Exhibit
4.1
 
 2009 AMENDED AND RESTATED SECOND LIEN CREDIT AGREEMENT
 dated as of
 August 14, 2009
 among
 THERMADYNE INDUSTRIES, INC.,
 THERMAL DYNAMICS CORPORATION,
 VICTOR EQUIPMENT COMPANY,
 C & G MERGER CO.,
 STOODY COMPANY,
 and
 THERMADYNE INTERNATIONAL CORP.,
 THE GUARANTORS PARTY HERETO,
 THE LENDERS PARTY HERETO
 and
 REGIONS BANK,
as Administrative Agent, Collateral Agent and Funding Agent




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TABLE OF CONTENTS
 ARTICLE I Definitions
    
    
    2SECTION 1.01. Defined Terms
    
    
    2SECTION 1.02. Terms Generally
    
    
    23SECTION 1.03. Senior Indebtedness
    
    
    23SECTION 1.04. Borrower Representative
    
    
    24ARTICLE II The Credits
    
    
    24SECTION 2.01. Commitments
    
    
    24SECTION 2.02. Loans
    
    
    25SECTION 2.03. Borrowing Procedure
    
    
    26SECTION 2.04. Evidence of Debt; Repayment of Loans
    
    
    26SECTION 2.05. Fees
    
    
    27SECTION 2.06. Interest on Loans
    
    
    27SECTION 2.07. Default Interest
    
    
    28SECTION 2.08. Termination and Reduction of Commitments
    
    
    28SECTION 2.09. Optional Prepayment
    
    
    30SECTION 2.10. Mandatory Prepayments
    
    
    30SECTION 2.11. Reserve Requirements; Change in Circumstances
    
    
    31SECTION 2.12. Indemnity
    
    
    33SECTION 2.13. Pro Rata Treatment
    
    
    33SECTION 2.14. Sharing of Setoffs
    
    
    33SECTION 2.15. Payments
    
    
    34SECTION 2.16. Taxes
    
    
    35SECTION 2.17. Assignment of Loans Under Certain Circumstances; Duty to Mitigate
    
    
    36
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ARTICLE III Representations and Warranties
    
    
    37SECTION 3.01. Corporate Existence; Compliance with Law; FEIN
    
    
    37SECTION 3.02. Executive Offices, Collateral Locations
    
    
    37SECTION 3.03. Corporate Power, Authorization, Enforceable Obligations
    
    
    37SECTION 3.04. Financial Statements
    
    
    38SECTION 3.05. Material Adverse Effect
    
    
    38SECTION 3.06. Ownership of Property; Liens
    
    
    39SECTION 3.07. Labor Matters
    
    
    39SECTION 3.08. Ventures, Subsidiaries and Affiliates; Outstanding Stock and Indebtedness
    
    
    40SECTION 3.09. Government Regulation
    
    
    40SECTION 3.10. Margin Regulations
    
    
    40SECTION 3.11. Taxes
    
    
    40SECTION 3.12. ERISA
    
    
    41SECTION 3.13. Litigation
    
    
    42SECTION 3.14. Brokers
    
    
    42SECTION 3.15. Intellectual Property
    
    
    42SECTION 3.16. Full Disclosure
    
    
    42SECTION 3.17. Environmental Matters
    
    
    42SECTION 3.18. Insurance
    
    
    43SECTION 3.19. Deposit and Disbursement Accounts
    
    
    43SECTION 3.20. Government Contracts
    
    
    43SECTION 3.21. Customer and Trade Relations
    
    
    44SECTION 3.22. Bonding; Licenses
    
    
    44
 ii




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SECTION 3.23. Solvency
    
    
    44SECTION 3.24. Status of Holdings
    
    
    44SECTION 3.25. Collateral Documents
    
    
    44ARTICLE IV Conditions of Lending
    
    
    45ARTICLE V Affirmative Covenants
    
    
    47SECTION 5.01. Maintenance of Existence and Conduct of Business
    
    
    48SECTION 5.02. Payment of Charges
    
    
    48SECTION 5.03. Financial Statements, Reports, etc
    
    
    48SECTION 5.04. Insurance; Damage to or Destruction of Collateral
    
    
    50SECTION 5.05. Compliance with Laws
    
    
    51SECTION 5.06. Intellectual Property
    
    
    51SECTION 5.07. Environmental Matters
    
    
    51SECTION 5.08. Landlords Agreements, Mortgagee Agreements, Bailee Letters and Real Estate Purchases
    
