Third Amendment to Credit Agreement

 

EXHIBIT 4.5

THIRD

          THIRD (this “Third Amendment”), dated as of February 24,2005, among EXIDE TECHNOLOGIES, a Delaware corporation (the “U.S. Borrower”), EXIDE GLOBALHOLDING NETHERLANDS C.V., a limited partnership organized under the laws of The Netherlands (the“European Borrower”, and together with the U.S. Borrower, the “Borrowers”), theLenders from time to time party hereto and DEUTSCHE BANK AG NEW YORK BRANCH, as AdministrativeAgent (in such capacity, the “Administrative Agent”). Unless otherwise indicated, allcapitalized terms used herein and not otherwise defined shall have the respective meanings providedsuch terms in the Credit Agreement referred to below.

WITNESSETH :

          WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to a CreditAgreement, dated as of May 5, 2004 (as amended, restated, modified and/or supplemented to, but notincluding, the date hereof, the “Credit Agreement”); and

          WHEREAS, subject to the terms, conditions and agreements herein set forth, the parties heretohave agreed to amend the Credit Agreement as herein provided;

          NOW, THEREFORE, it is agreed:

I. Amendments to Credit Agreement.

          1. Section 7 of the Credit Agreement, immediately after giving effect to the Second AmendmentSubsequent Effective Date (if same occurs), is hereby amended by inserting the following newSection 7.23 immediately following Section 7.22:

     “7.23 Subordination, Etc. On and after the execution and delivery thereof, butonly if any of the New Senior Notes are issued on a subordinated basis pursuant to thedefinition of “New Senior Notes” contained in Section 11 hereof, the subordinationprovisions contained in the New Senior Notes Documents governing such New Senior Notes willbe enforceable against the U.S. Borrower and the holders of such New Senior Notes, and allObligations of the U.S. Borrower hereunder and under the other Credit Documents to which itis a party are within the definition of “Senior Indebtedness” included in such subordinationprovisions.”

          2. Section 9.09 of the Credit Agreement is hereby amended by deleting the table appearing insaid Section and inserting the following table in lieu thereof:

 


 

     
“Period   Ratio
 
Initial Borrowing Date to and including the day occurring priorto the last day of the 1st Fiscal Quarter of Fiscal Year 2006
  4.15:1.0
 
   
Last day of the 1st Fiscal Quarter of Fiscal Year 2006 to andincluding the day occurring prior to the last day of 2nd FiscalQuarter of Fiscal Year 2006
  3.50:1.0
 
   
Last day of the 2nd Fiscal Quarter of Fiscal Year2006 to and including the day occurring prior to the last dayof 3rd Fiscal Quarter of Fiscal Year 2006
  3.25:1.0
 
   
Last day of the 3rd Fiscal Quarter of Fiscal Year2006 to and including the day occurring prior to the last dayof 3rd Fiscal Quarter of Fiscal Year 2007
  3.00:1.0
 
   
Last day of 3rd Fiscal Quarter of Fiscal Year 2007and thereafter
  2.50:1.0”.

          3. Section 9.10 of the Credit Agreement is hereby amended by deleting the text “$160,000,000”appearing directly opposite the text “Fiscal Quarter ending closest to March 31, 2005” appearing inthe table in said Section and inserting the text“$140,000,000” in lieu thereof.

          4. Section 9 of the Credit Agreement, immediately after giving effect to the Second AmendmentSubsequent Effective Date (if same occurs), is hereby further amended by inserting the followingnew Section 9.17 immediately following Section 9.16:

     “9.17 Designated Senior Debt. If any of the New Senior Notes are issued on asubordinated basis pursuant to the definition of “New Senior Notes” contained in Section 11hereof, the U.S. Borrower shall not designate any Indebtedness (other than the Obligations)as “Designated Senior Indebtedness” for purposes of the New Senior Notes Documents governingsuch New Senior Notes.”

          5. The definition of “New Senior Notes” appearing in Section 11 of the CreditAgreement, immediately after giving effect to the Second Amendment Subsequent Effective Date (if same occurs), is hereby amended by inserting the following new sentence atthe end of said definition:

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“Notwithstanding anything to the contrary stated above in this definition, all ora portion of the New Senior Notes may be issued on a subordinated basis on termssatisfactory to the Administrative Agent and any such subordinated New Senior Notes shallconstitute “New Senior Notes” for all purposes of this Agreement and the other CreditDocuments.”

