Exhibit
10.1(c)
THIRD AMENDMENT AND FIRST
WAIVER TO THE CREDIT AGREEMENT
THIRD AMENDMENT AND FIRST WAIVER, dated as of
October 7, 2004 (the “ Amendment and Waiver ”),
to the Credit Agreement, dated as of January 31, 2003, as amended
by the First Amendment dated as of March 19, 2003 and as further
amended by the Second Amendment dated as of December 3, 2003 (the
“ Credit Agreement ”), among VIASYSTEMS GROUP,
INC. (“ Holdings ”), VIASYSTEMS, INC. (the
“ Borrower ”), the several banks and other
financial institutions from time to time parties thereto (the
“ Existing Lenders ” and, together with the
Replacement Tranche B Term Lenders (as defined below), the “
Lenders ”) and JPMORGAN CHASE BANK, as administrative
agent for the Lenders (in such capacity, the “
Administrative Agent ”).
W I T N
E S S E
T H :
WHEREAS, Holdings, the Borrower, the Existing
Lenders and the Administrative Agent are parties to the Credit
Agreement; and
WHEREAS, the Borrower has requested that the
Lenders agree to amend the Credit Agreement (i) to provide for the
Tranche B Term Loan Refinancing (as defined herein) and
(ii) to waive certain provisions relating to the application
of mandatory prepayments of Net Cash Proceeds, in each case, as
otherwise more fully described herein; and
WHEREAS, the Lenders participating in the
Tranche B Term Loan Refinancing understand that the Replacement
Tranche B Term Loans (as defined herein) will be secured to the
same extent as the Original Tranche B Term Loans, and are a Second
Priority Obligation as defined in the Intercreditor Agreement;
and
WHEREAS, the parties hereto are willing to agree
to such amendment, but only upon the terms and subject to the
conditions set forth herein; and
WHEREAS, Holdings and the Borrower have asked
J.P. Morgan Securities Inc. to act as exclusive sole lead arranger
and sole bookrunner for this Amendment and Waiver and J.P. Morgan
Securities Inc. has agreed to serve in such capacity;
NOW THEREFORE, in consideration of the premises
and the mutual covenants hereinafter set forth, the parties hereto
hereby agree as follows:
1. Defined
Terms . Unless otherwise defined herein, capitalized terms that
are defined in the Credit Agreement are used herein as therein
defined.
2. Amendments
to Subsection 1.1 . (a) Subsection 1.1 of the Credit Agreement
is hereby amended by inserting, in proper alphabetical order, the
following new or substitute defined terms and related
definitions:
“ Continuing Tranche B Term Lender
”: any Lender which holds Original Tranche B Term Loans prior
to the Repricing Effective Date and a Replacement Tranche B Term
Loan Commitment from and after the Repricing Effective Date. Any
Continuing Tranche Lender shall be deemed a Replacement Tranche B
Term Lender from and after the Repricing Effective Date.
“ Converted Tranche B Term Loan
”: as defined in Subsection 4.1(b) hereof.
“ Original Tranche B Term Loan
Commitment ”: as to any Lender, the obligation of such
Lender to make an Original Tranche B Term Loan to the Borrower
hereunder on the Closing Date. The original aggregate amount of the
Original Tranche B Term Loan Commitment is
$378,467,819.18.
“ Original Tranche B Term Loan
Lenders ”: Lenders which hold the Original Tranche B Term
Loans immediately prior to the Repricing Effective Date.
“ Original Tranche B Term Loans
”: the tranche B term loans made to the Borrower pursuant to
the Credit Agreement on the Closing Date. As of the Repricing
Effective Date, each of the Original Tranche B Term Loan Commitment
and the aggregate outstanding principal amount of Original Tranche
B Term Loans is $0.
“ Replacement Tranche B Term Lender
”: each Lender which has a Replacement Tranche B Term
Loan Commitment or which has made a Replacement Tranche B Term
Loan.
“ Replacement Tranche B Term Loan
Commitment ”: as to any Lender, the obligation of such
Lender, if any, to make a Replacement Tranche B Term Loan to the
Borrower hereunder in a principal amount not to exceed the amount
agreed to by the Borrower, the Administrative Agent and such
Lender. The original aggregate amount of the Replacement Tranche B
Term Loan Commitments is $265,000,000.
“ Replacement Tranche B Term Loans
”: as defined in Subsection 4.1(a) hereof.
“ Repricing Effective Date ”:
the date on which the conditions precedent set forth in Section 15
of the Third Amendment and First Waiver shall have been satisfied
or waived, which date is October 7, 2004.
“ Tranche B Term Loan Commitment
”: prior to the Repricing Effective Date, the Original
Tranche B Term Loan Commitment, and from and after the Repricing
Effective Date, the Replacement Tranche B Term Loan
Commitment.
