FIFTH AMENDMENT TO THE CREDIT AGREEMENT
Exhibit
10.1
FIFTH
AMENDMENT TO THE CREDIT AGREEMENT
FIFTH
AMENDMENT, dated as of May 1, 2006 (the “Amendment”),
to
the Credit Agreement, dated as of January 31, 2003, as amended by the First
Amendment dated as of March 19, 2003, the Second Amendment dated as of December
3, 2003, the Third Amendment and First Waiver dated as of October 7, 2004 and
the Fourth Amendment dated as of April 22, 2005 (the “Credit
Agreement”),
among
VIASYSTEMS GROUP, INC. (“Holdings”),
VIASYSTEMS, INC. (the “Borrower”),
the
several banks and other financial institutions from time to time parties thereto
(the “Lenders”)
and
JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such
capacity, the “Administrative
Agent”).
W I T N E S S E T H:
WHEREAS,
Holdings, the Borrower, the Lenders and the Administrative Agent are parties
to
the Credit Agreement;
WHEREAS,
Holdings, Electrical Components International Holdings Company (“Purchaser”),
Wire Harness Holding Company, Inc. (“Seller”), and Wire Harness Industries, Inc.
(the “Company”) entered into a Stock Purchase Agreement, dated as of March 21,
2006 (the “Stock Purchase Agreement”), pursuant to which Purchaser is
acquiring Holdings'
wire harness business through the purchase or transfer of (i) the shares of
the
Company and it Subsidiaries from the Seller and (ii) certain assets of the
Borrower and its Subsidiaries relating to the manufacture and sale of wire
harness products (collectively, the "Transaction");
WHEREAS,
the Lenders hereby consent to the consummation
of the Transaction;
WHEREAS,
the Borrower has requested that the Lenders
agree to amend the Credit Agreement as provided herein to
permit
the Transaction;
and
WHEREAS,
the parties hereto are willing to agree to such amendment, but only upon the
terms and subject to the conditions set forth herein;
NOW
THEREFORE, in consideration of the premises and the mutual covenants hereinafter
set forth, the parties hereto hereby agree as follows:
1. Defined Terms. Unless otherwise defined herein, capitalized terms that are defined in the Credit Agreement are used herein as therein defined.
2. Amendment
to Subsection 1.1—New Definitions. Subsection 1.1 of the Credit Agreement is
hereby amended by adding the following definitions in the appropriate
alphabetical order:
“Escrow
Account”:
an
interest bearing escrow account governed by the Escrow Agreement with the
Administrative Agent funded by the Borrower at the Fifth Amendment Effective
Date. The Escrow Account shall remain in place from the Fifth Amendment
Effective Date through the earlier of (a) the date the Net Cash Proceeds
from
the sale of Wire Harness Industries, Inc. and its Subsidiaries are applied
in
accordance with Section 11.6(k) and (b) the Wire Harness Proceeds Application
Date. All interest accruing on any funds held in the Escrow Account shall
be
held for the benefit of the Borrower. Prior to and including the Wire Harness
Proceeds Application Date, the Borrower shall have immediate access to the
funds
in the Escrow
Account
to the extent such funds are then applied in
accordance with Section 5.3 of the Credit Agreement.
“Escrow
Agreement”:
an
escrow agreement dated the Fifth Amendment Effective Date, between the Borrower
and the Administrative Agent, in form and substance reasonably acceptable
to the
Administrative Agent and the Borrower.
“Fifth
Amendment Effective Date”:
the
date on which the conditions precedent set forth in Section 5 of the Fifth
Amendment, dated as of May 1, 2006 to this Agreement shall have been satisfied
or waived, which date is May 1, 2006.
“Wire
Harness Proceeds Application Date”:
the
date that is 15 Business Days after the sale of Wire Harness Industries,
Inc.
and its Subsidiaries.
3. Amendment
to Subsection 11.3. Subsection 11.3 of the Credit Agreement is hereby
amended by adding the following new paragraph (p) after paragraph (o)
thereof:
“(p)
Liens in connection with the Escrow Account.”
4. Amendment
to Subsection 11.6. Subsection 11.6 of the Credit Agreement is hereby
amended by adding the following new paragraph (k) after paragraph (j)
thereof:
“(k)
the
sale of Wire Harness Industries, Inc. and its Subsidiaries and the sale or
transfer of certain assets of the Borrower and its Subsidiaries relating
to the
manufacture and sale of wire harness products, for 100% cash so long as the
Net
Cash Proceeds thereof are placed in the Escrow Account on the Fifth Amendment
Effective Date to be applied in accordance with Section 5.3 of the Credit
Agreement no later than the Wire Harness Proceeds Application
Date.”
