Document:

Promissory Note dated January 13, 2004

 Exhibit 10.3 
  
 PROMISSORY NOTE 
  

					
	$10,000,000.00	 	Houston, Texas	 	January 13, 2004

  
 FOR VALUE RECEIVED,
the undersigned, CONCORD TECHNOLOGIES, LP, a Texas limited partnership, GEOSPACE ENGINEERING RESOURCES INTERNATIONAL, LP, a Texas limited partnership, GEOSPACE TECHNOLOGIES, LP, a Texas limited partnership, formerly known as Geo Space, LP, OYO
INSTRUMENTS, LP, a Texas limited partnership and OYOG OPERATIONS, LP, a Texas limited partnership, jointly and severally (“Maker”), hereby promise to pay to the order of SOUTHWEST BANK OF TEXAS, N.A., a national banking association
(“Payee”), at its offices at Five Post Oak Park, 4400 Post Oak Parkway, Houston, Harris County, Texas, or such other address as may be designated by Payee, in lawful money of the United States of America, the principal sum of TEN MILLION
AND NO/100 DOLLARS ($10,000,000.00). Maker promises to pay interest on the outstanding principal balance of this note (this “Note”) from day to day remaining, at a varying rate per annum which shall from day to day be equal to the lesser
of (a) the Maximum Rate as defined in the Loan Agreement (hereinafter defined), or (b) the Applicable Rate as defined in the Loan Agreement. The principal balance hereof and all accrued and unpaid interest thereon shall be due and payable as
provided for in the Loan Agreement. 
  
 This Note is Note-A
provided for in the Loan Agreement dated as of February 16, 2001, between Maker and Payee, as amended by First Amendment to Loan Agreement dated as of February 17, 2001, Second Amendment to Loan Agreement dated as of January 15, 2002, Third
Amendment to Loan Agreement dated as of January 14, 2003, Fourth Amendment to Loan Agreement dated as of March 31, 2003, Fifth Amendment to Loan Agreement dated as of December 5, 2003 and Sixth Amendment to Loan Agreement dated as of January 13,
2004 (such Loan Agreement, as so amended and as it may be further amended is referred to herein as the “Loan Agreement”). 
  
 This Note evidences Maker’s obligations pursuant to the Loan Agreement to repay to Payee all Advances-A made by Payee to Maker pursuant to the Loan
Agreement. Maker may borrow, repay and reborrow hereunder upon the terms and conditions specified in the Loan Agreement. 
  
 This Note is secured as provided in the Loan Agreement. Reference is made to the Loan Agreement for provisions for the payment and prepayment hereof, the
acceleration of the maturity hereof, and definitions of terms used and not otherwise defined in this Note. 
  
 -1- 

 Notwithstanding anything to the contrary contained herein, no provisions of this Note shall require the
payment or permit the collection of interest in excess of the Maximum Rate. If any excess of interest in such respect is herein provided for, or shall be adjudicated to be so provided, in this Note or otherwise in connection with this loan
transaction, the provisions of this paragraph shall govern and prevail, and neither Maker nor the sureties, guarantors, successors or assigns of Maker shall be obligated to pay the excess amount of such interest, or any other excess sum paid for the
use, forbearance or detention of sums loaned pursuant hereto. If for any reason interest in excess of the Maximum Rate shall be deemed charged, required or permitted by any court of competent jurisdiction, any such excess shall be applied as a
payment and reduction of the principal of indebtedness evidenced by this Note; and, if the principal amount hereof has been paid in full, any remaining excess shall forthwith be paid to Maker. In determining whether or not the interest paid or
payable exceeds the Maximum Rate, Maker and Payee shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects
thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the indebtedness evidenced by this Note so that the interest for the entire term does not
exceed the Maximum Rate. 
  
 If default occurs in the payment of
principal or interest under this Note and the applicable period for cure provided in the Loan Agreement has expired, or upon the occurrence of any other Event of Default, as such term is defined in the Loan Agreement, the holder hereof may during
the continuation of such Event of Default, at its option, (a) declare the entire unpaid principal of and accrued interest on this Note immediately due and payable without notice, demand or presentment, all of which are hereby waived, and upon such
declaration, the same shall become and shall be immediately due and payable, (b) foreclose or otherwise enforce all liens or security interests securing payment hereof, or any part hereof, (c) offset against this Note any sum or sums owed by the
holder hereof to Maker and (d) take any and all other actions available to Payee under this Note, the Loan Agreement, the other Loan Documents (as such term is defined in the Loan Agreement) at law, in equity or otherwise. Failure of the holder
hereof to exercise any of the foregoing options shall not constitute a waiver of the right to exercise the same upon the occurrence of a subsequent Event of Default. 
  
