exv10wpwi






EXHIBIT 10(p)(i)




      




U.S. $1,000,000,000




AMENDED AND RESTATED

FIVE YEAR CREDIT AGREEMENT



Dated as of December 1, 2006



Among



BECTON, DICKINSON AND COMPANY

as Borrower



and



THE BANKS NAMED HEREIN

as Banks



CITICORP USA, INC.

as Administrative Agent



THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH

as Syndication Agent



and



CITIGROUP GLOBAL MARKETS INC.

and

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH

as Joint Lead Arrangers and Joint Bookrunners



 










 



 


TABLE OF CONTENTS




	 	 	 	 	 
	Section	 	Page	 
	ARTICLE I
	 	 	 	 
	DEFINITIONS AND ACCOUNTING TERMS
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.01. Certain Defined Terms
	 	 	1	 
	SECTION 1.02. Computation of Time Periods
	 	 	13	 
	SECTION 1.03. Accounting Terms
	 	 	13	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	AMOUNTS AND TERMS OF THE ADVANCES
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.01. The A Advances
	 	 	13	 
	SECTION 2.02. Making the A Advances
	 	 	14	 
	SECTION 2.03. The B Advances
	 	 	15	 
	SECTION 2.04. Certain Fees
	 	 	18	 
	SECTION 2.05. Reduction and Extensions of the Commitments
	 	 	19	 
	SECTION 2.06. Repayment of A Advances
	 	 	20	 
	SECTION 2.07. Interest
	 	 	20	 
	SECTION 2.08. Additional Interest on Eurodollar Rate Advances
	 	 	20	 
	SECTION 2.09. Interest Rate Determinations; Changes in Rating Systems
	 	 	21	 
	SECTION 2.10. Voluntary Conversion and Continuation of A Advances
	 	 	22	 
	SECTION 2.11. Prepayments of A Advances
	 	 	23	 
	SECTION 2.12. Increased Costs
	 	 	23	 
	SECTION 2.13. Illegality
	 	 	25	 
	SECTION 2.14. Payments and Computations
	 	 	25	 
	SECTION 2.15. Taxes
	 	 	26	 
	SECTION 2.16. Sharing of Payments, Etc.
	 	 	28	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	CONDITIONS OF LENDING
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.01. Condition Precedent to Effectiveness of this Agreement
	 	 	29	 
	SECTION 3.02. Conditions Precedent to Each A Borrowing
	 	 	30	 
	SECTION 3.03. Conditions Precedent to Each B Borrowing
	 	 	30	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.01. Representations and Warranties of the Borrower
	 	 	31	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	COVENANTS OF THE BORROWER
	 	 	 	 












 




	 	 	 	 	 
	Section	 	Page	 
	SECTION 5.01. Affirmative Covenants
	 	 	33	 
	SECTION 5.02. Negative Covenants
	 	 	35	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	EVENTS OF DEFAULT
	 	 	 	 
	 
	 	 	 	 
	SECTION 6.01. Events of Default
	 	 	37	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	THE ADMINISTRATIVE AGENT
	 	 	 	 
	 
	 	 	 	 
	SECTION 7.01. Authorization and Action
	 	 	38	 
	SECTION 7.02. Administrative Agent’s Reliance, Etc.
	 	 	39	 
	SECTION 7.03. CUSA and Affiliates
	 	 	39	 
	SECTION 7.04. Lender Credit Decision
	 	 	39	 
	SECTION 7.05. Indemnification
	 	 	40	 
	SECTION 7.06. Successor Administrative Agent
	 	 	40	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	SECTION 8.01. Amendments, Etc.
	 	 	41	 
	SECTION 8.02. Notices, Etc.
	 	 	41	 
	SECTION 8.03. No Waiver; Remedies
	 	 	43	 
	SECTION 8.04. Costs, Expenses and Indemnification
	 	 	43	 
	SECTION 8.05. Right of Set-off
	 	 	44	 
	SECTION 8.06. Binding Effect
	 	 	44	 
	SECTION 8.07. Assignments, Designations and Participations
	 	 	45	 
	SECTION 8.08. Governing Law; Submission to Jurisdiction
	 	 	49	 
	SECTION 8.09. Severability
	 	 	49	 
	SECTION 8.10. Execution in Counterparts
	 	 	49	 
	SECTION 8.11. Survival
	 	 	49	 
	SECTION 8.12. Substitution of Lender
	 	 	49	 
	SECTION 8.13. Confidentiality
	 	 	50	 
	SECTION 8.14. No Fiduciary Relationship
	 	 	50	 
	SECTION 8.15. Patriot Act Notice
	 	 	51	 
	SECTION 8.16. Waiver of Jury Trial
	 	 	52	 





(ii)









 




EXHIBITS




	 	 	 	 	 

	Exhibit A-1

	 	—
	 	Form of A Note
	Exhibit A-2

	 	—
	 	Form of B Note
	Exhibit B-1

	 	—
	 	Form of Notice of A Borrowing
	Exhibit B-2

	 	—
	 	Form of Notice of B Borrowing
	Exhibit C

	 	—
	 	Form of Assignment and Acceptance
	Exhibit D

	 	—
	 	Form of Designation Agreement
	Exhibit E

	 	—
	 	Form of Opinion of General
	 

	 	 	 	Counsel of the Borrower
	Exhibit F

	 	—
	 	Form of Opinion of Special New York
	 

	 	 	 	Counsel to the Administrative Agent





(iii)











 



 


          AMENDED AND RESTATED FIVE YEAR CREDIT AGREEMENT dated as of December 1, 2006 among BECTON,
DICKINSON AND COMPANY, a New Jersey corporation (the “Borrower”), the banks (the
“Banks”) listed on the signature pages hereof, THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW
YORK BRANCH, as syndication agent, and CITICORP USA, INC. (“CUSA”) as administrative agent
(in such capacity, the “Administrative Agent”) for the Lenders hereunder.




          PRELIMINARY STATEMENTS:




          (1) The Borrower is party to an Amended and Restated Five Year Credit Agreement dated as of
August 13, 2004 (as amended, supplemented or otherwise modified from time to time to (but not
including) the date of this Amended and Restated Five Year Credit Agreement (this
“Agreement”), the “Existing Credit Agreement”) with the banks, financial
institutions and other institutional lenders party thereto and CUSA, as Administrative Agent for
the lenders.




          (2) The parties to this Agreement desire to amend the Existing Credit Agreement as set forth
herein and to restate the Existing Credit Agreement in its entirety as set forth below.




          (3) The Borrower has requested that the Banks make loans to it in an aggregate principal
amount not exceeding $1,000,000,000 at any one time outstanding to support the Borrower’s
commercial paper program and for other general corporate purposes, and the Banks are prepared to
make such loans upon the terms and conditions hereof. Accordingly, the parties hereto agree as
follows:




ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS




          SECTION 1.01. Certain Defined Terms. As used in this Agreement, the following terms shall
have the following meanings (such meanings to be equally applicable to both the singular and plural
forms of the terms defined):





     “A Advance” means an advance by a Lender to the Borrower as part of an A
Borrowing and refers to a Base Rate Advance or a Eurodollar Rate Advance, each of which
shall be a “Type” of A Advance.




     “A Borrowing” means (a) a borrowing consisting of simultaneous A Advances of
the same Type having the same Interest Period and (b) other than for purposes of
Sections 2.02 and 3.02, (i) the simultaneous Conversion of A Advances of one Type to A
Advances of the other Type (having, in the case of Conversions into Eurodollar Rate
Advances, the same Interest Period) and (ii) the simultaneous Continuation of Eurodollar
Rate Advances as Eurodollar Rate Advances having the same Interest Period.




     “A Note” means a promissory note of the Borrower payable to the order of any
Lender, in substantially the form of Exhibit A-1 hereto, evidencing the aggregate



Credit Agreement










 



 




 -2-





indebtedness of the Borrower to such Lender resulting from the A Advances made by such
Lender.




     “Advance” means an A Advance or a B Advance.




     “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person or is a
director or officer of such Person. For purposes of this definition, the term
“control” (including the terms “controlling”, “controlled by” and
“under common control with”) of a Person means the possession, direct or indirect,
of the power to vote 5% or more of the voting capital stock of such Person or to direct or
cause the direction of the management and policies of such Person, whether through the
ownership of such voting capital stock, by contract or otherwise.




     “Applicable Facility Fee Rate” for any Rating Level Period means the rate set
forth below opposite the reference to such Rating Level Period:



	 	 	 	 	 
	Rating Level         	 	Applicable Facility
	Period        	 	Fee Rate (% p.a.)
	Level 1 Period
	 	 	0.0450	%
	Level 2 Period
	 	 	0.0500	%
	Level 3 Period
	 	 	0.0600	%
	Level 4 Period
	 	 	0.0700	%
	Level 5 Period
	 	 	0.0800	%
	Level 6 Period
	 	 	0.1000	%







Each change in the Applicable Facility Fee Rate resulting from a Rating Level Change shall
be effective on the effective date of such Rating Level Change.




     “Applicable Lending Office” means, with respect to each Lender, such Lender’s
Domestic Lending Office in the case of a Base Rate Advance and such Lender’s Eurodollar
Lending Office in the case of a Eurodollar Rate Advance and, in the case of a B Advance, the
office of such Lender notified by such Lender to the Administrative Agent as its Applicable
Lending Office with respect to such B Advance.



Credit Agreement















 



-3-





     “Applicable Margin” for any A Advance for any Rating Level Period means the
rate for the respective Type of A Advance set forth below opposite the reference to such
Rating Level Period:



	 	 	 	 	 	 	 	 	 
	 	 	Applicable Margin (% p.a.)
	Rating Level         	 	Base Rate	 	Eurodollar
	Period        	 	Advances	 	Rate Advances
	Level 1 Period
	 	 	0.0000	%	 	 	0.1050	%
	Level 2 Period
	 	 	0.0000	%	 	 	0.1500	%
	Level 3 Period
	 	 	0.0000	%	 	 	0.1900	%
	Level 4 Period
	 	 	0.0000	%	 	 	0.2300	%
	Level 5 Period
	 	 	0.0000	%	 	 	0.2700	%
	Level 6 Period
	 	 	0.0000	%	 	 	0.3500	%







Each change in the Applicable Margin resulting from a Rating Level Change shall be effective
(including with respect to each A Advance then outstanding) on the effective date of such
Rating Level Change.




     “Applicable Utilization Fee Rate” for any Rating Level Period means the rate
set forth below opposite the reference to such Rating Level Period:



	 	 	 	 	 
	Rating Level         	 	Applicable Utilization
	Period        	 	Fee Rate (% p.a.)
	Level 1 Period
	 	 	0.0500	%
	Level 2 Period
	 	 	0.0500	%
	Level 3 Period
	 	 	0.0500	%
	Level 4 Period
	 	 	0.0500	%
	Level 5 Period
	 	 	0.1000	%
	Level 6 Period
	 	 	0.1000	%





Each change in the Applicable Utilization Fee Rate resulting from a Rating Level Change shall be
effective on the effective date of such Rating Level Change.




Credit Agreement














 



-4-




     “Assignment and Acceptance” means an assignment and acceptance entered into by
a Lender and an Eligible Assignee, and accepted by the Administrative Agent, in
substantially the form of Exhibit C hereto.



     “B Advance” means an advance by a Lender to the Borrower as part of a B
Borrowing resulting from the auction bidding procedure described in Section 2.03.



     “B Borrowing” means a borrowing consisting of simultaneous B Advances from each
of the Lenders whose offer to make one or more B Advances as part of such borrowing has been
accepted by the Borrower under the auction bidding procedure described in Section 2.03.



     “B Note” means a promissory note of the Borrower payable to the order of any
Lender, in substantially the form of Exhibit A-2 hereto, evidencing the indebtedness of the
Borrower to such Lender resulting from a B Advance made by such Lender.



     “B Reduction” has the meaning specified in Section 2.01.



     “Base Rate” means, for any period, a fluctuating interest rate per annum in
effect from time to time which rate per annum shall at all times be equal to the higher of:



          (a) the rate of interest announced publicly by Citibank in New York, New York from
time to time as Citibank’s base rate; and




          (b) 1/2 of one percent per annum above the Federal Funds Rate for such period.




     “Base Rate Advance” means an A Advance which bears interest as provided in
Section 2.07(a)(i) or 2.07(b)(i)(x).



     “Borrowing” means an A Borrowing or a B Borrowing.



     “Business Day” means a day of the year on which banks are not required or
authorized to close in New York City and, if the applicable Business Day relates to any
Eurodollar Rate Advance, on which dealings are carried on in the London interbank market.



     “Change in Control” means any of the following events:



          (a) any “person” or “group” (as such terms are used for purposes of Sections 13(d) and
14(d) of the Exchange Act, whether or not applicable, except that for purposes of this
paragraph (a) such person or group shall be deemed to have “beneficial ownership” of all
 shares that such person or group has the right to acquire, whether such right is exercisable
immediately or only after the passage of time) is or becomes the “beneficial owner” (as such
term is used in Rule 13d-3 promulgated pursuant to the Exchange Act), directly or
indirectly, of more than 50% of the aggregate voting power of all Voting Stock of the
Borrower; or




Credit Agreement












 



-5-




          (b) during any period of 25 consecutive calendar months, a majority of the Board of
Directors of the Borrower shall no longer be composed of individuals (i) who were members of
said Board on the first day of such period, (ii) whose election or nomination to said Board
was approved by individuals referred to in clause (i) above constituting at the time of such
election or nomination at least a majority of said Board or (iii) whose election or
nomination to said Board was approved by individuals referred to in clauses (i) and (ii)
above constituting at the time of such election or nomination at least a majority of said
Board.




     “Citibank” means Citibank, N.A.



     “Code” means the Internal Revenue Code of 1986, as amended from time to time.



     “Commitment” has the meaning specified in Section 2.01.



     “Commitment Termination Date” means December 1, 2011 or, if the Commitment
Termination Date is extended pursuant to Section 2.05(b), the date to which such Commitment
Termination Date is extended, provided in each case that if such date is not a
Business Day, then the Commitment Termination Date shall be the immediately preceding
Business Day.



     “Consolidated Subsidiary” means, at any date, any Subsidiary of the Borrower or
other entity the accounts of which would be consolidated with those of the Borrower in its
consolidated financial statements if such statements were prepared as of such date.



     “Continuation”, “Continue” and “Continued” each refers to a
continuation of Eurodollar Rate Advances from one Interest Period to the next Interest
Period pursuant to Section 2.10.



     “Convert”, “Conversion” and “Converted” each refers to a
conversion of Advances of one Type into Advances of the other Type pursuant to Section 2.09
or 2.10.



     “Debt” means (a) indebtedness for borrowed money, (b) obligations evidenced by
bonds, debentures, notes or other similar instruments, (c) obligations to pay the deferred
purchase price of property or services, (d) obligations as lessee under leases which shall
have been or should be, in accordance with GAAP, recorded as capital leases, and
(e) obligations under direct or indirect guaranties in respect of, and obligations
(contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a
creditor against loss in respect of, indebtedness or obligations of others of the kinds
referred to in clauses (a) through (d) above; provided that neither trade accounts
payable arising in the ordinary course of business nor obligations in respect of insurance
policies or performance or surety bonds which are not themselves guarantees of Debt (nor
drafts, acceptances or similar instruments evidencing the same nor obligations in respect of
letters of credit supporting the payment of the same) shall constitute Debt.



     “Default” means an event that, with notice or lapse of time or both, would
become an Event of Default.



Credit Agreement













 



-6-




     “Designated Bidder” means (a) an Eligible Assignee or (b) a special purpose
corporation which is engaged in making, purchasing or otherwise investing in commercial
loans in the ordinary course of its business and that issues (or the parent of which issues)
commercial paper rated at least P-1 by Moody’s or A-1 by Standard & Poor’s (or a comparable
rating from a successor of either of them), that, in either case, (i) is organized under the
laws of the United States or any State thereof, (ii) shall have become a party hereto
pursuant to Section 8.07(d), (e) and (f), and (iii) is not otherwise a Lender.



     “Designation Agreement” means a designation agreement entered into by a Lender
(other than a Designated Bidder) and a Designated Bidder, and accepted by the Administrative
Agent, in substantially the form of Exhibit D hereto.



     “Domestic Lending Office” means, with respect to any Lender, the office of such
Lender specified as its “Domestic Lending Office” in the Administrative Questionnaire of
such Bank or in the Assignment and Acceptance pursuant to which it became a Lender, or such
other office of such Lender as such Lender may from time to time specify to the Borrower and
the Administrative Agent.



     “EBITDA” means, for any period, the sum (without duplication), for the Borrower
and its Consolidated Subsidiaries (on a consolidated basis), of (a) net income for such
period plus (b) to the extent deducted in determining net income for such period,
the sum of (i) depreciation and amortization for such period, (ii) Interest Expense for such
period and (iii) taxes for such period.



     “Effective Date” means the earliest date as of which the conditions precedent
to effectiveness set forth in Section 3.01 shall have been satisfied or waived.



     “Eligible Assignee” means:



     (a) a commercial bank organized under the laws of the United States, or any State
thereof, and having total assets in excess of $1,000,000,000;



     (b) a savings and loan association or savings bank organized under the laws of the
United States, or any State thereof, and having total assets in excess of $500,000,000;



     (c) a commercial bank organized under the laws of any other country which is a member
of the OECD or has concluded special lending arrangements with the International Monetary
Fund associated with its General Arrangements to Borrow or of the Cayman Islands, or a
political subdivision of any such country, and having total assets in excess of
$1,000,000,000, provided that such bank is acting through a branch or agency located
in the United States;



     (d) the central bank of any country which is a member of the OECD;



     (e) a finance company, insurance company or other financial institution or fund
(whether a corporation, partnership or other entity) which is engaged in making,



Credit Agreement












 



-7-



purchasing or otherwise investing in commercial loans in the ordinary course of its
business, and having total assets in excess of $150,000,000;




     (f) a Lender; and



     (g) an Affiliate of a Lender;



     provided that neither the Borrower nor any Affiliate of the Borrower shall
qualify as an Eligible Assignee.



     “Environmental Laws” means any and all present and future Federal, state, local
and foreign laws, rules or regulations, and any orders or decrees, in each case as now or
hereafter in effect, relating to the regulation or protection of human health, safety or the
environment or to emissions, discharges, releases or threatened releases of pollutants,
contaminants, chemicals or toxic or hazardous substances or wastes into the indoor or
outdoor environment, including, without limitation, ambient air, soil, surface water, ground
water, wetlands, land or subsurface strata, or otherwise relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of
pollutants, contaminants, chemicals or toxic or hazardous substances or wastes.



     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended
from time to time, and the regulations promulgated and rulings issued thereunder.



     “ERISA Affiliate” means any corporation or trade or business that is a member
of any group of organizations (a) described in Section 414(b) or (c) of the Code of which
the Borrower is a member and (b) solely for purposes of potential liability under
Section 302(c)(11) of ERISA and Section 412(c)(11) of the Code and the lien created under
Section 302(f) of ERISA and Section 412(n) of the Code, described in Section 414(m) or (o)
of the Code of which the Borrower is a member.



     “Eurocurrency Liabilities” has the meaning assigned to that term in Regulation
D of the Board of Governors of the Federal Reserve System, as in effect from time to time.



     “Eurodollar Lending Office” means, with respect to any Lender, the office of
such Lender specified as its “Eurodollar Lending Office” in the Administrative Questionnaire
of such Lender or in the Assignment and Acceptance pursuant to which it became a Lender (or,
if no such office is specified, its Domestic Lending Office), or such other office of such
Lender as such Lender may from time to time specify to the Borrower and the Administrative
Agent.



     “Eurodollar Rate” means, for any Interest Period for each Eurodollar Rate
Advance, an interest rate per annum equal to the rate per annum (rounded upward to the
nearest whole multiple of 1/16 of 1% per annum) appearing on Moneyline Telerate Markets Page
3750 (or any successor page) as the London interbank offered rate for deposits in U.S.
dollars at approximately 11:00 A.M. (London time) two Business Days



Credit Agreement












 



-8-



prior to the first day of such Interest Period for a term comparable to such Interest
Period or, if for any reason such rate is not available, the average (rounded upward to the
nearest whole multiple of 1/16 of 1% per annum, if such average is not such a multiple) of
the rate per annum at which deposits in U.S. dollars are offered by the principal office of
each of the Reference Banks in London, England to prime banks in the London interbank market
at 11:00 A.M. (London time) two Business Days before the first day of such Interest Period
in an amount substantially equal to such Reference Bank’s Eurodollar Rate Advance comprising
part of the related A Borrowing and for a period equal to such Interest Period. If the
Moneyline Telerate Markets Page 3750 (or any successor page) is unavailable, the Eurodollar
Rate for any Interest Period for each Eurodollar Rate Advance comprising part of such
related A Borrowing shall be determined by the Administrative Agent on the basis of
applicable rates furnished to and received by the Administrative Agent from the Reference
Banks two Business Days before the first day of such Interest Period, subject,
however, to the provisions of Section 2.09.




