Exhibit 10.18

 

ITRON, INC.

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of March
20, 2003 and entered into by and among Itron, Inc., a Washington corporation
(“Company”), THE FINANCIAL INSTITUTIONS LISTED ON THE SIGNATURE PAGES HEREOF
(each individually referred to herein as a “Lender” and collectively as
“Lenders”), LASALLE BANK, N.A., as syndication agent for Lenders (in such
capacity, “Syndication Agent”), KEYBANK NATIONAL ASSOCIATION, as documentation
agent for Lenders (in such capacity, “Documentation Agent”), and WELLS FARGO
BANK, NATIONAL ASSOCIATION, as administrative agent (“Administrative Agent”) for
Lenders, and is made with reference to that certain Credit Agreement dated as of
March 4, 2003, as amended to the date hereof (the Credit Agreement, as so
amended, supplemented or otherwise modified and as it may hereafter be amended,
supplemented or otherwise modified from time to time, being the “Credit
Agreement”), by and among Company and Wells Fargo Bank, National Association, as
Administrative Agent and a Lender. Capitalized terms used herein without
definition shall have the same meanings herein as set forth in the Credit
Agreement.

 

RECITALS

 

WHEREAS, Assignment Agreements have been executed pursuant to which Lenders have
acquired certain portions of the Loans and Commitments outstanding under the
Credit Agreement; and

 

WHEREAS, Company and Lenders desire to amend the Credit Agreement to (i) make
certain clarifying changes and other amendments as set forth below and (ii)
reflect the updated allocation of Commitments and Loans among Lenders.

 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions
and covenants herein contained, the parties hereto agree as follows:

 

Section 1. AMENDMENTS TO THE CREDIT AGREEMENT

 

1.1 Amendments to Section 1: Definitions.

 

A. Subsection 1.1 of the Credit Agreement is hereby amended by deleting the
definitions of “Agents”, “Intellectual Property” and “Requisite Lenders” in
their entirety and substituting the following therefor, all in proper
alphabetical order:

 

“‘Agents’ means Administrative Agent, Documentation Agent, Syndication Agent and
other agents.”

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“‘Intellectual Property’ means all patents, patent applications, trademarks,
trade names, copyrights, technology, software, know-how, trade secrets, customer
lists, processes, and other proprietary information.”

 

“‘Requisite Lenders’ means two or more Lenders having or holding at least 66
2/3% of the sum of (i) the aggregate Term Loan Exposure of all Lenders plus (ii)
the aggregate Revolving Loan Exposure of all Lenders.”

 

B. Subsection 1.1 of the Credit Agreement is hereby further amended by inserting
the following new definitions of “Documentation Agent”, “First Amendment” and
“Syndication Agent”, all in proper alphabetical order:

 

“‘Documentation Agent’ has the meaning assigned to that term in the introduction
to the First Amendment.”

 

“‘First Amendment’ means that certain First Amendment to Credit Agreement dated
as of March 20, 2003, by and among Company, Administrative Agent, Documentation
Agent, Syndication Agent and Lenders.”

 

“‘Syndication Agent’ has the meaning assigned to that term in the introduction
to the First Amendment.”

 

1.2 Amendments to Section 2: Amounts and Terms of Commitments and Loans.

 

Subsection 2.5B of the Credit Agreement is hereby amended by adding a “.” at the
end thereof.

 

1.3 Amendments to Section 6: Company’s Affirmative Covenants.

 

Subsection 6.5 of the Credit Agreement is hereby amended by deleting the “-”
following the word “permit” in the first full sentence thereof.

 

1.4 Amendments to Section 9: Duties of Other Agents.

 

Subsection 9.7 of the Credit Agreement is hereby amended and restated to read in
its entirety as follows:

 

“None of the Lenders identified in this Agreement as a “co-agent”, Documentation
Agent or Syndication Agent shall have any right, power, obligation, liability,
responsibility or duty under this Agreement other than those applicable to all
Lenders as such. Without limiting the foregoing, none of such Lenders shall have
or be deemed to have a fiduciary relationship with any Lender.”

 

2

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1.5 Amendments to Section 10: Miscellaneous.

 

Subsection 10.6 of the Credit Agreement is hereby amended and restated to read
in its entirety as follows:

 

“10.6 Amendments and Waivers.

