Exhibit 10.3.d

FOURTH AMENDMENT TO CREDIT AGREEMENT

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (as the same may be amended, restated,
supplemented, extended or otherwise modified from time to time, this
“Amendment”) is entered into as of July 26, 2006, by and among MAGNACHIP
SEMICONDUCTOR S.A., a société anonyme, organized and existing under the laws of
the Grand Duchy of Luxembourg, having its registered office at 74, rue de Merl,
B.P. 709, L-2017 Luxembourg, Grand Duchy of Luxembourg, registered with the
Luxembourg Register of commerce and companies under the number B 97,483
(“Luxco”), MAGNACHIP SEMICONDUCTOR FINANCE COMPANY, a Delaware corporation
(together with Luxco, “Borrowers”), MAGNACHIP SEMICONDUCTOR LLC, a Delaware
limited liability company (“Holdings”), the Subsidiary Guarantors listed on the
signature pages hereto (each of Borrowers, Holdings and Subsidiary Guarantors
are sometimes referred to herein as a “Loan Party” and, collectively, as the
“Loan Parties”), the Lenders, UBS AG, STAMFORD BRANCH, as administrative agent
(in such capacity, “Administrative Agent”) for the Lenders and as collateral
agent (in such capacity, “Collateral Agent” and together with the Administrative
Agent, the “Agents” and each an “Agent”) for the Secured Parties and the Issuing
Bank, and U.S. Bank National Association, a national association duly organized
and existing under the federal laws of the United States of America (“US Bank”).

RECITALS

A. The Borrowers, Holdings, Subsidiary Guarantors, UBS Securities LLC, as lead
arranger, as documentation agent and as syndication agent, UBS Loan Finance LLC,
as swingline lender, Korea Exchange Bank, as issuing bank and Agents are parties
to that certain Credit Agreement dated as of December 23, 2004 (as amended
hereby, and as the same has been and hereafter may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”).
MagnaChip Semiconductor, Ltd., a limited liability company organized under the
laws of the Republic of Korea, and US Bank, as Collateral Trustee (“Collateral
Trustee”), have entered into the Accounts Receivable Assignment Agreement dated
as of December 23, 2004 (as amended, the “A/R Agreement”). Holdings, Luxco and
UBS AG, Stamford Brach, have entered into the Pledge Agreement relating to
10,159 Shares of MagnaChip Semiconductor S.A., dated December 23, 2004 (as
amended, the “Luxco Pledge Agreement”). Unless otherwise specified herein, all
capitalized terms used in this Amendment shall have the meanings ascribed to
them in the Credit Agreement.

B. The Borrowers have requested that the Agents and the Required Lenders
(i) amend Sections 5.01, 6.07(f), 6.10(a), (b) and (c) and Annex I of the Credit
Agreement and add a new Section 6.10(d) to the Credit Agreement upon the terms
and subject to the conditions as herein set forth and waive various Events of
Default related thereto; (ii) waive, and instruct the Collateral Trustee to
waive, certain obligations set forth in the A/R Agreement and Section 5.01(j) of
the Credit Agreement; and (iii) consent to the taking of certain actions under
the Luxco Pledge Agreement.

 

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NOW, THEREFORE, in consideration of the foregoing, the covenants and conditions
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. Amendments to and Waiver of Provisions in Credit Agreement, A/R
Agreement and Luxco Pledge Agreement.

(a) Section 5.01 of the Credit Agreement is hereby amended by adding a new
clause (l) thereto, which shall read as follows:

“(l) Monthly Reports. As soon as available and in any event within 20 days after
the end of each fiscal month of each fiscal year (except with respect to any
months for which quarterly or yearly financial statements are prepared),
beginning with the fiscal month ending July 31, 2006, the consolidated balance
sheet of Holdings as of the end of such fiscal month and related consolidated
statements of income and cash flows for such fiscal month and for the then
elapsed portion of the fiscal year, in comparative form with (i) the budget
delivered pursuant to Section 5.01(g) in respect of such fiscal month and such
then elapsed portion of such fiscal year and (ii) the consolidated statements of
income and cash flows for the comparable periods in the previous fiscal year,
and notes thereto (including, with respect to any Subsidiary of Holdings that is
not a Subsidiary Guarantor, and each other Subsidiary of Holdings for which such
note is required to be prepared pursuant to the requirements of applicable law
or GAAP, a note with a consolidating balance sheet and financial statement of
income and cash flows separating out each such Subsidiary) and accompanied by a
certificate of a Financial Officer of a Loan Party certifying that no Event of
Default has occurred or, if such Event of Default has occurred, specifying the
nature and extent thereof and any corrective action taken or proposed to be
taken with respect thereto, and also stating that such financial statements
fairly present, in all material respects, the consolidated financial condition,
results of operations and cash flows of Holdings as of the date and for the
periods specified in accordance with GAAP consistently applied, and on a basis
consistent with audited financial statements referred to in clause (a) of this
Section, subject to normal year-end audit adjustments.”

