Amendment No. 3 to Credit Agreement
Exhibit 99.1
Amendment No. 3 to Credit Agreement
Amendment No. 3 (this “Amendment”), dated as of October 8, 2007, to and under
the Credit Agreement (the “Credit Agreement”) dated as of December 1, 2005, among AVAGO
TECHNOLOGIES FINANCE PTE. LTD., a company incorporated under the Singapore Companies Act (the
“Company” or the “Singaporean Borrower”), a wholly-owned Subsidiary of AVAGO
TECHNOLOGIES HOLDING PTE. LTD., a company incorporated under the Singapore Companies Act
(“Holdings”), a wholly-owned Subsidiary of AVAGO TECHNOLOGIES LIMITED, a company
incorporated under the Singapore Companies Act (“Parent”), AVAGO TECHNOLOGIES FINANCE
S.À.X.X., a Grand Duchy of Luxembourg limited liability company (the “Lux Borrower”), AVAGO
TECHNOLOGIES (MALAYSIA) SDN. BHD. (f/k/a Jumbo Portfolio Sdn. Bhd.) (Company No. 704181-P), a
company incorporated in Malaysia under the Companies Xxx 0000 (the “Malaysian Borrower”),
AVAGO TECHNOLOGIES WIRELESS (U.S.A.) MANUFACTURING INC., a Delaware corporation (“U.S.
Wireless”), and AVAGO TECHNOLOGIES U.S. INC., a Delaware corporation (“U.S. Opco” and
together with U.S. Wireless, collectively, the “U.S. Borrowers” and each a “U.S.
Borrower”, and together with the Singaporean Borrower, the Lux Borrower and the Malaysian
Borrower, collectively, the “Borrowers”), the lending institutions listed on the signature
pages thereto as a “Lender” or that from time to time become parties thereto by execution of an
Assignment and Acceptance (each a “Lender” and, collectively, the “Lenders”),
CITICORP INTERNATIONAL LIMITED (HONG KONG), as Asian Administrative Agent, CITICORP NORTH AMERICA,
INC., as Tranche B Term Loan Administrative Agent and as Collateral Agent, CITIGROUP GLOBAL MARKETS
INC., as Joint Lead Arranger and Joint Lead Bookrunner, XXXXXX BROTHERS INC., as Joint Lead
Arranger, Joint Lead Bookrunner and Syndication Agent, CREDIT SUISSE, as Documentation Agent,
OVERSEA-CHINESE BANKING CORPORATION LIMITED, as Singaporean Managing Agent, and THE ROYAL BANK OF
SCOTLAND, as Senior Managing Agent, as amended.
W i t n e s s e t h:
Whereas, the Borrowers have requested an amendment to the Credit Agreement and the
relevant Security Documents, among other things, to (i) increase the amount of the U.S. Dollar
Revolving Credit Facility and (ii) amend the definition of “Obligations” under the relevant
Security Documents to reflect an increase in the amount under employee credit card programs that
may be secured by the Collateral, in each case, as more fully set forth herein; and
Whereas, the Borrowers, the Lenders (other than the Additional U.S. Dollar Lenders
signatory to a Commitment Acceptance (as defined below)) signatory to a consent in the form set
forth hereto as Exhibit A (an “Acknowledgment and Consent”) and the Administrative
Agents have agreed, subject to the conditions herein provided, to amend the Credit Agreement and
each relevant Security Document on the terms and subject to the conditions herein provided; and
Whereas, (i) the Additional U.S. Dollar Lenders signatory to a Commitment Acceptance
in the form set forth hereto as Exhibit B (a “Commitment Acceptance”) have agreed,
subject to the conditions herein and therein provided, to become parties to the Credit Agreement
and have the rights and obligations of a U.S. Dollar Lender under the Credit Agreement and (ii)
each Additional U.S. Dollar Lender, subject to the conditions provided herein and in each
Commitment Acceptance delivered hereunder, shall have the Additional U.S. Dollar Revolving
Credit Commitment set forth opposite such Additional U.S. Dollar Lender’s name on Schedule
1.1(c)-A to the Credit Agreement, as amended hereby; and
Whereas, in contemplation of the pending liquidation of each of Avago Technologies
Sensor IP Pte. Ltd. (“Sensor IP”) and Avago Technologies Storage Hungary Vagyonkezelo Kft
(“Storage Hungary”), the Company (i) has elected to designate Storage Hungary as an
Unrestricted Subsidiary and (ii) wishes to acknowledge that Sensor IP is not a Guarantor under the
Credit Agreement.
Now, Therefore, in consideration of the foregoing, the mutual covenants and
obligations herein set forth and other good and valuable consideration, the adequacy and receipt of
which is hereby acknowledged, and in reliance upon the representations, warranties and covenants
herein contained, the parties hereto, intending to be legally bound, hereby agree as follows:
Section 1. Capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed to such terms in the Credit Agreement, as amended hereby.
Section 2. Amendments to the Credit Agreement. Subject to the terms and conditions
set forth herein, effective as of the Amendment Effective Date (as defined below), the Credit
Agreement is hereby amended as follows:
(a) by deleting the cover page and table of contents in their entirety and inserting in lieu
thereof a cover page and table of contents in the form attached hereto as Exhibit C.
(b) by deleting the introductory paragraph in its entirety and inserting in lieu thereof the
following:
CREDIT AGREEMENT dated as of December 1, 2005, among AVAGO TECHNOLOGIES FINANCE PTE.
LTD., a company incorporated under the Singapore Companies Act (the “Company” or
the “Singaporean Borrower”), a wholly-owned Subsidiary of AVAGO TECHNOLOGIES
HOLDING PTE. LTD., a company incorporated under the Singapore Companies Act
(“Holdings”), a wholly-owned Subsidiary of AVAGO TECHNOLOGIES LIMITED., a company
incorporated under the Singapore Companies Act (“Parent”), AVAGO TECHNOLOGIES
FINANCE S.À.X.X., a Grand Duchy of Luxembourg limited liability company (the “Lux
Borrower”), AVAGO TECHNOLOGIES (MALAYSIA) SDN. BHD. (f/k/a Jumbo Portfolio Sdn. Bhd.)
(Company No. 704181-P), a company incorporated in Malaysia under the Companies Xxx 0000
(the “Malaysian Borrower”), AVAGO TECHNOLOGIES WIRELESS (U.S.A.) MANUFACTURING
INC., a Delaware corporation (“U.S. Wireless”), and AVAGO TECHNOLOGIES U.S. INC., a
Delaware corporation (“U.S. Opco” and together with U.S. Wireless, collectively,
the “U.S. Borrowers” and each a “U.S. Borrower”, and together with the
Singaporean Borrower, the Lux Borrower and the Malaysian Borrower, collectively, the
“Borrowers”), the lending institutions that (i) are listed on the signature pages
hereto as a “Lender”, (ii) are Additional U.S. Dollar Lenders or (iii) from time to time
become parties hereto by execution of an Assignment and Acceptance (each a “Lender”
and, collectively, the “Lenders”), CITICORP INTERNATIONAL LIMITED (HONG KONG), as
Asian Administrative Agent, CITICORP NORTH AMERICA, INC., as Tranche B Term Loan
Administrative Agent and as Collateral Agent, CITIGROUP GLOBAL MARKETS INC., as Joint Lead
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Arranger and Joint Lead Bookrunner, XXXXXX BROTHERS INC., as Joint Lead Arranger,
Joint Lead Bookrunner and Syndication Agent, CREDIT SUISSE, as Documentation Agent,
OVERSEA-CHINESE BANKING CORPORATION LIMITED, as Singaporean Managing Agent, and THE ROYAL
BANK OF SCOTLAND, as Senior Managing Agent (such term and each other capitalized term used
but not defined in this introductory statement having the meaning provided in Section 1),
as amended by Amendment No. 1, dated as of December 23, 2005, by Amendment No. 2, Consent
and Waiver, dated as of April 19, 2006, and by Amendment Xx. 0, xxxxx xx xx Xxxxxxx 0, 0000
(xxx “Third Amendment Effective Date”).
(c) by deleting the fourth WHEREAS clause in its entirety and inserting in lieu thereof the
following:
WHEREAS, in connection with the foregoing, Holdings and the Company requested the
Lenders to extend credit in the form of (i) Term Loans made available to the Singapore
Borrower and the Lux Borrower, in an aggregate principal amount of $725,000,000, (ii) (A)
U.S. Dollar Revolving Credit Loans made available to the Singaporean Borrower and the U.S.
Borrowers at any time and from time to time after the Closing Date and prior to the earlier
of the Third Amendment Effective Date and the Revolving Credit Maturity Date, in an
aggregate principal amount at any time outstanding not in excess of $140,000,000 and (B)
U.S. Dollar Revolving Credit Loans made available to the Singaporean Borrower and the U.S.
Borrowers at any time and from time to time on and after the Third Amendment Effective Date
and prior to the Revolving Credit Maturity Date, in an aggregate principal amount at any
time outstanding not in excess of $265,000,000, in each case, less the aggregate Letters of
Credit Outstanding at such time, (iii) Multi-Currency Revolving Credit Loans made available
to the Singaporean Borrower and the U.S. Borrowers at any time and from time to time prior
to the Revolving Credit Maturity Date, in an aggregate principal amount at any time
outstanding not in excess of U.S. Dollar Equivalent of $90,000,000 less the aggregate
principal amount of all Multi-Currency Swingline Loans outstanding at such time, and (iv)
Malaysian Revolving Credit Loans made available to (A) the Malaysian Borrower at any time
and from time to time prior to the earlier of the Malaysian Commitment Conversion Date and
the Revolving Credit Maturity Date, in an aggregate principal amount at any time
outstanding not in excess of U.S. Dollar Equivalent of $20,000,000 less the aggregate
principal amount of all Malaysian Swingline Loans outstanding at such time, or (B) the
Singaporean Borrower and the U.S. Borrowers at any time after the Malaysian Commitment
Conversion Date and prior to the Revolving Credit Maturity Date, in an aggregate principal
amount at any time outstanding not in excess of $20,000,000. The Company has requested the
Letter of Credit Issuer to issue Letters of Credit under the U.S. Dollar Revolving Credit
Facility at any time and from time to time prior to the L/C Maturity Date, in an aggregate
face amount at any time outstanding not in excess of $40,000,000. The Company has
requested (a) the Multi-Currency Swingline Lender to extend credit to the Singaporean
Borrower and the U.S. Borrowers in the form of Multi-Currency Swingline Loans at any time
and from time to time prior to the Swingline Maturity Date, in an aggregate principal
amount at any time outstanding not in excess of U.S. Dollar Equivalent of $50,000,000 and
(b) the Malaysian Swingline Lender to extend credit to the Malaysian Borrower in the form
of Malaysian Swingline Loans at any time and from time to time prior to the earlier of the
Malaysian Commitment
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Conversion Date and the Swingline Maturity Date, in an aggregate principal amount at
any time outstanding not in excess of U.S. Dollar Equivalent of $20,000,000;
(d) by inserting the following definitions in Section 1.1 in alphabetical order (which
definitions, if applicable, shall replace in their entirety the corresponding definitions in such
section and all references thereto):
“Additional U.S. Dollar Lender” shall mean each Lender having an Additional
U.S. Dollar Revolving Credit Commitment.
“Additional U.S. Dollar Revolving Credit Commitment” shall mean, with respect
to each Additional U.S. Dollar Lender, the amount set forth opposite such Lender’s name on
Schedule 1.1(c)-A as such Lender’s “Additional U.S. Dollar Revolving Credit
Commitment”. The aggregate amount of the Additional U.S. Dollar Revolving Credit
Commitments as of the Third Amendment Effective Date is $125,000,000.
“Adjusted Total U.S. Dollar Revolving Credit Commitment” shall mean at anytime
the Total U.S. Dollar Revolving Credit Commitment less the aggregate Revolving Credit
Commitments of all Defaulting U.S. Dollar Lenders.
“Initial U.S. Dollar Lender” shall mean each Lender having an Initial U.S.
Dollar Revolving Credit Commitment.
“Initial U.S. Dollar Revolving Credit Commitment” shall mean, with respect to
each U.S. Dollar Lender that was a U.S. Dollar Lender on the Closing Date, the amount set
forth opposite such Lender’s name on Schedule 1.1(c) as such Lender’s “U.S. Dollar
Revolving Credit Commitment”. The aggregate amount of the Initial U.S. Dollar Revolving
Credit Commitments as of the Closing Date is $140,000,000.
“Third Amendment Effective Date” shall have the meaning provided in the
preamble to this Agreement.
“Total U.S. Dollar Revolving Credit Commitments” shall mean, at any time prior
to the Third Amendment Effective Date, the sum of the U.S. Dollar Revolving Credit
Commitments of all Initial U.S. Dollar Lenders and at any time on or after the Third
Amendment Effective Date, the sum of the U.S. Dollar Revolving Credit Commitments of all
U.S. Dollar Lenders.
“U.S. Dollar Lender” shall mean each Initial U.S. Dollar Lender and each
Additional U.S. Dollar Lender.
“U.S. Dollar Revolving Credit Commitment” shall mean (a) with respect to each
U.S. Dollar Lender, the amount set forth opposite such Lender’s name on Schedule
1.1(c)-B as such Lender’s “U.S. Dollar Revolving Credit Commitment” and (b) in the case
of any Lender that becomes a Lender after the date hereof, the amount specified as such
Lender’s “U.S. Dollar Revolving Credit Commitment” in the Assignment and Acceptance
pursuant to which such Lender assumed a portion of the Total U.S. Dollar Revolving Credit
Commitment, in each case, as the same may be changed from time to time pursuant to the
terms hereof. The aggregate amount of the U.S. Dollar Revolving Credit Commitments as of
the Third Amendment Effective Date is $265,000,000.
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(e) by deleting Section 2.1(b)(i) in its entirety and inserting in lieu thereof the
following:
(i) U.S. Dollar Revolving Credit Commitment. Subject to and upon the terms
and conditions herein set forth, each U.S. Dollar Lender severally agrees to make a loan or
loans to the Singaporean Borrower or each U.S. Borrower in U.S. Dollars (each a “U.S.
Dollar Revolving Credit Loan” and, collectively, the “U.S. Dollar Revolving Credit
Loans”), which U.S. Dollar Revolving Credit Loans (A) shall be made (1) by the Initial
U.S. Dollar Lenders, at any time and from time to time on and after the Closing Date and
prior to the Revolving Credit Maturity Date or (2) by the U.S. Dollar Lenders, at any time
and from time to time on and after the Third Amendment Effective Date and prior to the
Revolving Credit Maturity Date, (B) may, at the option of the Borrower thereof be incurred
and maintained as, and/or converted into, ABR Loans or LIBOR Revolving Credit Loans,
provided that all U.S. Dollar Revolving Credit Loans made by each of the U.S.
Dollar Lenders pursuant to the same U.S. Dollar Borrowing shall, unless otherwise
specifically provided herein, consist entirely of U.S. Dollar Revolving Credit Loans of the
same Type, (C) may be repaid and reborrowed in accordance with the provisions hereof, (D)
shall not, for any such U.S. Dollar Lender at any time, after giving effect thereto and to
the application of the proceeds thereof, result in such Lender’s U.S. Dollar Revolving
Credit Exposure at such time exceeding such Lender’s U.S. Dollar Revolving Credit
Commitment at such time and (E) shall not, after giving effect thereto and to the
application of the proceeds thereof, result at any time in the aggregate amount of the U.S.
Dollar Lenders’ U.S. Dollar Revolving Credit Exposures at such time exceeding the Total
U.S. Dollar Revolving Credit Commitment then in effect.
(f) by deleting Section 2.3(b)(i) in its entirety and inserting in lieu thereof the
following:
(i) U.S. Dollar Borrowings. Whenever the Singaporean Borrower or any U.S.
Borrower desires to incur U.S. Dollar Revolving Credit Loans (other than borrowings to
repay Unpaid Drawings), it shall give the Asian Administrative Agent at such Administrative
Agent’s Office, (A) prior to 12:00 Noon (Hong Kong time) at least three Business Days’
prior written notice (or telephonic notice promptly confirmed in writing) of the proposed
Borrowing of LIBOR Loans, and (B) prior to 12:00 Noon (Hong Kong time) at least two
Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) of
the proposed Borrowing of ABR Loans. Each such Notice of Borrowing, except as otherwise
expressly provided in Section 2.10, shall be irrevocable and shall specify (1) the
aggregate principal amount of the U.S. Dollar Revolving Credit Loans to be made pursuant to
such Borrowing, (2) the date of the proposed Borrowing (which shall be a Business Day), (3)
whether the respective Borrowing shall consist of ABR Loans or LIBOR Revolving Credit Loans
and, if LIBOR Revolving Credit Loans, the Interest Period to be initially applicable
thereto. Such Administrative Agent shall promptly give a written notice (or telephonic
notice promptly confirmed in writing) of each proposed U.S. Dollar Borrowing (x) if such
Borrowing is requested to be made prior to the Third Amendment Effective Date, to each
Initial U.S. Dollar Lender or (y) if such Borrowing is requested to be made on or after the
Third Amendment Effective Date, to each U.S. Dollar Lender, in each case, of such U.S.
Dollar Lender’s proportionate share thereof and of the other matters covered by the related
Notice of Borrowing.
