Document:

exv4w20

 

	 	 	 
	CIBC World Markets

	 	CIBC WORLD MARKETS PLC

Cottons Centre

Cottons Lane

London, England SE1 2QL

Tel:   44 (0)20 7234 4127

Fax:   44 (0)20 7407 4127

7th November 2002   

Dear Sirs

Facilities Agreement dated 18 April 2000 as amended and restated on 20 June
2000 and made between Trench Electric Holding B.V. (as Parent) (1), the
Companies listed in Schedule II thereto (as Original Borrowers) (2), the
Companies listed in Schedule III thereto (as Guarantors and Charging Companies)
(3), CIBC World Markets Plc, Barclays Bank PLC, Credit Lyonnais and NM
Rothschild & Sons Limited (as Banks) (4), CIBC World Markets Plc (as Arranger)
(5), CIBC World Markets Plc (as Issuing Bank) (6), CIBC World Markets Plc (as
Agent) (7), Canadian Imperial Bank of Commerce (as Canadian Lender) (8) and
CIBC World Markets Plc (as Security Agent) (9), as further amended from time to
time, including without limitation by a side letter dated 29 November 2000, a
side letter dated 12 January 2001, a side letter dated 12 july 2001, a side
letter dated 7 March 2002, a side letter dated 9 September 2002 and a side
letter dated on or about the date hereof (the “Facilities Agreement”)

We refer to the above Facilities Agreement and to the Trench Group Bank
presentation dated 30 May 2002 (the “Presentation”).

Unless a contrary intention appears, terms and expressions defined in the
Facilities Agreement shall have the same meanings when used in this letter and
references to clauses and schedules in this letter are references to clauses
and schedules of the Facilities Agreement.

We are writing this letter to you in your capacity as Parent (including as
agent for all of the Obligors) in our capacity as Agent.

	1.	 	Amendments
	 
	 	 	Subject to paragraph 3 (Conditions), the Facilities Agreement shall be
amended with effect from the date of this letter as follows:

	 	(a)	 	Clause 1.1 (Definitions) shall be amended by the insertion of
the following definitions, in alphabetical order:

 

 

- 2 -

	 	 	 	““Presentation 1” the presentation by the Group to the Banks dated
22 November 2000;”
	 
	 	 	 	““Presentation 2” the presentation by the Group to the Banks dated
30 April 2001;”
	 
	 	 	 	““Shanghai Factory Disposal Proceeds” the proceeds from the disposal
by the Shanghai Joint Venture of its plant and land at 427 Juman
Road, Shanghai, 200023, China;”
	 
	 	(b)	 	Clause 15.9(a) (Capital Expenditure) shall be amended by the
deletion of the third and fourth paragraphs and the insertion in
their place of the following;

	 	 	 	“Provided that, in relation to the Capital Expenditure limits
attributable to Shanghai-Base in column (2) of the table
appearing in Schedule VIII (Capital Expenditure Projections)
only:

	 	(a)	 	the limits specified in such column for
the periods ending 31/12/2004, 31/12/2005 and 31/12/2006
shall be reduced in that order by the amount (up to a
maximum of US$1,190,000) by which the Shanghai Factory
Disposal Proceeds exceed US$2,000,000; and
	 
	 	(b)	 	100% of such limits (as may be adjusted
pursuant to paragraph (a) above) for the periods ending
31/12/2003, 31/12/2004, 31/12/2005 and 31/12/2006 and not
utilised in such periods may be carried forward for one
period only and added to the Capital Expenditure limit for
the next such period in column (2) of such table. Any
amount so carried forward shall be treated as utilised
first by the Group in that period.

