AMENDMENT NO. 1
DATED AS OF FEBRUARY 27, 1998
TO
CREDIT AGREEMENT
DATED AS OF JUNE 26, 1997
This Amendment No. 1 dated as of February 27, 1998 (the
"Amendment") is to the Credit Agreement dated as of June 26,
1997 (the "Credit Agreement") among ▇▇▇▇▇ Corning, the other
Borrowers and Guarantors parties thereto, the Banks parties
thereto and Credit Suisse First Boston, as Agent. Terms
defined in the Credit Agreement will have the same meanings
when used in this Amendment.
▇▇▇▇▇ Corning, the other Loan Parties, the Banks, and
the Agent hereby agree as follows:
1. Reduction of Commitments. (a) Effective as of
the date hereof, the total amount of the Commitments is
reduced from $2,000,000,000 to $1,800,000,000.
(b) The $200,000,000 reduction of the Commitments
pursuant to the preceding paragraph (a) constitutes a
reduction of the Commitments of $200,000,000 as referred to
in Section 5.01(b)(iii) of the Agreement and, therefore, the
Commitments shall not hereafter be required to be further
reduced pursuant to either Section 5.01(b)(i) or Section
5.01(b)(ii) of the Agreement.
2. Interest Coverage Ratio. Section 8.15 of the
Agreement is hereby amended to read as follows:
"Section 8.15 Interest Coverage Ratio. Commencing
with the fiscal quarter ending September 30, 1997, permit
the ratio of Consolidated Adjusted EBITDA to Consolidated
Interest Expense as of the last day of any fiscal quarter to
be less than the following respective amounts for the period
of four consecutive fiscal quarters of the Company ending on
the last day of the respective fiscal quarters ending on the
following dates (treating those four consecutive fiscal
quarters as a single period for the purpose of determining
such ratio):
Fiscal Quarter Ending Ratio
March 31, 1998 2.5 to 1.0
June 30, 1998 and
September 30, 1998 2.25 to 1.0
Each other March 31, June 30,
September 30 and December 31 3.0 to 1.0"
3. Leverage Ratio. Section 8.16 of the Agreement is
hereby amended to delete the date "June 30, 1998" and to
insert in lieu thereof the date "December 31, 1998" and to
delete the date "July 1, 1998" and to insert in lieu thereof
the date "January 1, 1999".
4. Guaranteed Receivables. In Section 15.01(a) of
the Agreement, clause (C) of the definition of "Debt" is
hereby amended to delete the words "Domestic Subsidiary"
each time that such words appear and to insert in lieu
thereof the words "Loan Party".
5. Designated Subsidiary Borrowers. Effective as of the
date hereof, each of the following Subsidiaries of the
Company shall become and be a Designated Subsidiary
Borrower:
▇▇▇▇▇-▇▇▇▇▇▇▇ Fiberglas (U.K.) Ltd.
▇▇▇▇▇-▇▇▇▇▇▇▇ Building Products (U.K.) Ltd.
▇▇▇▇▇ Corning Polyfoam UK Ltd.
▇▇▇▇▇-▇▇▇▇▇▇▇ Isolation France S.A.
6. Agreement Continues. Except as expressly amended
hereby, the Agreement shall remain in full force and effect.
Each reference in the Agreement and the other Loan Documents
to the "Agreement" shall be a reference to the Agreement as
amended hereby. The amendments set forth above shall not be
deemed to be a consent to any other waiver or amendment in
respect of the Agreement or any other Loan Document.
7. Representations and Warranties. In order to
induce the Banks and the Agent to enter into this Amendment,
the Company hereby represents and warrants to the Banks and
the Agent that (a) it has full power, capacity, right and
legal authority to execute, deliver and perform its
obligations under this Amendment and the Agreement as
amended hereby and has taken all action necessary to
authorize the execution and delivery of, and the performance
of its obligations under, this Amendment and the Agreement
as amended hereby, (b) this Amendment and the Agreement as
amended hereby constitute its legal, valid and binding
obligations enforceable against it in accordance with their
respective terms, subject to the effect of any applicable
bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights of creditors generally,
(c) the representations and warranties contained in the
Agreement are true and correct on and as of the date hereof
as though made on and as of the date hereof, and (d) n
o Default or Event of Default has occurred and is
continuing, or would result from the execution, delivery and
performance by it of this Amendment or the Agreement as
amended hereby.
8. Effectiveness. Pursuant to Section 13.05(a) of
the Agreement, this Amendment shall become effective upon
execution hereof by the Company and the Majority Banks.
9. Governing Law. Pursuant to New York General
Obligations Law Section 5-1401, this Amendment shall be
governed by the law of the State of New York.
10. Counterparts. This Amendment may be signed in any
number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto
were upon the same instrument.
11. Entire Agreement. This Amendment embodies the
entire agreement among the Company, each other Loan Party,
the Banks and the Agent with respect to the subject matter
hereof and supercedes all prior agreements, representations
and understandings, if any, relating to the subject matter
hereof.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 1 to be executed by their duly authorized
officers as of the day and year first written above.
▇▇▇▇▇ CORNING
By___________________________
Name:
Title:
By___________________________
Name:
Title:
CREDIT SUISSE FIRST BOSTON,
as Agent and as a Bank
By___________________________
Name:
Title:
By___________________________
Name:
Title:
ARAB BANK PLC
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
BANK OF AMERICA ILLINOIS
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE BANK OF NEW YORK
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE BANK OF NOVA SCOTIA
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE BANK OF TOKYO-MITSUBISHI, LTD.
