Document:

Exhibit 10.4

 

THIRD
AMENDMENT

TO CREDIT AGREEMENT

 

This THIRD AMENDMENT TO CREDIT AGREEMENT, dated as of September 1,
2004 (this “Amendment”) by and between MWI VETERINARY SUPPLY CO. (the “Borrower”),
the Lenders (as defined below) and BANK OF AMERICA, N.A., as agent for the
Lenders (in its capacity as agent, the “Agent”), is made with reference
to that certain Credit Agreement, dated as of June 18, 2002, by and among
the Borrower, the financial institutions from time to time party thereto (the “Lenders”),
and the Agent, as amended by that certain First Amendment to Credit Agreement,
dated as of August 13, 2002, and that certain Second Amendment to Credit
Agreement, dated as of December 19, 2003 (as so amended and as otherwise
modified prior to the date hereof, the “Credit Agreement”).  Capitalized terms used herein without
definition shall have the same meanings herein as set forth in the Credit
Agreement.

 

RECITAL

 

WHEREAS, pursuant to Section 11.1 of the Credit Agreement, the
Borrower and the Lenders desire to amend the Credit Agreement as set forth
below;

 

NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

 

AGREEMENT

 

1.               Amendment to Annex A of the Credit Agreement.

 

The definition of “Applicable Margin” contained in Annex A of the
Credit Agreement is hereby amended to delete the pricing grid contained therein
and to replace it with the following:

 

	
  If Fixed
  Charge

  Coverage Ratio is:

  	
   

  	
  Level of

  Applicable Margins:

  
	
  >1.85:1.00

  	
   

  	
  Level I

  
	
  <1.85:1.00 but >1.60:1.00

  	
   

  	
  Level II

  
	
  >1.35:1.00 but < 1.60:1.00

  	
   

  	
  Level III

  
	
  <1.35:1.00

  	
   

  	
  Level IV

  

 

Low to High

 

	
   

  	
   

  	
   

  	
   

  	
  Applicable Margins

  	
   

  
	
   

  	
   

  	
  Level I

  	
   

  	
  Level II

  	
   

  	
  Level III

  	
   

  	
  Level IV

  	
   

  
	
  Base Rate
  Loans

  	
   

  	
  0.00

  	
  %

  	
  0.00

  	
  %

  	
  0.00

  	
  %

  	
  0.25

  	
  %

  
	
  LIBOR Rate
  Loans

  	
   

  	
  1.75

  	
  %

  	
  1.875

  	
  %

  	
  2.00

  	
  %

  	
  2.25

  	
  %

  
	
  Applicable
  L/C Margin

  	
   

  	
  1.75

  	
  %

  	
  1.875

  	
  %

  	
  2.00

  	
  %

  	
  2.25

  	
  %

  

 

 

 

2.               Borrower’s Representations and
Warranties.  In order to induce the
Lenders to enter into this Amendment and thereby amend the Credit Agreement in
the manner provided herein, the Borrower represents and warrants to the Agent
and the Lenders that the following statements are true, correct and complete:

 

2.1                                 CORPORATE POWER AND
AUTHORITY.  The Borrower has all
requisite corporate power and authority to enter into this Amendment and to
carry out the transactions contemplated by, and perform its obligations under,
the Credit Agreement as amended by this Amendment (the “Amended Agreement”).

 

2.2                                 AUTHORIZATION OF
AGREEMENTS.  The execution and delivery
of this Amendment and the performance of the Amended Agreement have been duly
authorized by all necessary corporate action on the part of the Borrower.

 

2.3                                 BINDING OBLIGATION.  This Amendment and the Amended Agreement are
the legal, valid and binding obligation of the Borrower, enforceable against it
in accordance with their terms, except as enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to
or limiting creditors’ rights generally or by equitable principles.

 

2.4                                 INCORPORATION OF
REPRESENTATIONS AND WARRANTIES FROM CREDIT AGREEMENT.  The representations and warranties contained
in Article 6 of the Credit Agreement are true, correct and complete in all
material respects, except to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date.

 

2.5                                 ABSENCE OF DEFAULT.  No event has occurred and is continuing or
will result from the consummation of this Amendment that would constitute an
Event of Default or a Default.

 

3.               Conditions To Effectiveness Of This
Amendment.  This Amendment shall be
effective only if and when signed by, and when counterparts hereof shall have
been delivered to the Agent (by hand delivery, mail or telecopy) by, the
Borrower and the Lenders and only if and when each of the following conditions
are satisfied:

 

3.1                                 CONSENT OF GUARANTOR.  Holdings shall have executed and delivered to
the Agent the Consent of Guarantor attached hereto.

