Document:

Amended Restated Sales Representative Agmt.

  EXHIBIT 10.44
 CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST
 FOR
CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE
 SECURITIES EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED
 WITH THE COMMISSION.
  AMENDED AND RESTATED SALES
REPRESENTATIVE AGREEMENT
            THIS AMENDED AND RESTATED SALES REPRESENTATIVE AGREEMENT is made as of August 4, 2003
(“Effective Date”), by and between Micro Therapeutics, Incorporated, a Delaware corporation with its principal place of business at 2 Goodyear, Irvine California (“MTI”) and ev3 International, Inc., a Delaware corporation
(formerly known as Vertomed International, Inc.) with its principal place of business at 1861 Buerkle Road, White Bear Lake, Minnesota (“ev3”).
            This Agreement amends and restates in its entirety that certain Sales Representative Agreement, dated as of November 16, 2001, as amended on April 18, 2002 and May
20, 2002 (the “Original Agreement”).
            WHEREAS, MTI develops, manufactures and markets minimally invasive devices for the
treatment of neuro and peripheral vascular diseases;
            WHEREAS, ev3 provides international sales, marketing and distribution
services to third parties;
            WHEREAS, MTI wishes to appoint ev3 as its exclusive sales representative for the marketing and
promotion of the Products in the Direct Territory and to provide certain services on MTI’s behalf on the terms set out in this agreement.
           NOW, THEREFORE, the parties hereto agree as follows:
  1.          Definitions.
               a.          “Marketing Plan” shall refer to each marketing plan for the Product
developed pursuant to Section 2(b) hereof.
               b.          “Products” shall mean all of MTI’s current and future products,
including all the neuro and peripheral vascular devices; the current products are listed on Exhibit A as amended from time to time by the parties.
               c.          “Promotional Materials” shall have the meaning set forth in Section
3(e).
               d.          “Services” shall mean the inventory
management, accounting, invoicing, collection and administrative services that ev3 shall provide for MTI under this Agreement.
               e.          “Direct Territory” shall mean the countries set forth in Exhibit B as may be
amended from time to time by mutual agreement of the parties.
               f.          “Distributor Territory” shall mean the countries set forth in Exhibit B as
may be amended from time to time by mutual agreement of the parties.
  1A.    Original Agreement. 
           This Agreement amends and restates in its entirety the Original Agreement.  It supersedes any prior agreement or understanding, and shall be effective for all
Products sold on or after the date hereof, and the Original Agreement shall be effective for all Products sold prior to such date. 

   2.          Appointment.
               a.          General.  Subject to this Agreement, MTI hereby appoints ev3, and
ev3 hereby accepts its appointment as MTI’s exclusive sales representative to promote, market and solicit orders for the Products in the Direct Territory.  ev3 will establish distributors to promote, market and solicit orders
for the Products in the Distributor Territory in accordance with the terms and conditions of this Agreement.
               b.          Review Committee.  MTI and ev3 will form a Review Committee
composed of representatives of each party, including, the President of ev3 International, the President of MTI and high-level marketing executives of each party.  The Review Committee will meet from time to time as determined by the
participants, but no less then two times during each year during the term of this Agreement to resolve in good faith outstanding strategy and tactical issues that arise during the Term, and to review all aspects of marketing the Products. 
Prior to the commencement of each year, the Review Committee will prepare and agree upon a marketing plan for such year (the “Marketing Plan”).  A representative of MTI will serve as Chairperson of the Review Committee. 

 3.          ev3’s Obligations.
               a.          General.  ev3 will use commercially reasonable efforts to (i)
promote, market and obtain orders for the Products within the Direct Territory; (ii) manage distribution of the Products within the Distributor Territory and (iii) perform the Services in a good and workmanlike manner.  ev3 may
subcontract the performance of any of its obligations under this Agreement to any of its wholly owned subsidiaries.  ev3 may place consignment inventory in such commercially reasonable locations within the Direct Territory, pursuant to
guidelines established by the Review Committee.
               b.          Minimum Sales Requirements.  The Review Committee will establish minimum
sales requirements for ev3 on an aggregate basis for the entire Direct Territory and Distributor Territory, on a two-year rolling basis (“Minimum Sales”).  The Minimum Sales will be 70% of the agreed upon sales forecast
approved by the Review Committee for the applicable calendar year.
               c.          Direct Sales.

	   
 	            (i)          Facilities and Staff.  ev3 will
acquire and maintain the facilities and staff that the parties deem appropriate to effectively market the Products throughout the Direct Territory. ev3 will provide six months’ notice to MTI of its intent to conduct direct selling
activities within any country located in the Distributor Territory.  ev3 may, in its sole discretion, terminate any distributor in such country, provided that such termination will not cause MTI to have any  termination
liability.  In the event ev3 is unable to terminate such distributor without causing termination liability to MTI, MTI may either (i) terminate its distributor in such country and add such country to the Direct Territory or (ii) maintain
its distributor in such country.  In the event MTI determines to maintain a distributor in such country, ev3 will continue to manage such distributor in accordance with this Agreement.
 
	  
 	   
 
	   
 	             (ii)          Marketing and Promotional Activities.  ev3
will market the Products within the Direct Territory according to the then current Marketing Plan.  ev3 will keep MTI informed about upcoming trade shows and similar events within the Direct Territory and will participate in such events
at MTI’s request.
 
	   
 	   
 
	   
 	             (iii)          Promotional Materials.  ev3 will use the
brochures and other sales and promotional literature describing the Products that MTI periodically approves or provides to ev3 (the “Promotional Materials”).  With MTI’s approval, ev3 may translate or adapt the
Promotional Materials for use within the Direct Territory.  ev3 hereby assigns to MTI the copyrights that ev3 may acquire or possess in translations and adaptations of the Promotional Materials.
 

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 	             (iv)          Market-Based Performance Standards. 
ev3 agrees to meet the performance standards established by the Review Committee for each market within the Direct Territory.
 
	   
 	   
 
	   
 	             (v)          Forecasts.  ev3 will provide monthly
production forecasts of sales for the Direct Territory to MTI for demand planning, on a rolling twelve-month basis.  ev3 also will provide monthly to MTI a twelve-month rolling financial forecast for the Direct Territory.  These
forecasts do not alter the agreed upon minimum sales requirements.
 
	   
 	   
 
	   
 	             (vi)          Prices.  ev3 will quote to customers the
prices and terms for the Products, in the appropriate local currency, based upon the pricing levels and discount levels mutually agreed upon by the parties to this Agreement on a country-by-country basis.  ev3 will not quote prices below
these pricing levels without prior written approval from MTI.
 
	  
 	   
 
	   
 	             (vii)          Receivables.  ev3 will use commercially
reasonable efforts to collect the amounts that customers owe to MTI (the “Receivables”) based upon accounts receivable and collection goals mutually agreed upon by the parties on a country-by-country basis.  ev3 will have no
right in the Receivables except as contemplated in Section 6 below.  ev3 will inform MTI of any Receivables that remain uncollected and become past due and use commercially reasonable efforts to pursue the collection of such past due
Receivables in accordance with MTI’s instructions.  Any costs incurred by ev3 for such collections shall be an ev3 expense.
 
