Document:

Management Incentive Plan

 Exhibit 10.23 
  
 

 
  
 SENSUS METERING SYSTEMS

  
 Management Incentive Plan 
 2004 - 2005 
  
 Plan Framework & Guidelines 
  
 July 2004 

 

 
  
 PART I – PLAN FRAMEWORK

  

	1.	Plan Name 

  
 The Sensus Metering Systems Management Incentive Plan (“The Plan”). 
  

	2.	Plan Objectives 

  

	 	•	 	Provide an incentive system that encourages participants to achieve defined financial and personal objectives. 

  

	 	•	 	Provide participants with an opportunity to earn incentive compensation for outstanding performance. 

  

	 	•	 	Provide focused attention on the most important measures of business success. 

  

	 	•	 	Provide competitive compensation to attract and retain key employees. 

  

	3.	Plan Term 

  
 The Plan will commence on the first day of the 2004/05 financial year (1st April
2004) and end on the last day of the financial year (31st March 2005). 
  

	4.	Plan Eligibility 

  
 It is intended that those who participate are management whose decisions and performance impact Sensus Metering Systems results. Participation in this program is at the discretion of the Compensation Committee of
Sensus Metering Systems. 
  

	5.	Target Incentive Levels 

  
 A. Financials 
  
 Target incentive levels are determined on an individual basis and communicated to participants at the start of the plan year. 
  
 Maximum award is uncapped for the target incentive level for financial targets. At 90% of the target incentive level for financial targets the threshold award is 10%.

  
 Payments for performance between threshold and target are pro rated on a
straight-line basis at a rate of 10% to 100%. Payments above target are pro rated on a less steep straight-line basis at a rate equivalent to 150% for results at 110% of target, 200% for results at 120% of target and so on. 
  

 Page 2 of 7 

 

 
  
 B. Key Personal Objectives

  
 Each Region and Business Unit Level participant will be rated on the
completion of one or two key personal objectives developed in conjunction with one’s manager in order to improve the business performance of Sensus Metering Systems. The awarding of an incentive payment for an objective will be either a full
payment for successful completion or no payment for failure to accomplish the objective. 
  
 Awarding of a partial payment for a key personal objective must be proposed by the participant’s manager and approved by the Compensation Committee. 
  

	6.	Performance Measures, Weightings (Scorecard), & Definitions 

  
 a. Performance Measures and Weightings (Scorecards). 
  
 The performance measures and weightings are outlined in the Scorecards below for Sensus Metering Systems Headquarters participants and Region/Business Unit participants.

  
 a.i. Headquarters Scorecard 
  
 Headquarters Level Executives are those not tied to one specific Region or Business Unit
within Sensus Metering Systems. 
  
 Financials 
  

									
	 MEASURE

	  	 WEIGHTING

	  	 THRESHOLD
(10% Payment)

	  	 TARGET
(100% Payment)

	  	 ABOVE TARGET
(No Maximum)

	 Sensus Metering Systems EBITDA
	  	50%	  	90% of Target	  	2004 -2005 Budget	  	150% at 110% of Budget 200% at 120% of Budget
	 Sensus Metering Systems Cash Flow
	  	50%	  	90% of Target	  	2004 -2005 Budget	  	150% at 110% of Budget 200% at 120% of Budget
	 Financial Totals
	  	100%	  	 	  	 	  	 

  
 Incentive payments for Headquarters
Level Executives are based strictly on overall Sensus Metering Systems financial performance as shown above. 
  

 Page 3 of 7 

 

 
  
 a.ii. Region or Business Unit
Scorecard 
  
 Region or Business Unit (BU) Level Executives are those with
specific responsibilities with a Region or single Business Unit within Sensus Metering Systems for which financial performance can be specifically measured. 
  
