Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.15  

 
  AMENDMENT NUMBER THREE
  TO
  AMENDED AND RESTATED CREDIT AGREEMENT    
  

        THIS AMENDMENT NUMBER THREE TO AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment") is made as of July 31, 2001, by and among BANK OF AMERICA, N.A., a
national banking association, U.S. BANK NATIONAL ASSOCIATION, a national banking association, KEYBANK NATIONAL ASSOCIATION, a national banking association (the "Lenders"), BANK OF AMERICA, N.A., as
agent for the Lenders (the "Agent"); and FLOW INTERNATIONAL CORPORATION, a Washington corporation ("Borrower"). 

 
 

RECITALS    
  

        A.    Lenders, Agent and Borrower are parties to that certain Amended and Restated Credit Agreement dated as of
December 29, 2001, as amended by that certain First Amendment to the Amended and Restated Credit Agreement dated as of February 28, 2001, and as further amended by that Second Amendment
to the Amended and Restated Credit Agreement dated as of May 30, 2001 (the "Credit Agreement"). 

        B.    Borrower has requested that Lenders and Agent amend a certain financial covenant under the Credit Agreement for the fiscal
quarter ending July 31, 2001, pursuant to the terms and subject to the conditions set forth herein. 

        NOW,
THEREFORE, the parties hereto agree as follows: 

 AGREEMENT  

        1.    Definitions.    Capitalized terms not otherwise defined in this Amendment shall have the meaning set forth in
the Credit Agreement. 

        2.    Amendment to Section 6.13.    Section 6.13 is hereby amended by deleting the first sentence and
replacing it with the following: 

As
of the end of each fiscal quarter, except for the fiscal quarter ending July 31, 2001, Borrower shall maintain, on a consolidated basis, a Funded Debt Ratio of not more than 4.50 to 1. As of
the fiscal quarter ending July 31, 2001, Borrower shall maintain, on a consolidated basis, a Funded Debt Ratio of not more than 5:00 to 1. 

        3.    Conditions to Effectiveness.    This Amendment shall become effective when Borrower, Agent and each Lender have
executed and delivered counterparts hereof to Agent. 

        4.    Representations and Warranties.    Borrower hereby represents and warrants to the Lenders and Agent that each of
the representations and warranties set forth in Article 5 of the Credit Agreement is true and correct in each case as if made on and as of the date of this Amendment and Borrower expressly
agrees that it shall be an additional Event of Default under the Credit Agreement if any representation or warranty made hereunder shall prove to have been incorrect in any material respect when made. 

        5.    No Further Amendment.    Except as expressly modified by the terms of this Amendment, all of the terms and
conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect and the parties hereto expressly reaffirm and ratify their respective obligations thereunder. 

        6.    Governing Law.    This Amendment shall be governed by and construed in accordance with the laws of the State of
Washington. 

 

        7.    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 shall be deemed to be an original, and all of which taken together shall constitute one and the same agreement. 

        8.    Oral Agreements Not Enforceable.    

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.

        IN
WITNESS WHEREOF, the parties hereto have executed this Amendment Number One to Amended and Restated Credit Agreement as of the date first above written. 

	BORROWER:	 	FLOW INTERNATIONAL CORPORATION
	

 	
 	
By:	

 
	 	 	 	

	 	 	Name:	Stephen D. Reichenbach
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	LENDERS:	 	BANK OF AMERICA, N.A.
	

 	
 	
By:	

 
	 	 	 	

	 	 	Name:	William P. Stivers
	 	 	Title:	Senior Vice President
	 	 	 	 
	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION
	

 	
 	
By:	

 
	 	 	 	

	 	 	Name:	Allan Forney
	 	 	Title:	Vice President
	 	 	 	 
	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION
	

 	
 	
By:	

 
	 	 	 	

	 	 	Name:	Jason R. Gill
	 	 	Title:	Vice President
	 	 	 	 
	 	 	 	 
	AGENT:	 	BANK OF AMERICA, N.A.
	

