Exhibit 10.3

 

EIGHTH AMENDMENT TO CREDIT AGREEMENT

 

This Amendment, dated as of May 26, 2005, is made by and among ENTEGRIS, INC., a
Minnesota corporation (the “Borrower”), each of the banks appearing on the
signature pages hereof, together with such other banks as may from time to time
become a party to the Credit Agreement (defined below) pursuant to the terms and
conditions of Article VIII of the Credit Agreement (herein collectively called
the “Banks” and individually each called a “Bank”), and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, assignee of Wells Fargo
Bank Minnesota, National Association, formerly known as Norwest Bank Minnesota,
National Association in its separate capacity as administrative agent for itself
and all other Banks (in such capacity, the “Agent”).

 

Recitals

 

A. The Borrower, the Banks and the Agent have entered into a Credit Agreement
dated as of November 30, 1999, as amended by Amendments dated as of October 17,
2000, March 1, 2002, February 7, 2003, February 26, 2003, February 17, 2004,
October 5, 2004 and February 25, 2005 (as so amended, the “Credit Agreement”).

 

B. The Borrower has requested that the Banks and the Agent amend the Credit
Agreement as set forth hereinafter.

 

C. The Banks and the Agent are willing to grant the Borrower’s request subject
to the terms and conditions set forth below.

 

ACCORDINGLY, in consideration of the premises and for other good and valuable
consideration, the Borrower, the Banks and the Agent agree as follows:

 

1. Defined Terms. All capitalized terms used in this Amendment and not otherwise
specifically defined in this Amendment shall have the meanings given such terms
in the Credit Agreement.

 

2. Banks. Wells Fargo Bank, National Association shall, subject to entry into
further assignments as provided in the Credit Agreement, be the sole Bank.
Harris Bank shall not have any Revolving Commitment under the Credit Agreement.

 

2. Further Amendments to the Credit Agreement. The Credit Agreement is further
amended as follows:

 

2.1 Deleted Definitions. The definitions of “Acquisition,” “Acquisition
Documents,” “Acquisition Reduction,” “Domestic Cash,” “Domestic Tangible Net
Worth,” and “Unused Commitment Fee Percentage” are deleted from Section 1.1 of
the Credit Agreement.

--------------------------------------------------------------------------------

2.2 Amendment to Definitions. The following definitions in Section 1.1 are
amended as follows:

 

(a) The definition of “Borrower” is amended to read as follows:

 

“‘Borrower’ has the meaning specified in the preamble, provided, however, that
after the Mykrolis Merger Date, the Borrower shall mean Entegris Delaware (as
defined in the definition of ‘Mykrolis Merger Transaction’).”

 

(b) The definition of “Commitment Fee Percentage” is amended by:

 

(i) Amending the fifth sentence to read as follows:

 

“If the Borrower fails to deliver the financial statements under Section 5.1(b)
on or before the applicable Quarterly Financial Statement Due Date, the
Commitment Fee Percentage will be the highest Commitment Fee Percentage shown
below until such time as the such financial statements are delivered, after
which time the Commitment Fee Percentage shall be readjusted to the rate
applicable to the ratio of Total Funded Debt to EBITDA as shown on such
financial statements.”

 

(ii) Adding the following in place of the table in such definition:

 

Ratio of Total Funded

Debt to EBITDA

--------------------------------------------------------------------------------

  

Commitment Fee

Percentage

--------------------------------------------------------------------------------

< 1.00 to 1.00

   0.150%

³ 1.00 to 1.00 and < 1.50 to 1.00

   0.175%

³ 1.50 to 1.00 and < 2.00 to 1.00

   0.200%

³ 2.00 to 1.00

   0.250%

 

(iii) Adding a final sentence after the table, to read as follows:

 

“Notwithstanding the foregoing, if the Borrower shall have complied with the
Cash and Cash Equivalent Threshold for any fiscal quarter, the Commitment Fee
Percentage for the next-following fiscal quarter shall be the lowest Commitment
Fee Percentage shown on the table above.”

