Document:

Exhibit 10(d)(ix)

 

AMENDMENT NO. 4 TO EXPORT CREDIT AND 

SECURITY AGREEMENT

 

Amendment No. 4
(“Amendment”) dated as of May 31, 2003 to Export Credit and Security
Agreement dated as of November 30, 2000 between AMERICAN SCIENCE AND
ENGINEERING, INC., a Massachusetts corporation (“Borrower”) and HSBC BANK USA,
a bank organized under the laws of the State of New York (“Bank”).

 

WITNESSETH:

 

WHEREAS, Borrower has
heretofore entered into financing arrangements with Bank pursuant to the terms
and conditions of an Export Credit and Security Agreement dated as of
November 30, 2000 between Bank and Borrower as amended by an Amendment
No. 1 to Export Credit Security Agreement dated as of February 14,
2002 between Bank and Borrower, an Amendment No. 2 to Export Credit and
Security Agreement dated November 27, 2002 between Bank and Borrower and
an Amendment No. 3 to Export Credit and Security Agreement dated
February 28, 2003 between Bank and Borrower (collectively, the “Credit
Agreement”) and the Financing Agreements (as defined in the Credit Agreement);

 

WHEREAS, Borrower has
requested and Bank is willing, subject to the terms and conditions hereof, to
amend the Credit Agreement to extend the termination date therein.

 

NOW, THEREFORE, in
consideration of the foregoing premises, the mutual covenants and agreements
contained herein and other good and valuable consideration, the receipt and
sufficiency of which is acknowledged, Borrower and Bank mutually covenant,
warrant and agree as follows:

 

SECTION
1. DEFINITIONS.

 

SECTION 1.1         Interpretation. For purposes of
this Amendment, unless otherwise defined herein, all capitalized terms used
herein including, but not limited to, those capitalized terms used and/or
defined in the recitals hereto, shall have the respective meanings assigned to
such terms in the Credit Agreement.

 

SECTION
2. AMENDMENT.

 

SECTION 2.1         Amendments to Section 1.1

 

(a)           The definition of “Termination Date” contained in the
Credit Agreement is amended by deleting the reference to “May 31, 2003”
and replacing it with “July 31, 2003”.

 

SECTION 2.2.        Amendment to Section 7.2.
Section 7.2 of the Credit Agreement is amended so that the period at the
end of subclause (iii) is replaced with a semi-colon and the word “and” is
added at the end thereof and a new Section 7.2(iv) shall be added to
Section 7.2 as follows:

 

“(iv)  Cash Collateral. From June 1,
2003 through July 31, 2003, prior to the issuance of any Standby Letter of
Credit or the making of any Export Working Capital Advance, the Bank shall have
received cash collateral equal to one hundred percent (100%) of any such
Standby Letter of Credit or Export Working Capital Advance.”

 

 

 

SECTION 3.
CONDITIONS PRECEDENT.

 

SECTION 3.1         This Amendment shall only become
effective upon the fulfillment, prior to or contemporaneously with the
execution hereof, of the following conditions precedent:

 

(a)           Execution of Amendment. The execution and delivery
by Borrower and Bank of an original of this Amendment;

 

(b)           Payment of Fees. (a) The payment by Borrower of:
(i) a single amendment fee to the Bank in the amount of $4,166.67 in
connection with this Amendment and the Amendment No. 4 to Revolving Loan
and Security Agreement dated the date hereof between the Bank and the Borrower;
and (ii) legal fees and expenses of the Bank in the amount of $8,750.00
incurred in connection with the preparation of this Amendment, and any other
documents, instruments or agreements executed in connection herewith or
therewith, including, without limitation, an Amendment No. 4 to Revolving Loan
and Security Agreement, and (b) evidence in form and substance
satisfactory to the Bank that the fees of the Export-Import Bank of the United
States (“Eximbank”) required in connection with the extension of the Eximbank
Documents have been paid in full no later than May 31, 2003;

 

(c)           Eximbank Acknowledgment. Receipt by the Bank of a
written consent and acknowledgment of the extension of the Termination Date by
the Eximbank and such other matters as the Bank may deem appropriate; and

 

(d)           Execution of Related Documents and Additional Matters.
The execution and delivery by Borrower of an Amendment No. 4 to Revolving
Loan and Security Agreement and a Waiver with respect to the EBIT covenant and
all other documents and legal matters, as may be necessary, in connection with
this Amendment and the transactions contemplated by the Credit Agreement as
amended by this Amendment which shall be reasonably satisfactory in form and
substance to Bank.

