Document:

Exhibit
10.1

SECOND AMENDMENT
TO CREDIT AGREEMENT

SECOND AMENDMENT TO
CREDIT AGREEMENT (this “Second Amendment”),
dated as of May 10, 2007, among MICHAELS STORES, INC., a Delaware corporation
(the “Borrower”), the Replacement Lenders (as
defined below), and DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent
(in such capacity, the “Administrative Agent”).  Unless otherwise defined herein, capitalized
terms used herein and defined in the Credit Agreement are used herein as
therein defined.

W  I
T  N  E  S  S  E  T  H :

WHEREAS, the Borrower,
the Lenders, the Administrative Agent, the Syndication Agent and the
Co-Documentation Agents have entered into a Credit Agreement, dated as of
October 31, 2006 (as amended, supplemented and/or otherwise modified to, but
not including, the date hereof, the “Credit Agreement”);
and

WHEREAS, pursuant to
Section 10.01 of the Credit Agreement, the parties hereto wish to amend certain
provisions of the Credit Agreement as provided herein, subject to the terms and
conditions set forth below.

NOW, THEREFORE, it is
agreed;

A.                                   Amendments
to the Credit Agreement

1.             Section 1.01 of the
Credit Agreement is hereby amended by (i) deleting the definitions of “Applicable Rate”, “Commitment”, “Loan”, “Notice of Intent to
Cure”, “Permitted Cure Issuance”,
“Pro  Rata Share” and
“Relevant Reference Period”
appearing in said Section in their entirety and (ii) inserting in appropriate
alphabetical order the following new definitions:

“Applicable
Rate” means a percentage per annum equal to (i) in the case of
Eurocurrency Rate Loans, 2.25% and (ii) in the case of Base Rate Loans, 1.25%, less, in each case, if (but only if) the Moody’s Applicable
Corporate Rating then most recently published is B1 or higher (with at least a
stable outlook), 0.25%.  Any increase or
decrease in the Applicable Rate resulting from a change in Moody’s Applicable
Corporate Rating shall become effective as of the first Business Day
immediately following the date the then most recent Moody’s Applicable
Corporate Rating is published; provided that
at the option of the Administrative Agent or the Required Lenders, no deduction
shall apply (x) as of the first Business Day after the date on which Moody’s
ceases to maintain or publish a Moody’s Applicable Corporate Rating (of any
level), and shall continue not to apply to and including the date on which a
new Moody’s Applicable Corporate Rating is so published (with any deduction as
otherwise determined in accordance with this definition to apply thereafter),
and (y) as of the first Business Day after an Event of Default under
Section 8.01(a), (f) or (g) shall have occurred 

and be continuing, and
shall continue not to apply to but excluding the date on which such Event of
Default is cured or waived (with any deduction as otherwise determined in
accordance with this definition to apply thereafter). It is understood and
agreed that (x) the “Applicable Rate” (as defined herein immediately prior to
giving effect to the First Amendment Effective Date) shall apply for all
periods prior to the First Amendment Effective Date, (y) the “Applicable Rate”
(as defined herein immediately after giving effect to the First Amendment
Effective Date and prior to the Second Amendment Effective Date) shall apply
for all periods on and after the First Amendment Effective Date and prior to
the Second Amendment Effective Date and (z) the “Applicable Rate” (as defined
herein immediately after giving effect to the Second Amendment Effective Date)
shall apply for all periods on and after the Second Amendment Effective Date.

“Applicable Consolidated Secured Debt Ratio” means, as at any
date of determination, the ratio of (a) the Consolidated Total Indebtedness of
the Borrower and its Restricted Subsidiaries that is secured by Liens as at the
last day of the Relevant Reference Period then last ended to (b) the Borrower’s
EBITDA for the Relevant Reference Period then last ended, in each case with
such pro  forma adjustments to Consolidated Total Indebtedness and
EBITDA as are appropriate and consistent with the pro  forma
adjustment provisions set forth in the definitions of “Consolidated Secured
Debt Ratio” and “Pro  Forma Compliance”:

	
  Calendar Year

  Ended

  	
   

