AMENDMENT NO. 1
Exhibit 10.24
AMENDMENT XX. 0
XXXXXXXXX XX. 0 dated as of December 22, 2008 to the Credit Agreement referred to below,
between Teleflex Incorporated (the “Borrower”), each of the Guarantors identified under the
caption “GUARANTORS” on the signature pages hereto, each of the Lenders identified under the
caption “LENDERS” on the signature pages hereto and JPMorgan Chase Bank, N.A. (“JPMCB”), as
administrative agent for the Lenders (in such capacity, the “Administrative Agent”).
The Borrower, the Lenders party thereto (individually, a “Lender” and, collectively,
the “Lenders”), the Guarantors party thereto, JPMorgan Chase Bank, N.A., as collateral
agent for the Lenders, and the Administrative Agent are parties to a Credit Agreement dated as of
October 1, 2007 (as amended and in effect immediately prior to giving effect to this Amendment No.
1, the “Credit Agreement”). The Borrower and the Lenders wish to amend the Credit
Agreement in certain respects, and accordingly, the parties hereto hereby agree as follows:
Section 1. Definitions. Capitalized terms used in this Amendment No. 1 and not
otherwise defined are used herein as defined in the Credit Agreement.
Section 2. Amendments. Effective as provided in Section 4 hereof, the Credit
Agreement shall be amended as follows:
2.01. References in the Credit Agreement (including references to the Credit Agreement as
amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”,
“herein” and “hereof”) shall be deemed to be references to the Credit Agreement as amended hereby.
2.02. Section 3.10 of the Credit Agreement is hereby amended in its entirety to read as
follows:
“SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected
to occur that, when taken together with all other such ERISA Events for which liability is
reasonably expected to occur, could reasonably be expected to have a Material Adverse
Effect. The present value of all accumulated benefit obligations under each Plan (based on
the assumptions used for purposes of preparing the Borrower’s audited financial statements)
did not, as of the date of the most recent financial statements reflecting such amounts,
exceed the fair market value of the assets of such Plan by more than an amount which, if
incurred immediately, could reasonably be expected to result in a Material Adverse Effect,
and the present value of all accumulated benefit obligations of all underfunded Plans (based
on the assumptions used for purposes of preparing the Borrower’s audited financial
statements) did not, as of the date of the most recent financial statements reflecting such
amounts, exceed the fair market value of the assets of all such
underfunded Plans by more than an amount which, if incurred immediately, could
reasonably be expected to result in a Material Adverse Effect.”
- 2 -
Section 3. Representations and Warranties. The Borrower represents and warrants to
the Administrative Agent and the Lenders that (a) the representations and warranties of the
Borrower set forth in the Credit Agreement, as amended hereby, and of each Loan Party in each of
the other Loan Documents to which it is a party, are true and correct in all material respects on
and as of the date hereof (or, if any such representation or warranty is expressly stated to have
been made as of a specific date, as of such specific date) and (b) no Default shall occur and be
continuing under the Credit Agreement, as amended hereby.
Section 4. Conditions Precedent to Effectiveness. The amendments set forth in
Section 2 hereof shall become effective, as of the date hereof, upon (a) receipt by the
Administrative Agent of one or more counterparts of this Amendment No. 1 executed by each Loan
Party and the Required Lenders and (b) the payment of an amendment fee to the Administrative Agent
for the account of each Lender that has approved this Amendment No. 1 at or prior to 5:00 p.m., New
York City time, on December 22, 2008, such amendment fee to be in an amount equal to 0.05% of the
sum of (i) the Revolving Credit Commitment of such Lender and (ii) the outstanding principal amount
of any Term Loan held by such Lender (if any).
Section 5. Confirmation of Security Documents. The Borrower hereby confirms and
ratifies all of its obligations under the Security Documents to which it is a party. By its
execution on the respective signature lines provided below, each of the Guarantors hereby confirms
and ratifies all of its obligations (including, without limitation, the obligations as guarantor
under Article X of the Credit Agreement, as amended hereby) and the Liens granted by it under the
Loan Documents to which it is a party, represents and warrants that the representations and
warranties set forth in such Loan Documents are complete and correct in all material respects on
the date hereof as if made on and as of such date and confirms that all references in such Loan
Documents to the “Credit Agreement” (or words of similar import) refer to the Credit Agreement as
amended hereby without impairing any such obligations or Liens in any respect.
