Document:

exh10_1.htm

 

Exhibit 10.1

EXECUTION COPY

Crystal Rock Holdings, Inc.

1050 Buckingham Street

Watertown, Connecticut 06795

February 15, 2012

 

 

Lori J. Schafer, Director

824 Spinnaker’s Reach Drive

Ponte Vedra Beach, Florida 32082

Dear Lori:

From time to time we have discussed with the officers and directors of Crystal Rock Holdings, Inc. (“CRH”) the substantial increase in corporate litigation, which can subject officers and directors to expensive litigation risks and large claims for damages.  We have also discussed the uncertainties involved in obtaining and maintaining directors’ and officers’ liability insurance on a reasonable basis as well as the potentially limited scope (and risk of non-renewal) of such insurance as can be obtained.

You have informed us that you are concerned about the level of protection available to you as an officer or director of CRH in the present legal climate, and we understand that your willingness to serve or to continue to serve as an officer or director of CRH depends upon, among other things, assurance of adequate protection on a long-term basis.  You have also informed us that you know of no pending or threatened claim against you relating to CRH.

 

The certificate of incorporation of CRH (the “Charter”) provides that CRH will indemnify its corporate officers and directors to the full extent permitted by the applicable statute, which is Section 145 of the Delaware General Corporation Law.  The statute, in turn, authorizes a Delaware corporation to provide indemnification against expenses and certain other losses incurred by a director or officer in any proceeding in which he or she is involved as a result of serving, or having served, as a director, officer, or employee of CRH or, at CRH’s request, as a director, officer or employee of another corporation or entity.  In addition, CRH has the power under Delaware law to enter into arrangements for indemnification on any terms not prohibited by law that the Board of Directors deems to be appropriate.

 

  

  

  

In order to attract and retain your services as an officer or director of CRH, CRH has agreed to indemnify you to the fullest extent of its authority to do so, subject to the limitations set forth herein.  This letter agreement (“Agreement”) is intended to supplement and confirm the indemnification provisions contained in the Charter of CRH.

 

CRH and you (the “Indemnified Party”) by this Agreement agree as follows:

 

1. Indemnification.  CRH shall indemnify and hold harmless the Indemnified Party if the Indemnified Party is or was a party or is threatened to be made a party to, or is otherwise involved with, any Proceeding (as such term is defined in Section (b)):

 

(i) by reason of the fact that the Indemnified Party is or was a director, officer, employee or agent of CRH or any subsidiary of CRH,

 

(ii) by reason of any action or inaction on the part of the Indemnified Party while a director, officer, employee or agent of CRH or any subsidiary of CRH,

 

(iii) by reason of the fact that the Indemnified Party is or was serving at the request of CRH as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, or

 

(iv) by reason of the fact that the Indemnified Party is or was serving at the request of CRH in any capacity with respect to any employee benefit plan,

 

against expenses (including reasonable attorneys’ fees), judgments, penalties, fines and amounts paid in settlement (if such settlement is approved in writing in advance by CRH, which approval shall not be unreasonably withheld or delayed) actually and reasonably incurred by the Indemnified Party in connection with such Proceeding unless CRH shall establish, in accordance with the procedures and standards described in Section (i) and Section (ii) of this Agreement, that the Indemnified Party was not entitled to indemnification, as described in Section 2.

 

2. Limitation on Indemnification.  Notwithstanding any other provision of this Agreement, no indemnification shall be paid under this Agreement with respect to claims involving acts or omissions as to which the Indemnified Party is finally adjudicated (by court order or judgment from which no right of appeal exists) not to have acted in good faith in the reasonable belief that the Indemnified Party’s action was in the best interests of CRH or, to the extent that such matter relates to service with respect to an employee benefit plan, in the best interests of the participants or beneficiaries of such employee benefit plan; and no indemnification shall be paid under this Agreement with respect to any criminal matter in which the Indemnified Party is finally adjudicated (by court order or judgment from which no right of appeal exists) to have had reasonable cause to believe that the Indemnified Party’s action was unlawful.

 

3. Notice of Resignation; No Employment Agreement.  In consideration of the protection afforded by this Agreement, the Indemnified Party agrees not to resign voluntarily from the position now held by her with CRH without first giving to CRH not less than three weeks’ written notice of his intention to resign.  Nothing contained in this Agreement is intended to create or shall create in the Indemnified Party any right to employment (in the case of a director) or continued employment (in the case of an employee).

 

  

  

  

	
4.  

	
Expenses; Indemnification Procedure.

 

(a) Advancement of Expenses.  CRH shall advance all reasonable expenses incurred by the Indemnified Party in connection with the investigation, defense, settlement or appeal of any Proceeding (but not amounts actually paid in settlement of any such Proceeding, which amounts shall be paid under Section (e)).  The advances to be made hereunder shall be paid by CRH to the Indemnified Party within sixty (60) days following delivery of a written request therefor by the Indemnified Party to CRH.

 

(b) Failure to Advance Expenses.  If the Indemnified Party shall have requested an advancement of expenses pursuant to Section (a) and if such request shall not have been not paid in full by CRH within sixty (60) days after a written request by the Indemnified Party for payment thereof was first received by CRH, the Indemnified Party may, but need not, at any time thereafter bring an action against CRH to recover the unpaid amount of the claim for advancement of expenses and, subject to Section 18 of this Agreement, the Indemnified Party shall also be entitled to be reimbursed for the expense (including reasonable attorneys’ fees) of bringing such action.

