Document:

Waiver & Third Amendment to Note Purchase Agreement (2005)

 Exhibit 10.3 
 Execution Copy 
 WAIVER AND THIRD AMENDMENT TO NOTE PURCHASE AGREEMENT 
 (2005) 
 This Waiver and Third
Amendment dated as of September 15, 2009 (this “Third Amendment”) to the Note Purchase Agreement dated as of September 29, 2005 as amended by the First Amendment thereto dated February 1, 2008 and the Second Amendment
thereto dated as of February 17, 2009 (the “Note Purchase Agreement”) is between Modine Manufacturing Company, a Wisconsin corporation (the “Company”), and each of the institutions which is a signatory to this
Third Amendment (collectively, the “Noteholders”). 
 RECITALS: 
 A. The Company and the Noteholders are parties to the Note Purchase Agreement pursuant to which the Notes (as defined therein) are outstanding.

 B. The Company has advised the Noteholders that an Event of Default has occurred under the Note Purchase Agreement (the “Existing
Modine China Event of Default”) due to a breach of Section 10.15(a)(ii)(x) of the Note Purchase Agreement as a result of the Company committing, on or about March 31, 2009, to increase the equity capital of Modine Thermal Systems
(Changzhou) Co. Ld. (“Modine China”) in the aggregate amount of $1,500,000, which commitment was funded in the amount of approximately $400,000 in April of 2009, and in the amount of approximately $1,100,000 in June of 2009 (such
increases, collectively, the “Modine China Investments”). The proceeds of such increased capital are intended to be used by Modine China primarily to pay an intercompany receivable owing to the Company, subject to the receipt of
required regulatory approvals. 
 C. The Company has further advised the Noteholders that an Event of Default has occurred under the Note
Purchase Agreement (the “Existing Intercreditor Event of Default” and, together with the Existing Modine China Event of Default, the “Existing Events of Default”) as a result of the Company making, on July 8,
2009, an optional principal payment of Advances (as defined in the Intercreditor Agreement, as used herein, the “Advances”) that reduced the aggregate outstanding principal amount of the Advances to $87,000,000, and making a further
optional principal payment of the Advances that reduced the aggregate outstanding principal amount of the Advances to $82,000,000 in violation of Section 4.1(b) of the Intercreditor Agreement which requires that such principal payments be paid
into the Collateral Agent Intercreditor Collateral Account (as defined in the Intercreditor Agreement), to the extent that such principal payments caused the outstanding principal amount of the Advances to be less than $94,000,000. 
 D. The Company has requested that the holders of the Notes waive the Existing Events of Default. The Company has further requested that the Noteholders
agree to certain amendments to the Note Purchase Agreement as set forth below. 

 E. Subject to the terms and conditions set forth herein, the Noteholders are willing to waive the
Existing Events of Default and amend the Note Purchase Agreement in the respects, but only in the respects, set forth in this Third Amendment. 
 F. Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note Purchase Agreement, as amended hereby, unless herein defined or the context shall otherwise require. 
 G. All requirements of law have been fully complied with and all other acts and things necessary to make this Third Amendment a valid, legal and binding
instrument according to its terms for the purposes herein expressed have been done or performed. 
 NOW, THEREFORE, in consideration
of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Noteholders do hereby agree as follows: 
 SECTION 1. AMENDMENTS. 
 Effective as of the Effective Date (as defined in Section 4 hereof), the Company and the
Noteholders agree that the Note Purchase Agreement and the Notes are amended as follows: 
 1.1 The last sentence of Section 9.9(c) is
amended and restated in its entirety as follows: 
 “The Company shall execute and deliver, and cause each Subsidiary Guarantor to
execute and deliver, promptly upon the reasonable request of the Required Holders, such agreements and instruments evidencing any intercompany loans or other advances among the Company and its Subsidiaries, or any of them, and all such intercompany
loans or other advances owing by the Company or any of the Subsidiary Guarantors shall be, and are hereby made, subordinate and junior to the Secured Obligations and no payments may be made on such intercompany loans or other advances upon and
during the continuance of a Default or Event of Default unless otherwise agreed to by the Required Holders.” 
 1.2 The first paragraph
of Section 9.12 is amended by replacing the reference to “4.2(b)” therein with “4.1(b)” and the second paragraph of Section 9.12 is amended and restated in its entirety as follows: 
 “As used herein, “Asset Sale Net Proceeds” means 100% of all of the Net Cash Proceeds from any sale, Event of Loss, license, lease or other
disposition or transfer of any assets (including without limitation any Sale and Leaseback Transaction and any sale permitted under Section 10.5(b), but excluding the Excluded Sales described below) in excess of $25,000,000 in aggregate
amount after the Second Amendment Effective Date, each payable and effective upon receipt of such Net Cash Proceeds. As used herein, “Excluded Sales” means (i) the sale of inventory in the ordinary course of business, (ii) the
sale of obsolete or worn-out property in the ordinary course of business not to exceed $1,000,000 in the aggregate after the Second Amendment Effective Date, (iii) sales of notes receivable or accounts receivable to the extent permitted under
Section 10.23; (iv) revenues 

  

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from licenses in existence on the Second Amendment Effective Date, including all renewals, extensions and modifications thereof and substitutions therefor,
(v) the sale or other transfer of any assets solely among the Company and the Subsidiaries which is permitted by the terms of this Agreement, or (vi) if the Company shall deliver to the holders a certificate of a Responsible Officer to the
effect that the Company or its applicable Subsidiary receiving the Net Cash Proceeds from an Event of Loss intends to apply the Net Cash Proceeds from such event (or a portion thereof specified in such certificate), within 180 days after
receipt of such Net Cash Proceeds, to acquire (or replace or rebuild) real property or equipment to be used in the business of the Company or its Subsidiaries, and certifying that no Default or Event of Default has occurred and is continuing, then
such Net Cash Proceeds specified in such certificate shall be excluded from the determination required under the first sentence of this Section 9.12, provided that to the extent of any such Net Cash Proceeds therefrom that have
not been so applied by the end of such 180 day period, such Net Cash Proceeds will not be so excluded, and will be included in the calculation contained in the first sentence of this Section 9.12.” 
 1.3 Section 10.2 of the Note Purchase Agreement is amended by adding the following to the end thereof: 
 “Notwithstanding anything herein to the contrary, Dutch Holdco shall not incur any Debt (other than owing to the Company and constituting loans
permitted under Section 10.14), conduct any material business other than acting as a holding company or grant any Lien on any of its assets (other than in favor of the Company to secure its permitted Debt to the Company and Liens described in
clauses (a)-(d) and (h) of Section 10.4) at any time. 
 1.4 Section 10.5 of the Note Purchase Agreement is amended and
restated in its entirety as follows: 
 “Section 10.5 Sale of Assets. The Company will not, and will not permit
any Subsidiary to, sell, lease, transfer, abandon or otherwise dispose of assets including, without limitation, pursuant to any Sale and Leaseback Transaction; provided that the foregoing restrictions do not apply to: 
 (a) the sale, lease, transfer or other disposition of assets of a Subsidiary to the Company or a Wholly-owned Subsidiary; or 

