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ARROW INTERNATIONAL, INC.

 
Exhibit 10.1

 
SEVENTH AMENDMENT TO LOAN AGREEMENT
 
THIS SEVENTH AMENDMENT TO LOAN AGREEMENT (the “Seventh Amendment”) made and
entered into as of March __, 2007, by and among WACHOVIA BANK, NATIONAL
ASSOCIATION (f/k/a FIRST UNION NATIONAL BANK), a national banking association,
WACHOVIA BANK, NATIONAL ASSOCIATION, LONDON BRANCH (f/k/a FIRST UNION NATIONAL
BANK, LONDON BRANCH), a national banking association acting through its London
Branch, ARROW INTERNATIONAL, INC., a Pennsylvania corporation, ARROW MEDICAL
PRODUCTS, LTD., a Pennsylvania corporation authorized to engage in business in
Canada, ARROW DEUTSCHLAND GMBH, a corporation organized and existing under the
laws of Germany, ARROW IBERIA, S.A., a corporation organized and existing under
the laws of Spain, ARROW INTERNACIONAL DE MEXICO S.A. DE C.V., a corporation
organized and existing under the laws of Mexico, ARROW HELLAS COMMERCIAL A. E.,
a corporation organized and existing under the laws of Greece, ARROW NEDERLAND
B.V., a corporation organized and existing under the laws of the Netherlands,
ARROW MEDICAL HOLDINGS B.V., a corporation organized and existing under the laws
of the Netherlands, ARROW INTERNATIONAL CR, A.S., a corporation organized and
existing under the laws of the Czech Republic, ARROW ITALY SpA, a corporation
organized and existing under the laws of Italy, and ARROW INTERNATIONAL UK LTD.,
a corporation organized and existing under the laws of the United Kingdom.
 
BACKGROUND
 
A.   The Lender and the Borrowers are parties to a loan agreement dated
April 12, 2001, as amended March 29, 2002, June 30, 2003, April 23, 2004, May
27, 2005, May 25, 2006, and August 8, 2006 (with certain of the Borrowers
joining in the loan agreement through an amendment to the loan agreement),
pursuant to which the Lender agreed to provide the Borrowers with Loans in an
aggregate outstanding amount not to exceed at any one time Ninety Million
Dollars ($90,000,000), subject to and in accordance with the terms and
conditions set forth therein (the “Agreement”).
 
B.   The Agreement is incorporated by reference in this Seventh Amendment.
Capitalized terms used herein which are not so defined, but which are defined in
the Agreement, shall have the meanings given such terms in the Agreement.
 
C.   At the Borrowers’ request, the Lender has agreed to extend the Termination
Date under the Agreement, as hereinafter set forth.
 
AGREEMENT
 
NOW, THEREFORE, in consideration of the mutual promises contained herein and
intending to be legally bound hereby, the parties hereto covenant and agree as
set forth below.
 
1.   Incorporation of Background. The Background provisions of this Seventh
Amendment are incorporated herein by reference thereto as if fully set forth in
this Seventh Amendment.
 
2.   Amended Defined Terms. The following defined terms as set forth in
Section 1.2 of the Agreement are hereby amended and restated in their entirety
to read as follows:
 
“Agreement” shall mean the Loan Agreement among the Lender and the Borrowers
dated April 12, 2001, as amended by the Lender and the Borrowers pursuant to the
First Amendment to Loan Agreement dated as of March 29, 2002, as further amended
by the Lender and the Borrowers pursuant to the Second Amendment to Loan
Agreement dated as of June 30, 2003, as further amended by the Lender and the
Borrowers pursuant to the Third Amendment to Loan Agreement dated as of
April 23, 2004, as further amended by the Lender and the Borrowers pursuant to
the Fourth Amendment to Loan Agreement dated as of May 27, 2005, as further
amended by the Lender and the Borrowers pursuant to the Fifth Amendment to Loan
Agreement dated as of May 25, 2006, as further amended by the Lender and the
Borrowers pursuant to the Sixth Amendment to Loan Agreement dated as of
August 8, 2006, and as further amended by the Lender and the Borrowers pursuant
to the Seventh Amendment to Loan Agreement dated as of March __, 2007, and any
future amendments, restatements, modifications or supplements thereof or
thereto.
 
"Termination Date” shall mean April 30, 2008 or, if such day is not a Business
Day, the next succeeding Business Day, unless such Business Day falls in another
calendar month, in which case the Termination Date shall be the next preceding
Business Day.
 

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ARROW INTERNATIONAL, INC.
 
3.   Representations and Warranties. As a material inducement for the Lender to
enter into this Seventh Amendment, the Borrowers make the following
representations and warranties to the Lender and acknowledge the Lender’s
justifiable reliance thereon:
 
(a)   No Default or Event of Default has occurred.
 
(b)   All representations and warranties previously made to the Lender by the
Borrowers remain true, accurate, and complete.
 
(c)   The Agreement, as modified and amended hereby, is the valid and binding
obligation of the Borrowers and is fully enforceable in accordance with all
stated terms.
 
4.   Binding Effect. This Seventh Amendment shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and
permitted assigns.
 
5.   Costs and Expenses. Without limiting the generality of the provisions of
the Agreement, the Borrowers shall reimburse the Lender for its out-of-pocket
expenses, including counsel fees, incurred by the Lender in connection with the
development, preparation, negotiation, and enforcement of this Seventh Amendment
and all documents executed in connection herewith.
 
6.   Effective Date. This Seventh Amendment shall be operative and effective
when the Lender has executed this Seventh Amendment.
 
7.   Ratification. Except as expressly modified and amended herein, the
Agreement and all other Loan Documents are hereby ratified and affirmed, and the
Borrowers expressly ratify and affirm all terms and provisions of the Loan
Documents, including all warrants of attorney to confess judgment as set forth
in the Loan Documents.
 