 	
 	
By:	

 
	 	 	 	

	 	 	Name:	Ken Puro
	 	 	Title:	Vice President

2

QuickLinks

AMENDMENT NUMBER THREE TO AMENDED AND RESTATED CREDIT AGREEMENT

RECITALSQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.16  

 
  AMENDMENT NUMBER FOUR
  TO
  AMENDED AND RESTATED CREDIT AGREEMENT    
  

        THIS AMENDMENT NUMBER FOUR TO AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment") is made as of December 14th, 2001, by and among BANK
OF AMERICA, N.A., a national banking association, U.S. BANK NATIONAL ASSOCIATION, a national banking association, KEYBANK NATIONAL ASSOCIATION, a national banking association (the "Lenders"), BANK OF
AMERICA, N.A., as agent for the Lenders (the "Agent"); and FLOW INTERNATIONAL CORPORATION, a Washington corporation ("Borrower"). 

RECITALS  

        A.    Lenders, Agent and Borrower are parties to that certain Amended and Restated Credit Agreement dated as of
December 29, 2000, as amended by that certain Amendment Number One to Amended and Restated Credit Agreement dated as of February 28, 2001, that certain Amendment Number Two to Amended
and Restated Credit Agreement dated as of May 30, 2001 and that certain Amendment Number Three to Amended and Restated Credit Agreement dated as of July 31, 2001 (the "Credit
Agreement"). 

        B.    Borrower has requested that Lenders and Agent amend, among other things, the definitions of "Applicable Percentage" and
"Pricing Level," certain financial covenants and reduce the amount of the Total Revolving Commitment and the Sweepline Commitment, pursuant to the terms and subject to the conditions set forth herein. 

        NOW,
THEREFORE, the parties hereto agree as follows: 

 
 

AGREEMENT    
  

        1.    Definitions.    Capitalized terms not otherwise defined in this
Amendment shall have the meaning set forth in the Credit Agreement. 

        2.    Amendment to Credit Agreement.    

        (a)    Amendment to Section 1.1.    Section 1.1 of the
Credit Agreement is hereby amended as follows: 

        (i)    Amendment to Definition of "Applicable Percentage."    The
matrix within the definition of "Applicable Percentage" is hereby deleted and replaced with the following: 

        "Applicable Percentage" means on any date, the rate per annum that is determined by reference to the following matrix or subclause
(ii) below: 

	Pricing

Level
	 	Applicable Percentage

with respect to the

LIBOR Rate or Multi-

Currency Rate
	 	Applicable Percentage

with respect to the Base Rate
	 	Applicable Percentage with

respect to the Unused Portion

	I	 	1.30	%	0	%	25 basis points
	

II	
 	

1.40	
%	

0	
%	

25 basis points
	

III	
 	

1.75	
%	

..50	
%	

30 basis points
	

IV	
 	

2.50	
%	

1.00	
%	

37.5 basis points
	

V	
 	

3.00	
%	

1.50	
%	

50 basis points
	

VI	
 	

3.50	
%	

2.00	
%	

50 basis points

 

        (i)    The
Applicable Percentage shall be adjusted forty-five (45) days after the end of each of the first three fiscal quarters in each of Borrower's fiscal
years and ninety (90) days after the end of each fiscal year of Borrower. 

        In
the event that any of the financial statements or quarterly compliance certificates required to be delivered pursuant to Section 6.9 are not delivered when due, then (aa) if
such financial statements and certificates are delivered after the date such financial statements and certificates were required to be delivered (without giving effect to any applicable cure period)
and the Applicable Percentage increases from that previously in effect as a result of the delivery of such financial statements, then the Applicable Percentage during the period from the date upon
which such financial statements were required to be delivered (without giving effect to any applicable cure period) until the date upon which they actually are delivered shall, except as otherwise
provided in clause (cc) below, be the Applicable Percentage as so increased; (bb) if such financial statements and certificates are delivered after the date such financial statements and certificates
are required to be delivered (without giving effect to any applicable cure period) and the Applicable Percentage decreases from that previously in effect as a result of the delivery of such financial
statements, then such decrease in the Applicable Percentage shall not become effective until the date upon which the financial statements and certificates actually were delivered; and (cc) if such
financial statements and certificates are not delivered prior to the expiration of the applicable cure period, then, effective upon such expiration, for the period from the date upon which such
financial statements and certificates were required to be delivered (after the expiration of the applicable cure period) until two (2) Business Days following the date upon which they actually
are delivered, Pricing Level IV shall apply. 

