Exhibit 4.1


 


SECOND AMENDMENT


to


SECOND AMENDED AND RESTATED CREDIT
AGREEMENT


 


This
SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (the “Amendment”),
executed as of the 16th day of March, 2005 and effective as of the 31st day of
December, 2004, by and among THERMADYNE INDUSTRIES, INC., a Delaware
corporation (“Industries”), THERMAL DYNAMICS CORPORATION, a Delaware
corporation (“Dynamics”), TWECO PRODUCTS, INC., a Delaware corporation (“Tweco”),
VICTOR EQUIPMENT COMPANY, a Delaware corporation (“Victor”), C & G
SYSTEMS, INC., an Illinois corporation (“C & G”), STOODY COMPANY, a
Delaware corporation (“Stoody”), THERMAL ARC, INC., a Delaware
corporation (“Thermal Arc”), PROTIP CORPORATION, a Missouri corporation
(“ProTip”), THERMADYNE INTERNATIONAL CORP., a Delaware corporation (“International”,
and collectively with ProTip, Thermal Arc, Stoody, C & G, Victor, Tweco,
Dynamics and Industries, the “Borrowers”), the other persons designated
as Credit Parties on the signature pages hereof, GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation (“Agent”) and the Persons signatory
thereto from time to time as Lenders. 
Unless otherwise specified herein, capitalized terms used in this
Amendment shall have the meanings ascribed to them in Annex A to
the Credit Agreement (as hereinafter defined).


 


RECITALS


 


WHEREAS, the Borrowers, the Credit Parties, Agent and
Lenders have entered into that certain Second Amended and Restated Credit
Agreement dated as of November 22, 2004 (as further amended, supplemented,
restated or otherwise modified from time to time, the “Credit Agreement”
); and


 


WHEREAS, the Borrowers have requested that Requisite
Lenders amend certain provisions of the Credit Agreement to, among other
things, amend and restate certain Financial Covenants;


 


NOW THEREFORE, in consideration of the mutual
execution hereof and other good and valuable consideration, the parties hereto
agree as follows:


 


1.                                       Amendment
and Restatement of Section 8.1(n). 
Section 8.1(n) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:


 


“(n) On or before April 6,
2005 (i) the Australian Collateral Party has not delivered to Agent a stamped
and executed transfer of the Mortgaged Property to the Australian Collateral
Party in registerable form and (ii) simultaneously with delivery of such
transfer of title, the Australian Collateral Party has not delivered to Agent
an executed mortgage from the Australian Collateral Party in registerable form,
and otherwise in form and substance reasonably acceptable to Agent, with
respect to the Mortgaged Property.”


 





















 


2.                                       Amendment
and Restatement of Sections (iii) and (iv) of Clause (a) of Annex G.  Sections (iii) and (iv) of Clause (a) of Annex
G of the Credit Agreement are hereby amended and restated in their entirety
to read as set forth below:


 


“(iii)                         Until such time as the Second
Lien Loan Obligations have been paid in full in accordance with Section 6.3(b)(vi)
or refinanced in accordance with Section 5.13, Holdings and its
Subsidiaries on a consolidated basis shall have, at the end of each Fiscal
Quarter set forth below, EBITDA for the 12-month period then ended (or with
respect to the Fiscal Quarter ending on September 30, 2003, the period
commencing on January 1, 2003 and ending on the last day of such Fiscal
Quarter) of not less than the following:


 




	
  Period

  	
   

  	
  EBITDA

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fiscal Quarter
  ending December 31, 2003

  	
   

  	
  $

  	
  48,000,000

  	
   

  
	
  Fiscal Quarter
  ending March 31, 2004

  	
   

  	
  $

  	
  46,500,000

  	
   

  
	
  Fiscal Quarter
  ending June 30, 2004

  	
   

  	
  $

  	
  47,600,000

  	
   

  
	
  Fiscal Quarter
  ending September 30, 2004

  	
   

  	
  $

  	
  47,000,000

  	
   

  
	
  Fiscal Quarter
  ending December 31, 2004

  	
   

  	
  $

  	
  41,500,000

  	
   

