Document:

exv10w4w5

Exhibit 10.4.5

 

 

AMENDMENT NO. 4

to the

AMENDED AND RESTATED

NOTE AND EQUITY PURCHASE AGREEMENT

by and among

GLOBAL DOSIMETRY SOLUTIONS, INC.,

AMERICAN CAPITAL FINANCIAL SERVICES, INC.,

AS AGENT

and

THE PURCHASERS IDENTIFIED ON

ANNEX A HERETO

Date of Amendment No. 4: December 15, 2006

Date of Amendment No. 3: March 28, 2006

Date of Amendment No. 2: February 1, 2006

Date of Amendment No. 1: October 14, 2005

 

 

 

 

AMENDMENT NO. 4

to the

AMENDED AND RESTATED

NOTE AND EQUITY PURCHASE AGREEMENT

     THIS AMENDMENT NO. 4, dated as of December 15, 2006 (this “Amendment No. 4”), amends
the Amended and Restated Note and Equity Purchase Agreement, dated November 10, 2004 (as amended to
date, the “Agreement”), and is made by and among Global Dosimetry Solutions, Inc., a
Delaware corporation (the “Company”), the securities purchasers that are now and hereafter
at any time parties thereto and are listed in Annex A (or any amendment or supplement
thereto) attached thereto (each a “Purchaser” and collectively, “Purchasers”), and
American Capital Financial Services, Inc., a Delaware corporation (“ACFS”), as
administrative agent for Purchasers (in such capacity “Agent”).

RECITALS

     A. The parties hereto were party to a Note and Equity Purchase Agreement, dated as of
September 30, 2003 (the “Original Purchase Agreement”);

     B. The parties hereto are party to the Agreement, pursuant to which the Original Purchase
Agreement was amended and restated;

     C. The Company, Purchasers and the Agent have agreed to enter into this Amendment No. 4 to
amend certain terms of the Agreement.

     NOW, THEREFORE, the parties hereto, in consideration of the foregoing premises and their
mutual covenants and agreements herein set forth and intending to be legally bound hereby, covenant
and agree as follows:

1. Definitions. Capitalized terms used and not defined elsewhere in this Amendment are as
defined in the Agreement.

2. Amendments. The Agreement is hereby amended as follows:

     (a) The following definitions set forth in Section 1.1 of the Agreement are hereby amended and
restated in their entirety as follows:

     “Revolving Loan Commitment Amount” shall mean $14,000,000.

     “Revolving Loan Rate” shall mean a rate per annum equal to the LIBOR Rate plus 5.0%.

     (b) Section 3.8(b) is hereby amended and restated as follows:

     “(b) [Intentionally omitted.]”

3. Representations and Warranties. The Company hereby represents and warrants as follows:

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     (a) Each of the representations and warranties of the Company set forth in Article 5 of the
Agreement is true and correct in all material respects, except to the extent of changes caused by
the transactions expressly contemplated herein.

     (b) The Company is in satisfaction of all covenants of the Company set forth in Article 7 of
the Agreement and no Default or Event of Default under the Agreement is occurring, or will occur
upon the consummation of the transactions contemplated by this Amendment No. 4.

4. Effect on the Agreement.

     (a) All references to the Agreement in the Agreement and the other documents and instruments
delivered pursuant to or in connection therewith shall mean the Agreement as amended hereby and as
such may in the future be amended, restated, supplemented or modified from time to time.

     (b) Except as specifically amended herein, the Agreement, and all other documents and
instruments delivered pursuant to or in connection therewith, shall remain in full force and
effect, and are hereby ratified and confirmed.

     (c) Except as specifically referenced herein, the execution, delivery and effectiveness of
this Amendment No. 4 shall not operate as a waiver of any right, power or remedy of ACFS or the
Purchasers, nor constitute a waiver of any provision of the Agreement or any documents and
instruments delivered pursuant to or in connection therewith.

5. Governing Law. This Amendment No. 4 shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns and shall be governed by and
construed in accordance with the laws of the State of Maryland.

6. Revolving Loan Increase Fee. In consideration of the increase in the Revolving Loan
Commitment, the Company shall pay to Agent, for the ratable benefit of the Purchasers making
Revolving Loan Commitments, a fee (the “Revolving Loan Increase Fee”) in the amount of
$160,000, and the Company hereby authorizes the Agent to deduct from the proceeds of any Revolving
Loan made on or after the date of this Amendment No. 4, by the Purchasers to the Company, the
unpaid amount of such Revolving Loan Increase Fee.