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(g) by inserting a new Section 2.16 (Third Amendment Effective Date) immediately
following Section 2.15 (Conversion of Malaysian Revolving Credit Facility) as follows:
2.16 Third Amendment Effective Date. On the Third Amendment Effective Date
(a) each of the Initial U.S. Dollar Lenders shall assign to each Additional U.S. Dollar
Lender, and each of the Additional U.S. Dollar Lenders shall purchase from each of the
Initial U.S. Dollar Lenders, such interests in the Initial U.S. Dollar Lender’s U.S. Dollar
Revolving Credit Loans outstanding immediately prior to the Third Amendment Effective Date
in a principal amount thereof (together with accrued interest) as shall be necessary in
order that, after giving effect to all such assignments and purchases, such U.S. Dollar
Revolving Credit Loans will be held by all U.S. Dollar Lenders (including the Additional
U.S. Dollar Lenders) ratably in accordance with their U.S. Dollar Revolving Credit
Commitments as set forth on Schedule 1.1(c)-B, (b) each Additional U.S. Dollar Revolving
Credit Commitment shall be deemed for all purposes a U.S. Dollar Revolving Credit
Commitment and each Loan made thereunder shall be deemed, for all purposes, a U.S. Dollar
Revolving Credit Loan and (c) each Additional U.S. Dollar Lender shall become a Lender with
respect to its U.S. Dollar Revolving Loan Commitment and all matters relating thereto.
(h) the Schedules to the Credit Agreement are hereby amended by (i) amending the title of
Schedule 1.1(c) (Commitments of Lenders) to read “Schedule 1.1(c) (Commitments of
Lenders on the Closing Date)”, (ii) inserting a new Schedule 1.1(c)-A (Additional U.S.
Dollar Revolving Credit Commitments of Lenders) to the Credit Agreement, in the form of
Exhibit D-1 attached hereto, and a new Schedule 1.1(c)-B (U.S. Dollar Revolving Credit
Commitments of Lenders) to the Credit Agreement, in the form of Exhibit D-2 attached
hereto, directly following Schedule 1.1(c) (Commitments of Lenders), and (iii) inserting a
new Schedule 9.14(c)-A (Post-Closing Security Documents and Other Actions II) to the Credit
Agreement, in the form of Exhibit D-3 attached hereto, directly following Schedule
9.14(c) (Post-Closing Security Documents and Other Actions).
Section 3. Other Amendments. The term “Obligations” under each relevant Security
Document is to be amended such that such term shall also include the due and punctual payment and
performance of all obligations in respect of overdrafts and related liabilities owed to the
applicable Administrative Agent or its affiliates arising from or in connection with (a) treasury,
depositary, cash management services, (b) automated clearinghouse transfer of funds or (c) employee
credit card programs of up to the U.S. Dollar Equivalent of $25,000,000.
Section 4. Consent to Amendments. The Administrative Agents and each Lender
(including each Additional U.S. Dollar Lender) signatory to an Acknowledgment and Consent or, in
the case of Additional U.S. Dollar Lenders, a Commitment Acceptance, hereby consent to each of the
amendments or other supplements to the Security Documents listed on Exhibit E attached
hereto, each in form and substance satisfactory to the Administrative Agents.
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Section 5. Unrestricted Subsidiary Designation. The Company (a) hereby gives written
notice to the Administrative Agents, pursuant to the definition of “Unrestricted Subsidiary” in
Section 1.1 of the Credit Agreement, that Storage Hungary is hereby designated as an
Unrestricted Subsidiary and (b) hereby represents and warrants that all requirements for such
designation pursuant to the definition of “Unrestricted Subsidiary” have been met.
Section 6. Sensor IP Acknowledgement. The Company hereby acknowledges that Sensor IP
is not deemed to be a Guarantor under the Credit Agreement or any other Credit Document.
Section 7. Conditions Precedent to Effectiveness of this Amendment. This Amendment
shall become effective as of the first date (the “Amendment Effective Date”) on which each
of the following conditions precedent shall have been satisfied or duly waived:
(a) Certain Documents. The Administrative Agents shall have received each of the
following, each in form and substance reasonably satisfactory to the Administrative Agents:
(i) this Amendment, duly executed by each of the Credit Parties and each of the Administrative
Agents;
(ii) an Acknowledgment and Consent, duly executed by each of the Lenders that, when combined,
constitute the Requisite Lenders;
(iii) a Commitment Acceptance, duly executed by each of the Additional U.S. Dollar Lenders
that is not already a party to the Credit Agreement;
(iv) a certificate of the secretary, assistant secretary or other officer of each Credit Party
in charge of maintaining books and records of such Credit Party certifying as to the resolutions of
such Credit Party’s board of directors or other appropriate governing body approving and
authorizing the execution, delivery and performance of this Amendment and each document executed
and delivered in connection therewith;
(v) executed legal opinions of counsels to the Credit Parties, addressed to the Administrative
Agents and the Lenders (including the Additional U.S. Dollar Lenders) in form and substance and
from counsels reasonably satisfactory to the Administrative Agents; and
(vi) without limiting any other clause of this Section 7, such additional documentation as set
forth on the Closing Checklist in the form of Exhibit F attached hereto.
(b) Delivery of Amendments. The Administrative Agents shall have received amendments,
including, without limitation, delivery of any additional Collateral pursuant thereto, to the
Security Documents as contemplated by this Amendment, duly executed and delivered by the Collateral
Agent, the applicable Credit Parties and any other party thereto, if any.
(c) Other Conditions Precedent. As of the Amendment Effective Date, both before and
after giving effect to this Amendment and the Additional U.S. Dollar Revolving Credit Commitments,
(i) the conditions precedent set forth in Sections 7.1 and 7.2 of the Credit Agreement
shall have been satisfied and (ii) the Company shall be in compliance with the covenants set forth
in Section 10.9 of the Credit Agreement as of the most recently ended Test Period.
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(d) Payment of Fees, Costs and Expenses. The Administrative Agents shall have
received payment of all fees, out-of-pocket costs and expenses, including, without limitation, all
fees, out-of-pocket costs and expenses of the Administrative Agents (including, without limitation,
the reasonable fees and out-of-pocket expenses of counsel (including local counsel) for the Lenders
and the Agents) in connection with this Amendment, the Credit Agreement and each other Loan
Document, including as required by Section 11 hereof.
(e) Representations and Warranties. Each of the representations and warranties
contained in Section 8 below shall be true and correct in all material respects.
(f) No Default or Event of Default. After giving effect to this Amendment, no Default
or Event of Default, shall have occurred and be continuing.
Section 8. Representations and Warranties. Each Credit Party hereby represents and
warrants to the Administrative Agents and each Lender as follows:
(a) After giving effect to this Amendment, each of the representations and warranties made by
such Credit Party in the Credit Agreement or in any other Credit Document to which such Credit
Party is a party is true and correct in all material respects on and as of the date hereof as
though made on and as of such date, except to the extent that any such representation or warranty
expressly relates to an earlier date and except for changes therein expressly permitted by the
Credit Agreement or such other Credit Document.
(b) The execution, delivery and performance by such Credit Party of this Amendment and all
other agreements and documents to which such Credit Party is a party in connection herewith have
been duly authorized by all requisite corporate, limited liability company or limited partnership
action on the part of such Credit Party and will not violate any of the articles of incorporation
or bylaws (or other constituent documents) of such Credit Party.
(c) This Amendment and all other agreements and documents executed and delivered by such
Credit Party in connection herewith has been duly executed and delivered by such Credit Party, and
each of this Amendment, the Credit Agreement, the Security Documents or any other Loan Document to
which such Credit Party is a party, in each case, as amended hereby or pursuant to the specific
amendment with respect thereto, constitutes the legal, valid and binding obligation of such Credit
Party, enforceable against such Credit Party in accordance with its terms, except as the same may
be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
the rights of creditors generally and by general principles of equity.
(d) After giving effect to this Amendment, no Default or Event of Default has occurred and is
continuing as of the date hereof.
Section 9. Continuing Effect; Liens and Guarantees.
(a) Except as expressly set forth in this Amendment, all of the terms and provisions of the
Credit Agreement and any other Credit Document are and shall remain in full force and effect and
each of the Borrowers shall continue to be bound by all of such terms and provisions. The
Amendment provided for herein is limited to the specific provisions of the Credit Agreement and the
Security Documents specified herein and shall not constitute an amendment of, or an indication of
any Agent’s, any Lender’s or the Letter of Credit Issuer’s willingness to amend or
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waive, any other provisions of the Credit Agreement or any other Credit Document or the same
sections of any of them for any other date or purpose.
(b) Each of the Borrowers and the Guarantors hereby consents to this Amendment, including all
increases in commitments and extensions of additional credit pursuant thereto and the execution,
delivery and performance of the other Credit Documents, including the amendments to the Security
Documents as contemplated hereby, to be executed in connection therewith. Each of the Credit
Parties hereby acknowledges and agrees that all of its obligations, including all Liens and
Guarantees granted to the Secured Parties under the applicable Credit Documents, are reaffirmed and
that such Liens and Guarantees shall continue in full force and effect on and after the Amendment
Effective Date to secure and support the Obligations of the Borrowers and the Guarantors.