Section 6. Miscellaneous. Except as herein provided, the Credit Agreement shall
remain unchanged and in full force and effect. This Amendment No. 1 may be executed in any number
of counterparts, all of which taken together shall constitute one and the same agreement and any of
the parties hereto may execute this Amendment No. 1 by signing any such counterpart. This
Amendment No. 1 shall be governed by, and construed in accordance with, the law of the State of New
York.
[remainder of page intentionally left blank]
- 3 -
IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed
and delivered as of the day and year first above written.
TELEFLEX INCORPORATED | ||||
By: | /s/ C. Xxxxxxx Xxxxxx | |||
Name: | C. Xxxxxxx Xxxxxx | |||
Title: | Treasurer |
- 4 -
GUARANTORS ARROW INTERNATIONAL INC. ARROW INTERNATIONAL INVESTMENT CORP. ARROW INTERVENTIONAL INC. SIERRA INTERNATIONAL INC. SOUTHERN WIRE, LLC SOUTHWEST WIRE ROPE, LP By Southwest Wire Rope GP LLC, its general partner SPECIALIZED MEDICAL DEVICES, LLC SSI SURGICAL SERVICES, INC. TECHNOLOGY HOLDING COMPANY TELAIR INTERNATIONAL INCORPORATED TELEFLEX MEDICAL INCORPORATED TFX EQUITIES INCORPORATED TFX INTERNATIONAL CORPORATION TFX MARINE INCORPORATED TFX NORTH AMERICA INC. THE XXXXXX MEDICAL DISTRIBUTION CORPORATION |
||||
By: | /s/ C. Xxxxxxx Xxxxxx | |||
Name: | C. Xxxxxxx Xxxxxx | |||
Title: (1) Vice President and Treasurer (other than
for Technology Holding Company, TFX Equities
Incorporated, TFX International Corporation and TFX
North America Inc.) (2) President and Treasurer (in the case of TFX North America Inc.) (3) Vice President (in the case of TFX Equities Incorporated) (4) President (in the case of Technology Holding Company and TFX International Corporation) |
- 5 -
LENDERS JPMORGAN CHASE BANK, N.A., individually and as Administrative Agent |
||||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||
Name: | Xxxxxxx X. Xxxxxxx | |||
Title: | Vice President | |||
BANK OF AMERICA, N.A., as a Lender |
||||
By: | /s/ Xxxx X. Xxxxx | |||
Name: | Xxxx X. Xxxxx | |||
Title: | Vice President | |||
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH |
||||
By: | /s/ Xxxxxx Xxxxxxx | |||
Name: | Xxxxxx Xxxxxxx | |||
Title: | Authorized Signatory | |||
THE BANK OF NOVA SCOTIA |
||||
By: | /s/ Xxxxx Xxxxx | |||
Name: | Xxxxx Xxxxx | |||
Title: | Director | |||
MIZUHO CORPORATE BANK, LTD. |
||||
By: | /s/ Tour Inoue | |||
Name: | Xxxx Xxxxx | |||
Title: | Deputy General Manager | |||
CITIZENS BANK |
||||
By: | /s/ illegible | |||
Name: | [illegible] | |||
Title: | Senior Vice President | |||