5. Conditions
to Effectiveness. This Amendment shall become effective upon the date (the
“Fifth Amendment Effective Date”) when the following conditions are
satisfied or waived:
(a) Amendment
to Credit Agreement/Escrow Agreement.
The
Administrative Agent shall have received counterparts of (i) this Amendment
and
(ii) the Escrow Agreement, in each case duly executed and delivered by Holdings
and the Borrower.
(b) Lender
Consent Letters.
The
Administrative Agent shall have received Lender Consent Letters (or facsimile
or
electronic transmissions thereof) with respect to this Amendment, duly executed
and delivered by the Required Lenders, consenting to the execution of this
Amendment by the Administrative Agent;
(c) No
Default.
No
Default or Event of Default shall have occurred and be continuing on such
date
or after giving effect to the transactions (including the amendments to the
Credit Agreement) contemplated herein; and
(d) Representations
and Warranties.
Each of
the representations and warranties made by the Credit Parties in or pursuant
to
the Loan Documents shall be true and correct in all material respects on
and as
of the date hereof, before and after giving effect to the effectiveness of
this
Amendment, as if made on and as of the date hereof, except to the extent
such
representations and warranties expressly relate to a specific earlier date,
in
which case such representations and warranties were true and correct as of
such
earlier date.
6. Continuing
Effect of the Credit Agreement.
This
Amendment shall not constitute an amendment or waiver of any provision of
the
Credit Agreement not expressly referred to herein and shall not be construed
as
an amendment, waiver or consent to any further or future action on the part
of
the Credit Parties that would require an amendment, waiver or consent of
the
Lenders or the Administrative Agent. Except as expressly amended hereby,
the
provisions of the Credit Agreement are and shall remain in full force and
effect.
7. Counterparts.
This
Amendment may be executed by one or more of the parties hereto on any number
of
separate counterparts (including by facsimile or other suitable means of
electronic transmission of a signed counterpart, such as a pdf file), and
all of
said counterparts taken together shall be deemed to constitute one and the
same
instrument.
8. GOVERNING
LAW.
THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW
OF THE STATE OF NEW YORK.
[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.
VIASYSTEMS
GROUP, INC.
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By:
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/s/
Xxxxx Xxxxxxx
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Name:
Xxxxx Xxxxxxx
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Title:
Asst. Secretary
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VIASYSTEMS,
INC.
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By:
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/s/
Xxxxx Xxxxxxx
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Name:
Xxxxx Xxxxxxx
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Title:
Asst. Secretary
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JPMORGAN
CHASE BANK, N.A., as Administrative
Agent
and as a Lender
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By:
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/s/
Xxxxx X. Xxxxx
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Name:
Xxxxx X. Xxxxx
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Title:
Managing Director
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LENDER
CONSENT LETTER
VIASYSTEMS,
INC. CREDIT AGREEMENT
DATED
AS
OF JANUARY 31, 2003
To:
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JPMorgan
Chase Bank, N.A., as Administrative Agent
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000
Xxxx Xxxxxx
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Xxx
Xxxx, Xxx Xxxx 00000
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Ladies
and Gentlemen:
Reference
is made to the Credit Agreement, dated as of January 31, 2003 (as amended,
supplemented or otherwise modified prior to the date hereof, the “Credit
Agreement”),
among
Viasystems Group, Inc., Viasystems, Inc. (the “Borrower”),
the
several banks and other financial institutions from time to time parties
thereto
and JPMorgan Chase Bank, N.A., as Administrative Agent. Unless otherwise
defined
herein, capitalized terms used herein and defined in the Credit Agreement
are so
used as so defined.
The
Borrower has requested certain amendments to the Credit Agreement on the
terms
described in the Fifth Amendment to the Credit Agreement in the form attached
hereto as Exhibit A (the “Fifth
Amendment”).
Pursuant
to Subsection 15.1 of the Credit Agreement, the undersigned Lender hereby
consents to the execution by the Administrative Agent of the Fifth
Amendment.
Very
truly yours,
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(NAME
OF LENDER)
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By:
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Name:
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Title:
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Dated
as
of April ___, 2006