8.   Terms Consistent. To the extent that any of the terms or provisions set
forth in the Loan Documents are inconsistent with any of the terms or provisions
hereof, the terms and provisions of this Seventh Amendment shall control.
References in any of the Loan Documents to the Agreement shall be deemed
references to the Agreement as amended, and references in any of the Loan
Documents to any defined terms that have been amended shall be deemed references
to such defined terms as amended.
 
9.   Execution in Counterparts. This Seventh Amendment may be executed in any
number of counterparts with the same effect as if the signatures thereto and
hereto were upon the same instrument, but all of such counterparts taken
together shall be deemed to constitute one and the same instrument.
 
10.   Further Assurances. The Borrowers shall immediately execute and deliver to
the Lender any documents or instruments requested by the Lender from time to
time to further evidence, effectuate, secure or carry out the terms of this
Seventh Amendment or the Loan Documents.
 
11.   Acknowledgments. The Borrowers acknowledge, represent, warrant and
covenant that they do not have, and have never had, any defense to payment or
performance of any of their obligations under the Agreement and Loan Documents
or any claim, right or cause of action whatsoever, in law or equity, against the
Lender arising under the Agreement or the Loan Documents. The Borrowers further
represent, warrant and covenant that the Lender has not caused them to suffer
any damage, loss, liability, expense or obligation of any nature whatsoever
arising under the Agreement or the Loan Documents.
 

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ARROW INTERNATIONAL, INC.

IN WITNESS WHEREOF, the parties hereto have caused this Seventh Amendment to
Loan Agreement to be duly executed as of the day and year first above written.
 
 
 
 
 
ARROW INTERNATIONAL, INC.
 
 
 
 
 
 
 
By:  
/s/ Carl G. Anderson, Jr.

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Name: Carl G. Anderson, Jr.
   
Title: Chairman, CEO & President
        Attest:
/s/ John C. Long

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Name: John C. Long
 
Title: Secretary & Treasurer

 
 
 
 
 
ARROW MEDICAL PRODUCTS, LTD.
 
 
 
 
 
 
 
By:  
/s/ Carl G. Anderson, Jr.

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Name: Carl G. Anderson, Jr.
   
Title: Director
        Attest:
/s/ John C. Long

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Name: John C. Long
 
Title: Director

 
 
ARROW DEUTSCHLAND GMBH
 
 
 
 
 
 
 
By:  
/s/ Carl G. Anderson, Jr.

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Name: Carl G. Anderson, Jr.
   
Title: Director
        Attest:
/s/ John C. Long

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Name: John C. Long
 
Title: Director

 
 

 

[SIGNATURES CONTINUE ON FOLLOWING PAGES]

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ARROW INTERNATIONAL, INC.

 
 
 
 
 
ARROW IBERIA, S.A.
 
 
 
 
 
 
 
By:  
/s/ Carl G. Anderson, Jr.

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Name: Carl G. Anderson, Jr.
   
Title: Director
        Attest:
/s/ John C. Long

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Name: John C. Long
 
Title: Director

 
 
ARROW INTERNACIONAL DE MEXICO, S.A. DE C.V.
 
 
 
 
 
 
By:  
/s/ Kenneth Oshansky

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Name: Kenneth Oshansky
   
Title: Director
        Attest:
 

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Name:
 
Title:

 
 
 
 
 
ARROW HELLAS COMMERCIAL A. E.
 
 
 
 
 
 
 
By:  
/s/ John C. Long

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Name: John C. Long
   
Title: Director
        Attest:
/s/ Michael Haney

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Name: Michael Haney
 
Title: Treasure Manager, AI

 
 
ARROW NEDERLAND B.V.
 
 
 
 
 
 
 
By:  
/s/ John C. Long

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Name: John C. Long
   
Title: Director
        Attest:
/s/ Michael Haney

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Name: Michael Haney
 
Title: Treasure Manager, AI

 
 
 
 

 
 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]
 

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ARROW INTERNATIONAL, INC.
 
 
 
 
 
ARROW INTERNATIONAL CR, A.S.
 
 
 
 
 
 
 
By:  
/s/ Carl G. Anderson, Jr.

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Name: Carl G. Anderson, Jr.
   
Title: Director
        Attest:
/s/ John C. Long

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Name: John C. Long
 
Title: Director

 
 
ARROW ITALY, SpA
 
 
 
 
 
 
By:  
/s/ Carl G. Anderson, Jr.

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Name: Carl G. Anderson, Jr.
   
Title: Director
        Attest:
/s/ John C. Long

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Name: John C. Long
 
Title: Director

 
 
ARROW MEDICAL HOLDINGS B.V.
 
 
 
 
 
 
 
By:  
/s/ Carl G. Anderson, Jr.

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Name: Carl G. Anderson, Jr.
   
Title: Director
        Attest:
/s/ John C. Long

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Name: John C. Long
 
Title: Director

 
 
ARROW INTERNATIONAL UK LTD.
 
 
 
 
 
 
 
By:  
/s/ John C. Long

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Name: John C. Long
   
Title: Director
        Attest:
/s/ Michael Haney

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Name: Michael Haney
 
Title: Treasure Manager, AI

 
(“Borrowers”)
 
 

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ARROW INTERNATIONAL, INC.
 
 
WACHOVIA BANK, NATIONAL ASSOCIATION
 
 
 
 
 
 
 
By:  
/s/ Philip B. Shober

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Name: Philip B. Shober
   
Title: Sr. Vice President

 
 

WACHOVIA BANK, NATIONAL ASSOCIATION, LONDON BRANCH
 
 
 
 
 
 
 
By:  
 

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Name:
   
Title:

 
(“Lender”)