Document:

ex10_37.htm

EXHIBIT 10.37

 

Execution Version

 

THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT

 

THIS THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT (this "Amendment"), dated as of February 29, 2012, is entered into by and among, IMAGE ENTERTAINMENT, INC., a Delaware corporation ("Image"), IMAGE/MADACY HOME ENTERTAINMENT, LLC, a California limited liability company ("IMHE") (Image and IMHE, each a "Borrower", and collectively "Borrowers"), the Lenders signatory hereto and PNC BANK, NATIONAL ASSOCIATION ("PNC"), in its capacity as administrative and collateral agent on behalf and for the benefit of itself and the Lenders (PNC, in such capacity, the "Agent").  Terms used herein without definition shall have the meanings ascribed to them in the Credit Agreement defined below.

 

RECITALS

 

A.           The Lenders, Agent and Borrowers have previously entered into that Revolving Credit and Security Agreement dated as of June 23, 2011, as amended by that First Amendment to Revolving Credit and Security Agreement dated as of July 13, 2011 and that Second Amendment to Revolving Credit and Security Agreement dated as of November 2, 2011 (as so amended and as the same may be further amended, modified or supplemented from time to time, the "Credit Agreement"), pursuant to which the Lenders have made certain loans and financial accommodations available to Borrowers.

 

B.           Borrowers have informed Agent and the Lenders that Borrowers are currently contemplating a merger transaction with a special purpose acquisition company (the "2012 Transaction").

 

C.           The Lenders, Agent and Borrowers now wish to amend the Credit Agreement on the terms and conditions set forth herein.

 

D.           Borrowers are entering into this Amendment with the understanding and agreement that, except as specifically provided herein, none of Agent's or any Lender's rights or remedies as set forth in the Credit Agreement or any Other Document is being waived or modified by the terms of this Amendment.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.             Amendments to Credit Agreement.

 

(a)           Section 1.2 of the Credit Agreement is hereby amended as follows:

 

  

  

  

 

(i)            The definition of "Fixed Charge Coverage Ratio" is hereby deleted and replaced in its entirety with the following:

 

"Fixed Charge Coverage Ratio" shall mean, as determined for Borrowers on a Consolidated Basis as of the last day of each fiscal quarter of Image for the four consecutive fiscal quarters ended on such date, the ratio of (a) EBITDA, minus (i) Unfinanced Capital Expenditures made during such period, and (ii) cash federal, state, local or foreign taxes attributable to income paid during such period to (b) all Senior Debt Payments during such period, plus (i) all management fee payments made in cash during such period to Sponsor pursuant to Amendment Number 2 to the Securities Purchase Agreement dated December 30, 2009 by and between Image and Sponsor, (ii) all management fee payments made in cash during such period pursuant to Article II of the IMHE Management Agreement and (iii) any dividend payments to the extent paid in cash to holders of Image's Series B Preferred Stock and Series C Preferred Stock.

 

(ii)           The following new definition of "2012 Transaction" is inserted in proper alphabetical order into Section 1.2 of the Credit Agreement:

 

"2012 Transaction" shall have the meaning given such term in Recital B of the Third Amendment.

 

(iii)           The following new definition of "Required Sponsor SBLC Amount" is inserted in proper alphabetical order into Section 1.2 of the Credit Agreement:

 

"Required Sponsor SBLC Amount" shall mean the lesser of (i) $5,000,000 or (ii) the difference of (x) outstanding Revolving Advances as of July 31, 2012 minus (y) the Receivables Formula Amount plus the Inventory Formula Amount minus the amount of Section 2.1(a)(vi), with the amounts set forth in this clause (y) to be calculated without giving effect to the amendments to subclauses (y) and (z) of clause (q) of the definition of "Eligible Receivables" in the Third Amendment; reduced, in the case of clause (i) only, by any amounts previously drawn pursuant to the Sponsor Standby Letters of Credit delivered to Agent pursuant to Section 8.3(b) of the Credit Agreement (as amended by the First Amendment).  Notwithstanding the foregoing, after August 1, 2012, the Required Sponsor SBLC Amount may be reduced from time to time until January 31, 2013 upon three Business Day's prior written notice to Agent so long as (A) no Default or Event of Default exists or would otherwise result from such reduction and (B) Undrawn Availability after giving effect to such reduction is not less than $1,000,000.

 

(iv)           The following new definition of "Sponsor Credit Enhancement Amount" is inserted in proper alphabetical order into Section 1.2 of the Credit Agreement:

 

"Sponsor Credit Enhancement Amount" means, as determined as of any date, an amount equal to the sum of (a) the Maximum Sponsor SBLC Amount then available to be drawn under all Sponsor Standby Letters of Credit outstanding as of such date and (b) the Maximum Guarantied Amount (as such term is defined in the Sponsor Guaranty) as determined and in effect as of such date.

 

  

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(v)           The following new definition of "Sponsor Credit Enhancement Fee" is inserted in proper alphabetical order into Section 1.2 of the Credit Agreement:

 

"Sponsor Credit Enhancement Fee" shall have the meaning set forth in Section 7.10 hereof.

 

(vi)           The following new definition of "Third Amendment" is inserted in proper alphabetical order into Section 1.2 of the Credit Agreement:

 

"Third Amendment" means that Third Amendment to Revolving Credit and Security Agreement dated as of February 29, 2012, amending this Agreement, among Borrowers, the Lenders and Agent.

 

(b)           Subject to the condition subsequent set forth in Section 2 of this Amendment, Section 1.2 of the Credit Agreement is hereby further amended as follows:

 

(i)            The definition of the term "Availability Block" is hereby deleted and replaced in its entirety with the following:

 

"Availability Block" shall mean $1,350,000; provided that the Availability Block shall be reduced to $0 upon satisfaction of each of the following conditions as determined by Agent in its reasonable discretion (such conditions to be tested for annually by Agent as of the end of each fiscal year of Image on the basis of the audited consolidated financial statements of Image delivered to Agent pursuant to Section 9.7 hereof commencing with the fiscal year ending March 31, 2012):  (w) Borrowers have EBITDA, calculated for such most recently completed fiscal year, of not less than $10,000,000, (x) Borrowers have a Net Operating Income for such most recently completed fiscal year of not less than $4,000,000, (y) Borrowers have a Net Pre-Dividend Income for such most recently completed fiscal year of not less than $2,000,000 and (z) no Event of Default shall have occurred and be continuing.  Each such condition and calculation listed in clauses (w) through (z) herein shall be confirmed and demonstrated, as applicable, to Agent in a certificate duly executed by the President, Chief Financial Officer, Treasurer or Controller of the Borrowing Agent by which such officer shall certify to Agent the calculations thereof as of the date of such certificate.

