Exhibit 10.67

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

     THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this “Amendment”), dated as of
August 9, 2000, is entered into by and among:

> >         (1)     ADOBE SYSTEMS INCORPORATED, a Delaware corporation
> > (“Borrower”);
> > 
> >         (2)     The financial institutions from time to time listed in
> > Schedule I to the Credit Agreement described below (such financial
> > institutions to be referred to herein collectively as “Lenders”); and
> > 
> >         (3)     ABN AMRO BANK N.V., as agent for Lenders (in such capacity,
> > “Administrative Agent”).

RECITALS

                    A.     Borrower, Lenders and Administrative Agent are
parties to a Credit Agreement dated as of August 11, 1999 (the “Credit
Agreement”) providing for a multi-year revolving credit facility and a 364-day
revolving credit facility convertible into term loans.

                    B.     The 364-day revolving credit facility provided under
the Credit Agreement has expired and Borrower has requested Lenders and
Administrative Agent to amend the Credit Agreement to expand the definition of
“Permitted Indebtedness” to include a new revolving credit facility convertible
into term loans being provided to Borrower by separate agreement.

                    C.     Lenders and Administrative Agent are willing so to
amend the Credit Agreement upon the terms and subject to the conditions set
forth below.

                    NOW, THEREFORE, in consideration of the above recitals and
for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, Borrower, Lenders and Administrative Agent hereby agree as
follows:

                    1.     Definitions; Interpretation. All capitalized terms
defined above and elsewhere in this Amendment shall be used herein as so
defined. Unless otherwise defined herein, all other capitalized terms used
herein shall have the respective meanings given to those terms in the Credit
Agreement, as amended by this Amendment. The rules of construction set forth in
Section I of the Credit Agreement shall, to the extent not inconsistent with the
terms of this Amendment, apply to this Amendment and are hereby incorporated by
reference.

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                    2.     Amendment to Credit Agreement. Subject to the
satisfaction of the conditions set forth in Paragraph 4 below, clause (x) of
Subparagraph 5.02(a) of the Credit Agreement is relettered clause (xi) and a new
clause (x) is added to Subparagraph 5.02(a) as follows:

> >         “(x)     Indebtedness of Borrower under a credit agreement, dated as
> > of August 9, 2000, among Borrower, the financial institutions from time to
> > time parties thereto as lenders, and ABN AMRO as administrative agent for
> > such lenders, providing for a revolving credit facility convertible into
> > term loans in a maximum aggregate principal amount not to exceed
> > $100,000,000, and any initial or successive refinancings of such
> > Indebtedness provided that (A) the principal amount of any such refinancing
> > does not exceed $100,000,000 and (B) the material terms and provisions of
> > such refinancing (including maturity, prepayment and default provisions) are
> > no less favorable to Lenders than the Indebtedness being refinanced; and”

                    3.     Representations and Warranties. Borrower hereby
represents and warrants to Administrative Agent and Lenders that the following
are true and correct on the date of this Amendment and, after giving effect to
the amendment set forth in Paragraph 2 above, the following will be true and
correct on the Effective Date (as defined below):

> >         (a)     The representations and warranties of Borrower set forth in
> > Paragraph 4.01 of the Credit Agreement and in the other Credit Documents are
> > true and correct in all material respects as if made on such date (except
> > for representations and warranties expressly made as of a specified date,
> > which are true and correct as of such date); and
> > 
> >         (b)     No Default has occurred and is continuing.

(Without limiting the scope of the term “Credit Documents,” Borrower expressly
acknowledges in making the representations and warranties set forth in this
Paragraph 3 that, on and after the Effective Date hereof, such term includes
this Amendment.)

                    4.     Effective Date. The amendment effected by Paragraph 2
above shall become effective on August 9, 2000 (the “Effective Date”), subject
to receipt by Administrative Agent on or prior to the Effective Date of the
following, each in form and substance satisfactory to Administrative and its
respective counsel:

> >         (a)     This Amendment duly executed by Borrower, Required Lenders
> > and Administrative Agent; and
> > 
> >         (b)     Such other evidence as Administrative Agent may reasonably
> > request to establish the accuracy and completeness of the representations
> > and warranties and compliance with the terms and conditions contained in
> > this Amendment and the other Credit Documents.