 

No amendment, modification, termination or waiver of any provision of this
Agreement or of the Notes, and no consent to any departure by Company therefrom,
shall in any event be effective without the written concurrence of Requisite
Lenders; provided that no such amendment, modification, termination, waiver or
consent shall, without the consent of (a) each Lender with Obligations directly
affected (whose consent shall be required for any such amendment, modification,
termination or waiver in addition to that of Requisite Lenders) (1) reduce the
principal amount of any Loan, (2) increase the maximum aggregate amount of
Letters of Credit, (3) postpone the date or reduce the amount of any scheduled
payment (but not prepayment) of principal of any Loan, (4) postpone the date on
which any interest or any fees are payable, (5) decrease the interest rate borne
by any Loan (other than any waiver of any increase in the interest rate
applicable to any of the Loans pursuant to subsection 2.2E) or the amount of any
fees payable hereunder including any change in the manner in which any financial
ratio used in determining any interest rate or fee is calculated that would
result in a reduction of any such rate or fee), (6) reduce the amount or
postpone the due date of any amount payable in respect of any Letter of Credit,
(7) extend the expiration date of any Letter of Credit beyond the Revolving Loan
Commitment Termination Date, or (8) change in any manner the obligations of
Revolving Lenders relating to the purchase of participations in Letters of
Credit; (b) each Lender, (1) change in any manner the definition of “Pro Rata
Share” or the definition of “Requisite Lenders” (except for any changes
resulting solely from an increase in Commitments approved by Requisite Lenders),
(2) change in any manner any provision of this Agreement that, by its terms,
expressly requires the approval or concurrence of all Lenders, (3) increase the
maximum duration of Interest Periods permitted hereunder, (4) release any Lien
granted in favor of Administrative Agent with respect to all or substantially
all of the Collateral or release all or substantially all of the Subsidiary
Guarantors from their obligations under the Subsidiary Guaranty, in each case
other than in accordance with the terms of the Loan Documents, or (5) change in
any manner or waive the provisions contained in subsection 8.1 or this
subsection 10.6. In addition, (i) any amendment, modification, termination or
waiver of any of the provisions contained in Section 4 shall be effective only
if evidenced by a writing signed by or on behalf of Administrative Agent and
Requisite Lenders, (ii) no amendment, modification, termination or waiver of any
provision of any Note shall be effective without the written concurrence of the
Lender which is the holder of that Note, (iii) no amendment, modification,
termination or waiver of any provision of subsection 2.1A(iii) or of any other
provision of this Agreement relating to the Swing Line Loan Commitment or the
Swing Line Loans shall be effective without the written concurrence of Swing
Line Lender, (iv) no amendment, modification, termination or waiver of any
provision of Section 3 shall be effective without the written concurrence of
Administrative Agent and, with respect to the purchase of participations in
Letters of Credit, without the written concurrence of the Issuing Lender that
has issued an outstanding Letter of Credit or has not been reimbursed for a
payment under a Letter of Credit,

 

3

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(v) no amendment, modification, termination or waiver of any provision of
Section 9 or of any other provision of this Agreement which, by its terms,
expressly requires the approval or concurrence of Administrative Agent shall be
effective without the written concurrence of Administrative Agent, and (vi) no
Commitment of a Lender shall be increased without the consent of such Lender.
Administrative Agent may, but shall have no obligation to, with the concurrence
of any Lender, execute amendments, modifications, waivers or consents on behalf
of that Lender. Any waiver or consent shall be effective only in the specific
instance and for the specific purpose for which it was given. No notice to or
demand on Company in any case shall entitle Company to any other or further
notice or demand in similar or other circumstances. Any amendment, modification,
termination, waiver or consent effected in accordance with this subsection 10.6
shall be binding upon each Lender at the time outstanding, each future Lender
and, if signed by Company, on Company.”

 

1.6 Substitution of Schedule 2.1.

 

Schedule 2.1 to the Credit Agreement is hereby amended and restated in its
entirety as set forth on Annex A attached hereto.

 

Section 2. CONDITIONS TO EFFECTIVENESS

 

Section 1 of this Amendment shall become effective only upon the satisfaction of
all of the following conditions precedent (the date of satisfaction of such
conditions being referred to herein as the “First Amendment Effective Date”):

 

A. On or before the First Amendment Effective Date, Company shall deliver to
Lenders (or to Administrative Agent for Lenders with sufficient originally
executed copies, where appropriate, for each Lender and its counsel) executed
copies of this Amendment dated the First Amendment Effective Date.