    
    52SECTION 5.09. Use of Proceeds
    
    
    53SECTION 5.10. Cash Management Systems
    
    
    53SECTION 5.11. Further Assurances
    
    
    53ARTICLE VI Negative Covenants
    
    
    53SECTION 6.01. Mergers, Subsidiaries, Etc
    
    
    53SECTION 6.02. Investments; Loans and Advances
    
    
    53SECTION 6.03. Indebtedness
    
    
    55SECTION 6.04. Employee Loans and Affiliate Transactions
    
    
    58SECTION 6.05. Capital Structure and Business
    
    
    58SECTION 6.06. Guaranteed Indebtedness
    
    
    58SECTION 6.07. Liens
    
    
    59
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SECTION 6.08. Sale of Stock and Assets
    
    
    59SECTION 6.09. ERISA
    
    
    60SECTION 6.10. Senior Leverage Ratio
    
    
    60SECTION 6.11. Sale Leasebacks
    
    
    60SECTION 6.12. Cancellation of Indebtedness
    
    
    60SECTION 6.13. Restricted Payments
    
    
    60SECTION 6.14. Change of Corporate Name, State of
Incorporation or Location; Change of Fiscal Year
    
    
    61SECTION 6.15. No Impairment of Intercompany Transfers
    
    
    62SECTION 6.16. Real Estate Purchases
    
    
    62SECTION 6.17. Changes Relating to High Yield Notes
    
    
    62SECTION 6.18. Holdings
    
    
    62ARTICLE VII Events of Default; Rights and Remedies
    
    
    63SECTION 7.01. Events of Default
    
    
    63SECTION 7.02. Remedies
    
    
    64SECTION 7.03. Waivers by Credit Parties
    
    
    65ARTICLE VIII The Agents
    
    
    65ARTICLE IX Miscellaneous
    
    
    67SECTION 9.01. Notices
    
    
    67SECTION 9.02. Survival of Agreement
    
    
    68SECTION 9.03. Binding Effect
    
    
    68SECTION 9.04. Successors and Assigns
    
    
    68SECTION 9.05. Expenses; Indemnity
    
    
    72SECTION 9.06. Right of Setoff
    
    
    73SECTION 9.07. Applicable Law
    
    
    73SECTION 9.08. Waivers; Amendment
    
    
    73
 iv




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SECTION 9.09. Interest Rate Limitation
    
