Exhibit 10.1
AMENDMENT AND WAIVER
AMENDMENT AND
WAIVER, dated as of May 20, 2005 (this “ Amendment
and Waiver ”), to the 364-Day Credit Agreement, dated as
of June 18, 2004 (as amended, supplemented or otherwise
modified from time to time, the “ Credit Agreement
”), among Visteon Corporation, a Delaware corporation (the
“ Company ”), the several banks and other
financial institutions or entities from time to time party thereto
(the “ Banks ”), JPMorgan Chase Bank, N.A., as
administrative agent (in such capacity, the “
Administrative Agent ”), and Citibank, N.A., as
syndication agent.
W I T N E S
S E T H :
WHEREAS, the
Company has requested that the Banks amend and waive the Credit
Agreement in the manner provided for herein; and
WHEREAS, the
Required Banks are willing to provide the requested amendments and
waivers but only on the terms and conditions set forth
herein;
NOW, THEREFORE,
the parties hereto hereby agree as follows:
1.
Defined Terms . Unless otherwise defined herein, capitalized
terms which are defined in the Credit Agreement are used herein as
therein defined.
2.
Amendment . Section 1 of the Credit Agreement is hereby
amended by deleting the references to “135” and
“25” basis points (under the headings
“Eurocurrency Margin” and “Base Rate
Margin”, respectively) in the final row of the table in the
definition of “Pricing Grid” appearing in such Section
and substituting in lieu thereof references to “250”
and “150” basis points, respectively.
3.
Waiver . The Required Banks hereby waive compliance, until
June 17, 2005, by the Company with the requirements of
Section 7.1(b) of the Credit Agreement with respect to the
quarterly period ended March 31, 2005.
4.
Conditions to Effectiveness . This Amendment and Waiver
shall become effective (the “ Effective Date ”)
on the date on which the Administrative Agent shall have received:
(a) this Amendment and Waiver, executed and delivered by the
Administrative Agent, the Company and the Required Banks,
(b) evidence satisfactory to the Administrative Agent that
amendments and waiv