 

(ii)            Clause (q) of the definition of the term "Eligible Receivables" is hereby deleted and replaced in its entirety with the following:

 

(q)           such Receivable is a Broadcast Receivable and either (x) it is not subject to a non-cancellable fixed price contract, (y) performance under such contract is not required to be completed within two hundred forty (240) days of the date of the most recent accounts receivable agings schedule delivered to Agent pursuant to Section 9.2(a) hereof; or (z) it is due or unpaid more than (1) two-hundred seventy (270) days after the original invoice date or (2) thirty (30) days after the original due date (notwithstanding anything herein to the contrary, any Broadcast Receivable shall be considered ineligible if it is unpaid more than two-hundred seventy (270) days after the original invoice date); provided that the maximum amount of Broadcast Receivables that shall be deemed to be Eligible Receivables after giving effect to subclauses (y) and (z) above shall not exceed $1,000,000 in excess of the amount of Broadcast Receivables that would have otherwise been Eligible Receivables without giving effect to the amendments to such subclauses (y) and (z) prior to the effectiveness of the Third Amendment (Broadcast Receivables which are deemed ineligible due to non-compliance with the preceding subclauses (x), (y) and/or (z) are referred to as "Non-Complying Broadcast Receivables"); provided that if such Broadcast Receivable is not otherwise a Non-Complying Broadcast Receivable, it shall nonetheless be deemed ineligible if it, when combined with all other Broadcast Receivables which are not Non-Complying Broadcast Receivables, shall exceed 25% of all of Borrowers' Receivables; provided, further, that, in each case, the amount of Eligible Receivables that are excluded because they exceed the foregoing percentage shall be determined by Agent based on all of the otherwise Eligible Receivables prior to giving effect to any eliminations based upon the foregoing concentration limit;

 

  

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(c)           Section 2.1 of the Credit Agreement is hereby amended as follows:

 

(i)            The paragraph immediately following Section 2.1(a)(vi) of the Credit Agreement is hereby deleted and replaced in its entirety with the following:

 

The amount derived from (x) the sum of Sections 2.1(a)(i), (ii) and (iii) (provided that for purposes of this clause (x), (1) the sum of the Receivables Formula Amount and the Inventory Formula Amount attributable to Receivables and Inventory of IMHE shall be capped at an aggregate amount of $4,000,000 and (2) the Maximum Sponsor SBLC Amount at any time shall be at least $3,000,000 (and as of the date of the Third Amendment is equal to $3,700,000; provided that such amount may be changed upon Borrowers' request in a writing delivered to the Agent from time to time subject to the Agent's written confirmation of its approval of other amount, such approval to be at the Agent's sole discretion); provided further that if the 2012 Transaction shall not be consummated on or prior to July 31, 2012, as determined by Agent in its reasonable discretion, the Maximum Sponsor SBLC Amount shall from and after August 1, 2012 be at least the Required Sponsor SBLC Amount) minus (y) the sum of Sections 2.1(a)(iv) through (vi) at any time, and from time to time shall be referred to as the "Formula Amount."

 

(d)           Section 7.7 of the Credit Agreement is hereby amended by adding the following sentence to the end thereof:

 

Any Sponsor Transfer Fees or any Sponsor Credit Enhancement Fees paid in the form of the issuance of shares of Equity Interests in Image to the extent permitted pursuant to clause (d)(y) of Section 7.10 of this Agreement shall not be considered dividends or distributions for purposes of this Section 7.7.

 

(e)           Section 7.10 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

7.10          Transactions with Affiliates.  Directly or indirectly, purchase, acquire or lease any property from, or sell, transfer or lease any property to, or otherwise enter into any transaction or deal with, any Affiliate, except transactions disclosed to the Agent, which are in the Ordinary Course of Business, on an arm's-length basis on terms and conditions no less favorable than terms and conditions which would have been obtainable from a Person other than an Affiliate; except, so long as after giving effect to any such payments there shall not exist any Event of Default or Default, (a) Borrowers may pay to Sponsor (i) a management fee of $300,000, payable in a single installment due on December 31, 2011, and (ii) a Sponsor's commitment fee of $500,000, payable on or after the effectiveness of the Third Amendment, (b) Borrowers may reimburse Sponsor and its Affiliates, including the Sponsor Guarantors and Sponsor GP, in cash for all reasonable Sponsor Transaction Costs, to the extent approved by Agent in its reasonable discretion prior to being charged to Borrowers, (c) Borrowers may pay Sponsor Transaction Fees to the extent, in the form and manner and at the times approved by Agent in its sole discretion prior to being charged to Borrowers, and (d) commencing with and for the month ending March 31, 2012, Borrowers may pay Sponsor a credit enhancement fee ("Sponsor Credit Enhancement Fee") on a monthly basis at the fixed rate not to exceed 5% per annum payable in arrears on the average daily Sponsor Credit Enhancement Amount during such month (determined as of the end of each calendar month during the Term); provided that Borrowers may only pay up to one-half of each such monthly such Sponsor Credit Enhancement Fee in cash, with the remaining portion to accrue (without interest) until March 31 of the applicable calendar year at which time such accrued Sponsor Credit Enhancement Fees may be paid (x) in cash or (y) if Sponsor so elects, in the form of Equity Interests in Image; provided, further, that notwithstanding the preceding, no Sponsor Credit Enhancement Fees may be paid in cash (i) so long as any Default or Event of Default shall have occurred and be continuing or (ii) if, after giving effect to the payment of any such Sponsor Credit Enhancement Fees, Borrowers would have Undrawn Availability of less than $2,000,000 (provided that any Sponsor Credit Enhancement Fees that would have been permitted to be paid in cash pursuant to this clause (d)(i) but for the continuing existence of a Default or Event of Default may be caught up and paid in cash once all existing Defaults and Events of Default shall have been waived in accordance with this Agreement or otherwise cured to the reasonable satisfaction of the Agent and so long as such payment in cash would not cause or result in a new Default or Event of Default).