  
	
  Fiscal Quarter
  ending March 31, 2005

  	
   

  	
  $

  	
  46,000,000

  	
   

  
	
  Fiscal Quarter
  ending June 30, 2005

  	
   

  	
  $

  	
  46,000,000

  	
   

  
	
  Fiscal Quarter
  ending September 30, 2005

  	
   

  	
  $

  	
  49,600,000

  	
   

  
	
  Fiscal Quarter
  ending December 31, 2005

  	
   

  	
  $

  	
  53,360,000

  	
   

  
	
  Fiscal Quarter
  ending March 31, 2006

  	
   

  	
  $

  	
  55,440,000

  	
   

  
	
  Fiscal Quarter
  ending June 30, 2006

  	
   

  	
  $

  	
  57,600,000

  	
   

  
	
  Fiscal Quarter
  ending September 30, 2006

  	
   

  	
  $

  	
  59,760,000

  	
   

  
	
  Fiscal Quarter
  ending December 31, 2006

  	
   

  	
  $

  	
  61,070,000

  	
   

  
	
  Fiscal Quarter
  ending March 31, 2007

  	
   

  	
  $

  	
  60,175,000

  	
   

  
	
  Fiscal Quarter
  ending June 30, 2007

  	
   

  	
  $

  	
  60,650,000

  	
   

  
	
  Fiscal Quarter
  ending September 30, 2007

  	
   

  	
  $

  	
  61,125,000

  	
   

  
	
  Fiscal Quarter
  ending December 31, 2007

  	
   

  	
  $

  	
  61,600,000

  	
   

  
	
  Fiscal Quarter
  ending March 31, 2008

  	
   

  	
  $

  	
  62,075,000

  	
   

  
	
  Fiscal Quarter
  ending June 30, 2008

  	
   

  	
  $

  	
  62,550,000

  	
   

  
	
  Fiscal Quarter
  ending September 30, 2008

  	
   

  	
  $

  	
  63,025,000

  	
   

  
	
  Fiscal Quarter
  ending December 31, 2008 and for each Fiscal Quarter ending thereafter

  	
   

  	
  $

  	
  63,500,000

  	
   

  






 


(iv)                              Maximum
Leverage Ratio.  Until such time as
the Second Lien Loan Obligations have been paid in full in accordance with Section 6.3(b)(vi)
or refinanced in accordance with Section 5.13 (provided,
however, that if after such payment in full or refinancing, Borrowing
Availability is at any time less than $15,000,000 this Financial Covenant shall
be reinstated until the Commitment Termination Date), Holdings and its
Subsidiaries on a consolidated basis shall have, at the end of each Fiscal
Quarter set forth below, a Leverage Ratio as of the last day of such Fiscal
Quarter and for the 12-month period then ended (or with respect to the Fiscal
Quarter ending on September 30, 2003, the period commencing on January 1,
2003 and ending on the last day of such Fiscal Quarter) of not more than the
following:


 


5.00
for the Fiscal Quarter ending December 31, 2003;


 


2





















 


5.00
for the Fiscal Quarter ending March 31, 2004;


5.00
for the Fiscal Quarter ending June 30, 2004;


5.50 for
the Fiscal Quarter ending September 30, 2004;


6.15
for the Fiscal Quarter ending December 31, 2004;


5.25
for the Fiscal Quarter ending March 31, 2005;


4.75
for the Fiscal Quarter ending June 30, 2005;


4.25
for the Fiscal Quarter ending September 30, 2005; and


4.00
for each Fiscal Quarter ending thereafter.”


 


3.                                       Representations
and Warranties of Credit Parties. 
The Credit Parties represent and warrant that:


 


(a)                                            the
execution, delivery and performance by the Credit Parties of this Amendment
have been duly authorized by all necessary corporate action required on its
part and this Amendment is a legal, valid and binding obligation of the Credit
Parties enforceable against the Credit Parties in accordance with its terms
except as the enforcement thereof may be subject to (i) the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors’ rights generally and (ii) general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at
law); and


 


(b)                                           after
giving effect to this Amendment, each of the representations and warranties
contained in the Credit Agreement is true and correct in all material respects
on and as of the date hereof as if made on the date hereof, except to the
extent that such representations and warranties expressly relate to an earlier
date.