II. Miscellaneous Provisions.

          1. In order to induce the Lenders to enter into this Third Amendment, (x) each of theBorrowers hereby represents and warrants that (i) no Default or Event of Default exists as of theThird Amendment Effective Date (as defined below) after giving effect thereto and (ii) all of therepresentations and warranties contained in the Credit Agreement or the other Credit Documents aretrue and correct in all material respects as of the Third Amendment Effective Date after givingeffect thereto, with the same effect as though such representations and warranties had been made onand as of the Third Amendment Effective Date (it being understood that any representation orwarranty made as of a specific date shall be true and correct in all material respects as of suchspecific date) and (y) the U.S. Borrower agrees to furnish, or will cause to be furnished, to theAdministrative Agent (who shall furnish to each Lender), within 50 days after the close of theFiscal Quarter of the U.S. Borrower ending closest to March 31, 2005, financial statements for suchquarterly accounting period meeting the requirements of Section 8.01(b) of the Credit Agreement,together with an officer’s certificate meeting the requirements of Section 8.01(e) of the CreditAgreement (without regard to clause (ii) thereof).

          2. This Third Amendment is limited as specified and shall not constitute a modification,acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document.

          3. This Third Amendment may be executed in any number of counterparts and by the differentparties hereto on separate counterparts, each of which counterparts when executed and deliveredshall be an original, but all of which shall together constitute one and the same instrument. Acomplete set of counterparts shall be lodged with the U.S. Borrower and the Administrative Agent.

          4. THIS THIRD AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BECONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

          5. (a) The provisions of Sections 2 and 3 of Part I of this Third Amendment shall becomeeffective on the date (the “Third Amendment Effective Date”) when each of the Borrowers,each other Credit Party and Lenders constituting the Required Lenders shall have signed acounterpart hereof (whether the same or different counterparts) and shall have delivered (includingby way of facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue ofthe Americas, New York, NY 10036 Attention: Aditi Chawla (facsimile number: 212-354-8113 / e-mailaddress: achawla@whitecase.com); provided, that, upon the occurrence of the SecondAmendment Subsequent Effective Date (if same occurs), the provisions of Sections 2 and 3 of Part Iof this Third Amendment shall be of no further force or

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effect and the provisions of the Second Amendment shall be effective in accordance with theterms thereof.

          (b) The provisions of Sections 1, 4 and 5 of Part I of this Third Amendment shall becomeeffective on the date when each of the following conditions shall have been satisfied:

      (i) the Second Amendment Subsequent Effective Date shall have occurred; and

      (ii) the Third Amendment Effective Date shall have occurred.

          6. By executing and delivering a copy hereof, each Credit Party hereby agrees that allObligations of the Credit Parties shall remain guaranteed pursuant to the relevant Guaranties andshall remain secured pursuant to the Security Documents, in each case in accordance with therespective terms and provisions thereof.

          7. The U.S. Borrower hereby covenants and agrees that, so long as the Third AmendmentEffective Date occurs, it shall pay to each Lender which executes and delivers to theAdministrative Agent (or its designee) a counterpart hereof by 5:00 P.M. (New York City time) onFebruary 24, 2005, a non-refundable cash fee (the “Amendment Fee”) in an amount equal to 10basis points (0.1%) on an amount equal to the sum of (i) the aggregate principal amount of all TermLoans of such Lender outstanding on the Third Amendment Effective Date plus (ii) theMulticurrency Facility Revolving Loan Commitment of such Lender as in effect on the Third AmendmentEffective Date. The Amendment Fee shall not be subject to counterclaim or set-off, or be otherwiseaffected by, any claim or dispute relating to any other matter. The Amendment Fee shall be paid bythe U.S. Borrower to the Administrative Agent for distribution to the relevant Lenders not laterthan the third Business Day following the Third Amendment Effective Date.

          8. From and after the Third Amendment Effective Date, all references in the Credit Agreementand each of the other Credit Documents to the Credit Agreement shall be deemed to be references tothe Credit Agreement, as modified hereby on the Third Amendment Effective Date.

* * *

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          IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to executeand deliver this Amendment as of the date first above written.

         
    EXIDE TECHNOLOGIES, as a Borrower
 
       
  By:    
       
      Name:
Title:
 
       
    EXIDE GLOBAL HOLDING NETHERLANDS C.V.,
as a Borrower
 
       
  By:   Exide Technologies
its general partner
 
       
  By:    
       
      Name:
Title:
 
       
    DEUTSCHE BANK AG NEWYORK BRANCH,
     as Administrative Agent
 
       
  By:    
       
      Name:
Title:
 
       
  By:    
       
      Name:
Title:

 


 

          Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, theCredit Agreement referenced in the foregoing Third Amendment, hereby consents to the entering intoof the Third Amendment and agrees to the provisions thereof (including, without limitation, PartII, Section 6 thereof).

         
    DIXIE METALS COMPANY
 
       
  By:    
       
      Name:
      Title:
 
       
    EXIDE DELAWARE LLC
 
       
  By:   Exide Technologies, its sole manager
 
       
  By:    
       
      Name:
      Title:
 
       
    EXIDE ILLINOIS, INC.
 
