Document:

Exhibit 4.1

 

LIMITED CONSENT AND FOURTEENTH AMENDMENT

to

SECOND AMENDED AND RESTATED CREDIT
AGREEMENT

 

This LIMITED
CONSENT AND FOURTEENTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT (this “Amendment”), dated as of May 9, 2006, by and among
THERMADYNE INDUSTRIES, INC., a Delaware corporation (“Industries”),
THERMAL DYNAMICS CORPORATION, a Delaware corporation (“Dynamics”), TWECO
PRODUCTS, INC., a Delaware corporation (“Tweco”), VICTOR EQUIPMENT
COMPANY, a Delaware corporation (“Victor”), C & G SYSTEMS, INC.,
an Illinois corporation (“C & G”), STOODY COMPANY, a Delaware
corporation (“Stoody”), THERMAL ARC, INC., a Delaware corporation (“Thermal
Arc”), PROTIP CORPORATION, a Missouri corporation (“ProTip”), THERMADYNE
INTERNATIONAL CORP., a Delaware corporation (“International”, and
collectively with ProTip, Thermal Arc, Stoody, C & G, Victor, Tweco,
Dynamics and Industries, the “Borrowers”), the other persons designated
as Credit Parties on the signature pages hereof, GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation (“Agent”) and the Persons signatory
thereto from time to time as Lenders. Unless otherwise specified herein,
capitalized terms used in this Amendment shall have the meanings ascribed to
them in Annex A to the Credit Agreement and the Intercreditor
Agreement (each as hereinafter defined).

 

RECITALS

 

WHEREAS, the Borrowers, the Credit Parties, Agent and
Lenders have entered into that certain Second Amended and Restated Credit
Agreement dated as of November 22, 2004 (as further amended, supplemented,
restated or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, the Borrowers and the other Credit Parties have
requested that Agent and Lenders amend certain provisions of the Credit
Agreement; and

 

WHEREAS, the Agent and Lenders have agreed to amend
the Credit Agreement as set forth herein.

 

NOW THEREFORE, in consideration of the mutual
execution hereof and other good and valuable consideration, the parties hereto
agree as follows:

 

1.                                       Limited
Consent. The Agent and Lenders hereby consent to certain amendments to the
High Yield Notes as specified in that certain Supplemental Indenture attached
hereto as Exhibit B so long as the conditions to the effectiveness
of this Amendment provided in Section 5 below have been satisfied.

 

2.                                       Amendment
to Section 1.7(d). Section 1.7(d) of the Credit Agreement is
hereby amended by amending and restating the second sentence thereof to read in
its entirety as follows:

 

 

“As used herein, the term “Applicable Percentage”
shall mean (x)  two percent (2%), in the
case of a prepayment and corresponding reduction or termination of the
Revolving Loan Commitment during the second Loan Year following the Closing
Date, (y) one percent (1%), in the case of a prepayment and corresponding reduction
or termination of the Revolving Loan Commitment during the third Loan Year
following the Closing Date and (z) zero for any reductions thereafter.”

 

3.                                       Amendment
to Section 4.1(a). Section 4.1(a) of the Credit Agreement is
hereby amended and restated to read in its entirety as follows:

 

“Each Credit Party
executing this Agreement hereby agrees that from and after the Closing Date and
until the Termination Date, it shall deliver to Agent or to Agent and Lenders,
as required, the Financial Statements, notices, Projections and other
information at the times, to the Persons and in the manner set forth in Annex
E. Notwithstanding the timing otherwise set forth in Annex E, (i) the
monthly financials required to be delivered pursuant to subsection (a) of
Annex E for the Fiscal Months ending January 31, 2006 and February 28,
2006 shall not be required to be delivered until May 15, 2006 and (ii) the
monthly financials required to be delivered pursuant to subsection (a) of
Annex E for the Fiscal Month ending March 31, 2006 and the annual
audited financials required to be delivered pursuant to subsection (c) of
Annex E for the Fiscal Year ending December 31, 2005 shall not be
required to be delivered until June 15, 2006.”

 

4.                                       Amendment
to Section 6.3(b). Section 6.3(b) of the Credit Agreement is
hereby amended by amending and restating clause (iv) thereof to read in
its entirety as follows:

 

“(iv) no more than once in any Fiscal Year within 30 days after
Agent’s receipt of Borrowers’ annual Financial Statements in accordance with Annex
E of the Credit Agreement, a prepayment of the High Yield Notes in an amount
equal to the Excess Cash Flow Amount (as defined in the Indenture Amendment),
the calculation of which shall be reasonably satisfactory to Agent and
otherwise in accordance with the amendments to the High Yield Notes specified
in that certain Supplemental Indenture attached as Exhibit B (the “Indenture
Amendment”) to the Limited Consent and Fourteenth Amendment to this
Agreement dated as of May 9, 2006, so long as Borrower Representative has
given three Business Days’ prior written notice to Agent of such proposed
prepayment and the following shall be satisfied to the satisfaction of Agent in
its sole discretion: (i) prior to any such prepayment the Borrowers shall
have prepaid the Term Loans in full, (ii) no Event of Default has occurred
and is continuing both before and after giving effect to such prepayment and (iii) after
giving effect to any such prepayment the average daily Borrowing Availability,
as determined by the Agent, shall have been not less than the greater of (x)
$20,000,000 (with all trade payables being paid current in the ordinary course
of business other than those being contested in the ordinary course of
business) during the 30-day period immediately prior to such payment and (y)
4.0% of revenue for the immediately preceding Fiscal Year as supported by the
audited annual Financial Statements for such Fiscal Year.”

 

2

 

5.                                       Amendment
to Annex A. Annex A of the Credit Agreement is hereby amended by amending
and restating the definition of “EBITDA” to read in its entirety as follows:

 

““EBITDA” means, with respect to any Person for
any fiscal period, without duplication, an amount equal to (a) consolidated
net income of such Person for such period determined in accordance with GAAP, minus
(b) the sum of (i) income tax credits, (ii) interest income, (iii) gain
from extraordinary items for such period, (iv) any aggregate net gain (but
not any aggregate net loss) during such period arising from the sale, exchange
or other disposition of capital assets by such Person (including any fixed
assets, whether tangible or intangible, all inventory sold in conjunction with
the disposition of fixed assets and all securities), and (v) any other
non-cash gains that have been added in determining consolidated net income, in
each case to the extent included in the calculation of consolidated net income
of such Person for such period in accordance with GAAP, but without
duplication, plus (c) the sum of (i) any provision for income
taxes, (ii) Interest Expense, (iii) loss from extraordinary items for
such period, (iv) depreciation and amortization for such period, (v) amortized
debt discount for such period, (vi) the amount of any deduction to
consolidated net income as the result of any grant to any members of the
management of such Person of any Stock, and (vii) any non-recurring
employee severance expenses, not to exceed $2,000,000 in the aggregate, accrued
prior to December 31, 2006, in each case to the extent included in the
calculation of consolidated net income of such Person for such period in
accordance with GAAP, but without duplication, plus or minus as
applicable (d) the impact of any net change in the Borrowers’ LIFO
inventory reserve. For purposes of this definition, the following items shall
be excluded in determining consolidated net income of a Person: (1) the
income (or deficit) of any other Person accrued prior to the date it became a
Subsidiary of, or was merged or consolidated into, such Person or any of such
Person’s Subsidiaries; (2) the income (or deficit) of any other Person
(other than a Subsidiary) in which such Person has an ownership interest,
except to the extent any such income has actually been received by such Person
in the form of cash dividends or distributions; (3) the undistributed
earnings of any Subsidiary of such Person to the extent that the declaration or
payment of dividends or similar distributions by such Subsidiary is not at the
time permitted by the terms of any contractual obligation or requirement of law
applicable to such Subsidiary; (4) any restoration to income of any
contingency reserve, except to the extent that provision for such reserve was
made out of income accrued during such period; (5) any write-up of any
asset; (6) any net gain from the collection of the proceeds of life
insurance policies; (7) any net gain arising from the acquisition of any
securities, or the extinguishment, under GAAP, of any Indebtedness, of such Person;
(8) in the case of a successor to such Person by consolidation or merger
or as a transferee of its assets, any earnings of such successor prior to such
consolidation, merger or transfer of assets; and (9) any deferred credit
representing the excess of equity in any Subsidiary of such Person at the date
of acquisition of such Subsidiary over the cost to such Person of the
investment in such Subsidiary.”