 

  

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2.             Agreement Regarding Amendments in Section 1(a)(i) and 1(a)(ii).  Notwithstanding anything herein to the contrary, Borrowers and the Lenders agree that, if the 2012 Transaction is not consummated on or prior to July 31, 2012, as reasonably determined by the Agent, the amendments to the Credit Agreement contained in Section 1(b)(i) and (ii) regarding the Availability Block and the eligibility of Broadcast Receivables, respectively, shall no longer be effective and such amended provisions of the Credit Agreement shall automatically revert to the provisions of the Credit Agreement in effect prior to the effectiveness of this Amendment.

 

3.             Consent and Waiver Regarding Clean-Down Period for the 2012 Calendar Year.  Notwithstanding any requirement in the Credit Agreement, including Section 2.1(a), Section 2.5, Section 2.9 and Section 2.21(b), Borrowers have requested that the Lenders waive Borrowers' compliance with the Clean-Down Period requirements of the Credit Agreement for the 2012 calendar year (the "2012 Clean-Down Requirement").  The Lenders hereby waive the 2012 Clean-Down Requirement and agree that Borrowers shall not have to comply with any of the requirements of the Credit Agreement with respect to the 2012 Clean-Down Requirement.

 

4.             Limited Amendment and Waiver; Full Force and Effect.  The amendments set forth in Section 1 of this Amendment, the agreement set forth in Section 2 of this Amendment, and the consent and waiver set forth in Section 3 of this Amendment, are effective solely for the purposes set forth herein and shall be limited precisely as written and shall not be deemed (a) to be an amendment, consent or waiver of any other term or condition of the Credit Agreement or any Other Documents or of any future failure to comply fully with the Clean-Down Period requirements of the Credit Agreement, to prejudice any right or remedy which the Lenders or the Agent may now have or may have in the future under or in connection with the Credit Agreement or the Other Documents or (b) to be a consent to any future amendment, consent or waiver or departure from the terms and conditions of the Credit Agreement or any of the Other Documents.  This Amendment shall be construed in connection with and as part of the Credit Agreement and the Other Documents, and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein waived or amended, are hereby ratified and confirmed and shall remain in full force and effect.

 

  

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5.             Effectiveness of this Amendment.  This Amendment shall become effective upon the satisfaction of each of the following conditions:

 

(a)           Amendment.  Receipt by the Agent of this Amendment, fully executed in a sufficient number of counterparts for distribution to all parties.

 

(b)           Sponsor Guarantor Acknowledgement and Agreement.  Receipt by the Agent of the fully executed Sponsor Guarantor Acknowledgement and Agreement.

 

(c)           Accommodation Fee.  Receipt by the Agent, for the account of PNC as the sole Lender, of an accommodation fee equal to $50,000, payable in cash, which fee will be fully earned and non-refundable once received.

 

(d)           Representations and Warranties.  The representations and warranties set forth in Section 6 hereof shall be true and correct.

 

(e)           Other Required Documentation.  All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered or executed or recorded, as required by Agent.

 

6.             Representations and Warranties.  Borrower represents and warrants as follows:

 

(a)           Authority.  Each Borrower has the full power, authority and legal right to enter into this Amendment and the Other Documents (as amended or modified hereby) and to perform all of its respective obligations hereunder and thereunder.  The execution, delivery and performance of this Amendment by each Borrower:  (i) have been duly authorized by all necessary corporate or limited liability company action, as applicable; (ii) are not in contravention of law or the terms of such Borrower's by-laws, certificate of incorporation, operating agreement, articles of organization or other applicable documents relating to such Borrower's formation or to the conduct of such Borrower's business or of any material agreement or undertaking to which such Borrower is a party or by which such Borrower is bound; (iii) will not conflict with or violate any law or regulation, or any judgment, order or decree of any Governmental Body; and (iv) will not require the Consent of any Governmental Body or any other Person.

 

  

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(b)           Enforceability.  This Amendment has been duly executed and delivered by each Borrower and no other corporate or limited liability company proceedings are necessary to consummate such transactions.  This Amendment (as amended or modified hereby) and each Other Document is the legal, valid and binding obligation of each Borrower, enforceable against each Borrower in accordance with its terms, and is in full force and effect, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors' rights generally.

 

(c)           Representations and Warranties.  The representations and warranties made by any Borrower in or pursuant to this Amendment, each Other Document and any related agreements to which it is a party, and each of the representations and warranties contained in any certificate, document or financial or other statement furnished at any time under or in connection with this Amendment, the Other Documents or any related agreement shall be true and correct in all material respects on and as of such date as if made on and as of such date, unless made specifically as of an earlier date, in which case they shall be true and correct in all material respects as of such earlier date.

 

(d)           No Default.  No event has occurred and is continuing that constitutes a Default or an Event of Default.

 

7.             Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York applied to contracts to be performed wholly within the State of New York, without regard to principals of conflicts of law other than New York General Obligations Law 5-1401 and 5-1402.

 

8.             Counterparts; Facsimile Signatures.  This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement.  Any signature delivered by a party by facsimile or other similar form of electronic transmission shall be deemed to be an original signature hereto.

 

9.             Reference to and Effect on the Other Documents.

 

(a)           Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof" or words of like import referring to the Credit Agreement, and each reference in the Other Documents to "the Credit Agreement", "thereof" or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby.

 

(b)           Except as specifically amended above, the Credit Agreement and all Other Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of Borrower to Agent and the Lenders.

 

(c)           The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Agent and/or the Lenders under any of the Other Documents, nor constitute a waiver of any provision of any of the Other Documents.

 

  

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(d)           To the extent that any terms and conditions in any of the Other Documents shall contradict or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified or amended hereby.

 

10.           Integration.  This Amendment, together with the Other Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.

 

11.           Severability.  If any part of this Amendment is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible.

 

[signature pages follow]

 

  

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IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above written.