	   
 	   
 
	   
 	             (viii)          Remittances.  ev3 will remit the
Receivables collected through the 13th of each month to MTI on the 15th day of such month, less any applicable VAT or other such charges that ev3 may pay or be required to pay on MTI’s behalf.  ev3 will make all
such remittances by wire transfer to the bank account that MTI may periodically designate.  MTI will bear all bank transfer charges.  If ev3 collects any Receivable for which taxes have been withheld by a customer, ev3 will
use its commercially reasonable efforts to cause such customer to furnish to MTI the documents evidencing the payment of such taxes that are acceptable to the local taxing authority.
 
	  
 	   
 
	   
 	             (ix)          Records and Reports. Records and Reports. 
ev3 will keep accurate records of its activities under this Agreement, at the time each operation is carried out, and in such a way that all significant activities or events are traceable, including a record of (i) each order received and
accepted; (ii) each invoice issued to and payment received from a customer; (iii) a current account of all Receivables due and outstanding; (iv) each payment made to MTI, and (v) records of each receipt and delivery (including loan and consignment
devices), showing the date of receipt or delivery, name of the Product, quantity received or delivered.  Within 15 days of the end of each one-month period of this Agreement, ev3 will provide MTI with a report showing the orders obtained
for the Products, invoices issued to and payments received from customers, and payments remitted to MTI.  Such records will be clear and readily available, and shall be retained for a period of 10 years or expected lifetime of the Product
unless indicated otherwise by MTI.
 
	   
 	   
 
	   
 	             (x)          Regulatory Oversight; Compliance with
Laws. ev3 will apply for and obtain, on behalf of MTI, all registrations, approvals and licenses that may be required to sell the Products in the Direct Territory.  ev3 will comply with all applicable local laws and
regulations, including the United States FCPA and any applicable employment laws.
 
	  
 	   
 
	   
 	             (xi)          Product Recalls (Direct Territory).  In the event of
a recall ordered or requested by any government agency, a court or by either party of any Product within the Direct Territory, ev3 and MTI will discuss actions that will be taken with respect to customers and government authorities in
implementing such recall, including in locating and retrieving recalled Products from customers.  The parties will agree on such actions prior to implementation of any Product recall.  In the event the parties cannot agree on such actions,
MTI will be solely responsible for the implementation of such Product recall.  Any such recall of Products within the Direct Territory, whether required or voluntary, will be at MTI’s cost and expense.  MTI will defend and indemnify

 

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 	  ev3 against any loss, damage, liability or expense (including attorneys’ fees), other than loss of income from recalled Products, that ev3 may suffer or incur
as a result of or relating to any recall of the Products or any events leading to the recall of the Products.  In the event of a Product Recall, the parties to this Agreement agree to a proportionate reduction in the Minimum Sales Requirement
for the applicable period.
 
	  
 	   
 
	   
 	             (xii)          Product Complaints.  ev3 will promptly
provide notice to MTI of the occurrence of any of the following within the Direct Territory: (a) receipt of any Product quality claims or complaints or other written legal claims or complaints, (b) receipt of any medical claims, complaints or
problems, or (c) receipt of any written communication from any applicable regulatory agency pertaining to the Products.
 
	   
 	   
 

               d.          Applicable Law and Good Distribution Practices.  ev3 will, at all
times, have all necessary legal permits and licenses required by any governmental unit or agency and will comply with all applicable international, national, state, regional and local laws and regulations, in performing its duties hereunder and in
any of its dealings with respect to the Products as a distributor.  ev3 will maintain a system of Good Distribution Practices (“GDP”) which conforms to standards for handling and storage of the Product normally required for
certification under EN ISO 9001, 9002 and EN 46001. Without limiting the generality of the foregoing, at a minimum, GDP will provide for the following:

	  
 	            (i)          Management.  ev3 will appoint an
employee in each country in the Direct Territory in which Product is stored who will have the authority and responsibility for implementation and maintenance of GDP. Such individual will have personal involvement in the operation of GDP, and be
appropriately trained and experienced, which includes retraining at appropriate intervals. Records of training will be maintained for ten years.
 
	   
 	   
 
	   
 	             (ii)          Personnel.  ev3 employees involved in
handling and storage and of the Products and related records will have the ability and experience commensurate with such functions as required by GDP.
 
	   
 	   
 
	   
 	             (iii)          Deliveries to Customers.  ev3 shall enclose
a document with all deliveries, which makes it possible to ascertain the date, Product identification, quantity supplied, lot number, and the name and address of the supplier and addressee. Proof of delivery transactions will be used by
ev3.
 
	  
 	   
 
	   
 	             (iv)          Transportation.  ev3 will transport the
Products in such a way that:
 

 

	   
 	   
 	  •
 	  their identification is not lost;
 
	   
 	   
 	  •
 	  adequate precautions are taken against spillage, contamination or theft;
 
	   
 	   
 	  •
 	  they are secure and not subject to unacceptable degrees of heat cold, light, moisture or other adverse influence, nor to attack by micro-organisms or pests;
 
	  
 	   
 	  •
 	  Products requiring controlled temperatures and storage should also be transported by appropriate means.
 

 

	   
 	            (v)          Returns of Non-defective Products. 
Non-defective Products that have been returned to ev3 by customers should be kept apart from saleable stock to prevent from further distribution until a decision has been reached regarding their disposal. Products that have previously left
the care of ev3 should only be returned to stock if:
 

 

	   
 	   
 	  •
 	  the goods are in their original and sealed containers and in good condition;
 
	  
 	   
 	  •
 	  it is known that the goods have been stored and handled under proper conditions;
 
	   
 	   
 	  •
 	  the remaining shelf life period is acceptable;
 

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 	  •
 	  they have been examined and assessed by a person authorized to do so. This assessment should take into account the nature of the Product, any special storage conditions it
requires and the time elapsed since it was issued. Special attention should be given to Products requiring special storage conditions. As necessary, advice should be sought from MTI.
 
	   
 	   
 	  •
 	  records of returns should be kept. ev3 employees with requisite authority will formally release goods to be returned to stock. Products returned to saleable stock should be placed so
that the first in, first out, first expiry system operates effectively.
 

 

	   
 	            (vi)          Procedures.  ev3 will maintain
written procedures appropriate to the different operations carried out by ev3 including vigilance, receipt and checking of deliveries, storage, cleaning and maintenance of the premises. This includes recording of the storage conditions,
security of stocks on site and of consignments in transit, withdrawals from saleable stocks, records, including records of clients’ orders, returned products, recall trends, pest control, etc.  These procedures should be approved, signed
and dated by the responsible ev3 designee.
 
	   
 	   
 
	   
 	            (vii)          Storage.
 

 

	  
 	   
 	  •
 	  ev3 shall store Products apart from other goods and under the conditions specified by MTI, in order to avoid any deterioration by light, moisture or
temperature.
 
	   
 	   
 	  •
 	  ev3 storage areas will be sufficiently large and should have physically separated zones so that orderly, segregated storage is possible.
 
	   
 	   
 	  •
 	  where appropriate, ev3 shall monitor and periodically record temperatures in the applicable storage facilities.
 
	   
 	   
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 	  ev3 shall clean and remove accumulated waste from storage areas at regular intervals, and record the frequency and methods of cleaning such premises and areas.
 
	   
 	   
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 	  Smoking, eating and drinking shall be permitted only in segregated areas, and not in those areas used for storage and handling of the Product.
 
	  
 	   
 	  •
 	  ev3 shall take adequate precautions against spillage or breakage and contamination.
 
	   
 	   
 	  •
 	  ev3 shall implement and utilize a system to ensure stock rotation (first in, first out or first expiration date), with regular checks that the system is operating correctly. Products
beyond their expiry date or shelf life shall be separated from usable stock and neither sold nor supplied.
 
	   
 	   
 	  •
 	  Products with broken seals, damaged packaging, or suspected of possible contamination shall be withdrawn from saleable stock by ev3, and if not immediately destroyed, they shall be
kept in clearly separated areas, so that they cannot be sold in error or contaminate other goods.
 

 

	   
 	             (viii)          Internal Audits.  ev3 shall
conduct and record internal audits in order to monitor the implementation of and compliance with GDP.”  
 

              e.          Distributor Management.

	   
 	             (i)          Appointment of Distributors.  Subject to
MTI’s fulfillment of its obligations under Section 4(a) of this Agreement, ev3 will (a) assume management of those existing distributors of MTI which the Review Committee has determined will not be immediately terminated and (b) appoint
local distributors to market and promote the Products in the countries within the Distributor Territory not served by an existing distributor of MTI determined by the Review Committee.  MTI will participate in and have veto power with respect
to the selection of such distributors.
 

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 	             (ii)          Marketing and Promotional Activities. 
ev3 will require its distributors to market the Products within the Distributor Territory according to the then current Marketing Plan.  ev3 will keep MTI informed about upcoming trade shows and similar events within the
Distributor Territory and will cause its distributors to participate in such events at MTI’s request.
 
	  
 	   
 
	   
 	             (iii)          Promotional Materials.  ev3 will provide to
distributors the brochures and other sales and promotional literature describing the Products that MTI periodically approves or provides to ev3 (the “Promotional Materials”).  With MTI’s approval, ev3 or its
distributor may translate or adapt the Promotional Materials for use within the Distributor Territory.  ev3 will attach the copyright and other proprietary notices to such translations and adaptations that MTI reasonably requests. 
ev3 hereby assigns, and shall cause the distributors it manages to assign,  to MTI the copyrights that ev3 may acquire or possess in translations and adaptations of the Promotional Materials.
 
	   
 	   
 
	   
 	             (iv)          Market-Based Performance Standards.  ev3
agrees to require its distributors to meet the performance standards established by the Review Committee for each market within the Distributor Territory.
 
	   
 	   
 
	  
 	             (v)          Forecasts.  ev3 will obtain from its
distributors monthly forecasts for demand planning, and will provide such forecasts to MTI, on a rolling twelve-month basis.  ev3 also will provide to MTI monthly a twelve-month rolling financial forecast for the Distributor
Territory.  These forecasts do not alter the agreed upon minimum sales requirements.
 
	   
 	   
 
	   
 	             (vi)          Prices.  ev3 will quote to distributors the
prices and terms for the Products, in the appropriate local currency, based upon the pricing levels and discount levels mutually agreed upon by the parties to this Agreement on a country-by-country basis.  ev3 will not quote prices below
these pricing levels without prior written approval from MTI.
 
	   
 	   
 
	   
 	             (vii)          Receivables.  ev3 will use commercially
reasonable efforts to collect the amounts that distributors owe to MTI (the “Distributor Receivables”) based upon accounts receivable and collection goals mutually agreed upon by the parties on a country-by-country basis.  ev3
will have no right in the Distributor Receivables except as contemplated in Section 6 below.  ev3 will inform MTI of any Distributor Receivables that remain uncollected and become past due and use commercially reasonable efforts to
pursue the collection of such past due Distributor Receivables in accordance with MTI’s instructions.  Any costs incurred by ev3 for such collections shall be an ev3 expense.
 
	  
 	   
 
	   
 	             (viii)          Remittances.  ev3 will remit the
Distributor Receivables collected through the 13th of each month to MTI on the 15th day of such month, less any applicable VAT or other such charges that ev3 may pay or be required to pay on MTI’s behalf.  ev3 will
make all such remittances by wire transfer to the bank account that MTI may periodically designate.  MTI will bear all bank transfer charges.  If ev3 collects any Distributor Receivable for which taxes have been withheld by a
distributor, ev3 will use its commercially reasonable efforts to cause such distributor to furnish to MTI the documents evidencing the payment of such taxes that are acceptable to the local taxing authority.
 
	   
 	   
 
	   
 	             (ix)          Records and Reports. ev3 will keep accurate
records of its activities under this Agreement, at the time each operation is carried out, and in such a way that all significant activities or events are traceable, including a record of (i) each order received and accepted from a distributor; (ii)
each invoice issued to and payment received from a distributor; (iii) a current account of all Distributor Receivables due and outstanding; (iv) each payment of Distributor Receivables made to MTI, and (v) records of each receipt and delivery
(including loan and consignment devices), showing the date of receipt or delivery, name of the Product, quantity received or delivered.  Within 15 days of the end of each one-month period of this Agreement, 
 

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 	  ev3 will provide MTI with a report showing the distributor orders obtained for the Products, invoices issued to and payments received from distributors, and payments of
Distributor Receivables remitted to MTI. For transactions between MTI and distributors and between distributors, records should ensure the traceability of the origin and destination of product, for example by use of batch numbers, so that all the
suppliers and consignees can be identified. Such records will be clear and readily available, and shall be retained for a period of 10 years or expected lifetime of the Product unless indicated otherwise by MTI.
 
	   
 	   
 
	   
 	             (x)          Product Recalls (Distributor Territory).  In the
event of a recall ordered or requested by any government agency, a court or by either party of any Product within the Distributor Territory, ev3 and MTI will discuss actions that will be taken with respect to distributors, customers and
government authorities in implementing such recall, including in locating and retrieving recalled Products from customers.  The parties will agree on such actions prior to implementation of any Product recall.  In the event the parties
cannot agree on such actions, MTI will be solely responsible for the implementation of such Product recall.  Any such recall of Products within the Distributor Territory, whether required or voluntary, will be at MTI’s cost and
expense.  MTI will defend and indemnify ev3 against any loss, damage, liability or expense (including attorneys’ fees), other than loss of income from recalled Products,  that ev3 may suffer or incur as a result of or
relating to any recall of the Products or any events leading to the recall of the Products. In the event of a Product Recall, the parties to this Agreement agree to a proportionate reduction in the Minimum Sales Requirement for the applicable
period.
 
	  
 	   
 
	   
 	             (xi)          Product Complaints.  ev3 will promptly
provide notice to MTI of the occurrence of any of the following within the Distributor Territory: (a) receipt of any Product quality claims or complaints or other written legal claims or complaints, (b) receipt of any medical claims, complaints or
problems, or (c) receipt of any written communication from any applicable regulatory agency pertaining to the Products.
 
	   
 	   
 
	   
 	             (xii)           ev3 agrees that at such time that ev3 assumes
the management of an existing MTI distributor, it will not take any action that will cause MTI to be in breach of its agreement with such distributor.
 

               f.          Animal Lab Training and Proctorships.  ev3 will negotiate and complete
contractual relationships in Europe for animal lab training and proctorships for customers in Europe upon MTI’s prior approval.  All costs relating to such animal lab training and proctorships will be paid by ev3.
  4.          MTI’s Obligations.  
              a.          Distribution Management Phase-In. MTI will use its best efforts to transition
to ev3 the day-to-day management within the Distributor Territory in accordance with the staffing plan and strategy for distribution of the Products in the Distributor Territory agreed upon by the parties pursuant to the Original
Agreement.  MTI will be solely responsible for any and all costs related to any termination of its distributors and any transition to ev3.  
               b.          Promotional Materials.  MTI will provide ev3 with the quantity and
quality of Promotional Materials in English as the parties deem reasonably sufficient for ev3 and its distributors to promote, solicit and obtain orders for the Products within the Direct Territory and Distributor Territory in accordance with
the Marketing Plan.  
               c.          Marketing
Support.  MTI will provide marketing support necessary for ev3 to effectively market the Products within the Direct Territory and to manage the distribution of the Products within the Distributor Territory, including without
limitation, marketing studies, marketing communications and attendance at trade shows.
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                d.          Training.  MTI will
provide, at ev3’s expense, with the participation of ev3, each ev3 sales employee who will sell MTI products hereunder with the training necessary, on an ongoing basis, for ev3 to market the Products within the
Direct Territory.  ev3 will bear all travel and out-of-pocket expenses that such employees may incur in attending the training sessions.  MTI will provide, at ev3’s expense, with the participation of ev3, each
distributor with the training necessary on an ongoing basis, as determined by ev3 and MTI, for such distributors to market the Products within the Distributor Territory. 
              e.          Product Changes.  Except in the case of a Product recall or other
emergency, MTI will provide ev3 three months’ notice of changes in Products or packaging, or advertising, sales or Promotional Materials relating to the Products or any significant development planned and improvements that may affect the
marketing of the Products.
               f.          Support.  MTI
will provide ev3, in the form and when reasonably required by ev3, access to MTI’s technical and marketing and sales personnel for advice, consultation and assistance in marketing, negotiation of sales of, and providing support
for the Products within the Direct Territory and the Distributor Territory.  MTI may provide such support by telephone or other forms of communication or by on-site visits by ev3 employees or MTI, as the parties deem appropriate. 
MTI will provide executive sales support as agreed to by the parties from time to time.
               g.          Leads.  MTI may generate and will refer to ev3 all leads for
potential customers of the Products within the Direct Territory and the Distributor Territory.  To refer a lead, MTI will complete a Lead Referral form, to be established by the Review Committee, and remit it to ev3.  ev3
will follow-up on such leads according to the Marketing Plan.  
               h.          Sales Strategy.  Through the Review Committee, MTI will participate in
sales strategy sessions with ev3 International management.
              i.          Regulatory Oversight; Compliance with Laws.  MTI will provide ev3
with all information, data, materials and product samples as may be necessary to obtain the registrations, approvals or licenses that may be required to sell in the Direct Territory.  MTI will be solely responsible for all FDA/CE mark
regulatory matters and all other regulatory matters (other than those required to import and sell the Products within the Direct Territory or Distributor Territory) including, securing any and all regulatory approvals, performing all clinical
trials, and applying to register the MTI trademarks, patents or other intellectual property within the Direct Territory or the Distributor Territory. 
               j.          Product Complaints.  MTI will promptly provide notice to ev3 of the
occurrence of any of the following: (a) receipt of any Product quality claims or complaints or other written legal claims or complaints, (b) receipt of any medical claims, complaints or problems, or (c) receipt of any written communication from any
applicable regulatory agency pertaining to the Products.
  5.          Orders and Delivery.  
               a.          Orders.  ev3 will receive all orders for the Products from
customers in the Direct Territory and distributors in the Distributor Territory. If MTI receives any orders from the Direct Territory or the Distributor Territory, MTI will direct such orders to ev3.
               b.          Order Processing and Acceptance.  MTI hereby delegates to ev3 full
and binding authority to accept or reject any order for the Products. ev3 shall establish guidelines for order acceptance sufficient that orders falling within commercially reasonable parameters set by ev3 are accepted in the United
States without delay. ev3 affiliates shall direct orders to ev3 for acceptance.  ev3 will provide MTI with summaries of each order received which will include (i) the identity and location of the customer and/or
distributor, (ii) the type and quantity of the Products ordered and (iii) the requested shipment date.
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                c.          Shipment.  ev3
will establish a shipment schedule for each order accepted.  ev3 will arrange for shipment of the Products in accordance with this schedule, subject to delays beyond ev3’s control.  ev3 will select the method of
shipment for each order and obtain all licenses required to export the Products from the United States, if applicable.  MTI will provide sufficient inventory to meet anticipated orders to each warehouse location, as ev3 shall
direct.
  6.          Consideration.
               a.          Direct Territory Commission. MTI will pay to ev3 a fee in the amount of
[*]% of actual revenues received from sales of Products (net of refunds, rebates etc. actually paid or allowed with respect to such sale) in the Direct Territory (the “Direct Territory Commission”).  The Direct Territory Commission
will be paid to ev3 on the 15th of the month following the sale and is permitted to be netted against the payment from ev3 to MTI from collected Receivables.  This method of payment of the Direct Territory Commission
does not in any way alter the ownership of the Receivables by MTI.
               b.          Distributor Territory Distributor Management Fee.  MTI will pay to
ev3 a fee in the amount of 10% of actual revenues received from sales of Products to distributors (net of refunds, rebates etc. actually paid or allowed with respect to such sale) in the Distributor Territory (the “Distributor Management
Fee”).  The Distributor Management Fee will be paid to ev3 from collected Distributor Receivables.  This method of payment of the Distributor Management Fee does not in any way alter the ownership of the Distributor Receivables
by MTI.
              c.          Reimbursement of Commissions.  In the
event a customer has not paid for Product purchased within one hundred twenty (120) days of shipment of such Product and MTI has paid ev3 the Direct Territory Commission or Distributor Management Fee for such sale, ev3 shall
immediately refund such Direct Territory Commission or Distributor Management Fee for such sale.  In the event such customer later pays the amount so due to MTI, MTI shall pay the Direct Territory Commission or Distributor Management Fee, as
applicable.
               d.          Reimbursable Expenses. ev3
will bill to customers and distributors as appropriate, any costs related to the shipment of the Products to such customers and distributors, including without limitation, freight, customs duties and related charges.  In the event ev3 is
unable to charge or collect such shipment costs to or from a customer or distributor, MTI will reimburse ev3 within thirty (30) days of receipt of an invoice from ev3, for actual expenses incurred.  ev3 and MTI shall in
good faith determine a reasonable method to allocate freight on multiple product/company shipments.
               e.          Employee Expenses.  ev3 shall be responsible for all expenses
relating to the hiring and employment of its employees.
  7.          Confidentiality.  
               a.          Information.  Each party acknowledges that it may disclose certain
confidential information (the “Information”) to the other party.  If either party discloses such Information to the other, the receiving party will (i) use at least the same degree of care to maintain the secrecy of such Information
as the receiving party uses to maintain the secrecy of its own confidential information and (ii) use the Information only to accomplish the purposes of this Agreement.  The disclosing party will mark as “confidential” all tangible
items supplied to the receiving party that contain Information of the disclosing party.  Within 20 days of any oral disclosures of Information, the disclosing party will provide the receiving party with a writing memorializing the Information
disclosed and the date of disclosure.  The placement of copyright notices on such items will not constitute publication or otherwise impair their confidential nature.
 

