AMENDMENT NO. 1

EX-10.24 18 w72765exv10w24.htm EXHIBIT 10.24 exv10w24
Exhibit 10.24
AMENDMENT NO. 1
          AMENDMENT NO. 1 dated as of December 22, 2008 to the Credit Agreement referred to below, between Teleflex Incorporated (the “Borrower”), each of the Guarantors identified under the caption “GUARANTORS” on the signature pages hereto, each of the Lenders identified under the caption “LENDERS” on the signature pages hereto and JPMorgan Chase Bank, N.A. (“JPMCB”), as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).
          The Borrower, the Lenders party thereto (individually, a “Lender” and, collectively, the “Lenders”), the Guarantors party thereto, JPMorgan Chase Bank, N.A., as collateral agent for the Lenders, and the Administrative Agent are parties to a Credit Agreement dated as of October 1, 2007 (as amended and in effect immediately prior to giving effect to this Amendment No. 1, the “Credit Agreement”). The Borrower and the Lenders wish to amend the Credit Agreement in certain respects, and accordingly, the parties hereto hereby agree as follows:
          Section 1. Definitions. Capitalized terms used in this Amendment No. 1 and not otherwise defined are used herein as defined in the Credit Agreement.
          Section 2. Amendments. Effective as provided in Section 4 hereof, the Credit Agreement shall be amended as follows:
          2.01. References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit Agreement as amended hereby.
          2.02. Section 3.10 of the Credit Agreement is hereby amended in its entirety to read as follows:
     “SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to have a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of preparing the Borrower’s audited financial statements) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan by more than an amount which, if incurred immediately, could reasonably be expected to result in a Material Adverse Effect, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of preparing the Borrower’s audited financial statements) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans by more than an amount which, if incurred immediately, could reasonably be expected to result in a Material Adverse Effect.”


 

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          Section 3. Representations and Warranties. The Borrower represents and warrants to the Administrative Agent and the Lenders that (a) the representations and warranties of the Borrower set forth in the Credit Agreement, as amended hereby, and of each Loan Party in each of the other Loan Documents to which it is a party, are true and correct in all material respects on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) and (b) no Default shall occur and be continuing under the Credit Agreement, as amended hereby.
          Section 4. Conditions Precedent to Effectiveness. The amendments set forth in Section 2 hereof shall become effective, as of the date hereof, upon (a) receipt by the Administrative Agent of one or more counterparts of this Amendment No. 1 executed by each Loan Party and the Required Lenders and (b) the payment of an amendment fee to the Administrative Agent for the account of each Lender that has approved this Amendment No. 1 at or prior to 5:00 p.m., New York City time, on December 22, 2008, such amendment fee to be in an amount equal to 0.05% of the sum of (i) the Revolving Credit Commitment of such Lender and (ii) the outstanding principal amount of any Term Loan held by such Lender (if any).
          Section 5. Confirmation of Security Documents. The Borrower hereby confirms and ratifies all of its obligations under the Security Documents to which it is a party. By its execution on the respective signature lines provided below, each of the Guarantors hereby confirms and ratifies all of its obligations (including, without limitation, the obligations as guarantor under Article X of the Credit Agreement, as amended hereby) and the Liens granted by it under the Loan Documents to which it is a party, represents and warrants that the representations and warranties set forth in such Loan Documents are complete and correct in all material respects on the date hereof as if made on and as of such date and confirms that all references in such Loan Documents to the “Credit Agreement” (or words of similar import) refer to the Credit Agreement as amended hereby without impairing any such obligations or Liens in any respect.
          Section 6. Miscellaneous. Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect. This Amendment No. 1 may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement and any of the parties hereto may execute this Amendment No. 1 by signing any such counterpart. This Amendment No. 1 shall be governed by, and construed in accordance with, the law of the State of New York.
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          IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed and delivered as of the day and year first above written.
         
  TELEFLEX INCORPORATED  
     
  By:   /s/ C. Jeffrey Jacobs    
  Name:     C. Jeffrey Jacobs   
  Title:     Treasurer   


 

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  GUARANTORS

ARROW INTERNATIONAL INC.

ARROW INTERNATIONAL INVESTMENT CORP.

ARROW INTERVENTIONAL INC.

SIERRA INTERNATIONAL INC.

SOUTHERN WIRE, LLC

SOUTHWEST WIRE ROPE, LP

By Southwest Wire Rope GP LLC, its general partner

SPECIALIZED MEDICAL DEVICES, LLC

SSI SURGICAL SERVICES, INC.

TECHNOLOGY HOLDING COMPANY

TELAIR INTERNATIONAL INCORPORATED

TELEFLEX MEDICAL INCORPORATED

TFX EQUITIES INCORPORATED

TFX INTERNATIONAL CORPORATION

TFX MARINE INCORPORATED

TFX NORTH AMERICA INC.

