Document:

Exhibit (10)-cc

    
      

    

    Exhibit
      (10)-cc

    

    LETTER
      WAIVER

    

    

    Dated
      as
      of May 15, 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”) and
      February 17, 2006 (effective February 24, 2006 and referred to herein as the
      “Second Letter Waiver”). Capitalized terms not otherwise defined in this Letter
      Waiver have the same meanings as specified in the Credit Agreement, the First
      Letter Waiver and the Second Letter Waiver.

     

    Reference
      is made to each of Borrower’s Announcements and the events described thereunder,
      and the prior definitions of Announcements are amended hereby to include
      Borrower’s: (i) press releases dated March 17, 2006, March 31, 2006, April 10,
      2006, April 13, 2006 and May 15, 2006 and (ii) Borrower’s filings with the U.S.
      Securities and Exchange Commission on Forms 12(b)-25, dated March 17, 2006
      and
      May 11, 2006, and on Forms 8-K, dated April 12, 2006, April 14, 2006, May 4,
      2006, May 8, 2006 and May 15, 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:

    

    (i)
      to
      waive, for the period from July 26, 2005 through the Waiver Termination Date
      (as
      defined below), any Default that may have been caused by the breach of a
      representation or warranty or failure to perform any covenant under the
      following Sections of the Credit Agreement: 4.01(e), 4.01(f), 4.01(k), 4.01(m),
      5.01(a), 5.01(b), 5.01(f), 5.01(h)(i)-(ii), 5.01(h)(v), by reason of the events
      or circumstances described in the Announcements and Confidential Disclosures,
      provided,
      however,
      that
      the waivers set forth in this clause (i) extend to matters related to BL
      Industria Otica, Ltda and Bausch & Lomb Korea Co. Ltd. described in the
      Announcements and Confidential Disclosures only to the extent that the impact
      of
      those matters do not result in reductions in profits after tax of Borrower
      of
      more than $50,000,000 in the aggregate; 

    

    (ii)
      that, prior to the Waiver Termination Date, Borrower’s non-performance of the
      covenants set forth in Section 5.01(h)(i) or (ii) by reason of the circumstances
      or events described in the Announcements and Confidential Disclosures shall
      not
      create or constitute a Default or an Event of Default under the Credit
      Agreement, and that no repayment of an Advance will be accelerated (as may
      be
      permitted under Section 6.01 of the Credit Agreement) as a result of any such
      non-performance, and that Borrower’s filing of its Form 10-K Annual Report for
      the fiscal year ended December 31, 2005 (the “2005 10-K”) prior to the Waiver
      Termination Date shall cure in their entirety any such non-performance;
      and

    

    (iii)
      to
      waive any Default which may otherwise arise in the event that Borrower receives
      “Notice of Default” due to default of performance, or breach of, any covenant or
      warranty by Borrower under Section 501(4) of its Indenture with Citibank, N.A.,
      dated September 1, 1991, as supplemented and amended (the “Indenture”), so that
      receipt of a “Notice of Default” under the Indentures does not and will not
      constitute a Default or other failure by Borrower to satisfy the conditions
      precedent for any Borrowing or for each Lender to make an Advance under Section
      3.02 of the Credit Agreement.

     

    The
      Waiver Termination Date as defined in the First
      Letter Waiver and Second Letter Waiver are superseded and the term "Waiver
      Termination Date" is hereby defined for all purposes as October 2,
      2006.

     

    Notwithstanding
      the foregoing, in the event that Borrower receives notice of an “Event of
      Default” due to default of performance, or breach of, any covenant or warranty
      by Borrower under Section 501(4) of its Indenture, Borrower will immediately
      provide a copy of such notice to the Agent, and if: (a) Borrower fails to cure
      the defaults specified in such notice of an “Event of Default” within the 60-day
      period, (b) the Notice of Default has not been waived as provided in the
      Indenture, and (c) the Trustee, or holders of not less than 25% of the principal
      amount of outstanding securities under any series with an outstanding principal
      amount of at least $50,000,000 under the Indenture, have given to Borrower
      notice that the principal amount of such securities plus any accrued interest,
      is due and payable immediately, then the Agent upon request of the Required
      Lenders, or with the consent of the Required Lenders, may (i) declare the
      obligation of each Lender to make Advances (other than Advances by an Issuing
      Bank or a Lender pursuant to Section 2.03(c) of the Credit Agreement), and
      of
      the Issuing Banks to issue Letters of Credit to be terminated, and/or (ii)
      provide Borrower with a written notice declaring the Advances, all interest
      thereon and all other amounts payable under the Credit Agreement to be due
      and
      payable.

    

    In
      addition to the foregoing, when filed with the SEC, Borrower’s 2005 10-K will
      contain restatements of prior period financial statements, including, without
      limitation, for the fiscal year 2004 (the “Restatements”). In addition to the
      waiver granted above, automatically and without further action by the parties
      hereto, upon the filing by Borrower of the 2005 10-K, your execution of this
      Letter Waiver evidences your permanent and irrevocable waiver of any
      misrepresentation of the matters set forth in Sections 4.01(e) and 4.01(k)
      of
      the Credit Agreement and any breach of Borrower’s covenants and agreements set
      forth in Sections 5.01(f) or 5.01(h) of the Credit Agreement with respect to
      periods covered thereby.

    

    As
      further consideration for this Letter Waiver, Borrower hereby agrees to pay
      a
      fee equal to 0.10% of their aggregate commitments (the “Monthly Fee”) to each
      Lender that has executed this Letter Waiver on or before the Effective Date,
      as
      hereinafter defined. Payment of the Monthly Fee will be due and payable on
      June
      1, 2006 and on the first of each month thereafter that Borrower is delayed
      in
      filing its financial statements prior to the Waiver Termination Date.

    

    This
      Letter Waiver shall become effective as of the date first above written when
      the
      Agent shall have 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”).

    

    The
      Credit Agreement and the Notes, except to the extent of the waiver specifically
      provided above, are and shall continue to be in full force and effect and are
      hereby in all respects ratified and confirmed. The execution, delivery and
      effectiveness of this Letter Waiver shall not, except as expressly provided
      herein, operate as a waiver of any right, power or remedy of any Lender or
      the
      Agent under the Credit Agreement, nor constitute a waiver of any provision
      of
      the Credit Agreement.

    

    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.

    

    This
      Letter Waiver shall represent the entire agreement with respect to the matters
      contained herein and 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   

    Name:
      Efrain Rivera

    Title:
      Vice President & Treasurer

    

    Agreed
      as
      of the date first above written:

    CITIBANK,
      NA.,

    as
      Agent
      and as Lender

    

    By___/s/
      David Lowther___________

    Title:
      Vice President

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    KEYBANK
      NATIONAL ASSOCIATION

    

    By_
      /s/
      Marianne T. Meil________

    Title:
      Senior Vice President

    

    BARCLAYS
      BANK PLC

    

    By_/s/
      Nicolas Bell_______________

    Title:
      Director

    

    THE
      BANK
      OF TOKYO-MITSUBISHI TRUST 

    COMPANY

    

    By___/s/
      Harumi Kambara __________

    Title:
      Assistant Vice President

    

    JPMORGAN
      CHASE BANK, N.A.

    

    By__/s/
      Benedict A. Smith __________

    Title:
      Senior Vice President

    

    MIZUHO
      CORPORATE BANK, LTD.

    

    By___/s/
      Raymond Ventura___ _____

    Title:
      Deputy General Manager

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

    

    By___/s/
      Derek S. Roudebush______

    Title:

    

    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/
      John Carrol_____________

    Title:
      Vice President

    

    THE
      NORTHERN TRUST COMPANY

    

    By____/s/
      Alex Nicolov___________

    Title:
      Second-Vice PresidentExhibit (10)-dd

    
      

    

      Exhibit
      (10)-dd

     

      

     

      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

     

      17
      May,
      2006

     

      Dear
      Sirs,

     

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

     

    	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 the date on which the Facility Agent gives notification to the
              Obligors that it has received a copy of this letter countersigned by
              the
              Company and the Guarantor; provided that the Facility Agent must provide
              such notification as soon as reasonably practicable but no later than
              one
              (1) business day after the Facility Agent has received a copy of the
              fully
              countersigned letter. 

          

     

    	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. 

          

     

    	(c)  	
            The
              Agreement will be amended as follows:

          

     

    	(i)  	
            Clause
              19.11(a) (BLIO Matters) of the Agreement will be amended by deleting
              the
              introductory sentence in its entirety and replacing it with the
              following:

          

     

    	 	
            "Solely
              for the Waiver Period, it is agreed that the BLIO Matters described
              in the
              BLIO Announcements and Confidential Disclosures, and the Other Matters
              described in the Other Announcements and Confidential Disclosures will
              not
              result in or constitute a breach of this Agreement (including, without
              limitation, any misrepresentation or breach of covenant) or a Default
              to
              the extent that:";

          

     

    	(ii)  	
            the
              first line of Clause 19.11(a)(i) (BLIO Matters) of the Agreement will
              be
              amended by adding the words: "with respect to the BLIO Matters," before
              the words "any restatements";

          

     

    	(iii)  	
            Clause
              19.11(a)(ii) (BLIO Matters) of the Agreement will be amended
              by:

          

     

    	(A)  	
            adding
              the words "with respect to the BLIO Matters, and" before the words
              "with
              respect to any delay" in the first line thereof;
              and

          

     

    	(B)  	
            deleting
              the reference to “31 May” in the last line thereof and replacing it with
              “2 October”;

          

     

    	(iv)  	
            the
              following sentence shall be inserted as a new paragraph at the end
              of
              Clause 19.11(a) (BLIO Matters): 

          

     

    	 	
            "Furthermore,
              solely for the Waiver Period, the Lenders agree to waive any Default
              which
              may arise in the event that the Guarantor receives a 'Notice of Default'
              due to default of performance, or breach of, any covenant or warranty
              by
              the Guarantor under section 501(4) of the
              Indenture.";

          

     

    	(v)  	
            the
              definition of BLIO
              Announcements
              in
              Clause 19.11(b) of the Agreement shall be amended
              by:

          

     

    	(A)  	
            deleting
              “and” at the end of subparagraph (iii);

          

     

    	(B)  	
            deleting
              the full stop after the words "Guarantor's related investigation" at
              the
              end of subparagraph (iv) and replacing it with a semi-colon;
              and

          

     

    	(C)  	
            inserting
              new subparagraphs (v) to (ix), inclusive as
              follows:

          

     

    	 	
            “(v)
              press
              release dated 17 March, 2006 relating to updated status of the Guarantor’s
              financial reporting; 

          

     

    	 	
            (vi)
              Form
              12(b)-25, dated 17 March, 2006, with respect to delay in filing of
              Form
              10-K Annual Report for the fiscal year ended 31 December, 2005;
              

          

     

    	 	
            (vii)
              Form
              12(b)-25, dated 11 May, 2006 relating to delay in filing of Form 10-Q
              Quarterly Report for the quarterly period ended 1 April,
              2006;

          

     

    	 	
            (viii)
              Form
              8-K, dated 4 May, 2006, relating to current litigation and debt tender
              offers and consent solicitations; and

          

     

    	 	
            (ix)
              Form
              8-K, dated 8 May, 2006 relating to tender offer and consent solicitation
              under the Indenture."; 

          

     

    	(vi)  	
            the
              following definitions shall be inserted into Clause 19.11(b) of the
              Agreement between the definitions of BLIO
              Matters and
              Waiver
              Period:

          

     

    	 	
            "Confidential
              Disclosures means
              the confidential information which the Guarantor disclosed to the Facility
              Agent and Lenders verbally and in writing prior to 16 May, 2006 under
              the
              terms of confidentiality agreements executed with each
              Lender.

          

     

    	 	
            Indenture
              means
              the Guarantor's indenture with Citibank, N.A., dated 1 September, 1991,
              as
              supplemented and amended.

          

     

    	 	
            Other
              Announcements means
              the Guarantor's:

          

     

    	 	
            (i)
              press
              release dated 31 March, 2006 relating to collaborative investigations
              regarding fungal eye infections; 

          

     

    	 	
            (ii)
              press
              releases dated 10 April, 2006 relating to temporary suspension of
              shipments of ReNu®
              with MoistureLoc®
              produced at Greenville, S.C. manufacturing
              facility;

          

     

    	 	
            (iii)
              press
              release dated 13 April, 2006 relating to removing US manufactured
              ReNu®
              with MoistureLoc®
              from retailers’ shelves; 

          

     

    	 	
            (iv)
              press
              release dated 15 May, 2006 relating to worldwide withdrawal of
              ReNu®
              with MoistureLoc®;

          

     

    	 	
            (v)
              Form
              12(b)-25, dated 11 May, 2006 relating to delay in filing of Form 10-Q
              Quarterly Report for the quarterly period ended 1 April,
              2006;

          

     

    	 	
            (vi)
              Form
              8-K, dated 12 April, 2006, relating to the 10 April, 2006 press release;
              

          

     

    	 	
            (vii)
              Form
              8-K, dated 14 April, 2006, relating to the 13 April, 2006 press
              release;

          

     

    	 	
            (viii)
              Form
              8-K, dated 4 May, 2006, relating to current litigation and debt tender
              offers and consent solicitations;

          

     

    	 	
            (ix)
              Form
              8-K dated 8 May, 2006 relating to tender offer and consent solicitation
              under the Indenture; and

          

     

    	 	
            (x)
              Form
              8-K, dated 15 May, 2006, relating to the 15 May, 2006 press
              release.

          

            

                Other
      Matters
means
      (in
      both cases, including any such information contained in the Other Announcements)
      the:

     

    	 	
            (i)
              financial,
              accounting and tax matters (other than the BLIO Matters); and
              

          

     

    	 	
            (ii)
              increased
              reports of fungal eye infections among contact wearers and any
              relationship, impact or affect such reports have on the ReNu®
              with MoistureLoc®
              product."; and

          

     

    	(vii)  	
            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 2 October, 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.  	
            Further
              Waiver

          

     

      The
      Guarantor’s 2005 annual report on Form 10-K will contain financial statements
      for 2005 and restated financial statements for certain prior periods, including
      but not limited to the Guarantor’s 2004 fiscal year. Accordingly, in addition to
      the BLIO Matters and Other Matters not resulting in or constituting a breach
      of
      the Agreement or Default during the Waiver Period, as set forth in Clause
      19.11(a), the
      Majority Lenders further agree,
      upon
      the filing of that annual report on Form 10-K, in accordance with the terms
      of
      this letter, that any representation under Clauses 16.6 (Financial statements)
      and 16.11 (Compliance with laws) of the Agreement which is incorrect in any
      material respect, or any breach of the covenants at Clauses 17.7 (Maintenance
      of
      accounts) and 17.10 (Reporting requirements) or any Default arising therefrom,
      with respect to periods covered thereby, shall be permanently and irrevocably
      waived, to the extent related to the matters described in the BLIO
      Announcements, Other Announcements or Confidential Disclosures.

     

    	5.  	
            Indenture

          

     

      In
      the
      event that the Guarantor receives notice of an "Event of Default" due to default
      of performance, or breach of any covenant or warranty by the Guarantor under
      section 501(4) of the Indenture, the Guarantor will immediately provide a copy
      of such notice to the Facility Agent.

     

    	6.  	
            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.

          

     

    	7.  	
            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 Facility Agent shall provide the Obligors with
              a
              listing of the Consenting Lenders by 19 May, 2006. The first such monthly
              fee shall be payable no later than 1 June, 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.
              

          

     

    	(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.

          

     

    	8.  	
            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.

          

     

    	9.  	
            Governing
              law

          

     

      This
      letter is governed by English law.

     

     

    /s/
      Olufunmilayo Dada   /s/
      Patrick McCawley.

    

    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, Treasurer

    For
      

    BAUSCH
      & LOMB B.V.

     

    Date: May
      17,
      2006

     

     

    /s/
      Stephen C. McCluski

    Stephen
      C. McCluski

    Sr.
      Vice
      President and CFO

    For
      

    BAUSCH
      & LOMB INCORPORATED

     

    Date: May
      17,
      2006

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]