Document:

exv4w5

 

Exhibit
(4.5)

Note dated November 1, 2007 between Badger Meter, Inc. and the M&I Marshall & Ilsley Bank relating

to Badger Meter, Inc.’s euro note.

BADGER METER, INC.

EURO NOTE

			
	 	 	 
	Euro 7,000,000
	 	Milwaukee, Wisconsin

November 1, 2007

     1. FOR VALUE RECEIVED, the undersigned, Badger Meter. Inc., (hereinafter “Maker”),
promises to pay to the order of M&I Marshall & Ilsley Bank (hereinafter “Holder”) at 770 North
Water Street, Milwaukee, Wisconsin, 53202, the principal sum of SEVEN MILLION EURO DOLLARS
(Euro 7.000.000) on October 31, 2008.

     Both principal and interest are to be made in Euro Dollars at the offices of M&I Marshall &
Ilsley Bank, Attention: Loan and Discount Department, 770 North Water Street, Milwaukee,
Wisconsin, 53202, or at such other place as the holder shall designate in writing to the maker.

          Maker also agree(s) to pay interest from the date hereof on the unpaid principal balance from
time to time outstanding at a rate per annum as follows: Interest shall be due and payable on the
outstanding balance due or advanced hereunder at a per annum rate equal to the LIBOR INDEX RATE
(EURO) plus the MARGIN. In the event and during such time as the BANK shall determine that a
CHANGE IN CIRCUMSTANCE has occurred, the interest rate on the borrowings evidenced by this Note
shall adjust automatically without notice to a per annum rate equal to the BANK’s PRIME RATE.
Notwithstanding the foregoing, after the maturity hereof, whether by acceleration, demand, default
or otherwise interest shall accrue at a rate per annum, payable on demand, equal to the BANK’s
PRIME RATE plus five percentage points until paid in full. CHANGE IN CIRCUMSTANCE shall mean
anyone or more of the following: (a) The British Bankers Association shall cease publishing “London
Interbank Offered Rates (EUROS)” for a 30 day deposit period; (b) Any governmental authority,
central bank or comparable agency shall make it unlawful or impossible for the BANK to make or
offer loans based upon the LIBOR INDEX RATES (EUROS); or (c) The BANK shall determine any
applicable law, rule, regulation, interpretation or directive applicable to the BANK has or would
have the effect of reducing the rate of return to the BANK on the loan evidenced by this Note to a
level below that which the BANK would have achieved but for the loan utilizing the LIBOR INDEX
RATES (EUROS). LIBOR INDEX RATE (EURO) shall mean for any applicable funding period the rate of
interest (rounded upwards, if necessary, to the next higher 1/100 of 1%) published by The British
Bankers Association two business days prior to funding as the “London Interbank Offered Rate
(EURO)” for Euro deposits of the applicable advance period. MARGIN shall mean 100.basis
points. Interest shall be payable at the end of each applicable advance period as billed to the
Maker by the Holder hereof and shall be computed on the actual number of days on the basis of a
year of 360 days. Each advance under this Note can be in 30-day increments for up to 360
days. Advances under this Note must be greater than or equal to $100,000.00 and cannot be prepaid.
Should maker choose an advance period greater than 90 days, holder may increase the margin to
adjust the interest rate to equate to the annual compounded rate if monthly interest payments were
made.

     2. As used herein, the term “prime rate” shall mean the rate of interest announced from time
to time by the Holder as its “prime rate,” such term being used only as a reference rate and not
necessarily representing the lowest rate charged to any customer of Holder. In the event Holder
ceases to use the term “prime rate” in setting a base rate of interest for commercial loans, the
term “prime rate” as used herein shall be determined by reference to the rate used by Holder as its
base rate of interest for commercial loans.