	 	 	 	For the purposes of this clause 15.9(a) (Capital Expenditure)
and Schedule VIII (Capital Expenditure) “Shanghai-Base” and
“Shanghai-Expansion” shall constitute that Capital Expenditure
as outlined in such terms in Presentation 2 and, in the case of
“Shanghai-Base” only shall also include the Capital Expenditure
contemplated in the presentation by the Group to the Banks
dated 30 May 2002”

	 	(c)	 	Clause 17.1(h) (Financial Covenants) shall be amended by the
deletion of the words “(parts 1 &2)” at the end of that paragraph;
	 
	 	(d)	 	Clause 17.2(b) (Testing of Covenants) shall be amended by the
deletion of the words “and (c)” in the last sentence of the first
paragraph to that clause and the insertion in their place of the
words “, (c), (e), (f), (g) and (h)”;
	 
	 	(e)	 	Clause 17.3 (Definitions):

	 	(i)	 	The following definition of “Coil Technology
Licence Proceeds” shall be inserted after the definition of
“Adjusted Consolidated Net Worth”:
	 
	 	 	 	““Coil Technology Licence Proceeds” all gross amounts received
under a Line Trap Technology Head-Licence Agreement, a Shunt
Reactor Technology Head-Licence Agreement and a Series Reactor
Technology Head-Licence Agreement, each dated 16 April 2002 and
made between, amongst others, Trench Limited (as Licensor) and
Shanghai Instrument Transformer Works Co Ltd (as Licensee);” ;
	 
	 	(ii)	 	The following amendments shall be made to the
definition of “Consolidated Cash Flow”:

	 	(1)	 	the word “of” at the end of the first
line of paragraph (b) shall be deleted and replaced with
“,”;

 

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	 	(2)	 	the words “or, in respect of Capital
Expenditure by the Shanghai Joint Venture, equity
contributions in the Shanghai Joint Venture by Shanghai
Instrument Transformer Works Co Ltd” shall be inserted at
the end of paragraph (b);
	 
	 	(3)	 	the words “save to the extent netted off
against Capital Expenditure under paragraph (b)” shall be
inserted at the end of paragraph (f);

	 	(iii)	 	The following paragraph and proviso shall be
inserted at the end of the definition of “Consolidated EBITDA”:
	 
	 	 	 	“(i) excluding, to the extent otherwise included above and
subject to the proviso below, Coil Technology Licence Proceeds;
	 
	 	 	 	Provided that the Parent may include in EBITDA for any quarter
(without double counting) Coil Technology Licence Proceeds
which when aggregated with all other Coil Technology Licence
Proceeds so included in respect of all other quarters in the
same Accounting Reference Period shall not exceed the amount
specified below for that Accounting Reference Period:

	 	 	 	 	 
	Accounting Reference Period ending on:
	 	Amount

	31 December 2002
	 	US$	5,000,000	 
	31 December 2003
	 	US$	1,000,000	 
	31 December 2004
	 	US$	1,250,000	 
	31 December 2005
	 	US$	1,250,000	 
	31 December 2006
	 	US$	1,500,000	 

	 	 	 	and provided further that any portion of such amount not
included in Consolidated EBITDA for the Accounting Reference
Period specified above (the “Carried Forward EBITDA
Allowance”)
may be carried forward for one period only and added to the
amount specified for the next Accounting Reference Period. Any
Coil Technology Licence Proceeds included in Consolidated
EBITDA for that next Accounting Reference Period shall be
attributed to the Carried Forward EBITDA Allowance first before
the amount specified above for that Accounting Reference
Period.” ;

 

 

- 4 -

	 	(f)	 	The table in Schedule VIII (Capital Expenditure Projections)
shall be deleted and replaced by the table below:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 
	 	 	 	 
	Period (US$ million)	 	Non	 	Shanghai

	 	 	-Shanghai	 	-Base	 	-Expansion
	 
	 	(1)
	 	(2)
	 	(3)

	01/01/2000 to 31/12/2000
	 	 	5.00	 	 	 	1.53	 	 	 	 	 
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 
	01/01/2001 to 31/12/2001
	 	 	4.50	*	 	 	1.91	 	 	 	1.70	 
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 
	01/01/2002 to 31/12/2002
	 	 	4.05	 	 	 	1.16	 	 	 	 	 
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 
	01/01/2003 to 31/12/2003
	 	 	4.40	 	 	 	0.82	 	 	 	 	 
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 
	01/01/2004 to 31/12/2004
	 	 	4.50	 	 	 	0.19	 	 	 	 	 
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 
	01/01/2005 to 31/12/2005
	 	 	4.50	 	 	 	0.50	 	 	 	 	 
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 
	01/01/2006 to 31/12/2006
	 	 	4.50	 	 	 	0.50	 	 	 	 	 
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 
	01/01/2007 to 31/12/2007
	 	 	4.50	 	 	 	 	 	 	 	 	 
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 

	 	(g)	 	Schedule XVI (Swiss Reorganisation Expenditure) shall be
deleted and replaced by a new Schedule XVI (Swiss Reorganisation
Expenditure) in the form set out in the Appendix to this letter.