 

(c) Reimbursement to CRH.  The Indemnified Party by this Agreement undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined that the Indemnified Party is not entitled to be indemnified by CRH as authorized by this Agreement.

 

(d) Notice; Cooperation by the Indemnified Party.  The Indemnified Party shall give CRH prompt notice of the commencement of any Proceeding, or the threat thereof against the Indemnified Party, for which indemnification will or could be sought under this Agreement.  In addition, the Indemnified Party shall give CRH such information and cooperation as it may reasonably require and as shall be within the Indemnified Party’s power.  If for any reason the Indemnified Party is not an employee of CRH at the time of any activities performed by the Indemnified Party in connection with the defense of any Proceeding, CRH shall compensate the Indemnified Party on the basis of $350.00 per day (or portion thereof) spent by the Indemnified Party on behalf of such activities at the request of CRH, and reimburse the Indemnified Party for all related and reasonable out-of-pocket expenses, such compensation and expense reimbursement to be advanced in the manner set forth in Section (a).

 

(e) Procedure for Indemnification.

 

(i) Any amounts payable by CRH pursuant to Section 1 shall be paid no later than sixty (60) days after the resolution (by judgment, settlement, dismissal or otherwise) of the claim to which indemnification is sought.  If a claim is brought by the Indemnified Party under this Agreement, under any statute, or under any provision of CRH’s Charter or By-Laws, as amended or restated from time to time, which provision provides for indemnification, and if such claim is not paid in full by CRH within such time period, the Indemnified Party may, but need not, at any time thereafter bring an action against CRH to recover the unpaid amount of the claim and, subject to Section 18 of this Agreement, the Indemnified Party shall also be entitled to be reimbursed for the expense (including reasonable attorneys’ fees) of bringing such action.  It shall be a defense to any such action that the Indemnified Party has not met the standards of conduct which make it permissible under applicable law for CRH to indemnify the Indemnified Party for the amount claimed.  Section (ii) shall apply to any such determination and the burden of proving such defense shall be on CRH.  In addition, the Indemnified Party shall be entitled to receive interim payments of expenses pursuant to Section (a) unless and until such defense shall be finally adjudicated by court order or judgment from which no further right of appeal exists.  CRH shall not be liable to indemnify the Indemnified Party under this Agreement for any amounts paid in settlement of any action or claim effected without its written consent, which consent shall not be unreasonably withheld or delayed.

 

  

  

  

 

(ii) It is the parties' intention (which intention reflects applicable law) that if CRH contests the Indemnified Party's right to indemnification, the question of the Indemnified Party's right to indemnification shall be for the court to decide.  The termination of any action or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that the Indemnified Party was not entitled to indemnification under this Agreement.  In addition, neither the failure of CRH to have made a determination that indemnification of the Indemnified Party is proper under the circumstances, nor any determination by CRH that the Indemnified Party has not met such applicable standard of conduct, shall create a presumption that the Indemnified Party has or has not met the applicable standard of conduct.

 

5. Notice to Insurers.  If, at the time of the receipt of a notice of a claim pursuant to Section (d) of this Agreement, CRH has in effect any insurance, including, without limitation, directors’ and officers’ liability insurance, which may provide for payment of or reimbursement for such claim, CRH shall give prompt notice of the assertion of such claim to each issuer of such insurance in accordance with the procedures set forth in the respective policies.  CRH shall thereafter (if it is appropriate to do so pursuant to the terms of the applicable insurance policy) take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnified Party, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

6. Other Sources of Indemnification.  The Indemnified Party shall not be required to exercise any rights against any other parties (for example, under any insurance policy purchased by CRH, the Indemnified Party or any other person or entity) before the Indemnified Party enforces this Agreement.  However, to the extent CRH actually indemnifies the Indemnified Party or advances expenses, CRH shall be subrogated to (and shall be entitled to enforce) any such rights which the Indemnified Party may have against third parties.  Notwithstanding the foregoing, CRH shall have no right to seek reimbursement under insurance policies maintained by the Indemnified Party personally or by the employer of an Indemnified Party who is a non-employee director of CRH.  The Indemnified Party shall assist CRH in enforcing rights against third parties if CRH pays the Indemnified Party's reasonable costs and expenses of doing so.

 

  

  

  

7. Selection of Counsel.  In the event CRH shall be obligated under Section (a) of this Agreement to pay the expenses of any Proceeding involving the Indemnified Party, CRH shall be entitled to participate in such Proceeding and, to the extent it shall wish, to assume the defense of such Proceeding, with counsel chosen by CRH and approved by the Indemnified Party, which approval shall not be unreasonably withheld or delayed.  Upon the delivery to the Indemnified Party of written notice of its election to assume such defense, approval of such counsel by the Indemnified Party and retention of such counsel by CRH, CRH will not be liable to the Indemnified Party under this Agreement for any fees of counsel or other expenses subsequently incurred by the Indemnified Party in connection with the defense of the same Proceeding, except for fees and expenses incurred by the Indemnified Party as a consequence of the Indemnified Party’s obligation to cooperate with CRH in the defense of such matters (as set forth in Section (d) of this Agreement).  Notwithstanding the foregoing, the reasonable fees and expenses of the Indemnified Party’s counsel shall be paid by CRH only if (i) the employment of counsel by the Indemnified Party has been previously authorized by CRH, (ii) the Indemnified Party shall have reasonably concluded that, under applicable standards of  professional responsibility applicable to attorneys, there may be a material conflict of interest between CRH and the Indemnified Party in the conduct of such defense or that such counsel and the Indemnified Party have fundamental and material disagreements as to the proper method of managing the litigation, or (iii) CRH shall not, in fact, have employed counsel to assume the defense of such Proceeding.  The Indemnified Party shall have the right to employ his own counsel in any such Proceeding at the Indemnified Party’s expense.

