EX-10.1 2 dex101.htm AMENDMENT NO. 3 TO COMMITMENT AGREEMENT, DATED AS OF NOVEMBER 23, 2004 Amendment No. 3 to Commitment Agreement, dated as of November 23, 2004

Exhibit 10.1

 

AMENDMENT NO. 3 TO COMMITMENT AGREEMENT

 

As of November 23, 2004

 

To the Subscribers under the

Commitment Agreement referred to below

 

Ladies and Gentlemen:

 

Reference is made to the Commitment Agreement, dated as of February 23, 2004, entered into by and among Oglebay Norton Company and the other parties (the “Subscribers”) signatory thereto, as amended by Amendments No. 1 and 2 thereto (the “Agreement”). Defined terms used but not otherwise defined herein shall have the meaning ascribed to them in the Agreement.

 

The Company has proposed amendments to the Agreement (1) to change the date prior to which the Registration Statement must be declared effective from November 15, 2004 to December 15, 2004 and (2) to change the date on which the non-completion of the Restructuring Transaction will become a Termination Event from December 15, 2004 to January 15, 2005.

 

Upon receipt of the Requisite Shareholders’ consent as described herein, the Agreement shall be amended as follows:

 

1. The reference to “November 15, 2004” in Section 2 of the Agreement shall be deleted and replaced by “December 15, 2004.”

 

2. Section 7(a)(vii) of the Agreement shall be deleted in its entirety and replaced by the following:

 

“(vii) the Restructuring Transaction is not completed by January 15, 2005.”

 

The delivery to the Company of this letter duly executed by you will evidence your agreement to the amendments to the Agreement set forth above. These amendments will become effective, and binding upon the Company and all of the Subscribers, upon delivery to the Company of copies of this letter duly executed by the Requisite Subscribers.

 

The provisions of Section 14 of the Agreement relating to counterparts and facsimile signatures shall be applicable to this Amendment No. 3 to the Agreement.

 

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Except as amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

 

Very truly yours,

OGLEBAY NORTON COMPANY

By:

 

/s/ Rochelle F. Walk


Name:

  Rochelle F. Walk

Title:

  Vice President, General Counsel and Secretary


NOTEHOLDERS:

 

SUBSCRIBERS

 

Airlie Opportunity Master Fund, LTD.

By:

 

/s/ Adam Goodfriend


Name:

  Adam Goodfriend

Title:

  Managing Director
Thomas G. Berlin

/s/ Thomas G. Berlin


Ingalls & Snyder Value Part. L.C.

By:

 

/s/ Thomas Boucher


Name:

  Thomas Boucher

Title:

  General Partner
Legacy Aggressive High Yield Fund
By: Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.


Name:

  James P. Shanahan, Jr.

Title:

  Managing Director/General Counsel

One Group High Yield Bond Fund

By: Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.


Name:

  James P. Shanahan, Jr.

Title:

  Manager

One Group Income Bond Fund

By: Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.


Name:

  James P. Shanahan, Jr.

Title:

  Manager


Pacholder High Yield Fund, Inc.

By: Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.


Name:

  James P. Shanahan, Jr.

Title:

  Secretary

Southern UTE Permanent Fund

By: Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.


Name:

  James P. Shanahan, Jr.

Title:

  Manager

WCI Steel, Inc. Defined Pension Benefit Plan

By: Banc One High Yield Partners, LLC

By:

 

/s/ James P. Shanahan, Jr.


Name:

  James P. Shanahan, Jr.

Title:

  Manager
THIRD PARTY INVESTORS
Robert T. Clutterbuck Trust

By:

 

/s/ Robert T. Clutterbuck


Name:

  Robert T. Clutterbuck

Title:

  Trustee
Fledgling Associates LLC

By:

 

/s/ Edward Stern


Name:

  Edward Stern

Title:

  Manager