    
    74SECTION 9.10. Entire Agreement
    
    
    75SECTION 9.11. WAIVER OF JURY TRIAL
    
    
    75SECTION 9.12. Severability
    
    
    75SECTION 9.13. Counterparts
    
    
    75SECTION 9.14. Headings
    
    
    75SECTION 9.15. Jurisdiction; Consent to Service of Process
    
    
    76SECTION 9.16. Confidentiality
    
    
    76SECTION 9.17. USA Patriot Act Notice
    
    
    77SECTION 9.18. Intercreditor Agreement
    
    
    77ARTICLE X Cross-Guaranty
    
    
    77SECTION 10.01. Cross-Guaranty
    
    
    77SECTION 10.02. Waivers by Credit Parties
    
    
    78SECTION 10.03. Benefit of Guaranty
    
    
    78SECTION 10.04. Waiver of Subrogation, Etc
    
    
    78SECTION 10.05. Election of Remedies
    
    
    79SECTION 10.06. Limitation
    
    
    79SECTION 10.07. Contribution with Respect to Guaranty
Obligations
    
    
    80SECTION 10.08. Liability Cumulative
    
    
    80SECTION 10.09. Guarantee Unconditional
    
    
    81SECTION 10.10. Foreign Currency Obligations
    
    
    82SECTION 10.11. Section 956 of the IRC
    
    
    83
 v




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Schedule 1.01 -  GuarantorsSchedule 3.01 -  Type of Entity; State of Organization; FEINSchedule 3.02 -  Executive Offices; Collateral LocationsSchedule 3.06 -  Real Estate and LeasesSchedule 3.07 -  Labor MattersSchedule 3.08 -  Ventures, Subsidiaries and Affiliates; Outstanding StockSchedule 3.11 -  Tax MattersSchedule 3.12 -  ERISA PlansSchedule 3.13 -  LitigationSchedule 3.14 -  BrokersSchedule 3.15 -  Intellectual PropertySchedule 3.17 -  Hazardous MaterialsSchedule 3.18 -  InsuranceSchedule 3.19 -  Deposit and Disbursement AccountsSchedule 3.20 -  Government ContractsSchedule 3.22 -  Bonds; LicensesSchedule 5.01 -  Trade NamesSchedule 6.03 -  IndebtednessSchedule 6.04(c) -  Transactions with AffiliatesSchedule 6.07 -  Existing Liens
 EXHIBITS
 Exhibit A -  Form of Administrative QuestionnaireExhibit B -  Form of Assignment and AcceptanceExhibit C -  Form of Pledge AgreementExhibit D -  Form of Security AgreementExhibit E -  Form of Opinion of Armstrong Teasdale LLP
 vi




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Agreement Industries Dynamics Victor C &
G Stoody International Borrowers Administrative Agent Collateral
Agent Funding Agent




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ARTICLE I
 Definitions
 SECTION 1.01. Defined Terms
 A&R Effective Date
 ABR
 Account Debtor
 Accounts
 Adjusted LIBO Rate
 Administrative Agent
 Administrative Questionnaire Exhibit A
 Affiliate
 2




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Agents
 Agreement
 Alternate Base Rate
 Applicable Percentage
 A&R Effective Date Joinder
 Assignment and Acceptance Exhibit B
 Australian Collateral
 3




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Australian Obligors
 Bankruptcy Code
 Board
 Borrowers
 Borrowing
 Borrowing Request
 Breakage Event
 Business Day provided, however Business Day
 C & G
 C&G Holding
 Capital Expenditures
 Capital Lease
 4




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Capital Lease Obligation
 CERCLA
 Change in Law
 Change of Control
 Chapter 11 Cases In re Thermadyne Holdings Corporation, et al.
 Charges
 Chattel Paper
 Code provided
 5




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provided further
 Collateral
 Collateral Agent
 Collateral Documents
 Commitment
 Contracts
 Control Letter
 6




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Copyright License
 Copyrights
 Credit Parties
 Default
 Deposit Accounts
 Documents
 Dollars $
 Domestic Subsidiaries
 Dynamics
 EBITDA minus
 7




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Effective Time
 Engagement Letter
 Environmental Laws CERCLA
 8




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Environmental Liability
 Environmental Permits
 Equipment
 ERISA
 ERISA Affiliate
 ERISA Event
 9




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Eurodollar
 Event of Default
 Excluded Taxes
 Existing Lender
 Federal Funds Effective Rate
 10




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Financial Officer
 First Lien Agent
 First Lien Credit Agreement
 First Lien Facilities
 First Priority Liens
 Fixtures
 Foreign Lender
 Foreign Subsidiary
 Funded Debt
 Funds Flow Memorandum
 11




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Funding Agent
 GAAP
 GE Capital
 General Intangibles
 Governmental Authority
 Granting Lender
 Guaranteed Indebtedness primary obligation primary obligor
 12




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Guaranties
 Guarantor Payment
 Guarantors Schedule 1.01
 Hazardous Material
 High Yield Notes Indenture
 Holdings
 Indebtedness
 13




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Indemnified Taxes
 Indemnitee
 Indenture
 Index Rate
 Industries
 Instruments
 Intellectual Property
 Intercreditor Agreement
 Interest Expense
 Interest Payment Date
 14




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Interest Period
 International
 Inventory
 Investment Property
 IRC
 IRS
 Italian Subsidiary
 Lenders
 15