(b) Section 6.07(f) of the Credit Agreement is hereby amended and restated in
its entirety to read as follows:

“(f) Permitted Acquisitions; provided, however, that no such Permitted
Acquisition shall be permitted on or after July 26, 2006 until such time as the
Total Leverage Ratio on the last day of the fiscal quarter ended immediately
prior to the date of such proposed Permitted Acquisition is less than 4.700 to
1.0.”

(c) Sections 6.10(a), (b) and (c) of the Credit Agreement are each hereby
amended and restated in their entirety to read as follows:

“(a) Maximum Total Leverage Ratio. Permit the Total Leverage Ratio, at the last
day of each fiscal quarter during any period set forth in the table below, to
exceed the ratio set forth opposite such period in the table below:

 

Test Period

              Leverage Ratio

Closing Date

   -   

December 31, 2005

   5.100 to 1.0

January 1, 2006

   -   

March 31, 2006

   4.700 to 1.0

April 1, 2006

   -   

June 30, 2006

   4.850 to 1.0

July 1, 2006

   -   

September 30, 2006

   6.850 to 1.0

October 1, 2006

   -   

December 31, 2006

   4.700 to 1.0

January 1, 2007

   -   

September 30, 2007

   4.500 to 1.0

October 1, 2007

   -   

December 31, 2007

   4.250 to 1.0

January 1, 2008

   -   

December 31, 2008

   3.200 to 1.0

January 1, 2009 and thereafter

   2.625 to 1.0

 

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(b) Minimum Interest Coverage Ratio. Permit the Consolidated Interest Coverage
Ratio, for any Test Period ending during any period set forth below, to be less
than the ratio set forth opposite such period in the table below:

 

Test Period

            Interest Coverage Ratio

Closing Date

  -   December 31, 2005    2.500 to 1.0

January 1, 2006

  -   March 31, 2006    3.000 to 1.0

April 1, 2006

  -   September 30, 2006    2.000 to 1.0

October 1, 2006

  -   December 31, 2006    3.000 to 1.0

January 1, 2007

  -   September 30, 2007    3.150 to 1.0

October 1, 2007

  -   December 31, 2007    3.300 to 1.0

January 1, 2008

  -   December 31, 2008    4.500 to 1.0

January 1, 2009 and thereafter

   5.250 to 1.0

(c) Minimum Interest Coverage Ratio (Excluding CapEx). Permit the Consolidated
Interest Coverage Ratio (Excluding CapEx), for any Test Period ending during any
period set forth in the table below, to be less than the ratio set forth
opposite such period in the table below:

 

Test Period

            Interest
Coverage Ratio
(Excluding CapEx)

Closing Date

  -   December 31, 2005    1.000 to 1.0

January 1, 2006

  -   June 30, 2006    1.400 to 1.0

July 1, 2006

  -   September 30, 2006    0.875 to 1.0

October 1, 2006

  -   December 31, 2006    1.400 to 1.0

January 1, 2007

  -   June 30, 2007    1.500 to 1.0

July 1, 2007

  -   December 31, 2007    1.600 to 1.0

January 1, 2008

  -   December 31, 2008    2.000 to 1.0

January 1, 2009 and thereafter

   3.750 to 1.0

 

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(d) A new clause (d) is hereby added to Section 6.10 of the Credit Agreement,
which reads as follows:

“(d) Capital Expenditure Limit. Make Capital Expenditures during the following
periods that exceed the aggregate amounts set forth opposite each of such
periods:

 

Period

   Capital Expenditures

January 1, 2006 - September 30, 2006

   $ 45,000,000

October 1, 2006 - December 31, 2006

   $ 55,000,000

(e) Annex I to the Credit Agreement (relating to the Applicable Margin) is
hereby amended and restated in its entirety by replacing it with Annex I to this
Amendment.