     “Eurodollar Rate Advance” means an A Advance which bears interest as provided
in Section 2.07(a)(ii) or 2.07(b)(i)(y).



     “Eurodollar Rate Reserve Percentage” of any Lender for any Interest Period for
any Eurodollar Rate Advance means the effective rate (expressed as a percentage) at which
reserve requirements (including, without limitation, emergency, supplemental and other
marginal reserve requirements) are imposed on such Lender during such Interest Period (or if
more than one such percentage shall be so applicable, the daily average of such percentages
for those days in such Interest Period during which any such percentage shall be so
applicable) under regulations issued from time to time by the Board of Governors of the
Federal Reserve System (or any successor) with respect to liabilities or assets consisting
of or including Eurocurrency Liabilities having a term equal to such Interest Period.



     “Events of Default” has the meaning specified in Section 6.01.



     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time.



     “Excluded Period” means, with respect to any additional amount payable under
Section 2.12, the period ending 120 days prior to the applicable Lender’s delivery of a
certificate referenced in Section 2.12(a) or 2.12(b), as applicable, with respect to such
additional amount.



     “Existing Commitment Termination Date” has the meaning specified in Section
2.05(b).



     “Existing Credit Agreement” has the meaning specified in the Preliminary
Statements.



     “Facility Fee” has the meaning specified in Section 2.04(a).



Credit Agreement













 



-9-




     “Federal Funds Rate” means, for any period, a fluctuating interest rate per
annum equal for each day during such period to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers, as published for such day (or, if such day is not a Business Day, for
the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate
is not so published for any day which is a Business Day, the average of the quotations for
such day on such transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it.



     “GAAP” has the meaning specified in Section 1.03.



     “Interest Coverage Ratio” means, at any date of determination thereof, the
ratio of (a) EBITDA for the period of four consecutive fiscal quarters most recently ended
on or prior to such date to (b) Interest Expense for such period.



     “Interest Expense” means, for any period, the sum (determined without
duplication) of the aggregate amount of cash interest accruing during such period on the
Debt of the Borrower and its Consolidated Subsidiaries (on a consolidated basis), including,
without limitation, the interest portion of payments under capital lease obligations and any
capitalized interest.



     “Interest Period” means, with respect to any Eurodollar Rate Advance, the
period beginning on the date such Eurodollar Rate Advance is made or Continued, or Converted
from a Base Rate Advance, and ending on the last day of the period selected by the Borrower
pursuant to the provisions below. The duration of each such Interest Period shall be one,
two, three or six months, and subject to clause (iii) of this definition, nine or twelve
months, as the Borrower may, upon notice received by the Administrative Agent not later than
11:00 A.M. (New York City time) on the third Business Day prior to the first day of such
Interest Period, select; provided, however, that:



          (i) the Borrower may not select any Interest Period that ends after the Termination
Date;




          (ii) each Interest Period that begins on the last Business Day of a calendar month (or
on any day for which there is no numerically corresponding day in the appropriate subsequent
calendar month) shall end on the last Business Day of the appropriate subsequent calendar
month;




     (iii) the Borrower shall not be entitled to select an Interest Period having duration
of nine or twelve months unless, by 2:00 P.M. (New York City time) on the third Business Day
prior to the first day of such Interest Period, each Lender notifies the Administrative
Agent that such Lender will be providing funding for such Eurodollar Rate Advance with such
Interest Period (the failure of any Lender to so respond by such time being deemed for all
purposes of this Agreement as an objection by such Lender to the requested duration of such
Interest Period); provided that, if any or all of the Lenders object to the requested
duration of such Interest Period, the duration of the Interest Period for such Eurodollar
Rate Advance shall be one, two, three or six months, as specified by



Credit Agreement












 



-10-



the Borrower as the desired alternative to an Interest Period of nine months or twelve
months; and




          (iv) whenever the last day of any Interest Period would otherwise occur on a day other
than a Business Day, the last day of such Interest Period shall be extended to occur on the
next succeeding Business Day, provided that, if such extension would cause the last
day of such Interest Period to occur in the next following calendar month, the last day of
such Interest Period shall occur on the next preceding Business Day.




     “Lenders” means the Banks listed on the signature pages hereof, each Person
that shall become a party hereto pursuant to Section 2.05, Section 8.07(a), (b) and (c) or
Section 8.12, and, except when used in reference to an A Advance, an A Borrowing, an A Note,
a Commitment or a related term, each Designated Bidder.



     “Lien” means any lien, security interest or other charge or encumbrance of any
kind, or any other type of preferential arrangement, including, without limitation, the lien
or retained security title of a conditional vendor and any easement, right of way or other
encumbrance on title to real property.



     “Majority Lenders” means at any time Lenders holding at least 51% of the then
aggregate unpaid principal amount of the A Advances held by Lenders, or, if no such
principal amount is then outstanding, Lenders having at least 51% of the Commitments.



     “Material Adverse Effect” means a material adverse effect on (i) the business,
condition (financial or otherwise) or results of operations of the Borrower and its
Subsidiaries, taken as a whole, or (ii) the legality, validity or enforceability of this
Agreement or any Note.



     “Moody’s” means Moody’s Investors Service, Inc. and its successors.



     “Multiemployer Plan” means a multiemployer plan defined as such in
Section 3(37) of ERISA to which contributions have been made by the Borrower or any ERISA
Affiliate and that is covered by Title IV of ERISA.



     “Non-Extending Lender” has the meaning specified in Section 2.05(b).



     “Note” means an A Note or a B Note.



     “Notice of A Borrowing” has the meaning specified in Section 2.02(a).



     “Notice of B Borrowing” has the meaning specified in Section 2.03(a).



     “OECD” means the Organization for Economic Cooperation and Development.



     “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding
to any or all of its functions under ERISA.



Credit Agreement













 



-11-




     “Person” means an individual, partnership, corporation (including a business
trust), limited liability company, joint stock company, trust, unincorporated association,
joint venture or other entity, or a government or any political subdivision or agency
thereof.



     “Plan” means an employee benefit or other plan established or maintained by the
Borrower or any ERISA Affiliate and that is covered by Title IV of ERISA, other than a
Multiemployer Plan.



     “Rated Securities” means, at any time, the long-term senior unsecured,
unguaranteed debt securities of the Borrower outstanding at such time.



     “Rating Level Change” means a change in the rating of the Rated Securities by
either or both of Moody’s or Standard & Poor’s (other than as a result of a change in the
rating system of such rating agency) that results in the change from one Rating Level Period
to another, which Rating Level Change shall be effective on the date on which the relevant
change in the rating of the Rated Securities is first announced by Moody’s or Standard &
Poor’s, as the case may be.



     “Rating Level Period” means, as of any period, the level set forth below as
then in effect, as determined in accordance with the following provisions of this
definition:




     “Level 1 Period” means a period during which the Rated Securities are
rated better than or equal to Aa2 by Moody’s or better than or equal to AA by
Standard & Poor’s.




     “Level 2 Period” means a period that is not a Level 1 Period during
which the Rated Securities are rated better than or equal to A1 by Moody’s or better
than or equal to A+ by Standard & Poor’s.




     “Level 3 Period” means a period that is not a Level 1 Period or a
Level 2 Period during which the Rated Securities are rated better than or equal to
A2 by Moody’s or better than or equal to A by Standard & Poor’s.




     “Level 4 Period” means a period that is not a Level 1 Period, a Level 2
Period or a Level 3 Period during which the Rated Securities are rated better than
or equal to A3 by Moody’s or better than or equal to A- by Standard & Poor’s.




     “Level 5 Period” means a period that is not a Level 1 Period, a Level 2
Period, a Level 3 Period or a Level 4 Period during which the Rated Securities are
rated better than or equal to Baa1 by Moody’s or better than or equal to BBB+ by
Standard & Poor’s.




     “Level 6 Period” means each period other than a Level 1 Period, a Level
2 Period, a Level 3 Period, a Level 4 Period or a Level 5 Period, and shall include
each period during which both Moody’s and Standard & Poor’s shall not have in



Credit Agreement












 



-12-





effect a rating for the Rated Securities (other than because either such rating
agency shall no longer be in the business of rating corporate debt obligations).



     For purposes of the forgoing, (a) if only one of Moody’s and Standard & Poor’s shall
have in effect a rating for the Rated Securities, the Rating Level Period shall be
determined by reference to the available rating and (b) if the Rated Securities are rated by
Moody’s and Standard & Poor’s with ratings that would otherwise fall within different Rating
Level Periods, the applicable Rating Level Period shall be determined by the rating that
results in the higher Rating Level Period except that if the lower of such ratings would
result in a Rating Level Period that is more that one level below the higher of such Rating
Level Periods, the Rating Level Period shall be determined by reference to the rating that
is one level above the lower of such ratings.



     “Reference Banks” means CUSA and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New
York Branch.



     “Register” has the meaning specified in Section 8.07(g).



     “Reportable Event” has the meaning set forth in Title IV of ERISA.



     “Standard & Poor’s” means Standard & Poor’s Ratings Services, presently a
division of The McGraw-Hill Companies, Inc., and its successors.



     “Subsidiary” means, with respect to any Person, any corporation, partnership,
limited liability company or other entity of which at least a majority of the securities or
other ownership interests having by the terms thereof ordinary voting power to elect a
majority of the board of directors or other persons performing similar functions of such
corporation, partnership, limited liability company or other entity (irrespective of whether
or not at the time securities or other ownership interests of any other class or classes of
such corporation, partnership or other entity shall have or might have voting power by
reason of the happening of any contingency) is at the time directly or indirectly owned or
controlled by such Person or one or more Subsidiaries of such Person or by such Person and
one or more Subsidiaries of such Person.



     “Taxes” has the meaning specified in Section 2.15.



     “Termination Date” means the Commitment Termination Date or the earlier date of
termination in whole of the Commitments pursuant to Section 2.05(a) or 6.01.



     “Utilization Fee” has the meaning specified in Section 2.04(b).



     “Voting Stock” means, at any time, the outstanding securities of the Borrower
entitled to vote generally in the election of directors of the Borrower.



Credit Agreement













 



-13-




          SECTION 1.02. Computation of Time Periods. In this Agreement in the computation of
periods of time from a specified date to a later specified date, the word “from” means “from and
including” and the words “to” and “until” each means “to but excluding”.




          SECTION 1.03. Accounting Terms. All accounting terms not specifically defined herein
shall be construed in accordance with generally accepted accounting principles (“GAAP”) as
in effect from time to time, applied on a basis consistent (except for changes concurred in by the
Borrower’s independent public accountants) with the most recent audited consolidated financial
statements of the Borrower and its Consolidated Subsidiaries delivered to the Lenders;
provided that, if the Borrower notifies the Administrative Agent that the Borrower wishes
to amend any defined term or covenant to eliminate the effect of any change in generally accepted
accounting principles on the operation of such defined term or covenant (or if the Administrative
Agent notifies the Borrower that the Majority Lenders wish to amend such defined term or covenant
for such purpose), then the Borrower’s compliance with this Agreement shall be determined on the
basis of generally accepted accounting principles in effect immediately before the relevant change
in generally accepted accounting principles became effective, until either such notice is withdrawn
or such defined term or covenant is amended in a manner satisfactory to the Borrower and the
Majority Lenders.




ARTICLE II

AMOUNTS AND TERMS OF THE ADVANCES




          SECTION 2.01. The A Advances.




          (a) Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make
A Advances to the Borrower from time to time on any Business Day during the period from the date
hereof until the Termination Date in an aggregate amount not to exceed at any time outstanding the
amount set opposite such Lender’s name on the signature pages hereof or, if such Lender has entered
into any Assignment and Acceptance, set forth for such Lender in the Register, as such amount may
be reduced pursuant to Section 2.05(a) (such Lender’s “Commitment”), provided that
the aggregate amount of the Commitments of the Lenders shall be deemed used from time to time to
the extent of the aggregate amount of the B Advances then outstanding and such deemed use of the
aggregate amount of the Commitments shall be deemed applied to the Lenders ratably according to
their respective Commitments (such deemed use of the aggregate amount of the Commitments being a
“B Reduction”).




          (b) Each A Borrowing (i) shall (except as otherwise provided in Sections 2.09(f) and (g)) be
in an aggregate amount not less than $10,000,000 or an integral multiple of $1,000,000 in excess
thereof and (ii) shall consist of A Advances of the same Type (and, if such Advances are Eurodollar
Rate Advances, having the same Interest Period) made, Continued or Converted on the same day by the
Lenders ratably according to their respective Commitments.
Within the limits of each Lender’s Commitment, the Borrower may from time to time borrow, prepay
pursuant to Section 2.11(b) and reborrow under this Section 2.01.




Credit Agreement












 



-14-




          SECTION 2.02. Making the A Advances.




          (a) Each A Borrowing shall be made on notice, given not later than 11:00 A.M. (New York City
time) on the third Business Day prior to the date of the proposed A Borrowing (in the case of an A
Borrowing consisting of Eurodollar Rate Advances) or given not later than 11:00 A.M. (New York City
time) on the Business Day of the proposed A Borrowing (in the case of an A Borrowing consisting of
Base Rate Advances), by the Borrower to the Administrative Agent, which shall give to each Lender
prompt notice thereof by telecopier. Each such notice of an A Borrowing (a “Notice of A
Borrowing”) shall be by telecopier, in substantially the form of Exhibit B-1 hereto, specifying
therein the requested (i) date of such A Borrowing, (ii) Type of A Advances comprising such A
Borrowing, (iii) aggregate amount of such A Borrowing, and (iv) in the case of an A Borrowing
consisting of Eurodollar Rate Advances, initial Interest Period for each such A Advance. Each
Lender shall, before 1:00 P.M. (New York City time) on the date of such A Borrowing, make available
for the account of its Applicable Lending Office to the Administrative Agent at its address
referred to in Section 8.02, in same day funds, such Lender’s ratable portion of such A Borrowing.
After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable
conditions set forth in Article III, the Administrative Agent will make such funds available to the
Borrower at the Administrative Agent’s aforesaid address.




          (b) Anything in subsection (a) above to the contrary notwithstanding, the Borrower may only
select Eurodollar Rate Advances for any A Borrowing in an aggregate amount of $10,000,000 or an
integral multiple of $1,000,000 in excess thereof.




          (c) Each Notice of A Borrowing shall be irrevocable and binding on the Borrower. In the case
of any A Borrowing which the related Notice of A Borrowing specifies is to be comprised of
Eurodollar Rate Advances, the Borrower shall indemnify each Lender against any loss, cost or
expense incurred by such Lender as a result of any failure to fulfill, on or before the date
specified in such Notice of A Borrowing, the applicable conditions set forth in Article III,
including, without limitation, any loss (excluding loss of anticipated profits), cost or expense
incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such
Lender to fund the A Advance to be made by such Lender as part of such A Borrowing. The Borrower
shall pay amounts owing to any Lender pursuant to this Section 2.02(c) within 30 days after receipt
from such Lender of a certificate setting forth in reasonable detail the calculation of the amount
such Lender is entitled to claim under this Section 2.02(c) (which certificate shall be conclusive
and binding for all purposes, absent manifest error).




          (d) Unless the Administrative Agent shall have received notice from a Lender prior to the
date of any A Borrowing that such Lender will not make available to the Administrative Agent such
Lender’s ratable portion of such A Borrowing, the Administrative Agent may assume that such Lender
has made such portion available to the Administrative Agent on the date of such A Borrowing in
accordance with subsection (a) of this Section 2.02
and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower
on such date a corresponding amount. If and to the extent that such Lender shall not have so made
such ratable portion available to the Administrative Agent, such Lender and the Borrower severally
agree to repay to the Administrative Agent forthwith on demand such




Credit Agreement












 



-15-



corresponding amount together
with interest thereon, for each day from the date such amount is made available to the Borrower
until the date such amount is repaid to the Administrative Agent, at (i) in the case of the
Borrower, the interest rate applicable at the time to A Advances comprising such A Borrowing and
(ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the
Administrative Agent such corresponding amount, such amount so repaid shall constitute such
Lender’s A Advance as part of such A Borrowing for purposes of this Agreement (and such A Advance
shall be deemed to have been made by such Lender on the date on which such amount is so repaid to
the Administrative Agent).




          (e) The failure of any Lender to make the A Advance to be made by it as part of any A
Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its
A Advance on the date of such A Borrowing, but no Lender shall be responsible for the failure of
any other Lender to make the A Advance to be made by such other Lender on the date of any
A Borrowing.




          SECTION 2.03. The B Advances.




          (a) Each Lender severally agrees that the Borrower may request B Borrowings under this
Section 2.03 from time to time on any Business Day during the period from the date hereof until the
date occurring 30 days prior to the Termination Date in the manner set forth below;
provided that, following the making of each B Borrowing, the aggregate amount of the
Advances then outstanding shall not exceed the aggregate amount of the Commitments of the Lenders
(computed without regard to any B Reduction). The following procedures shall apply:





     (i) The Borrower may request a B Borrowing under this Section 2.03 by delivering to
the Administrative Agent, by telecopier, a notice of a B Borrowing (a “Notice of B
Borrowing”), in substantially the form of Exhibit B-2 hereto, specifying the date and
aggregate amount of the proposed B Borrowing, the maturity date for repayment of each B
Advance to be made as part of such B Borrowing (which maturity date may not be earlier than
the date occurring 30 days after the date of such B Borrowing or later than the Termination
Date), the interest payment date or dates relating thereto, and any other terms to be
applicable to such B Borrowing, not later than 10:00 A.M. (New York City time):




     (A) at least one Business Day prior to the date of the proposed B Borrowing,
if the Borrower shall specify in the Notice of B Borrowing that the rates of
interest to be offered by the Lenders shall be fixed rates per annum (such
Borrowing, a “Fixed Rate B Borrowing”) and




     (B) at least four Business Days prior to the date of the proposed B Borrowing,
if the Borrower shall instead specify in the Notice of B Borrowing the
basis to be used by the Lenders in determining the rates of interest to be offered
by them (such Borrowing, a “Specified Basis B Borrowing”).




Simultaneously with each such request, the Borrower shall pay to the Administrative Agent,
for the Administrative Agent’s account, a non-refundable fee in the amount



Credit Agreement












 



-16-





heretofore agreed
between the Borrower and the Administrative Agent. Promptly following the Administrative
Agent’s receipt of such request and the fee referred to in the preceding sentence, the
Administrative Agent shall notify each Lender of such request for a B Borrowing received by
it from the Borrower by sending such Lender a copy of the related Notice of B Borrowing.




     (ii) Each Lender may, if, in its sole discretion, it elects to do so, irrevocably
offer to make one or more B Advances to the Borrower as part of such proposed B Borrowing at
a rate or rates of interest specified by such Lender in its sole discretion, by notifying
the Administrative Agent (which shall give prompt notice thereof to the Borrower), before
10:00 A.M. (New York City time) (A) on the date of such proposed B Borrowing (in the case of
a Fixed Rate B Borrowing) and (B) three Business Days before the date of such proposed
B Borrowing (in the case of a Specified Basis B Borrowing), of the minimum amount and
maximum amount of each B Advance which such Lender would be willing to make as part of such
proposed B Borrowing (which amounts may, subject to the proviso to the first sentence of
this Section 2.03(a), exceed such Lender’s Commitment, if any), the rate or rates of
interest therefor and such Lender’s Applicable Lending Office with respect to such B
Advance; provided that if the Administrative Agent in its capacity as a Lender
shall, in its sole discretion, elect to make any such offer, it shall notify the Borrower of
such offer before 9:30 A.M. (New York City time) on the date on which notice of such
election is to be given to the Administrative Agent by the other Lenders. If any Lender
shall elect not to make such an offer, such Lender shall so notify the Administrative Agent,
before 10:00 A.M. (New York City time) on the date on which notice of such election is to be
given to the Administrative Agent by the other Lenders, and such Lender shall not be
obligated to, and shall not, make any B Advance as part of such B Borrowing;
provided that the failure by any Lender to give such notice shall not cause such
Lender to be obligated to make any B Advance as part of such proposed B Borrowing.