7. Further Assurances. The parties hereto shall, at any time and from time to time
following the execution of this Amendment No. 4, execute and deliver all such further instruments
and take all such further action as may be reasonably necessary or appropriate in order to carry
out the provisions of this Amendment No. 4.

8. Headings. Section headings in this Amendment No. 4 are included herein for convenience
of reference only and shall not constitute a part of this Amendment No. 4 for any other purpose.

9. Counterparts. This Amendment No. 4 may be executed by the parties hereto in one or more
counterparts, each of which shall be deemed an original and all of which when taken together shall
constitute one and the same agreement.

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     IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 4 as of the day and
year first above written.

COMPANY:

	 	 	 	 	 
	 	GLOBAL DOSIMETRY SOLUTIONS, INC.

 	 
	 	By:  	/s/ Thomas Logan 	 
	 	 	Name:  	Thomas Logan 	 
	 	 	Title:  	President 	 
	 
	 	AGENT:

AMERICAN CAPITAL FINANCIAL SERVICES, INC.

 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Vice President 	 
	 
	 	PURCHASERS:

AMERICAN CAPITAL STRATEGIES, LTD.

 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Managing Director 	 
	 
	 	ACS FUNDING TRUST I

 	 
	 	By:  	AMERICAN CAPITAL STRATEGIES, LTD., its Servicer
 	 
	 	 	 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Managing Director 	 
	 

 

	 	 	 	 	 
	 	ACAS BUSINESS LOAN TRUST 2006-1

 	 
	 	By:  	AMERICAN CAPITAL STRATEGIES, LTD., its Servicer
 	 
	 	 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page to Amendment No. 4 to the

Amended and Restated Note and Equity Purchase Agreement

 

ANNEX A

AMERICAN CAPITAL STRATEGIES, LTD.

ACS FUNDING TRUST I

ACAS BUSINESS LOAN TRUST 2006-1exv10w4w6

Exhibit 10.4.6

AMENDMENT NO. 5 AND WAIVER

          This AMENDMENT NO. 5 AND WAIVER (this “Amendment and Waiver”), dated as of December
22, 2006, to the Second Amended and Restated Note and Equity Purchase Agreement, dated as of
November 10, 2004 and as amended by Amendment No. 1, dated October 14,2005, Amendment No. 2, dated
February 1, 2006, Amendment No. 3, dated March 28, 2006, Amendment No. 4, dated December 15, 2006
(collectively, the “Note Purchase Agreement”), by and among Global Dosimetry Solutions, a
Delaware corporation’ (the “Company”), the securities purchasers that are now and hereafter
at any time parties thereto (each a “Purchaser” and collectively, “Purchasers”),
and American Capital Financial Service, Inc., a Delaware corporation (“ACFS”), as agent for
Purchasers (“Agent”). All capitalized terms used herein and not otherwise defined shall
have the meanings assigned to such terms in the Note Purchase Agreement.

          WHEREAS, the Company, Purchasers and ACFS are party to the Note Purchase Agreement; and

          WHEREAS, pursuant to the transactions contemplated by the Master Restructuring Agreement and
Plan of Merger dated as of December 22, 2005, to which the Company is a party, Mirion Technologies,
Inc. (formerly known as Global Monitoring Systems, Inc., “Mirion”) became the sole
stockholder of the Company; and

          WHEREAS, the Company no longer prepares financial statements separate from Mirion and the
parties hereto desire to waive prior non-compliance with existing financial covenants and to amend
certain provisions of the Note Purchase Agreement to provide that financial covenants be measured
based on the consolidated financial reporting of Mirion and its subsidiaries;

          WHEREAS, under Section 14.2 of the Note Purchase Agreement, any amendment thereof requires a
written instrument executed by the Company and, to the extent such modification relates to the
Notes, by the Agent on behalf of the Purchasers; and

          WHEREAS, the parties hereto agree and hereby do wish to amend the Note Purchase Agreement by
making the changes set forth herein in accordance with Section 14.2 of the Note Purchase Agreement;

          NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

          SECTION 1. AMENDMENTS TO THE NOTE PURCHASE AGREEMENT

          1.1 The following definitions are hereby added to Section 1.1 in alphabetical order:

 

 

          ““Interest Coverage Ratio” means, for a particular Measurement Period, the ratio of
(a) EBITDA to (b) cash interest expense, in each case of the Loan Parties on a consolidated basis
during such Measurement Period.”