 

2

--------------------------------------------------------------------------------

(c) The definition of “Eurodollar Rate Margin” is amended by:

 

(i) Amending the fifth sentence to read as follows:

 

“If the Borrower fails to deliver the financial statements under Section 5.1(b)
on or before the applicable Quarterly Financial Statement Due Date, the
Eurodollar Rate Margin will be the highest Eurodollar Rate Margin shown below
until such time as the such financial statements are delivered, after which time
the Eurodollar Rate Margin shall be readjusted to the rate applicable to the
ratio of Total Funded Debt to EBITDA as shown on such financial statements.”

 

(ii) Adding the following in place of the table in such definition:

 

Ratio of Total Funded

Debt to EBITDA

--------------------------------------------------------------------------------

  

Eurodollar Rate

Margin

--------------------------------------------------------------------------------

< 1.00 to 1.00

   0.875%

³ 1.00 to 1.00 and < 1.50 to 1.00

   1.125%

³ 1.50 to 1.00 and < 2.00 to 1.00

   1.500%

³ 2.00 to 1.00

   1.750%

 

(iii) Adding a final sentence after the table, to read as follows:

 

“Notwithstanding the foregoing, if the Borrower shall have complied with the
Cash and Cash Equivalent Threshold for any fiscal quarter, the Eurodollar Rate
Margin for the next-following fiscal quarter shall be the lowest Eurodollar Rate
Margin shown on the table above.”

 

(d) The definition of “Floating Rate Margin” is amended by:

 

(i) Amending the fifth sentence to read as follows:

 

“If the Borrower fails to deliver the financial statements under Section 5.1(b)
on or before the applicable Quarterly Financial Statement Due Date, the Floating
Rate Margin will be the highest Floating Rate Margin shown below until such time
as the such financial statements are delivered, after which time the Floating
Rate Margin shall be readjusted to the rate applicable to the ratio of Total
Funded Debt to EBITDA as shown on such financial statements.”

 

3

--------------------------------------------------------------------------------

(ii) Adding the following in place of the table in such definition:

 

Ratio of Total Funded

Debt to EBITDA

--------------------------------------------------------------------------------

  

Floating Rate

Margin

--------------------------------------------------------------------------------

< 1.00 to 1.00

   0.000%

³ 1.00 to 1.00 and < 1.50 to 1.00

   0.000%

³ 1.50 to 1.00 and < 2.00 to 1.00

   0.000%

³ 2.00 to 1.00

   .125%

 

(iii) Adding a final sentence after the table, to read as follows:

 

“Notwithstanding the foregoing, if the Borrower shall have complied with the
Cash and Cash Equivalent Threshold for any fiscal quarter, the Floating Rate
Margin for the next-following fiscal quarter shall be the lowest Floating Rate
Margin shown on the table above.”

 

(e) The definition of “Maturity Date” is amended by deleting “May 26, 2005” and
inserting “May 26, 2008” in place thereof.

 

(f) The definition of “Revolving Commitment Amount” is amended to read as
follows:

 

“‘Revolving Commitment Amount’ shall mean $10,000,000, being the maximum amount
of the Revolving Commitments of all Banks, in the aggregate, to make Revolving
Advances to the Borrower pursuant to Section 2.1, subject to reduction in
accordance with Section 2.14(a) and to increase as provided in Section 2.22.”

 

(g) The definition of “Revolving Commitment Period” is amended to read as
follows:

 

“‘Revolving Commitment Period’ means period commencing on the date of this
Agreement and ending on the Maturity Date, unless the Revolving Commitments are
earlier terminated pursuant to Section 7.2 or are earlier reduced to zero
pursuant to Section 2.14(a).

