Document:

exv10w1

 

Exhibit 10.1

AMENDMENT AND WAIVER

     AMENDMENT AND WAIVER, dated as of May 20, 2005 (this “Amendment and Waiver”), to the
364-Day Credit Agreement, dated as of June 18, 2004 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Visteon Corporation, a Delaware
corporation (the “Company”), the several banks and other financial institutions or entities
from time to time party thereto (the “Banks”), JPMorgan Chase Bank, N.A., as administrative
agent (in such capacity, the “Administrative Agent”), and Citibank, N.A., as syndication
agent.

W I T N E S S E T H:

     WHEREAS, the Company has requested that the Banks amend and waive the Credit Agreement in the
manner provided for herein; and

     WHEREAS, the Required Banks are willing to provide the requested amendments and waivers but
only on the terms and conditions set forth herein;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     1.      Defined Terms. Unless otherwise defined herein, capitalized terms which are
defined in the Credit Agreement are used herein as therein defined.

     2.      Amendment. Section 1 of the Credit Agreement is hereby amended by deleting the
references to “135” and “25” basis points (under the headings “Eurocurrency Margin” and “Base Rate
Margin”, respectively) in the final row of the table in the definition of “Pricing Grid” appearing
in such Section and substituting in lieu thereof references to “250” and “150” basis points,
respectively.

     3.      Waiver. The Required Banks hereby waive compliance, until June 17, 2005, by the
Company with the requirements of Section 7.1(b) of the Credit Agreement with respect to the
quarterly period ended March 31, 2005.

     4.      Conditions to Effectiveness. This Amendment and Waiver shall become effective (the
“Effective Date”) on the date on which the Administrative Agent shall have received: (a)
this Amendment and Waiver, executed and delivered by the Administrative Agent, the Company and the
Required Banks, (b) evidence satisfactory to the Administrative Agent that amendments and waivers
to each of the Five Year Revolving Credit Agreement and the Five Year Term Loan Agreement shall
have become effective, which amendments and waivers shall contain substantially the same terms and
conditions as this Amendment and Waiver (other than with respect to the duration of the Waiver set
forth herein), (c) an officer’s certificate of the Company certifying compliance with Section 5 of
this Amendment and Waiver and (d) for the account of each Bank that executes and delivers this
Amendment and Waiver to the Administrative Agent on or before 3:00 P.M., New York City time, on May
20, 2005, an amendment and waiver fee separately disclosed to the Banks by the Administrative Agent in
connection with this Amendment and Waiver.

 

 

     5.      Representation and Warranties. The Company hereby confirms, reaffirms and restates
that the representations and warranties set forth in Section 6 of the Credit Agreement are true and
correct in all material respects on and as of the Effective Date as if made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date. The
Company represents and warrants that, after giving effect to this Amendment and Waiver, no Default
or Event of Default has occurred and is continuing.

     6.      Continuing Effect of the Credit Agreement. This Amendment and Waiver shall not
constitute an amendment or waiver of any other provision of the Credit Agreement not expressly
referred to herein and shall not be construed as a waiver or consent to any further or future
action on the part of the Company that would require a waiver or consent of the Banks or the
Administrative Agent. Except as expressly waived hereby, the provisions of the Credit Agreement
are and shall remain in full force and effect.

     7.      Counterparts. This Amendment and Waiver may be executed by the parties hereto in
any number of separate counterparts (including facsimiled counterparts), each of which shall be
deemed to be an original, and all of which taken together shall be deemed to constitute one and the
same instrument.

     8.      GOVERNING LAW. THIS AMENDMENT AND WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AMENDMENT AND WAIVER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     9.      Credit Document. This Amendment and Waiver is executed pursuant to the Credit Agreement
and shall be construed, administered and applied in accordance with all of the terms and provisions
of the Credit Agreement. Any breach of any representation, warranty, covenant or agreement
contained in this Amendment and Waiver shall be deemed to be an Event of Default for all purposes
of the Credit Agreement.

[The remainder of this page is intentionally left blank.]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Waiver to be duly
executed and delivered by their proper and duly authorized officers as of the day and year first
above written.

	 	 	 	 	 
	 	VISTEON CORPORATION

 
	 
	 	By:  	/s/ Peter Look
 	 
	 	 	Name:  	Peter Look 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 
	 	JPMORGAN CHASE BANK, N.A., as 

Administrative Agent and as a Bank

 	 
	 
	 	By:  	/s/ Robert P. Kellas
 	 
	 	 	Name:  	Robert P. Kellas 	 
	 	 	Title:  	Vice Presidentexv10w2

 

Exhibit 10.2

AMENDMENT AND WAIVER

     AMENDMENT AND WAIVER, dated as of May 20, 2005 (this “Amendment and Waiver”), to the
Five-Year Term Loan Credit Agreement, dated as of June 25, 2002 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Visteon Corporation, a
Delaware corporation (the “Company”), the several banks and other financial institutions or
entities from time to time party thereto (the “Banks”), JPMorgan Chase Bank, N.A., as
administrative agent (in such capacity, the “Administrative Agent”), and Bank of America
N.A., as syndication agent.

W I T N E S S E T H:

     WHEREAS, the Company has requested that the Banks amend and waive the Credit Agreement in the
manner provided for herein; and

     WHEREAS, the Required Banks are willing to provide the requested amendments and waivers but
only on the terms and conditions set forth herein;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     1.      Defined Terms. Unless otherwise defined herein, capitalized terms which are
defined in the Credit Agreement are used herein as therein defined.

     2.      Amendment. Section 1 of the Credit Agreement is hereby amended by deleting the
references to “137.5” and “37.5” basis points (under the headings “Eurocurrency Margin” and “Base
Rate Margin”, respectively) in the final row of the table in the definition of “Pricing Grid”
appearing in such Section and substituting in lieu thereof references to “275” and “175” basis
points, respectively.

     3.      Waiver. The Required Banks hereby waive compliance, until July 29, 2005, by the
Company with the requirements of Section 7.1(b) of the Credit Agreement with respect to the
quarterly period ended March 31, 2005.

     4.      Conditions to Effectiveness. This Amendment and Waiver shall become effective (the
“Effective Date”) on the date on which the Administrative Agent shall have received: (a)
this Amendment and Waiver, executed and delivered by the Administrative Agent, the Company, the
Special Purpose Borrower and the Required Banks, (b) evidence satisfactory to the Administrative
Agent that amendments and waivers to each of the Five-Year Revolving Loan Credit Agreement, dated
as of June 20, 2002, among the Company, the several banks from time to time parties thereto and
JPMorgan Chase Bank, N.A., as administrative agent, and the 364-Day Credit Agreement, dated as of
June 18, 2004, among the Company, the several banks from time to time parties thereto and JPMorgan
Chase Bank, N.A., as administrative agent, shall have become effective, which amendments and
waivers shall contain substantially the same terms and conditions as this Amendment and Waiver
(other than with respect to the duration of the Waiver set forth herein), (c) an officer’s certificate of the Company certifying
compliance with Section 5 of this Amendment and Waiver and (d) for the account of each Bank that
executes and delivers this Amendment and Waiver to the Administrative Agent on or before 3:00 P.M.,
New York City time, on May 20, 2005, an amendment and waiver fee equal to the Applicable Amendment
and Waiver Fee Rate of the amount of such Bank’s Aggregate Exposure as of the Effective Date. As
used herein, the “Applicable Amendment and Waiver Fee Rate” means the applicable rate separately
disclosed to the Banks by the Administrative Agent in connection with this Amendment and Waiver.

 

 

     5.      Representation and Warranties. The Company hereby confirms, reaffirms and restates
that the representations and warranties set forth in Section 6 of the Credit Agreement are true and
correct in all material respects on and as of the Effective Date as if made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date. The
Company represents and warrants that, after giving effect to this Amendment and Waiver, no Default
or Event of Default has occurred and is continuing.

     6.      Continuing Effect of the Credit Agreement. This Amendment and Waiver shall not
constitute an amendment or waiver of any other provision of the Credit Agreement not expressly
referred to herein and shall not be construed as a waiver or consent to any further or future
action on the part of the Company that would require a waiver or consent of the Banks or the
Administrative Agent. Except as expressly waived hereby, the provisions of the Credit Agreement
are and shall remain in full force and effect.

     7.      Counterparts. This Amendment and Waiver may be executed by the parties hereto in
any number of separate counterparts (including facsimiled counterparts), each of which shall be
deemed to be an original, and all of which taken together shall be deemed to constitute one and the
same instrument.

     8.      GOVERNING LAW. THIS AMENDMENT AND WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AMENDMENT AND WAIVER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     9.      Credit Document. This Amendment and Waiver is executed pursuant to the Credit
Agreement and shall be construed, administered and applied in accordance with all of the terms and
provisions of the Credit Agreement. Any breach of any representation, warranty, covenant or
agreement contained in this Amendment and Waiver shall be deemed to be an Event of Default for all
purposes of the Credit Agreement.

[The remainder of this page is intentionally left blank.]

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Waiver to be duly
executed and delivered by their proper and duly authorized officers as of the day and year first
above written.

	 	 	 	 	 
	 	VISTEON CORPORATION

 	 
	 	By:  	/s/ Peter Look
 	 
	 	 	Name:  	Peter Look 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 
	 	OASIS HOLDINGS STATUTORY TRUST, as Lessor

By:  U.S. Bank National Association as Trustee
 
	 
	 	By:  	/s/ George Davison
 	 
	 	 	Name:  	George Davison 	 
	 	 	Title:  	Officer 	 
	 
	 
	 	JPMORGAN CHASE BANK, N.A., as 

Administrative Agent and as a Bank

 	 
	 	By:  	/s/ Robert P. Kellas
 	 
	 	 	Name:  	Robert P. Kellas 	 
	 	 	Title:  	Vice President

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