 

	  	
IMAGE ENTERTAINMENT, INC.,

	  	  	  	  
	  	
By:

	
/s/ JOHN AVAGLIANO

	  
	  	  	Name: 	
John Avagliano

	  
	  	  	Title: 	
COO/CFO

	  
	  	  	  	  
	  	
IMAGE/MADACY HOME ENTERTAINMENT, LLC,

	  	  	  	  
	  	
By:

	
/s/ JOHN AVAGLIANO

	  
	  	  	Name: 	
John Avagliano

	  
	  	  	Title: 	
COO/CFO

	  

 

(Third Amendment)

  

  

  

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as Agent and as a Lender
	 	  	  	  
	 	
By:

	
/s/ STEVE C. ROBERTS

	  
	 	  	
Steve C. Roberts

	  
	 	  	
Vice President

	  

 

(Third Amendment)ex4_10.htm

Exhibit 4.10

Credit Facility Agreement

Regarding a Revolving Credit Facility in the amount of

EUR 10.000.000,-- 

dated 27.04.2012

 

Modine Holding GmbH

Arthur-B.-Modine-Str.1

70794 Filderstadt

 

and

 

Modine Europe GmbH

Arthur-B.-Modine-Str.1

70794 Filderstadt

 

(each a “Borrower” and together the “Borrower”)

 

and

 

Deutsche Bank AG

 

Filiale Deutschlandgeschäft

Marktgebiet Stuttgart 2

 

Theodor-Heuss-Straße 3

70174 Stuttgart

 

(the „Bank“)

 

enter into the following agreement (the „Credit Facility Agreement“) pursuant to which the Bank makes available a revolving credit facility to the Borrower (the “Credit Facility”) on the basis of the Bank’s General Business Conditions (Allgemeine Geschäftsbedingungen); whe- reas this Credit Facility Agreement supersedes conflicting rules of the Allgemeine Geschäftsbedingungen:

 

	Credit Facility Agreement	Ausfertigung für den Kunden

01.03.2012

 

  

  

  

 

§ 1 - PARTIES

 

	
Borrower:

	
Modine Holding GmbH, Arthur-B.-Modine-Str. 1, 70794 Filderstadt

 

	 	

Modine Europe GmbH, Arthur-B.-Modine-Str. 1, 70794 Filderstadt

 

	
Bank:

	
Deutsche  Bank  AG  Filiale  Deutschlandgeschäft, Markgebiet  Stuttgart  2, Theodor-Heuss-Straße 3, 70174 Stuttgart

 

§ 2 - CREDIT FACILITY:

 

	
(1) 

	
Aggregate Facility Amount

 

	 	

The Bank makes available to the Borrower a Credit Facility in the amount ofEUR 10.000.000,- (in words: Euro ten million)(„Aggregate Facility Amount“).

 

	
 

	

The Aggregate Facility Amount is divided in the following facilities:

 

	 	
(a)

	
Facility 1: revolving cash credit facility in the amount of up to EUR 9.900.000,-- (in words: Euro nine million ninehundred thousand) (“Facility 1”).

 

	 	
(b) 

	
Facility 2: revolving guarantee facility in the amount of up to EUR 100.000,-- (in words: Eu- ro onehundred thousand) (“Facility 2”).

 

	
(2) 

	
Term of the Facilities

 

	 	

The Credit Facility is available until26th April 2015. (“Term of the Facility”). (3)

 

	
 

	

Purpose

 

	 	

The proceeds of the Facility shall be applied towards general corporate purposes including working capital requirements of the Modine Holding GmbH- Group only. The use of the Facili- ty for acquisitions (Unternehmenskäufe, ganz oder in Teilen) irrespective of form, duration and amount will require the prior consent of the Bank.

 

	
(4) 

	
Joint and Several Liability

 

	

 

	

The Credit Facility may be used by each Borrower independently, provided that the aggregate principal amount outstanding may not exceed the Aggregate Facility Amount and the amount of the respective Facility. The obligations of each Borrower under the Credit Facility Agree- ment are joint and several (gesamtschuldnerische Haftung). Such joint and several liability will not end upon termination of this Credit Facility Agreement (e.g. upon the expiration or cancel- lation) but only upon final settlement of all claims of the Bank including interest, fees and costs.

	
5) 

	
Definitions and Interpretation

 

	
 

	

In this Credit Facility Agreement the following words and terms are defined as specified below:

 

	

 

	

„Banking Day“ means a day (other than  a Saturday or Sunday) on which banks are open for general business in Stuttgart.

 

	

 

	

„EONIA“ means the Euro OverNight Index Average as determined by the European Central Bank for each TARGET-day. On days which are not a TARGET-day the EONIA as determined on the immediately preceding TARGET-day shall apply. If no EONIA is available on a TAR- GET-day the Bank will determine the applicable reference interest rate in accordance with section 315 German Civil Code (BGB) on the basis of the quotations for overnight funds in the European interbank market.

  

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„EURIBOR“ means the interest rate per annum for deposits in Euro for the relevant interest period displayed on page EURIBOR01 (or a respective succeeding screen replacing EURI- BOR01) for 11.00 a.m. Brussels time two TARGET-days prior to the disbursement/the com- mencement of the respective interest period. If the EURIBOR cannot be determined two TARGET-days prior to the first interest period, the Bank and the Borrower will negotiate the in- terest rate for the relevant interest period. The Bank is not obligated to disburse the loan unless an agreement about the applicable interest rate has been reached. The Bank is re- leased from its obligation to disburse the loan if an agreement about the applicable interest rate is not reached within 15 days. If the EURIBOR for an interest period following the first i n- terest period cannot be determined two TARGET-days prior to the commencement of the relevant interest period the Bank will determine interest for the relevant interest period based on interest rates customary in the European interbank market for the particular interest period plus the agreed margin.

	
 

	

„Event of Default“ means any circumstance specified in no. 19 section 3 of the General Business Conditions or § 9 of this contract, which entitles the Bank to terminate this agree- ment for reasonable cause.