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provided
 Leverage Ratio
 LIBO Rate
 License
 Lien
 Litigation
 Loan Documents
 16




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Loans
 Margin Stock
 Material Adverse Effect
 Maturity Date
 Moodys
 Multiemployer Plan
 Obligations
 Original Closing Date
 Original Second Lien Credit Agreement
 17




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Other Taxes
 Patent License
 Patents
 PBGC
 Permitted Encumbrances
 Person
 18




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Plan
 Plan of Reorganization
 Pledge Agreement Exhibit C
 Prime Rate
 Qualified Plan
 Real Estate
 Register
 Regulation T
 Regulation U
 Regulation X
 Related Parties
 Release
 19




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Required Lenders
 Restricted Payment
 Retiree Welfare Plan
 Revolving Loan
 Secured Parties
 Security Agreement Exhibit D
 Solvent
 20




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South African Subsidiary
 SPC
 S&P
 Statutory Reserves
 Stock
 Stockholder
 Stoody
 Subordinated Debt
 21




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Subsidiary
 Taxes
 Title IV Plan
 Thermadyne Cylinder Co. .
 Trademark License
 Trademarks
 Transactions
 Type
 22




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Unfunded Pension Liability
 USA Patriot Act
 Victor
 Victor Mexico
 SECTION 1.02. Terms Generally provided, however
 SECTION 1.03. Senior Indebtedness
 23




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SECTION 1.04. Borrower Representative
 ARTICLE II
 The Credits
 SECTION 2.01. Commitments
  Funding Agent  provided however
  24




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SECTION 2.02. Loans
 provided, however
 provided provided, however
   25




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SECTION 2.03. Borrowing Procedure provided, however
 SECTION 2.04. Evidence of Debt; Repayment of Loans
 26




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prima facie provided, however
  SECTION 2.05. Fees
 SECTION 2.06. Interest on Loans
   27




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SECTION 2.07. Default Interest
 SECTION 2.08. Alternate Rate of Interest
 SECTION 2.09. Termination and Reduction of Commitments
  provided, however
 SECTION 2.10. Conversion and Continuation of Borrowings
 28




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29




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SECTION 2.11. Optional Prepayment
 provided however
  SECTION 2.12. Mandatory Prepayments
   30




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provided
  pro rata Declined Proceeds
 SECTION 2.13. Reserve Requirements; Change in Circumstances
   31




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provided provided further
 SECTION 2.14. Change in Legality
    32




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SECTION 2.15. Indemnity Breakage Event
 SECTION 2.16. Pro Rata Treatment
 SECTION 2.17. Sharing of Setoffs
 33




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provided, however
 SECTION 2.18. Payments
     34




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SECTION 2.19. Taxes
 provided
     35




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SECTION 2.20. Assignment of Loans Under Certain Circumstances; Duty to Mitigate
 provided provided further
  36




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ARTICLE III
 Representations and Warranties
  SECTION 3.01. Corporate Existence; Compliance with Law; FEIN Schedule 3.01
 SECTION 3.02. Executive Offices, Collateral Locations Schedule 3.02
 SECTION 3.03. Corporate Power, Authorization, Enforceable Obligations
 37




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SECTION 3.04. Financial Statements
 SECTION 3.05. Material Adverse Effect
 38




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SECTION 3.06. Ownership of Property; Liens Real Estate Schedule 3.06) Schedule 3.06 Schedule
3.06 Schedule 6.07 Schedule 3.06
 SECTION 3.07. Labor Matters Schedule 3.07 Schedule 3.07
 39




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SECTION 3.08. Ventures, Subsidiaries and Affiliates; Outstanding Stock and Indebtedness Schedule 3.08 Schedule
3.08 Schedule 3.08 Schedule 6.03
 SECTION 3.09. Government Regulation
 SECTION 3.10. Margin Regulations Margin Stock
 SECTION 3.11. Taxes
 40




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Schedule 3.11 Schedule 3.11 Schedule 3.11
 SECTION 3.12. ERISA
 Schedule 3.12
 Schedule 3.12
 41




