1 Exhibit (b)(2) FIRST AMENDMENT dated as of May 23, 1996 (this "Amendment"), to the Credit Agreement referred to below among ITT INDUSTRIES, INC. (the "Borrower"), the financial institutions from time to time party thereto (the "Lenders") and...
1
Exhibit (b)(2)
FIRST AMENDMENT dated as of May 23,
1996 (this "Amendment"), to the Credit
Agreement referred to below among ITT
INDUSTRIES, INC. (the "Borrower"), the
financial institutions from time to time party
thereto (the "Lenders") and CHEMICAL BANK, as
administrative agent for the Lenders (in such
capacity, the "Administrative Agent").
A. The parties hereto have entered into a Five-Year
Competitive Advance and Revolving Credit Facility Agreement dated as of
November 10, 1995 (the "Credit Agreement").
B. The Borrower has requested that certain terms of the
Credit Agreement be amended and the Lenders are willing, on the terms and
subject to the conditions set forth below, to agree to amend the Credit
Agreement as provided herein.
C. Capitalized terms used and not otherwise defined herein
shall have the meanings assigned to them in the Credit Agreement.
Accordingly, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the parties hereto hereby agree as
follows:
SECTION 1. Amendments to Section 1.01. (a) The definition
of "Consolidated EBITDA" is amended by adding at the end thereof the following
proviso:
"; provided, however, that there shall not be included in determining
Consolidated EBITDA:
(i) any income, gain, loss, tax, depreciation or
amortization, in each case in connection with the discontinued
operations referred to in footnote 18 (Discontinued Operations) of the
Company's 1995 consolidated financial statements,
(ii) any extraordinary gain or loss to the extent that such
gain or loss relates to the Distribution or to the tender offer
referred to in footnote 11 (Early Extinguishment of Debt) of the
Company's 1995 consolidated financial statements, or
(iii) any miscellaneous income or expense to the extent that
such income or expense relates to the disposition of businesses
referred to in footnote 15 (Miscellaneous Income (Expense)) of the
Company's 1995 consolidated financial statements."
(b) The definition of "Consolidated Interest Expense" is
amended by adding at the end thereof the following proviso:
"provided, however, that there shall not be included in
determining Consolidated Interest Expense any interest expense in
connection with the discontinued operations referred to in footnote 18
(Discontinued Operations) of the Company's 1995 consolidated financial
statements."
SECTION 2. Amendment to Section 5.12. Section 5.12 is amended
by adding the word "consecutive" after the word "four."
SECTION 3. Representations and Warranties. The Borrower hereby
represents and warrants to each Lender, on and as of the date hereof, and after
giving effect to this Amendment, that:
(a) This Amendment has been duly executed and delivered by the
Borrower and constitutes a legal, valid and binding obligation of the
Borrower enforceable against the Borrower in accordance with its terms.
(b) The representations and warranties set forth in Article
III of the Credit Agreement are true and correct in all material
respects on and as of the date hereof.
(c) No Event of Default or Default has occurred and is
continuing.
SECTION 4. Effectiveness. This Amendment shall become
effective as of November 10, 1995, upon receipt by the Administrative Agent of
duly executed counterparts of this Amendment that, when taken together, bear
the authorized signatures of the Borrower and the Required Lenders.
SECTION 5. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
SECTION 6. Expenses. The borrower shall pay all reasonable
out-of-pocket fees and expenses incurred by the Administrative Agent in
connection with the preparation, negotiation, execution and delivery of this
Amendment, including, but not limited to, the reasonable fees, disbursements
and other charges of Cravath, Swaine & Xxxxx, counsel of the Administrative
Agent.
SECTION 7. Counterparts. This Amendment may be executed in
any number of counterparts, each of which shall be an original but all of
which, when taken together, shall constitute but one instrument. Delivery of an
executed counterpart of a signature page of this Amendment by facsimile
transmission shall be as effective as delivery of a manually executed
counterpart of this Amendment.
SECTION 8. Headings. Section headings used herein are for
convenience of reference only, are not part of this Amendment and are not to
affect the construction of, or to be taken into consideration in interpreting,
this Amendment.
