Document:

Second Amending Agreement Dated November 29, 2002

 

Exhibit 10.5(b)

SECOND AMENDING AGREEMENT TO COMMITMENT LETTER

between

COMPUTERSHARE TRUST COMPANY OF CANADA, as Trustee of

Paramount Energy Trust

(as Borrower)

and

PARAMOUNT ENERGY OPERATING CORP., as Trustee of

Paramount Operating Trust

(the “Guarantor”)

and

BANK OF MONTREAL,

CANADIAN IMPERIAL BANK OF COMMERCE and

THE BANK OF NOVA SCOTIA

(as Lenders)

and

BANK OF MONTREAL

(as Agent for the Lenders)

Dated as of November 29, 2002

 

 

-2-

        THIS SECOND AMENDING AGREEMENT TO COMMITMENT LETTER is dated and effective
as of the 29th day of November, 2002.

AMONG:

	 	 	 	COMPUTERSHARE TRUST COMPANY OF CANADA as Trustee of Paramount
Energy Trust (the “Borrower”)

AND:

	 	 	 	PARAMOUNT ENERGY OPERATING CORP., as Trustee of Paramount Operating
Trust (the “Guarantor”)

AND:

	 	 	 	BANK OF MONTREAL, CANADIAN IMPERIAL BANK OF COMMERCE and THE BANK
OF NOVA SCOTIA (collectively, in their capacities as Lead Arrangers
and Lenders called the “Lenders”)

AND:

	 	 	 	BANK OF MONTREAL in its capacity as agent for the Lenders (the
“Agent”)
	 
	 	 	 	WHEREAS:

1.                  Bank of Montreal, Canadian Imperial Bank of Commerce and The Bank of Nova
Scotia (each in its capacity as a Lender), Bank of Montreal (in its capacity as
Agent and as a Lead Arranger) and the Borrower and the Guarantor are parties to
a letter agreement dated as of August 15, 2002, as amended by a First Amending
Agreement dated as of September 30, 2002 (as so amended, the “Commitment
Letter”); and

2.                  The Borrower and Guarantor wish to obtain the consent and agreement of the
Lenders to amend the Commitment Letter.

                      NOW THEREFORE, in consideration of the premises, the covenants herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by each of the parties hereto, the
parties agree as follows:

1.                  Definitions

                      Capitalized terms used herein, including the recitals hereto, shall have
the meanings ascribed thereto in the Commitment Letter, unless otherwise
defined herein.

2.                  Amendments to Commitment Letter

                      The Commitment Letter is amended in the section entitled “Conditions Applicable
to Commitments” on page 3 thereof by deleting the reference in the final
paragraph of that section to “November 29, 2002” and inserting “January 31,
2003”.

 

-3-

3.                     Acknowledgement

                        Each of the Borrower and the Guarantor hereby acknowledge that:

	(a)	 	CIBC World Markets Inc. (“CIBCWM”) and BMO Nesbitt Burns Inc. (“BMONB”)
(collectively, the “Advisors”) are respectively, directly or indirectly,
subsidiaries of Canadian Imperial Bank of Commerce (“CIBC”) and BMO (the
Agent, BMO, CIBC and the Advisors collectively called the “Related
Parties”), and the Lenders are the lenders to PRL pursuant to a credit
agreement between PRL and the Lenders dated as of June 28, 2002 (as
amended from time to time, the “PRL Credit Agreement”) and BMONB and
CIBCWM are the “Dealer Managers” in respect of the Rights Issue. In such
capacities the Related Parties have provided, and are expected to continue
to provide, advice and services to the Borrower, the Guarantor, PRL and
the Borrowing Base Subsidiaries (as defined in the PRL Credit Agreement)
in relation to the PRL Credit Agreement (the “PRL Matters”), and in
relation to the Rights Offering, the Distribution, the Conveyances, the
Rights Exercise Agreement, this Commitment Letter and various related
matters (collectively the “Trust Matters”);
	 
	(b)	 	BMO and CIBC are lenders to POG, Treherne Resources Ltd., 409790 Alberta
Ltd. and Clayton Riddell (collectively, the “POG Parties”) in respect of
loan facilities which may be utilized in respect of the Rights Issue and
which are the subject matter, in part, of the Rights Exercise Agreement
(collectively the “POG Matters”);
	 
