SECOND AMENDING AGREEMENT to the Credit Agreement dated as of December 20, 2001,
as amended by a First Amending Agreement dated as of December 20, 2002, entered
into in the City of Montreal, Province of Quebec, as of March 14, 2003,
AMONG: INTERTAPE POLYMER INC., INTERTAPE POLYMER CORP. and each of the
other 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 are parties to a Credit Agreement dated as
of December 20, 2001, as amended by a First Amending Agreement (the "FIRST
AMENDING AGREEMENT") dated December 20, 2002 (the "CREDIT AGREEMENT");
WHEREAS the portion of the First Amending Agreement relating to the
designation of IPG Financial Services Inc. as a Facility A Borrower has not yet
come into effect;
WHEREAS the Borrowers have requested certain changes to the manner in
which some of the financial covenants set forth in the Credit Agreement are
calculated;
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 such 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. AMENDMENT
The definition of "Consolidated Net Worth" contained in subsection
1.1.39 of the Credit Agreement is hereby amended and replaced by the following:
"CONSOLIDATED NET WORTH" means, as of the date of any determination
thereof, the Consolidated total shareholders' equity of the Restricted
Group as of such date, determined on a Consolidated basis, but in any
event excluding any amount of such shareholders' equity allocable or
attributable to (i) Minority Interests, and (ii) all Investments (other
than Permitted Investments) by any member of the Restricted Group. For
the purposes of the calculation of the ratios under subsections 13.11.1
and 13.11.3 only and provided that such impairment charges do not
exceed US$75,000,000, any non-cash goodwill impairment charges taken in
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the last fiscal quarter of 2002 as determined in accordance with the
accounting rules under FASB 142 and CICA 3062 and CICA 1581 and in
accordance with GAAP shall be added back to the Consolidated total
shareholders' equity of the Restricted Group as of such date to the
extent that the impairment charges have been deducted therefrom;".
III. CONDITIONS AND EFFECTIVE DATE
Save as set provided below, this Second Amending Agreement shall become
effective as of March 14, 2003 (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 the greater of
(i) 10 basis points or (ii) the fee in basis points payable to the holders of
the Notes under the amending agreements described in section III(2) hereof;
2. The Lenders shall be satisfied that the holders of the Notes have consented
hereto in writing and made an amendment to the financial covenants set forth in
sections 5.6 and 5.8(a) of 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.
IV. MISCELLANEOUS
1. All of the provisions of the Credit Agreement which are not amended hereby
shall remain in full force and effect.
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 Second 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 Second Amending Agreement.
4. The Lenders hereby approve the amendments to the Note Agreements annexed
hereto as Annex "A".
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5. 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
IPG (US) HOLDINGS INC. IPG (US) 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
4
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
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
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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
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
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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 by INTERTAPE POLYMER GROUP INC.
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
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
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IPG TECHNOLOGIES INC.
Per:
---------------------------------------
Address: 0000 Xxxxx Xxxxxxxx Xxxx.
Xxxxxxxx, XX 00000
Attention: President
Telephone: (000) 000-0000
Fax: (000) 000-0000
0
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, INTERNATIONAL TORONTO DOMINION (TEXAS), INC.
BANKING FACILITY, NEW YORK BRANCH, AS US AGENT
AS LENDER
Per: Per:
----------------------------- -------------------------------
Address: 00 Xxxx 00xx Xxxxxx Address: 000 Xxxxxx, Xxxxx 0000
Xxx Xxxx, Xxx Xxxx, 00000-0000 Xxxxxxx, Xxxxx, 00000
Attention: Xxxxx Xxxxxx Attention: Xxxxx Xxxxxx
Telephone: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000 Fax: (000) 000-0000
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COMERICA BANK, A MICHIGAN BANKING NATIONAL BANK OF CANADA,
CORPORATION AS LENDER 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 Telephone: (000) 000-0000
Telephone:000-000-0000 Fax: (000) 000-0000
Fax:000-000-0000
NATIONAL BANK OF CANADA, COMERICA BANK CANADA 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
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ANNEX "A"
[TO BE ATTACHED]
