Exhibit (10)B(ii)

 

AMENDMENT NO. 1

to

CREDIT AGREEMENT (364 Day Facility)

 

Dated as of October 31, 2002

 

This AMENDMENT NO. 1 TO CREDIT AGREEMENT (“Amendment”), dated as of October 31,
2002, is entered into by and among Ecolab Inc., a Delaware corporation (the
“Borrower”), the financial institutions party hereto (the “Banks”), and Citicorp
USA, Inc. (“Citicorp”), as administrative agent (the “Agent”) for the Banks. 
Each capitalized term used herein and not defined herein shall have the meaning
ascribed thereto in the below-defined “Credit Agreement”.

 

PRELIMINARY STATEMENT

 

The Borrower, the Banks, and the Agent are parties to the Credit Agreement (364
Day Facility) dated as of December 7, 2001 (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”).  The Borrower, the Banks and the Agent have agreed to amend the
Credit Agreement pursuant to the terms of this Amendment.

 

SECTION 1.  Amendment to the Credit Agreement.  Effective as of the date hereof,
subject to the satisfaction of the condition precedent set forth in Section 2
below, the Credit Agreement is hereby amended as follows:

 

(a)  The definition of “Stated Termination Date” is hereby amended by deleting
“December 6, 2002” and substituting “October 30, 2003” therefor.

 

(b)  Section 2.01(a) of the Credit Agreement is amended by deleting the words
“on the signature pages hereof” from the last sentence thereof, and substituting
therefor “on Schedule II hereto”.

 

(c)  Section 2.19(a) of the Credit Agreement is amended by deleting the existing
reference therein to “60 days” and substituting “45 days” therefor, and by
deleting the existing reference therein to “45 days” and substituting “30 days”
therefor.

 

(d)  Section 7.05 of the Credit Agreement is amended by deleting the word
“accounts” from the first sentence thereof, and substituting the word “amounts”
therefor.

 

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(e)  The proviso to Section 9.01 of the Credit Agreement is amended (i) by
inserting “(i)” immediately after “following:” and immediately before the word
“waive” in clause (a) thereof; (ii) by inserting the words “change the
definition of Majority Banks or” immediately after “(v)” in clause (a) thereof;
and (iii) deleting the semi-colon at the end of such Section and substituting a
period therefor.

 

(f)  A new Schedule II, entitled “Commitments”, is added, in the form attached
to this Amendment.

 

SECTION 2.  Condition Precedent.  This Amendment shall become effective and be
deemed effective as of the date hereof (or if such items are not received until
a later date, on such later date) upon the Agent’s receipt of duly executed
originals of this Amendment from the Borrower and each Bank.

 

SECTION 3.  Covenants, Representations and Warranties of the Borrower.

 

3.1  Upon the effectiveness of this Amendment, the Borrower hereby reaffirms all
covenants, representations and warranties made by it in the Credit Agreement, as
amended hereby, and agrees that all such covenants, representations and
warranties shall be deemed to have been re-made as of the effective date of this
Amendment.

 

3.2  The Borrower hereby represents and warrants that (i) this Amendment
constitutes a legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms, except as enforceability
thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or affecting creditor’s rights generally
and by the effect of general principles of equity and (ii) upon the
effectiveness of this Amendment, no Event of Default shall exist with respect to
the Borrower and no event shall exist which, with the giving of notice, the
lapse of time or both, would constitute an Event of Default with respect to the
Borrower.

 

SECTION 4.  Reference to and Effect on the Credit Agreement.

 

4.1  Upon the effectiveness of this Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like
import shall mean and be a reference to the Credit Agreement, as amended hereby,
and each reference to the Credit Agreement in any other document, instrument or
agreement executed and/or delivered in connection with the Credit Agreement
shall mean and be a reference to the Credit Agreement as amended hereby.

 

4.2  Except as specifically amended above, the Credit Agreement, the Notes and
all other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect and are hereby
ratified and confirmed.