(b) the following sale, lease or other dispositions of assets: 
 (i) sales of inventory in the ordinary course of business; 
 (ii) sale or other disposition of Modine Korea, whether by sale of Equity Interests or assets, and other assets owned by Foreign
Subsidiaries related to the Korean-based vehicular HVAC business; 
 (iii) if no Default or Event of Default shall have
occurred and be continuing or would be caused thereby, the sale of the Equity Interests of UK Dollar owned by the Company to Dutch Holdco for a purchase price equal to the 

  

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fair value of UK Dollar, to be determined based on a valuation by Ernst & Young (or another global valuation company of comparable reputation
selected by the Company) or otherwise determined in a manner acceptable to the Required Holders, on cash and deferred payment terms to be determined, provided that: (x) if such sale of UK Dollar is consummated contemporaneously with the sale of
Modine Korea to any Person that is not an Affiliate of the Company, the cash portion of the purchase price of UK Dollar will be not less than the Net Cash Proceeds payable to Dutch Holdco from such sale of Modine Korea; (y) if such sale of
Modine Korea is consummated subsequent to such sale of UK Dollar, Dutch Holdco shall be obligated to prepay the deferred payment portion of the purchase price of UK Dollar in an amount equal to the Net Cash Proceeds payable to Dutch Holdco from such
sale of Modine Korea; and (z) all other terms and conditions of the deferred payment portion of the purchase price of UK Dollar shall be reasonably satisfactory to the Required Holders. For the avoidance of doubt, the Net Cash Proceeds payable
to Dutch Holdco for the sale of Modine Korea will not include any payment of the intercompany loans owed by Modine Korea to the Company and permitted under Section 10.14(c). When computing the Net Cash Proceeds from the sale of Modine Korea
that are to be applied in accordance with Section 9.12 there shall not be subtracted from the gross proceeds of such sale any portion of such proceeds applied to the prepayment of the deferred payment portion of the purchase price of UK Dollar;

 (iv) if no Default or Event of Default shall have occurred and be continuing or would be caused thereby, the sale of
Modine Austria to Modine Holding GmbH, provided that Modine Holding GmbH is a Wholly-Owned Subsidiary at the time of such sale, for a purchase price based on the fair value of Modine Austria to be determined based on a valuation by Ernst &
Young or otherwise determined in a manner acceptable to the Required Holders, provided that such price shall not be less than €11,000,000 (as adjusted based on any changes to the balance sheet of Modine Austria between March 31, 2009 and
closing of the sale), and such purchase price is payable as follows: (x) at least €1,500,000 payable in cash at the closing of the sale, (y) the assignment to the Company by Modine Holding GmbH of an existing loan in the amount of
€3,500,000 owing by UK Dollar to Modine Holding GmbH, which assignment shall be on terms and conditions satisfactory to the Required Holders, and (z) the balance of the purchase price will be paid with a promissory note with a maturity of
not more than three years, interest payable at the rate of one year EURIBOR + 300 bps, payable quarterly and reset annually on each December 1 and otherwise on terms and conditions satisfactory to the Required Holders and without any
restrictions on the payment or prepayment thereof (whether in connection with any agreement governing any Debt of Modine Holding GmbH or any of its Subsidiaries or otherwise); 
 (v) leases, sales or other dispositions of property that, together with all other property of the Company and its Subsidiaries previously
leased, sold or disposed of as permitted by this clause (v) during the twelve-month period ending with the month in which any such lease, sale or other disposition occurs, do not constitute a Substantial 

  

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Portion of the property of the Company and its Subsidiaries, provided that, after giving effect to any such lease, sale or other disposition, no Default or
Event of Default shall have occurred and be continuing; and 
 (vi) any transfer of an interest in accounts or notes
receivable and related assets permitted under Section 10.23; and 
 (vii) any transfer of assets pursuant to an
Investment permitted under Section 10.15. 
 provided that, in the case of any lease, sale or other disposition under clauses (ii), (v),
(vi) or (vii) of this Section 10.5(b), the proceeds of such any such lease, sale or other disposition are applied in accordance with Section 9.12.” 
 1.5 Section 10.6 of the Note Purchase Agreement is amended by replacing the reference therein to “Section 10.5(c)” to “Section
10.5(b)”. 
 1.6 Section 10.7 of the Note Purchase Agreement is amended and restated in its entirety as follows: 
 “Section 10.7. Transactions with Affiliates. The Company will not and will not permit any Subsidiary to enter into directly or
indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company or another
Subsidiary), except (a) in the ordinary course and pursuant to the reasonable requirements of the Company’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than
would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate; (b) transactions between the Company or any Subsidiary, on the one hand, and any Subsidiary or other special purpose entity created to engage
solely in a Qualified Receivables Transaction; (c) transactions between the Company and Dutch Holdco permitted under Section 10.5(b)(iii), 10.14(g) or 10.15(a)(vi) and(vii), and (d) transactions between the Company and Modine Holding
GmbH permitted under Section 10.5(b)(iv), 10.14(h) or 10.15(a)(viii) hereof. 
 1.7 Sections 10.14 and 10.15 of the Note Purchase
Agreement are amended and restated as follows: 
 “Section 10.14. Loans or Advances. Neither the Company nor any
of its Subsidiaries shall make loans or advances to any Person except: 
 (a) [Intentionally Omitted]; 
 (b) deposits required by government agencies or public utilities; 
  