 

B. On or before the First Amendment Effective Date, all corporate and other
proceedings taken or to be taken in connection with the transactions
contemplated hereby and all documents incidental thereto not previously found
acceptable by Administrative Agent, acting on behalf of Lenders, and its counsel
shall be satisfactory in form and substance to Administrative Agent and such
counsel, and Administrative Agent and such counsel shall have received all such
counterpart originals or certified copies of such documents as Administrative
Agent may reasonably request.

 

Section 3. COMPANY’S REPRESENTATIONS AND WARRANTIES

 

In order to induce Lenders to enter into this Amendment and to amend the Credit
Agreement in the manner provided herein, Company represents and warrants to each
Lender that the following statements are true, correct and complete:

 

A. Corporate Power and Authority. Company has all requisite corporate power and
authority to enter into this Amendment and to carry out the transactions
contemplated by, and perform its obligations under, the Credit Agreement as
amended by this Amendment (the “Amended Agreement”).

 

4

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B. Authorization of Agreements. The execution and delivery of this Amendment and
the performance of the Amended Agreement have been duly authorized by all
necessary corporate action on the part of Company.

 

C. No Conflict. The execution and delivery by Company of this Amendment and the
performance by Company of the Amended Agreement do not and will not (i) violate
any provision of any law or any governmental rule or regulation applicable to
Company or any of its Subsidiaries, the Certificate or Articles of Incorporation
or Bylaws of Company or any of its Subsidiaries or any order, judgment or decree
of any court or other agency of government binding on Company or any of its
Subsidiaries, (ii) conflict with, result in a breach of or constitute (with due
notice or lapse of time or both) a default under any Contractual Obligation of
Company or any of its Subsidiaries, (iii) result in or require the creation or
imposition of any Lien upon any of the properties or assets of Company or any of
its Subsidiaries (other than Liens created under any of the Loan Documents in
favor of Administrative Agent on behalf of Lenders), or (iv) require any
approval of stockholders or any approval or consent of any Person under any
Contractual Obligation of Company or any of its Subsidiaries.

 

D. Governmental Consents. The execution and delivery by Company of this
Amendment and the performance by Company of the Amended Agreement do not and
will not require any registration with, consent or approval of, or notice to, or
other action to, with or by, any federal, state or other governmental authority
or regulatory body.

 

E. Binding Obligation. This Amendment has been duly executed and delivered by
Company and this Amendment and the Amended Agreement are the legally valid and
binding obligations of Company, enforceable against Company in accordance with
their respective terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles relating to enforceability.

 

F. Incorporation of Representations and Warranties From Credit Agreement. The
representations and warranties contained in Section 5 of the Credit Agreement
are and will be true, correct and complete in all material respects on and as of
the First Amendment Effective Date to the same extent as though made on and as
of that date, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date.

 

G. Absence of Default. No event has occurred and is continuing or will result
from the consummation of the transactions contemplated by this Amendment that
would constitute an Event of Default or a Potential Event of Default.

 

5

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Section 5. MISCELLANEOUS

 

A. Reference to and Effect on the Credit Agreement and the Other Loan Documents.

 

(i) On and after the First Amendment Effective Date, each reference in the
Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words
of like import referring to the Credit Agreement, and each reference in the
other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words
of like import referring to the Credit Agreement shall mean and be a reference
to the Amended Agreement.

 

(ii) Except as specifically amended by this Amendment, the Credit Agreement and
the other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

 

(iii) The execution, delivery and performance of this Amendment shall not,
except as expressly provided herein, constitute a waiver of any provision of, or
operate as a waiver of any right, power or remedy of Administrative Agent or any
Lender under, the Credit Agreement or any of the other Loan Documents.

 

B. Fees and Expenses. Company acknowledges that all costs, fees and expenses as
described in subsection 10.2 of the Credit Agreement incurred by Administrative
Agent and its counsel with respect to this Amendment and the documents and
transactions contemplated hereby shall be for the account of Company.

 

C. Headings. Section and subsection 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 or be given any substantive effect.