        (ii)  Notwithstanding
the foregoing to the contrary and without limiting any other rights which the Agent or Lenders may have under any Loan Document or applicable law in
respect thereof, at any time that Borrower is in default of its obligations under Section 6.17 of this Agreement, the Applicable Interest Rate in effect shall be three percent (3%) above the
Base Rate. 

        (ii)    Amendment to Definition of "Pricing Level."    The definition
of "Pricing Level" is hereby deleted and replaced with the following: 

        "Pricing Level" means a pricing level determined from the following matrix: 

	Pricing Level
	 	Senior Funded Debt Ratio as of the

end of the previous fiscal quarter

	I	 	Less than 1.00:1
	

II	
 	

Equal to or greater than 1.00:1 and less than 2.00:1
	

III	
 	

Equal to or greater than 2.00:1 and less than 3.00:1
	

IV	
 	

Equal to or greater than 3.00:1 and less than 3.50:1
	

V	
 	

Equal to or greater than 3.50:1 and less than 4.00:1
	

VI	
 	

Equal to or greater than 4.00:1

        (iii)    Amendment to Definition of "Total Revolving
Commitment."    The definition of "Total Revolving Commitment" is hereby deleted and replaced with the following: 

        "Total Revolving Commitment" means $75,000,000. 

2

 

        (b)    Amendment to Section 2.1(a). The matrix set forth in Section 2.1(a) is hereby
deleted and replaced with the following:

	Lender
 
	 	Revolving Commitment
	 	Pro Rata Share
	 
	Bank of America	 	$	31,600,000	 	42.13333	%
	

U.S. Bank	
 	
$	

23,400,000	
 	

31.20000	
%
	

KeyBank	
 	
$	

20,000,000	
 	

26.66667	
%
	

Total Revolving Commitment	
 	
$	

75,000,000	
 	

100.0000	
%

        (c)    Amendment to Section 2.1(b).    The first sentence of
Section 2.1(b) of the Credit Agreement is hereby deleted and replaced with the following: 

        Subject to the terms and conditions of this Agreement, the Sweepline Bank hereby severally agrees to make loans (each such loan, a
"Sweepline Loan") to Borrower from time to time on Business Days until the Sweepline Maturity Date to cover overdrafts on any of Borrower's checking accounts with the Sweepline Bank in an aggregate
principal amount at any one time outstanding not to exceed Three Million Dollars ($3,000,000) (the "Sweepline Commitment"). 

        (d)    Amendment to
Section 3.2(b)(i).    Section 3.2(b)(i) of the Credit Agreement is hereby deleted and replaced with the following: 

        (i)    with
respect to standby Letters of Credit, equal to the Applicable Percentage with respect to the LIBOR Rate (in effect at the time such standby Letter of Credit is
issued) per annum of the amount available to be drawn on the outstanding standby Letter of Credit, which fee shall not be less than Two Hundred Fifty Dollars ($250), 

        (e)    Amendment to Section 6.9(a).    Section 6.9(a) of
the Credit Agreement is hereby deleted and replaced with the following: 

        (a)    Annual Audited Financial Statements.    As soon as available
and in any event within ninety (90) days after the end of each fiscal year of Borrower, the consolidated balance sheet of Borrower and its Subsidiaries as of the end of such fiscal year and the
related consolidated statements of income and the consolidated statement of retained earnings and statement of cash flows of Borrower and its Subsidiaries for such year, and, in addition, Borrower's
consolidating balance sheet and statement of income of Fresher Under Pressure, Inc., accompanied by (i) the audit report thereon by independent certified public accountants selected by
Borrower and reasonably satisfactory to Agent (which reports shall be prepared in accordance with GAAP and shall not be qualified by reason of restricted or limited examination of any material portion
of the records of Borrower or any Subsidiary and shall contain no disclaimer of opinion or adverse opinion except such as Agent in its sole discretion determines to be immaterial) and (ii) an
Officer's Certificate of Borrower certifying that as of the close of such year no Event of Default or Default had occurred and was continuing; 

        (f)    Amendment to Section 6.9(b).    Section 6.9(b) of
the Credit Agreement is hereby deleted and replaced with the following: 

