Document:

Exhibit 10.3 Securitization

EXHIBIT 10.3

AMENDMENT #5 TO AMENDED AND RESTATED 
CREDIT AND SECURITY AGREEMENT 
and RESTATEMENT OF AMENDED FEE LETTERS
THIS AMENDMENT #5 TO AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT and RESTATEMENT OF AMENDED FEE LETTERS (this “Amendment”) is entered into by the undersigned parties as of August 3, 2011 with respect to 
(1)    the Amended and Restated Credit and Security Agreement dated as of November 7, 2007 by and among Boston Scientific Funding LLC, a Delaware limited liability company (“Borrower”), Boston Scientific Corporation (“BSC”), a Delaware corporation, as initial Servicer, Old Line Funding, LLC, a Delaware limited liability company (“Old Line”), Victory Receivables Corporation, a Delaware corporation (“Victory”), Liberty Street Funding LLC, a Delaware limited liability company (“Liberty Street”), The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, individually as a Liquidity Bank for Victory and as Victory Agent, The Bank of Nova Scotia, individually and as a Liquidity Bank for Liberty Street and as Liberty Street Agent (in such capacity, “Liberty Street Agent”), and Royal Bank of Canada, a Canadian chartered bank acting through a New York branch, in its capacity as Liquidity Bank for Old Line, as Old Line Agent and as Administrative Agent (as heretofore amended, the “Credit and Security Agreement”) and
(2)    each of the Amended Fee Letters described in the Credit and Security Agreement, as restated pursuant hereto (the “Fee Letters”).
Unless defined elsewhere herein, capitalized terms used in this Amendment shall have the meanings assigned to such terms in the Credit and Security Agreement.
RECITALS
WHEREAS, the Borrower, the initial Servicer, Victory, Liberty Street, Old Line, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, individually as a Liquidity Bank for Victory and as Victory Agent, The Bank of Nova Scotia, individually and as a Liquidity Bank for Liberty Street and as Liberty Street Agent and Royal Bank of Canada, individually, as a Liquidity Bank for Old Line, as Old Line Agent and as Administrative Agent entered into the Credit and Security Agreement;
WHEREAS, the Borrower has requested that the Credit and Security Agreement be amended as hereinafter set forth; and
WHEREAS, as a condition to agreeing to the requested amendments to the Credit and Security Agreement, the Agents have requested that the Fee Letters be combined into a single Fee Letter and restated hereinafter set forth.
NOW THEREFORE, in consideration of the mutual execution hereof and other good and valuable consideration, the parties hereto agree as follows:
1.Amendments to Credit and Security Agreement.

(a)Each reference to the “Amended Fee Letters” appearing in the Credit and Secrity Agreement and any other Transaction Document is hereby deleted and replaced with a reference to the “Amended Fee Letter”. 

(b)The following definition of “Amended Fee Letter” is hereby inserted in Exhibit I to the Credit and Security Agreement in appropriate alphabetical order:

“Amended Fee Letter” means the Amended Fee Letter, dated as of August 3, 2011, by and among BSX, Borrower, Liberty Street, Old Line, Victory, The Bank of Nova Scotia as a Liquidity Bank and as the Liberty Street Agent, BTMU as a Liqudity Bank and as the Victroy Agent, and RBC as a Liquidity Bank, as the Old Line Agent and as the Administrative Agent, as the same may be amended, restated or otherwise modified from time to time.
(c)The definitions of “Past Due Ratio” “Regulatory Change” and “Required Notice Period” in Exhibit I to the Credit and Security Agreement are hereby deleted in their entirety and replaced with the following: 