Section 10. Assignment of Outstanding Revolving Loans.
(a) On the Amendment Effective Date, subject to the satisfaction of the foregoing terms and
conditions and obtaining any required approval from any Governmental Authority, (i) each of the
Initial U.S. Dollar Lenders shall assign to each Additional U.S. Dollar Lender, and each of the
Additional U.S. Dollar Lenders shall purchase from each of the Initial U.S. Dollar Lenders, such
interests (the “Assigned Interests”) in the Initial U.S. Dollar Lender’s U.S. Dollar
Revolving Credit Loans outstanding immediately prior to the Amendment Effective Date in a principal
amount thereof (together with accrued interest) as shall be necessary in order that, after giving
effect to all such assignments and purchases, such U.S. Dollar Revolving Credit Loans will be held
by all U.S. Dollar Lenders ratably in accordance with their U.S. Dollar Revolving Credit
Commitments as set forth on Schedule 1.1(c)-B, (ii) each Additional U.S. Dollar Revolving Credit
Commitment shall be deemed for all purposes a U.S. Dollar Revolving Credit Commitment and each Loan
made thereunder shall be deemed, for all purposes, a U.S. Dollar Revolving Credit Loan and (iii)
each Additional U.S. Dollar Lender shall become a Lender with respect to its Additional U.S. Dollar
Revolving Loan Commitment and all matters relating thereto.
(b) Each Initial U.S. Dollar Lender shall, by virtue of such assignment, be deemed to
represent and warrant to each Additional U.S. Dollar Lender that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien,
encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver, or cause to be executed and delivered on its behalf, this
Amendment and to consummate the transactions contemplated hereby.
Section 11. Fees, Costs and Expenses. As provided in Section 13.5 of the
Credit Agreement, the Company agrees to reimburse the Agents for all reasonable fees, out-of-pocket
costs and expenses, including the reasonable fees, out-of-pocket costs and expenses of counsel or
other advisors for advice, assistance or other representation in connection with this Amendment.
Section 12. Reference to and Effect on the Credit Documents.
(a) As of the Amendment Effective Date, each reference in the Credit Agreement and the other
Credit Documents to “this Agreement,” “hereunder,” “hereof,”
“herein,” or words of like import, and each reference in the other Credit Documents to the
Credit Agreement (including, without limitation, by means of words like “thereunder,”
“thereof” and words of like import), shall mean and be a reference to the Credit Agreement
as amended hereby, and this
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Amendment and the Credit Agreement shall be read together and construed as a single
instrument. Each of the table of contents and lists of Exhibits and Schedules of the Credit
Agreement shall be amended to reflect the changes made in this Amendment.
(b) Except as expressly amended hereby, all of the terms and provisions of the Credit
Agreement and all other Credit Documents are and shall remain in full force and effect and are
hereby ratified and confirmed.
(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of any Agent, any Lender or the
Letter of Credit Issuer under the Credit Agreement or any Credit Document, or constitute a waiver
or amendment of any other provision of the Credit Agreement or any Credit Document except as and to
the extent expressly set forth herein.
(d) Each Credit Party hereby confirms that the guarantees, security interests and liens
granted pursuant to the Credit Documents continue to guarantee and secure the Obligations as set
forth in the Credit Documents and that such guarantees, security interests and liens remain in full
force and effect.
Section 13. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and
the same agreement. Receipt by the Administrative Agents of a facsimile copy of an executed
signature page hereof shall constitute receipt by the Administrative Agents of an executed
counterpart of this Amendment.
Section 14. Governing Law. This Amendment and the rights and obligations of the
parties hereto shall be governed by, and construed and interpreted in accordance with, the law of
the State of New York.
Section 15. Headings. Section headings contained in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this Amendment for any
other purposes.
Section 16. Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES TRIAL
BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AMENDMENT OR ANY OTHER CREDIT DOCUMENT.
Section 17. Malaysian Stamp Duty Declaration. For the purposes of Section 4(3) and
Item 27 of the First Schedule (the “First Schedule”) to the Xxxxx Xxx 0000 of Malaysia, the
Credit Agreement shall be deemed to be a principal instrument and security to secure the payment of
(a) a foreign currency loan denominated in U.S. Dollars, and for which stamp duty of RM500 has been
paid pursuant to Item 27(a)(ii) of the First Schedule and (b) a Ringgit loan in the aggregate
principal amount of RM76,360,000/-, and for which ad valorem stamp duty has been paid in accordance
with Item 27(a)(iii) of the First Schedule, and this Amendment is deemed to be a secondary
instrument.
