Document:

Exhibit (10)-aa

    
      
        

      

      Exhibit
        (10)-aa

      

      LETTER
        WAIVER

      

       

      Dated
        as
        of February 17, 2006

       

      To
        the
        banks, financial institutions

        
        and other institutional lenders

        
        (collectively, the "Lenders")

        
        parties to the Credit Agreement

        
        referred to below and to Citibank, N.A.,

        
        as agent (the "Agent")
        for
        the Lenders

       

      Ladies
        and Gentlemen:

       

      We
        refer
        to the Five Year Credit Agreement dated as of July 26, 2005 (the "Credit
        Agreement")
        among
        the undersigned and you. Capitalized terms not otherwise defined in this
        Letter
        Waiver have the same meanings as specified in the Credit Agreement.

       

      Reference
        is made to the Borrow's (1) press releases, dated October 26, 2005 and November
        3, 2005, and (2) filings with the U.S. Securities and Exchange Commision
        on Form
        8-K, dated October 27, 2005, November 29, 2005 and December 22, 2005, and
        on
        Form 12(b)-25, dated November 3, 2005, related to its subsidiary, BL Industria
        Otica, Ltda ("BLIO"),
        (3)
        press release dated December 22, 2005, related to its subsidiary Bausch &
Lomb Korea Co. Ltd. ("BL
        Korea"),
        press
        release dated January 26, 2006 related to the Borrower's expected reporting
        of
        preliminary 2005 fourth quarer results and 2005 full year results in March
        2006
        and the Borrower's related investigations (collectively the "Announcements").
        The
        events, include, without limitation, allegations of improper management,
        improper accounting and unpaid taxes of BLIO, and improper sales practices
        at BL
        Korea, and have resulted in the need for the Borrower to delay delivery of
        its
        2005 fourth quarter and 2005 full year financial statements to you under
        the
        Credit Agreement, have resulted in the delay of certain of the Borrower's
        filings with the Securities and Exchange Commission and will require the
        Borrower to restate its financial statements for prior periods, and that
        such a
        restatement will also require that out-of-period entries made in prior periods,
        unrelated to the BLIO or BL Korea events, be reclassified to the appropriate
        prior period. The Borrower has requested, and the Required Lenders have agreed,
        to waive the impact of the matters described in the Announcements, including,
        without limitation, the impact of the events described in the foregoing
        sentence, to the extent that any restatements of the Borrower's financial
        statements for prior financial periods do not result in redutions in profits
        after tax of the Borrower of more than $50,000,000 in aggregate and, with
        respect to the delay in delivery of the financial statements required to
        be
        delivered under the Credit Agreement, to the extent that any delay in delivery
        or filing does not extend beyond May 31, 2006 (the "Waived
        Matters").

       

      Your
        execution of this Letter Waiver evidences your agreement to waive, solely
        for
        the period commencing on July 26, 2005 through the Waiver Termination Date
        (as
        defined below), and solely with respect to Waived Matters, any breach of
        the
        Credit Agreement (including, without limitation, any misrepresentation or
        any
        breach of covenant) or any Event or Default that may arise
        therefrom.

       

      On
        the
        Waiver Termination Date, without any further action by the Agent and the
        Lenders, all of the terms and provisions set forth in the Credit Agreement
        with
        respect to Defaults thereunder that are waived under the immediately preceding
        paragraph and not cured prior to the Waiver Termination Date shall have the
        same
        force and effect as if this Letter Waiver had not been entered into by the
        parties hereto, and the Agent and the Lenders shall have all of the rights
        and
        remedies afforded to them under the Credit Agreement with respect to any
        such
        Defaults as though no waiver had been granted by them hereunder. The
        "Waiver
        Termination Date"
        is the
        earliest of (a) May 31, 2006 (6:00 p.m. (Rochester, New York time)), (b)
        the
        Borrower's delivery of the management certification required under the Credit
        Agreement confirming compliance with the terms of the Credit Agreement (as
        modified by this Letter Waiver and incorporating all waivers granted hereunder)
        together with the filing of the Borrower's 2005 Annual Report on Form 10-K
        (the
        "2005
        10-K"),
        (c)
        the date, if any, that holders of any Debt outstanding in a principal or
        notional amount of at least $50,000,000 shall accelerate or give notice of
        acceleration of such Debt and (d) April 3, 2006, but only if (x) the Borrower
        fails to file its 2005 10-K on or prior to March 31, 2006 (by 6:00 p.m.
        Rochester, New York time) and
        (y)
        the
        Borrower has failed to pay to the Agent, for the ratable account for the
        Lenders, the one-time fee equal to 0.05% of the aggregate commitments as
        described below.