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SECTION 3.13. Litigation Litigation Schedule 3.13
 SECTION 3.14. Brokers Schedule 3.14
 SECTION 3.15. Intellectual Property Schedule 3.15 Schedule 3.15
 SECTION 3.16. Full Disclosure
 SECTION 3.17. Environmental Matters
 Schedule 3.17
 42




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SECTION 3.18. Insurance Schedule 3.18
 SECTION 3.19. Deposit and Disbursement Accounts Schedule 3.19
 SECTION 3.20. Government Contracts Schedule 3.20
 43




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SECTION 3.21. Customer and Trade Relations
 SECTION
3.22. Bonding; Licenses Schedule 3.22
 SECTION 3.23. Solvency
 SECTION 3.24. Status of Holdings and Thermadyne Cylinder Co.
 SECTION 3.25. Collateral Documents Schedule 3.02(a) provided however provided further
 44




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ARTICLE IV
 Conditions of Lending
     Exhibit E
   45




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46




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Schedule 6.03
       ARTICLE V
 Affirmative Covenants
  47




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SECTION 5.01. Maintenance of Existence and Conduct of Business Schedule 5.01
 SECTION 5.02. Payment of Charges
  provided
 SECTION 5.03. Financial Statements, Reports, etc
  48




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49




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SECTION 5.04. Insurance; Damage to or Destruction of Collateral
 Schedule 3.18
  50




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SECTION 5.05. Compliance with Laws
 SECTION 5.06. Intellectual Property
 SECTION 5.07. Environmental Matters
 51




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SECTION 5.08. Landlords Agreements, Mortgagee Agreements, Bailee Letters and Real Estate
Purchases Victor Mexico
 52




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SECTION 5.09. Use of Proceeds
 SECTION 5.10. Cash Management Systems
 SECTION 5.11. Further Assurances
 SECTION 5.12. Communication with Accountants.
 ARTICLE VI
 Negative Covenants
  SECTION 6.01. Mergers, Subsidiaries, Etc .
 SECTION 6.02. Investments; Loans and Advances
 53




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provided however provided further
   provided
    54




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provided provided further
   A Rated Bank
    SECTION 6.03. Indebtedness
    55




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Schedule 6.03
      provided
  56




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provided that
 57




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SECTION 6.04. Employee Loans and Affiliate Transactions
 Schedule 6.04(a)
  SECTION 6.05. Capital Structure and Business
 SECTION 6.06. Guaranteed Indebtedness
 58




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SECTION 6.07. Liens
  Schedule 6.07 Schedule 6.03
  provided
   SECTION 6.08. Sale of Stock and Assets
 59




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provided however
 SECTION 6.09. ERISA
 SECTION 6.10. Senior Leverage Ratio
 SECTION 6.11. Sale Leasebacks
 SECTION 6.12. Cancellation of Indebtedness
 SECTION 6.13. Restricted Payments
 60




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SECTION 6.14. Change of Corporate Name, State of Incorporation or Location; Change of Fiscal
Year
 61




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SECTION 6.15. No Impairment of Intercompany Transfers
 SECTION 6.16. Real Estate Purchases
 SECTION 6.17. Changes Relating to High Yield Notes
 SECTION 6.18. Holdings provided
 SECTION 6.19. Hazardous Materials.
 SECTION 6.20. Thermadyne Cylinder Co.
 62




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ARTICLE VII
 Events of Default; Rights and Remedies
 SECTION 7.01. Events of Default
     provided
   63




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SECTION 7.02. Remedies
 64




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provided
 SECTION 7.03. Waivers by Credit Parties
 ARTICLE VIII
 The Agents
 Agents
   65




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66




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ARTICLE IX
 Miscellaneous
 SECTION 9.01. Notices
     67




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SECTION 9.02. Survival of Agreement
 SECTION 9.03. Binding Effect
 SECTION 9.04. Successors and Assigns
  provided, however
 68




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69




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Register
  provided, however
 70




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provided
  Granting
Lender SPC provided provided further
 71




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SECTION 9.05. Expenses; Indemnity
  Indemnitee provided
 72




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provided
   SECTION 9.06. Right of Setoff
 SECTION 9.07. Applicable Law
 SECTION 9.08. Waivers; Amendment
  73