THE GOVERNOR AND COMPANY OF THE |
- 6 -
BANK OF IRELAND |
||||
By: | /s/ Xxxxxx Xxxxx | |||
Name: | Xxxxxx Xxxxx | |||
Title: | Authorized Signatory | |||
By: | /s/ Xxxxxxx Xxxxxxxx | |||
Name: | Xxxxxxx Xxxxxxxx | |||
Title: | Authorized Signatory | |||
CALYON NEW YORK BRANCH |
||||
By: | /s/ Xxxxxx Xxxxxxxx | |||
Name: | Xxxxxx Xxxxxxxx | |||
Title: | Director | |||
By: | /s/ Yuri Muzichenko | |||
Name: | Yuri Muzichenko | |||
Title: | Director | |||
SUMITOMO MITSUI BANKING CORPORATION |
||||
By: | /s/ Xxxxx X. Xxxx | |||
Name: | Xxxxx X. Xxxx | |||
Title: | Senior Vice President | |||
DNB NOR BANK ASA |
||||
By: | /s/ Xxxxxx X. Xxxxxxxxxx | |||
Name: | Xxxxxx X. Xxxxxxxxxx | |||
Title: | Senior Vice President | |||
By: | /s/ Xxxxxxx Xxxxx | |||
Name: | Xxxxxxx Xxxxx | |||
Title: | Vice President | |||
SUN TRUST BANK |
||||
By: | /s/ Xxxx X. Xxxxxx | |||
Name: | Xxxx X. Xxxxxx | |||
Title: | Managing Director | |||
HSBC BANK USA, NATIONAL ASSOCIATION |
||||
- 7 -
By: | /s/ Xxxxxxx Xxxxxxx | |||
Name: | Xxxxxxx Xxxxxxx | |||
Title: | Vice President | |||
BMO CAPITAL MARKETS FINANCING, INC. |
||||
By: | /s/ Xxx Xxxxxxxx | |||
Name: | Xxx Xxxxxxxx | |||
Title: | Director | |||
BAYERISCHE LANDESBANK, NEW YORK BRANCH |
||||
By: | /s/ Xxxxxx Xxxxxxxx | |||
Name: | Xxxxxx Xxxxxxxx | |||
Title: | Senior Vice President | |||
By: | /s/ Xxxx Xxxxxxxx | |||
Name: | Xxxx Xxxxxxxx | |||
Title: | Second Vice President | |||
COMERICA BANK |
||||
By: | /s/ Xxxxx Xxxxxxxx | |||
Name: | Xxxxx Xxxxxxxx | |||
Title: | Assistant Vice President | |||
INTESA SANPAOLO S.P.A. |
||||
By: | /s/ Xxxx Xxxxxx | |||
Name: | Xxxx Xxxxxx | |||
Title: | Vice President | |||
By: | /s/ Francesco Di Mario | |||
Name: | Francesco Di Mario | |||
Title: | FVP, Credit Manager |
- 0 -
XXXXXXXXXX XXXX-XXX XXXXXXXXXXX XX, XXX XXXX BRANCH |
||||
By: | /s/ Xxxxxx Xxxx | |||
Name: | Xxxxxx Xxxx | |||
Title: | Director | |||
By: | /s/ Xxx Xxxxxxxx | |||
Name: | Xxx Xxxxxxxx | |||
Title: | Director | |||
KBC BANK, N.V. |
||||
By: | /s/ Xxxxxx Xxxxxxxx | |||
Name: | Xxxxxx Xxxxxxxx | |||
Title: | Managing Director | |||
By: | /s/ Xxxxxx X. Xxxxxxx | |||
Name: | Xxxxxx X. Xxxxxxx | |||
Title: | First Vice President | |||
KEYBANK NATIONAL ASSOCIATION |
||||
By: | /s/ Xxxxx X. Xxx | |||
Name: | Xxxxx X. Xxx | |||
Title: | Assistant Vice President | |||
LANDESBANK BADEN-WUERTTEMBERG NEW YORK AND/OR CAYMAN ISLANDS BRANCH |
||||
By: | /s/ Xxxxxxxx Xxxxxxxx | |||
Name: | Xxxxxxxx Xxxxxxxx | |||
Title: | Vice President | |||
By: | /s/ Xxxx Xxxxxx | |||
Name: | Xxxx Xxxxxx | |||
Title: | Assistant Vice President | |||