  	
  Relevant 

  Reference Period 

  Ended Closest to

  January 31

  	
   

  	
  Relevant 

  Reference Period 

  Ended Closest to

  April 30

  	
   

  	
  Relevant 

  Reference Period 

  Ended Closest to

  July 31

  	
   

  	
  Relevant 

  Reference Period 

  Ended Closest to

  October 31

  	
   

  
	
  2008

  	
   

  	
  5.95:1.00

  	
   

  	
  5.95:1.00

  	
   

  	
  5.95:1.00

  	
   

  	
  5.95:1.00

  	
   

  
	
  2009

  	
   

  	
  5.95:1.00

  	
   

  	
  5.50:1.00

  	
   

  	
  5.50:1.00

  	
   

  	
  5.50:1.00

  	
   

  
	
  2010

  	
   

  	
  5.50:1.00

  	
   

  	
  5.00:1.00

  	
   

  	
  5.00:1.00

  	
   

  	
  5.00:1.00

  	
   

  
	
  2011

  	
   

  	
  5.00:1.00

  	
   

  	
  4.50:1.00

  	
   

  	
  4.50:1.00

  	
   

  	
  4.50:1.00

  	
   

  
	
  2012

  	
   

  	
  4.50:1.00

  	
   

  	
  4.00:1.00

  	
   

  	
  4.00:1.00

  	
   

  	
  4.00:1.00

  	
   

  
	
  2013

  	
   

  	
  4.00:1.00

  	
   

  	
  4.00:1.00

  	
   

  	
  4.00:1.00

  	
   

  	
  4.00:1.00

  	
   

  

 

“Commitment”
means, as to each Lender, its Original Commitment, its New Commitment or its
Replacement Commitment, as the context may require.

“Loan” means (a) the making of an Original Loan by a Lender
to the Borrower pursuant to Section 2.01(a), (b) the making of an Additional
New Loan by a Lender to the Borrower pursuant to Section 2.01(c), (c) the conversion
of an Original Loan to a Converted New Loan by a Lender pursuant to Section
2.01(b) or (d) the making of a Replacement Loan by a Lender to the Borrower
pursuant to Section 2.01(d).

“Pro  Rata Share” means, with
respect to each Lender, (i) at or prior to the funding on the Closing Date, a
fraction (expressed as a percentage, carried out to the ninth decimal place),
the numerator of which is the 

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amount of the Commitment of such Lender at
such time and the denominator of which is the amount of the Aggregate
Commitments of all Lenders at such time, (ii) for purposes of Section 2.02(b)
only, at the time of the funding of the Additional New Loans on the First
Amendment Effective Date, a fraction (expressed as a percentage, carried out to
the ninth decimal place), the numerator of which is the amount of the New
Commitment of such Lender at such time and the denominator of which is the sum
of the aggregate New Commitments of all Lenders at such time, (iii) at the time
of the funding of the Replacement Loans on the Second Amendment Effective Date,
a fraction (expressed as a percentage, carried out to the ninth decimal place),
the numerator of which is the amount of the Replacement Commitment of such
Lender at such time and the denominator of which is the sum of the aggregate
Replacement Commitments of all Lenders at such time and (iv) at any other time,
a fraction (expressed as a percentage, carried out to the ninth decimal place),
the numerator of which is the principal amount of the Loans of such Lender at such
time and the denominator of which is the aggregate principal amount of the
Loans of all Lenders at such time.

“Refinanced Loans” means all outstanding
Loans immediately prior to the Second Amendment Effective Date.

“Relevant Reference Period” means (i) in the case of any
determination of EBITDA and Consolidated Total Indebtedness (and any component
definitions used therein) for purposes of computing the Consolidated Total
Leverage Ratio as used in the definition of “Required Percentage”, the Excess
Cash Flow Period then most recently ended, and (ii) in the case of any
determination of (1) the Fixed Charge Coverage Ratio, (2) the Fixed Charge
Coverage Ratio Incurrence Test, (3) the Consolidated Secured Debt Ratio, (4)
the Consolidated Total Leverage Ratio (other than as used in the definition of “Required
Percentage”), or (5) Pro  Forma Compliance with the Applicable
Consolidated Secured Debt Ratio for purposes of Sections 7.02(a)(ii),
7.02(b)(vi), 7.02(b)(vii) and 7.06(a)(iv) and the definitions of “Permitted
Collateral Liens”, “Permitted Liens” and “Unrestricted Subsidiary” (and the
component definitions used in any of the foregoing), the Test Period then most
recently ended for which internal financial statements are available
immediately preceding the date on which the Specified Transaction for which
such calculation is being made shall occur.

“Replacement
Commitment” means, as to each Lender, its obligation to make a
Replacement Loan to the Borrower pursuant to Section 2.01(d) in an aggregate
principal amount not to exceed the amount set forth opposite such Lender’s name
on Schedule 2.01 under the caption “Replacement Commitment”, as such amount may
be adjusted from time to time in accordance with this Agreement. The initial
aggregate amount of the Replacement Commitments is $2,338,250,000.

“Replacement Loan”  has the meaning provided in Section 2.01(d).

“Repricing
Transaction” means (1) the incurrence by the Borrower of any
Indebtedness (including, without limitation, any new or additional term loans
under this Agreement, whether incurred directly or by way of the conversion of 

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Replacement Loans into a
new tranche of replacement term loans under this Agreement) that is broadly
marketed or syndicated to banks and other institutional investors in financings
similar to the facilities provided for in this Agreement (i) having an “effective”
interest rate margin or weighted average yield for the respective Type of such
indebtedness that is less than the applicable rate for or weighted average
yield for Replacement Loans of the respective Type (with the comparative
determinations to be made in the reasonable judgment of the Administrative
Agent consistent with generally accepted financial practices, after giving
effect to, among other factors, margin, upfront or similar fee or “original
issue discount” shared with all lenders or holders of such Indebtedness or
Replacement Loans, as the case may be, but excluding the effect of any
arrangement, structuring, syndication or other fees payable in connection
therewith that are not shared with all lenders or holders of such Indebtedness
or Replacement Loans, as the case may be, and without taking into account any
fluctuations in the Eurocurrency Rate or comparable LIBOR rate) but excluding
Indebtedness incurred in connection with a Change of Control, and (ii) the
proceeds of which are used to prepay (or, in the case of a conversion, deemed
to prepay or replace), in whole or in part, outstanding principal of
Replacement Loans or (2) any effective reduction in the Applicable Rate for
Replacement Loans (e.g., by way of amendment, waiver or otherwise).  Any such determination by the Administrative
Agent as contemplated by preceding clauses (1) and (2) shall be conclusive and
binding on all Lenders holding Replacement Loans.

“Second
Amendment” means the Second Amendment to this Agreement, dated as of
May 10, 2007.

“Second Amendment Effective Date” has the meaning provided in
the Second Amendment.

2.             The
definition of “Consolidated Total
Indebtedness” appearing in Section 1.01 of the Credit Agreement is
hereby amended by replacing the text “definitions of Applicable Rate and”
appearing in said definition with the text “definition of”.

3.             The
definition of “Consolidated Total Leverage
Ratio” appearing in Section 1.01 of the Credit Agreement is hereby
amended by replacing the text “definitions of Applicable Rate and” appearing in
said definition with the text “definition of”.

4.             The
definition of “Excluded Contribution”
appearing in Section 1.01 of the Credit Agreement is hereby amended by deleting
the text “provided that the term “Excluded
Contribution” shall not include the net cash proceeds from any Permitted Cure
Issuance” appearing at the end of said definition.

5.             The
definition of “Lender” appearing
in Section 1.01 of the Credit Agreement is hereby amended by inserting the text
“each Replacement Lender and its” immediately after the text “and includes”
appearing in said definition and deleting “their” in said definition.

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6.             The
definition of “Permitted Collateral Liens”
appearing in Section 1.01 of the Credit Agreement is hereby amended by
replacing the text “(or, if less, the covenant level then required to be
maintained pursuant to Section 7.05)” appearing in clause (a) of said
definition with the text “(and, in any event, the Borrower shall be in Pro
Forma Compliance with the then Applicable Consolidated Secured Debt
Ratio)”.

7.             The
definition of “Permitted Liens”
appearing in Section 1.01 of the Credit Agreement is hereby amended by
replacing the text “(or, if less, the covenant level then required to be
maintained pursuant to Section 7.05” in clause (mm) of said definition with the
text “(and, in any event, the Borrower shall be in Pro  Forma
Compliance with the then Applicable Consolidated Secured Debt Ratio)”.

8.             The
definition of “Pro  Forma
Compliance” appearing in Section 1.01 of the Credit Agreement is hereby
amended by (i) replacing the text “the financial performance covenant set forth
in Section 7.05” and the first reference to the text “Section 7.05” appearing
in said definition with the text “the Applicable Consolidated Secured Debt
Ratio”, (ii) replacing the text “in the table in Section 7.05” appearing in
said definition with the text “in the table set forth in the definition of
Applicable Consolidated Secured Debt Ratio” and (iii) replacing each reference
to the text “Test Period” appearing in said definition with the text “Relevant
Reference Period”.

9.             The
definition of “Unrestricted Subsidiary”
appearing in Section 1.01 of the Credit Agreement is hereby amended by replacing
each reference to the text “Section 7.05” appearing in said definition with the
text “the then Applicable Consolidated Secured Debt Ratio”.

10.           Section
1.03 of the Credit Agreement is hereby amended by replacing all instances of
the text “Section 7.05” in clause (b) of said Section with the text “the
Applicable Consolidated Secured Debt Ratio”.

11.           Section
1.08 of the Credit Agreement is hereby amended by replacing the text “Section
7.05” in the second sentence of said Section with the text “the Applicable
Consolidated Secured Debt Ratio”.

12.           Section
2.01 of the Credit Agreement is hereby amended by (i) deleting the word “and”
immediately before the text “each Lender with a New Commitment” appearing in
said Section and inserting a comma in lieu thereof, and (ii) inserting the
following text immediately prior to the period (“.”) appearing at the end of
the first sentence of said Section:

“, and (d) on
the Second Amendment Effective Date, each Lender with a Replacement Commitment
severally agrees to make to the Borrower a single term loan denominated in
Dollars (each, a “Replacement Loan”
and, collectively, the “Replacement Loans”)
in a principal amount equal to such Lender’s Replacement Commitment on the
Second Amendment Effective Date.”

13.           Section
2.05 of the Credit Agreement is hereby amended by (i) deleting the word “and”
appearing before the text “(3) any” in the first sentence of clause (a)(i) of
said Section and (ii) inserting the following new text immediately prior to the
period (“.”) at the end of the first sentence of said Section:

 5
 

“and (4) any
prepayment of Replacement Loans made prior to the first anniversary date of the
Second Amendment Effective Date in connection with a Repricing Transaction
shall be accompanied by the payment of the fee described in Section 2.09(b).”

14.           Section
2.07 of the Credit Agreement is hereby amended by inserting the text “, except
to the extent such prepayments were made on the Second Amendment Effective Date
with the proceeds of Replacement Loans” after the text “set forth in Section
2.05” appearing in said Section.

15.           Section
2.09 of the Credit Agreement is hereby amended by (i) inserting the text “(a)”
immediately prior to the text “The Borrower” in the first sentence of said
Section and (ii) inserting the following new clause (b) immediately following
the new clause (a) of said Section:

“(b)         At the time of the effectiveness of any
Repricing Transaction that is consummated prior to the first anniversary of the
Second Amendment Effective Date, the Borrower agrees to pay to the
Administrative Agent, for the ratable account of each Lender with outstanding
Replacement Loans (including each Lender that withholds its consent to such
Repricing Transaction and is replaced as a Non-Consenting Lender under Section
3.07), a fee in an amount equal to 1.0% of (x) in the case of a Repricing
Transaction of the type described in clause (1) of the definition thereof, the
aggregate principal amount of all Replacement Loans prepaid (or converted) in
connection with such Repricing Transaction and (y) in the case of a Repricing
Transaction described in clause (2) of the definition thereof, the aggregate
principal amount of all Replacement Loans outstanding on such date that are
subject to an effective pricing reduction pursuant to such Repricing
Transaction.  Such fees shall be due and
payable upon the date of the effectiveness of such Repricing Transaction.”

