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EXHIBIT 4(c)
AMENDMENT NO. 2
TO
364-DAY REVOLVING CREDIT AGREEMENT
This Amendment No. 2 to 364-Day Revolving Credit Agreement
("Amendment") is made and entered into as of this 1st day of January, 1999, by
and among The Sherwin-Williams Company ("Company"), whose principal place of
business is located at 101 Prospect Avenue, N.W., Cleveland, Ohio 44115, Texas
Commerce Bank National Association ("TCB"), as Administrative Agent, The Chase
Manhattan Bank ("Chase"), as the Competitive Advance Facility Agent, and the
financial institutions listed on Schedule A hereto together with each of their
successors and assigns (collectively referred to as the "Lenders" and
individually a "Lender").
W I T N E S S E T H:
--------------------
WHEREAS, the Company, TCB, Chase, the Lenders and/or certain other
financial institutions entered into that certain 364-Day Revolving Credit
Agreement, dated January 3, 1997 ("Agreement"), pursuant to which the Lenders
and/or certain other financial institutions agreed, on the terms and subject to
the conditions contained therein, to make available to the Company the principal
amount of Two Hundred Ninety Million Dollars ($290,000,000) to be used by the
Company as provided in the Agreement; and
WHEREAS, the Agreement was amended ("Amended Agreement") on March 31,
1997; and
WHEREAS, Company has been notified by the following financial
institutions that were "Lenders" under the Amended Agreement that their
Commitments shall terminate effective January 1, 1999: (i) The Fuji Bank
Limited, (ii) The First National Bank of Boston and (iii) The Long-Term Credit
Bank of Japan, Ltd.; and
WHEREAS, the Company, TCB, Chase and the Lenders desire to amend the
Amended Agreement to: (i) reduce the aggregate Commitments of the Lenders, and
the aggregate principal amount of the Facility, to an amount not to exceed One
Hundred Forty Seven Million Two Hundred Thousand and 00/100 Dollars
($147,200,000), (ii) increase or decrease, as the case may be, the Commitments
of the Lenders as provided on attached Schedule A, (iii) accept the election of
The Fuji Bank Limited, The First National Bank of Boston and The Long-Term
Credit Bank of Japan, Ltd. to withdraw as Lenders from the Facility effective
January 1, 1999, (iv) add Fifth Third Bank as a Lender, and (v) revise the list
of Lenders.
NOW, THEREFORE, in consideration of the mutual promises contained
herein the parties agree as follows:
1. All capitalized terms used in this Amendment but not otherwise defined
herein shall have the meanings prescribed such terms in the Agreement.
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2. The Commitments and Percentages set forth on Schedule A to the Amended
Agreement shall be deleted and the Commitments and Percentages set
forth on Schedule A hereto shall be substituted in lieu thereof.
3. Fifth Third Bank shall be added to the Facility as a Lender.
4. The aggregate amount of the Commitments, and the aggregate amount of
the Facility, shall not exceed One Hundred Forty Seven Million Two
Hundred Thousand and 00/100 Dollars ($147,200,000) unless otherwise
agreed to by the parties.
5. The Company represents to each of TCB, Chase and the Lenders that there
are no Loans outstanding under the Facility as of the date hereof.
6. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when
so executed and delivered shall be deemed to be an original and when
taken together shall constitute one and the same agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date indicated above.
THE SHERWIN-WILLIAMS COMPANY
By: /s/
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CYNTHIA D. BROGAN
Title: VICE PRESIDENT AND ASSISTANT
TREASURER
The signature pages of each of TCB, Chase and the Lenders are attached hereto.
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SCHEDULE A/364-DAY
AMOUNT OF PERCENTAGE OF TERMINATION
INSTITUTION COMMITMENT COMMITMENT DATE
- ----------- ---------- ------------- -----------
Chase Bank of Texas, N.A. $10,000,000.00 6.79% 12/31/99
First Union National Bank of North Carolina $10,000,000.00 6.79% 12/31/99
Bank of New York $10,000,000.00 6.79% 12/31/99
Bank of America $10,000,000.00 6.79% 12/31/99
Key Bank N.A. $10,000,000.00 6.79% 12/31/99
Bank One Corporation $10,000,000.00 6.79% 12/31/99
National City Bank $10,000,000.00 6.79% 12/31/99
Suntrust Bank, Atlanta $10,000,000.00 6.79% 12/31/99
ABN Amro Bank N.V. $10,000,000.00 6.79% 12/31/99
The Bank of Nova Scotia $ 7,600,000.00 5.16% 12/31/99
Royal Bank of Canada $ 7,600,000.00 5.16% 12/31/99
Wachovia Bank $ 7,600,000.00 5.16% 12/31/99
Wells Fargo Bank $ 7,600,000.00 5.16% 12/31/99
PNC Bank, N.A. $ 7,600,000.00 5.16% 12/31/99
Bank of Tokyo-Mitsubishi $ 4,800,000.00 3.26% 12/31/99
Banca Commerciale Italiana $ 4,800,000.00 3.26% 12/31/99
Fifth Third Bank $ 4,800,000.00 3.26% 12/31/99
Mellon Bank, N.A. $ 4,800,000.00 3.26% 12/31/99
Total $147,200,000.00 100%
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The Chase Manhattan Bank,
as the Competitive Advance Facility Agent
By: /s/
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Name:
----------------------------------------
Title:
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Date:
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The Chase Manhattan Bank
270 Park Avenue
New York, NY 10017
Telephone:
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Facsimile:
-----------------------------------
Date:
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Amount of Percentage of
Commitment Commitments
- ---------- -----------
$4,800,000 3.26%
The Bank of Tokyo-Mitsubishi, Ltd.