SECTION 9. Effect of Amendment. Except as specifically
amended or modified hereby, the Credit Agreement shall continue in full force
and effect in accordance with the provisions thereof. As used therein, the
terms "Agreement", "herein", "hereunder", "hereinafter", "hereto", "hereof" and
words of similar import shall, unless the context otherwise requires, refer to
the Credit Agreement as amended hereby.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their respective authorized officers as of the
date first above written.
ITT INDUSTRIES INC., as Borrower,
by /s/ Xxxxxx X. Xxxxx
-----------------------------------
Name: Xxxxxx X. Xxxxx
Title: Vice President and Treasurer
CHEMICAL BANK, individually and as
Administrative Agent,
by /s/ Xxxx X. Xxxxxx
--------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
ABN AMRO BANK N.V., NEW YORK BRANCH,
by /s/ Xxxxxxx Oir Xxxxx
--------------------------------
Name: Xxxxxxx Oir Xxxxx
Title: Vice President
by /s/ Xxxxxx Xxxxxx
--------------------------------
Name: Xxxxxx Xxxxxx
Title: Assistant Vice President
ARAB BANK PLC,
by /s/ Xxxxx Xxxxxxxxx
--------------------------------
Name: Xxxxx Xxxxxxxxx
Title: Senior Vice President
2
4
BANCA CASSA DI RISPARMIO DI TORINO,
by
/s/ Xxxxxx X. XxXxxxxx
------------------------------------
Name: Xxxxxx X. XxXxxxxx
Title: Vice President
Head of Corporate Banking
by
/s/ Xxxxxxx Xxxxxxx
------------------------------------
Name: Xxxxxxx Xxxxxxx
Title: Manager & E.V.P.
BANCA COMMERCIALE ITALIANA, NEW YORK
BRANCH,
by
/s/ Xxxxxxx Xxxxxxxxx
------------------------------------
Name: Xxxxxxx Xxxxxxxxx
Title: Vice President
by
/s/ Xxxxx Xxx
------------------------------------
Name: Xxxxx Xxx
Title: Assistant Vice President
BANCA DI ROMA - NEW YORK BRANCH,
by
/s/ Xxxx Xxxxxxxx
------------------------------------
Name: Xxxx Xxxxxxxx
Title: Assistant Vice President
by
/s/ Xxxxx X. Xxxxxx
------------------------------------
Name: Xxxxx X. Xxxxxx
Title: First Vice President
BANCA NAZIONALE DEL LAVORO S.P.A., NEW
YORK BRANCH,
by
/s/ Xxxxxxxx Xxxxxxxx
------------------------------------
Name: Xxxxxxxx Xxxxxxxx
Title: First Vice President
by
/s/ Xxxxxx Xxxxxxx
------------------------------------
Name: Xxxxxx Xxxxxxx
Title: Vice President
3
5
BANCA POPOLARE DI MILANO,
by
/s/ Xxxxxxx Xxxxxx
-------------------------------
Name: Xxxxxxx Xxxxxx
Title: Executive Vice President
& General Manager
by
/s/ Xxxxxx Xxxxxxxxx
-------------------------------
Name: Xxxxxx Xxxxxxxxx
Title: First Vice President
BANK OF AMERICA NT & SA,
by
/s/ Xxxxxx X. Xxxx
-------------------------------
Name: Xxxxxx X. Xxxx
Title: Vice President
BANK OF HAWAII,
by
/s/ Xxxxxx Xxxxxxx
-------------------------------
Name: Xxxxxx Xxxxxxx
Title: Assistant Vice President
THE BANK OF NEW YORK,
by
/s/ Xxxxxxx X.X. Xxxxx
-------------------------------
Name: Xxxxxxx X.X. Xxxxx
Title: Vice President
THE BANK OF NOVA SCOTIA,
by
/s/ Xxxx Xxxxxxx
-------------------------------
