EXHIBIT (10)B(iii)

 

AMENDMENT NO. 2

 

to

 

CREDIT AGREEMENT (364 Day Facility)

 

Dated as of October 30, 2003

 

This AMENDMENT NO. 2 TO CREDIT AGREEMENT (“Amendment”), dated as of October 30,
2003, 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.  Amendments 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:

 

1.1  The definition of “Stated Termination Date” in Section 1.01 is hereby
amended by deleting “October 30, 2003” and substituting “October 28, 2004”
therefor.

 

1.2  Clause (iii) of Section 9.02(a) is hereby amended and restated in its
entirety as follows:

 

(iii)                               if to the Agent, at its address at Bank Loan
Syndications, Two Penns Way, Suite 200, New Castle, Delaware 19720, Attention: 
Lisa Rodriguez, Telecopier No. 212-994-0961, with a copy to Citicorp Securities,
Inc., 388 Greenwich Street, New York City, New York  10013, Attention:  Carolyn
Sheridan, Telecopier No. 212-816-8185;

 

1.3  Section 9.13 is hereby amended to insert the following sentence at the end
thereof:

 

Notwithstanding anything to the contrary set forth herein, each party hereto
(and each officer, director, employee, accountant, attorney, advisor, agent and
representative of each such party) may disclose to any and all Persons, without
limitation of any kind, the U.S. tax treatment and U.S. tax structure of the
transactions evidenced hereby and all materials of any kind (including opinions
and other tax analyses) that are provided to any of them relating to such U.S.
tax treatment and U.S. tax

 

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

 

structure.

 

1.4  Schedule I is hereby deleted in its entirety and replaced with Schedule I
hereto.

 

1.5  Schedule II is hereby deleted in its entirety and replaced with Schedule II
hereto.

 

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 or Default shall exist 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.

 

2

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

 

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

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

 

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

 

 

 

Name:  Mark D. Vangsgard

 

 

Title:  Vice President and Treasurer

 

 

 

 

CITICORP USA, INC., as Administrative Agent

 

 

 

 

By:

/s/ Carolyn A. Sheridan

 

 

 

Name:  Carolyn A. Sheridan

 

 

Title:  Managing Director & Vice President

 

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

 

 

Banks

 

 

 

 

CITICORP USA, INC.

 

By:

/s/ Carolyn A. Sheridan

 

 

 

Name:  Carolyn A. Sheridan

 

 

Title:  Managing Director & Vice President

 

 

 

 

JPMORGAN CHASE BANK

 

By:

/s/ Stacey L. Haimes

 

 

 

Name:  Stacey L. Haimes

 

 

Title:  Vice President

 

 

 

 

CREDIT SUISSE FIRST BOSTON

 

Cayman Islands Branch

 

By:

/s/ Karl Studer

 

 

 

Name:  Karl Studer

 

 

Title:  Director

 

 

 

 

By:

/s/ Cedric Evard

 

 

 

Name:  Cedric Evard

 

 

Title:  Assistant Vice President

 

 

 

 

BANK ONE, NA (Main Office Chicago)

 

By:

/s/ Jenny A. Gilpin

 

 

 

Name:  Jenny A. Gilpin

 

 

Title:  Managing Director

 

 

 

 

WELLS FARGO BANK,

 

NATIONAL ASSOCIATION

 

By:

/s/ James D. Heinz

 

 

 

Name:  James D. Heinz

 

 

Title:  Senior Vice President

 

 

 

 

By:

/s/ Allison S. Gelfman

 

 

 

Name: Allison S. Gelfman

 

 

Title:  Vice President

 

 

 

 

WACHOVIA BANK,

 

NATIONAL ASSOCIATION

 

By:

/s/ Steven L. Hipsman

 

 

 

Name:  Steven L. Hipsman

 

 

Title:  Director

 

 

 

 

BANK OF AMERICA, N.A.

 

By:

/s/ Wendy J. Gorman

 

 

 

Name: Wendy J. Gorman

 

 

Title: Managing Director

 

 

 

 

BARCLAYS BANK PLC

 

By:

/s/ Nicholas Bell

 

 

 

Name:  Nicholas Bell

 

 

Title:  Director

 

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

 

SCHEDULE I

 

Applicable Lending Offices and Notice Addresses

 

CITICORP USA, INC.

 

Notice Address:

 

Citicorp USA, Inc.

c/o Citicorp Securities, Inc.