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 (c) existing loans or advances between the Company and its Subsidiaries and between
Subsidiaries described on Schedule 10.14 hereto, but no increase in the amount thereof (except to the extent increased amounts are permitted under another clause of this Section 10.14); provided that: (i) this covenant shall
not restrict the assignment of any such loans or advances by the holder thereof to the Company or a Subsidiary Guarantor, and (ii) in the event of the sale of Modine Korea as permitted by Section 10.5(b)(ii) to a Person that is not an
Affiliate of the Company, the amount of loans owed by Modine Korea to the Company on the date of such sale may continue to be outstanding after such date, to be repaid on such terms as the Company and such Person may agree; 
 (d) loans or advances from any Foreign Subsidiaries to the Company or any Subsidiary Guarantor, provided that such loans and advances are
evidenced by documents satisfactory to the Required Holders and are subordinated to all Secured Obligations on terms and by agreements satisfactory to the Required Holders; 
 (e) loans and advances between the Company and the Subsidiary Guarantors, provided that such loans and advances are evidenced by
documents satisfactory to the Required Holders and are subordinated to all Secured Obligations on terms and by agreements satisfactory to the Required Holders; and 
 (f) loans and advances between Foreign Subsidiaries, provided that such loans and advances are (i) evidenced by documents
satisfactory to the Required Holders and (ii) if such loans and advances are owing by a Foreign Subsidiary that is a borrower under the Credit Agreement or any Foreign Subsidiary guaranteeing the Secured Obligations of such Foreign Subsidiary
that is a borrower under the Credit Agreement, subordinated to all Secured Obligations owing by such Foreign Subsidiary that is a borrower under the Credit Agreement on terms and by agreements satisfactory to the Required Holders; 
 (g) a loan by the Company to Dutch Holdco consisting solely of the deferred payment portion of the sale of UK Dollar to Dutch Holdco
permitted under Section 10.5(b)(iii); 
 (h) a loan by the Company to Modine Holding GmbH consisting solely of the
deferred payment portion of the sale of Modine Austria GmbH to Modine Holding GmbH permitted under Section 10.5(b)(iv), provided that the Company will take or cause its Subsidiaries to take all action to ensure that all obligations under such
loan do and will rank at least pari passu in right of payment with all of the present and future unsubordinated Debt of Modine Holding GmbH, except to the extent: (i) otherwise required under German law, or (ii) such Debt is secured by
Liens permitted under Section 10.4; and 
 (i) other loans and advances made in the ordinary course of business not
exceeding $10,000,000 in the aggregate at any time outstanding; minus (ii) (A) $1,500,000, which is the aggregate amount of the increase in the 

  

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registered capital of Modine Thermal Systems (Changzhou) Co. Ld., a Wholly-Owned Subsidiary of the Company, made in April and June of 2009, less (B) the
amount by which such increase in registered capital of Modine Thermal Systems (Changzhou) Co. Ld is decreased after the date of the Third Amendment to this Agreement and returned to the Company in cash; 
 provided that after giving effect to the making of any loans, advances or deposits permitted by clause (a), (b), (c), (d), (e), (f), (g), (h) or
(i) of this Section 10.14, no Default or Event of Default shall have occurred and be continuing. Notwithstanding anything herein to the contrary, the Company will not, nor will it permit any Subsidiary to, make any loans and
advances to Modine Korea, any member of the Modine Holding Consolidated Group or any Domestic Subsidiary that is not a Subsidiary Guarantor at any time on or after the Second Amendment Effective Date, other than as permitted under clause
(h) above, provided that this Section 10.14 shall not restrict loans and advances between members of the Modine Holding Consolidated Group. 
 Section 10.15. Investments and Acquisitions. 
 (a) The Company will not, nor will it permit any Subsidiary to, make or suffer to exist any Investments (including without limitation,
loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or to create any Subsidiary or to become or remain a partner in any partnership or joint venture, or to make any Acquisition of any Person, except: 

(i) Cash Equivalent Investments. 
 (ii) (x) Existing Investments in Subsidiaries, but no increase in the amount thereof other than an increase in the registered capital of Modine Thermal Systems (Changzhou) Co. Ld. in the amount of $1,500,000 and
(y) other Investments described in Schedule 10.15, but no increase in the amount thereof, in each case under clauses (x) and (y), as reduced from time to time. 
 (iii) Investments comprised of capital contributions (whether in the form of cash, a note, or other assets) to a Subsidiary or other
special-purpose entity created solely to engage in a Qualified Receivables Transaction. 
 (iv) Swap Contracts; provided,
that any transactions under any Swap Contract shall be entered into to hedge a risk exposure in the ordinary course of business of the Company or a Subsidiary and not for speculative purposes. 
 (v) Loans and advances permitted by Section 10.14. 
 (vi) The acquisition of Dutch Holdco and the following Investments in Dutch Holdco: (x) a cash capital contribution or purchase
price of up to €35,000, and (y) the contribution of the beneficial interest in the Equity Interests of Modine Korea (and for the avoidance of doubt, such contribution will not include any transfer of the intercompany loans owed by Modine
Korea to the Company). 
  

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 (vii) The Acquisition by Dutch Holdco of UK Dollar in compliance with the terms of this
Agreement. 
 (viii) The Acquisition by Modine Holding GmbH of Modine Austria in compliance with the terms of this Agreement.

 (b) The Company and its Subsidiaries may make and have outstanding other Investments, provided that (i) no Default or
Event of Default exists at the time such Investment is made or would be caused thereby and (ii) at no time shall the aggregate outstanding amount of all such other Investments existing and permitted under this Section 10.15(b)
exceed $1,000,000. 
 Notwithstanding anything herein to the contrary, the Company will not, nor will it permit any Subsidiary to, make
any Investments (including without limitation, loans and advances to, and other Investments) to Modine Korea, any member of the Modine Holding Consolidated Group or any Domestic Subsidiary that is not a Subsidiary Guarantor at any time on or after
the Second Amendment Effective Date other than the loan to Modine Holding GmbH permitted under Section 10.14(h), provided that this Section 10.15 shall not restrict Investments between members of the Modine Holding
Consolidated Group.” 
 1.8 Section 11(d) of the Note Purchase Agreement is amended by adding the words “or any Transaction
Document” before the words “and such default is not remedied within 30 days.” 
 1.9 Schedule B to the Note Purchase Agreement
is amended by adding, or amending and restating, as applicable, the following definitions: 
 “Dutch Holdco”
means a Dutch holding company organized under the laws of the Netherlands that is acquired by the Company in compliance with the terms of this Agreement and is a Wholly-Owned Subsidiary of the Company and owned directly by the Company. 

“Modine Austria” means Modine Austria Holding GmbH, a company organized under the laws of Austria. 
 “Modine Holding Consolidated Group” means Modine Holding GmbH and its Subsidiaries existing as of the Second Amendment
Effective Date, and Modine Austria when its capital stock is transferred to Modine Holding GmbH as permitted by the terms of this Agreement. 
  