 

SECTION
4. MISCELLANEOUS.

 

SECTION 4.1         Representations and Warranties.
(a) All terms, conditions, covenants, representations and warranties (other
than any such representation and warranty that, by its terms, refers to a
specific date other than the date hereof) of Borrower contained in the Credit
Agreement, except as expressly modified hereby, are ratified, confirmed and
reaffirmed by Borrower as of the date hereof, remain in full force and effect
as of the date hereof, and are incorporated herein by reference as if fully set
forth herein.

 

(b)           All terms, conditions, covenants, representations and
warranties (other than any such representation and warranty that, by its terms,
refers to a specific date other than the date hereof; provided, however, that
the Schedules to the Credit Agreement are deemed updated by the information contained
in the Schedules attached hereto) of Borrower contained in all of the other
Financing Agreements, except as expressly modified hereby, are ratified,
confirmed and reaffirmed by Borrower as of the date hereof, remain in full
force and effect as of the date hereof, and are subject to the terms of this
Amendment.

 

 

2

 

(c)           The Borrower represents and warrants to Bank that it has
the necessary power and has taken all necessary action to make this Amendment
the valid and enforceable obligation it purports to be, and that this Amendment
constitutes the legal, valid and binding obligation of Borrower, enforceable
against Borrower in accordance with its terms, except as enforcement may be
limited by principles of equity, bankruptcy, insolvency, or other laws
affecting the enforcement of creditors’ rights generally.

 

SECTION 4.2         GOVERNING LAW. THIS AMENDMENT
AND THE OTHER FINANCING AGREEMENTS, AND ALL TRANSACTIONS HEREUNDER, AND ALL THE
RIGHTS OF THE PARTIES, SHALL BE GOVERNED AS TO VALIDITY, CONSTRUCTION,
ENFORCEMENT AND IN ALL OTHER RESPECTS BY THE LAWS OF THE STATE OF NEW YORK. THE
BORROWER AGREES THAT THE COURTS OF THE STATE OF NEW YORK OR THE UNITED STATES
DISTRICT COURT FOR THE UNITED STATES IN THE SOUTHERN DISTRICT OF NEW YORK SHALL
HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES PERTAINING TO
THE FINANCING TRANSACTIONS OF WHICH THIS AMENDMENT IS A PART AND/OR TO ANY
MATTER ARISING OR IN ANY WAY RELATED TO THIS AMENDMENT OR ANY OTHER AGREEMENT
BETWEEN THE BANK AND THE BORROWER EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO
SUCH JURISDICTION IN ANY ACTION OR PROCEEDING AND BORROWER WAIVES PERSONAL
SERVICE OF PROCESS AND AGREES THAT A SUMMONS AND COMPLAINT COMMENCING AN ACTION
OR PROCEEDING IN ANY SUCH COURT SHALL BE PROPERLY SERVED AND SHALL CONFER
PERSONAL JURISDICTION IF SERVED BY REGISTERED OR CERTIFIED MAIL TO BORROWER, OR
AS OTHERWISE PROVIDED BY THE LAWS OF NEW YORK STATE OR THE UNITED STATES.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF BANK
TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE BORROWER EITHER
IN ANY OTHER JURISDICTION OR TO SERVE PROCESS IN ANY OTHER JURISDICTION OR TO
SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

SECTION 4.3.        WAIVERS.

 

(a)           Prejudgment Remedy, Etc. THE BORROWER ACKNOWLEDGES
THAT THE ADVANCES ARE COMMERCIAL TRANSACTIONS AND WAIVES ITS RIGHT TO NOTICE
AND HEARING ALLOWED BY ANY STATE OR FEDERAL LAW WITH RESPECT TO ANY PREJUDGMENT
REMEDY, AND FURTHER WAIVES ALL RIGHTS TO REQUEST THE POSTING OF A BOND, WITH OR
WITHOUT SURETY, TO PROTECT THE BORROWER OR ANY ENDORSER, GUARANTOR OR SURETY OF
ANY OF THE OBLIGATIONS AGAINST DAMAGES THAT MAY BE CAUSED BY ANY PREJUDGMENT
REMEDY. THE BORROWER FURTHER WAIVES DILIGENCE, DEMAND, PRESENTMENT FOR PAYMENT,
NOTICE OF NONPAYMENT, PROTEST AND NOTICE OF NYA RENEWALS OR EXTENSIONS.