 

3.2                                 NO DEFAULT OR EVENT OF
DEFAULT; ACCURACY OF REPRESENTATIONS AND WARRANTIES.  No Default or Event of Default shall exist
and each of the representations and warranties made by the Credit Parties
herein and in or pursuant to

 

 

the Loan Documents shall be true and correct in all material respects
as if made on and as of the Effective Date (except that any such representation
or warranty that is expressly stated as being made only as of a specified
earlier date shall be true and correct as of such earlier date).

 

4.               Effective Date.  This Amendment shall become effective as of September 1,
2004, but only upon the satisfaction of the conditions set forth in Section 3
(the “Effective Date”).

 

5.               Miscellaneous.

 

5.1                                 REFERENCE TO AND EFFECT
ON THE CREDIT AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS.

 

(a).                               On and after the date
hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
“hereof,” “herein,” or words of like import referring to the Credit Agreement,
and each reference in the other Transaction Documents to the “Credit Agreement,”
or words of like import referring to the Credit Agreement, shall mean and be a
reference to the Amended Agreement.

 

(b).                              Except as specifically
amended by this Amendment, the Credit Agreement and the other documents entered
into pursuant to the Credit Agreement and the Liens granted thereby shall
remain in full force and effect and are hereby ratified and confirmed.

 

(c).                               The execution, delivery
and performance of this Amendment shall not, except as expressly provided
herein, constitute a waiver of any provision of, or operate as a waiver of any
right, power or remedy of the Agent or any Lender under the Credit Agreement or
any of the other Loan Documents.

 

5.2                                 HEADINGS.  Section and subsection headings in
this Amendment are included herein for convenience of reference only and shall
not constitute a part of this Amendment for any other purpose or be given any
substantive effect.

 

5.3                                 NEW YORK LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

 

5.4                                 COUNTERPARTS.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and
attached to a single counterpart so that all signature pages are
physically attached to the same document.

 

 

5.5                                 COMPLETE AGREEMENT.  This Amendment sets forth the complete
agreement of the parties with respect to the subject matter hereof.

 

[Remainder of page intentionally left
blank]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment
to Credit Agreement to be duly executed and delivered by their respective
officers thereunto duly authorized as of the date first above written.

 

 

	
   

  	
  “BORROWER”

  
	
   

  	
   

  
	
   

  	
  MWI
  VETERINARY SUPPLY CO.,

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mary Pat
  B. Thompson

  	
   

  
	
   

  	
   

  	
  Mary Pat B.
  Thompson

  
	
   

  	
   

  	
  Vice
  President and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “AGENT”

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF
  AMERICA, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven
  W. Sharp

  	
   

  
	
   

  	
   

  	
  Steven W.
  Sharp

  
	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “LENDERS”

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF
  AMERICA, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven
  W. Sharp

  	
   

  
	
   

  	
   

  	
  Steven W.
  Sharp

  
	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEET
  CAPITAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew
  R. VanSteenhuyse

  	
   

  
	
   

  	
   

  	
  Matthew R.
  VanSteenhuyse

  
	
   

  	
   

  	
  Senior Vice
  President

  

 

 

CONSENT OF GUARANTOR

 

The undersigned is a Guarantor of the Obligations of the Borrower under
the Credit Agreement and hereby (a) consents to the foregoing Amendment, (b) acknowledges
that notwithstanding the execution and delivery of the foregoing Amendment, the
obligations of the undersigned Guarantor are not impaired or affected and the
Guaranty continues in full force and effect, and (c) ratifies its Guaranty
and each of the Loan Documents to which it is a party.

 

IN WITNESS WHEREOF, the undersigned has executed and delivered this
CONSENT OF GUARANTOR as of the 8th day of September, 2004.

 

 

	
   

  	
  MWI
  VETERINARY HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mary Pat
  B. Thompson

  	
   

  
	
   

  	
  Name:

  	
  Mary Pat B.
  Thompson

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President and Chief Financial OfficerExhibit 10.5

 

FOURTH AMENDMENT

TO CREDIT AGREEMENT

 

This FOURTH AMENDMENT TO CREDIT AGREEMENT, dated as
of September 28, 2004 (this “Amendment”) by and among MWI
VETERINARY SUPPLY CO. (the “Borrower”), the Lenders (as defined below)
and BANK OF AMERICA, N.A., as agent for the Lenders (in its capacity as agent,
the “Agent”), is made with reference to that certain Credit Agreement,
dated as of June 18, 2002, by and among the Borrower, the financial
institutions from time to time party thereto (the “Lenders”), and the
Agent, as amended by that certain First Amendment to Credit Agreement, dated as
of August 13, 2002, that certain Second Amendment to Credit Agreement,
dated as of December 19, 2003 and that certain Third Amendment to Credit
Agreement, dated as of September 1, 2004 (as so amended and as otherwise
modified prior to the date hereof, the “Credit Agreement”).  Capitalized terms used herein without
definition shall have the same meanings herein as set forth in the Credit
Agreement.