	(c)	 	ScotiaCapital Inc. is, directly or indirectly, a subsidiary of BNS
(together, the “BNS Parties”) and has provided and may in the future
provide advice as advisor to the “Special Committee” of the board of
directors of PRL which was formed, inter alia, to consider the Rights
Issue, the Distribution and the Conveyances and to provide assessments as
to the fairness of such transactions to PRL and the Borrowing Base
Subsidiaries;
	 
	(d)	 	conflicts of interest in respect of the various different capacities of
the Related Parties and BNS Parties and their relationships with the
Borrower, the Guarantor, PRL, the Borrowing Base Subsidiaries and the POG
Parties may have arisen and may arise up to and including the end of the
“Operative Period”. For the purposes of this Amending Agreement, the
“Operative Period” is any time prior to the completion of the Conversion
Event in full;
	 
	(e)	 	there has been in the past, and may be up to the end of the Operative
Period, a sharing among the Related Parties, and by the Advisors with the
BNS Parties, of confidential information of the Borrower and the Guarantor
in respect of PRL Matters and Trust Matters and a sharing of confidential
information of the Borrower and the Guarantor in respect of POG Matters
among the Related Parties; and
	 
	(f)	 	the involvement and actions, up to the end of the Operative Period, of
the Related Parties and BNS Parties in such capacities, including the
retention of the Advisors, has been and will continue to be in the best
interests of the Borrower and the Guarantor.

The Borrower and the Guarantor further expressly:

	(A)	 	consent to and waive any right to take issue with any past, present or
(up to the end of the Operative Period) future actual or apparent
conflicts of interest arising from any of the circumstances referenced
above;

 

-4-

	(B)	 	consent to and waive any right to take issue with any past, present or
(up to the end of the Operative Period) future sharing of confidential
information of the Borrower and the Guarantor among the Related Parties in
respect of the PRL Matters, Trust Matters and POG Matters and by the
Advisors with the BNS Parties in respect of PRL Matters and Trust Matters;
	 
	(C)	 	undertake not to retract or withdraw this waiver and consent at any time
in the future; and
	 
	(D)	 	release the Related Parties and BNS Parties from any rights, claims,
actions or causes of action that the Borrower or the Guarantor may have
against any of the Related Parties and BNS Parties in respect of any of
the matters referred to in paragraphs (d) and (e) above.

4.                        Amendments to Summary of Terms and Conditions

The definition of “Conversion Event” in Schedule “A” to the Summary of Terms
and Conditions attached to the Commitment Letter is amended by deleting
subsections (f) and (g) thereof and replacing them with the following:

	"(f)	 	the completion of the purchase and sale of the Assets by POT such that
POT has become the beneficial owner thereof and PRL has received cash net
proceeds therefrom of not less than

	 	(i)	 	Cdn. $220,000,000 in the case of the exercise of 100% of all
rights exercisable by Unitholders of the Borrower pursuant to the
Rights Issue;
	 
	 	(ii)	 	Cdn. $163,000,000 in the case of the exercise of 75% of all
such rights;
	 
	 	(iii)	 	Cdn. $107,000,000 in the case of the exercise of 50% of such
rights; or
	 
	 	(iv)	 	in the case of the exercise of any other percentages between
such percentages, an amount as determined by the Lenders, acting
reasonably, using comparable methodology as used by them in
determining the foregoing amounts;
	 
	 	 	 	plus, in each case, interest on the applicable purchase price pursuant to
Section 2.05 of each of the Take-Up Agreement and Initial Assets Purchase
Agreement (as defined in the PRL Credit Agreement) and less, in each
case, accounting adjustments in respect of accumulated revenues
attributable to the Assets (to the extent in favour of the POT) required
pursuant to Article 14 of each of the Take-Up Agreement and Initial
Assets Purchase Agreement;

	(g)	 	the repayment in full in cash by the Borrower of the PET Note;”

5.                        Representations and Warranties

Each of the Borrower and the Guarantor hereby represents and warrants to and in
favour of the Agent and the Lenders that this Amending Agreement has been duly
authorized, executed and delivered by it and constitutes a legal, valid and
binding obligation of it, enforceable in accordance with its terms.

6.                        Miscellaneous

	(a)	 	This Amending Agreement shall, notwithstanding its actual date of
execution, be effective as of November 29, 2002.

