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Exhibit
10.1
EXECUTION
COPY
WAIVER NO. 5
THIS WAIVER NO. 5 (this
“ Waiver ”) is being executed and delivered as
of October 9, 2007, by and among BEA Systems, Inc., a Delaware
corporation (the “ Borrower ”), JPMorgan Chase
Bank, National Association, as administrative agent (the “
Administrative Agent ”) under the hereinafter
identified and defined Credit Agreement, and certain of the lenders
party to said Credit Agreement. All capitalized terms used herein
without definition shall have the same meanings as set forth in the
Credit Agreement.
WITNESSETH:
WHEREAS, the Borrower, the
Lenders and the Administrative Agent are currently party to that
certain Credit Agreement dated as of July 31, 2006 (as the
same may be amended, restated, supplemented or otherwise modified
from time to time, the “ Credit Agreement
”);
WHEREAS, the Borrower, the
Administrative Agent and certain Lenders entered into Waiver
No. 4 to the Credit Agreement, dated as of July 9, 2007
(the “ Prior Waiver ”);
WHEREAS, the Borrower has
requested the Lenders and the Administrative Agent to waive certain
provisions of the Credit Agreement in certain respects;
WHEREAS, certain of the
Lenders and the Administrative Agent have agreed to waive certain
provisions of the Credit Agreement on the terms and conditions set
forth in Section 1 hereof.
NOW, THEREFORE, in
consideration of the foregoing premises, the terms and conditions
stated herein and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto,
such parties hereby agree as follows:
1. Waiver . The
Borrower has informed the Lenders of an internal review of its
historical stock option grants and related impact, if any, on its
financial performance and condition (the “ Options
Issue ”). The Borrower has also informed the Lenders that
a Default has occurred and is continuing as a result of the
Borrower’s failure to timely deliver to the Administrative
Agent and the Lenders the financial statements and related
documents required under Sections 5.01(a) , 5.01(b)
and 5.01(c) of the Credit Agreement for (i) the second,
third and fourth quarters of the Borrower’s fiscal year
ending January 31, 2007, (ii) the entire fiscal year
ending January 31, 2007 and (iii) the first and second
quarter of the Borrower’s fiscal year ending January 31,
2008, and the Borrower expects to fail to timely deliver the
financial statements and related documents required under such
sections for the third quarter of the Borrower’s fiscal year
ending January 31, 2008 (collectively, the “
Reporting Default ”). In accordance with the
provisions of Section 9.02 of the Credit Agreement, the
Borrower has requested that, subject to the terms hereof, the
Required Lenders waive the hereinafter-defined Specified Defaults.
The Required Lenders hereby waive, solely during the Waiver Period
(as defined below), (x) the Reporting Default and (y) any
other Default that may have arisen by
virtue of the Options Issue from the
making by the Borrower of the representations and warranties in
Sections 3.04 , 3.11 and 3.14 of the Credit
Agreement insofar as such Sections relate to the Previous Financial
Statements (as defined below) (the Reporting Default and such other
Defaults being collectively referred to herein as the “
Specified Defaults ”). The Borrower and the Required
Lenders furthermore agree that, notwithstanding anything contained
in the Prior Waiver to the contrary, (a)
Section 4.02(a) of the Credit Agreement shall be deemed
to apply, with respect to matters arising as a result of the
Options Issue, to the representations and warranties contained in
Sections 3.04 , 3.11 and 3.14 of the Credit
Agreement insofar as such Sections relate to the Borrower’s
financial statements as of and for the fiscal year ended
January 31, 2006 and as of and for the fiscal quarter and
portion of the fiscal year ended April 30, 2006 which have
been delivered to the Lenders prior to the date hereof
(collectively, the “ Previous Financial Statements
”) and which the Borrower is currently in the process of
investigating as disclosed to the Lenders and the Reporting Default
and (b) Section 4.02(b) of the Credit Agreement
shall be deemed to apply to the Specified Defaults. Notwithstanding
anything contained herein to the contrary, the waiver granted
hereunder shall remain in effect only during the period (the
“ Waiver Period ”) commencing on the date hereof
and expiring on the Waiver Expiration Date (it being understood and
agreed that it is an explicit condition to this Waiver that the
Reporting Default be cured by no later than the Waiver Expiration
Date and that, if the Reporting Default is not cured on or before
the Waiver Expiration Date, each Specified Default shall be deemed
to be (notwithstanding anything contained in clause (e) of
Article VII of the Credit Agreement to the contrary) an Event of
Default without the necessity of any notice or lapse of time). As
used herein, “ Waiver Expiration Date ” means
the earlier of (a) January 9, 2008, (b) the date of
delivery to the Administrative Agent or the Lenders of any modified
or restated version of a Previous Financial Statement which, in the
reasonable opinion of the Required Lenders, materially adversely
deviates from the original version thereof in a manner that
negatively impacts the creditworthiness of the Borrower and
(c) the date of occurrence of any Default or Event of Default
other than the Specified Defaults. Furthermore, the parties hereto
agree that (1) from and after the date hereof until the
earlier of the end of the Waiver Period and the date of delivery to
the Administrative Agent and the Lenders of the financial
statements and related documents which are the subject of the
Reporting Default (other than with respect to the Borrower’s
third quarter of its fiscal year ended January 31, 2008 if
such financial statements and related documents are not due at the
time such Reporting Default is otherwise cured), the Applicable
Rate shall be deemed to be based upon Category 2 in the definition
of Applicable Rate and (2) the Availability Period and the
commitments of the Lenders to make additional Loans and
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