EXHIBIT 4.15.1
AMENDMENT NO. 3 AND WAIVER TO
AMENDED AND RESTATED
CREDIT AND GUARANTY
AGREEMENT
This Amendment No. 3 and Waiver to
Amended and Restated Credit and Guaranty Agreement (this “
Amendment ”), dated as of December 29, 2006, is
made by Sanmina-SCI Corporation, a Delaware corporation (the
“ Company ”), each of the subsidiaries of
the Company listed on the signature pages hereto (the “
Guarantors ”), the Lenders party hereto,
Citibank, N.A., as Collateral Agent (the “ Collateral
Agent ”), and Bank of America, N.A., as
Administrative Agent (the “ Administrative
Agent ”).
RECITALS
Reference is hereby made to the
Amended and Restated Credit and Guaranty Agreement, dated as of
December 16, 2005, entered into by and among the Company, certain
subsidiaries of the Company, as guarantors, the lenders from time
to time party thereto, Bank of America, N.A., as Initial Issuing
Bank, Citicorp USA, Inc., as Syndication Agent, The Bank of Nova
Scotia, Deutsche Bank Trust Company Americas and KeyBank National
Association, as Co-Documentation Agents, Banc of America Securities
LLC and Citigroup Global Markets Inc., as Joint Book Managers and
Joint Lead Arrangers, the Administrative Agent and the Collateral
Agent, as amended by that certain Amendment No. 1 to Amended and
Restated Credit and Guaranty Agreement, dated as of June 30, 2006,
and that certain Amendment No. 2 and Waiver to Amended and Restated
Credit and Guaranty Agreement ( “Amendment No.
2” ), dated as of October 13, 2006 (collectively, the
“Credit Agreement” ), that certain Letter
Waiver, dated as of August 10, 2006, entered into by and among the
parties to the Credit Agreement, as extended by the Letter Waiver
Extension, dated as of August 31, 2006, Amendment No. 2 and that
certain Waiver and Letter Extension No. 2, dated as of December 7,
2006 (collectively, the “Waiver”
).
The Company has requested that the
Lenders agree to a waiver under the Credit Agreement and certain
amendments thereof as set forth herein and the Lenders have agreed
to such request on the terms and conditions set forth
herein.
AGREEMENT
NOW THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows:
1.
Definitions
. Unless
otherwise expressly defined herein, all capitalized terms used
herein and defined in the Credit Agreement shall be used herein as
so defined. Unless otherwise expressly stated herein, all
Section and Article references herein shall refer to Sections and
Articles of the Credit Agreement.
2.
Amendments to
Credit Agreement . (a) The
definition of “EBITDA” is amended by deleting the word
“and” before “(xi)” therein and
substituting therefor “,” and by adding before the
second proviso in such definition the following:
“and (xii) an amount, not to
exceed $25 million, in respect of non-recurring charges incurred in
the fourth Fiscal Quarter of 2006 or the first Fiscal Quarter of
2007 and as specified in Schedule 1.2,”
(b)
The definition of
“Fixed Charge Coverage Ratio” is amended (i) by
deleting the figure “$30,000,000” therein and
substituting therefor the figure “$55,000,000” and (ii)
by adding, after the words “Excluded Debt Amount”, the
words “, from and after October 13, 2006, any interest paid
in respect of the 3% Notes,”.
(c)
The definition of
“Historical Financial Statements” is amended by adding
at the end thereof the following:
“, in each case as restated as
part of the Company’s Quarterly Report on Form 10-Q for the
Fiscal Quarter ended July 1, 2006.”
(d)
The definition of
“Leverage Ratio” is amended by adding, after the words
“Excluded Debt Amount”, the words “and, from and
after October 13, 2006, the 3% Notes”.
(e)
Section 5.1(a) of
the Credit Agreement is amended by deleting that portion of the
first two lines thereof through the words “Fiscal
Year,” and substituting therefor the following:
“as soon as
available, and in any event no later than the date required
therefor by the applicable rules and regulations established by the
Securities and Exchange Commission (‘SEC’), including
giving effect to SEC Rule 12b-25,”
(f)
Section 5.1(b) of
the Credit Agreement is amended by deleting that portion of the
first two lines thereof through the words “Fiscal
Year,” and substituting therefor the following:
“as soon as
available, and in any event no later than the date required
therefor by the applicable rules and regulations established by the
SEC, including giving effect to SEC Rule 12b-25,”
(g)
Section 5.13 of
the Credit Agreement is deleted in its entirety.
(h)
Section 6.7(a) of
the Credit Agreement is deleted in full and replaced by the
following:
“(a)
Fixed Charge Coverage Ratio . Company shall not permit
the Fixed Charge Coverage Ratio as of the last day of any Fiscal
Quarter: for any Fiscal Quarter ending on or before September 2006
to be less than 1.75:1.00; for the Fiscal Quarters ending December
2006 and March 2007 to be less than 1.35:1.00; for the Fiscal
Quarters ending June 2007 and September 2007 to be less than
1.50:1.00; and thereafter to be less than
1.75:1.00.”
(i)
Section 6.7(b) of
the Credit Agreement is amended by deleting the table therein and
replacing it with the following:
2
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Fiscal Quarter
Ending
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Ratio
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December 2005
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5.00:1.00
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April 2006
|
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5.00:1.00
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July 2006
|
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4.75:1.00
|
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September 2006
|
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4.75:1.00
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December 2006
|
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5.25:1.00
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March 2007
|
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5.25:1.00
|
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June 2007
|
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5.00:1.00
|
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September 2007
|
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4.75:1.00
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December 2007
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4.50:1.00
|
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March 2008
|
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4.50:1.00
|
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June 2008
|
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4.25:1.00
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September 2008
|
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4.25:1.00
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(j)
Section 9.11 of
the Credit Agreement is amended by deleting subsection (b) in its
entirety and re-lettering subsection “(c)” as
“(b)”.
(k)
Schedule 1.2
attached hereto is added to and made a part of the Credit
Agreement
3.
Waiver and
Consent . (a) Subject to
the terms and conditions set forth herein, the Lenders hereby waive
compliance by the Company with the provisions of Section 6.7(a) of
the Credit Agreement solely for the Fiscal Quarter ended September
2006 and any Default or Event of Default, and the consequences
thereof, that may have arisen as a result of any noncompliance with
such section for such Fiscal Quarter. This Section shall be
deemed to constitute the notice of such Default or Event of Default
required under Section 5.1(e) of the Credit Agreement.
(b)
The waiver set
forth above relates solely to the noncompliance by the Borrower
with the provisions of Section 6.7(a) of the Credit Agreement to
the extent described above and nothing in this Amendment shall be
deemed to:
(i)
constitute a
waiver of compliance by the Company with respect to (A) Section
6.7(a) of the Credit Agreement in any other instance or as it
relates to any other provision, right or remedy of the Agent or the
Lenders under the Credit Documents in respect of a Default or an
Event of Default or (B) any other term, provision or condition of
the Credit Agreement or any other instrument or agreement referred
to therein; or
(ii)
prejudice, except
as provided i
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