	
 

	

"Financial Indebtedness" means any indebtedness for or in respect of (i) moneys borrowed, (ii) any letters of credit issued and acceptances accepted or issued, (iii) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument, (iv) lease contracts which would, in accordance with orders or state- ments of practice of the Federal Ministry of Finance or GAAP under the applicable law as the case may be, be treated as a finance lease, (v) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis), (vi) any amount raised under any other transaction (including any forward sale or purchase agreement) having the commer- cial effect of a borrowing, (vii) any derivative transaction entered into in connection with protec- tion against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account), (viii) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or docu- mentary letter of credit or any other instrument issued by third parties unless both obligations are reported, the primary obligation on and the obligation of the counter-indemnity on or below, the same balance sheet; and (ix) the amount of any liability in respect of any guarantee or in- demnity for any of the items referred to in paragraphs (i) through (viii) above, (x) a guarantee, surety or other obligation for any of the obligations listed in paragraphs (i) through (ix), and (xi) provisions for pension obligations.

 

	
 

	

„Group / Modine Holding GmbH - Group“ means all companies which are included in the annual consolidated financial statement of Modine Holding GmbH  (Companies included as per 31.03.2011: Modine Holding GmbH, Filderstadt; Modine Europe GmbH, Filderstadt; Modine Pliezhausen GmbH, Pliezhausen, Modine Wackersdorf GmbH, Wackersdorf; Modine Grundstücksverwaltungs GmbH, Filderstadt; Modine Kirchentellinsfurt GmbH, Kirchentellins- furt; Modine Neuenkirchen GmbH, Neuenkirchen; Modine Uden B.V., Uden, Niederlande; Modine Pontevico s.r.l., Pontevico, Italien; Modine Hungaria Gép, Kft., Meszökövesd, Ungarn; Modine Austria Holding GmbH, Kottingbrunn , Österreich; Modine Austria GmbH, Kotting- brunn , Österreich; Modine Austria Immobilien GmbH, Kottingbrunn , Österreich; Modine RUS LLP, Togliatti, Russland..

 

	
 

	

„TARGET-day“ is any day on which the Trans-European Automated Real Time Gross Settle- ment Express Transfer System is open for the settlement of payments in Euro.

 

  

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In the event of any conflict between the English text and the text in any other language, the English text shall prevail, except that where a German translation of a legal term appears in such text, the German translation shall prevail.

 

§ 3 –  UTILIZATION

 

	
(1) 

	
Cash Credit Facility

 

	 	

The Facility 1 may be utilized by way of:

 

	 	
(a) 

	
Cash Credit

 

	 	

Current account cash advances(“Cash Credit”) in Euro.

 

	 	
(b)

	
EURIBOR-Fixed Interest Loan

	 	

Loans with fixed interest rates on the basis of EURIBOR with interest periods of 1, 2, 3 or 6 months, which may, however, not extend beyond the Term of Facility 1 (“Interest Pe- riod”) (“EURIBOR-Fixed Interest Loan”) in Euro after a utilization request by the Bor- rower.

 

	
 

	

Each utilization request must be delivered to the Bank by 10:00 a.m. Frankfurt am Main local time two Banking Days before the day on which disbursement is to be made or on which, a new Interest Period would begin, respectively. The utilization request must speci- fy the designated amount of the utilization and the duration of the Interest Period and shall be irrevocable.

 

	
 

	

If an Interest Period would otherwise end on a day which is not a Banking Day, that Inter- est Period will instead end on the next Banking Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

 

	 	
(c)

	
Utilization in foreign currency

 

	
 

	

Cash Credit in foreign currency, namely in US Dollar or with prior consent of the Bank in every other currency which is freely available, convertible and transferable in the Euro- pean interbank market.

	
(2) 

	
Guarantee Facility

	
 

	

The Facility 2 may be utilized as follows:

	 	
(a) 

	
Guarantees

	
 

	

Facility 2 may be utilized as agreed upon a case by case basis through sureties (Bürg- schaften), sureties upon first demand or guarantees (including bonds and standby letters of credit) issued upon instruction of the Borrower (“Guarantees”) in EUR and if individual- ly agreed upon also in foreign currency. Unless otherwise agreed on a case by case ba- sis, the instructions to issue the Guarantees shall be given using the wording in each case prepared by the Bank.

	 	
(b)

	
Special Conditions for Guarantee Business

	
 

	

In addition, the Special Conditions for Guarantee Business of the Bank shall apply, which take priority over the Bank’s General Business Conditions.

	 	
(c) 

	
Conditional Acceptance

 

	
 

	

Before accepting an instruction to issue a Guarantee, the Bank is entitled to consider such instruction with respect to its feasibility under legal, economical and policy aspects and to refuse acceptance, as the case may be.

 

  

- 4 -

  

 

§ 4 –  REPAYMENT

 

	
(1)

	
The Borrower will repay all amounts outstanding in full at the latest at the expiration of the Credit Facility Agreement unless otherwise agreed.

 

	
(2)

	
If after the termination of the Facility 2 Guarantees are outstanding and the collateral provided to the Bank does not cover the full amount of any risk resulting from such Guarantees, the Borrower will procure that the Bank be released within a reasonable period of time from its ob- ligations under such Guarantees. The Borrower is entitled to provide the Bank instead with security by pledge of an amount in cash in the relevant currency of the Guarantee. Section 10 of the Conditions for Guarantee Business remains unaffected.

 

§ 5 –  INTEREST / FEES

 

	
(1) 

	
General

 

	 	
(a) 

	
Authorization for debiting

 

	
 

	

The Bank is entitled to debit due interest, commissions, expenses, charges and fees to the account no. 240/1180108 00 of Borrower Modine Holding GmbH or the account no. 240/1180926 00 of Borrower Modine Europe GmbH unless otherwise agreed.

 

	(2)	
(a)

	
Interest rate for current account cash advances

 

	
 

	

The rate of interest for cash advances will be calculated as follows:

 

	
 

	
The rate of interest per annum for current account cash advances in Euro for each day is the sum of the EONIA applicable for such day and the margin.

 

	
 

	

The margin is2,5 % p.a. until further notice.

 

	 	

Interest will be calculated on the basis actual/360. Amounts will be debited monthly in arrears and upon expiration of the Credit Facility Agreement.

 

	 	
(b) 

	
Interest for EURIBOR-Fixed Interest Loans

 

	 	

The rate of interest for Fixed Interest Loans in Euro is the percentage rate per annum which is the sum of the applicable EURIBOR for the agreed interest period and the margin.