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 “Modine Holding GmbH” means Modine Holding GmbH, a Wholly-Owned
Subsidiary of the Company. 
 “Restricted Payment” means, with respect to any Person, any dividend or other
distribution (whether in cash, securities or other property) with respect to any Equity Interests of such Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests of such Person or any option, warrant or other right to acquire any such Equity Interests of such Person. 
 “UK Dollar” means Modine UK Dollar, Limited, a Wholly-Owned Subsidiary of the Company. 
 1.10 Schedule B to the Note Purchase Agreement is amended by deleting the following definitions: 
 “Stock Purchase Restricted Payment” 
 1.11 New Schedules 10.2-A, 10.14 and 10.15 are added to the Note Purchase Agreement in the form of Schedules 10.2-A, 10.14 and 10.15 attached hereto. 
 SECTION 2. WAIVER. 
 Effective on the Effective Date, the Noteholders waive the Existing Events of
Default. The Company agrees that it shall (i) before the close of business on September 16, 2009 (a) deliver to the Noteholders an executed copy of an agreement between the Collateral Agent and the Company, in form and substance
satisfactory to the Noteholders, pursuant to which the Collateral Agent Intercreditor Collateral Account (as defined in the Intercreditor Agreement) is established, and such agreement shall be in full force and effect and (b) borrow $12,000,000
under the revolving loan facility under the Credit Agreement and deliver the proceeds thereof to the Collateral Agent for deposit into the Collateral Agent Intercreditor Collateral Account and (ii) cause all of the proceeds of the Modine China
Investments to be used by Modine China to pay intercompany receivables owing to the Company promptly after receipt of the required regulatory approvals for making such payments, and cause Modine China to promptly seek all such required regulatory
approvals. The failure of the Company to comply with the provisions of clause (i) or clause (ii) of the preceding sentence shall be an Event of Default under the Note Agreement. The foregoing waiver shall be limited precisely as written
and shall relate solely to the Note Purchase Agreement in the manner and to the extent described herein, and nothing in this Third Amendment shall be deemed to (a) constitute a consent to or waiver of any Defaults or Events of Defaults existing
under the Note Purchase Agreement or any other Transaction Document (other than the Existing Events of Default) nor of compliance by the Company or any Subsidiary with respect to or any modification of any other term, provision or condition of the
Note Purchase Agreement or any other Transaction Document, or (b) prejudice any right or remedy that the any holder may now have (after giving effect to the foregoing waiver) or may have in the future under or in connection with the Note
Purchase Agreement or any other Transaction Document. 
  

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 SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 
 To induce the Noteholders to execute and deliver this Third Amendment (which representations shall survive the execution and delivery of this Third
Amendment), the Company and each Subsidiary Guarantor represents and warrants to the Noteholders that: 
 (a) this Third
Amendment has been duly authorized, executed and delivered by it and this Third Amendment constitutes the legal, valid and binding obligation, contract and agreement of the Company enforceable against it in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally; 
 (b) the Note Purchase Agreement, as amended by this Third Amendment, constitutes the legal, valid and binding obligations, contracts and
agreements of the Company enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’
rights generally; 
 (c) the execution, delivery and performance by the Company of this Third Amendment (i) has been duly
authorized by all requisite corporate action and, if required, shareholder action, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not (A)(1) violate any provision of law,
statute, rule or regulation or its certificate of incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon it, or (3) any provision of any indenture, agreement or
other instrument to which it is a party or by which its properties or assets are or may be bound, including without limitation the Credit Agreement or 2006 Note Purchase Agreement, or (B) result in a breach or constitute (alone or with due
notice or lapse of time or both) a default under, or require any consent or approval under, any indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this Section 3(c); 
 (d) after giving effect to the waiver and amendments to the Note Purchase Agreement contained in this Third Amendment and the borrowing
and actions required under Section 4(c) of this Third Amendment, all the representations and warranties contained in Section 5 of the Note Purchase Agreement and in the other Transaction Documents are true and correct in all material
respects with the same force and effect as if made by the Company and the Subsidiary Guarantors on and as of the date hereof; 
 (e) after giving effect to the waiver and amendments to the Note Purchase Agreement contained in this Third Amendment, no Default or Event of Default shall be in existence; 
 (f) all obligations under the loans from the Company to Modine Holding GmbH will rank at least pari passu in right of payment with all
other present and future unsubordinated Debt of Modine Holding GmbH, except to the extent otherwise 

  

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required under German law or such Debt is secured by Liens permitted under Section 10.4, and such loans and the related documentation and performance
thereunder will not violate (a) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on Modine Holding GmbH or any of its Subsidiaries, (b) Modine Holding GmbH’s or any Subsidiary’s organizational
documents, or (c) the provisions of any indenture, instrument or agreement to which Modine Holding GmbH or any of its Subsidiaries is a party or is subject, or by which it, or its property, is bound, or conflict with or constitute a default
thereunder, or result in, or require, the creation or imposition of any Lien in, of or on the property of Modine Holding GmbH or any of its Subsidiaries pursuant to the terms of any such indenture, instrument or agreement; and 
 (g) neither the Company nor any of its Subsidiaries has paid or agreed to pay, and neither the Company nor any of its Subsidiaries will
pay or agree to pay, any fees or other consideration for the amendments described in Section 4(b) below, other than out-of-pocket costs and expenses as set forth in such amendments. 
 SECTION 4. CONDITIONS TO EFFECTIVENESS. 
 This Third Amendment shall not become effective until, and
shall become effective on the date (the “Effective Date”) when, each and every one of the following conditions shall have been satisfied: 
 (a) Executed counterparts of this Third Amendment, duly executed by the Company, the Subsidiary Guarantors and the holders, shall have been delivered to the Noteholders; 
 (b) the Noteholders shall have received evidence satisfactory to them that a waiver and amendment to the Credit Agreement and the 2006
Note Purchase Agreement, each in form and substance satisfactory to the Noteholders, shall have been duly executed and delivered by the Company and the required other parties and shall be in full force and effect; 
 (c) the representations and warranties of the Company set forth in Section 3 hereof shall be true and correct on the date of the
effectiveness of this Third Amendment; 
 (d) all corporate and other proceedings taken or to be taken in connection with the
transactions contemplated hereby and all documents incident thereto shall be satisfactory in substance and form to the Noteholders, and the Noteholders shall have received all such counterpart originals or certified or other copies of such documents
as it may reasonably request. 
 SECTION 5. EXPENSES. 
 The Company hereby confirms its obligations under the Note Purchase Agreement, whether or not the transactions hereby contemplated are consummated, to pay, promptly after request by any Noteholder, all reasonable
out-of-pocket costs and expenses, including attorneys’ fees and expenses, incurred by any Noteholder in connection with this Third Amendment or the transactions 

  