“ Tranche B Term Loan Lenders
”: prior to the Repricing Effective Date, the Original
Tranche B Term Loan Lenders and from and after the Repricing
Effective Date, the Replacement Tranche B Term Loan
Lenders.
“ Tranche B Term Loan Refinancing
”: the refinancing in full of the outstanding Original
Tranche B Term Loans with the proceeds of the Replacement Tranche B
Term Loans.
“ Tranche B Term Loans ”:
prior to the Repricing Effective Date, the Original Tranche B Term
Loans and from and after the Repricing Effective Date, the
Replacement Tranche B Term Loans.
(b) The definition
of “Applicable Margin” contained in Subsection 1.1 of
the Credit Agreement is hereby amended by (i) replacing 4.25% with
3.25% in the Applicable Margin column for Base Rate Loans with
respect to Tranche B Term Loans and (ii) replacing 5.25% with 4.25%
in the Applicable Margin column for Eurodollar Rate Loans with
respect to Tranche B Term Loans.
3. Amendment to
Subsection 4.1 . Subsection 4.1 of the Credit Agreement is
hereby amended in its entirety as follows:
“4.1
Tranche B Term Loans . (a) The Original Tranche B Term Loans
were made to the Borrower on the Closing Date. Subject to the terms
and conditions hereof, each Replacement Tranche B Term Loan Lender
severally agrees to make a tranche B term loan (or, in the case of
a Continuing Tranche B Term Lender, pursuant to clause (b) of this
subsection, to elect to convert or exchange all of such Continuing
Tranche B Term Lender’s Original Tranche B Term Loans)
(collectively, the “ Replacement Tranche B Term Loans
”) to the Borrower on the Repricing Effective Date in an
amount not to exceed the amount of the Replacement Tranche B Term
Loan Commitment of such Lender. The Replacement Tranche B Term
Loans may from time to time be Eurodollar Loans or Base Rate Loans,
as determined by the Borrower and notified to the Administrative
Agent in accordance with Sections 4.2 and 5.4.
(b) In connection
with the making of the Replacement Tranche B Term Loans pursuant to
clause (a) above, by delivering notice to the Administrative Agent
two Business Days prior to the Repricing Effective Date, any
Continuing Tranche B Term Lender may elect to make all of such
Lender’s Replacement Tranche B Term Loans requested by the
Borrower in accordance with Subsection 4.2 to be made on the
Repricing Effective Date by converting or exchanging all of the
outstanding principal amount of the Original Tranche B Term Loans
held by such Lender into Replacement Tranche B Term Loans (each, a
“ Converted Tranche B Term Loan ”). On the
Repricing Effective Date, the Converted Tranche B Term Loans shall
be converted or exchanged for all purposes of this Agreement into
Replacement Tranche B Term Loans, and the Administrative Agent
shall record in the Register the aggregate amounts of Converted
Tranche B Term Loans converted or exchanged into Replacement
Tranche B Term Loans. Any written notice to the Administrative
Agent delivered by an applicable Lender pursuant to this subsection
shall specify the amount of such Lender’s Replacement Tranche
B Term Loan Commitment and the principal amount of the Original
Tranche B Term Loans held by such Lender that are to be converted
or exchanged into Replacement Tranche B Term Loans. From and after
the Repricing Effective Date, Converted Tranche B Term Loans shall
constitute Replacement Tranche B Term Loans for all purposes of
this Agreement.
(c) Notwithstanding
any provision of this Agreement, the provisions of Subsections 7.6,
7.7, 7.8 and 15.5 as in effect immediately prior to the Repricing
Effective Date will continue to be effective as to all matters
arising out of or in any way related to facts or events existing or
occurring prior to the Repricing Effective Date.”
4. Amendment to
Subsection 4.2 . Subsection 4.2 of the Credit Agreement is
hereby amended in its entirety as follows:
“4.2
Procedure for Replacement Tranche B Term Loan Borrowing .
The Borrower shall give the Administrative Agent irrevocable notice
(which notice must be received by the Administrative Agent prior to
10:00 A.M., New York City time, on the Repricing Effective Date)
requesting (i) that the Replacement Tranche B Term Lenders make
Replacement Tranche B Term Loans or (ii) that the Continuing
Tranche B Term Lenders convert or exchange Converted Tranche B Term
Loans into Replacement Tranche B Term Loans on the Repricing
Effective Date. The Replacement Tranche B Term Loans shall
initially be Base Rate Loans. Upon receipt of such notice the
Administrative Agent shall promptly notify each Replacement Tranche
B Term Lender and Continuing Tranche B Term Lender thereof. Not
later than 12:00 Noon, New York City time, on the Repricing
Effective Date, each Replacement Tranche B Term Lender shall make
available to the Administrative Agent at the office of the
Administrative Agent specifie