 If the holder hereof expends any effort in any attempt to enforce payment of all or any part or installment of any sum due
the holder hereunder, or if this Note is placed in the hands of an attorney for collection, or if it is collected through any legal proceedings, Maker agrees to pay all costs, expenses, and fees incurred by the holder, including all reasonable
attorneys’ fees. 
  

 - 2 - 

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE
APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. THIS NOTE IS PERFORMABLE IN HARRIS COUNTY, TEXAS. 
  
 Maker and each surety, guarantor, endorser, and other party ever liable for payment of any sums of money payable on this Note jointly and severally waive
notice, presentment, demand for payment, protest, notice of protest and non-payment or dishonor, notice of acceleration, notice of intent to accelerate, notice of intent to demand, diligence in collecting, grace, and all other formalities of any
kind, and consent to all extensions without notice for any period or periods of time and partial payments, before or after maturity, and any impairment of any collateral securing this Note, all without prejudice to the holder. The holder shall
similarly have the right to deal in any way, at any time, with one or more of the foregoing parties without notice to any other party, and to grant any such party any extensions of time for payment of any of said indebtedness, or to release or
substitute part or all of the collateral securing this Note, or to grant any other indulgences or forbearances whatsoever, without notice to any other party and without in any way affecting the personal liability of any party hereunder. 

 
 This Note is in renewal and extension of, but not in discharge or novation
of, the indebtedness and obligations evidenced by that certain promissory note in the original principal amount of $10,000,000.00, dated January 14, 2003, executed by maker and payable to the order of Payee, which was executed in renewal and
extension of, but not in discharge or novation of, the indebtedness and obligations evidenced by that certain promissory note in the original principal amount of $10,000,000.00, dated January 15, 2002, executed by Maker and payable to the order of
Payee, which was executed in renewal and extension of, but not in discharge or novation of, the indebtedness and obligations evidenced by that certain promissory note in the original principal amount of $10,000,000.00, dated February 16, 2001,
executed by Maker and payable to the order of Payee. 
  

					
	 CONCORD TECHNOLOGIES, LP

		
	 By:
	 	 OYOG, LLC, its general partner

			
	 	 	 By:
	 	 /s/ Thomas T. McEntire

	 	 	 	 	 Thomas T. McEntire

	 	 	 	 	 Vice President and

	 	 	 	 	 Chief Financial Officer

  

 - 3 - 

					
	GEOSPACE ENGINEERING RESOURCES INTERNATIONAL, LP
		
	 By:
	 	 OYOG, LLC, its general partner

			
	 	 	 By:
	 	 /s/ Thomas T. McEntire

	 	 	 	 	 Thomas T. McEntire

	 	 	 	 	 Vice President and

	 	 	 	 	 Chief Financial Officer

	
	 GEOSPACE TECHNOLOGIES, LP

		
	 By:
	 	 OYOG, LLC, its general partner

			
	 	 	 By:
	 	 /s/ Thomas T. McEntire

	 	 	 	 	 Thomas T. McEntire

	 	 	 	 	 Vice President and

	 	 	 	 	 Chief Financial Officer

	
	 OYO INSTRUMENTS, LP

		
	 By:
	 	 OYOG, LLC, its general partner

			
	 	 	 By:
	 	 /s/ Thomas T. McEntire

	 	 	 	 	 Thomas T. McEntire

	 	 	 	 	 Vice President and

	 	 	 	 	 Chief Financial Officer

  

 - 4 - 

					
	 OYOG OPERATIONS, LP

		
	 By:
	 	 OYOG, LLC, its general partner

			
	 	 	 By:
	 	 /s/ Thomas T. McEntire

	 	 	 	 	 Thomas T. McEntire

	 	 	 	 	 Vice President and

	 	 	 	 	 Chief Financial Officer

  

 - 5 -Amendment #3 to Credit Agreement, dated July 31, 2003

 Exhibit 10.1 
  
 AMENDMENT NO. 3 TO CREDIT AGREEMENT 
  
 This AMENDMENT NO. 3 TO CREDIT AGREEMENT (this “Amendment”) is made as of July 31, 2003, by and among STERIS CORPORATION, an Ohio
corporation (“Borrower”), the lending institutions parties to the Credit Agreement, as hereinafter defined (“Lenders”), and KEYBANK NATIONAL ASSOCIATION, as administrative agent for the Lenders
(“Agent”). 
  
