Document:

Exhibit (10)-ee

    
      

    

    Exhibit
      (10)-ee

    

    LETTER
      WAIVER

    

    

    Dated
      as
      of August 28, 2006

    To
      the
      banks, financial institutions

    and
      other
      institutional lenders

    (collectively,
      the "Lenders")

    parties
      to the Credit Agreement

    referred
      to below and to Citibank, N.A.,

    as
      agent
      (the "Agent") for the Lenders

    

    Ladies
      and Gentlemen:

    

    We
      refer
      to the Five Year Credit Agreement dated as of July 26, 2005 (the "Credit
      Agreement") among the undersigned and you, and the letter waivers thereunder
      dated November 23, 2005 (referred to herein as the “First Letter Waiver”),
      February 17, 2006 (effective February 24, 2006 and referred to herein as the
      “Second Letter Waiver”) and May 15, 2006 (the “Third Letter Waiver” and
      collectively, with the First Letter Waiver and the Second Letter Waiver, the
      “Waivers”). Capitalized terms not otherwise defined in this Letter Waiver have
      the same meanings as specified in the Credit Agreement, the
      Waivers.

     

    Reference
      is made to each of Borrower’s Announcements and the events described under the
      prior Waivers, and the prior definitions of Announcements are amended hereby
      to
      include Borrower’s: (i) press release May 19, 2006 (IRS Notice of Administrative
      Adjustment for 1999 Tax Year), (ii) Borrower’s filings with the U.S. Securities
      and Exchange Commission (the “SEC”) on Form 8-K, filed May 19, 2006, (iii)
      Borrower’s filing with the SEC on Form 8-K, filed August 8, 2006 and (iv)
      Borrower’s filing with the SEC on Form 12b-25, filed August 8,
      2006.

    

    In
      light
      of these events described in the Announcements, and other confidential
      information which Borrower disclosed to Agent and Lenders verbally and in
      writing prior to the date hereof under the terms of confidentiality agreements
      executed with each Lender (the “Confidential Disclosures”), Borrower has
      requested, and the Required Lenders hereby agree that the term “Waiver
      Termination Date” as defined in the Waivers is superseded and is hereby defined
      for all purposes as December 15, 2006. The terms of the Third Letter Waiver
      shall remain in full force and effect, as modified by this Letter Waiver,
      including, without limitation, paragraphs (and any subparagraphs) three, five,
      six and seven thereof, provided
      that
      subparagraph (iii) of the third paragraph of the Third Letter Waiver shall
      not
      be effective after October 2, 2006.

    

    This
      Letter Waiver shall become effective as of October 2, 2006 if, as of that date,
      the Agent has received counterparts of this Letter Waiver executed on behalf
      of
      Borrower and the Required Lenders or, as to any of the Lenders, advice
      satisfactory to the Agent that such Lender has executed this Letter Waiver
      (“Effective Date”).

    

    If
      you
      agree to the terms and provisions of this Letter Waiver, please evidence such
      agreement by executing and returning at least two counterparts of this Letter
      Waiver to Susan Hobart, Shearman & Sterling LLP, 599 Lexington Avenue, New
      York, New York 10022.

    

    With
      respect to the matters waived hereunder, nothing in this Letter Waiver shall
      constitute an admission (1) of liability with respect to such matters, (2)
      that
      a breach of any representation, warranty, covenant or other provisions of the
      Credit Agreement has occurred, or (3) that any Default or Event of Default
      has
      occurred under the Credit Agreement.

    

    The
      Waivers, as modified by each other and this Letter Waiver, shall represent
      the
      entire agreement with respect to the matters contained herein and, except where
      otherwise noted herein or therein, shall supersede any prior agreements whether
      written or oral. This Letter Waiver 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. Delivery of an executed
      counterpart of a signature page to this Letter Waiver by telecopier shall be
      effective as delivery of a manually executed counterpart of this Letter
      Waiver.

     

    This
      Letter Waiver shall be governed by, and construed in accordance with, the laws
      of the State of New York.

    

    Very
      truly yours,

    

    BAUSCH
      & LOMB INCORPORATED

    

    By
      /s/
      Efrain Rivera

    Title:
      Vice President & Treasurer

    

    Agreed
      as
      of the date first above written:

    CITIBANK,
      NA.,

    as
      Agent
      and as Lender

    

    By
      /s/
      Robert J. Kane

    Title:
      Managing Director

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    KEYBANK
      NATIONAL ASSOCIATION

    

    By
      /s/
      Marianne Meil   

    Title:
      Senior Vice President

    

    BARCLAYS
      BANK PLC

    

    By
      /s/
      David Barton   

    Title:
      Associate Director

    

    BANK
      OF
      TOKYO-MITSUBISHI UFJ TRUST 

    COMPANY
      (f/k/a Bank of Tokyo-Mitsubishi Trust 

    Company)

    

    By
      /s/
      Harumi Kambara  

    Title:
      Assistant Vice President

    

    JPMORGAN
      CHASE BANK, N.A.

