THIRTY-FIFTH AMENDMENT TO CREDIT
AGREEMENT
THIRTY-FIFTH AMENDMENT , dated as of June 15, 2009
(this “ Amendment ”), to the Credit and Guaranty
Agreement, dated as of July 19, 2007, as amended by the First
Amendment and Waiver to Credit Agreement, dated as of
November 9, 2007, the Second Amendment to Credit Agreement,
dated as of March 12, 2008, the Third Amendment to Credit
Agreement, dated as of March 26, 2008, the Fourth Amendment to
Credit Agreement, dated as of July 18, 2008, the Fifth
Amendment to Credit Agreement, dated as of July 24, 2008, the
Sixth Amendment to Credit Agreement, dated as of August 25,
2008, the Seventh Amendment to Credit Agreement, dated as of
September 30, 2008, the Eighth Amendment to Credit Agreement,
dated as of October 2, 2008, the Ninth Amendment to Credit
Agreement, dated as of October 29, 2008, the Tenth Amendment
to Credit Agreement, dated as of November 6, 2008, the
Eleventh Amendment to Credit Agreement, dated as of
November 14, 2008, the Twelfth Amendment to Credit Agreement,
dated as of November 21, 2008, the Thirteenth Amendment to
Credit Agreement, dated as of December 4, 2008, the Fourteenth
Amendment to Credit Agreement, dated as of December 19, 2008,
the Fifteenth Amendment to Credit Agreement, dated as of
January 5, 2009, the Sixteenth Amendment to Credit Agreement,
dated as of January 16, 2009, the Seventeenth Amendment to
Credit Agreement, dated as of February 5, 2009, the Eighteenth
Amendment to Credit Agreement, dated as of February 17, 2009,
the Nineteenth Amendment to Credit Agreement, dated as of
February 23, 2009, the Twentieth Amendment to Credit
Agreement, dated as of March 3, 2009, the Twenty-First
Amendment to Credit Agreement, dated as of March 10, 2009, the
Twenty-Second Amendment to Credit Agreement, dated as of
March 17, 2009, the Twenty-Third Amendment to Credit
Agreement, dated as of March 24, 2009, the Twenty-Fourth
Amendment to Credit Agreement, dated as of March 25, 2009, the
Twenty-Fifth Amendment to Credit Agreement, dated as of
March 31, 2009, the Twenty-Sixth Amendment to Credit
Agreement, dated as of April 7, 2009, the Twenty-Seventh
Amendment to Credit Agreement, dated as of April 21, 2009, the
Twenty-Eighth Amendment to Credit Agreement, dated as of
April 28, 2009, the Twenty-Ninth Amendment to Credit
Agreement, dated as of May 5, 2009, the Thirtieth Amendment to
Credit Agreement, dated as of May 12, 2009, the Thirty-First
Amendment to Credit Agreement, dated as of May 19, 2009, the
Thirty-Second Amendment to Credit Agreement, dated as of
May 26, 2009, the Thirty-Third Amendment to Credit Agreement,
dated as of June 2, 2009, the Thirty-Fourth Amendment to
Credit Agreement, dated as of June 9, 2009 and that certain
letter agreement dated February 26, 2008 (as further amended,
restated or otherwise modified from time to time, the “
Credit Agreement ”), by and among Proliance
International Inc., a Delaware corporation (“ Holdings
” and the “ Borrower ”), certain domestic
subsidiaries of the Borrower listed as a “Guarantor” on
the signature pages thereto (together with each other Person (as
defined in the Credit Agreement) that guarantees all or any portion
of the Obligations (as defined in the Credit Agreement) from time
to time, each a “ Guarantor ” and collectively,
the “ Guarantors ”), the lenders from time to
time party thereto (each a “ Lender ” and
collectively, the “ Lenders ”), Silver Point
Finance, LLC, a Delaware limited liability company (“
Silver Point ”), as collateral agent for the Agents
(as hereinafter defined) and the Lenders (in such capacity,
together with its successors and assigns in such capacity, if any,
the “ Collateral Agent ”), and as administrative
agent for the Agents and the Lenders (in such capacity, together
with its successors and assigns in such capacity, if any, the
“ Administrative Agent ” and together with the
Collateral Agent, each an “ Agent ”
and
collectively,
the “ Agents ”) and Silver Point as lead
arranger (in such capacity, together with its successors and
assigns in such capacity, if any, the “ Lead Arranger
”).
WHEREAS , capitalized terms used in these recitals shall
have the respective meanings set forth in the Credit Agreement
unless otherwise defined herein.
WHEREAS , the Credit Parties have requested that the Agents
and the Lenders amend certain provisions of the Credit Agreement,
subject to the terms and conditions set forth in this
Amendment.