 RECITALS: 
  
 A. Borrower, Agent and the Lenders are parties to the Credit Agreement, dated
as of March 28, 2002 (as amended and as the same may from time to time be further amended, restated or otherwise modified, the “Credit Agreement”). 
  
 B. Borrower, Agent and the Lenders desire to further amend the Credit Agreement to modify certain provisions thereof.

  
 AGREEMENT: 
  
 In consideration of the premises and mutual covenants herein and for other
valuable considerations, Borrower, Agent and the Lenders agree as follows: 
  
 Section 1. Definitions. Each capitalized term used herein shall be defined in accordance with the Credit Agreement. 
  
 Section 2. New Definitions. Section 1.01 of the Credit Agreement is hereby amended to add the following new definitions thereto: 
  
 “Debt Placement Holder” means each holder
of any of the Indebtedness issued pursuant to the Debt Placement. 
  
 “Intercreditor Agreement” means an Intercreditor Agreement, in form and substance acceptable to Agent, among the Debt Placement Holders and Agent, on behalf of and for the benefit of the Lenders, and
acknowledged and consented to by Borrower and each Guarantor of Payment, as the same may from time to time be amended, restated or otherwise modified. 
  
 Section 3. Amendment to Borrowing Covenant. Section 5.08 of the Credit Agreement is hereby amended to delete subpart (h) and insert in place
thereof the following: 
  
 (h) (i) Indebtedness
of Borrower incurred pursuant to a Debt Placement subsequent to the Closing Date, provided that (A) the aggregate principal amount of the Indebtedness incurred pursuant to such Debt Placement shall not exceed $150,000,000 at any time, (B) the
maturity date of the Indebtedness incurred pursuant to such Debt 

 Placement shall be no earlier than the date that is 90 days after the last day of the Commitment Period
as then in effect, (C) the covenants and agreements relating to the Indebtedness incurred pursuant to such Debt Placement are not more restrictive than the covenants and agreements set forth in this Agreement, (D) concurrently with the receipt by
Borrower of any proceeds of the Indebtedness incurred pursuant to such Debt Placement, Borrower shall comply with the provisions of Section 2.10(b) and Section 2.12(b) hereof, and (E) if any Indebtedness incurred pursuant to such Debt Placement is
to be Subordinated Indebtedness, such Subordinated Indebtedness shall be subject to a subordination agreement or other subordination provisions satisfactory to Agent and the Required Lenders, and (ii) any guaranty of the foregoing Indebtedness by
any Domestic Subsidiary, which guarantees may, at the request of the Debt Placement Holders, be subject to the Intercreditor Agreement. 
  
 Section 4. Amendment to Lien Covenant. Section 5.09 of the Credit Agreement is hereby amended to add the following new subpart (h) thereto:

  
 (h) Liens in favor of the Debt Placement
Holders or a collateral agent acceptable to Agent (with the understanding that the collateral agent may be Agent or any of the Lenders) on 65% of the capital stock (or other equity interest) of each fist-tier Foreign Subsidiary securing the
Indebtedness incurred pursuant to Section 5.8(h) hereof, which Liens may, if necessary in the opinion of Agent or at the request of the Debt Placement Holders, be subject to the Intercreditor Agreement. 
  
 Section 5. Conditions Precedent. The amendments set forth in this
Amendment shall become effective upon the satisfaction of the following conditions precedent: 
  
 (a) This Amendment has been executed by Borrower, Agent and the Required Lenders, and counterparts hereof as so executed shall have been delivered to Agent; 
  
 (b) This Amendment has been consented and agreed to by each Guarantor of
Payment; and 
  
 (c) Borrower shall provide such other items and
shall satisfy such other conditions as may be reasonably required by Agent and the Lenders. 
  
 Section 6. Representations and Warranties. Borrower hereby represents and warrants to Agent and the Lenders that (a) Borrower has the legal power and authority to execute and deliver this Amendment; (b) the
officials executing this Amendment have been duly authorized to execute and deliver the same and bind Borrower with respect to the provisions hereof; (c) the execution and delivery hereof by Borrower and the performance and observance by Borrower of
the provisions hereof do not violate or conflict with the organizational agreements of Borrower or any law applicable to Borrower or result in a breach of any provision of or constitute a default under any other agreement, instrument or document
binding upon or enforceable against Borrower; (d) no Default or Event of Default exists under the Credit Agreement, nor will any occur immediately after the execution and delivery of this Amendment or by the performance or observance of any
provision hereof; and (e) this Amendment constitutes a valid and binding obligation of Borrower in every respect, enforceable in accordance with its terms. 
  

 2 

 Section 7. Credit Agreement Unaffected. Each reference that is made in the Credit Agreement or any
other writing to the Credit Agreement shall hereafter be construed as a reference to the Credit Agreement as amended hereby. Except as herein otherwise specifically provided, all provisions of the Credit Agreement shall remain in full force and
effect and be unaffected hereby. 
  
 Section 8.
Counterparts This Amendment may be executed in any number of counterparts, by different parties hereto in separate counterparts and by facsimile signature, each of which when so executed and delivered shall be deemed to be an original and all
of which taken together shall constitute but one and the same agreement. 
  
 Section 9. Governing Law. The rights and obligations of all parties hereto shall be governed by the laws of the State of Ohio, without regard to principles of conflicts of laws. 
  
 [Remainder of page intentionally left blank.] 
  

 3 

 Section 10. JURY TRIAL WAIVER. BORROWER, AGENT, THE LENDERS AND EACH GUARANTOR HEREBY WAIVE ANY
RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT, THE LENDERS, EACH GUARANTOR, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE
RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. 
  
 IN WITNESS WHEREOF, this Amendment has been duly executed and delivered as of
the date first above written. 
  

			
	 STERIS CORPORATION

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

			
	 KEYBANK NATIONAL ASSOCIATION,
 as Agent and
as a Lender

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

			
	 LASALLE BANK NATIONAL ASSOCIATION

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

			
	 HARRIS TRUST AND SAVINGS BANK

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

 4 

			
	 NATIONAL CITY BANK

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

			
	 THE BANK OF NEW YORK

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

			
	 PNC BANK, NATIONAL ASSOCIATION

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

			
	 BANK ONE, NA

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

			
	 U.S. BANK NATIONAL ASSOCIATION

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

			
	 FLEET NATIONAL BANK

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

			
	 FIRSTMERIT BANK, N.A.

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

  

 5 

 GUARANTOR ACKNOWLEDGMENT AND AGREEMENT 
  
 Each of the undersigned (collectively, the “Guarantors” and,
individually, each a “Guarantor”) consents and agrees to and acknowledges the terms of Amendment No. 3 to Credit Agreement, dated as of July 31, 2003 (the “Amendment”). Each Guarantor specifically
acknowledges the terms of and consents to the waivers set forth in the Amendment. Each Guarantor further agrees that its obligations pursuant to the Guaranty of Payment that it executed in connection with the Credit Agreement shall remain in full
force and effect and be unaffected hereby. 
  
 Each Guarantor, by
signing below, hereby waives and releases Agent and each of the Lenders and their respective directors, officers, employees, attorneys, affiliates, and subsidiaries from any and all claims, offsets, defenses, and counterclaims of which any of the
Guarantors are aware, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 
  
 EACH GUARANTOR HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN
RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG BORROWER, AGENT, THE LENDERS, THE GUARANTORS, OR ANY THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN
CONNECTION WITH THIS AGREEMENT OR ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. 
  
 IN WITNESS WHEREOF, this Guarantor Acknowledgment and Agreement has been duly executed and delivered as of the date of the
Amendment. 
  

			
	 MEDICAL & ENVIRONMENTAL DESIGNS, INC.

	 ECOMED, INC.

	 AMERICAN STERILIZER COMPANY

	 STERIS EUROPE, INC.

	 STERIS ASIA PACIFIC, INC.

	 STERIS INC.

	 HTD HOLDING CORP.

	 HSTD LLC

	 HAUSTED, INC.

	 ISOMEDIX INC.

	 ISOMEDIX OPERATIONS INC.

		
	 By:
	 	 
	 	 	

	 Name:
	 	  

	 Title:
	 	  

	 	 	 of, and on behalf of, each of the above Guarantors

  

 6

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