Exhibit 10.1
FIRST AMENDMENT TO CREDIT AGREEMENT
FIRST
AMENDMENT TO CREDIT AGREEMENT (this “ Amendment
’), dated as of June 29, 2007, among AMETEK, INC., a
Delaware corporation (the “ Company ”), the
Designated Subsidiary Borrowers (as defined in the Credit Agreement
referred to below) from time to time party to the Credit Agreement,
the lending institutions listed from time to time on
Schedule I to the Credit Agreement (each, a “
Bank ” and, collectively, the “ Banks
”), Bank of America, N.A., PNC Bank, National Association,
SunTrust Bank and Wachovia Bank, N.A., as syndication agents (each,
a “ Syndication Agent ” and, collectively, the
“ Syndication Agents ”), and JPMorgan Chase
Bank, N.A. (“ JPMorgan Chase ”), as
administrative agent (in such capacity, and together with its
successors in such capacity, the “ Administrative
Agent ”) for the Banks. All capitalized terms used herein
and not otherwise defined shall have the respective meanings
provided such terms in the Credit Agreement.
W I T N E S S
E T H :
WHEREAS,
the Company, the Designated Subsidiary Borrowers, the Banks and
JPMorgan Chase, as Administrative Agent, are parties to a Credit
Agreement, dated as of September 17, 2001 and amended and
restated as of June 17, 2005 and further amended and restated
as of October 6, 2006 (as in effect on the date hereof, the
“ Credit Agreement ”); and
WHEREAS,
the parties hereto wish to amend the Credit Agreement as herein
provided;
NOW,
THEREFORE, it is agreed:
I.
Amendments .
1.
Schedule I to the Credit Agreement is hereby deleted in its
entirety and replaced with a revised Schedule I in the form of
Schedule I attached hereto.
2. Each
Bank hereby approves an increase (if any) in its Commitment
resulting in such Bank’s Commitment totaling the amount set
forth opposite its name under the column entitled
“Commitment” on Schedule I to the Credit Agreement
(as amended pursuant to Section 1 hereof), with each such
increase to be effective as of the Amendment Effective Date (as
defined below). The parties hereby agree that (i) on the
Amendment Effective Date (after giving effect to the increase in
the Commitment of each Bank pursuant to this Section 2),
(I) the Total Commitment shall increase by the aggregate
amount of the increases in the Commitments of the Banks effected
hereby, and (II) there shall be an automatic adjustment to the
participations by the Banks in all outstanding Letters of Credit
and Unpaid Drawings to reflect the new Percentages of the Banks,
(ii) notwithstanding anything to the contrary contained in the
Credit Agreement, in connection with the increase in the Total
Commitment pursuant to this Section 2, the Borrowers shall, at
the request of, and in coordination with, the Administrative Agent
and the Banks, repay outstanding Revolving Loans of certain Banks
and, if necessary, incur additional Revolving Loans from other
Banks, in each case so that the Banks participate in each
Borrowing
of
Revolving Loans pro rata on the basis of their
Commitments (after giving effect to the increase in the Total
Commitment pursuant to this Section 2), (iii) any
breakage or similar costs of the type described in
Section 1.12 of the Credit Agreement incurred by the Banks in
connection with any repayment or reborrowing of Revolving Loans
contemplated by preceding clause (ii) shall be for the account
of the Borrowers and (iv) promptly after each Bank’s
Commitment is increased by operation of this Section 2, the
Borrower shall deliver to it, upon its request, a Note or
replacement Note, as applicable, in the amount of such Bank’s
Commitment after giving effect to the increase thereof.
3.
Sections 7.01(a) and 7.01(b) of the Credit Agreement are
hereby amended by deleting the text “As soon as
available” appearing in the first sentence of each of the
aforementioned Sections and inserting the text “Promptly
after the filing thereof with the SEC” in lieu thereof.
4.
