Document:

exv4w20

 

Exhibit
4.20

EXECUTION COPY

          AMENDMENT NO. 18, LIMITED WAIVER AND CONSENT (this “Amendment”) dated
as of March 29, 2007, to the Second Lien Credit Agreement dated as of July
29, 2004, among THERMADYNE INDUSTRIES, INC., a Delaware corporation
(“Industries”), THERMAL DYNAMICS CORPORATION, a Delaware corporation
(“Dynamics”), TWECO PRODUCTS, INC., a Delaware corporation (“Tweco”), VICTOR
EQUIPMENT COMPANY, a Delaware corporation (“Victor”), C & G SYSTEMS, INC.,
an Illinois corporation (“C& G”), STOODY COMPANY, a Delaware corporation
(“Stoody”), THERMAL ARC, INC., a Delaware corporation (“Thermal Arc”),
PROTIP CORPORATION, a Missouri corporation (“ProTip”), THERMADYNE
INTERNATIONAL CORP., a Delaware corporation (“International” and, together
with ProTip, Thermal Arc, Stoody, C & G, Victor, Tweco, Dynamics and
Industries, the “Borrowers”), the Guarantors party thereto, the Lenders from
time to time party thereto and CREDIT SUISSE, as administrative agent (in
such capacity, the “Administrative Agent”) and as collateral agent (in such
capacity, the “Collateral Agent”) (as amended by Amendment No. 1 and
Agreement effective as of September 30, 2004, by Amendment No. 2 and Joinder
Agreement dated as of November 22, 2004, by Amendment No. 3 and Consent
dated as of January 3, 2005, by Amendment No. 4 dated as of March 16, 2005,
by Amendment No. 5 dated as of March 30, 2005, by Amendment No. 6 dated as
of March 31, 2005, by Amendment No. 7 dated as of July 1, 2005, by Amendment
No. 8 dated as of August 8, 2005, by Amendment No. 9 dated as of October 7,
2005, by Amendment No. 10 and Agreement dated as of November 7, 2005, by
Amendment No, 11 and Agreement dated as of December 29, 2005, by Amendment
No. 12, Waiver and Consent dated as of March 9, 2006, by Amendment No. 13
and Agreement dated as of April 5, 2006, by Amendment No. 14 and Consent
dated as of May 9, 2006, by Amendment No. 15 dated as of June
20, 2006, by Amendment No. 16, Waiver and Agreement dated as of July
21, 2006, by Amendment No. 17 and Agreement dated as of January 30,
2007 and as further amended, supplemented or modified, the “Credit
Agreement”).

          A.
Pursuant to the Credit Agreement, the Lenders have extended credit to the Borrowers.

          B. The Borrowers and the other Credit Parties have requested that the
Administrative Agent and the Lenders amend the Credit Agreement and provide a limited waiver
and consent as set forth herein.

          D. Capitalized terms used but not defined herein shall have the meanings assigned to
them in the Credit Agreement.

 

 

2

          Accordingly, in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties
hereto agree as follows:

          SECTION 1. Limited Waiver. The Administrative Agent and the Lenders hereby waive any Default
or Event of Default solely to the extent that the Credit Parties breached (a) Section 6.02(i) of
the Credit Agreement as a result of funding investments in Foreign Subsidiaries in excess of the
aggregate limit of $6,000,000 by an amount no greater than $700,000 and (b) Section 5.11 of the
Credit Agreement with respect to any credit card collection accounts
located at Arvest Bank.

          SECTION 2. Limited Consent. Pursuant to Section 6.02(n) of the Credit Agreement, the
Administrative Agent hereby consents to the making of a capital contribution by Industries in
Thermadyne Victor Ltda in an amount not to exceed $300,000.

          SECTION
3. Amendments. (a) Section 6.02 of the Credit Agreement is hereby amended by deleting
the number “$6,000,000” in clause (i) thereof and inserting “$6,700,000” in its place.

