FIRST AMENDING AGREEMENT to the Credit Agreement dated as of December 20, 2001,
entered into in the City of Montreal, Province of Quebec, as of December 20,
2002,
AMONG: INTERTAPE POLYMER INC., INTERTAPE POLYMER CORP. and each of
the other parties listed in Schedule "K" hereto as joint and
several Facility A Borrowers (hereinafter collectively called
the "FACILITY A BORROWERS")
PARTIES OF THE FIRST PART
AND: IPG HOLDINGS LP (hereinafter called the "FACILITY B/C
BORROWER")
PARTY OF THE SECOND PART
AND: INTERTAPE POLYMER GROUP INC., IPG FINANCE LLC and IPG HOLDING
COMPANY OF NOVA SCOTIA (as Guarantors)
PARTIES OF THE THIRD PART
AND: THE LENDERS, AS DEFINED IN THE CREDIT AGREEMENT (the
"LENDERS")
PARTIES OF THE FOURTH PART
AND: THE TORONTO-DOMINION BANK, AS CANADIAN ADMINISTRATION AGENT
FOR THE LENDERS
PARTY OF THE FIFTH PART
AND: TORONTO DOMINION (TEXAS), INC., AS US ADMINISTRATION AGENT
FOR THE LENDERS
PARTY OF THE SIXTH PART
WHEREAS the parties hereto, other than IPG Financial Services Inc., are
parties to a Credit Agreement dated as of December 20, 2001 (the "CREDIT
AGREEMENT");
WHEREAS Facility B has been repaid in full and cancelled;
WHEREAS the Borrowers have requested that IPG Financial Services Inc.
be designated a joint and several Facility A Borrower;
WHEREAS the Borrowers have requested a deferral of IPG's obligation to
provide audits under Section 13.22 of the Credit Agreement;
WHEREAS the Borrowers have requested certain changes to the financial
covenants set forth in the Credit Agreement;
WHEREAS, pursuant to the provisions of Section 13.20 of the Credit
Agreement, the designation of IPG Financial Services Inc. as a Facility A
Borrower under the Credit Agreement is conditional upon it being designated a
"Restricted Subsidiary" under the Note Agreements;
WHEREAS, pursuant to the provisions of section 10.5(d) of the
Inter-Creditor Agreement, each of the Lenders and each of the holders of Notes
shall approve a change to the said financial covenants; and
WHEREAS each of the Lenders has agreed with the Borrowers to the
amendments contemplated hereby and, as such, has complied with the provisions of
the Credit Agreement and the Inter-Creditor Agreement, as evidenced by their
signature on this Agreement;
NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS:
I. INTERPRETATION
All of the words and expressions which are capitalized herein shall
have the meanings ascribed to them in the Credit Agreement unless otherwise
indicated herein.
II. AMENDMENTS
1. IPG Financial Services Inc. is hereby designated as a joint and several
Facility A Borrower. Schedules "D", "J", "K", "L" and "N" to the Credit
Agreement are hereby deleted and respectively replaced by Schedules
"D", "J","K", "L" and "N" hereto.
2. Section 13.22 of the Credit Agreement is hereby amended and replaced by
the following:
"IPG shall provide, at its expense and upon the written request of the
Agent, an accounts receivable and inventory audit of its Restricted
Subsidiaries and/or an appraisal of the Restricted Subsidiaries'
2
equipment and inventory, such audit and/or appraisal to be performed by
an independent third party acceptable to the Lenders.".