(f) Letters of Credit have been issued by Korean Exchange Bank as Issuing Bank
between July 1, 2006 and the date hereof, as more specifically identified below:

 

Issue Date

  

LC Number

   Value Date    Currency    Amount July 3    M06EB607XS00018    September 1   
USD    61,926 July 5    M06EB607XS00025    September 4    USD    49,632 July 10
   M06EB607BS00018    August 9    USD    33,442 July 10    M06EB607BU00018   
October 9    USD    220,000 July 10    M06EB607BU00025    October 9    USD   
440,000 July 10    M06EB607NS00096    August 9    JPY    15,936,200 July 10   
M06EB607XS00032    September 9    USD    20,300 July 10    M06EB607XS00040   
September 30    USD    74,404 July 11    M06EB607BS00025    August 10    JPY   
700,000 July 11    M06EB607BU00032    September 10    JPY    1,122,000 July 11
   M06EB607BU00040    August 10    JPY    914,000 July 11    M06EB606NS00096   
August 10    JPY    271,900 July 13    M06EB607BU00057    October 12    USD   
126,080 July 14    M06EB607BU00064    October 13    JPY    984,000 July 14   
M06EB607BU00071    October 13    JPY    1,920,000 July 14    M06EB607BU00089   
October 13    JPY    1,122,000 July 14    M06EB607BU00096    October 13    JPY
   984,000 July 14    M06EB607BU00107    October 13    JPY    2,496,000 July 18
   M06EB607BS00032    August 17    USD    10,370 July 18    M06EB607BS00040   
August 17    USD    10,105 July 18    M06EB607BU00114    October 17    JPY   
1,898,000 July 18    M06EB607BU00121    October 17    JPY    984,000 July 18   
M06EB607NS00139    August 17    JPY    1,250,000 July 18    M06EB607NS00146   
August 17    JPY    1,372,000 July 19    M06EB607BS00057    September 18    JPY
   2,080,000

 

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To the extent that the request for or the issuance of such Letters of Credit (or
any Letters of Credit requested or issued after the date hereof until the
Effective Date) occurred at a time after the occurrence of an Event of Default
that was caused by virtue of non-compliance with any of the covenants which are
being amended hereby, the separate Default or Event of Default that occurred as
a result of the request or issuance of such Letters of Credit is hereby waived;
provided that the foregoing waiver shall not be deemed (i) a waiver of any other
Default or Event of Default which has occurred, exists or hereafter may occur
under the Credit Agreement or any other Loan Document, or (ii) to establish a
custom or course of dealing among the Administrative Agent, Collateral Agent,
Lenders, Borrowers, other Loan Parties or any of them.

(g) The Agents and Lenders hereby waive, the Required Lenders hereby instruct
the Collateral Trustee to waive, and the Collateral Trustee hereby waives, the
obligations set forth in the A/R Agreement and Section 5.01(j) of the Credit
Agreement, insofar as they relate to any agreements or transactions involving
accounts in the aggregate amount outstanding at any time not to exceed $250,000
owing from KEC Corporation or any of its Affiliates, or any right, title, claim,
interest, benefit or sum arising in respect thereof.

(h) Notice is hereby given that Holdings intends to vote in favor of increasing
the share capital of Luxco by 10,482 shares. In accordance with Section 11(C) of
the Luxco Pledge Agreement, UBS AG, Stamford Branch, as pledgee (“Pledgee”)
under the Luxco Pledge Agreement, hereby acknowledges and consents to the taking
of such action by Holdings; provided, however, that such consent shall not be
effective until Holdings has provided Pledgee with prior written notice of the
date on which such increase in share capital shall occur and made arrangements
reasonably acceptable to the Pledgee to pledge such additional share capital
and, if applicable, deliver to Pledgee all certificates representing such share
capital within ten (10) days after such issuance.

SECTION 2. Acknowledgement by Borrowers of Obligations.

The Borrowers hereby acknowledge, confirm, and agree that as of the close of
business on July 2, 2006, (a) the Borrowers are not indebted to the Lenders in
respect of the Revolving Loans and (b) the Borrowers are indebted to the Lenders
in respect of the Letters of Credit in the principal amount of approximately
$11,837,495.06 (subject to currency exchange fluctuations and reductions for any
Letters of Credit which are drawn and reimbursed after July 2, 2006).