	2.	 	Consents
	 
	 	 	Subject to clause 3 (Conditions), the Banks hereby grant the following
consents:

	 	(a)	 	for the purposes of clause 15.4 (Restrictions on disposals),
the Shanghai Joint Venture may dispose of its plant and land at 427
Juman Road, Shanghai 200023, China (the proceeds of which being the
“Shanghai Factory Disposal Proceeds”);
	 
	 	(b)	 	for the purposes of clause 9.4(c)(i)(dd) (Disposal Proceeds,
Acquisition Agreement Claims and Escrow Monies), the Shanghai Joint
Venture may reinvest the Shanghai Factory Disposal Proceeds in plant
and equipment for use in its business in China notwithstanding the
fact that such assets may be of a different general nature to that of
the Shanghai factory disposed;
	 
	 	(c)	 	for the purposes of clause 15.9(a) (Capital Expenditure), the
Shanghai Joint Venture may incur a maximum amount of US$4,700,000 of
Capital Expenditure for the purchase of plant and equipment for use
in its business in China which shall not be counted towards the
Capital Expenditure limits specified in Schedule VIII (Capital
Expenditure Projections) (the “Additional Capex”) to the extent that
such Additional Capex is funded from the following sources:

	 	(i)	 	US$980,000 of subscription monies from Trench
Limited for the further issue of shares in the Shanghai Joint
Venture;

 

 

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	 	(ii)	 	US$530,000 of subscription monies from Shanghai
Instrument Transformer Works Co Ltd for the further issue of shares in the Shanghai Joint Venture; and
	 
	 	(iii)	 	the Shanghai Factory Disposal Proceeds, provided
that the maximum amount of such proceeds that may be applied
towards such Additional Capex shall not exceed US$3,190,000 and
such proceeds must be applied in the financial year ending 31
December 2003;

	 	(d)	 	for the purposes of clause 15.12(c) (Shares, Loan Notes and the
Vendor Loans), the Shanghai Joint Venture may issue:

	 	(i)	 	shares to Trench Limited on receipt of the
subscription monies referred to in paragraph 2(c)(i) above; and
	 
	 	(ii)	 	shares to Shanghai Instrument Transformer Works Co
Ltd on receipt of the subscription monies referred to in
paragraph 2(c)(ii) above; and

	 	(e)	 	for the purposes of clause 15.13 (Investments), Trench Limited
may invest US$980,000 in the Shanghai Joint Venture by way of
subscription monies for further shares in the Shanghai Joint Venture.

	3.	 	Conditions
	 
	 	 	The amendments and consents contained in this letter are conditional on
the following:

	 	(a)	 	the Shanghai Factory Disposal Proceeds being used or committed
to fund Capital Expenditure of the nature referred to in paragraph
2(b) and (c) within 6 months of such disposal or the balance of such
monies not so applied or committed at the end of such period being
applied in the manner described in clause 9.5 (Application of
Prepayment);
	 
	 	(b)	 	the Shanghai Joint Venture receiving further equity
contributions of US$530,000 from Shanghai Instrument Transformer
Works Co Ltd and US$980,000 from Trench Limited by 31 December 2002;
and
	 
	 	(c)	 	the Agent receiving within 30 days:

	 	(i)	 	of the date of this letter, a certified copy of the
licence agreements referred to in paragraph 2(a)(i);
	 
	 	(ii)	 	of the date of the subscriptions, evidence
satisfactory to the Agent (acting reasonably) that the
subscriptions referred to in paragraph 2(d) have been made; and
	 
	 	(iii)	 	of the date of the disposal of the Shanghai
factory referred to at paragraph 2(a)(ii) above, evidence
satisfactory to the Agent (acting reasonably) that such
disposal has occurred and as to the amount of the Shanghai
Factory Disposal Proceeds.

