Exhibit 10.1
EXECUTION COPY
Dated as of October 13, 2009
TLC Vision (USA) Corporation
16305 Swingley Ridge Road, Suite 300
Chesterfield, MO 63017
Attention: Michael Gries

Re:     Amendment to Limited Waiver

Ladies and Gentlemen:
     We refer to the Limited Waiver, dated as of September 30, 2009, among TLC
Vision (USA) Corporation (the “Borrower”), TLC Vision Corporation (“Parent”), as
Guarantor, the Additional Guarantors, and the Required Lenders party thereto
(the “Limited Waiver”). Capitalized terms used but not defined in this Amendment
to Limited Waiver (this “Amendment to Limited Waiver”) have the same meanings
herein as in the Limited Waiver.
     The Loan Parties have requested that the Required Lenders grant an
extension with respect to the Waiver Period (as defined in the Limited Waiver).
Accordingly, the Loan Parties hereby agree with the undersigned Required Lenders
as follows:
     SECTION 1. Amendment to Limited Waiver. Section 1(d) of the Limited Waiver
is hereby amended as set forth below:
     (a) by amending and restating clause (v) thereof in its entirety as
follows:
     “(v) “Waiver Period” means the period commencing on the Limited Waiver
Effective Date and ending on the earliest to occur of (A) November 15, 2009,
(B) the occurrence of any Default or Event of Default (other than a Specified
Default or a Payment Default), (C) October 21, 2009, unless on or before such
date the Administrative Agent and counsel to the Required Lenders has received a
copy of an engagement letter, substantially in the form agreed between the
steering committee for the Lenders and the Parent, duly executed by the Parent
and a restructuring monitor satisfactory to the steering committee for the
Lenders and the Parent, (D) the restructuring monitor party to the engagement
letter referred to in clause (C) hereof ceases to be retained by the Parent as
restructuring monitor to assist the Parent and its Subsidiaries with the
implementation of the Restructuring, and (E) the date on which the steering
committee for the Lenders reasonably determines that the Loan Parties are not
making satisfactory progress with respect to the implementation and pursuit of
the Restructuring”, and
     (b) by inserting the following new clauses (vi) and (vii) at the end
thereof:
     “(vi) “Required Consenting Lenders” means, as of any date of determination,
the Lender Parties and Hedge Banks holding more than sixty-six and two-thirds
percent (662/3%) of the aggregate amount of the Obligations under the Loan
Documents and

 

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constituting more than fifty percent (50%) in number of all the Lender Parties
and Hedge Banks; and
     (vii) “Restructuring” means the restructuring of certain obligations and
other liabilities of the Parent and certain of its Subsidiaries and other
related transactions contemplated in connection therewith, proposed terms of
which have been discussed between the Loan Parties and the Lenders, subject to
(A) the completion of certain proposed transactions prior to the implementation
of such restructuring and other transactions, (B) the negotiation, execution and
delivery of definitive documentation on terms satisfactory to the Required
Consenting Lenders and (C) completion of all conditions precedent satisfactory
to the Required Consenting Lenders.”
     SECTION 2. Acknowledgments and Agreements of the Loan Parties. Each of the
Loan Parties hereby irrevocably and unconditionally agrees, acknowledges and
affirms to the Agents, the Issuing Bank and the Lenders that except for the
amendments to the Limited Waiver set forth in Section 1 hereof, this Amendment
to Limited Waiver shall not, by implication or otherwise, limit, impair,
constitute a waiver of or otherwise affect any rights or remedies of the Agents,
the Issuing Bank or the Lenders under any of the Loan Documents, nor alter,
modify, amend or in any way affect any of the rights, remedies, obligations or
any covenants of the Loan Parties contained in any of the other Loan Documents,
all of which are ratified and confirmed in all respects and shall continue in
full force and effect.
     SECTION 3. Representations and Warranties. Each of the Loan Parties hereby
represents and warrants to the Agents, the Issuing Bank and the Lenders that:
     (a) Due Execution and Authorization; Legal, Valid and Binding Obligation.
This Amendment to Limited Waiver has been duly executed and delivered by each
Loan Party. The execution and delivery by each Loan Party of this Amendment to
Limited Waiver is within such Loan Party’s powers and has been duly authorized
by all necessary action on its part. This Amendment to Limited Waiver
constitutes the legal, valid and binding obligations of each Loan Party,
enforceable against such Loan Party in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law.
     (b) No Conflicts. The execution, delivery and performance by each Loan
Party of this Amendment to Limited Waiver, are within such Loan Party’s
corporate, limited liability company, limited liability partnership or limited
partnership (as applicable) powers, have been duly authorized by all necessary
corporate, limited liability company, limited liability partnership or limited
partnership (as applicable) action, and do not (i) contravene such Loan Party’s
charter, bylaws, limited liability company agreement, partnership agreement or
other constituent documents, (ii) violate any law, rule, regulation, order,
writ, judgment, injunction, decree, determination or award, (iii) conflict with
or result in the breach of, or constitute a default or require any payment to be
made under, any contract, loan agreement, indenture, mortgage, deed of trust,
lease or other instrument binding on or affecting any Loan Party, any of its
Subsidiaries or any of their properties or (iv) except for the Liens created
under the Loan

