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Exhibit 10.37

        AMENDMENT NO. 1, dated as of October 21, 2002 (this "Amendment"), to the
364-DAY AMENDED AND RESTATED CREDIT AGREEMENT dated as of March 28, 2002 (as
amended, the "Credit Agreement") among EDWARDS LIFESCIENCES CORPORATION, a
Delaware corporation (the "Company"); the LENDERS from time to time party
thereto, JPMORGAN CHASE BANK, as Administrative Agent; CREDIT SUISSE FIRST
BOSTON, CAYMAN ISLANDS BRANCH AND WACHOVIA BANK, N.A., as Co-Syndication Agents
and THE BANK OF NOVA SCOTIA AND BANK OF AMERICA, N.A., as Co-Documentation
Agents.

        A.    Pursuant to the Credit Agreement, the Lenders have extended, and
have agreed to extend, credit to the Borrowers.

        B.    The Borrowers have requested that the Lenders agree to amend the
Credit Agreement as provided herein. The Lenders are willing to amend the Credit
Agreement pursuant to the terms and subject to the conditions set forth herein.

        C.    Capitalized terms used but not defined herein shall have the
meanings assigned to them in the Credit Agreement.

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

        SECTION 1.    Amendment to Credit Agreement.    Section 1.01 of the
Credit Agreement is hereby amended by amending and restating in its entirety the
definition of "Specified Charges", as set forth below:

        "Specified Charges' means the sum of (i) costs related to the Spin-Off
and related restructuring charges not to exceed $100,000,000 (and the cash
amount of which does not exceed $50,000,000), to the extent such costs and/or
charges shall have been accrued prior to December 31, 2000, (ii) restructuring
charges and costs not to exceed $340,000,000 (and the cash amount of which does
not exceed $20,000,000) to the extent such costs and/or charges shall have been
accrued prior to December 31, 2001, (iii) transaction costs not to exceed
$3,300,000 related to the Company's acquisition of its cardiovascular business
in Japan (previously operated as a joint venture with Baxter
International Inc.), to the extent such costs shall have been accrued prior to
December 31, 2002, and (iv) non-cash charges not to exceed $73,600,000 related
to the Company's write-down of its equity investment in World Heart Corporation,
to the extent such charges shall have been accrued prior to December 31, 2002.

        SECTION 2.    Representations and Warranties.    To induce the other
parties hereto to enter into this Amendment, the Company represents and warrants
to the Administrative Agent and each of the Lenders that, after giving effect to
this Amendment, (i) the representations and warranties set forth in Article III
of the Credit Agreement are true and correct in all material respects on and as
of the date hereof, except to the extent such representations and warranties
expressly relate to an earlier date, and (ii) no Default or Event of Default has
occurred and is continuing.

        SECTION 3.    Effectiveness.    This Amendment shall become effective as
of September 30, 2002 (the "Amendment Effective Date") as it pertains to each
provision of the Credit Agreement upon the satisfaction of the following
conditions:

        (i)    the Administrative Agent shall have received counterparts of this
Amendment that, when taken together, bear the signatures of the Company and the
Lenders required to amend such provision; and

        (ii)  the Company shall have paid an amendment fee to each Lender that
has delivered an executed counterpart of this Amendment to the Administrative
Agent by the date hereof, equal to

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.025% of the aggregate amount of such Lender's Revolving Exposures and
unutilized Commitments (such payment to be made by wire transfer of immediately
available funds to the Administrative Agent for the respective accounts of such
Lenders).

        SECTION 4.    Effect of Amendment.    Except as expressly set forth
herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of, the
Lenders, the Administrative Agent, the Co-Syndication Agents or the
Co-Documentation Agents under the Credit Agreement or any other Loan Document,
and shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document, all of which are ratified and affirmed in
all respects and shall continue in full force and effect. Nothing herein shall
be deemed to entitle any Loan Party to a consent to, or a waiver, amendment,
modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan
Document in similar or different circumstances. After the date hereof, any
reference to the Credit Agreement shall mean the Credit Agreement, as modified
hereby. This Amendment shall constitute a "Loan Document" for all purposes of
the Credit Agreement and the other Loan Documents.

        SECTION 5.    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 and delivered shall be deemed an original, but
all such counterparts together shall constitute but one and the same contract.
Delivery of an executed counterpart of a signature page of this Amendment by
facsimile transmission shall be as effective as delivery of a manually executed
counterpart hereof.

        SECTION 6.    Applicable Law.    THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

        SECTION 7.    Headings.    The headings of this Amendment are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

        SECTION 8.    Expenses.    The Company agrees to reimburse the
Administrative Agent for all out-of-pocket expenses in connection with this
Amendment, including the reasonable fees, charges and disbursements of Cravath,
Swaine & Moore, counsel for the Administrative Agent.

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

    EDWARDS LIFESCIENCES CORPORATION,
 
 
 
 
by
 
    

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Name:
Title:
 
 
EDWARDS LIFESCIENCES CORPORATION OF PUERTO RICO,
 
 
 
 
by
 
    

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Name:
Title:
 
 
EDWARDS LIFESCIENCES JAPAN HOLDINGS, INC.,
 
 
 
 
by
 
    

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Name:
Title:
 
 
 
 
 
 
 

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EDWARDS LIFESCIENCES LLC,
 
 
 
 
by
 
    

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Name:
Title:
 
 
EDWARDS LIFESCIENCES RESEARCH MEDICAL, INC.,
 
 
 
 
by
 
    

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Name:
Title:
 
 
EDWARDS LIFESCIENCES SALES CORPORATION,
 
 
 
 
by
 
    

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Name:
Title:
 
 
EDWARDS LIFESCIENCES (U.S.) INC.,
 
 
 
 
by
 
    

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Name:
Title:
 
 
EDWARDS LIFESCIENCES WORLD TRADE CORPORATION,
 
 
 
 
by
 
    

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Name:
Title:
 
 
JPMORGAN CHASE BANK, individually and as Administrative Agent,
 
 
 
 
by
 
    

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Name:
Title:

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SIGNATURE PAGE to
AMENDMENT NO. 1
dated as of October 21, 2002
to EDWARDS LIFESCIENCES CORPORATION
364-DAY CREDIT AGREEMENT

 
 
To approve Amendment No. 1

    

 

 

 

 
 
 
Name of Institution:
 
    

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by:
 
    

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Name:
Title:

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Exhibit 10.37