SECTION 3. Representations, Warranties and Covenants of Loan Parties. To induce
the Agents and Lenders to execute and deliver this Amendment, each of the Loan
Parties represent, warrant and covenant that:

(a) The execution, delivery and performance by the Loan Parties of this
Amendment and all documents and instruments delivered in connection herewith and
the Credit Agreement and all other Loan Documents have been duly authorized, and
this Amendment and all documents and instruments delivered in connection
herewith and the Credit Agreement and all other Loan Documents are legal, valid
and binding obligations of the Loan Parties enforceable against the Loan Parties
in accordance with their respective terms, except as the enforcement thereof may
be subject to (i) the effect of any

 

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applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors’ rights generally and (ii) general principles of equity
(regardless of whether such enforcement is sought in a proceeding in equity or
at law);

(b) After giving effect to this Amendment, each of the representations and
warranties made by or on behalf of such Loan Party to either Agent or any Lender
in any of the Loan Documents was true and correct when made and in all material
respects is true and correct on and as of the date of this Amendment with the
same full force and effect as if each of such representations and warranties had
been made by such Loan Party on the date hereof and in this Amendment, and each
of the agreements and covenants in the Credit Agreement and the other Loan
Documents is hereby reaffirmed with the same force and effect as if each were
separately stated herein and made as of the date hereof;

(c) Neither the execution, delivery and performance of this Amendment and all
documents and instruments delivered in connection herewith nor the consummation
of the transactions contemplated hereby or thereby does or shall contravene,
result in a breach of, or violate (i) any provision of any Loan Party’s
corporate charter, bylaws, operating agreement, purchase agreement, or other
governing documents, (ii) any law or regulation, or any order or decree of any
court or government instrumentality, or (iii) any indenture, mortgage, deed of
trust, lease, agreement or other instrument to which any Loan Party is a party
or by which any Loan Party or any of its property is bound;

(d) Agents’ and Lenders’ security interests in the Collateral continue to be
valid, binding, and enforceable first-priority security interests which secure
the Obligations (subject only to any Liens permitted under the Loan Documents),
and no tax or judgment liens are currently of record against any Loan Party or
any Subsidiary thereof; and

(e) The recitals to this Amendment are true and correct.

SECTION 4. Reference to and Effect Upon the Credit Agreement.

(a) Except as specifically set forth herein, all terms, conditions, covenants,
representations and warranties contained in the Credit Agreement or any other
Loan Documents, and all rights of Agents and Lenders and all of the Obligations,
shall remain in full force and effect; provided that in the event of a conflict
between the terms and provisions of the Credit Agreement or any other Loan
Documents (other than this Amendment), the terms and provisions of the Credit
Agreement (as amended hereby, and as the same has been and hereafter may be
amended, restated, supplemented or otherwise modified from time to time) shall
control. Each Loan Party hereby confirms that the Credit Agreement and the other
Loan Documents are in full force and effect and that neither such Loan Party nor
any of its Subsidiaries has any defenses, setoffs, claims, or counterclaims to
the Obligations under the Credit Agreement or any other Loan Documents.

(b) Except as expressly set forth herein, the execution, delivery and
effectiveness of this Amendment shall not directly or indirectly (i) constitute
a consent or waiver of any past, present or future violations of any provisions
of the Credit Agreement or any other Loan Documents, (ii) amend, modify or
operate as a waiver of any provision of the Credit Agreement or any other Loan
Documents or any right, power or remedy of any Agent or any Lender thereunder,
or (iii) constitute a course of dealing or other basis for altering any
Obligations or any other contract or instrument. Except as expressly set forth
herein, each of the Agents and Lenders reserves all of its rights, powers, and
remedies under the Credit Agreement, the other Loan Documents, and/or applicable
law. All of the provisions of the Credit Agreement and the other Loan Documents,
including, without limitation, the time of the essence provisions, are hereby
reiterated, and if ever waived, reinstated.

 

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(c) Upon the effectiveness of this Amendment, all references to the Credit
Agreement in any Loan Document shall mean and be a reference to the Credit
Agreement, as amended hereby, and the term “Loan Documents” shall include,
without limitation, this Amendment.

SECTION 5. Costs and Expenses. Each of the Borrowers and the other Loan Parties
agrees jointly and severally to reimburse Agents and Lenders for all reasonable
fees, costs and expenses, including the reasonable fees, costs and expenses of
counsel or other advisors for advice, assistance, or other representation in
connection with this Amendment and the other agreements and documents executed
in connection herewith.

SECTION 6. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAWS PROVISIONS)
OF THE STATE OF NEW YORK.

SECTION 7. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purposes.