          (b) Section 6.02(n) of the Credit Agreement is hereby amended and restated in its entirety as
follows:

“(n) other investments by Credit Parties and Foreign Subsidiaries not exceeding
$2,000,000 in the aggregate (net of cash received by any Borrower from any Foreign
Subsidiary as a result of a sale of assets or Stock, in whole or in part, of such
Foreign Subsidiary) with the Administrative Agent’s prior written consent;”

          SECTION 4. Representations and Warranties. To induce the other parties hereto to enter into
this Amendment, the Credit Parties represent and warrant to each of the Lenders, the
Administrative Agent and the Collateral Agent, that, after giving effect to this Amendment, (a)
the representations and warranties set forth in Article III of the Credit Agreement are true and
correct in all material respects on and as of the date hereof, except to the extent such
representations and warranties expressly relate to an earlier date, and (b) no Default or Event of
Default has occurred and is continuing.

          SECTION 5. Effectiveness. This Amendment shall become effective as of the date set forth
above on the date that the Administrative Agent (or, in the case of clauses (a) and (b) below, its
counsel) shall have received:

          (a) counterparts of this Amendment that, when taken together, bear the signatures
of the Credit Parties and the Required Lenders;

          (b) a
copy of a fully executed and delivered amendment, in form and substance
reasonably satisfactory to the Administrative Agent, to the First Lien Credit Agreement; and

          (c) payment in full of all fees and other amounts due and payable on or prior to
such date hereunder or under any other Loan Document.

 

 

3

          SECTION 6. Effect of Amendment. Except as expressly set forth herein, this Amendment shall not
by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights
and remedies of the Lenders, the Administrative Agent or the Collateral Agent under the Credit
Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any
of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or
any other Loan Document, all of which are ratified and affirmed in all respects and shall continue
in full force and effect. Nothing herein shall be deemed to entitle any Credit Party to a consent
to, or a waiver, amendment, modification or other change of, any of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document
in similar or different circumstances. This Amendment shall apply and be effective only with
respect to the provisions of the Credit Agreement specifically referred to herein. After the date
hereof, any reference to the Credit Agreement shall mean the Credit Agreement, as modified hereby.
This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the
other Loan Documents.

          SECTION 7. 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 contract. Delivery of an executed counterpart of a signature page of this Amendment by
facsimile transmission shall be as effective as delivery of a manually executed counterpart hereof.

          SECTION 8. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

          SECTION 9. Headings. The headings of this Amendment are for purposes of reference only and
shall not limit or otherwise affect the meaning hereof.

          SECTION 10. Expenses. The Borrowers agree to reimburse the Administrative Agent for all
out-of-pocket expenses in connection with this Amendment, including the reasonable fees, charges
and disbursements of Cravath, Swaine & Moore LLP, counsel for
the Administrative Agent.

          SECTION 11. Reaffirmation. Each of the Guarantors hereby acknowledges receipt and notice of,
and consents to the terms of, this Amendment, and affirms and confirms its guarantee of the
Obligations and, if applicable, the pledge of and/or grant of a security interest in its assets as
Collateral to secure the Obligations, all as provided in the Collateral Documents as originally
executed, and acknowledges and agrees that such guarantee, pledge and/or grant of security
interest continue in full force and effect in respect of, and to secure, the Obligations under the
Credit Agreement, as amended hereby, and the other Loan Documents.

[Remainder of this page intentionally left blank]

 

 

     IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed and delivered by its duly authorized officer as of the date first set forth
above.

	 	 	 	 	 
	 	 	THERMADYNE INDUSTRIES, INC.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	THERMAL DYNAMICS CORPORATION,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	TWECO PRODUCTS, INC.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	VICTOR EQUIPMENT
COMPANY,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	C & G SYSTEMS, INC.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	STOODY COMPANY,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.

 

 

	 	 	 	 	 
	 	 	THERMAL ARC, INC.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	PROTIP CORPORATION,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	THERMADYNE
INTERNATIONAL CORP.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	THERMADYNE HOLDINGS CORPORATION,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	MECO HOLDING COMPANY,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	C&G SYSTEMS HOLDING, INC.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.