Section 7.01(d) of the Credit Agreement is hereby amended by
(i) deleting the text “(x)” appearing in said
Section, (ii) deleting the word “and” immediately
preceding clause “(y)” thereof and (iii) deleting
clause “(y)” thereof.
5.
Section 7.01(f) of the Credit Agreement is hereby amended by
(i) inserting the text “(provided that such notice shall
only be required in the event that such matters would reasonably be
likely to have a Material Adverse Effect)” immediately
following the text “notice of the following matters”
and immediately preceding the colon, (ii) deleting the text
“that is or could reasonably be expected to result in a
liability in excess of $1,000,000” appearing in clause
“(i)” thereof, (iii) deleting the text “that
is or could reasonably be expected to result in a liability in
excess of $1,000,000” appearing in clause “(ii)”
thereof, and (iv) deleting the word “and”
appearing at the end of clause “(iii)” thereof and
inserting the word “or” in lieu thereof.
6.
Section 7.01 of the Credit Agreement is hereby amended by
inserting the following paragraph immediately following
Section 7.01(h):
“Reports
required to be delivered pursuant to subsections (a), (b) and
(h) of this Section 7.01 shall be deemed to have been
delivered on the date on which the Company posts such reports on
the Company’s website on the Internet at the website address
listed on the signature pages hereof or when such report is posted
on (i) Intralinks or another similar electronic system or
(ii) the SEC’s website at www.sec.gov; provided
that the Company shall deliver paper copies of the reports referred
to in subsections (a), (b) and (h) of this
Section 7.01 to the Administrative Agent or any Bank which
requests the Company to deliver such paper copies until written
notice to cease delivering paper copies is given by the
Administrative Agent or such Bank and provided
further , that in every instance the Company shall provide
paper copies of the certificate required by subsection (c) and the
notice required by subsections (d) and (e) to the
Administrative Agent and each of the Banks until such time as the
Administrative Agent shall provide the Company written notice
otherwise.”
7.
Section 7.02 of the Credit Agreement is hereby amended by
deleting the second sentence thereof and inserting the following
text in lieu thereof:
- 2 -
“The
Company will, and will cause each of its Subsidiaries to, permit
any representatives designated by the Administrative Agent (who may
be accompanied, at the reasonable expense of the Company, by a
representative of any Bank), upon reasonable prior notice,
periodically (but no more frequently than annually, except if an
Event of Default shall be continuing), to visit and inspect its
properties, to examine and make extracts from its books and
records, and to discuss its affairs, finances and condition with
its officers and independent accountants, all at such reasonable
times and as often as reasonably requested.”
8.
Section 7.03 of the Credit Agreement is hereby amended by
inserting the word “material” immediately following the
word “all” and immediately preceding the word
“taxes” appearing therein.
9.
Section 7.04 of the Credit Agreement is hereby amended by
deleting the entire text appearing in said Section and inserting
the following text in lieu thereof:
“
Corporate Franchises . The Company will, and will cause each
of its Subsidiaries to, do or cause to be done, all things
necessary to preserve and keep in full force and effect its
existence, rights, franchises, intellectual property and authority
to do business, in each case, to the extent that the failure to do
so would reasonably be expected to have a Material Adverse Effect,
provided that (i) any transaction permitted by
Section 8.01 will not constitute a breach of this Section 7.04
and (ii) in any case, the Company and each Designated
Subsidiary Borrower must keep in full force and effect its
existence.”
10.
Sections 7.05(b), 7.07, 7.12, 8.01(b), 8.01(d), 8.01(h),
8.01(i), 8.04, 8.05, 8.06 and 8.11 of the Credit Agreement are
hereby amended by deleting the text appearing in each of the
aforementioned Sections in its entirety and inserting
“[Intentionally Omitted]” in lieu thereof.
11.
Section 8.01 of the Credit Agreement is hereby amended by
deleting the text “, or enter into any partnerships, joint
ventures or sale-leaseback transactions, or purchase, lease or
otherwise acquire (in one transaction or a series of related
transactions) all or any part of the pro
|