MALAYAN BANKING BERHAD, NEW YORK BRANCH |
||||
By: | /s/ Fauzi Zulkifli | |||
Name: | Fauzi Zulkifli | |||
Title: | General Manager |
- 9 -
NATIONAL CITY BANK |
||||
By: | /s/ Xxxxx X. Xxxxxxx | |||
Name: | Xxxxx X. Xxxxxxx | |||
Title: | Senior Vice President | |||
PNC BANK, N.A. |
||||
By: | /s/ Xxxxx Xxxxx | |||
Name: | Xxxxx Xxxxx | |||
Title: | Vice President | |||
ROYAL BANK OF CANADA |
||||
By: | /s/ Xxxxxx Xxxxxx | |||
Name: | Xxxxxx Xxxxxx | |||
Title: | Attorney-in-Fact | |||
SOCIETE GENERALE |
||||
By: | /s/ Xxxx-Xxxxx Xxxxxxxxx | |||
Name: | Xxxx-Xxxxx Xxxxxxxxx | |||
Title: | Director | |||
WACHOVIA BANK, NATIONAL ASSOCIATION |
||||
By: | /s/ Xxxxxxxx X. Xxxxx | |||
Name: | Xxxxxxxx X. Xxxxx | |||
Title: | Managing Director | |||
ALLIED IRISH BANKS, P.L.C. |
||||
By: | /s/ Xxxxx Xxxxxxxx | |||
Name: | Xxxxx Xxxxxxxx | |||
Title: | Senior Relationship Partner | |||
By: | /s/ Xxxxx Xxxxxx | |||
Name: | Xxxxx Xxxxxx | |||
Title: | Relationship Manager |
- 10 -
TD BANK, N.A. AS SUCCESSOR TO COMMERCE BANK, N.A. |
||||
By: | /s/ Xxxxxx X. Xxxxxx | |||
Name: | Xxxxxx X. Xxxxxx | |||
Title: | Vice President | |||
HARLEYSVILLE NATIONAL BANK |
||||
By: | /s/ illegible | |||
Name: | [illegible] | |||
Title: | Vice President | |||
THE NORTHERN TRUST COMPANY |
||||
By: | /s/ Xxxxxxx Xxxxxxxx | |||
Name: | Xxxxxxx Xxxxxxxx | |||
Title: | Division Manager | |||
XXXXX BROTHERS XXXXXXXX & CO. |
||||
By: | /s/ Xxxx X. Xxxx, Xx. | |||
Name: | Xxxx X. Xxxx, Xx. | |||
Title: | Senior Vice President | |||
XXXXX XXX COMMERCIAL BANK, LTD. NEW YORK BRANCH |
||||
By: | /s/ Xxx X.X. Xxxx | |||
Name: | Xxx X.X. Xxxx | |||
Title: | Vice President & General Manager | |||
MEGA INTERNATIONAL COMMERCIAL BANK, NEW YORK BRANCH |
||||
By: | /s/ Xxxxx Xxx | |||
Name: | Xxxxx Xxx | |||
Title: | VP & Deputy General Manager | |||
TAIPEI FUBON COMMERCIAL BANK, NEW YORK AGENCY |
||||
By: | /s/ Xxxxxxx Xxx | |||
Name: | Xxxxxxx Xxx | |||
Title: | VP & General Manager |
- 11 -
XXX XXX COMMERCIAL BANK, LTD. LOS ANGELES BRANCH |
||||
By: | /s/ Xxxxxx X.X. Xxx | |||
Name: | Xxxxxx X.X. Xxx | |||
Title: | VP & General Manager | |||
XXX XXX COMMERCIAL BANK, LTD. NEW YORK AGENCY |
||||
By: | /s/ Xxxxx Xxxxx | |||
Name: | Xxxxx Xxxxx | |||
Title: | Assistant Vice President | |||
STATE BANK OF INDIA |
||||
By: | /s/ Xxxxxxx Xxxxxx | |||
Name: | Xxxxxxx Xxxxxx | |||
Title: | Vice President & Head (Credit) | |||
KEYSTONE NAZARETH BANK AND TRUST, A DIVISION OF NATIONAL PENN BANK |
||||
By: | /s/ Xxxxx X. Xxxxx | |||
Name: | Xxxxx X. Xxxxx | |||
Title: | Vice President | |||