                    5.     Effect of this Amendment. On and after the Effective
Date, each reference in the Credit Agreement and the other Credit Documents to
the Credit Agreement shall mean the Credit

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Agreement as amended hereby. Except as specifically amended above, (a) the
Credit Agreement and the other Credit Documents shall remain in full force and
effect and are hereby ratified and affirmed and (b) 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 Lenders or Administrative
Agent, nor constitute a waiver of any provision of the Credit Agreement or any
other Credit Document.

                    6.     Miscellaneous.

> >         (a)     Counterparts. This Amendment may be executed in any number
> > of identical counterparts, any set of which signed by all the parties hereto
> > shall be deemed to constitute a complete, executed original for all
> > purposes.
> > 
> >         (b)     Headings. Headings in this Amendment are for convenience of
> > reference only and are not part of the substance hereof.
> > 
> >         (c)     Governing Law. This Amendment shall be governed by and
> > construed in accordance with the laws of the State of California without
> > reference to conflicts of law rules.

[The first signature page follows.]

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     IN WITNESS WHEREOF, Borrower, Administrative Agent and Lenders have caused
this Amendment to be executed as of the day and year first above written.

BORROWER: ADOBE SYSTEMS INCORPORATED             By: /s/ MURRAY J. DEMO

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    Name: Murray J. Demo

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Title: Sr. Vice President, CFO

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      By: /s/ JOHN E. WARNOCK

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Name: John E. Warnock

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Title: Chairman, CEO

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       ADMINISTRATIVE AGENT: ABN AMRO BANK N.V.           By:  /s/ JAMIE DILLON

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  Name: Jamie Dillon

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Title: Senior Vice President

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  By: /s/ NIA MILLER

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Name: Nia Miller

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Title: Vice President

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     LENDERS: ABN AMRO BANK N.V.     By:  /s/ JAMIE DILLON

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Name: Jamie Dillon

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Title: Senior Vice President

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  By: /s/ NIA MILLER

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Name: Nia Miller

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Title: Vice President

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BANK OF AMERICA, N.A.     By: /s/ JOUNI KORHONEN

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Name: Jouni Korhonen

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Title: Managing Director

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    BANK HAPOALIM B.M.   By: /s/ LEWROY HACKETT

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Name: Lewroy Hackett

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Title: Vice President

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    BANK OF MONTREAL     By: /s/ KANU MODI

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Name: Kanu Modi

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Title: Director

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    BANK ONE, N.A.     By: /s/ STEPHANIE A. MACK

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Name: Stephanie A. Mack

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Title: Commercial Banking Officer

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  BNP PARIBAS     By: /s/ C. BETTLES                                
                 /s/ TJALLING TERPSTRA

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Name: C. Bettles                                           Tjalling Terpstra

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Title: Sr. Vice President                             Vice President

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FIRST UNION NATIONAL BANK     By: /s/ JORGE A. GONZALEZ

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Name: Jorge A. Gonzalez

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Title: Senior Vice President

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    FLEET NATIONAL BANK     By: /s/ WILLIAM S. ROWE

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Name: Williams S. Rowe

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Title: Assistant Vice President

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    THE INDUSTRIAL BANK OF JAPAN, LIMITED       By: /s/ YOSHIHIKO SUGITA

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Name: Yoshihiko Sugita

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Title: Senior Vice President & Deputy General Manager  

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  KEYBANK NATIONAL ASSOCIATION       By: /s/ JIM PUTNAM

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Name: Jim Putnam

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Title: Vice President / Sr. Portfolio Manager

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    MELLON BANK, N.A.       By: /s/ LAWRENCE C. IVEY

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Name: Lawrence C. Ivey

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Title: Vice President

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THE NORTHERN TRUST COMPANY     By: /s/ ASHISH S. BHAGWAT

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Name: Ashish S. Bhagwat

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Title: Senior Vice President

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    THE ROYAL BANK OF SCOTLAND PLC     By: /s/ KAREN L. STEFANCIO

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Name: Karen L. Stefancio

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Title: Vice President

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    THE SUMITOMO BANK, LIMITED     By: /s/ AZAR SHAKERI

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Name: Azar Shakeri

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Title: Vice President and Manager

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    UBS AG Stamford Branch     By: /s/ ROBERT H. RILEY III

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Name: Robert H. Riley III

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Title: Executive Director

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  By: /s/ WILFRED SAINT

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Name: Wilfred Saint

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Title: Associate Director Loan Portfolio Support, US

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