Chicago Branch
By: /s/
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Name:
----------------------------------------
Title:
---------------------------------------
Date:
----------------------------------------
The Bank of Tokyo-Mitsubishi, Ltd.
Chicago Branch
227 W. Monroe St., Suite 2300
Chicago, IL 60606
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
- ---------- -----------
$4,800,000 3.26%
Banca Commerciale Italiana
Chicago Branch
By: /s/
------------------------------------------
Name:
----------------------------------------
Title:
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By: /s/
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Name:
----------------------------------------
Title:
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Banca Commerciale Italiana
Chicago Branch
150 N. Michigan Ave., Suite 1500
Chicago, IL 60601
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
- ---------- -----------
$10,000,000 6.79%
Chase Bank of Texas, N.A.
By: /s/
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Name:
----------------------------------------
Title:
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Chase Bank of Texas, N.A.
707 Travis Street
Houston, TX 77002
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
- ---------- -----------
$4,800,000 3.26%
Fifth Third Bank hereby agrees to each of the terms and conditions of that
certain 364-Day Revolving Credit Agreement ("Agreement") dated as of January 3,
1997 as amended on March 31, 1997 and January 3, 1999, by and among The
Sherwin-Williams Company ("Company"), whose principal place of business is
located at 101 Prospect Avenue, N.W., Cleveland, Ohio 44115, Texas Commerce Bank
National Association, as Administrative Agent, The Chase Manhattan Bank as the
Competitive Advance Facility Agent, and the financial institutions listed on
Schedule A to that certain amendment to the Agreement dated January 3, 1999, a
copy of which has been delivered by the Company to Fifth Third Bank.
Fifth Third Bank
By: /s/
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Name:
----------------------------------------
Title:
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Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
- ---------- -----------
$7,600,000 5.16%
PNC Bank N.A.
By: /s/
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Name:
----------------------------------------
Title:
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Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
- ---------- -----------
$10,000,000 6.79%
First Union National Bank of North Carolina
By: /s/
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Name:
----------------------------------------
Title:
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First Union National Bank of North Carolina
301 South College Street
Charlotte, NC 28288
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
- ---------- -----------
$10,000,000 6.79%
National City Bank
By: /s/
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Name:
----------------------------------------
Title:
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National City Bank
1900 E. Ninth Street
Cleveland, OH 44114-3484
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
- ---------- -----------
$7,600,000 5.16%
Wachovia Bank of Georgia, N.A.
By: /s/
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Name:
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Title:
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Wachovia Bank of Georgia, N.A.
191 Peachtree St., N.E.
Atlanta, GA 30303
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
- ---------- -----------
$10,000,000 6.79%
The First National Bank of Chicago
By: /s/
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Name:
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Title:
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Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
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$10,000,000 6.79%
The Bank of New York
By: /s/
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Name:
----------------------------------------
Title:
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The Bank of New York
One Wall Street
New York, NY 10286
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
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$10,000,000 6.79%
SunTrust Bank, Atlanta
By: /s/
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Name:
----------------------------------------
Title:
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SunTrust Bank, Atlanta
25 Park Place
Atlanta, GA 30303
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
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$4,800,000 3.26%
Mellon Bank, N.A.
By: /s/
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Name:
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Title:
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Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258-0001
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
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$7,600,000 5.16%
The Bank of Nova Scotia
By: /s/
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Name:
----------------------------------------
Title:
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The Bank of Nova Scotia
600 Peachtree Street NE., Suite 2700
Atlanta, GA 30308
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
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$7,600,000 5.16%
Wells Fargo Bank, N.A.
By: /s/
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Name:
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Title:
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Wells Fargo Bank, N.A.
707 Wilshire Blvd., 16th Floor
Los Angeles, CA 90017
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
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$10,000,000 6.79%
ABN AMRO Bank N.V.
By: /s/
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Name:
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Title:
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ABN Amro Bank N.V.
One PPG Place, Suite 2950
Pittsburgh, PA 15222-5400
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
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$10,000,000 6.79%
KeyBank National Association
By: /s/
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Name:
----------------------------------------
Title:
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KeyBank National Association
127 Public Square
Mail Code: OH 01-27-0606
Cleveland, OH 44114-1306
Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
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$10,000,000 6.79%
Nationsbank, N.A.
By: /s/
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Name:
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Title:
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Telephone:
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Facsimile:
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Amount of Percentage of
Commitment Commitments
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$7,600,000 5.16%
Royal Bank of Canada
By: /s/
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Name:
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Title:
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Royal Bank of Canada
1 Liberty Plaza, 5th Floor
New York, NY 10006-1404
Telephone:
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Facsimile:
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