ASI. Holding and the Subsidiary Borrowers have requested that the Credit Agreement be amended to (a) to permit ASI to issue and sell up to $500,000,000 aggregate principal amount of its senior unsecured and/or subordinated unsecured debt securities to be unconditionally guaranteed by Holding, (b) permit proceeds of Loans to be used to make optional sinking fund payments in an aggregate principal amount not to exceed $15,000,000 in any fiscal year in respect of the 9-1/4% Sinking Fund Debentures, (c) modify certain financial covenants and (d) provide for the introduction of the euro by participating member states of the European Union. ASI, Holding and the Subsidiary Borrowers have further requested that the Credit Agreement be amended to permit the Reorganization (as defined in Article I below). The Lenders and the Agents have agreed to such amendments upon the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows:
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Sources: Credit Agreement (American Standard Companies Inc), Credit Agreement (American Standard Inc)