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Documents, result in or require the creation or imposition of any Lien upon or
with respect to any of the properties of any Loan Party or any of its
Subsidiaries.
     (c) Representations. After giving effect to this Amendment to Limited
Waiver each of the representations and warranties made by any Loan Party
contained in the Loan Documents is true and correct in all material respects as
of the date hereof, except to the extent such representations and warranties
expressly relate to an earlier date.
     (d) Ratification of Obligations.
     (i) There are no understandings or agreements relating to the Obligations
other than the Loan Documents.
     (ii) Neither the Lenders, any Agent, nor the Issuing Bank are in default
under any of the Loan Documents or otherwise have breached any obligations to
the Loan Parties.
     (iii) There are no offsets, counterclaims or defenses to the Obligations or
to the rights, remedies or powers of the Administrative Agent, the Collateral
Agent, the Issuing Bank, or any Lender in respect of any of the Obligations or
any of the Loan Documents, and the Loan Parties agree not to interpose (and each
does hereby waive and release) any such defense, set-off or counterclaim in any
action brought by the Administrative Agent, the Collateral Agent, the Issuing
Bank or any of the Lenders with respect thereto.
     (e) No Defaults. No Default or Event of Default exists on the date hereof,
other than the Specified Defaults or Payment Defaults.
     (f) Material Information.
     (i) None of the factual information and data (taken as a whole) at any time
furnished by any Loan Party, any of its Subsidiaries or any of their respective
counsel, financial advisers or authorized representatives to any Agent, any
Lender, or any of their respective counsel or financial advisors in connection
with the Loan Documents and the proposed Restructuring of the obligations
thereunder, contains any untrue statement of a material fact or omits to state
any material fact necessary to make such information and data (taken as a whole)
not materially misleading, in each case, at the time such information was
provided in light of the circumstances under which such information or data was
furnished.
     (ii) The projections and other pro forma financial information provided to
any Agent, any Lender or any of their respective counsel or financial advisers
were prepared in good faith based upon assumptions believed by the Loan Parties
to be reasonable at the time made, it being recognized by the Agents and the
Lenders that such projections as to future events are not to be viewed as facts
and that actual results during the period or periods covered by any such
projections may differ from the projected results and such differences may be
material.