       
  By:    
       
      Name:
      Title:
 
       
    GNB BATTERY TECHNOLOGIES JAPAN, INC.
 
       
  By:    
       
      Name:
      Title:
 
       
    REFINED METALS CORPORATION
 
       
  By:    
       
      Name:
      Title:

 


 

         
    RBD LIQUIDATION, LLC
 
       
  By:    
     
      Name:
      Title:
 
       
    EH INTERNATIONAL, LLC
 
       
    By: Exide Technologies, its sole member
 
       
  By:    
     
      Name:
      Title:

 


 

         
    EXIDE BELIGIUM SPRL
 
       
  By:    
     
      Name:
      Title:
 
       
    NATIONAL BATTERY DISTRIBUTION LIMITED
      (formerly Gemala Ireland (Holdings) Limited)
 
       
  By:    
     
      Name:
      Title:
 
       
    EXIDE CANADA INC.
 
       
  By:    
     
      Name:
      Title:
 
       
    1036058 ONTARIO INC.
 
       
  By:    
     
      Name:
      Title:
 
       
    EXIDE DENMARK AS
 
       
  By:    
     
      Name:
      Title:

 


 

         
    CMP BATTERIES LTD.
 
       
  By:    
     
      Name:
      Title:
 
       
    DETA UK LIMITED
 
       
  By:    
     
      Name:
      Title:
 
       
    EURO EXIDE CORPORATION LIMITED
 
       
  By:    
     
      Name:
      Title:
 
       
    EXIDE TECHNOLOGIES (TRANSPORTATION) LIMITED
      (formerly Exide (Dagenham) Limited)
 
       
  By:    
     
      Name:
      Title:
 
       
    EXIDE (HOLDINGS) LIMITED
 
       
  By:    
     
      Name:
      Title:
 
       
    MBD NATIONAL LIMITED
 
       
  By:    
     
      Name:
      Title:

 


 

         
    CEAC, COMPAGNIE EUROPEENE D’ACCUMLATEURS, SAS
 
       
  By:    
     
      Name:
      Title:
 
       
    EXIDE HOLDING EUROPE SAS
 
       
  By:    
     
      Name:
      Title:
 
       
    DEUTSCHE EXIDE GMBH
 
       
  By:    
     
      Name:
      Title:
 
       
    EXIDE ITALIA S.R.L.
 
       
  By:    
     
      Name:
      Title:
\
       
 
       
    INDUSTRIA COMPOSIZIONI STAMPATE, SPA
 
       
  By:    
     
      Name:
      Title:
 
       
    EXIDE HOLDING NETHERLANDS B.V.
 
       
  By:    
     
      Name:
      Title:

 


 

         
    EXIDE TECHNOLOGIES HOLDING, B.V.
 
       
  By:    
     
      Name:
      Title:
 
       
    EXIDE TECHNOLOGIES NEDERLAND, B.V.
 
       
  By:    
     
      Name:
      Title:
 
       
    CENTRA S.A.
 
       
  By:    
     
      Name:
      Title:
 
       
    SONULAR – SOCIEDADE NACIONAL DE METALURGIA, LDA.
 
       
  By:    
     
      Name:
      Title:
 
       
    SOCIEDADE PORTUGUESA DO ACUMULADOR TUDOR, S.A.
 
       
  By:    
     
      Name:
      Title:
 
  By:    
     
      Name:
      Title:

 


 

         
    RU, RENOVACAO URBANA, LDA.
 
       
  By:    
     
      Name:
      Title:
 
       
    CHLORIDE MOTIVE POWER IBERICA, S.L.
 
       
  By:    
     
      Name:
      Title:
 
       
    EXIDE TRANSPORTATION HOLDING EUROPE, S.L.
 
       
  By:    
     
      Name:
      Title:
 
       
    OXIVOLT, S.L.
 
       
  By:    
     
      Name:
      Title:
 
       
    SOCIEDAD ESPANOLA DEL ACUMULADOR TUDOR, S.A.
 
       
  By:    
     
      Name:
      Title:
 
       
    TUDOR ELECTRONICA, S.L.
 
       
  By:    
     
      Name:
      Title:

 


 

         
    TUDOR AB
 
       
  By:    
     
      Name:
      Title:
 
       
    COÖPERATIE EXIDE EUROPE U.A.
 
       
  By:    
     
      Name:
      Title:

 


 

         
    SIGNATURE PAGE TO THE THIRD AMENDMENT TO CREDIT AGREEMENT,DATED AS OF FEBRUARY 24, 2005, AMONG EXIDE TECHNOLOGIES,EXIDE GLOBAL HOLDING NETHERLANDS C.V., VARIOUS LENDERS ANDDEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT
 
       
    Name of Institution:
 
       
   
 
       
  By:    
     
      Name:
      Title: