Document:

exv10w2w5

Exhibit 10.2.5

AMENDMENT NO. 4 AND WAIVER

          This AMENDMENT NO. 4 AND WAIVER (this “Amendment and Waiver”), dated as of December
22, 2006, to the Note and Equity Purchase Agreement, dated as of June 23, 2004 and as amended by
Amendment No. 1, dated as of October 22, 2004, Amendment No. 2, dated as of November 1, 2005,
Second [sic] Amendment and Consent, dated as of December 22, 2005, Amendment No. 3, dated as of
June 30, 2006 (as the same may be amended, supplemented or modified from time to time in accordance
with its terms, the “Note Purchase Agreement”), by and among MGP INSTRUMENTS, INC., a
Delaware corporation (“Borrower”), DOSIMETRY ACQUISITIONS (U.S.), LLC, a Delaware limited
liability company and successor by merger to Dosimetry Acquisition (U.S.), Inc. (“Topco”),
as Guarantor, the securities purchasers that are now and hereafter at any time parties thereto
(each a “Purchaser” and collectively, “Purchasers”), and AMERICAN CAPITAL FINANCIAL
SERVICES, INC., a Delaware corporation (“ACFS”), as agent for Purchasers (“Agent”).
All capitalized terms used herein and not otherwise defined shall have the meanings assigned to
such terms in the Note Purchase Agreement.

          WHEREAS, Borrower, Topco, Purchasers and ACFS are party to the Note Purchase Agreement; and

          WHEREAS, pursuant to the transactions contemplated by the Master Restructuring Agreement and
Plan of Merger dated as of December 22, 2005, to which the Borrower is a party, Mirion
Technologies, Inc. (formerly known as Global Monitoring Systems, Inc., “Mirion”) became the
sole member of Borrower; and

          WHEREAS, Borrower no longer prepares financial statements separate from Mirion and the parties
hereto desire to waive prior non-compliance with existing financial covenants and to amend certain
provisions of the Note Purchase Agreement to provide that financial covenants be measured based on
the consolidated financial reporting of Mirion and its subsidiaries;

          WHEREAS, under Section 15.2 of the Note Purchase Agreement, any amendment thereof requires a
written instrument executed by Topco and each Loan Party and, to the extent such modification
relates to the Notes, by the Agent on behalf of the Purchasers; and

          WHEREAS, the parties hereto agree and hereby do wish to amend the Note Purchase Agreement by
making the changes set forth herein in accordance with Section 15.2 of the Note Purchase Agreement;

          NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

 

 

          SECTION 1. AMENDMENTS TO THE NOTE PURCHASE AGREEMENT

          1.1 The following definitions are hereby added to Section 1.1 in alphabetical order:

          “Measurement Date” has the meaning assigned to such term in Section 7.3(a).

          “Measurement Period” means the twelve (12) month period ending on a Measurement Date.

          ““Mirion” means Mirion Technologies, Inc., a Delaware corporation.”

          “Total Debt to EBITDA Ratio” means the ratio of (a) all Indebtedness of the Loan
Parties on a consolidated basis, as of a particular Measurement Date to (b) the EBITDA for the
Measurement Period ending on such Measurement Date.

          SECTION 2. AMENDMENTS TO THE NOTE PURCHASE AGREEMENT

          The following definitions in Section 1.1 are hereby amended and
restated in their entirety:

          ““Capital Expenditures” means for any period of determination capital expenditures of
the Loan Parties for such period determined and consolidated in accordance with GAAP, excluding
expenditures made in connection with the replacement, substitution or restoration of assets to the
extent financed with insurance proceeds, cash awards arising from a taking by eminent domain or
condemnation or cash proceeds of asset dispositions reinvested in replacement assets.”

          ““EBITDA” means for any period, without duplication, the sum of the following for the
Loan Parties on a consolidated basis, each calculated for such period: (a) Net Income (as adjusted
for by the Board of Directors of Mirion for non-recurring charges and specifically excluding
extraordinary gains or extraordinary losses and gains or losses from sales of assets, other than
inventory sold in the ordinary course of business), minus (b) interest income, plus
(c) interest expense, plus (d) charges against income for Taxes, plus (e)
depreciation expenses, plus (f) amortization expenses, plus (g) all non-cash compensation
expenses of the Loan Parties on a consolidated basis, plus (h) Management Fees.

          ““Fixed Charges” means, for any period, and each calculated for such period (without
duplication) on a consolidated basis, (a) cash interest expense of the Loan Parties; plus
(b) scheduled payments of principal with respect to all Indebtedness of the Loan Parties;
plus (c) cash payment of income or franchise taxes included in the determination of Net
Income, excluding any provision for deferred taxes; plus (d) payment of deferred taxes
accrued in any prior period.”

          ““Fixed Charge Coverage Ratio” means for a particular Measurement Period, the ratio of
(a) EBITDA minus Capital Expenditures (exclusive of Capital Expenditures financed during such
period under Capitalized Leases or other Indebtedness (Indebtedness, for this

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purpose, does not include advances under the Revolving Loan)), to (b) Fixed Charges, in each
case of the Loan Parties on a consolidated basis during such Measurement Period.”

          ““Interest Coverage Ratio” means, for a particular Measurement Period, the ratio of
(a) EBITDA to (b) cash interest expense, in each case of the Loan Parties on a consolidated basis
during such Measurement Period.”

          ““Loan Parties” shall mean Borrower and any Subsidiary of Borrower who becomes a party
hereto after the date hereof; provided, that for purposes of Section 7.3, and any defined
terms used therein, “Loan Parties” shall mean Mirion and all of its Subsidiaries.”

          ““Net Income” means, for any period, the net income (or loss) of the Loan Parties on a
consolidated basis for such period, after deduction of all expenses, taxes and other proper
charges, determined in accordance with GAAP, for such period taken as a single accounting period,”

          2.1 Section 7.3 is hereby amended and restated in its entirety as follows:

          “7.3 Financial Covenants. The Loan Parties, jointly and severally, covenant and agree
that, so long as all or any part of the Notes remains outstanding:

               (a) The Loan Parties shall maintain, on a consolidated basis, at the end of each fiscal
quarter (each such date being a “Measurement Date”), beginning December 31, 2006:

               (i) Minimum Fixed Charge Coverage Ratio. A minimum Fixed Charge Coverage Ratio for
the Measurement Period ending on the last day of each fiscal quarter of at least 1.0 to 1.0.

               (ii) Maximum Total Debt to EBITDA Ratio. A maximum Total Debt to EBITDA Ratio as of
the Measurement Date as follows:

	 	 	 
	For the Twelve Months Ended on	 	 
	the Measurement Date	 	Ratio
	December 31, 2006

	 	6.50 to 1.0
	March 31, 2007

	 	6.50 to 1.0
	June 30, 2007

	 	6.50 to 1.0
	September 30, 2007

	 	6.50 to 1.0
	December 31, 2007

	 	6.25 to 1.0
	March 31, 2008

	 	6.25 to 1.0
	June 30, 2008

	 	6.25 to 1.0
	September 30, 2008

	 	6.00 to 1.0
	December 31, 2008

	 	6.00 to 1.0
	March 31, 2009

	 	6.00 to 1.0
	June 30, 2009
and each fiscal quarter thereafter

	 	5.50 to 1.0

3

 

               (iii) Minimum Interest Coverage Ratio. A minimum Interest Coverage Ratio for the
Measurement Period ending on the Measurement Date as follows:

	 	 	 
	For the Twelve Months Ended	 	 
	on the Measurement Date	 	Ratio
	December 31, 2006

	 	1.40 to 1.0
	March 31, 2007

	 	1.40 to 1.0
	June 30, 2007 and each fiscal
quarter thereafter

	 	1.50 to 1.0

               (b) Capital Expenditures. The Loan Parties shall not make, on a consolidated basis,
during any Fiscal Year any Capital Expenditures that in the aggregate (after giving effect to all
such Capital Expenditures made during such Fiscal Year) exceed $7,500,000; provided, that
to the extent that aggregate Capital Expenditures made, on a consolidated basis, by the Loan
Parties in any Fiscal Year are less than the amount set forth above for such Fiscal Year, the
lesser of (i) such excess amount and (ii) fifty percent (50%) of the amount set forth above for
such Fiscal Year may be carried forward, but may be expended only in the immediately succeeding
Fiscal Year. Any amount so carried forward shall be deemed made hereunder following utilization of
all allowed amounts (without regard to such rollover) for Capital Expenditures in such immediately
succeeding Fiscal Year.”

          SECTION 3. WAIVER

          3.1 Subject to the terms and conditions herein, the Agent hereby waives any past or present
Events of Default arising under Section 8.1(d) of the Note Purchase Agreement resulting from the
failure of the Borrower to comply with Section 7.3 of the Note Purchase Agreement.

          3.2 Except as set forth in Section 2.1, the Agent hereby reserves all rights and remedies
granted to the Agent and the Purchasers under the Note Purchase Agreement or applicable law or
otherwise and nothing contained herein shall be construed to limit, impair or otherwise affect the
right of the Agent and the Purchasers to declare an Event of Default with respect to any future
non-compliance with any covenant, term or provision of the Note Purchase Agreement or any other
document now or hereafter executed and delivered in connection therewith.

          SECTION 4. MISCELLANEOUS

          4.1 All references to the Note Purchase Agreement in the Note Purchase Agreement, the Purchase
Documents and the other documents and instruments delivered pursuant to or in connection therewith
shall mean the Note Purchase Agreement as amended hereby and as such may in the future be amended,
restated, supplemented or modified from time to time.

4

 

          4.2 This Amendment and Waiver may be executed by the parties hereto individually or in
combination, in one or more counterparts, each of which shall be an original and all of which shall
constitute one and the same agreement.

          4.3 Delivery of an executed counterpart of a signature page by facsimile or electronic mail
shall be effective as delivery of a manually executed counterpart.

          4.4 This Amendment and Waiver shall be governed by, and construed and interpreted in
accordance with, the internal laws of the State of Maryland.

          4.5 the parties hereto shall, at any time and from time to time following the execution of
this Amendment and Waiver, execute and deliver all such further instruments and take all such
further action as may be reasonably necessary or appropriate in order to carry out the provisions
of this Amendment and Waiver.

5

 

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

	 	 	 	 	 
	 	LOAN PARTIES:

MGP INSTRUMENTS, INC.

 	 
	 	By:  	/s/ Michael S. Wilson 	 
	 	 	Name:  	MICHAEL WILSON 	 
	 	 	Title:  	CEO 	 
	 
	 	DOSIMETRY ACQUISITIONS (U.S.), INC.

 	 
	 	By:  	/s/ Thomas Logan 	 
	 	 	Name:  	THOMAS LOGAN 	 
	 	 	Title:  	PRESIDENT 	 

[SIGNATURE PAGE TO AMENDMENT NO. 4 TO THE DOSIMETRY NEPA]

 

 

	 	 	 	 	 
	 	AGENT:

AMERICAN CAPITAL FINANCIAL
SERVICES, INC.

 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	ROBERT KLEIN 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 
	 	
PURCHASERS:

AMERICAN CAPITAL STRATEGIES, LTD.

 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	ROBERT KLEIN 	 
	 	 	Title:  	MANAGING DIRECTOR 	 
	 
	 	
ACS FUNDING TRUST I

 	 
	 	By:  	AMERICAN CAPITAL STRATEGIES,
 	 
	 	 	LTD., as Servicer 	 
	 	 	 	 
	 	 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	ROBERT KLEIN 	 
	 	 	Title:  	MANAGING DIRECTOR 	 
	 
	 	
ACAS BUSINESS LOAN TRUST 2004-1

 	 
	 	By:  	AMERICAN CAPITAL STRATEGIES, LTD.,
 	 
	 	 	as Servicer 	 
	 	 	 	 
	 	 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	ROBERT KLEIN 	 
	 	 	Title:  	MANAGING DIRECTOR 	 
	 
	 	
ACAS BUSINESS LOAN TRUST 2005-1

 	 
	 	By:  	AMERICAN CAPITAL STRATEGIES, LTD.,
 	 
	 	 	as Servicer 	 
	 	 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	ROBERT KLEIN 	 
	 	 	Title:  	MANAGING DIRECTOR 	 
	 

[SIGNATURE PAGE TO AMENDMENT NO. 4 TO THE DOSIMETRY NEPA]exv10w2w6

Exhibit 10.2.6

 

 

AMENDMENT NO. 4

TO

NOTE AND EQUITY PURCHASE AGREEMENT

by among

MGP INSTRUMENTS, INC.

AS BORROWER,

DOSIMETRY ACQUISITIONS (U.S.), LLC

(successor by merger to Dosimetry Acquisitions (U.S.). Inc.)

AS GUARANTOR,

AMERICAN CAPITAL FINANCIAL SERVICES, INC.

AS AGENT

and

THE PURCHASERS IDENTIFIED ON

ANNEX A HERETO

Date of Amendment No. 4: May 14, 2008

Date of Amendment No. 3: June 30, 2006

Date of Amendment No. 2: November 1, 2005

Date of Amendment No. 1: October 22, 2004

Original Date: June 23, 2004

 

 

 

 

AMENDMENT NO. 4

TO

NOTE AND EQUITY PURCHASE AGREEMENT

$24,944,400
Aggregate Principal Amount of Senior Term B Notes Due June 23, 2010

$12,168,000 Aggregate Principal Amount of Senior Subordinated Notes Due June 23, 2011

$4,867,200 Aggregate Principal Amount of Junior Subordinated Notes Due June 23, 2011

$8,213,400 Revolving Loan Facility

     THIS AMENDMENT NO. 4 TO THE NOTE AND EQUITY PURCHASE AGREEMENT, dated as of May 14, 2008 (this
“Amendment”), is by and among MGP INSTRUMENTS, INC. (“Borrower”), DOSIMETRY
ACQUISITIONS (U.S.), LLC (“Topco”), as Guarantor, AMERICAN CAPITAL STRATEGIES, LTD.
(“ACAS”), ACS FUNDING TRUST I (“AFT,” and together with ACAS, the
“Purchasers”), and AMERICAN CAPITAL FINANCIAL SERVICES, INC., a Delaware corporation
(“ACFS”), as agent for Purchasers (in such capacity “Agent”). Capitalized terms
used and not defined elsewhere in this Amendment have the meanings assigned to such terms in the
Agreement (as defined below).

RECITALS

     A. The Borrower, ACAS, and ACFS are parties to a Note and Equity Purchase Agreement dated as
of June 23, 2004 (as amended to date, the “Agreement”), pursuant to which ACAS purchased
from the Borrower certain Senior Term B Notes; certain Senior Subordinated Notes; and certain
Junior Subordinated Notes.

     B. ACAS has sold or contributed certain of the Notes to AFT.

     C. The Borrower has requested, and Agent and Purchasers have agreed, to extend the Revolving
Loan Termination Date until October 14, 2010.

     D. All capitalized terms used but not defined herein shall have the respective meanings
ascribed in the Agreement.

     NOW, THEREFORE, the parties hereto, in consideration of the premises and their mutual
covenants and agreements herein set forth and intending to be legally bound hereby, covenant and
agree as follows:

ARTICLE 1

AMENDMENT

     1.1 Consent. Pursuant to Section 15.2 of the Agreement, each of the undersigned Agent
and Purchasers hereby consent to this Amendment and agree, subject

 

 

to the conditions set forth herein, that upon the execution hereof, the Agreement is hereby
amended as follows and shall be deemed to be amended, effective as of the date set forth above.