 

-5-

	(b)	 	Save and except as amended aforesaid, the Commitment Letter remains in
full force and effect and unamended and time remains of the essence
thereunder, as amended hereby.
	 
	(c)	 	For the purposes of the Commitment Letter, this Amending Agreement shall
be read together with the Commitment Letter as one instrument.
	 
	(d)	 	This Amending Agreement shall be governed by and construed in accordance
with the laws of the Province of Alberta.
	 
	(e)	 	This Amending Agreement may be executed in any number of counterparts and
by different parties and separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together
shall constitute one and the same instrument.

IN WITNESS WHEREOF the parties hereto have caused this Amending Agreement to be
duly executed as of the date referenced above.

	 	 	 	 	 	 	 
	BANK OF MONTREAL	 	BANK OF NOVA SCOTIA
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	Per:	 	 	 	Per:	 	 
	 	 	

	 	 	 	

	 	 	
Name:        Randall Johnson

Title:          Managing Director
	 	 	 	Name:        Richard Lee

Title:          Managing Director
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	CANADIAN IMPERIAL BANK OF COMMERCE	 	 	 	 
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	Per:	 	 	 	 	 	 
	 	 	

	 	 	 	 
	 	 	
Name:        Glenn Kalyniuk

Title:          Director, Commercial Credit	 	 	 	 
	
	
	
	

	 	 	 	 	 	 	 
	COMPUTERSHARE TRUST COMPANY OF

CANADA, as Trustee of Paramount

Energy Trust, by its agent Paramount

Energy Operating Corp.	 	PARAMOUNT ENERGY OPERATING CORP., as

Trustee of Paramount Operating Trust,

and in its own right
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	By:	 	 	 	By:	 	 
	 	 	

	 	 	 	

	 	 	
Name:
	 	 	 	Name:
	
	
	
	

	 	 	
Title:
	 	 	 	Title:EX-10.(s)

	

Exhibit 10(s)  

NINTH AMENDMENT TO
CREDIT AGREEMENT  

                This
Amendment, dated as of September 30, 2002, is made by and among INNOVEX, INC., a
Minnesota corporation (the “Borrower”), each of the banks appearing on the
signature pages hereof, together with such other banks as may from time to time become a
party to the Credit Agreement (defined below) pursuant to the terms and conditions of Article
VIII of the Credit Agreement (herein collectively called the “Banks” and
individually each called a “Bank”), and WELLS FARGO BANK MINNESOTA, NATIONAL
ASSOCIATION, formerly known as Norwest Bank Minnesota, National Association, a national
banking association, in its separate capacity as administrative agent for itself and all
other Banks (in such capacity, the “Agent”).  

Recitals 

                A.   
         The Borrower, the Banks and the Agent are parties to a Credit Agreement dated as
          of September 15, 1999, a First Amendment to Credit Agreement dated as of June
          29, 2000, a Second Amendment to Credit Agreement dated as of December 31, 2000,
          a Third Amendment to Credit Agreement dated as of March 30, 2001, a Fourth
          Amendment to Credit Agreement dated as of June 30, 2001, a Fifth Amendment to
          Credit Agreement dated as of September 30, 2001, a Sixth Amendment to Credit
          Agreement dated as of February 14, 2002, a Seventh Amendment to Credit
Agreement           dated as of April 29, 2002 and an Eighth Amendment to Credit
Agreement dated as           of June 30, 2002 (as so amended and as further amended or
restated from time to           time, the “Credit Agreement”).  

                B.   
Currently, the Borrower is in default of several provisions of the Credit
          Agreement, and the Borrower has requested that the Banks and the Agent waive
the           existing defaults and provide certain other financial accommodations.  

                C.   
The Banks and the Agent are willing to grant the Borrower’s requests
          subject to the terms and conditions set forth below.  

Agreement 

                ACCORDINGLY,
in consideration of the premises and for other good and valuable consideration, the
Borrower, the Banks and the Agent agree as follows:  

                1.   
          Definitions. All capitalized terms used in this Amendment and not otherwise
          specifically defined in this Amendment shall have the meanings given such terms
          in the Credit Agreement. In addition, Section 1.1 of the Credit Agreement is
          hereby amended by restating the following definitions in the appropriate
          alphabetical location:  

	 	        “‘Margin’means,
with respect to computation of the applicable interest rate on Fundings under a Facility,
without regard to the Borrower’s Leverage Ratio and status: (a) until the aggregate
principal amount under the Term Note is less than $8,000,000 and the Borrower is not in
default under the Credit Agreement, three percent (3.00%) for Floating Rate Advances and
(b) after the aggregate principal amount outstanding under the Term Note is less than
$8,000,000 and so long as the Borrower is not in default under the Credit Agreement, two
and one-half percent (2.50%) for Floating Rate Advances.” 