THE STEPIC MEDICAL DISTRIBUTION CORPORATION
 
 
  By:   /s/ C. Jeffrey Jacobs    
  Name:     C. Jeffrey Jacobs   
  Title:     (1) Vice President and Treasurer (other than for Technology Holding Company, TFX Equities Incorporated, TFX International Corporation and TFX North America Inc.)
(2) President and Treasurer (in the case of TFX North America Inc.)
(3) Vice President (in the case of TFX Equities Incorporated)
(4) President (in the case of Technology Holding Company and TFX International Corporation) 
 


 

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LENDERS

JPMORGAN CHASE BANK, N.A.,
individually and as Administrative Agent
 
 
  By:   /s/ Deborah R. Winkler    
  Name:     Deborah R. Winkler   
  Title:     Vice President   
 
         
  BANK OF AMERICA, N.A., as a Lender
 
 
  By:   /s/ Jill J. Hogan    
  Name:     Jill J. Hogan   
  Title:     Vice President   
 
         
  THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD., NEW YORK BRANCH
 
 
  By:   /s/ Harumi Kambara    
  Name:     Harumi Kambara   
  Title:     Authorized Signatory   
 
         
  THE BANK OF NOVA SCOTIA
 
 
  By:   /s/ Paula Czach    
  Name:     Paula Czach   
  Title:     Director   
 
         
  MIZUHO CORPORATE BANK, LTD.
 
 
  By:   /s/ Tour Inoue    
  Name:     Toru Inoue   
  Title:     Deputy General Manager   
 
         
  CITIZENS BANK
 
 
  By:   /s/ illegible    
  Name:     [illegible]   
  Title:     Senior Vice President
 
  THE GOVERNOR AND COMPANY OF THE


 

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BANK OF IRELAND
 
 
  By:   /s/ Gareth Magee    
  Name:     Gareth Magee   
  Title:     Authorized Signatory   
 
         
     
  By:   /s/ Stephen Mitchell    
  Name:     Stephen Mitchell   
  Title:     Authorized Signatory   
 
         
  CALYON NEW YORK BRANCH
 
 
  By:   /s/ Pamela Donnelly    
  Name:     Pamela Donnelly   
  Title:     Director   
 
     
  By:   /s/ Yuri Muzichenko    
  Name:     Yuri Muzichenko   
  Title:     Director   
 
         
  SUMITOMO MITSUI BANKING
CORPORATION
 
 
  By:   /s/ David A. Buck    
  Name:     David A. Buck   
  Title:     Senior Vice President   
 
         
  DNB NOR BANK ASA
 
 
  By:   /s/ Philip F. Kurpiewski    
  Name:     Philip F. Kurpiewski   
  Title:     Senior Vice President   
 
     
  By:   /s/ Kristin Riise    
  Name:     Kristin Riise   
  Title:     Vice President   
 
         
  SUN TRUST BANK
 
 
  By:   /s/ Mark A. Flatin    
  Name:     Mark A. Flatin   
  Title:     Managing Director   
 
  HSBC BANK USA, NATIONAL ASSOCIATION
 
 
     
     
     


 

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  By:   /s/ Colleen Glackin    
  Name:     Colleen Glackin   
  Title:     Vice President   
 
         
  BMO CAPITAL MARKETS FINANCING, INC.
 
 
  By:   /s/ Pam Schwartz    
  Name:     Pam Schwartz   
  Title:     Director   
 
         
  BAYERISCHE LANDESBANK,
NEW YORK BRANCH
 
 
  By:   /s/ Stuart Schulman    
  Name:     Stuart Schulman   
  Title:     Senior Vice President   
 
     
  By:   /s/ Elke Videgain    
  Name:     Elke Videgain   
  Title:     Second Vice President   
 
         
  COMERICA BANK
 
 
  By:   /s/ Liesl Eckhardt    
  Name:     Liesl Eckhardt   
  Title:     Assistant Vice President   
 
         
  INTESA SANPAOLO S.P.A.
 
 
  By:   /s/ Luca Sacchi    
  Name:     Luca Sacchi   
  Title:     Vice President   
 
     
  By:   /s/ Francesco Di Mario    
  Name:     Francesco Di Mario   
  Title:     FVP, Credit Manager   


 

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  BAYERISCHE HYPO-UND VEREINSBANK
AG, NEW YORK BRANCH
 
 
  By:   /s/ Elaine Tung    
  Name:     Elaine Tung   
  Title:     Director   
 
     
  By:   /s/ Ken Hamilton    
  Name:     Ken Hamilton   
  Title:     Director   
 
         
  KBC BANK, N.V.
 