     (iii) The Borrower shall, in turn, (A) before 11:00 A.M. (New York City time) on the
date of such proposed B Borrowing (in the case of a Fixed Rate B Borrowing) and (B) before
1:00 P.M. (New York City time) three Business Days before the date of such proposed B
Borrowing (in the case of a Specified Basis B Borrowing), either:




     (x) cancel such B Borrowing by giving the Administrative Agent notice to that
effect, or




     (y) in its sole discretion, (1) accept one or more of the offers made by any
Lender or Lenders pursuant to paragraph (ii) above by giving notice to the
Administrative Agent of the amount of each B Advance to be made by each Lender as
part of such B Borrowing (provided that (I) the amount of each such B
Advance shall be equal to or greater than the minimum amount, and equal to or less
than the maximum amount, notified to the Borrower by the Administrative Agent on
behalf of such Lender for such B Advance pursuant to paragraph (ii) above and (II)
such offers, if accepted, must be accepted in ascending order of the rates of
interest specified by the offering Lenders in their respective notices



Credit Agreement












 



-17-





delivered
pursuant to paragraph (ii) above (in each case beginning with the lowest rate so
offered) and, if offers are made by two or more Lenders with the same rates of
interest for a greater aggregate principal amount than the amount in respect of
which offers are accepted, then the principal amount of B Advances in respect of
which such offers are accepted shall be allocated by the Borrower among such Lenders
as nearly as possible (in integral multiples of $1,000,000) in proportion to the
aggregate maximum principal amount of such offers by such Lenders), and (2) reject
any remaining offers made by Lenders pursuant to paragraph (ii) above by giving the
Administrative Agent notice to that effect.




     (iv) If the Borrower notifies the Administrative Agent that such B Borrowing is
canceled pursuant to paragraph (iii)(x) above, the Administrative Agent shall give prompt
notice thereof to the Lenders and such B Borrowing shall not be made.




     (v) If the Borrower accepts one or more of the offers made by any Lender or Lenders
pursuant to paragraph (iii)(y) above, the Administrative Agent shall in turn promptly notify
(A) each Lender that has made an offer as described in paragraph (ii) above, of the date and
aggregate amount of such B Borrowing and whether or not any offer or offers made by such
Lender pursuant to paragraph (ii) above have been accepted by the Borrower, (B) each Lender
that is to make a B Advance as part of such B Borrowing, of the amount of each B Advance to
be made by such Lender as part of such B Borrowing, and (C) each Lender that is to make a B
Advance as part of such B Borrowing, upon receipt, that the Administrative Agent has
received forms of documents appearing to fulfill the applicable conditions set forth in
Article III. Each Lender that is to make a B Advance as part of such B Borrowing shall,
before 12:00 noon (New York City time) on the date of such B Borrowing specified in the
notice received from the Administrative Agent pursuant to clause (A) of the preceding
sentence or any later time when such Lender shall have received notice from the
Administrative Agent pursuant to clause (C) of the preceding sentence, make available for
the account of its Applicable Lending Office to the Administrative Agent at its address
referred to in Section 8.02 such Lender’s portion of such B Borrowing, in same day funds.
Upon fulfillment of the applicable conditions set forth in Article III and after receipt by
the Administrative Agent of such funds, the Administrative Agent will make such funds
available to the Borrower at the Administrative Agent’s aforesaid address. Promptly after
each B Borrowing the Administrative Agent will notify each Lender of the amount of the B
Borrowing, the consequent B Reduction and the dates upon which such B Reduction commenced
and will terminate.



          (b) As promptly as practicable after the date of such B Borrowing, the Borrower shall execute
and deliver to the Administrative Agent a B Note payable to the order of each Lender participating
in such Borrowing for each of the B Advances to be made by such Lender
as part of such B Borrowing, in a principal amount equal to the principal amount of the B Advance
to be evidenced thereby and otherwise on such terms as were agreed to for such B Advance in
accordance with this Section 2.03. The indebtedness of the Borrower resulting from each B Advance
made to the Borrower as part of a B Borrowing shall be evidenced by a separate B Note of the
Borrower payable to the order of the Lender making such B Advance.




Credit Agreement












 



-18-




          (c) Each B Borrowing shall be in an aggregate amount not less than $10,000,000 or an integral
multiple of $1,000,000 in excess thereof, but no B Borrowing shall be made if, following the making
of such B Borrowing, the Borrower would not be in compliance with the limitation set forth in the
proviso to the first sentence of subsection (a) above.




          (d) Within the limits and on the conditions set forth in this Section 2.03, the Borrower may
from time to time borrow under this Section 2.03, repay pursuant to subsection (e) below, and
reborrow under this Section 2.03, provided that a B Borrowing shall not be made within
three Business Days of the date of any other B Borrowing.




          (e) The Borrower shall repay to the Administrative Agent for the account of each Lender which
has made a B Advance, or each other holder of a B Note, on the maturity date of each B Advance
(such maturity date being that specified by the Borrower for repayment of such B Advance in the
related Notice of B Borrowing delivered pursuant to subsection (a)(i) above and provided in the B
Note evidencing such B Advance), the then unpaid principal amount of such B Advance. The Borrower
shall have no right to prepay any principal amount of any B Advance.




          (f) The Borrower shall pay interest on the unpaid principal amount of each B Advance from the
date of such B Advance to the date the principal amount of such B Advance is repaid in full, at the
rate of interest for such B Advance specified by the Lender making such B Advance in its notice
with respect thereto delivered pursuant to subsection (a)(ii) above, payable on the interest
payment date or dates specified by the Borrower for such B Advance in the related Notice of B
Borrowing delivered pursuant to subsection (a)(i) above, as provided in the B Note evidencing such
B Advance.




          SECTION 2.04. Certain Fees.




          (a) Facility Fee. The Borrower agrees to pay to the Administrative Agent for the
account of each Lender (other than the Designated Bidders) a facility fee (the “Facility
Fee”) on the average daily amount (whether used or unused) of such Lender’s Commitment from the
date on which the Borrower signs this Agreement (in the case of each Bank) and from the effective
date specified in the Assignment and Acceptance pursuant to which it became a Lender (in the case
of each such Lender) until the Termination Date at a rate per annum equal to the Applicable
Facility Fee Rate as in effect from time to time. Accrued Facility Fee shall be paid on the last
Business Day of each March, June, September and December and on the Termination Date.




          (b) Utilization Fee. The Borrower agrees to pay to the Administrative Agent for the
account of each Lender (other than the Designated Bidders) a utilization fee (the “Utilization

Fee”) on the aggregate outstanding principal amount of such Lender’s Advances during any
period that the aggregate outstanding principal amount of the Advances exceeds an amount equal to
50% of the aggregate amount of the Commitments, at a rate per annum equal to the Applicable
Utilization Fee Rate. Accrued Utilization Fee shall be paid on each day on which a payment of
interest is due under Section 2.07.




Credit Agreement












 



-19-




          (c) Administrative Agent’s Fee. The Borrower acknowledges its agreement to pay to
the Administrative Agent, for the Administrative Agent’s own account, an administrative agency fee
at the times and in the amounts heretofore agreed between the Borrower and the Administrative
Agent.




          SECTION 2.05. Reduction and Extensions of the Commitments.




          (a) Commitment Reductions. The Borrower shall have the right, upon at least three
Business Days’ notice to the Administrative Agent, to terminate in whole or reduce ratably in part
the unused portions of the respective Commitments of the Lenders, provided that the
aggregate amount of the Commitments of the Lenders shall not be reduced to an amount which is less
than the aggregate principal amount of the Advances then outstanding, and provided
further that each partial reduction shall be in an aggregate amount of $10,000,000 or an
integral multiple of $1,000,000 in excess thereof. Once reduced or terminated, the Commitments may
not be reinstated.




          (b) Commitment Extensions.





     (i) The Borrower may, by notice to the Administrative Agent (which shall promptly
notify the Lenders) not more than 45 days and not less than 30 days prior to each
anniversary of the Effective Date (each such anniversary, an “Anniversary Date”),
request that the Lenders (other than the Designated Bidders) extend the Commitment
Termination Date for an additional one-year period from the Commitment Termination Date then
in effect hereunder (the “Existing Commitment Termination Date”). Each such Lender,
acting in its sole discretion, shall, by notice to the Borrower and the Administrative Agent
given no later than the date (herein, the “Consent Date”) that is 25 days prior to
such Anniversary Date (or, if such date is not a Business Day, the next succeeding Business
Day), advise the Borrower and the Administrative Agent whether or not such Lender agrees to
such extension; provided that each Lender that determines not to so extend the
Commitment Termination Date (a “Non-Extending Lender”) shall notify the
Administrative Agent (which shall notify the other Lenders) of such fact promptly after such
determination (but in any event no later than the Consent Date) and any Lender that does not
so advise the Borrower on or before the Consent Date shall be deemed to be a Non-Extending
Lender. The election of any Lender to agree to such extension shall not obligate any other
Lender to so agree. If and only if each of the Lenders (after giving effect to any
substitution of Lenders in accordance with Section 8.12) has advised the Borrower and the
Administrative Agent of its agreement to extend the Commitment Termination Date as aforesaid
on or prior to the Consent Date, then the Commitment Termination Date shall be extended
automatically, without any other action by any
Person, to the date that is one year after the Existing Commitment Termination Date,
provided that on the Consent Date, the representations and warranties in Section
4.01 are true and correct as of such date and no Default shall have occurred and be
continuing. The Administrative Agent will promptly notify the Borrower and the Lenders of
each extension of the Commitment Termination Date pursuant to this Section 2.05(b).



Credit Agreement












 



-20-




          SECTION 2.06. Repayment of A Advances. The Borrower hereby promises to pay to the
Administrative Agent for account of each Lender the entire outstanding principal amount of such
Lender’s A Advances, and each A Advance shall mature, on the Termination Date.




          SECTION 2.07. Interest.




          (a) Ordinary Interest. The Borrower shall pay interest on the unpaid principal
amount of each A Advance made by each Lender, from the date of such A Advance until such principal
amount shall be paid in full, at the following rates per annum:





     (i) Base Rate Advances. If such A Advance is a Base Rate Advance, a rate per
annum equal to the Base Rate in effect from time to time plus the Applicable Margin
for Base Rate Advances as in effect from time to time, payable quarterly in arrears on the
last Business Day of each March, June, September and December and on the date such Base Rate
Advance shall be Converted or paid in full.




     (ii) Eurodollar Rate Advances. If such A Advance is a Eurodollar Rate
Advance, a rate per annum for each Interest Period for such A Advance equal to the sum of
the Eurodollar Rate for such Interest Period plus the Applicable Margin for
Eurodollar Rate Advances as in effect from time to time, payable on the last day of such
Interest Period and, if such Interest Period has a duration of more than three months, on
the day which occurs every three months after the first day of such Interest Period, and on
the date such Eurodollar Rate Advance shall be Continued, Converted or paid in full.



          (b) Default Interest. The Borrower shall pay interest on the unpaid principal amount
of each A Advance and B Advance that is not paid when due (whether at stated maturity, by
acceleration or otherwise), and on the unpaid amount of any interest, fee or other amount payable
hereunder that is not paid when due, payable on demand, at a rate per annum during the period from
the due date thereof to the date on which such amount is paid in full equal to:




          (i) in the case of any amount of principal of such Advance:





     (x) in the case of any Base Rate Advance, 2% plus the rate which would
otherwise be applicable to such Advance, and




     (y) in the case of any Eurodollar Rate Advance, for the balance of the then
current Interest Period, 2% plus the rate which would otherwise be
applicable to such Advance for such Interest Period and, thereafter, 2% plus
the Base Rate as in effect from time to time, and




     (ii) in the case of all other amounts, 2% plus the Base Rate as in effect from
time to time.



          SECTION 2.08. Additional Interest on Eurodollar Rate Advances. The Borrower shall
pay to each Lender, so long as such Lender shall be required under regulations of the Board




Credit Agreement












 



-21-



of
Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets
consisting of or including Eurocurrency Liabilities (or the equivalent), additional interest on the
unpaid principal amount of each Eurodollar Rate Advance of such Lender, from the date of such
Eurodollar Rate Advance until such principal amount is paid in full, at an interest rate per annum
equal at all times to the remainder obtained by subtracting (i) the Eurodollar Rate for the
then-current Interest Period for such Eurodollar Rate Advance from (ii) the rate obtained by
dividing such Eurodollar Rate by a percentage equal to 100% minus the Eurodollar Rate
Reserve Percentage of such Lender for such Interest Period, payable on each date on which interest
is payable on such Eurodollar Rate Advance. Any Lender wishing to require payment of such
additional interest shall so notify the Borrower and the Administrative Agent and shall furnish to
the Borrower at least five Business Days prior to each date on which interest is payable on the
Eurodollar Rate Advances of such Lender a certificate (which certificate shall be conclusive and
binding for all purposes, absent manifest error) setting forth the basis for such assertion and the
amount to which such Lender is then entitled under this Section (which shall be consistent with
such Lender’s good faith estimate of the level at which the related reserves are being maintained
by it).




          SECTION 2.09. Interest Rate Determinations; Changes in Rating Systems.




          (a) Each Reference Bank agrees to furnish to the Administrative Agent timely information for
the purpose of determining each Eurodollar Rate. If any one or more of the Reference Banks shall
not furnish such timely information to the Administrative Agent for the purpose of determining any
such interest rate, the Administrative Agent shall determine such interest rate on the basis of
timely information furnished by the remaining Reference Banks (subject to clause (c) below).




          (b) The Administrative Agent shall give prompt notice to the Borrower and the Lenders of the
applicable interest rate determined by the Administrative Agent for the purpose of Section 2.07 and
the applicable rate, if any, furnished by each Reference Bank for the purpose of determining the
applicable interest rate under Section 2.07(a)(ii).




          (c) If Moneyline Telerate Markets Page 3750 is unavailable and fewer than two Reference Banks
furnish timely information to the Administrative Agent for determining the Eurodollar Rate for any
Interest Period for any Eurodollar Rate Advances,





     (i) the Administrative Agent shall forthwith notify the Borrower and the Lenders that
the interest rate cannot be determined for such Eurodollar Rate Advances for such Interest
Period,




     (ii) each Eurodollar Rate Advance will automatically, on the last day of the then
existing Interest Period therefor, Convert into a Base Rate Advance, and




     (iii) the obligation of the Lenders to make or Continue, or to Convert A Advances
into, Eurodollar Rate Advances shall be suspended until the Administrative Agent shall
notify the Borrower and the Lenders that the circumstances causing such suspension no longer
exist.



Credit Agreement












 



-22-




          (d) If, with respect to any Eurodollar Rate Advances, the Majority Lenders notify the
Administrative Agent that the Eurodollar Rate for any Interest Period for such Advances will not
adequately reflect the cost to such Majority Lenders of making, funding or maintaining their
respective Eurodollar Rate Advances for such Interest Period, the Administrative Agent shall
forthwith so notify the Borrower and the Lenders, whereupon





     (i) each Eurodollar Rate Advance will automatically, on the last day of the then
existing Interest Period therefor, Convert into a Base Rate Advance, and




     (ii) the obligation of the Lenders to make or Continue, or to Convert A Advances into,
Eurodollar Rate Advances shall be suspended until the Administrative Agent shall notify the
Borrower and such Lenders that the circumstances causing such suspension no longer exist.



          (e) If the Borrower shall fail to select the duration of any Interest Period for any
Eurodollar Rate Advances in accordance with the provisions contained in the definition of “Interest
Period” in Section 1.01, the Administrative Agent will forthwith so notify the Borrower and the
Lenders and such Advances will automatically, on the last day of the then existing Interest Period
therefor, Convert into Base Rate Advances.




          (f) On the date on which the aggregate unpaid principal amount of Eurodollar Rate Advances
comprising any A Borrowing shall be reduced, by payment or prepayment or otherwise, to less than
$10,000,000, such A Advances shall automatically Convert into Base Rate Advances.




          (g) Upon the occurrence and during the continuance of any Event of Default and upon notice
from the Administrative Agent to the Borrower at the request of the Majority Lenders, (x) each
Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period
therefor, Convert into a Base Rate Advance and (y) the obligation of the Lenders to make or
Continue, or to Convert Advances into, Eurodollar Rate Advances shall be suspended.




          (h) If the rating system of either Moody’s or Standard & Poor’s shall change, or if either
such rating agency shall cease to be in the business of rating corporate debt obligations,
the Borrower and the Administrative Agent (on behalf of the Lenders) shall negotiate in good faith
to amend the references to specific ratings in this Agreement to reflect such changed rating system
or the non-availability of ratings from such rating agency (provided that any such
amendment to such specific ratings shall in no event be effective without the approval of the
Majority Lenders).




          SECTION 2.10. Voluntary Conversion and Continuation of A Advances.




          (a) Optional Conversion. The Borrower may on any Business Day, upon notice given to
the Administrative Agent not later than 11:00 A.M. (New York City time) on the third Business Day
prior to the date of the proposed Conversion and subject to the provisions of




Credit Agreement












 



-23-



Sections 2.09 and
2.13, Convert all or any portion of the outstanding A Advances of one Type comprising part of the
same A Borrowing into A Advances of the other Type; provided that (i) any Conversion of
Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum
amount specified in Section 2.02(b) and (ii) in the case of any such Conversion of a Eurodollar
Rate Advance into a Base Rate Advance on a day other than the last day of an Interest Period
therefor, the Borrower shall reimburse the Lenders in respect thereof pursuant to Section 8.04(c).
Each such notice of a Conversion shall, within the restrictions specified above, specify (x) the
date of such Conversion, (y) the A Advances to be Converted, and (z) if such Conversion is into
Eurodollar Rate Advances, the duration of the initial Interest Period for each such A Advance.
Each notice of Conversion shall be irrevocable and binding on the Borrower.




          (b) Continuations. The Borrower may, on any Business Day, upon notice given to the
Administrative Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior
to the date of the proposed Continuation and subject to the provisions of Sections 2.09 and 2.13,
Continue all or any portion of the outstanding Eurodollar Rate Advances comprising part of the same
A Borrowing for one or more Interest Periods; provided that (i) Eurodollar Rate Advances so
Continued and having the same Interest Period shall be in an amount not less than the minimum
amount specified in Section 2.02(b) and (ii) in the case of any such Continuation on a day other
than the last day of an Interest Period therefor, the Borrower shall reimburse the Lenders in
respect thereof pursuant to Section 8.04(c). Each such notice of a Continuation shall, within the
restrictions specified above, specify (x) the date of such Continuation, (y) the Eurodollar Rate
Advances to be Continued and (y) the duration of the initial Interest Period (or Interest Periods)
for the Eurodollar Rate Advances subject to such Continuation. Each notice of Continuation shall
be irrevocable and binding on the Borrower.




          SECTION 2.11. Prepayments of A Advances.




          (a) The Borrower shall have no right to prepay any principal amount of any A Advances other
than as provided in subsection (b) below.




          (b) The Borrower may, upon at least one Business Day’s notice to the Administrative Agent
stating the proposed date and aggregate principal amount of the
prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal
amounts of the Advances comprising part of the same A Borrowing in whole or ratably in part,
together with accrued interest to the date of such prepayment on the principal amount prepaid;
provided, however, that (x) each partial prepayment shall be in an aggregate
principal amount not less than $10,000,000 or integral multiples of $1,000,000 in excess thereof
and (y) in the case of any such prepayment of a Eurodollar Rate Advance on a day other than the
last day of an Interest Period therefor, the Borrower shall reimburse the Lenders in respect
thereof pursuant to Section 8.04(c).




          SECTION 2.12. Increased Costs.




          (a) If, due to either (i) the introduction of or any change (other than any change by way of
imposition or increase of reserve requirements included in the Eurodollar Rate




Credit Agreement












 



-24-



Reserve Percentage)
in or in the interpretation of (to the extent any such introduction or change occurs after the date
hereof) any law or regulation or (ii) the compliance with any guideline or request of any central
bank or other governmental authority adopted or made after the date hereof (whether or not having
the force of law), there shall be any increase in the cost to any Lender of agreeing to make or
making, funding or maintaining Eurodollar Rate Advances, the Borrower shall from time to time,
within 30 days after delivery by such Lender to the Borrower (with a copy to the Administrative
Agent) of a certificate as to the amount of (and specifying in reasonable detail the basis for)
such increased cost, pay (subject to Section 2.12(c)) to the Administrative Agent for the account
of such Lender the amount of the increased costs set forth in such certificate (which certificate
shall be conclusive and binding for all purposes, absent manifest error); provided that,
before making any such demand, each Lender agrees to use reasonable efforts (consistent with its
internal policy and legal and regulatory restrictions) to designate a different Applicable Lending
Office if the making of such a designation would avoid the need for, or reduce the amount of, such
increased cost and would not, in the reasonable judgment of such Lender, be otherwise
disadvantageous to such Lender.