“Past Due Ratio” means, on any date of determination, a percentage equal to (A) the sum of (a) the aggregate Outstanding Balance of all Delinquent Receivables as of the last date of the Calculation Period then most recently ended, plus (b) the aggregate Outstanding Balance of all Receivables (i) as to which the Obligor thereof has suffered an Event of Bankruptcy; (ii) as to which any payment, or part thereof, remains unpaid for less than 241 days from the original due date for such payment and (x) which has been written off as uncollectible or (y) which, consistent with the applicable Credit and Collection Policy, should be written off as uncollectible; or (iii) as to which any payment, or part thereof, remains unpaid for more than 240 days but less than 271 days from the original due date for such payment, divided by (B) the average of the aggregate initial Outstanding Balances of all Receivables generated during the Calculation Periods ended eight and nine Calculation Periods prior to the date of determination.
“Required Notice Period” means two (2) Business Days.
“Regulatory Change” means, after the date of this Agreement, (a) the adoption of, or any change in, United States (federal, state or municipal) or foreign laws, rules, regulations or accounting principles, including, without limitation, (i) Regulation D of the Board of Governors of the Federal Reserve System as in effect from time to time and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or (b) the adoption, making or changing of any interpretations of any of the foregoing, or any change in the administration or application of any of the foregoing, by any court, governmental or monetary authority, or accounting board or authority (whether or not part of government) charged with the establishment, interpretation or administration thereof. For the avoidance of doubt, any interpretation of Accounting Research Bulletin No. 51 by the Financial Accounting Standards Board shall constitute a Regulatory Change.
(d) The definitions of “Old Line Fee Letter,” “Victory Fee Letter” appearing in Exhibit I to the Credit and Security Agreement are hereby deleted in their entirety.

(e)The facility provided in the Credit and Security Agreement is hereby extended by amending the following definitions in Exhibit I to the Credit and Security Agreement:

“Liquidity Termination Date” means, for any Group, August 1, 2012 (unless such date is extended from time to time in the sole discretion of the Liquidity Bank in such Group). 
“Scheduled Termination Date” means, as to each Liquidity Bank, the earlier to occur of August 1, 2012 and the date on which its Liquidity Commitment terminates in accordance with the Liquidity Agreement to which it is a party, in either of the foregoing cases, unless extended  by agreement of such Liquidity Bank in accordance with Section 1.8.
(f)The notice information for The Bank of Nova Scotia, as a Committed Purchaser and Liquidity Bank, appearing (or incorporated) in Schedule 14.2 of the Credit and Security Agreement is hereby deleted and replaced with the following:

Committed Purchaser/Liquidity Bank
Scotia Capital 
711 Louisiana, Suite 1400 
Houston, Texas 77002 
Attention:  John Frazell
Telephone:  (713) 759-3426 
Telecopy:  (713) 752-2425 
Main: (713) 759-0900 
E-mail:  john_frazell@scotiacapital.com 
With a copy to:

The Bank of Nova Scotia
One Liberty Plaza
New York, New York 10006
Attention: Darren Ward
Telephone: (212) 225-5264
Telecopy: (212) 225-5274

2.Restatement of Amended Fee Letters.  The parties hereto acknowledge and agree that on and after the date hereof, each of the individual Fee Letters (as in effect immediately before giving effect to this Amendment) shall be combined into a single Amended Fee Letter (as defined in this Amendment) delivered pursuant hereto and:

(a)The “Program Fee” (under and as defined in the combined Amended Fee Letter) is hereby set at the rate per annum specified in the combined Amended Fee Letter entered into pursuant hereto.

(b)The “Unused Fee” (under and as defined in the combined Amended Fee Letter) is hereby set at the rate per annum specified in the combined Amended Fee Letter entered into pursuant hereto.

3.Conditions Precedent to Effectiveness.  The effectiveness of this Amendment is subject to the conditions precedent that the Agents shall have received:

(a)counterparts hereof duly executed by each of the parties hereto,

(b)    the Amended Fee Letter (as defined in this Amendment) reflecting the amendments described in this Amendment, dated as of the date hereof, duly executed by each of the parties thereto, together with the Renewal Fee described therein;
(c)    Liberty Street shall have received counterparts of an amendment to the Liberty Street Liquidity Agreement extending the term thereof to August 1, 2012; 
(d)    Victory shall have received counterparts of an amendment to the Victory Liquidity Agreement extending the term thereof to August 1, 2012; and
(e)    Old Line shall have received counterparts of an amendment to the Old Line Liquidity Agreement extending the term thereof to August 1, 2012.
The signatures of Liberty Street, Victory and Old Line on counterparts of this Amendment shall constitute confirmation that conditions (c), (d) and (e), respectively, have been satisfied.
4.Representations and Warranties.  In order to induce the Conduits, the Liquidity Banks, the Agents and the Administrative Agent to execute, deliver and perform this Amendment, the Loan Parties hereby represent and warrant that after giving effect to this Amendment, each of the representations and warranties set forth in Section 6.1 of the Credit and Security Agreement (other than Sections 6.1(b) and 6.1(g) thereof) and in Section 2.1 of the Receivables Sale Agreement (other than Sections 2.1(b) and 2.1(g) thereof) is true and correct in all material respects on and as of the date hereof (except for representations and warranties stated to refer to a specified earlier date, in which case such representations and warranties are true and correct as of such earlier date); provided that the preceding materiality standard shall not apply to those representations and warranties which themselves contain materiality standards.

5.Scope of Amendment.  Except as expressly amended hereby, each of the Credit and Security Agreement and the Amended Fee Letter remains in full force and effect in accordance with its terms and this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in the Credit and Security Agreement or the Amended Fee Letter, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  

6.Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

7.Counterparts.  This Amendment may be executed in any number of counterparts (including by way of facsimile or electronic transmission) and each of such counterparts shall for all purposes be deemed an original, and all such counterparts shall together constitute but one and the same instrument.

<Signature pages follow>

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers as of the date hereof.
BOSTON SCIENTIFIC FUNDING LLC
    
	
			
	By:
	/s/ Milan Kofol

	 
	Name:
	Milan Kofol

	 
	Title:
	Treasurer

BOSTON SCIENTIFIC CORPORATION, as Servicer and Seller

	
			
	By:
	/s/ Milan Kofol

	 
	Name:
	Milan Kofol

	 
	Title:
	Vice President, Treasurer

OLD LINE FUNDING, LLC
BY:  ROYAL BANK OF CANADA, ITS ATTORNEY-IN-FACT

	
			
	By:
	/s/ Janine Marsini

	 
	Name:
	Janine Marsini

	 
	Title:
	Authorized Signatory

ROYAL BANK OF CANADA, 
individually as a Liquidity Bank, as Old Line Agent and as Administrative Agent

	
			
	By:
	/s/ Janine Marsini

	 
	Name:
	Janine Marsini

	 
	Title:
	Authorized Signatory

	
			
	By:
	/s/ Veronica Gallagher

	 
	Name:
	Veronica Gallagher

	 
	Title:
	Authorized Signatory

VICTORY RECEIVABLES CORPORATION

	
			
	By:
	/s/ John L. Fridlington

	 
	Name:
	John L. Fridlington

	 
	Title:
	Vice President

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Liquidity Bank
	
			
	By:
	/s/ M. Iarriccio

	 
	Name:
	M. Iarriccio

	 
	Title:
	Vice President

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Victory Agent
	
			
	By:
	/s/ M. Iarriccio

	 
	Name:
	M. Iarriccio

	 
	Title:
	Vice President

LIBERTY STREET FUNDING LLC

	
			
	By:
	/s/ Jill A. Russo

	 
	Name:
	Jill A. Russo

	 
	Title:
	Vice President

THE BANK OF NOVA SCOTIA, as a Liquidity Bank

	
			
	By:
	/s/ Mark Sparrow

	 
	Name:
	Mark Sparrow

	 
	Title:
	Director

THE BANK OF NOVA SCOTIA, as Liberty Street Agent

	
			
	By:
	/s/ Mark Sparrow

	 
	Name:
	Mark Sparrow

	 
	Title:
	DirectorExhibit 10.4 RSA

EXHIBIT 10.4

BOSTON SCIENTIFIC CORPORATION

RESTRICTED STOCK AWARD AGREEMENT

This Agreement, dated as of the [       ] day of [             ], 20[   ] (the "Grant Date"), is between Boston Scientific Corporation, a Delaware corporation (the "Company"), and the person whose name appears on the Signature Page of this Agreement (the "Participant"), a non-employee director of the Company.  All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Company's 2011 and 2003 Long Term Incentive Plans (the "Plan").  