 

2.4 Additional Definitions. The following definitions are added to Section 1.1
of the Credit Agreement:

 

“‘Cash and Cash Equivalents’ means the amount, net of any right of setoff or
reduction by any depositary or financial intermediary holding such assets, of
the Borrower’s assets consisting of readily available and marketable (a)
investments described in Section 6.4(a), but without including any such
investments included thereunder by reason of the final clause (which reads: ‘and
such other investments as the

 

4

--------------------------------------------------------------------------------

Borrower shall request and the Banks shall approve in writing’) (b) investments
in short-term repricing auction rate securities, meeting the ratings
requirements of Section 6.4(a) (whether or not classified as current assets
under GAAP), and (c) other assets that shall have been approved by the Agent as
Cash and Cash Equivalents from time to time.”

 

“‘Cash and Cash Equivalent Threshold’ means, for each fiscal quarter,
maintenance at all times during such quarter by the Borrower of Cash and Cash
Equivalents of not less than (a) $75,000,000 prior to the Mykrolis Merger Date,
or (b) $125,000,000 after the Mykrolis Merger Date.”

 

“‘Mykrolis Merger Date’ means the date of consummation of the merger of Mykrolis
Corporation into Entegris Delaware, as described in the definition of ‘Mykrolis
Merger Transaction’. Reference to the Mykrolis Merger Date in any other Section
of this Agreement shall not be deemed to waive the requirements of Section 6.8
applicable to the Mykrolis Merger Transaction to determine whether the Mykrolis
Merger Transaction is deemed permitted hereunder.

 

“‘Mykrolis Merger Transaction’ means (a) formation of a Delaware corporation
named Eagle DE, Inc., (b) merger of the Borrower into Eagle DE, Inc., with Eagle
DE, Inc. being the surviving corporation and assuming all of the assets and
liabilities of the Borrower, whereupon the name of Eagle DE, Inc. shall be
changed to Entegris, Inc. (‘Entegris Delaware’), and (c) merger of Mykrolis
Corporation, a Delaware corporation, into Entegris Delaware, on a ‘merger of
equals’ basis, with Entegris Delaware being the surviving corporate entity.”

 

2.5 Fees. Section 2.12 is amended to read as follows:

 

“Section 2.12. Commitment Fees. The Borrower hereby agrees to pay to the Agent,
for the account of the Banks in accordance with their respective Percentages, an
unused commitment fee (the ‘Commitment Fees’) computed at the rate of the
then-applicable Commitment Fee Percentage per annum on the daily average amount
by which the Revolving Commitment Amount exceeds the sum of the Revolving Loans
outstanding and the Letter of Credit Obligations outstanding, from the date of
this Agreement to and including the Termination Date, payable quarterly in
arrears on the last day of each March, June, September and December of each
year. Any such Commitment Fees remaining unpaid on the Termination Date shall be
due and payable on such date. Commitment Fees shall be computed on the basis of
the actual number of days elapsed and a year consisting of 360 days.”

 

2.6 Increase in Revolving Commitment Amount. New Section 2.22 is added, and
shall read as follows:

 

“Section 2.22 Increase to Commitment. The Borrower shall have the option to
increase the Revolving Commitment Amount by up to $30,000,000 (to a total of not
more than $40,000,000), subject to (a) absence of any Default, Event of Default
or occurrence of any circumstance that would have a Material Adverse Effect, (b)
written request by the Borrower to the Agent, designating the amount of the
requested increase, (c) approval by

 

5

--------------------------------------------------------------------------------

the Agent and each Bank that would increase its Revolving Commitment Amount, (d)
completion, after such approval, of documents reasonably requested by the Agent
in connection with such increase, and (e) payment of a non-refundable fee to the
Agent (for the ratable account of the Banks so increasing their Revolving
Commitment Amounts), at the Increase Rate. For such purpose, the ‘Increase Rate’
shall mean:

 

(i) Up to and including November 26, 2006, the sum of (x) 0.10% of the amount of
the approved increase in the Revolving Credit Amount, plus (y) if the resultant
Revolving Credit Amount is equal to or less than $25,000,000, 0.05% of the
amount of the total Revolving Credit Amount (the original amount plus such
increase), or (z) if the resultant Revolving Credit Amount exceeds $25,000,000,
0.10% of the amount of the total Revolving Credit Amount (the original amount
plus such increase); or

 

(ii) After November 26, 2006, an amount mutually agreed upon between the
Borrower and the Agent as the market price of a new commitment in the amount of
the total Revolving Credit Amount, less the amount of any upfront fee already
paid for the Revolving Credit Amount.”