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provided however provided further
 SECTION 9.09. Interest Rate Limitation Interest
Charges Maximum Rate
 74




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SECTION 9.10. Entire Agreement
 SECTION 9.11. WAIVER OF JURY TRIAL
 SECTION 9.12. Severability
 SECTION 9.13. Counterparts
 SECTION 9.14. Headings
 75




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SECTION 9.15. Jurisdiction; Consent to Service of Process
    SECTION 9.16. Confidentiality
 76




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SECTION 9.17. USA Patriot Act Notice
 SECTION 9.18. Intercreditor Agreement Intercreditor Agreement
 ARTICLE X
 Cross-Guaranty
 SECTION 10.01. Cross-Guaranty
  77




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SECTION 10.02. Waivers by Credit Parties
 SECTION 10.03. Benefit of Guaranty
 SECTION 10.04. Waiver of Subrogation, Etc
 78




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SECTION 10.05. Election of Remedies
 SECTION 10.06. Limitation
   79




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SECTION 10.07. Contribution with Respect to Guaranty Obligations
 Guarantor Payment
     SECTION 10.08. Liability Cumulative
 80




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SECTION 10.09. Guarantee Unconditional
 81




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SECTION 10.10. Foreign Currency Obligations Original Currency Other Currency
 82




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SECTION 10.11. Section 956 of the IRC. 956 Discharge provided that
 SECTION 10.12. Consent, Confirmation, Approval and Ratification .
 83




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84




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THERMADYNE INDUSTRIES, INC.,By
    /s/ Steven A SchummName:
    STEVEN A SCHUMMTitle:
    EVP-CFOTHERMAL DYNAMICS CORPORATION,By
    /s/ Steven A SchummName:
    STEVEN A SCHUMMTitle:
    EVP-CFOVICTOR EQUIPMENT COMPANY,By
    /s/ Steven A SchummName:
    STEVEN A SCHUMMTitle:
    EVP-CFOC & G MERGER CO.By
    /s/ Steven A SchummName:
    STEVEN A SCHUMMTitle:
    EVP-CFO  S-1




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STOODY COMPANY,By
    /s/ Steven A SchummName:
    STEVEN A SCHUMMTitle:
    EVP-CFOTHERMADYNE INTERNATIONAL CORP.,By
    /s/ Steven A SchummName:
    STEVEN A SCHUMMTitle:
    EVP-CFOTHERMADYNE HOLDINGS CORPORATION,By
    /s/ Steven A SchummName:
    STEVEN A SCHUMMTitle:
    EVP-CFO  S-2




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C&G SYSTEMS HOLDING, INC.,By
    /s/ Steven A SchummName:
    STEVEN A SCHUMMTitle:
    EVP-CFOCIGWELD PTY LTD,By
    /s/ Neil FitzpatrickName:
    NEIL FITZPATRICKTitle:
    FINANCE MANAGER APACTHERMADYNE AUSTRALIA PTY LTD,By
    /s/ Neil FitzpatrickName:
    NEIL FITZPATRICKTitle:
    FINANCE MANAGER APAC  S-3




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REGIONS BANK, individually and as Administrative Agent, Collateral Agent and Funding Agent.By
    /s/ Eric J. KnollName:
    ERIC J. KNOLLTitle:
    VICE PRESIDENT  S-4




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NORTHWOODS CAPITAL IV, LIMITEDBy
    /s/ Bruce MartinName:
    BRUCE MARTINTitle:
    MANAGING DIRECTOR  S-5




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NORTHWOODS CAPITAL V, LIMITEDBy
    /s/ Bruce MartinName:
    BRUCE MARTINTitle:
    MANAGING DIRECTOR  S-6




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NORTHWOODS CAPITAL VI, LIMITEDBy
    /s/ Bruce MartinName:
    BRUCE MARTINTitle:
    MANAGING DIRECTOR  S-7




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NORTHWOODS CAPITAL VII, LIMITEDBy
    /s/ Bruce MartinName:
    BRUCE MARTINTitle:
    MANAGING DIRECTOR  S-8