 

6.                                       Amendment
to Annex G. Annex G of the Credit Agreement is hereby amended and restated
in its entirety as provided on Exhibit A attached hereto.

 

3

 

7.                                       Representations
and Warranties of Credit Parties. The Credit Parties represent and warrant
that:

 

(a)                                            the
execution, delivery and performance by the Credit Parties of this Amendment
have been duly authorized by all necessary corporate action required on its part and
this Amendment is a legal, valid and binding obligation of the Credit Parties
enforceable against the Credit Parties in accordance with its terms except as
the enforcement thereof may be subject to (i) the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors’ rights generally and (ii) general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity
or at law); and

 

(b)                                           after
giving effect to this Amendment, each of the representations and warranties
contained in the Credit Agreement is true and correct in all material respects
on and as of the date hereof as if made on the date hereof, except to the
extent that such representations and warranties expressly relate to an earlier
date.

 

8.                                       Conditions
To Effectiveness. This Amendment shall be effective upon the following (all
in form and substance satisfactory to Agent):

 

(a)                                        execution
and delivery of this Amendment by the Lenders and the Credit Parties;

 

(b)                                       the
Agent shall have received a copy of a fully executed and delivered amendment,
in form and substance satisfactory to Agent, to that certain Second Lien
Credit Agreement, dated as of July 29, 2004, by and among the Borrowers,
Credit Suisse and the other Persons signatory thereto; and

 

(c)                                              payment
in full of all fees, costs and expenses, including the reasonable fees, costs
and expenses of counsel or other advisors for advice, assistance, or other
representation in connection with this Amendment, as provided in Section 11.3(a) of
the Credit Agreement.

 

9.                                       Reference
To And Effect Upon The Credit Agreement.

 

(a)                                            The
Credit Agreement and the other Loan Documents shall remain in full force and
effect, as amended hereby, and are hereby ratified and confirmed.

 

(b)                                             The
waiver and amendments set forth herein is effective solely for the purposes set
forth herein and shall be limited precisely as written, and shall not be deemed
to (i) be a consent to any amendment, waiver or modification of any other
term or condition of the Credit Agreement or any other Loan Document, (ii) operate
as a waiver or otherwise prejudice any right, power or remedy that the Agent or
the Lenders may now have or may have in the future under or in
connection with the Credit Agreement or any other Loan Document or (iii) constitute
a waiver of any provision of the Credit Agreement or any Loan Document, except
as specifically set forth herein. Upon the effectiveness of this Waiver, each
reference in the Credit Agreement to “this Agreement”, “herein”, “hereof” and
words of like import and each reference in the Credit Agreement and the Loan
Documents to the

 

4

 

Credit Agreement shall mean the Credit Agreement as amended hereby. This
Waiver shall be construed in connection with and as part of the Credit
Agreement.

 

10.                                 Governing
Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAWS PROVISIONS) OF THE STATE OF NEW
YORK.

 

11.                                 Headings.
Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any
other purposes.

 

12.                                 Counterparts.
This Amendment may be executed in any number of counterparts, each of
which when so executed shall be deemed an original, but all such counterparts
shall constitute one and the same instrument.

 

13.                                 Reaffirmation
of Guaranties. The Credit Parties signatory hereto hereby reaffirm their
Guaranties of the Obligations, taking into account the provisions of this
Amendment.

 

[Signature pages follow]

 

5

 

IN WITNESS
WHEREOF, the parties hereto have executed and delivered this Amendment as of
the date first written above.

 

	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  GENERAL
  ELECTRIC CAPITAL

  
	
   

  	
  CORPORATION,

  
	
   

  	
  as Agent and
  Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Samantha
  Farber

  	
   

  
	
   

  	
  Duly Authorized Signatory

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT PARTIES:

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  INDUSTRIES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMAL
  DYNAMICS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  TWECO
  PRODUCTS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  VICTOR
  EQUIPMENT COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  C &
  G SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
						

 

S-1

 

	
   

  	
  STOODY
  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMAL
  ARC, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  INTERNATIONAL CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  PROTIP
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  HOLDINGS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  MECO
  HOLDING COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  C&G
  SYSTEMS HOLDING, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
						

 

 

	
   

  	
  THERMADYNE
  AUSTRALIA PTY LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  DUXTECH
  PTY LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S. Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  CIGWELD
  PTY LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  QUETALA
  PTY. LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  QUETACK
  PTY. LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  WELDING PRODUCTS 

  CANADA LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  INDUSTRIES LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia S.
  Williams

  	
   

  
	
   

  	
  Name:

  	
  Patricia S.
  Williams

  	
   

  
	
   

  	
  Title:

  	
  Vice President,
  Secretary & General Counsel

  	
   

  
						

 

 

EXHIBIT A

 

AMENDED AND RESTATED ANNEX G (Section 6.10)

to

CREDIT AGREEMENT

 

FINANCIAL COVENANTS

 

(a)                                  Financial
Covenants. Borrowers shall not breach or fail to comply with any of the
following financial covenants, each of which shall be calculated in accordance
with GAAP consistently applied:

 

(i)                                     Maximum
Capital Expenditures. Holdings and its Subsidiaries on a consolidated basis
shall not make Capital Expenditures during the following periods that exceed in
the aggregate the amounts set forth opposite each of such periods:

 

	
  Period

  	
   

  	
  Maximum Capital Expenditures per Period

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fiscal Year 2003;

  	
   

  	
  $

  	
  18,000,000

  	
   

  
	
  Fiscal Year 2004;

  	
   

  	
  $

  	
  17,000,000

  	
   

  
	
  Fiscal Year 2005;

  	
   

  	
  $

  	
  17,000,000

  	
   

  
	
  Fiscal Year 2006;

  	
   

  	
  $

  	
  18,000,000

  	
   

  
	
  Fiscal Year 2007;

  	
   

  	
  $

  	
  18,000,000

  	
   

  
	
  Fiscal Year 2008;

  	
   

  	
  $

  	
  18,000,000

  	
   

  

 

; provided, however, that the amount of
permitted Capital Expenditures referenced above will be increased in any period
by the positive amount equal to the lesser of (i) 50% of the amount of
permitted Capital Expenditures for the immediately prior period, and (ii) the
amount (if any), equal to the difference obtained by taking the Capital
Expenditures limit specified above for the immediately prior period minus
the actual amount of any Capital Expenditures expended during such prior period
(the “Carry Over Amount”), and for purposes of measuring compliance
herewith, the Carry Over Amount shall be deemed to be the last amount spent on
Capital Expenditures in that succeeding year; provided, further,
that the amount of Capital Expenditures for Fiscal Year 2003 and Fiscal Year
2004 shall not include up to $5,500,000 of Capital Expenditures made in
connection with the expansion of the real property located in Denton, Texas to
the extent financed with a Capital Lease.

 

(ii) Minimum
Fixed Charge Coverage Ratio. Holdings and its Subsidiaries shall have on a
consolidated basis at the end of each Fiscal Quarter, a Fixed Charge Coverage
Ratio for the 12-month period then ended (or with respect to the Fiscal
Quarters ending on or before December 31, 2006 but after the Fiscal
Quarter ending December 31, 2005, the period commencing January 1,
2006 and ending on the last day such Fiscal Quarter) of not less than the
following:

 

1.10 for the Fiscal Quarter ending December 31,
2003;

1.10 for the Fiscal Quarter ending March 31,
2004;

1.05 for the Fiscal Quarter ending June 30, 2004;

 

 

1.00 for the Fiscal Quarter ending September 30,
2004;

0.90 for the Fiscal Quarter ending December 31,
2004;

0.85 for the Fiscal Quarter ending March 31,
2005;

0.90 for the Fiscal Quarter ending June 30, 2005;

0.93 for the Fiscal Quarter ending September 30,
2005;

0.81 for the Fiscal Quarter ending December 31,
2005;

1.00 for the Fiscal Quarter ending March 31,
2006; and

1.10 for the Fiscal Quarter ending June 30, 2006
and each Fiscal Quarter thereafter.