 

8. Additional Indemnification Rights; Nonexclusivity.

 

(a) Scope.  In the event of any change, after the date of this Agreement, in any applicable law, statute or rule which expands the right of a Delaware corporation such as CRH to indemnify a member of its board of directors or an officer, such changes shall, without any further action by CRH, be included within the scope of the indemnification provided to the Indemnified Party by, and CRH’s obligations under, this Agreement.  In the event of any change in any applicable law, statute or rule that limits or restricts the right of CRH to indemnify a member of its Board of Directors or an officer, such changes shall have no effect on this Agreement or the parties’ rights and obligations hereunder, except to the extent specifically required by such law, statute or rule to be applied to this Agreement.

 

(b) Nonexclusivity.  The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which the Indemnified Party may be entitled under CRH’s Charter or By-Laws, any agreement, any vote of disinterested directors, Delaware law, or otherwise, both as to action in the Indemnified Party's official capacity and as to action or inaction in another capacity while holding such office.  The indemnification provided under this Agreement shall continue as to the Indemnified Party for any action taken or not taken while serving in an indemnified capacity even though she may have ceased to serve in such capacity at the time any covered Proceeding is commenced.

 

  

  

  

9. Partial Indemnification.  If the Indemnified Party is entitled under any provision of this Agreement to indemnification by CRH for some or a portion of the expenses, judgments, fines or penalties actually or reasonably incurred by her in the investigation, defense, appeal or settlement of any Proceeding, but not, however, for the total amount thereof, CRH shall nevertheless indemnify the Indemnified Party for the portion of such expenses, judgments, fines or penalties to which the Indemnified Party is entitled.

 

10. Mutual Acknowledgment.  Both CRH and the Indemnified Party acknowledge that in certain instances, applicable law or applicable public policy could be construed to prohibit CRH from indemnifying its directors and officers under this Agreement or otherwise.  Nothing in this Agreement is intended to require or shall be construed as requiring CRH to do or fail to do any act in violation of any applicable law.  CRH’s inability, as a result of a binding order of any court of competent jurisdiction, to perform its obligations under this Agreement shall not constitute a breach of this Agreement and CRH’s compliance with any such order shall constitute compliance with this Agreement.

 

11. Directors’ and Officers’ Liability Insurance.  CRH shall, from time to time, make the good faith determination whether or not it is practicable for CRH to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of CRH with coverage for losses from wrongful acts, or to ensure CRH’s performance of its indemnification obligations under this Agreement.  Among other matters, CRH may consider the costs of obtaining such insurance coverage, the protection afforded by such coverage and the restrictions or other terms required by such insurance.  In all policies of directors’ and officers’ liability insurance, the Indemnified Party shall be named as an insured in such a manner as to provide the Indemnified Party the same rights and benefits as are accorded to the most favorably insured of CRH’s directors, if the Indemnified Party is a director, or of CRH’s officers, if the Indemnified Party is not a director of CRH but is an officer, or of CRH’s key employees, if the Indemnified Party is not an officer or director but is a key employee.  Notwithstanding the foregoing, CRH shall have no obligation to obtain or maintain such insurance if CRH determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or if the Indemnified Party is covered by similar insurance maintained by a subsidiary or parent of CRH.

 

12. Severability.  Nothing in this Agreement is intended to require or shall be construed as requiring CRH to do or fail to do any act in violation of applicable law.  The provisions of this Agreement shall be severable as provided in this Section 12.  If this Agreement or any portion of this Agreement shall be invalidated on any ground by any court of competent jurisdiction, then CRH shall nevertheless indemnify the Indemnified Party to the greatest extent permitted by any applicable law or any applicable portion of this Agreement that shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms.

 

  

  

  

13. Exceptions.  Any other provision herein to the contrary notwithstanding, CRH shall not be obligated pursuant to the terms of this Agreement:

 

(a) Excluded Acts.  To indemnify the Indemnified Party for any acts or omissions or transactions from which a director, officer, employee or agent may not be relieved of liability under applicable Delaware law; or

 

(b) Claims Initiated by the Indemnified Party.  To indemnify or advance expenses to the Indemnified Party with respect to proceedings or claims initiated or brought voluntarily by the Indemnified Party and not by way of defense, except (i) with respect to proceedings brought to establish or enforce a right to advancement of expenses or indemnification under this Agreement or any other statute or law and (ii) declaratory judgment or similar proceedings brought to obtain a judicial interpretation of an applicable statute or regulation, provided that such indemnification or advancement of expenses may be provided by CRH in specific cases if the Board of Directors has approved the initiation or bringing of such suit; or

 

(c) Lack of Good Faith.  To indemnify the Indemnified Party for any expenses incurred by the Indemnified Party with respect to any proceeding instituted by the Indemnified Party to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by the Indemnified Party in such proceeding was not made in good faith or was frivolous; or

 

(d) Insured or Other Reimbursed Claims.  To indemnify the Indemnified Party for expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) which have been reimbursed directly to the Indemnified Party, by an insurance carrier under a policy of directors’ and officers’ liability insurance maintained by CRH, or otherwise by CRH.

 

(e) Claims under Section 16(b).  To indemnify the Indemnified Party for expenses and the payment of profits arising from the purchase and sale by the Indemnified Party of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or any similar successor statute.

