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:
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Four-Fiscal Quarter
Period Ending
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Ratio
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September 28, 2007
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5.75:1.00
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December 31, 2007
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5.75:1.00
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March 28, 2008
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5.25:1.00
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June 27, 2008
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5.25:1.00
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September 26, 2008
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5.00:1.00
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December 31, 2008
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5.00:1.00
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March 27, 2009
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5.00:1.00
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June 26, 2009
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5.00:1.00
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September 25, 2009
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4.75:1.00
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December 31, 2009
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4.50:1.00
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March 26, 2010
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4.50:1.00
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June 25, 2010
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4.25:1.00
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September 24, 2010
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4.25:1.00
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December 31, 2010
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4.00:1.00
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March 25, 2011
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4.00:1.00
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June 24, 2011
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3.75:1.00
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September 30, 2011
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3.75:1.00
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December 31, 2011 and
thereafter
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3.50:1.00
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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