	 	        “‘Maturity
Date’ means June 15, 2004 with respect to the Term Facility.” 

	 	        “‘Ninth
Amendment’ means the Ninth Amendment to Credit Agreement, dated as of September 30,
2002, by and among the Borrower, the Banks and the Agent.” 

	

                2.   
Interest Coverage. Section 5.9 of the Credit Agreement is hereby amended in its
          entirety to read as follows:  

	 	        “Section
5.9 Interest Coverage Ratio. As of each Covenant Computation Date, the Borrower
will maintain its Interest Coverage Ratio at not less than the ratio set forth below,
opposite the applicable Covenant Computation date set forth below:  

	

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      Applicable Covenant 

      Computation Date 	  	Minimum
      Interest Coverage 

      Ratio 	  
	 	
      

    	 	
      

    	 
	 	   June
      30, 2003 	            	1.0 to
      1.0 	                  
	 	 September
      30, 2003 	  	1.0 to
      1.0 	  

	

                3.   
                     Leverage.
Section 5.10 of the Credit Agreement is hereby amended in
its                     entirety to read as follows: 

	 	        “‘Section
5.10 Leverage Ratio. As                     of each Covenant Computation Date, the
Borrower will maintain its Leverage
Ratio at not more than the ratio set forth below, opposite the applicable Covenant
Computation date set forth below:  

	 	 

      Applicable Covenant 

       Computation Date 	  	

      Leverage Ratio 	  
	 	
      

    	 	
      

    	 
	 	   June
      30, 2003 	            	3.0 to
      1.0 	                  
	 	 September
      30, 2003 	  	3.0 to
      1.0 	  

	

                4.   
          Minimum Net Worth. Section 5.11 of the Credit Agreement is hereby amended in
its           entirety to read as follows:  

	 	        “Section
5.11 Minimum Net Worth. As of each Covenant Computation Date, the Borrower will
maintain its Net Worth at an amount not less than the amount set forth opposite the
applicable Covenant Computation Date set forth below:  

	 	 

      Applicable Covenant 

       Computation Date 	  	Minimum
      Net Worth 	  
	 	
      

    	 	
      

    	 
	 	 December
      31, 2002 	            	$60,800,000 	                  
	 	   March
      31, 2003 	  	$60,800,000 	  
	 	   June
      30, 2003 	 	$60,800,000 	 
	 	 September
      30, 2003 	 	$61,800,000 	 

	

                5.   
          Profitability. Section 5.12 of the Credit Agreement is hereby amended in its
          entirety to read as follows:  

	 	        “Section
5.12 Profitability. As of each Covenant Computation Date, the Borrower will have
achieved, for its fiscal quarter ended on such Covenant Computation Date, Net Income for
such fiscal quarter, less any extraordinary income claimed or earned during such fiscal
quarter (including, without limitation, any extraordinary income claimed or earned by the
Borrower and/or its Subsidiaries as a result of any restructuring charges, costs or
expenses), in an amount equal to or greater than the amount set forth below (negative
numbers are indicated by parentheses):  

	 	 

      Applicable Covenant 

       Computation Date 	  	

      Profitability 	  
	 	
      

    	 	
      

    	 
	 	 December
      31, 2002 	            	($2,600,000) 	                  
	 	   March
      31, 2003 	  	($2,600,000) 	  
	 	   June
      30, 2003 	 	$1.00 	 
	 	 September
      30, 2003 	 	$1.00 	 

	

                6.   
          Covenant Waivers.  

	 	        (a)       September
30, 2002 Covenant Computation Date. The requirements of                     Section
5.9 of the Credit Agreement regarding the Borrower’s Interest
                    Coverage Ratio, Section 5.10 of the Credit Agreement regarding the
                    Borrower’s Leverage Ratio, Section 5.11 of the Credit Agreement
regarding                     the Borrower’s Minimum Net Worth, and Section 5.12 of
the Credit Agreement                     regarding the Borrower’s Profitability are
waived by Banks. Such waivers                     are limited to the September 30, 2002
Covenant Computation Date.  

