30
	6.1.1	Voluntary Reduction or Termination of the Revolving Commitment	30
	6.1.2	All Reductions of the Revolving Commitment	30
6.2	Prepayments		30


	6.2.1	Voluntary Prepayments	30
	6.2.2	Mandatory Prepayments	31
6.3	Manner of Prepayments		32
	6.3.1	All Prepayments	32
	6.3.2	Permitted Sale	32
	6.3.3	Sale of Capital Securities	32
6.4	Repayments		32
	6.4.1	Revolving Loans	32
	6.4.2	Term Loans	32

SECTION 7	MAKING AND PRORATION OF PAYMENTS; SETOFF; TAXES		32
7.1	Making of Payments		32
7.2	Application of Certain Payments		33
7.3	Due Date Extension		33
7.4	Setoff		33
7.5	Proration of Payments		33
7.6	Taxes		34

SECTION 8	INCREASED COSTS; SPECIAL PROVISIONS FOR LIBOR LOANS		35
8.1	Increased Costs		35
8.2	Basis for Determining Interest Rate Inadequate or Unfair		36
8.3	Changes in Law Rendering LIBOR Loans Unlawful		37
8.4	Funding Losses		37
8.5	Right of Lenders to Fund through Other Offices		37
8.6	Discretion of Lenders as to Manner of Funding		38
8.7	Mitigation of Circumstances; Replacement of Lenders		38
8.8	Conclusiveness of Statements; Survival of Provisions		38

SECTION 9	REPRESENTATIONS AND WARRANTIES		39
9.1	Organization		39
9.2	Authorization; No Conflict		39
9.3	Validity and Binding Nature		39
9.4	Financial Condition		39
9.5	No Material Adverse Change		39
9.6	Litigation and Contingent Liabilities		39
9.7	Ownership of Properties; Liens		40
9.8	Equity Ownership; Subsidiaries		40
9.9	Pension Plans		40
9.10	Investment Company Act		41
9.11	Public Utility Holding Company Act		41
9.12	Regulation U		41
9.13	Taxes		41
9.14	Solvency, etc.		41
9.15	Environmental Matters		42
9.16	Insurance		42
9.17	Real Property		42


9.18	Information		42
9.19	Intellectual Property		43
9.20	Burdensome Obligations		43
9.21	Labor Matters		43
9.22	No Default		43

SECTION 10	AFFIRMATIVE COVENANTS		43
10.1	Reports, Certificates and Other Information		43
	10.1.1	Annual Report	43
	10.1.2	Interim Reports	44
	10.1.3	Compliance Certificates	44
	10.1.4	Reports to the SEC and to Shareholders	44
	10.1.5	Notice of Default, Litigation, Environmental, Insurance and ERISA Matters	44
	10.1.6	Management Reports	45
	10.1.7	Projections	45
	10.1.8	Subordinated Debt Notices	46
	10.1.9	Other Information	46
10.2	Books, Records and Inspections		46
10.3	Maintenance of Property; Insurance		46
10.4	Compliance with Laws; Payment of Taxes and Liabilities		47
10.5	Maintenance of Existence, etc.		48
10.6	Use of Proceeds		48
10.7	Employee Benefit Plans		48
10.8	Environmental Matters		49
10.9	Further Assurances		49

SECTION 11	NEGATIVE COVENANTS		49
11.1	Debt		49
11.2	Liens		50
11.3	Restricted Payments		51
11.4	Mergers, Consolidations, Sales		51
11.5	Modification of Organizational Documents		53
11.6	Transactions with Affiliates		53
11.7	Inconsistent Agreements		53
11.8	Business Activities; Issuance of Equity		54
11.9	Investments		54
11.10	Fiscal Year		55
11.11	Financial Covenants		55
	11.11.1	Fixed Charge Coverage Ratio	55
	11.11.2	Senior Debt to EBITDA Ratio	55
	11.11.3	Asset Coverage Ratio	56
	11.11.4	Minimum Tangible Net Worth	56
11.12	Cancellation of Debt		56
11.13	Huttig FSC, Inc.		56

iii



SECTION 12	EFFECTIVENESS; CONDITIONS OF LENDING, ETC.		56
12.1	Initial Credit Extension		56
	12.1.1	Financial Statements	56
	12.1.2	Notes. A Note for each Lender	57
	12.1.3	Authorization Documents	57
	12.1.4	Consents, etc.	57
	12.1.5	Letter of Direction	57
	12.1.6	Guaranty and Collateral Agreement	57
	12.1.7	Real Estate Documents	57
	12.1.8	Collateral Access Agreements	57
	12.1.9	Subordination Agreements	58
	12.1.10	Opinions of Counsel	58
	12.1.11	Insurance	58
	12.1.12	Payment of Fees	58
	12.1.13	Appraisals	58
	12.1.14	Search Results; Lien Terminations	58
	12.1.15	Filings, Registrations and Recordings	58
	12.1.16	Closing Certificate, Consents and Permits	59
	12.1.17	Other	59
	12.1.18	Collateral Reports	59
12.2	Conditions		59
	12.2.1	Compliance with Warranties, No Default, etc.	59
	12.2.2	Confirmatory Certificate	59

SECTION 13	EVENTS OF DEFAULT AND THEIR EFFECT		59
13.1	Events of Default		59
	13.1.1	Non-Payment of the Loans, etc.	59
	13.1.2	Non-Payment of Other Debt	60
	13.1.3	Other Material Obligations	60
	13.1.4	Bankruptcy, Insolvency, etc.	60
	13.1.5	Non-Compliance with Loan Documents	60
	13.1.6	Representations; Warranties	60
	13.1.7	Pension Plans	61
	13.1.8	Judgments	61
	13.1.9	Invalidity of Collateral Documents, etc.	61
	13.1.10	Invalidity of Subordination Provisions, etc.	61
	13.1.11	Change of Control	61
13.2	Effect of Event of Default		61

SECTION 14	THE AGENTS		62
14.1	Appointment and Authorization		62
14.2	Issuing Lender		62
14.3	Delegation of Duties		62
14.4	Exculpation of Administrative Agent		63
14.5	Reliance by Administrative Agent		63
14.6	Notice of Default		63
14.7	Credit Decision		64
14.8	Indemnification		64


14.9	Administrative Agent in Individual Capacity		65
14.10	Successor Administrative Agent		65
14.11	Collateral Matters		65
14.12	Administrative Agent May File Proofs of Claim		66
14.13	Other Agents; Arrangers and Managers		67

SECTION 15	GENERAL		67
15.1	Waiver; Amendments		67
	15.1.1		67
	15.1.2		67
	15.1.3		67
	15.1.4		68
15.2	Confirmations		68
15.3	Notices		68
15.4	Computations		69
15.5	Costs, Expenses and Taxes		69
15.6	Assignments; Participations		69
	15.6.1	Assignments	69
	15.6.2	Participations	71
15.7	Register		71
15.8	GOVERNING LAW		71
15.9	Confidentiality		72
15.10	Severability		72
15.11	Nature of Remedies		72
15.12	Entire Agreement		73
15.13	Counterparts		73
15.14	Successors and Assigns		73
15.15	Captions		73
15.16	Patriot Act Notice		73
15.17	INDEMNIFICATION BY THE COMPANY		73
15.18	Nonliability of Lenders		74
15.19	FORUM SELECTION AND CONSENT TO JURISDICTION		75
15.20	WAIVER OF JURY TRIAL		75
15.21