1.    Grant and Acceptance of Award.  The Company hereby awards to the Participant that number of shares set forth on the Signature Page of this Agreement (the "Restricted Stock") of the Company's common stock, par value $.01 per share (the "Common Stock"), subject to the restrictions set forth below.  This award is granted pursuant to and is subject to the terms and conditions of this Agreement and the provisions of the Plan.  The Participant hereby accepts the award of the Restricted Stock.

2.    Restrictions on Shares.  Shares of Restricted Stock awarded hereunder shall be subject to the forfeiture restrictions described in Sections 6 and 7 hereof and the limits on transferability described in Section 14 below.

3.    Lapse of Restrictions.  Except as otherwise provided in Section 5 hereof (relating to death or Disability of the Participant), Section 6 hereof (relating to Retirement of the Participant), Section 7 (relating to termination for any reason other than death, Disability, Retirement or Cause) and Section 8 hereof (relating to Change in Control of the Company), shares of Restricted Stock awarded hereunder shall become free of the forfeiture restrictions described in Sections 6 and 7 hereof upon the expiration of the Participant's current term of office as a director of the Company.  If, however, the Participant elected to defer receipt of the Restricted Stock pursuant to the Company's Non-Employee Director Deferred Compensation Program, vested Restricted Stock shall become free of the forfeiture restrictions upon commencement of distribution of the deferred amounts in accordance with the Participant's elections under the Deferred Compensation Plan. 

4.    Participant's Rights in Restricted Stock.  The shares of Restricted Stock awarded hereunder shall be evidenced in the manner as the Company may determine.  Any shares issued shall be registered in the name of the Participant and certificates representing those shares may be held by the Company and not be delivered to the Participant until the lapse of all forfeiture restrictions with respect to the shares.  The Participant agrees to deliver a stock power, endorsed in blank, relating to the shares of Restricted Stock awarded hereunder, if so requested by the Company.  During the period that shares of Restricted Stock are subject to forfeiture (subject, however, to Section 14 of this Agreement relating to limits on transferability and except for Restricted Stock deferred under the Company's Non-Employee Director Deferred Compensation Plan), the Participant will have all the rights of a stockholder of the Company with respect to the shares, including the right to receive dividends and the right to vote the shares.  The Participant may elect to defer an award of Restricted Stock under the Company's Non-Employee Director Deferred Compensation Plan provided that the Participant provides written notice to the Company of his or her election to defer all or a portion of the shares of Restricted Stock prior to the end of the preceding year in which the award of Restricted Stock is granted or, if later, within 30 days after the day on which he or she becomes a director of the Company.  In the event a the Participant elects to defer receipt of the Restricted Stock, the Participant will not have the right to vote the shares until the shares are distributed, but will have a right to receive 

dividend equivalents, if dividends are declared and paid, payable in accordance with the provisions of the Company's Non-Employee Director Deferred Compensation Plan. 

5.    Death or Disability.  In the event of the death or Disability of the Participant while serving as a director of the Company, any shares of Restricted Stock awarded hereunder that remain subject to forfeiture shall be free of restrictions.

6.    Retirement.  In the event of the Participant's Retirement prior to the expiration of the Participant's current term of office as a director, any shares of Restricted Stock awarded hereunder that remain subject to forfeiture shall be free of restrictions pro rata based on the number of months of service completed by the Participant (rounded up to the nearest whole month) prior to the Retirement, and the remainder of such shares shall be immediately and automatically forfeited to the Company.

7.    Other Termination.  If service as a director of the Company ceases or the Participant separates from the Company for any reason other than death, Disability, Retirement or Cause, any shares of Restricted Stock awarded hereunder that remain subject to forfeiture shall be free of restrictions pro rata based on the number of months of service completed by the Participant (rounded up to the nearest whole month) prior to such termination, and the remainder of such shares shall be immediately and automatically forfeited to the Company.  If service as a director of the Company ceases or the Participant separates from the Company for Cause, any shares of Restricted Stock awarded hereunder that have not been delivered to the Participant shall be immediately and automatically forfeited to the Company.

8.    Change in Control of the Company.  In the event of a Change in Control of the Company, any shares of Restricted Stock awarded hereunder that remain subject to forfeiture shall be free of restrictions.