 

14. Sale of Assets.  In case of (i) the sale or other disposition (excluding mortgage or pledge) of all or substantially all of the assets of CRH to another corporation or entity, or (ii) the merger or other business combination of CRH with or into another corporation or entity pursuant to which CRH will not survive or will survive only as a subsidiary of another corporation or entity, in either case with the stockholders of CRH prior to the merger or other business combination holding less than 50% of the voting shares of the merged or combined companies or entities after such merger or other business combination, or in the event of any other similar reorganization involving CRH, CRH shall to the extent possible cause the acquiring corporation or entity to assume the obligations of CRH under this Agreement with respect to the Indemnified Party.

 

  

  

  

15. Duration of Agreement.

 

(a) This Agreement shall be effective as of the date set forth on the first page and shall apply to acts or omissions of the Indemnified Party which occurred prior to such date if the Indemnified Party was an officer, director, employee or other agent of CRH or any subsidiary, or was serving at the request of CRH or any subsidiary as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, at the time such act or omission occurred.

 

(b) This Agreement shall be effective for an initial term of two years from and after the date of this Agreement (“Initial Term”).  Thereafter, for so long as the Indemnified Party remains an officer or director of CRH, this Agreement shall automatically renew for an additional period (“Renewal Term”) of two years unless CRH shall have given written notice of non-renewal to the Indemnified Party not later than six months before the end of the then current Term (either the Initial Term or a Renewal Term, as applicable).  CRH’s obligations under this Agreement shall continuously, irrevocably and perpetually cover any and all of the Indemnified Party's covered acts and omissions that occur during the Initial Term or any Renewal Term.  Such coverage shall apply to Proceedings relating to acts or omissions occurring during the Term even if such Proceeding is not initiated until after (or continues beyond) the Term.  CRH’s obligations under this Agreement shall continue perpetually with regard to covered acts and omissions occurring during the period covered by this Agreement (including the Initial Term and any Renewal Term, as applicable), notwithstanding the giving of any such notice of termination or any other circumstance whatsoever.  The indemnification provided under this Agreement shall continue as to the Indemnified Party even though she may have ceased to be a director, officer, employee or agent of CRH.

 

16. Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

 

17. Successors and Assigns.  This Agreement shall be binding upon CRH and its successors and assigns, and shall inure to the benefit of the Indemnified Party and the Indemnified Party’s spouse, estate, heirs and legal representatives.

 

18. Attorneys’ Fees.  In the event that any action is instituted by the Indemnified Party under this Agreement to enforce or interpret any of the terms of this Agreement, the Indemnified Party shall be entitled to be paid all court costs and expenses, including reasonable attorneys’ fees, incurred by the Indemnified Party with respect to such action, unless as a part of such action, a court of competent jurisdiction determines that each of the material assertions made by the Indemnified Party as a basis for such action was not made in good faith or was frivolous.  In the event of an action instituted by or in the name of CRH under this Agreement or to enforce or interpret any of the terms of this Agreement, the Indemnified Party shall be entitled to be paid all court costs and expenses, including attorneys’ fees incurred by the Indemnified Party in defense of such action (including with respect to the Indemnified Party’s counterclaims and cross-claims made in such action), unless as a part of such action the court determines that each of the Indemnified Party’s material defenses to such was made in bad faith or was frivolous.

 

  

  

  

19. Notices.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given if delivered by hand, sent by facsimile transmission with confirmation of receipt, sent via a reputable overnight courier service with confirmation of receipt requested, or mailed by domestic certified or registered mail with postage prepaid and return receipt requested, to the Indemnified Party at the address on the first page of this Agreement and to CRH at the address below (or at such other address for a party as shall be specified by like notice), and shall be deemed given on the date on which delivered by hand or otherwise on the date of receipt as confirmed:

 

Crystal Rock Holdings, Inc.

1050 Buckingham Street

Watertown, Connecticut 06795

Attention:  Peter Baker, Chief Executive Officer

  + Bruce MacDonald, Chief Financial Officer

Phone:      860-945-0661 x 3008

Fax:           860-945-6246

With a copy to:

 

Dean F. Hanley, Esq.

Foley Hoag LLP

155 Seaport Boulevard

Boston, Massachusetts 02210

Phone:  617-832-1000

Fax:       617-832-7000

20. Construction Of Certain Words and Phrases.

 

(a) The term “expense” shall include all attorneys’ fees, retainers, court costs, transcript costs, fees of experts, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend or investigating a Proceeding.

 

(b) “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding whether civil, criminal, administrative or investigative, except one initiated by the Indemnified Party.

 

(c) The “Term” of this Agreement shall include both the Initial Term and any Renewal Term or Terms (as such terms are defined in Section (b)).

 

21. Choice of Law.  This Agreement shall be governed by and its provisions construed in accordance with the laws of the State of Delaware without regard to its conflicts of law rules.

 

  

  

  

22. Consent To Jurisdiction; Choice Of Venue.  CRH and the Indemnified Party each by this Agreement irrevocably consents to the jurisdiction of the courts of Connecticut and the federal courts within Connecticut for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any such action or proceeding shall be brought only in Hartford Superior Court, State of Connecticut, or in United States District Court, District of Connecticut, sitting in Hartford.

 

If the foregoing correctly sets forth our understanding, I would appreciate your executing the enclosed counterpart of this Agreement and returning it to me.  Upon your signature this letter agreement shall constitute a binding agreement.

 

	 	 Crystal Rock Holdings, Inc.
	 	 