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     SECTION 4. Conditions to Effectiveness This Amendment to Limited Waiver
shall become effective if, and only if, on or before October 21, 2009, each of
the following conditions precedent shall have been satisfied:
     (a) Execution and Delivery of Documents. The Administrative Agent and
counsel to the Required Lenders shall have received (i) duly executed
counterparts of this Amendment to Limited Waiver which, when taken together,
bear the authorized signatures of each of the Borrower, the Parent and the
Required Lenders, required for this Amendment to Limited Waiver to become
effective and (ii) duly executed counterparts of the Consent, in the form of
Annex A hereto, which when taken together, bear the authorized signatures of
each of the Loan Parties.
     (b) Proof of Corporate Action. The Administrative Agent and counsel to the
Required Lenders shall have received from each of the Loan Parties copies,
certified by a duly authorized officer of such Person to be true and complete on
and as of the date hereof, of the records of all corporate action taken by such
Person to authorize (A) such Person’s execution and delivery of this Amendment
to Limited Waiver, and (B) such Person’s performance of all of its agreements
and obligations under this Amendment to Limited Waiver. Such certified copies
shall be in form and substance reasonably satisfactory to the Required Lenders.
     (c) Incumbency Certificate. The Administrative Agent and counsel to the
Required Lenders shall have received incumbency certificates, dated as of the
date hereof, signed respectively by a duly authorized officer of each of the
Loan Parties, and giving the name and bearing a specimen signature of each
individual who shall be authorized (i) to sign, in the name and on behalf of
such Person this Amendment to Limited Waiver, and (ii) to give notices and to
take other action on behalf of such Person under this Amendment to Limited
Waiver and the Loan Documents. Such certified copies or certificate shall be in
form and substance reasonably satisfactory to the Required Lenders.
     (d) Closing Certificate. The Administrative Agent and counsel to the
Required Lenders shall have received a certificate, dated as of the date hereof,
signed by the Chief Financial Officer of the Borrower, to the effect that
(i) each of the representations and warranties of the Loan Parties contained in
Section 3 hereof are true and correct as of the date hereof, and (ii) all
conditions to the effectiveness of this Amendment to Limited Waiver set forth in
this Section 4 have been satisfied in all respects.
     (e) Fees, Costs and Expenses. The Borrower shall have paid all invoiced
unpaid fees and out-of-pocket expenses and disbursements of (i) Bingham
McCutchen LLP (“Bingham”), counsel to certain of the Lenders, pursuant to the
fee agreement dated as of February 10, 2009, (ii) Gordian Group LLC, the
financial advisor engaged by Bingham for the benefit of the Lenders represented
by it, pursuant to the engagement letter, dated as of February 20, 2009,
(iii) Stikeman Elliott LLP, Canadian counsel engaged by Bingham for the benefit
of the Lenders represented by it, pursuant to

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the fee agreement dated as of February 10, 2009, and (iv) the Agents, pursuant
to Section 9.04 of the Credit Agreement.
     SECTION 5. Release. In consideration of the foregoing, each of the Loan
Parties and its successors and assigns (collectively, the “Releasors”), as
applicable, release and forever discharge the Agents, the Issuing Bank, and each
Lender that executes this Amendment to Limited Waiver and their respective
affiliates, officers, directors, employees, agents, attorneys, predecessors,
successors and assigns, both present and former (collectively, together with the
Agents, the Issuing Bank and each Lender, the “Bank Affiliates”), of and from
any and all manner of action and actions, causes of action, suits, debts,
controversies, damages, judgments, executions, claims and demands whatsoever,
asserted or unasserted, in law or in equity, relating to or arising out of any
Loan Document, against any of the Bank Affiliates which any Releasor ever had or
now has on the date hereof, upon or by reason of any manner, cause, causes or
thing whatsoever, whether presently existing, suspected, known, unknown,
contemplated or anticipated.
     SECTION 6. GOVERNING LAW. THIS AMENDMENT TO LIMITED WAIVER SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.
     SECTION 7. Miscellaneous. This Amendment to Limited Waiver constitutes the
entire agreement of the parties with respect to the subject matter hereof and
supersedes any prior understandings or agreements which may have existed with
respect thereto. Except as expressly provided herein, this Amendment to Limited
Waiver shall not, by implication or otherwise, limit, impair, constitute a
waiver of or otherwise affect any rights or remedies of the Agents or the Lender
Parties under the Credit Agreement or the other Loan Documents, nor alter,
modify, amend or in any way affect any of the obligations or covenants contained
in the Credit Agreement or any of the other Loan Documents, all of which are
ratified and confirmed in all respects and shall continue in full force and
effect. To the extent there is any inconsistency between the terms and
provisions of any Loan Document and the terms and provisions of this Amendment
to Limited Waiver, the terms and provisions of this Amendment to Limited Waiver
shall govern. The headings used in this Amendment to Limited Waiver are for
convenience of reference only and shall not in any way be deemed to limit,
define or describe the scope and intent of this Amendment to Limited Waiver or
any provision hereof. This Amendment to Limited Waiver shall be binding upon and
inure to the benefit of each of the Lenders, the Agents and the Issuing Bank and
each of the Loan Parties, and to each of their respective successors and
assigns. This Amendment to Limited Waiver may not be modified or amended except
by a written instrument executed by the party to be charged. Execution and
delivery of this Amendment to Limited Waiver by facsimile transmission or other
electronic means shall constitute execution and delivery of this Amendment to
Limited Waiver for all purposes, with the same force and effect as execution and
delivery of an original manually signed copy hereof. This Amendment to Limited
Waiver may be executed in any number of counterparts by different parties hereto
in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and same
agreement.
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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
Limited Waiver to be duly executed by their duly authorized officers, all as of
the date first above written.

