Document:

EX-10.21 First Amendment to First Lien Agreement

 

EXHIBIT 10.21

FIRST AMENDMENT

TO

FIRST LIEN CREDIT AGREEMENT

     FIRST AMENDMENT, dated as of May 24, 2007 (this “Amendment”), to the FIRST LIEN CREDIT
AGREEMENT, dated as of December 9, 2005 (as amended, supplemented or otherwise modified from time
to time, the “Credit Agreement”), among FGX INTERNATIONAL INC., a Delaware corporation (the
“US Borrower”), FGX INTERNATIONAL LIMITED, a British Virgin Islands company and the parent
of the US Borrower (the “BVI Borrower”, and together with the US Borrower, the
“Borrowers” and, individually, each a “Borrower”), the Lenders parties thereto,
J.P. MORGAN SECURITIES INC. and GE CAPITAL MARKETS, INC. as co-lead arrangers, GENERAL ELECTRIC
CAPITAL CORPORATION, as Syndication Agent, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.
Terms used herein but not defined shall have the meanings set forth in the Credit Agreement.

W I T N E S S E T H :

     WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to the Credit
Agreement; and

     WHEREAS, the Borrowers have requested that the Lenders amend certain provisions of the Credit
Agreement on the terms set forth herein, and the Lenders are willing to agree to such amendments;

     NOW THEREFORE, in consideration of the premises and mutual covenants contained herein and in
the Credit Agreement, the parties hereby agree as follows:

     1. Amendments to Section 1.1 of the Credit Agreement. Section 1.1 of the Credit
Agreement is hereby amended by deleting the definitions of “Addendum,” “Issuing Bank,” “L/C Lender”
and “Syndication Agent” in their entirety and substituting in lieu thereof the following
definitions:

     “Addendum”: an instrument, substantially in the form of Exhibits H or J, by
which a Lender becomes a party to this Agreement as of the Closing Date.

     “Issuing Bank”: Deutsche Bank Trust Company Americas, JPMorgan Chase Bank, N.A.
or any other financial institution designated by the L/C Lender as the “Issuing Bank”
hereunder.

     “L/C Lender”: Deutsche Bank Trust Company Americas or JPMorgan Chase Bank,
N.A., as applicable, in its capacity as the party responsible for causing the issuance of
Letters of Credit hereunder.

     “Syndication Agent”: From and after the First Amendment Effective Date (as
defined in the First Amendment to this Agreement), the Syndication Agent will be Wachovia
Bank, National Association.

 

 

     2. Amendments to Section 2.1 (First Lien Term Commitments) of the Credit Agreement.
(a) Section 2.1 of the Credit Agreement is hereby amended by deleting the section in its entirety
and substituting in lieu thereof the following:

     2.1 First Lien Term Commitments. (a) Subject to the terms and conditions hereof, each
First Lien Term Lender severally agrees to make a first lien term loan (a “First Lien Term
Loan”) to the US Borrower on the Closing Date in the amount of the First Lien Term
Commitment of such Lender. The First Lien Term Loans may from time to time be Eurodollar
Loans or Base Rate Loans, as determined by the US Borrower and notified to the Administrative
Agent in accordance with Sections 2.2 and 4.3.

     (b) The US Borrower shall have the right at any time to borrow additional First Lien
Term Loans (“Additional First Lien Term Loans”) of up to $20,000,000 in the
aggregate at any one time from Lenders or one or more banks or other financial institutions
or entities not parties to this Agreement, who, in each case, agree to make such Additional
First Lien Term Loans following a request from the US Borrower to do so; provided,
that the addition of any bank, financial institution or other entity pursuant to clause (a)
above shall be subject to the consent of the Administrative Agent (which consent shall not
be unreasonably withheld).

     (c) Any additional bank, financial institution or other entity which elects to become
a Lender party to this Agreement and makes an Additional First Lien Term Loan, and any
Lender which elects to make an Additional First Lien Term Loan, pursuant to clause (b) of
this Section 2.1 above shall execute a joinder or increase agreement in substantially the
form attached hereto as Exhibit J with the US Borrower and the Administrative Agent,
whereupon such bank, financial institution or other entity shall become a First Lien Term
Lender for all purposes and to the same extent as if originally a party hereto and shall be
bound by and entitled to the benefits of this Agreement. The Agreement shall be deemed to
be amended to add the name of such new Lender and to reflect the new Additional First Lien
Term Loan of such new lender or increasing Lender, effective on the date specified in such
agreement, and the borrowing of such Additional First Lien Term Loan.

     (d) The borrowing of any Additional First Lien Term Loans pursuant to this Section 2.1
shall be subject to the satisfaction of the following conditions precedent:

(1) no Default or Event of Default shall have occurred and be continuing on
the effective date of such Additional First Lien Term Loans or after giving
effect thereto;

(2) each of the representations and warranties made by the Borrowers in
Section 5 shall be true and correct in all material respects on and as of such
effective date with the same effect as if made on and as of the date of such
Additional First Lien Term Loans, except for any representation and warranty
which is expressly made as of an earlier date, which representation

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and warranty shall have been true and correct in all material respects on and
as of such earlier date;

(3) the Administrative Agent shall have received each of (A) a certificate of
the corporate secretary or assistant secretary of the US Borrower as to the
taking of any corporate action necessary in connection with such increase, (B)
a certificate of good standing of the US Borrower from the Secretary of State
of its state of incorporation, which certificate shall be reasonably
satisfactory in form and substance to the Administrative Agent and its
counsel, and (C) an opinion of counsel to the US Borrower as to its corporate
power and authority to borrow hereunder after giving effect to such increase
and such other matters relating thereto as the Administrative Agent and its
counsel may reasonably request.

The borrowing of each Additional First Lien Term Loan pursuant to this Section 2.1 shall
constitute a certification to the effect set forth in clauses (1) and (2) of this Section
2.1(d).

     (e) No Lender shall at any time be required to agree to a request of the Borrower to
make any Additional First Lien Term Loan hereunder.

     (f) On the date of the making of any Additional First Lien Term Loans the
Administrative Agent shall include such Additional First Lien Term Loans ratably in each
outstanding Eurodollar Tranche of First Lien Term Loan and determine the Eurodollar Rate
applicable to the portion of the Additional First Lien Term Loans allocated to such
Eurodollar Tranche for the remaining portion of the Interest Period applicable thereto, to
the extent possible in accordance with the definitions of “Eurodollar Base Rate” and
“Eurodollar Rate” in Section 1.1, which rate shall be applicable to such portion of the
Additional First Lien Term Loans for such period, notwithstanding any provision hereof to
the contrary. Any Additional Term Loans made on any date shall be repayable in installments
on the same installment dates as the other First Lien Term Loans on a basis ratable with the
installment payments due on such other First Lien Term Loans on such installment dates, and
Section 2.3 shall be deemed amended to increase the principal amount payable on each
subsequent installment date to provide for such ratable repayment of such Additional First
Lien Term Loans; provided that in no event shall the amount of the installment payments on
such then First Lien Term Loans be reduced. From and after the making of any Additional
First Lien Term Loans, such Additional First Lien Term Loans shall be treated and be deemed
to be First Lien Term Loans except as provided in this Section 2.1(f) with respect to the
calculation of the Eurodollar Base Rate as applicable thereto for the first Interest Periods
applicable thereto.