 

	 	

The margin is2,5 % p.a. until further notice

 

	 	

Interest will be calculated by calendar days on the basis actual / 360. Interest is due at the end of the respective interest period.

 

	
 

	

For Fixed Loans the agreed margin upon conclusion of such a transaction shall not be affected by any later change of the margin.

 

	 	
(c) 

	
Utilization in foreign currency

 

	
 

	

The interest rate for utilizations in foreign currency and its payment will be agreed upon in advance on a case by case basis.

 

  

- 5 -

  

 

	 	
(d) 

	
Commission on Guarantees

 

	
 

	

The commissions and fees on each Guarantee will be determined between the partiesin separate agreements. The commission on Guarantees will be calculated for each quarter and is due in advance.

 

	 	
(e) 

	
Issuance Fee

 

	
 

	

The commissions and fees on each issuance of a Guarantee will be determined be- tween the parties in separate agreements.

 

	 	
(f) 

	
Remuneration for special services in connection with Guarantees

 

	 	

The Bank is entitled to further remuneration for services rendered which exceed the standard handling of a Guarantee (from the instruction to issue the Guarantee until its discharge) (e.g. wordings which require special scrutiny or in case of contentious pro- cedures). The remuneration will be calculated by the Bank based on the actual ex- penditure of time and manpower.

 

	
(3) 

	
Additional Fees

 

	 	

Additional fees will be regulated in a separate fee-letter.

 

§ 6 –  COLLATERAL

 

	
 

	

The already existing security will serve as security for claims under this Credit Facility Agree- ment. Details, especially regarding the purpose of the collateral, are subject to the existing s e- curity agreements.

 

§ 7 –  CONDITIONS OF UTILIZATION

 

The Borrower may utilize this Credit Facility once the following Conditions Precedent are fulfilled and as long as no Event of Default is outstanding which constitutes or, with the expiry of a grace period and/or the giving of a notice may constitute – e.g. as the case may be with the expiry of a grace period and/ or the giving of a notice - the right to terminate the Credit Facility Agreement for reasonable cause.:

 

The Conditions Precedent are fulfilled, as soon as the Bank has received all documents and evidence of the Conditions Precedent listed below in form and content satisfactory to the Bank and as long as none of the Conditions Precedent has been revoked or cancelled or any evidence of the Conditions Precedent turned out to be wrong:

 

	
(1)

	
In  accordance  with  German-  Money-Laundering  Act  (“Geldwäschegesetz”, hereafter  the “GwG”) all information required by law (§ 1 subpara. 6 GwG) regarding the beneficial owner/s and the Declaration of the Borrower according to the GWG with regard to this Credit Facility Agreement have been submitted to the Bank.

 

	
(2)

	
Up-to-date  certified  (beglaubigt)  extract  from  the  Commercial  Register  (Handelsregiste- rauszug), its articles of association (Satzung), certified by the commercial register as of a re- cent date, or partnership agreement (Gesellschaftsvertrag), copies of any by-laws as well as a list of shareholders (Gesellschafterliste) (if applicable), and

 

	
(3)

	
The agreed collateral is in full force and effect, and

  

- 6 -

  

 

	
(4)

	
No Event of Default is outstanding which constitutes or, with the expiry of a grace period and/or the giving of a notice would constitute the right to terminate the Credit Facility Agree- ment for reasonable cause, and

	
(5)

	
The Borrower is not in default with any obligation vis-à-vis the Bank, and

 

	
(6)

	

Legal opinion covering the legal validity and enforceability of the “Commitment to limit inter- company claims and obligations („Abschottungserklärung“) and to suspend dividend payments in the event of an equity deterioration („Ausschüttungsregelung“) which constitutes Attachment 1 to this Credit Facility Agreement.

 

The Bank may allow utilization without the above conditions being satisfied. The obligation of the Bor- rower to comply with the conditions of utilization remains unaffected hereby unless the Bank has defi- nitely and expressly waived compliance with certain conditions in writing.

 

§ 8 –  General Undertakings

 

According to the GwG the Borrower undertakes to present the Bank any information required by law (§ 1 subpara. 6 GwG) regarding the beneficial owner/s and to inform the Bank voluntarily and immediate- ly about any change during the Term of the Facility (§ 4 subpara. 6 and § 6 subpara. 2 no. 1 GwG).

 

The Borrower will supply the Bank upon demand with any documentation and information in order to establish and verify submitted details:

 

	
(1) 

	
Information

 

	
 

	

The Borrower undertakes to keep the Bank always informed of its current economic condition and, as the case may be, the current economic condition of the Modine Holding GmbH - Group.

 

	
 

	

For this purpose the Borrower will, in particular, immediately upon completion and in any event within 6 months after the end of each of its financial years provide the Bank with

 

	
  

	
-

	
an original of its audited financial statement, at least with the content required by law and including appendix and management report (local GAAP);

 

	
  

	
-

	
the audited consolidated financial statement together with the group management re- port of the Borrower’s group of companies including the respective auditor’s reports (local GAAP);

	
  

	
-

	
an annual budget-plan (US GAAP) for the Modine Holding GmbH – Group (plus other entities under the operational control of the Borrower) at latest with the beginning of each fiscal year

 

	
 

	

Should the financial statement not need to be audited, the executed copy to be submitted to the Bank has to be duly signed by the duly authorized managing directors.

 

	

 

	

Furthermore, the Borrower will provide the Bank with quarterly business assessments includ- ing a forecast until year-end; all such reporting shall be based on US-GAAP accounting me- thods and Borrower`s usual reporting practices.

 

	
 

	

The Borrower will provide upon the Bank’s demand further information and documents which give insight into its economic condition.

 

  

- 7 -

  

 

	
 

	

The Borrower will inform the Bank immediately in case material adverse changes or diver- gences in regard to the information given or documents handed over (including plan figures and projections) occur or in case it becomes apparent or there is evidence indicating that in- formation given or documents handed over are incomplete or incorrect.

 

	
(2) 

	
Purpose

 

	
 

	

As far as the Facility has been assigned to a specified purpose, the Borrower undertakes to provide the Bank upon its demand with proof that the Facility has been used for the agreed purpose by furnishing appropriate documents.

 

	
 

	

The Bank is not obligated to the Borrower to verify that the Credit Facility has been used for the agreed purpose.