 Regions: Regions for Incentive plan purposes are defined as: 
  

	 	•	 	EMEA (Europe Middle East & Africa) 

  

	 	•	 	Central & South America 

  

	 	•	 	Asia-Pacific 

  
 Business Units: Business Units for incentive purposes are defined as: 
  

	 	•	 	North American Water 

  

	 	•	 	North American Energy - Gas 

  

	 	•	 	North American Energy - Electric 

  

	 	•	 	Precision Die Casting 

  

	 	•	 	Smith-Blair 

  
 Financials 
  

									
	 MEASURE

	  	 WEIGHTING

	  	 THRESHOLD
(10% Payment)

	  	 TARGET
(100% Payment)

	  	 ABOVE TARGET
(No Maximum)

	 Sensus Metering Systems
 EBITDA
	  	20%	  	90% of Target	  	2004 - 2005
Budget	  	150% at 110% of Budget 200% at 120% of Budget
	 Sensus Metering Systems
 Cash Flow
	  	20%	  	90% of Target	  	2004 - 2005
Budget	  	150% at 110% of Budget 200% at 120% of Budget
	 Region or Business Unit EBITDA1
	  	20%	  	90% of Target	  	2004 - 2005 Budget or Target1	  	150% at 110% of Budget 200% at 120% of Budget
	 Region or Business Unit Cash Flow1
	  	20%	  	90% of Target	  	2004 - 2005 Budget or Target1	  	150% at 110% of Budget 200% at 120% of Budget
	 Financial Totals
	  	80%	  	 	  	 	  	 

  
 Key Personal Objectives

  

							
	 MEASURE

	  	 WEIGHTING

	  	 NOT ACHIEVED

	  	 ACHIEVED

	 1 or 2 Personal Objectives to be achieved by year-end.
	  	Total of 20% of incentive to be divided amongst each objective	  	No payment if an objective is not achieved in full	  	Full payment for each objective completed
	 Personal Totals
	  	20%	  	 	  	 

  
 If a Region or BU fails to reach 75%
of either its EBITDA or Cash Flow target then plan participants from that Region or BU will be ineligible for any incentive payments. 

	1.	Target may be set up to 105% of budget. 

  

 Page 4 of 7 

 

 
  
 b. Definitions. 
  

	1.	Adjusted EBITDA 

  
 This measure is defined as Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for restructuring and management fees. 
  

	2.	Operating Cash Flow 

  
 This measure is defined as the flow from EBITDA adjusted for associated inter-company profit, working capital movements, net capital expenditure, restructuring costs, and special dispensation. 
  

	3.	Compensation Committee 

  
 The Compensation Committee for Sensus Metering Systems consists of the following members: 
  

	 	•	 	Chief Executive Officer 

  

	 	•	 	Chief Financial Officer 

  

	 	•	 	Executive Vice President of Operations 

  

	 	•	 	Vice President of Sales & Marketing, Sensus Metering Systems North America 

  

	 	•	 	Vice President of Human Resources 

  
 Part II – Plan Rules and Administration 
  

	1.	Payment Qualifications 

  
 Eligibility is defined in Part I, Section 4 of the Incentive Plan. Each Region or Business Unit Head will submit a list of proposed participants through
the VP of Human Resources for approval by the Compensation Committee of Sensus Metering Systems. 
  
 In order to be eligible for any payment due under the Plan, a participant must be employed by the Company on the payment date (normally May or June).

  

	i.	Leavers: 

  
 If a participant leaves after the year-end but before the payment date as a result of retirement at normal retirement age, early retirement, ill health/disability retirement or redundancy, they will be eligible for
any payment under the Plan on the normal payment date. 
  

 Page 5 of 7 

 

 
  
 If a participant leaves for any
other reason after the year-end but before the payment date, any payment under the Plan will be at the discretion of the Compensation Committee of Sensus Metering Systems. 
  
 For death in service, any payment due will be paid to the personal representative of the participant at the earliest
possible date. 
  