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contemplated hereby, in enforcing any rights under this Third Amendment, or in responding to any subpoena or other legal process or informal investigative
demand issued in connection with this Third Amendment or the transactions contemplated hereby. The obligations of the Company under this Section 5 shall survive transfer by any Noteholder of any Note and payment of any Note. 
 SECTION 6. DIRECTION TO COLLATERAL AGENT. 
 Effective
on the Effective Date concurrently with the effectiveness of a corresponding direction by the Required 2006 Noteholders and the Required 2008 Lenders (each as defined the Intercreditor Agreement), the Noteholders hereby direct the Collateral Agent
to execute and deliver on their behalf any agreements, documents or instruments as shall be necessary or appropriate to effect any releases of, any Lien on the Equity Interests of UK Dollar in connection with the sale thereof under
Section 10.5(b)(iii) or on the Equity Interests of Modine Austria connection with the sale thereof under Section 10.5(b)(iv). 
 SECTION 7.
REAFFIRMATION. 
 Each Subsidiary Guarantor hereby consents to the terms and conditions of this Third Amendment, including without
limitation all covenants, representations and warranties, releases, indemnifications, and all other terms and provisions hereof, and the consummation of the transactions contemplated hereby, and acknowledges that its Guaranty under the Subsidiary
Guaranty Agreement remains in full force and effect and is hereby ratified and confirmed in all respects. 
 SECTION 8. MISCELLANEOUS. 
 8.1 This Third Amendment shall be construed in connection with and as part of the Note Purchase Agreement, and except as modified and expressly amended by
this Third Amendment, all terms, conditions and covenants contained in the Note Purchase Agreement and the Notes are hereby ratified and shall be and remain in full force and effect. The Company and the Subsidiary Guarantors acknowledge and agree
that no holder is under any duty or obligation of any kind or nature whatsoever to grant the Company any additional amendments or waivers of any type, whether or not under similar circumstances, and no course of dealing or course of performance
shall be deemed to have occurred as a result of the amendments herein. 
 8.2 Any and all notices, requests, certificates and other
instruments executed and delivered after the execution and delivery of this Third Amendment may refer to the Note Purchase Agreement without making specific reference to this Third Amendment but nevertheless all such references shall include this
Third Amendment unless the context otherwise requires. 
 8.3 The Company and each Subsidiary Guarantor represents and warrants that it is
not aware of any claims or causes of action against any Noteholder or any of their respective affiliates, successors or assigns, and that it has no defenses, offsets or counterclaims with respect to the Note Purchase Agreement, the Notes or any of
the other Transaction Documents. Notwithstanding this representation and as further consideration for the agreements and understandings herein, the Company, on behalf of itself and its Subsidiaries, employees, agents, executors, heirs, successors
and assigns (the “Releasing Parties”), hereby releases each Noteholder 

  

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and their respective predecessors, officers, directors, employees, agents, attorneys, affiliates, subsidiaries, successors and assigns (the “Released
Parties”), from any liability, claim, right or cause of action which now exists or hereafter arises as a result of acts, omissions or events occurring on or prior to the date hereof, whether known or unknown, including but not limited to claims
arising from or in any way related to this Third Amendment, the Note Purchase Agreement and the other Transaction Documents, all transactions relating to this Third Amendment, the Note Purchase Agreement or any of the other Transaction Documents or
the business relationship among, or any other transactions or dealings among the Releasing Parties or any of them and the Released Parties or any of them. 
 8.4 The Company acknowledges and agrees that each Noteholder has fully performed all of its obligations under the Note Purchase Agreement and the other Transaction Documents, and that all actions taken by such
Noteholder are reasonable and appropriate under the circumstances and within their rights under the Note Purchase Agreement and the other Transaction Documents. The actions of each Noteholder taken pursuant to this Third Amendment and the documents
referred to herein are in furtherance of their efforts as secured lenders seeking to collect the obligations owed to them. Nothing contained in this Third Amendment shall be deemed to create a partnership, joint venture or agency relationship of any
nature between the Company, its Subsidiaries, and the Noteholders. The Company, its Subsidiaries, and the Noteholders agree that notwithstanding the provisions of this Third Amendment, each of the Company and its Subsidiaries remain in control of
their respective business operations and determine the business plans (including employment, management and operating directions) for its business. 
 8.5 The descriptive headings of the various Sections or parts of this Third Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof. 
 8.6 This Third Amendment shall be governed by and construed in accordance with New York law. 
 8.7 The execution hereof by you shall constitute a contract between us for the uses and purposes hereinabove set forth, and this Third Amendment may be
executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement. 
 *  *  *  *  * 
  

 - 13 - 

			
	MODINE MANUFACTURING COMPANY
		
	By:	 	 /s/ Bradley C. Richardson

	Name:	 	Bradley C. Richardson
	Title:	 	Executive Vice President – Corporate Strategy and Chief Financial Officer
	
	MODINE, INC.
		
	By:	 	 /s/ William K. Langan

	Name:	 	William K. Langan
	Title:	 	President
	
	MODINE ECD, INC.
		
	By:	 	 /s/ Bradley C. Richardson

	Name:	 	Bradley C. Richardson
	Title:	 	Vice President & Assistant Treasurer

 ACCEPTED AND AGREED TO: 
  

			
	 AMERICAN FAMILY LIFE INSURANCE COMPANY

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 15 

			
	 MODERN WOODMEN OF AMERICA

		
	By:	 	 /s/ Douglas A. Pannier

	Name:	 	Douglas A. Pannier
	Title:	 	Supervisor - Private Placements

  

 16 

			
	 THE PRUDENTIAL LIFE INSURANCE COMPANY LTD.

		
	By:	 	Prudential Investment Management (Japan), Inc., as Investment Manager
		
	By:	 	 Prudential Investment Management, Inc.,
 as
Sub-Adviser

		
	By:	 	 /s/ illegible

	Title:	 	Vice President
	
	 PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY

		
	By:	 	 Prudential Investment Management, Inc.,
 as investment
manager

		
	By:	 	 /s/ illegible

	Title:	 	Vice President

  

 17 

			
	 MTL INSURANCE COMPANY

		
	By:	 	 Prudential Private Placement Investors, L.P.
 (as
Investment Advisor)

		
	By:	 	 Prudential Private Placement Investors, Inc.
 (as its
General Partner)

		
	By:	 	 /s/ illegible

	Title:	 	Vice President
	
	 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

		
	By:	 	 /s/ illegible

	Title:	 	Vice President

  

 18 

			
	 STANDARD INSURANCE COMPANY

		
	By:	 	 /s/ Floyd Chadee

	Name:	 	Floyd Chadee
	Title:	 	Sr. Vice President & Chief Financial Officer

  

 19 

			
	 STATE FARM LIFE AND ACCIDENT ASSURANCE COMPANY

		
	By:	 	 /s/ Julie Hoyer

	Name:	 	Julie Hoyer
	Title:	 	Senior Investment Officer
		
	By:	 	 /s/ John Malito

	Name:	 	John Malito
	Title:	 	Investment Officer
	
	 STATE FARM LIFE INSURANCE COMPANY

		
	By:	 	 /s/ Julie Hoyer

	Name:	 	Julie Hoyer
	Title:	 	Senior Investment Officer
		
	By:	 	 /s/ John Malito

	Name:	 	John Malito
	Title:	 	Investment Officer

  

 20 

			
	 STATE OF WISCONSIN INVESTMENT BOARD

		
	By:	 	 /s/ Christopher P. Prestigiacomo

	Name:	 	Christopher P. Prestigiacomo
	Title:	 	Portfolio Manager

  