*    CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH COMMISSION.
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                b.          Disclosure.  Neither
party will disclose the Information of the disclosing party to any person except those of the receiving party’s employees or agents that require access to accomplish the purposes of this Agreement and have been made aware of the confidentiality
obligations herein.  If the receiving party learns of an actual or potential unauthorized use or disclosure of the disclosing party’s Information, the receiving party will promptly notify the disclosing party and, at the disclosing
party’s request, provide the disclosing party with reasonable assistance to recover its Information and to prevent subsequent unauthorized uses or disclosures of such Information.  Each party acknowledges that (i) the unauthorized use or
disclosure of any Information of the disclosing party will cause irreparable damage for which it will not have an adequate remedy at law and (ii) the disclosing party will be entitled to injunctive and other equitable relief in such
cases.
               c.          Limitations.  Neither party will have
any confidentiality obligation with respect to the confidential information of the disclosing party that (i) the receiving party independently knew or develops without using the Information of the disclosing party, (ii) the receiving party lawfully
obtains from another person under no obligation of confidentiality or (iii) is or becomes publicly available other than as a result of an act or omission of the receiving party or any of its employees or agents.
  8.          Ownership.
               All
patents, copyrights, trademarks, trade secrets, regulatory approvals and other proprietary rights in or related to the Products are and will remain the exclusive property of MTI or its licensors, whether or not specifically recognized or perfected
under applicable law.  During the term of this Agreement, ev3 may use MTI’s trademarks to promote the Products, provided that prior to publishing or disseminating any advertising or promotional material bearing MTI’s
trademarks, ev3 will deliver a sample of such materials to MTI for prior approval. 
 9.          Representations and
Warranties.
               a.          Existence and
Authority.  Each party represents and warrants that it is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and has the corporate power and authority to execute, deliver
and perform this Agreement.  The execution of this Agreement and the performance thereof have been duly authorized by all necessary corporate action on its part and do not conflict with the terms or conditions of any agreement to which such
party is subject.
               b.          Products.  MTI represents
and warrants that the Products will (i) conform to the written product specifications and (ii) comply with the requirements of any applicable law or regulation.
               c.          Intellectual Property.  MTI represents and warrants that it has all
necessary ownership rights to market, sell and distribute the Products in the Direct Territory and the Distributor Territory, and that the manufacture, sale and use of the Products and any distribution of the Promotional Materials will not infringe
any patents, copyrights, trademarks or other intellectual or proprietary rights of any third parties.
               d.          Disclaimer.  EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT, ALL
WARRANTIES, CONDITIONS AND REPRESENTATIONS WITH RESPECT TO THE PRODUCTS OR THE PROMOTIONAL MATERIALS, WHETHER EXPRESS OR IMPLIED, ARISING BY LAW, CUSTOM, PRIOR ORAL OR WRITTEN STATEMENT BY THE PARTIES OR OTHERWISE (INCLUDING, BUT NOT LIMITED TO ANY
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT) ARE HEREBY OVERRIDDEN, EXCLUDED AND DISCLAIMED.
 10.       Limitation of Liability.
               UNDER NO
CIRCUMSTANCES WILL EITHER PARTY BE LIABLE FOR ANY CONSEQUENTIAL, INDIRECT, SPECIAL, PUNITIVE OR INCIDENTAL DAMAGES OR LOST PROFITS, 
  10

   WHETHER FORESEEABLE OR UNFORESEEABLE, BASED ON CLAIMS OF THE OTHER PARTY OR ITS CUSTOMERS (INCLUDING, BUT NOT LIMITED TO, CLAIMS FOR LOSS OF GOODWILL, USE OF MONEY OR USE OF
THE PRODUCTS, INTERRUPTION OF STOPPAGE OF WORK OR IMPAIRMENT OF OTHER ASSETS), ARISING OUT OF BREACH OR FAILURE OF EXPRESS OR IMPLIED WARRANTY, BREACH OF CONTRACT, MISREPRESENTATION, NEGLIGENCE, STRICT LIABILITY IN TORT OR OTHERWISE. 

  11.        Audit.
               During the term of this Agreement and for one year after its expiration or termination, MTI or its accountants may, upon 30 days’ prior notice
to ev3, audit the accounting records of ev3 during the normal working hours to verify ev3’s compliance with the obligations under this Agreement; provided, however, that MTI will not be entitled to conduct such audit more
that once per year. 
  12.        Indemnity.
               Except for liabilities caused by acts of ev3 which are outside the scope of its authority under this Agreement or which are performed with
gross negligence, MTI will indemnify, defend and hold harmless ev3 from and against any and all liabilities, losses, suits, claims, damages and expenses (including attorneys’ fees and costs) based on claims arising out of or relating to
(i) the manufacture, use, distribution, promotion or sale of the Products or (ii) the infringement by ev3 of any patent, copyright, trademark or other intellectual property rights of any third parties with respect to the Products or
Promotional Materials.  ev3 will (i) notify MTI promptly of any such actual or potential claim; (ii) allow MTI to control the defense of the claim; (iii) cooperate in the defense of such claim and (iv) not settle such claim without
MTI’s consent.
 13.        Term and Termination.
               a.          Term.  This Agreement will become effective on the Effective Date and
continue in effect until November 16, 2006, unless earlier terminated pursuant to paragraph 13(b).  This Agreement will automatically renew for subsequent 2 year periods unless either party provides the other party written notice
180 days prior to the expiration of the initial term or any renewal term of its intention not to renew.
               b.          Termination for Cause.  Either party may terminate this Agreement, without
judicial or administrative notice or resolution, immediately upon notice to the other party, if:

	   
 	            (i)          the other party or any of its employees breaches any
material obligation under this Agreement and such party fails to cure the breach within thirty days after receipt of written notice thereof.  Failure by MTI to deliver Products in accordance with the schedule set forth in the forecast for more
than three months during any one year period will be considered breach of a material obligation;
 
	   
 	   
 
	   
 	             (ii)          either party ceases to conduct business in the normal course, is
declared insolvent, undergoes any procedure for the suspension of payment, makes a general assignment for the benefit of creditors or a petition for bankruptcy, reorganization, dissolution or liquidation is filed by or against it; or

	  
 	   
 
	   
 	             (iii)          the direct or indirect ownership or control of the other party
changes as follows:  MTI may only exercise its right of termination under this Section in the event that Warburg Pincus (together with its affiliates) ceases to own or control at least 20% of ev3.  ev3 may only exercise
it’s right of termination under this Section if a third party gains control of MTI from, or subsequent to, Warburg Pincus (together with its affiliates).  Control of MTI will be deemed to have changed to a third party if that party
acquires control over more shares of MTI than Warburg Pincus controls at that point in time.  For purposes of this Section, an initial public offering of a party will 
 

  11

	   
 	  not be considered to create a right of termination under this Agreement.
 

               c.          Termination for Failure to Meet Minimum Sales.  MTI may terminate this
Agreement, upon written notice to ev3 within 30 days following the conclusion of a fiscal year in the event ev3 fails to meet the Minimum Sales for the Direct Territory, unless, within 10 days of receipt of such termination notice,
ev3 provides written notice to MTI of its intent to cure.  If such notice is provided, the Agreement will not terminate if, within 180 days, ev3 cures such failure for that fiscal year and becomes current with respect to sales in
the then-current year.
              d.          Termination for MTI Change of
Control.  In the event of a change of control of MTI, MTI may terminate this Agreement, upon 90 days’ written notice to ev3 within 30 days of such change of control of MTI.
               e.          Consequences of Termination.  Upon expiration or termination of this
Agreement for any reason the parties will comply with the following termination obligations:

	   
 	             (i)          MTI will pay all due and outstanding amounts, as well
as any amount that has not become due, the due date of which will be automatically accelerated to the date of expiration or termination of this Agreement.
 
	   
 	   
 
	   
 	             (ii)          ev3 will, at MTI’s option, destroy or deliver to MTI
or its designees all Promotional Materials within ev3’s possession or control.
 

              f.          Survival.  The provisions of Sections 3(c)(viii), 3(c)(ix), 3(d),
3(e)(viii), 3(e)(ix), 6-8, 10, 11, 12, 13(e), 14-22 will survive the expiration or termination of this Agreement.”
  14.      Insurance.

           MTI will maintain product liability insurance in an amount sufficient to cover complete cost of product liability, regulatory and intellectual
property liability with an insurance company rated at least A+3 by Best’s rating guide.  ev3 will be named as an additional insured on such insurance policies.  ev3 will maintain insurance in an amount sufficient to
cover any ev3 warehousing facilities and to cover wrongful acts by ev3 in the distribution, sale and promotion of the Products.
  15.     U.S. Export
Restrictions.
            ev3 acknowledges that the Products and related information, documents and materials may be subject to
export controls under U.S. Export Administration Regulations.  ev3 will (i) comply with all legal requirements established under these controls, (ii) cooperate with MTI in any official or unofficial audit or inspection that relates to
these controls and (iii) not export, re-export, divert or transfer any such item or direct products thereof to any country to which such transfer is prohibited by such export controls, unless ev3 has obtained the prior written authorization
of MTI and the U.S. Department of Commerce.
  16.     Force Majeure.
           Neither party will be liable for any failure or delay in performing an obligation under this Agreement that is due to causes beyond its reasonable control, such as
natural catastrophes, governmental acts or omissions, laws or regulations, labor strikes or difficulties or transportation stoppages.  These causes will not excuse either party from paying amounts due to the other through any available lawful
means acceptable to the other party.
  12

   17.      Notices.
            Any notice required or permitted under this Agreement shall be in writing and either mailed by nationally recognized overnight courier, registered or certified mail,
return receipt requested, or by express delivery service to the other party.  All notices shall be sent to the attention of the Chief Executive Officer of such other party at the address set forth in the first paragraph of this Agreement or at
such other addresses or to such other persons as such party may previously have designated by written notice.  Notice will be deemed to have been given upon receipt.
  18.      Assignment.
            Except as otherwise provided, neither party may
assign, delegate, subcontract or otherwise transfer this Agreement or any of its rights or obligations without the other party’s prior approval, which approval will not be unreasonably withheld.  Either party may assign this Agreement or
any of its rights or obligations, upon notice to the other party, to (i) a related company or to an unrelated party pursuant to a sale, merger or other consolidation, or (ii) a subsidiary provided that the assigning party execute a guarantee
covering the subsidiary’s obligations after such assignment.
  19.      Waiver, Amendment, Modification.
           Except as otherwise provided, any waiver, amendment or other modification of this Agreement will not be effective unless in writing and signed by the party against
whom enforcement is sought.
  20.     Severability.
            If any provision of this Agreement is held to be unenforceable, in whole or in part, such holding will not affect the validity of the other provisions. 

  21.     Governing Law.
            This Agreement will
be governed by and interpreted in accordance with the laws of the State of Minnesota, excluding its conflict of laws principles.  Any claim arising out of or relating to this Agreement or the existence, validity, breach or termination thereof,
whether during or after its term, will be brought in, and the parties hereby consent to the jurisdiction of, the state or federal courts sitting in Minneapolis, Minnesota. 
  22.     Entire Agreement.
            This Agreement and its Exhibits constitute the
complete and entire statement of all terms, conditions and representations of the agreement between MTI and ev3 with respect to its subject matter and supersedes all prior writings or understandings.
            IN WITNESS WHEREOF, MTI and ev3 cause this Agreement to be executed by their duly authorized representatives identified below.

	 MICRO THERAPEUTICS, INC.
 	   
 	  ev3 INTERNATIONAL, INC.
 
	  (“MTI”)
 	   
 	  (“ev3”)
 
	   
 	   
 	   
 
	  By:
 	 /s/ Tom Wilder  
 	   
 	  By:
 	 /s/ Paul Buckman 
 
	   
 	 
 	   
 	   
 	 
 
	 Name:
 	      Tom Wilder 
 	  
 	 Name:
 	       Paul Buckman  
 
	  
 	 
 	  
 	  
 	 
 
	 Title:
 	      President & CEO
 	  
 	 Title:
 	       President 
 
	  
 	 
 	  
 	  
 	 
 

 13Waiver and Tenth Amendment to Credit Ageement

  Exhibit 10.1
 WAIVER AND TENTH AMENDMENT TO
CREDIT AGREEMENT
 This WAIVER AND TENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is effective as of July 24, 2003 and is entered into by and
among Opinion Research Corporation, a Delaware corporation (“Parent”), ORC INC., a Delaware corporation (“ORC”, Parent and ORC are sometimes collectively referred to herein as the “Borrowers” and individually as a
“Borrower”), the Subsidiaries of Borrowers party hereto, Heller Financial, Inc., in its capacity as Agent for the Lenders party to the Credit Agreement described below (“Agent”), and the Lenders which are signatories
hereto.
 WHEREAS, Agent, Lenders and Borrowers are parties to a certain Credit Agreement dated as of May 26, 1999 (as such agreement has from time to time been
amended, supplemented or otherwise modified, the “Agreement”); and
 WHEREAS, the parties desire to amend
the Agreement as hereinafter set forth, and Agent and Lenders have agreed to waive certain Events of Default under the Agreement, each on the terms and subject to the conditions set forth in this
Amendment.
 NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in the Agreement and in this Amendment, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
 1.          Definitions. Capitalized terms used in this Amendment, unless otherwise defined herein, shall have
the meaning ascribed to such terms in the Agreement.
 2.          Amendments. Subject to the conditions set forth below, the Agreement is amended as follows:
 (a)        Section 1.3 of the Agreement shall be amended by adding to the end thereof a new subsection (D) to read as follows:
 “(D)    Deferred Fee. In consideration of the Agent and Lenders entering into that certain
Waiver and Tenth Amendment to Credit Agreement dated as of July 24, 2003 among Agent, Lenders, Borrowers and the other Loan Parties party thereto (the “Tenth Amendment”), and the waiver by the Agent and Lenders of the Existing Defaults (as
defined therein), Borrowers shall pay to Agent, on the Fee Payment Date (as defined below), a non-refundable amendment fee (which shall be deemed to have been fully earned on the date of the Tenth Amendment) equal to one percent (1.00%) of the
“Aggregate Commitment”, such amendment fee to be shared by the Lenders on the Fee Payment Date pro rata based on each such Lender’s respective share of the Aggregate Commitment. For purposes hereof, (i) “Fee Payment Date”
shall mean the earlier to occur of (a) December 31, 2003 or (b) the date on which all or any portion of the Obligations are repaid in connection with a sale of any assets of any Loan Party or any event described in 
 
1

  Section 6.1(S) of the Agreement and (ii) “Aggregate Commitment” shall mean the aggregate Revolving
Loan Commitment plus the outstanding principal amount of Term Loans, in each case as in effect on the date of the Tenth Amendment. 
 (b)        Section 1.5(C) of the Agreement shall be amended in its entirety and as so amended shall read as follows:
 “(C)    Prepayments from Asset Dispositions. Immediately upon receipt of the Net Proceeds in excess of $250,000 for any single
transaction or series of transactions, Borrowers shall repay the outstanding principal balance of the Revolving Loan by the amount of any reduction in the Borrowing Base attributable to the Asset Disposition giving rise to such Net Proceeds and,
thereafter, immediately repay the Term Loan in an amount equal to the remaining Net Proceeds of such Asset Disposition. The payments shall be applied in accordance with subsection 1.5(E).
 (c)        Section 4.3 of the Agreement shall be amended by deleting the dollar amount $15,500,000 set forth opposite the testing
date September 30, 2003 and inserting in lieu thereof the dollar amount $14,000,000. 
 (d)        Subsection (B) of Section 4.4 of the Agreement shall be amended in its entirety and as so amended shall read as follows:
 “(B)    Borrowers shall not permit Fixed Charge Coverage for any twelve (12) month period ending on the last day of any calendar quarter
to be less than: (i) 1.05 for each of the calendar quarters ending March 31, 2002, June 30, 2002, September 30, 2002, December 31, 2002, March 31, 2003 and June 30, 2003, (ii) 0.90 for the calendar quarter ending September 30, 2003, (iii) 1.10 for
the calendar quarter ending December 31, 2003 and (iv) 1.20 for any other calendar quarter.”
 (e)        Subsection 4.8(A)(2) of the Agreement shall be amended in its entirety and as so amended shall read as follows:
 “(2)     Quarterly Financials. As soon as available and in any event within forty-five (45) days after the end of each
fiscal quarter of Borrowers (including the last month of Borrowers’ fiscal year), Borrowers will deliver (a) the consolidated and consolidating balance sheets of Parent and its Subsidiaries, as at the end of such fiscal quarter, and the related
consolidated and consolidating statements of income, stockholders’ equity and cash flow for such fiscal quarter and for the period from the beginning of the then current fiscal year of Parent to the end of such fiscal quarter and (b) a schedule
of the outstanding Indebtedness for borrowed money of Parent and its Subsidiaries describing in reasonable detail each such debt issue or loan outstanding and the principal amount and amount of accrued and unpaid interest with respect to each such
debt issue or loan.”
 (f)         Notwithstanding anything to the
contrary contained in the Agreement or any other Loan Document, with respect to the Borrowers’ fiscal quarters ended September 30, 2003 and December 31, 2003, Borrowers agree to deliver the financial statements and Complaince 
 
2

  Certificate required to be delivered to Agent and Lenders for such fiscal quarters pursuant to subsections 4.8(A) and 4.8(C) of the Agreement no later than
October 20, 2003 and January 20, 2004, respectively.
 (g)        Section
9.13 of the Agreement shall be amended by adding the following after the end of the last sentence thereof: “Notwithstanding anything to the contrary set forth herein or in any other agreement to which the parties hereto are parties or by which
they are bound, the obligations of confidentiality contained herein and therein, as they relate to the transactions contemplated by this Agreement and the other Loan Documents (the “Transaction”), shall not apply to the federal tax
structure or federal tax treatment of the Transaction, and each party hereto (and any employee, representative, agent of any party hereto) may disclose to any and all persons, without limitation of any kind, the federal tax structure and federal tax
treatment of the Transaction. The preceding sentence is intended to cause the Transaction to be treated as not having been offered under conditions of confidentiality for purposes of Section 1.6011-4(b)(3) (or any successor provision) of the
Treasury Regulations promulgated under Section 6011 of the Internal Revenue Code of 1986, as amended, and shall be construed in a manner consistent with such purpose. In addition, each party hereto acknowledges that it has no proprietary or
exclusive rights to the federal tax structure of the Transaction or any federal tax matter or federal tax idea related to the Transaction.”
 3.          Waiver. Borrowers have informed Agent and Lenders that Events of Default
exist under the Agreement due to Borrower’s failure to comply with the provisions of Section 4.3 and Section 4.4 of the Agreement for, in each case, the reporting period ended June 30, 2003 (the “Existing Defaults”). Subject to the
satisfaction of the conditions set forth in Section 4 below, Agent and Lenders hereby agree to waive the Existing Defaults. This is a limited waiver and shall not be deemed to constitute a waiver of any other Event of Default or any future breach of
the Agreement or any of the other Loan Documents.
 4.          Conditions. The effectiveness of this Amendment is subject to the following conditions precedent:
 (a)        Borrowers and the other Loan Parties party hereto shall have executed and delivered this Amendment, and such other documents and instruments as Agent may require shall have been executed and/or delivered to Agent;
 (b)        All proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments and other legal matters incident thereto shall be
satisfactory to Agent and its legal counsel;
 (c)        No Default or Event
of Default shall have occurred and be continuing (other than the Existing Defaults being waived pursuant to the terms of this Amendment);
 (d)        The representations and warranties set forth in Section 5 below are true, correct and complete; and
 
3

  (e)        Borrowers shall have paid to Agent a
non-refundable amendment fee in the amount of 0.50% of the “Aggregate Commitment”, such amendment fee to be shared by the Lenders who have executed this Amendment pro rata based on each Lender’s respective share of the Aggregate
Commitment (for purposes of this clause (e), “Aggregate Commitment” shall mean, with respect to the Lenders who have executed this Amendment, the aggregate Revolving Loan Commitment of such Lenders plus the outstanding principal amount of
Term Loans of such Lenders, in each case as in effect on the date hereof).
 5.          Representations and Warranties. To induce Agent and Lenders to enter into this Amendment, each of the
Borrowers represents and warrants to Agent and Lenders:
 (a)        that the
execution, delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part of such Borrower and that this Amendment has been duly executed and delivered by such Borrower; and
 (b)        that each of the representations and warranties set forth in the Agreement and the
Subordinated Loan Agreement (in each instance, other than those which, by their terms, specifically are made as of certain date prior to the date hereof) are true and correct in all material respects as of the date hereof. 
 6.          Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be
invalid or unenforceable. 
 7.          References. Any reference to the Agreement contained in any document, instrument or agreement executed in connection with the Agreement shall be deemed to be a
reference to the Agreement as modified by this Amendment. 
 8.          Counterparts. This Amendment may be executed in one or more counterparts, each of which shall
constitute an original, but all of which taken together shall be one and the same instrument.
 9.          Ratification. The terms and provisions set forth in this Amendment shall modify and supersede all
inconsistent terms and provisions of the Agreement and shall not be deemed to be a consent to the modification or waiver of any other term or condition of the Agreement. Except as expressly modified and superseded by this Amendment, the terms and
provisions of the Agreement are ratified and confirmed and shall continue in full force and effect.
 10.      Reaffirmation. Each Loan Party party hereto has executed and delivered one or more of the Security Documents and/or the other Loan
Documents as debtor, grantor, pledgor, guarantor, assignor, or in other similar capacities in which such Person has granted liens or security interests in their respective properties or otherwise acted as an accommodation party or guarantor, as the
case may be. Each Loan Party party hereto hereby ratifies and reaffirms all of its respective payment and performance obligations, contingent or otherwise, under the Security Documents and any other Loan Documents to which it is a party and, to the
extent any such 
 
4

  Person has granted liens on or security interests in any of their respective properties pursuant to any of the Security Documents or any of the other Loan
Documents as security for or otherwise guaranteed the Obligations under or with respect to the Agreement or any other Loan Documents, hereby ratifies and reaffirms such payment and performance obligations, guarantee and grant of security interests
and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations. Each Loan Party party hereto agrees that each of the Security Documents and each other Loan Document remains in full force and effect
and is hereby ratified and reaffirmed, and agrees that the Amendment shall not (i) operate as a waiver of any right, power or remedy of Agent or Lenders under the Loan Documents (other than the waiver of the Existing Defaults set forth above) or
(ii) constitute a waiver of any provision of any of the Loan Documents (other than the waiver of the Existing Defaults set forth above) or serve to effect a novation of the Obligations.
 11.       Release. Effective as of the date hereof and in consideration for
the agreements of Agent and Lenders to waive the Existing Defaults and to amend the Agreement as provided above, and for other good and valuable consideration, the receipt and sufficiency of which is hereby confirmed by the Loan Parties, each Loan
Party hereby releases and discharges Agent and Lenders and their respective employees, officers, directors, attorneys and agents from any and all claims, causes of action, demands, debts, obligations, liabilities and all other claims which such Loan
Party may have against Agent or any Lender, known or unknown, which relate to any action or omission on the part of Agent or any Lender on or prior to the date hereof. Each Loan Party warrants and represents that it is the owner of all claims,
demands and causes of action being settled and released and hereby warrants that no portion of any claim, right, demand or cause of action released hereby has been assigned or transferred to any other party.
 [Remainder of page intentionally left blank; signature page follows]
 
5

  IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed under seal and delivered by their respective duly
authorized officers on the date first written above.
  

	  
 	 AGENT and LENDERS:
 	     
 	 BORROWERS:
 
	  
 	  
 	     
 	  
 
	  
 	 HELLER FINANCIAL, INC., 
 as Agent and as a Lender
 	     
 	 OPINION RESEARCH CORPORATION, 
 a Delaware corporation
 
	  
 	 By: 
 	 
 MICHAEL J. DONNELLY
 	     
 	 By: 
 	 
 DOUGLAS L. COX
 
	  
 	  
 	 
 	  
 	  
 	 
 
	  
 	 Name: 
 	 /s/ Michael J. Donnelly
 	     
 	 Name: 
 	 /s/ Douglas L. Cox
 
	  
 	 Title: 
 	 SVP
 	     
 	 Title: 
 	 Executive Vice President
 

  

	  
 	 
 	     
 	 
 
	  
 	 FLEET NATIONAL BANK, 
 as a Lender
 	     
 	 ORC INC., 
 a Delaware corporation
 
	  
 	 By: 
 	 
 KENNETH R. GEIGER
 	     
 	 By: 
 	 
 KEVIN P. CROKE
 
	  
 	  
 	 
 	  
 	  
 	 
 
	  
 	 Name: 
 	 /s/ Kenneth R. Geiger
 	     
 	 Name: 
 	 /s/ Kevin P. Croke
 
	  
 	 Title: 
 	 Managed Assets Officer
 	     
 	 Title: 
 	 President
 

  
  

	  
 	 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as a Lender 
 
	  
 	 By: 
 	 
 DANIEL EVANS
 	     
 	  
 	  
 
	  
 	  
 	 
 	  
 	  
 	  
 
	  
 	 Name: 
 	 /s/ Daniel Evans
 	     
 	  
 	  
 
	  
 	 Title: 
 	 Managing Director
 	     
 	  
 	  
 

  

	  
 	 MERRILL LYNCH BUSINESS FINANCIAL SERVICES, INC., 
 as a Lender 
 
	  
 	 By: 
 	 
 PATRICK A. LUCAS 
 	     
 	  
 	  
 
	  
 	  
 	 
 	  
 	  
 	  
 
	  
 	 Name: 
 	 /s/ Patrick A. Lucas
 	     
 	  
 	  
 
	  
 	 Title: 
 	 AVP
 	     
 	  
 	  
 

  
  

	  
 	 PNC BANK, NATIONAL ASSOCIATION, 
 as a Lender
 
	  
 	 By: 
 	 
 PHILLIP J. CLARK  
 	     
 	  
 	  
 
	  
 	  
 	 
 	  
 	  
 	  
 
	  
 	 Name: 
 	 /s/ Phillip J. Clark
 	     
 	  
 	  
 
	  
 	 Title: 
 	 Vice President
 	     
 	  
 	  
 

  
 [signatures continued on next page]

   

	 	SUBSIDIARIES:	 
	 	 	 	 	 
	 	ORC TELESERVICE CORP., 
 a Delaware corporation	 
	 	 	 	 	 
	 	 By: 
 	 
 KEVIN P. CROKE
 	 	 
	 	  
 	 
 	 	 
	 	 Name: 
 	 /s/ Kevin P. Croke
 	 	 
	 	 Title: 
 	 Secretary
 	 	 
	 	 	 	 	 
	  
 	 ORC PROTEL, INC., 
 a Delaware corporation
 	  
 
	  
 	 By: 
 	 
 KEVIN P. CROKE
 	     
 	  
 
	  
 	  
 	 
 	  
 	  
 
	  
 	 Name: 
 	 /s/ Kevin P. Croke
 	     
 	  
 
	  
 	 Title: 
 	 Secretary
 	     
 	  
 
	 	 	 	 	 
	 	MACRO INTERNATIONAL INC., 
 a Delaware corporation	 
	 	 	 	 	 
	 	 By: 
 	  DOUGLAS L. COX
 	 	 
	 	  
 	 
 	 	 
	 	 Name:
 	 /s/ Douglas L. Cox
 	 	 
	 	 Title: 
 	 Secretary
 	 	 
	 	 	 	 	 
	 	SOCIAL AND HEALTH SERVICES, LTD., 
 a Maryland corporation	 
	 	 	 	 	 
	 	 By: 
 	KEVIN P. CROKE	 	 
	 	  
 	 
 	 	 
	 	 Name:
 	/s/ Kevin P. Croke	 	 
	 	 Title: 
 	Secretary	 	 
	 	 	 	 	 
	 	ORC TELECOMMUNICATIONS LTD., 
 a Maryland corporation	 
	 	 	 	 	 
	 	 By: 
 	 
 KEVIN P. CROKE
 	 	 
	 	  
 	 
 	 	 
	 	 Name:
 	 /s/ Kevin P. Croke
 	 	 
	 	 Title: 
 	 EVP

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