 Participants who terminate employment during
the Plan year will not be eligible for payments unless termination was caused by: retirement at normal retirement age, early retirement with company consent; ill health disability retirement; or redundancy. In such cases, pro rata awards will be
made based on the number of complete months worked during the Plan year. 
  

	ii.	Joiners: 

  
 Existing and new employees who join the Plan after the start of the Financial Year, will be eligible for any payment due under the Plan based on a pro
rata amount. This will be calculated at a rate of 1/12 of the Plan payment for each complete calendar month from the date of joining the Plan to the Plan year end. 
  
 Existing or new employees who join the Plan within three months of the Plan year-end will not participate in the Plan until
the following Financial Year. 
  

	2.	Payment Terms and Timing 

  
 The incentive will be paid as soon as practical after the fully audited annual results of the Company have been announced (normally May or June) (the
“payment date”). All payments are subject to the final approval of the Compensation Committee of the Board of Directors for Sensus Metering Systems. Any incentive will be paid in cash. 
  
 The participant will be liable for any personal tax due or other statutory
payments due on any part of the incentive. Incentive payments will be treated for pensionable purposes in line with plan rules. 
  

	3.	Plan Framework 

  

	i.	Participation and target percentage is determined by level of management. 

  

	ii.	The measures, their weighting and performance ranges are set out in Part 1, Sections 6 of the Plan in the relevant incentive scorecards. 

  

	iii.	Any “windfall” impacts, either adverse or positive, will be excluded from the calculations. The decision of the Compensation Committee of Sensus Metering Systems as to
“windfall” will be final. 

  

 Page 6 of 7 

 

 
  

	iv.	The calculation of an individual’s actual incentive is based on the salary effective 1st April 2004 adjusted for any promotion increases. 

  

	v.	Where a promotion occurs during the Plan year, the two salary levels and incentive target levels (if appropriate) will be pro rated for complete months at the respective salary and
incentive target levels. Any alternative basis for calculation must be agreed on appointment, and approved by the Compensation Committee of Sensus Metering Systems depending on reporting level. 

  

	vi.	The financial targets will be adjusted for acquisitions or disposals as approved by the Compensation Committee (unless included in the budget). 

  

	4.	Decisions regarding Plan Issues 

  
 The Compensation Committee of Sensus Metering Systems will determine any questions or disputes concerning the Plan rules, interpretation of the rules, or
any other issues pertaining to the Plan, with final approval provided by the Compensation Committee of the Board of Directors for Sensus Metering Systems. 
  

	5.	Participation 

  
 Participation in this Plan is by invitation from time to time. It is entirely discretionary, and the Management of Sensus Metering Systems may decide:

  

	 	i.	Whether a particular individual is eligible to participate in the Plan 

  

	 	ii.	The Plan’s design, terms and targets 

  

	 	iii.	The continuation or suspension of the Plan and, 

  

	 	iv.	The amount and timing of any payments from the Plan. 

  
 No individual will have any right to receive a incentive payment, and will not acquire such a right by virtue of having received one or more incentive
payments during the course of his employment. 
  

 Page 7 of 7Amendment No. 2 to its Credit Agreement dated March 29,2004

 Exhibit 10.1 
  
 AMENDMENT NO. 2 
 TO 
 THE AMENDED AND RESTATED CREDIT AGREEMENT 
  
 This Amendment No. 2 to the Amended and Restated Credit Agreement (this “Amendment”) is made as of June 16,
2005, by and among STERIS CORPORATION, an Ohio corporation (“Borrower”), the lending institutions parties to the Credit Agreement, as hereinafter defined (“Lenders”), and KEYBANK NATIONAL ASSOCIATION, as
administrative agent for the Lenders (“Agent”). 
  
 RECITALS: 
  
 A. Borrower, Agent and the Lenders are
parties to the Amended and Restated Credit Agreement dated as of March 29, 2004 (as amended and as the same may from time to time be further amended, restated or otherwise modified, the “Credit Agreement”). 
  