          (b) If any Lender (other than a Designated Bidder) determines that compliance with any law or
regulation enacted or introduced after the date hereof or any guideline or request of any central
bank or other governmental authority adopted or made after the date hereof (whether or not having
the force of law) affects or would affect the amount of capital required or expected to be
maintained by such Lender or any corporation controlling such Lender and that the amount of such
capital is increased by or based upon the existence of such Lender’s commitment to lend hereunder
and other commitments of this type, then, within 30 days after delivery by such Lender to the
Borrower (with a copy to the Administrative Agent) of a certificate as to (and specifying in
reasonable detail the basis for) the Additional Amounts (as hereinafter defined) requested by such
Lender, the Borrower shall pay (subject to Section 2.12(c)) to the Administrative Agent for the
account of such Lender, from time to time as specified by such Lender, the amount specified in such
certificate (which certificate shall be conclusive and binding for all purposes, absent manifest
error). For purposes hereof, the “Additional Amounts” that may be requested by any Lender
under this Section 2.12(b) means such amounts as such Lender shall reasonably determine to be
sufficient to compensate such Lender or any corporation controlling such Lender for any costs that
such Lender reasonably
determines are attributable to the maintenance by such Lender (or such corporation) of capital in
respect of its commitments to lend hereunder (such compensation to include, without limitation, an
amount equal to any reduction of the rate of return on assets or equity of such Lender (or such
corporation) to a level below that which such Lender (or such corporation) could have achieved but
for the enactment or introduction of such law or regulation or the adoption or making of such
guideline or request).




          (c) The Borrower shall not be obligated to pay any additional amounts arising pursuant to
clauses (a) and (b) of this Section 2.12 that are attributable to the Excluded Period with respect
to such additional amount; provided, that if an applicable law, rule, regulation, guideline
or request shall be adopted or made on any date and shall be applicable to the period (a
“Retroactive Period”) prior to the date on which such law, rule, regulation, guideline or
request is adopted or made, the limitation on the Borrower’s obligations to pay such additional
amounts




Credit Agreement












 



-25-



hereunder shall not apply to the additional amounts payable in respect of such Retroactive
Period.




          SECTION 2.13. Illegality. Notwithstanding any other provision of this Agreement, if
any Lender shall notify the Administrative Agent that the introduction of or any change in or in
the interpretation of any law or regulation makes it unlawful, or any central bank or other
governmental authority asserts that it is unlawful, for such Lender or its Eurodollar Lending
Office to perform its obligations hereunder to make Eurodollar Rate Advances or to fund or maintain
Eurodollar Rate Advances hereunder, then, on notice thereof and demand therefor by such Lender to
the Borrower through the Administrative Agent, (i) the obligation of the Lenders to make or
Continue, or to Convert A Advances into, Eurodollar Rate Advances shall be suspended until the
Administrative Agent shall notify the Borrower and the Lenders that the circumstances causing such
suspension no longer exist and (ii) the Borrower shall upon demand prepay in full all Eurodollar
Rate Advances of all Lenders then outstanding, together with interest accrued thereon, unless the
Borrower, within five Business Days of notice from the Administrative Agent, Converts all
Eurodollar Rate Advances of all the Lenders then outstanding into Base Rate Advances in accordance
with Section 2.10; provided that, before making any such demand, such Lender agrees to use
reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to
designate a different Eurodollar Lending Office if the making of such a designation would allow
such Lender or its Eurodollar Lending Office to continue to perform its obligations to make
Eurodollar Rate Advances or to continue to fund or maintain Eurodollar Rate Advances and would not,
in the judgment of such Lender, be otherwise disadvantageous to such Lender.




          SECTION 2.14. Payments and Computations.




          (a) The Borrower shall make each payment hereunder and under the Notes without set-off or
counterclaim not later than 11:00 A.M. (New York City time) on the day when due in U.S. dollars to
the Administrative Agent at its address referred to in Section 8.02 in same day funds. The
Administrative Agent will promptly thereafter cause to be distributed like funds relating to the
payment of principal, interest or Facility Fees ratably (other than amounts payable pursuant to
Section 2.03, 2.08, 2.12, or 2.15 or 8.04(c)) to the Lenders for the account of their
respective Applicable Lending Offices, and like funds relating to the payment of any other amount
payable to any Lender to such Lender for the account of its Applicable Lending Office, in each case
to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment
and Acceptance and recording of the information contained therein in the Register pursuant to
Section 8.07(c), from and after the effective date specified in such Assignment and Acceptance, the
Administrative Agent shall make all payments hereunder and under the Notes in respect of the
interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and
Acceptance shall make all appropriate adjustments in such payments for periods prior to such
effective date directly between themselves.




          (b) All computations of interest based on Citibank’s base rate shall be made by the
Administrative Agent on the basis of a year of 365 or 366 days, as the case may be, and all
computations of interest based on the Eurodollar Rate or the Federal Funds Rate and of Facility
Fees and Utilization Fees shall be made by the Administrative Agent, and all computations of




Credit Agreement












 



-26-



interest pursuant to Section 2.08 shall be made by a Lender, on the basis of a year of 360 days, in
each case for the actual number of days (including the first day but excluding the last day)
occurring in the period for which such interest or Facility Fees are payable. Each determination
by the Administrative Agent of an interest rate hereunder shall be conclusive and binding for all
purposes, absent manifest error.




          (c) Whenever any payment hereunder or under the Notes would be due on a day other than a
Business Day, such due date shall be extended to the next succeeding Business Day, and any such
extension of such due date shall in such case be included in the computation of payment of interest
or Facility Fee, as the case may be; provided, however, if such extension would
cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next
following calendar month, such payment shall be made on the next preceding Business Day.




          (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Lenders hereunder that the Borrower will not make such
payment in full, the Administrative Agent may assume that the Borrower has made such payment in
full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon
such assumption, cause to be distributed to each Lender on such due date an amount equal to the
amount then due such Lender. If and to the extent that the Borrower shall not have so made such
payment in full to the Administrative Agent, each Lender shall repay to the Administrative Agent
forthwith on demand such amount distributed to such Lender together with interest thereon, for each
day from the date such amount is distributed to such Lender until the date such Lender repays such
amount to the Administrative Agent, at the Federal Funds Rate.




          SECTION 2.15. Taxes.




          (a) Any and all payments by the Borrower hereunder or under the Notes shall be made, in
accordance with Section 2.14, free and clear of and without deduction for any and all present or
future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with
respect thereto, excluding, in the case of each Lender and the Administrative Agent, taxes
imposed on its income, and franchise taxes imposed on it, by the jurisdiction under the laws of
which such Lender or the Administrative Agent (as the case may be) is organized or any political
subdivision thereof and, in the case of each Lender, taxes imposed on its income, and franchise
taxes imposed on it, by the jurisdiction of such Lender’s Applicable Lending Office or any
political subdivision thereof (all such non-excluded taxes, levies, imposts, deductions, charges,
withholdings and liabilities being hereinafter referred to as “Taxes”). If the Borrower
shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or
under any Note to any Lender or the Administrative Agent, (i) the sum payable shall be increased as
may be necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section 2.15) such Lender or the Administrative Agent (as the
case may be) receives an amount equal to the sum it would have received had no such deductions been
made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount
deducted to the relevant taxation authority or other authority in accordance with applicable law.




Credit Agreement













 



-27-




          (b) In addition, the Borrower agrees to pay any present or future stamp or documentary taxes
or any other excise or property taxes, charges or similar levies which arise from any payment made
hereunder or under the Notes or from the execution, delivery or registration of, or otherwise with
respect to, this Agreement or the Notes (hereinafter referred to as “Other Taxes”).




          (c) The Borrower will indemnify each Lender and the Administrative Agent for the full amount
of Taxes or Other Taxes (including, without limitation, any Taxes and Other Taxes imposed by any
jurisdiction on amounts payable under this Section 2.15) paid by such Lender or the Administrative
Agent (as the case may be) and any liability (including penalties, interest and expenses) arising
therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or
legally asserted. Such Lender will use reasonable efforts to contest such a Tax or Other Tax that
is, in its opinion, incorrectly asserted. This indemnification shall be made within 30 days from
the date such Lender or the Administrative Agent (as the case may be) makes written demand
therefor.




          (d) Within 30 days after the date of any payment of Taxes, the Borrower will furnish to the
Administrative Agent, at its address referred to in Section 8.02, the original or a certified copy
of a receipt evidencing payment thereof. If no Taxes are payable in respect of any payment
hereunder or under the Notes, the Borrower will furnish to the Administrative Agent, at such
address, if the Administrative Agent believes there is a question as to the applicability of any
Taxes in the case of any payment hereunder and makes a request for such opinion, a certificate from
each appropriate taxing authority, or an opinion of counsel acceptable to the Administrative
Agent, in either case stating that such payment is exempt from or not subject to Taxes.




          (e) Each Lender organized under the laws of a jurisdiction outside the United States, on or
prior to the date of its execution and delivery of this Agreement (in the case of each Bank) and on
the date of the Assignment and Acceptance pursuant to which it becomes a Lender (in the case of
each other Lender), and from time to time thereafter if requested in writing by the Borrower (but
only so long as such Lender remains lawfully able to do so), shall provide the
Borrower with Internal Revenue Service form W-8ECI or W-8BEN, as appropriate, or any successor form
prescribed by the Internal Revenue Service, certifying that such Lender is entitled to benefits
under an income tax treaty to which the United States is a party which reduces the rate of
withholding tax on payments of interest or certifying that the income receivable pursuant to this
Agreement is effectively connected with the conduct of a trade or business in the United States.
If the form provided by a Lender at the time such Lender first becomes a party to this Agreement
indicates a United States interest withholding tax rate in excess of zero, withholding tax at such
rate shall be considered excluded from “Taxes” as defined in Section 2.15(a).




          (f) For any period with respect to which a Lender has failed to provide the Borrower with the
appropriate form described in Section 2.15(e) (other than if such failure is due to a change in law
occurring subsequent to the date on which a form originally was required to be provided, or if such
form otherwise is not required under the first sentence of subsection (e) above), such Lender shall
not be entitled to indemnification under Section 2.15(a) with respect to Taxes imposed by the
United States; provided, however, that should a Lender become subject to




Credit Agreement












 



-28-



Taxes
because of its failure to deliver a form required hereunder, the Borrower shall take such steps as
the Lender shall reasonably request to assist the Lender to recover such Taxes.




          (g) Any Lender claiming any additional amounts payable pursuant to this Section 2.15 shall
use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions)
to change the jurisdiction of its Applicable Lending Office(s) if the making of such a change would
avoid the need for, or reduce the amount of, any such additional amounts that may thereafter accrue
and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such
Lender.




          (h) If a Lender or the Administrative Agent (as the case may be) shall become aware that it
is entitled to claim a Refund (as hereinafter defined) from a taxing authority, such Lender or the
Administrative Agent shall promptly notify the Borrower of the availability of such Refund and
shall, within 30 days after receipt of a written request by the Borrower, make a claim to such
taxing authority for such Refund at the Borrower’s expense if, in the judgment of such Lender or
the Administrative Agent (as the case may be), the making such claim will not be otherwise
disadvantageous to it; provided that nothing in this Section 2.15(h) shall require any
Lender or the Administrative Agent to institute any administrative, judicial or other proceeding
(other than the filing of a claim for any such Refund) to obtain any such Refund. If a Lender or
the Administrative Agent (as the case may be) receives a Refund from a taxing authority, it shall
promptly pay to the Borrower the amount so received (but only to the extent of indemnity payments
made, or additional amounts paid, by the Borrower under this Section 2.15 with respect to the Taxes
or Other Taxes giving rise to such Refund), net of all reasonable out-of-pocket expenses (including
the net amount of taxes, if any, imposed on such Lender or the Administrative Agent with respect to
such Refund) of such Lender or Administrative Agent, and without interest (other than interest paid
by the relevant taxing authority with respect to such Refund); provided, however,
that the Borrower, upon the request of such Lender or the Administrative Agent, shall repay the
amount paid over to the Borrower (plus penalties, interest and other charges) to such Lender or the
Administrative Agent in the event such Lender or the Administrative Agent is required to repay such
Refund to such taxing authority. Nothing contained in this Section 2.15 shall require any Lender
or the Administrative Agent to make
available any of its tax returns (or any other information that it deems to be confidential or
proprietary). For purposes of this Section 2.15(h), a “Refund” means a refund of Taxes or
Other Taxes (other than any such refund in the form of a tax credit) for which a Lender or the
Administrative Agent, as the case may be, has been indemnified by the Borrower (or with respect to
which the Borrower has paid additional amounts) pursuant to this Section 2.15, provided
that the entitlement to such refund arises solely from a manifest error in the amount of such Taxes
or Other Taxes so paid.




          SECTION 2.16. Sharing of Payments, Etc. If any Lender shall obtain any payment
(whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on
account of the A Advances made by it (other than pursuant to Section 2.08, 2.12, 2.15 or 8.04(c))
in excess of its ratable share of payments on account of the A Advances obtained by all the
Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the A
Advances made by them as shall be necessary to cause such purchasing Lender to share the excess
payment ratably with each of them, provided, however, that if all or




Credit Agreement












 



-29-



any portion of
such excess payment is thereafter recovered from such purchasing Lender, such purchase from each
Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price
to the extent of such recovery together with an amount equal to such Lender’s ratable share
(according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the
total amount so recovered from the purchasing Lender) of any interest or other amount paid or
payable by the purchasing Lender in respect of the total amount so recovered. The Borrower agrees
that any Lender so purchasing a participation from another Lender pursuant to this Section 2.16
may, to the fullest extent permitted by law, exercise all its rights of payment (including the
right of set-off) with respect to such participation as fully as if such Lender were the direct
creditor of the Borrower in the amount of such participation.




ARTICLE III

CONDITIONS OF LENDING




          SECTION 3.01. Condition Precedent to Effectiveness of this Agreement. The
effectiveness of this Agreement is subject to the conditions precedent that the Borrower shall have
notified the Administrative Agent of the proposed Effective Date and the Administrative Agent shall
have received, on or prior to December 1, 2006, the following, each (unless otherwise specified
below) dated the date of such effectiveness, in form and substance satisfactory to the
Administrative Agent and (except for the Notes) in sufficient copies for each Lender (whereupon the
Administrative Agent shall notify the Borrower and the Lenders that the Effective Date has
occurred):




          (a) The A Notes payable to the order of the Lenders, respectively.




          (b) Certified copies of the resolutions of the Board of Directors of the Borrower approving,
and authorizing the execution, delivery and performance of, this Agreement, the
Notes and of all documents evidencing other necessary corporate actions and governmental approvals,
if any, with respect to this Agreement and the Notes.




          (c) A certificate of the Secretary or an Assistant Secretary of the Borrower certifying the
Borrower’s certificate of incorporation and by-laws and certifying the names and true signatures of
the officers of the Borrower authorized to sign this Agreement and the Notes.




          (d) A certificate from the Secretary of State of New Jersey dated as of a date reasonably
close to the date of such effectiveness as to the good standing of and charter documents filed by
the Borrower.




          (e) A favorable opinion of Jeffrey S. Sherman, Esq., General Counsel of the Borrower,
substantially in the form of Exhibit E hereto and as to such other matters as any Lender through
the Administrative Agent may reasonably request.




          (f) A favorable opinion of Shearman & Sterling LLP, special counsel for the Administrative
Agent, substantially in the form of Exhibit F hereto.




Credit Agreement













 



-30-




          (g) A certificate of a senior officer of the Borrower certifying that (i) no Default or Event
of Default as of the date thereof has occurred and is continuing, and (ii) the representations and
warranties contained in Section 4.01 are true and correct on and as of the date thereof as if made
on and as of such date.




          SECTION 3.02. Conditions Precedent to Each A Borrowing. The obligation of each
Lender to make an A Advance on the occasion of each A Borrowing (including the initial A Borrowing)
shall be subject to the further conditions precedent that on the date of such A Borrowing the
following statements shall be true (and each of the giving of the applicable Notice of A Borrowing
and the acceptance by the Borrower of the proceeds of such A Borrowing shall constitute a
representation and warranty by the Borrower that on the date of such A Borrowing such statements
are true):




          (a) the representations and warranties contained in Section 4.01 (except for, in the case of
any A Borrowing after the Effective Date, the representations and warranties set forth in
Section 4.01(e)(iii) and Section 4.01(f)(i)) are true and correct on and as of the date of such
A Borrowing, before and after giving effect to such A Borrowing and to the application of the
proceeds therefrom, as though made on and as of such date, and




          (b) no event has occurred and is continuing, or would result from such A Borrowing or from
the application of the proceeds therefrom, which constitutes a Default or an Event of Default.




          SECTION 3.03. Conditions Precedent to Each B Borrowing. The obligation of each
Lender which is to make a B Advance on the occasion of a B Borrowing (including the initial B
Borrowing) to make such B Advance as part of such B Borrowing is subject to the conditions
precedent that:




          (a) the Administrative Agent shall have received the B Note payable to the order of such
Lender evidencing such B Advance (to the extent that such B Note is required pursuant to Section
2.03(b) to be delivered prior to such B Borrowing), and




          (b) on the date of such B Borrowing the following statements shall be true (and each of the
giving of the applicable Notice of B Borrowing and the acceptance by the Borrower of the proceeds
of such B Borrowing shall constitute a representation and warranty by the Borrower that on the date
of such B Borrowing such statements are true):





     (i) the representations and warranties contained in Section 4.01 (except for, in the
case of any B Borrowing after the Effective Date, the representations and warranties set
forth in Section 4.01(e)(iii) and Section 4.01(f)(i)) are true and correct on and as of the
date of such B Borrowing, before and after giving effect to such B Borrowing and to the
application of the proceeds therefrom, as though made on and as of such date, and



Credit Agreement













 



-31-





     (ii) no event has occurred and is continuing, or would result from such B Borrowing or
from the application of the proceeds therefrom, which constitutes a Default or an Event of
Default.



ARTICLE IV

REPRESENTATIONS AND WARRANTIES




          SECTION 4.01. Representations and Warranties of the Borrower. The Borrower
represents and warrants as follows:




          (a) The Borrower is a corporation duly organized, validly existing and in good standing under
the laws of the State of New Jersey and is duly qualified and in good standing under the laws of
the respective states in which its principal operating facilities are located.




          (b) The execution, delivery and performance by the Borrower of this Agreement and the Notes
are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate
action, and do not contravene (i) the Borrower’s charter or by-laws or (ii) law or any material
contractual restriction binding on the Borrower or, to the knowledge of the Borrower, any other
contractual restriction binding on the Borrower.




          (c) No authorization or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body is required for the due execution, delivery and
performance by the Borrower of this Agreement or the Notes.




          (d) This Agreement is, and the Notes when delivered hereunder will be, legal, valid and
binding obligations of the Borrower enforceable against the Borrower in accordance with their
respective terms.





(e) (i) The consolidated balance sheets of the Borrower and its Consolidated
Subsidiaries as at September 30, 2005, and the related statements of income and cash
flows of the Borrower and its Consolidated Subsidiaries for the fiscal year then
ended, copies of which have been furnished to each Bank, fairly present the
consolidated financial condition of the Borrower and its Consolidated Subsidiaries
as at such date and the consolidated results of the operations of the Borrower and
its Consolidated Subsidiaries for the fiscal year ended on such date, all in
accordance with generally accepted accounting principles consistently applied.




     (ii) The unaudited consolidated balance sheets of the Borrower and its
Consolidated Subsidiaries as of June 30, 2006 and the related unaudited consolidated
statements of income and cash flows for the nine months then ended and set forth in
the Borrower’s Report on Form 10-Q for the quarter ended June 30, 2006, copies of
which have been furnished to each Bank, fairly present, in conformity which
generally accepted accounting principles applied on a basis



Credit Agreement













 



-32-





consistent with the
financial statements referred to in clause (i) of this paragraph (e), the
consolidated financial position of the Borrower and its Consolidated Subsidiaries as
of such date and their consolidated results of operations and cash flows for such
nine month period (subject to normal year-end adjustments).




     (iii) Since September 30, 2005, there has been no material adverse change in
the business, condition (financial or otherwise) or results of operations of the
Borrower and its Subsidiaries, taken as a whole, as shown on the consolidated
balance sheet as of such date and the related consolidated statement of net income
for the fiscal year then ended.



          (f) There is no pending (or, to the Borrower’s knowledge, threatened) action or proceeding
against the Borrower or any of its Subsidiaries before any court, governmental agency or
arbitrator, in which there is likely to be an adverse decision that (i) would have a material
adverse effect on the business, condition (financial or otherwise) or results of operations of the
Borrower and its Subsidiaries, taken as a whole, or (ii) purports to affect the legality, validity,
binding effect or enforceability of this Agreement or any Note.




          (g) No proceeds of any Advance will be used directly or indirectly for the purpose of
purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of
Governors of the Federal Reserve System).