3. Section 13.11 of the Credit Agreement is hereby amended and replaced by
the following:
"IPG shall maintain:
13.11.1 at all times during the Term, a ratio of Total Debt to
Consolidated Total Capitalization not exceeding the following:
============================================== ==================
Period Ratio
---------------------------------------------- ------------------
On or prior to March 30, 2002: 0.59:1
---------------------------------------------- ------------------
From March 31, 2002 to June 29, 2002: 0.585:1
---------------------------------------------- ------------------
From June 30, 2002 to September 29, 2002: 0.58:1
---------------------------------------------- ------------------
From September 30, 2002 to December 30, 2002: 0.575:1
---------------------------------------------- ------------------
From December 31, 2002 to June 29, 2003: 0.55:1
---------------------------------------------- ------------------
From June 30, 2003 to December 30, 2003: 0.525:1
---------------------------------------------- ------------------
On December 31, 2003 and thereafter during 0.50:1
the Term:
============================================== ==================
13.11.2 at the end of each fiscal quarter of IPG during the Term, a
Consolidated ratio of Net Income Available for Fixed Charges to Fixed
Charges for the immediately preceding period of four consecutive fiscal
quarters including the fiscal quarter ending on the calculation date
(taken as a single accounting period) of not less than:
3
============================================== ==================
Period Ratio
---------------------------------------------- ------------------
On or prior to December 31, 2002 1.75:1
---------------------------------------------- ------------------
On March 31, 2003 and June 30, 2003: 1.85:1
---------------------------------------------- ------------------
On September 30, 2003 and thereafter: 2.00:1
============================================== ==================
13.11.3 at all times during the Term, a minimum Consolidated Net Worth
equal to the sum total of US $275,000,000 and (i) 50% of positive
Consolidated Net Income for the period commencing October 1, 2001
through the end of IPG's most recently ended fiscal quarter (i.e.
without any deduction for net losses) plus (ii) an amount equal to the
aggregate net proceeds of any issuance of equity Securities during the
Term to any Person other than a member of the Restricted Group;
13.11.4 at the end of each fiscal quarter of IPG during the Term, a
ratio of Total Debt to EBITDA for the immediately preceding period of
four consecutive fiscal quarters including the fiscal quarter ending on
the calculation date (taken as a single accounting period) not
exceeding the lesser of:
4
(a)
============================================== ==================
Period Ratio
---------------------------------------------- ------------------
On December 31, 2001: 6.00:1
---------------------------------------------- ------------------
On March 31, 2002: 5.75:1
---------------------------------------------- ------------------
On June 30, 2002: 5.50:1
---------------------------------------------- ------------------
On September 30, 2002 5.25:1
---------------------------------------------- ------------------
On December 31, 2002: 5.25:1
---------------------------------------------- ------------------
On March 31, 2003: 5.25:1
---------------------------------------------- ------------------
On June 30, 2003: 5.00:1
---------------------------------------------- ------------------
On September 30, 2003: 4.75:1
---------------------------------------------- ------------------
On December 31, 2003: 4.50:1
---------------------------------------------- ------------------
On March 31, 2004 4.25:1
---------------------------------------------- ------------------
On June 30, 2004: 4.00:1
---------------------------------------------- ------------------
On September 30, 2004, December 31, 2004,
March 31, 2005 and June 30, 2005: 3.50:1
---------------------------------------------- ------------------
On September 30, 2005 and December 31, 2005 3.25:1
============================================== ==================
or
(b) beginning with the March 31, 2002 results (i.e. commencing
with the ratio to be applicable in respect of the period ending
June 30, 2002), the actual ratio of Total Debt to EBITDA reported
to the Agent in respect of the previous fiscal quarter, plus 0.25,
with equal step down as per the above grid to apply to the
following quarters, provided that such revised ratio shall not be
less than 3.25:1. For example, if the applicable ratio in respect
of the period ending March 31, 2002 was 4.25:1, the applicable
ratio in respect of the period ending June 30, 2002 would be
4.50:1 rather than 5.50:1; and
5
13.11.5 [intentionally omitted].
In calculating EBITDA for the purposes of this Section 13.11 or any
other provision of this Agreement, (1) the Consolidated severance
expenses and other unusual non-recurring expenses accrued or otherwise
incurred by IPG and its Restricted Subsidiaries during the fiscal year
2001 prior to October 1, 2001, and (2) any charge to earnings resulting
from the re-pricing of stock options as may be applicable under GAAP,
shall all be added to the EBITDA for the relevant period (including on
a trailing 4 quarter basis or trailing 2 quarter basis as required).
For greater certainty and without limiting any provision of this
Agreement, each of the Borrowers, LLC and IPG acknowledge that the
failure to respect any of the foregoing financial ratios at any time
during the Term constitutes a material breach of this Agreement."
4. Section 14.3 of the Credit Agreement is hereby amended and replaced by
the following:
"Permit any of the Facility B/C Borrower or any of its Subsidiaries,
including Canco and LLC, or IPG Financial Services Inc. to carry on any
business, other than (i) taking such steps as may be necessary to
maintain its existence or to hold Securities of Restricted
Subsidiaries, (ii) provided no Default shall have occurred and be
continuing and that no Event of Default shall have occurred which has
not been waived, LLC may lend money to IPG (US) Inc., (iii) performing
any action required hereunder or in respect hereof or under or in
respect of any of the Security Documents, the Note Agreements or the
Notes; and (iv) the incurrence of any Indebtedness permitted by
subsection 14.2.4, and, with respect to the Facility B/C Borrower and
IPG Financial Services Inc., Indebtedness permitted hereunder."
III. CONDITIONS, EFFECTIVE DATE AND UNDERTAKINGS
Save as set provided below, this First Amending Agreement shall become effective
as of December 20, 2002 (the "EFFECTIVE DATE"), provided that each of the
following conditions has been satisfied:
1. The Borrowers shall pay all fees and costs, including legal fees associated
with this Agreement, incurred by the Agent as contemplated by the provisions of
Section 13.15 of the Credit Agreement. The Borrowers shall also pay to each
Lender a fee equal to the product of its Commitment multiplied by 10 basis
points;
2. The Lenders shall be satisfied that the holders of the Notes have consented
hereto and made a similar amendment to the financial covenants set forth in the
Note Agreements, the whole in form and in substance satisfactory to the Agent
and the Lenders' counsel; and
3. No Default shall have occurred and be continuing and no Event of Default
shall have occurred which has not been waived. Without limiting the generality
6
of the foregoing, the Restricted Group shall have delivered to the Agent the
post-closing opinions of Xxxxxx Xxxxx and Virginia counsel to the Restricted
Group.
Notwithstanding the foregoing, the amendments made pursuant to sections 1 and 4
of article II shall only become effective when the following additional
conditions have been met:
1. IPG Financial Services Inc. and its shareholders shall have executed and
delivered the Security contemplated by Section 13.13 of the Credit Agreement,
including a pledge of the Securities issued by it. The opinion to be delivered
in accordance with the undertaking below shall also cover such Security;
2. The Borrowers shall provide the opinion of its counsel, in form and substance
acceptable to the Agent and the Lenders' counsel, with respect to the power,
capacity, and authority of IPG Financial Services Inc. to enter into this First
Amending Agreement and to perform its obligations hereunder, as well as with
respect to the enforceability of this First Amending Agreement and the Security
granted pursuant to the provisions of the previous paragraph hereof;
3. The Lenders shall be satisfied that IPG Financial Services Inc. has been
designated as a "Restricted Subsidiary" under the Note Agreements, the whole in
form and in substance satisfactory to the Agent and the Lenders' counsel; and
4. After having given effect to the designation of IPG Financial Services Inc.
as a Facility A Borrower, no Default shall have occurred and be continuing and
no Event of Default shall have occurred which has not been waived.
The Agent shall confirm when the foregoing conditions to the amendments made
pursuant to sections 1 and 4 of article II have been met.
The Borrowers hereby undertake to do the following by no later than January 31,
2003:
1. To provide the opinion of its counsel, in form and substance acceptable to
the Agent and the Lenders' counsel, with respect to the power, capacity, and
authority of each member of the Restricted Group to enter into this First
Amending Agreement and to perform its obligations hereunder, as well as with
respect to the enforceability of this First Amending Agreement and the effect
thereof on the enforceability of the Security;
2. To comply with the provisions of the post-closing undertaking described in
subsection 11.1.21 of the Credit Agreement; and
3. To fulfill the above conditions with respect to the amendments made in
sections 1 and 4 of article II.
7
IV. MISCELLANEOUS
1. All of the provisions of the Credit Agreement which are not amended hereby
shall remain in full force and effect. The Borrowers hereby represent and
warrant that the organizational chart attached hereto is current and accurate in
all respects.
2. This Agreement shall be governed by and construed in accordance with the Laws
of the State of New York.
3. Each member of the Restricted Group acknowledges having taken cognizance of
the provisions of the foregoing First Amending Agreement and agrees that the
Guarantees and Security executed by it (A) remain enforceable against it in
accordance with their terms, and (B) continue to guarantee or secure, as
applicable, all of the obligations of the Persons specified in such Guarantees
and Security Documents in connection with the Credit Agreement, as amended by
this First Amending Agreement.
4. The parties acknowledge that they have required that the present agreement,
as well as all documents, notices and legal proceedings entered into, given or
instituted pursuant hereto or relating directly or indirectly hereto be drawn up
in English. Les parties reconnaissent avoir exige la redaction en anglais de la
presente convention ainsi que de tous documents executes, xxxx xxxxxx et
procedures judiciaires intentees, directement ou indirectement, relativement ou
a la suite de la presente convention.
IN WITNESS WHEREOF THE PARTIES HERETO HAVE SIGNED THIS AGREEMENT ON THE DATE AND
AT THE PLACE FIRST HEREINABOVE MENTIONED.
INTERTAPE POLYMER INC. INTERTAPE POLYMER CORP.
Per: Per:
------------------------------ ----------------------------
Address: 110E Xxxxxx xx Xxxxxx Address: 0000 Xxxxxx Xxxx Xxxx
Xx. Xxxxxxx, Xxxxxx Bradenton, FL 34210
X0X 0X0 Attention: President
Attention: Chief Financial Officer Telephone: (000) 000-0000
Telephone: (000) 000-0000 Fax: (000) 000-0000
Fax: (000) 000-0000
0
XXX (XX) XXXXXXXX XXX. XXX (XX) INC.
Per: Per:
--------------------------- ---------------------------
Address: 0000 Xxxxxx Xxxx Xxxx Address: 0000 Xxxxxx Xxxx Xxxx
Xxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Attention: President Attention: President
Telephone: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000 Fax: (000) 000-0000
IPG ADMINISTRATIVE SERVICES INC. CENTRAL PRODUCTS COMPANY
Per: Per:
--------------------------- ---------------------------
Address: 0000 Xxxxxx Xxxx Xxxx Address: 0000 Xxxxxx Xxxx Xxxx
Xxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Attention: President Attention: President
Telephone: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000 Fax: (000) 000-0000
9
INTERTAPE INC. INTERTAPE POLYMER MANAGEMENT CORP.
Per: Per:
--------------------------- ---------------------------
Address: 0000 Xxxxxx Xxxx Xxxx
Address: 0000 Xxxxxx Xxxx Xxxx Xxxxxxxxx, XX 00000
Xxxxxxxxx, XX 00000 Attention: President
Attention: President Telephone: (000) 000-0000
Telephone: (000) 000-0000 Fax: (000) 000-0000
Fax: (000) 000-0000
POLYMER INTERNATIONAL CORP. INTERNATIONAL CONTAINER
SYSTEMS, INC.
Per: Per:
--------------------------- ---------------------------
Address: 0000 Xxxxxx Xxxx Xxxx
Address: 0000 Xxxxxx Xxxx Xxxx Xxxxxxxxx, XX 00000
Xxxxxxxxx, XX 00000 Attention: President
Attention: President Telephone: (000) 000-0000
Telephone: (000) 000-0000 Fax: (000) 000-0000
Fax: (000) 000-0000
UTC ACQUISITION CORP. INTERTAPE INTERNATIONAL CORP.
Per: Per:
--------------------------- ---------------------------
Address: 0000 Xxxxxx Xxxx Xxxx
Address: 0000 Xxxxxx Xxxx Xxxx Xxxxxxxxx, XX 00000
Xxxxxxxxx, XX 00000 Attention: President
Attention: President Telephone: (000) 000-0000
Telephone: (000) 000-0000 Fax: (000) 000-0000
Fax: (000) 000-0000
COIF HOLDING INC. FIBC HOLDING INC.
Per: Per:
--------------------------- ---------------------------
Address: 0000 Xxxxxx Xxxx Xxxx Address: 0000 Xxxxxx Xxxx Xxxx
Xxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Attention: President Attention: President
Telephone: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000 Fax: (000) 000-0000
10
CAJUN BAG & SUPPLY CORP. INTERPACK MACHINERY INC.
Per: Per:
--------------------------- ---------------------------
Address: 0000 Xxxxxx Xxxx Xxxx Address: 110E Xxxxxx xx Xxxxxx
Xxxxxxxxx, XX 00000 Xx. Xxxxxxx, Xxxxxx
Xxxxxxxxx: Xxxxxxxxx X0X 0X0
Telephone: (000) 000-0000 Attention: President
Fax: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000
SPUNTECH FABRICS INC. IPG HOLDING COMPANY OF NOVA SCOTIA
Per: Per:
--------------------------- ---------------------------
Address: 110E Xxxxxx xx Xxxxxx
Address: 110E Xxxxxx xx Xxxxxx St. Laurent, Quebec
St. Laurent, Quebec H4T 1N4
X0X 0X0 Attention: President
Attention: President Telephone: (000) 000-0000
Telephone: (000) 000-0000 Fax: (000) 000-0000
Fax: (000) 000-0000
IPG HOLDINGS LP, represented INTERTAPE POLYMER GROUP INC.
by its General Partner,
INTERTAPE POLYMER INC.
Per: Per:
--------------------------- ---------------------------
Address: 110E Xxxxxx xx Xxxxxx Address: 110E Xxxxxx xx Xxxxxx
St. Laurent, Quebec St. Laurent, Quebec
H4T 1N4 X0X 0X0
Attention: General Partner Attention: Chief Financial Officer
Telephone: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000 Fax: (000) 000-0000
11
IPG FINANCE LLC IPG FINANCIAL SERVICES INC.
Per: Per:
--------------------------- ---------------------------
Address: 0000 Xxxxx Xxxx, Xxxxxxxxxx Plaza Address: 0000 Xxxxxx Xxxx Xxxx
Xxxxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Attention: President Attention: President
Telephone: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000
IPG TECHNOLOGIES INC.
Per:
---------------------------
Address: 0000 Xxxxx Xxxxxxxx Xxxx.
Xxxxxxxx, XX 00000
Attention: President
Telephone: (000) 000-0000
Fax: (000) 000-0000
00
XXX XXXXXXX-XXXXXXXX XXXX, XXX XXXXXXX-XXXXXXXX BANK,
AS CANADIAN AGENT AS LENDER
Per: Per:
--------------------------- ---------------------------
Address: 00 Xxxxxxxxxx Xxxxxx Xxxx Address: 000 Xx. Xxxxxxx Xxxxxx West
38th Floor 9th Floor
Toronto, Ontario Xxxxxxxx, Xxxxxx
X0X 0X0 X0X 0X0
Attention: VP Loan, Syndications, Agency Attention: Xxxx-Xxxxxxxx Xxxxx
Telephone: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000 Fax: (000) 000-0000
THE TORONTO-DOMINION BANK, TORONTO DOMINION (TEXAS), INC.,
INTERNATIONAL BANKING AS US AGENT
FACILITY, NEW YORK BRANCH, AS LENDER
Per: Per:
--------------------------- ---------------------------
Address: 00 Xxxx 00xx Xxxxxx Address: 000 Xxxxxx, Xxxxx 0000
Xxx Xxxx, Xxx Xxxx, 00000-0000 Xxxxxxx, Xxxxx, 00000
Attention: Xxxx Xxxxxx Attention: Xxxx Xxxxxx
Telephone: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000 Fax: (000) 000-0000
COMERICA BANK, A MICHIGAN BANKING NATIONAL BANK OF CANADA, AS LENDER
CORPORATION AS LENDER
Per: Per:
--------------------------- ---------------------------
Address: 000 Xxxxxxxx Xxxxxx Address:1155 Xxxxxxxx Xxxxxx
Xxxxx 00xx Xxxxx 0xx Xxxxx
Xxxxxxx, Xxxxxxxx, 00000 Xxxxxxxx, Xxxxxx, X0X 0X0
Attention: Xxxxxxx X. Persons Attention: Xxxxx Xxxxx
Telephone:000-000-0000 Telephone: (000) 000-0000
Fax:000-000-0000 Fax: (000) 000-0000
00
XXXXXXXX XXXX XX XXXXXX, XXXXXXXX XXXX XXXXXX BRANCH,
NEW YORK BRANCH, AS LENDER AS LENDER
Per: Per:
--------------------------- ---------------------------
Address: Suite 2210, South Tower
Per: Royal Bank Plaza
--------------------------- 000 Xxx Xxxxxx, X.X. Xxx 00
Address: 000 Xxxx 00xx Xxxxxx, 00xx Xxxxx Xxxxxxx, Xxxxxxx, X0X 0X0
Xxx Xxxx, Xxx Xxxx, 00000 Attention:Xxx Xxxxx
Attention: Xxxxxx Xxxxxxxxx, Vice-President Telephone: (000) 000-0000 #000
Telephone: (000) 000-0000 Fax: (000) 000-0000
Fax: (000) 000-0000
14
SCHEDULE D
SUBSIDIARIES
1. RESTRICTED SUBSIDIARIES
--------------------------------------------------------------
Intertape Polymer Inc. ("IPI")
--------------------------------------------------------------
IPG Holdings LP
--------------------------------------------------------------
IPG (US) Holdings Inc.
