Document:

exv10w2

 

Exhibit 10.2

2008 AMENDED AND RESTATED

REVOLVING NOTE

$9,500,000.00

St. Louis, Missouri

January 31, 2008

     FOR VALUE RECEIVED, the undersigned, SYNERGETICS, INC., a Missouri corporation, and
SYNERGETICS USA, INC., a Delaware corporation (individually, a “Borrower” and together, the
“Borrowers”), hereby jointly and severally promise to pay on the Termination Date to the order of
Regions Bank (the “Lender”), at its main office in St. Louis, Missouri, or at any other place
designated at any time by the holder hereof, in lawful money of the United States of America and in
immediately available funds, the principal sum of Nine Million Five Hundred Thousand and
00/100 ($9,500,000.00) or, if less, the aggregate unpaid principal amount of all
Advances and Swing Line Loans made by the Lender to the Borrowers under the Credit Agreement
(defined below), together with interest on the principal amount hereunder remaining unpaid from
time to time, computed on the basis of the actual number of days elapsed and a 360-day year, from
the date hereof until this Note is fully paid at the rate from time to time in effect under the
Credit and Security Agreement dated as of March 13, 2006, as heretofore amended by First Amendment
dated as of September 26, 2006, by Second Amendment dated as of December 8, 2006, by Third
Amendment dated as of June 7, 2007, and by Fourth Amendment (“Fourth Amendment”) of even date
herewith (as so amended, the “Credit Agreement”) by and among the Lender and the Borrowers. The
principal hereof and interest accruing thereon shall be due and payable as provided in the Credit
Agreement. This Note may be prepaid only in accordance with the Credit Agreement.

     This Note is issued pursuant, and is subject, to the Credit Agreement, which provides, among
other things, for acceleration hereof. This Note is the 2008 Amended and Restated Revolving Note
referred to in the Fourth Amendment. This Note evidences not only all Advances of Lender under the
Revolving Credit Facility but also all Swing Line Loans made by Lender pursuant to Section 2.1A of
the Credit Agreement.

     This Note, among other things, is secured pursuant to the Credit Agreement and the Security
Documents as therein defined, and may now or hereafter be secured by one or more other security
agreements, mortgages, deeds of trust, assignments or other instruments or agreements.

     The Borrowers hereby agree to pay all costs of collection, including attorneys’ fees and legal
expenses in the event this Note is not paid when due, whether or not legal proceedings are
commenced.

     Presentment or other demand for payment, notice of dishonor and protest are expressly waived.

     This Note shall be governed by the internal substantive laws of the State of Missouri, without
regard for its conflicts-of-law principles.

     This Note is a replacement for, but not a novation or refinancing of: (A) the Revolving Note
dated as of September 26, 2006, as amended by Amended and Restated Revolving Note dated as of
December 8, 2006, by Borrowers payable to the order of Lender; and (B) the Revolving Note dated as
of September 26, 2006, as amended by Amended and Restated Revolving Note dated as of December 8,
2006 and by Amended and Restated Revolving Note dated as of June 7, 2007, by Borrowers payable to
the order of Wachovia Bank National Association, which Note was purchased by Lender. This Note
does not

 

 

evidence or effect a release, or relinquishment of the priority, of the security interests in
any Collateral (as defined in the Credit Agreement).

     ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING
REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS
OF THE LEGAL THEORY UPON WHICH IT IS BASED, THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO
PROTECT YOU (BORROWERS) AND US (LENDER) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE
REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING (THIS NOTE, THE CREDIT AGREEMENT AND THE
LOAN DOCUMENTS REFERRED TO THEREIN), WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENTS OF THE
AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

	 	 	 	 	 
	 	BORROWERS:

SYNERGETICS, INC.

 	 
	 	By:  	/s/ Pamela G. Boone
 	 
	 	 	Name:  	Pamela G. Boone 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	and

SYNERGETICS USA INC.