SECTION 8. Counterparts. This Amendment may be executed in any number of
counterparts, each of which when so executed shall be deemed an original, but
all such counterparts shall constitute one and the same instrument, and all
signatures need not appear on any one counterpart. Any party hereto may execute
and deliver a counterpart of this Amendment by delivering by facsimile
transmission a signature page of this Amendment signed by such party, and any
such facsimile signature shall be treated in all respects as having the same
effect as an original signature. Any party delivering by facsimile transmission
a counterpart executed by it shall promptly thereafter also deliver a manually
signed counterpart of this Amendment.

SECTION 9. Time of Essence. Time is of the essence in the payment and
performance of each of the obligations of any of the parties hereunder and with
respect to all conditions to be satisfied by such party.

SECTION 10. Further Assurances. Each Loan Party agrees to take, and to cause its
Subsidiaries to take, all further actions and to execute and deliver, and to
cause its Subsidiaries to execute and deliver, all further documents as the
Agents, or either of them, may from time to time reasonably request to carry out
the transactions contemplated by this Amendment.

SECTION 11. Effectiveness. This Amendment shall become effective at the time
(the “Effective Date”) that all of the following conditions precedent have been
met (or waived) as determined by the Required Lenders in their sole discretion
(as evidenced by the Required Lenders’ execution and delivery of this
Amendment):

(a) Agreement. Duly executed signature pages for this Amendment signed by the
Required Lenders and Loan Parties shall have been delivered to Administrative
Agent.

(b) Representations and Warranties. The representations and warranties contained
herein shall be true and correct in all material respects, and no Event of
Default or Default shall exist on the date hereof.

(c) Payment of Commitment Fees and Letter of Credit Fees. All outstanding
Commitment Fees and Fees related to any of the Letters of Credit shall each have
been paid in cash to the Administrative Agent.

 

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(d) Amendment Fee. The Borrowers shall have paid to the Administrative Agent,
for the ratable benefit of each Lender that has executed and delivered this
Amendment, an amendment fee of 20 basis points times the amount of each such
Lender’s Commitment.

(e) Expenses. All of the expenses owing the Agents under Section 10.03 of the
Credit Agreement shall have been paid in full.

*** Signature Pages Follow ***

 

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IN WITNESS WHEREOF, this Fourth Amendment to Credit Agreement has been executed
by the parties hereto as of the date first written above.

 

MAGNACHIP SEMICONDUCTOR S.A., a

Luxembourg company

By:

 

/s/ Dipanjan Deb

Name:

 

Dipanjan Deb

Title:

 

Director

 

MAGNACHIP SEMICONDUCTOR FINANCE

COMPANY, a Delaware limited liability

company

By:

 

/s/ Dipanjan Deb

Name:

 

Dipanjan Deb

Title:

 

Director

 

MAGNACHIP SEMICONDUCTOR LLC, a

Delaware limited liability company

By:  

/s/ Robert Krakauer

Name:

 

Robert Krakauer

Title:

 

Executive Vice President, Corporate

Operations, and CFO

 

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SUBSIDIARY GUARANTORS

MAGNACHIP SEMICONDUCTOR, INC., a

California corporation

By:  

/s/ Jason Hartlove

Name:

 

Jason Hartlove

Title:

 

President

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MAGNACHIP SEMICONDUCTOR SA HOLDINGS LLC, a Delaware limited liability company
By:   /s/ Dipanjan Deb Name:   Dipanjan Deb Title:   Director

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MAGNACHIP SEMICONDUCTOR LIMITED, a company incorporated in England and Wales
with registered number 05232381 By:   /s/ Robert Krakauer Name:   Robert
Krakauer Title:   Director

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MAGNACHIP SEMICONDUCTOR, INC., a Japanese company By:   /s/ Robert Krakauer
Name:   Robert Krakauer Title:   Representative Director

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For execution as a deed:

 

EXECUTED AS A DEED by   )   ) as duly appointed attorney   ) pursuant to a power
of attorney   ) dated   ) for and on behalf of   ) MAGNACHIP SEMICONDUCTOR   )
LIMITED   ) in the presence of:   )

 

    Witness:          Witness:      Name:       Name:   Address:       Address:
 

For execution otherwise than as a deed:

 

SIGNED by   )   ) /s/ Robert Krakauer   )   ) as duly appointed attorney   )
pursuant to a power of attorney   ) dated   ) for and on behalf of   ) MAGNACHIP
SEMICONDUCTOR   ) LIMITED   ) in the presence of:   )

 

    Witness:   /s/ John McFarland       Name:   John McFarland       Address:  

891 Daechi-dong, Gangnam-Gu

Seoul Korea

     

CERTIFICATION LANGUAGE

I, the undersigned, being a director of MagnaChip Semiconductor Limited, do
hereby certify that this document is a true and complete copy of its original.