 

D. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA (INCLUDING WITHOUT
LIMITATION SECTION 1646.5 OF THE CIVIL CODE OF THE STATE OF CALIFORNIA), WITHOUT
REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 

E. Counterparts; Effectiveness. 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 an original, but all such
counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document. This Amendment (other than the provisions of Section 1
hereof, the effectiveness of which is governed by Section 2 hereof) shall become
effective upon the execution of a counterpart hereof by Company and Lenders and
receipt by Company and Administrative Agent of written or telephonic
notification of such execution and authorization of delivery thereof.

 

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Section 6. ACKNOWLEDGEMENT AND CONSENT BY GUARANTORS

 

Each guarantor listed on the signature pages hereof (“Guarantors”) hereby
acknowledges that it has read this Amendment and consents to the terms thereof,
and hereby confirms and agrees that, notwithstanding the effectiveness of this
Amendment, the obligations of each Guarantor under its applicable Guaranty shall
not be impaired or affected and the applicable Guaranty is, and shall continue
to be, in full force and effect and is hereby confirmed and ratified in all
respects. Each Guarantor further agrees that nothing in the Credit Agreement,
this Amendment or any other Loan Document shall be deemed to require the consent
of such Guarantor to any future amendment to the Credit Agreement.

 

[The remainder of page intentionally left blank.]

 

7

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

 

COMPANY:

 

ITRON, INC.

 

By:

 

/s/    David G. Remington        

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

Name:

Title:

 

David G. Remington

Vice President and Chief Financial Officer

Notice Address:

   

2818 North Sullivan Road

   

Spokane, Washington 99216-1867

 

 

Attention:

  

Mr. David G. Remington

    

Vice President and

    

Chief Financial Officer

Facsimile:

  

(509) 891-3334

 

S-1

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WELLS FARGO BANK, NATIONAL

ASSOCIATION, individually, as Administrative

Agent and as a Lender

 

 

By:

 

/s/    Tom Beil        

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Name:

Title:

 

Tom Beil

Vice President and Senior Relationship Manager

 

Notice Address:

 

221 North Wall Street, Suite 310

   

Spokane, Washington 99201

 

Attention:

  

Tom Beil, Vice President and

    

Senior Relationship Manager

Telephone:

  

(509) 363-6860

Facsimile:

  

(509) 363-6875

 

         

Payment Instructions:

       

WELLS FARGO BANK, NATIONAL ASSOCIATION

   

Spokane, Washington

   

ABA#:                                                        

   

For Acct.:                                                   

   

Ref: Itron, Inc.

   

 

S-2

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BANNER BANK

 

 

By:

 

/s/    Steven Fazzari        

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Name:

Title:

 

Steven Fazzari

Senior Vice President

 

Notice Address:

 

501 North Riverpoint Blvd.,

Suite 245

   

Spokane, Washington 99201

 

Attention:

  

Steven Fazzari, Senior Vice President

Telephone:

  

(509) 227-5404

Facsimile:

  

(509) 482-5765

 

         

Payment Instructions:

       

BANNER BANK

   

Woodinville, Washington

   

ABA#:                                                        

   

For Acct.:                                                   

   

Ref: Itron, Inc.

   

 

S-3

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COMERICA BANK-CALIFORNIA

 

 

By:

 

/s/    Holly Dungan        

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Name:

Title:

 

Holly Dungan

Venture Banking Officer

 

Notice Address:

 

5330 Carillon Point

   

Kirkland, Washington 98033

 

Attention:

  

Holly Dungan

Telephone:

  

(425) 576-2826

Facsimile:

  

(425) 576-2810

 

         

Payment Instructions:

       

COMERICA BANK-CALIFORNIA

   

Livonia, Michigan

   

ABA#:                                                        

   

For Acct.:                                                   

   

Ref: Itron, Inc.

   

 

S-4

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KEYBANK NATIONAL ASSOCIATION

 

 

By:

 

/s/    Keven D. Smith        

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Name:

Title:

 

Keven D. Smith

Vice President

 

Notice Address:

 

601 108th Avenue N.E., 5th Floor

   

Mail Code: WA-31-18-0512

Bellevue, Washington 98004

 

Attention:

  

Keven D. Smith

Telephone:

  

(425) 709-4579

Facsimile:

  

(425) 709-4587

 

         

Payment Instructions:

       

KEYBANK NATIONAL ASSOCIATION

   

Cleveland, Ohio

   

ABA#:                                                        

   

For Acct.:                                                   

   

Ref: Itron, Inc.