 

(iii)                               Intentionally Omitted.

 

(iv)                              Maximum
Leverage Ratio. Until such time as the Second Lien Loan Obligations have
been paid in full in accordance with Section 6.3(b)(vi) or
refinanced in accordance with Section 5.13 (provided,
however, that if after such payment in full or refinancing, Borrowing
Availability is at any time less than $15,000,000 this Financial Covenant shall
be reinstated until the Commitment Termination Date), Holdings and its
Subsidiaries on a consolidated basis shall have, at the end of each Fiscal
Quarter set forth below, a Leverage Ratio as of the last day of such Fiscal
Quarter and for the 12-month period then ended (or with respect to the Fiscal
Quarters ending on or before December 31, 2006 but after the Fiscal
Quarter ending December 31, 2005, the period commencing January 1,
2006 and ending on the last day such Fiscal Quarter) of not more than the
following:

 

5.00 for the Fiscal Quarter ending December 31,
2003;

5.00 for the Fiscal Quarter ending March 31,
2004;

5.00 for the Fiscal Quarter ending June 30, 2004;

5.53 for the Fiscal Quarter ending September 30,
2004;

6.18 for the Fiscal Quarter ending December 31,
2004;

6.70 for the Fiscal Quarter ending March 31,
2005;

7.08 for the Fiscal Quarter ending June 30, 2005;

6.72 for the Fiscal Quarter ending September 30,
2005;

6.63 for the Fiscal Quarter ending December 31,
2005;

5.00 for the Fiscal Quarter ending March 31, 2006*;
and

4.25 for the Fiscal Quarter ending June 30, 2006*;

4.00 for the Fiscal Quarter ending September 30,
2006*;

3.90 for the Fiscal Quarter ending December 31,
2006; and

3.75 for each Fiscal Quarter ending thereafter.

 

* For
the measuring periods ending March 31, 2006, June 30, 2006 and September 30,
2006, EBITDA shall be calculated as follows: (a) for the measuring period
ending March 31, 2006, EBITDA shall equal the actual amounts thereof for
the period from January 1, 2006 through March 31, 2006 multiplied
by 4.0, (b) for the measuring period ending June 30, 2006,
EBITDA shall equal the actual amounts thereof for the period from January 1,
2006 through June 30, 2006 multiplied  by 2.0 and (c) for
the measuring period ending September 30, 2006, EBITDA shall equal the
actual amounts thereof for the period from January 1, 2006 through September 30,
2006 multiplied  by 1.33.

 

 

Unless otherwise specifically provided herein, any
accounting term used in the Agreement shall have the meaning customarily given
such term in accordance with GAAP, and all financial computations hereunder
shall be computed in accordance with GAAP consistently applied. That certain
items or computations are explicitly modified by the phrase “in accordance with
GAAP” shall in no way be construed to limit the foregoing. If any “Accounting
Changes” (as defined below) occur and such changes result in a change in the
calculation of the financial covenants, standards or terms used in the
Agreement or any other Loan Document, then Borrowers, Agent and Lenders agree
to enter into negotiations in order to amend such provisions of the Agreement
so as to equitably reflect such Accounting Changes with the desired result that
the criteria for evaluating Borrowers’ and their Subsidiaries’ financial
condition shall be the same after such Accounting Changes as if such Accounting
Changes had not been made; provided, however, that the agreement
of Requisite Lenders to any required amendments of such provisions shall be
sufficient to bind all Lenders. “Accounting Changes” means (i) changes
in accounting principles required by the promulgation of any rule, regulation,
pronouncement or opinion by the Financial Accounting Standards Board of the
American Institute of Certified Public Accountants (or successor thereto or any
agency with similar functions); (ii) changes in accounting principles
concurred in by any Borrower’s certified public accountants; (iii) purchase
accounting adjustments under A.P.B. 16 or 17 and EITF 88-16, and the
application of the accounting principles set forth in FASB 109, including the
establishment of reserves pursuant thereto and any subsequent reversal (in
whole or in part) of such reserves; and (iv) the reversal of any reserves
established as a result of purchase accounting adjustments. All such
adjustments resulting from expenditures made subsequent to the Closing Date
(including capitalization of costs and expenses or payment of pre-Closing Date
liabilities) shall be treated as expenses in the period the expenditures are
made and deducted as part of the calculation of EBITDA in such period. If
Agent, Borrowers and Requisite Lenders agree upon the required amendments, then
after appropriate amendments have been executed and the underlying Accounting
Change with respect thereto has been implemented, any reference to GAAP
contained in the Agreement or in any other Loan Document shall, only to the
extent of such Accounting Change, refer to GAAP, consistently applied after
giving effect to the implementation of such Accounting Change. If Agent,
Borrowers and Requisite Lenders cannot agree upon the required amendments
within thirty (30) days following the date of implementation of any Accounting
Change, then all Financial Statements delivered and all calculations of
financial covenants and other standards and terms in accordance with the
Agreement and the other Loan Documents shall be prepared, delivered and made
without regard to the underlying Accounting Change. For purposes of Section 8.1,
a breach of a Financial Covenant contained in this Annex F shall be
deemed to have occurred as of any date of determination by Agent or as of the
last day of any specified measurement period, regardless of when the Financial
Statements reflecting such breach are delivered to Agent.

 

 

EXHIBIT B

 

Please see attached.

 

 

SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of May [    ], 2006, among
Thermadyne Holdings Corporation, a Delaware corporation (the “Company”), as
issuer, the Guarantors listed on the signature pages hereto (the “Guarantors”),
as guarantors, and U.S. Bank National Association (the “Trustee”), as trustee.

 

W I T N E S S E T H:

 

WHEREAS,
the Company, the Guarantors and the Trustee have heretofore entered into an
Indenture, dated as of February 5, 2004 (the “Original Indenture”),
relating to the Company’s outstanding 91⁄4%
Senior Subordinated Notes due 2014 (the “Securities”);

 

WHEREAS,
the Company has solicited consents from Holders of the Securities to, among
other things, certain amendments (the “Amendments”) to the Original Indenture
which are set forth in this Supplemental Indenture;

 

WHEREAS,
the Company has received consents to the Amendments from Holders of a majority
in aggregate principal amount of the outstanding Securities; and

 

WHEREAS,
pursuant to the Indenture, the Trustee is authorized to execute and deliver
this Supplemental Indenture.

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto mutually covenant and agree for the equal and ratable
benefit of Holders of the Securities as follows:

 

ARTICLE I

AMENDMENTS

 

A.            Section
1.01 of the Indenture will be amended by adding the following defined terms:

 

“Excess Cash Flow” means, for the Company and its
Restricted Subsidiaries, for any period, the excess of EBITDA for such period
over the sum, without duplication, of (i) Consolidated Interest Expense for
such period, (ii) all federal, state, foreign and other income taxes accrued or
paid in cash (without duplication) by the Company and its Restricted
Subsidiaries during such period, (iii) capital expenditures made in cash during
such period, (iv) the amount by which the net difference between (x) current
assets, other than cash and cash equivalents, and (y) current liabilities,
other than the current amount of Indebtedness outstanding under the Credit
Agreement, in each case of the Company and its Restricted Subsidiaries as of
the last day of such period, differs from the comparable amount calculated as
of the day immediately preceding the first day of such period (or, with respect
to the difference determined as of December 31, 2006, to the comparable amount
as of June 30, 2006), (v) cash payments attributable to investments in, or
acquisitions of, a Related Businesses or the purchase of any part of the assets
thereof, (vi) the aggregate amount of all scheduled, mandatory and voluntary
prepayments, repayments, redemptions or purchases of Indebtedness of the
Company or any Restricted Subsidiary made during such Excess Cash Flow Period
that result in the permanent reduction of such Indebtedness or related facility
(other than prepayments, repayments, redemptions or purchases made with the
proceeds of Indebtedness Incurred to Refinance the Indebtedness prepaid,
repaid, redeemed or purchased during such Excess Cash Flow Period), and (vii)
the aggregate amount of contributions by the Company to any underfunded
tax-qualified pension plan and other post-retirement benefits of the Company
during such Excess Cash flow Period; provided, however, that the
amount permitted to be deducted pursuant to this clause (vii) shall be limited
to the amount of contributions deductible for Federal income tax purposes and
only to the extent the plan and other post-retirement benefits are
underfunded.  Within 105 days of the end
of the applicable Excess Cash Flow Period, the Company shall circulate to the
Holders a reasonably detailed calculation of the Excess Cash Flow for the applicable
Excess Cash Flow Period and a statement of the Company’s intended application
thereof.