          (h) The Borrower and its Subsidiaries have filed (or have obtained extensions of the time by
which they are required to file) all United States Federal income tax returns and all other
material tax returns required to be filed by them and have paid all taxes shown due on the returns
so filed as well as all other material taxes, assessments and governmental charges which have
become due, except such taxes, if any, as are being contested in good faith and as to which
adequate reserves have been provided.




          (i) Each Plan, and, to the knowledge of the Borrower, each Multiemployer Plan, is in
compliance in all material respects with, and has been administered in all material respects in
compliance with, the applicable provisions of ERISA, the Code and any other Federal or State law.
Without limiting the foregoing, neither the Borrower nor any of its Subsidiaries has incurred any
liability, other than premiums payable in the ordinary course of business, to the PBGC established
under ERISA in connection with any Plan or Multiemployer Plan.




          (j) The Borrower is not an “investment company”, or a company “controlled” by an “investment
company”, within the meaning of the Investment Company Act of 1940, as amended.




ARTICLE V

COVENANTS OF THE BORROWER




Credit Agreement













 



-33-




          SECTION 5.01. Affirmative Covenants. So long as any Note shall remain unpaid or any
Lender shall have any Commitment hereunder, the Borrower covenants and agrees that, unless the
Majority Lenders shall otherwise consent in writing:




          (a) Corporate Existence, Compliance with Laws, Etc. The Borrower will maintain its
corporate existence and comply, and cause each Subsidiary to comply, with all applicable laws,
statutes, rules, regulations and orders, such compliance to include, without limitation, compliance
with ERISA and applicable Environmental Laws, except for any non-compliance which would not (either
individually or in the aggregate) reasonably be expected to have a Material Adverse Effect.




          (b) Taxes, Charges, Etc. The Borrower will, and will cause each of its Subsidiaries
to, pay and discharge, or cause to be paid and discharged, all taxes, assessments and other
governmental charges imposed upon it or any of its Subsidiaries and its and their properties, or
any part thereof or upon the income or profits therefrom, as well as all claims for labor,
materials or supplies which if unpaid might by law become a Lien or charge upon any property of the
Borrower or any such Subsidiary, except such items as are being in good faith appropriately
contested by the Borrower or any of its Subsidiaries and as to which appropriate reserves are being
maintained and except for such items the non-payment of which would not (either individually or in
the aggregate) reasonably be expected to have a Material Adverse Effect.




          (c) Performance of Material Obligations. The Borrower will, and will cause each of
its Subsidiaries to, perform and observe each contractual, legal and other obligation binding upon
the Borrower or such Subsidiary, as the case may be, except where the failure to do so would not
(either individually or in the aggregate) reasonably be expected to have a Material Adverse Effect.




          (d) Books and Records; Inspection. The Borrower will, and will cause each of its
Subsidiaries to, keep adequate records and books of account, in which complete entries will be
made in accordance with generally accepted accounting principles applicable to the Borrower and to
permit representatives of any Lender or the Administrative Agent, during normal business hours, to
examine, copy and make extracts from its books and records, to inspect any of its properties, and
to discuss its business and affairs with its officers, all to the extent reasonably requested by
such Lender or the Administrative Agent (as the case may be).




          (e) Property. The Borrower will maintain, preserve and keep its own and will cause
its Subsidiaries to keep their principal plants and properties and every part thereof in good
repair, working order and condition and from time to time make all needful and proper repairs,
renewals, replacements, additions, betterments and improvements thereto so that at all times the
efficiency thereof shall be fully preserved and maintained, except in each case when the failure to
do so would not (either individually or in the aggregate) reasonably be expected to have a Material
Adverse Effect.




          (f) Insurance. The Borrower will, and will cause each of its Subsidiaries to,
maintain insurance with financially sound and reputable insurance companies, and with respect




Credit Agreement












 



-34-



to
property and risks of a character usually maintained by corporations engaged in the same or similar
business similarly situated, against loss, damage and liability of the kinds and in the amounts
customarily maintained by such corporations.




          (g) Reporting Requirements. The Borrower will furnish to the Lenders:





     (i) as soon as available and in any event within 50 days after the end of each of the
first three quarters of each fiscal year of the Borrower, a consolidated balance sheet of
the Borrower and its Consolidated Subsidiaries as of the end of such quarter and
consolidated statements of income and cash flows of the Borrower and its Consolidated
Subsidiaries for the period commencing at the end of the previous fiscal year and ending
with the end of such quarter, certified by the chief financial officer of the Borrower;




     (ii) as soon as available and in any event within 100 days after the end of each
fiscal year of the Borrower, a copy of the annual report for such year for the Borrower and
its Consolidated Subsidiaries, containing consolidated financial statements for such year
certified in a manner acceptable to the Securities and Exchange Commission by Ernst & Young,
L.L.P. or other independent public accountants acceptable to the Majority Lenders;




     (iii) as soon as possible and in any event within five days after the occurrence of
each Default and each Event of Default continuing on the date of such statement, a statement
of the chief financial officer of the Borrower setting forth details of such Default or
Event of Default and the action which the Borrower has taken and proposes to take with
respect thereto;




     (iv) promptly after the sending or filing thereof, copies of all reports which the
Borrower sends to its security holders generally, and copies of all reports and registration
statements which the Borrower or any Subsidiary of the Borrower files with the Securities
and Exchange Commission or any national securities exchange;




     (v) such other information respecting the condition or operations, financial or
otherwise, of the Borrower or any of its Subsidiaries as any Lender through the
Administrative Agent may from time to time reasonably request; and




     (vi) together with the financial statements delivered pursuant to clauses (i) and (ii)
above, a certificate of the Chief Financial Officer, Treasurer or Assistant Treasurer of the
Borrower, in form and substance satisfactory to the Administrative Agent, setting forth
calculations demonstrating compliance with the covenant set forth in Section 5.01(i).


Reports and financial statements required to be delivered by the Borrower pursuant to
paragraphs (i), (ii) and (iv) of this Section 5.01(g) shall be deemed to have been delivered on the
date on which it posts such reports, or reports containing such financial statements, on its
website on the Internet at www.bd.com or when such reports, or reports containing such financial
statements are posted on the SEC’s website at www.sec.gov; provided that it shall deliver
paper




Credit Agreement












 



-35-



copies of the reports and financial statements referred to in paragraphs (i), (ii) and (iv)
of this Section 5.01(g) to the Administrative Agent or any Lender who requests it to deliver such
paper copies until written notice to cease delivering paper copies is given by the Administrative
Agent or such Lender; and provided further that in every instance it shall provide
paper copies of the certificate required by subsection (vi) to the Administrative Agent and each of
the Lenders until such time as the Administrative Agent shall provide it written notice otherwise.




          (h) Use of Proceeds. The Borrower will use the proceeds of the Advances hereunder to
support the Borrower’s commercial paper program and for other general corporate purposes (in each
case in compliance with all applicable legal and regulatory requirements); provided that
neither the Administrative Agent nor any Lender shall have any responsibility as to the use of any
such proceeds.




          (i) Interest Coverage Ratio. The Borrower will maintain at all times an Interest
Coverage Ratio of not less than 5 to 1.




          SECTION 5.02. Negative Covenants. So long as any Note shall remain unpaid or any
Lender shall have any Commitment hereunder, the Borrower covenants and agrees that, without the
written consent of the Majority Lenders:




          (a) Liens. The Borrower will not, and will not permit any of its Subsidiaries to, at
any time create, assume or suffer to exist any Lien upon or with respect to any of its properties,
whether now owned or hereafter acquired, or assign, or permit any of its Subsidiaries to assign,
any right to receive income, in each case to secure or provide for the payment of any Debt of any
Person, other than:





     (i) Liens existing on assets of any Person at the time such Person becomes a
Subsidiary of the Borrower and not created in contemplation of such event;




     (ii) Liens on assets securing Debt of the Borrower or any Subsidiary of the Borrower
incurred or assumed for the purpose of financing all or any part of the cost of
acquiring such assets, provided that such Lien attaches to such assets concurrently
with or within 90 days after the acquisition thereof;




     (iii) Liens on assets of any Person existing at the time such Person is merged or
consolidated with or into the Borrower or a Subsidiary of the Borrower and not created in
contemplation of such event;




     (iv) Liens existing on assets prior to the acquisition thereof by the Borrower or a
Subsidiary of the Borrower and not created in contemplation of such acquisition;




     (v) Liens covering the land and building in Fukushima, Japan of Nippon Becton
Dickinson KK (a wholly owned, indirect Subsidiary of the Borrower), securing debt of
approximately ¥90,000,000;




     (vi) Liens arising out of the refinancing, extension, renewal or refunding of any Debt
of the Borrower or any Subsidiary of the Borrower secured by any Lien permitted



Credit Agreement













 



-36-





by any of
the foregoing clauses of this Section 5.02(a), provided that such Debt is not
increased and is not secured by any additional assets; and




     (vii) additional Liens created after the date hereof, provided that the
aggregate principal amount of Debt secured thereby and incurred on and after the date hereof
shall not exceed $50,000,000 in the aggregate at any one time outstanding.



          (b) Mergers, Etc. The Borrower will not merge or consolidate with or into, or
convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of
transactions) all or substantially all of the assets (whether now owned or hereafter acquired) of
the Borrower and its Subsidiaries (taken as a whole) to any Person, except that the Borrower may
merge or consolidate with or into any other Person so long as (x) immediately after giving effect
to such transaction, no Default or Event of Default would exist and (y) the Borrower is the
surviving corporation.




          (c) Transactions with Affiliates. Except as expressly permitted by this Agreement,
the Borrower will not, nor will it permit any of its Subsidiaries to, directly or indirectly, make
any investment in an Affiliate, transfer, sell, lease, assign or otherwise dispose of any property
to an Affiliate, merge into or consolidate with or purchase or acquire property from an Affiliate
or enter into any other transaction directly or indirectly with or for the benefit of an Affiliate
(including, without limitation, guarantees and assumptions of obligations of an Affiliate);
provided that:





     (i) any Affiliate who is an individual may serve as a director, officer or
employee of the Borrower or any of its Subsidiaries and receive reasonable
compensation for his or her services in such capacity;




     (ii) the Borrower and its Subsidiaries may enter into transactions with
Affiliates if the monetary or business consideration arising therefrom would be
substantially as advantageous to the Borrower and its Subsidiaries as the
monetary or business consideration that would obtain in a comparable transaction
with a Person not an Affiliate; and




     (iii) the foregoing provisions of this Section 5.02(c) shall not prohibit (x)
the Borrower or any Subsidiary from declaring or paying any lawful dividend or other
payment ratably in respect to all of its capital stock of the relevant class or (y)
transactions between or among the Borrower and its Subsidiaries not involving any
other Affiliates.



          (d) Change in Nature of Business. The Borrower will not make any material change in
the nature of the business of the Borrower and its Subsidiaries taken as a whole as carried on at
the date hereof.




Credit Agreement













 



-37-




ARTICLE VI

EVENTS OF DEFAULT




          SECTION 6.01. Events of Default. If any of the following events (“Events of
Default”) shall occur and be continuing:




          (a) The Borrower shall fail to pay any principal of any Advance when the same becomes due and
payable; or the Borrower shall fail to pay any interest on any Advance or any fee or other amount
payable hereunder or under the Notes when due and such failure remains unremedied for three
Business Days; or




          (b) Any representation or warranty made by the Borrower herein or by the Borrower (or any of
its officers) in connection with this Agreement shall prove to have been incorrect in any material
respect when made; or




          (c) (i) The Borrower shall fail to perform or observe any term, covenant or agreement
contained in Section 5.01(g)(iii), 5.01(i) or 5.02; or (ii) the Borrower shall fail to perform or
observe any other term or covenant of this Agreement on its part to be performed or observed, and
such failure remains unremedied for 30 days after notice thereof shall have been given to the
Borrower by the Administrative Agent or any Lender; or




          (d) The Borrower or any of its Subsidiaries shall fail to pay any principal of or premium or
interest on any other Debt of the Borrower or such Subsidiary which is outstanding in a principal
amount of at least $25,000,000 in the aggregate when the same becomes due and payable (whether at
scheduled maturity, by required prepayment, acceleration, demand or otherwise), and such failure
shall continue after the applicable grace period, if any, specified in the agreement or instrument
relating to such Debt; or any other event shall occur or condition shall exist under any agreement
or instrument relating to any such Debt and shall continue after the applicable grace period, if
any, specified in such agreement or instrument, if the effect of such event or condition is to
accelerate the maturity of such Debt; or any such Debt shall be declared to be due and payable, or
required to be prepaid (other than by a regularly scheduled
required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or
defease such Debt shall be required to be made, in each case prior to the stated maturity thereof;
or




          (e) The Borrower or any of its Subsidiaries shall generally not pay its debts as such debts
become due, or shall admit in writing its inability to pay its debts generally, or shall make a
general assignment for the benefit of creditors; or any proceeding shall be instituted by or
against the Borrower or any of its Subsidiaries seeking to adjudicate it a bankrupt or insolvent,
or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or
composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization
or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver,
trustee, custodian or other similar official for it or for any substantial part of its property
and, in the case of any such proceeding instituted against the Borrower or any of its Subsidiaries,
such




Credit Agreement













 



-38-



proceeding shall remain undismissed or unstayed for a period of 60 days; or the Borrower or
any of its Subsidiaries shall take any corporate action to authorize any of the actions set forth
above in this subsection (e); or




          (f) Any judgment or order for the payment of money in excess of $25,000,000 shall be rendered
against the Borrower or any of its Subsidiaries and either (i) enforcement proceedings shall have
been commenced by any creditor upon such judgment or order and such proceedings shall not have been
stayed or (ii) there shall be any period of 10 consecutive days during which a stay of enforcement
of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or




          (g) A Change in Control shall occur; or




          (h) The Borrower shall incur or in the opinion of the Majority Lenders shall be reasonably
likely to incur a liability to a Plan, a Multiemployer Plan or PBGC (or any combination of the
foregoing) that, in the determination of the Majority Lenders, would (either individually or in the
aggregate) materially adversely affect the business, condition (financial or otherwise) or results
of operations of the Borrower and its Subsidiaries (taken as a whole);



then, and in any such event, the Administrative Agent (i) shall at the request, or may with the
consent, of the Majority Lenders, by notice to the Borrower, declare the obligation of each Lender
to make Advances to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at
the request, or may with the consent, of the Majority Lenders, by notice to the Borrower, declare
the Notes, all interest thereon and all other amounts payable under this Agreement to be forthwith
due and payable, whereupon the Notes, all such interest and all such amounts shall become and be
forthwith due and payable, without presentment, demand, protest or further notice of any kind, all
of which are hereby expressly waived by the Borrower; provided, however, that in the event of an
actual or deemed entry of an order for relief with respect to the Borrower under the Federal
Bankruptcy Code, (A) the obligation of each Lender to make Advances shall automatically be
terminated and (B) the Notes, all such interest and all such amounts shall automatically become and
be due and payable, without presentment, demand, protest or any notice of any kind, all of which
are hereby expressly waived by the Borrower.




ARTICLE VII

THE ADMINISTRATIVE AGENT




          SECTION 7.01. Authorization and Action. Each Lender hereby appoints and authorizes
the Administrative Agent to take such action as administrative agent on its behalf and to exercise
such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof,
together with such powers as are reasonably incidental thereto. As to any matters not expressly
provided for by this Agreement (including, without limitation, enforcement or collection of the
Notes), the Administrative Agent shall not be required to exercise any discretion or take any
action, but shall be required to act or to refrain from acting (and shall be




Credit Agreement













 



-39-



fully protected in so
acting or refraining from acting) upon the instructions of the Majority Lenders, and such
instructions shall be binding upon all Lenders and all holders of Notes; provided,
however, that the Administrative Agent shall not be required to take any action which
exposes the Administrative Agent to personal liability or which is contrary to this Agreement or
applicable law. The Administrative Agent agrees to give to each Lender prompt notice of each
notice given to it by the Borrower pursuant to the terms of this Agreement.




          SECTION 7.02. Administrative Agent’s Reliance, Etc.. Neither the Administrative
Agent nor any of its directors, officers, agents or employees shall be liable for any action taken
or omitted to be taken by it or them under or in connection with this Agreement, except for its or
their own gross negligence or willful misconduct. Without limitation of the generality of the
foregoing, the Administrative Agent: (i) may treat the payee of any Note as the holder thereof
until the Administrative Agent receives and accepts an Assignment and Acceptance entered into by
the Lender which is the payee of such Note, as assignor, and an Eligible Assignee, as assignee, as
provided in Section 8.07; (ii) may consult with legal counsel (including counsel for the Borrower),
independent public accountants and other experts selected by it and shall not be liable for any
action taken or omitted to be taken in good faith by it in accordance with the advice of such
counsel, accountants or experts; (iii) makes no warranty or representation to any Lender and shall
not be responsible to any Lender for any statements, warranties or representations (whether written
or oral) made in or in connection with this Agreement; (iv) shall not have any duty to ascertain or
to inquire as to the performance or observance of any of the terms, covenants or conditions of this
Agreement on the part of the Borrower or to inspect the property (including the books and records)
of the Borrower or any of its Subsidiaries; (v) shall not be responsible to any Lender for the due
execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement
or any other instrument or document furnished pursuant hereto; and (vi) shall incur no liability
under or in respect of this Agreement by acting upon any notice, consent, certificate or other
instrument or writing (which may be by telecopier) believed by it to be genuine and signed or sent
by the proper party or parties.




          SECTION 7.03. CUSA and Affiliates. With respect to its Commitment, the Advances made by it and the Notes issued to it, CUSA shall
have the same rights and powers under this Agreement as any other Lender and may exercise the same
as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless
otherwise expressly indicated, include CUSA in its individual capacity. CUSA and its Affiliates
may accept deposits from, lend money to, act as trustee under indentures of, and generally engage
in any kind of business with, the Borrower, any of its Subsidiaries and any Person who may do
business with or own securities of the Borrower or any such Subsidiary, all as if CUSA were not the
Administrative Agent and without any duty to account therefor to the Lenders. The Administrative
Agent shall have no duty to disclose any information obtained or received by it or any of its
Affiliates relating to the Borrower or any of its Subsidiaries to the extent such information was
obtained or received in any capacity other than as Administrative Agent.




          SECTION 7.04. Lender Credit Decision. Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender and based on
the financial statements referred to in Section 4.01 and such other documents and




Credit Agreement











 



-40-



information as it
has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under this Agreement.




          SECTION 7.05. Indemnification. The Lenders agree to indemnify the Administrative
Agent (to the extent not reimbursed by the Borrower), ratably according to the respective principal
amounts of the A Advances then owed to them (or if no A Advances are at the time outstanding,
ratably according to the respective amounts of their Commitments), from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted
against the Administrative Agent in any way relating to or arising out of this Agreement or any
action taken or omitted by the Administrative Agent under this Agreement, provided that no
Lender shall be liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the
Administrative Agent’s gross negligence or willful misconduct. Without limiting the foregoing,
each Lender agrees to reimburse the Administrative Agent promptly upon demand for its ratable share
of any out-of-pocket expenses (including counsel fees) incurred by the Administrative Agent in
connection with the preparation, execution, delivery, administration, modification, amendment or
enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in
respect of rights or responsibilities under, this Agreement, to the extent that the Administrative
Agent is not reimbursed for such expenses by the Borrower.




          SECTION 7.06. Successor Administrative Agent. The Administrative Agent may resign at
any time by giving written notice thereof to the Lenders and the Borrower and may be removed at any
time with or without cause by the Majority Lenders. Upon any such resignation or removal, the
Majority Lenders shall have the right to appoint a successor Administrative Agent that, unless a
Default or Event of Default shall
have occurred and then be continuing, is reasonably acceptable to the Borrower. If no successor
Administrative Agent shall have been so appointed by the Majority Lenders, and shall have accepted
such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of
resignation or the Majority Lenders’ removal of the retiring Administrative Agent, then the
retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative
Agent, which shall be a commercial bank organized under the laws of the United States of America or
of any State thereof and having a combined capital and surplus of at least $50,000,000. Upon the
acceptance of any appointment as Administrative Agent hereunder by a successor Administrative
Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all
the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring
Administrative Agent shall be discharged from its duties and obligations under this Agreement.
After any retiring Administrative Agent’s resignation or removal hereunder as Administrative Agent,
the provisions of this Article VII shall inure to its benefit as to any actions taken or omitted to
be taken by it while it was Administrative Agent under this Agreement.