     3. It is agreed that time is of the essence in the performance of all obligations hereunder
and under the Loan Documents. If Maker shall fail to make any payment hereunder when due, or upon
the occurrence of an event of default in the performance or observance of any of the terms,
agreements, covenants or conditions contained in the Loan Documents, then, or at any time
thereafter, the entire principal balance of this Note, irrespective of the maturity date specified
herein, together with the then accrued interest thereon, shall, at the election of the Holder
hereof, and without notice of such election, become immediately due and payable.

     4. All Makers, endorsers, guarantors and sureties hereof jointly and severally waive
presentment, protest, notice of dishonor, and notice of intent to accelerate; and they also jointly
and severally hereby consent to any and all renewals, extensions or modifications of the terms
hereof, including the terms or time for payment; and further agree that any such renewal, extension
or modification of the terms hereof or time for payment or of the terms of any of the Loan
Documents or the release or substitution of any security for the indebtedness evidenced hereby or
any other indulgences shall not otherwise affect the liability of any of said parties for the
indebtedness evidenced by this Note. Any such renewals, extensions or modifications may be made
without notice to any of said parties.

     5. This Note shall be the joint and several obligation of all Makers, endorsers, guarantors,
and sureties, and shall be binding upon them and their successors and assigns and shall inure to
the benefit of the successors and assigns of Holder. All Makers, endorsers, guarantors, and
sureties hereof agree jointly and severally to pay all costs of collection (including those
incurred in any bankruptcy proceedings and regardless of whether suit is filed) and foreclosure,
including reasonable attorneys’ fees and costs.

     6. Any forbearance of Holder in exercising any right or remedy hereunder or under the Loan
Documents, or otherwise afforded by applicable law, shall not be a waiver of or preclude the
exercise of any right or remedy. The acceptance by Holder of payment of any sum payable hereunder
after the due date of such payment shall not be a waiver of Holder’s right to either require prompt
payment when due of all other sums payable hereunder or to declare a default for failure to make
prompt payment.

     7. This Note shall be governed by and construed in accordance with the laws of the State of
Wisconsin.

     8. If any payment of principal or interest due on this Note is payable on a day which is a
Saturday, Sunday, or legal holiday in the State of Wisconsin, then such payment shall be due on the
next business day, the amount of such payment, in such case, to include all interest accrued to the
date of actual payment.

     9. No setoff or counterclaim of any kind claimed by any Maker, endorser, guarantor
or surety liable under this Note shall stand as a defense to the enforcement of this
Note against any Maker, endorser, guarantor or surety, it being agreed that any such
setoff or

 

 

               counterclaim must be maintained by separate suit.

     10. ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FOREBEAR FROM ENFORCING
REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE. TO
PROTECT YOU (MAKER(S) AND US (HOLDER) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE
REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE
STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

     11. THE MAKER HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY (WHICH THE HOLDER ALSO WAIVES) IN ANY
ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATING TO THIS NOTE, THE
OBLIGATIONS OF THE MAKER HEREUNDER OR THE HOLDER’S CONDUCT IN RESPECT OF ANY OF THE FOREGOING.

IN WITNESS WHEREOF. Maker has executed this Note as of the date first above written.

	 	 	 	 	 	 	 	 	 
	BADGER METER, INC.	 	M&I MARSHALL & ILSLEY BANK	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Ronald H. Dix
	 	By:	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 
	Title:

	 	Senior VP — Administration
	 	Title	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Richard E. Johnson
	 	Title:	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 
	Title:

	 	Senior VP – Finance, CFO & Treasurer
	 	Title:	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 

2exv4w8

 

Exhibit 4.8

AMENDMENT NO. 2 TO THE CREDIT AGREEMENT

          Amendment No. 2 (this “Amendment”), dated as of February 2, 2007, among Terra
Nitrogen, Limited Partnership, a Delaware limited partnership (the “Borrower”), Terra
Nitrogen Company, L.P., a Delaware limited partnership (“TNCLP”), the Lenders party hereto,
and Citicorp USA, Inc., as administrative agent and collateral agent for the Lenders and
the Issuers (in such capacities, the “Administrative Agent”), amends certain provisions of the
Credit Agreement, dated as of December 21, 2004 (as amended, supplemented or otherwise
modified from time to time, including previous amendments hereto, the “Credit Agreement”), among
the Borrower, TNCLP, the financial institutions from time to time party thereto as lenders (the
“Lenders”), the financial institutions from time to time party thereto as issuing banks (the
“Issuers”) and the Administrative Agent.