 

 

	 	 	 	 	 
	 	 	CIGWELD PTY LTD.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	DUXTECH PTY LTD.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	QUETACK PTY, LTD.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	QUETALA PTY, LTD.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	THERMADYNE AUSTRALIA PTY LTD.,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.
	 
	 	 	 	 
	 	 	THERMADYNE INDUSTRIES LIMITED,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.

 

 

	 	 	 	 	 
	 	 	THERMADYNE WELDING PRODUCTS

CANADA LIMITED,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Patricia S. Williams
	 

	 	 	 	 
	 

	 	 	 	Name: PATRICIA S. WILLIAMS
	 

	 	 	 	Title: V.P. SECTY & G.C.

 

 

	 	 	 	 	 
	 	 	CREDIT SUISSE, CAYMAN ISLANDS

BRANCH, as Administrative Agent and

Collateral Agent,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Phillip HD
	 

	 	 	 	 
	 

	 	 	 	Name: PHILLIP HD
	 

	 	 	 	Title:DIRECTOR
	 
	 	 	 	 
	 

	 	by
	 	/s/ Shaheen Malik
	 

	 	 	 	 
	 

	 	 	 	Name: SHAHEEN MALIK
	 

	 	 	 	Title: ASSOCIATE

 

 

	 	 	 	 	 
	 	 	NORTHWOODS CAPITAL IV, LIMITED, 

as a Lender,

	 
	 	 	 	 
	 	 	By:      Angelo, Gordon & Co., L.P., as

Collateral Manager,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Bradley Pattelli
	 

	 	 	 	 
	 

	 	 	 	Name: BRADLEY PATTELLI
	 

	 	 	 	Title: MANAGING DIRECTOR
	 
	 	 	 	 
	 	 	NORTHWOODS CAPITAL V, LIMITED, as

a Lender,
	 
	 	 	 	 
	 	 	By:      Angelo, Gordon & Co., L.P., as

Collateral Manager,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Bradley Pattelli
	 

	 	 	 	 
	 

	 	 	 	Name: BRADLEY PATTELLI
	 

	 	 	 	Title: MANAGING DIRECTOR
	 
	 	 	 	 
	 	 	NORTHWOODS CAPITAL VI, LIMITED,

as a Lender,
	 
	 	 	 	 
	 	 	By:      Angelo, Gordon & Co., L.P., as

Collateral Manager,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Bradley Pattelli
	 

	 	 	 	 
	 

	 	 	 	Name: BRADLEY PATTELLI
	 

	 	 	 	Title: MANAGING DIRECTOR
	 
	 	 	 	 
	 	 	NORTHWOODS CAPITAL VII, LIMITED,

as a Lender,
	 
	 	 	 	 
	 	 	By:      Angelo, Gordon & Co., L.P., as

Collateral Manager,
	 
	 	 	 	 
	 

	 	by
	 	/s/ Bradley Pattelli
	 

	 	 	 	 
	 

	 	 	 	Name: BRADLEY PATTELLI
	 

	 	 	 	Title: MANAGING DIRECTORexv10w13

 

Exhibit 10.13

AMENDING AGREEMENT

	 	 	 	 	 
	THIS AGREEMENT made as of the 25th day of October, 2007.	 	 
	 
	 	 	 	 
	BETWEEN:
	 	 	 	 
	 
	 	 	 	 
	 

	 	HOLMAN/SHIDLER INVESTMENT CORPORATION,

TRUSTEE	 	 
	 
	 	 	 	 
	 

	 	(hereinafter called the “Landlord”)	 	 
	 
	 	 	 	 
	 

	 	 	 	OF THE FIRST PART
	 
	 	 	 	 
	 

	 	- and -	 	 
	 
	 	 	 	 
	 

	 	THERMADYNE WELDING PRODUCTS CANADA, LTD.	 	 
	 