 

“Excess Cash Flow Amount” means, for any Excess Cash
Flow Period, an amount equal to 75% of the Excess Cash Flow for such Excess
Cash Flow Period.

 

“Excess Cash Flow Period” means (i) initially, the
period from July 1, 2006 to December 31, 2006 and (ii) thereafter, the
twelve-month period ending on the last day of each succeeding calendar year.

 

“GECC Credit Facility”
means that certain Second Amended and Restated Credit Agreement, dated November
22, 2004, among Thermadyne Industries, Inc. and the other borrowers party
thereto, General Electric Capital Corporation, as amended through the
Fourteenth Amendment thereto and in effect on May 9, 2006.

 

B.                                     Section 4.02
of the Original Indenture shall be amended to insert the following paragraph at
the end thereof:

 

“Notwithstanding the foregoing, any report, document
or information referred to in this Section 4.02 that the Company would
have been required (but for this sentence) to file with the SEC or furnish to
the Trustee, the Holders or any other Person at any time before June 30,
2006, shall not be required to be so filed or furnished until June 30,
2006.”

 

C.                                     A
new Section 4.14 will be added to the Indenture as follows:

 

“SECTION 4.14
 Excess Cash
Flow Payment. (a)  If the Company has in excess of $2.0 million
of Excess Cash Flow for any Excess Cash Flow Period, within 105 days after the
end of such Excess Cash Flow Period, the Company shall apply an amount equal to
the Excess Cash Flow Amount to either:

 

(1) 
permanently prepay, repay, redeem or purchase Senior Indebtedness of the
Company; or

 

 

(2)  subject
to the limitations set forth in Section 6.3(b) of the GECC Credit
Facility or the limitations contained in any other Senior Indebtedness so long
as such limitations are no more restrictive than Section 6.3(b) of
the GECC Credit Facility, make an offer to the Holders of the Securities to
purchase Securities pursuant to an Excess Cash Flow Offer (as defined below).

 

Each
Offer to purchase Securities pursuant to this Section 4.14 (each, an “Excess
Cash Flow Offer”) shall be made to each Holder of Securities outstanding at
the time of such offer, shall offer to purchase Securities at a purchase price
of 101% of their principal amount and shall remain open for a period of not
less than 30 days (or any longer period as is required by law).

 

(b)  If the Company is
required to make an Excess Cash Flow Offer pursuant to this Section 4.14,
no later than 105 days after the end of the applicable Excess Cash Flow Period,
the Company will mail a notice of such Excess Cash Flow Offer to each Holder
stating:

 

(1)  that the Company
is offering to purchase Securities in an amount equal to the Excess Cash Flow
Offer Amount (determined after giving effect to any prepayments, repayments,
redemptions or purchases of Senior Indebtedness of the Company made pursuant to
paragraph (a)(1) of this Section 4.14) at a purchase price in cash
equal to 101% of the principal amount thereof on the date of purchase, plus
accrued and unpaid interest, if any, to the date of purchase (subject to the
right of Holders of record on the relevant date to receive interest on the
relevant interest payment date);

 

(2)  the purchase date
(which shall be no earlier than 30 days nor later than 60 days from the date
such notice is mailed); and

 

(3)  the instructions,
as determined by the Company, consistent with this Section 4.14, that a
Holder must follow in order to tender its Securities.

 

(c)  If the aggregate
purchase price of the Securities tendered in connection with any Excess Cash
Flow Offer exceeds the Excess Cash Flow Amount allotted to their purchase, the
Company will select the Securities to be purchased on a pro  rata
basis but in denominations of $1,000 principal amount or multiples thereof. If
the aggregate purchase price of the Securities tendered in connection with any
Excess Cash Flow Offer is less than the Excess Cash Flow Amount allotted to
their purchase, the Company shall be permitted to use the portion of the Excess
Cash Flow Amount that is not applied to the purchase of Securities in
connection with such Excess Cash Flow Offer for general corporate purposes.
Upon completion of an Excess Cash Flow Offer, the Excess Cash Flow Amount with
respect thereto will be deemed to be reduced by the aggregate amount of such
Excess Cash Flow Offer.

 

(d)  Holders electing
to have Securities purchased pursuant to an Excess Cash Flow Offer shall be
required to surrender the Securities, with an appropriate form duly completed,
to the Company at the address specified in the notice at least three Business
Days prior to the purchase date. Holders shall be entitled to withdraw their
election if the Trustee or the Company receives not later than one Business Day
prior to the purchase date, a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal

 

2

 

amount of the Securities which was delivered for
purchase by the Holder and a statement that such Holder is withdrawing his
election to have such Securities purchased.

 

(e)  On the purchase
date with respect to any Excess Cash Flow Offer, all Securities purchased by
the Company pursuant to such Excess Cash Flow Offer shall be delivered by the
Company to the Trustee for cancellation, and the Company shall pay the purchase
price plus accrued and unpaid interest, if any, to the Holders entitled
thereto.

 

(f)  The Company will
comply, to the extent applicable, with Section 14(e) of the Exchange
Act and any other securities laws or regulations in connection with the
repurchase of Securities pursuant to an Excess Cash Flow Offer. To the extent
that the provisions of any securities laws or regulations conflict with the
provisions of the covenant described hereunder, the Company will comply with
the applicable securities laws and regulations and shall not be deemed to have
breached its obligations under this Section 4.14 by virtue of its
compliance with such securities laws or regulations.”

 

D.                                    Section 6.01
(4) of the Indenture will be amended to read in its entirety as follows:

 

“(4)                            the
Company fails to comply with Section 4.02, 4.03, 4.04, 4.05, 4.06, 4.07,
4.08, 4.09, 4.10, 4.11 or 4.14 (other than a failure to purchase Securities
when required under Section 4.06, 4.10 or 4.14) and such failure continues
for 30 days after the notice specified below;”

 

ARTICLE II

MISCELLANEOUS

 

A.                                   Definitions.
The Original Indenture together with this Supplemental Indenture are sometimes
collectively referred to in this document as the “Indenture.”  For the avoidance of doubt, references to any
“Section” of the “Indenture” refer to such Section of the Original
Indenture as supplemented and amended by this Supplemental Indenture. All
capitalized terms which are used herein and not otherwise defined herein are
used herein with the same meanings as in the Original Indenture. If a
capitalized term is defined in the Original Indenture and this Supplemental
Indenture, the definition in this Supplemental Indenture shall apply to the
Indenture and the Securities.

 

B.                                     Effect
of Supplemental Indenture; Effectiveness and Operation. This Supplemental
Indenture shall be effective upon execution hereof by the Company and the
Trustee. From and after such execution, the Amendments set forth herein shall
be deemed to have modified the applicable articles or sections, or portions
thereof, or clauses, of the Original Indenture. In all other respects, the
Original Indenture is confirmed by the parties hereto as supplemented by the
terms of this Supplemental Indenture. In the event that there is a conflict or
inconsistency between the Original Indenture and this Supplemental Indenture,
the provisions of this Supplemental Indenture shall control.

 

C.                                     Trust
Indenture Act Controls. If any provision of this Supplemental Indenture
limits, qualifies or conflicts with another provision which is required to be
included in this Supplemental Indenture by the Trust Indenture Act of 1939, as
amended (the “TIA”), the required provision shall control. If any provision of
this Supplemental Indenture modifies any TIA provision that may be so
modified, such TIA provision shall be deemed to apply to this Supplemental

 

3

 

Indenture as so modified.
If any provision of this Supplemental Indenture excludes any TIA provision that
may be so excluded, such TIA provision shall be excluded from this
Supplemental Indenture.

 

D.                                    Trustee.
The recitals contained herein shall be taken as the statements of the Company
and the Trustee assumes no responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this Supplemental
Indenture.

 

E.                                      Governing
Law. This Supplemental Indenture
shall be governed by and construed in accordance with the laws of the State of
New York, without regard to the conflicts of law principles thereof.

 

F.                                      Severability. In
case any provisions in this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

G.                                     Counterparts.
The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the
same agreement.

 

[signature page follows]

 

4

 

IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed, all as of the date first above written.

 

	
   

  	
  THERMADYNE
  HOLDINGS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  “Guarantors”

  
	
   

  	
   

  
	
   

  	
  C&G SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  C&G SYSTEMS
  HOLDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MECO HOLDING
  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  PROTIP
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

5

 

	
   

  	
  STOODY COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  INDUSTRIES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  INTERNATIONAL CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  RECEIVABLES INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMAL ARC, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMAL DYNAMICS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TWECO PRODUCTS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
   

  	
  VICTOR EQUIPMENT
  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:Exhibit 4.2

 

EXECUTION COPY

 

AMENDMENT NO. 14 AND CONSENT (this “Amendment”) dated as of May 9,
2006, to the Second Lien Credit Agreement dated as of July 29, 2004, among
THERMADYNE INDUSTRIES, INC., a Delaware corporation (“Industries”),
THERMAL DYNAMICS CORPORATION, a Delaware corporation (“Dynamics”),
TWECO PRODUCTS, INC., a Delaware corporation (“Tweco”),
VICTOR EQUIPMENT COMPANY, a Delaware corporation (“Victor”),
C & G SYSTEMS, INC., an Illinois corporation (“C & G”), STOODY
COMPANY, a Delaware corporation (“Stoody”), THERMAL
ARC, INC., a Delaware corporation (“Thermal Arc”),
PROTIP CORPORATION, a Missouri corporation (“ProTip”),
THERMADYNE INTERNATIONAL CORP., a Delaware corporation (“International”
and, together with ProTip, Thermal Arc, Stoody, C & G, Victor, Tweco,
Dynamics and Industries, the “Borrowers”),
the Guarantors party thereto, the Lenders from time to time party thereto and
CREDIT SUISSE, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral
agent (in such capacity, the “Collateral Agent”)
(as amended by Amendment No. 1 and Agreement effective as of September 30,
2004, by Amendment No. 2 and Joinder Agreement dated as of November 22,
2004, by Amendment No. 3 and Consent dated as of January 3, 2005, by
Amendment No. 4 dated as of March 16, 2005, by Amendment No. 5
dated as of March 30, 2005, by Amendment No. 6 dated as of March 31,
2005, by Amendment No. 7 dated as of July 1, 2005, by Amendment No. 8
dated as of August 8, 2005, by Amendment No. 9 dated as of October 7,
2005, by Amendment No. 10 and Agreement dated as of November 7, 2005,
by Amendment No. 11 and Agreement dated as of December 29, 2005, by
Amendment No. 12, Waiver and Consent dated as of March 9, 2006, by
Amendment No. 13 and Agreement dated as of April 5, 2006, and as
further amended, supplemented or modified, the “Credit
Agreement”).

 

A.                                   Pursuant
to the Credit Agreement, the Lenders have extended credit to the Borrowers.

 

B.                                     The
Borrowers and the other Credit Parties have requested that the Administrative Agent
and the Lenders (i) consent to the amendments to the Indenture specified
in that certain Supplemental Indenture (the “Supplemental
Indenture”) attached hereto as Exhibit A, and (ii) make
certain other changes to the Credit Agreement, as set forth herein.

 

C.                                     Capitalized
terms used but not defined herein shall have the meanings assigned to them in
the Credit Agreement.

 

Accordingly, in
consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto agree as follows:

 

 

2

 

SECTION 1. Consent to the Supplemental Indenture.
The Administrative Agent and the Lenders hereby consent to the Borrowers and
the other Credit Parties entering into the Supplemental Indenture and
performing the actions contemplated thereby.

 

SECTION 2. Amendments. (a) The definition
of the term “EBITDA” set forth in Section 1.01 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

 

““EBITDA” means, with respect to any
Person for any fiscal period, without duplication, an amount equal to (a) consolidated
net income of such Person for such period determined in accordance with GAAP, minus (b) the sum of (i) income tax credits, (ii) interest
income, (iii) gain from extraordinary items for such period, (iv) any
aggregate net gain (but not any aggregate net loss) during such period arising
from the sale, exchange or other disposition of capital assets by such Person
(including any fixed assets, whether tangible or intangible, all inventory sold
in conjunction with the disposition of fixed assets and all securities), and (v) any
other non-cash gains that have been added in determining consolidated net
income, in each case to the extent included in the calculation of consolidated
net income of such Person for such period in accordance with GAAP, but without
duplication, plus (c) the sum of (i) any
provision for income taxes, (ii) Interest Expense, (iii) loss from
extraordinary items for such period, (iv) depreciation and amortization
for such period, (v) amortized debt discount for such period, (vi) the
amount of any deduction to consolidated net income as the result of any grant
to any members of the management of such Person of any Stock, and (vii) any
non-recurring employee severance expenses, not to exceed $2,000,000 in the
aggregate, accrued prior to December 31, 2006, in each case to the extent
included in the calculation of consolidated net income of such Person for such
period in accordance with GAAP, but without duplication, plus
or minus as applicable (d) the impact
of any net change in the Borrowers’ LIFO inventory reserve. For purposes of
this definition, the following items shall be excluded in determining
consolidated net income of a Person: (1) the income (or deficit) of any
other Person accrued prior to the date it became a Subsidiary of, or was merged
or consolidated into, such Person or any of such Person’s Subsidiaries; (2) the
income (or deficit) of any other Person (other than a Subsidiary) in which such
Person has an ownership interest, except to the extent any such income has
actually been received by such Person in the form of cash dividends or
distributions; (3) the undistributed earnings of any Subsidiary of such
Person to the extent that the declaration or payment of dividends or similar
distributions by such Subsidiary is not at the time permitted by the terms of
any contractual obligation or requirement of law applicable to such Subsidiary;
(4) any restoration to income of any contingency reserve, except to the
extent that provision for such reserve was made out of income accrued during
such period; (5) any write-up of any asset; (6) any net gain from the
collection of the proceeds of life insurance policies; (7) any net gain
arising from the acquisition of any securities, or the extinguishment, under
GAAP, of any Indebtedness, of such Person; (8) in the case of a successor
to such Person by consolidation or merger or as a transferee of its assets, any
earnings of such successor prior to such consolidation, merger or

 

 

3

 

transfer of
assets; and (9) any deferred credit representing the excess of equity in
any Subsidiary of such Person at the date of acquisition of such Subsidiary
over the cost to such
Person of the investment in such Subsidiary. For
the 12-month measuring periods ending March 31, 2006, June 30, 2006,
and September 30, 2006, EBITDA shall be calculated as follows: (x) for the
measuring period ending March 31, 2006, EBITDA shall equal the actual
amounts thereof for the period from January 1, 2006, through March 31,
2006, multiplied by 4.0, (y) for the measuring period ending June 30,
2006, EBITDA shall equal the actual amounts thereof for the period from January 1,
2006, through June 30, 2006, multiplied by 2.0, and (z) for the measuring
period ending September 30, 2006, EBITDA shall equal the actual amounts
thereof for the period from January 1, 2006 through September 30,
2006 multiplied by 1.33.”

 

(b) Section 5.03(a) of
the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(a) (i) within
90 days after the end of each fiscal year, its consolidated balance sheet
and related statements of income and cash flows showing the financial condition
of Holdings and its consolidated Subsidiaries as of the close of such fiscal
year and the results of its operations and the operations of such Subsidiaries
during such year, together with comparative figures for the immediately
preceding fiscal year, all audited by Ernst & Young LLP or other
independent public accountants of recognized national standing and accompanied
by an opinion of such accountants (which opinion shall be without a “going concern”
or like qualification or exception and without any qualification or exception
as to the scope of such audit) to the effect that such consolidated financial
statements fairly present the financial condition and results of operations of Holdings
and its consolidated Subsidiaries on a consolidated basis in accordance with
GAAP consistently applied, and (ii) within 30 days after the end of each fiscal month of each fiscal year,
its unaudited consolidated (and, for the third fiscal month of each of the first
three fiscal quarters, unaudited consolidating) balance sheet and related
statements of operations and cash flows (consolidated only) showing the
financial condition of Holdings and its consolidated Subsidiaries as of the
close of such fiscal month and the results of its operations and the operations
of such Subsidiaries during such fiscal month and the then elapsed portion of
the fiscal year, and comparative figures for the same periods in the
immediately preceding fiscal year, all certified by a Financial Officer of
Holdings as presenting fairly, in all material respects, the financial
condition and results of operations of Holdings and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP (other than the
absence of footnotes, and subject to normal year-end adjustments);
provided, however,
that the monthly financial statements required to be delivered pursuant to this
Section 5.03 for the fiscal months ended January 31, 2006, and February 28,
2006, shall not be required to be delivered until May 15, 2006, and the
monthly financial statements required to be delivered pursuant to this Section 5.03
for the fiscal months ended March 31, 2006, and April 30, 2006, and the audited
annual financial statements required to be delivered pursuant to this Section 5.03

 

 

4

 

for the fiscal
year ended December 31, 2005, shall not be required to be delivered until June 15,
2006;”

 

(c) Section 5.03(b) of
the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“concurrently with
any delivery of financial statements under paragraph (a) above, a
certificate of the accounting firm (in the case of clause (i) thereof)
or Financial Officer (in the case of clause (ii) thereof) opining on or
certifying such statements (which certificate, when furnished by an accounting
firm, may be limited to accounting matters and disclaim responsibility for
legal interpretations) (i) certifying that no Default or Event of Default has occurred
or, if such a Default or an Event of Default has occurred, specifying the
nature and extent thereof and any corrective action taken or proposed to be
taken with respect thereto and (ii) setting forth computations in
reasonable detail satisfactory to the Administrative Agent demonstrating
compliance with the covenant contained in Section 6.10;”

 

(d)  Section 6.03(b) of
the Credit Agreement is hereby amended by (i) deleting the word “and” at
the end of clause (iii) thereof and (ii) replacing the period at the
end of clause (iv) thereof with:

 

“; and (v) no
more than once in any fiscal year within 30 days after the Administrative Agent’s
receipt of the Borrowers’ audited annual financial statements in accordance
with Section 5.03, a prepayment of the High Yield Notes in an amount equal
to the Excess Cash Flow Amount (as defined in the Indenture Agreement), the
calculation of which shall be reasonably satisfactory to the Administrative
Agent, and otherwise in accordance with the amendments to the Indenture specified
in the Supplemental Indenture attached as Exhibit A to Amendment No. 14
and Consent to this Agreement dated as of May 9, 2006, so long as Holdings
has given three Business Days’ prior written notice to the Administrative Agent
of such proposed prepayment and the following conditions shall be satisfied (as
determined by the Administrative Agent in its sole discretion): (x) prior to
any such prepayment the Borrowers shall have prepaid the term loans under the
First Lien Credit Agreement in full, (y) no Event of Default shall have
occurred and be continuing both before and after giving effect to such
prepayment and (z) after giving effect to any such prepayment the average daily
Borrowing Availability (as defined in the First Lien Credit Agreement), as
determined by the First Lien Agent, shall have been not less than the greater
of (A) $20,000,000 (with all trade payables being paid current in the
ordinary course of business other than those being contested in the ordinary
course of business) during the 30-day period immediately prior to such payment
and (B) 4.0% of revenue for the immediately preceding fiscal year as
supported by the audited annual financial statements for such fiscal year
delivered pursuant to Section 5.03.”

 

(e)  The table
appearing in Section 6.10 (Maximum Leverage Ratio)
of the Credit Agreement is hereby amended and restated in its entirety to read
as follows:

 

 

5

 

	
  Date or Period

  	
   

  	
  Ratio

  
	
  Closing Date
  through September 30, 2004

  	
   

  	
  6.03 to 1.00

  
	
  October 1,
  2004 through December 31, 2004

  	
   

  	
  6.68 to 1.00

  
	
  January 1,
  2005 through March 31, 2005

  	
   

  	
  7.20 to 1.00

  
	
  April 1,
  2005 through June 30, 2005

  	
   

  	
  7.58 to 1.00

  
	
  July 1,
  2005 through September 30, 2005

  	
   

  	
  7.22 to 1.00

  
	
  October 1,
  2005 through December 31, 2005

  	
   

  	
  7.13 to 1.00

  
	
  January 1,
  2006 through March 31, 2006

  	
   

  	
  5.50 to 1.00

  
	
  April 1,
  2006 through June 30, 2006

  	
   

  	
  4.75 to 1.00

  
	
  June 30,
  2006 through September 30, 2006

  	
   

  	
  4.50 to 1.00

  
	
  October 1,
  2006 through December 31, 2006

  	
   

  	
  4.40 to 1.00

  
	
  January 1,
  2007 through September 30, 2008

  	
   

  	
  4.25 to 1.00

  

 

SECTION 3. Representations
and Warranties. To
induce the other parties hereto to enter into this Amendment, the Credit
Parties represent and warrant to each of the Lenders, the Administrative Agent
and the Collateral Agent, that, after giving effect to this Amendment, (a) the
representations and warranties set forth in Article III of the Credit
Agreement are true and correct in all material respects on and as of the date
hereof, except to the extent such representations and warranties expressly
relate to an earlier date, and (b) no Default or Event of Default has
occurred and is continuing (other than any Default or Event of Default
resulting solely from failure to deliver the financial statements required to
be delivered by the Indenture).

 

SECTION 4. Effectiveness. This
Amendment shall become effective as of the date set forth above on the date
that the Administrative Agent (or its counsel) shall have received:

 

(a) counterparts of
this Amendment that, when taken together, bear the signatures of the Credit Parties
and the Required Lenders; and

 

(b) a copy of a fully executed and delivered
amendment, in form and substance reasonably satisfactory to the
Administrative Agent, to the First Lien Credit Agreement.

 

SECTION 5. Effect of
Amendment. Except as
expressly set forth herein, this Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights
and remedies of the Lenders, the Administrative Agent or the Collateral Agent
under the Credit Agreement or any other Loan Document, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan
Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. Nothing herein shall be deemed to entitle
any Credit Party to a consent to, or a waiver, amendment, modification or other
change of, any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other Loan Document in similar or
different circumstances. This Amendment shall apply and be effective only with
respect to the provisions of the Credit Agreement specifically referred to herein.
After the date hereof, any reference to the Credit Agreement shall mean the
Credit Agreement, as modified hereby. This Amendment shall constitute a “Loan
Document” for all purposes of the Credit Agreement and the other Loan
Documents.

 

 

6

 

SECTION 6. Counterparts. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same contract. Delivery of an executed counterpart of a signature page of
this Amendment by facsimile transmission shall be as effective as delivery of a
manually executed counterpart hereof.

 

SECTION 7. Applicable Law.
THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.

 

SECTION 8. Headings. The headings of this Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

 

SECTION 9. Expenses. The Borrowers agree to reimburse the
Administrative Agent for all out-of-pocket expenses in connection with this
Amendment, including the reasonable fees, charges and disbursements of Cravath,
Swaine & Moore LLP, counsel for the Administrative Agent.