CHICAGO BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
BANQUE FRANCAISE DU COMMERCE
EXTERIEUR
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
BANQUE NATIONALE DE PARIS
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
BARCLAYS BANK PLC
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
CREDIT AGRICOLE INDOSUEZ
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE CHASE MANHATTAN BANK
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
CIBC, INC.
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
CITIBANK N.A.
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
COMPAGNIE FINANCIERE DE CIC ET DE
L'UNION EUROPEENNE
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
CREDIT COMMUNAL DE BELGIQUE S.A.
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
CREDIT LYONNAIS CHICAGO BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
DAI-ICHI KANGYO BANK, LTD.
CHICAGO BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
DRESDNER BANK AG
NEW YORK AND GRAND CAYMAN
BRANCHES
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE FIRST NATIONAL BANK OF CHICAGO
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
FLEET NATIONAL BANK
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE FUJI BANK, LIMITED
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
GENERALE BANK NEW YORK BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE INDUSTRIAL BANK OF JAPAN,
LIMITED
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
ISTITUTO BANCARIO SAN PAOLO DI
TORINO, S.P.A., NEW YORK BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
KEYBANK NATIONAL ASSOCIATION
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
KREDIETBANK N.V., GRAND CAYMAN
BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE LONG-TERM CREDIT BANK OF JAPAN,
LTD.
By:_________________________________
Name:
Title:
MELLON BANK, N.A.
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
MERCANTILE BANK N.A.
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE MITSUBISHI TRUST AND BANKING
CORPORATION, CHICAGO BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE MITSUI TRUST AND BANKING
COMPANY,
LIMITED, NEW YORK BRANCH
By__________________________________
Name:
Title:
▇▇▇▇▇▇ GUARANTY TRUST COMPANY OF
NEW YORK
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
NATIONSBANK, N.A.
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE NORTHERN TRUST COMPANY
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
PNC BANK, NATIONAL ASSOCIATION
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
ROYAL BANK OF CANADA
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE SAKURA BANK, LIMITED
NEW YORK BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE SANWA BANK, LIMITED,
CHICAGO BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
SOCIETE GENERALE
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
STANDARD CHARTERED BANK
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE SUMITOMO BANK, LTD.
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
SUMITOMO BANK OF CALIFORNIA
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE SUMITOMO TRUST & BANKING CO.,
LTD. NEW YORK BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
SUNTRUST BANK, ATLANTA
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE TORONTO DOMINION (TEXAS), INC.
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
WACHOVIA BANK OF GEORGIA
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
▇▇▇▇▇ FARGO BANK (TEXAS), NATIONAL
ASSOCIATION
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
WESTDEUTSCHE LANDESBANK
GIROZENTRALE
NEW YORK BRANCH
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
BANK OF TOKYO-MITSUBISHI (CANADA)
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
FIRST CHICAGO NBD BANK CANADA
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
THE BANK OF NOVA SCOTIA
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
CANADIAN IMPERIAL BANK OF COMMERCE
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
CREDIT SUISSE FIRST BOSTON CANADA
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
MELLON BANK CANADA
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
ROYAL BANK OF CANADA
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
SOCIETE GENERALE (CANADA)
By:_________________________________
Name:
Title:
By:_________________________________
Name:
Title:
EUROPEAN ▇▇▇▇▇-▇▇▇▇▇▇▇ FIBERGLAS
S.A.
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
N.V. ▇▇▇▇▇-▇▇▇▇▇▇▇ S.A.
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
▇▇▇▇▇-▇▇▇▇▇▇▇ CANADA INC.
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
▇▇▇▇▇-▇▇▇▇▇▇▇ UK HOLDINGS LTD.
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
SIERRA CORP.
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
FALCON FOAM CORPORATION,
as Guarantor
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
IPM INC.,
as Guarantor
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
▇▇▇▇▇-▇▇▇▇▇▇▇ FIBERGLAS SWEDEN
INC.,
as Guarantor
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
▇▇▇▇▇-▇▇▇▇▇▇▇ FIBERGLAS TECHNOLOGY
INC., as Guarantor
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
SOLTECH, INC.,
as Guarantor
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
UC INDUSTRIES, INC.,
as Guarantor
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
WESTERN FIBERGLASS OF TEXAS, INC.,
as Guarantor
By:_________________________________
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Authorized Signatory
Each of the undersigned Subsidiaries of ▇▇▇▇▇ Corning hereby
acknowledges that, pursuant to the Amendment No. 1 set forth
above, it has become a "Designated Subsidiary Borrower"
under the Credit Agreement referred to in such Amendment and
hereby agrees to become and be a party to, and bound by,
such Credit Agreement as a Designated Subsidiary Borrower on
the terms and conditions thereof.
▇▇▇▇▇-▇▇▇▇▇▇▇ FIBERGLAS (U.K.)
LTD.
By___________________________
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Authorized Signatory
▇▇▇▇▇-▇▇▇▇▇▇▇ BUILDING PRODUCTS (U.K.) LTD.
By___________________________
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Authorized Signatory
▇▇▇▇▇ CORNING POLYFOAM UK LTD.
By___________________________
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Authorized Signatory
▇▇▇▇▇-▇▇▇▇▇▇▇ ISOLATION FRANCE
S.A.
By___________________________
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Authorized Signatory