 

2.7 Financial Statements. Section 4.5 is amended by deleting “August 29, 1998”
and “June 26, 1999” and inserting “August 28, 2004” and “February 26, 2005”,
respectively, in place thereof.

 

2.8 Acquisition. Section 4.15 is deleted.

 

2.9 Fixed Charge Coverage Ratio. Section 5.8 is amended to read:

 

“Section 5.8 Intentionally Omitted.”

 

2.10 Minimum Tangible Net Worth. Section 5.10 is amended to read as follows:

 

“Section 5.10 Minimum Tangible Net Worth. The Borrower and its Subsidiaries, on
a consolidated basis, will maintain a Tangible Net Worth of not less than the
following:

 

(a) prior to the Mykrolis Merger Date, the sum of (i) $235,000,000 plus (ii)
fifty percent (50%) of consolidated Net Income determined in accordance with
GAAP (unless such amount is negative, in which case it shall be ignored for
purposes of this Section) of the Borrower and its Subsidiaries, for each fiscal
quarter of the Borrower ended prior to the time of determination, commencing
with the fiscal quarter of the Borrower ended February 26, 2005, plus (iii) one
hundred percent (100%) of the net cash proceeds received by the Borrower and/or
its Subsidiaries from any equity offering made by the Borrower and/or its
Subsidiaries at any time on or after May 26, 2005; or

 

6

--------------------------------------------------------------------------------

(b) on and after the Mykrolis Merger Date (upon giving effect to the Mykrolis
Merger Transaction), the sum of (i) the higher of (x) $450,000,000 or (y) 85% of
the actual Tangible Net Worth of the Borrower immediately after giving effect to
the Mykrolis Merger Transaction plus (ii) fifty percent (50%) of consolidated
Net Income determined in accordance with GAAP (unless such amount is negative,
in which case it shall be ignored for purposes of this Section) of the Borrower
and its Subsidiaries, for each fiscal quarter of the Borrower ended prior to the
time of determination, commencing with the first fiscal quarter of the Borrower
ending after the Mykrolis Merger Date, plus (iii) one hundred percent (100%) of
the net cash proceeds received by the Borrower and/or its Subsidiaries from any
equity offering made by the Borrower and/or its Subsidiaries at any time on or
after the Mykrolis Merger Date.

 

For such purpose, ‘net cash proceeds’ shall mean Cash and Cash Equivalents
received from any equity offering, whether at the time of such sale or issuance
or subsequent thereto, net of all legal expenses, commissions and other fees and
all costs and expenses directly related to such offering.”

 

2.11 Minimum Domestic Tangible Net Worth. Section 5.11 is amended to read:

 

“Section 5.11 Intentionally Omitted.”

 

2.12 Minimum Cash and Cash Equivalents. Section 5.12 is amended to read as
follows:

 

“Section 5.12 Minimum Cash and Cash Equivalents. The Borrower and its
Subsidiaries, on a consolidated basis, will at all times own and maintain Cash
and Cash Equivalents in an aggregate amount of not less than $75,000,000. This
amount may, upon request of the Borrower and written approval by the Agent, be
reduced to $40,000,000 upon the making by the Borrower of any acquisition that
results in a reduction of the Borrower’s holdings of Cash and Cash Equivalents,
but shall, in such case, be increased back to $75,000,000 on the earlier of (a)
the Mykrolis Merger Date, or (b) September 30, 2005.”