- 10 -
In Witness Whereof, the parties hereto have caused this Amendment No. 3 to be
executed by their respective officers and members thereunto duly authorized, on the date indicated
below.
AVAGO TECHNOLOGIES FINANCE PTE. LTD. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Senior Vice President, Finance and Chief Financial Officer |
|||
AVAGO TECHNOLOGIES HOLDING PTE. LTD. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Senior Vice President, Finance, and Chief Financial Officer |
|||
AVAGO TECHNOLOGIES FINANCE S.À.X.X. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Manager | |||
AVAGO TECHNOLOGIES WIRELESS (U.S.A.) MANUFACTURING INC. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | President and Secretary | |||
AVAGO TECHNOLOGIES U.S. INC. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Senior Vice President, Finance, Chief Financial Officer & Secretary |
|||
AVAGO TECHNOLOGIES (MALAYSIA) SDN. BHD. (f/k/a Jumbo Portfolio Sdn. Bhd.) |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
[Signature Page to Avago Amendment No. 3]
AVAGO TECHNOLOGIES GENERAL IP (SINGAPORE) PTE. LTD. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES ECBU IP (SINGAPORE) PTE. LTD. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES MANUFACTURING
(SINGAPORE) PTE. LTD. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES INTERNATIONAL SALES PTE. LIMITED |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES WIRELESS IP (SINGAPORE) PTE. LTD. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES ENTERPRISE IP (SINGAPORE) PTE. LTD. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
[Signature Page to Avago Amendment No. 3]
AVAGO TECHNOLOGIES FIBER IP (SINGAPORE) PTE. LTD. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES WIRELESS (U.S.A.) INC. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | President and Secretary | |||
AVAGO TECHNOLOGIES U.S. R&D INC. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES WIRELESS HOLDING (LABUAN) CORPORATION |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES IMAGING HOLDING (LABUAN) CORPORATION |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES FIBER HOLDING (LABUAN) CORPORATION |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES ENTERPRISE HOLDING (LABUAN) CORPORATION |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
[Signature Page to Avago Amendment No. 3]
AVAGO TECHNOLOGIES STORAGE HOLDING (LABUAN) CORPORATION |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES HOLDINGS B.V. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES WIRELESS HOLDINGS B.V. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES MEXICO, S. DE X.X. DE C.V. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES U.K. LIMITED |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES CANADA CORPORATION |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES GMBH |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
[Signature Page to Avago Amendment No. 3]
AVAGO TECHNOLOGIES JAPAN, LTD. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES ITALY S.R.L. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | Director | |||
AVAGO TECHNOLOGIES SENSOR (U.S.A.) INC. |
||||
By: | /s/ Xxxxxxxx Xxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxx | |||
Title: | President and Secretary | |||
AVAGO TECHNOLOGIES FIBER GMBH (F/K/A EINHUNDERTSECHSUNDNEUNZIGSTE VERWALTUNGSGESELLSCHAFT DAMMTOR MBH) |
||||
By: | /s/ Xxxxxxxxx Xxxx | |||
Name: | Xxxxxxxxx Xxxx | |||
Title: | Managing Director | |||
[Signature Page to Avago Amendment No. 3]
CITICORP NORTH AMERICA, INC., as Tranche B Term Loan Administrative Agent, Collateral Agent, and Lender |
||||
By: | /s/ X. X. Xxxxx | |||
Name: | X. X. Xxxxx | |||
Title: | Vice President | |||
CITICORP INTERNATIONAL LIMITED (HONG KONG), as Asian Administrative Agent |
||||
By: | /s/ Xxxxx Xxx | |||
Name: | Xxxxx Xxx | |||
Title: | Vice President | |||
CITIBANK N.A., SINGAPORE BRANCH, as Lender and Letter of Credit Issuer |
||||
By: | /s/ Xxxxx Wirdnam | |||
Name: | Xxxxx Wirdnam | |||
Title: | Managing Director | |||
CITIBANK BERHAD, as Lender |
||||
By: | /s/ Xxxxx Xxxx | |||
Name: | Xxxxx Xxxx | |||
Title: | Director
Corporate Banking Head Penang |
|||
[Signature Page to Avago Amendment No. 3]