	 	 	 	 
	 

	 	(hereinafter called the “Tenant”)	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	OF THE SECOND PART
	 

	 	- and -	 	 
	 
	 	 	 	 
	 

	 	THERMADYNE HOLDING CORPORATION	 	 
	 
	 	 	 	 
	 

	 	(hereinafter called the “Guarantor”)	 	 
	 
	 	 	 	 
	 

	 	 	 	OF THE THIRD PART

WHEREAS:

	 	 	 
	A.

	 	By a lease dated the 11th day of August, 1988 (the “Lease”), the Landlord as landlord leased to Palco
Welding Products of Canada, Ltd. certain lands and premises (the “Premises”) now municipally known as 2070 Wyecroft
Road, Oakville, Ontario, Province of Ontario for and during a term (the “Term”) of fifteen (15) years commencing on
the 11th day of August, 1988 and expiring on the 31st day of August, 2003.
	 
	 	 
	B.

	 	Pursuant to articles of amendment dated September 26, 1988, Palco Welding Products Canada Ltd. changed its name to
Thermadyne Welding Products Canada Limited.
	 
	 	 
	C.

	 	By a Continuing Lease Guaranty annexed as Exhibit “C” to the Lease (the “Guaranty”), Palco Acquisition Company
provided a guarantee of all of the covenants, obligations and liabilities of the Tenant under the Lease.
	 
	 	 
	D.

	 	Pursuant to articles of amendment dated September 12, 1988 Palco Acquisition Company changed its name to Thermadyne
Industries, Inc. Pursuant to articles of amendment dated September 24, 1993 Thermadyne Industries, Inc. changed its
name to TDII Company. Pursuant to articles of amendment dated January 18, 1994 TDII Company changed its name to
Thermadyne Holdings Corporation.

 

 

-2-

	 	 	 
	E.

	 	Pursuant to a lease amending agreement made as of March
18, 2003 (the “Lease Amending Agreement”) between the
Landlord, the Tenant and the Guarantor, the Original
Term of the Lease was extended for a five (5) year
period, expiring August 31, 2008.
	 
	 	 
	F.

	 	Pursuant to a Surrender Agreement (the “Surrender
Agreement”) made as of July, 2007 between the Landlord,
the Tenant and the Guarantor effective 5:00 p.m. June
28, 2007, the Landlord and the Tenant surrendered that
portion of the Premises consisting of the vacant lands
legally described as being Part of Block I, Plan 844
designated as Part 4, Plan 20R-17250 and Part of Block
K, Plan 844 designated as Part 2, Plan 20R-17250, Town
of Oakville, Regional Municipality of Halton (the
“Surrendered Premises”) with the Guarantor executing to
confirm the Guaranty remained in full force and effect
notwithstanding the surrender of the Surrendered
Premises.
	 
	 	 
	G.

	 	The Lease, as amended by the Lease Amending Agreement
and the Surrender Agreement, is hereinafter collectively
the “Lease”.
	 
	 	 
	H.

	 	Any capitalized terms used herein, and not defined
herein, shall have the same meanings as attributed
thereto in the Lease.

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the sum of TWO DOLLARS
($2.00) and the mutual covenants and agreements herein contained the parties hereto
agree with each other as follows:

	1.	 	The parties hereto hereby acknowledge, confirm and agree that the foregoing
recitals are true in substance and in fact.

	2.	 	The Lease shall be amended from and after the date hereof as follows:

	 	(a)	 	The Lease Term is extended for a period of seven (7) years
(the “Second Extension Period”) to be computed from the 1st day of
September, 2008, and to be fully completed and ended on the 31st
day of August, 2015, upon the same terms and conditions as are contained in
the Lease save and except as otherwise set out in this Agreement;
	 
	 	(b)	 	Section 3.1 shall be amended by the addition of the following:
	 
	 	 	 	“The Base Monthly Rent payable during the Second Extension Period
shall be as follows:
	 
	 	 	 	With respect to the period commencing September 1, 2008, and ending
August 31st, 2009, Two Hundred and Sixty-Seven Thousand
Nine Hundred and Five Dollars Canadian ($267,905.00) per annum
payable in equal monthly instalments of ($22,325.41) each, based
upon a rate of Five Dollars and Fifty Cents Canadian ($5.50) per
annum of the rentable area of the building (the “Building”) located
on the Leased Premises.
	 