	4.	 	Confirmation
	 
	 	 	For the purposes of clause 15.4 (Restrictions on disposals), the Banks
confirm that, consistent with the treatment of previous technology
licensing arrangements, the licensing by Trench Limited of certain coil
technology to Shanghai Instrument Transformer Works Co Ltd on the terms of
a Line Trap Technology Head-Licence Agreement, a Shunt Reactor Technology
Head-Licence Agreement and a Series Reactor Technology Head-Licence
Agreement, each dated 16 April 2002 and made between, amongst others,
Trench Limited (as Licensor) and Shanghai Instrument Transformer Works Co
Ltd (as Licensee) shall not constitute a disposal.

 

 

- 6 -

	5.	 	Preservation of rights
	 
	5.1	 	For the avoidance of doubt no consents or waivers are given under this
letter in respect of any other matter or breach of, or other Event of
Default or Potential Event of Default under, the Facilities Agreement or
any other Senior Finance Document which might result from any other
circumstances at any time other than as specifically set out herein.
	 
	5.2	 	The agreement and consents of the Banks contained in this letter shall
apply only to the matters specifically referred to herein and are given in
reliance upon the information (other than any projections contained in the
Presentation) provided to the Agent on behalf of the Group being true,
complete and accurate, and such projections being prepared in good faith
based upon reasonable assumptions. Such agreement and consents shall be
without prejudice to any rights which the Finance Parties may now or
hereafter have in relation to any other circumstances or matters other
than as specifically referred to herein (and whether subsisting on the
date hereof or otherwise) or in relation to any information being other
than true, complete and accurate, which rights shall remain in full force
and effect.

This letter may be executed in any number of counterparts and this has the same
effect as if the signatures on the counterparts were on a single copy of this
letter.

This letter shall be governed by and construed in accordance English law and
clause 38 (Governing Law and Jurisdiction) of the Facilities Agreement shall
apply mutatis mutandis as if set out in full in this letter.

Yours faithfully

/s/ Nick Burnham

For and on behalf of

CIBC World Markets Plc

in its capacity as Agent

for and on behalf of the Banks

		
	
    By:	
    N. Burnham
    
	 	

To:   CIBC World Markets Plc

We confirm our acceptance of and agreement to your letter of 7th Nov. 2002.

For and on behalf of

/s/ M. J. Bissell

Trench Electric Holding B.V.

(for itself and in its capacity as

Parent and agent for each of the Obligors)

		
	Date:	
    28/11/02

	 	

 

 

Appendix

Schedule XVI

Swiss Reorganisation Expenditure

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Chf' 000's
	 	November 2001 Forecast

	 	 	2000
	 	2001
	 	2002
	 	Total

	Profit & Loss Write offs:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MIS contract termination
	 	 	(1,092	)	 	 	0	 	 	 	0	 	 	 	(1,092	)
	MIS “Fixed Assets” write off
	 	 	(2,735	)	 	 	0	 	 	 	0	 	 	 	(2,735	)
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 
	 
	 	 	(3,827	)	 	 	0	 	 	 	0	 	 	 	(3,827	)
	Consultants/Professional advice
	 	 	(840	)	 	 	(1,616	)	 	 	0	 	 	 	(2,456	)
	Plant & Machinery write off
	 	 	(2,500	)	 	 	0	 	 	 	0	 	 	 	(2,500	)
	Inventory write off
	 	 	(1,695	)	 	 	(1,300	)	 	 	0	 	 	 	(2,995	)
	Physical move of Inventory
	 	 	0	 	 	 	(30	)	 	 	0	 	 	 	(30	)
	Trade receivables write off
	 	 	(1,000	)	 	 	0	 	 	 	0	 	 	 	(1,000	)
	Severance/Loyalty Bonus
	 	 	0	 	 	 	(2,079	)	 	 	0	 	 	 	(2,079	)
	Business Disruption etc
	 	 	0	 	 	 	(2,093	)	 	 	0	 	 	 	(2,093	)
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 
	 