Name: Xxxx Xxxxxxx
Title: Senior Representative
BANKERS TRUST COMPANY,
by
/s/ Xxxxxxxxx X. Judge
-------------------------------
Name: Xxxxxxxxx X. Judge
Title: Vice President
4
6
BARCLAYS BANK PLC,
by /s/ Xxxx X. Xxxxxxxxxx
----------------------------------
Name: Xxxx X. Xxxxxxxxxx
Title: Director
BAYERISCHE LANDESBANK GIROZENTRALE,
CAYMAN ISLANDS BRANCH,
by /s/ Xxxxxxxx Xxxxxxxxxxxxx
----------------------------------
Name: Xxxxxxxx Xxxxxxxxxxxxx
Title: Executive Vice President
and General Manager
by /s/ Xxxxx Xxxxxxxx
----------------------------------
Name: Xxxxx Xxxxxxxx
Title: Senior Vice President
Manager Lending Division
CIBC, INC.,
by /s/ Xxxx Xxxxxxxxx
----------------------------------
Name: Xxxx Xxxxxxxxx
Title: Authorized Signatory
THE CHASE MANHATTAN BANK, N.A.,
by /s/ Xxxx X. Xxxxxx
----------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
CITIBANK, N.A.,
by /s/ Xxxxxxxxx X. Xxxxxxx
----------------------------------
Name: Xxxxxxxxx X. Xxxxxxx
Title: Attorney-in-fact
COMERICA BANK,
by /s/ Xxxxxx X. Xxxxx
----------------------------------
Name: Xxxxxx X. Xxxxx
Title: Account Officer
5
7
COMMERZBANK AKTIENGESELLSCHAFT,
GRAND CAYMAN BRANCH,
by /s/ Xxxxxxx Xxxxxx
-----------------------------------
Name: Xxxxxxx Xxxxxx
Title: Senior Vice President
by /s/ Xxxx Xxxxxxxx
-----------------------------------
Name: Xxxx Xxxxxxxx
Title: Senior Vice President
COMPAGNIE FINANCIERE DE CIC ET DE
L'UNION EUROPEENNE,
by /s/ Xxxxxx Xxxxxxxx
-----------------------------------
Name: Xxxxxx Xxxxxxxx
Title: Vice President
by /s/ Xxxx Xxxxxxx
-----------------------------------
Name: Xxxx Xxxxxxx
Title: Vice President
CREDIT LYONNAIS, NEW YORK BRANCH,
by /s/ Xxxx Xxxxxxxxxx
-----------------------------------
Name: Xxxx Xxxxxxxxxx
Title: Vice President
CREDIT SUISSE,
by /s/ Xxxxxx X. Xxxxxx
-----------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Member of Senior Management
by /s/ Xxxx Xxxxxxxxx
-----------------------------------
Name: Xxxx Xxxxxxxxx
Title: Member of Senior Management
6
8
CREDITO ITALIANO, S.P.A.,
by /s/ Xxxxxxx Xxxxxx
----------------------------------
Name: Xxxxxxx Xxxxxx
Title: Senior Vice President
and Manager
by /s/ Xxxxxx X. Xxxxx
----------------------------------
Name: Xxxxxx X. Xxxxx
Title: Assistant Vice President
THE DAI-ICHI KANGYO BANK, LTD., NEW YORK
BRANCH,
by /s/ Xxxxxxx Xxxxx
----------------------------------
Name: Xxxxxxx Xxxxx
Title: Vice President
DEN DANSKE BANK, AKTIESELSKAB, CAYMAN
ISLANDS BRANCH,
by /s/ Mogens Sondargaard
----------------------------------
Name: Xxxxxx Xxxxxxxxxxx
Title: Vice President
by /s/ Xxxxxx X. Xxxxxxx
----------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Vice President
DEUTSCHE BANK AG, NEW YORK BRANCH AND/OR
CAYMAN ISLANDS BRANCH,
by /s/ Xxxxxxx X. Xxxxxxx
----------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Assistant Vice President
by /s/ Xxxx X. Xxxxxxxx
----------------------------------