WITNESSETH:

          WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to make Loans to the
Borrower and to issue Letters of Credit for the account of the Borrower; and

          WHEREAS, the Borrower and TNCLP have requested, and the Lenders and the Administrative Agent
have agreed to, certain amendments to the Credit Agreement as more specifically set forth below.

          NOW, THEREFORE, in consideration of the premises and the mutual covenants and provisions
hereinafter contained, the parties hereto hereby agree as follows:

          1. Defined Terms. Capitalized terms used herein and not defined herein but defined in
the Credit Agreement are used herein as defined in the Credit Agreement.

          2. Amendments. As of the Second Amendment Effective Date (as defined as Section 3),
the Credit Agreement is hereby amended as follows:

               (a) Section 1.1 of the Credit Agreement is hereby amended by deleting the existing definition
of “Scheduled Termination Date” in its entirety and inserting the following in lieu thereof:

               “Scheduled Termination Date” means January ___, 2012.

               (b) Section 5.2 of the Credit Agreement is hereby deleted in its entirety and the following is
inserted in lieu thereof:

     Section 5.2 Capital Expenditures and Joint Venture Investments. TNCLP
will not permit (a) Capital Expenditures of TNCLP and its Subsidiaries (excluding any
Capital Expenditures financed by insurance proceeds to the extent permitted hereunder)
to be made or incurred during each period set forth below and (b) the cash Investments
in joint ventures made during such period permitted under Section 8.3(l), in aggregate
to be in excess of the maximum amount set forth below, for such period:

1

 

	 	 	 	 	 
	Fiscal Year	 	Maximum Amount
	Fiscal Year ended December 31, 2006
	 	$	10,000,000	 
	 
	 	 	 	 
	Fiscal Year ended December 31, 2007 and
each Fiscal Year thereafter
	 	$	25,000,000	 

          3. Conditions Precedent to the Effectiveness of this Amendment. This Amendment shall
become effective on the date (the “Second Amendment Effective Date”) when the following conditions
precedent have been satisfied:

               (a) Certain Documents. The Administrative Agent shall have received on or before the
Second Amendment Effective Date, all of the following, each of which shall be in form and substance
satisfactory to the Administrative Agent:

                    (i) this Amendment, executed by the Borrower, TNCLP, the Administrative Agent and all Lenders;

                    (ii) a fully executed Amendment No. 4 to the Terra Capital Credit Agreement providing for the
extension of the Scheduled Termination Date thereunder until January ___, 2012; and

                    (iii) such additional documentation as the Administrative Agent or the Lenders may reasonably
require.

               (b) Representations and Warranties. Each of the representations and warranties made
by the Borrower or the Guarantors in or pursuant to the Credit Agreement, as amended hereby, and
the other Loan Documents to which the Borrower or any of the Guarantors is a party or by which the
Borrower or any of the Guarantors is bound, shall be true and correct in all material respects on
and as of the Second Amendment Effective Date (other than representations and warranties in any
such Loan Document which expressly speak as of a specific date, which shall have been true and
correct in all material respects as of such specific date).

               (c) No Event of Default. No Default or Event of Default shall have occurred and be
continuing on the Second Amendment Effective Date.

               (d) Fees and Expenses Paid. The Borrower shall have paid to the Administrative Agent
(i) the amendment fee referred to in Section 7 and (ii) in accordance with Section 11.3 of the
Credit Agreement, all outstanding costs and expenses of the Administrative Agent, including the
reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent incurred prior
to or otherwise in connection with this Amendment.