       

      The
        2005
        10-K will contain financial statements for 2005 and restated financial
        statements for certain prior periods. Accordingly, in addition to the waiver
        granted above, your execution of this Letter Waiver evidences (a) your agreement
        to permanently and irrevocably waive the reporting requirements of Section
        5.01(h)(i) and (ii) of the Credit Agreement for 2005 and those portions of
        2006
        prior to the filing of the 2005 10-K and (b) your acknowledgement that the
        Borrower's filing of the 2005 10-K will satisfy Borrower's reporting
        requirements under, and constitutes the timely delivery of such reports required
        under, Section 5.01(h)(i) and (ii) of the Credit Agreement for the period
        from
        July 26, 2005 through the date the 2005 10-K is filed. In addition, since
        the
        2005 10-K will contain restate financial statements for certain prior periods,
        including but not limited to the Borrower's 2004 fiscal year, upon the filing
        of
        that annual report, you agree to permanently and irrevocably waive any
        misrepresentation of Section 4.01(e) of the Credit Agreement, or any Event
        of
        Default arising therefrom, to the extent related to the matters described
        in the
        Announcements.

       

      As
        further consideration for this Letter Waiver, in the event that the
        Borrower
        has not filed the 2005 10-K by March 31, 2006 at 6:00 p.m. (Rochester, New
        York
        time), the
        Borrower
        will agree to pay a one-time fee equal to 0.05% of their aggregate commitments
        to each Lender that has executed this Letter Waiver. Payment of such amounts
        will be due on April 3, 2006.

       

      This
        Letter Waiver shall become effective as of the date first above written when,
        and only when, the Agent shall have received counterparts of this Letter
        Waiver
        executed on behalf of the Borrower and the Required Lenders or, as to any
        of the
        Lenders, advice satisfactory to the Agent that such Lender has executed this
        Letter Waiver. The effectiveness of this Letter Waiver is conditioned upon
        the
        accuracy of the factual matters described herein in all material respects.
        This
        Letter Waiver is subject to the provisions of Section 8.01 of the Credit
        Agreement.

       

      The
        Credit Agreement and the Notes, except to the extent of the waiver specifically
        provided above, are and shall continue to be in full force and effect and
        are
        hereby in all respects ratified and confirmed. The execution, delivery and
        effectieness of this Letter Waiver shall not, except as expressly provided
        herein, operate as a waiver of any right, power or remedy of any Lender or
        the
        Agent under the Credit Agreement, nor constitute a waiver of any provision
        of
        the Credit Agreement.

       

      If
        you
        agree to the terms and provisions of this Letter Waiver, please evidence
        such
        agreement by executing and returning at least two counterparts of this Letter
        Waiver to Susan Hobart, Shearman & Sterling LLP, 599 Lexington Avenue, New
        York, New York 10022.

       

      With
        respect to the Waived matters, nothing in this Letter Waiver shall constitute
        an
        admission (1) of liability with respect to the Waived matters, (2) that a
        breach
        of any representation, warranty, covenant or other provisions of the Credit
        Agreement has occurred or (3) that an Event of Default has occurred under
        the
        Credit Agreement.

       

      This
        Letter Waiver shall represent the entire agreement with respect to the matters
        contained herein and shall supersede any prior agreements whether written
        or
        oral. This Letter Waiver may be executed in any number of counterparts and
        by
        different parties hereto in separate counterparts, each of which when so
        executed shall be deemed to be an original and all of which taken together
        shall
        constitute one and the same agreement. Delivery of an executed counterpart
        of a
        signature page to this Letter Waiver by telecopier shall be effective as
        delivery of a manually executed counterpart of this Letter Waiver.

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      This
        Letter Waiver shall be governed by, and construed in accordance with, the
        laws
        of the State of New York.