	 	 
	 	 By:   /s/Bruce S. MacDonald
	 	          Title:  CFO

 

Accepted and agreed to:

/s/ Lori J. Schafer

Indemnified Party identified on page 1Exhibit 10.1

 

EXECUTED VERSION

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

This Second Amendment to Credit Agreement (defined below), dated as of March 12, 2012 (this “Agreement”), is entered into by and among Angiotech Pharmaceuticals, Inc., a corporation organized under the laws of the Province of British Columbia, Canada (“Parent”), each of Parent’s Subsidiaries listed as a “Borrower” on the signature pages hereto (each a “Borrower” and collectively, the “Borrowers”), Wells Fargo Capital Finance, LLC, a Delaware limited liability company (“WFCF”), as arranger and administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Agent”), and the lenders named on the signature pages hereto (the “Lenders”).

 

WHEREAS, Parent, the Borrowers, Agent and the Lenders are parties to that certain Credit Agreement, dated as of May 12, 2011, as amended by First Amendment to Credit Agreement, dated as of July 14, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used in this Agreement and not defined herein shall have the applicable meanings given to such terms in the Credit Agreement); and

 

WHEREAS, Parent, the Borrowers, Agent and the Lenders agree to modify the Credit Agreement on and subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereto hereby agree as follows:

 

1.                                       Amendments to Credit Agreement.  Subject to the satisfaction of the conditions set forth in Section 3 below, the Credit Agreement is amended in the following respects:

 

(a)                                  Clause (e)(ii) of Section 2.4 of the Credit Agreement is hereby amended by (i) deleting the phrase “under clauses (j), (m) or (o) of the definition of Permitted Dispositions” wherever it appears and (ii) replacing the phrase referred to in clause (i) with the phrase “under clauses (j), (m), (o) or (q) of the definition of Permitted Dispositions” wherever the phrase referred to in clause (i) appears.

 

(b)                                 Clause (a)(i) of Section 6.7 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of sub clause (B) thereof and (ii) adding the following new subclause (D) at the end thereof:

 

“and (D) Indebtedness issued pursuant to the Senior Floating Rate Notes Indenture in connection with the repurchase of such Indebtedness so long as (1) the Senior Floating Rate Notes are purchased or redeemed for a purchase price not in excess of the face value thereof, (2) there is no Revolver Usage  (with the exception of Letter of Credit Usage to a maximum of $2,700,000)

 

 

during the 30 day period immediately before and the 30 day period immediately after giving thereto, (3) Agent shall be satisfied that no trade payables of Parent or any of its Subsidiaries in an aggregate amount in excess of $75,000 are aged in excess of 60 days past due (except to the extent such trade payables are the subject of a Permitted Protest) and no book overdrafts of Parent or any of its Subsidiaries are aged in excess of 60 days immediately prior to giving effect thereto, (4) no Default or Event of Default shall have occurred and be continuing either before or after giving effect thereto and (5) Parent shall have provided Agent with a written certificate, supported by detailed calculations, that on a pro forma basis, Parent and its Subsidiaries are projected to be in compliance with the financial covenants set forth in Section 7 for the six month period immediately after giving effect thereto,”

 

(c)                                  Clause (iii) of Section 6.9 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(iii)                         so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, Parent may make distributions to former employees, officers, or directors (or any spouses, ex-spouses, or estates of any of the foregoing), (A) solely in the form of forgiveness of Indebtedness of such Persons owing to Parent on account of repurchases of the Stock of Parent held by such Persons; provided that such Indebtedness was incurred by such Persons solely to acquire Stock of Parent and (B) on account of any repurchase, redemption or other acquisition or retirement of Stock of Parent held by such Persons; provided that the aggregate amount of such repurchase redemption or other acquisition or retirement of Stock made by Parent during any 12 month period plus the aggregate amount of Indebtedness incurred under clause (A) above during such 12 month period does not exceed $3,000,000,”

 

(d)                                 Section 6.11 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“6.11                    Investments.                           Except for Permitted Investments, directly or indirectly, make or acquire any Investment or incur any liabilities (including contingent obligations) for or in connection with any Investment; provided, however, that Parent and its Subsidiaries shall not have Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts at any time that the sum of (x) the amount of outstanding Advances plus (y) the amount of Letter of Credit Usage in excess of $2,700,000 is greater than $5,000,000 (other than (a) an aggregate amount, when taken together with the aggregate amount of Permitted Investments described in clause (c) below, of not more than $15,000,000, in the case of Parent and its Subsidiaries (other than those that are CFCs), (b) amounts deposited into Deposit Accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for Parent’s or its Subsidiaries’ employees, and (c) an aggregate amount, of not more than $10,000,000 (calculated at current exchange rates), in the case of Subsidiaries of Parent that are CFCs), unless Parent or its Subsidiary, as applicable, and the applicable securities intermediary or bank have entered into Control Agreements with Agent governing such Permitted Investments in order to perfect (and further establish) Agent’s Liens in such Permitted Investments.  Subject to the foregoing proviso, Parent shall not and shall not permit its Subsidiaries to establish or maintain any Deposit Account or Securities Account unless Agent shall have received a Control Agreement in respect of such Deposit Account or Securities Account.”