	 	 	(9,862	)	 	 	(7,118	)	 	 	0	 	 	 	(16,980	)
	Cash:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MIS contract termination
	 	 	(70	)	 	 	(1,022	)	 	 	0	 	 	 	(1,092	)
	MIS “Fixed Assets” write off
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 
	 
	 	 	(70	)	 	 	(1,022	)	 	 	0	 	 	 	(1,092	)
	Consultants/Professional advice
	 	 	(560	)	 	 	(1,896	)	 	 	0	 	 	 	(2,456	)
	Plant & Machinery Sales
	 	 	0	 	 	 	180	 	 	 	20	 	 	 	200	 
	Inventory write off
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Physical move of Inventory
	 	 	0	 	 	 	0	 	 	 	(30	)	 	 	(30	)
	Trade receivables write off
	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	Severance/Loyalty Bonus
	 	 	0	 	 	 	(1,270	)	 	 	(809	)	 	 	(2,079	)
	Business Disruption etc
	 	 	0	 	 	 	(1,627	)	 	 	(466	)	 	 	(2,093	)
	 
	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 
	 
	 	 	(630	)	 	 	(5,635	)	 	 	(1,285	)	 	 	(7,550	)exv4w21

 

	 	 	 
	CIBC World Markets

	 	CIBC WORLD MARKETS PLC

Cottons Centre

Cottons Lane

London, England SE1 2QL

Tel: 44 (0)20 7234 4127

Fax: 44 (0)20 7407 4127

The Directors

Trench Electric Holding B.V.

21 March 2003

Dear Sirs

Facilities Agreement dated 18 April 2000 as amended and restated on 20 June
2000 and made between Trench Electric Holding B.V. (as Parent) (1), the
Companies listed in Schedule II thereto (as Original Borrowers) (2), the
Companies listed in Schedule III thereto (as Guarantors and Charging Companies)
(3), CIBC World Markets Plc, Barclays Bank PLC, Credit Lyonnais and NM
Rothschild & Sons Limited (as Banks) (4), CIBC World Markets Plc (as Arranger)
(5), CIBC World Markets Plc (as Issuing Bank) (6), CIBC World Markets Plc (as
Agent) (7), Canadian Imperial Bank of Commerce (as Canadian Lender) (8) and
CIBC World Markets Plc (as Security Agent) (9) as amended from time to time
(the “Facilities Agreement”)

	1.	 	Unless a contrary intention appears, terms and expressions defined in the
Facilities Agreement shall have the same meanings when used in this letter
and references to clauses in this letter are references to clauses of the
Facilities Agreement.
	 
	2.	 	This letter constitutes an amendment letter for the purposes of Clause 25
(Amendments and Decisions).
	 
	3.	 	We refer to your request to amend certain of the financial covenants in
Clause 17 (Financial Covenants). We are writing this letter to you in
your capacity as Principal Borrower (including as agent for all the
Obligors) in our capacity as Agent. The Banks have agreed to make the
requested amendments to the Facilities Agreement on the terms set out in
this letter. This letter is a Senior Finance Document.
	 
	4.	 	Amendments
	 
	4.1	 	With effect from the date the Agent determines that the conditions
specified in paragraph 5 (Conditions) have been satisfied, the financial
covenants contained in clause 17.1 (Financial Covenants) shall be amended
as follows:

	 	(a)	 	Clause 17.1(a) (Consolidated EBITDA to Consolidated Total Net
Cash Interest Payable Ratio). The ratios specified in respect of the
periods ending 31/03/2003 to 31/12/2005 (inclusive) shall be deleted
and replaced with the following ratios:

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Period
	 	 	 	 	 	 	 	 	 	Ratio