Credit Agreement












 



-41-




ARTICLE VIII

MISCELLANEOUS




          SECTION 8.01. Amendments, Etc.. No amendment or waiver of any provision of this
Agreement or the A Notes, nor consent to any departure by the Borrower therefrom, shall in any
event be effective unless the same shall be in writing and signed by the Majority Lenders, and then
such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided, however, that no amendment, waiver or consent
shall, unless in writing and signed by all the Lenders (other than the Designated Bidders), do any
of the following: (a) waive any of the conditions specified in Section 3.01, (b) increase the
Commitments of such Lenders (it being understood that amendments or waivers of conditions
precedent, representations, covenants, Defaults or Events of Default shall not constitute an
increase in the Commitment of any Lender) or subject such Lenders to any additional obligations,
(c) reduce the principal of, or interest on, the A Notes or any fees or other amounts payable
hereunder, (d) postpone any date fixed for any payment of principal of, or interest on, the A Notes
or any fees or other amounts payable hereunder, (e) change the percentage of the Commitments or of
the aggregate unpaid principal amount of the A Notes, or the number of Lenders, which shall be
required for the Lenders or any of them to take any action hereunder or (f) amend this Section
8.01; provided further that no amendment, waiver or consent shall, unless in
writing and signed by each Lender holding a B Note at such time, (1) reduce the principal of, or
interest on, such B Note or any fees or other amounts payable hereunder or thereunder with respect
thereto, (2) postpone any date fixed for any payment of principal of, or interest on, such B Note
or any fees or other amounts payable hereunder or thereunder with respect thereto, or (3) subject
such Lender to any additional obligations; and provided further that no amendment,
waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to
the Lenders required above to take such action, affect the rights or duties of the Administrative
Agent under this Agreement or any Note. This Agreement
and the Notes constitute the entire agreement of the parties with respect to the subject matter
hereof and thereof.




          SECTION 8.02. Notices, Etc.. (a) All notices and other communications provided for
hereunder shall be (x) in writing (including telecopier communication) and mailed, telecopied or
delivered or (y) as and to the extent set forth in Section 8.02(b) and in the proviso to this
Section 8.02(a), if to the Borrower, at its address at Becton, Dickinson and Company, 1 Becton
Drive, Franklin Lakes, New Jersey 07417-1880, Attention: Richard K. Berman — Vice President and
Treasurer, telephone no. (201) 847-7260, telecopier number (201) 847-5227; if to any Lender (other
than a Designated Bidder), at the Domestic Lending Office specified in the Administrative
Questionnaire of such Lender; if to any Designated Bidder, at the Domestic Lending Office specified
in the Designation Agreement pursuant to which it became a Lender; and if to the Administrative
Agent, Citicorp USA, Inc., Two Penns Way, Suite 200, New Castle, DE 19720, Attention: Bank Loan
Syndications, telephone no. (212) 994-0961, telecopier no. (302) 894-6120; or, as to the Borrower
or the Administrative Agent, at such other address as shall be designated by such party in a
written notice to the other parties and, as to each other party, at such other address as shall be
designated by such party in a written notice to the Borrower and the Administrative Agent,
provided that materials required to be delivered




Credit Agreement













 



-42-



pursuant to Section 5.01(g)(i), (ii) or
(iv) may be delivered to the Administrative Agent as specified in Section 5.01. All such notices
and communications shall, when mailed or telecopied, be effective when deposited in the mails or
telecopied, respectively, except that notices and communications to the Administrative Agent
pursuant to Article II or VII shall not be effective until received by the Administrative Agent.




          (b) So long as CUSA or any of its Affiliates is the Administrative Agent, notwithstanding
anything to the contrary herein, materials required to be delivered pursuant to Section 5.01(g)(i),
(ii) and (iv) may be delivered to the Administrative Agent in an electronic medium in a format
acceptable to the Administrative Agent and the Lenders by e-mail at oploanswebadmin@citigroup.com.
The Borrower agrees that the Administrative Agent may make such materials, as well as any other
written information, documents, instruments and other material required to be delivered by the
Borrower to the Lenders under this Agreement (collectively, the “Communications”) available
to the Lenders by posting such Communications on Intralinks or a substantially similar electronic
system (the “Platform”). The Borrower acknowledges that (i) the distribution of material
through an electronic medium is not necessarily secure and that there are confidentiality and other
risks associated with such distribution, (ii) the Platform is provided “as is” and “as available”
and (iii) neither the Administrative Agent nor any of its Affiliates warrants the accuracy,
adequacy or completeness of the Communications or the Platform and each expressly disclaims
liability for errors or omissions in the Communications or the Platform. No warranty of any kind,
express, implied or statutory, including, without limitation, any warranty of merchantability,
fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or
other code defects, is made by the Administrative Agent or any of its Affiliates in connection with
the Platform. The Administrative Agent and the Lenders agree that all Communications posted on the
Platform shall, unless the Borrower otherwise agrees, be treated as confidential information and
all Lenders given access to the Communications on the Platform will be required to confirm the
confidential nature of the communications under the Platform’s standard confidentiality procedures.




          (c) Each Lender agrees that any notice to it (as provided in the next sentence) (a
“Notice”) specifying that any Communications have been posted to the Platform shall
constitute effective delivery of such information, documents or other materials to such Lender for
purposes of this Agreement; provided that if requested by any Lender the Administrative
Agent shall deliver a copy of the Communications to such Lender by email or telecopier. Each
Lender agrees (i) to notify the Administrative Agent in writing of such Lender’s e-mail address to
which a Notice may be sent by electronic transmission (including by electronic communication) on or
before the date such Lender becomes a party to this Agreement (and from time to time thereafter to
ensure that the Administrative Agent has on record an effective e-mail address for such Lender) and
(ii) that any Notice may be sent to such e-mail address.




Credit Agreement













 



-43-




          SECTION 8.03. No Waiver; Remedies. No failure on the part of any Lender or the
Administrative Agent to exercise, and no delay in exercising, any right hereunder or under any Note
shall operate as a waiver thereof; nor shall any single or partial exercise of any such right
preclude any other or further exercise thereof or the exercise of any other right. The remedies
herein provided are cumulative and not exclusive of any remedies provided by law.




          SECTION 8.04. Costs, Expenses and Indemnification.




          (a) The Borrower agrees to pay and reimburse within 30 days after demand all costs and
expenses of the Administrative Agent in connection with the preparation, execution, delivery,
administration, modification and amendment of this Agreement, the Notes and the other documents to
be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket
expenses of counsel for the Administrative Agent with respect thereto and with respect to advising
the Administrative Agent as to its rights and responsibilities under this Agreement. The Borrower
further agrees to pay on demand all costs and expenses, if any (including, without limitation,
reasonable counsel fees and expenses of the Administrative Agent and each of the Lenders), incurred
by the Administrative Agent or any Lender in connection with the enforcement (whether through
negotiations, legal proceedings or otherwise) of this Agreement, the Notes and the other documents
to be delivered hereunder, including, without limitation, reasonable counsel fees and expenses in
connection with the enforcement of rights under this Section 8.04(a).




          (b) The Borrower hereby indemnifies the Administrative Agent, Citigroup Global Markets Inc.,
each Lender and each of respective their Affiliates and their respective officers, directors,
employees, agents, advisors and representatives (each, an “Indemnified Party”) from and
against any and all claims, damages, losses, liabilities and expenses (including, without
limitation, fees and disbursements of counsel), joint or several, that may be incurred by or
asserted or awarded against any Indemnified Party, in each case arising out of or in connection
with or relating to any investigation, litigation or proceeding or the preparation of any defense
with respect thereto arising out of or in connection with or relating to this Agreement, the Notes
or the transactions contemplated hereby or thereby or any use made or proposed to be made with the
proceeds of the Advances, whether or not such investigation, litigation or proceeding is
brought by the Borrower, any of its shareholders or creditors, an Indemnified Party or any other
Person, or an Indemnified Party is otherwise a party thereto, and whether or not any of the
conditions precedent set forth in Article III are satisfied or the other transactions contemplated
by this Agreement are consummated, except to the extent such claim, damage, loss, liability or
expense results from such Indemnified Party’s gross negligence or willful misconduct, or from a
violation by such Indemnified Party of any law, order, regulation or agreement to which such
Indemnified Party or its properties is subject, or from a breach of this Agreement by such
Indemnified Party.




          The Borrower hereby further agrees that no Indemnified Party shall have any liability (whether
direct or indirect, in contract, tort or otherwise) to the Borrower for or in connection with or
relating to this Agreement, the Notes or the transactions contemplated hereby or thereby or any use
made or proposed to be made with the proceeds of the Advances or any damages arising from the use
by unintended recipients of any information or other materials




Credit Agreement












 



-44-



distributed by it through
telecommunications, electronic or other information transmission systems in connection with this
Agreement or the transactions contemplated hereby, except to the extent such liability or damages
are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted
from such Indemnified Party’s gross negligence or willful misconduct; provided that nothing
in this paragraph shall be deemed to constitute a waiver of any claim the Borrower may have, or to
exculpate any Person from any liability that such Person may have to the Borrower, for breach by
such Person of its obligations under this Agreement.




          (c) If any payment of principal of, or Conversion or Continuation of, any Eurodollar Rate
Advance is made other than on the last day of an Interest Period for such Advance, as a result of
acceleration of the maturity of the Notes pursuant to Section 6.01 or for any other reason (other
than a payment or Conversion pursuant to Section 2.13), the Borrower shall pay (subject to the last
sentence of this Section 8.04(c)) to the Administrative Agent for the account of such Lender any
amounts required to compensate such Lender for any additional losses, costs or expenses which it
may reasonably incur as a result of such payment, Continuation or Conversion, including, without
limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of
the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or
maintain such Advance. The Borrower shall pay amounts owing to any Lender pursuant to this
Section 8.04(c) within 30 days after receipt from such Lender of a certificate setting forth in
reasonable detail the calculation of the amount such Lender is entitled to claim under this
Section 8.04(c) (which certificate shall be conclusive and binding for all purposes, absent
manifest error).




          SECTION 8.05. Right of Set-off. Upon (i) the occurrence and during the continuance
of any Event of Default under Section 6.01(a) or (ii) the making of the request or the granting of
the consent specified by Section 6.01 to authorize the Administrative Agent to declare the Notes
due and payable pursuant to the provisions of Section 6.01, each Lender and each of its Affiliates
is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to
set off and apply any and all deposits (general or special, time or demand, provisional or final)
at any time held and other indebtedness at any time owing by such Lender or such Affiliate to or
for the credit or the account of the Borrower (all such deposits and other indebtedness being
herein called
“Obligations”) against any and all of the obligations of the Borrower now or hereafter
existing under this Agreement and any Note held by such Lender, whether or not such Lender shall
have made any demand under this Agreement or such Note and although the Obligations may be
unmatured. Each Lender agrees promptly to notify the Borrower after any such set-off and
application made by such Lender or such Affiliate, provided that the failure to give such
notice shall not affect the validity of such set-off and application. The rights of each Lender
and its Affiliate under this Section are in addition to other rights and remedies (including,
without limitation, other rights of set-off) which such Lender or such Affiliate may have.




          SECTION 8.06. Binding Effect. This Agreement shall become effective when (a) it
shall have been executed by the Borrower and the Administrative Agent and when the Administrative
Agent shall have been notified by each Bank that such Bank has executed it and (b) the Effective
Date shall have occurred, and thereafter shall be binding upon and inure to the benefit of the
Borrower, the Administrative Agent and each Lender and their respective




Credit Agreement












 



-45-



successors and assigns,
except that the Borrower shall not have the right to assign its rights hereunder or any interest
herein without the prior written consent of the Lenders. Upon the effectiveness of this Agreement,
all commitments of the lenders under the Existing Credit Agreement shall terminate, the Lenders
under this Agreement shall have the commitments herein stated, and each of the Lenders that is a
party to the Existing Credit Agreement hereby waives, by execution of this Agreement, the
requirement of prior notice under the Existing Credit Agreement relating to the termination of
commitments thereunder.




          SECTION 8.07. Assignments, Designations and Participations.




          (a) Each Lender (other than a Designated Bidder) may, with notice to and the consent of the
Administrative Agent and, so long as no Event of Default has occurred and is continuing, the
Borrower, such consents not to be unreasonably withheld (but not otherwise), assign to one or more
banks or other entities all or a portion of its rights and obligations under this Agreement
(including, without limitation, all or a portion of its Commitment, the Advances owing to it and
the Note or Notes held by it); provided, however, that (i) no such consent by the
Borrower or the Administrative Agent shall be required in the case of any assignment to an
Affiliate of the assigning Lender, (ii) each such assignment shall be of a constant, and not a
varying, percentage of all rights and obligations of the assigning Lender under this Agreement
(other than any right to make B Advances, B Advances owing to it or B Notes), (iii) except in the
case of an assignment of all of a Lender’s rights and obligations under this Agreement, the amount
of the Commitment of the assigning Lender being assigned pursuant to each such assignment
(determined as of the date of the Assignment and Acceptance with respect to such assignment) shall
in no event be less than $5,000,000 and shall be an integral multiple of $1,000,000 unless the
Borrower and the Administrative Agent otherwise agree, (iv) each such assignment shall be to an
Eligible Assignee, (v) the parties to each such assignment shall execute and deliver to the
Administrative Agent, for its acceptance and recording in the Register, an Assignment and
Acceptance, together with any Note or Notes subject to such assignment, and (vi) the parties to
each such assignment (other than the Borrower) shall deliver to the Administrative Agent a
processing and recordation fee of $3,500. Upon such execution,
delivery, acceptance and recording, from and after the effective date specified in each Assignment
and Acceptance, (x) the assignee thereunder shall be a party hereto and, to the extent that rights
and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have
the rights and obligations of a Lender hereunder and (y) the Lender assignor thereunder shall, to
the extent that rights and obligations hereunder have been assigned by it pursuant to such
Assignment and Acceptance, relinquish its rights and be released from its obligations under this
Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion
of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be
a party hereto).




          (b) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder
and the assignee thereunder confirm to and agree with each other and the other parties hereto as
follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes
no representation or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with this Agreement or the execution,
legality, validity, enforceability, genuineness, sufficiency or value




Credit Agreement












 



-46-



of this Agreement or any
other instrument or document furnished pursuant hereto; (ii) such assigning Lender makes no
representation or warranty and assumes no responsibility with respect to the financial condition of
the Borrower or the performance or observance by the Borrower of any of its obligations under this
Agreement or any other instrument or document furnished pursuant hereto; (iii) such assignee
confirms that it has received a copy of this Agreement, together with copies of the financial
statements referred to in Section 4.01 and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into such Assignment and
Acceptance; (iv) such assignee will, independently and without reliance upon the Administrative
Agent, such assigning Lender or any other Lender and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under this Agreement; (v) such assignee confirms that it is an Eligible Assignee;
(vi) such assignee appoints and authorizes the Administrative Agent to take such action as
administrative agent on its behalf and to exercise such powers under this Agreement as are
delegated to the Administrative Agent by the terms hereof, together with such powers as are
reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance
with their terms all of the obligations which by the terms of this Agreement are required to be
performed by it as a Lender.




          (c) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an
assignee representing that it is an Eligible Assignee, together with any Note or Notes subject to
such assignment, the Administrative Agent shall, if such Assignment and Acceptance has been
completed (and the Borrower and the Administrative Agent shall have consented to the relevant
assignment to the extent required pursuant to Section 8.07(a)) and is in substantially the form of
Exhibit C hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained
therein in the Register and (iii) give prompt notice thereof to the Borrower. Within five Business
Days after its receipt of such notice, the Borrower, at its own expense, shall execute and deliver
to the Administrative Agent in exchange for the surrendered Note or Notes (X) a new A Note to the
order of such Eligible Assignee in an amount equal to the Commitment assumed by it pursuant to such
Assignment and Acceptance and, if the assigning Lender has retained a Commitment hereunder, a new A
Note to the order of the
assigning Lender in an amount equal to the Commitment retained by it hereunder and (Y) new B Note
or Notes to the order of such Eligible Assignee in an amount equal to the principal amount of the B
Advances (if any) acquired by it pursuant to such Assignment and Acceptance and, if the assigning
Lender has retained a portion of such B Advances, new B Note or Notes to the order of the assigning
Lender in an amount equal to the principal amount of the B Advances retained by it hereunder).
Such new A Note or Notes shall be in an aggregate principal amount equal to the aggregate principal
amount of such surrendered A Note or Notes, and such new B Note or Notes shall be in an aggregate
principal amount equal to the aggregate principal amount of such surrendered B Note or Notes. All
such Notes shall be dated the effective date of such Assignment and Acceptance and shall otherwise
be in substantially the form of Exhibit A-1 or A-2 hereto, as applicable.




          (d) Each Lender (other than the Designated Bidders) may designate one or more banks or other
entities to have a right to make B Advances as a Lender pursuant to Section 2.03; provided,
however, that (i) no such Lender shall be entitled to make more than two such designations,
(ii) each such Lender making one or more of such designations shall retain the right




Credit Agreement












 



-47-



to make B
Advances as a Lender pursuant to Section 2.03, (iii) each such designation shall be to a Designated
Bidder and (iv) the parties to each such designation shall execute and deliver to the
Administrative Agent, for its acceptance and recording in the Register, a Designation Agreement.
Upon such execution, delivery, acceptance and recording, from and after the effective date
specified in each Designation Agreement, the designee thereunder shall be a party hereto with a
right to make B Advances as a Lender pursuant to Section 2.03 and the obligations related thereto.




          (e) By executing and delivering a Designation Agreement, the Lender making the designation
thereunder and its designee thereunder confirm and agree with each other and the other parties
hereto as follows: (i) such Lender makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations made in or in
connection with this Agreement or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other instrument or document furnished pursuant
hereto; (ii) such Lender makes no representation or warranty and assumes no responsibility with
respect to the financial condition of the Borrower or the performance or observance by the Borrower
of any of its obligations under this Agreement or any other instrument or document furnished
pursuant hereto; (iii) such designee confirms that it has received a copy of this Agreement,
together with copies of the financial statements referred to in Section 4.01 and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into the Designation Agreement; (iv) such designee will, independently and without
reliance upon the Administrative Agent, such designating Lender or any other Lender and based on
such documents and information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under this Agreement; (v) such designee confirms
that it is a Designated Bidder; (vi) such designee appoints and authorizes the Administrative Agent
to take such action as administrative agent on its behalf and to exercise such powers under this
Agreement as are delegated to the Administrative Agent by the terms hereof, together with such
powers as are reasonably incidental thereto; and (vii) such designee agrees that it will perform in
accordance with their
terms all of the obligations which by the terms of this Agreement are required to be performed by
it as a Lender.




          (f) Upon its receipt of a Designation Agreement executed by a designating Lender and a
designee representing that it is a Designated Bidder, the Administrative Agent shall, if such
Designation Agreement has been completed and is substantially in the form of Exhibit D hereto, (i)
accept such Designation Agreement, (ii) record the information contained therein in the Register
and (iii) give prompt notice thereof to the Borrower.




          (g) The Administrative Agent shall maintain at its address referred to in Section 8.02 a copy
of each Assignment and Acceptance and each Designation Agreement delivered to and accepted by it
and a register for the recordation of the names and addresses of each of the Lenders and, with
respect to Lenders other than Designated Bidders, the Commitment of, and principal amount of the A
Advances owing to, each such Lender from time to time (the “Register”). The entries in the
Register shall be conclusive and binding for the purposes, absent manifest error, and the Borrower,
the Administrative Agent and the Lenders may treat each Person whose name is recorded in the
Register as a Lender hereunder for the purposes of this




Credit Agreement












 



-48-



Agreement. The Register shall be available
for inspection by the Borrower or any Lender at any reasonable time and from time to time upon
reasonable prior notice.




          (h) Each Lender may sell participations to one or more banks or other entities in or to all
or a portion of its rights and obligations under this Agreement (including, without limitation, all
or a portion of its Commitment, the Advances owing to it and the Note or Notes held by it);
provided, however, that (i) such Lender’s obligations under this Agreement
(including, without limitation, its Commitment to the Borrower hereunder) shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations, (iii) such Lender shall remain the holder of any such Note for all purposes of
this Agreement, (iv) the Borrower, the Administrative Agent and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement, and (v) no participant under any such participation agreement shall have any
right to approve any amendment or waiver of any provision of this Agreement or any Note, or to
consent to any departure by the Borrower therefrom, except to the extent that any such amendment,
waiver or consent would (x) reduce the principal of, or interest on, the Notes or any fee or other
amounts payable hereunder, in each case to the extent the same are subject to such participation,
or (y) postpone any date fixed for the payment of principal of, or interest on, the Notes or any
fees or other amounts payable hereunder, in each case to the extent the same are subject to such
participation.




          (i) Any Lender may, in connection with any assignment, designation or participation or
proposed assignment, designation or participation pursuant to this Section 8.07, disclose to the
assignee, designee or participant or proposed assignee, designee or participant, any information
relating to the Borrower or any of its Subsidiaries furnished to such Lender by or on behalf of the
Borrower; provided that, prior to any such disclosure, the assignee, designee or
participant or proposed assignee, designee or participant shall agree to preserve the
confidentiality of any confidential information relating to the Borrower or any such Subsidiary
received by it from such Lender on the terms set forth in Section 8.13.