 

(b)           Jury Waiver. THE BORROWER HEREBY WAIVES TRIAL BY
JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN
CONNECTION WITH OR IN ANY WAY RELATED TO THE FINANCING TRANSACTIONS OF WHICH
THIS AMENDMENT IS A PART AND/OR THE ENFORCEMENT OF ANY OF THE BANK’S RIGHTS,
INCLUDING WITHOUT LIMITATION, TORT CLAIMS.

 

 

3

 

(c)           Voluntary Nature of Waivers. THE BORROWER ACKNOWLEDGES
THAT IT MAKES THE FOREGOING WAIVERS IN SUBSECTIONS (a) AND (b) ABOVE,
KNOWINGLY, WILLINGLY, WITHOUT DURESS AND VOLUNTARILY AND ONLY AFTER
CONSIDERATION OF THE RAMIFICATIONS OF SUCH WAIVERS WITH ITS ATTORNEYS.

 

SECTION 4.4         Events of Default or Event of
Default. No events of Default or Event of Default has occurred and is
continuing on the date hereof or shall be continuing after giving effect to, or
result from, the execution and delivery of this Amendment and Borrower has no
present reason to believe any Events of Default might or would occur after the
date hereof.

 

SECTION 4.5         Survival of Representations and
Warranties. All representations and warranties made in this Amendment or
any other documents furnished in connection with this Amendment shall survive
the execution and delivery of this Amendment and no investigation by the Bank
or any closing shall affect the representations and warranties or the right of
the Bank to rely upon them.

 

SECTION 4.6         Reference to Credit Agreement.
The Credit Agreement, the Financing Agreements and any and all other
agreements, documents, or instruments heretofore, now or hereafter executed and
delivered pursuant to the terms hereof or pursuant to the terms of the Credit
Agreement, as amended hereby, are hereby amended so that any reference in the
Credit Agreement, the Financing Agreements or such other agreements, documents
or instruments to the Credit Agreement shall mean a reference to the Credit
Agreement as amended hereby.

 

SECTION 4.7         Further Assurances. The parties
hereto shall execute and deliver such additional documents and take such
additional action as may be necessary or desirable to effectuate the provisions
and purposes of this Amendment.

 

SECTION 4.8         Successors and Assigns. Borrower
and Bank as such terms are used herein shall include the legal representatives,
successors and assigns of those parties.

 

SECTION 4.9         Counterparts. This Amendment may
be executed in any number of counterparts and by the Bank and Borrower on
separate counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute one and the same
Amendment.

 

SECTION 4.10       Severability. Any provision of
this Amendment held by a court of competent jurisdiction to be invalid or unenforceable
shall not impair or invalidate the remainder of this Amendment and the effect
thereof shall be confined to the provision so held to be invalid or
unenforceable.

 

SECTION 4.11       Conflicting Provisions. In the
event of any conflict in the terms and provisions of this Amendment and the
terms and provisions of the Credit Agreement, the terms and provisions of this
Amendment shall govern.

 

SECTION 4.12       Entire Agreement. This Amendment
constitutes the entire agreement and understanding between the parties hereto
with respect to the transactions contemplated hereby and supersedes all prior
negotiations, understandings, and agreements between such parties with respect
to such transaction.

 

 

4

 

IN WITNESS WHEREOF, this
Amendment has been duly executed by the parties hereto as of the day and year
first above written.

 

	
  AMERICAN SCIENCE AND

  ENGINEERING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ Paul Theodore Owens

  
	
   

  	
  CFO, VP FINANCE

  	
  (title)

  
	
   

  	
   

  
	
  HSBC BANK USA

  
	
   

  	
   

  
	
  By

  	
  /s/ William Meli

  
	
   

  	
  (title)

  

 

 

5Exhibit 10(d)(x)

 

AMENDMENT NO. 4 TO REVOLVING LOAN AND

SECURITY AGREEMENT

 

Amendment No.
4 ("Amendment") dated as of May 31, 2003 to Revolving Loan and
Security Agreement dated as of November 30, 2000 between AMERICAN SCIENCE
ADN ENGINEERING, INC., a Massachusetts corporation ("Borrower") and
HSBC BANK USA, a bank organized under the laws of the State of New York
("Bank").

