Document:

Unassociated Document

Exhibit 10.54

FIRST AMENDMENTTO AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this "First Amendment"), dated as of July 6, 2004, is made and entered into by and between DIODES INCORPORATED, a Delaware corporation ("Borrower"), and UNION BANK OF CALIFORNIA, N.A., a national banking association ("Bank").

RECITALS:

A. Borrower and Bank are parties to that certain Amended and Restated Credit Agreement dated as of February 27, 2003 (the "Agreement"), pursuant to which Bank agreed to extend various credit facilities to Borrower in the amounts provided for therein.

B. Pursuant to the terms and conditions of the Agreement, Bank made available to Borrower, among other credit facilities, a Nonrevolving-To-Term Loan Commitment, providing for Nonrevolving-To-Term Loans by Bank to Borrower during the period from the date of the Agreement to but excluding June 1, 2004 in the aggregate principal amount not to exceed Two Million Dollars ($2,000,000), which was scheduled to convert subject to the terms of the Agreement on June 1, 2004 to a five (5) year fully amortizing term loan maturing on June 1, 2009.

C. As of the date of this First Amendment, the aggregate outstanding principal amount of all Nonrevolving-To-Term Loans under the Nonrevolving-To-Term Loan Commitment is zero Dollars ($0).

D. Borrower has requested that Bank agree to make a term loan to FabTech, Inc., a Delaware corporation (“Guarantor”), in the principal amount of Five Million Dollars ($5,000,000), rather than make the aforementioned Nonrevolving-To-Term Loan Commitment available to Borrower, and Bank is agreeable to such request. In connection with the making by Bank of such term loan to Guarantor, Guarantor has executed or is about to execute various documents, instruments and agreements as required by Bank to evidence Guarantor’s obligations thereunder.

E. Borrower and Bank desire to amend the Agreement to eliminate the Nonrevolving-To-Term Loan Commitment, subject, however, to the terms and conditions of this First Amendment.

AGREEMENT:

In consideration of the above recitals and of the mutual covenants and conditions contained herein, Borrower and Bank agree as follows:

1.   Defined Terms. Initially capitalized terms used herein which are not otherwise defined shall have the meanings assigned thereto in the Agreement.

2.   Amendments to the Agreement.

(a) Section 1 of the Agreement is hereby amended by adding a definition of “Guarantor Loan” thereto in the appropriate alphabetical order, which shall read in full as follows:

   “Guarantor Loan’ shall mean that certain term loan to be made by Bank to Guarantor in the principal amount of Five Million Dollars ($5,000,000), and evidenced by the Guarantor Note.”

(b) Section 1 of the Agreement is hereby further amended by adding a definition of “Guarantor Note” thereto in the appropriate alphabetical order, which shall read in full as follows:

	 
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   “Guarantor Note’ shall mean that certain term note dated April 9, 2004, issued by Guarantor in favor of Bank in the original principal amount of Five Million Dollars ($5,000,000).”

(c) The definition of "Nonrevolving-To-Term Loan Commitment" appearing in Section 1 of the Agreement is hereby deleted in its entirety.

(d) The definition of "Nonrevolving-To-Term Note" appearing in Section 1 of the Agreement is hereby deleted in its entirety.

(e) The definitions of “Notes” and “Note” appearing in Section 1 of the Agreement are hereby amended to read in full as follows:

   “ ‘Notes’ and ‘Note’ shall mean, respectively, (a) the Revolving Note and the Acquisition Note, and (b) either of such Notes.”

(f) The definition of “Permitted Guaranty Obligations” appearing in Section 1 of the Agreement is hereby amended to read in full as follows:

   “ ‘Permitted Guaranty Obligations’ shall mean:

 

	 	(a) 	Guaranty Obligations existing on the date of this Agreement, and refinancings, renewals, extensions or amendments that do not increase the amount thereof;
	 	(b) 	Guaranty Obligations under the Loan Documents;
	 	(c) 	Guaranty Obligations owed to Borrower or any of its Subsidiaries; and
	 	(d) 	Guaranty Obligations of Borrower to Bank in connection with the Guarantor Loan.”

         

(g) The definition of “Permitted Indebtedness” appearing in Section 1 of the Agreement is hereby amended by (i) deleting the word “and” appearing at the end of subsection (j) thereof, (ii) substituting a semicolon and the word “and” for the period appearing at the end of subsection (k), and (iii) adding a new subsection (l) thereto, which shall read in full as follows:

   “(l) Indebtedness of Guarantor to Bank under the Guarantor Note.”