	

-3- 

	

	 	        (b)       Further
Covenant Waivers. The requirements of Section 5.9 of the Credit
                    Agreement regarding the Borrower’s Interest Coverage Ratio for
the Covenant                     Computation Dates of December 31, 2002 and March 31,
2003 are hereby waived. The                     requirements of Section 5.10 of the
Credit Agreement regarding the                     Borrower’s Leverage Ratio for the
Covenant Computation Dates of December                     31, 2002 and March 31, 2003
are hereby waived. The waivers contained in this                     subparagraph are
limited to the specific provisions and Covenant Computation                     Dates set
forth in this subparagraph.  

	

                7.   
Waiver Fee. In consideration for the waivers contained herein, on the date this
          Amendment is executed, the Borrower shall pay the Agent a non-refundable
          fully-earned waiver fee in the amount of $30,000 for the pro rata account of
the           Banks on the basis of their respective Percentages.  

                8.                        Conditions
to Effectiveness. This Amendment, including the covenant waivers
                    contained in paragraph 6 herein, shall not be or become effective
unless the                     Agent receives each of the following items in form and
substance acceptable to                     the Agent on or before December 4, 2002:  

	 	            (a)   
This Amendment, duly
executed by the Agent, the Banks and the Borrower, and                     duly
acknowledged by the Guarantors;  

	 	            (b)
                        A certified copy of the
resolutions of the Board of Directors of the Borrower                     evidencing that
the officers of the Borrower have authority to enter into this
                    Amendment and the transactions contemplated by this Amendment (which
resolutions                     may, at the option of the Agent, be in the form of
ratifying resolutions);  

	 	            (c)
                        Payment of the fee
referenced in paragraph 7; and  

	 	            (d)
                        Payment of all legal fees
incurred by the Agent through the date of the                     execution of this
Amendment.  

	

                9.
                        Continued Effectiveness.
Except as amended by this Amendment, all of the terms                     and conditions
of the Credit Agreement and the other Loan Documents shall remain                     in
all other respects in full force and effect.  

                10.
                        Counterparts. This
Amendment may be executed in any number of counterparts,                     each of
which shall be deemed to be an original and all of which counterparts
                    taken together shall constitute but one and the same instrument.  

                11.
                        Release. The Borrower and
each Guarantor, by signing its respective                     Acknowledgment and
Agreement set forth below, each hereby absolutely and                     unconditionally
releases and forever discharges the Agent and each of the Banks,                     and
any and all participants, parent corporations, subsidiary corporations,
                    affiliated corporations, insurers, indemnitors, successors and
assigns thereof,                     together with all of the present and former
directors, officers, agents and                     employees of any of the foregoing
(the “Released Parties”), from any                     and all claims, demands
or causes of action of any kind, nature or description,                     whether
arising in law or equity or upon contract or tort or under any state or
                    federal law or otherwise, which the Borrower or such Guarantor has
had, now has                     or has made claim to have against such Released Party
for or by reason of any                     act, omission, matter, cause or thing
whatsoever arising from the beginning of                     time to and including the
date of this Amendment in connection with or related                     to the
transactions evidenced by the Loan Documents, whether such claims,
                    demands and causes of action are mature or unmatured or known or
unknown.  

-4- 

	

                12.
                        No Other Waiver. Except as
expressly set forth herein, the execution of this                     Amendment shall not
be deemed to be a waiver of any Event of Default under the                     Credit
Agreement, whether or not known to the Agent and/or the Banks and whether
                    or not existing on the date of this Amendment.  

                13.
                       Representations and
Warranties. The Borrower hereby represents and warrants to                     the Agent
and the Banks as follows:  

	 	            (a)
                        The Borrower has all
requisite power and authority to execute this Amendment                     and to
perform all of its obligations under the Credit Agreement, as amended by
                    this Amendment, and the Credit Agreement, as amended by this
Amendment, and the                     other Loan Documents executed on behalf of the
Borrower have been duly executed                     and delivered by the Borrower and
constitute the legal, valid and binding                     obligations of the Borrower,
enforceable in accordance with their respective                     terms.  