          4. Representations and Warranties. On and as of the date hereof, and as of the Second
Amendment Effective Date, after giving effect to this Amendment, each of the Borrower and TNCLP
hereby represents and warrants to the Lenders as follows:

2

 

               (a) Each of the representations and warranties contained in Article IV of the Credit
Agreement, the other Loan Documents or in any certificate, document or
financial or other statement furnished at any time under or in connection therewith are true and
correct in all material respects on and as of the date as if made on and as of such date, except to
the extent that such representations and warranties specifically relate to a specific date, in
which case such representations and warranties shall be true and correct in all material respects
as of such specific date; provided, however, that references therein to the “Credit Agreement”
shall be deemed to include this Amendment; and

               (b) No Default or Event of Default has occurred and is continuing.

          5. Continuing Effect; No Other Amendments. Except as expressly amended hereby, all of
the terms and provisions of the Credit Agreement and the other Loan Documents are and shall remain
in full force and effect. The amendments and consents contained herein shall not constitute an
amendment of any other provision of the Credit Agreement or the other Loan Documents or for any
other purpose except as expressly set forth herein.

          6. Loan Documents. This Amendment is deemed to be a “Loan Document” for the purposes
of the Credit Agreement.

          7. Amendment Fees.  As consideration for the execution of this Amendment, the
Borrower agrees to pay on the Second Amendment Effective Date to the Administrative Agent, for the
account of each Lender signatory to this Amendment, an amendment fee equal to 0.10% of such
Lender’s Revolving Credit Commitment then in effect.

          8. Costs and Expenses. The Borrower and TNCLP agree to pay on demand all reasonable
and documented out-of-pocket costs and expenses of the Administrative Agent in connection with the
preparation, execution and delivery of this Amendment and other instruments and documents to be
delivered pursuant hereto, including the reasonable and documented fees and out-of-pocket expenses
of counsel for the Administrative Agent with respect thereto.

          9. Governing Law; Counterparts; Miscellaneous.

               (a) This Amendment shall be governed by, and construed and interpreted in accordance with, the
law of the State of New York.

               (b) This Amendment may be executed in any number of counterparts and by the different parties
on separate counterparts, each of which counterparts when executed and delivered shall be an
original, but all of which shall together constitute one and the same instrument.

               (c) Section captions used in this Amendment are for convenience only and shall not affect the
construction of this Amendment.

               (d) From and after the Second Amendment Effective Date, all references in the Credit Agreement
to the “Agreement” shall be deemed to be references to such Agreement as modified hereby and this
Amendment and the Credit Agreement shall be read together and construed as a single instrument.

[signature pages follow]

3

 

               IN WITNESS WHEREOF, the undersigned parties have executed this Amendment No. 2 to the Credit
Agreement to be effective for all purposes as of the Second Amendment Effective Date.

	 	 	 	 	 	 	 
	 	 	Borrower
	 
	 	 	 	 	 	 
	 	 	Terra Nitrogen, Limited Partnership
	 	 	     By: Terra Nitrogen Gp, Inc.

	 	 	     Its: General Partner
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ F. G. Meyer	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Francis G. Meyer	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	Guarantor
	 
	 	 	 	 	 	 
	 	 	Terra Nitrogen Company, L.P.
	 	 	     By: Terra Nitrogen Gp, Inc.

	 	 	     Its: General Partner
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ F. G. Meyer	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Francis G. Meyer	 	 
	 

	 	 	 	Title:	 	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

	 	 	 	 	 	 	 
	 	 	Administrative Agent
	 
	 	 	 	 	 	 
	 	 	Citicorp USA, Inc.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Jaffe	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: David Jaffe	 	 
	 

	 	 	 	Title: Director/Vice President	 	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

	 	 	 	 	 	 	 
	 	 	Lenders
	 
	 	 	 	 	 	 
	 	 	Citicorp USA, Inc.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Jaffe	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: David Jaffe	 	 
	 