    

    By
      /s/
      Bruce Yoder   

    Title:
      Vice President

    

    MIZUHO
      CORPORATE BANK, LTD.

    

    By
      /s/
      Raymond Ventura  

    Title:
      Deputy General Manager

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

    

    By
      /s/
      Eric Cosgrove   

    Title:
      Assistant Vice President

    

    ALLIED
      IRISH BANKS, P.L.C.

    

    By___/s/
      Germain Reusch     By___/s/
      Anthony O’Reilly  

    Title:
      Director     Title:
      Senior Vice President

    

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION

    

    By
      /s/
      J.
      Carroll   

    Title:
      First Vice President

    

    THE
      NORTHERN TRUST COMPANY

    

    By
      /s/
      Karen E. Dahl   

    Title:
      Vice PresidentExhibit (10)-ff

    
      

    

     

    Exhibit
      (10)-ff

     

      

    LETTER
      WAIVER

     

      

    To:   
Bausch
      & Lomb B.V. (the Company)
      

      
      Koolhovenlaan 110

      
      1119 NH Schiphol-Rijk

      
      The Netherlands

    

    Fax:    +31
      20
      6554 651

    Attn:  
Financial
      Controller

    

    

    and:    Bausch
      & Lomb Incorporated (the Guarantor)
      

    One
      Bausch & Lomb Place

    Rochester

    New
      York
      14604

    United
      States of America

    

    Fax:   +1
      585
      338 8188

    Attn:   
       Corporate
      Treasury Operations

     

      Wednesday,
      August 30th, 2006

     

      Dear
      Sirs,

     

      US$375,000,000
      credit agreement dated 29 November 2005 (as amended) between (among others)
      the
      Company, the Guarantor and Citibank International plc as facility agent
      (the
      Agreement)

     

    	1.  	
            Background

          

     

    	(a)  	
            This
              letter is supplemental to and amends the
              Agreement.

          

     

    	(b)  	
            Pursuant
              to Clause 25 (Amendments and Waivers) of the Agreement, the Majority
              Lenders have consented to the amendments to the Agreement contemplated
              by
              this letter. Accordingly, we are authorised to execute this letter
              on
              behalf of the Finance Parties.

          

     

    	2.  	
            Interpretation

          

     

    	(a)  	
            Capitalised
              terms defined in the Agreement have the same meaning when used in this
              letter unless expressly defined in this
              letter.

          

     

    	(b)  	
            The
              provisions of Clause 1.2 (Construction) of the Agreement apply to this
              letter as though they were set out in full in this letter except that
              references to the Agreement are to be construed as references to this
              letter.

          

     

    	(c)  	
            Effective
              Date
              means 6:00 p.m. (Rochester, New York time) 2 October, 2006, provided
              that
              the Facility Agent shall have given notification to the Obligors that
              it
              has received a copy of this letter countersigned by the Company and
              the
              Guarantor. 

          

     

    	3.  	
            Amendments

          

     

    	(a)  	
            Subject
              to subparagraph (b) below, the Agreement will be amended from the
              Effective Date in accordance with subparagraph (c)
              below.

          

     

    	(b)  	
            The
              Agreement will not be amended by this letter unless the Facility Agent
              has
              received a copy of this letter countersigned by the Company and the
              Guarantor on or before the Effective Date.

          

     

    	(c)  	
            The
              Agreement will be amended as follows:

          

     

    	(i)  	
            Clause
              19.11(a)(ii) (BLIO Matters) of the Agreement shall be amended by deleting
              the reference to “2 October” in the last line thereof and replacing it
              with “15 December”;

          

     

    	(ii)  	
            the
              definition of Other
              Announcements
              shall be amended as follows:

          

     

    	 	
             (i)
              deleting
              the word “and” at the end of subparagraph (ix);

          

     

    	 	
            (ii)
              deleting
              the full stop after the words "15 May, 2006 press release" at the end
              of
              subparagraph (x) and replacing it with a semi-colon;
              and

          

     

    	 	
            (iii)
              inserting
              new subparagraphs (xi) to (xiv), inclusive as follows:
              

          

     

    	 	
            "(xi)
              press
              release dated 19 May, 2006 (IRS Notice of Administrative Adjustment
              for
              1999 Tax Year); 

          

     

    	 	
            (xii)
              Form
              8-K, filed 19 May, 2006;

          

     

    	 	
            (xiii)
              Form
              8-K, filed 8 August, 2006; and

          

     

    	 	
            (xiv)
              Form
              12b-25, filed 8 August 2006."; and

          

     

    	(iii)  	
            the
              definition of Waiver
              Termination Date
              in
              Clause 19.11(b) of the Agreement shall be deleted in its entirety and
              replaced with the following:

          

     

      “Waiver
      Termination Date
      means
      the earlier of: 

            
 (i)
      6:00
      p.m.
      (Rochester, New York time) on 15 December, 2006; and

     

    	 	
            (ii)
              the
              date (if any) on which the trustee or holders of not less than 25 per
              cent. of the principal amount of outstanding securities under any series
              with an outstanding principal amount of at least US$50,000,000 under
              the
              Indenture have given to the Guarantor notice that the principal amount
              of
              such securities is due and payable
              immediately.".

          

     

    	4.  	
            Guarantee

          

     

      The
      Guarantor:

     

    	(a)  	
            agrees
              to the amendment of the Agreement as contemplated by this letter;
              and

          

     

    	(b)  	
            with
              effect from the Effective Date, confirms that the guarantee given by
              it
              under the Agreement will:

          

     

    	 	
            (i) continue
              in full force and effect; and

          

     

    	  	
            (ii)
              extend to the liabilities and obligations of the Company to the Finance
              Parties under the Finance Documents as amended by this
              letter.

          

     

    	5.  	
            Amendment
              fee

          

     

    	(a)  	
            In
              further consideration for the matters contemplated by this letter,
              the
              Company must pay to the Facility Agent for the account of the Lenders
              which consented on or before the date of this letter to the amendments
              to
              the Agreement contemplated by this letter (the Consenting
              Lenders)
              a
              monthly fee equal to 0.10 per cent. of the total Commitments of the
              Consenting Lenders. The first such monthly fee shall be payable no
              later
              than 3 October, 2006, and subsequent monthly fees will be due on the
              first
              Business Day of each month thereafter that the Guarantor is delayed
              in
              filing its financial statements prior to the Waiver Termination Date.
              Payments will be made to the account notified to the Company by the
              Facility Agent for this purpose. Any payment that would have otherwise
              been due and payable for October 2006 under the 17 May, 2006 amendment
              to
              this Agreement shall be covered by the above
              payment.

          

     

    	(b)  	
            All
              amounts payable under this letter are exclusive of any value added
              tax or
              other taxes of any nature and will not be subject to counterclaim or
              set-off for, or be otherwise affected by, any claim or dispute relating
              to
              any matter whatsoever and all such payments shall be made free and
              clear
              and without deduction for or on account of any present or future taxes,
              charges, deductions or withholdings.

          

     

    	6.  	
            Miscellaneous

          

     

    	(a)  	
            This
              letter is a Finance Document and a Fee
              Letter.

          

     

    	(b)  	
            From
              the Effective Date, the Agreement and this letter will be read and
              construed as one document.

          

     

    	(c)  	
            Except
              as otherwise provided in this letter, the Finance Documents remain
              in full
              force and effect.

          

     

    	(d)  	
            Except
              to the extent expressly waived in this letter, no waiver of any provision
              of any Finance Document is given by the terms of this letter and the
              Finance Parties expressly reserve all their rights and remedies in
              respect
              of any breach of, or other Default under, the Finance
              Documents.

          

     

    	7.  	
            Governing
              law

          

     

        
 This
      letter is governed by English law.

     

    

     

    .../s/
      Olu Dara and Jane Horner ..

    For
      

    CITIBANK
      INTERNATIONAL PLC

    as
      Facility Agent for and on behalf of the Finance Parties

     

    We
      agree
      with the terms of this letter.

     

     

    .../s/
      Efrain Rivera.............................

    Efrain
      Rivera, Vice President & Treasurer

    For
      

    BAUSCH
      & LOMB B.V.

     

    Date: August
      28, 2006

     

     

    .../s/
      Stephen C. McCluski.....................

    Stephen
      C. McCluski

    Sr.
      Vice
      President and CFO

    For
      

    BAUSCH
      & LOMB INCORPORATED

     

    Date: August
      28, 2006

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