 

 

(e)                                  Clause (c) of the definition of “Borrowing Base” in Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(c)                          the sum of (i) the lesser of (A) the Specified Real Property Collateral Cap in effect as of such date of determination and (B) 50% of the Appraised Value of the Specified Real Property Collateral, less the amount, if any, of reserves established by Agent for potential environmental remediation costs relating to such Specified Real Property Collateral, and (ii) the lesser of (A) the Specified Intellectual Property Cap in effect as of such date of determination and (B) 5% of the Risk Adjusted Value of the Specified Intellectual Property and, minus”

 

(f)                                    The definition of “EBITDA” in Schedule 1.1 to the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of sub clause (ix) thereof and (ii) adding the following new subclause (x) at the end thereof:

 

“and (x) solely with respect to any fiscal period ending during the period from July 1, 2011 through June 30, 2013, restructuring costs and CCAA costs set forth on Schedule E-3 to the Agreement in an aggregate amount not to exceed $16,680,000 for all fiscal periods ending during the period from July 1, 2011 through June 30, 2013.”

 

(g)                                 Clause (a) of the definition of “Eligible Domestic Accounts” in Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(a)                          Accounts that the Account Debtor has failed to pay within 90 days of original invoice date or Accounts with selling terms of more than 60 days,”

 

(h)                                 Clause (i) of the definition of “Eligible Domestic Accounts” in Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(i)                             Accounts with respect to an Account Debtor whose total obligations owing to Borrowers exceed (i)  in the case of the Specified Account Debtor, 30%, and (ii) in the case of any other Account Debtor, 10% (such percentage, as applied to a particular Account Debtor, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor deteriorates) of all Eligible Accounts, to the extent of the obligations owing by such Account Debtor in excess of such percentage; provided, however, that, in each case, the amount of Eligible Domestic Accounts that are excluded because they exceed the foregoing percentage shall be determined by Agent based on all of the otherwise Eligible Domestic Accounts prior to giving effect to any eliminations based upon the foregoing concentration limit,”

 

(i)                                     Clause (a) of the definition of “Eligible Foreign Accounts” in Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(a)                          Accounts that the Account Debtor has failed to pay within 90 days of original invoice date or Accounts with selling terms of more than 60 days,”

 

 

(j)                                     Clause            Clause (i) of the definition of “Eligible Foreign Accounts” in Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(i)                               Accounts with respect to an Account Debtor whose total obligations owing to Borrowers exceed (i)  in the case of the Specified Account Debtor, 30%, and (ii) in the case of any other Account Debtor, 10% (such percentage, as applied to a particular Account Debtor, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor deteriorates) of all Eligible Accounts, to the extent of the obligations owing by such Account Debtor in excess of such percentage; provided, however, that, in each case, the amount of Eligible Foreign Accounts that are excluded because they exceed the foregoing percentage shall be determined by Agent based on all of the otherwise Eligible Foreign Accounts prior to giving effect to any eliminations based upon the foregoing concentration limit,”

 

(k)                                  The definition of “Permitted Dispositions” in Schedule 1.1 to the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (o) thereof, (ii) deleting the period at the end of clause (p) thereof and substituting the phrase “, and” in lieu thereof and (iii) adding the following new clause (q) at the end thereof:

 

“(q)                           the disposition of the Specified Intellectual Property set forth in Part (b) of Schedule S-3, so long as (i) no Default or Event of Default shall have occurred and be continuing either before or after the giving effect thereto, (ii) the Loan Parties receive Net Cash Proceeds of not less than an amount acceptable to the Agent in its sole reasonable discretion in respect thereof, and (iii) all such Net Cash Proceeds are applied to the Obligations in accordance with Section 2.4(e)(ii) of the Agreement.”

 

(l)                                     The definition of “Specified Intellectual Property Cap” in Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“‘Specified Intellectual Property Cap’ means $3,000,000 as of the Closing Date, which amount shall be (a) reduced by $50,000 on June 1, 2011 and on the first day of each month thereafter and (b) reduced to zero from and after the date when the Specified Intellectual Property set forth in Part (b) of Schedule S-3 is sold or otherwise disposed of.”

 

(m)                               Schedule 5.1 to the Credit Agreement is hereby amended by deleting subclause (o) thereof.

 

(n)                                 Schedule 5.2 to the Credit Agreement is hereby amended and restated in its entirety to reads as follows:

 

	
Weekly   (no later than Tuesday of each week) at all times that the Revolver Usage 
    	
 
    	
(a)
    	
 
    	
a   Borrowing Base Certificate as of the close of business on Friday of the   previous week,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(b)
    	
 
    	
a   detailed aging, by total, of the Loan Parties’ Accounts as of the close of   business on Friday of the previous week, together with a reconciliation and   supporting documentation for any reconciling items noted (delivered 
    

 

 

	
exceeds   $5,000,000,
    	
 
    	
 
    	
 
    	
electronically   in an acceptable format),
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(c)
    	
 
    	
a   detailed Inventory system/perpetual report as of the close of business on   Friday of the previous week, together with a reconciliation to the Loan   Parties’ general ledger accounts (delivered electronically in an acceptable   format), and
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(d)
    	
 
    	
a   detailed report regarding Parent’s and its Subsidiaries’ cash and Cash   Equivalents as of the close of business on Friday of the previous week,   including an indication of which amounts constitute (i) Qualified Cash   and (ii) proceeds of Borrowings that are then being (or will be) used in   the manner and within the time periods set forth in the Notices of Borrowing   with respect thereto.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Monthly   (no later than the 10th Business Day after each month) at all times that the   Revolver Usage is less than or equal $5,000,000,
    	
 
    	
(e)
    	
 
    	
a   Borrowing Base Certificate,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(f)
    	
 
    	
a   detailed aging, by total, of the Loan Parties’ Accounts, together with a   reconciliation and supporting documentation for any reconciling items noted   (delivered electronically in an acceptable format),
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(g)
    	