            Very truly yours,

TLC VISION (USA) CORPORATION, as
Borrower
      By:   /s/ William McManus         Name:   William McManus        Title:  
Interim CFO        TLC VISION CORPORATION, as Parent and
Guarantor
      By:   /s/ William McManus         Name:   William McManus        Title:  
Interim CFO     

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Annex A
CONSENT
Dated as of October 13, 2009
     We, the undersigned, as Guarantors under the Guaranty and Grantors under
the Security Agreements and the Intellectual Property Security Agreement (each
as defined in the Credit Agreement) in favor of the Agents and, for their
benefit and the benefit of the Lenders party to the Credit Agreement referred to
in the foregoing Amendment to Limited Waiver (“Amendment to Limited Waiver”),
hereby consent to such Amendment to Limited Waiver and hereby confirm and agree
that notwithstanding the effectiveness of such Amendment to Limited Waiver, each
of the Guaranty, the Security Agreements and the Intellectual Property Security
Agreement is, and shall continue to be, in full force and effect and is hereby
ratified and confirmed in all respects.

            GUARANTORS

TLC VISION CORPORATION
      By:   /s/ William McManus         Name:   William McManus        Title:  
Interim CFO   

 

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AMERICAN EYE INSTRUMENTS, INC.
LASER EYE SURGERY, INC.
LASER VISION CENTERS, INC.
LVCI CALIFORNIA, LLC
     By: Laser Vision Centers, Inc., its Member
SIGHTPATH MEDICAL INC.
OR PARTNERS, INC.
O.R. PROVIDERS, INC.
SOUTHEAST MEDICAL, INC.
SOUTHERN OPHTHALMICS, INC.
TLC CAPITAL CORPORATION
TLC FLORIDA EYE LASER CENTER, LLC
     By: TLC THE LASER CENTER (INSTITUTE) INC., ITS MEMBER
TLC LASER EYE CENTERS (ATAC), LLC
TLC LASER EYE CENTERS (REFRACTIVE I) INC.
TLC MANAGEMENT SERVICES INC.
TLC MIDWEST EYE LASER CENTER, INC.
TLC THE LASER CENTER (ANNAPOLIS) INC.
TLC THE LASER CENTER (BALTIMORE MANAGEMENT) LLC
TLC THE LASER CENTER (BALTIMORE) INC.
TLC THE LASER CENTER (BOCA RATON) LIMITED PARTNERSHIP
     By: (NORTHEAST) INC., ITS GENERAL PARTNER
TLC THE LASER CENTER (CAROLINA) INC.
TLC THE LASER CENTER (CONNECTICUT) L.L.C.
     By: TLC THE LASER CENTER (NORTHEAST) INC., ITS SOLE MEMBER
TLC THE LASER CENTER (INSTITUTE) INC.
TLC THE LASER CENTER (NORTHEAST) INC.
TLC VC, LLC
TLC VISION SOURCE, INC.
TLC WHITTEN LASER EYE ASSOCIATES, LLC
     By: TLC THE LASER CENTER (NORTHEAST) INC., ITS MEMBER
TRUVISION, INC.
TRUVISION CONTACTS, INC.
TRUVISION PROVIDER ONLINE SERVICES, INC.
VALLEY LASER EYE CENTER, LLC
By: LASER VISION CENTERS, INC., ITS SOLE MEMBER

                By:   /s/ William McManus         Name:   William McManus       
Title:   Interim CFO     

 

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TLC THE LASER CENTER (MONCTON) INC.
RHEO CLINIC INC.
VISION CORPORATION

                By:   /s/ William McManus         Name:   William McManus       
Title:   Interim CFO     

 

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          Agreed to and Accepted By:

Brentwood CLO Ltd.
      By:   /s/ Michael Pusateri         Name:   Michael Pusateri       
Title:   Chief Operating Officer       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

Loan Funding IV LLC
      By:   /s/ Michael Pusateri         Name:   Michael Pusateri       
Title:   Chief Operating Officer       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