WHEREAS , the Agent and the Lenders are willing to agree to
this requested Amendment, but only upon the terms and subject to
the conditions set forth herein.
NOW, THEREFORE, in consideration of the foregoing and the
mutual promises contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the Credit Parties, the Agents and the Lenders hereby
agree as follows:
1.
Definitions . All capitalized terms used herein and not
otherwise defined herein are used herein as defined in the Credit
Agreement.
2.
Defined Terms in the Credit Agreement . Section 1.1 of
the Credit Agreement is hereby amended, as follows:
(a)
New Definitions . Section 1.1 of the Credit Agreement
is hereby amended by adding the definitions of the following terms
thereto, in alphabetical order, to read in their entirety as
follows:
“Thirty-Fifth Amendment ’ means the Thirty-Fifth
Amendment to the Credit Agreement, dated as of June 15, 2009,
by and among the Credit Parties, the Requisite Lenders and the
Agents.”
“Thirty-Fifth Amendment Effective Date ’ has the
meaning ascribed to the term “Thirty-Fifth Amendment
Effective Date” in the Thirty-Fifth
Amendment.”
3.
Section 2.23 — Waiver Reserve . Section 2.23
of the Credit Agreement is hereby amended by replacing the
reference therein to “June 15, 2009” with
“June 22, 2009”.
4.
Twenty-Second Amendment — Forbearance . Section 5
of the Twenty-Second Amendment is hereby amended by replacing the
reference therein to “June 15, 2009” with
“June 22, 2009”.
5.
Conditions to Effectiveness . This Amendment shall become
effective (the “ Thirty-Fifth Amendment Effective Date
”) only upon satisfaction in full of the following conditions
precedent:
(a) Collateral
Agent shall have received counterparts of this Amendment that bear
the signatures of each Credit Party, each Agent and the Requisite
Lenders.
-2-
(b) Except
as set forth in the Second Amendment, the Third Amendment, the
Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the
Seventh Amendment, the Eighth Amendment, the Ninth Amendment, the
Tenth Amendment, the Eleventh Amendment, the Twelfth Amendment, the
Thirteenth Amendment, the Fourteenth Amendment, the Fifteenth
Amendment, the Sixteenth Amendment, the Seventeenth Amendment, the
Eighteenth Amendment, the Nineteenth Amendment, the Twentieth
Amendment, the Twenty-First Amendment, the Twenty-Second Amendment,
the Twenty-Third Amendment, the Twenty-Fourth Amendment, the
Twenty-Fifth Amendment, the Twenty-Sixth Amendment, the
Twenty-Seventh Amendment, the Twenty-Eighth Amendment, the
Twenty-Ninth Amendment, the Thirtieth Amendment, the Thirty-First
Amendment, the Thirty-Second Amendment, the Thirty-Third Amendment,
the Thirty-Fourth Amendment and this Amendment, the representations
and warranties contained herein, in Section IV of the Credit
Agreement and in each other Credit Document are true and correct in
all material respects on and as of the Thirty-Fifth Amendment
Effective Date as though made on and as of such date, except to the
extent that any such representation or warranty expressly relates
solely to an earlier date (in which case such representation or
warranty shall be true and correct in all material respects on and
as of such earlier date).
(c) Borrower
shall have paid to Administrative Agent all amounts due and owing
to any Agent or any Lender in connection with this Amendment and
the Credit Documents.
(d) Except
as expressly waived herein, no Default or Event of Default shall
have occurred and be continuing on the Thirty-Fifth Amendment
Effective Date or would result from this Amendment becoming
effective in accordance with its terms.
(e) All
legal matters incident to this Amendment shall be reasonably
satisfactory to the Agents and their respective counsel.
6.
Representations and Warranties . Each Credit Party
represents and warrants as follows:
(a)
Organization, Good Standing, Etc. Each Credit Party
(i) is a corporation, limited liability company or limited
partnership, duly organized, validly existing and in good standing
under the laws of the state or jurisdiction of its organization,
(ii) has all requisite power and authority to execute and
deliver this Amendment, consummate the transactions contemplated
hereby and perform the Credit Agreement, as amended and modified
hereby and (iii) is duly qualified to do business and is in
good standing in each jurisdiction in which the character of the
properties owned or leased by it or in which the transaction of its
business makes such qualification necessary other than in such
jurisdictions where the failure to be so qualified and in good
standing could not reasonably be expected to have a Material
Adverse Effect.
(b)
Authorization, Etc. The execution, delivery and performance
by each Credit Party of this Amendment and the performance by each
Credit Party of the Credit Agreement, as amended and
modified
|
