CVS CORPORATION

364 DAY CREDIT AGREEMENT

 

AMENDMENT NO. 2

 

AMENDMENT NO. 2 (this “Amendment”), dated as of May 19, 2003, to the 364 Day
Credit Agreement, dated as of May 21, 2001, by and among CVS Corporation, the
Lenders party thereto, Credit Suisse First Boston and Wachovia Bank, National
Association (formerly known as First Union National Bank), as Co-Documentation
Agents, The Bank of New York, as Syndication Agent, and Fleet National Bank, as
Administrative Agent (as previously amended, the “Credit Agreement”).

 

Except as otherwise provided herein, capitalized terms used herein which are not
defined herein shall have the meanings set forth in the Credit Agreement.

 

In consideration of the covenants, conditions and agreements hereinafter set
forth, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, and pursuant to Section 11.1 of the Credit
Agreement, the parties hereto hereby agree as follows:

 

1. Section 1.1 of the Credit Agreement is hereby amended as follows:

 

The defined term “Commitment Termination Date” is amended to replace the date
“May 19, 2003” contained therein with “May 17, 2004”.

 

2. Exhibit A to the Credit Agreement is hereby amended to amend and restate in
its entirety Part A (List of Commitments) thereto in the form attached hereto as
Exhibit A.

 

3. Simultaneously with the effectiveness of this Amendment:

 

(a) the Lenders listed on Annex I attached hereto (each a “Departing Lender”)
will exit the Credit Agreement and will no longer be Lenders (except with
respect to those obligations of the Borrower under the Credit Agreement which by
their express terms are intended to survive termination of the Credit Agreement)
or have a Commitment thereunder;

 

(b) the financial institutions listed on Annex II attached hereto (each a “New
Lender”) will each become a party to and a Lender under the Credit Agreement and
have a Commitment in an amount equal to the Commitment Amount listed adjacent to
its name on Exhibit A attached hereto; and

 

(c) the Lenders listed on Annex III attached hereto (each a “Continuing Lender”)
will each have a Commitment in an amount equal to the Commitment Amount listed
adjacent to its name on Exhibit A attached hereto.

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4. This Amendment shall become effective (the “Amendment Effective Date”) upon
the satisfaction of the following conditions:

 

(a) The receipt by the Administrative Agent of counterparts of this Amendment
executed by the Borrower, the Administrative Agent and the Lenders (excluding
the Departing Lenders, but including the New Lenders and the Continuing Lenders,
with the New Lenders and Continuing Lenders having Commitments, immediately
following the effectiveness of this Amendment, aggregating at least
$550,000,000).

 

(b) The receipt by the Administrative Agent of (i) the written consent of the
Departing Lenders and the Borrower to (x) the exit of the Departing Lenders from
the Credit Agreement and (y) the termination of the Commitments of the Departing
Lenders under the Credit Agreement simultaneously with the effectiveness of this
Amendment and (ii) an amount, for the account of each Continuing Lender and each
Departing Lender, equal to the accrued and unpaid Facility Fee owing to such
Lender to, but excluding, the Amendment Effective Date.

 

(c) The receipt by the Administrative Agent of a certificate, dated the
Amendment Effective Date, of the Secretary or an Assistant Secretary of the
Borrower (i) attaching a true and complete copy of the resolutions of its Board
of Directors and of all documents evidencing all other necessary corporate
action (in form and substance reasonably satisfactory to the Administrative
Agent) taken by the Borrower to authorize this Amendment and the transactions
contemplated hereby, (ii) attaching a true and complete copy of its Certificate
of Incorporation and By-Laws, (iii) setting forth the incumbency of the officer
or officers of the Borrower who may sign this Amendment and the other documents
to be delivered hereunder.

 

(d) The receipt by the Administrative Agent of an opinion of Zenon Lankowsky,
counsel to the Borrower, dated the Amendment Effective Date, in form and
substance reasonably satisfactory to the Administrative Agent.

 

(e) The receipt by the Administrative Agent, for the account of each Continuing
Lender and each New Lender, of the upfront fee payable to such Lender in
connection with this Amendment.

 

5. Except as amended hereby, the Credit Agreement and the other Loan Documents
shall remain in full force and effect.

 

6. In order to induce the Administrative Agent to execute this Amendment and the
Lenders to consent hereto, the Borrower hereby (a) certifies that, on the date
hereof and immediately before and after giving effect to this Amendment, the
representations and warranties contained in the Credit Agreement are and will be
true and correct, except those which are expressly specified to be made as of an
earlier date, (b) certifies that, during the period from December 30, 2000 to
and including the Amendment Effective Date there has been no Material Adverse
change, including as a result of any change in law, in the consolidated
financial

 

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condition, operations, business or Property of the Borrower and the Subsidiaries
taken as a whole, (c) certifies that, immediately before and after giving effect
to this Amendment, no Default or Event of Default exists or will exist, and (d)
agrees to pay the reasonable fees and disbursements of counsel to the
Administrative Agent incurred in connection with the preparation, negotiation
and closing of this Amendment.

 

7. This Amendment may be executed on any number of separate counterparts and all
of said counterparts taken together shall be deemed to constitute one and the
same agreement. It shall not be necessary in making proof of this Amendment to
produce or account for more than one counterpart signed by the party to be
charged. A set of the copies of this Amendment signed by all of the parties
hereto shall be lodged with each of the Borrower and the Administrative Agent.
Any party to this Amendment may rely upon the signatures of any other party
hereto which are transmitted by fax or other electronic means to the same extent
as if originally signed.

