Exhibit 4.2.7
AMENDMENT
DATED AS OF OCTOBER 1, 1997
TO
CREDIT AND SECURITY AGREEMENT
DATED AS OF NOVEMBER 30, 1992
Reference is hereby made to that certain Credit and Security Agreement
("Credit Agreement") dated as of November 30, 1992 among Principal Mututual Life
Insurance Company, Aetna Life Insurance Company, The Northwestern Mutual Life
Insurance Company, Chemical Bank, Seattle-First National Bank and Bank of
America Oregon, and WTD Industries, Inc. and its Affiliates and the Term Notes
issued by the Borrowers in connection with the Credit Agreement. Capitalized
terms used herein shall have the same meaning ascribed thereto in the Credit
Agreement.
The Term Notes currently are held by the following entities in the
proportions set forth herein:
Principal Mututal Life
Insurance Company 57.111632%
The Northwestern Mutual Life
Insurance Company 20.450484%
Foothill Group, Inc. 13.532675%
Xxxxxxxxxxx & Co., Inc. 6.911127%
Fixed Plus Partners, beneficial owner
of Note registered in the name of
Bear Xxxxxxx Securities Corp. 1.994082%
The Credit Agreement is hereby modified as follows:
1. Credit Agreement Section 6.01.J is hereby restated to read as
follows:
J. Minimum Working Capital. Maintain minimum working capital,
at all times during the periods set forth below, calculated as Current
Assets minus Current Liabilities; provided, for the purpose of
computing Current Assets under this Section 6.01.J, the portion of
Current Assets which consists of Timber and Timberlands Current or
contract rights relating thereto shall be included only up to an amount
equal to (x) on or before January 31, 1993, forty-five percent (45%)
and (y) thereafter, forty percent (40%), of the amount of Borrowers'
overall Current Assets determined in accordance with GAAP:
Period Millions of Dollars
------ -------------------
Effective Date through 12/31/95 25
1/1/96 through 6/30/96 19
7/1/96 through 6/30/97 22.5
7/1/97 through 9/30/97 25
10/1/97 through 6/30/98 21.5
7/1/98 and beyond 25
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2. In all other respects, the Credit Agreement shall remain unchanged
and in full force and effect.
EFFECTIVE DATE: October 1, 1997
PRINCIPAL MUTUAL LIFE THE NORTHWESTERN MUTUAL LIFE
INSURANCE COMPANY INSURANCE COMPANY
By: By:
------------------------------ ------------------------------
Its: Its:
------------------------------ ------------------------------
(pro rata interest: 20.450484%)
By:
------------------------------ FOOTHILL GROUP, INC.
Its:
------------------------------
(pro rata interest: 57.111632%) By:
------------------------------
Its:
XXXXXXXXXXX & CO., INC. ------------------------------
(pro rata interest: 13.532675%)
By:
------------------------------
Its: WTD INDUSTRIES, INC.
------------------------------
(pro rata interest: 6.911127%)
By:
------------------------------
Its:
------------------------------
FIXED PLUS PARTNERS, Beneficial
Owner of Note Registered in the Name
of Bear Xxxxxxx Securities Corp.
By:
------------------------------
Its:
------------------------------
(pro rata interest: 1.994082%)
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