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 desig-
nation 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
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".
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 intentes, 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: /s/Xxxxxx X. Xxxxxxxxx Per: /s/Xxxxxxx X. Xxxx
Xxxxxx X. Xxxxxxxxx, CFO Xxxxxxx X. Xxxx, President
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: /s/ H. Xxxx XxXxxxx Per: /s/Xxx Xxx Xxxxxxxxx
H. Xxxx XxXxxxx, President Xxx Xxx Xxxxxxxxx, President
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: /s/ H. Xxxx XxXxxxx Per: /s/H. Xxxx XxXxxxx
H. Xxxx XxXxxxx, President H. Xxxx XxXxxxx, President
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: /s/Xxxxxxx X. Xxxx Per: /s/Xxxxxxx X. Xxxxxxxx
Xxxxxxx X. Xxxx, President Xxxxxxx X. Xxxxxxxx, President
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 CONTTAINER SYSTEMS,
INC.
Per: /s/Xxxxxxx X. Xxxxxxxx Per: /s/Burgess H. Xxxxxxxx
Xxxxxxx X. Xxxxxxxx, President Xxxxxxx X. Xxxxxxxx, President
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: /s/Xxxxxxx X. Xxxxxxxx Per: /s/Burgess H. Xxxxxxxx
Xxxxxxx X. Xxxxxxxx, President Xxxxxxx X. Xxxxxxxx, President
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: /s/Xxxxxxx X. Xxxxxxxx Per: /s/Xxx Xxx Xxxxxxxxx
Xxxxxxx X. Xxxxxxxx, Secretary Xxx Xxx Xxxxxxxxx, President
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: /s/Xxx Xxx Xxxxxxxxx Per: /s/X. Xxxx XxXxxxx
Xxx Xxx Xxxxxxxxx, President H. Xxxx XxXxxxx, President
Address: 0000 Xxxxxx Xxxx Xxxx Address: 000X Xxxxxx xx Xxxxxx
Xxxxxxxxx, XX 00000 Xx. Xxxxxxx, Xxxxxx X0X 0X0
Attention: President Attention: President
Telephone: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000 Fax: (000) 000-0000
SPUNTECH FABRICS INC. IPG HOLDING COMPANY OF NOVA SCOTIA
Per: /s/Xxxxx Xxxxx Per: /s/Xxxxxx X. Xxxxxxxxx
Xxxxx Xxxxx, Vice President Xxxxxx X. Xxxxxxxxx, Vice President
Address: 110E Xxxxxx xx Xxxxxx Finance
Xx. Xxxxxxx, Xxxxxx X0X 0X0 Address: 110E Xxxxxx xx Xxxxxx
Attention: President Xx. Xxxxxx, Xxxxxx X0X 0X0
Telephone: (000) 000-0000 Attention: President
Fax: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000
IPG HOLDINGS LP, represented by its INTERTAPE POLYMER GROUP INC.
Per: /s/Xxxxxx X. Xxxxxxxxx Per: /s/Xxxxxx X. Xxxxxxxxx
Xxxxxx X. Xxxxxxxxx, CFO Xxxxxx X. Xxxxxxxxx, CFO, Vice
Address: 110E Xxxxxx xx Xxxxxx President Administration & Secretary
Xx. Xxxxxxx, Xxxxxx X0X 0X0 Address: 110E Xxxxxx xx Xxxxxx
Attention: General Partner Xx. Xxxxxx, Xxxxxx X0X 0X0
Telephone: (000) 000-0000 Attention: Chief Financial Officer
Fax: (000) 000-0000 Telephone: (000) 000-0000
Fax: (000) 000-0000
IPG FINANCE LLC IPG FINANCIAL SERVICES INC.
Per: /s/Xxxxxx X. Xxxxxxxxx Per: /s/Xxxxxx X. Xxxxxxxxx
Xxxxxx X. Xxxxxxxxx, President Xxxxxx X. Xxxxxxxxx, President
Address: 0000 Xxxxx Xxxx, Xxxxxxxxxx Address: 0000 Xxxxxx Xxxx Xxxx
Xxxxx Xxxxxxxxx, XX 00000
Xxxxxxxxxx, XX 00000 Attention: President
Attention: President Telephone: (000) 000-0000
Telephone: (000) 000-0000 Fax: (000) 000-0000
IPG TECHNOLOGIES INC.
Per: /s/Xxxxxx X. Xxxxxxxxx
Xxxxxx X. Xxxxxxxxx, Secretary
Address: 0000 Xxxxx Xxxxxxxx Xxxx.
Xxxxxxxx, XX 00000
Attention: President
Telephone: (000) 000-0000
Fax: (000) 000-0000
THE TORONTO-DOMINION BANK, as THE TORONTO-DOMINION BANK, as Lender
Canadian Agent
Per: /s/Xxxxx Xxxxxxxx Per: /s/X-X Xxxxx
Xxxxx Xxxxxxxx, VP Loan Syndications, X-X Xxxxx, VP Corporate Credit and
Agency Investment Banking
Address: 00 Xxxxxxxxxx Xxxxxx West Per:/s/Xxxx Xxxxxxxx
38th Floor Managing Director, Corporate Credit
Xxxxxxx, Xxxxxxx X0X 0X0 and Investment Banking
Attention: VP Loan, Syndications, Agency Address: 000 Xx. Xxxxxxx Xxxxxx Xxxx
Telephone: (000) 000-0000 9th Floor
Fax: (000) 000-0000 Xxxxxxxx, Xxxxxx X0X 0X0
Attention: Xxxx-Xxxxxxxx
Telephone: (000) 000-0000
Fax: (000) 000-0000
THE TORONTO-DOMINION BANK, TORONTO DOMINION (TEXAS), INC., as US
NTERNATIONAL BANKING FACILITY, New Agent
York Branch, as Lender
Per:/s/Xxxxx Xxxxxx Per:/s/Xxxxx Xxxxxx
Xxxxx Xxxxxx, Manager Syndications Xxxxx Xxxxxx, Manager Syndications
and Credit Administration and Credit Administration
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:/s/Xxxxxxx Persons Per:/s/Xxxxxxx Persons
Xxxxxxx Persons, First Vice President Xxxxxxx Persons, First Vice President
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
NATIONAL BANK OF CANADA, NEW YORK COMERICA BANK CANADA BRANCH,
BRANCH, as Lender as Lender
Per:/s/Xxxx XxXxxxxx Per:/s/Xxx Xxxxx
Vice President and Manager Address: Suite 2210, South Tower
/s/Xxxxxxx Xxxxxxx Royal Bank Plaza
Assistant Vice President 000 Xxx Xxxxxx, X.X. Xxx 00
Address: 000 Xxxx 00xx Xxxxxx, Xxxxxxx, Xxxxxxx, X0X 0X0
23rd Floor Attention: Xxx Xxxxx
Xxx Xxxx, Xxx Xxxx, 00000 Telephone: (000) 000-0000 #000
Attention: Xxxxxx Xxxxxxxxx, Fax: (000) 000-0000
Vice-President
Telephone: (000) 000-0000
Fax: (000) 000-0000
ANNEX "A"
[TO BE ATTACHED]