9.    Consideration for Restricted Stock.  The shares of Restricted Stock are being issued for no cash consideration.

10.    Legend on Certificate.  The certificates representing the shares of Restricted Stock awarded hereunder, if delivered to the Participant prior to the lapse of the forfeiture restrictions, shall bear a legend substantially in the following form:

The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of a Boston Scientific Corporation Long-Term Incentive Plan and a Restricted Stock Award Agreement entered into between the registered owner and Boston Scientific Corporation.  Copies of the Plan and Agreement are on file in the offices of Boston Scientific Corporation at One Boston Scientific Place, Natick, MA 01760-1537.

In addition, certificates representing shares of Restricted Stock shall also bear an Affiliate Legend.

11.    Delivery of Stock.  The Company shall not be obligated to deliver any shares of Restricted Stock awarded hereunder until (i) all federal and state laws and regulations as the Company may deem applicable have been complied with, and (ii) all other legal matters in connection with the issuance and delivery of such shares have been approved by the Company's legal department, and, if applicable, in accordance with the Non-Employee Director Deferred Compensation Program.

12.    Tax Withholding.  The Participant shall be responsible for the payment of any federal, state or local taxes of any kind required by law to be paid with respect to the shares of Restricted Stock awarded hereunder, including, without limitation, the payment of any applicable withholding, SECA and similar taxes or obligations.  If the Participant elects pursuant to Internal Revenue Code Section 83(b) to recognize taxable income in connection with the grant of this Award, the Participant must notify the Internal Revenue Service 

(with a copy to the Company) of such election in writing within thirty (30) days of the date hereof and must pay in cash to the Company the amount of withholding and other tax obligations associated with the election or make other arrangements satisfactory to the Company for the payment thereof.

13.    Investment Intent.  The Participant acknowledges that the acquisition of the Restricted Stock is for investment purposes without a view to distribution thereof.

14.    Limits on Transferability.  Until the restrictions imposed upon the Restricted Stock by this Agreement lapse in accordance with the terms of this Agreement or by action of the Committee, the shares of Restricted Stock awarded and accepted hereby are not transferable and shall not be sold, transferred, assigned, pledged, gifted, hypothecated or otherwise disposed of or encumbered by the Participant.  Transfers of shares of Common Stock by the Participant are subject to the Company's Stock Trading Policy.

15.    Award Subject to the Plan.  The award made pursuant to this Agreement is made subject to the Plan.  The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference.  In the event of a conflict between any term or provision contained in this Agreement and a term or provision of the Plan, the applicable terms and conditions of the Plan will govern and prevail.  However, no amendment of the Plan after the date hereof may adversely alter or impair the award of the Restricted Stock pursuant to this Agreement.

16.    No Rights to Continued Service.  The grant of the award of Restricted Stock hereunder shall not confer upon the Participant any right to continued service as a director of the Company and this Agreement shall not be construed in any way to limit the rights of the Company or its shareholders pursuant to the organizational documents of the Company and applicable law.

17.    Legal Notices.  Any legal notice necessary under this Agreement shall be addressed to the Company in care of its General Counsel at the principal executive offices of the Company and to the Participant at the address appearing in the records of the Company for such Participant or to either party at such other address as either party may designate in writing to the other.  Any such notice shall be deemed effective upon receipt thereof by the addressee.

18.    Governing Law.  The interpretation, performance and enforcement of this Agreement shall be governed by the laws of The Commonwealth of Massachusetts (without regard to the conflict of laws principles thereof) and applicable federal laws.

19.    Headings.  The headings contained in this Agreement are for convenience only and shall not affect the meaning or interpretation of this Agreement.

20.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to the one and the same instrument.

SIGNATURE PAGE

IN WITNESS WHEREOF, the Company, by its duly authorized officer, and the Participant have executed and delivered this Agreement as a sealed instrument as of the date and year first above written.

PLAN:  2003 LONG-TERM INCENTIVE PLAN
Number of Shares:  [           ]

BOSTON SCIENTIFIC CORPORATION
    

                        
Name:
Title:

PARTICIPANT

____________________________________
[Name]

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