 B. Borrower, Agent and the Lenders desire to further amend the Credit
Agreement to modify certain provisions thereof. 
  
 C. Each
capitalized term used herein shall be defined in accordance with the Credit Agreement. 
  
 AGREEMENT: 
  
 In consideration of
the premises and mutual covenants herein and for other valuable considerations, Borrower, Agent and the Lenders agree as follows: 
  
 1. Amendment to Applicable Facility Fee Rate. Section 1.01 of the Credit Agreement is hereby amended to delete the pricing matrix set forth in the
definition of “Applicable Facility Fee Rate” and to insert in place thereof the following: 
  

			
	 Leverage Ratio

	  	 Applicable Basis
 Points

	 Greater than or equal to 2.50 to 1.00
	  	20.00
	 Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00
	  	17.50
	 Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00
	  	15.00
	 Greater than or equal to 1.00 to 1.00 but less than 1.50 to 1.00
	  	12.50
	 Less than 1.00 to 1.00
	  	10.00

 2. Amendment to Applicable Margin. Section 1.01 of the Credit Agreement is hereby amended to
delete the pricing matrix set forth in the definition of “Applicable Margin” and to insert in place thereof the following: 
  

					
	 Leverage Ratio

	  	 Applicable Basis Points
 for Fixed Rate Loans
 and Swing Loans

	  	 Applicable Basis
 Points for
 Base Rate Loans

	 Greater than or equal to 2.50 to 1.00
	  	80.00	  	0
	 Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00
	  	70.00	  	0
	 Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00
	  	60.00	  	0
	 Greater than or equal to 1.00 to 1.00 but less than 1.50 to 1.00
	  	50.00	  	0
	 Less than 1.00 to 1.00
	  	37.50	  	0

  
 3. Amendment to
Definitions. Section 1.01 of the Credit Agreement is hereby amended to delete the definitions “Commitment Period,” “Consideration,” “Permitted Foreign Subsidiary Loans and Investments” and
“Swing Line Commitment” therefrom and to insert in place thereof the following: 
  
 “Commitment Period” means the period from the Closing Date to June 15, 2010, or such earlier date on which the Commitment shall have been
terminated pursuant to Article VIII hereof. 
  
 “Consideration” means, in connection with an Acquisition, the aggregate consideration paid, including the assumption of indebtedness for borrowed money, net of cash acquired. 
  
 “Permitted Foreign Subsidiary Loans and Investments” means
(a) any investment by a Foreign Subsidiary in, or loan from a Foreign Subsidiary to, another Company (other than the Insurance Subsidiary or the Receivables Subsidiary), (b) any investment by a Domestic Company in a Foreign Subsidiary made in the
ordinary course of business, (c) any loan from a Domestic Company to a Foreign Subsidiary made in the ordinary course of business, and (d) any Indebtedness of a Foreign Subsidiary owing to another Person (other than a Company) incurred in the
ordinary course of business. 
  
 “Swing Line
Commitment” means the commitment of Agent to make Swing Loans to Borrower up to the maximum aggregate amount at any time outstanding of $35,000,000 in accordance with the terms and conditions of the Swing Line. 
  

 2 

 4. Amendment to Merger and Asset Sale Covenant. Section 5.12(f) of the Credit Agreement is hereby
amended and restated in its entirety as follows: 
  
 (f) in addition to any sale, lease, transfer or other disposition permitted pursuant to subsections (b), (d) and (e) above, any Company (other than the Receivables Subsidiary) may sell (including any sale in connection with any
sale-leaseback transaction), lease, transfer or otherwise dispose of any of its assets (in each case, an “Asset Disposition”) to any Person, so long as the aggregate book value of all such assets (as determined in accordance with
GAAP) sold, leased, transferred or otherwise disposed of by all Companies in any fiscal year of Borrower does not exceed an amount equal to 15% of Consolidated Total Assets (for each such fiscal year, the “Basket Amount”) based upon
the financial statements of Borrower for the most recently completed fiscal quarter; provided, however, that, to the extent that any Company reinvests (whether in one or more than one transaction) the amount of the proceeds (the
“Asset Disposition Proceeds”) of any such Asset Disposition in the business of the Companies (including, but not limited to, Acquisitions made in compliance with Section 5.13 hereof) within 12 months of the consummation of such
Asset Disposition, then, upon the reinvestment of such Asset Disposition Proceeds in accordance with this subsection (f), the Basket Amount for the fiscal year in which each such reinvestment occurs shall be increased by an amount equal to the
amount of such Asset Disposition Proceeds so reinvested. 
  