 

WITNESSETH:

 

WHEREAS,
Borrower has heretofore entered into financing arrangements with Bank pursuant
to the terms and conditions of a Revolving Loan and Security Agreement dated as
of November 30, 2000 between Bank and Borrower as amended by an Amendment
No. 1 to Revolving Loan and Security Agreement dated as of February 14,
2002 between Bank and Borrower, as Amendment No. 2 to Revolving Loan and
Security Agreement dated November 27, 2002 between Bank and Borrower and
an Amendment No. 3 to Revolving Loan and Security Agreement dated
February 28, 2003 between Bank and Borrower (collectively, the
"Credit Agreement") and the Financing Agreements (as defined in the
Credit Agreement);

 

WHEREAS,
Borrower has requested and Bank is willing, subject to the terms and conditions
hereof, to amend the Credit Agreement to extend the termination date therein.

 

NOW,
THEREFORE, in consideration of the foregoing premises, the mutual covenants and
agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which is acknowledged, Borrower and Bank mutually
covenant, warrant and agree as follows:

 

SECTION 1. DEFINITIONS

 

SECTION 1.1.        Interpretation.  For
purposes of this Amendment, unless otherwise defined herein, all capitalized
terms used herein including, but not limited to, those capitalized terms used
and/or defined in the recitals hereto, shall have the respective meanings
assigned to such terms in the Credit Agreement.

 

SECTION 2. AMENDMENT.

 

SECTION 2.1.        Amendments to Section 1.1

 

(a)           The definition of "Termination
Date" contained in the Credit Agreement is amended by deleting the
referenced to "May 31, 2003" and replacing it with
"July 31, 2003.

 

SECTION 2.2.        Amendments to Section 6.2.  Section
6.2 of the Credit Agreement is amended as follows:

 

(a)           the period at the end of subclause
(ii) is deleted and replaced with a semi-colon;

 

 

 

(b)           the period at the end of subclause
(iii) is replaced with a semi-colon and the word "and is added at the end
thereof, and a new Section 6.2(iv) is added thereto is as follows:

 

"(iv) Cash Collateral.  From June 1, 2003
through July 31, 2003, prior to the issuance a Working Capital Advance
and/or the issuance of a Standby Letter of Credit, the Bank shall have received
cash collateral equal to one hundred percent (100%) of any such Working Capital
Advance and/or Standby Letter of Credit."

 

SECTION 3. CONDITIONS PRECEDENT.

 

SECTION 3.1.        This Amendment shall only become
effective upon the fulfillment, prior to or contemporaneously with the
execution hereof, of the following conditions precedent:

 

(a)           Execution of Amendment.  The
execution and delivery by Borrower and Bank of an original of this Amendment;

 

(b)           Payment of Fees.  (a)
The payment by Borrower of: (i) a single amendment fee to the Bank in the
amount of $4,166.67 in connection with this Amendment and the Amendment No. 4
to Export Credit and Security Agreement dated the date hereof between the Bank
and the Borrower; and (ii) legal fees and expenses of the Bank in the amount of
$8,750.00 incurred in connection with the preparation of this Amendment, and
any other documents, instruments or agreements executed in connection herewith
or therewith, including, without limitation, an Amendment No. 4 to Export
Credit and Security Agreement, and (b) evidence in form and substance
satisfactory to the Bank that the fees of the Export-Import Bank of the United
States ("Eximbank") required in connection with the extension of the
Eximbank Documents have been paid in full no later than May 31, 2003;

 

(c)           Eximbank Acknowledgment.  Receipt
by the Bank of a written consent and acknowledgment of the extension of the
Termination Date by the Eximbank and such other matters as the Bank may deem
appropriate; and

 

(d)           Execution of Related Documents and
Additional Matters.  The execution and delivery by Borrower of an
Amendment No. 4 to Export Credit and Security Agreement and a Waiver with
respect to the EBIT covenant and all other documents and legal matters, as may
be necessary, in connection with this Amendment and the transactions
contemplated by the Credit Agreement as amended by this Amendment which shall
be reasonably satisfactory in form and substance to Bank.

