EXHIBIT 10.27

AMENDMENT NO. 2 TO
MULTI-YEAR CREDIT AGREEMENT

        This Amendment No. 2 to Credit Agreement (this “Amendment”) dated as of
November 7, 2005 is made by and between ST. JUDE MEDICAL, INC., a Minnesota
corporation (the “Borrower”), each lender party hereto (collectively, the
“Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as
Administrative Agent, a Lender and L/C Issuer (in such capacity, the
“Administrative Agent”). Capitalized terms used herein and not defined herein
shall have the meanings assigned to such terms in the Credit Agreement (as
defined below).

W I T N E S S E T H:

        WHEREAS, the Borrower, the Lenders and the Administrative Agent entered
into that certain Multi-Year Credit Agreement dated as of September 11, 2003 (as
amended by Amendment No. 1 dated September 28, 2004, as hereby amended, and as
from time to time hereafter further amended, restated, supplemented or otherwise
modified, the “Credit Agreement”) by and among the Borrower, the Lenders, the
Administrative Agent, Banc of America Securities LLC, as Sole Lead Arranger and
Sole Book Manager, The Bank of Tokyo-Mitsubishi, Ltd. and ABN AMRO Bank N.V., as
Co-Syndication Agents, and Bank One, NA and Wells Fargo Bank, N.A. (formerly
known as Wells Fargo Bank, National Association), as Co-Documentation Agents;
and

        WHEREAS, the Borrower has advised the Administrative Agent and the
Lenders that it desires to amend certain provisions of the Credit Agreement and
the Lenders have agreed so to amend the Credit Agreement on the terms and
conditions set forth herein;

        NOW, THEREFORE, in consideration of the premises and further valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

        Section 1.       Amendment to Credit Agreement.

        (a)        Subject to the terms and conditions set forth herein, Section
1.01 of the Credit Agreement is hereby amended by adding the following
definition in alphabetical order:

         “Excess Margin Stock” means, as of the date any Loan is made hereunder,
that amount by which the current market value (as determined pursuant to
Regulation U of the FRB) of all Margin Stock owned by the Borrower and its
Subsidiaries exceeds 25% of the value (as determined pursuant to Regulation U of
the FRB) of all of the assets owned by the Borrower and its Subsidiaries subject
to Sections 7.01 and 7.02 of this Agreement.”

        (b)        Subject to the terms and conditions set forth herein, Section
7.01 of the Credit Agreement is hereby amended by adding the following subpart
to the end of such Section:

          “(o)        Liens on Excess Margin Stock.”

        (c)        Subject to the terms and conditions set forth herein, Section
7.02 of the Credit Agreement is hereby amended by adding the following subpart
to the end of such Section:

          “(e)        dispositions of Excess Margin Stock.”

        Section 2.       Effectiveness; Conditions Precedent.   The
effectiveness of this Amendment and the amendments to the Credit Agreement
herein provided are subject to the satisfaction of the conditions precedent:

          (a)        The Administrative Agent shall have received original
counterparts of this Amendment, duly executed by the Borrower, the Required
Lenders and the Administrative Agent; and

          (b)        All fees and expenses payable to the Administrative Agent
and the Lenders (including the fees and expenses of counsel to the
Administrative Agent) accrued to date shall have been paid in full.

 

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        Section 3.       Representations and Warranties.   In order to induce
the Administrative Agent and the Lenders to enter into this Amendment, the
Borrower represents and warrants to the Administrative Agent and the Lenders as
follows:

          (a)       The representations and warranties made by the Borrower in
Article V of the Credit Agreement are true and correct in all material respects
on and as of the date hereof, except to the extent that such representations and
warranties expressly relate to an earlier date; and

          (b)       This Amendment has been duly authorized, executed and
delivered by the Borrower and constitutes a legal, valid and binding obligation
of the Borrower, except as may be limited by general principles of equity or by
the effect of any applicable bankruptcy, insolvency, reorganization, moratorium
or similar law affecting creditors’ rights generally.

        Section 4.       Entire Agreement.   This Amendment, together with the
Credit Agreement (collectively, the “Relevant Documents”), sets forth the entire
understanding and agreement of the parties hereto in relation to the subject
matter hereof and supersedes any prior negotiations and agreements among the
parties relating to such subject matter. No promise, condition, representation
or warranty, express or implied, not set forth in the Relevant Documents shall
bind any party hereto, and no such party has relied on any such promise,
condition, representation or warranty. Each of the parties hereto acknowledges
that, except as otherwise expressly stated in the Relevant Documents, no
representations, warranties or commitments, express or implied, have been made
by any party to the other.

        Section 5.       Full Force and Effect of Credit Agreement.   Except as
hereby specifically amended, modified or supplemented, the Credit Agreement is
hereby confirmed and ratified in all respects and shall be and remain in full
force and effect according to their respective terms.

        Section 6.       Counterparts.   This Amendment may be executed in any
number of counterparts, each of which shall be deemed an original as against any
party whose signature appears thereon, and all of which shall together
constitute one and the same instrument. Delivery of an executed counterpart of a
signature page to this Amendment by facsimile transmission shall be effective as
delivery of an original counterpart of this Amendment.

        Section 7.       Governing Law.   THIS AMENDMENT SHALL IN ALL RESPECTS
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED ENTIRELY WITHIN SUCH
STATE.

        Section 8.       Enforceability.   Should any one or more of the
provisions of this Amendment be determined to be illegal or unenforceable as to
one or more of the parties hereto, all other provisions nevertheless shall
remain effective and binding on the parties hereto.

        Section 9.       References.   All references in any of the Loan
Documents to the “Credit Agreement” or in the Credit Agreement to “this
Agreement” shall mean the Credit Agreement as amended hereby.

        Section 10.       Successors and Assigns.   This Amendment shall be
binding upon and inure to the benefit of the Borrower, the Lenders and the
Administrative Agent, and their respective successors, legal representatives,
and assignees to the extent such assignees are permitted assignees as provided
in the Credit Agreement.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

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        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.

  ST. JUDE MEDICAL, INC., as Borrower       By:    /s/   ROBERT G. FRENZ

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    Name:   Robert G. Frenz
Title:     Assistant Treasurer  

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  BANK OF AMERICA, N.A., as Administrative Agent       By:    /s/   ANGELA LAU

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    Name:   Angela Lau
Title:     Assistant Vice President  

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  BANK OF AMERICA, N.A., as a Lender       By:    /s/   RICHARD C. HARDISON

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    Name:   Richard C. Hardison
Title:     Vice President  

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  WELLS FARGO BANK, N.A., as a Lender       By:    /s/   PATRICK MCCUE

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    Name:   Patrick McCue
Title:     Vice President       By:    /s/   JENNIFER BARRETT

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    Name:   Jennifer Barrett
Title:     Vice President & Loan Team Manager  

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  KEYBANK NATIONAL ASSOCIATION, as a Lender       By:    /s/   CHRISTOPHER A.
SWINDELL

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    Name:   Christopher A. Swindell
Title:     Portfolio Manager  

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  BANCA DI ROMA – CHICAGO BRANCH, as a Lender       By:    /s/   JOYCE
MONTGOMERY

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    Name:   Joyce Montgomery
Title:     Vice President       By:    /s/   ENRICO VERDOSCIA

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    Name:   Enrico Verdoscia
Title:     Senior Vice President  

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  THE BANK OF TOKYO-MITSUBISHI, LTD.,
CHICAGO BRANCH, as a Lender       By:    /s/   TSUGUYUKI UMENE

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    Name:   Tsuguyuki Umene
Title:     Deputy General Manager  

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  BNP PARIBAS, as a Lender       By:    /s/   CURT PRICE

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    Name:   Curt Price
Title:     Managing Director       By:    /s/   JO ELLEN BENDER

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    Name:   Jo Ellen Bender
Title:     Managing Director  

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  SUNTRUST BANK, as a Lender       By:    /s/   W. BROOKS HUBBARD

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    Name:   W. Brooks Hubbard
Title:     Director  

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  U.S. BANK NATIONAL ASSOCIATION, as a Lender       By:    /s/   JEFFREY S.
JOHNSON

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    Name:   Jeffrey S. Johnson
Title:     Assistant Vice President  

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  FIFTH THIRD BANK, as a Lender       By:    /s/   ANN-DREA BURNS

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    Name:   Ann-Drea Burns
Title:     Assistant Vice President  

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