	 	 	 	Title: Director/Vice President	 	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

	 	 	 	 	 	 	 
	 	 	Wells Fargo Foothill, Inc.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark Bradford	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Mark Bradford	 	 
	 

	 	 	 	Title: Vice President	 	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

	 	 	 	 	 	 	 
	 	 	LaSalle Bank National Association 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Julie Harris	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Julie Harris	 	 
	 

	 	 	 	Title: First Vice President	 	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

	 	 	 	 	 	 	 
	 	 	Congress Financial Corp. 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Thomas A. Martin	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Thomas A. Martin	 	 
	 

	 	 	 	Title: Director	 	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

	 	 	 	 	 	 	 
	 	 	General Electric Capital Corporation
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alison P. Trapp	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Alison P. Trapp	 	 
	 

	 	 	 	Title: Duly Authorized Signatory	 	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

	 	 	 	 	 	 	 
	 	 	National City Business Credit, Inc.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Thomas J. Evans	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Thomas J. Evans	 	 
	 

	 	 	 	Title: Vice President	 	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

	 	 	 	 	 	 	 
	 	 	State of California Public Employees’
	 

	 	 	 	Retirement System	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Arnold B. Phillips	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Arnold B. Phillips	 	 
	 

	 	 	 	Title: Sr. P.M.	 	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

CONSENT OF GUARANTORS

Dated as of February 2, 2007

          Each of the undersigned companies, as a Guarantor under the Guaranty dated December 21, 2004
(the “Guaranty”) in favor of the Secured Parties under the Credit Agreement referred to in the
foregoing Amendment, hereby consents to such Amendment and hereby confirms and agrees that
notwithstanding the effectiveness of such Amendment, the Guaranty is, and shall continue to be, in
full force and effect and is hereby ratified and confirmed in all respects, except that, on and
after the effectiveness of such Amendment, each reference in the Guaranty to the “Credit
Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the
Credit Agreement, as amended by such Amendment.

[Signature pages follow]

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

          IN WITNESS WHEREOF, the parties hereto have consented to this Amendment, as of the date first
written above.

	 	 	 	 	 	 	 
	 	 	TERRA NITROGEN, LIMITED PARTNERSHIP
	 	 	     By: Terra Nitrogen Gp, Inc.

	 	 	      Its: General Partner
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ F. G. Meyer	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	TERRA NITROGEN COMPANY, L.P.
	 	 	     By: Terra Nitrogen Gp, Inc.

	 	 	     Its: General Partner
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ F. G. Meyer	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	TERRA CAPITAL, INC.
	 	 	TERRA MISSISSIPPI HOLDINGS 
     CORPORATION (F/K/A MISSISSIPPI
      CHEMICAL CORPORATION)
	 	 	TERRA INDUSTRIES INC.
	 	 	TERRA CAPITAL HOLDINGS, INC.
	 	 	TERRA NITROGEN CORPORATION
	 	 	TERRA INTERNATIONAL, INC.
	 	 	TERRA INTERNATIONAL (OKLAHOMA) INC.
	 	 	PORT NEAL CORPORATION
	 	 	TERRA METHANOL CORPORATION
	 	 	BMC HOLDINGS INC.
	 	 	BEAUMONT HOLDINGS CORPORATION
	 	 	TERRA REAL ESTATE CORPORATION
	 	 	BEAUMONT AMMONIA INC.
	 	 	TERRA MISSISSIPPI NITROGEN, INC. (F/K/A 
     MISSISSIPPI NITROGEN, INC.)
	 	 	TERRA HOUSTON AMMONIA, INC. (F/K/A 
     MISSISSIPPI CHEMICAL MANAGEMENT
      COMPANY)
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ F. G. Meyer	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: r	 	 
	 

	 	 	 	Title:	 	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	TERRA (U.K.) HOLDINGS INC.

 	 
	 	By:  	/s/  F. G. Meyer
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO TNLP CREDIT AGREEMENT]

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