Name: Xxxx X. Xxxxxxxx
Title: Vice President
7
9
DG BANK DEUTSCHE GENOSSENSCHAFTSBANK,
by
/s/ Xxxx X. Xxxxxxxx
----------------------------------
Name: Xxxx X. Xxxxxxxx
Title: Vice President
by
/s/ Xxxxx X. Xxxxxxxx
----------------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Vice President
DRESDNER BANK AG, NEW YORK BRANCH AND
GRAND CAYMAN BRANCH,
by
/s/ X. Xxxxxx Xxxxxxxxx
----------------------------------
Name: X. Xxxxxx Beaudouin
Title: First Vice President
by
/s/ Xxxxxxx Xxxxxxxxxx
----------------------------------
Name: Xxxxxxx Xxxxxxxxxx
Title: Vice President
FIRST INTERSTATE BANK OF CALIFORNIA,
by
/s/ Xxxxx X. Xxxxx
----------------------------------
Name: Xxxxx X. Xxxxx
Title: Senior Vice President
by
/s/ Xxxxx Xxx
----------------------------------
Name: Xxxxx Xxx
Title: Assistant Vice President
THE FIRST NATIONAL BANK OF BOSTON,
by
/s/ Xxxx X. Xxxxxxxx
---------------------------------
Name: Xxxx X. Xxxxxxxx
Title: Authorized Officer & Director
THE FIRST NATIONAL BANK OF CHICAGO,
by
/s/ Xxxxxx X. Xxxxxxx
---------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Vice President
8
00
XXXXX XXXXX XXXXXXXX XXXX XX XXXXX
XXXXXXXX,
by /s/ Xxxx X. Xxxxxxx
----------------------------------
Name: Xxxx X. Xxxxxxx
Title: Senior Vice President
THE FUJI BANK, LIMITED, NEW YORK BRANCH,
by /s/ Xxxx Xxxxxx
-----------------------------------
Name: Xxxx Xxxxxx
Title: Vice President & Manager
THE INDUSTRIAL BANK OF JAPAN, LIMITED,
NEW YORK BRANCH,
by /s/ Xxxx X. Xxxxxx
-----------------------------------
Name: Xxxx X. Xxxxxx
Title: Senior Vice President
INSTITUTO BANCARIO SAN PAOLO DI TORINO
SPA,
by
-----------------------------------
Name:
Title:
by
-----------------------------------
Name:
Title:
KREDIETBANK N.V.,
by
-----------------------------------
Name:
Title:
by
-----------------------------------
Name:
Title:
LLOYDS BANK PLC,
by /s/ Xxxx X. Xxxxxxxxx
-----------------------------------
Name: Xxxx X. Xxxxxxxxx
Title: Vice President
9
11
B374
by /s/ Xxxxxxx X. Xxxxxx
--------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Vice President & Manager
D061
LTCB TRUST COMPANY,
by
--------------------------------
Name:
Title:
THE BANK OF TOKYO-MITSUBISHI LTD.,
NEW YORK BRANCH
by /s/ Xxxx X. Xxxxxx
--------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
THE MITSUBISHI TRUST AND BANKING
CORPORATION,
by /s/ Xxxxxxxx Xxxxx xx Xxxx
--------------------------------
Name: Xxxxxxxx Xxxxx xx Xxxx
Title: Senior Vice President
XXXXXX GUARANTY TRUST COMPANY OF
NEW YORK,
by /s/ Xxxxxx X.X. Xxxxx
--------------------------------
Name: Xxxxxx X.X. Xxxxx
Title: Associate
NATIONAL WESTMINSTER BANK, PLC,
NASSAU BRANCH,
by /s/ Xxxx Xxxxx Xxxxx
--------------------------------
Name: Xxxx Xxxxx Xxxxx
Title: Vice President
NATIONAL WESTMINSTER BANK PLC,
NEW YORK BRANCH,
by /s/ Xxxx Xxxxx Xxxxx
--------------------------------
Name: Xxxx Xxxxx Xxxxx
10
12
Title: Vice President
NATIONSBANK, N.A.,
by
/s/ Xxxxxx X. Xxxxx