 

RECITAL

 

WHEREAS, pursuant to Section 11.1 of the Credit
Agreement, the Borrower and the Lenders desire to amend the Credit Agreement as
set forth below;

 

NOW, THEREFORE, in consideration of the premises and
the agreements, provisions and covenants herein contained, the parties hereto
agree as follows:

 

AGREEMENT

 

1.               Amendments.

 

1.1  Amendment
to Section 1.2(i)(1) of the Credit Agreement.  Section 1.2(i)(1) of
the Credit Agreement is hereby amended to add the following at the end of the
proviso immediately prior to the period: 
“and in no event shall the Aggregate Revolver Outstandings at any time
exceed the aggregate Revolving Loan Commitments”.

 

1.2  Amendment
to Section 11.1(a) of the Credit Agreement.  Section 11.1(a) of the Credit
Agreement is hereby amended to add the following after the words “clauses (v), (ix) and
(x)” of the second proviso thereof:  “(and
in the case of clause (x), with respect to the Maximum Inventory Loan Amount
only)”.

 

 

2.               Conditions To Effectiveness Of This Amendment.  This
Amendment shall be effective only if and when signed by, and when counterparts
hereof shall have been delivered to the Agent (by hand delivery, mail or
telecopy) by, the Borrower and the Lenders and the Consent of Guarantor in the
form attached hereto shall have been delivered to the Agent by Holdings.

 

3.               Miscellaneous.

 

3.1  Reference
to and Effect on the Credit Agreement and the other Transaction Documents.

 

(a).                               On and after the date hereof, each reference
in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,”
or words of like import referring to the Credit Agreement, and each reference
in the other Transaction Documents to the “Credit Agreement,” or words of like
import referring to the Credit Agreement, shall mean and be a reference to the
Credit Agreement as amended hereby.

 

(b).                              Except as specifically amended by this
Amendment, the Credit Agreement and the other documents entered into pursuant
to the Credit Agreement and the Liens granted thereby shall remain in full
force and effect and are hereby ratified and confirmed.

 

(c).                               The execution, delivery and performance of
this Amendment shall not, except as expressly provided herein, constitute a
waiver of any provision of, or operate as a waiver of any right, power or
remedy of the Agent or any Lender under the Credit Agreement or any of the
other Loan Documents.

 

3.2  Headings.  Section and subsection headings in
this Amendment are included herein for convenience of reference only and shall
not constitute a part of this Amendment for any other purpose or be given any
substantive effect.

 

3.3  New
York Law.  THIS AMENDMENT SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES.

 

3.4  Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and
attached to a single counterpart so that all signature pages are
physically attached to the same document.

 

3.5  Complete
Agreement.  This Amendment sets forth
the complete agreement of the parties with respect to the subject matter
hereof.

 

[Remainder of page intentionally left
blank]

 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Fourth Amendment to Credit Agreement to be duly
executed and delivered by their respective officers thereunto duly authorized
as of the date first above written.

 

 

	
   

  	
  “BORROWER”

  
	
   

  	
   

  
	
   

  	
  MWI
  VETERINARY SUPPLY CO.,

  an Idaho corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mary Pat B. Thompson

  	
   

  
	
   

  	
   

  	
  Mary
  Pat B. Thompson

  
	
   

  	
   

  	
  Vice
  President and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “AGENT”

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK
  OF AMERICA, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven W. Sharp

  	
   

  
	
   

  	
   

  	
  Steven
  W. Sharp

  
	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “LENDERS”

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK
  OF AMERICA, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Steven W. Sharp

  	
   

  
	
   

  	
   

  	
  Steven
  W. Sharp

  
	
   

  	
   

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FLEET
  CAPITAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Matthew R. VanSteenhuyse

  	
   

  
	
   

  	
   

  	
  Matthew
  R. VanSteenhuyse

  
	
   

  	
   

  	
  Senior
  Vice President

  

 

 

CONSENT OF GUARANTOR

 

The undersigned is a Guarantor of the Obligations of
the Borrower under the Credit Agreement and hereby (a) consents to the
foregoing Amendment, (b) acknowledges that notwithstanding the execution
and delivery of the foregoing Amendment, the obligations of the undersigned
Guarantor are not impaired or affected and the Guaranty continues in full force
and effect, and (c) ratifies its Guaranty and each of the Loan Documents
to which it is a party.

 

IN WITNESS WHEREOF, the undersigned has executed and
delivered this CONSENT OF GUARANTOR as of the 28th day of September,
2004.

 

 

	
   

  	
  MWI
  VETERINARY HOLDINGS, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mary Pat B. Thompson

  	
   

  
	
   

  	
  Name:

  	
  Mary
  Pat B. Thompson

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President and Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]