	 	            (b)   
                   The execution, delivery and performance by the Borrower of the Credit
                    Agreement, as amended by this Amendment, and the other Loan Documents
executed                     on behalf of the Borrower have been duly authorized by all
necessary corporate                     action and do not (i) require any
authorization, consent or approval by any                     governmental department,
commission, board, bureau, agency or instrumentality,                     domestic or
foreign, (ii) violate any provision of any law, rule or
                    regulation or of any order, writ, injunction or decree presently in
effect,                     having applicability to the Borrower, or the Articles of
Incorporation or                     By-laws of the Borrower, or (iii) result in a
breach of or constitute a                     default under any indenture or loan or
credit agreement or any other agreement,                     lease or instrument to which
the Borrower is a party or by which it or its                     properties may be bound
or affected.  

	 	            (c)
                    All of the representations
and warranties contained in Article IV of the                     Credit Agreement
are correct on and as of the date hereof as though made on and                     as of
such date, except to the extent that such representations and warranties
                    relate solely to an earlier date.  

	

                14.
                        References. All references
in the Credit Agreement to “this                     Agreement” shall be deemed
to refer to the Credit Agreement as amended by                     this Amendment; and
any and all references in any of the other Loan Documents to                     the
“Credit Agreement” shall be deemed to refer to the Credit
                    Agreement as amended by this Amendment.  

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

			
      INNOVEX, INC

        

        

        By

        Its 

        

          WELLS
        FARGO BANK MINNESOTA, NATIONAL        ASSOCIATION,
        formerly known as Norwest Bank        Minnesota,
        National Association, as Bank and as Agent

        

      By

        Its 

        

          U.S.
        BANK NATIONAL ASSOCIATION, as Bank

      By

        Its 

        

        

    

	

-5- 

	

ACKNOWLEDGMENT AND
AGREEMENT OF GUARANTORS  

                The
undersigned, each a guarantor of all debts, liabilities and other obligations of Innovex,
Inc., a Minnesota corporation (the “Borrower”) to the Banks (as defined in the
foregoing Amendment) and the Agent (as defined in the foregoing Amendment) under the
Credit Agreement (as defined in the foregoing Amendment) and related Loan Documents (as
defined in the foregoing Amendment) pursuant to (i) a separate Guaranty from Innovex
Precision Components, Inc. dated as of September 15, 1999 (the “Precision Guaranty”)
secured by a separate Security Agreement from Innovex Precision Components, Inc. dated as
of September 15, 1999 (the “Precision Security Agreement”), (ii) a separate
Guaranty from Innovex Southwest, Inc. dated as of September 15, 1999 (the “Southwest
Guaranty”) secured by a separate Security Agreement from Innovex Southwest, Inc.
dated as of September 15, 1999 (the “Southwest Security Agreement”), and (iii)
a separate Guaranty from ADFlex Cayman Limited dated as of December 31, 2000 (the “ADFlex
Guaranty,” together with the Precision Guaranty and the Southwest Guaranty, each
hereinafter called a “Guaranty”) secured by a separate Stock Pledge Agreement
from ADFlex Cayman Limited dated as of December 31, 2000 (the “ADFlex Security
Agreement,” together with the Precision Security Agreement and the Southwest
Security Agreement, each hereinafter called a “Security Agreement”), hereby (a)
acknowledges receipt of the foregoing Amendment; (b) consents to the terms of the
foregoing Amendment (including, without limitation, the releases set forth in paragraph
11 of the foregoing Amendment) and execution of the foregoing Amendment by the Borrower;
(c) reaffirms its obligations to the Agent and the Banks pursuant to the terms of its
Guaranty, its Guarantor Security Agreement and any other Loan Documents to which it is a
party; and (d) acknowledges that the Agent and the Banks may amend, restate, extend,
renew, or otherwise modify the Credit Agreement or any other Loan Document or any
indebtedness or agreement of the Borrower in favor of the Agent and/or the Banks, or
enter into any agreement or extend additional or other credit accommodations to the
Borrower, without notifying or obtaining the consent of the undersigned and without
impairing the liability of the undersigned under its Guaranty, its Guarantor Security
Agreement and any other Loan Documents to which it is a party.  

	
      INNOVEX SOUTHWEST,
        INC. 

        

        By______________________________ 

             Its____________________________

        

        

      ADFLEX CAYMAN LIMITED
        

        

        

        By_______________________________ 

             Its____________________________

        

        

    		
       INNOVEX PRECISION
        COMPONENTS, INC. 

        

        By 

        Its 

        

        

       

      

	

-6-

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