        (b)    Quarterly Unaudited Financial Statements.    As soon as
available and in any event within forty-five (45) days after the end of each of the first three fiscal quarters of Borrower, the unaudited consolidated balance sheet of Borrower and
its Subsidiaries as of the end of such fiscal quarter and the unaudited consolidated statement of income and consolidated statement of cash flows of Borrower and its Subsidiaries for the fiscal year
to the end of such fiscal quarter, unless the same has been provided in the form of Borrower's Form 10Q, and, in 

3

 

addition, Borrower's consolidating balance sheet and statement of income of Fresher Under Pressure, Inc.; accompanied by an Officer's Certificate of Borrower certifying that (i) reports
have been prepared in accordance with GAAP consistently applied and results of operation of Borrower and its Subsidiaries as at the end of and for such fiscal quarter and that since the previous
fiscal year-end report referred to in clause (a) there has been no material adverse change in the financial condition of Borrower or in the financial condition of any of its
Subsidiaries and that (ii) as of the close of such fiscal quarter no Event of Default or Default had occurred and was continuing; 

        (g)    Amendment to Section 6.12—Fixed Charge Coverage
Ratio.    Section 6.12 of the Credit Agreement is hereby deleted and replaced with the following: 

        Section 6.12    Fixed Charge Coverage Ratio.    For any four consecutive fiscal quarters, Borrower shall
maintain, on a consolidated basis, a Fixed Charge Coverage Ratio of at least (a) 1.25 to 1 as at the fiscal quarters ending October 31, 2001, January 31, 2002 and April 30,
2002, and (b) 1.50 to 1 as at the fiscal quarters ending July 31, 2002 and thereafter. "Fixed Charge Coverage Ratio" shall mean the quotient obtained by dividing (a) the sum of
Cash Flow by (b) the sum of Fixed Charges. "Cash Flow" shall mean Borrower's net income after taxes, plus interest expense, depreciation and amortization, and less the aggregate amount of any
dividends issued. "Fixed Charges" shall mean Borrower's interest expense, plus its current portion of any long-term debt 

        (h)    Amendment to Section 6.13—Funded Debt
Ratio.    Section 6.13 of the Credit Agreement is hereby deleted and replaced with the following: 

        Section 6.13    Funded Debt Ratio.    As of the end of each fiscal quarter, Borrower shall maintain, on a
consolidated basis, a Funded Debt Ratio of not more than (a) 6.50 to 1 as at the fiscal quarters ending October 31, 2001, January 31, 2002, and April 30, 2002, and
(b) 4.50 to 1 as at the fiscal quarters ending July 31, 2002 and thereafter. As used herein "Funded Debt Ratio" shall mean as of the end of any fiscal quarter, the quotient obtained by
dividing (a) the Funded Debt as of the end of such fiscal quarter by (b) the EBITDA for such quarter and the three immediately preceding fiscal quarters, plus, in the event that Borrower
has acquired any Subsidiaries during such fiscal quarter or during the immediately preceding three fiscal quarters, the EBITDA of such Subsidiaries from the first day of the immediately preceding
three fiscal quarters through the date of acquisition of each Subsidiary. "EBITDA" shall mean pre-tax net income (or pre-tax net loss), plus, the sum of (i) interest
expense, (ii) depreciation expense, (iii) depletion expense, and (iv) amortization expense. 

        (i)    Amendment to Section 6.17—Senior Funded Debt
Ratio.    Section 6.17 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 

        Section 6.17    Senior Funded Debt Ratio.    Borrower shall maintain, on a consolidated basis, a Senior Funded
Debt Ratio of not more than (a) 4.50 to 1 as at the fiscal quarters ending October 31, 2001, January 31, 2002 and April 30, 2002, and (b) 3.00 to 1 as at the fiscal
quarters ending July 31, 2002 and thereafter. As used herein, "Senior Funded Debt Ratio" shall mean, as of the end of any fiscal quarter, the quotient obtained by dividing (A) Senior
Funded Debt as of the end of such fiscal quarter by (B) the EBITDA for such quarter and the three immediately preceding fiscal quarters, plus, in the event that Borrower has acquired any
Subsidiaries during such fiscal quarter or during the immediately preceding three fiscal quarters, the EBITDA of such Subsidiaries from the first day of the immediately preceding three fiscal quarters
through the date of acquisition of each Subsidiary. "EBITDA" shall mean pre-tax net income (or pre-tax net loss), plus, the sum
of (i) interest expense, (ii) depreciation expense, (iii) depletion expense, and (iv) amortization expense. 