 

SECTION 10. Reaffirmation. Each of the
Guarantors hereby acknowledges receipt and notice of, and consents to the terms
of, this Amendment, and affirms and confirms its guarantee of the Obligations
and, if applicable, the pledge of and/or grant of a security interest in its
assets as Collateral to secure the Obligations, all as provided in the
Collateral Documents as originally executed, and acknowledges and agrees that
such guarantee, pledge and/or grant of security interest continue in full force
and effect in respect of, and to secure, the Obligations under the Credit
Agreement, as amended hereby, and the other Loan Documents.

 

[Remainder of this page intentionally
left blank]

 

 

7

 

IN
WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
executed and delivered by its duly authorized officer as of the date first set
forth above.

 

	
   

  	
  THERMADYNE INDUSTRIES, INC.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  THERMAL
  DYNAMICS CORPORATION,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  TWECO
  PRODUCTS, INC.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  VICTOR
  EQUIPMENT COMPANY,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  C &
  G SYSTEMS, INC.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

 

8

 

	
   

  	
  STOODY
  COMPANY,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  THERMAL ARC, INC.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  PROTIP
  CORPORATION,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  THERMADYNE
  INTERNATIONAL

  CORP.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  THERMADYNE HOLDINGS

  CORPORATION,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

 

9

 

	
   

  	
  MECO
  HOLDING COMPANY,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  C&G SYSTEMS HOLDING, INC.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  CIGWELD PTY LTD.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  DUXTECH PTY LTD.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

 

	
   

  	
  QUETACK PTY, LTD.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  QUETALA PTY, LTD.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

 

10

 

	
   

  	
  THERMADYNE AUSTRALIA PTY LTD.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  THERMADYNE
  INDUSTRIES LIMITED,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

	
   

  	
  THERMADYNE
  WELDING PRODUCTS

  CANADA LIMITED,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia S. Williams

  	
   

  
	
   

  	
   

  	
  Name:
  Patricia S. Williams

  
	
   

  	
   

  	
  Title: Vice
  President, Secretary &

  General Counsel

  
					

 

 

11

 

	
   

  	
  CREDIT
  SUISSE, CAYMAN ISLANDS BRANCH, as Administrative Agent and Collateral Agent,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Phillip
  Ho

  	
   

  
	
   

  	
  Name: Phillip Ho

  
	
   

  	
  Title: Director

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  	
  /s/ Karim
  Blasetti

  	
   

  
	
   

  	
  Name: Karim Blasetti

  
	
   

  	
  Title: Associate

  
					

 

 

12

 

	
   

  	
  GSO SPECIAL
  SITUATIONS FUND LP,

  as a Lender,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
					

 

 

13

 

	
   

  	
  NORTHWOODS
  CAPITAL IV, LIMITED,

  as a Lender,

  
	
   

  	
   

  
	
   

  	
  By:  Angelo, Gordon & Co., L.P., as

  Collateral Manager,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  	
  /s/ Bruce
  Martin

  	
   

  
	
   

  	
  Name: Bruce Martin

  
	
   

  	
  Title: Managing Director

  
					

 

	
   

  	
  NORTHWOODS
  CAPITAL V, LIMITED,

  as a Lender,

  
	
   

  	
   

  
	
   

  	
  By:  Angelo, Gordon & Co., L.P., as

  Collateral Manager,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  	
  /s/ Bruce
  Martin

  	
   

  
	
   

  	
  Name: Bruce Martin

  
	
   

  	
  Title: Managing Director

  
					

 

	
   

  	
  NORTHWOODS
  CAPITAL VI, LIMITED,

  as a Lender,

  
	
   

  	
   

  
	
   

  	
  By:  Angelo, Gordon & Co., L.P., as

  Collateral Manager,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  
	
   

  	
   

  	
  /s/ Bruce
  Martin

  	
   

  
	
   

  	
  Name: Bruce Martin

  
	
   

  	
  Title: Managing Director

  
					

 

 

EXHIBIT A

 

Please see attached.

 

 

SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of May [    ], 2006, among
Thermadyne Holdings Corporation, a Delaware corporation (the “Company”), as
issuer, the Guarantors listed on the signature pages hereto (the “Guarantors”),
as guarantors, and U.S. Bank National Association (the “Trustee”), as trustee.

 

W I T N E S S E T H:

 

WHEREAS,
the Company, the Guarantors and the Trustee have heretofore entered into an
Indenture, dated as of February 5, 2004 (the “Original Indenture”),
relating to the Company’s outstanding 91⁄4%
Senior Subordinated Notes due 2014 (the “Securities”);

 

WHEREAS,
the Company has solicited consents from Holders of the Securities to, among
other things, certain amendments (the “Amendments”) to the Original Indenture
which are set forth in this Supplemental Indenture;

 

WHEREAS,
the Company has received consents to the Amendments from Holders of a majority
in aggregate principal amount of the outstanding Securities; and

 

WHEREAS,
pursuant to the Indenture, the Trustee is authorized to execute and deliver
this Supplemental Indenture.

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto mutually covenant and agree for the equal and ratable
benefit of Holders of the Securities as follows:

 

ARTICLE I

AMENDMENTS

 

A.            Section
1.01 of the Indenture will be amended by adding the following defined terms:

 

“Excess Cash Flow” means, for the Company and its
Restricted Subsidiaries, for any period, the excess of EBITDA for such period
over the sum, without duplication, of (i) Consolidated Interest Expense for
such period, (ii) all federal, state, foreign and other income taxes accrued or
paid in cash (without duplication) by the Company and its Restricted
Subsidiaries during such period, (iii) capital expenditures made in cash during
such period, (iv) the amount by which the net difference between (x) current
assets, other than cash and cash equivalents, and (y) current liabilities,
other than the current amount of Indebtedness outstanding under the Credit
Agreement, in each case of the Company and its Restricted Subsidiaries as of
the last day of such period, differs from the comparable amount calculated as
of the day immediately preceding the first day of such period (or, with respect
to the difference determined as of December 31, 2006, to the comparable amount
as of June 30, 2006), (v) cash payments attributable to investments in, or
acquisitions of, a Related Businesses or the purchase of any part of the assets
thereof, (vi) the aggregate amount of all scheduled, mandatory and voluntary
prepayments, repayments, redemptions or purchases of Indebtedness of the
Company or any Restricted Subsidiary made during such Excess Cash Flow Period
that result in the permanent reduction of such Indebtedness or related facility
(other than prepayments, repayments, redemptions or purchases made with the
proceeds of Indebtedness Incurred to Refinance the Indebtedness prepaid,
repaid, redeemed or purchased during such Excess Cash Flow Period), and (vii)
the aggregate amount of contributions by the Company to any underfunded
tax-qualified pension plan and other post-retirement benefits of the Company
during such Excess Cash flow Period; provided, however, that the
amount permitted to be deducted pursuant to this clause (vii) shall be limited
to the amount of contributions deductible for Federal income tax purposes and
only to the extent the plan and other post-retirement benefits are
underfunded.  Within 105 days of the end
of the applicable Excess Cash Flow Period, the Company shall circulate to the
Holders a reasonably detailed calculation of the Excess Cash Flow for the applicable
Excess Cash Flow Period and a statement of the Company’s intended application
thereof.

 

“Excess Cash Flow Amount” means, for any Excess Cash
Flow Period, an amount equal to 75% of the Excess Cash Flow for such Excess
Cash Flow Period.

 

“Excess Cash Flow Period” means (i) initially, the
period from July 1, 2006 to December 31, 2006 and (ii) thereafter, the
twelve-month period ending on the last day of each succeeding calendar year.

 

“GECC
Credit Facility” means that certain Second Amended and Restated Credit
Agreement, dated November 22, 2004, among Thermadyne Industries, Inc. and the
other borrowers party thereto, General Electric Capital Corporation, as amended
through the Fourteenth Amendment thereto and in effect on May 9, 2006.