 

/s/ Robert Krakauer Robert Krakauer Date: July 26, 2006

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MAGNACHIP SEMICONDUCTOR, LTD., a Taiwan company By:   /s/ Robert Krakauer Name:
  Robert Krakauer Title:   Director

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MAGNACHIP SEMICONDUCTOR B.V. By:   /s/ Robert Krakauer Name:   Robert Krakauer
Title:   Director

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MAGNACHIP SEMICONDUCTOR

HOLDING COMPANY LIMITED, a British

Virgin Islands company

By:   /s/ John McFarland Name:   John McFarland Title:   Director

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IC MEDIA INTERNATIONAL

CORPORATION, a Cayman Islands company

By:   /s/ John McFarland Name:   John McFarland Title:   Director

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IC MEDIA TECHNOLOGY CORPORATION,

a Taiwan company

By:   /s/ John McFarland Name:   John McFarland Title:   Director

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SOLEY FOR THE PURPOSE OF AGREEING

TO SECTION 1.(G) HEREOF

U.S. BANK NATIONAL ASSOCIATION By:   /s/ Thomas E.Tabor Name:   Thomas E.Tabor
Title:   Vice President

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UBS AG, STAMFORD BRANCH, as Administrative Agent and Collateral Agent By:   /s/
Richard L. Tavrow Name:   Richard L. Tavrow Title:  

Director

Banking Products Services. US

By:   /s/ Irja R. Otsa Name:   Irja R. Otsa Title:  

Associate Director

Banking Products Services. US

UBS LOAN FINANCE LLC, as Swingline Lender By:   /s/ Richard L. Tavrow Name:  
Richard L. Tavrow Title:  

Director

Banking Products Services. US

By:   /s/ Irja R. Otsa Name:   Irja R. Otsa Title:  

Associate Director

Banking Products Services. US

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GOLDMAN SACHS CREDIT PARTNERS, L.P.

By:

 

/s/ Pedro Ramirez

Name:

 

Pedro Ramirez

Title:

 

Authorized Signatory

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CITICORP NORTH AMERICA, INC.

By:

 

/s/ Suzanne Crymes

Name:

 

Suzanne Crymes

Title:

 

Vice President

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JPMORGAN CHASE BANK N.A.

By:

 

/s/ John Kowalezuk

Name:

 

John Kowalezuk

Title:

 

Vice President

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DEUTSCHE BANK TRUST COMPANY

AMERICAS

By:

 

/s/ Paul O’Leary

Name:

 

Paul O’Leary

Title:

 

Vice President

By:

 

/s/ Marcus M. Tarkington

Name:

 

Marcus M. Tarkington

Title:

 

Director

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Annex I

Applicable Margin

 

Total

Leverage Ratio

   Revolving Loans      Eurodollar     ABR  

Level I

< 3.0:1.0

   2.00 %   1.00 %

Level II

>3.0:1.0 but

<4.0:1.0

   2.50 %   1.50 %

Level III

>4.0:1.0

<5.0:1.0

   3.25 %   2.25 %

Level IV

>5.0:1.0

<5.5:1.0

   4.00 %   3.00 %

Level V

>5.5:1.0

   4.75 %   3.75 %

Each change in the Applicable Margin or Applicable Fee resulting from a change
in the Total Leverage Ratio shall be effective with respect to all Loans and
Letters of Credit outstanding on and after the date of delivery to the
Administrative Agent of the financial statements and certificates required by
Section 5.01(a) or (b), respectively, indicating such change until the date
immediately preceding the next date of delivery of such financial statements and
certificates indicating another such change. Notwithstanding the foregoing,
(i) the Total Leverage Ratio shall be deemed to be in Level II from the Closing
Date to the date of delivery to the Administrative Agent of the financial
statements and certificates required by Section 5.01(a) or (b) for the fiscal
period ended at least six months after the Closing Date, (ii) the Total Leverage
Ratio shall be deemed to be in Level V at any time during which Borrower has
failed to deliver the financial statements and certificates required by
Section 5.01(a) or (b), respectively, and at any time during the existence of an
Event of Default.

 

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