SECOND AMENDMENT TO CREDIT AGREEMENT

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EX-10.1 2 dex101.htm SECOND AMENDMENT TO CREDIT AGREEMENT Second Amendment to Credit Agreement

EXHIBIT 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

This Second Amendment to Credit Agreement (this “Amendment”) dated as of July 30, 2008 is by and among Advanced Medical Optics, Inc., a Delaware corporation (the “Borrower”), the Guarantors, certain of the Revolving Credit Lenders and Bank of America, N.A., as Administrative Agent on behalf of itself and the Lenders. All capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement (as defined below).

W I T N E S S E T H

WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent have entered into that certain Credit Agreement dated as of April 2, 2007 (as amended or modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Revolving Credit Lenders amend the Credit Agreement as set forth herein; and

WHEREAS, the Revolving Credit Lenders have agreed to amend the Credit Agreement on the terms and conditions set forth herein.

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. Amendment. The first grid in Section 8.11(a) of the Credit Agreement is hereby amended and restated to read as follows:

 

Four-Fiscal Quarter

Period Ending

   Ratio

September 28, 2007

   5.75:1.00

December 31, 2007

   5.75:1.00

March 28, 2008

   5.25:1.00

June 27, 2008

   5.25:1.00

September 26, 2008

   5.00:1.00

December 31, 2008

   5.00:1.00

March 27, 2009

   5.00:1.00

June 26, 2009

   5.00:1.00

September 25, 2009

   4.75:1.00

December 31, 2009

   4.50:1.00

March 26, 2010

   4.50:1.00

June 25, 2010

   4.25:1.00

September 24, 2010

   4.25:1.00

December 31, 2010

   4.00:1.00

March 25, 2011

   4.00:1.00

June 24, 2011

   3.75:1.00

September 30, 2011

   3.75:1.00

December 31, 2011 and thereafter

   3.50:1.00

2. Conditions Precedent. This Amendment shall be effective upon satisfaction of the following conditions precedent:

(a) receipt by the Administrative Agent of this Amendment executed by the Borrower, the Guarantors, the Revolving Credit Lenders holding more than 50% of the Revolving Credit Commitments (other than Defaulting Lenders) and the Administrative Agent; and


(b) receipt by the Administrative Agent (for distribution to the applicable Revolving Credit Lenders) of all fees and expenses required to be paid by the Borrower on or before the date hereof.

3. Miscellaneous.

(a) The Credit Agreement (as amended by this Amendment), and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

(b) Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents, (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Loan Documents and (iv) hereby confirms and agrees that its Guarantee shall continue and remain in full force and effect after giving effect to this Amendment and that, notwithstanding any contrary terms in such Guarantee, such Guarantee now applies to the Credit Agreement as amended by this Amendment.

(c) The Borrower and the Guarantors hereby represent and warrant as follows:

(i) Each Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

(ii) This Amendment has been duly executed and delivered by the Loan Parties and constitutes each of the Loan Parties’ legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

(iii) No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by any Loan Party of this Amendment, other than those of the Revolving Credit Lenders and the Administrative Agent and those that have already been obtained and are in full force and effect as of the date hereof.

(d) The Loan Parties represent and warrant to the Lenders that (i) the representations and warranties of the Loan Parties set forth in Article VI of the Credit Agreement and in each other Loan Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date and (ii) no event has occurred and is continuing which constitutes a Default or an Event of Default.

(e) The Borrower agrees to pay all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of Moore & Van Allen PLLC.

(f) This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by telecopy, facsimile or electronic delivery (in pdf format) shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

 

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(g) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date and year first above written.

 

BORROWER:  

ADVANCED MEDICAL OPTICS, INC.,

a Delaware corporation

  By:  

/s/ MICHAEL J. LAMBERT

  Name:   Michael J. Lambert
  Title:   Executive Vice President and Chief Financial Officer

 

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date and year first above written.

 

GUARANTORS:  

AMO HOLDINGS, INC.,

a Delaware corporation

  By:  

/s/ VINCENT E. SCULLIN, JR.

  Name:   Vincent E. Scullin, Jr.
  Title:   Vice President and Treasurer
 

AMO MANUFACTURING USA, LLC (formerly known as Visx, Incorporated),

a Delaware limited liability company

  By:  

/s/ VINCENT E. SCULLIN, JR.

  Name:   Vincent E. Scullin, Jr.
  Title:   Vice President and Treasurer
 

AMO USA, LLC (formerly known as AMO USA, INC.),

a Delaware limited liability company

  By:  

/s/ VINCENT E. SCULLIN, JR.

  Name:   Vincent E. Scullin, Jr.
  Title:   Vice President and Treasurer
 

QUEST VISION TECHNOLOGY, INC.,

a California corporation

  By:  

/s/ VINCENT E. SCULLIN, JR.

  Name:   Vincent E. Scullin, Jr.
  Title:   Vice President and Treasurer
 

AMO WAVEFRONT SCIENCES, LLC (formerly known as WaveFront Sciences, Inc.),

a New Mexico limited liability company

  By:  

/s/ VINCENT E. SCULLIN, JR.