 5.
Replacement of Exhibits B and D. The Credit Agreement is hereby amended to delete Exhibit B and Exhibit D therefrom and to replace them with Exhibit B and Exhibit D attached hereto, respectively. 
  
 6. Conditions Precedent. The amendments set forth above shall become
effective upon the satisfaction of the following conditions precedent: 
  
 (a) this Amendment has been executed by Borrower, Agent and the Lenders, and counterparts hereof as so executed shall have been delivered to Agent; 
  
 (b) Borrower has executed and delivered to Agent a new Swing Line Note in the form of Exhibit B attached to this
Amendment (Agent hereby agrees that upon the delivery of such new Swing Line Note by Borrower to Agent, Agent shall return the Swing Line Note previously executed by Borrower on the Closing Date to Borrower); 
  
 (c) Borrower has paid to each Lender an amendment fee in an amount equal to
5 basis points times the amount of each such Lender’s Revolving Credit Commitment; 
  
 (d) Borrower has paid to Agent, for its sole benefit, the fees set forth in the Financing Proposal between Borrower and Agent and dated as of May 23, 2005; and 
  
 (e) each Guarantor of Payment has consented and agreed to and acknowledged
the terms of this Amendment. 
  
 7. Representations and
Warranties. Borrower hereby represents and warrants to Agent and the Lenders that (a) Borrower has the legal power and authority to execute and deliver this Amendment; (b) the officials executing this Amendment have been duly authorized to
execute and deliver the same and bind Borrower with respect to the provisions hereof; (c) the execution and delivery hereof by Borrower and the performance and observance by Borrower of 
  

 3 

 the provisions hereof do not violate or conflict with the organizational agreements of Borrower or any law applicable to
Borrower or result in a breach of any provision of or constitute a default under any other agreement, instrument or document binding upon or enforceable against Borrower; (d) no Default or Event of Default exists under the Credit Agreement, nor will
any occur immediately after the execution and delivery of this Amendment or by the performance or observance of any provision hereof; (e) neither Borrower nor any Subsidiary has any claim or offset against, or defense or counterclaim to, any of
Borrower’s or any Subsidiary’s obligations or liabilities under the Credit Agreement or any Related Writing; and (f) this Amendment constitutes a valid and binding obligation of Borrower in every respect, enforceable in accordance with its
terms. 
  
 8. Credit Agreement Unaffected. Each reference
that is made in the Credit Agreement or any other Related Writing shall hereafter be construed as a reference to the Credit Agreement as amended hereby. Except as herein otherwise specifically provided, all provisions of the Credit Agreement shall
remain in full force and effect and be unaffected hereby. 
  
 9.
Waiver. Borrower and each Subsidiary, by signing below, hereby waives and releases Agent and each of the Lenders and their respective directors, officers, employees, attorneys, affiliates and subsidiaries from any and all claims, offsets,
defenses and counterclaims of which Borrower and any Subsidiary is aware, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto.

  
 10. Counterparts. This Amendment may be executed in any
number of counterparts, by different parties hereto in separate counterparts and by facsimile signature, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the
same agreement. 
  
 11. Governing Law. The rights and
obligations of all parties hereto shall be governed by the laws of the State of Ohio, without regard to principles of conflicts of laws. 
  
 [Remainder of page intentionally left blank.] 
  

 4 

 12. JURY TRIAL WAIVER. BORROWER, AGENT, THE LENDERS AND EACH GUARANTOR OF PAYMENT HEREBY WAIVE ANY
RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT, THE LENDERS, EACH GUARANTOR OF PAYMENT, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL
TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. 
  
 IN WITNESS WHEREOF, this Amendment has been duly executed and delivered as of
the date first above written. 
  

