Exhibit 10.16
FIRST AMENDMENT TO CREDIT AGREEMENT
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (the “Amendment”) dated as of
September 30, 2004, is to that certain Credit Agreement dated as of July 31, 2003 (as amended and modified
from time to time, the “Credit Agreement”), by and among WESTLAKE CHEMICAL CORPORATION , a
Delaware corporation (the “Borrower”), THE SUBSIDIARIES OF THE BORROWER FROM TIME
TO TIME PARTIES THERETO AND IDENTIFIED AS “GUARANTORS” ON THE SIGNATURE
PAGES HERETO (the “Guarantors”), THE PERSONS FROM TIME TO TIME PARTIES THERETO
AND IDENTIFIED AS “LENDERS” ON THE SIGNATURE PAGES HERETO (the “Lenders”) and
BANK OF AMERICA, N.A. , as administrative agent (the “Agent”).
W I T N E S S E T H
WHEREAS , the Lenders have, pursuant to the terms of the Credit Agreement, made available to the
Borrower and the Guarantors a term loan in the original principal amount of $120,000,000;
WHEREAS , the parties hereto have agreed to amend the Credit Agreement as set forth herein;
NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
A. Definitions. Unless the context otherwise requires, capitalized terms used but not otherwise defined
herein shall have the meanings assigned in the Credit Agreement.
B. Amendments.
1. The definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended to read
as follows:
“Applicable Rate” means, (a) with respect to Base Rate Loans, 1.25% and (b) with respect to
Eurodollar Loans, 2.25%.
2. The definitions of “Excess Cash Flow” and “Excess Cash Flow Payment Date” in Section 1.01 of the
Credit Agreement are hereby deleted.
3. Section 2.04(b)(i) of the Credit Agreement is hereby amended to read as follows:
(i) [Intentionally Omitted].
4. Section 7.02(c) of the Credit Agreement is hereby amended to read as follows: