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EXHIBIT 4.14
As of November 30, 1995
Sealy Corporation
0000 Xxxxxx Xxxxxx
Xxxxxxxxx, Xxxx 00000-0000
Re: Second Amendment
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Ladies/Gentlemen:
Please refer to the Restated Secured Credit Agreement dated as of May 27,
1994 (as previously amended, the "Credit Agreement") among Sealy Corporation,
as Borrower, various banks and other financial institutions, Banque Paribas,
Citicorp USA, Inc., Bank of America Illinois (formerly known as Continental
Bank N.A.) and General Electric Capital Corporation, as Managing Agents, and
Bank of America Illinois, as Administrative Agent. Terms defined in the Credit
Agreement are used herein as so defined.
The Borrower, the Required Banks and the Agent agree that the Credit
Agreement shall be amended, effective as of November 30, 1995 as follows:
(a) CONSOLIDATED FIXED CHARGE COVERAGE RATIO. Section 6.02.04(c) shall
be amended in its entirety to read as follows:
"SECTION 6.02.04(c). The Consolidated Fixed Charge Coverage Ratio on the
last day of any Fiscal Quarter occurring during any period set forth below
to be less than the ratio set forth opposite such period below:
Minimum Fixed
Period Charge
------ Coverage Ratio
---------------
Any Fiscal Quarter through Third 1.05 to 1.00
Quarter of 1995 Fiscal Year
Fourth Quarter of 1995 Fiscal Year 1.00 to 1.00
First Quarter of 1996 Fiscal Year 1.05 to 1.00
through Third Quarter of 1997 Fiscal
Year
Fourth Quarter of 1997 Fiscal Year 1.10 to 1.00."
and thereafter
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(b) SECTION 1.01 DEFINITIONS. The definition of "Consolidated Fixed
Charge Coverage Ratio" in Section 1.01 shall be amended by inserting the
following parenthetical clause immediately after the phrase "pursuant to
Section 2.09(a)" in subclause (b) (iii) (A):
"(PROVIDED, HOWEVER, that beginning with the scheduled payment due on
February 28, 1996, the scheduled principal amount of each installment
shall be deemed to be the amount set forth on Schedule I to the Second
Amendment to this Agreement dated as of November 30, 1995)."
Attached hereto as SCHEDULE I is a table setting forth the
revised scheduled principal payments for purposes of computation
of the Consolidated Fixed Charge Coverage Ratio pursuant to the
Credit Agreement as amended hereby.
Except as amended above, all terms and provisions of the Credit Agreement
shall remain in full force and effect and are hereby ratified and confirmed in
all respects.
This Second Amendment may be executed in counterparts and shall become
effective when the Administrative Agent has received counterparts hereof signed
by the Borrower and the Reguired Banks. This Second Amendment shall be
governed by the laws of the State of New York.
Very truly yours,
BANK OF AMERICA ILLINOIS,
as Administrative Agent and
Managing Agent
By: /s/ Xxxxx X. Djmoto
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Title: VICE PRESIDENT
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BANK OF AMERICA ILLINOIS, as a
Bank
By: /s/ Xxxxxxx X. Xxxxxxx
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Title: VICE PRESIDENT
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BANQUE PARIBAS, individually
and as Managing Agent
By: /s/ Xxxxxx X. Xxxxx, Xx.
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Title: SENIOR CREDIT OFFICER
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By: /s/ Xxxxxx X. Xxxxxx
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Title: VICE PRESIDENT
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CITICORP USA, INC.,
individually and as Managing
Agent
By: /s/ Xxxxxxxx Xxxxxxxxx
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Title: VICE PRESIDENT
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GENERAL ELECTRIC CAPITAL
CORPORATION, individually
and as Managing Agent
By: /s/ Xxxxxxx Xxxxxx
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Title: ONLY AUTHORIZED SIGNATORY
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BANK OF SCOTLAND
By: /s/ Xxxxxxxxx X. Xxxxxxxx
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Title: VICE PRESIDENT
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COMPAGNIE FINANCIERE de CIC et
de L'UNION EUROPEENNE
By: /s/ Xxxxxx Xxxxxx
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Title: VICE PRESIDENT
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By: /s/ Xxxx Xxxxxxx
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Title: FIRST VICE PRESIDENT
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CAISSE NATIONALE DE CREDIT
AGRICOLE
By: /s/ Xxxxx Xxxxx, F.V.P.
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Title: HEAD OF CORPORATE BANKING, CHICAGO
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CREDIT LYONNAIS CHICAGO BRANCH
By: /s/ Xxxx Xxx Xxxxx
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Title: VICE PRESIDENT AND GROUP HEAD
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CREDIT LYONNAIS CAYMAN ISLAND
BRANCH
By: /s/ Xxxx Xxx Xxxxx
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Title: AUTHORIZED SIGNATURE
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DRESDNER BANK AG CHICAGO AND
GRAND CAYMAN BRANCHES
By: /s/ E. P. Holder
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Title: SVP
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By: /s/ ???
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Title: AVP
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FIRST BANK NATIONAL
ASSOCIATION
By: /s/ Xxxxx X. Xxxxxxxx
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Title: VICE PRESIDENT
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THE FIRST NATIONAL BANK OF
CHICAGO
By: /s/ Xxxxxxxxx X. Xxxxxx
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Title: VICE PRESIDENT
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THE FUJI BANK, LIMITED
By: /s/ Xxxxx X. Xxxxxxxx
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Title: Joint General Manager
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XXXXXX FINANCIAL, INC.
By: /s/ Xxxxx X. Xxxxx
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Title: VICE PRESIDENT
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THE LONG-TERM CREDIT BANK OF
JAPAN, LTD., CHICAGO BRANCH
By: /s/ Xxxxx X. Xxxxx
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Title: Vice President and Deputy
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General Manager
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MELLON BANK N.A.
By: /s/ X. X. Xxxxxxxx
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Title: VICE PRESIDENT
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NATIONAL CANADA FINANCE CORP.
By: /s/ Xxxxx X. Xxxxx
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Title: VICE PRESIDENT
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By:
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Title:
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NATIONSBANK, N.A. (CAROLINAS)
By:
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Title:
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PNC BANK, NATIONAL ASSOCIATION
By: /s/ Xxxxx X. Xxxxx
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Title: Commercial Banking Officer
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SHAWMUT BANK CONNECTICUT, N.A.
By:
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Title:
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UNITED STATES NATIONAL BANK OF OREGON
By: /s/ Xxxxxxx X. Xxxx
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Title: VICE PRESIDENT
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ACCEPTED AND AGREED as of
the date first written above
SEALY CORPORATION
By: /s/ ???
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Title: Vice President and Treasure
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SCHEDULE I
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REVISED SCHEDULE OF "SCHEDULED PAYMENTS" FOR PURPOSES OF THE
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CONSOLIDATED FIXED CHARGE COVERAGE RATIO
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DATE AMOUNT
---- ------
1996
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February 28, 1996 0
May 31, 1996 1,154,923.60
August 31, 1996 7,699,530.52
November 30, 1996 7,699,530.52
1997
----
February 28, 1997 1,924,882.60
May 31, 1997 1,924,882.60
August 31, 1997 7,699,530.52
November 30, 1997 7,699,530.52
1998
----
February 28, 1998 2,309,859.17
May 31, 1998 2,309,859.17
August 31, 1998 9,239,442.61
November 30, 1998 9,239,436.61
1999
----
February 28, 1999 2,309,859.17
May 31, 1999 2,309,859.17
August 31, 1999 9,239,436.61
November 30, 1999 9,239,436.61