 

8. This Amendment shall be governed by, and construed and interpreted in
accordance with, the laws of the State of New York.

 

[signature pages follow]

 

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The parties have caused this Amendment to be duly executed as of the date first
written above.

 

CVS CORPORATION

By:

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Name:

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Title:

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FLEET NATIONAL BANK, in its capacity as a Lender and in its capacity as the
Administrative Agent

By:

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Name:

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Title:

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THE BANK OF NEW YORK

By:

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Name:

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Title:

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CREDIT SUISSE FIRST BOSTON, acting through its Cayman Islands Branch

By:

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Name:

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Title:

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By:

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Name:

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Title:

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CVS CORPORATION

364 DAY CREDIT AGREEMENT

AMENDMENT NO. 2

 

WACHOVIA BANK, NATIONAL

ASSOCIATION

By:

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Name:

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Title:

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ABN AMRO BANK N.V.

By:

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Name:

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Title:

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By:

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Name:

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Title:

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MANUFACTURERS AND TRADERS TRUST COMPANY

By:

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Name:

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Title:

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BANK ONE, NA

By:

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Name:

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Title:

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CVS CORPORATION

364 DAY CREDIT AGREEMENT

AMENDMENT NO. 2

 

 

CITIZENS BANK OF RHODE ISLAND

By:

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Name:

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Title:

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COMERICA BANK

By:

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Name:

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Title:

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FIFTH THIRD BANK

By:

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Name:

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Title:

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U.S. BANK NATIONAL ASSOCIATION

By:

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Name:

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Title:

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KEYBANK NATIONAL ASSOCIATION

By:

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Name:

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Title:

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CVS CORPORATION

364 DAY CREDIT AGREEMENT

AMENDMENT NO. 2

 

MELLON BANK, N.A.

By:

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Name:

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Title:

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NATIONAL CITY BANK

By:

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Name:

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Title:

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PNC BANK, NATIONAL ASSOCIATION

By:

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Name:

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Title:

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REGIONS BANK

By:

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Name:

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Title:

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CVS CORPORATION

364 DAY CREDIT AGREEMENT

AMENDMENT NO. 2

 

SOVEREIGN BANK

By:

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Name:

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Title:

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SUNTRUST BANK

By:

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Name:

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Title:

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WELLS FARGO BANK, N.A.

By:

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Name:

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Title:

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By:

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Name:

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Title:

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HSBC BANK USA

By:

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Name:

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Title:

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CVS CORPORATION

364 DAY CREDIT AGREEMENT

AMENDMENT NO. 2

 

BRANCH BANKING AND TRUST COMPANY

By:

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Name:

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Title:

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UNION PLANTERS BANK, N.A.

By:

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Name:

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Title:

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CVS CORPORATION

364 DAY CREDIT AGREEMENT

AMENDMENT NO. 2

 

ANNEX I

 

DEPARTING LENDERS

 

1.   Citibank, N.A.

2.   JPMorgan Chase Bank

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CVS CORPORATION

364 DAY CREDIT AGREEMENT

AMENDMENT NO. 2

 

ANNEX II

 

NEW LENDERS

 

1.   HSBC Bank USA

2.   Branch Banking and Trust Company

3.   Union Planters Bank, N.A.

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CVS CORPORATION

364 DAY CREDIT AGREEMENT

AMENDMENT NO. 2

 

ANNEX III

 

CONTINUING LENDERS

 

1.   The Bank of New York

2.   Fleet National Bank

3.   Wachovia Bank, National Association

4.   Credit Suisse First Boston

5.   ABN AMRO Bank N.V.

6.   KeyBank National Association

7.   SunTrust Bank

8.   U.S. Bank National Association

9.   Mellon Bank, N.A.

10.   PNC Bank, National Association

11.   Comerica Bank

12.   Manufacturers and Traders Trust Company

13.   Bank One, NA

14.   Citizens Bank of Rhode Island

15.   Fifth Third Bank

16.   National City Bank

17.   Sovereign Bank

18.   Wells Fargo Bank

19.   Regions Bank

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CVS CORPORATION

364 DAY CREDIT AGREEMENT

AMENDMENT NO. 2

 

EXHIBIT A

 

  A.   LIST OF COMMITMENTS

 

Lender

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   Commitment Amount

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The Bank of New York

   $ 67,000,000

Fleet National Bank

   $ 67,000,000

Wachovia Bank, National Association

   $ 60,000,000

Credit Suisse First Boston

   $ 60,000,000

ABN AMRO Bank N.V.

   $ 37,500,000

KeyBank National Association

   $ 37,500,000

SunTrust Bank

   $ 37,500,000

U.S. Bank National Association

   $ 25,000,000

Mellon Bank, N.A.

   $ 25,000,000

PNC Bank, National Association

   $ 25,000,000

Comerica Bank

   $ 16,000,000

Manufacturers and Traders Trust Company

   $ 12,500,000

Bank One, NA

   $ 12,500,000

Citizens Bank of Rhode Island

   $ 12,500,000

Fifth Third Bank

   $ 17,500,000

National City Bank

   $ 12,500,000

Sovereign Bank

   $ 12,500,000

Wells Fargo Bank

   $ 15,000,000

Regions Bank

   $ 7,500,000

HSBC Bank USA

   $ 15,000,000

Branch Banking and Trust Company

   $ 15,000,000

Union Planters Bank, N.A.

   $ 10,000,000     

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TOTAL

   $ 600,000,000