 


4.                                       Conditions
To Effectiveness.  This Amendment
shall be effective upon the following (all in form and substance satisfactory
to Agent):


 


(a)                                        execution
and delivery of this Amendment by the Requisite Lenders and the Credit Parties;
and


 


(b)                                       the
Agent shall have received, for the ratable benefit of the Lenders, payment of
an amendment fee in an amount equal to $30,000, (which shall be fully earned
and payable as of the date hereof); and


 


(c)                                        the
Agent shall have received a copy of a fully executed and delivered amendment,
in form and substance reasonably satisfactory to Agent (including, without
limitation, that the Maximum Leverage Ratio (as defined therein) be 6.15 to
1.00 for the fiscal quarter ending December 31, 2004), to that certain
Second Lien Credit Agreement, dated as of July 29, 2004, by and among the
Borrowers, Credit Suisse First Boston and the other Persons signatory thereto;
and


 


(d)                                       payment
in full of all fees, costs and expenses, including the reasonable fees, costs
and expenses of counsel or other advisors for advice, assistance, or other
representation in connection with this Amendment, as provided in Section 11.3(a)
of the Credit Agreement.


 


3





















 


5.                                       Reference
To And Effect Upon The Credit Agreement.


 


(a)                                            The
Credit Agreement and the other Loan Documents shall remain in full force and
effect, as amended hereby, and are hereby ratified and confirmed.


 


(b)                                           The
execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of Agent or any Lender under the Credit
Agreement or any Loan Document, nor constitute a waiver or amendment of any
provision of the Credit Agreement or any Loan Document, except as specifically
set forth herein.  Upon the effectiveness
of this Amendment, each reference in the Credit Agreement to “this Credit
Agreement,” “hereunder,”  “hereof,” “herein”
or words of similar import shall mean and be a reference to the Credit
Agreement as amended hereby.


 


6.                                       Governing
Law.  THIS AMENDMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO
CONFLICTS OF LAWS PROVISIONS) OF THE STATE OF NEW YORK.


 


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 purposes.


 


8.                                       Counterparts.  This Amendment may be executed in any number
of counterparts, each of which when so executed shall be deemed an original,
but all such counterparts shall constitute one and the same instrument.


 


9.                                       Reaffirmation
of Guaranties.  The Credit Parties
signatory hereto hereby reaffirm their Guaranties of the Obligations, taking
into account the provisions of this Amendment.


 


[Signature pages follow]


 


4





















 


IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment
as of the date first written above.


 


	
   

  	
  LENDER:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GENERAL
  ELECTRIC CAPITAL

  	
   

  
	
   

  	
  CORPORATION,

  	
   

  
	
   

  	
  as Agent and
  Lender

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Dennis W.
  Cloud

  	
   

  
	
   

  	
   

  	
  Duly Authorized
  Signatory

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CREDIT PARTIES:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THERMADYNE
  INDUSTRIES, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THERMAL
  DYNAMICS CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TWECO
  PRODUCTS, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  VICTOR
  EQUIPMENT COMPANY

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C &
  G SYSTEMS, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
													



 





















 


	
   

  	
  STOODY
  COMPANY

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THERMAL
  ARC, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THERMADYNE
  INTERNATIONAL CORP.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  PROTIP
  CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THERMADYNE
  HOLDINGS CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MECO
  HOLDING COMPANY

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C&G
  SYSTEMS HOLDING, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THERMADYNE
  AUSTRALIA PTY LTD.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
													



 





















 


	
   

  	
  DUXTECH
  PTY LTD.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CIGWELD
  PTY LTD.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  QUETALA
  PTY. LTD.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  QUETACK
  PTY. LTD.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THERMADYNE
  WELDING PRODUCTS CANADA LIMITED

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THERMADYNE
  INDUSTRIES LIMITED

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  \s\ Patricia S. Williams

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Vice President Secretary & General Counsel