	01/04/2002
to 31/03/2003
	 		 	 		 	 	 	2.00	 
	01/07/2002
to 30/06/2003
	 		 	 		 	 	 	2.05	 
	01/10/2002
to 30/09/2003
	 		 	 		 	 	 	2.10	 
	01/01/2003
to 31/12/2003
	 		 	 		 	 	 	2.10	 
	01/04/2003
to 31/03/2004
	 		 	 		 	 	 	2.15	 
	01/07/2003
to 30/06/2004
	 		 	 		 	 	 	2.15	 
	01/10/2003
to 30/09/2004
	 		 	 		 	 	 	2.20	 
	01/01/2004
to 31/12/2004
	 		 	 		 	 	 	2.25	 
	01/04/2004
to 31/03/2005
	 		 	 		 	 	 	2.35	 
	01/07/2004
to 30/06/2005
	 		 	 		 	 	 	2.40	 
	01/10/2004
to 30/09/2005
	 		 	 		 	 	 	2.45	 
	01/01/2005
to 31/12/2005
	 		 	 		 	 	 	2.55	 

	 	(b)	 	Clause 17.1(c) (Total Net Debt to Consolidated EBITDA Ratio).
The ratios specified in respect of the periods ending 31/03/2003 to
31/12/2005 (inclusive) shall be deleted and replaced with the
following ratios:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Period
	 	 	 	 	 	 	 	 	 	Ratio

	01/04/2002
to 31/03/2003
	 		 	 		 	 	 	4.35	 
	01/07/2002
to 30/06/2003
	 		 	 		 	 	 	4.25	 
	01/10/2002
to 30/09/2003
	 		 	 		 	 	 	4.10	 
	01/01/2003
to 31/12/2003
	 		 	 		 	 	 	3.95	 
	01/04/2003
to 31/03/2004
	 		 	 		 	 	 	3.85	 
	01/07/2003
to 30/06/2004
	 		 	 		 	 	 	3.85	 
	01/10/2003
to 30/09/2004
	 		 	 		 	 	 	3.50	 
	01/01/2004
to 31/12/2004
	 		 	 		 	 	 	3.25	 
	01/04/2004
to 31/03/2005
	 		 	 		 	 	 	3.05	 
	01/07/2004
to 30/06/2005
	 		 	 		 	 	 	3.00	 
	01/10/2004
to 30/09/2005
	 		 	 		 	 	 	3.00	 
	01/01/2005
to 31/12/2005
	 		 	 		 	 	 	3.00	 

 

 

	5.	 	Conditions
	 
	 	 	The amendments contained in paragraph 4 (Amendments) shall be conditional
on the following:

	 	(a)	 	the payment by the Parent to the Agent (for the account of the
Banks) of an amendment fee of US$100,000; and
	 
	 	(b)	 	the acceptance by the Parent (for itself and the Obligors) of the
terms of this letter.

	6.	 	General
	 
	6.1	 	For the avoidance of doubt no consents or waivers are given under this
letter in respect of any Event of Default or Potential Event of Default
under the Facilities Agreement or any other Senior Finance Document.
	 
	6.2	 	The agreement of the Banks to the amendments contained in this letter
shall apply only to the matters specifically referred to herein. Such
agreement shall be without prejudice to any rights which the Finance
Parties may now or hereafter have in relation to any other circumstances
or matters other than as specifically referred to herein (and whether
subsisting on the date hereof or otherwise).
	 
	6.3	 	This letter may be executed in any number of counterparts and this has
the same effect as if the signatures on the counterparts were on a single
copy of this letter.
	 
	6.4	 	This letter shall be governed by and construed in accordance English law
and clause 38 (Governing Law and Jurisdiction) of the Facilities Agreement
shall apply mutatis mutandis as if set out in full in this letter.

Yours faithfully

For and on behalf of

CIBC World Markets Plc

in its capacity as Agent

for and on behalf of the Banks

By: /s/ Nick Burnham

To: CIBC World Markets Plc

We confirm our acceptance of and agreement to your letter of 21st March 2003.

For and on behalf of

/s/ M.J.
Bissell               /s/ H. Poulson

Trench Electric Holding B.V.

(for itself and in its capacity as

Parent and agent for each of the Obligors)

Date: 26th March 2003

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