16.           Section
6.02 of the Credit Agreement is hereby amended by deleting clauses (a) and (b)
thereof in their entirety and inserting the following new clauses (a) and (b)
in lieu thereof:

“(a)         no later than five
(5) days after the delivery of the financial statements referred to in Section
6.01(a), a certificate of its independent registered public accounting firm
certifying such financial statements (which certificate may be limited to the
extent required by accounting rules or guidelines);

(b)           no later than five
(5) days after the delivery of the financial statements referred to in Section
6.01(a) and (b), a duly completed Compliance Certificate signed by a
Responsible Officer of the Borrower;”.

17.           Section
7.02 of the Credit Agreement is hereby amended by (i) replacing all instances
of the text “Section 7.05” in said Section (including in all clauses and
sub-clauses of said Section) with the text “the then Applicable Consolidated
Secured Debt Ratio”, (ii) deleting the text “(V) a Permitted Cure Issuance,”
appearing in the proviso at the end of sub-clause (a)(iii)(B) of said Section,
and (iii) deleting the text “(x) cash contributed to the Borrower pursuant to a
Permitted Cure Issuance,” appearing in sub-clause (a)(iii)(C) of said Section.

18.           Section
7.05 of the Credit Agreement is hereby amended by deleting said Section in its
entirety and inserting the following new text in lieu thereof:

“SECTION
7.05  [RESERVED].”

 6
 

19.           Section
7.12 of the Credit Agreement is hereby amended by adding the following sentence
at the end of said Section:

“Notwithstanding
the foregoing, proceeds of the Replacement Loans will not be used for any
purpose other than the repayment of principal of the outstanding Refinanced
Loans on the Second Amendment Effective Date.”.

20.           Section
8.01 of the Credit Agreement is hereby amended by deleting the text “provided, that any Event of Default under
Section 7.05 is subject to cure as contemplated by Section 8.05” appearing in
clause (b) of said Section.

21.           Section
8.05 of the Credit Agreement is hereby deleted in its entirety and replaced
with the following new text:

“SECTION
8.05  [RESERVED].”

22.           Schedule
2.01 to the Credit Agreement is hereby amended by adding thereto the
information set forth on Schedule 2.01 attached hereto.

B.                                     Miscellaneous
Provisions

1.             In
order to induce the Lenders to enter into this Second Amendment, the Borrower
hereby represents and warrants to each of the Lenders that (i) all of the
representations and warranties contained in the Credit Agreement and in the
other Loan Documents are true and correct in all material respects on and as of
the Second Amendment Effective Date (as defined below), both immediately before
and after giving effect to this Second Amendment, unless such representations
and warranties relate to a specific earlier date, in which case such
representations and warranties shall be true and correct in all material
respects as of such earlier date, (ii) there exists no Default or Event of
Default on the Second Amendment Effective Date, both immediately before and
after giving effect to this Second Amendment and (iii) concurrently with this
effectiveness of the Second Amendment, the proceeds of all Replacement Loans
shall be immediately applied by the Borrower to repay all outstanding
Refinanced Loans.

2.             This
Second Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Loan Document.

3.             This
Second Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts
when executed and delivered shall be an original, but all of which shall
together constitute one and the same instru­ment.  A complete set of counterparts executed by
all the parties hereto shall be lodged with the Borrower and the Administrative
Agent.

 7
 

4.             THIS SECOND
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

5.             This
Second Amendment shall become effective on the date (the “Second Amendment Effective Date”) when:

(i)            the
Borrower, the Administrative Agent and each Replacement Lender (as defined in
the Credit Agreement as modified hereby) shall have signed a counterpart hereof
(whether the same or different counterparts) and shall have delivered
(including by way of facsimile transmission) the same to the Administrative
Agent;

(ii)           there
shall have been delivered to the Administrative Agent for the account of each
of the Replacement Lenders that have requested same an appropriate Note
executed by the Borrower, in each case in the amount, maturity and otherwise as
provided in the Credit Agreement (as modified hereby);

(iii)          (x)
the principal of all outstanding Refinanced Loans shall have been repaid in
full and (y) all accrued and unpaid interest on all Refinanced Loans shall have
been paid in full and all costs of the type described in Section 3.05 of the
Credit Agreement shall have been paid in full in connection with the repayment
of the Refinanced Loans;

(iv)          there
shall have been delivered to Administrative Agent (A) copies of resolutions of
the board of directors of each Loan Party approving and authorizing the
execution, delivery and performance of this Second Amendment and the Loan
Documents as amended by this Second Amendment, certified as of the Second
Amendment Effective Date by a Responsible Officer, secretary or assistant
secretary of such Loan Party as being in full force and effect without
modification or amendment and (B) good standing certificates for each Loan
Party from each jurisdiction in which such Loan Party is organized;

(v)           there
shall have been delivered to the Administrative Agent a certificate attesting
to the Solvency of the Loan Parties (taken as a whole) after giving effect to
this Second Amendment, from the Chief Financial Officer of the Borrower; and

(vi)          there shall have been delivered to the
Administrative Agent an opinion from Ropes & Gray LLP, counsel to the Loan
Parties, in a form reasonably acceptable to the Administrative Agent.

6.             By
executing and delivering a copy hereof, each Loan Party hereby agrees that all
Loans (including, without limitation, the Replacement Loans) shall be fully
guaranteed pursuant to the Guaranty to which it is party in accordance with the
terms and provisions thereof and shall be fully secured pursuant to the
applicable Collateral Documents.

 8
 

7.             The
Borrower, the Administrative Agent and the Replacement Lenders hereby
acknowledge and agree that this Second Amendment and the Replacement Loans are
permitted by the applicable provisions of Section 10.01 of the Credit Agreement
and that such Replacement Loans constitute Obligations.

8.             From
and after the Second Amendment Effective Date, all references in the Credit
Agreement and in the other Loan Documents to the Credit Agreement shall be
deemed to be references to the Credit Agreement as modified hereby.

*              *              *

 9

IN WITNESS WHEREOF, the
undersigned have caused this Second Amendment to be duly executed and delivered
as of the date first above written.

	
  

  	
  MICHAELS STORES, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  Lisa K.
  Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Title:    Senior Vice President – Finance 

  and Treasurer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK AG NEW
  YORK 

  	
   

  	
   

  
	
   

  	
  BRANCH, Individually
  and as Administrative 

  Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Enrique Landaeta

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  Enrique
  Landaeta

  	
   

  	
   

  
	
   

  	
   

  	
  Title:    Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ Evelyn Thierry

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  Evelyn
  Thierry

  	
   

  	
   

  
	
   

  	
   

  	
  Title:    Vice President

  	
   

  	
   

  

 

 

	
  Each of the undersigned Guarantors acknowledges
  and agrees to the terms of the Second Amendment.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  AARON BROTHERS, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
      /s/ Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Senior Vice President – Finance and Treasurer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ARTISTREE, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
      /s/ Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Senior Vice President – Finance and Treasurer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MICHAELS FINANCE COMPANY, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
      /s/ Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Senior Vice President – Finance and Treasurer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MICHAELS OF CANADA, ULC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
      /s/ Lisa K. Klinger 

  	
   

  	
   

  
	
   

  	
   

  	
  Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Senior Vice President – Finance and Treasurer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MICHAELS STORES CARD SERVICES, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
      /s/ Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Senior Vice President – Finance and Treasurer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MICHAELS STORES PROCUREMENT

  COMPANY, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
      /s/ Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Lisa K. Klinger

  	
   

  	
   

  
	
   

  	
   

  	
  Senior Vice President – Finance and Treasurer

  	
   

  	
   

  

 

 

	
  

  	
  SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF
  MAY 10, 2007, TO THE CREDIT AGREEMENT, DATED AS OF OCTOBER 31, 2006, AMONG
  MICHAELS STORES, INC., DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE
  AGENT, JPMORGAN CHASE BANK, N.A., AS SYNDICATION AGENT, AND BANK OF AMERICA,
  N.A. AND CREDIT SUISSE, AS CO-DOCUMENTATION AGENTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NAME OF INSTITUTION:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

SCHEDULE 2.01

To Credit Agreement

Schedule 2.01

Replacement Commitments

	
  LENDER

  	
   

  	
  REPLACEMENT COMMITMENT

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DEUTSCHE BANK AG NEW
  YORK BRANCH

  	
   

  	
  $

  	
  2,338,250,000Exhibit
10.1

FIRST AMENDMENT TO LICENSE AGREEMENT

This First Amendment to License Agreement (the “Amendment”) is
effective and entered into as of May ___, 2007 by and between GE Healthcare AS,
a Norwegian corporation (“GEHC”), and Acusphere Inc., a Delaware corporation (“ACUS”)
(GEHC and ACUS collectively are the “Parties”).

WHEREAS, the
Parties are parties to that certain License Agreement dated as of June 1, 2006,
(the “Agreement”) pursuant to which ACUS has licensed, on a non-exclusive
basis, certain of GEHC’s patents relating to the compositions, methods of
preparing, and methods of use of ultrasound contrast agents; and

WHEREAS, the
Parties desire to amend the license fees and payment provisions under Section
4.1 of the Agreement.

NOW, THEREFORE, in
consideration of the foregoing and the covenants, acknowledgements and
representations contained in this Amendment, the Parties hereby agree as
follows:

ARTICLE I.  DEFINITIONS

1.1           Definitions.
All capitalized terms used and not defined herein shall have the meanings
ascribed to them under the Agreement.

ARTICLE
II.  AMENDMENT TO
LICENSE FEES AND PAYMENT

2.1           Amendment.  Section 4.1 of the Agreement
is hereby amended in its entirety to read as follows:

4.1.          In consideration of the licenses and release
granted in Section 3, ACUS shall make the following payments to GEHC:

4.1.1.       An upfront license fee of $12,000,000 paid as follows:

a)              $5,000,000 on or before June 6, 2006.

b)             $1,500,000 on June 1, 2007.

c)              $5,500,000 due on June 1, 2007 and payable in
six (6) consecutive quarterly installments of $916,666.66  on the first day of the third month of each
calendar quarter, commencing on June 1, 2008, subject only to paragraph
4.1.1(d) below.  For the avoidance of
doubt, Acusphere shall in no way be considered to be in default of this
Agreement for failure to pay the entire $5,500,000 on or before June 1, 2007.

d)             Upon receipt of regulatory approval by the
U.S. Food and Drug Administration to market AI-700 in the United States, or the
approval of a Marketing Authorization Application to market AI-700 in Europe,
prior to September 1, 2010, any then remaining balance of the $5,500,000
payable under paragraph 4.1.1(c) above shall be immediately due and payable in
full.

e)              All fees under this Section 4.1.1 are
non-contingent and non-returnable.  All
such amounts may be pre-paid at any time without penalty.

ARTICLE III. MISCELLANEOUS

3.1           Effect on Agreement.  This
Amendment amends the Agreement.  The
Agreement remains in full force and effect and remains unchanged except as expressly
amended hereby.  If there is any
inconsistency between the terms of this Amendment and the terms of the
Agreement, the terms of this Amendment shall control.

3.2           Entire Agreement.  The
Agreement, as amended by this Amendment, sets forth all the licenses,
covenants, promises, agreements, warranties, representations, conditions, and
understandings between the Parties hereto and supersede all prior agreements
and understandings between the Parties relating to the subject matter hereof.  The Agreement, as amended by this Amendment,
including, without limitation, the Exhibits attached thereto, is intended to
define the full extent of the legally enforceable undertakings of the Parties
hereto.

 

IN WITNESS
WHEREOF, the undersigned Parties have duly executed and delivered this
Amendment as of the date first written above.

	
  GE Healthcare AS.

  	
   

  	
  Acusphere, Inc.

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]