   

 

S-5

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LASALLE BANK, N.A.

 

 

By:

 

/s/    Matthew G. Leventhal        

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Name:

Title:

 

Matthew G. Leventhal

Commercial Banking Officer

 

Notice Address:

 

135 South LaSalle Street

   

Chicago, Illinois 60603

 

Attention:

  

Matthew G. Leventhal

Telephone:

  

(312) 904-5534

Facsimile:

  

(312) 904-0432

 

         

Payment Instructions:

       

LASALLE BANK

   

Chicago, Illinois

   

ABA#:                                                        

   

For Acct.:                                                   

   

Ref: Itron, Inc.

   

 

S-6

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U.S. BANK, N.A.

 

 

By:

 

/s/    James Henken        

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Name:

Title:

 

James Henken

Vice President

 

Notice Address:

 

101 South Capitol Blvd.,

   

Suite 807

Boise, Idaho 83702

 

Attention:

  

James Henken

Telephone:

  

(208) 383-7823

Facsimile:

  

(208) 383-7574

 

         

Payment Instructions:

       

U.S. BANK, N.A.

   

Boise, Idaho

   

ABA#:                                                        

   

For Acct.:                                                   

   

Ref: Itron, Inc.

   

 

S-7

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WASHINGTON TRUST BANK

 

 

By:

 

/s/    David S. Hayward        

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Name:

Title:

 

David S. Hayward

Vice President

 

Notice Address:

 

P.O. Box 2127

   

Spokane, Washington 99210-2127

 

Attention:

  

David S. Hayward

Telephone:

  

(509) 353-3942

Facsimile:

  

(509) 353-4005

 

         

Payment Instructions:

       

WASHINGTON TRUST BANK

   

Spokane, Washington

   

ABA#:                                                        

   

For Acct.:                                                   

   

Ref: Itron, Inc.

   

 

S-8

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SUBSIDIARY GUARANTORS:

 

EMD HOLDING, INC.

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

Vice President, Chief Financial Officer and Treasurer

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

EMOBILE DATA, INC.

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

Vice President, Chief Financial Officer and Treasurer

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

ENERGY CONCEPTS, INC.

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

President

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

S-9

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EPS SOLUTIONS INCORPORATED

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

President

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

GENESIS SERVICES PITTSBURGH, INC.

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

Vice President and Chief Financial Officer

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

ITRON FINANCE, INC.

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

Vice President, Chief Financial Officer and Treasurer

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

ITRON INTERNATIONAL, INC.

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

Treasurer

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

S-10

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ITRON SPECTRUM HOLDINGS, INC.

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

Vice President and Chief Financial Officer

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

REGIONAL ECONOMIC RESEARCH, INC.

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

President and Chief Financial Officer

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

SILICON ENERGY CORP.

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

President

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

SRC SYSTEMS, INC.

 

 

By:

 

/s/    David G. Remington        

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Name:

Title:

 

David G. Remington

President

 

Address:

 

2818 N. Sullivan Road

   

Spokane, WA 99216

 

S-11

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ANNEX A

 

SCHEDULE 2.1

 

LENDERS’ COMMITMENTS AND PRO RATA SHARES

 

Lender

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

  

Term Loan

Commitment

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

    

Revolving Loan

Commitment

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

    

Total

Commitment

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

    

Pro Rata

Share

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Wells Fargo Bank, National Association

  

$

17,142,857.14

    

$

18,857,142.86

    

$

36,000,000

    

34.29

%

Banner Bank

  

$

4,285,714.29

    

$

4,714,285.71

    

$

9,000,000

    

8.57

%

Comerica Bank – California

  

$

3,809,523.81

    

$

4,190,476.19

    

$

8,000,000

    

7.62

%

KeyBank National Association

  

$

7,142,857.14

    

$

7,857,142.86

    

$

15,000,000

    

14.29

%

La Salle Bank, N.A.

  

$

8,571,428.57

    

$

9,428,571.43

    

$

18,000,000

    

17.14

%

US Bank

  

$

4,761,904.76

    

$

5,238,095.24

    

$

10,000,000

    

9.52

%

Washington Trust Bank

  

$

4,285,714.29

    

$

4,714,285.71

    

$

9,000,000

    

8.57

%

    

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TOTAL

  

$

50,000,000

    

$

55,000,000

    

$

105,000,000

    

100

%

 

A-1