--------------------------------------------------------------
IPG Holding Company of Nova Scotia
--------------------------------------------------------------
IPG Finance LLC
--------------------------------------------------------------
IPG (US) Inc.
--------------------------------------------------------------
Central Products Company
--------------------------------------------------------------
IPG Administrative Services Inc.
--------------------------------------------------------------
Intertape Polymer Corp.
--------------------------------------------------------------
Intertape Inc.
--------------------------------------------------------------
Intertape Polymer Management Corp.
--------------------------------------------------------------
Polymer International Corp.
--------------------------------------------------------------
International Container Systems, Inc.
--------------------------------------------------------------
Intertape International Corp.
--------------------------------------------------------------
FIBC Holding Inc.
--------------------------------------------------------------
COIF Holding Inc.
--------------------------------------------------------------
IPG Technologies Inc.
--------------------------------------------------------------
UTC Acquisition Corp.
--------------------------------------------------------------
Interpack Machinery Inc.
--------------------------------------------------------------
Spuntech Fabrics Inc.
--------------------------------------------------------------
Cajun Bag & Supply Corp.
--------------------------------------------------------------
IPG Financial Services Inc.
--------------------------------------------------------------
2. OPERATING RESTRICTED SUBSIDIARIES
--------------------------------------------------------------
Intertape Polymer Inc.
--------------------------------------------------------------
IPG (US) Holdings Inc.
--------------------------------------------------------------
IPG (US) Inc.
--------------------------------------------------------------
Central Products Company
--------------------------------------------------------------
IPG Administrative Services Inc.
--------------------------------------------------------------
Intertape Polymer Corp.
--------------------------------------------------------------
Intertape Inc.
--------------------------------------------------------------
Intertape Polymer Management Corp.
--------------------------------------------------------------
Polymer International Corp.
--------------------------------------------------------------
International Container Systems, Inc.
--------------------------------------------------------------
Intertape International Corp.
--------------------------------------------------------------
FIBC Holding Inc.
--------------------------------------------------------------
COIF Holding Inc.
--------------------------------------------------------------
IPG Technologies Inc.
--------------------------------------------------------------
UTC Acquisition Corp.
--------------------------------------------------------------
Interpack Machinery Inc.
--------------------------------------------------------------
15
--------------------------------------------------------------
Spuntech Fabrics Inc.
--------------------------------------------------------------
Cajun Bag & Supply Corp.
--------------------------------------------------------------
IPG Financial Services Inc.
--------------------------------------------------------------
3. INACTIVE SUBSIDIARIES
--------------------------------------------------------------
IPG Technologies Acquisition Corp. (HAS NO STOCK ISSUED; IN
PROCESS OF DISSOLVING)
--------------------------------------------------------------
16
SCHEDULE J
UNRESTRICTED SUBSIDIARIES
Intertape Woven Products, S.A. de C.V.
Intertape Woven Product Services, S.A. de C.V.
Drumheath Indemnity Ltd. ("Drumheath")
Interpack International Ltd.
Intertape Polymer Exports, Inc.
INACTIVE SUBSIDIARIES
IPG Technologies Acquisition Corp. (NO STOCK ISSUED; IN PROCESS OF DISSOLVING)
17
SCHEDULE K
LIST OF FACILITY A BORROWERS
1. CANADIAN BORROWERS:
a) Intertape Polymer Inc.
b) Interpack Machinery Inc.
c) Spuntech Fabrics Inc.