 
    	
a   detailed Inventory system/perpetual report together with a reconciliation to   the Loan Parties’ general ledger accounts (delivered electronically in an   acceptable format), and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(h)
    	
 
    	
a   detailed report regarding Parent’s and its Subsidiaries’ cash and Cash   Equivalents as of the close of business on the last business day of the   previous month, including an indication of which amounts constitute   (i) Qualified Cash and (ii) proceeds of Borrowings that are then   being (or will be) used in the manner and within the time periods set forth   in the Notices of Borrowing with respect thereto.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Monthly   (no later than the 10th Business Day after each month),
    	
 
    	
(i)
    	
 
    	
a   summary aging, by vendor, of the Loan Parties’ accounts payable and any book   overdraft (delivered electronically in an acceptable format) and an aging, by   vendor, of any held checks,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(j)
    	
 
    	
a   monthly Account roll-forward, in a format acceptable to Agent in its   discretion, tied to the beginning and ending account receivable balances of   the Loan Parties’ general ledger,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(k)
    	
 
    	
a   reconciliation of Accounts, trade accounts payable, and Inventory of Parent’s   and its Subsidiaries’ general ledger accounts to its monthly financial   statements including any book reserves related to each category,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(l)
    	
 
    	
a   report regarding the Canadian Loan Parties’ employee wages (including a   breakdown between regular wages, accrued vacation pay and accrued overtime   pay) for the prior month, and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(m)
    	
 
    	
a   report confirming that all contributions pursuant to the Canadian Employee   Plans (including, without limitation, current employer and employee service   contributions) as required by applicable law have been made for the   applicable reporting period under each Canadian Employee Plan.

    

 

 

	
Quarterly,
    	
 
    	
(n)
    	
 
    	
an   analysis of the Loan Parties’ Inventory constituting custom made products,   and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(o)
    	
 
    	
a   report regarding Parent’s and its Subsidiaries’ accrued, but unpaid, taxes,   including, without limitation, ad valorem, real property and Canadian federal   and provincial taxes.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Annually,
    	
 
    	
(p)
    	
 
    	
a   detailed list of Parent’s and its Subsidiaries’ customers, with address and   contact information.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Upon   request by Agent,
    	
 
    	
(q)
    	
 
    	
an   appraisal of the Loan Parties’ Inventory and Real Property Collateral,   conducted by a third party appraiser acceptable to Agent, the results of   which shall be satisfactory to Agent and be reflected by appropriate   adjustments to the Borrowing Base,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(r)
    	
 
    	
(i) a   report regarding the Loan Parties’ cash flow for the prior fiscal quarter   directly attributable to the Specified Intellectual Property, together with   such supporting details as Agent may reasonably request, all in form and   substance satisfactory to Agent and (ii) an analysis of the Loan   Parties’ Inventory constituting custom made products, and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(s)
    	
 
    	
copies   of purchase orders and invoices for Inventory and Equipment acquired by any   Loan Party, and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
(t)
    	
 
    	
such   other reports as to the Collateral or the financial condition of Parent and   its Subsidiaries, as Agent may reasonably request.

    

 

(o)                                 Schedule S-3 to the Credit Agreement is hereby replaced with Schedule S-3 attached as Exhibit A to this Agreement.

 

(p)                                 The following terms are hereby added to Schedule 1.1 to the Credit Agreement and inserted in the appropriate alphabetical order in Schedule 1.1:

 

“‘Second Amendment Effective Date’ means March 12, 2012.”

 

“‘Specified Account Debtor’ means the Account Debtor listed on Schedule S-4 to the Credit Agreement.”

 

(q)                                 Schedule E-3 (EBITDA) to the Credit Agreement is hereby inserted in the Credit Agreement immediately after Schedule E-2 as set forth on Exhibit B to this Agreement.

 

(r)                                    Schedule S-4 (Specified Account Debtor) to the Credit Agreement is hereby inserted in the Credit Agreement immediately after Schedule S-3 as set forth on Exhibit C to this Agreement.

 

 

2.                                       Conditions to Effectiveness.  This Agreement shall become effective (the “Amendment Effective Date”) when all of the following conditions have been satisfied:

 

(a)                                  Agent shall have received a copy of this Agreement duly executed by the Loan Parties and the Lenders;

 

(b)                                 as of the Amendment Effective Date, the representations and warranties of Parent and the Loan Parties herein, in Section 4 of the Credit Agreement and in each other Loan Document shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) after giving effect to this Agreement on and as of the Amendment Effective Date as though made on and as of such date (except to the extent such representations and warranties expressly relate to an earlier date), and no Default or Event of Default shall have occurred and be continuing on the Amendment Effective Date or would result from this Agreement becoming effective in accordance with its terms;

 

(c)                                  Borrowers shall have paid to Agent a fully earned and nonrefundable amendment fee equal to $350,000;

 

(d)                                 Borrowers shall have paid all Lender Group Expenses incurred in connection with (i) the preparation, execution and delivery of this Agreement and (ii) the transactions evidenced hereby and by the other Loan Documents; and

 

(e)                                  all other documents and legal matters in connection with the transactions contemplated by this Agreement shall have been delivered, executed, or recorded and shall be in form and substance reasonably satisfactory to Agent.

 

3.                                       Representations and Warranties.  Parent and each of the Borrowers represents and warrants as follows:

 

(a)                                  As to each such Person, the execution, delivery and performance by such Person of this Agreement, and the performance by such Person of the Credit Agreement as amended hereby, have been duly authorized by all necessary action on the part of such Person, and such Person has all requisite power and authority to enter into this Agreement and to carry out the transactions contemplated hereby and by the Credit Agreement as amended hereby.

 

(b)                                 This Agreement, and the Credit Agreement as amended hereby, is the legally, valid and binding obligations of each such Person, enforceable against each such Person in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.

 

(c)                                  The representations and warranties contained in Section 4 of the Credit Agreement are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) after giving effect to this Agreement on and as of the Amendment Effective Date as though made on and as of the Amendment Effective Date (except to the extent such representations and warranties expressly relate to an earlier date), and

 

 

no Event of Default or Default has occurred and is continuing on and as of the Amendment Effective Date, or would result from this Agreement becoming effective in accordance with its terms.

 

4.                                       Release.  Parent and each of the Borrowers may have certain Claims against the Released Parties, as those terms are defined below, regarding or relating to the Credit Agreement or the other Loan Documents.  Agent, the Lenders, Parent and the Borrowers desire to resolve each and every one of such Claims in conjunction with the execution of this Agreement and thus Parent and each of the Borrowers makes the releases contained in this Section 4.  In consideration of Agent and the Lenders entering into this Agreement, Parent and each of the Borrowers hereby fully and unconditionally releases and forever discharges each of Agent and the Lenders, and their respective directors, officers, employees, subsidiaries, Affiliates, attorneys, agents and representatives, (collectively, the “Released Parties”), of and from any and all claims, allegations, causes of action, costs or demands and liabilities, of whatever kind or nature, up to and including the date on which this Agreement is executed, whether known or unknown, liquidated or unliquidated, fixed or contingent, asserted or unasserted, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, anticipated or unanticipated, which Parent or any Borrower has, had, claims to have had or hereafter claims to have against the Released Parties by reason of any act or omission on the part of the Released Parties, or any of them, occurring prior to the date on which this Agreement is executed, including all such loss or damage of any kind heretofore sustained or that may arise as a consequence of the dealings among the parties up to and including the date on which this Agreement is executed, regarding or relating to the Credit Agreement, any of the Loan Documents, the Advances or any of the other Obligations, including administration or enforcement thereof (collectively, the “Claims”).  Parent and each of the Borrowers represents and warrants that it has no knowledge of any Claim by it against the Released Parties or of any facts or acts of omissions of the Released Parties which on the date hereof would be the basis of a Claim by Parent or any of the Borrowers against the Released Parties which is not released hereby.  Parent and each of the Borrowers represents and warrants that the foregoing constitutes a full and complete release of all Claims.

 

5.                                       Miscellaneous.

 

(a)                                  Continued Effectiveness of the Credit Agreement.  Except as otherwise expressly provided herein, the Credit Agreement and the other Loan Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, except that on and after the Amendment Effective Date (i) all references in the Credit Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words of like import referring to the Credit Agreement shall mean the Credit Agreement as amended by this Agreement, and (ii) all references in the other Loan Documents to the “Credit Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring to the Credit Agreement shall mean the Credit Agreement as amended by this Agreement.  To the extent that the Credit Agreement or any other Loan Document purports to pledge to Agent, or to grant to Agent, a security interest or lien, such pledge or grant is hereby ratified and confirmed in all respects.  Except as expressly provided herein, the execution, delivery and effectiveness of this Agreement shall not operate as a waiver or an amendment of any right, power or remedy of Agent and the Lenders under the Credit Agreement or any other Loan Document, nor constitute a waiver or an amendment of any

 

 

provision of the Credit Agreement or any other Loan Document.

 

(b)                                 Counterparts.  This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement.  Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.

 

(c)                                  Headings.  Headings and numbers have been set forth herein for convenience only.

 

(d)                                 Amendment as Loan Document.  The Loan Parties each hereby acknowledge and agree that this Agreement constitutes a “Loan Document” under the Credit Agreement.  Accordingly, it shall be an Event of Default under the Credit Agreement if (i) any representation or warranty made by any Loan Party under or in connection with this Agreement shall have been not true and correct in all material respects when made, or (ii)  any Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Agreement.

 

(e)                                  Governing Law.  THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(f)                                    Waiver of Jury Trial.  PARENT AND EACH BORROWER AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.  PARENT AND EACH BORROWER AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

[Remainder of this page intentionally left blank]

 

 

IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first above written.

 

 

	
 
    	
ANGIOTECH   PHARMACEUTICALS, INC.,  
    
	
 
    	
as   Parent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
AMERICAN   MEDICAL INSTRUMENTS HOLDINGS, INC.,  
    
	
 
    	
as   a Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ANGIOTECH   AMERICA, INC.,  
    
	
 
    	
as   a Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ANGIOTECH   BIOCOATINGS CORP.,  
    
	
 
    	
as   a Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ANGIOTECH   PHARMACEUTICALS (US), INC.,
    
	
 
    	
as   a Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
					

 

 

	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
B.G. SULZLE, INC.,  
    
	
 
    	
as   a Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MANAN   MEDICAL PRODUCTS, INC.,  
    
	
 
    	
as   a Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MEDICAL   DEVICE TECHNOLOGIES, INC.,  
    
	
 
    	
as   a Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
QUILL   MEDICAL, INC.,  
    
	
 
    	
as   a Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SURGICAL   SPECIALTIES CORPORATION,  
    
	
 
    	
as   a Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:
    	
 
    
							

 

 

	
 
    	
WELLS FARGO CAPITAL FINANCE, LLC,  
    
	
 
    	
as   Agent and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Title:

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