Exhibit 10.48(a-1)

 

FIRST AMENDMENT TO AMENDED AND RESTATED TERM LOAN AGREEMENT

 

This FIRST AMENDMENT TO AMENDED AND RESTATED TERM LOAN AGREEMENT, dated as of
March 29, 2004 (this “Amendment”), is entered into by and among FASL LLC, a
Delaware limited liability company (the “Borrower”), GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation, as agent for itself and the lenders from
time to time signatory to the Loan Agreement (as defined below), as hereinafter
defined (the “Lenders”) (in its capacity as agent for itself and the Lenders,
together with its successors or affiliates in such capacity, the “Agent”), and
the Majority Lenders party hereto.

 

WHEREAS, the Borrower has entered into the Amended and Restated Term Loan
Agreement, dated as of July 11, 2003 (as amended, amended and restated,
supplemented, or otherwise modified from time to time, the “Loan Agreement”), by
and among the Borrower, the Lenders and the Agent.

 

WHEREAS, the Borrower seeks to amend certain provisions of the Loan Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

Section 1. Definitions; Rules of Interpretation. Capitalized terms used herein
shall have the meanings assigned to them in the Loan Agreement, unless otherwise
defined herein.

 

Section 2. Amendments. The Loan Agreement is hereby amended as follows:

 

(a) Section 1.1 of the Loan Agreement is hereby amended by deleting the
definition of “Target Cash Level” in its entirety and replacing such definition
with the following:

 

“Target Cash Level” means, for any period, the applicable cash level set forth
below for such period:

 

Period

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   Amount

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Third quarter of Fiscal Year 2003

   $ 130,000,000

Fourth quarter of Fiscal Year 2003

   $ 130,000,000

Each fiscal quarter of each Fiscal Year thereafter

   $ 60,000,000

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(b) Section 1.1 of the Loan Agreement is hereby amended by adding the following
definitions in the correct alphabetical order thereof:

 

“Net Worldwide Cash” means, at any time, Worldwide Cash at such time minus
restricted cash (determined in accordance with GAAP) (or any refinancing,
renewal or extension thereof permitted under Section 9.12) at such time.

 

“Target Worldwide Cash Level” means, $130,000,000 for each fiscal quarter of
each Fiscal Year.

 

“Worldwide Cash” means, as of any date of determination, the amount on such date
of all cash, cash equivalents and short-term investments (each determined in
accordance with GAAP) of the Borrower and its Subsidiaries on deposit or
otherwise on such date, which cash and cash equivalents are not subject to any
Liens (excluding Liens permitted under clause (h) of the definition of
“Permitted Liens”).

 

(c) The definition of “Enhanced Covenant Period” in Section 1.1 of the Loan
Agreement is hereby amended and restated as follows:

 

“Enhanced Covenant Period” means, for each fiscal quarter of each Fiscal Year,
at any time (a) Net Domestic Cash is less than the Target Cash Level or (b) Net
Worldwide Cash is less than the Target Worldwide Cash Level as clause (a) and
(b) are measured on the last day of the prior fiscal quarter.

 

(d) Section 7.2 of the Credit Agreement is hereby amended by deleting clause (l)
and inserting the following new clause (l) and clause (m):

 

(l) As soon as available, but in any event no later than forty-five (45) days
after the end of each fiscal quarter of each Fiscal Year, a report in electronic
form of (i) all Dispositions and the Net Proceeds received or estimated to be
received from each such Disposition in such fiscal quarter and for the period
from the beginning of the Fiscal Year to the end of such fiscal quarter and (ii)
if known at the time such report is submitted, how such Net Proceeds have been
or shall be reinvested or otherwise applied, with both clause (i) and (ii) in
reasonable detail and in form and substance satisfactory to the Agent.

 

(m) Such additional information as the Agent and/or any Lender may from time to
time reasonably request regarding the financial and business affairs of the
Borrower or any Restricted Subsidiary.

 

(e) Section 9.19 of the Credit Agreement is amended and restated in its entirety
as follows:

 

9.19 Adjusted Tangible Net Worth. At any time that (a) Net Domestic Cash is less
than the Target Cash Level or (b) Net Worldwide Cash is less than the Target
Worldwide Cash Level, the Borrower will maintain Adjusted Tangible Net Worth,
determined as of the last day of each fiscal quarter, of not less than
$850,000,000.

 

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(f) The first sentence of Section 9.20 of the Credit Agreement is amended and
restated in its entirety as follows:

 

9.20 EBITDA. At any time that (a) Net Domestic Cash is less than the Target Cash
Level or (b) Net Worldwide Cash is less than the Target Worldwide Cash Level,
the Borrower will maintain EBITDA as of the last day of each fiscal period set
forth below of not less than the amount set forth below opposite such fiscal
period:

 

(g) Section 9.21 of the Credit Agreement is amended and restated in its entirety
as follows:

 