     3. Amendments to Section 3.3 (Commitment Fees, etc) of the Credit Agreement. Section
3.3 of the Credit Agreement is hereby amended by deleting subsection (b) in its entirety and
substituting in lieu thereof the following subsections (c) and (d):

     (c) The Borrowers jointly and severally agree to pay the Administrative Agent the fees
in the amounts and on the dates previously agreed to in writing by the Borrowers

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and the Administrative Agent by letter dated May 24, 2007.

     (d) The Borrowers jointly and severally agree to pay the Collateral Agent the fees in
the amounts and on the dates previously agreed to in writing by the Borrowers and the
Collateral Agent by letter dated May 24, 2007.

     4. Amendments to Section 8.1. (a) Section 8.1(a) of the Credit Agreement is hereby
amended by deleting the portion of the table contained therein covering the periods indicated below
and substituting in lieu thereof the following:

	 	 	 
	 	 	Consolidated
	Fiscal Quarter	 	Leverage Ratio
	June 30, 2007
	 	4.50 to 1.00
	September 30, 2007
	 	4.50 to 1.00
	December 31, 2007
	 	4.50 to 1.00
	March 31, 2008
	 	4.00 to 1.00
	June 30, 2008
	 	3.75 to 1.00

     (b) Section 8.1(b) of the Credit Agreement is hereby amended by deleting the portion of the
table contained therein covering the periods indicated below and substituting in lieu thereof the
following:

	 	 	 
	 	 	Consolidated
	Fiscal Quarter	 	First Lien Leverage Ratio
	June 30, 2007
	 	3.50 to 1.00
	September 30, 2007
	 	3.50 to 1.00
	December 31, 2007
	 	3.50 to 1.00
	March 31, 2008
	 	3.00 to 1.00
	June 30, 2008
	 	3.00 to 1.00

     5. Addition of Joinder/Increase Agreement. The Credit Agreement is hereby amended to
include the Joinder/Increase Agreement as set forth in Exhibit J attached hereto.

     6. Conditions to Effectiveness. This Amendment shall be effective on the date upon
which each of the following conditions precedent have been satisfied (the “First Amendment
Effective Date”):

(1) this Amendment shall have been executed and delivered by the Borrowers,
JPMorgan Chase Bank, N.A., Deutsche Bank Trust Company Americas and the
Required Lenders;

(2) the First Amendment to the Second Lien Credit Agreement shall have been
executed and delivered by the Borrowers, JPMorgan Chase Bank,

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N.A., Deutsche Bank Trust Company Americas and the required lenders under the
Second Lien Credit Agreement;

(3) one or more Lenders, together with one or more banks or other financial
institutions or entities not parties to this Amendment, shall have committed
to make Additional First Lien Term Loans in the aggregate amount of
$20,000,000; and

(4) the Administrative Agent shall have received an amendment fee for the
account of each Lender that has executed and delivered or otherwise consented
to this Amendment on or prior to 5:00 p.m. New York City time, on May 24,
2007, in an amount equal to 0.10% of the sum of the Term Loans and Revolving
Commitments of such lender thereunder. The amendment fees are due and payable
simultaneously with the funding of the Additional First Lien Term Loans, which
shall occur after all other conditions to the effectiveness of this Amendment
(other than the payment of the fees hereunder) are satisfied.

     7. Amendments to Section 8.7 (Capital Expenditures). (a) Section 8.7of the Credit
Agreement is hereby amended by deleting the portion of the table contained therein covering the
periods indicated below and substituting in lieu thereof the following:

	 	 	 	 	 
	Fiscal Year	 	Amount	 
	2007
	 	$	22,000,000	 
	2008 through 2012
	 	$	20,000,000	 

     8. Amendments to Section 10.11 (The Syndication Agent) of the Credit Agreement.
Section 10.11 of the Credit Agreement is hereby amended by deleting the section in its entirety and
substituting in lieu thereof the following:

     10.11 The Syndication Agent. Except as expressly set forth herein, the Syndication Agent
shall not have any obligations or liabilities hereunder and the rights of the Syndication
Agent under the Agreement shall terminate in the event Wachovia Bank, National Association
ceases to be a Lender hereunder.

     9. Replacement of Administrative Agent. (a) JPMorgan Chase Bank, N.A. hereby resigns
as Administrative Agent under the First Lien Credit Agreement and the other First Lien Loan
Documents, effective on June 19, 2007.

          (b) The Borrowers agree to pay JPMorgan Chase Bank, N.A. on June 19, 2007 all fees and
interest accrued and unpaid on the outstanding Commitments, Loans and Letters of Credit, as of such
date for the benefit of the Lenders (whether or not such fees and interest are then due and payable
by the terms of the First Lien Credit Agreement and without prejudice to payment obligations with
respect to fees and interest accruing after June 19, 2007,

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including any such payment obligations on June 30, 2007).

          (c) Deutsche Bank Trust Company Americas hereby agrees to become the successor Administrative
Agent, effective June 19, 2007. In its capacity as Administrative Agent, Deutsche Bank Trust
Company Americas shall have the following address for notice and other communications under the
First Lien Loan Documents:

Attention: Scottye Lindsey

Deutsche Bank Trust Company Americas

60 Wall Street

MS NYC60-0208

New York, NY 10005

          (d) Each Lender party to this Amendment and the Borrowers hereby (i) acknowledge the
resignation of JPMorgan Chase Bank, N.A. as Administrative Agent and that the provisions of Section
10 of the First Lien Credit Agreement continue to inure to its benefit as to any actions taken or
omitted to be taken while it was Administrative Agent, (ii) waive any further notice requirement
otherwise applicable to such resignation pursuant to Section 10.9 of the First Lien Credit
Agreement or otherwise, (iii) appoint and consent to the appointment of Deutsche Bank Trust Company
Americas as the successor Administrative Agent, effective upon the First Amendment Effective Date,
and (iv) agree and confirm that the provisions of Sections 10 and 11.5 of the First Lien Credit
Agreement inure to the benefit of Deutsche Bank Trust Company Americas on actions as Administrative
Agent from and after its appointment as Administrative Agent. The fees payable to Deutsche Bank
Trust Company Americas for acting as Administrative Agent, as provided in Section 3.3(b) of the
Credit Agreement, shall be as separately agreed between it and the Borrower.

          (e) JPMorgan Chase Bank, N.A. shall from time to time, do all such things as Deutsche Bank
Trust Company Americas, as the successor Administrative Agent, may reasonably require or consider
desirable to enable it to replace JPMorgan Chase Bank, N.A. in the role of Administrative Agent and
to that intent JPMorgan Chase Bank, N.A. shall execute all such instruments, deeds and agreements,
obtain all consents, approvals and other authorizations necessary and shall give all such notices
and directions as Deutsche Bank Trust Company Americas may consider expedient.

     10. First Lien Collateral Agent. If JPMorgan Chase Bank, N.A. elects to resign as
First Lien Collateral Agent as permitted in Section 10.13 and appoints Deutsche Bank Trust Company
Americas as successor First Lien Collateral Agent, Deutsche Bank Trust Company Americas agrees to
accept such appointment. Each Lender party to this Amendment and the Borrowers hereby consent to
such appointment and waive any requirement of notice by JPMorgan Chase Bank, N.A. of any such
resignation.

     11. Consent to Amendment of the Second Lien Credit Agreement. The Lenders party to
this Amendment hereby consent to the execution and delivery to the parties thereto of the First
Amendment, dated as of the date hereof, to the Second Lien Credit Agreement.

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     12. Continuing Effect of the Credit Agreement. This Amendment shall not be construed
as a waiver or consent to any further or future action on the part of the Borrowers that would
require a waiver or consent of the Administrative Agent and/or the Lenders. Except as amended
hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.

     13. Representations and Warranties. To induce the Lenders, the Administrative Agent
and Deutsche Bank Trust Company Americas, as successor Administrative Agent, to enter into this
Amendment, the Borrowers hereby represent and warrant to the Administrative Agent, Deutsche Bank
Trust Company Americas, as successor Administrative Agent, and all of the Lenders as of the First
Amendment Effective Date (after giving effect to this Amendment) that:

          (a) The representations and warranties made by each Borrower in and pursuant to the Credit
Documents are true and correct in all material respects on and as of the First Amendment Effective
Date, after giving effect to this Amendment, as if made on and as of the First Amendment Effective
Date, provided that, any representation or warranty made as of a specified date need only be true
and correct in all material respects as of such specified date.

          (b) No Default or Event of Default shall have occurred and be continuing.

     14. Counterparts. This Amendment may be executed in counterparts (including
counterparts by facsimile), and all of the said counterparts taken together shall be deemed to
constitute one and the same instrument.

     15. GOVERNING LAW. THE AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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

	 	 	 	 	 
	 	FGX INTERNATIONAL INC., as a Borrower

 	 
	 	By:  	                                              /s/  Alec Taylor
 	 
	 	 	Name:  	Alec Taylor 	 
	 	 	Title:  	CEO 	 
	 

	 	 	 	 	 
	 	FGX INTERNATIONAL LIMITED, as a Borrower

 	 
	 	By:  	                                              /s/  Alec Taylor
 	 
	 	 	Name:  	Alec Taylor 	 
	 	 	Title:  	CEO 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender

 	 
	 	By:  	                                              /s/ Kathryn A. Duncan
 	 
	 	 	Name:  	Kathryn A. Duncan 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Syndication Agent and as a Lender

 	 
	 	By:  	                                              /s/ James R. Persico
 	 
	 	 	Name:  	James R. Persico 	 
	 	 	Title:  	Duly Authorized Signatory 	 
	 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Successor Administrative Agent and as a Lender

 	 
	 	By:  	                                              /s/ Scottye Lindsey
 	 
	 	 	Name:  	Scottye Lindsey 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Carin Keegan
 	 
	 	 	Name:  	Carin Keegan 	 
	 	 	Title:  	Vice President 	 

-8-

 

	 	 	 	 	 

	 	 	 	 	 
	                                                       
	 	WACHOVIA BANK, NATIONAL
ASSOCIATION,
as a Lender

 	 
	                                                        
	 	By:  	                                              /s/ Mark S. Supple
 	 
	 	 	Name:  	Mark S. Supple 	 
	 	 	Title:  	Vice President 	 

-9-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Wachovia Bank, National Association,
 as a Lender

 	 
	 	By:  	                                              /s/ John Trainor
 	 
	 	 	Name:  	John Trainor 	 
	 	 	Title:  	Director 	 

-10-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Pacifica CDO V, Ltd.,
as a Lender

 	 
	 	By:  	/s/ Amy Adler
 	 
	 	 	Name:  	Amy Adler	 
	 	 	Title:  	Vice President 	 

-11-

 

	 	 	 	 	 

AVENUE
CLO FUND, LIMITED

	 	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	Name of Lender	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Richard D’Addario
 	 
	 	 	Name:  	RICHARD D’ADDARIO	 
	 	 	Title:  	SENIOR PORTFOLIO MANAGER	 

-12-

 

	 	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	 	AVENUE
CLO II, LIMITED	 
	 	 	Name of Lender	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Richard D’Addario	 
	 	 	Name:  	RICHARD D’ADDARIO	 
	 	 	Title:  	SENIOR PORTFOLIO MANAGER	 

-13-

 

	 	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	 	AVENUE
CLO III, LIMITED	 
	 	 	Name of Lender	 

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ Richard D’Addario
 	 
	 	 	Name:  	RICHARD D’ADDARIO	 
	 	 	Title:  	SENIOR PORTFOLIO MANAGER	 

-14-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Grand Central Asset Trust, CYP
Series,
as a Lender

 	 
	 	By:  	                                              /s/ Jason Muelver
 	 
	 	 	Name:  	Jason Muelver 	 
	 	 	Title:  	Attorney-in-fact 	 

-15-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Canadian Imperial Bank of
Commerce,
as a Lender

 	 
	 	By:  	                                              /s/ John O’Dowd
 	 
	 	 	Name:  	John O’Dowd 	 
	 	 	Title:  	Authorized Signatory 	 

-16-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Canyon Capital CLO 2004-1, Ltd. and

Canyon Capital CLO 2006-1, Ltd.,
as a Lender

 	 
	 	By:  	                                              /s/ Dominique Mielle
 	 
	 	 	Name:  	Dominique Mielle 	 
	 	 	Title:  	Authorized Signatory 	 
	 

By: Canyon Capital Advisors LLC, a Delaware limited
liability company, its Collateral Manager

	 	 	 	 	 

-17-

 

	 	 	 	 	 
	 	Evergreen CBNA Loan Funding, LLC,
as a Lender

 	 
	 	By:  	                                              /s/ Jason Muelver
 	 
	 	 	Name:  	Jason Muelver 	 
	 	 	Title:  	Attorney-in-fact 	 

-18-

 

	 	 	 	 	 

	 	 	 	 	 
	 	GOF Loan Funding LLC,
as a Lender

 	 
	 	By:  	                                              /s/  Jeff Parkinson
 	 
	 	 	Name:  	Jeff Parkinson 	 
	 	 	Title:  	Attorney-in-fact 	 

-19-

 

	 	 	 	 	 

	 	 	 	 	 
	 	KC CLO II PLC,
as a Lender

 	 
	 	By:  	                                              /s/ Melanie Harries
 	 
	 	 	Name:  	Melanie Harries 	 
	 	 	Title:  	Assistant Vice President Operations 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Irina Borisova
 	 
	 	 	Name:  	Irina Borisova	 
	 	 	Title:  	Vice President 	 

-20-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Atrium III,
as a Lender

 	 
	 	By:  	                                              /s/ Thomas Flannery
 	 
	 	 	Name:  	Thomas Flannery 	 
	 	 	Title:  	Authorized Signatory 	 

-21-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Atrium V,
as a Lender

 	 
	 	By:  	                                              /s/ Thomas Flannery
 	 
	 	 	Name:  	Thomas Flannery 	 
	 	 	Title:  	Authorized Signatory 	 

-22-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Madison Park Funding II, Ltd.,
as a Lender

 	 
	 	By:  	                                               /s/ Thomas Flannery
 	 
	 	 	Name:  	Thomas Flannery 	 
	 	 	Title:  	Authorized Signatory 	 

-23-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Madison Park Funding III, Ltd.,
as a Lender

 	 
	 	By:  	                                              /s/ Thomas Flannery
 	 
	 	 	Name:  	Thomas Flannery 	 
	 	 	Title:  	Authorized Signatory 	 

-24-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Cypress Tree CLAIF Funding LLC,
as a Lender

 	 
	 	By:  	                                              /s/ Tara E. Kenny
 	 
	 	 	Name:  	Tara E. Kenny 	 
	 	 	Title:  	Assistant Vice President 	 

-25-

 

	 	 	 	 	 

Hewett’s Island CDO, Ltd.

By:
CypressTree Investment Management Company, Inc.,

as Portfolio Manager.

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Preston I. Carnes
 	 
	 	 	Name:  	Preston I. Carnes 	 
	 	 	Title:  	Managing Director 	 

-26-

 

	 	 	 	 	 

Hewett’s Island CLO II, Ltd.,

By:
CypressTree Investment Management Company, Inc.,

as Portfolio Manager

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Preston I. Carnes
 	 
	 	 	Name:  	Preston I. Carnes 	 
	 	 	Title:  	Managing Director 	 

-27-

 

	 	 	 	 	 

Hewett’s Island CLO III, Ltd.,

By: CypressTree Investment Management Company, Inc.,

as Portfolio Manager

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Preston I. Carnes
 	 
	 	 	Name:  	Preston I. Carnes 	 
	 	 	Title:  	Managing Director 	 

-28-

 

	 	 	 	 	 

Hewett’s
Island CLO IV, Ltd.

By: CypressTree Investment Management Company, Inc.,

as Portfolio Manager

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Robert Weeden
 	 
	 	 	Name:  	Robert Weeden 	 
	 	 	Title:  	Managing Director 	 

-29-

 

	 	 	 	 	 

Hewett’s
Island CLO IV, Ltd.,

By:
CypressTree Investment Management Company, Inc.,

as Portfolio Manager

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Robert Weeden
 	 
	 	 	Name:  	Robert Weeden 	 
	 	 	Title:  	Managing Director 	 

-30-

 

		
	 	
    Hewett’s Island CLO V, Ltd.

			
	 	By: 	
    CypressTree Investment Management Company, Inc., 

     as Portfolio Manager

			
	 	By: 	
    /s/ Robert Weeden
    

		
	 	
     

	 	
    Name: Robert Weeden
	 	
    Title:  Managing Director

-31-

 

	 	 	 	 	 

Hewett’s Island CLO VI, Ltd.,

By: CypressTree Investment Management Company, Inc.,

as Portfolio Manager

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Robert Weeden
 	 
	 	 	Name:  	Robert Weeden 	 
	 	 	Title:  	Managing Director 	 

-32-

 

	 	 	 	 	 

INVESTORS BANK & TRUST COMPANY AS SUB-CUSTODIAN AGENT
OF CYPRESSTREE INTERNATIONAL LOAN HOLDING COMPANY
LIMITED

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Martha Hadeler
 	 
	 	 	Name:  	Martha Hadeler 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Robert Weeden
 	 
	 	 	Name:  	Robert Weeden 	 
	 	 	Title:  	Managing Director 	 

-33-

 

	 	 	 	 	 

Denali Capital LLC, managing member of

DC Funding
Partners LLC, portfolio manager for

DENALI CAPITAL
CLO III, LTD., or an affiliate

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ N. Kouba
 	 
	 	 	Name:  	Nicole D. Kouba 	 
	 	 	Title:  	Vice President 	 

-34-

 

	 	 	 	 	 

Denali Capital LLC, managing member of

DC Funding
Partners LLC, portfolio manager for

DENALI CAPITAL
CLO IV, LTD., or an affiliate

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ N. Kouba
 	 
	 	 	Name:  	Nicole D. Kouba 	 
	 	 	Title:  	Vice President 	 

-35-

 

	 	 	 	 	 

Denali Capital LLC, managing member of

DC Funding
Partners LLC, portfolio manager for

DENALI CAPITAL
CLO V, LTD., or an affiliate

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ N. Kouba
 	 
	 	 	Name:  	Nicole D. Kouba 	 
	 	 	Title:  	Vice President 	 

-36-

 

	 	 	 	 	 

Denali Capital LLC, managing member of

DC Funding
Partners, LLC, portfolio manager for

DENALI CAPITAL
CLO VI, LTD., or an affiliate

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ N. Kouba
 	 
	 	 	Name:  	Nicole D. Kouba 	 
	 	 	Title:  	Vice President 	 

-37-

 

	 	 	 	 	 

Denali Capital LLC, managing member of

DC Funding
Partners, LLC, portfolio manager for

DENALI CAPITAL
CLO VII, LTD., or an affiliate

	 	 	 	 	 
	 	 	 
	 	By:  	
/s/ N. Kouba
 	 
	 	 	Name:  	Nicole D. Kouba 	 
	 	 	Title:  	Vice President 	 

-38-

 

	 	 	 	 	 

Eaton
Vance Floating-Rate Income
Trust

	 	 	 	 	 
	 	By:  	Eaton Vance Management

as Investment Advisor

as a Lender	 
	 	 	 
	 	 	 
	 	By:  	                                              /s/ Payson F. Swaffield
 	 
	 	 	Name:  	Payson F. Swaffield	 
	 	 	Title:  	Vice President 	 

-39-

 

	 	 	 	 	 

Eaton Vance Institutional Senior Loan
Fund

By:
Eaton Vance Management
as Investment Advisor
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Payson F. Swaffield
 	 
	 	 	Name:  	Payson F. Swaffield 	 
	 	 	Title:  	Vice President 	 

-40-

 

	 	 	 	 	 

Eaton Vance Senior Floating-Rate
Trust

By:
Eaton Vance Management
as Investment Advisor
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Payson F. Swaffield
 	 
	 	 	Name:  	Payson F. Swaffield 	 
	 	 	Title:  	Vice President 	 

-41-

 

	 	 	 	 	 

Eaton Vance Senior Income Trust,

By:
Eaton Vance Management 
as Investment Advisor 
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Payson F. Swaffield
 	 
	 	 	Name:  	Payson F. Swaffield 	 
	 	 	Title:  	Vice President 	 

-42-

 

	 	 	 	 	 

Grayson & Co,

By:
Boston Management and Research
       as Investment
Advisor

       as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Payson F. Swaffield
 	 
	 	 	Name:  	Payson F. Swaffield 	 
	 	 	Title:  	Vice President 	 

-43-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Avery Street CLO, Ltd.,
as a Lender

 	 
	 	By:  	                                               /s/ R. Ian O’Keeffe
 	 
	 	 	Name:  	R. Ian O’Keeffe 	 
	 	 	Title:  	Authorized Signatory 	 

-44-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Feingold O’Keeffe Credit Fund CBNA Loan Funding LLC,
as a Lender

 	 
	 	By:  	                                              /s/ Jeff Parkinson
 	 
	 	 	Name:  	Jeff Parkinson 	 
	 	 	Title:  	Attorney-in-fact 	 

-45-

 

	 	 	 	 	 

	 	 	 	 	 
	 	LATITUDE CLO I, LTD
as a Lender

 	 
	 	By:  	                                              /s/ Kirk Wallace
 	 
	 	 	Name:  	Kirk Wallace 	 
	 	 	Title:  	Senior Vice President 	 

-46-

 

	 	 	 	 	 

	 	 	 	 	 
	 	LATITUDE CLO II, LTD
as a Lender

 	 
	 	By:  	                                              /s/ Kirk Wallace
 	 
	 	 	Name:  	Kirk Wallace 	 
	 	 	Title:  	Senior Vice President 	 

-47-

 

	 	 	 	 	 

GANNETT PEAK CLO I, LTD.,
as a
Lender

By:
McDonnell Investment Management, LLC,
       as
Investment Manager

      
as a
Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Kathleen A. Zarn
 	 
	 	 	Name:  	Kathleen A. Zarn 	 
	 	 	Title:  	Vice President 	 

-48-

 

	 	 	 	 	 

MCDONNELL LOAN OPPORTUNITY LTD.

By:
McDonnell Investment Management, LLC,
      as
Investment Manager

     
as a
Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Kathleen A. Zarn
 	 
	 	 	Name:  	Kathleen A. Zarn 	 
	 	 	Title:  	Vice President 	 

-49-

 

	 	 	 	 	 

WIND RIVER CLO I LTD.

By: McDonnell Investment Management, LLC, as
Manager
      
as a
Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Kathleen A. Zarn
 	 
	 	 	Name:  	Kathleen A. Zarn 	 
	 	 	Title:  	Vice President 	 

-50-

 

	 	 	 	 	 

WIND RIVER CLO II-TATE INVESTORS, LTD.

By: McDonnell Investment Management, LLC, as
Manager
      
as
a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Kathleen A. Zarn
 	 
	 	 	Name:  	Kathleen A. Zarn 	 
	 	 	Title:  	Vice President 	 

-51-

 

	 	 	 	 	 

Venture CDO 2002, Limited,

By its investment
advisor,

MJX Asset Management LLC,
 as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Atha Baugh
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-52-

 

	 	 	 	 	 

Venture II CDO 2002, Limited

By
its investment advisor

MJX Asset Management LLC
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Atha Baugh
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-53-

 

	 	 	 	 	 

Venture III CDO Limited,

By
 its investment advisor,
 MJX Asset Management LLC,
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Atha Baugh
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-54-

 

	 	 	 	 	 

Venture IV CDO Limited,

By
its investment
advisor

MJX Asset Management LLC,
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Atha Baugh
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-55-

 

	 	 	 	 	 

Venture V CDO Limited,

By
its investment advisor

MJX Asset Management LLC,
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Atha Baugh
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-56-

 

	 	 	 	 	 

Vista Leveraged Income Fund,
as a Lender

By: MJX Asset Management LLC, as its Investment
Advisor

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Atha Baugh
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-57-

 

	 	 	 	 	 

	 	 	 	 	 
	 	HarbourView CLO IV, Ltd.,
as a Lender

 	 
	 	By:  	                                              /s/ Jason Reuter
 	 
	 	 	Name:  	Jason Reuter 	 
	 	 	Title:  	Manager 	 

-58-

 

	 	 	 	 	 

	 	 	 	 	 
	 	HarbourView CLO 2006-1, Ltd.,
as a Lender

 	 
	 	By:  	                                               /s/ Jason Reuter
 	 
	 	 	Name:  	Jason Reuter 	 
	 	 	Title:  	Manager 	 

-59-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Oppenheimer Senior Floating Rate Fund,
as a Lender

 	 
	 	By:  	                                              /s/ Jason Reuter
 	 
	 	 	Name:  	Jason Reuter 	 
	 	 	Title:  	Manager 	 

-60-

 

	 	 	 	 	 

Stanfield Arbitrage CDO, Ltd.

By:
Stanfield Capital Partners LLC
as its Collateral
Manager

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ David Frey
 	 
	 	 	Name:  	David Frey 	 
	 	 	Title:  	Managing Director 	 

-61-

 

	 	 	 	 	 

Stanfield Carrera CLO, Ltd.

By:
Stanfield Capital Partners LLC
as its Asset
Manager

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ David Frey
 	 
	 	 	Name:  	David Frey 	 
	 	 	Title:  	Managing Director 	 

-62-

 

	 	 	 	 	 

Stanfield Daytona CLO, Ltd.

By:
Stanfield Capital Partners LLC
as its Collateral
Manager

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ David Frey
 	 
	 	 	Name:  	David Frey 	 
	 	 	Title:  	Managing Director 	 

-63-

 

	 	 	 	 	 

Granite
Ventures I Ltd.,

By:
Stone Tower Debt Advisors LLC
as its Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-64-

 

	 	 	 	 	 

Granite Ventures II Ltd.

By:
Stone Tower Debt Advisors LLC
as its Collateral
Manager

as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-65-

 

	 	 	 	 	 

Granite Ventures III Ltd.

By:
Stone Tower Debt Advisors LLC
As its Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-66-

 

	 	 	 	 	 

Stone Tower CDO Ltd.

By:
Stone Tower Debt Advisors LLC
As its Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-67-

 

	 	 	 	 	 

Stone Tower CDO II Ltd.

By:
Stone Tower Debt Advisors LLC
As its Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-68-

 

	 	 	 	 	 

Stone Tower CLO II Ltd.

By:
Stone Tower Debt Advisors LLC
As its Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-69-

 

	 	 	 	 	 

Stone Tower CLO III Ltd.

By:
Stone Tower Debt Advisors LLC
As its Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-70-

 

	 	 	 	 	 

Stone Tower CLO IV Ltd.

By:
Stone Tower Debt Advisors LLC
As its Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-71-

 

	 	 	 	 	 

Stone Tower CLO V Ltd.

By:
Stone Tower Debt Advisors LLC
As its Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-72-

 

	 	 	 	 	 

Stone Tower CLO VI Ltd.

By:
Stone Tower Debt Advisors LLC
As its Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-73-

 

	 	 	 	 	 

Stone Tower Credit Funding I Ltd.

By:
Stone Tower Fund Management LLC
As its
Collateral Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 

-74-

 

	 	 	 	 	 

Nuveen Floating Rate Income Opportunity Fund,

By: Symphony Asset Management LLC
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Gunther Stein
 	 
	 	 	Name:  	Gunther Stein 	 
	 	 	Title:  	Director of Fixed Income Strategies 	 

-75-

 

	 	 	 	 	 

Symphony CLO I,

By: Symphony Asset Management LLC
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Gunther Stein
 	 
	 	 	Name:  	Gunther Stein 	 
	 	 	Title:  	Director of Fixed Income Strategies 	 

-76-

 

	 	 	 	 	 

Symphony CLO II,

By: Symphony Asset Management LLC
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Gunther Stein
 	 
	 	 	Name:  	Gunther Stein 	 
	 	 	Title:  	Director of Fixed Income Strategies 	 

-77-

 

	 	 	 	 	 

Faber SPIRET Loan Trust,

By:
Wilmington Trust Company 
not in its individual
capacity but

solely as trustee
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Jeanne M. Oller
 	 
	 	 	Name:  	Jeanne M. Oller 	 
	 	 	Title:  	Senior Financial Services Officer 	 

-78-

 

	 	 	 	 	 

White
Horse I, Ltd.,

By:
White Horse Capital Partners, L.P. 
as Collateral
Manager.
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Ethan M. Underwood, CFA
 	 
	 	 	Name:  	Ethan M. Underwood, CFA 	 
	 	 	Title:  	Portfolio Manager 	 

-79-

 

	 	 	 	 	 

White
Horse II, Ltd.,

By:
White Horse Capital Partners, L.P. 
as Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Ethan M. Underwood, CFA
 	 
	 	 	Name:  	Ethan M. Underwood, CFA 	 
	 	 	Title:  	Portfolio Manager 	 

-80-

 

	 	 	 	 	 

White
Horse III, Ltd.,

By:
White Horse Capital Partners, L.P. 
as Collateral
Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Ethan M. Underwood, CFA
 	 
	 	 	Name:  	Ethan M. Underwood, CFA 	 
	 	 	Title:  	Portfolio Manager 	 
	 

-81-EX-10.22 First Amendment to Second Lien Agreement

 

EXHIBIT 10.22

FIRST AMENDMENT

TO

SECOND LIEN CREDIT AGREEMENT

     FIRST AMENDMENT, dated as of May 24, 2007 (this “Amendment”), to the SECOND LIEN
CREDIT AGREEMENT, dated as of December 9, 2005 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among FGX INTERNATIONAL INC., a Delaware corporation
(the “US Borrower”), FGX INTERNATIONAL LIMITED, a British Virgin Islands company and the
parent of the US Borrower (the “BVI Borrower”, and together with the US Borrower, the
“Borrowers” and, individually, each a “Borrower”), the Lenders parties thereto,
J.P. MORGAN SECURITIES INC. and GE CAPITAL MARKETS, INC. as co-lead arrangers, GENERAL ELECTRIC
CAPITAL CORPORATION, as Syndication Agent, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.
Terms used herein but not defined shall have the meanings set forth in the Credit Agreement.

W I T N E S S E T H :

     WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to the Credit
Agreement; and

     WHEREAS, the Borrowers have requested that the Lenders amend certain provisions of the Credit
Agreement on the terms set forth herein, and the Lenders are willing to agree to such amendments;

     NOW THEREFORE, in consideration of the premises and mutual covenants contained herein and in
the Credit Agreement, the parties hereby agree as follows:

     1. Amendments to Section 1.1 of the Credit Agreement. Section 1.1 of the Credit
Agreement is hereby amended by deleting the definition of “Syndication Agent” in its entirety and
substituting in lieu thereof the following definition:

     “Syndication Agent”: From and after the First Amendment Effective Date (as
defined in the First Amendment to this Agreement), the Syndication Agent will be Wachovia
Bank, National Association.

     2. Amendments to Section 8.1. (a) Section 8.1(a) of the Credit Agreement is hereby
amended by deleting the portion of the table contained therein covering the periods indicated below
and substituting in lieu thereof the following:

	 	 	 
	 	 	Consolidated
	Fiscal Quarter	 	Leverage Ratio
	June 30, 2007
	 	5.00 to 1.00
	September 30, 2007
	 	4.75 to 1.00
	December 31, 2007
	 	4.75 to 1.00
	March 31, 2008
	 	4.50 to 1.00

 

 

	 	 	 
	 	 	Consolidated
	Fiscal Quarter	 	Leverage Ratio
	June 30, 2008
	 	4.25 to 1.00

     (b) Section 8.1(b) of the Credit Agreement is hereby amended by deleting the portion of the
table contained therein covering the periods indicated below and substituting in lieu thereof the
following:

	 	 	 
	 	 	Consolidated
	Fiscal Quarter	 	First Lien Leverage Ratio
	June 30, 2007
	 	4.00 to 1.00
	September 30, 2007
	 	4.00 to 1.00
	December 31, 2007
	 	4.00 to 1.00
	March 31, 2008
	 	3.50 to 1.00
	June 30, 2008
	 	3.50 to 1.00

     3. Amendments to Section 8.2 (Indebtedness) of the Credit Agreement. Section 8.2 of
the Credit Agreement is hereby amended by deleting subsection (g) in its entirety and substituting
in lieu thereof the following subsection (g):

     (g) subject to the Intercreditor Agreement, (i) First Lien Debt in an aggregate
principal amount not to exceed $185,000,000 plus the amount of any fees, premiums and
expenses in connection with a permitted refinancing thereof and accrued interest thereon and
(ii) guaranties thereof by Holdings or any Subsidiary that is a Subsidiary Guarantor
thereof; and

     4. Conditions to Effectiveness. This Amendment shall be effective on the date upon
which each of the following conditions precedent have been satisfied (the “First Amendment
Effective Date”):

(1) this Amendment shall have been executed and delivered by the Borrowers,
JPMorgan Chase Bank, N.A., Deutsche Bank Trust Company Americas and the
Required Lenders;

(2) the First Amendment to the First Lien Credit Agreement shall have been
executed and delivered by the Borrowers, JPMorgan Chase Bank, N.A., Deutsche
Bank Trust Company Americas and the required lenders under the First Lien
Credit Agreement;

(3) one or more Lenders, together with one or more banks or other financial
institutions or entities not parties to this Amendment, shall have committed
to make Additional First Lien Term Loans in the aggregate amount of
$20,000,000; and

-2-

 

(4) the Administrative Agent shall have received an amendment fee for the
account of each Lender that has executed and delivered or otherwise consented
to this Amendment on or prior to 5:00 p.m. New York City time, on May 24,
2007, in an amount equal to 0.10% of the sum of the Term Loans and Revolving
Commitments of such lender thereunder. The amendment fees are due and payable
simultaneously with the funding of the Additional First Lien Term Loans, which
shall occur after all other conditions to the effectiveness of this Amendment
(other than the payment of the fees hereunder) are satisfied.

     5. Amendments to Section 8.7 (Capital Expenditures). (a) Section 8.7of the Credit
Agreement is hereby amended by deleting the portion of the table contained therein covering the
periods indicated below and substituting in lieu thereof the following:

	 	 	 	 	 
	Fiscal Year	 	Amount	 
	2007
	 	$	22,000,000	 
	2008 through 2012
	 	$	20,000,000	 

     6. Amendments to Section 10.11 (The Syndication Agent) of the Credit Agreement.
Section 10.11 of the Credit Agreement is hereby amended by deleting the section in its entirety and
substituting in lieu thereof the following:

     10.11 The Syndication Agent. Except as expressly set forth herein, the Syndication Agent
shall not have any obligations or liabilities hereunder and the rights of the Syndication
Agent under the Agreement shall terminate in the event Wachovia Bank, National Association
ceases to be a Lender hereunder.

     7. Replacement of Administrative Agent. (a) JPMorgan Chase Bank, N.A. hereby resigns
as Administrative Agent under the Second Lien Credit Agreement and the other Second Lien Loan
Documents, effective on June 19, 2007.

          (b) The Borrowers agree to pay JPMorgan Chase Bank, N.A. on June 19, 2007 all fees and
interest accrued and unpaid on the outstanding Commitments, Loans and Letters of Credit, as of such
date for the benefit of the Lenders (whether or not such fees and interest are then due and payable
by the terms of the Second Lien Credit Agreement and without prejudice to payment obligations with
respect to fees and interest accruing after June 19, 2007, including any such payment obligations
on June 30, 2007).

          (c) Deutsche Bank Trust Company Americas hereby agrees to become the successor Administrative
Agent, effective upon the First Amendment Effective Date. In its capacity as Administrative Agent,
Deutsche Bank Trust Company Americas shall have the following address for notice and other
communications under the Second Lien Loan Documents:

Attention: Scottye Lindsey

Deutsche Bank Trust Company Americas

60 Wall Street

MS NYC60-0208

New York, NY 10005

-3-

 

          (d) Each Lender party to this Amendment and the Borrowers hereby (i) acknowledge the
resignation of JPMorgan Chase Bank, N.A. as Administrative Agent and that the provisions of Section
10 of the Second Lien Credit Agreement continue to inure to its benefit as to any actions taken or
omitted to be taken while it was Administrative Agent, (ii) waive any further notice requirement
otherwise applicable to such resignation pursuant to Section 10.9 of the Second Lien Credit
Agreement or otherwise, (iii) appoint and consent to the appointment of Deutsche Bank Trust Company
Americas as the successor Administrative Agent, effective upon the First Amendment Effective Date,
and (iv) agree and confirm that the provisions of Sections 10 and 11.5 of the Second Lien Credit
Agreement inure to the benefit of Deutsche Bank Trust Company Americas on actions as Administrative
Agent from and after its appointment as Administrative Agent. The fees payable to Deutsche Bank
Trust Company Americas for acting as Administrative Agent, as provided in Section 2.4 of the Second
Lien Credit Agreement, shall be as separately agreed between it and the Borrower.

          (e) JPMorgan Chase Bank, N.A. shall from time to time, do all such things as Deutsche Bank
Trust Company Americas, as the successor Administrative Agent, may reasonably require or consider
desirable to enable it to replace JPMorgan Chase Bank, N.A. in the role of Administrative Agent and
to that intent JPMorgan Chase Bank, N.A. shall execute all such instruments, deeds and agreements,
obtain all consents, approvals and other authorizations necessary and shall give all such notices
and directions as Deutsche Bank Trust Company Americas may consider expedient.

     8. Consent to Amendment of the First Lien Credit Agreement. The Lenders party to this
Amendment hereby consent to the execution and delivery to the parties thereto of the First
Amendment, dated as of the date hereof, to the First Lien Credit Agreement.

     9. Continuing Effect of the Credit Agreement. This Amendment shall not be construed
as a waiver or consent to any further or future action on the part of the Borrowers that would
require a waiver or consent of the Administrative Agent and/or the Lenders. Except as amended
hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.

     10. Representations and Warranties. To induce the Lenders, the Administrative Agent,
the Collateral Agent and Deutsche Bank Trust Company Americas, as successor Administrative Agent,
to enter into this Amendment, the Borrowers hereby represent and warrant to the Administrative
Agent, the Collateral Agent, Deutsche Bank Trust Company Americas, as successor Administrative
Agent, and all of the Lenders as of the First Amendment Effective Date (after giving effect to this
Amendment) that:

          (a) The representations and warranties made by each Borrower in and pursuant to the Credit
Documents are true and correct in all material respects on and as of the First Amendment Effective
Date, after giving effect to this Amendment, as if made on and as of the First Amendment Effective
Date, provided that, any representation or warranty made as of a

-4-

 

           specified date need only be true and correct in all material respects as of such specified
date.

          (b) No Default or Event of Default shall have occurred and be continuing.

     11. Counterparts. This Amendment may be executed in counterparts (including
counterparts by facsimile), and all of the said counterparts taken together shall be deemed to
constitute one and the same instrument.

     12. Direction to Collateral Agent. By executing this Amendment, the Administrative
Agent hereby authorizes and directs the Second Lien Collateral Agent to execute this Amendment
pursuant to Section 10.4 of the Credit Agreement.

     13. GOVERNING LAW. THE AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

-5-

 

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

	 	 	 	 	 
	 	FGX INTERNATIONAL INC., as a Borrower

 	 
	 	By:  	                                             /s/ Alec Taylor
 	 
	 	 	Name:  	Alec Taylor 	 
	 	 	Title:  	CEO 	 
	 

	 	 	 	 	 
	 	FGX INTERNATIONAL LIMITED, as a Borrower

 	 
	 	By:  	                                              /s/ Alec Taylor
 	 
	 	 	Name:  	Alec Taylor 	 
	 	 	Title:  	CEO 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Lender

 	 
	 	By:  	                                              /s/ Kathryn A. Duncan
 	 
	 	 	Name:  	Kathryn A. Duncan 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Syndication Agent

 	 
	 	By:  	                                              /s/ James R. Persico
 	 
	 	 	Name:  	James R. Persico 	 
	 	 	Title:  	Duly Authorized Signatory 	 
	 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Successor Administrative Agent and as a Lender

 	 
	 	By:  	                                              /s/ Scottye Lindsey
 	 
	 	 	Name:  	Scottye Lindsey 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Carin Keegan
 	 
	 	 	Name:  	Carin Keegan 	 
	 	 	Title:  	Vice President 	 

-6-

 

	 	 	 	 	 

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY, as Second Lien Collateral Agent

 	 
	 	By:  	                                              /s/ James J. McGinley
 	 
	 	 	Name:  	James J. McGinley 	 
	 	 	Title:  	Authorized Signer 	 

-7-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Atrium CDO,
as a Lender

 	 
	 	By:  	                                              /s/ Thomas Flannery
 	 
	 	 	Name:  	Thomas Flannery 	 
	 	 	Title:  	Authorized Signatory 	 

-8-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Canpartners Investments IV, LLC,
as a Lender

 	 
	 	By:  	                                              /s/ Joshua Friedman
 	 
	 	 	Name:  	Joshua Friedman 	 
	 	 	Title:  	Authorized Signatory 	 
	
	
	
	

	
	
	
	

	
	
	
	

	 	By:  	Canpartners
Investments IV, LLC,

a California limited liability company	 

-9-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Canyon Capital CLO 2004-1, Ltd. and Canyon Capital CLO 2006-1, Ltd.,
as a Lender

 	 
	 	By:  	                                              /s/ Dominique Mielle
 	 
	 	 	Name:  	Dominique Mielle 	 
	 	 	Title:  	Authorized Signatory 	 
	 

By: Canyon Capital Advisors LLC, a Delaware
limited
liability company, its Collateral Manager

-10-

 

	 	 	 	 	 
	 	Atrium II,
as a Lender

 	 
	 	By:  	                                             /s/ Thomas Flannery
 	 
	 	 	Name:  	Thomas Flannery 	 
	 	 	Title:  	Authorized Signatory 	 

-11-

 

	 	 	 	 	 

	 	 	 	 	 
	 	Castle Garden Funding,
as a Lender

 	 
	 	By:  	                                              /s/ Thomas Flannery
 	 
	 	 	Name:  	Thomas Flannery 	 
	 	 	Title:  	Authorized Signatory 	 

-12-

 

	 	 	 	 	 

	 	 	 	 	 
	 	CSAM Funding I,
as a Lender

 	 
	 	By:  	                                              /s/ Thomas Flannery
 	 
	 	 	Name:  	Thomas Flannery 	 
	 	 	Title:  	Authorized Signatory 	 

-13-

 

	 	 	 	 	 

	 	 	 	 	 
	 	CSAM Funding II,
as a Lender

 	 
	 	By:  	                                              /s/ Thomas Flannery
 	 
	 	 	Name:  	Thomas Flannery 	 
	 	 	Title:  	Authorized Signatory 	 

-14-

 

	 	 	 	 	 

	 	 	 	 	 
	 	CSAM Funding III,
as a Lender

 	 
	 	By:  	                                              /s/ Thomas Flannery
 	 
	 	 	Name:  	Thomas Flannery 	 
	 	 	Title:  	Authorized Signatory 	 

-15-

 

	 	 	 	 	 

	 	 	 	 	 
	 	GOLUB CAPITAL CP FUNDING LLC, as a Lender

 	 
	 	By:  	                                              /s/ David Golub
 	 
	 	 	Name:  	David Golub 	 
	 	 	Title:  	Vice Chairman 	 
	 

GOLUB CAPITAL PARTNERS FUNDING 2007-1 LTD., as a Lender

By: Golub Capital Incorporated, as Servicer

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ David Golub
 	 
	 	 	Name:  	David Golub 	 
	 	 	Title:  	Vice Chairman 	 
	 

GOLUB INTERNATIONAL LOAN LTD. I, as a Lender
By: GOLUB CAPITAL INTERNATIONAL MANAGEMENT LLC, as Collateral Manager

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ David Golub
 	 
	 	 	Name:  	David Golub 	 
	 	 	Title:  	Vice Chairman 	 

-16-

 

	 	 	 	 	 

GANNETT PEAK CLO I, LTD.

By: McDonnell Investment Management, LLC,

as Investment Manager

as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Kathleen A. Zarn
 	 
	 	 	Name:  	Kathleen A. Zarn 	 
	 	 	Title:  	Vice President 	 

-17-

 

	 	 	 	 	 

MCDONNELL
LOAN OPPORTUNITY LTD.

By: McDonnell Investment Management, LLC,

as Investment Manager

as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Kathleen A. Zarn
 	 
	 	 	Name:  	Kathleen A. Zarn 	 
	 	 	Title:  	Vice President 	 

-18-

 

	 	 	 	 	 

Store
Tower Credit Funding Ltd.
By: Store Tower Fund Management LLC,
as
its Collateral Manager
as a Lender

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Michael W. Delpercio
 	 
	 	 	Name:  	Michael W. Delpercio 	 
	 	 	Title:  	Authorized Signatory 	 
	 

-19-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]