4

 

        (j)    Addition of Section 7.10—Repayment
Restrictions.    Section 7.10 is hereby added to the Credit Agreement: 

        Section 7.10—Repayment Restrictions.    Borrower shall not (a) repay more than one-half
(1/2) of the current balance of any amounts owing to any Private Lender (which the parties hereto agree that as of December 7, 2001 is $8,571,286) under the Note Agreement prior
to July 31, 2002 and (b) repay the remaining balance of any amounts owing to any Private Lender under the Note Agreement prior to September 24, 2002. 

        3.    Amendment Fee to Lenders.    Borrower shall pay to the Agent for
the benefit of each Lender, a fee in the amount of fifteen (15) basis points of such Lender's Pro Rata Share of the Total Revolving Commitment, as amended by this Amendment. Borrower's
obligations to pay such fee under this Section 3 shall constitute an amount payable under the Credit Agreement for purposes of Section 8.1(a) thereof. 

        4.    Consent to Repayment of Amounts Owing Under Note
Agreement.    The Agent and each Lender hereby consent, for purposes of Section 3.10 of the Intercreditor Agreement, to the acceleration of the repayment of
the obligations owing by Borrower to the Private Lenders under the Note Agreement as and to the extent set forth in Section 2(j) of this Amendment and Section 7.10 of the Credit
Agreement, as added by this Amendment. The Agent and each Lender further agree that the Private Lenders may rely on the written consent set forth in this Section 4, but that nothing in this
Amendment or the Credit Agreement, as amended hereby, shall be construed to create any right, benefit, priority or interest for any Private Lender other than as specifically described in this
Section 4. 

        5.    Conditions to Effectiveness.    This Amendment shall become
effective when Borrower, Agent and each Lender have executed and delivered counterparts hereof to Agent and each of the fees described in Section 3 above have been paid in full. 

        6.    Representations and Warranties.    Borrower hereby represents
and warrants to the Lenders and Agent that each of the representations and warranties set forth in Article 5 of the Credit Agreement is true and correct in each case as if made on and as of the
date of this Amendment and Borrower expressly agrees that it shall be an additional Event of Default under the Credit Agreement if any representation or warranty made hereunder shall prove to have
been incorrect in any material respect when made. 

        7.    No Further Amendment.    Except as expressly modified by the
terms of this Amendment, all of the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full
force and effect and the parties hereto expressly reaffirm and ratify their respective obligations thereunder. 

        8.    Governing Law.    This Amendment shall be governed by and
construed in accordance with the laws of the State of Washington. 

        9.    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 shall be deemed to be an original, and all of which taken together shall constitute one and the
same agreement. 

        10.    Oral Agreements Not Enforceable.    

ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.

5

 

        IN WITNESS WHEREOF, the parties hereto have executed this Amendment Number Four to Amended and Restated Credit Agreement as of the date
first above written. 

	BORROWER:	 	FLOW INTERNATIONAL CORPORATION
	

 	
 	
By	

 
	 	 	 	

	 	 	Name:	Michael R. O'Brien
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	By	 
	 	 	 	

	 	 	Name:	Ronald W. Tarrant
	 	 	Title:	President and Chief Executive Officer
	 	 	 	 
	 	 	 	 
	LENDERS:	 	BANK OF AMERICA, N.A.
	

 	
 	
By	

 
	 	 	 	

	 	 	Name:	William P. Stivers
	 	 	Title:	Senior Vice President
	 	 	 	 
	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION
	

 	
 	
By	

 
	 	 	 	

	 	 	Name:	Alan Forney
	 	 	Title:	Vice President
	 	 	 	 
	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION
	

 	
 	
By	

 
	 	 	 	

	 	 	Name:	Jason R. Gill
	 	 	Title:	Vice President
	 	 	 	 
	 	 	 	 
	AGENT:	 	BANK OF AMERICA, N.A.
	

 	
 	
By	

 
	 	 	 	

	 	 	Name:	Ken Puro
	 	 	Title:	Vice President

6

QuickLinks

AMENDMENT NUMBER FOUR TO AMENDED AND RESTATED CREDIT AGREEMENT

AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]