	 	 	 	For the period commencing September 1, 2009 and ending August 31,
2010, Two Hundred and Eighty Thousand Eighty-Three Dollars Canadian
($280,083.00) per annum payable in equal monthly instalments of
Twenty-Three Thousand Three Hundred and Forty Dollars and
Twenty-Five Cents Canadian ($23,340.25) each, based upon a rate of
Five Dollars and Seventy-Five Cents Canadian ($5.75) per annum of
the rentable area of the Building.

 

 

-3-

	 	 	 	For the period commencing September 1, 2010 and ending August 31,
2011, Two Hundred and Eighty Thousand Eighty-Three Dollars Canadian
($280,083.00) per annum payable in equal monthly instalments of
Twenty-Three Thousand Three Hundred and Forty Dollars and Twenty-
Five Cents Canadian ($23,340.25) each, based upon a rate of Five Dollars
and Seventy-Five Cents Canadian ($5.75) per annum of the rentable area
of the Building.
	 
	 	 	 	For the period commencing September 1, 2011 and ending August 31,
2012, Two Hundred and Ninety-Two Thousand Two Hundred and Sixty
Dollars Canadian ($292,260.00) per annum payable in equal monthly
instalments of Twenty-Four Thousand Three Hundred and Fifty Five
Dollars Canadian ($24,355.00) each, based upon a rate of Six Dollars
Canadian. ($6.00) per annum of the rentable area of the Building.
	 
	 	 	 	For the period commencing September 1, 2012 and ending August 31,
2013, Two Hundred and Ninety-Two Thousand Two Hundred and Sixty
Dollars Canadian ($292,260.00) per annum payable in equal monthly
instalments of Twenty-Four Thousand Three Hundred and Fifty Five
Dollars Canadian ($24,355.00) each, based upon a rate of Six Dollars
Canadian. ($6.00) per annum of the rentable area of the Building.
	 
	 	 	 	For the period commencing September 1, 2013 and ending August 31,
2014, Three Hundred and Four Thousand Four Hundred and Thirty-Eight
Dollars Canadian ($304,438.00) per annum payable in equal monthly
instalments of Twenty-Five Thousand Three Hundred and Sixty Nine
Dollars and Eighty-Three Cents Canadian ($25,369.83) each, based upon a
rate of Six Dollars and Twenty-Five Cents Canadian. ($6.25) per annum
of the rentable area of the Building.
	 
	 	 	 	For the period commencing September 1, 2014 and ending August 31,
2015, Three Hundred and Four Thousand Four Hundred and Thirty-Eight
Dollars Canadian ($304,438.00) per annum payable in equal monthly
instalments of Twenty-Five Thousand Three Hundred and Sixty Nine
Dollars and Eighty-Three Cents Canadian ($25,369.83) each, based upon a
rate of Six Dollars and Twenty-Five Cents Canadian. ($6.25) per annum
of the rentable area of the Building.
	 
	 	 	 	The Landlord and Tenant acknowledge and agree that for the purposes of calculating
Base Monthly Rent, the rentable area of the Building shall be deemed to be 48,710
square feet.”
	 