 

SECTION 4. MISCELLANEOUS

 

SECTION 4.1.        Representations and Warranties.  (a)
All terms, conditions, covenants, representations and warranties (other than
any such representation and warranty that, by its terms, refers to a specific
date other than the date hereof) of Borrower contained in the Credit Agreement,
except as expressly modified hereby, are ratified, confirmed and reaffirmed by
Borrower as of the date hereof, remain in full force and effect as of the date
hereof, and are incorporated herein by reference as if fully set forth herein.

 

 

2

 

(b)           All terms, conditions, covenants,
representations and warranties (other than any such representation and warranty
that, by its terms, refers to a specific date other than the date hereof;
provided, however, that the Schedules to the Credit Agreement are deemed
updated by the information contained in the Schedules attached hereto) of
Borrower contained in all of the other Financing Agreements, except as
expressly modified hereby, are ratified, confirmed and reaffirmed by Borrower
as of the date hereof, remain in full force and effect as of the date hereof,
and are subject to the terms of this Agreement.

 

(c)           The Borrower represents and warrants
to Bank that it has the necessary power and has taken all necessary action to
make this Amendment the valid and enforceable obligation it purports to be, and
that this Amendment constitutes the legal, valid and binding obligation of
Borrower, enforceable against Borrower in accordance with its terms, except as
enforcement may be limited by principles of equity, bankruptcy, insolvency, or
other laws affecting the enforcement of creditors' rights generally.

 

SECTION 4.2.        GOVERNING LAW.  THIS
AMENDMENT AND THE OTHER FINANCING AGREEMENTS, AND ALL TRANSACTIONS HEREUNDER,
AND ALL THE RIGHTS OF THE PARTIES, SHALL BE GOVERNED AS TO VALIDITY,
CONSTRUCTION, ENFORCEMENT AND IN ALL OTHER RESPECTS BY THE LAWS OF THE STATE OF
NEW YORK. THE BORROWER AGREES THAT THE COURTS OF THE STATE OF NEW YORK OR THE
UNITED STATES DISCTRICT COURT FOR THE UNITED STATES IN TEH SOURTHERN DISTRICT
OF NEW YORK SHALL HAVE JURISDICITON TO HEAR AND DETERMINE ANY CLAIMS OR
DISPUTES PERTAINING TO HTE FINANCING TRANSACTIONS OF WHICH THIS AMENDMENT IS A
PART AND/OR TO ANY MATTER ARISING OR IN ANY WAY RELATED TO THIS AMENDMENT OR
ANY OTHER AGREEMENT BETWEEN THE BANK AND THE BORROWER EXPRESSLY SUBMITS AND
CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING AND
BORROWER WAIVES PERSONAL SERVICE OF PROCESS AND AGREES THAT A SUMMONS AND
COMPLAINT COMMENCING AN ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE
PROPERLY SERVED AND SHALL CONFER PERSONAL JURISDICTION IF SERVED BY REGISTERED
OR CERTIFIED MAIL TO BORROWER, OR AS OTHERWISE PROVIDED BY THE LAWS OF NEW YORK
STATE OF THE UNITED STATES. NOTHING HEREIN SHALL AFFECT THE RIGHT OF BANK TO
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE BORROWER EITHER IN
ANY OTHER JURISDICTION OR TO SERVE PROCESS IN ANY OTHER JURISDICTION OR TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

SECTION 4.3.        WAIVERS.

 

(a)           Prejudgment Remedy, Etc.  THE
BORROWER ACKNOWLEDGES THAT THE ADVANCES ARE COMMERCIAL TRANSACTIONS AND WAIVES
ITS RIGHT TO NOTICE AND HEARING ALLOWED BY ANY STATE OR FEDERAL LAW WITH
RESPECT TO ANY PREJUDGMENT REMEDY, AND FURTHER WAIVES ALL RIGHTS TO REQUEST THE
POSTING OF A BOND, WITH OR WITHOUT SURETY, TO PROTECT THE BORROWER OR ANY
ENDORSER, GUARANTOR OR SURETY OF ANY

 

3

OF THE OBLIGATIONS AGAINST DAMAGES THAT MAY BE CAUSED BY ANY
PREJUDGMENT REMEDY. THE BORROWER FURTHER WAIVES DILIGENCE, DEMAND, PRESENTMENT
FOR PAYMENT, NOTICE OF NONPAYMENT, PROTEST AND NOTICE OF ANY RENEWALS OR
EXTENSIONS.