(h) Section 2.3 of the Agreement is hereby amended to read in full as follows:

   “2.3 Nonrevolving-To-Term Loan Commitment. [Intentionally Deleted.]”

(i) Section 2.4(c) of the Agreement is hereby deleted in its entirety.

(j) Section 2.9(a) of the Agreement is hereby amended to read in full as follows:

   “(a) [Intentionally Deleted.]”

(k) Section 4.1(h) of the Agreement is hereby amended to read in full as follows:

   “(h) [Intentionally Deleted]; and”

(l) Section 7.10 of the Agreement is hereby amended by substituting the amount “Twenty-Five Million Dollars ($25,000,000)” for the amount “Sixteen Million Dollars ($16,000,000)” appearing in the last line thereof.

	 
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3.   Effectiveness of this First Amendment. This First Amendment shall become effective as of the date hereof when, and only when, Bank shall have received all of the following, in form and substance satisfactory to Bank: 

(a)   A counterpart of this First Amendment, duly executed by Borrower and acknowledged by Guarantor where indicated hereinbelow;

(b)   A legal fee in connection with the preparation of this First Amendment in the sum of Six Hundred Dollars ($600); and

(c)   Such other documents, instruments or agreements as Bank may reasonably deem necessary.

4.   Ratification.

(a)   Except as specifically amended hereinabove, the Agreement shall remain in full force and effect and is hereby ratified and confirmed; and

(b)   Upon the effectiveness of this First Amendment, each reference in the Agreement to "this Agreement", "hereunder", "herein", "hereof" or words of like import referring to the Agreement shall mean and be a reference to the Agreement as amended by this First Amendment.

5.   Representations and Warranties. Borrower represents and warrants as follows:

(a)   Each of the representations and warranties contained in Section 5 of the Agreement, as amended hereby, is hereby reaffirmed as of the date hereof, each as if set forth herein;

(b)   The execution, delivery and performance of this First Amendment are within Borrower's corporate powers, have been duly authorized by all necessary corporate action, have received all necessary approvals, if any, and do not contravene any law or any contractual restriction binding on Borrower;

(c)   This First Amendment is the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms; and

(d)   No event has occurred and is continuing or would result from this First Amendment which constitutes an Event of Default under the Agreement, or would constitute an Event of Default but for the requirement that notice be given or time elapse or both.

6.   Governing Law. This First Amendment shall be deemed a contract under and subject to, and shall be construed for all purposes and in accordance with, the laws of the State of California.

7.   Counterparts. This First Amendment may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

	
 

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WITNESS the due execution hereof as of the date first above written.

 

	“Borrower”	 	 	 
	 	 	 	 
	DIODES INCORPORATED	 	 	 
	 	 	 	 
	By: /s/ Carl Wertz	 	 	 
	           Carl Wertz	 	 	 
	     Chief Financial Officer	 	 	 
		 	 	 
	“Bank”	 	 	 
	 	 	 	 
	UNION BANK OF CALIFORNIA, N.A.	 	 	 
	 	 	 	 
	By: /s/ John Kase	 	 	 
	 	 	 	 
	Title: Vice President	 	 	 

Acknowledgment of Guarantor

The undersigned, as Guarantor pursuant to that certain Continuing Guaranty dated as of December 1, 2000 (the "Guaranty"), hereby consents to the foregoing First Amendment and acknowledges and agrees, without in any manner limiting or qualifying its obligations under the Guaranty, that payment of the Obligations (as such term is defined in the Guaranty) and the punctual and faithful performance, keeping, observance and fulfillment by Borrower of all of the agreements, conditions, covenants and obligations of Borrower contained in the Agreement are and continue to be unconditionally guaranteed by the undersigned pursuant to the Guaranty.

	FABTECH, INC.	 	 	 
	 	 	 	 
	By: /s/ Carol Haverkamp	 	 	 
	 	 	 	 
	Title: CFOUnassociated Document

Exhibit 10.55

Union Bank of California

July 6, 2004

FabTech, Inc.

777 N.W. Blue Parkway, Suite 350

Lee’s Summit, Missouri 64086-5709

Attention: Carol Haverkamp

   Chief Financial Officer/Secretary

 

Dear Mr. Haverkamp:

This Covenant Agreement (this “Agreement”) is entered into as of the date set forth above between Union Bank of California, N.A., a national banking association (“Bank”), and FabTech, Inc., a Delaware corporation (“Borrower”), with respect to each and every extension of credit (whether one or more, collectively referred to as the “Loan”) from Bank to Borrower.