 	 
	 	By:  	/s/ Pamela G. Boone
 	 
	 	 	Name:  	Pamela G. Boone 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

2exv10w3

 

Exhibit 10.3

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT

     This First Amendment to Credit and Security Agreement (“First Amendment”) is entered into as
of January 31, 2008, by and among Synergetics, Inc., a Missouri corporation, Synergetics USA, Inc.,
a Delaware corporation, Synergetics Germany, GMBH, a German limited liability company, and
Synergetics Italia, SRL, an Italian limited liability company (individually, a “Borrower” and,
collectively, the “Borrowers”), and Regions Bank (“Lender”).

RECITALS

     A. Borrowers and Lender entered into a certain Credit and Security Agreement dated as of June
20, 2007 (the “Existing Credit Agreement”).

     B. Borrowers and Lender desire to amend the Existing Credit Agreement as hereinafter provided.

     C. The Existing Credit Agreement and this First Amendment constitute the “Credit Agreement”
from and after the effectiveness of this First Amendment.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Borrowers, and Lender
agree as follows:

     1. Defined Terms. Each term used herein without definition or a modification to
definition shall have the same meaning as set forth in the Existing Credit Agreement.

     2. Credit Agreement Amendments. The Existing Credit Agreement is hereby amended as
follows, effective upon fulfillment of conditions set forth in Section 4 of this First Amendment:

     A. Section 1.2, entitled “Primary Definitions,” is hereby amended by modifying the
following definitions to read as follows in their entirety:

(1) “Revolving Loan Commitment” means $1,500,000, unless such amount is
reduced pursuant to Section 2.6(b) hereof, in which event it means
the amount to which said amount is reduced.

(2) “Revolving Note” means the Amended and Restated Foreign Accounts
Revolving Note, on the terms attached to the First Amendment as
Exhibit A in maximum principal amount of $1,500,000 (the “Amended
Revolving Note”).

     B. The Borrowing Base Certificate attached to the Existing Credit Agreement is hereby
deleted and is superseded by the Borrowing Base Certificate attached to this First Amendment
as Exhibit B.

     3. Representations and Warranties. The Borrowers jointly and severally hereby
represent and warrant to the Lender as follows:

 

 

     (a) This First Amendment and the Amended Revolving Note have been duly and validly
executed by authorized officers of the Borrowers and constitute the legal, valid and binding
obligation of the Borrowers, enforceable against the Borrowers in accordance with their
terms. The Existing Credit Agreement, as amended by this First Amendment, remains in full
force and effect and remains the valid and binding obligation of the Borrowers, enforceable
against the Borrowers in accordance with its terms. The Borrowers hereby ratify and confirm
the Existing Credit Agreement, as amended by this First Amendment.

     (b) No Default or Event of Default has occurred or now exists under the Existing Credit
Agreement and no Default or Event of Default will occur as a result of the effectiveness of
this First Amendment.

     (c) The representations and warranties of the Borrower contained in the Existing Credit
Agreement, are true and correct in all material respects on and as of the date of this First
Amendment.

     4. Conditions to Effectiveness of First Amendment. The effectiveness of this First
Amendment and the agreements set forth herein are subject to fulfillment, as determined in the sole
judgment of Lender, of the following conditions:

     (a) Borrowers shall have executed and delivered to Lender this First Amendment and
the Amended Revolving Note;

     (b) Each Borrower shall have delivered to Lender a Certificate of the Secretary or an
Assistant Secretary of such Borrower certifying that appropriate corporate actions
authorizing the execution and delivery of this First Amendment have been taken and
covering such other matters as Lender may reasonably request;

     (c) Lender shall have determined that no Default or Event of Default exists; and

     (d) Borrowers shall have delivered such other documents and shall have taken such
other actions as Lender in its reasonable discretion may require.

     5. Release. In consideration of the agreement of Lender to modify the terms of the
Existing Credit Agreement as set forth in this First Amendment, Borrowers hereby release, discharge
and acquit forever Lender and any of its officers, directors, servants, agents, employees and
attorneys, past and present, from any and all claims, demands and causes of action, of whatever
nature, whether in contract or tort, accrued or to accrue, contingent or vested, known or unknown,
arising out of or relating to the loans evidenced by the Existing Credit Agreement, as hereby
amended, or Lender’s administration of the same or any other actions taken pursuant to the Existing
Credit Agreement or under any other documents or instruments evidencing loans made by Lender to
Borrowers or the administration of same; provided, however, that the foregoing release and the
following indemnity relate only to actions or inactions of Lender through the date hereof.

2

 

     6. Payment of Costs/Expenses. Without limiting the generality of provisions in the
Existing Credit Agreement (as amended by this First Amendment) relating to payment of Lender’s
costs and expenses, the Borrower will pay all reasonable out-of-pocket expenses, costs and charges
of Lender’s attorneys incurred in connection with the preparation and implementation of this First
Amendment.

     7. Other Documents/Provisions to Remain in Force. Except as expressly amended hereby,
the Existing Credit Agreement and all documents and instruments executed in connection therewith or
contemplated thereby and all indebtedness incurred pursuant thereto shall remain in full force and
effect and are in all respects hereby ratified and affirmed.

     8. Successors and Assigns. Subject to any restriction on assignment set forth in the
Existing Credit Agreement, this First Amendment shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns.

     9. Counterparts. This First Amendment may be executed in any number of counterparts,
each of which shall constitute one and the same Amendment.

     10. Incorporation by Reference. The Existing Credit Agreement and all exhibits
thereto, and the exhibits to this First Amendment are incorporated herein by this reference, except
to the extent replaced by Exhibits attached to this First Amendment.

     11. No Oral Loan Agreements. Pursuant to Mo. Rev. Stat. § 432.045 and § 432.047, the
parties agree to the quoted language below (all references to “you” are references to Borrower and
all references to “us” are references to Lender):

ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FOREBEAR FROM
ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE
NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED, THAT IS IN
ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (BORROWER) AND US (LENDER)
FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH
MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT
OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

[Remaining portion of page is intentionally blank. Signature page follows]

3

 

     IN WITNESS WHEREOF, Lender and Borrowers have caused this First Amendment to be executed
effective as of the date first written above.

	 	 	 	 	 
	 	BORROWERS:

SYNERGETICS, INC.

 	 
	 	By:  	/s/ Pamela G. Boone
 	 
	 	 	Name:  	Pamela G. Boone 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	and

SYNERGETICS, USA, INC.

 	 
	 	By:  	/s/ Pamela G. Boone
 	 
	 	 	Name:  	Pamela G. Boone 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	and

SYNERGETICS GERMANY, GMBH

 	 
	 	By:  	/s/ Pamela G. Boone
 	 
	 	 	Name:  	Pamela G. Boone 	 
	 	 	Title:  	Director 	 
	 
	 	and

SYNERGETICS ITALIA, SRL

 	 
	 	By:  	/s/ Pamela G. Boone
 	 
	 	 	Name:  	Pamela G. Boone 	 
	 	 	Title:  	Director 	 
	 
	 	LENDER:

REGIONS BANK

 	 
	 	By:  	
/s/ Anne D. Silvestri
 	 
	 	 	Name:  	Anne D. Silvestri 	 
	 	 	Title:  	Senior Vice President 	 

4

 

	 	 	 	 	 

Exhibit A to First Amendment to

Credit and Security Agreement

AMENDED AND RESTATED

FOREIGN ACCOUNTS

REVOLVING NOTE

	 	 	 
	$1,500,000

	 	St. Louis, Missouri
	 

	 	January 31, 2008

     FOR VALUE RECEIVED, the undersigned, SYNERGETICS, INC., a Missouri corporation
(“Synergetics”), SYNERGETICS USA, INC., a Delaware corporation (“Synergetics USA”), SYNERGETICS
GERMANY, GMBH; and SYNERGETICS ITALIA, SRL (individually, a “Borrower” and together, the
“Borrowers”), hereby jointly and severally promise to pay on the Termination Date to the order of
Regions Bank (the “Lender”) at its main office in St. Louis, Missouri, or at any other place
designated at any time by the holder hereof, in lawful money of the United States of America and in
immediately available funds, the principal sum of One Million Five Hundred Thousand and 00/100
($1,500,000) or, if less, the aggregate unpaid principal amount of all Advances made by the
Lender to the Borrowers under the Credit Agreement (defined below), together with interest on the
principal amount hereunder remaining unpaid from time to time, computed on the basis of the actual
number of days elapsed and a 360-day year, from the date hereof until this Note is fully paid at
the rate from time to time in effect under the Credit and Security Agreement dated June 20, 2007,
as amended by First Amendment thereto (“First Amendment”) of even date herewith (as so amended, the
“Credit Agreement”) by and between the Lender and the Borrowers. The principal hereof and interest
accruing thereon shall be due and payable as provided in the Credit Agreement. This Note may be
prepaid only in accordance with the Credit Agreement. Capitalized terms utilized in this Note but
not defined herein have the same meanings as set forth in the Credit Agreement.

     This Note is issued pursuant, and is subject, to the Credit Agreement, which provides, among
other things, for acceleration hereof. This Note is the Amended Revolving Note referred to in the
First Amendment.

     This Note, among other things, is secured pursuant to the Credit Agreement and the Security
Documents as therein defined, and may now or hereafter be secured by one or more other security
agreements, mortgages, deeds of trust, assignments or other instruments or agreements.

     The Borrowers hereby agree to pay all costs of collection, including attorneys’ fees and legal
expenses in the event this Note is not paid when due, whether or not legal proceedings are
commenced.

     Presentment or other demand for payment, notice of dishonor and protest are expressly waived.

     This Note shall be governed by the internal substantive laws of the State of Missouri, without
regard for its conflicts-of-law principles.

     This Note is a replacement for, but not a novation or refinancing of, the Foreign Accounts
Revolving Note dated June 20, 2007 by Borrowers payable to the order of Lender. This Note

 

 

does not evidence or effect a release, or relinquishment of the priority, of the security
interests in any Collateral (as defined in the Credit Agreement).

     ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING
REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS
OF THE LEGAL THEORY UPON WHICH IT IS BASED, THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO
PROTECT YOU (BORROWERS) AND US (LENDER) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE
REACH COVERING SUCH MATTERS ARE CONTAINED IN THE CREDIT AGREEMENT AND THE LOAN DOCUMENTS REFERRED
TO THEREIN, WHICH ARE THE COMPLETE AND EXCLUSIVE STATEMENTS OF THE AGREEMENT BETWEEN US, EXCEPT AS
WE MAY LATER AGREE IN WRITING TO MODIFY IT.

[Remaining portion of page is intentionally blank. Signature page follows]

 

 

	 	 	 	 	 
	 	BORROWERS:
 	 
	 
	 	SYNERGETICS, INC.
 	 
	 
	 	By:  	 	 
	 	 	Name:  	Pamela G. Boone 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	and

SYNERGETICS USA, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Pamela G. Boone 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	and

SYNERGETICS GERMANY GMBH.

 	 
	 	By:  	 	 
	 	 	Name:  	Pamela G. Boone 	 
	 	 	Title:  	Director 	 
	 
	 	and

SYNERGETICS ITALIA, SRL

 	 
	 	By:  	 	 
	 	 	Name:  	Pamela G. Boone 	 
	 	 	Title:  	Director 	 

 

 

Exhibit B
to First Amendment to
Credit and Security Agreement

[Borrowing Base Certificate]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}]]