2. US BORROWERS:
a) IPG (US) Holdings Inc.
b) IPG (US) Inc.
c) Central Products Company
d) IPG Administrative Services Inc.
e) Intertape Polymer Corp.
f) Intertape Inc.
g) Intertape Polymer Management Corp.
h) Polymer International Corp.
i) International Container Systems, Inc.
j) Intertape International Corp.
k) FIBC Holding Inc.
l) COIF Holding Inc.
m) IPG Technologies Inc.
n) UTC Acquisition Corp.
o) Cajun Bag & Supply Corp.
p) IPG Financial Services Inc.
18
SCHEDULE L
LIST OF GUARANTORS
1. FACILITY A
Intertape Polymer Group Inc.
IPG Holdings LP
IPG Finance LLC
IPG Holding Company of Nova Scotia
2. FACILITY C
Intertape Polymer Group Inc.
IPG (US) Holdings Inc.
IPG Holding Company of Nova Scotia
IPG Finance LLC
IPG (US) Inc.
Central Products Company
IPG Administrative Services Inc.
Intertape Polymer Corp.
Intertape Inc.
Intertape Polymer Management Corp.
Polymer International Corp.
International Container Systems, Inc.
Intertape International Corp.
FIBC Holding Inc.
COIF Holding Inc.
IPG Technologies Inc.
UTC Acquisition Corp.
Interpack Machinery Inc.
Spuntech Fabrics Inc.
Cajun Bag & Supply Corp.
IPG Financial Services Inc.
19
SCHEDULE N
LOCATION OF ASSETS, HEAD OFFICES AND TAX IDENTIFICATION NUMBERS
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
STATE OF OTHER PLACES
INCORPORATION/ CHIEF EXECUTIVE WHERE COLLATERAL IS TAX ID NUMBER
NAME OF SUBSIDIARY FORMATION OFFICE LOCATED
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
Intertape Polymer Inc. Canada Xx. Xxxxxxx, XX Xx. Xxxxxxx, XX; Truro, 123157695
(corporate NS; Edmundston, NB
headquarters)
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
IPG Holdings LP Delaware Xx. Xxxxxxx, XX None 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
IPG (US) Holdings Inc. Delaware Bradenton, FL None 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
IPG Holding Company of Nova Scotia Canada Halifax, None 00-0000000
Nova Scotia
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
IPG Finance LLC Delaware Wilmington, DE None 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
IPG (US) Inc. Delaware Bradenton, FL None 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
Central Products Company Delaware Bradenton, FL Carbondale, IL 00-0000000
Menasha, WI
Brighton, CO
Green Bay, WI
Columbia, SC
Richmond, KY
Marysville, MI
Cumming, GA
Ontario, CA
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
IPG Administrative Services Inc. Delaware Wilmington, DE All manufacturing 00-0000000
locations
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
Intertape Polymer Corp. Delaware Wilmington, DE warehouses 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
Intertape Inc. Virginia Danville, VA Xxxxxxxx, XX 00-0000000
Xxxxxxxxx, XX
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
Intertape Polymer Management Corp. Florida Bradenton, FL Bradenton, FL 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
Polymer International Corp. Virginia Bradenton, FL None 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
International Container Systems, Inc. Florida Bradenton, FL Bradenton, FL 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
Intertape International Corp. Delaware Bradenton, FL None 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
FIBC Holding Inc. Delaware Bradenton, FL None 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
COIF Holding Inc. Delaware Bradenton, FL None 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
IPG Technologies Inc. Delaware Columbia, SC Columbia, SC 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
UTC Acquisition Corp. Delaware Bradenton, FL None 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
Interpack Machinery Inc. Canada Xx. Xxxxxxx, XX None 119557353
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
Spuntech Fabrics Inc. Canada Truro, None 892293234
Nova Scotia
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
Cajun Bag & Supply Corp. Delaware Bradenton, FL Rayne, LA 00-0000000
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
IPG Financial Services Inc. Delaware Wilmington, DE None 522212513
------------------------------------------- ------------------ --------------------- ------------------------- ------------------
20
ORGANIZATIONAL CHART
SEE THE ATTACHED.
21