The Loan is evidenced by one or more promissory notes or other evidences of indebtedness, including each amendment, extension, renewal or replacement thereof, which are incorporated herein by this reference (whether one or more, collectively referred to as the “Note”). Any financial statement required by this Agreement must be prepared in accordance with generally accepted accounting principles and in a form satisfactory to Bank. In consideration of the Loan, Bank and Borrower agree to the following terms and conditions:

Guaranty Requirements

Borrower shall cause Diodes Incorporated, a Delaware corporation (“Guarantor”), to execute and deliver to Bank its Continuing Guaranty (“Guaranty”), on Bank’s standard form, in the principal amount of Five Million Dollars ($5,000,000) (exclusive of accrued interest and Bank’s expenses, for which Guarantor shall also be obligated).

Borrower Collateral

Borrower’s obligations and liabilities to Bank under the Note, this Agreement and any other document, instrument or agreement executed by Borrower shall be secured by a first priority security interest in all or substantially all of Borrower’s personal property, pursuant to the terms and conditions of a Security Agreement, on Bank’s standard form, executed by Borrower in favor of Bank. Borrower hereby authorizes Bank to file a UCC-1 financing statement describing such collateral in the office of the Secretary of State of the State of Delaware or any other jurisdiction desired by Bank. Borrower shall execute and deliver to Bank such other documents, instruments and agreements as Bank may reasonably require in order to effect fully the purposes of this Agreement.

Guarantor Collateral

Guarantor’s obligations and liabilities to Bank under the Guaranty and any other document, instrument or agreement executed by Guarantor shall be secured by a first priority security interest in all or substantially all of Guarantor’s personal property, pursuant to the terms and conditions of a Security Agreement, on Bank’s standard form, executed by Guarantor in favor of Bank. By executing the Security Agreement, Guarantor shall authorize Bank to file a UCC-1 financing statement describing such collateral in the office of the Secretary of State of the State of Delaware or any other jurisdiction desired by Bank. Borrower shall cause Guarantor to execute and deliver to Bank such other documents, instruments and agreements as Bank may reasonably require in order to effect fully the purposes of this Agreement.

	 
	 	 	 
	

	 

FabTech, Inc. 

July 6, 2004

Page 2

 

Cross-Default Provision

The occurrence of any Event of Default under the terms and conditions of the Amended and Restated Credit Agreement shall constitute a default under this Agreement and the Note. As used herein, the term “Amended and Restated Credit Agreement” shall mean that certain Amended and Restated Credit Agreement dated as of February 27, 2003, by and between Guarantor and Bank, as amended and as at any time further amended, supplemented, extended, restated or renewed.

Financial Information

Borrower shall provide Bank with such financial statements, lists of property and accounts, budgets, forecasts, reports and other financial information as Bank may from time to time request.

Any provision contained within this Agreement that is in conflict with any provision of any prior agreement between Bank and Borrower or Bank and Guarantor shall supersede such provision of such prior agreement.

If Borrower is in agreement with the foregoing terms and conditions, please sign and date the enclosed counterpart of this Agreement where indicated below and return same to the undersigned as soon as possible.

Sincerely,

“Bank”

UNION BANK OF CALIFORNIA, N.A.

By:_/s/ John C. Kase

John C. Kase

Vice President

Address where notices to Bank are to be sent:

Union Bank of California, N.A.

Commercial Banking Group--

Great Los Angeles Division

445 South Figueroa Street, 10th Floor

Angeles, California 90071

Attention: John C. Kase

   Vice President

Telephone No.: (213) 236-7329

Fax No.: (213) 236-7635

Accepted and Agreed

as of July 6, 2004:

“Borrower”

FABTECH, INC.

By:_/s/ Carol Haverkamp

Title:_CFO

	 
	 	 	 
	

	 

FabTech, Inc. 

July 6, 2004

Page 3

 

Printed Name:_Carol Haverkamp

Address where notices to Borrower are to be sent:

FabTech, Inc.

777 N.W. Blue Parkway, Suite 350

Lee’s Summit, Missouri 64086-5709

Attention: Carol Haverkamp

   Chief Financial Officer/Secretary

Telephone No.: (816) 251-8800

Fax No.: (816) 251-8850

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