Document:

exv4w17

 

	 	 	 
	CIBC World Markets

	 	CIBC WORLD MARKETS PLC

Cottons Centre

Cottons Lane

London, England SE1 2QL

Tel:   44 (0)20 7234 4127

Fax:   44 (0)20 7407 4127

The Parent, Borrowers, and the Charging and Guaranteeing Companies

FAO: Mike Bissell

Financial Director

Trench Electric B.V.

Southfield (2nd Floor)

York Place

Station Parade

Harrogate HG1 1HL

7 March 2002   

Re: Consent letter with respect to (i) Proceeds for Sale of Technology; (ii)
Shanghai Capital Expenditures; and (iii) Other Amendments

With reference to the Facilities Agreement in relation to US$25,000,000 Term
Facility and a US$35,000,000 Revolving Credit Facility Amended and Restated as
at 20th June 2000 and Amended as at 29th November 2000, 12th January 2001 and
12th July 2001 by way of side letters.

With respect to CIBC’s letter to the Banks dated 14th November 2001, outlining
certain amendment proposals from the Company with regard to the proceeds from
the sale of technology; Shanghai Capital Expenditures; and any other amendments
so far as they relate to affecting these consents we are very pleased to
announce that Majority Bank consent was achieved, as per the e-mail notice to
that effect of 21st November 2001.

Please countersign and fax back a copy of the letter as formal acknowledgement.
Additionally, two original copies of the letter will be forwarded to you. I
would be grateful if you would execute the letters by signing each letter and
return one original to my attention and retaining the other for your records.

Neither this letter nor our entry into discussions with the Company regarding
these matters is not and shall not be deemed to be a waiver in any respect of
the Bank’s rights and/or remedies.

This letter is governed by and constructed in accordance with English law.

Yours sincerely

Signed: /s/ Richard Vaughan

Richard Vaughan

Director, Leveraged Finance

For and on behalf of CIBC World Markets plc

In its capacity as Agent

 

We agree to the above:

Signed for itself an on behalf of the Parent, Borrowers, and the Charging and
Guaranteeing Companies the Borrowers by:

	 	 
	Signed:	/s/ Michael John Bissell
	Name:	Michael John Bissell
	Position:	Group Finance Director
	Date:	22nd March, 2002exv4w18

 

	 	 	 
	CIBC World Markets

	 	CIBC WORLD MARKETS PLC

Cottons Centre

Cottons Lane

London, England SE1 2QL

Tel:   44 (0)20 7234 4127

Fax:   44 (0)20 7407 4127

The Directors

Trench Electric Holding B.V.

9 September 2002   

Dear Sirs

FACILITIES AGREEMENT DATED 18 APRIL 2000 AS AMENDED AND RESTATED ON 20 JUNE
2000 AND MADE BETWEEN TRENCH ELECTRIC HOLDING B.V. (AS PARENT) (1), THE
COMPANIES LISTED IN SCHEDULE II THERETO (AS ORIGINAL BORROWERS) (2), THE
COMPANIES LISTED IN SCHEDULE III THERETO (AS GUARANTORS AND CHARGING COMPANIES)
(3), CIBC WORLD MARKETS PLC, BARCLAYS BANK PLC, CREDIT LYONNAIS AND NM
ROTHSCHILD & SONS LIMITED (AS BANKS) (4), CIBC WORLD MARKETS PLC (AS ARRANGER)
(5), CIBC WORLD MARKETS PLC (AS ISSUING BANK) (6), CIBC WORLD MARKETS PLC (AS
AGENT) (7), CANADIAN IMPERIAL BANK OF COMMERCE (AS CANADIAN LENDER) (8) AND
CIBC WORLD MARKETS PLC (AS SECURITY AGENT) (9), AS AMENDED FROM TIME TO TIME,
INCLUDING BY A SIDE LETTER DATED 29 NOVEMBER 2000, A SIDE LETTER
DATED 12 JANUARY 2001 AND A SIDE LETTER DATED 12 JULY 2001 (THE
“FACILITIES AGREEMENT”)

We refer to the above Facilities Agreement and to the proposal of the Trench
Group addressed to the Agent dated 16 August 2002 to increase the shareholding
of Trench (U.K.) Limited in the Fushun Joint Venture from 50.4% to 65% (the
“Proposal").

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

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

	1.	 	Consents
	 
	 	 	The Banks hereby grant the following consents:

	 	(a)	 	for the purposes of clause 15.9 (Acquisitions), Trench (U.K.)
Limited may increase its shareholding in the Fushun Joint Venture
from 50.4% to 65% by the purchase of

 

 

	 	 	 	additional shares from Fushun Electric Porcelain Works, provided the
consideration payable for such shares together with related costs
and expenses do not exceed an aggregate amount of US$1,000,000 and
such purchase is otherwise on the terms as outlined in the Proposal.