          (j) Notwithstanding any other provision set forth in this Agreement, any Lender may at any
time create a security interest in all or any portion of its rights under this Agreement
(including, without limitation, the Advances owing to it and the Notes held by it) in favor of any
Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal
Reserve System.




          (k) All amounts payable by the Company to any Lender under Sections 2.08, 2.12, 2.15 and
8.04(c) in respect of Advances held by such Lender, and such Lender’s Commitment, shall be
determined as if such Lender had not sold or agreed to sell any participations in such Advances or
Commitment and as if such Lender were funding each of such Advances and Commitments in the same way
that it is funding the portion of such Advances and Commitment in which no participations have been
sold. No assignee or other transferee of any Lender’s rights shall be entitled to receive any
greater payment under Section 2.12 than such Lender would have been entitled to receive with
respect to the rights transferred, unless such transfer is made (i) with the Borrower’s prior
written consent, (ii) by reason of the provisions of said Section 2.12 requiring such Lender to
designate a different Applicable Lending Office as




Credit Agreement












 



-49-



provided in said Section 2.12 or (iii) at a time
when the circumstances giving rise to such greater payment did not exist.




          SECTION 8.08. Governing Law; Submission to Jurisdiction. This Agreement and the
Notes shall be governed by, and construed in accordance with, the law of the State of New York.
The Borrower hereby submits to the nonexclusive jurisdiction of the United States District Court
for the Southern District of New York and of any New York state court sitting in New York City for
the purposes of all legal proceedings arising out of or relating to this Agreement or the
transactions contemplated hereby. The Borrower irrevocably waives, to the fullest extent permitted
by applicable law, any objection that it may now or hereafter have to the laying of the venue of
any such proceeding brought in such a court and any claim that any such proceeding brought in such
a court has been brought in an inconvenient forum.




          SECTION 8.09. Severability. In case any provision in this Agreement or in any Note
shall be held to be invalid, illegal or unenforceable, such provision shall be severable from the
rest of this Agreement or such Note, as the case may be, and the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.




          SECTION 8.10. Execution in Counterparts. This Agreement may be executed in any
number of counterparts and 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 the same agreement.




          SECTION 8.11. Survival. The obligations of the Borrower under Sections 2.08, 2.12,
2.15 and 8.04, and the obligations of the Lenders under Section 7.05, shall survive the repayment
of the Advances and the termination of the Commitments. In addition, each representation and
warranty made, or deemed to be made by any Notice of A Borrowing or Notice of B Borrowing, herein
or pursuant
hereto shall survive the making of such representation and warranty, and no Lender shall be deemed
to have waived, by reason of making any Advance, any Default or Event of Default that may arise by
reason of such representation or warranty proving to have been false or misleading, notwithstanding
that such Lender or the Administrative Agent may have had notice or knowledge or reason to believe
that such representation or warranty was false or misleading at the time such extension of credit
was made.




          SECTION 8.12. Substitution of Lender. If (a) the obligation of any Lender to make,
Continue or otherwise maintain Eurodollar Rate Advances has been suspended pursuant to
Section 2.13, (b) any Lender has demanded compensation under Section 2.12 or 2.15, (c) any Lender
shall fail to consent to an amendment or a waiver which pursuant to the terms of Section 8.01
requires the consent of all Lenders and with respect to which the Majority Lenders shall have
granted their consent, (d) any Lender defaults in its obligations to fund Advances hereunder or (e)
any Lender shall be a Non-Extending Lender, the Borrower shall have the right, if no Default or
Event of Default then exists, to replace such Lender (the “Replaced Lender”) with one or
more Eligible Assignee(s), (each, a “Replacement Lender”) acceptable to the Administrative
Agent, provided that:




Credit Agreement













 



-50-





     (i) at the time of any replacement pursuant to this Section 8.12, the Replacement
Lenders shall enter into one or more Assignment and Acceptance Agreements, pursuant to which
such Replacement Lenders shall acquire the Commitments and outstanding Advances of the
Replaced Lender and, in connection therewith, shall pay to the Replaced Lender in respect
thereof an amount equal to the sum of (A) an amount equal to the principal of, and all
accrued interest on, all outstanding Advances of the Replaced Lender, (B) an amount equal to
all accrued and unpaid Facility Fees owing to the Replaced Lender and (C) an amount equal to
the amount which would be payable by the Borrower to the Replaced Lender pursuant to Section
8.04(c) if the Borrower prepaid at the time of such replacement all of the Advances of such
Replaced Lender outstanding at such time; and




     (ii) all obligations of the Borrower owing to the Replaced Lender (other than those
specifically described in clause (i) above in respect of which the assignment purchase price
has been, or is concurrently being, paid) shall be paid in full to such Replaced Lender
concurrently with such replacement.


Upon (I) the execution of the respective Assignment and Acceptance Agreements, (II) the payment of
amounts referred to in clauses (i) and (ii) above and (III) if so requested by a Replacement
Lender, delivery to such Replacement Lender of the appropriate Note or Notes executed by the
Borrower, each Replacement Lender shall become a Lender hereunder and the Replaced Lender shall
cease to constitute a Lender hereunder.




          SECTION 8.13. Confidentiality. Each Lender agrees to hold all non-public information
obtained pursuant to the provisions of this Agreement in accordance with its customary procedure
for handling confidential information of this nature and in accordance with safe and sound banking
practices, provided that nothing herein shall prevent any Lender from disclosing such
information (i) to any other Lender or to
the Administrative Agent (or to Citigroup Global Markets Inc.), (ii) upon the order of any court or
administrative agency or otherwise to the extent required by statute, rule, regulation or judicial
process, (iii) to bank examiners or upon the request or demand of any other regulatory agency or
authority, (iv) which had been publicly disclosed other than as a result of a disclosure by the
Administrative Agent or any Lender prohibited by this Agreement, (v) in connection with any
litigation to which any one or more of the Lenders or the Administrative Agent is a party, or in
connection with the exercise of any remedy hereunder or under any Note, (vi) to such Lender’s or
Administrative Agent’s legal counsel and independent auditors and accountants and (vii) subject to
provisions substantially similar to those contained in this Section, to (A) any actual or proposed
participant or assignee, (B) any actual or prospective counterparty (or its advisors) to any
securitization, swap or derivative transaction relating to the Borrower, and its Subsidiaries, and
the obligations of the Borrower under this Agreement to the extent they relate to such
securitization, swap or derivative transaction or (C) to such Lender’s Affiliates.




          SECTION 8.14. No Fiduciary Relationship. The Borrower acknowledges that neither the
Administrative Agent nor any Lender (in their respective capacities as such) has any fiduciary
relationship with, or fiduciary duty to, the Borrower arising out of or in connection with this
Agreement or any of the Notes, and the relationship between the Administrative Agent




Credit Agreement










 



-51-



and the
Lenders (in such capacities), on the one hand, and the Borrower, on the other, in connection
herewith or therewith is solely that of creditor and debtor. This Agreement does not create a
joint venture among the parties.




          SECTION 8.15. Patriot Act Notice. Each Lender that is subject to the Act (as hereinafter
defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies
the Borrower that, pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender or the Administrative Agent, as
applicable, to identify the Borrower in accordance with the Act.




Credit Agreement












 



-52-




          SECTION 8.16. Waiver of Jury Trial. EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT
AND THE LENDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.




          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written.




	 	 	 	 	 

	 	 	BECTON, DICKINSON AND COMPANY
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	CITICORP USA, INC.,
	 	 	as Administrative Agent
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	Lenders
	Commitment
	 	 	 	 
	 
	 	 	 	 
	$100,000,000	 	CITICORP USA, INC.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$100,000,000	 	THE BANK OF TOKYO-MITSUBISHI UFJ, 

LTD., NEW YORK BRANCH
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 






Credit Agreement













 



-53-




	 	 	 	 	 

	$70,000,000	 	BANCO BILBAO VIZCAYA ARGENTARIA S.A.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$70,000,000	 	MIZUHO CORPORATE BANK, LTD.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$70,000,000	 	BNP PARIBAS
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$55,000,000	 	THE BANK OF NEW YORK
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$45,000,000	 	ING CAPITAL LLC
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$45,000,000	 	JPMORGAN CHASE BANK, N.A.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 






Credit Agreement












 



-54-




	 	 	 	 	 

	$45,000,000	 	STANDARD CHARTERED BANK
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$45,000,000	 	INTESABCI NEW YORK BRANCH
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$45,000,000	 	WELLS FARGO, N.A.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$45,000,000	 	BANK OF AMERICA, N.A.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$35,000,000	 	THE NORTHERN TRUST COMPANY
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$35,000,000	 	THE GOVERNOR AND COMPANY OF THE

BANK OF IRELAND
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 






Credit Agreement













 



-55-




	 	 	 	 	 

	$35,000,000	 	UNICREDITO ITALIANO S.P.A.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$35,000,000	 	CALYON NEW YORK BRANCH
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$25,000,000	 	MELLON BANK, N.A.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$25,000,000	 	LASALLE BANK N.A.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$25,000,000	 	SANTANDER CENTRAL HISPANO
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$25,000,000	 	BARCLAYS BANK PLC
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 






Credit Agreement












 



-56-




	 	 	 	 	 

	$25,000,000	 	STATE STREET BANK AND TRUST COMPANY
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	$1,000,000,000.00	 	Total of the Commitments






Credit Agreement





 











 





EXHIBIT A-1




FORM OF A NOTE




			
	 	 	 
	U.S.$                     
	 	Dated: December 1, 2006






     FOR VALUE RECEIVED, the undersigned, BECTON, DICKINSON AND COMPANY, a New Jersey corporation
(the “Borrower”), HEREBY PROMISES TO PAY to the order of _________________ (the
“Lender”) for the account of its Applicable Lending Office (as defined in the Credit
Agreement referred to below) on the Termination Date (as so defined) the principal sum of
U.S.$[amount of the Lender’s Commitment in figures] or, if less, the aggregate principal amount of
the A Advances (as defined below) made by the Lender to the Borrower pursuant to the Credit
Agreement then outstanding.



     The Borrower promises to pay interest on the unpaid principal amount of each A Advance from
the date of such A Advance until such principal amount is paid in full, at such interest rates, and
payable at such times, as are specified in the Credit Agreement.



     Both principal and interest are payable in lawful money of the United States of America to
Citicorp USA, Inc., as Administrative Agent, at Two Penns Way, Suite 200, New Castle, DE 19720, in
same day funds. Each A Advance made by the Lender to the Borrower pursuant to the Credit
Agreement, and all payments made on account of principal thereof, shall be recorded by the Lender
and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this
Promissory Note; provided that the failure of the Lender to make any such recordation or
endorsement shall not affect the obligations of the Borrower hereunder or under the Credit
Agreement.



     This Promissory Note is one of the A Notes referred to in, and is entitled to the benefits of,
the Amended and Restated Five Year Credit Agreement dated as of December 1, 2006 (the “Credit
Agreement”) among the Borrower, the Lender and certain other banks parties thereto, The Bank of
Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as syndication agent, and Citicorp USA, Inc., as
Administrative Agent for the Lender and such other banks. The Credit Agreement, among other
things, (i) provides for the making of advances (the “A Advances”) by the Lender to the
Borrower from time to time in an aggregate amount not to exceed at any time outstanding the U.S.
dollar amount first above mentioned, the indebtedness of the Borrower resulting from each such A
Advance being evidenced by this Promissory Note, and (ii) contains provisions for acceleration of
the maturity hereof upon the happening of certain stated events and also for prepayments on account
of principal hereof prior to the maturity hereof upon the terms and conditions therein specified.



     The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to
exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall
operate as a waiver of such rights.



Form of A Note




 









 








-2-




     This Promissory Note shall be governed by, and construed in accordance with, the law of the
State of New York, United States.



	 	 	 	 	 	 	 

	 	 	BECTON, DICKINSON AND COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 






Form of A Note





 









 









ADVANCES AND PAYMENTS OF PRINCIPAL




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	Unpaid of	 	 	 	 
	 	 	Amount of	 	 	Principal Paid	 	 	Principal	 	 	Notation	 
	Date	 	Advance	 	 	or Prepaid	 	 	Balance	 	 	Made By	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 





 









 





EXHIBIT A-2




FORM OF B NOTE




			
	 	 	 
	U.S.$                     
	 	Dated:  ____________ ___, ____






          FOR VALUE RECEIVED, the undersigned, BECTON, DICKINSON AND COMPANY, a New Jersey corporation
(the “Borrower”), HEREBY PROMISES TO PAY to the order of _________________ (the
“Lender”) for the account of its Applicable Lending Office (as defined in the Credit
Agreement referred to below), on ______________, _____, the principal amount of __________ Dollars
($___________).




          The Borrower promises to pay interest on the unpaid principal amount hereof from the date
hereof until such principal amount is paid in full, at the interest rate and payable on the
interest payment date or dates provided below:




     Interest Rate: _____% per annum (calculated on the basis of a year of _____ days for the
actual number of days elapsed).



     Interest Payment Date or Dates: ___________________________



          Both principal and interest are payable in lawful money of the United States of America to
______________ or the account of the Lender at the office of ______________________, at
_____________________, in same day funds.




          This Promissory Note is one of the B Notes referred to in, and is entitled to the benefits of,
the Amended and Restated Five Year Credit Agreement dated as of December 1, 2006 (the “Credit
Agreement”) among the Borrower, the Lender and certain other banks parties thereto, The Bank of
Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as syndication agent, and Citicorp USA, Inc., as
Administrative Agent for the Lender and such other banks. The Credit Agreement, among other
things, contains provisions for acceleration of the maturity hereof upon the happening of certain
stated events.




          The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to
exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall
operate as a waiver of such rights.




          This Promissory Note shall be governed by, and construed in accordance with, the law of the
State of New York, United States.




	 	 	 	 	 	 	 

	 	 	BECTON, DICKINSON AND COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 






Form of B Note





 









 








EXHIBIT B-1




NOTICE OF A BORROWING




Citicorp USA, Inc., as Administrative

   Agent for the Lenders parties

   to the Credit Agreement

   referred to below

Two Penns Way, Suite 200

New Castle, DE 19720



Attention:                     




[Date]



Ladies and Gentlemen:




               The undersigned, Becton, Dickinson and Company, refers to the Amended and Restated Five Year
Credit Agreement, dated as of December 1, 2006 (the “Credit Agreement”, the terms defined
therein being used herein as therein defined), among the undersigned, certain Lenders parties
thereto, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as syndication agent, and
Citicorp USA, Inc., as Administrative Agent for said Lenders, and hereby gives you notice,
irrevocably, pursuant to Section 2.02 of the Credit Agreement that the undersigned hereby requests
an A Borrowing under the Credit Agreement, and in that connection sets forth below the information
relating to such A Borrowing (the “Proposed A Borrowing”) as required by Section 2.02(a) of
the Credit Agreement:



               (i) The Business Day of the Proposed A Borrowing is ___________ __, ____.




     (ii) The Type of A Advances comprising the Proposed A Borrowing is [Base Rate
Advances] [Eurodollar Rate Advances].




     (iii) The aggregate amount of the Proposed A Borrowing is $__________.




     [(iv) The initial Interest Period for each A Advance made as part of the Proposed A
Borrowing is ______ month[s]]1.



               The undersigned hereby certifies that the following statements are true on the date hereof,
and will be true on the date of the Proposed A Borrowing:




          (A) the representations and warranties contained in Section 4.01 (other than Section
4.01(e)(iii) and Section 4.01(f)(i)) are correct, before and after giving effect to the





 




			
	1	 	For Eurodollar Rate Advances only.





Notice of A Borrowing




 









 








-2-



Proposed A Borrowing and to the application of the proceeds therefrom, as though made on and
as of such date; and




     (B) no event has occurred and is continuing, or would result from such Proposed A
Borrowing or from the application of the proceeds therefrom, which constitutes a Default or
an Event of Default.



	 	 	 	 	 	 	 

	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	BECTON, DICKINSON AND COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 






Notice of A Borrowing





 












 





EXHIBIT B-2




NOTICE OF B BORROWING




Citicorp USA, Inc., as Administrative

    Agent for the Lenders parties

    to the Credit Agreement

    referred to below

Two Penns Way, Suite 200

New Castle, DE 19720




Attention: Bank Loan Syndications




[Date]


Ladies and Gentlemen:




          The undersigned, Becton, Dickinson and Company, refers to the Amended and Restated Five Year
Credit Agreement, dated as of December 1, 2006 (the “Credit Agreement”, the terms defined
therein being used herein as therein defined), among the undersigned, certain Lenders parties
thereto, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as syndication agent, and
Citicorp USA, Inc., as Administrative Agent for said Lenders, and hereby gives you notice pursuant
to Section 2.03 of the Credit Agreement that the undersigned hereby requests a B Borrowing under
the Credit Agreement, and in that connection sets forth the terms on which such B Borrowing (the
“Proposed B Borrowing”) is requested to be made:




	 	 	 	 	 	 	 

	(A)

	 	Date of B Borrowing	 	 	 	 
	(B)

	 	Amount of B Borrowing
	 	 

	 	 
	 

	 	 	 	 	 	 
	(C)

	 	Maturity Date	 	 	 	 
	 

	 	 	 	 	 	 
	(D)

	 	Interest Rate Basis	 	 	 	 
	 

	 	 	 	 	 	 
	(E)

	 	Interest Payment Date(s)	 	 	 	 
	 

	 	 	 	 	 	 
	(F)
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	(G)
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	(H)
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 





          The undersigned hereby certifies that the following statements are true on the date hereof,
and will be true on the date of the Proposed B Borrowing:





     (a) the representations and warranties contained in Section 4.01 (other than Section
4.01(e)(iii) and Section 4.01(f)(i)) are correct, before and after giving effect to the
Proposed B Borrowing and to the application of the proceeds therefrom, as though made on and
as of such date;



Notice of B Borrowing




 









 





-2-





     (b) no event has occurred and is continuing, or would result from the Proposed B
Borrowing or from the application of the proceeds therefrom, which constitutes a Default or
an Event of Default; and




     (c) the aggregate amount of the Proposed B Borrowing and all other Borrowings to be
made on the same day under the Credit Agreement is within the aggregate amount of the unused
Commitments of the Lenders.



          The undersigned hereby confirms that the Proposed B Borrowing is to be made available to it in
accordance with Section 2.03(a)(v) of the Credit Agreement.




	 	 	 	 	 
	 	Very truly yours,



BECTON, DICKINSON AND COMPANY

	 
	 	By	 	 
	 	Name:	 	 
	 	Title:	 	 
	 



Notice of B Borrowing






 









 









EXHIBIT C




ASSIGNMENT AND ACCEPTANCE




Dated _______________, _____



          Reference is made to the Amended and Restated Five Year Credit Agreement dated as of December
1, 2006 (the “Credit Agreement”) among Becton, Dickinson and Company, a New Jersey
corporation (the “Borrower”), the Lenders (as defined in the Credit Agreement), The Bank of
Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as syndication agent, and Citicorp USA, Inc., as
Administrative Agent for the Lenders (the “Administrative Agent”). Terms defined in the
Credit Agreement are used herein with the same meaning.




                                                               
        (the “Assignor”) and                                                              (the “Assignee”) agree as
follows:




          1. The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases
and assumes from the Assignor, that interest in and to all of the Assignor’s rights and obligations
under the Credit Agreement as of the date hereof [(other than in respect of B Advances and B
Notes)]2 which represents the percentage interest specified on Schedule 1 of all
outstanding rights and obligations under the Credit Agreement [(other than in respect of B Advances
and B Notes)]1, including, without limitation, such interest in the Assignor’s
Commitment, the A Advances and B Advances owing to the Assignor, and the A Note[s] and B Note[s]
held by the Assignor. After giving effect to such sale and assignment, the Assignee’s Commitment
and the amount of the A Advances and B Advances owing to the Assignee will be as set forth in
Section 2 of Schedule 1.




          2. The Assignor (i) represents and warrants that it is the legal and beneficial owner of the
interest being assigned by it hereunder and that such interest is free and clear of any adverse
claim; (ii) makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with the Credit Agreement or the
execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit
Agreement or any other instrument or document furnished pursuant thereto; (iii) makes no
representation or warranty and assumes no responsibility with respect to the financial condition of
the Borrower or the performance or observance by the Borrower of any of its obligations under the
Credit Agreement or any other instrument or document furnished pursuant thereto; and (iv) attaches
the A Note[s] and B Note[s] referred to in paragraph 1 above and requests that the Administrative
Agent exchange such Note[s] for (X) a new A Note to the order of the Assignee in an amount equal to
the Commitment assumed by it pursuant hereto and a new A Note to the order of the Assignor in an
amount equal to the Commitment retained by it under the Credit Agreement and (Y) new B Note or
Notes to the order of the Assignee in an amount equal to the principal amount of the B Advances (if
any) acquired by it pursuant hereto and, if the Assignor has retained a portion of such B Advances,
new B Note or Notes to the order of the






 




			
	2	 	Delete bracketed text if B Advances are covered by
this Assignment and Acceptance.





Form of Assignment and Acceptance







 









 








-2-



Assignor in an amount equal to the principal amount of the B Advances retained by it under the
Credit Agreement, in each case specified on Schedule 1 hereto.