 21 

			
	 WOODMEN OF THE WORLD LIFE INSURANCE SOCIETY

		
	By:	 	 /s/ James J. Stolze

	Name:	 	James J. Stolze
	Title:	 	Assistant Vice President

  

 223rd Amendment to Amended & Restated Credit Agreement

 Exhibit 10.4 
 Execution Copy 
 THIRD AMENDMENT TO CREDIT AGREEMENT 
 THIS THIRD AMENDMENT TO CREDIT AGREEMENT, dated as of September 18, 2009 (this “Amendment”), is among Modine Manufacturing Company, a
Wisconsin corporation, any Foreign Subsidiary Borrowers, the Lenders party hereto and JPMorgan Chase Bank, N.A., a national banking association, as Swing Line Lender, as LC Issuer and as Agent. 
 R E C I T A L 
 The Borrower, the
Lenders party thereto and the Agent are parties to an Amended and Restated Credit Agreement dated as of July 18, 2008 (as amended or modified from time to time, the “Credit Agreement”). The Borrower desires to amend the Credit
Agreement and the Agent and the Lenders are willing to do so in accordance with the terms hereof. 
 T E R M S 
 In consideration of the premises and of the mutual agreements herein contained, the parties agree as follows: 
 ARTICLE 1. 
 AMENDMENTS 
 The Credit Agreement shall be amended as follows: 
 1.1 The following definitions are added to Article I of the Credit Agreement in appropriate alphabetical order: 
 “Additional
Restructuring Charges” means certain cash charges of the Borrower and its Subsidiaries related to plant closures under consideration by the Borrower as of September 15, 2009 as described to the Lenders subject to the following limitations:

 (a) such charges specifically relate to the following categories of expense incurred in connection with any such
restructuring: severance and related benefits; contractual salary continuation with respect to terminated employees; retained restructuring consulting; equipment transfer; employee outplacement; environmental services; and employee insurance and
benefits continuation. 
 (b) the aggregate amount of all Additional Restructuring Charges shall not exceed $20,000,000.

 “Additional Sale Leaseback Transactions” means all Sale and Leaseback Transactions occurring after September 18, 2009.

 “Make-Whole Amount” means the Make-Whole Amount as defined in, and payable under, the 2005 Note Purchase Documents and the 2006
Note Purchase Documents. 
 “Third Amendment” means the Third Amendment to this Agreement dated as of September 18, 2009.

  

 -1- 

 “2008 Credit Agreement Superpriority Amount” is defined in the Intercreditor Agreement.

 “2008 Credit Agreement Base Amount” is defined in the Intercreditor Agreement. 
 “2009 Equity Offering” means the equity offering as described by the Borrower to the Lenders prior to September 18, 2009 and proposed to
be closed on or before September 30, 2009. 
 1.2 The following definitions in Article I of the Credit Agreement are restated as
follows: 
 “Consolidated Interest Expense” means, as to any Person and with reference to any period, the interest expense of such
Person and its Subsidiaries calculated on a consolidated basis for such period including, without limitation, such interest expense as may be attributable to Capitalized Leases, Receivables Transaction Financing Costs, the discount or implied
interest component of Off-Balance Sheet Liabilities, all commissions, discounts and other fees and charges owed with respect to Letters of Credit and Net Mark-to-Market Exposure, but excluding any Make-Whole Amounts. 
 “Consolidated Net Income” means, as to any Person and with reference to any period, the net income (or loss) of such Person and its
Subsidiaries calculated on a consolidated basis for such period, (a) excluding (i) any non-cash charges or gains which are unusual, non-recurring or extraordinary, (ii) any non-cash charges or gains related to exchange gains or losses
on intercompany loans or to the Brazil Holdback, (iii) for purposes of Section 6.18 only, Restructuring Charges subject to the limits set forth in the definition of Restructuring Charges and Additional Restructuring Charges subject to the
limits set forth in the definition of Additional Restructuring Charges, (iv) Make-Whole Amounts, and (v) fees and expenses incurred by or for the account of the Borrower with respect to any Financial Advisor engaged pursuant to Sections
9.6(d) and (e) hereof or Sections 15.2 and 15.3 of the Note Purchase Agreements as in effect on the First Amendment Effective Date; and (b) including, to the extent not otherwise included in the determination of Consolidated Net Income,
all cash dividends and cash distributions received by the Borrower or any Subsidiary from any Person in which the Borrower or such Subsidiary has made an investment; provided, however, that for any calculation of Consolidated Net
Income for any period commencing on or after April 1, 2009, Modine Korea shall not be included as a Subsidiary of the Borrower. 
 “Off-Balance Sheet Liability” of a Person means (i) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (ii) any liability under any Sale and Leaseback
Transaction that is not a Capitalized Lease or so-called “synthetic lease” transaction, but excluding from this clause (ii) all such Sale and Leaseback Transactions existing as of the Effective Date where the liability is less than
$10,000,000 in the aggregate and such Sale and Leaseback Transactions entered into after the Effective Date where the liability is less than $30,000,000 in the aggregate (in each case as determined by aggregating the present value, applying an
appropriate discount rate from the date on which each fixed lease payment is due under such lease to such date of determination), (iii) any liability under any so-called “synthetic lease” transaction entered into by such Person, or
(iv) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheets of such Person, but excluding from this
clause (iv) Operating Leases. 
  