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

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

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

Yours faithfully

For and on behalf of

CIBC World Markets Plc

in its capacity as Agent

for and on behalf of the Banks

By:   /s/ J. Chickey       

To:   CIBC World Markets Plc

We confirm our acceptance of and agreement to your letter of 9th Sept 2002.

For and on behalf of

/s/ Michael John Bissell

Trench Electric Holding B.V.

(for itself and in its capacity as

Parent and agent for each of the Obligors)

Date: 11/09/2002exv4w19

 

	 	 	 
	CIBC World Markets

	 	CIBC WORLD MARKETS PLC

Cottons Centre

Cottons Lane

London, England SE1 2QL

Tel:   44 (0)20 7234 4127

Fax:   44 (0)20 7407 4127

The Directors

Trench Electric Holding B.V.

6th November 2002   

Dear Sirs

FACILITIES AGREEMENT DATED 18 APRIL 2000 AS AMENDED AND RESTATED ON 20 JUNE
2000 AND MADE BETWEEN TRENCH ELECTRIC HOLDING B.V. (AS PARENT) (1), THE
COMPANIES LISTED IN SCHEDULE II THERETO (AS ORIGINAL BORROWERS) (2), THE
COMPANIES LISTED IN SCHEDULE III THERETO (AS GUARANTORS AND CHARGING COMPANIES)
(3), CIBC WORLD MARKETS PLC, BARCLAYS BANK PLC, CREDIT LYONNAIS AND NM
ROTHSCHILD & SONS LIMITED (AS BANKS) (4), CIBC WORLD MARKETS PLC (AS ARRANGER)
(5), CIBC WORLD MARKETS PLC (AS ISSUING BANK) (6), CIBC WORLD MARKETS PLC (AS
AGENT) (7), CANADIAN IMPERIAL BANK OF COMMERCE (AS CANADIAN LENDER) (8) AND
CIBC WORLD MARKETS PLC (AS SECURITY AGENT) (9), AS AMENDED BY A SIDE LETTER
DATED 29 NOVEMBER 2000, A SIDE LETTER DATED 12 JANUARY 2001, A SIDE LETTER
DATED 12 JULY 2001 AND A SIDE LETTER DATED 7 MARCH 2002, A SIDE LETTER DATED
8 SEPTEMBER 2002 AND A SIDE LETTER DATED ON OR ABOUT THE DATE
HEREOF OF 2002 (THE “FACILITIES
AGREEMENT”)

	1.	 	Unless a contrary intention appears, terms and expressions defined in the
Facilities Agreement shall have the same meanings when used in this letter
and references to clauses and schedules in this letter are references to
clauses and schedules of the Facilities Agreement.
	 
	2.	 	This letter constitutes a waiver letter as contemplated by Clause 25
(Amendments and Decisions) of the Facilities Agreement.
	 
	3.	 	Under Clause 16.2 (a) (Audited accounts), the Parent is required to
procure that a compliance certificate from the Auditors is delivered
simultaneously with the Audited Accounts. The Parent has failed to
procure the delivery of such compliance certificate with the Audited
Accounts for the financial year ending 31 December 2001. The Parent is
accordingly in continuing breach of Clause 16.2(a) and you have requested
that the Banks waive this breach.
	 
	4.	 	We are pleased to inform you that the Majority Banks have given their
consent to the waiver of the requirement under Clause 16.2 (a) to deliver
a compliance certificate from the Auditors in respect of the Audited
Accounts for the financial year ending 31 December 2001.
	 
	5.	 	For the avoidance of doubt no consents or waivers are given under this
letter in respect of any other matter or breach of, or other Event of
Default or Potential Event of Default under, the Facilities

 

 

- 2 -

	 	 	Agreement or any other Senior Finance Document which might result from any
other circumstances at any time other than as specifically set out herein.
	 
	6.	 	The agreement of the Majority Banks contained in this letter shall apply
only to the matters specifically referred to herein. Such agreement shall
be without prejudice to any rights which the Finance Parties may now or
hereafter have in relation to any other circumstances or matters other
than as specifically referred to herein (and whether subsisting on the
date hereof or otherwise).
	 
	7.	 	This waiver letter may be executed in any number of counterparts and this
has the same effect as if the signatures on the counterparts were on a
single copy of this letter.
	 
	8.	 	This letter shall be governed by and construed in accordance English law
and clause 38 (Governing Law and Jurisdiction) of the Facilities Agreement
shall apply mutatis mutandis as if set out in full in this letter.

Yours faithfully

/s/ Nick Burnham

For and on behalf of CIBC World Markets Plc

(in its capacity as Agent for and on behalf of the Banks)

We acknowledge and confirm
our acceptance to the above by countersigning this letter.

/s/ Michael John Bissell

For and on behalf of Trench Electric Holding B.V.

(as Parent)

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