 

	
(3) 

	
Ownership

 

	
 

	

The parties to this agreement agree that the current ownership in the Borrower represents an essential basis for the Bank’s preparedness to grant the Facility and any utilization thereund- er.

 

	
 

	

If a change in the current ownership occurs, the parties will negotiate, prior to the occurrence of such a change, an agreement satisfactory to both sides on the continuation of this Credit Facility Agreement on changed terms and conditions, e.g. in respect of interest rates, colla- teral, or other agreements.

 

	
(4) 

	
Other Undertakings

 

	
 

	

During the term of the Credit Facility Agreement Modine Holding GmbH will inform the Bank immediately if it is imminent that the Borrower`s equity (on Group level) declines below an amount of EUR 130.000.000,--. According to a separate Commitment – “Abschottungserklärung” and “Ausschüttungsregelung” (signed by Modine Manufacturing Company Racine, USA), in such an event any direct or indirect distribution of retained earn- ings or profits to the parent company shall be suspended until the equity has achieved again an amount of EUR 130.000.000,--.

 

	
 

	

All parties agree that an equity amount of EUR 100.000.000,-- of the Borrower is essential for the granting and drawing of the Credit Facility. If it is imminent that the equity will decline be- low this amount all parties together will find a suitable solution regarding the continuation of the Credit Facility Agreement.

 

	
(5) 

	
Intercompany Business

 

	
 

	

The Borrower will only enter into agreements with Modine Companies outside of the Modine Holding GmbH – Group under terms and conditions customary in the market and on arms- lengths basis. They will only act on the basis of and in accordance with such agreements. They will document and file all documents concerning agreements, deliveries, claims, and set- tlements / set offs as usual in an accurate ordinary business.

 

	
(6) 

	
Credit agreements with other financial institutions

	
 

	

The Borrower will inform the Bank about future credit agreements or about material changes in existing credit agreements between the Borrower and other financial institutions (e.g. in- creases, terminations or demands for additional collateral) in advance if they are under nego- tiation and otherwise immediately upon their effectiveness. This shall not apply to any negotia- tions regarding a substitution of this Facility.

 

  

- 8 -

  

 

	
(7) 

	
Information and cooperation regarding credit by way of guarantee

	
 

	

The Borrower will, upon request, provide the Bank for each Guarantee issued with all inform a- tion and appropriate documentation on the claim secured by the Guarantee, and will, in case a demand under the Guarantee is imminent, furnish the Bank with all information and documen- tation the Bank deems necessary in order to verify the validity of such demand, give the Bank all reasonable support in this respect and, for this purpose, nominate and place at the Bank’s disposal qualified and competent employees.

 

§ 9 –  TERMINATION FOR REASONABLE CAUSE WITHOUT NOTICE

 

A reasonable cause which entitles the Bank to terminate this Credit Facility Agreement without notice according to no. 19 section 3 of the General Business Conditions is also and especially given if:

 

	
(1)

	
the Borrower does not comply with the General Undertakings or other material obligations under this Credit Facility Agreement or under any collateral agreement entered into in connec- tion with this Credit Facility Agreement, or

 

	
(2)

	

a change of ownership occurs and the parties do not reach an agreement on the continuation of the Credit Facility Agreement on changed terms and conditions, e.g. in respect of interest rate, collateral, or other agreements, in due time, or

 

	
(3)

	
any other Financial Indebtedness of the Borrower is not paid when due or is declared, or ca- pable of being declared, due and payable by any creditor(s) thereof prior to its agreed maturity by reasons of the occurrence of an Event of Default (howsoever described) and the aggregate of all such Financial Indebtedness exceeds an amount of EURO 1.000.000,-- or the equivalent thereof in any other currency or currencies (“Cross Default”).

 

§ 10 – MISCELANEOUS

 

	
(1) 

	
Hedges

 

	
 

	

If the Bank and the Borrower have entered or will enter into hedging transactions covering interest or currency risk which may also arise from this Credit Facility Agreement, a termina- tion of this Credit Facility Agreement will have no effect on the validity and continuation of such hedging transactions. Nothing in this clause shall oblige the Bank to enter into hedging transactions with the Borrower.

 

	
(2) 

	
Foreign exchange risk

 

	
 

	

Any utilization in  foreign  currency must be  repaid  in  the  same currency, irrespective of changes in the exchange rate which may have taken place in the meantime. Amounts out- standing in foreign currency will be counted against the Aggregate Facility Amount at any time on the basis of the respective current exchange rate to the Euro, as determined and published by the Bank on the Internet around 13:00 Frankfurt time of every trading day.

 

	

 

	

If fluctuations in the exchange rate result in the total amounts outstanding exceeding the Ag- gregate Facility Amount the Borrower will reduce this overdraft immediately – by the expiry date of the agreed interest period at the latest or procure that the Bank be released without delay from its obligations under the relevant Guarantees. In the meantime, the Bank may de- mand security by pledge of an amount in cash and in Euro, namely in the amount the amounts outstanding exceed the Aggregate Facility Amount.

  

- 9 -

  

 

	
(3) 

	
Transfer of the Credit Risk to third parties with disclosure of information

 

	
 

	

The Bank is entitled to transfer the economic risk of this credit facility, in whole or in part, to third parties or to use its claims resulting from this credit facility for refinancing purposes (inter alia by sub-participation, transfer or pledge of the claims including the respective collateral) and to provide the relevant information to the respective third parties. Albeit, the Bank will re- main the Borrower ́s contractual counterparty in accordance with the terms and provisions of this Credit Facility Agreement.

 

	
 

	

The Bank is also entitled to provide the relevant information to persons who have to be in- volved in the execution of the transfer due to technical or legal reasons and who are obli- gated, contractually or by law or by professional obligation to confidentiality, to keep all infor- mation received confidential, e.g. auditors, and to credit rating agencies.

 

	
 

	

Third party within the above meaning can be any member of the European system of central banks, any financial institution, any finance company, any insurance company, any pension fund, any investment company or any special purpose vehicle for securitization purposes.

	
(4) 

	
Choice of Law and Jurisdiction

 

	
 

	

This agreement and all rights or obligations arising hereunder shall in all respects be governed by, and construed in accordance with, the laws of the Federal Republic of Germany.