Section 9.21 Fixed Charge Coverage Ratio. At any time that (a) Net Domestic Cash
is less than the Target Cash Level or (b) Net Worldwide Cash is less than the
Target Worldwide Cash Level, the Borrower shall not permit, as of the last day
of any fiscal quarter, the ratio of (a) EBITDA for the period of the last four
fiscal quarters ended on such date to (b) the sum of (i) interest expense for
such period plus (ii) scheduled amortization of Debt For Borrowed Money for such
period plus (iii) Capital Expenditures for such period, in each case, of the
Borrower and its Subsidiaries, as determined on a consolidated basis in
accordance with GAAP, to be less than (1) –0.6 to 1.00 for the third fiscal
quarter of 2003, (2) 0.2 to 1.00 for the fourth fiscal quarter of 2003, (3) 0.25
to 1.00 for the first fiscal quarter of 2004, (4) 0.4 to 1.0 for the period
ending June 2004, (5) 0.8 to 1.00 for the period ending September 2004, (6) 1.0
to 1.00 for the period ending December 2004, (7) 1.0 to 1.00 for the full fiscal
year 2005, and (8) 0.9 to 1.00 for the full fiscal year 2006.

 

Section 3. Conditions to Effectiveness. This Amendment shall become effective
upon the satisfaction of all of the following conditions precedent (the date of
satisfaction of such conditions being referred to as the “Amendment Effective
Date”):

 

(a) Delivery to the Agent of this Amendment, duly executed and delivered by the
Borrower and the Lenders constituting the Majority Lenders.

 

(b) The representations and warranties set forth in Section 4 of this Amendment
shall be true and correct as of the Amendment Effective Date.

 

(c) The representations and warranties of the Borrower as set forth in the Loan
Agreement shall be true and correct in all material respects as of the Amendment
Effective Date after giving effect to the amendments contemplated hereby (unless
stated to be given as of an earlier date, in which case such representation and
warranty shall be true and correct only as of such earlier date); and

 

(d) As of the Amendment Effective Date, no Event of Default or Default shall
have occurred and be continuing after giving effect to this Amendment.

 

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Section 4. The Borrower’s Representations and Warranties. The Borrower
represents and warrants to the Agent and each Lender a party hereto as of the
date hereof and as of the Amendment Effective Date as follows:

 

(a) The Borrower has all requisite limited liability company power and authority
to enter, execute, deliver and perform this Amendment.

 

(b) The execution and delivery of this Amendment have been duly authorized by
all necessary limited liability company action of the Borrower and has been duly
executed and delivered by the Borrower.

 

(c) As of the Amendment Effective Date, no Event of Default or Default shall
have occurred and be continuing after giving effect to this Amendment.

 

Section 5. Reference to and Effect on the Loan Agreement and the other Loan
Documents.

 

(a) The Loan Agreement and the other Loan Documents are subject to amendments
only under the express provisions of Section 2 and shall, as so modified,
continue to be in full force and effect and are hereby ratified and confirmed by
the Borrower in all respects. Each other Loan Document is and shall continue to
be in full force and effect and is hereby ratified and confirmed by the Borrower
in all respects.

 

(b) This Amendment shall be construed as one with the Loan Agreement and the
other Loan Documents, and the Loan Agreement and the other Loan Documents shall,
where the context requires, be read and construed throughout so as to
incorporate this Amendment.

 

Section 6. Execution in Counterparts; Effectiveness. This Amendment may be
executed in any number of counterparts, and by the Agent, each Lender and the
Borrower in separate counterparts, each of which shall be an original, but all
of which shall together constitute one and the same agreement; signature pages
may be detached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are physically attached to the same
document.

 

Section 7. Headings. The headings contained in this Amendment are for
convenience of reference only, are without substantive meaning and should not be
construed to modify, enlarge, or restrict any provision.

 

Section 8. Severability. The illegality or unenforceability of any provision of
this Amendment or any instrument or agreement required hereunder shall not in
any way affect or impair the legality or enforceability of the remaining
provisions of this Amendment or any instrument or agreement required hereunder.

 

Section 9. Governing Law. THIS AMENDMENT, AND ANY INSTRUMENT OR AGREEMENT
REQUIRED HEREUNDER (TO THE EXTENT NOT EXPRESSLY PROVIDED FOR THEREIN), SHALL BE
GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK

 

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APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE AND ANY APPLICABLE LAWS
OF THE UNITED STATES OF AMERICA.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective authorized officers as of the day and year first
above written.

 

FASL LLC, a Delaware limited liability company

By:

 

/s/ Steve Geiser

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Name:

 

Steve Geiser

Title:

  Vice President, Chief Financial Officer and Treasurer

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LENDERS

GENERAL ELECTRIC CAPITAL

CORPORATION,

as the Agent for the Lenders and as a Lender

By:

 

/s/ James H. Kaufman

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Name:

 

James H. Kaufman

Title:

 

Senior Risk Manager

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BANK OF AMERICA, N.A., as a Lender

By:

 

/s/ John MacNamara

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Name:

 

John MacNamara

Title:

 

Vice President

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MERRILL LYNCH CAPITAL, a Division of

Merrill Lynch Business Financial Services Inc.,

as a Lender

By:

 

/s/ Steve Coley

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Name:

 

Steve Coley

Title:

 

Group Credit Manager, VP