 

(b)           Jury Waiver. THE BORROWER
HEREBY WAIVES TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON
ANY MATTER ARISING IN CONNECTION WITH OR IN ANY WAY RELATED TO THE FINANCING
TRANSACTIONS OF WHICH THIS AMENDMENT IS A PART AND/OR THE ENFORCEMENT OF ANY OF
THE BANK'S RIGHTS, INCLUDING WITHOUT LIMITATION, TORT CLAIMS.

 

(c)           Voluntary Nature of Waivers.
THE BORROWER ACKNOWLEDGES THAT IT MAKES THE FOREGOING WAIVERS IN SUBSECTIONS
(a) AND (b) ABOVE, KNOWINGLY, WILLINGLY, WITHOUT DURESS AND VOLUNTARILY AND
ONLY AFTER CONSIDERATION OF THE RAMIFICATIONS OF SUCH WAIVERS WITH ITS
ATTORNEYS.

 

SECTION 4.4.        Events of Default or Event of Default.
No Events of Default or Event of Default has occurred and is continuing on the
date hereof or shall be continuing after giving effect to, or result from, the
execution and delivery of this Amendment and Borrower has no present reason to
believe any Events of Default or Event of Default might or would occur after
the date hereof.

 

SECTION 4.5.        Survival of Representations and
Warranties. All representations and warranties made in this Amendment or
any other documents furnished in connection with this Amendment shall survive
the execution and delivery of this Amendment and no investigation by the Bank
or any closing shall affect the representations and warranties or the right of
the Bank to rely upon them.

 

SECTION 4.6.        Reference to Credit Agreement.
The Credit Agreement, the Financing Agreement and any and all other agreements,
documents, or instruments heretofore, now or hereafter executed and delivered pursuant
to the terms hereof or pursuant to the terms of the Credit Agreement, as
amended hereby, are hereby amended so that any reference in the Credit
Agreement, the Financing Agreements or such other agreements, documents of
instruments to the Credit Agreement shall mean a reference to the Credit
Agreement as amended hereby.

 

SECTION 4.7.        Further Assurances. The parties
hereto shall execute and deliver such additional documents and take such
additional action as may be necessary or desirable to effectuate the provisions
and purposes of this Amendment.

 

SECTION 4.8.        Successors and Assigns. Borrower
and Bank as such terms are used herein shall include the legal representatives,
successors and assigns of those parties.

 

SECTION 4.9.        Counterparts. This Amendment may
be executed in any number of counterparts and by the Bank and Borrower on
separate counterparts, each of which

 

 

4

 

when so executed and delivered
shall be an original, but all such counterparts shall together constitute one
and the same Amendment.

 

SECTION 4.10.      Severability. Any provision of this
Amendment held by a court of competent jurisdiction to be invalid or
unenforceable shall not impair or invalidate the remainder of this Amendment
and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable.

 

SECTION 4.11.      Conflicting Provisions. In the
event of any conflict in the terms and provisions of this Amendment and the
terms and provisions of the Credit Agreement, the terms and provisions of this
Amendment shall govern.

 

SECTION 4.12.      Entire Agreement. This Amendment
constitutes the entire agreement and understanding between the parties hereto
with respect to the transactions contemplated hereby and supersedes all prior
negotiations, understandings, and agreements between such parties with respect
to such transaction.

 

IN WITNESS
WHEREOF, this Amendment has been duly executed by the parties hereto as of the
day and year first above written.

 

	
  AMERICAN
  SCIENCE AND

  ENGINEERING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ Paul
  Theodore Owens

  
	
   

  	
  CFO, VP
  FINANCE

  	
  (title)

  
	
   

  	
   

  
	
  HSBC BANK
  USA

  
	
   

  	
   

  
	
  By

  	
  /s/ William
  Meli

  
	
   

  	
   

  	
  (title)

  

 

 

5

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