     1.2 Amendment to Section 2.3. Section 2.3(a) of the Agreement is hereby amended by
replacing the phrase “June 23, 2008” with the
phrase “October 14, 2010”.

ARTICLE 2

REFERENCE TO AND EFFECT ON THE AGREEMENT

     2.1 References. On and after the date hereof, (i) each reference in the Agreement to
“this Agreement,” “hereunder,” “hereof,” “herein,” or words of like
import shall mean and be a reference to the Agreement as amended hereby, and (ii) each reference to
the Agreement in all other Purchase Documents shall mean and be a reference to the Agreement, as
amended hereby.

     2.2 Effects. Except as specifically amended above, the Agreement, and all other
documents, instruments and agreements executed and/or delivered in connection therewith, shall
remain in full force and effect, and are hereby ratified and confirmed. Without limiting the
foregoing, all representations and warranties of the Loan Parties contained in the Purchase
Documents or made in writing in connection therewith and herewith shall survive the execution and
delivery of this Amendment.

     2.3 No Waiver. The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Purchaser, or constitute a waiver of, or
consent to and departure from, any provision of the Agreement, or any other documents, instruments
and agreements executed and/or delivered in connection therewith.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

     3.1 Each Loan Party hereby represents and warrants as follows:

          (a) This Amendment constitutes a legal, valid and binding obligation of such Loan Party and is
enforceable against such Loan Party in accordance with its terms.

          (b) Such Loan Party has no defense, counterclaim or offset with respect to the Agreement or
the Notes.

ARTICLE 4

AGENT’S FEES AND EXPENSES

     4.1 Agent’s Fees and Expenses. The Borrower shall payor cause to be paid to Agent or
its designee a fee in the amount of $1,000 in consideration for the preparation and negotiation of
the Amendment.

3

 

ARTICLE 5

MISCELLANEOUS

     5.1 Ratification. Except as expressly modified hereby, the Agreement remains in full
force and effect.

     5.2 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

     5.3 Severability. Whenever possible, each provision of this Amendment shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Amendment is held to be prohibited by or invalid under applicable law in any jurisdiction,
such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating any other provision of this Amendment.

     5.4 Headings. Article, section and subsection headings in this Amendment are included
for convenience of reference only and shall not constitute a part of this Amendment for any other
purpose.

     5.5 Counterparts. This Amendment may be executed in any number of counterparts and by
either party hereto on separate counterparts, each of which, when so executed and delivered, shall
be an original, but all such counterparts shall together constitute one and the same instrument.

     5.6 Integration. This Amendment, the Agreement, as amended, and the other Purchase
Documents set forth the entire understanding of the parties hereto with respect to all matters
contemplated hereby and supersede all previous agreements and understandings among them concerning
such matters. No statements or agreements, oral or written, made prior to or at the signing
hereof, shall vary, waive or modify the written terms hereof.

[THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK]

4

 

SIGNATURE PAGE TO

AMENDMENT NO. 4 TO

NOTE AND EQUITY PURCHASE AGREEMENT

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

	 	 	 	 	 
	 	LOAN PARTIES:

MGP INSTRUMENTS, INC.

 	 
	 	By:  	/s/ Michael S. Wilson 	 
	 	 	Name:  	Michael Wilson 	 
	 	 	Title:  	Vice President & CEO 	 
	 
	 	DOSIMETRY ACQUISITIONS (U.S.), LLC

By its sole member

Mirion Technologies, Inc.

 	 
	 	By:  	/s/ Thomas  Logan 	 
	 	 	Name:  	Thomas D. Logan 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	PURCHASERS:

AMERICAN CAPITAL STRATEGIES, LTD.

 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Managing Director 	 
	 
	 	ACS FUNDING TRUST I

 	 
	 	By:  	AMERICAN CAPITAL STRATEGIES,
 	 
	 	 	LTD. its Servicer 	 
	 	 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Managing Director 	 
	 
	 	AGENT:

AMERICAN CAPITAL FINANCIAL

 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Managing Director

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