Emerald Orchard Limited
      By:   /s/ Irfan Ahmed         Name:   IRFAN AHMED        Title:  
Authorized Signatory       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

Greenbriar CLO, Ltd.
      By:   /s/ Michael Pusateri         Name:   Michael Pusateri       
Title:   Chief Operating Officer       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

HCSMF Scotia Swap
      By:   /s/ Scott Kerr         Name:   SCOTT KERR        Title:   AUTHORIZED
SIGNATORY       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

Loan Star State Trust
      By:   /s/ Michael Pusateri         Name:   Michael Pusateri       
Title:   Chief Operating Officer       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

Longhorn Credit Funding, LLC
      By:   /s/ Michael Pusateri         Name:   Michael Pusateri       
Title:   Chief Operating Officer       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

Red River CLO Ltd.
      By:   /s/ Michael Pusateri         Name:   Michael Pusateri       
Title:   Chief Operating Officer       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

Rockwall CDO II Ltd.
      By:   /s/ Michael Pusateri         Name:   Michael Pusateri       
Title:   Chief Operating Officer       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

Southfork CLO, Ltd.
      By:   /s/ Michael Pusateri         Name:   Michael Pusateri       
Title:   Chief Operating Officer       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

Loan Funding VII LLC
      By:   /s/ Michael Pusateri         Name:   Michael Pusateri       
Title:   Chief Operating Officer       

[Signature Page to Amendment to Limited Waiver]

 

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          Agreed to and Accepted By:

GALE FORCE 3 CLO. LTD.

By: GSO/Blackstone Debt Funds Management LLC
       as Collateral Manager
      By:   /s/ Daniel H. Smith         Name:   Daniel H. Smith        Title:  
Authorized Signatory       

[Signature Page to Amendment to Limited Waiver]

 

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Agreed to and Accepted By:

          GALE FORCE 1 CLO. LTD.

By: GSO/Blackstone Debt Funds Management LLC
       as Collateral Manager             By:   /s/ Daniel H. Smith       
Name:   Daniel H. Smith         Title:   Authorized Signatory       

[Signature Page to Amendment to Limited Waiver]

 

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Agreed to and Accepted By:

          FM LEVERAGED CAPITAL FUND II

By: GSO/Blackstone Debt Funds Management LLC
       as Subadviser to FriedbergMilstein LLC             By:   /s/ Daniel H.
Smith        Name:   Daniel H. Smith        Title:   Authorized Signatory       

[Signature Page to Amendment to Limited Waiver]

 

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Agreed to and Accepted By:

          MONUMENT PARK CDO LTD.

By: Blackstone Debt Advisors L.P.
       as Collateral Manager             By:   /s/ Daniel H. Smith        
Name:   Daniel H. Smith         Title:   Authorized Signatory       

[Signature Page to Amendment to Limited Waiver]

 

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Agreed to and Accepted By:

          CIFC Funding 2007-48, LTD.
      By:   /s/ Michio Brunner         Name:   Michio Brunner        Title:  
Authorized Signatory       

[Signature Page to Amendment to Limited Waiver]

 

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Agreed to and Accepted By:
CIFC Funding 2007 — IV, Ltd.

          By:   /s/ Steve Vaccaro         Name:   Steve Vaccaro        Title:  
Co-Chief Investment Officer       

[Signature Page to Amendment to Limited Waiver]

 

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Agreed to and Accepted By:
Sargas CLO I LTD.

By: Sargas Asset Management, LLC,
       its Portfolio Manager

          By:   /s/ Mark S. Maglaya         Name:   Mark S. Maglaya       
Title:   Assistant Secretary       

[Signature Page to Amendment to Limited Waiver]

 

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Agreed to and Accepted By:
Pangaea CLO 2007-1 LTD.

By: Pangaea Asset Management, LLC, its
       Collateral Manager

          By:   /s/ Mark S. Maglaya         Name:   Mark S. Maglaya       
Title:   Assistant Secretary       

[Signature Page to Amendment to Limited Waiver]

 

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Agreed to and Accepted By:
ACA CLO 2007-1, LTD

By: Its investment advisor
       Apidos Capital Management, LLC

          By:   /s/ Vincent Ingato         Name:   Vincent Ingato       
Title:   Portfolio Manager       

[Signature Page to Amendment to Limited Waiver]