 

2.13 Indebtedness. Sections 6.2(b), (g), (h) and (i) are amended to read as
follows:

 

“(b) Capitalized Lease Liabilities and indebtedness of the Borrower or its
Subsidiaries secured by security interests permitted by Section 6.1(f) in an
aggregate amount not to exceed (i) $5,000,000 at any time prior to the Mykrolis
Merger Date, or (ii) $10,000,000 at any time on and after the Mykrolis Merger
Date (upon giving effect to the Mykrolis Merger Transaction);”

 

“(g) Rate Hedging Obligations covering notional amounts not to exceed (i)
$20,000,000 at any time prior to the Mykrolis Merger Date, or (ii) $40,000,000
at any time on and after the Mykrolis Merger Date (upon giving effect to the
Mykrolis Merger Transaction);”

 

7

--------------------------------------------------------------------------------

“(h) Indebtedness for borrowed money in foreign currencies in an aggregate
principal amount not to exceed (i) $30,000,000 at any time prior to the Mykrolis
Merger Date, or (ii) $40,000,000 at any time on and after the Mykrolis Merger
Date (upon giving effect to the Mykrolis Merger Transaction);”

 

“(i) Indebtedness for borrowed money not permitted by any other subsection of
this Section 6.2 in an aggregate principal amount not to exceed (i) $10,000,000
at any time prior to the Mykrolis Merger Date, or (ii) $20,000,000 at any time
on and after the Mykrolis Merger Date (upon giving effect to the Mykrolis Merger
Transaction); and”

 

2.14 Investments.

 

(a) Section 6.4(g)(C) is amended to read as follows:

 

“(C) all consideration (whether in the form of cash paid, indebtedness assumed
or otherwise) given by the Borrower and its Subsidiaries for acquisitions
permitted under this Section 6.4(g) shall not exceed (x) an aggregate amount of
$25,000,000 during any fiscal year prior to the fiscal year in which the
Mykrolis Merger Date falls, or (y) an aggregate amount of $50,000,000 during the
fiscal year in which the Mykrolis Merger Date falls or any subsequent fiscal
year.”

 

(b) Section 6.4(h) is deleted.

 

2.15 Consolidation and Merger; Asset Acquisition. Section 6.8 is amended to read
as follows:

 

“Section 6.8. Consolidation and Merger; Asset Acquisitions. The Borrower will
not, and will not permit any of its Subsidiaries to, consolidate with or merge
into any Person, or permit any other Person to merge into it, or acquire (in a
transaction analogous in purpose or effect to a consolidation or merger) all or
substantially all the assets of any other Person, provided, however, that the
restrictions contained in this Section 6.8 shall not apply to or prevent:

 

(a) the consolidation or merger of a Subsidiary with, or a conveyance or
transfer of its assets to, the Borrower (if the Borrower shall be the continuing
or surviving corporation);

 

(b) the acquisition of assets of other Persons permitted by Section 6.4; or

 

(c) the Mykrolis Merger Transaction, provided that each of the following
conditions shall have been satisfied:

 

(i) the Borrower shall have provided to the Agent financial information about
Mykrolis Corporation and the proposed combined entity that the Agent shall have
reasonably requested, consisting of at least (x) audited annual financial
statements for Mykrolis Corporation, and quarterly unaudited financial
statements, for the most recently-ended fiscal year and

 

8

--------------------------------------------------------------------------------

quarter of Mykrolis Corporation, (y) an opening balance sheet and pro-forma
financial statements of the combined entity, prepared on a good faith basis in
accordance with GAAP, which statements shall designate material changes in the
application of GAAP to the combined entity from the application of GAAP to the
Borrower prior to the Mykrolis Merger Transaction;

 

(ii) such financial statements shall establish, and the Borrower shall certify
in a written compliance certificate (showing calculation in reasonable detail),
which may be in the form of Exhibit B attached to the Eighth Amendment hereof,
delivered to the Agent, that upon giving effect to the Mykrolis Merger
Transaction, no Default or Event of Default shall exist hereunder, including
compliance with the financial requirements applicable to the Borrower after the
Mykrolis Merger Date;