 -2- 

 1.3 Section 2.3(b) of the Credit Agreement is restated as follows: 
 (b) In addition to all other payments of the Obligations or relating to the Obligations required hereunder and unless waived by the Required Lenders, the
Borrower shall pay or cause to be paid (i) 100% of the Asset Sale Net Proceeds as a prepayment of the principal amount of the 2008 Credit Agreement Superpriority Amount and (ii) if any Asset Sale Net Proceeds remain thereafter, shall pay
38.524590163% of such remaining Asset Sale Net Proceeds as a prepayment of the principal amount of the remaining Advances, with the other 61.475409836% of such remaining Asset Sale Net Proceeds being used as a prepayment of the 2005 Senior Note Debt
and the 2006 Senior Note Debt, subject to the Intercreditor Agreement. 
 As used herein, “Asset Sale Net Proceeds” means 100% of all of the Net
Cash Proceeds from any sale, Event of Loss, license, lease or other disposition or transfer of any assets (including without limitation any Sale and Leaseback Transaction and any sale permitted under Section 6.17(b) or (c), but excluding the
Excluded Sales described below) in excess of $25,000,000 in aggregate amount after the First Amendment Effective Date (the “Retained Proceeds Amount”), provided that no more than $10,000,000 of the Net Cash Proceeds from the Additional
Sale Leaseback Transactions may count toward the Retained Proceeds Amount and be excluded from the 100% mandatory prepayment required under this Section 2.3(b), each payable and effective upon receipt of such Net Cash Proceeds. As used herein,
“Excluded Sales” means (i) the sale of inventory in the ordinary course of business, (ii) the sale of obsolete or worn-out property in the ordinary course of business not to exceed $1,000,000 in the aggregate after the First
Amendment Effective Date, (iii) sales of notes receivable or accounts receivable to the extent permitted under Section 6.17; (iv) revenues from licenses in existence on the First Amendment Effective Date, including all renewals,
extensions and modifications thereof and substitutions therefor, (v) the sale or other transfer of any assets solely among the Borrower and the Subsidiaries which is permitted by the terms of this Agreement, and (vi) if the Borrower shall
deliver to the Agent a certificate of a Authorized Officer to the effect that the Borrower or its applicable Subsidiary receiving the Net Cash Proceeds from an Event of Loss intends to apply the Net Proceeds from such event (or a portion thereof
specified in such certificate), within 180 days after receipt of such Net Proceeds, to acquire (or replace or rebuild) real property or equipment to be used in the business of the Borrower or its Subsidiaries, and certifying that no Default has
occurred and is continuing, then such Net Cash Proceeds specified in such certificate shall be excluded from the prepayment determination required under the first sentence of this Section 2.3(b), provided that to the extent of any such Net Cash
Proceeds therefrom that have not been so applied by the end of such 180 day period, such Net Cash Proceeds will not be so excluded, and will be included in the calculation contained in the first sentence of this Section 2.3(b) in determining
whether a prepayment shall then be required. 
 Notwithstanding anything herein to the contrary, the Aggregate Commitment will be automatically reduced by
(x) 100% of the Asset Sale Net Proceeds as a prepayment (and including amounts deposited in the Facility LC Collateral Account as provided in Section 2.3(h)) of the principal amount of the 2008 Credit Agreement Superpriority Amount and
(y) if any Asset Sale Net Proceeds remain thereafter, an additional amount equal to 38.524590163% of such remaining Asset Sale Net Proceeds. 
  

 -3- 

 1.4 Each reference in Sections 2.3(c) and (d) of the Credit Agreement to “$94,000,000”
shall be replaced with “the 2008 Credit Agreement Base Amount”. 
 1.5 Section 2.3(e) of the Credit Agreement is restated as
follows: 
 (e) In addition to all other payments of the Obligations or relating to the Obligations required hereunder and unless waived by
the Required Lenders, the Borrower shall pay (i) 100% of the Equity Issuance Net Proceeds as a prepayment of the principal amount of the 2008 Credit Agreement Superpriority Amount and (ii) if any Equity Issuance Net Proceeds remain
thereafter, shall pay 38.524590163% of such remaining Equity Issuance Net Proceeds as a prepayment of the principal amount of the remaining Advances, with the other 61.475409836% of such remaining Equity Issuance Net Proceeds being used as a
prepayment of the 2005 Senior Note Debt and the 2006 Senior Note Debt, subject to the Intercreditor Agreement. 
 As used herein, “Equity Issuance Net
Proceeds” means 50% of all of the Net Cash Proceeds from the issuance of any Capital Stock by the Borrower. 
 Notwithstanding anything herein to the
contrary, the Aggregate Commitment will automatically be reduced by (x) 100% of the Equity Issuance Net Proceeds as a prepayment (and including amounts deposited in the Facility LC Collateral Account as provided in Section 2.3(h)) of the
principal amount of the 2008 Credit Agreement Superpriority Amount and (y) if any Equity Issuance Net Proceeds remain thereafter, an additional amount equal to 38.524590163% of such remaining Equity Issuance Net Proceeds. 
 1.6 The last paragraph of Section 2.3 of the Credit Agreement beginning with the words “If any prepayment” is restated as follows:

 (h) If any prepayment required under this Section 2.3 would exceed the aggregate Loans at such time and any LC Obligations are
outstanding, then the amount of such excess shall be deposited in the Facility LC Collateral Account and held as collateral to be applied to any of the Obligations as determined by the Agent, provided that the Agent shall promptly apply such amounts
to any Loans that thereafter become outstanding to the extent it is not legally or contractually prohibited from doing so. 
 1.7
Section 6.18(d) is restated as follows: 
 (d) Capital Expenditures. The Borrower will not permit or suffer Consolidated Capital
Expenditures in excess of: 
 (i) for the fiscal quarter ending March 31, 2009, $30,000,000, 
 (ii) for the fiscal year ending March 31, 2010, $70,000,000, 
 (iii) for the fiscal year ending March 31, 2011, the sum of $70,000,000 plus the lesser of (x) the amount by which Consolidated Capital Expenditures were less than $70,000,000 for the fiscal year ending
March 31, 2010 or (y) $5,000,000, or 
  

 -4- 

 (iv) for any fiscal year ending thereafter, $70,000,000; 
 in each case in addition to any replacement or rebuilding of any real property or equipment from the Net Cash Proceeds from any Event of Loss of real property or
equipment as provided in Section 2.3(b). 
 1.8 The Lenders agree that the $12,000,000 currently on deposit in the Collateral Agent
Intercreditor Collateral Account (as defined in the Intercreditor Agreement) may be released to the Borrower on the date the Third Amendment is effective under Section 3.2 of this Amendment, and authorize the Collateral Agent to release such
amount from the Collateral Agent Intercreditor Collateral Account. The Lenders authorize the Collateral Agent to execute the amendment to the Intercreditor Agreement attached hereto as part of Schedule 2.3. 
 ARTICLE 2. 
 REPRESENTATIONS 
 The Borrower represents and warrants to the Agent and the Lenders that: 
 2.1 The execution, delivery and performance of this Amendment are within its powers, have been duly authorized by the Borrower and are not in contravention of any requirement of law. This Amendment is the legal, valid
and binding obligations of the Borrower, enforceable against it in accordance with the terms thereof, except to the extent the enforcement thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally. 
 2.2 After giving effect to the amendments herein contained, the amendments to Note Purchase Documents being delivered
pursuant to Section 3.1(b) hereof and the amendment to the Intercreditor Agreement being delivered pursuant to Section 3.1(b) hereof, the representations and warranties contained in the Credit Agreement and the representations and
warranties contained in the other Loan Documents are true on and as of the date hereof with the same force and effect as if made on and as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an
earlier date, in which case such representation or warranty shall have been true and correct on and as of such earlier date, and no Default or Unmatured Default exists or has occurred and is continuing on the date hereof. 
 2.3 Complete and correct copies of the amendment to the 2005 Note Purchase Agreement, the amendment to the 2006 Note Purchase Documents, the amendment to
the Intercreditor Agreement, and all agreements and documents executed in connection therewith have been delivered to the Lenders and are attached hereto as Schedule 2.3, and such amendments and other agreements and documents are being executed
simultaneously herewith. 
 ARTICLE 3. 
 CONDITIONS PRECEDENT 
 3.1 This Amendment shall be deemed closed (but not effective until the conditions in Section 3.2 are
satisfied) as of the date hereof when each of the following has been satisfied: 
 (a) This Amendment shall be signed by the Borrower, the
Agent and the Required Lenders. 
  