 

	
 

	
The Borrower hereby submits to the jurisdiction of the competent courts of Stuttgart, Germany, and, at the option of the Bank, of the competent courts of its domicile.

 

	
(5) 

	
Amendments

 

	
 

	

Any amendment to this Credit Facility Agreement is required to be made in writing.

 

	
(6) 

	
Expiration Date/ Effectiveness

	 	
(a)

	
The  offer  of  the  Bank  to  enter  into  this  Credit  Facility  Agreement  expires  on 08.05.2012 (“Expiration Date”).

 

	 	
(b)

	
This Credit Facility Agreement becomes effective upon receipt by the Bank of this Credit Facility Agreement on or prior to the Expiration Date duly signed by all parties.

 

	 	
(c)

	
Upon its effectiveness this Credit Facility Agreement amends the credit agreement of 10.05.2010 including all amendments regarding EUR 15.000.000,- Utilizations under such credit agreement will be accounted as utilization of the Facility.

 

	
(7) 

	
Non-conflict with other obligations

 

	
 

	

The borrower confirms, that the entry into this Credit Facility Agreement and performance by it, and the transactions contemplated by it, do not and will not conflict with (i) any law or regu- lation applicable to it, (ii) its or any of its subsidiaries ́constitutional documents or (iii) any agreement or instrument binding upon it or any of its subsidiaries or any of its subsidiaries ́ assets.

 

	
(8) 

	
Severability Clause

 

	
 

	
Should any provision of this Agreement be unenforceable or invalid, the other provisions he- reof shall remain in full force and effect.

  

- 10 -

  

 

 

	
 

Declaration according to the GwG

	 
	
The Borrower hereby confirms the Bank by ticking the box or initial that with regard to the Credit Facili- ty Agreement he is acting for his own account.

	 
	 
	
x Modine Holding GmbH 

	 
	
x Modine Europe GmbH

	
 

 

 

This Credit Facility Agreement will be cited under the date first above written.

	Deutsche Bank AG	 	 
	Filiale Deutschlandgeschäft	 	 	 
	
 

	
 

	 	 
	Stuttgart, 27 April 2012    	 	/s/ Martin Förster and /s/ Hans Ulrich-Gross	 
	Place, Date	 	 	 
	 	 	 	 
	Modine Holding GmbH	 	 	 
	 	 	 	 
	Filderstadt, 05 May 2012  	 	/s/ Frank Michel and /s/ Torsten Jagdt	 
	Place, Date	 	 	 
	 	 	 	 
	Modine Europe GmbH	 	 	 
	 	 	 	 
	Filderstadt, 05 May 2012	 	/s/ Frank Michel and /s/ Torsten Jagdt	 
	Place, Date	 	 	 

 

  

- 11 -

  

 

Attachment 1

 

Commitment to limit intercompany claims and obligations („Abschottungserklärung“) and to suspend dividend payments in the event of an equity deterioration („Ausschüttungsregelung“)

 

Modine Manufacturing Company (Racine, USA) is sole shareholder with:

 

	 	
o

	
100% of shares by Modine Holding GmbH.

 

	 	

I.

	

We will only enter into agreements with the Borrower or other companies of the Modine Holding GmbH – Group under terms and conditions customary in the market and on arms- lengths basis. We will only act on the basis of and in accordance with such agreements. We will prepare and maintain all documents concerning agreements, deliveries, claims, and settlements / set offs as usual in an accurate ordinary business.

 

	 	
II.

	
In the name of Modine Manufacturing Company and all Associated Companies we will ensure that Modine Holding GmbH will not assume liabilities, surrender securities or war- rant funds or medium- or long term loans to a direct or indirect parent company or any As- sociated company with the exception of the following transactions: (1) current loan of € 9.500.000,-- to Modine UK Dollar Limited, Great Britain; (2) payments regarding royalties up to 2 % p.a. based on the group turnover by Modine Holding GmbH; (3) or any other ful- filment of an agreement or arrangement which was concluded in line with number I.

 

	 	
III.

	
According to the balance sheet report (local GAAP) Modine Holding GmbH as of 31st March 2011 (Konzernabschluss zum 31. März 2011) the equity amounts to T€ 160.354 [thereof capital stock (gezeichnetes Kapital): T€ 2.045; capital surplus (Kapitalrücklage): T€ 16.834; retained earnings (Gewinnvortrag; Jahresüberschuss): T€  145.160; currency value  adjustments  (Ausgleichsposten aus  Währungsumrechnung): T€  -3.685].  In  the event and for the time the equity of Borrower (on Modine Holding GmbH – Group level) falls below € 130.000.000,-- any direct or indirect distribution of retained earnings or prof- its to the parent company shall be suspended.

 

	 	
IV. 

	
We have taken notice of and approved the Credit Facility Agreement of Modine Holding GmbH and Modine Europe GmbH dated27.04.2012 and commit ourselves, not to make resolutions and not to give any instructions to the borrower, which might cause a breach of this agreement.

 

	 	
V.

	
We confirm, that the entry into this Commitment and performance by it, and the transac- tions contemplated by it, do not and will not conflict with (i) any law or regulation applica- ble to it, (ii) our or any of our subsidiaries ́constitutional documents or (iii) any of our agreements or instruments binding upon it or any Modine company of the Modine Holding GmbH – Group or any of the Modine Holding GmbH – Group`s assets.

 

	
 

	

In the event of any conflict between the English text and the text in any other language, the Eng- lish text shall prevail, except that where a German translation of a legal term appears in such text, the German translation shall prevail.

 

  

- 12 -

  

 

	
 

	

This Agreement shall be governed by and construed in accordance with the laws of the FederalRepublic of Germany.

	
 

	

Modine Manufacturing Company hereby irrevocably appoints Modine Holding GmbH, Filderstadt, Germany,as its agent for service of process or other legal summons in connection with any action or proceedings in Germany arising under this Commitment. Modine Manufacturing Company irre- vocably waives any objection which it may now or hereafter have that such proceedings have been brought in an inconvenient forum. The place of jurisdiction for all Parties shall be Stuttgart.

 

 

	Modine Manufacturing Company	 
	 	 
	25 April 2012  	/s/ Michael B. Lucareli

 

 

- 13 -

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