			
	STERIS CORPORATION
		
	By:	 	 /s/ William L. Aamoth

	Name:	 	William L. Aamoth
	Title:	 	Vice President and Corporate Treasurer
	
	 KEYBANK NATIONAL ASSOCIATION,
 as Agent and
as a Lender

		
	By:	 	 /s/ J. T. Taylor

	Name:	 	J. T. Taylor
	Title:	 	Senior Vice President
	
	LASALLE BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Roy D. Hasbrook

	Name:	 	Roy D. Hasbrook
	Title:	 	Senior Vice President

  

 5 

			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	 /s/ Steven P. Sullivan

	Name:	 	Steven P. Sullivan
	Title:	 	Vice President
	
	HARRIS, N.A.
		
	By:	 	 /s/ Mark W. Piekos

	Name:	 	Mark W. Piekos
	Title:	 	Director
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Joseph G. Moran

	Name:	 	Joseph G. Moran
	Title:	 	Managing Director
	
	NATIONAL CITY BANK
		
	By:	 	 /s/ Robert S. Coleman

	Name:	 	Robert S. Coleman
	Title:	 	Senior Vice President
	
	THE BANK OF NEW YORK
		
	By:	 	 /s/ William M. Barnum

	Name:	 	William M. Barnum
	Title:	 	Vice President
	
	US BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ David J. Dannemiller

	Name:	 	David J. Dannemiller
	Title:	 	Vice President

  

 6 

 GUARANTOR ACKNOWLEDGMENT AND AGREEMENT 
  
 Each of the undersigned (collectively, the “Guarantors” and,
individually, each a “Guarantor”) consents and agrees to and acknowledges the terms of the foregoing Amendment No. 2 to the Amended and Restated Credit Agreement, dated as of June 16, 2005 (the “Amendment”). Each
Guarantor specifically acknowledges the terms of and consents to the waivers set forth in the Amendment. Each Guarantor further agrees that its obligations pursuant to the Guaranty of Payment that it executed in connection with the Amended and
Restated Credit Agreement shall remain in full force and effect and be unaffected hereby. 
  
 Each Guarantor, by signing below, hereby waives and releases Agent and each of the Lenders and their respective directors, officers, employees, attorneys, affiliates, and subsidiaries from any and all claims, offsets,
defenses, and counterclaims of which any of the Guarantors are aware, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto.

  
 EACH GUARANTOR HEREBY WAIVES ANY RIGHT TO HAVE A JURY
PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT, THE LENDERS, THE GUARANTORS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED
AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. 
  
 IN WITNESS WHEREOF, this Guarantor Acknowledgment and Agreement has been duly executed and delivered as of the date of the
Amendment. 
  

			
	 AMERICAN STERILIZER COMPANY
 HAUSTED,
INC.
 HTD HOLDING CORP.
 ISOMEDIX INC.
 ISOMEDIX OPERATIONS INC.
 STERILTEK HOLDINGS, INC.
 STERILTEK, INC.
 STERIS EUROPE, INC.
 STERIS INC.
 STRATEGIC TECHNOLOGY ENTERPRISES, INC.
 STERIS ISOMEDIX SERVICES, INC.

		
	By:	 	 /s/ William L. Aamoth

	Name:	 	William L. Aamoth
	Title:	 	Vice President and Treasurer of, and on behalf of, each of the above Guarantors

 EXHIBIT B 
  

SWING LINE NOTE 
  

			
	 $35,000,000.00
	 	Cleveland, Ohio
	 	 	As of March 29, 2004

  
 FOR VALUE RECEIVED,
the undersigned, STERIS CORPORATION, an Ohio corporation (“Borrower”), promises to pay to the order of KEYBANK NATIONAL ASSOCIATION (“Lender”) at the Main Office of KEYBANK NATIONAL ASSOCIATION, Agent, 127 Public
Square, Cleveland, Ohio 44114-1306, the principal sum of 
  