 

(iii) the Mykrolis Merger Transaction shall be consummated materially in
compliance with the description thereof presented to the Agent and reflected in
the definition thereof in this Agreement and the Form S-4 filed by the Borrower
dated May 9, 2005;

 

(iv) the Borrower shall have executed (if applicable) and delivered to the Agent
such documents as the Agent shall reasonably request to confirm to the Agent
that all rights of the Agent and Banks hereunder shall not be affected or
impaired by the Mykrolis Merger Transaction, which shall, in any case, include
(w) any amendment or restatement of this Agreement as the Agent shall request,
(x) confirmation of the Guaranties, (y) certified copies of all articles of
merger or similar documents, (z) a legal opinion of counsel to the post-merger
Borrower, confirming such matters as the Agent shall reasonably request;

 

(v) the Borrower shall have provided to the Agent such other documents or
assurances the Agent shall have reasonably requested to confirm that the Loan
Documents remain in full force and effect and the Agent’s and the Banks’ rights
thereunder remain unimpaired; and

 

(vi) the Mykrolis Merger Date shall have occurred on or before December 31,
2005.”

 

3. Notes. The Borrower shall execute and deliver to the Bank a Revolving Note in
the form of Exhibit A attached to this Amendment. Such Revolving Note shall be
deemed to be the “Revolving Note” for purposes of the Credit Agreement.

 

4. Conditions Precedent. This Amendment shall become effective when the Agent
shall have received the following, each in form and content acceptable to the
Agent in its sole discretion:

 

(a) This Amendment and the Revolving Note duly executed on behalf of the
Borrower, the Banks and the Agent;

 

9

--------------------------------------------------------------------------------

(b) The Guarantor’s Acknowledgments attached hereto, duly executed on behalf of
each of the Guarantors;

 

(c) A certificate of the Secretary or an Assistant Secretary of the Borrower,
attesting as to (i) any corporate approval resolutions for this Amendment, (ii)
incumbency of officers authorized to execute and deliver this Amendment and the
Revolving Note;

 

(d) Payment of a non-refundable fee to the Bank in the amount of $10,000 and
reimbursable legal fees of the Bank.

 

5. Reference to and Effect on the Credit Agreement and the other Loan Documents.
Except as otherwise amended by this Amendment, all of the terms and conditions
of the Credit Agreement and the other Loan Documents prior to giving effect to
this Amendment shall remain in full force and effect in accordance with their
terms.

 

6. Counterparts. This Amendment may be executed in any number of counterparts,
each of which shall be deemed to be an original and all of which counterparts
taken together shall constitute but one and the same instrument.

 

7. Borrower Release. The Borrower hereby absolutely and unconditionally releases
and forever discharges the Agent and each of the Banks, and any and all
participants, parent corporations, subsidiary corporations, affiliated
corporations, insurers, indemnitors, successors and assigns thereof, together
withal of the present and former directors, officers, agents and employees of
any of the foregoing (the “Released Parties”), from any and all claims, demands
or causes of action of any kind, nature or description, whether arising in law
or equity or upon contract or tort or under any state or federal law or
otherwise, which the Borrower has had, now has or has made claim to have against
such Released Party for or by reason of any act, omission, matter, cause or
thing whatsoever arising from the beginning of time to and including the date of
this Amendment in connection with or related to the transactions evidenced by
the Loan Documents, whether such claims, demands and causes of action are mature
or unmatured or known or unknown.

 

8. No Waiver. The execution of this Amendment shall not be deemed to be a waiver
of any Default or Event of Default under the Credit Agreement, whether or not
known to the Agent and/or the Banks and whether or not existing on the date of
this Amendment.