-------------------------------
Name: Xxxxxx X. Xxxxx
Title: Senior Vice President
THE NIPPON CREDIT BANK LTD.,
by
/s/ Xxxxx X. Xxxx
-------------------------------
Name: Xxxxx X. Xxxx
Title: Assistant Vice President
THE NORTHERN TRUST COMPANY,
by
/s/ Xxxxx X. Xxxxxxx
-------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Vice President
PNC BANK, NATIONAL ASSOCIATION,
by
/s/ Xxx Xxxxxxx
-------------------------------
Name: Xxx Xxxxxxx
Title: Vice President
ROYAL BANK OF CANADA,
by
/s/ Xxxx X. Xxxxxxxx
-------------------------------
Name: Xxxx X. Xxxxxxxx
Title: Senior Manager
THE SAKURA BANK, LIMITED,
NEW YORK BRANCH,
by
/s/ Xxxxxxxx Xxxxxx
-------------------------------
Name: Xxxxxxxx Xxxxxx
Title: Senior Vice President
and Manager
THE SANWA BANK LIMITED,
NEW YORK BRANCH,
by
/s/ Xxxxxxx X. Small
-------------------------------
Name: Xxxxxxx X. Small
Title: Vice President and
Area Manager
11
13
SOCIETE GENERALE,
by /s/ Sedare Xxxxxxx
--------------------------------
Name: Sedare Xxxxxxx
Title: Vice President
THE SUMITOMO BANK, LIMITED, NEW YORK
BRANCH,
by /s/ Xxxxxxxxx Xxxxxxxx
--------------------------------
Name: Xxxxxxxxx Xxxxxxxx
Title: Joint General Manager
SUNTRUST BANK, ATLANTA,
by /s/ May X. Xxxxx
--------------------------------
Name: May X. Xxxxx
Title: Banking Officer
by /s/ Xxxxx X. Xxxxxxxxxx
--------------------------------
Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President and Manager
SVENSKA HANDELSBANKEN,
by /s/ Xxxx Xxxxxxx
--------------------------------
Name: Xxxx Xxxxxxx
Title: Vice President
by /s/ Xxxx Xxx
--------------------------------
Name: Xxxx Xxx
Title: Senior Vice President
SWISS BANK CORPORATION, NEW YORK BRANCH,
by /s/ Xxxxxxxxx X. Xxx
--------------------------------
Name: Xxxxxxxxx X. Xxx
Title: Associate Director
by /s/ Xxxxx X. Xxxxxxx
--------------------------------
Name: Xxxxx X. Xxxxxxx
Title: Director Credit Risk
Management
12
14
THE TOKAI BANK, LIMITED,
by /s/ Xxxxxxxx Xxxx
-------------------------------------
Name: Xxxxxxxx Xxxx
Title: Deputy General Manager
THE TORONTO-DOMINION BANK,
by /s/ Xxxxx X. Xxxxxx
-------------------------------------
Name: Xxxxx X. Xxxxxx
Title: Manager Credit Administration
UNION BANK OF SWITZERLAND, NEW YORK
BRANCH,
by /s/ Xxxxxx X. Xxxxxxxxxx
-------------------------------------
Name: Xxxxxx X. Xxxxxxxxxx
Title: Assistant Vice President
by /s/ Xxxxxxxxxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxxxxxxxxx X. Xxxxxxxx
Title: Managing Director
WESTDEUTSCHE LANDESBANK GIROZENTRALE,
NEW YORK AND CAYMAN ISLANDS BRANCHES,
by /s/ Xxxxx Xxxxx
-------------------------------------
Name: Xxxxx Xxxxx
Title: Vice President
by /s/ MPM Ransley
-------------------------------------
Name: MPM Ransley
Title: Associate
THE YASUDA TRUST AND BANKING COMPANY
LIMITED, NEW YORK BRANCH,
by /s/ Xxxx X. Xxxxxxxxxxxxxx
-------------------------------------
Name: Xxxx X. Xxxxxxxxxxxxxx
Title: Senior Vice President