 -5- 

 (b) The Lenders shall have received an amendment to the 2005 Note Purchase Documents, an amendment to the
2006 Note Purchase Note Documents, an Amendment to the Intercreditor Agreement and all agreements and documents executed in connection therewith, and all such amendments and other agreements and documents shall be executed simultaneously herewith,
shall be satisfactory to the Agent and shall automatically become effective simultaneously with this Amendment when the conditions specified in Section 3.2 hereof are satisfied. 
 (c) The Consent and Agreement to this Amendment shall be signed by all parties thereto. 
 (d) The Borrower shall have paid a non-refundable amendment fee of $10,000 to each Lender signing this Amendment on or before the date hereof.

 (e) The Borrowers and the Guarantors shall have executed and delivered such other agreements and instruments, and satisfied such other
conditions in connection with this Amendment as required by the Agent. 
 3.2 If the conditions in Section 3.1 are satisfied, this
Amendment shall become effective automatically as of the date (i) the 2009 Equity Offering shall have closed and the gross proceeds thereof shall be greater than 90% of the lower end of the range of such gross proceeds described to the Lenders
as of September 15, 2009 and (ii) the Borrower shall have received the Net Cash Proceeds from the 2009 Equity Offering in immediately available funds; provided that such events occur on or before September 30, 2009. If such events do
not occur on or before September 30, 2009 then this Amendment shall be null and void, provided that the fees paid under Section 3.1(d) shall be non-refundable. The Borrower acknowledges that it shall use 50% of such Net Cash Proceeds from
the 2009 Equity Offering as mandatory prepayments as required by the Credit Agreement and Intercreditor Agreement. 
 ARTICLE 4. 

MISCELLANEOUS. 
 4.1 References in
the Loan Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as amended hereby and as further amended from time to time. This Agreement is a Loan Document. Terms used but not defined herein shall have the
respective meanings ascribed thereto in the Credit Agreement. This Agreement is a Loan Document. 
 4.2 Except as expressly amended hereby,
each of the Borrower and each Guarantor agrees that the Loan Documents are ratified and confirmed and shall remain in full force and effect and that it has no set off, counterclaim, defense or other claim or dispute with respect to any of the
foregoing. 
 4.3 Each of the Borrower and each Guarantor represents and warrants that it is not aware of any claims or causes of action
against the Agent, any Lender or any of their respective affiliates, successors or assigns, and that it has no defenses, offsets or 

  

 -6- 

 
counterclaims with respect to the Obligations. Notwithstanding this representation and as further consideration for the agreements and understandings herein,
the Borrower and each Guarantor, on behalf of itself and its Subsidiaries, employees, agents, executors, heirs, successors and assigns (the “Releasing Parties”), hereby releases the Agent, each Lender and their respective predecessors,
officers, directors, employees, agents, attorneys, affiliates, subsidiaries, successors and assigns (the “Released Parties”), from any liability, claim, right or cause of action which now exists or hereafter arises as a result of acts,
omissions or events occurring on or prior to the date hereof, whether known or unknown, including but not limited to claims arising from or in any way related to this Agreement, the other Loan Documents, all transactions relating to this Agreement
or any of the other Loan Documents or the business relationship among, or any other transactions or dealings among the Releasing Parties or any of them and the Released Parties or any of them. 
 4.4 Each of the Borrower and each Guarantor acknowledges and agrees that each of the Agent and the Lenders has fully performed all of its obligations
under all Loan Documents, and that all actions taken by the Agent and the Lenders are reasonable and appropriate under the circumstances and within their rights under the Loan Documents. The actions of each of the Agent and the Lenders taken
pursuant to this Agreement and the documents referred to herein are in furtherance of their efforts as secured lenders seeking to collect the obligations owed to them. Nothing contained in this Agreement shall be deemed to create a partnership,
joint venture or agency relationship of any nature between the Borrower, its Subsidiaries, the Agent and the Lenders. The Borrowers, its Subsidiaries, the Agent and the Lenders agree that notwithstanding the provisions of this Agreement, each of the
Borrowers and its Subsidiaries remain in control of their respective business operations and determine the business plans (including employment, management and operating directions) for its business. 
 4.5 This Agreement may be signed upon any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same
instrument and signatures sent by facsimile or electronic mail message shall be enforceable as originals. 
  

 -7- 

 IN WITNESS WHEREOF, the parties signing this Amendment have caused this Amendment to be executed,
delivered and effective as of the date first above written . 
  

			
	MODINE MANUFACTURING COMPANY
		
	By:	 	 /s/ Bradley C. Richardson

	Title:	 	Executive Vice President – Corporate Strategy & Chief Financial Officer

  

 -8- 

			
	JPMORGAN CHASE BANK, N.A., as the Agent, as the Swing Line Lender, as the LC Issuer and as a Lender
		
	By:	 	 /s/ Krys Szvenski

	Title:	 	Vice President

  

 -9- 

			
	BANK OF AMERICA, N.A., as a Documentation Agent and as a Lender
		
	By:	 	  

	Title:	 	  

  

 -10- 

			
	M&I MARSHALL & ILSLEY BANK, as a Documentation Agent and as a Lender
		
	By:	 	 /s/ Gina A. Peter

	Title:	 	Senior Vice President
		
	By:	 	 /s/ illegible

	Title:	 	  

  

 -11- 

			
	WELLS FARGO BANK, N.A., as a Documentation Agent and as a Lender
		
	By:	 	  

	Title:	 	  

  

 -12- 

			
	COMMERZBANK AG, as a Lender
		
	By:	 	 /s/ Franz Brugger

	Title:	 	Director
		
	By:	 	 /s/ Ralf Mulik

	Title:	 	Director

  

 -13- 

			
	U.S. BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Caroline V. Krider

	Title:	 	Vice President & Senior Lender

  

 -14- 

			
	COMERICA BANK, as a Lender
		
	By:	 	 /s/ Mark J. Leveille

	Title:	 	Vice President

  

 -15- 

 CONSENT AND AGREEMENT 
 As of the date and year first above written, each of the undersigned hereby fully consents to the terms and provisions of the above Amendment and the
consummation of the transactions contemplated thereby, and acknowledges and agrees to all terms and provisions of the above Amendment applicable to it, including without limitation all covenants, representations and warranties, releases,
indemnifications, and all other terms and provisions. 
  

			
	MODINE, INC.
		
	By:	 	 /s/ William K. Langan

	Its:	 	President
	
	MODINE ECD, INC.
		
	By:	 	 /s/ Bradley C. Richardson

	Its:	 	Vice President and Ass’t. Treasurer

  

 -16-

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