 
  By:   /s/ Robert Snauffer    
  Name:     Robert Snauffer   
  Title:     Managing Director   
 
     
  By:   /s/ Thomas G. Jackson    
  Name:     Thomas G. Jackson   
  Title:     First Vice President   
 
         
  KEYBANK NATIONAL ASSOCIATION
 
 
  By:   /s/ Brian P. Fox    
  Name:     Brian P. Fox   
  Title:     Assistant Vice President   
 
         
  LANDESBANK BADEN-WUERTTEMBERG
NEW YORK AND/OR CAYMAN ISLANDS
BRANCH
 
 
  By:   /s/ Francois Delangle    
  Name:     Francois Delangle   
  Title:     Vice President   
 
     
  By:   /s/ Ralf Enders    
  Name:     Ralf Enders   
  Title:     Assistant Vice President   
 
         
  MALAYAN BANKING BERHAD, NEW YORK
BRANCH
 
 
  By:   /s/ Fauzi Zulkifli    
  Name:     Fauzi Zulkifli   
  Title:     General Manager   


 

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  NATIONAL CITY BANK
 
 
  By:   /s/ Debra W. Riefner    
  Name:     Debra W. Riefner   
  Title:     Senior Vice President   
 
         
  PNC BANK, N.A.
 
 
  By:   /s/ Brian Vesey    
  Name:     Brian Vesey   
  Title:     Vice President   
 
         
  ROYAL BANK OF CANADA
 
 
  By:   /s/ Dustin Craven    
  Name:     Dustin Craven   
  Title:     Attorney-in-Fact   
 
         
  SOCIETE GENERALE
 
 
  By:   /s/ Anne-Marie Dumortier    
  Name:     Anne-Marie Dumortier   
  Title:     Director   
 
         
  WACHOVIA BANK, NATIONAL
ASSOCIATION
 
 
  By:   /s/ Kathleen H. Reedy    
  Name:     Kathleen H. Reedy   
  Title:     Managing Director   
 
         
  ALLIED IRISH BANKS, P.L.C.
 
 
  By:   /s/ Grace Gilligan    
  Name:     Grace Gilligan   
  Title:     Senior Relationship Partner   
 
     
  By:   /s/ David Kearns    
  Name:     David Kearns   
  Title:     Relationship Manager   


 

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  TD BANK, N.A. AS SUCCESSOR TO
COMMERCE BANK, N.A.
 
 
  By:   /s/ Thomas L. Savage    
  Name:     Thomas L. Savage   
  Title:     Vice President   
 
         
  HARLEYSVILLE NATIONAL BANK
 
 
  By:   /s/ illegible    
  Name:     [illegible]   
  Title:     Vice President   
 
         
  THE NORTHERN TRUST COMPANY
 
 
  By:   /s/ Michael Kingsley    
  Name:     Michael Kingsley   
  Title:     Division Manager   
 
         
  BROWN BROTHERS HARRIMAN & CO.
 
 
  By:   /s/ John H. Wert, Jr.    
  Name:     John H. Wert, Jr.   
  Title:     Senior Vice President   
 
         
  CHANG HWA COMMERCIAL BANK, LTD.
NEW YORK BRANCH
 
 
  By:   /s/ Jim C.Y. Chen    
  Name:     Jim C.Y. Chen   
  Title:     Vice President & General Manager   
 
         
  MEGA INTERNATIONAL COMMERCIAL
BANK, NEW YORK BRANCH
 
 
  By:   /s/ Tsang Hsu    
  Name:     Tsang Hsu   
  Title:     VP & Deputy General Manager   
 
         
  TAIPEI FUBON COMMERCIAL BANK,
NEW YORK AGENCY
 
 
  By:   /s/ Michael Tan    
  Name:     Michael Tan   
  Title:     VP & General Manager   


 

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  HUA NAN COMMERCIAL BANK, LTD.
LOS ANGELES BRANCH
 
 
  By:   /s/ Oliver C.H. Hsu    
  Name:     Oliver C.H. Hsu   
  Title:     VP & General Manager   
 
         
  HUA NAN COMMERCIAL BANK, LTD.
NEW YORK AGENCY
 
 
  By:   /s/ Henry Hsieh    
  Name:     Henry Hsieh   
  Title:     Assistant Vice President   
 
         
  STATE BANK OF INDIA
 
 
  By:   /s/ Prabodh Parikh    
  Name:     Prabodh Parikh   
  Title:     Vice President & Head (Credit)   
 
         
  KEYSTONE NAZARETH BANK AND TRUST,
A DIVISION OF NATIONAL PENN BANK
 
 
  By:   /s/ Kevin D. Brown    
  Name:     Kevin D. Brown   
  Title:     Vice President