          ““Loan Parties” shall mean the Company and any Subsidiary of the Company who becomes a
party hereto after ·the date hereof; provided, that for purposes of Article 7.3, and any
defined terms used therein, “Loan Parties” shall mean Mirion and all or its Subsidiaries.”

          “Measurement Date” has the meaning assigned to such term in Section 7.3(a).

          “Measurement Period” means the twelve (12) month period ending on a Measurement Date.

          ““Mirion” means Mirion Technologies, Inc., a Delaware corporation.”

          “Total Debt to EBITDA Ratio” means the ratio of (a) all Indebtedness of the Loan
Parties on a consolidated basis, as of a particular Measurement Date to (b) the EBITDA for the
Measurement Period ending on such Measurement Date.

          1.2 The following definitions in Section 1.1 are hereby amended and restated in their
entirety:

          ““Capital Expenditures” means for any period of determination capital expenditures of
the Loan Parties for such period determined and consolidated in accordance with GAAP, excluding
expenditures made in connection with the replacement, substitution or restoration of assets to the
extent financed with insurance proceeds, cash awards arising from a taking by eminent domain or
condemnation or cash proceeds of asset dispositions reinvested in replacement assets.”

          “EBITDA” means for any period, without duplication, the sum of the following for the
Loan Parties on a consolidated basis, each calculated for such period: (a) Net Income (as adjusted
for by the Board of Directors of Mirion for non-recurring charges and specifically excluding
extraordinary gains or extraordinary losses and gains or losses from sales of assets, other than
inventory sold in the ordinary course of business), minus (b) interest income, plus
(c) interest expense, (d) charges against income for Taxes, plus (e) depreciation expenses,
plus (f) amortization expenses, plus (g) all non-cash compensation expenses of the
Loan Parties on a consolidated basis, plus (h) Management Fees.

          ““Fixed Charges” means, for any period, and each calculated for such period (without
duplication) on a consolidated basis, (a) cash interest expense of the Loan Parties; plus
(b) scheduled payments of principal with respect to all Indebtedness of the Loan Parties;
plus (c) cash payment of income or franchise taxes included in the determination of Net
Income, excluding any provision for deferred taxes; plus (d) payment of deferred taxes
accrued in any prior period.”

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          ““Fixed Charge Coverage Ratio” means for a particular Measurement Period, the ratio of
(a) EBITDA minus Capital Expenditures (exclusive of Capital Expenditures financed during
such period under Capitalized Leases or other Indebtedness (Indebtedness, for this purpose, does
not include advances under the Revolving Loan)), to (b) Fixed Charges, in each case of the Loan
Parties on a consolidated basis during such Measurement Period.”

          ““Net Income” means, for any period, the net income (or loss) of the Loan Parties on a
consolidated basis for such period, after deduction of all expenses, taxes and other proper
charges, determined in accordance with GAAP, for such period taken as a single accounting period.”

          1.3 Section 7.3 is hereby amended and restated in its entirety as follows:

          “7.3 Financial Covenants. The Loan Parties, jointly and severally, covenant and agree
that, so long as all or any part of the Notes remains outstanding:

               (a) The Loan Parties shall maintain, on a consolidated basis, at the end of each fiscal
quarter (each such date being a “Measurement Date”), beginning December 31, 2006:

               (i) Minimum Fixed Charge Coverage Ratio. A minimum Fixed Charge Coverage Ratio for
the Measurement Period ending on the last day of each fiscal quarter of at least 1.0 to 1.0.

               (ii) Maximum Total Debt to EBITDA Ratio. A maximum Total Debt to EBITDA Ratio as of
the Measurement Date as follows:

	 	 	 	 	 
	For the Twelve Months Ended on	 	 	 
	the Measurement Date	 	Ratio	 
	 
	 	 	 	 
	December 31, 2006
	 	 	6.50 to 1.0	 
	March 31, 2007
	 	 	6.50 to 1.0	 
	June 30, 2007
	 	 	6.50 to 1.0	 
	September 30, 2007
	 	 	6.50 to 1.0	 
	December 31, 2007
	 	 	6.25 to 1.0	 
	March 31, 2008
	 	 	6.25 to 1.0	 
	June 30, 2008
	 	 	6.25 to 1.0	 
	September 30, 2008
	 	 	6.00 to 1.0	 
	December 31, 2008
	 	 	6.00 to 1.0	 
	March 31, 2009
	 	 	6.00 to 1.0	 
	June 30, 2009

and each fiscal quarter thereafter
	 	 	5.50 to 1.0	 

               (iii) Minimum Interest Coverage Ratio. A minimum Interest Coverage Ratio for the
Measurement Period ending on the Measurement Date as follows:

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	For the Twelve Months Ended on	 	 	 
	the Measurement Date	 	Ratio	 
	 
	 	 	 	 
	December 31, 2006
	 	 	1.40 to 1.0	 
	March 31, 2007
	 	 	1.40 to 1.0	 
	June 30, 2007

and each fiscal quarter thereafter
	 	 	1.50 to 1.0	 

               (b) Capital Expenditures. The Loan Parties shall not make, on a consolidated basis,
during any Fiscal Year any Capital Expenditures that in the aggregate (after giving effect to all
such Capital Expenditures made during such Fiscal Year) exceed $7,500,000; provided that to the
extent that aggregate Capital Expenditures made, on a consolidated basis, by the Loan Parties in
any Fiscal Year are less than the amount set forth above for such Fiscal Year, the lesser of (i)
such excess amount and (ii) fifty percent (50%) of the amount set forth above for such Fiscal Year
may be carried forward, but may be expended only in the immediately succeeding Fiscal Year. Any
amount so carried forward shall be deemed made hereunder following utilization of all allowed
amounts (without regard to such rollover) for Capital Expenditures in such immediately succeeding
Fiscal Year.”

          SECTION 2. WAIVER

          2.1 Subject to the terms and conditions herein, the Agent hereby waives any past or present
Events of Default arising under Section 8.1 (d) of the Note Purchase Agreement resulting from the
failure of the Company to comply with Section 7.3 of the Note Purchase Agreement.

          2.2 Except as set forth in Section 2.1, the Agent hereby reserves all rights and remedies
granted to the Agent and the Purchasers under the Note Purchase Agreement or applicable law or
otherwise and nothing contained herein shall be construed to limit, impair or otherwise affect the
right of the Agent and the Purchasers to declare an Event of Default with respect to any future
non-compliance with any covenant, term or provision of the Note Purchase Agreement or any other
document now or hereafter executed and delivered in connection therewith.

          SECTION 3. MISCELLANEOUS

          3.1 All references to the Note Purchase Agreement in the Note Purchase Agreement, the Purchase
Documents and the other documents and instruments delivered pursuant to or in connection therewith
shall mean the Note Purchase Agreement as amended hereby and as such may in the future be amended,
restated, supplemented or modified from time to time.

          3.2 This Amendment and Waiver may be executed by the parties hereto individually or in
combination, in one or more counterparts, each of which shall be an original and all of which shall
constitute one and the same agreement.

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          3.3 Delivery of an executed counterpart of a signature page by facsimile or electronic mail
shall be effective as delivery of a manually executed counterpart.

          3.4 This Amendment and Waiver shall be governed by, and construed and interpreted in
accordance with, the internal laws of the State of Maryland.

          3.5 The parties hereto shall, at any time and from time to time following the execution of
this Amendment and Waiver, execute and deliver all such further instruments and take all such
further action as may be reasonably necessary or appropriate in order to carry out the provisions
of this Amendment and Waiver.

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Waiver to be duly executed by
their respective authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	COMPANY:

GLOBAL DOSIMETRY SOLUTIONS, INC.

 	 
	 	By:  	/s/ Thomas Logan 	 
	 	 	Name:  	Thomas Logan 	 
	 	 	Title:  	President 	 
	 

[SIGNATURE PAGE TO AMENDMENT NO. 5 AND WAIVER TO GDS NEPA]

 

	 	 	 	 	 
	 	AGENT:

AMERICAN CAPITAL FINANCIAL SERVICES, INC.

 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Vice President 	 
	 
	 	PURCHASERS:

AMERICAN CAPITAL STRATEGIES, LTD.

 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Managing Director	 
	 
	 	ACS FUNDING TRUST I

 	 
	 	By:  	AMERICAN CAPITAL STRATEGIES, LTD., as Servicer
 	 
	 	 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Managing Director 	 
	 

[SIGNATURE PAGE TO AMENDMENT NO. 5 AND WAIVER TO GDS NEPA]

 

	 	 	 	 	 
	 	ACAS BUSINESS LOAN TRUST 2006-1

 	 
	 	By:  	AMERICAN CAPITAL STRATEGIES, LTD., as Servicer
 	 
	 	 	 
	 	By:  	/s/ Robert Klein 	 
	 	 	Name:  	Robert Klein 	 
	 	 	Title:  	Managing Director 	 
	 

[SIGNATURE PAGE TO AMENDMENT NO. 5 AND WAIVER TO GDS NEPA]

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