 THIRTY-FIVE MILLION
                                        
         AND 00/100 DOLLARS 
  
 or, if
less, the aggregate unpaid principal amount of all Swing Loans (such term, together with each other capitalized term used herein and not defined herein, shall have the meanings ascribed to them in the Credit Agreement described below) made by Lender
to Borrower pursuant to Section 2.02 of the Credit Agreement, in lawful money of the United States of America on the earlier of the last day of the Commitment Period or, with respect to each Swing Loan, the Swing Loan Maturity Date applicable
thereto. As used herein, “Credit Agreement” means the Amended and Restated Credit Agreement dated as of March 29, 2004, among Borrower, the lending institutions named therein and KeyBank National Association, as Agent, as amended and as
the same may from time to time be further amended, restated or otherwise modified. 
  
 Borrower also promises to pay interest on the unpaid principal amount of each Swing Loan from time to time outstanding, from the date of such Swing Loan until the payment in full thereof, at the rates per annum which
shall be determined in accordance with the provisions of Section 2.04 of the Credit Agreement. Such interest shall be payable on each date provided for in Section 2.04; provided, however, that interest on any principal portion which is not
paid when due shall be payable on demand. 
  
 The principal sum
hereof from time to time and the payments of principal and interest thereon of either hereof, shall be shown on the records of Lender by such method as Lender may generally employ; provided, however, that failure to make any such entry shall
in no way detract from Borrower’s obligations under this Note. 
  
 If this Note shall not be paid at maturity, whether such maturity occurs by reason of lapse of time or by operation of any provision for acceleration of maturity contained in the Credit Agreement, the principal hereof and the unpaid
interest thereon shall bear interest, until paid, at a rate per annum equal to the Default Rate. All payments of principal of and interest on this Note shall be made in immediately available funds. 
  
 This Note is the Swing Line Note referred to in the Credit Agreement.
Reference is made to the Credit Agreement for a description of the right of the undersigned to anticipate payments hereof, the right of the holder hereof to declare this Note due prior to its stated maturity, and other terms and conditions upon
which this Note is issued. 

 Except as expressly provided in the Credit Agreement, Borrower expressly waives presentment, demand,
protest and notice of any kind. 
  
 BORROWER WAIVES ANY RIGHT TO
HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT AND THE LENDERS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED
AMONG THEM IN CONNECTION WITH THIS NOTE OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. 
  

			
	 STERIS CORPORATION

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 2 

 EXHIBIT D 
  

COMPLIANCE CERTIFICATE 
  
 For Fiscal Quarter ended                     

  
 THE UNDERSIGNED HEREBY CERTIFY THAT: 
  
 (1) I am a duly elected Financial Officer of STERIS CORPORATION, an Ohio
corporation (“Borrower”); 
  
 (2) I am familiar
with the terms of that certain Amended and Restated Credit Agreement, dated as of March 29, 2004, among the undersigned, the Lenders, as defined in the Credit Agreement, and KeyBank National Association, as Agent (as amended and as the same may from
time to time be further amended, restated or otherwise modified, the “Credit Agreement”, the terms defined therein being used herein as therein defined), and the terms of the other Loan Documents, and I have made, or have caused to
be made under my supervision, a review in reasonable detail of the transactions and condition of Borrower and its Subsidiaries during the accounting period covered by the attached financial statements; 
  
 (3) The review described in paragraph (2) above did not disclose, and I have
no knowledge of, the existence of any condition or event that constitutes or constituted a Default or Event of Default, at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate;

  
 (4) Borrower hereby represents that the representations and
warranties made by Borrower contained in each Loan Document are true and correct as though made on and as of the date hereof; and 
  
 (5) Set forth on Attachment I hereto are calculations of the covenants set forth in Section 5.07 of the Credit Agreement, which calculations show
compliance with the terms thereof. 
  
 IN WITNESS WHEREOF, I have
signed this certificate the      day of             , 20    . 
  

			
	 STERIS CORPORATION

		
	 By:
	 	  

	 Name:
	 	  

	 Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]