388 Greenwich Street

New York City, New York 10013

Attn:  Carolyn Sheridan

Telecopier No.: 212-816-8185

 

Domestic Lending Office and Eurodollar Lending Office:

 

Citicorp USA, Inc.
Bank Loan Syndications
Two Penns Way, Suite 200
New Castle, Delaware 19720
Attn:  Lisa Rodriguez
Telecopier No.:  212-994-0961

 

JPMORGAN CHASE BANK

 

Notice Address:

 

JPMorgan Chase Bank

227 West Monroe Street, 27th Floor

Chicago, Illinois  60606
Attn:  Laura Born
Telecopier No.:  312-541-3441

Confirmation No.: 312-541-3379
E-mail:   laura  born@jpmorgan.com

 

Domestic Lending Office and Eurodollar Lending Office:

 

JPMorgan Chase Bank
1111 Fanin, 10th Floor
Houston, TX  77002
Attn:  Danette Espinoza
Telecopier No.:  713-750-2782

 

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

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

Notice Address and Domestic Lending Office:

 

Wells Fargo Bank, National Association
Sixth & Marquette – MAC N305-031
Minneapolis, MN 55479
Attn:  Ethel Philips
Telecopier No.:   612-667-4145
and to:  Allison Gelfman
Telecopier No.:  612-667-4145
E-Mail:  allison.s.gelfman@wellsfargo.com

 

Eurodollar Lending Office:

 

Wells Fargo Bank, National Association
Sixth & Marquette – MAC N305-031
Minneapolis, MN 55479
Attn:  Ethel Philips
Telecopier No.:   612-667-4145

and to:  Allison Gelfman
Telecopier No.:  612-667-4145

 

CREDIT SUISSE FIRST BOSTON

 

Notice Address:

 

Eleven Madison Avenue

New York, NY 10010

Attn:  Karl Studer, Corporate Banking

Telecopier: 212-743-1894

E-Mail:  karl.studer@csfb.com

 

Domestic Lending Office and Eurodollar Lending Office:

 

Credit Suisse First Boston
One Madison Avenue

New York, New York  10010

Attn:  Ed Markowski

and to:  Hazel Leslie
Telecopier No.:  212-538-6851
(With a copy to the Notice Address)

 

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

 

BANK ONE, NA

 

Notice Address:

 

Bank One, NA
Suite 0173, 14th Floor
1 Bank One Plaza
Chicago, Illinois  60670-0324
Attn:  Jenny Gilpin
Telecopier No.:  312-732-3888
E-Mail:  jenny  gilpin@bankone.com

 

Domestic Lending Office and Eurodollar Lending Office:

 

Bank One, NA
1 Bank One Plaza
Chicago, Illinois  60670
Attn:  Deanna Lee
Telecopier No.:  312-732-4303

 

WACHOVIA BANK, NATIONAL ASSOCIATION

 

Notice Address:

 

Wachovia Bank, N.A.
191 Peachtree Street
Mail Code GA8050
Atlanta, Georgia  30303
Attn:  Steven Hipsman
Ms. Teresa Howard (Operations/Administration)
Telecopier No.:  404-332-4048 (Credit Matters)

404-332-1118 (Operations/Administration)
E-Mail:  stevenhipsman@wachovia.com

 

Domestic Lending Office and Eurodollar Lending Office:

 

Wachovia Bank, N.A.
201 South College Street
Attn:  Sharon Gibson
Telecopier No.:  704-715-0094

 

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

 

BANK OF AMERICA, N.A.

 

Notice Address:

 

Bank of America, N.A.
100 North Tryon Street

Charlotte, North Carolina  28255-0001
Attn:  Lawrence Saunders
Telecopier No.:  704-386-1447
E-Mail:  lawrence.saunders@bankofamerica.com

 

With a copy to:

Bank of America, N.A.

335 Madison Avenue, 5th Floor

New York, New York 10017

Attn:  Colleen Briscoe

Telecopier No.: 212-503-7878

E-Mail: colleen.m.briscoe@bankofamerica.com

 

Domestic Lending Office and Eurodollar Lending Office:

 

Bank of America, N.A.
101 North Tryon Street

Charlotte, North Carolina  28255-0001
Attn:  Curtis Lancy
Telecopier No.:  888-969-9252

 

BARCLAYS BANK PLC

 

Notice Address:

 

Administrative Matters

Barclays Bank PLC
200 Park Avenue, 4th Floor

New York, New York  10188
Attn:  David Barton
Telecopier No.:  212-412-7511

E-Mail:  Davide.Barton@barcap.com

 

Operations Matters

Barclays Bank PLC

222 Broadway - 7th Floor

New York, New York 10038

Attn:  Eddie Cotto

Telecopier No: 212-412-5306

E-Mail: eddie.cotto@barcap.com

 

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

 

Domestic Lending Office and Eurodollar Lending Office:

 

Barclays Bank PLC
200 Park Avenue

New York, New York  10188

(Notices to be addressed as specified above)

 

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

 

SCHEDULE II

 

Commitments

 

Institution

 

Commitment

 

Citicorp USA, Inc.

 

$

32,500,000

 

JPMorgan Chase Bank

 

$

32,500,000

 

Credit Suisse First Boston

 

$

30,000,000

 

Bank One, NA (Main Office Chicago)

 

$

20,000,000

 

Wells Fargo Bank, National Association

 

$

20,000,000

 

Wachovia Bank, N.A.

 

$

20,000,000

 

Bank of America, N.A.

 

$

10,000,000

 

Barclays Bank PLC

 

$

10,000,000

 

Total

 

$

175,000,000

 

 

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