          3. The Assignee (i) confirms that it has received a copy of the Credit Agreement, together
with copies of the financial statements referred to in Section 4.01 thereof and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Assignment and Acceptance; (ii) agrees that it will, independently and without
reliance upon the Administrative Agent, the Assignor or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Credit Agreement; (iii) confirms that it is an
Eligible Assignee; (iv) appoints and authorizes the Administrative Agent to take such action as
administrative agent on its behalf and to exercise such powers under the Credit Agreement as are
delegated to the Administrative Agent by the terms thereof, together with such powers as are
reasonably incidental thereto; (v) agrees that it will perform in accordance with their terms all
of the obligations which by the terms of the Credit Agreement are required to be performed by it as
a Lender; [and] (vi) specifies as its Domestic Lending Office (and address for notices) and
Eurodollar Lending Office the offices set forth beneath its name on the signature pages hereof [and
(vii) attaches the forms prescribed by the Internal Revenue Service of the United States certifying
as to the Assignee’s status for purposes of determining exemption from United States withholding
taxes with respect to all payments to be made to the Assignee under the Credit Agreement and the
Notes or such other documents as are necessary to indicate that all such payments are subject to
such rates at a rate reduced by an applicable tax treaty].3




          4. Following the execution of this Assignment and Acceptance by the Assignor and the Assignee
and the consent of the Borrower (to the extent required pursuant to Section 8.07 of the Credit
Agreement), it will be delivered to the Administrative Agent for acceptance and recording by the
Administrative Agent. The effective date of this Assignment and Acceptance shall be the date of
acceptance thereof by the Administrative Agent, unless otherwise specified on Schedule 1 hereto
(the “Effective Date”).




          5. Upon such acceptance and recording by the Administrative Agent, as of the Effective Date,
(i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this
Assignment and Acceptance, have the rights and obligations of a Lender thereunder and (ii) the
Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and
be released from its obligations under the Credit Agreement.




          6. Upon such acceptance and recording by the Administrative Agent, from and after the
Effective Date, the Administrative Agent shall make all payments under the Credit Agreement and the
Notes in respect of the interest assigned hereby (including, without limitation, all payments of
principal, interest and Facility Fees with respect thereto) to the Assignee. The Assignor and
Assignee shall make all appropriate adjustments in payments under






 




			
	3	 	If the Assignee is organized under the laws of a
jurisdiction outside the United States.





Form of Assignment and Acceptance





 









 








-3-



the Credit Agreement and the Notes for periods prior to the Effective Date directly between
themselves.





     7. This Assignment and Acceptance shall be governed by, and construed in accordance with, the
law of the State of New York.



     IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance to be
executed by their respective officers thereunto duly authorized, as of the date first above
written, such execution being made on Schedule 1 hereto.



Form of Assignment and Acceptance





 








 








SCHEDULE 1

to

ASSIGNMENT AND ACCEPTANCE




	 	 	 	 	 

	Percentage assigned to Assignee
	 	 	 	%
	 
	 	 	 	 
	Assignee’s Commitment
	 	$	 	 
	 
	 	 	 	 
	Aggregate outstanding principal
amount of A Advances assigned
	 	$	 	 
	 
	 	 	 	 
	Principal Amount of A Note
payable to Assignee
	 	$	 	 
	 
	 	 	 	 
	Principal Amount of A Note
payable to Assignor
	 	$	 	 
	 
	 	 	 	 
	Aggregate outstanding principal
amount of B Advances assigned
	 	$	 	 
	 
	 	 	 	 
	Principal Amount of B Note
payable to Assignee
	 	$	 	 
	 
	 	 	 	 
	Principal Amount of B Note
payable to Assignor
	 	$	 	 
	 
	 	 	 	 
	Effective Date (if other than
date of acceptance by
Administrative Agent)*
	 	 	_____ __, ___	 
	 
	 	 	 	 





Form of Schedule 1 to Assignment and Acceptance





 









 





-2-




	 	 	 	 	 	 	 

	 	 	[NAME OF ASSIGNOR], as Assignor	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF ASSIGNEE], as Assignee	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	Domestic Lending Office:	 	 
	 
	 	 	 	 	 	 
	 	 	Eurodollar Lending Office:	 	 








 




			
	*	 	This date should be no earlier than the date of acceptance by the Administrative Agent.





Accepted this ____ day
   of
_______, _____




	 	 	 	 	 

	CITICORP USA, INC.,
as

   Administrative Agent	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	CONSENTED TO:	 	 
	 
	 	 	 	 
	BECTON, DICKINSON AND COMPANY	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 









Form of Schedule 1 to Assignment and Acceptance





 









 








EXHIBIT D




DESIGNATION AGREEMENT




Dated _____________ __, _____



     Reference is made to the Amended and Restated Five Year Credit Agreement dated as of December
1, 2006 (the “Credit Agreement”) among Becton, Dickinson and Company, a New Jersey
corporation (the “Borrower”), the Lenders (as defined in the Credit Agreement), The Bank of
Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as syndication agent, and Citicorp USA, Inc., as
Administrative Agent for the Lenders (the “Administrative Agent”). Terms defined in the
Credit Agreement are used herein with the same meaning.



     ____________ (the “Designator”) and ____________ (the “Designee”) agree as
follows:



     1. The Designator hereby designates the Designee, and the Designee hereby accepts such
designation, to have a right to make B Advances pursuant to Section 2.03 of the Credit Agreement.



     2. The Designator makes no representation or warranty and assumes no responsibility with
respect to (i) any statements, warranties or representations made in or in connection with the
Credit Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Credit Agreement or any other instrument or document furnished pursuant thereto and
(ii) the financial condition of the Borrower or the performance or observance by the Borrower of
any of its obligations under the Credit Agreement or any other instrument or document furnished
pursuant thereto.



     3. The Designee (i) confirms that it has received a copy of the Credit Agreement, together
with copies of the financial statements referred to in Section 4.01 thereof and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Designation Agreement; (ii) agrees that it will, independently and without
reliance upon the Administrative Agent, the Designator or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Credit Agreement; (iii) confirms that it is a
Designated Bidder; (iv) appoints and authorizes the Administrative Agent to take such action as
administrative agent on its behalf and to exercise such powers under the Credit Agreement as are
delegated to the Administrative Agent by the terms thereof, together with such powers as are
reasonably incidental thereto; (v) agrees that it will perform in accordance with their terms all
of the obligations which by the terms of the Credit Agreement are required to be performed by it as
a Lender; and (vi) specifies as its Applicable Lending Office with respect to B Advances (and
address for notices) the offices set forth beneath its name on the signature pages hereof.



     4. Following the execution of this Designation Agreement by the Designator and its Designee,
it will be delivered to the Administrative Agent for acceptance and recording by the




Form of Designation Agreement




 









 





-2-



Administrative
Agent. The effective date of this Designation Agreement shall be the date of acceptance thereof by
the Administrative Agent, unless otherwise specified on the signature page hereto (the
“Effective Date”).




     5. Upon such acceptance and recording by the Administrative Agent, as of the Effective Date,
the Designee shall be a party to the Credit Agreement with a right to make B Advances as a Lender
pursuant to Section 2.03 of the Credit Agreement and the rights and obligations of a Lender related
thereto.



     6. This Designation Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York.



Form of Designation Agreement




 









 




-3-



     IN WITNESS WHEREOF, the parties hereto have caused this Designation Agreement to be executed
by their respective officers thereunto duly authorized, as of the date first above written.



			
	 	 	 
	Effective Date*:
	 	_____________ __, _____






	 	 	 	 	 	 	 

	 	 	[NAME OF DESIGNATOR]	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF DESIGNEE]	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	Applicable Lending

     Office (and address

     for notices)	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 





Accepted this ____ day

of _____________, _____




	 	 	 	 	 

	CITICORP USA, INC., as

     Administrative Agent	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 








 




			
	*	 	This date should be no earlier than the date of acceptance by the Administrative Agent.





Form of Designation Agreement





 













 





EXHIBIT E




[Form of Opinion of Counsel of the Borrower]




December 1, 2006




To the Banks party to the

     Credit Agreement referred to below

The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Syndication Agent

Citicorp USA, Inc., as Administrative Agent

399 Park Avenue

New York, New York 10043



Ladies and Gentlemen:




     I am General Counsel of Becton, Dickinson and Company (the “Borrower”) and with
attorneys in my department have acted as counsel to the Borrower in connection with the Amended and
Restated Five Year Credit Agreement (the “Credit Agreement”) dated as of December 1, 2006,
among the Borrower, the lenders named therein, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York
Branch, as syndication agent, and Citicorp USA, Inc., as Administrative Agent, providing for loans
to be made by said lenders to the Borrower in an aggregate principal amount not exceeding
$1,000,000,000. Terms defined in the Credit Agreement are used in this opinion letter as defined
therein. This opinion letter is being delivered pursuant to Section 3.01(e) of the Credit
Agreement.



     In rendering the opinion expressed below, I, or attorneys under my supervision, have examined
the following agreements, instruments and other documents:




	 	(a)	 	the Credit Agreement;
	 
	 	(b)	 	the Notes issued on the date hereof (collectively with the
Credit Agreement, the “Credit Documents”); and
	 
	 	(c)	 	such corporate records of the Borrower and such other documents
as I have deemed necessary as a basis for the opinions expressed below.





     In our examination, we have assumed the genuineness of all signatures, the authenticity of all
documents submitted to us as originals and the conformity with authentic original documents of all
documents submitted to us as copies. When relevant facts were not independently established, we
have relied upon certificates of governmental officials and appropriate representatives of the
Borrower and upon representations made in or pursuant to the Credit Agreement.



     In rendering the opinions expressed below, I have assumed, with respect to all of the
documents referred to in this opinion letter, that (except, to the extent set forth in the opinions
expressed below, as to the Borrower):



Form of Opinion of Counsel of the Borrower






 









 








 -2- 












	 	(i)	 	such documents have been duly authorized by, have been duly executed and
delivered by, and constitute legal, valid, binding and enforceable obligations of,
all of the parties to such documents;
	 
	 	(ii)	 	all signatories to such documents have been duly authorized; and
	 
	 	(iii)	 	all of the parties to such documents are duly organized and validly existing
and have the power and authority (corporate or other) to execute, deliver and perform
such documents.





          Based upon and subject to the foregoing and subject also to the comments and qualifications
set forth below, and having considered such questions of law as I have deemed necessary as a basis
for the opinions expressed below, I am of the opinion that:





     1. The Borrower is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of New Jersey.




     2. The Borrower has all requisite corporate power to execute and deliver, and to
perform its obligations and to incur liabilities under, the Credit Documents.




     3. The execution, delivery and performance by the Borrower of, and the incurrence by
the Borrower of liabilities under, each Credit Document have been duly authorized by all
necessary corporate action on the part of the Borrower.




     4. Each Credit Document has been duly executed and delivered by the Borrower.




     5. Each Credit Document constitutes the legal, valid and binding obligation of the
Borrower, enforceable against the Borrower in accordance with its terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or
transfer or other similar laws relating to or affecting the rights of creditors generally
and except as the enforceability of the Credit Documents is subject to the application of
general principles of equity (regardless of whether considered in a proceeding in equity or
at law), including, without limitation, (a) the possible unavailability of specific
performance, injunctive relief or any other equitable remedy and (b) concepts of
materiality, reasonableness, good faith and fair dealing.




     6. No authorization, approval or consent of, and no filing or registration with, any
governmental or regulatory authority or agency of the United States of America or the State
of New York is required on the part of the Borrower for the execution, delivery or
performance by the Borrower of, or for the incurrence by the Borrower of any liabilities
under, any of the Credit Documents.




     7. The execution, delivery and performance by the Borrower of, and the consummation by
the Borrower of the transactions contemplated by, the Credit Documents do not (a) violate
any provision of the charter or by-laws of the Borrower,



Form of Opinion of Counsel of the Borrower




  









 





 -3- 





(b) violate any applicable law, rule or regulation of the United States of America, the State of
New Jersey or the State of New York, (c) violate any order, writ, injunction or decree of
any court or governmental authority or agency or any arbitral award applicable to the
Borrower and its Subsidiaries of which I have knowledge or (d) result in a breach of,
constitute a default under, require any consent under, or result in the acceleration or
required prepayment of any indebtedness pursuant to the terms of, any agreement or
instrument of which I have knowledge to which the Borrower and its Subsidiaries is a party
or by which any of them is bound or to which any of them is subject, or result in the
creation or imposition of any Lien upon any Property of the Borrower pursuant to the terms
of any such agreement or instrument.




     8. There is no pending (or, to my knowledge, threatened) action or proceeding against
the Borrower or any of its Subsidiaries before any court, governmental agency or arbitrator,
in which there is likely to be an adverse decision that (i) would have a material adverse
effect on the business, condition (financial or otherwise) or results of operations of the
Borrower and its Subsidiaries, taken as a whole, or (ii) purports to affect the legality,
validity, binding effect or enforceability of the Credit Agreement or any Note.




     The foregoing opinions are subject to the following comments and qualifications:




     (A) The enforceability of Section 8.04(b) of the Credit Agreement may be limited by
laws limiting the enforceability of provisions exculpating or exempting a party from, or
requiring indemnification of a party for, its own action or inaction.




     (B) The enforceability of provisions in the Credit Documents to the effect that terms
may not be waived or modified except in writing may be limited under certain circumstances.




     (C) I express no opinion as to (i) the effect of the laws of any jurisdiction in which
any Lender is located that limit the interest, fees or other charges such Lender may impose,
(ii) Section 8.05 of the Credit Agreement, (iii) Section 7.05 of the Credit Agreement, (iv)
the second sentence of Section 8.08 of the Credit Agreement, insofar as such sentence
relates to the subject matter jurisdiction of the United States District Court for the
Southern District of New York to adjudicate any controversy related to the Credit Documents,
(v) the third sentence of Section 8.08 of the Credit Agreement and (vi) Section 8.09 of the
Credit Agreement.



          The foregoing opinions are limited to matters involving the Federal laws of the United States,
the law of the State of New Jersey and the law of the State of New York, and I do not express any
opinion as to the laws of any other jurisdiction.



          In delivering the foregoing opinion, I have, with your approval, relied as to all matters
governed by the laws of the State of New Jersey upon the opinion of even date herewith of Gary
DeFazio, Esq., Associate General Counsel of the Borrower, a copy of which has been furnished to
you. In my opinion, such opinion is satisfactory in form and scope and you are justified in
relying thereon.



Form of Opinion of Counsel of the Borrower





   









 





 -4- 




     At the request of the Borrower, this opinion letter is, pursuant to Section 3.01(e) of the
Credit Agreement, provided to you by me in my capacity as General Counsel of the Borrower and may
not be relied upon by any Person for any purpose other than in connection with the transactions
contemplated by the Credit Agreement without, in each instance, my prior written consent.



Very truly yours,




Form of Opinion of Counsel of the Borrower







 









 








EXHIBIT F




[Form of Opinion of Special New York Counsel

to the Administrative Agent]




December 1, 2006




To the Initial Lenders party to the

    Credit Agreement referred to

    below and to Citicorp USA, Inc.,

    as Administrative Agent




Becton, Dickinson and Company





	Ladies and Gentlemen:





     We have acted as counsel to Citicorp USA, Inc., as Administrative Agent (the “Agent”),
in connection with the Amended and Restated Five Year Credit Agreement, dated as of December 1,
2006 (the “Credit Agreement”), among Becton, Dickinson and Company, a New Jersey
corporation (the “Borrower”), and each of you. Unless otherwise defined herein, terms
defined in the Credit Agreement are used herein as therein defined.



     In that connection, we have reviewed originals or copies of the following documents:




	 	(a)	 	The Credit Agreement.
	 
	 	(b)	 	The Notes executed by the Borrower and delivered on the date
hereof.




The documents described in the foregoing clauses (a) and (b) are collectively referred to herein as
the “Opinion Documents.”




     We have also reviewed originals or copies of such other agreements and documents as we have
deemed necessary as a basis for the opinion expressed below.



     In our review of the Opinion Documents and other documents, we have assumed:




	 	(A)	 	The genuineness of all signatures.
	 
	 	(B)	 	The authenticity of the originals of the
documents submitted to us.
	 
	 	(C)	 	The conformity to authentic originals of any
documents submitted to us as copies.
	 
	 	(D)	 	As to matters of fact, the truthfulness of the
representations made in the Credit Agreement.





Form of Opinion of special New York Counsel

to the Administrative Agent






  









 




 -2- 






	 	(E)	 	That each of the Opinion Documents is the
legal, valid and binding obligation of each party thereto, other than
the Borrower, enforceable against each such party in accordance with
its terms.
	 
	 	(F)	 	That:






     (1) The Borrower is an entity duly organized and validly existing under
the laws of the jurisdiction of its organization.




     (2) The Borrower has full power to execute, deliver and perform, and
has duly executed and delivered, the Opinion Documents.




     (3) The execution, delivery and performance by the Borrower of the
Opinion Documents have been duly authorized by all necessary action
(corporate or otherwise) and do not:




     (a) contravene its certificate or articles of incorporation,
by-laws or other organizational documents;




     (b) except with respect to Generally Applicable Law, violate any
law, rule or regulation applicable to it; or




     (c) result in any conflict with or breach of any agreement or
document binding on it of which any addressee hereof has knowledge,
has received notice or has reason to know.




     (4) Except with respect to Generally Applicable Law, no authorization,
approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body or (to the extent the same is
required under any agreement or document binding on it of which an addressee
hereof has knowledge, has received notice or has reason to know) any other
third party is required for the due execution, delivery or performance by
the Borrower of any Opinion Document or, if any such authorization,
approval, action, notice or filing is required, it has been duly obtained,
taken, given or made and is in full force and effect.




     We have not independently established the validity of the
foregoing assumptions.



     “Generally Applicable Law” means the federal law of the United States of America, and
the law of the State of New York (including the rules or regulations promulgated thereunder or
pursuant thereto), that a New York lawyer exercising customary professional diligence would
reasonably be expected to recognize as being applicable to the Borrower, the Opinion Documents or
the transactions governed by the Opinion Documents. Without limiting the generality of the
foregoing definition of Generally Applicable Law, the term “Generally Applicable Law” does not
include any law, rule or regulation that is applicable to the Borrower,
the Opinion Documents or such transactions solely because such law, rule or regulation is part
of a regulatory regime applicable to the specific assets or business of any party to any of the
Opinion Documents or any of its affiliates.



Form of Opinion of Special New York Counsel

to the Administrative Agent






  









 





 -3- 




          Based upon the foregoing and upon such other investigation as we have deemed necessary and
subject to the qualifications set forth below, we are of the opinion that each Opinion Document is
the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in
accordance with its terms.




          Our opinion expressed above is subject to the following qualifications:





     (a) Our opinion is subject to the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors’ rights generally (including
without limitation all laws relating to fraudulent transfers).




     (b) Our opinion is subject to the effect of general principles of equity, including
without limitation concepts of materiality, reasonableness, good faith and fair dealing
(regardless of whether considered in a proceeding in equity or at law).




     (c) We express no opinion with respect to the enforceability of indemnification
provisions, or of release or exculpation provisions, contained in the Opinion Documents to
the extent that enforcement thereof is contrary to public policy regarding the
indemnification against or release or exculpation of criminal violations, intentional harm
or violations of securities laws.




     (d) Our opinion is limited to Generally Applicable Law.



          A copy of this opinion letter may be delivered by any of you to any person that becomes a
Lender in accordance with the provisions of the Credit Agreement. Any such person may rely on the
opinions expressed above as if this opinion letter were addressed and delivered to such person on
the date hereof.




          This opinion letter is rendered to you in connection with the transactions contemplated by the
Opinion Documents. This opinion letter may not be relied upon by you or any person entitled to
rely on this opinion pursuant to the preceding paragraph for any other purpose without our prior
written consent.




          This opinion letter speaks only as of the date hereof. We expressly disclaim any
responsibility to advise you of any development or circumstance of any kind, including any change
of law or fact, that may occur after the date of this opinion letter that might affect the opinions
expressed herein.




Very truly yours,




Form of Opinion of Special New York Counsel

to the Administrative Agent