 

9. Representations and Warranties of the Borrower. The Borrower hereby
represents and warrants to the Agent and the Banks as follows:

 

(a) The Borrower has all requisite power and authority to execute this Amendment
and to perform all of its obligations under the Credit Agreement, as amended by
this Amendment. This Amendment has been duly executed and delivered by the
Borrower and constitutes the legal, valid and binding obligation of the
Borrower, enforceable in accordance with its terms.

 

10

--------------------------------------------------------------------------------

(b) The execution, delivery and performance by the Borrower of the Credit
Agreement, this Amendment and the other Loan Documents have been duly authorized
by all necessary corporate action and do not (i) require any authorization,
consent or approval by any governmental department, commission, board, bureau,
agency or instrumentality, domestic or foreign, (ii) violate any provision of
any law, rule or regulation or of any order, writ, injunction or decree
presently in effect, having applicability to the Borrower, or the Articles of
Incorporation or Bylaws of the Borrower, or (iii) result in a breach of or
constitute a default under any indenture or loan or credit agreement or any
other agreement, lease or instrument to which the Borrower is a party or by
which it or its properties may be bound or affected.

 

(c) All of the representations and warranties contained in Article IV of the
Credit Agreement are correct on and as of the date hereof as though made on and
as of such date, except to the extent that such representations and warranties
relate solely to an earlier date.

 

10. References. All references in the Credit Agreement to “this Agreement” shall
be deemed to refer to the Credit Agreement as amended by this Amendment; and any
and all references in any of the other Loan Documents to the “Credit Agreement”
shall be deemed to refer to the Credit Agreement as amended by this Amendment.
All references to schedules or exhibits in the Credit Agreement shall be deemed
to include the amendments to such schedules and exhibits effected hereby.

 

11. Law. This Amendment shall be a contract made under the laws of the State of
Minnesota, which laws shall govern all the rights and duties hereunder.
Provisions of the Credit Agreement respecting consent to jurisdiction and waiver
of jury trial shall apply, equally, to this Amendment.

 

(signature page follows)

 

11

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereby have caused this Amendment to be executed
by their respective officers thereunto duly authorized as of the date first
above written.

 

ENTEGRIS, INC. By:  

/s/ John D. Villas

--------------------------------------------------------------------------------

Title:   Chief Financial Officer WELLS FARGO BANK, NATIONAL ASSOCIATION, as a
Bank and as Agent By:  

/s/ Richard Trembley

--------------------------------------------------------------------------------

Title:   Vice President

 

12

--------------------------------------------------------------------------------

EXHIBIT A

 

REVOLVING NOTE

 

$10,000,000

  Minneapolis, Minnesota     May 26, 2005

 

FOR VALUE RECEIVED, the undersigned, ENTEGRIS, INC., a Minnesota corporation
(the “Borrower”), hereby promises to pay to the order of WELLS FARGO BANK,
NATIONAL ASSOCIATION (the “Bank”), at the main office of Wells Fargo Bank,
National Association, as Agent (herein, in such capacity, the “Agent”), in
Minneapolis, Minnesota, or at any other place designated at any time by the
holder hereof, in lawful money of the United States of America and in
immediately available funds, the principal sum of TEN MILLION DOLLARS
($10,000,000) or, if less, the aggregate unpaid principal amount of all
Revolving Loans made by the Bank to the Borrower under the Credit Agreement
(defined below), together with interest on the principal amount hereunder from
the date hereof until this Note is fully paid at the rates from time to time in
effect under the Credit Agreement dated as of November 30, 1999 (as hereafter
amended, supplemented or restated from time to time, the “Credit Agreement”).

 

The principal hereof and interest accruing thereon shall be due and payable as
provided in the Credit Agreement. This Note may be prepaid only in accordance
with the Credit Agreement.

 

This Note is issued pursuant to, and is subject to, the Credit Agreement, which
provides, among other things, for acceleration hereof upon the occurrence of
certain events. This Note is a Revolving Note as referenced in the Credit
Agreement.

