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VWR International, LLC
|
8-K
Jan 30, 8:44 PM ET
VWR International, Inc. 8-K
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Contents
28
A. Amendments to the Credit Agreement
1. The definition of “Reinvested Amount” appearing in Section 1.1 of the Credit Agreement is hereby amended to read in its entirety as follows:
2. Section 1.1 of the Credit Agreement is hereby amended by inserting the following new definitions in the appropriate alphabetical order:
“Third Amendment”: the Third Amendment to this Agreement, dated as of January 29, 2007, among the Parent Borrower, certain Lenders and the Administrative Agent.
“Third Amendment Effective Date”: as defined in the Third Amendment.
3. The definition of “Excess Cash Flow” in Section 1.1 of the Credit Agreement is hereby amended by deleting the phrase “or (l)” contained in clause (g) thereof and by inserting in lieu thereof the phrase “(l), (q), (r) or (s)”.
4. The definition of “GAAP” in Section 1.1 of the Credit Agreement is hereby amended by adding the following language after the words “in subsections 8.1, 8.2 and 8.8 and all defined terms relating thereto,”:
“and the defined term “Available CNI Amount””.
5. For all periods from and after the Third Amendment Effective Date, the definition of “Applicable Margin” appearing in Section 1.1 of the Credit Agreement is hereby amended by
deleting the percent “2.75%” appearing in clause (a) thereof and by inserting in lieu thereof the percent “2.25%”.
6. Section 8.2 of the Credit Agreement is hereby amended by deleting the text “for working capital purposes” appearing in clause (k) thereof and inserting the text “for any corporate purposes” in lieu thereof.
7. Section 8.2 of the Credit Agreement is hereby further amended by deleting the amount “$25,000,000” appearing in clause (r) thereof and inserting the amount “$35,000,000” in lieu thereof.
8. Section 8.7 of the Credit Agreement is hereby amended by deleting existing clauses (a) through (c) thereof in their entirety and by inserting in lieu thereof the following new clauses:
(c) the Parent Borrower may pay, without duplication, (i) cash dividends to Holding in an amount equal to (x)(A) the taxes Holding is required to pay to any taxing authority and (B) the amounts due from Holding in accordance with the Tax Sharing Agreement, (y) the taxes Small FSHCo is required to pay to any taxing authority and (z) (A) the amount of taxes Investors or Investment Holdings, as the case may be, is required to pay to any taxing authority and (B) the amounts due from such Person in accordance with the Tax Sharing Agreement (provided that, if Investors or Investment Holdings, as the case may be, shall own any material asset other than the Capital Stock of Holding (or other assets relating to the ownership interest of such Person in Holding or Subsidiaries of Holding, which may include Capital Stock of a Subsidiary thereof that directly or indirectly owns Capital Stock of Holdings), taxes calculated under clause (z)(A) above, other than taxes relating to its being incorporated or having Capital Stock outstanding, shall be limited to the reasonable and proportional share, as determined by the Parent Borrower in its reasonable discretion, of such taxes (for this purpose, giving effect to payments in respect of taxes received by such Person under preceding clause (z)(B) and/or following clause (ii)) and provided, further, that, if Holding shall own any material asset other than the Capital Stock of the Parent Borrower and Small FSHCo (or other assets relating to the ownership interest of Holding in Parent Borrower or Subsidiaries of the Parent Borrower), taxes calculated under clause (x)(A) above, other than taxes relating to its being incorporated or having Capital Stock outstanding, shall be limited to the reasonable and proportional share, as determined by the Parent Borrower in its reasonable discretion, of such taxes (for this purpose, giving effect to payments in respect of taxes received by Holding under preceding clause (x)(B) and/or following clause (ii)) payable by or on behalf of Holding relating or allocable to its ownership interest in the Parent Borrower, Small FSHCo and such other assets) and (ii) to Holding, Investors and Investment Holdings all amounts due from the Parent Borrower to Holding, Investors and Investment Holdings, respectively, in accordance with the terms of the Tax Sharing Agreement (for the purposes of this subsection 8.7(c), the term “taxes” shall include additions to taxes and interest on and penalties with respect to taxes);”.
Section 8.7 of the Credit Agreement is hereby further amended by (x) deleting the word “and” appearing at the end of Section 8.7(d), (y) deleting the period appearing at the end of Section 8.7(e) and inserting a semicolon in lieu thereof and (z) inserting the following new clauses at the end of the said Section:
9. Section 8.9 of the Credit Agreement is hereby amended by (w) deleting clause (p) in its entirety, (x) re-designating clause (q) as clause (p), (y) replacing the period at the end of new clause (p) with a semicolon and (z) inserting the following new clauses at the end of the said Section:
10. Section 11.1(d) of the Credit Agreement is hereby amended by deleting the text “Tranche B Term Loans or any then outstanding Replacement Term Loans” and inserting “Term Loans of any Tranche” in lieu thereof.
B. Replacement Term Loans
8. The Parent Borrower hereby further acknowledges and agrees that all indemnifications provided in the Credit Agreement and Loan Document which are applicable to Lenders shall continue to apply to the Lenders of Tranche B Euro Term Loans which are refinanced pursuant to this Amendment.
C. Miscellaneous Provisions
1. In order to induce the Lenders to enter into this Amendment, the Parent Borrower hereby represents and warrants to each of the Lenders that (i) all of the representations and warranties contained in the Credit Agreement and in the other Loan Documents are true and
correct in all material respects on and as of the Third Amendment Effective Date, after giving effect to this Amendment (unless such representations and warranties relate to a specific earlier date, in which case such representations and warranties shall be true and correct as of such earlier date), and (ii) there exists no Default or Event of Default on the Third Amendment Effective Date, after giving effect to this Amendment.
2. This Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement, the Guarantee and Collateral Agreement or any other Loan Document.
3. This Amendment may be executed in any number of counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts executed by all the parties hereto shall be lodged with the Parent Borrower and the Administrative Agent.
4. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
5. This Amendment shall be effective on the date (the “Third Amendment Effective Date”) when (x) the Parent Borrower, the Required Lenders and each Replacement Lender (with Replacement Term Loan Commitments in aggregate principal amount equal to the then aggregate outstanding principal amount of Tranche B Euro Term Loans) shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (which delivery may be by way of telecopier or other electronic means) the same to the Administrative Agent and (y) the following actions shall have been or shall be taken to the reasonable satisfaction of the Administrative Agent (which shall promptly provide written acknowledgment to the Parent Borrower of the occurrence of the Third Amendment Effective Date):
6. By executing and delivering a copy hereof, the Parent Borrower hereby agrees that all Loans (including, without limitation, the Replacement Term Loans made hereunder) shall be fully guaranteed and fully secured pursuant to the Guarantee and Collateral Agreement and the applicable Security Documents in accordance with the terms and provisions thereof.
7. From and after the Third Amendment Effective Date, all references in the Credit Agreement and in the other Loan Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby.