Document:

exv10w16

 

Exhibit 10.16

THIRD MODIFICATION TO CREDIT AGREEMENT

     This Third Modification to Credit Agreement (this “Modification”) is entered into by
and between MATRIXX INITIATIVES, INC., a Delaware corporation, and ZICAM, LLC, an Arizona
limited liability company (individually and collectively referred to herein as “Borrower”)
and COMERICA BANK (“Bank”), successor by merger with COMERICA BANK-CALIFORNIA, as of this 4th
day of August, 2004, at San Jose, California.

RECITALS

     This Modification is entered into upon the basis of the following facts and understandings
of the parties, which facts and understandings are acknowledged by the parties to be true
and accurate:

     Bank and Borrower previously entered into a Credit Agreement dated May 29, 2002, as
modified by a First Modification dated August 13, 2002, and a Second Modification dated May
15, 2003. The Credit Agreement and all subsequent Modifications shall be referred to herein
as the “Agreement.”

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as set forth below.

AGREEMENT

     1. Incorporation
by Reference. The Recitals and the documents referred to
therein are incorporated herein by this reference. Except as otherwise noted, the terms not defined
herein shall have the meaning set forth in the Agreement.

     2. Modification
to the Agreement. The Agreement is hereby modified as
set forth below.

	 	A.  	In Section 1.1 of the Agreement, the following definition shall be added:
	 
	 	   	“Accounts” shall mean and includes all presently existing and
hereafter arising accounts, including without limitation all accounts
receivable, contract rights and other forms of right to payment for
monetary obligations or receivables for property sold or to be sold,
leased, licensed, assigned or otherwise disposed of, or for services
rendered or to be rendered (including without limitation all health-care-insurance receivables) owing to Borrower, and any supporting obligations,
credit insurance, guaranties or security therefor, irrespective of
whether earned by performance.
	 
	 	B.  	In Section 1.1 of the Agreement, the definition of
“Eligible Accounts” shall be deleted in its entirety.
	 
	 	C.  	In Section 1.1 of the Agreement, the definition
of “Eligible Accounts Amount” shall be deleted in its entirety.
	 
	 	D.  	In Section 1.1 of the Agreement, the definition
of “Quick Ratio” shall be modified by substituting the words Eligible Accounts with the word Accounts.

     3. Conditions Precedent to the Modification. The effectiveness of this
Modification is conditioned upon receipt by Bank of this Modification, and any other documents which
Bank may require to carry out the terms hereof, which shall include without limit:

	 	(a)  	A legal documentation fee of $250,
plus any Bank Expenses incurred
through the date of this Modification;
	 
	 	(b)  	such other documents and completion of such
other matters, as Bank may reasonably deem necessary or appropriate.

     4. Legal Effect. The effectiveness of this Modification is conditioned upon
receipt by Bank of this Modification, and any other documents which Bank may require to carry out the
terms hereof. Except as specifically set forth in this Modification, all of the terms and conditions of the
Agreement remain in full force and effect.

     5. Integration. This is an integrated Modification and supersedes all prior
negotiations and agreements regarding the subject matter hereof. All amendments hereto must be in
writing and signed by the parties.

     IN WITNESS WHEREOF, the parties have agreed as of the date first set forth above.exv10w34

 

Exhibit 10.34

AMENDMENT NO. 4

Dated as of April 19, 2004

to

RECEIVABLES PURCHASE AND SERVICING AGREEMENT

Dated as of January 8, 2002

      THIS AMENDMENT No. 4 to RECEIVABLES PURCHASE AND SERVICING AGREEMENT (this
“Amendment”) is entered into as of April 19, 2004 by and among EAGLEPICHER INCORPORATED
(formerly known as Eagle-Picher Industries, Inc.) (the “Servicer”), EAGLEPICHER FUNDING
CORPORATION (formerly known as Eagle-Picher Funding Corporation) (“EPFC”), and GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation, in its separate capacities as a committed
purchaser (the “Committed Purchaser”) and as administrative agent (in such capacity, the
“Administrative Agent”) under the “Receivables Purchase and Servicing Agreement” referred
to below. All capitalized terms used in this Amendment and not otherwise defined herein will have
the respective meanings set forth in the “Receivables Purchase and Servicing Agreement”.

RECITALS:

      WHEREAS, EPFC, the Servicer, the Committed Purchaser and the Administrative Agent are parties
to a Receivables Purchase and Servicing Agreement dated as of January 8, 2002 (as amended,
restated, supplemented or otherwise modified from time to time prior to the date hereof, the
“Receivables Purchase and Servicing Agreement”);

      WHEREAS, the Servicer, EPFC, the Committed Purchaser and the Administrative Agent have agreed
to amend the Receivables Purchase and Servicing Agreement, on the conditions set forth herein;

      NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Servicer, EPFC, the Committed Purchaser and the Administrative Agent
hereby agree as follows.

      1. Amendments to Receivables Purchase and Servicing Agreement. Effective as of the
date hereof and subject to the satisfaction of the condition precedent set forth in Section
2 below, Annex G to Receivables Purchase and Servicing Agreement is hereby amended to amend and
restate Section (c) of such Annex G in its entirety as follows:

     “(c)       Fixed Charge Coverage Ratio. The ratio of (a) Consolidated EBITDA
minus Capital Expenditures to (b) Consolidated Fixed Charges for any period of four
consecutive fiscal quarters ending on any fiscal quarter end shall not be less than the
ratio of (i) 1.15 to 1.00 as of the final day of any fiscal quarter ending on May 31, 2004
or August 31, 2004 or (ii) 1.25 to 1.00 as of the final day of any fiscal quarter ending
after August 31, 2004.”

      2. Conditions of Effectiveness of this Amendment. This Amendment shall become
effective as of the date hereof (the “Effective Date”) upon the Administrative Agent’s
receipt of counterparts of this Amendment duly executed the Servicer, EPFC, the Committed Purchaser
and the Administrative Agent.

      3. Representations and Warranties.

      3.1       Upon the effectiveness of this Amendment, each of the Servicer and EPFC (a) hereby
reaffirms all covenants, representations and warranties made by it in the Receivables Purchase and
Servicing Agreement and each other Related Document to the extent the same expressly relates solely
to an earlier date, (b) agrees that all such covenants, representations and warranties shall be
deemed to have been re-made as of the Effective Date and (c) represents and warrants that, as of
the Effective Date and after giving effect hereto, no Termination Event, Incipient Termination
Event, Event of Servicer Termination or Incipient Servicer Termination Event has occurred and is
continuing.

      3.2       Each of the Servicer and EPFC hereby represents and warrants that this Amendment and the
Receivables Purchase and Servicing Agreement, as amended hereby, constitute legal, valid and
binding obligations of such Person and are enforceable against such Person in accordance with their
respective terms.

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      4. Reference to and Effect on Related Documents.

      4.1       Upon and after the Effective Date, each reference to the Receivables Purchase and
Servicing Agreement in any of the Related Documents shall mean and be a reference to the
Receivables Purchase and Servicing Agreement as amended hereby.

      4.2       Except as specifically set forth above, the Receivables Purchase and Servicing Agreement
and all other documents, instruments and agreements executed and/or delivered in connection
therewith, shall remain in full force and effect, and are hereby ratified and confirmed.

      4.3       The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of EPFC, the Committed Purchaser
or the Administrative Agent, nor constitute a waiver of any provision of any of the Related
Documents, or any other documents, instruments and agreements executed and/or delivered in
connection therewith.

      5. 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 purpose.

      6. Counterparts. This Amendment may be executed by one or more of the parties to
this Amendment on any number of separate counterparts and all of said counterparts taken together
shall be deemed to constitute one and the same instrument.

      7. Entire Agreement. This Amendment, taken together with the Receivables Purchase
and Servicing Agreement and all of the other Related Documents, embodies the entire agreement and
understanding of the parties hereto and supersedes all prior agreements and understandings, written
and oral, relating to the subject matter hereof.

      8. Governing Law. THIS AMENDMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE
GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
(INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT OTHERWISE
WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

      9. No Course of Dealing. The Committed Purchaser and the Administrative Agent have
entered into this Amendment on the express understanding with EPFC and the Servicer that in
entering into this Amendment the Committed Purchaser and the Administrative Agent are not
establishing any course of dealing with EPFC or the Servicer. The rights of the Committed
Purchaser and the Administrative Agent to require strict performance with all the terms and
conditions of the Receivables Purchase and Servicing Agreement as amended by this Amendment and the
other Related Documents shall not in any way be impaired by the execution of this Amendment.
Neither the Committed Purchaser nor the Administrative Agent shall be obligated in any manner to
execute any further amendments or waivers, and if such waivers or amendments are requested in the
future, assuming the terms and conditions thereof are acceptable to them, the Committed Purchaser
and the Administrative Agent may require the payment of fees in connection therewith.

      10. Waiver of Claims. In consideration for the execution by the Committed Purchaser
and the Administrative Agent of this Amendment, the Seller and the Servicer hereby waives each and
every claim, defense, demand, action and suit of any kind or nature whatsoever against each of the
Committed Purchaser, the Administrative Agent, the Operating Agent and each other Affected Party
arising on or prior to the date hereof in connection with the Receivables Purchase and Servicing
Agreement, any of the Related Documents and the transactions contemplated thereby.

      11. Expenses. In consideration for the execution by the Committed Purchaser, the
Administrative Agent and the Collateral Agent of this Amendment, each of EPFC and the Servicer
jointly and severally agrees to promptly reimburse each of the Committed Purchaser, the
Administrative Agent and the Collateral Agent for all of the reasonable out-of-pocket expenses,
including, without limitation, attorneys’ and paralegals’ fees and expenses, it has heretofore or
hereafter incurred or incurs in connection with the preparation, negotiation and execution of this
Waiver.

      12. Successors and Assigns. This Amendment shall be binding upon each of the
Servicer, EPFC, the Committed Purchaser, the Administrative Agent and the Collateral Agent and
their respective successors and assigns and shall inure to the benefit of each such Person.

      13. Integration. This Amendment contains the entire understanding of the parties
hereto with regard to the subject matter contained herein. This Amendment supercedes all prior or
contemporaneous negotiations, promises, covenants, agreements and representations of every nature
whatsoever with respect to the matters contained in this

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Amendment, all of which have become merged and finally integrated into this Amendment. Each of the parties hereto understands that in the event of any subsequent litigation, controversy or
dispute concerning any of the terms, conditions or provisions of this Amendment, no party shall be
entitled to offer or introduce into evidence any oral promises or oral agreements among the parties
relating to the subject matter of this Amendment not included or referred to herein and not
reflected by a writing included or referred to herein.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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

	 	 	 	 	 
	 	EAGLEPICHER INCORPORATED, as the Servicer

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	EAGLE-PICHER FUNDING CORPORATION, as the Seller

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

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	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Committed Purchaser

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	Duly Authorized Signatory 	 
	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Administrative Agent and as Collateral Agent

 	 
	 	By:  	/s/
 	 
	 	 	Name:  	 	 
	 	 	Title:  	Duly Authorized Signatory 	 

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