EX-10.3 5 g65027ex10-3.txt AMD #3 TO AMDED & RESTD CREDIT AGRMT 2/17/00 1 EXHIBIT 10.3 AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT THIS AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT (this "Agreement") is made and entered into as of this 17th day of February, 2000 by and between WINDMERE-DURABLE HOLDINGS, INC., a Florida corporation (the "Borrower"), EACH OF THE SUBSIDIARIES OF THE BORROWER SIGNATORY HERETO (collectively, the "Guarantors"), the LENDERS SIGNATORY HERETO (the "Lenders") and BANK OF AMERICA, N.A. (D/B/A BANK OF AMERICA, N.A.) (formerly known as NationsBank, National Association), a national banking association organized and existing under the laws of the United States, in its capacity as agent for the Lenders (the "Agent"). W I T N E S S E T H: WHEREAS, the Borrower, the Agent and the Lenders have entered into an Amended and Restated Credit Agreement dated as of August 7, 1998, as amended pursuant to that certain Amendment No. 1 to Amended and Restated Credit Agreement dated as of December 29, 1998 and as amended pursuant to that certain Amendment No. 2 to Amended and Restated Credit Agreement dated as of April 29, 1999 (as amended hereby and as from time to time further amended, supplemented or replaced, the "Credit Agreement"); WHEREAS, the Borrower, the Agent and the Lenders have agreed to amend certain provisions contained in the Credit Agreement; NOW, THEREFORE, in consideration of the mutual covenants, promises and conditions herein set forth, it is hereby agreed as follows: 1. DEFINITIONS. The term "Credit Agreement" as used herein and in the Credit Agreement and the other Loan Documents shall mean the Credit Agreement as hereby amended and as from time to time further amended or modified. Unless the context otherwise requires, all capitalized terms used herein without definition shall have the respective meanings provided therefor in the Credit Agreement. 2. AMENDMENT TO CREDIT AGREEMENT. Section 10.9 of the Credit Agreement is hereby amended by deleting the dollar figure "$100,000,000" in the third line thereof and inserting in replacement thereof the dollar figure "$200,000,000". 3. ENTIRE AGREEMENT. This Agreement sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior 2 negotiations and agreements among the parties relative to such subject matter. None of the terms or conditions of this Agreement may be changed, modified, waived or canceled orally or otherwise, except by writing, signed by all the parties hereto, specifying such change, modification, waiver or cancellation of such terms or conditions, or of any proceeding or succeeding breach thereof. 4. FULL FORCE AND EFFECT OF AGREEMENT. Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all of the other Loan Documents are hereby confirmed and ratified in all respects and shall remain in full force and effect according to their respective terms. 5. COUNTERPARTS. This Agreement may be executed in any number of counterparts and all the counterparts taken together shall be deemed to constitute one and the same instrument. 6. ENFORCEABILITY. Should any one or more of the provisions of this Agreement be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. [Signature pages follow.] 2 3 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized officers, all as of the day and year first above written. BORROWER: WINDMERE-DURABLE HOLDINGS, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP - Finance ------------------------------ AGENT: BANK OF AMERICA, N.A. (D/B/A BANK OF AMERICA, N.A., as Agent By: /s/ Adam Kaplan ------------------------------- Name: Adam Kaplan ------------------------------- Title: Vice President ------------------------------ LENDERS: BANK OF AMERICA, N.A. (D/B/A/ NATIONSBANK, N.A.) By: /s/ Adam Kaplan ------------------------------- Name: Adam Kaplan ------------------------------- Title: Vice President ------------------------------ ABN AMRO BANK N.V. By: ------------------------------- Name: ------------------------------- Title: ------------------------------ 3 4 BANK ATLANTIC By: /s/ Ana C. Bolduc ------------------------------- Name: Ana C. Bolduc ------------------------------- Title: Senior Vice President ------------------------------ BANK LEUMI LE-ISRAEL By: /s/ Joseph F. Realini ------------------------------- Name: Joseph F. Realini ------------------------------- Title: Vice President ------------------------------ SCOTIABANC INC. By: /s/ Frank F. Sandler ------------------------------- Name: Frank F. Sandler ------------------------------- Title: Director ------------------------------ PARIBAS By: ------------------------------- Name: ------------------------------- Title: ------------------------------ By: ------------------------------- Name: ------------------------------- Title: ------------------------------ BARCLAYS BANK PLC By: /s/ Gregory Roll ------------------------------- Name: Gregory Roll ------------------------------- Title: Vice President ------------------------------ 4 5 ERSTE BANK NEW YORK By: /s/ Arcinee Rovanession ------------------------------- Name: Arcinee Rovanession ------------------------------- Title: Vice President ------------------------------ By: /s/ John S. Runnion ------------------------------- Name: John S. Runnion ------------------------------- Title: First Vice President ------------------------------ IMPERIAL BANK, A CALIFORNIA BANKING CORPORATION By: ------------------------------- Name: ------------------------------- Title: ------------------------------ THE LONG-TERM CREDIT BANK OF JAPAN, LTD. By: ------------------------------- Name: ------------------------------- Title: ------------------------------ THE MITSUBISHI TRUST AND BANKING CORPORATION By: /s/ Toshihiro Hayashi ------------------------------- Name: Toshihiro Hayashi ------------------------------- Title: Senior Vice President ------------------------------ NATIONAL BANK OF CANADA By: /s/ Michael Bloomenfeld ------------------------------- Name: Michael Bloomenfeld ------------------------------- Title: Vice President ------------------------------ 5 6 SUMMIT BANK By: /s/ Timothy E. Doyle ------------------------------- Name: Timothy E. Doyle ------------------------------- Title: VP/Director ------------------------------ CITIZENS BANK OF MASSACHUSETTS (as sucessor to US Trust) By: /s/ Thomas F. Macina ------------------------------- Name: Thomas F. Macina ------------------------------- Title: Vice President ------------------------------ ALLIANCE INVESTMENT OPPORTUNITIES FUND, L.L.C. By: ALLIANCE INVESTMENT OPPORTUNITIES MANAGEMENT, L.L.C., as Managing Member By: ALLIANCE CAPITAL MANAGEMENT L.P., as Managing Member By: ALLIANCE CAPITAL MANAGEMENT CORPORATION, as General Partner By: ------------------------------- Name: ------------------------------- Title: ------------------------------ 6 7 ALLIANCE CAPITAL MANAGEMENT L.P., as Manager on behalf of ALLIANCE CAPITAL FUNDING, L.L.C. By: ALLIANCE CAPITAL MANAGEMENT CORPORATION, General Partner of Alliance Capital Management L.P. By: ------------------------------- Name: ------------------------------- Title: ------------------------------ BALANCED HIGH-YIELD FUND II LTD By: BHF (USA) Capital Corporation, acting through its New York Branch, as attorney-in-fact By: /s/ Dana L. McDougall ------------------------------- Name: Dana L. McDougall ------------------------------- Title: Vice President ------------------------------ By: /s/ Christopher Dugger ------------------------------- Name: Christopher Dugger ------------------------------- Title: Associate ------------------------------ BHF (USA) CAPITAL CORPORATION By: /s/ Dana L. McDougall ------------------------------- Name: Dana L. McDougall ------------------------------- Title: Vice President ------------------------------ By: /s/ Christopher Dugger ------------------------------- Name: Christopher Dugger ------------------------------- Title: Associate ------------------------------ INDOSUEZ CAPITAL FUNDING III, LIMITED By: INDOSUEZ CAPITAL as Portfolio Advisor By: /s/ Melissa Marano ------------------------------- Name: Melissa Marano ------------------------------- Title: Vice President ------------------------------ 7 8 BANK AUSTRIA CREDITANSTALT CORPORATE FINANCE, INC., f.k.a. Creditanstalt Corporate Finance, Inc. By: ------------------------------- Name: ------------------------------- Title: ------------------------------ By: ------------------------------- Name: ------------------------------- Title: ------------------------------ NATIONSBANC MONTGOMERY SECURITIES LLC By: ------------------------------- Name: ------------------------------- Title: ------------------------------ ARES LEVERAGED INVESTMENT FUND, L.P. By: ARES Management, L.P. Its: General Partner By: /s/ Merritt S. Hooper ------------------------------- Name: Merritt S. Hooper Title: Vice President ARES LEVERAGED INVESTMENT FUND II, L.P. By: ARES Management II, L.P. Its: General Partner By: /s/ Merritt S. Hooper ------------------------------- Name: Merritt S. Hooper Title: Vice President ARES III CLO LTD. By: ARES CLO Management, LLC Its: General Partner By: /s/ Merritt S. Hooper ------------------------------- Name: Merritt S. Hooper Title: Vice President 8 9 FLEET BANK, N.A. By: /s/ Thomas J. Levy ------------------------------- Name: Thomas J. Levy ------------------------------- Title: Vice President ------------------------------ FLEET BUSINESS CREDIT CORPORATION By: ------------------------------- Name: ------------------------------- Title: ------------------------------ CANADIAN IMPERIAL BANK OF COMMERCE By: ------------------------------- Name: ------------------------------- Title: ------------------------------ OAK MOUNTAIN LIMITED By: Alliance Capital Management, L.P., as Investment Manager By: Alliance Capital Management Corporation, as General Partner By: ------------------------------- Name: ------------------------------- Title: ------------------------------ 9 10 THE INTERNATIONAL BANK OF MIAMI By: /s/ Caridad Errazquin ------------------------------- Name: Caridad Errazquin ------------------------------- Title: Vice President ------------------------------ DRESDNER BANK LATEINAMERIKA AG, MIAMI AGENCY By: /s/ Carlos Lamourtte ------------------------------- Name: Carlos Lamourtte ------------------------------- Title: Assistant Vice President ------------------------------ By: /s/ F. Huthnance ------------------------------- Name: Frank Huthnance ------------------------------- Title: Vice President ------------------------------ GE CAPITAL COMMERCIAL FINANCE, INC. By: ------------------------------- Name: ------------------------------- Title: ------------------------------ HARCH CAPITAL By: ------------------------------- Name: ------------------------------- Title: ------------------------------ 10 11 THE UNDERSIGNED GUARANTORS HEREBY ACKNOWLEDGE AND CONSENT TO THIS AMENDMENT OF THE CREDIT AGREEMENT AND REAFFIRM THEIR OBLIGATIONS UNDER THE FACILITY GUARANTY THIS 17th DAY OF FERUARY, 2000: WINDMERE CORPORATION By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ WINDMERE HOLDINGS CORPORATION By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ WINDMERE HOLDINGS CORPORATION II By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ WINDMERE FAN PRODUCTS, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ JERDON PRODUCTS, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ 11 12 CONSUMER PRODUCTS AMERICAS, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ EDI MASTERS, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ WINDMERE INNOVATIVE PET PRODUCTS, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ BAY BOOKS & TAPES, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ FORTUNE PRODUCTS, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ 12 13 HOUSEHOLD PRODUCTS, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ HP DELAWARE, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ HP AMERICAS, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ HPG LLC By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ HP INTELLECTUAL CORP By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ WD DELAWARE, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ WD DELAWARE II, INC. By: /s/ Terry Polistina ------------------------------- Name: Terry Polistina ------------------------------- Title: SVP -- Finance ------------------------------ 13