 

B.                                     Section 4.02
of the Original Indenture shall be amended to insert the following paragraph at
the end thereof:

 

“Notwithstanding the foregoing, any report, document
or information referred to in this Section 4.02 that the Company would
have been required (but for this sentence) to file with the SEC or furnish to
the Trustee, the Holders or any other Person at any time before June 30,
2006, shall not be required to be so filed or furnished until June 30,
2006.”

 

C.                                     A
new Section 4.14 will be added to the Indenture as follows:

 

“SECTION 4.14
 Excess Cash
Flow Payment. (a)  If the Company has in excess of $2.0 million
of Excess Cash Flow for any Excess Cash Flow Period, within 105 days after the
end of such Excess Cash Flow Period, the Company shall apply an amount equal to
the Excess Cash Flow Amount to either:

 

(1) 
permanently prepay, repay, redeem or purchase Senior Indebtedness of the
Company; or

 

 

(2)  subject
to the limitations set forth in Section 6.3(b) of the GECC Credit
Facility or the limitations contained in any other Senior Indebtedness so long
as such limitations are no more restrictive than Section 6.3(b) of
the GECC Credit Facility, make an offer to the Holders of the Securities to
purchase Securities pursuant to an Excess Cash Flow Offer (as defined below).

 

Each
Offer to purchase Securities pursuant to this Section 4.14 (each, an “Excess
Cash Flow Offer”) shall be made to each Holder of Securities outstanding at
the time of such offer, shall offer to purchase Securities at a purchase price
of 101% of their principal amount and shall remain open for a period of not
less than 30 days (or any longer period as is required by law).

 

(b)  If the Company is
required to make an Excess Cash Flow Offer pursuant to this Section 4.14,
no later than 105 days after the end of the applicable Excess Cash Flow Period,
the Company will mail a notice of such Excess Cash Flow Offer to each Holder
stating:

 

(1)  that the Company
is offering to purchase Securities in an amount equal to the Excess Cash Flow
Offer Amount (determined after giving effect to any prepayments, repayments,
redemptions or purchases of Senior Indebtedness of the Company made pursuant to
paragraph (a)(1) of this Section 4.14) at a purchase price in cash
equal to 101% of the principal amount thereof on the date of purchase, plus
accrued and unpaid interest, if any, to the date of purchase (subject to the
right of Holders of record on the relevant date to receive interest on the
relevant interest payment date);

 

(2)  the purchase date
(which shall be no earlier than 30 days nor later than 60 days from the date
such notice is mailed); and

 

(3)  the instructions,
as determined by the Company, consistent with this Section 4.14, that a
Holder must follow in order to tender its Securities.

 

(c)  If the aggregate
purchase price of the Securities tendered in connection with any Excess Cash
Flow Offer exceeds the Excess Cash Flow Amount allotted to their purchase, the
Company will select the Securities to be purchased on a pro  rata
basis but in denominations of $1,000 principal amount or multiples thereof. If
the aggregate purchase price of the Securities tendered in connection with any
Excess Cash Flow Offer is less than the Excess Cash Flow Amount allotted to
their purchase, the Company shall be permitted to use the portion of the Excess
Cash Flow Amount that is not applied to the purchase of Securities in
connection with such Excess Cash Flow Offer for general corporate purposes.
Upon completion of an Excess Cash Flow Offer, the Excess Cash Flow Amount with
respect thereto will be deemed to be reduced by the aggregate amount of such
Excess Cash Flow Offer.

 

(d)  Holders electing
to have Securities purchased pursuant to an Excess Cash Flow Offer shall be
required to surrender the Securities, with an appropriate form duly completed,
to the Company at the address specified in the notice at least three Business
Days prior to the purchase date. Holders shall be entitled to withdraw their
election if the Trustee or the Company receives not later than one Business Day
prior to the purchase date, a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal

 

2

 

amount of the Securities which was delivered for
purchase by the Holder and a statement that such Holder is withdrawing his
election to have such Securities purchased.

 

(e)  On the purchase
date with respect to any Excess Cash Flow Offer, all Securities purchased by
the Company pursuant to such Excess Cash Flow Offer shall be delivered by the
Company to the Trustee for cancellation, and the Company shall pay the purchase
price plus accrued and unpaid interest, if any, to the Holders entitled
thereto.

 

(f)  The Company will
comply, to the extent applicable, with Section 14(e) of the Exchange
Act and any other securities laws or regulations in connection with the
repurchase of Securities pursuant to an Excess Cash Flow Offer. To the extent
that the provisions of any securities laws or regulations conflict with the
provisions of the covenant described hereunder, the Company will comply with
the applicable securities laws and regulations and shall not be deemed to have
breached its obligations under this Section 4.14 by virtue of its
compliance with such securities laws or regulations.”

 

D.                                    Section 6.01
(4) of the Indenture will be amended to read in its entirety as follows:

 

“(4)                            the
Company fails to comply with Section 4.02, 4.03, 4.04, 4.05, 4.06, 4.07,
4.08, 4.09, 4.10, 4.11 or 4.14 (other than a failure to purchase Securities
when required under Section 4.06, 4.10 or 4.14) and such failure continues
for 30 days after the notice specified below;”

 

ARTICLE II

MISCELLANEOUS

 

A.                                   Definitions.
The Original Indenture together with this Supplemental Indenture are sometimes
collectively referred to in this document as the “Indenture.”  For the avoidance of doubt, references to any
“Section” of the “Indenture” refer to such Section of the Original
Indenture as supplemented and amended by this Supplemental Indenture. All
capitalized terms which are used herein and not otherwise defined herein are
used herein with the same meanings as in the Original Indenture. If a
capitalized term is defined in the Original Indenture and this Supplemental
Indenture, the definition in this Supplemental Indenture shall apply to the
Indenture and the Securities.

 

B.                                     Effect
of Supplemental Indenture; Effectiveness and Operation. This Supplemental
Indenture shall be effective upon execution hereof by the Company and the
Trustee. From and after such execution, the Amendments set forth herein shall
be deemed to have modified the applicable articles or sections, or portions
thereof, or clauses, of the Original Indenture. In all other respects, the
Original Indenture is confirmed by the parties hereto as supplemented by the
terms of this Supplemental Indenture. In the event that there is a conflict or
inconsistency between the Original Indenture and this Supplemental Indenture,
the provisions of this Supplemental Indenture shall control.

 

C.                                     Trust
Indenture Act Controls. If any provision of this Supplemental Indenture
limits, qualifies or conflicts with another provision which is required to be
included in this Supplemental Indenture by the Trust Indenture Act of 1939, as
amended (the “TIA”), the required provision shall control. If any provision of
this Supplemental Indenture modifies any TIA provision that may be so
modified, such TIA provision shall be deemed to apply to this Supplemental

 

3

 

Indenture as so modified.
If any provision of this Supplemental Indenture excludes any TIA provision that
may be so excluded, such TIA provision shall be excluded from this
Supplemental Indenture.

 

D.                                    Trustee.
The recitals contained herein shall be taken as the statements of the Company
and the Trustee assumes no responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this Supplemental
Indenture.

 

E.                                      Governing
Law. This Supplemental Indenture
shall be governed by and construed in accordance with the laws of the State of
New York, without regard to the conflicts of law principles thereof.

 

F.                                      Severability. In
case any provisions in this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

G.                                     Counterparts.
The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the
same agreement.

 

[signature page follows]

 

4

 

IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed, all as of the date first above written.

 

	
   

  	
  THERMADYNE
  HOLDINGS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  “Guarantors”

  
	
   

  	
   

  
	
   

  	
  C&G SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  C&G SYSTEMS
  HOLDING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MECO HOLDING
  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  PROTIP
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

5

 

	
   

  	
  STOODY COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  INDUSTRIES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  INTERNATIONAL CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMADYNE
  RECEIVABLES INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMAL ARC, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THERMAL DYNAMICS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TWECO PRODUCTS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
   

  	
  VICTOR EQUIPMENT
  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]