	 	(c)	 	Section 5.5 “Parking Lot Improvements” shall be added to the Lease as follows:
	 
	 	 	 	“5.5 Parking Lot Improvements. The Landlord agrees, (on a one time basis
only), to reimburse the Tenant for the costs incurred by the Tenant toward the
replacement of the asphalt driveway and parking lot at the Leased Premises in
accordance with plans and specifications (the “Plans”) approved by the Landlord (the
“Parking Lot Improvements”) to a maximum reimbursement of Seventy Thousand Dollars
($70,000.00) (inclusive of Other Taxes), in accordance with the following provisions,
after the last of the following shall occur:

	 	(i)	 	the Parking Lot Improvements, having been completed in
accordance with the Plans and the provisions of the Lease and to the
reasonable satisfaction of the Landlord;

 

 

-4-

	 	(ii)	 	delivery by the Tenant to the Landlord of:

(A) an itemized list of all contractors, subcontractors and material and
service suppliers that did work or provided material or services in
connection with the Parking Lot Improvements;

(B) (1) a statutory declaration from the Tenant’s general contractor, each
of its subcontractors and each of the material and service suppliers that
they have been paid in full (accompanied by copies of paid invoices
evidencing payment), that the statutory lien periods have expired and that
each has no further claim with respect to the Parking Improvements, as well
as a clearance certificate from each that all assessments under the Workers
Compensation Act have been paid in full, (2) copies of all required
governmental permits for the Parking Lot Improvements, (3) an itemized list
detailing the Tenant’s actual cost of the Parking Improvements;

(C) a statutory declaration from the Tenant stating that all accounts for
work, services and materials with respect to or in connection with the
Parking Lot Improvements have been paid in full (accompanied by copies of
paid invoices evidencing payment), that the statutory lien periods have
expired and that no construction or any other liens have been or may be
claimed with respect to the Parking Lot Improvements and that all
assessments under the Workers Compensation Act have been paid in full.

	 	 	 	The Landlord shall pay (a) Ninety per cent (90%) of the cost of the Parking Lot
Improvements upon the satisfactory completion as determined by the Landlord of the items in
(i) and (ii) set out above, and (b) the remaining Ten percent (10%) of the cost on expiry
of all lien rights pertaining to the Parking Lot Improvements.”

	 	(d)	 	Section 1.1(m) of the Lease is deleted and replaced with the following effective
June 28, 2007:

	 	 	 	“1.1(m) Leased Premises. The Term “Leased Premises” shall mean:

	 	(i)	 	with respect to the period from the Commencement Date until
June 27, 2007, the real property described in Exhibit A attached hereto
including all improvements thereon;
	 
	 	(ii)	 	with respect to the period from and after June 28, 2007, the
real property described as PIN 24849-0151 being Part of Block I, Plan 844
designated as Part 35, Plan 20R-4378, and Part of Block K, Plan 844 designated
as Part 1, Plan 20R-4861, save and except Parts 2 and 4, Plan 20R-17250,
Oakville, including all improvements thereon.”

	 	(e)	 	Section 16.08 shall be deleted from the Lease and in its place shall be added the
following:
	 
	 	 	 	“16.08 Excess Lands. At the option of the Landlord, the Landlord may
require the Tenant at any time and from time to time, to surrender all or any
part, at any time and from time to time, of that portion of the Leased Premises
consisting of approximately 1.26 acres of unimproved land shown hatched in black
on the sketch annexed hereto as Exhibit “E” (the “Excess Lands”), in accordance
with the following. The exact dimensions and acreage of the part of the Excess
Lands (the “Sale Portion”) to be surrendered from time to time is to be
determined by the Landlord, with notice of the dimensions and acreage being given
to the Tenant prior to any application for severance being submitted.

 

 