 

The Borrower hereby agrees to pay all costs of collection, including attorneys’
fees and legal expenses in the event this Note is not paid when due, whether or
not legal proceedings are commenced.

 

Presentment or other demand for payment, notice of dishonor and protest are
expressly waived.

 

ENTEGRIS, INC. By  

 

--------------------------------------------------------------------------------

Its  

 

--------------------------------------------------------------------------------

And     By  

 

--------------------------------------------------------------------------------

Its  

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Exhibit B

Certificate of Compliance

 

                , 2005

 

TO:   Wells Fargo Bank,     National Association, as Agent     7900 Xerxes
Avenue South     Bloomington, Minnesota 55431-2206     Attention: Richard G.
Trembley     Re: Compliance with Credit Agreement

 

We refer to the Credit Agreement dated as of November 30, 1999 (as amended or
modified to date, the “Credit Agreement”) among the Borrower, certain banks
named therein (the “Banks”) and Wells Fargo Bank, National Association, as Agent
for such Banks. Capitalized terms used herein but not otherwise defined shall
have the same meanings assigned to them in the Credit Agreement.

 

I am the duly qualified and acting Chief Financial Officer of the Borrower, and
I am familiar with the financial statements and financial affairs of the
Borrower and its Subsidiaries and am authorized to execute this Certificate on
behalf of the Borrower.

 

Pursuant to Section 6.8(c)(ii) of the Credit Agreement, attached are the
financial statements of Mykrolis Corporation, the Borrower and the pro-forma
financial statements of the entity resulting from the merger of Mykrolis
Corporation and the Borrower (the “Resultant Corporation”), all as required by
Section 6.8(c)(i) of the Credit Agreement, all prepared as of
                                 (the “Computation Date”). I certify that such
financial statements have been prepared in good faith in accordance with GAAP,
fairly present the financial condition of the Borrower and its Subsidiaries and
the anticipated financial condition of the Resultant Corporation as of the
Computation Date. Material changes in the application of GAAP to the Resultant
Corporation consist of the following:

 

[describe changes]

 

As required pursuant to Section 6.8(c)(ii) of the Credit Agreement, the Borrower
hereby certifies that as of the Computation Date, the following is true, correct
and accurate in all respects:

 

1. The financial statements submitted herewith are true, correct and complete.

 

2. No Default and no Event of Default, has occurred and continued;

 

3. No Default and no Event of Default shall exist after giving effect to the
Mykrolis Merger Transaction;

 

4. Demonstration of compliance with the financial covenants applicable to the
Resultant Corporation after giving effect to the Mykrolis Merger Transaction is
demonstrated as follows,

--------------------------------------------------------------------------------

with periodic figure such as EBITDA being calculated on a pro-forma basis using
combined results of the Borrower before the Mykrolis Merger Transaction and
Mykrolis Corporation:

 

Section 5.9 Leverage Ratio.

 

Funded Debt:

   $                     

to

      

EBITDA:

   $                     

Ratio:

(required: not more than 2.25 to 1.00)

              to 1.00

 

Section 5.10 Minimum Tangible Net Worth.

 

Tangible Net Worth:

(Borrower and its Subsidiaries) (required: not less than $450,000,000)

     $                    

 

Section 5.12 Minimum Cash and Cash Equivalents.

 

Cash and Cash Equivalents:

(required: not less than $75,000,000)

   $                     

 

Section 6.2

 

(b) Capitalized Lease Liabilities:

(required: not more than $10,000,000)

   $                     

(g) Rate Hedging Obligations (notional amount)

(required: not more than $40,000,000)

   $                     

(h) Indebtedness for borrowed money in foreign currencies (equivalent):

(required: not more than $40,000,000)

   $                     

(i) Indebtedness for borrowed money not otherwise permitted by 6.2:

(required: not more than $20,000,000)

   $                     

 

ENTEGRIS, INC. By  

 

--------------------------------------------------------------------------------

Its  

 

--------------------------------------------------------------------------------