Document:

Exhibit 10.9

 

SECOND AMENDMENT AND CONSENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

     SECOND AMENDMENT AND CONSENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of December 20, 2005, among DHM HOLDING COMPANY, INC., a Delaware
corporation (“Holdings”), DOLE HOLDING COMPANY, LLC, a Delaware limited liability company
(“Intermediate Holdco”), DOLE FOOD COMPANY, INC., a Delaware corporation (the “U.S.
Borrower”), SOLVEST LTD., a company organized under the laws of Bermuda (the “Bermuda
Borrower” and, together with the U.S. Borrower, the “Borrowers” and, the Borrowers,
together with Holdings and Intermediate Holdco, the “Credit Agreement Parties”), the
Lenders party hereto, and DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent (in such
capacity, the “Administrative Agent”). All capitalized terms used herein and not otherwise
defined shall have the respective meanings provided such terms in the Credit Agreement referred to
below.

W I T N E S S E T H:

     WHEREAS, Holdings, Intermediate Holdco, the Borrowers, the Lenders, the Administrative Agent
and certain other Agents are parties to a Credit Agreement, dated as of March 28, 2003 and amended
and restated as of April 18, 2005 (as so amended and restated and as the same has been further
amended, modified and/or supplemented to, but not including, the date hereof, the “Credit
Agreement”);

     WHEREAS, the Credit Agreement Parties have requested certain amendments to the Credit
Agreement, and a consent to certain provisions of the Credit Documents, in each case as more fully
described below; and

     WHEREAS, subject to the terms and conditions of this Amendment, the parties hereto wish to
amend the Credit Agreement, and the Lenders wish to grant a consent to certain provisions of the
Credit Agreement, in each case as herein provided;

     NOW, THEREFORE, it is agreed:

I. Amendments and Consent to Credit Agreement.

     1. Section 3.01(b) of the Credit Agreement is hereby amended by deleting the first sentence
appearing in said Section in its entirety and inserting the following new sentence in lieu thereof:

“(w) The U.S. Borrower agrees to pay to the Administrative Agent for distribution to each
Multicurrency Facility RL Lender (or, after a Sharing Event has occurred, each RL Lender)
(based on their respective L/C Participation Percentages as from time to time in effect in
the outstanding U.S. Borrower Multicurrency Facility Letters of Credit) in Dollars a fee in
respect of each U.S. Borrower Multicurrency Facility Letter of Credit issued hereunder, (x)
the Bermuda Borrower agrees to pay to the Administrative Agent

 

 

for distribution to each Multicurrency Facility RL Lender (or, after a Sharing Event has
occurred, each RL Lender) (based on their respective L/C Participation Percentages as from
time to time in effect in the outstanding Bermuda Borrower Multicurrency Facility Letters
of Credit) in Dollars a fee in respect of each Bermuda Borrower Multicurrency Facility
Letter of Credit issued hereunder, (y) the U.S. Borrower agrees to pay to the
Administrative Agent for distribution to each Dollar Facility RL Lender (or, after a
Sharing Event has occurred, each RL Lender) (based on their respective L/C Participation
Percentages in the outstanding U.S. Borrower Dollar Facility Letters of Credit) in Dollars
a fee in respect of each U.S. Borrower Dollar Facility Letter of Credit issued hereunder
and (z) the Bermuda Borrower agrees to pay to the Administrative Agent for distribution to
each Dollar Facility RL Lender (or, after a Sharing Event has occurred, each RL Lender)
(based on their respective L/C Participation Percentages in the outstanding Bermuda
Borrower Dollar Facility Letters of Credit) in Dollars a fee in respect of each Bermuda
Borrower Dollar Facility Letter of Credit issued hereunder (with all fees payable as
described in this clause (b) being herein referred to as “Letter of Credit Fees”),
in each case, for the period from and including the date of issuance of such Letter of
Credit through the termination of such Letter of Credit, computed at a rate per
annum equal to the Applicable Margin for Multicurrency Facility Revolving Loans (in
the case of determinations pursuant to preceding clauses (w) and (x)) or Dollar Facility
Revolving Loans (in the case of determination pursuant to preceding clauses (y) and (z)),
in either case maintained as Euro Rate Loans, as in effect from time to time, on (i) the
daily Stated Amount of such Letter of Credit (in the case of a Dollar Denominated Letter of
Credit and a Sterling Denominated Letter of Credit and, for periods occurring after a
Sharing Event, for all Letters of Credit) and (ii) the daily Euro L/C Stated Amount of such
Letter of Credit (in the case of a Euro Denominated Letter of Credit for all periods prior
to the occurrence of a Sharing Event), with the amount of any Letter of Credit Fee in
respect of a Euro Denominated Letter of Credit to be paid in Dollars prior to a Sharing
Event as contemplated above to be calculated by taking the Dollar Equivalent of such Letter
of Credit Fee (determined as provided above but as if such Letter of Credit Fee were
payable in Euros).”.

     2. Section 3.01(c) of the Credit Agreement is hereby amended by deleting the first sentence
appearing in said Section in its entirety and inserting the following new sentence in lieu thereof:

“Each Account Party agrees to pay to the respective Issuing Lender, for its own account, in
Dollars, a facing fee in respect of each Letter of Credit issued to it hereunder (the
“Facing Fee”) for the period from and including the date of issuance or renewal of
such Letter of Credit to and including the termination or expiration of such Letter of
Credit, computed at a rate equal to 1/8 of 1% per annum of (x) the daily Stated Amount of
such Letter of Credit (in the case of a Dollar Denominated Letter of Credit and a Sterling
Denominated Letter of Credit, and, for all periods occurring after a Sharing Event, all
Letters of Credit) and (y) the daily Euro L/C Stated Amount of such Letter of Credit (in the
case of a Euro Denominated Letter of Credit at any time prior to a Sharing Event), with the
amount of any Facing Fee payable with respect to a Euro Denominated Letter of Credit to be
paid in Dollars prior to a Sharing Event as contemplated above to be calculated by taking
the Dollar Equivalent of such Facing Fee (determined as provided

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above but as if such Facing Fee were payable in Euros), provided that in no event shall the
annual Facing Fee with respect to any Letter of Credit be less than the Minimum Applicable
Facing Fee; it being agreed that (i) on the date of issuance of any Letter of Credit and on
each anniversary thereof prior to the termination of such Letter of Credit, if the Minimum
Applicable Facing Fee will exceed the amount of Facing Fees that will accrue with respect to
such Letter of Credit for the immediately succeeding 12-month period, the full Minimum
Applicable Facing Fee shall be payable on the date of issuance of such Letter of Credit and
on each such anniversary thereof prior to the termination of such Letter of Credit and (ii)
if on the date of the termination of any Letter of Credit, the Minimum Applicable Facing Fee
actually exceeds the amount of Facing Fees paid or payable with respect to such Letter of
Credit for the period beginning on the date of the issuance thereof (or, if the respective
Letter of Credit has been outstanding for more than one year, the date of the last
anniversary of the issuance thereof occurring prior to the termination of such Letter of
Credit) and ending on the date of the termination thereof, an amount equal to such excess
shall be paid as additional Facing Fees with respect to such Letter of Credit on the next
date upon which Facing Fees are payable in accordance with the immediately succeeding
sentence.”.

     3. Section 3.01(e) of the Credit Agreement is hereby amended by deleting the first sentence
appearing in said Section in its entirety and inserting the following new sentence in lieu thereof:

“(x) The U.S. Borrower agrees to pay to the Administrative Agent for distribution to each
Multicurrency Facility RL Lender (or, after a Sharing Event has occurred, each RL Lender)
(based on their respective B/G Participation Percentages as from time to time in effect in
the outstanding U.S. Borrower Bank Guaranties) in Dollars a fee in respect of each U.S.
Borrower Bank Guaranty issued hereunder and (y) the Bermuda Borrower agrees to pay to the
Administrative Agent for distribution to each Multicurrency Facility RL Lender (or, after a
Sharing Event has occurred, each RL Lender) (based on their respective B/G Participation
Percentages as from time to time in effect in the outstanding Bermuda Borrower Bank
Guaranties) in Dollars a fee in respect of each Bermuda Borrower Bank Guaranty issued
hereunder (with all fees payable as described in this clause (e) being herein referred to as
“Bank Guaranty Fees”), in each case, for the period from and including the date of
issuance of such Bank Guaranty through the termination of such Bank Guaranty, computed at a
rate per annum equal to the Applicable Margin for Multicurrency Facility
Revolving Loans maintained as Euro Rate Loans, as in effect from time to time, on (i) the
daily Face Amount of such Bank Guaranty (in the case of a Dollar Denominated Bank Guaranty
and a Sterling Denominated Bank Guaranty and, for periods occurring after a Sharing Event,
for all Bank Guaranties) and (ii) the daily Euro B/G Face Amount of such Bank Guaranty (in
the case of a Euro Denominated Bank Guaranty for all periods prior to the occurrence of a
Sharing Event), with the amount of any Bank Guaranty Fee in respect of a Euro Denominated
Bank Guaranty to be paid in Dollars prior to a Sharing Event as contemplated above to be
calculated by taking the Dollar Equivalent of such Bank Guaranty Fee (determined as provided
above but as if such Bank Guaranty Fee were payable in Euros).”.

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     4. Section 3.01(f) of the Credit Agreement is hereby amended by deleting the first sentence
appearing in said Section in its entirety and inserting the following new sentence in lieu thereof:

“Each Account Party agrees to pay to the respective Bank Guaranty Issuer, for its own
account, in Dollars (in the case of each Dollar Denominated Bank Guaranty and each Sterling
Denominated Bank Guaranty and, for all periods after the occurrence of a Sharing Event, each
Bank Guaranty) a fronting fee in respect of each Bank Guaranty issued to it hereunder (the
“Fronting Fee”) for the period from and including the date of issuance or renewal of
such Bank Guaranty to and including the termination or expiration of such Bank Guaranty,
computed at a rate equal to 1/8 of 1% per annum of (x) the daily Face Amount of such Bank
Guaranty (in the case of a Dollar Denominated Bank Guaranty and a Sterling Denominated Bank
Guaranty, and, for all periods occurring after a Sharing Event, all Bank Guaranties) and (y)
the daily Euro B/G Face Amount of such Bank Guaranty (in the case of a Euro Denominated Bank
Guaranty at any time prior to a Sharing Event), with the amount of any Fronting Fee payable
with respect to a Euro Denominated Bank Guaranty to be paid in Dollars prior to a Sharing
Event as contemplated above to be calculated by taking the Dollar Equivalent of such
Fronting Fee (determined as provided above but as if such Fronting Fee were payable in
Euros), provided that in no event shall the annual Fronting Fee with respect to any Bank
Guaranty be less than the Minimum Applicable Fronting Fee; it being agreed that (i) on the
date of issuance of any Bank Guaranty and on each anniversary thereof prior to the
termination of such Bank Guaranty, if the Minimum Applicable Fronting Fee will exceed the
amount of Fronting Fees that will accrue with respect to such Bank Guaranty for the
immediately succeeding 12-month period, the full Minimum Applicable Fronting Fee shall be
payable on the date of issuance of such Bank Guaranty and on each such anniversary thereof
prior to the termination of such Bank Guaranty and (ii) if on the date of the termination of
any Bank Guaranty, the Minimum Applicable Fronting Fee actually exceeds the amount of
Fronting Fees paid or payable with respect to such Bank Guaranty for the period beginning on
the date of the issuance thereof (or, if the respective Bank Guaranty has been outstanding
for more than one year, the date of the last anniversary of the issuance thereof occurring
prior to the termination of such Bank Guaranty) and ending on the date of the termination
thereof, an amount equal to such excess shall be paid as additional Fronting Fees with
respect to such Bank Guaranty on the next date upon which Fronting Fees are payable in
accordance with the immediately succeeding sentence.”.

     5. Section 4.02(c) of the Credit Agreement is hereby amended by deleting the first proviso
appearing in the first sentence of said Section in its entirety and inserting the following text in
lieu thereof:

“provided that (I) Net Sale Proceeds from any Asset Sale (other than (x) Net Sale
Proceeds from any Contemplated Asset Sale consummated in accordance with the requirements of
Section 9.02(xviii), (y) any Net Sale Proceeds from the sale of any Principal Property
pursuant to Section 9.02(xix) and (z) Net Sale Proceeds from the sale or other disposition
of the Equity Interests of the Unrestricted Wellbeing Joint Venture pledged pursuant to the
U.S. Pledge Agreement) shall not give rise to a mandatory

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repayment and/or commitment reduction on such date as otherwise required above, so long as
no Specified Default and no Event of Default exists at the time such Net Sale Proceeds are
received and an Authorized Officer of Holdings or the U.S. Borrower has delivered a
certificate to the Administrative Agent on or prior to such date stating that such Net Sale
Proceeds shall be used (or contractually committed to be used) to purchase capital assets
used or to be used in a Permitted Business (other than inventory) within 360 days following
the date of receipt of such Net Sale Proceeds from such Asset Sale (which certificate shall
set forth the estimates of the proceeds to be so expended) and (II) Net Sale Proceeds from
one (but not more than one) sale of a Principal Property consummated after the Second
Amendment Effective Date in reliance on Section 9.02(xix) and notified in writing to the
Administrative Agent shall not give rise to a mandatory repayment and/or commitment
reduction on such date as otherwise required above, so long as no Specified Default and no
Event of Default exists at the time such Net Sale Proceeds are received and an Authorized
Officer of Holdings or the U.S. Borrower has delivered a certificate to the Administrative
Agent on or prior to such date stating that such Net Sale Proceeds shall be used (or
contractually committed to be used) to purchase, construct and/or make investments in a new
Principal Property (or assets and properties that upon completion of such purchase,
construction and/or investments will become a Principal Property) within 360 days following
the date of receipt of such Net Sale Proceeds from such sale of such Principal Property
(which certificate shall set forth the estimates of the proceeds to be so expended);”.

     6. Section 7.03 of the Credit Agreement is hereby amended by inserting the text “any Wellbeing
Project Financing Document,” immediately preceding the text “any Permitted Senior Notes Indenture”
appearing in said Section.

     7. Section 7.25(b) of the Credit Agreement is hereby amended by (i) inserting the text “(v)
cash and Cash Equivalents held by Holdings representing proceeds from the Wellbeing Project
Financing (including cash and Cash Equivalents held in the Wellbeing Project Financing Interest
Reserve Account),” immediately after the text “significant assets (other than” appearing in said
Section and (ii) inserting the text “and the Wellbeing Project Financing Documents” immediately
following the text “the Holdings Senior Notes Documents” appearing in said Section.

     8. Section 8.01(e) of the Credit Agreement is hereby amended by inserting the text “any
Wellbeing Project Financing Document,” immediately preceding the text “any Permitted Senior Notes
Document” appearing in said Section.

     9. Section 9.01(b) of the Credit Agreement is hereby amended by (i) inserting the text “(w)
cash and Cash Equivalents held by Holdings representing proceeds from the Wellbeing Project
Financing (including cash and Cash Equivalents held in the Wellbeing Project Financing Interest
Reserve Account),” immediately after the text “other than its ownership of” appearing in said
Section and (ii) inserting the text “any Interest Rate Protection Agreement permitted to be entered
into pursuant to Section to Section 9.04(iii)” immediately after the text “any Shareholder
Subordinated Note” appearing in said Section.

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     10. Section 9.02(xix) of the Credit Agreement is hereby amended by (i) inserting the text “(i)
Real Property located in Gaston County, North Carolina (the “Gaston Property”), to the
extent same is not a Principal Property and (ii)” immediately preceding the text “Principal
Properties” appearing in said Section and (ii) deleting the text “(z) 100% of the Net Sale Proceeds
therefrom are applied as a mandatory repayment and/or commitment reduction as, and to the extent,
required by Section 4.02(c) (but without giving effect to any reinvestment rights contained
therein)” and inserting the text “(z) the Net Sale Proceeds therefrom are applied as a mandatory
repayment and/or commitment reduction and/or reinvested, in any case, in accordance with the
requirements of Section 4.02(c)” in lieu thereof.

     11. Section 9.03(iii) of the Credit Agreement is hereby amended by (i) inserting the text
“(x)” immediately prior to the word “Liens” appearing in said Section and (ii) inserting the text
“and (y) Liens on the Wellbeing Project Financing Interest Reserve Account (and all deposits
therein) securing the obligations of Holdings under the Wellbeing Project Financing Documents”
immediately prior to the semi-colon appearing at the end of said Section.

     12. Section 9.04(iii) of the Credit Agreement is hereby amended by deleting said Section in
its entirety and inserting the following new Section 9.04(iii) in lieu thereof:

  “(iii) Indebtedness of (x) the Borrowers under Interest Rate Protection Agreements
entered into to protect them against fluctuations in interest rates in respect of
Indebtedness otherwise permitted under this Agreement and (y) Holdings under an Interest
Rate Protection Agreement entered into to protect it against fluctuations in interest rates
in respect of the Wellbeing Project Financing, in each case, so long as the entering into of
such Interest Rate Protection Agreements are bona fide hedging activities
and are not for speculative purposes;”.

     13. Section 9.04(xvi) is hereby amended by (i) inserting the text “, provided that,
notwithstanding anything to the contrary contained above in this subclause (VI), on and after the
incurrence of the Wellbeing Project Financing, no Indebtedness may be incurred by Holdings under
the Holdings Senior Notes or the other Holdings Senior Notes Documents pursuant to this subclause
(VI)” immediately preceding the text “, (VII)” appearing in said Section, (ii) deleting the word
“unsecured” appearing immediately following the text “(VII)” appearing in said Section, (iii)
deleting the text “$250,000,000 (as such amount” appearing in subclause (VII) of said Section and
inserting the text “$250,000,000 (or, after the incurrence of the Wellbeing Project Financing,
$150,000,000) (as either such amount” in lieu thereof and (iv) inserting the text “,
provided that, notwithstanding anything to the contrary contained above in this subclause
(VII), after the incurrence of the Wellbeing Project Financing, no additional Indebtedness may be
incurred by Intermediate Holdco or Corporate Holdco under the Intermediate Holdco Senior Notes and
the other Intermediate Holdco Senior Notes Documents pursuant to this subclause (VI)” immediately
preceding the text “and (VIII)” appearing in said Section.

     14. Section 9.04(xxii) of the Credit Agreement is hereby amended by deleting the text
“[reserved]” appearing in said Section and inserting the text “Indebtedness of Holdings under the
Wellbeing Project Financing Documents in an aggregate principal amount at any time outstanding not
to exceed the Wellbeing Project Financing Debt Cap Amount at such time, so

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long as (A) such Indebtedness is incurred in accordance with the requirements of the
definition of “Wellbeing Project Financing”, (B) no Default or Event of Default is in existence at
the time of the respective incurrence of such Wellbeing Project Financing and immediately after
giving effect thereto and (C) at the time of any incurrence of such Indebtedness, no Indebtedness
of Holdings under the Holdings Senior Notes or the other Holdings Senior Notes Documents is
outstanding at such time” in lieu thereof.

     15. Section 9.04 of the Credit Agreement is hereby further amended by (i) inserting the text
“(w) in no event shall any Subsidiary of Holdings guarantee any Indebtedness of Holdings under any
Wellbeing Project Financing Document or incur any other obligation under, or with respect to, any
Wellbeing Project Financing Document having any element of recourse to such Subsidiary or to such
Subsidiary’s assets or properties,” immediately prior to subclause (x) appearing in the last
sentence of said Section and (ii) deleting the text “Holdings or any of its Subsidiaries or to any
of its or its Subsidiaries’ assets or properties” appearing in subclause (z) of the last sentence
of said Section and inserting the text “any Subsidiary of Holdings or to any assets or properties
of any Subsidiary of Holdings” in lieu thereof.

     16. Section 9.05(i) of the Credit Agreement is hereby amended by inserting the text
“(including cash and Cash Equivalents held by Holdings representing proceeds from the Wellbeing
Project Financing),” immediately following the penultimate reference to “this Agreement” appearing
in said Section.

     17. Section 9.05 of the Credit Agreement is hereby amended by deleting clause (xxvi) of said
Section in its entirety and inserting the following new clause (xxvi) in lieu thereof:

  “(xxvi) (x) Intermediate Holdco may make intercompany loans to the U.S. Borrower with
the proceeds from (I) the incurrence of the Intermediate Holdco Senior Notes or (II) any
Investment made in it by Holdings with the proceeds of Holdings Senior Notes, an Equity
Infusion or Wellbeing Project Financing, so long as each such intercompany loan shall be
evidenced by an Intercompany Note pledged by Intermediate Holdco to the Collateral Agent
pursuant to the U.S. Pledge Agreement and (y) Holdings may make intercompany loans to
Intermediate Holdco with the proceeds from (I) the incurrence of the Holdings Senior Notes,
(II) any Equity Infusion or (III) the incurrence of any Wellbeing Project Financing, so long
as each such intercompany loan shall be evidenced by an Intercompany Note pledged by
Holdings to the Collateral Agent pursuant to the U.S. Pledge Agreement.”

     18. Notwithstanding anything to the contrary contained in Section 9.05 of the Credit
Agreement, the Lenders hereby consent to the capitalization by the Bermuda Borrower of (i)
principal under that certain promissory note, dated August 4, 1998 and subsequently modified as of
January 10, 2000, issued by Singletree Corp., a Subsidiary of the U.S. Borrower organized under the
laws of Panama (“Singletree”), to the Bermuda Borrower in an aggregate principal amount
equal to $47,738,700.00, (ii) principal under that certain promissory note, dated August 4, 1998
and subsequently modified as of January 10, 2000, issued by Singletree to the Bermuda Borrower in
an aggregate principal amount equal to $31,000,000.00, (iii) principal under that certain
promissory note, dated September 28, 1998 and subsequently modified as of January 10,

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2000, issued by Singletree to the Bermuda Borrower in an aggregate principal amount equal to
$52,172,928.00, (iv) accrued but unpaid interest owing by Singletree to the Bermuda Borrower under
the promissory notes described in clauses (i), (ii) and (iii) above in an aggregate amount equal to
approximately $38,356.469.41 and (v) an intercompany receivable owing by Singletree to the Bermuda
Borrower in an aggregate amount equal to $367,971.34.

     19. Section 9.08 of the Credit Agreement is hereby amended by deleting the table appearing in
said Section in its entirety and inserting the following new table in lieu thereof:

	 	 	 	 	 
	“Fiscal Quarter	 	Ratio	 
	1st Fiscal Quarter of Fiscal Year 2005
	 	 	2.55:1.0	 
	2nd Fiscal Quarter of Fiscal Year 2005
	 	 	2.60:1.0	 
	3rd Fiscal Quarter of Fiscal Year 2005
	 	 	2.65:1.0	 
	4th Fiscal Quarter of Fiscal Year 2005
	 	 	2.70:1.0	 
	1st Fiscal Quarter of Fiscal Year 2006 through (and
	 	 	 	 
	including) 3rd Fiscal Quarter of Fiscal Year 2006
	 	 	2.60:1.0	 
	4th Fiscal Quarter of Fiscal Year 2006
	 	 	2.65:1.0	 
	1st Fiscal Quarter of Fiscal Year 2007 and each Fiscal
Quarter thereafter
	 	 	2.70:1.0”.	 

     20. Section 9.09 of the Credit Agreement is hereby amended by (i) deleting the table appearing
in said Section in its entirety and inserting the following new table in lieu thereof:

	 	 	 	 	 
	“Period	 	Ratio	 
	Last day of the 1st Fiscal Quarter of Fiscal Year 2005
to and including the day occurring prior to the last day of the
1st Fiscal Quarter of Fiscal Year 2006
	 	 	4.75:1.0	 
	Last day of the 1st Fiscal Quarter of Fiscal Year 2006
to and including the day occurring prior to the last day of the
2nd Fiscal Quarter of Fiscal Year 2006
	 	 	5.50:1.0	 
	Last day of the 2nd Fiscal Quarter of Fiscal Year 2006
to and including the day occurring prior to the last day of the
3rd Fiscal Quarter of Fiscal Year 2006
	 	 	5.75:1.0	 

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	“Period	 	Ratio	 
	Last day of the 3rd Fiscal Quarter of Fiscal Year 2006
to and including the day occurring prior to the last day of the
4th Fiscal Quarter of Fiscal Year 2006
	 	 	5.50:1.0	 
	Last day of the 4th Fiscal Quarter of Fiscal Year 2006
to and including the day occurring prior to the last day of the
1st Fiscal Quarter of Fiscal Year 2007
	 	 	5.00:1.0	 
	Last day of the 1st Fiscal Quarter of Fiscal Year 2007
to and including the day occurring prior to the last day of the
3rd Fiscal Quarter of Fiscal Year 2007
	 	 	4.75:1.0	 
	Last day of the 3rd Fiscal Quarter of Fiscal Year 2007
to and including the day occurring prior to the last day of the
4th Fiscal Quarter of Fiscal Year 2007
	 	 	4.50:1.0	 
	Last day of the 4thFiscal Quarter of Fiscal Year 2007 to
and including the day occurring prior to the last day of the
1st Fiscal Quarter of Fiscal Year 2008
	 	 	4.00:1.0	 
	Last day of the 1stFiscal Quarter of Fiscal Year 2008 to
and including the day occurring prior to the last day of the
1st Fiscal Quarter of Fiscal Year 2009
	 	 	3.75:1.0	 
	Last day of the 1st Fiscal Quarter of Fiscal Year 2009
and thereafter
	 	 	3.50:1.0”	 

, (ii) inserting the text “(x)” immediately preceding the text “at any time from November 1”
appearing in the second sentence of said Section and (iii) inserting the text “and (y) on and after
the date of the incurrence of the Wellbeing Project Financing in an aggregate principal amount of
not less than $100,000,000, the Leverage Ratio as otherwise set forth in the table above for each
period occurring on or after such date and after the last day of the 1st Fiscal Quarter of Fiscal
Year 2006, shall be adjusted by decreasing each such ratio by 0.25” immediately preceding the
period at the end of the second sentence of said Section.

     21. Section 9.11(a)(i) of the Credit Agreement is hereby amended by inserting the following
new clause (t) immediately prior to clause (u) of the proviso appearing in said Section:

  “(t) any Intermediate Holdco Senior Notes may be redeemed, repurchased and/or repaid
in accordance with the terms of the Intermediate Holdco Senior Notes Documents,

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so long as (I) no Default and no Event of Default then exists or would result
therefrom, (II) the sole source of funds used to effect such redemptions, repurchases and/or
repayments is the proceeds of an incurrence of Wellbeing Project Financing and (III) all
such Intermediate Holdco Senior Notes so redeemed, repurchased and/or repaid are promptly
cancelled by the U.S. Borrower.”.

     22. Section 9.11(a)(ii) of the Credit Agreement is hereby amended by (i) inserting the text
“any Wellbeing Project Financing Document,” immediately preceding the text “any Permitted Senior
Notes Document” appearing in said Section and (ii) inserting the text “or, in the case of any
Wellbeing Project Financing Document, amendments, modifications or changes which do not result in
the Wellbeing Project Financing ceasing to meet the requirements of “Wellbeing Project Financing”
as set forth in the definition thereof” immediately prior to the semi-colon appearing at the end of
said Section.

     23. Section 9.13 of the Credit Agreement is hereby amended by (i) redesignating clauses (xiv)
and (xv) of said Section as clauses (xv) and (xvi), respectively and (ii) inserting the text “(xiv)
on and after the execution and delivery thereof, the Wellbeing Project Financing Documents;”
immediately preceding the text “(xv)” appearing in said Section (after giving effect to the
amendment made pursuant to preceding clause (i)).

     24. The definition of “Change of Control” appearing in Section 11 of the Credit
Agreement is hereby amended by inserting the text “any Wellbeing Project Financing Document,”
immediately preceding the text “any Permitted Senior Notes Document” appearing in clause (vi) of
said definition.

     25. The definition of “Documents” appearing in Section 11 of the Credit Agreement is
hereby amended by (i) redesignating clauses (viii) and (ix) of said definition as clauses (ix) and
(x), respectively and (ii) inserting the text “(viii) on and after the execution and delivery
thereof, any Wellbeing Project Financing Document,” immediately preceding the text “(ix)” appearing
in said definition (after giving effect to the amendment made pursuant to preceding clause (i)).

     26. The definition of “Dollar Equivalent” appearing in Section 11 of the Credit
Agreement is hereby amended by deleting the second proviso appearing in the first sentence of said
definition in its entirety and inserting the following new proviso in lieu thereof:

“provided further, that (I) for purposes of (x) determining compliance with Sections
1.01(c), (e) and (g), 2A.01(c), 2B.01(c), 4.02(a) and 6A.01 and (y) calculating Fees
pursuant to Section 3.01 (except, during all periods prior to the occurrence of a Sharing
Event, (A) Letter of Credit Fees and Facing Fees with respect to Euro Denominated Letters of
Credit and (B) Bank Guaranty Fees and Fronting Fees with respect to Euro Denominated Bank
Guaranties), the Dollar Equivalent of any amounts denominated in a currency other than
Dollars shall be revalued on a monthly basis using the spot exchange rates therefor as
quoted in Reuters ECB Page 37 (or, if same does not provide such exchange rates, on such
other basis as is reasonably satisfactory to the Administrative Agent) on the last Business
Day of each calendar month and (II) during all periods prior to the occurrence of a Sharing
Event, for purposes of calculating the Letter of Credit Fees

-10-

 

and Facing Fees with respect to Euro Denominated Letters of Credit and the Bank Guaranty
Fees and Fronting Fees with respect to Euro Denominated Bank Guaranties, the Dollar
Equivalent of the amount of such Fees shall be determined on the date on which any such Fee
is payable using the spot exchange rates therefor as quoted in Reuters ECB Page 37 ( or,
if same does not provide such exchange rates, on such other basis as is reasonably
satisfactory to the Administrative Agent),”.

     27. The definition of “Excluded Collateral” appearing in Section 11 of the Credit
Agreement is hereby amended by (i) deleting the word “and” appearing immediately preceding the text
“(iii)” appearing in said definition and inserting a comma in lieu thereof and (ii) inserting the
text “and (iv) the Wellbeing Project Financing Interest Reserve Account” immediately preceding the
text “; provided that” appearing in said definition.

     28. The definition of “Guaranteed Creditors” appearing in Section 11 of the Credit
Agreement is hereby amended by inserting the text “with a Borrower and/or one or more of each
Borrower’s Subsidiaries,” immediately following the text “or Other Hedging Agreement” appearing in
said definition.

     29. The definition of “Incremental Loan Commitment Requirements” appearing in Section
11 of the Credit Agreement is hereby amended by inserting the text “each Wellbeing Project
Financing Document,” immediately preceding each instance of the text “each Permitted Senior Notes
Indenture” appearing in clause (u) of said definition.

     30. Section 11 of the Credit Agreement is hereby further amended by (i) deleting the
definitions of “Minimum Applicable Facing Fee” and “Minimum Applicable Fronting
Fee” appearing in said Section in their entirety and (ii) inserting the following new
definitions in appropriate alphabetical order:

  “Gaston Property” shall have the meaning provided in Section 9.02(xix).

  “Minimum Applicable Facing Fee” shall mean $500.

  “Minimum Applicable Fronting Fee” shall mean $500.

  “Second Amendment” shall mean the Second Amendment to this Agreement, dated as
of December 20, 2005.

  “Second Amendment Effective Date” shall have the meaning provided in the Second
Amendment.

  “Wellbeing Project Financing” shall mean Indebtedness incurred by Holdings, so
long as (a) the proceeds thereof are used (or, in the case of sub-clause (iv) below, deemed
used) solely to (i) finance the construction, start-up and operational deficits of the
Wellbeing Project (including any “cost overruns” on the construction of the Wellbeing
Project), (ii) make an Investment in, and/or repay an intercompany loan owing to,
Intermediate Holdco, the proceeds of which are, in turn, used by Intermediate Holdco to make
an Investment in, and/or repay an intercompany loan owing to, the U.S. Borrower,

-11-

 

(iii) make an Investment in, and/or repay an intercompany loan owing to, Intermediate
Holdco, the proceeds of which are (x) promptly (and in any event within 5 Business Days)
used by Intermediate Holdco to redeem, repurchase and/or repay Intermediate Holdco Senior
Notes and pay accrued but unpaid interest and any premium required to be paid in connection
therewith, in any such case in accordance with the requirements of Section 9.11(a)(i)(t),
and/or (y) promptly used by Intermediate Holdco to pay regularly scheduled interest on the
Intermediate Holdco Senior Notes when and as due in accordance with the requirements of the
Intermediate Holdco Senior Notes Documents, (iv) “finance” customary expenses which are (x)
incurred by lenders providing such Indebtedness and treated as “protective advances” under
the documentation governing such Indebtedness (e.g., advances for the payment of
real estate taxes, insurance premiums, ground rent and maintenance and repair costs) and (y)
deemed added as additional Indebtedness of Holdings under such documentation (it being
understood, however, that Indebtedness incurred by Holdings under this clause (iv) may be in
the form of a guarantee by Holdings of additional Indebtedness incurred by the Unrestricted
Wellbeing Joint Venture for the purposes described above in this clause (iv) rather than in
the form of direct incurrence by Holdings), (v) pay accrued but unpaid interest on the
principal of Indebtedness described in this definition, together with reasonable transaction
fees incurred in connection with the incurrence thereof and/or (vi) extend, renew and/or
refinance any Indebtedness theretofore incurred pursuant to this definition, (b) such
Indebtedness does not require any scheduled principal repayments prior to the final stated
maturity thereof, (c) such Indebtedness does not require any mandatory repayments prior to
the final stated maturity thereof other than in connection with (x) a “change of control”
(which “change of control” shall not include triggers any tighter than those contained in
the definition of “Change of Control” in this Agreement) or (y) issuances of equity by, or
capital contributions to, Holdings, (d) such Indebtedness does not provide for guaranties or
security from, or require any representation, warranty, event of default or covenant to be
applicable to, any Subsidiary of Holdings, (e) such Indebtedness provides for an “interest
reserve” covering all interest which will accrue on such Indebtedness over the term thereof,
which interest may be in the form of (i) a “hold-back” from the initial proceeds therefrom
deposited in the Wellbeing Project Financing Interest Reserve Account or (ii) a committed
but initially unfunded portion of such Indebtedness specifically reserved for the payment of
accrued but unpaid interest on such Indebtedness, (f) such Indebtedness expressly permits
the pledge of the Equity Interests of the Unrestricted Wellbeing Joint Ventures pursuant to
the U.S. Pledge Agreement, (g) in the case of any Indebtedness incurred to extend, renew
and/or refinance any Indebtedness theretofore incurred in reliance on this definition, the
requirements of clauses (b) through (f), inclusive, above and clause (h) below are satisfied
at the time of the incurrence thereof and (h) all other terms of such Indebtedness
(including, without limitation, with respect to prepayment provisions, covenants and
defaults) are reasonably acceptable to the Administrative Agent, as such Indebtedness may be
amended, modified, supplemented, extended, renewed and/or refinanced from time to time in
accordance with the terms hereof and thereof. The incurrence of the Wellbeing Project
Financing shall be deemed to be a representation and warranty by Holdings that all
conditions thereto have been satisfied in all material respects and that same is permitted
in accordance with the terms of this Agreement, which representation and warranty shall be
deemed to be a representation and warranty for all purposes hereunder, including, without limitation,
Sections 6B.01 and 10.

-12-

 

  “Wellbeing Project Financing Debt Cap Amount” shall mean, at any time,
$150,000,000 (as such amount may be reduced by any repayments of principal of the Wellbeing
Project Financing, except to the extent such repayment is made in connection with a
refinancing of such Wellbeing Project Financing consummated in accordance with the
definition of “Wellbeing Project Financing”); provided, however, that (i)
the “Wellbeing Project Financing Debt Cap Amount” may exceed the amount otherwise set forth
above at any time, if (but only if) any excess over such amount is (I) used by Holdings to
(x) make an Investment in, and/or repay an intercompany loan owing to, Intermediate Holdco
and, thereupon, applied by Intermediate Holdco for the purposes, and within the time
periods, described in clause (a)(iii) of the definition of “Wellbeing Project Financing”
and/or (y) finance cost overruns and/or operational deficits of the Wellbeing Project and/or
(II) incurred by Holdings for the purposes described in clause (a)(iv) of the definition of
“Wellbeing Project Financing”, and (ii) any such excess permitted by preceding clause (i)
shall also (but without duplication) be reduced by any repayments of principal of the
Wellbeing Project Financing, except to the extent such repayment is made in connection with
a refinancing of such Wellbeing Project Financing consummated in accordance with the
definition of “Wellbeing Project Financing”.

  “Wellbeing Project Financing Documents” shall mean any indenture, credit
agreement or similar agreement entered into in connection with the incurrence or issuance of
the Wellbeing Project Financing and each other agreement, document or instrument relating to
the incurrence or issuance of the Wellbeing Project Financing, as the same may be amended,
modified, supplemented, extended, renewed and/or refinanced from time to time in accordance
with the terms hereof and thereof.

  “Wellbeing Project Financing Interest Reserve Account” shall mean the deposit
account established in connection with the Wellbeing Project Financing into which cash in
amount equal to the interest reserve requirements for the Wellbeing Project Financing and
other proceeds from the Wellbeing Project Financing will be deposited pending application.

     31. Section 13.07(a) of the Credit Agreement is hereby amended by deleting the text “Sections
9.08 and 9.09” appearing in clause (iv) of said Section and inserting the text “Section 9.09” in
lieu thereof.

II. Miscellaneous Provisions.

     1. In order to induce the Lenders to enter into this Amendment, each Credit Agreement Party
hereby represents and warrants that:

  (a) no Default or Event of Default exists as of the Second Amendment Effective Date (as
defined below), both immediately before and immediately after giving effect thereto; and

-13-

 

  (b) all of the representations and warranties contained in the Credit Agreement and the
other Credit Documents are true and correct in all material respects on the Second Amendment
Effective Date both immediately before and immediately after giving effect thereto, with the
same effect as though such representations and warranties had been made on and as of the
Second Amendment Effective Date both immediately before and immediately after giving effect
thereto (it being understood that any representation or warranty made as of a specific date
shall be true and correct in all material respects as of such specific date).

     2. This 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 Credit Document.

     3. This 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 shall be lodged with the U.S. Borrower and the Administrative Agent.

     4. THIS 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 Amendment shall become effective on the date (the “Second Amendment Effective
Date”) when each Credit Agreement Party and Lenders constituting the Required Lenders shall
have signed a counterpart hereof (whether the same or different counterparts) and shall have
delivered (including by way of facsimile or other electronic transmission) the same to White & Case
LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: May Yip (facsimile number:
212-354-8113 / e-mail address: myip@whitecase.com).

     6. So long as the Second Amendment Effective Date occurs, the U.S. Borrower shall pay to each
Lender which has executed a counterpart hereof on or prior to 2:00 P.M. (New York time) on December
20, 2005, a consent fee equal to 0.125% of the sum of (x) its Revolving Loan Commitment as in
effect on the Second Amendment Effective Date and (y) the aggregate principal amount of its Term
Loans outstanding on the Second Amendment Effective Date (immediately prior to giving effect
thereto). All fees payable pursuant to the immediately preceding sentence shall be paid to the
Administrative Agent within one Business Day after the Second Amendment Effective Date, which fees
shall be distributed by the Administrative Agent to the relevant Lenders in the amounts specified
in the immediately preceding sentence.

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

* * *

-14-

 

     IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Amendment as of the date first above written.

	 	 	 	 	 
	 	DHM HOLDING COMPANY, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	DOLE HOLDING COMPANY, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	DOLE FOOD COMPANY, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SOLVEST, LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH,
 Individually, and as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	SIGNATURE PAGE TO THE SECOND AMENDMENT AND CONSENT TO AMENDED
AND RESTATED CREDIT AGREEMENT, DATED AS OF DECEMBER 20, 2005,
AMONG DHM HOLDING COMPANY, INC., DOLE HOLDING COMPANY, LLC,
DOLE FOOD COMPANY, INC., SOLVEST LTD., THE LENDERS PARTY
THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

 	 
	 	 	 
	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:exv4w1

 

EXHIBIT 4.1

RESTATED CERTIFICATE OF INCORPORATION

OF

DeVRY
INC.

          The undersigned, a corporation organized and existing under and by virtue of the General
Corporation Law of the State of Delaware, as amended (the “Corporation”), DOES HEREBY CERTIFY as
follows:

          1. The Certificate of Incorporation of the Corporation was filed in the office of the
Secretary of State of the State of Delaware on August 3, 1987
and amended on August 7, 1987, December 8,
1987 and June 11, 1990.

          2. On May 14, 1991 and June 4, 1991, in the manner prescribed by Sections 242 and 245 of the
General Corporation Law of the State of Delaware, as amended, resolutions were duly adopted by the
Board of Directors and the stockholders of the Corporation, respectively, duly adopting this
Restated Certificate of Incorporation and amending the certificate of
incorporation of the
Corporation as herein provided.

          3. Pursuant to the provisions of Section 103 (d) of the General Corporation Law of the State
of Delaware, as amended, this Restated Certificate of Incorporation is not to become effective
until 9:00 a.m. Chicago time on June 19, 1991.

 

 

          4. The text of the certificate of incorporation of the Corporation as amended and restated
herein, shall, at the effective time of this Restated Certificate of Incorporation, read as
follows:

*  *  *

          FIRST:
The name of the Corporation is DeVRY INC. (hereinafter the “Corporation”).

          SECOND:
The address of the registered office of the Corporation in the State of
Delaware is 1209 Orange Street, in the city of Wilmington, County of New Castle. The name of the
registered agent at that address is The Corporation Trust Company.

          THIRD: The purpose of the corporation is:

	 	1.	 	To establish degree-granting educational institutions in which individuals
may be taught such branches of useful, practical and/or general knowledge as shall
prepare them for a career, a profession, or occupations requiring knowledge in the
arts and sciences, as well as further study and educational activities.
	 
	 	 	 	To impart instruction, conduct examinations, and confer academic degrees in branches of
engineering technology, business operations, telecommunications, information systems,
and other branches of

- 2 -

 

	 	 	 	human knowledge. To prepare, manufacture, sell and generally deal in books, lesson and
examination papers, drawings, instruments, tools  and school supplies
of every class and description; and

	 	2.	 	To engage in any lawful act or activity for which corporations may be
organized under the General Corporation Law of the State of Delaware, as amended (the
“GCL”).

          FOURTH: The total number of shares which the Corporation shall have authority to
issue is ten million (10,000,000), consisting of ten million (10,000,000) shares of Common Stock,
par value $.01 per share (the “Common Stock”).

SECTION
I.

Common Stock

          A. A statement of the designations, powers, preferences, rights, qualifications, limitations
and restriction in respect of the shares of Common Stock is as follows:

          (1)
Dividends. The Board of Directors of the Corporation may cause dividends to be
paid to the holders of shares of Common Stock out of funds legally available for the payment of
dividends by declaring an amount per share as a dividend. When and as dividends are declared,
whether payable in cash, in property or in shares of stock of the Corporation, the

- 3 -

 

holders of Common Stock shall be entitled to share equally, share for share, in such
dividends. No dividends shall be declared or paid in shares of Common Stock, or options, warrants,
or rights to acquire such stock or securities convertible into or exchangeable for shares of such
stock, except dividends payable ratably according to the number of shares of Common Stock held by
them, in shares of, or securities convertible into or exchangeable for, Common Stock to holders of
that class of stock.

          (2) Liquidation Rights. In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the affairs of the Corporation, the holders of Common Stock shall be
entitled, to share, ratably according to the number of shares of Common Stock held by them, in all
remaining assets of the Corporation available for distribution to its stockholders.

          (3) Voting Rights. Except as otherwise provided in this Certificate of Incorporation
or by applicable law, the holders of Common Stock shall be entitled to vote on each matter on
which the stockholders of the Corporation shall be entitled to vote, and each holder of Common
Stock shall be entitled to one vote for each share of such stock held by him.

          FIFTH: At all meetings of stockholders, each stockholder shall be entitled to vote,
in person or by proxy, the shares of voting stock owned by such stockholders of record on the
record date for the meeting. When a quorum is present or represented at any meeting, the vote of
the holders of a majority

- 4 -

 

of the voting power of all of the shares of stock of the Corporation
outstanding and entitled to vote on any matter, question or proposal brought before such meeting
shall decide such question, unless the question is one upon which, by express provision of law, this Certificate of
Incorporation or the By-Laws, a different vote is required, in which case such express provision
shall govern and control the decision of such question.

          SIXTH: The Corporation is to have perpetual existence.

          SEVENTH: The number of directors of the Corporation shall be fixed from time to time
by the vote of a majority of the entire Board of Directors, but such number shall in no case be
less than three nor more than 12. Any such determination made by the
Board of Directors shall continue in effect unless and until changed
by the Board of Directors, but no
such changes shall affect the term of any directors then in office.

     The directors shall be divided into three classes, designated Class I, Class II and Class
III. Each class shall consist, as nearly as may be possible, of one-third of the total number of
directors constituting the entire Board of Directors. At the 1991 annual meeting of stockholders,
Class I directors shall be elected for a one-year term, Class II directors for a two-year term and
Class III directors for a three-year term. At each succeeding annual meeting of stockholders
beginning in 1992, successors to the class of directors whose term expires at the annual meeting
shall be elected for a three-year term. If the

- 5 -

 

authorized number of directors is changed, any
increase or decrease shall be apportioned among the classes so as to maintain the number of
directors in each class as nearly equal as possible, and any additional director or any class
elected to fill a vacancy resulting from any increase in such class shall hold office for a term
that shall coincide with the remaining term of that class, but in no case will a decrease in the
number of directors shorten the term of any incumbent director. A director shall hold office
until
the annual meeting for the year in which his or her term expires and until his or her
successor shall be elected and shall qualify, subject, however, to prior death, resignation,
retirement, disqualification or removal from office. Subject to the By-laws, a majority of the
entire Board of Directors shall constitute a quorum for the transaction of business. From and
after June 30, 1993, any vacancy on the Board of Directors that
results from an increase in the number of directors shall be filled
only by a majority of the Board of Directors then in office, provided that a quorum
is present, and any other vacancy occurring in the Board of Directors shall be filled by a
majority of the directors then in office, even if less than a quorum, or by a sole remaining
director. Any director elected to fill a vacancy not resulting from an increase in the number of
directors shall have the same remaining term as that of his or her predecessor.

- 6 -

 

     From and after June 30, 1993, any director elected by the stockholders, or by the Board of
Directors to fill a vacancy, may be removed only for cause by the affirmative vote of the holders
of a majority of the votes which could be cast by the holders of all the outstanding shares of
capital stock entitled to vote for the election of directors, voting together as a class, given at
a duly called annual or special meeting of stockholders.

     Advance notice of nominations for the election of directors, other than nominations by the
Board of Directors or a committee thereof, shall be given to the Corporation in the
manner provided in the By-laws.

          EIGHTH: For the management of the business and for the conduct of the affairs of the
Corporation, and in further definition, limitation and regulation of the powers of the Corporation
and of its directors and of its stockholders or any class thereof, as the case may be, it is
further provided:

          (1) The business and affairs of the Corporation shall be managed by or under the direction of
the Board of Directors.

          (2) The directors shall have concurrent power with the stockholders to make, alter, amend,
change, add to or repeal the By-Laws of the Corporation.

          (3) In addition to the powers and authority hereinbefore or by statute expressly conferred
upon them, the directors are hereby empowered to exercise all such powers and do all such acts and
things as may be exercised or done by the

- 7 -

 

Corporation, subject, nevertheless, to the provisions of
the GCL, this Certificate of Incorporation, and any By-Laws adopted by the stockholders; provided,
however, that no By-Laws hereafter adopted by the stockholders shall invalidate any prior act of
the directors which would have been valid if such By-Laws had not been adopted.

          NINTH:

               (1) Meetings of stockholders may be held within or without the State of Delaware as the
By-Laws may provide. The books of the Corporation may be kept (subject to any provision contained
in the GCL) outside the State of Delaware at such place or places as may be designated from time
to time by the Board of Directors or in the By-Laws of the Corporation.

               (2) Any action required or permitted to be taken by the stockholders of the Corporation must
be effected at a duly called annual or special meeting of such
holders and may not be effected by
a consent in writing by any such holders.

               (3) Except as otherwise required by law, from and after June 30, 1993, special meetings of
the stockholders of the Corporation may be called only by (i) the Board of Directors pursuant to a
resolution approved by the affirmative vote of a
majority of the directors then in office, (ii) the Chairman of the Board, if one is elected
or (iii) the President. Prior to June 30, 1993, special

- 8 -

 

meetings of the stockholders may be called
either by the persons referred to in clauses (i), (ii) and (iii), or by any person(s) holding 5%
or more of the outstanding Common Stock. Only those matters set forth in the notice of the special
meeting may be considered or acted upon at such special meeting, unless otherwise provided by law.

          TENTH: (1) The Corporation shall, to the fullest extent permitted by Section 145 of
the GCL, as the same may be amended and supplemented, indemnify any and all directors and officers
whom it shall have power to indemnify under said Section and may, upon the act of the Board of
Directors, indemnify all other persons whom it shall have power to indemnify under said Section,
from and against any and all of the expenses, liabilities or other matters referred to in or
covered by said Section, and the indemnification provided for herein shall not be deemed exclusive
of any other rights to which those indemnified my be entitled under any By-Law, agreement, vote of
stockholders or disinterested directors or otherwise both as to action in his official capacity
and as to action in another capacity while holding such office, and shall continue as a director
or officer who has ceased to be a director or officer, and shall inure to the benefit of the
heirs, executors and administrators of the director or officer, and may, upon such act of the
Board of Directors, continue as to such other persons and inure to the benefit of the heirs,
executors and administrators of such other persons.

- 9 -

 

          (2) No director shall be personally liable to the Corporation or any of its stockholders for
monetary damage for any breach of fiduciary duty as a director, except for liability (i) for
breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or
omissions not in good faith or which involve intentional misconduct or a knowing violation of law,
(iii) pursuant to Section 174 of the GCL or (iv) for any transaction from which the director
derived an improper personal benefit. Any repeal or modification of this ARTICLE TENTH by the
stockholders of the Corporation shall not adversely affect any right or protection of a director
of the Corporation existing at the time of such repeal or modification with respect to acts or
omissions occurring prior to such repeal or modifications.

          ELEVENTH: In addition to any other considerations which the Board of Directors may
lawfully take into account, in determining whether to take or to refrain from taking corporate
action on any matter, including proposing any matter to the stockholders of the Corporation, the
Board of Directors may take into account the long-term as well as short-term interests of the
Corporation and its stockholders (including the possibility that these interests may be best
served by the continued independence of the corporation), customers, employees, students,
graduates, faculty and other constituencies of the Corporation and its subsidiaries, including the
effect upon communities in which the Corporation and its subsidiaries do business.

- 10 -

 

          TWELFTH: The Corporation reserves the right to repeal, alter or amend this
Certificate of Incorporation in the manner now or hereafter prescribed by statute. No repeal,
alteration or amendment of this Certificate of Incorporation shall be made unless the same is
first approved by the Board of Directors of the Corporation pursuant to a resolution adopted by
the directors then in office in accordance with the By-laws and applicable law and thereafter
approved by the stockholders.

          THIRTEENTH: The Corporation has elected not to be governed by Section 203 of the GCL.

          FOURTEENTH: The Certificate of Incorporation of the Corporation, as herein amended,
shall constitute a restatement of, and shall supersede the Certificate of Incorporation of the
Corporation, as previously amended.

          IN WITNESS WHEREOF, the Corporation has caused this Restated Certificate of Incorporation to
be signed by its President and attested by its Secretary.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DEVRY INC.
	 
	 	 	 	 	 	 	 	 
	(Corporate Seal)

	 	 	 	By:
	 	/s/Ronald L. Taylor
 

Ronald L. Taylor
	 	 
	 

	 	 	 	 	 	President	 	 
	 
	 	 	 	 	 	 	 	 
	ATTEST
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Marilynn J. Cason
 

Marilynn J. Cason
	 	 	 	 	 	 	 	 
	Secretary
	 	 	 	 	 	 	 	 

- 11 -

 

CERTIFICATE OF CORRECTION

OF

RESTATED CERTIFICATE OF INCORPORATION

OF

DeVRY INC.

     DeVRY
INC., a Delaware corporation (the “Corporation”), pursuant to Section 103(f)
of the General Corporation Law of the State of Delaware, as amended, hereby certifies
that:

     1. The Restated Certificate of Incorporation of the Company,which was filed with the
Secretary of State of the State of Delaware on June 11, 1991, is an inaccurate record of
the corporate action therein referred to.

     2.
Said Restated Certificate of Incorporation is incorrect in that paragraph number 3
on the first page of the Restated Certificate of Incorporation states that the Restated
Certificate of Incorporation is not to become effective until 9:00
a.m. Chicago time
on June 19, 1991, whereas it should state that the Restated Certificate of Incorporation
is not to become effective until 9:00 a.m. Chicago time on
June 28, 1991.

     3.
Paragraph number 3 on the first page of the Restated Certificate of Incorporation in
correct form is as follows:

     “3. Pursuant to the provisions of Section 103(d) of the General Corporation Law of the State of
Delaware, as amended, this Restated Certificate of Incorporation is
not to become effective until
9:00 a.m. Chicago time on June 28, 1991.”

 

 

     IN
WITNESS WHEREOF,DeVRY INC. has caused this Certificate of Correction to
be signed by Ronald L. Taylor, its President and attested by Marilynn
J. Cason, its Secretary, this 17th
day of June, 1991.

	 	 	 	 	 
	 	 	DeVRY INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Ronald L. Taylor
	 

	 	 	 	 
	 

	 	 	 	Ronald L. Taylor
	 

	 	 	 	President

	 	 	 
	Attest:
	 	 
	 

	 	 
	/s/ Marilynn J. Cason
 

	 	 
	Marilynn J. Cason
	 	 
	Secretary
	 	 

-2-

 

 

CERTIFICATE OF CORRECTION

OF

RESTATED CERTIFICATE OF INCORPORATION

OF

DeVRY INC.

     DeVRY
INC., a Delaware corporation (the “Corporation”), pursuant to Section 103(f)
of the General Corporation Law of the State of Delaware, as amended, hereby certifies
that:

     1. The
Restated Certificate of Incorporation of the Company, which was filed with the
Secretary of State of the State of Delaware on June 11, 1991, is an inaccurate record of
the corporate action therein referred to.

     2.
Said Restated Certificate of Incorporation is incorrect in that paragraph number 3
on the first page of the Restated Certificate of Incorporation states that the Restated
Certificate of Incorporation is not to become effective until 9:00
a.m. Chicago time
on June 28, 1991, where it should state that the Restated Certificate of Incorporation
is not to become effective until 9:00 a.m. Chicago time on
June 27, 1991.

     3.
Paragraph number 3 on the first page of the Restated Certificate of Incorporation in
correct form is as follows:

     “3. Pursuant to the provisions of Section 103(d) of the General Corporation Law of the State of
Delaware, as amended this Restated Certificate of Incorporation is
not to become effective until
9:00 a.m. Chicago time on June 27, 1991.”

 

 

     IN
WITNESS WHEREOF, DeVRY INC. has caused this Certificate of Correction to
be signed by Ronald L. Taylor, its President and attested by Marilynn
J. Cason, its Secretary, this 20th
day of June, 1991.

	 	 	 	 	 
	 	 	DeVRY INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Ronald L. Taylor
	 

	 	 	 	 
	 

	 	 	 	Ronald L. Taylor
	 

	 	 	 	President

	 	 	 
	Attest:
	 	 
	 

	 	 
	/s/ Marilynn J. Cason
 

	 	 
	Marilynn J. Cason
	 	 
	Secretary
	 	 

-2-

 

 

CERTIFICATE
OF AMENDMENT

OF

RESTATED CERTIFICATE OF INCORPORATION

OF

DeVRY INC.

     The undersigned, a corporation organized and existing under and by virtue of the General
Corporation Law of the State of Delaware, as amended (the
“Corporation”), DOES HEREBY CERTIFY as follows:

     1. The
Certificate of Incorporation of the Corporation was filed in the
Office of the
Secretary of State of the State of Delaware on August 3, 1987, and amended
on August 7, 1987, December 8, 1987, June 11, 1990, June 11, 1991 and June 21, 1991.

     2. On
August 4, 1994 and November 15, 1994, in the manner prescribed by Sections
242 and 245 of the General Corporation Law of the State of
Delaware, as amended,
resolutions were duly adopted by the Board of Directors and the stockholders of the
Corporation, respectively, duly amending the certificate of incorporation of the Corporation
as herein provided.

     3.
The
text of the amended section of the certificate of incorporation of
the Corporation as amended and restated herein, shall read as follows:

*          *          *

     FOURTH:
The total number of shares which the Corporation shall have authority
to issue is twenty million (20,000,000), consisting of twenty million (20,000,000) shares of Common
Stock, par value $.01 per share (the “Common Stock”).

     IN
WITNESS WHEREOF, the Corporation has caused this amendment to the Restated Certificate of
Incorporation to be signed by its President and attested by its
Secretary.

	 	 	 	 	 
	 	 	DeVRY INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Ronald L. Taylor
	 

	 	 	 	 
	 

	 	 	 	Ronald L. Taylor
	 

	 	 	 	President

	 	 	 
	ATTEST:
	 	 
	 

	 	 
	/s/ Marilynn J. Cason
 

	 	 
	Marilynn J. Cason
	 	 
	Secretary
	 	 

 

 

CERTIFICATE
OF AMENDMENT

OF

RESTATED CERTIFICATE OF INCORPORATION

OF

DeVRY INC.

     The undersigned, a corporation organized and existing under and by virtue of the General
Corporation Law of the State of Delaware, as amended (the
“Corporation”), DOES HEREBY CERTIFY as
follows:

     1. The
Certificate of Incorporation of the Corporation was filed in the
Office of the
Secretary of State of the State of Delaware on August 3,1987, and amended
on August 7, 1987, December 8, 1987, June 11, 1990,
June 11, 1991, June 21, 1991 and February 9, 1995.

     2. On
August 20, 1996 and November 19, 1996, in the manner prescribed by Sections
242 and 245 of the General Corporation Law of the State of Delaware,
as amended, resolutions were duly adopted by the Board of Directors and the stockholders of the
Corporation, respectively, duly amending the Certificate of incorporation of the Corporation
as herein provided.

     3.The text of the amended section of the certificate of incorporation of the Corporation
as amended and restated herein, shall read as follows:

*          *          *

     FOURTH: The total number of shares which the Corporation shall have
authority to issue is seventy-five million (75,000,000), consisting of seventy-five
million (75,000,000) shares of Common Stock, par value $.01 per
share (the “Common Stock”).

     IN
WITNESS WHEREOF, the Corporation has caused this amendment to the Restated Certificate of
Incorporation to be signed by its President and attested by its
Secretary.

	 	 	 	 	 
	 	 	DeVRY INC.
	 
	 	 	 	 
	 

	 	By:
	 	 /s/ Ronald L.Taylor
	 

	 	 	 	 
	 

	 	 	 	Ronald L.Taylor
	 

	 	 	 	President

	 	 	 
	ATTEST:
	 	 
	 

	 	 
	/s/ Marilynn J. Cason
 

	 	 
	Marilynn J. Cason
	 	 
	Secretary
	 	 

 

 

CERTIFICATE
OF AMENDMENT

OF

RESTATED CERTIFICATE OF INCORPORATION

OF

DeVRY INC.

     The undersigned, a corporation
organized and existing under and by virtue of the General
Corporation Law of the State of Delaware, as amended (the “Corporation”), DOES HEREBY CERTIFY as
follows:

     1. The Certificate of Incorporation of the Corporation
 was filed in the Office the
Secretary of State of the State of Delaware on August 3,1987, and amended
on August 7, 1987, December 8, 1987, June 11, 1990,
June 11, 1991, June 21, 1991, February 9, 1995 and
November 19, 1996.

     2. On August 18, 1998
 and November 17, 1998, in the manner prescribed by Sections 242 of the General Corporation Law of the State of Delaware, as
amended, resolutions were duly adopted by the Board of Directors and the stockholders of the
Corporation, respectively, duly amending the certificate of incorporation of the Corporation
as herein provided.

     3. The text of the amended section of the
certificate of incorporation of the Corporation as amended and
restated herein, shall read as follows:

*          *          *

     FOURTH: The total number of shares
which the Corporation shall have

authority to issue is Two Hundred million (200,000,000), consisting of Two Hundred
million (200,000,000) shares of Common Stock, par value $.01 per
share (the “Common Stock”).

     IN WITNESS WHEREOF, the Corporation
has caused this amendment to the Restated Certificate of
Incorporation to be signed by its President and attested by its
Secretary.

	 	 	 	 	 
	 	 	DeVRY INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Ronald L. Taylor
	 

	 	 	 	 
	 

	 	 	 	Ronald L. Taylor
	 

	 	 	 	President

	 	 	 
	ATTEST:
	 	 
	 

	 	 
	/s/ Marilynn J. Cason
 

	 	 
	Marilynn J. Cason
	 	 
	Secretary

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