-5-

	 	 	 	The Landlord shall be responsible at its sole cost and expense to prepare
and submit any required application to the local Committee of Adjustment (or
other appropriate Land Division Committee or other appropriate authority
with jurisdiction) to obtain a severance of the Sale Portion, from the
balance of the Leased Premises (the “Remainder Land”). The Landlord shall be
responsible for the general co-ordination with respect to obtaining the
severance for satisfying all conditions, dedications, payments or demands of
any kind whatsoever imposed as a condition of obtaining a severance
(collectively, the “Conditions”). If approval to the severance is given but
any Conditions are attached respecting the Excess Lands or the Remainder
Land, which the Landlord, in its absolute discretion, is not prepared to
agree to, or if approval is given, but is appealed and the Landlord is not
prepared to defend such appeal, then the Landlord may, notwithstanding any
other provision contained in this Agreement or the Lease, not pursue the
severance and in such event the Landlord shall have no liability to the
Tenant pursuant to this provision. Notwithstanding any provision in this
Agreement or the Lease to the contrary, the Landlord shall be entitled to
withdraw or terminate any such application for severance at any time and in
such event the Landlord shall have no liability to the Tenant pursuant to
this provision. The Tenant hereby agrees to fully co-operate with the
Landlord respecting such application and to execute (and consent where
required) to such applications at the Tenant’s cost and expense. In addition
to the foregoing, the Tenant acknowledges and agrees that, in connection
with the development and use of the Sale Portion, the Landlord retains the
right to install, maintain or grant the right to install or maintain cable,
phone and other utility services in, on, over, under, through, along and
upon the Remainder Lands and may grant easements or licenses to third
parties with respect to same, provided that the Tenant’s use and enjoyment
of the Remainder Lands is not materially affected. If required by the
Landlord or a third party, the Tenant shall provide its written consent to
any required easements or license as set out above.
	 
	 	 	 	In the event that the Landlord is successful in obtaining a severance for the Sale
Portion, then: (i) the Sale Portion shall be removed from the Leased Premises
effective as of the date of a successful closing of a sale of such Sale Portion or
on such earlier date as the Landlord requests on not less than ten (10) days notice
(the “Surrender Date”); and (ii) the Tenant and Landlord shall enter into a mutually
acceptable surrender agreement whereby the Tenant surrenders to the Landlord vacant
possession of the Sale Portion thereof effective as of the Surrender Date. Taxes and
other costs, expenses and amounts payable under the Lease with respect to the Sale
Portion shall be adjusted between the parties effective the Surrender Date and the
Tenant shall comply with all of its other obligations under the Lease regarding the
surrender of the Sale Portion.”

	3.	 	From and after the date hereof, Schedule “A” attached to this Agreement shall be
annexed to the Lease as Exhibit “E” and form an integral part of the Lease.

 

 

-6-

	4.	 	Provided this Agreement is executed by both parties prior to November 12, 2007, the Base
Monthly Rent payable with respect to the period commencing October 1, 2007 and ending
August 31, 2008 shall be reduced from $23,340.21 per month to $22,325.42 per month during
such period.
	 
	5.	 	The parties confirm that in all other respects the terms, covenants and conditions of the
Lease remain unchanged, unmodified, and in full force and effect, except as modified by this
Agreement.
	 
	6.	 	This Agreement shall enure to the benefit of and be binding upon the parties hereto and
their respective successors and permitted assigns, as the case may be.
	 
	7.	 	This Agreement shall be construed in accordance with the laws of the Province of Ontario.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 
	 	HOLMAN/SHIDLER INVESTMENT 

CORPORATION, TRUSTEE

 	 
	 	By:  	[ILLEGIBLE]                                             November
8, 2007
 	 	 
	 	 	Name: [ILLEGIBLE]		 
	 	 	Title:  Vice President/Asst. Secretary	 	 
	 	 	 	 	 
	 	By:  	
 	 	 
	 	 	Name: 		 
	 	 	Title:   	 	 
	 
	 	THERMADYNE WELDING PRODUCTS 

CANADA, LTD.

 	 
	 	By:  	/s/
Betty Robertson
 	 	 
	 	 	Name: Betty Robertson
  	 	 
	 	 	Title:   President & General Manager	 	 
	 
	 	 	 
	 	By:  	
 	 	 
	 	 	Name: 	 	 
	 	 	Title:  	 	 
	 
	 	THERMADYNE HOLDING CORPORATION

 	 
	 	By:  	/s/ Terry Downes 	 	 
	 	 	Name:  Terry Downes	 	 
	 	 	Title:  GVP Corporate Development	 	 
	 
	 	 	 
	 	By:  	/s/ Terry Downes
 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

 

	 	 	 	 	 

SCHEDULE
“A”

Total:
1.26 acres of which .43 is part of right of way

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}]]