 

4.3  The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of any party under the Credit
Agreement, the Notes or any other document, instrument or agreement executed in
connection therewith, nor constitute a waiver of any provision contained
therein, except as specifically set forth herein.

 

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SECTION 5.  Execution in Counterparts.  This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.

 

SECTION 6.  Governing Law.  This Amendment shall be governed by, and construed
in accordance with, the laws of the State of New York.

 

SECTION 7.  Headings.  Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

 

The remainder of this page is intentionally blank.

 

3

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

 

 

 

ECOLAB INC.

 

 

 

 

 

By:

/s/ Mark D. Vangsgard

 

 

 

Mark D. Vangsgard

 

 

 

 

Title:

Vice President and Treasurer

 

 

 

 

 

 

 

 

CITICORP USA, INC., as Administrative Agent

 

 

 

 

 

 

 

By:

/s/ Mary O’Connell

 

 

 

Mary O’Connell

 

 

 

 

Title:

Vice President

 

 

 

 

Ecolab Amendment No. 1 Signature Page 1

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Banks

 

 

 

 

 

CITICORP USA, INC.

 

 

 

 

 

 

 

By:

/s/ Mary O’Connell

 

 

 

Mary O’Connell

 

 

 

 

Title:

Director

 

 

 

 

Ecolab Amendment No. 1 Signature Page 2

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JPMORGAN CHASE BANK

 

 

 

 

 

By:

/s/ Robert P. Kellas

 

 

 

Robert P. Kellas

 

 

 

 

Title:

Vice President

 

 

Ecolab Amendment No. 1 Signature Page 3

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CREDIT SUISSE FIRST BOSTON

 

 

 

 

 

By:

/s/ Karl Studer

 

 

 

Karl Studer

 

 

 

 

Title:

Director

 

 

 

 

 

 

By:

/s/ Albert Heer

 

 

 

Albert Heer

 

 

 

 

Title:

Vice President

 

 

Ecolab Amendment No. 1 Signature Page 4

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BANK ONE, NA (Main Office Chicago)

 

 

 

 

 

 

 

By:

/s/ Jenny A. Gilpin

 

 

 

Jenny A. Gilpin

 

 

 

 

Title:

Director, Capital Markets

 

 

 

 

Ecolab Amendment No. 1 Signature Page 5

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WELLS FARGO BANK, NATIONAL ASSOCIATION

 

 

 

 

 

By:

/s/ Molly S. Van Metre

 

 

 

Molly S. Van Metre

 

 

 

 

Title:

Vice President and Senior Banker

 

 

 

 

 

 

By:

/s/ James D. Heinz

 

 

 

James D. Heinz

 

 

 

 

Title:

Senior Vice President

 

 

 

 

Ecolab Amendment No. 1 Signature Page 6

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WACHOVIA BANK, N.A.

 

 

 

 

 

By:

/s/ Elizabeth Witherspoon

 

 

 

Elizabeth Witherspoon

 

 

 

 

Title:

Vice President

 

 

 

 

Ecolab Amendment No. 1 Signature Page 7

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BANK OF AMERICA, N.A.

 

 

 

 

 

By:

/s/ Donald J. Chin

 

 

 

Donald J. Chin

 

 

 

 

Title:

Managing Director

 

 

 

 

Ecolab Amendment No.1 Signature Page 8

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SCHEDULE II

 

Commitments

 

Institution

 

Commitments

 

Citicorp USA, Inc.

 

$

35,000,000

 

JPMorgan Chase Bank

 

$

35,000,000

 

Credit Suisse First Boston

 

$

32,000,000

 

Bank One, NA (Main Office Chicago)

 

$

21,000,000

 

Wells Fargo Bank, National Association

 

$

21,000,000

 

Wachovia Bank, N.A.

 

$

21,000,000

 

Bank of America, N.A.

 

$

10,000,000

 

Total

 

$

175,000,000

 

 

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