  Name:   Vincent E. Scullin, Jr.
  Title:   Vice President and Treasurer
 

AMO DEVELOPMENT, LLC (formerly known as Intralase Corp.),

a Delaware limited liability company

  By:  

/s/ VINCENT E. SCULLIN, JR.

  Name:   Vincent E. Scullin, Jr.
  Title:   Vice President and Treasurer
 

AMO SALES AND SERVICE, INC.,

a Delaware corporation

  By:  

/s/ VINCENT E. SCULLIN, JR.

  Name:   Vincent E. Scullin, Jr.
  Title:   Vice President and Treasurer

 

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AMO US HOLDINGS, INC.,

a Delaware corporation

  By:  

/s/ VINCENT E. SCULLIN, JR.

  Name:   Vincent E. Scullin, Jr.
  Title:   Vice President and Treasurer
 

AMO USA SALES HOLDINGS, INC.,

a Delaware corporation

  By:  

/s/ VINCENT E. SCULLIN, JR.

  Name:   Vincent E. Scullin, Jr.
  Title:   Vice President and Treasurer
 

INTEGRATED SURGICAL SOLUTIONS, LLC,

a Delaware limited liability company

  By:  

/s/ VINCENT E. SCULLIN, JR.

  Name:   Vincent E. Scullin, Jr.
  Title:   Vice President and Treasurer

 

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date and year first above written.

 

 

BANK OF AMERICA, N.A.,

as Administrative Agent

  By:  

/s/ ALYSA TRAKAS

  Name:   Alysa Trakas
  Title:   Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

 

BANK OF AMERICA, N.A.,

as a Revolving Credit Lender

  By:  

/s/ ALYSA TRAKAS

  Name:   Alysa Trakas
  Title:   Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  CITIBANK N.A.
  By:  

/s/ ALLEN FISHER

  Name:   Allen Fisher
  Title:   Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  COMMERZBANK AKTIENGESELLSCHAFT NEW YORK AND GRAND CAYMAN BRANCHES
  By:  

/s/ ANDREW R. CAMPBELL

  Name:   Andrew R. Campbell
  Title:   Senior Vice President
  By:  

/s/ ANTHONY GIRALDI

  Name:   Anthony Giraldi
  Title:   Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  JP MORGAN CHASE, N.A.
  By:  

/s/ CAMILLE FARNSWORTH

  Name:   Camille Farnsworth
  Title:   Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  PNC BANK, NATIONAL ASSOCIATION
  By:  

/s/ DOROTHY G.W. BRAILER

  Name:   Dorothy G.W. Brailer
  Title:   Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  UBS LOAN FINANCE, LLC
  By:  

/s/ DAVID B. JULIE

  Name:   David B. Julie
  Title:   Associate Director
  By:  

/s/ IRIA R. OTSA

  Name:   Iria R. Otsa
  Title:   Associate Director

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  UNION BANK OF CALIFORNIA, N.A.
  By:  

/s/ STEPHEN W. DUNNE

  Name:   Stephen W. Dunne
  Title:   Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  U.S. BANK NATIONAL ASSOCIATION
  By:  

/s/ JOYCE P. DORSETT

  Name:   Joyce P. Dorsett
  Title:   Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  THE GOVERNOR & COMPANY OF THE BANK OF IRELAND
  By:  

/s/ ANNE DONOVAN

  Name:   Anne Donovan
  Title:   Manager
  By:  

/s/ P. RUSHE

  Name:   P. Rushe
  Title:   Director

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  HSBC BANK USA, N.A.
  By:  

/s/ STEVEN T. BRENNAN

  Name:   Steven T. Brennan
  Title:   First Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  FORTIS CAPITAL CORP.
  By:  

/s/ JOHN W. DEEGAN

  Name:   John W. Deegan
  Title:   Director and Group Head
  By:  

/s/ CAMIEL VAN DE GRIFT

  Name:   Camiel Van De Grift
  Title:   Assistant Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

 

AIB DEBT MANAGEMENT, LIMITED

  By:  

/s/ JOSEPH AUGUSTINI

  Name:   Joseph Augustini
  Title:  

Senior Vice President

Investment Advisor to AIB Debt Management, Limited

  By:  

/s/ SHANE O’DRISCOLL

  Name:   Shane O’Driscoll
  Title:  

Senior Vice President

Investment Advisor to AIB Debt Management, Limited

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  GENERAL ELECTRIC CAPITAL CORPORATION
  By:  

/s/ PETER B. ZONE

  Name:   Peter B. Zone
  Title:   Its Duly Authorized Signatory

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

 

NATIONAL CITY BANK,

as a Revolving Credit Lender

  By:  

/s/ PAMELA K. MALONY

  Name:   Pamela K. Malony
  Title:   Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

 

WELLS FARGO FOOTHILL, LLC,

as a Revolving Credit Lender

  By:  

/s/ KRISTA WADE

  Name:   Krista Wade
  Title:   Assistant Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  GOLDMAN SACHS CREDIT PARTNERS, L.P.
  By:  

/s/ ANDREW CADITZ

  Name:   Andrew Caditz
  Title:   Authorized Signatory

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

  LOAN FUNDING V, LLC
  By  

Prudential Investment Management, Inc.

as Portfolio Manager

    By:  

/s/ WILLIAM PAPPAS

    Name:   William Pappas
    Title:   Vice President

 

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