       

      Very
        truly yours,

       

      BAUSCH
        & LOMB INCORPORATED

       

      By
        /s/
        Efrain Rivera

      Title:
        Vice President & Treasurer

      Signed:
        February 24, 2006

       

      Agreed
        as
        of the date first above written:

       

      CITIBANK,
        NA.,

       

      as
        Agent
        and as Lender

       

      By__/s/
        Robert A. Kane____________

      Title:
        Vice President and Managing Director

      

      KEYBANK
        NATIONAL ASSOCIATION

      

      By__/s/
        Marianne T. Meil__________

      Title:
        Vice President

      

      BARCLAYS
        BANK PLC

      

      By__/s/
        David Barton______________

      Title:
        Associate Director

      

      THE
        BANK
        OF TOKYO-MITSUBISHI TRUST 

      COMPANY

      

      By___/s/
        Harumi Kambara __________

      Title:
        Assistant Vice President

      

      JPMORGAN
        CHASE BANK, N.A.

      

      By__/s/
        Bruce Yoder______________

      Title:
        Vice President

      

      MIZUHO
        CORPORATE BANK, LTD.

      

      By___/s/
        Raymond Ventura__________

      Title:
        Deputy General Manager

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      U.S.
        BANK
        NATIONAL ASSOCIATION

      

      By___/s/
        Eric Cosgrove___________

      Title:
        Assistant Vice President

      

      ALLIED
        IRISH BANKS, P.L.C.

      

      By___/s/
        Germain Reusch________   By___/s/
        Denise Magyer________

      Title:
        Director     Title:
        Vice President

      

      HSBC
        BANK
        USA, NATIONAL ASSOCIATION

      

      By___/s/
        John Carrol_____________

      Title:
        Vice President

      

      THE
        NORTHERN TRUST COMPANY

      

      By
        /s/
        Ashish S. Bhagwat 

      Title:
        Vice PresidentExhibit (10)-bb

    
      

    

     

    Exhibit
      (10)-bb

     

     

      

    To: Bausch
      & Lomb B.V. (the Company)
      

    Koolhovenlaan
      110

    1119
      NH
      Schiphol-Rijk

    The
      Netherlands

    

    Attn: Financial
      Controller

    

    Fax: +31
      20
      6554 651

     

      Monday,
      February 20, 2006

     

      Dear
      Sirs,

     

      US$375,000,000
      credit agreement (the
      Agreement)
      dated 29 November 2005 between (among others) the Company, the Guarantor and
      Citibank International plc as facility agent 

     

    	1.  	
            Background

          

     

    	(a)  	
            This
              letter is supplemental to and amends the
              Agreement.

          

     

    	(b)  	
            Pursuant
              to Clause 25 (Amendments and Waivers) of the Agreement, the Majority
              Lenders have consented to the amendments to the Agreement contemplated
              by
              this letter. Accordingly, we are authorised to execute this letter
              on
              behalf of the Finance Parties.

          

     

    	2.  	
            Interpretation

          

     

    	(a)  	
            Capitalised
              terms defined in the Agreement have the same meaning when used in this
              letter unless expressly defined in this
              letter.

          

     

    	(b)  	
            The
              provisions of Clause 1.2 (Construction) of the Agreement apply to this
              letter as though they were set out in full in this letter except that
              references to the Agreement are to be construed as references to this
              letter.

          

     

    	(c)  	
            Effective
              Date
              means the date on which the Facility Agent gives notification to the
              Obligors that it has received a copy of this letter countersigned by
              the
              Company and the Guarantor; provided that the Facility Agent must provide
              such notification as soon as reasonably practicable but no later than
              one
              (1) business day after the Facility Agent has received a copy of the
              fully
              countersigned letter. 

          

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

        3. Amendments

     

    	(a)  	
            Subject
              to subparagraph (b) below, the Agreement will be amended from the
              Effective Date in accordance with subparagraph (c)
              below.

          

     

    	(b)  	
            The
              Agreement will not be amended by this letter unless the Facility Agent
              has
              received a copy of this letter countersigned by the Company and the
              Guarantor. 

          

     

    	(c)  	
            The
              Agreement will be amended as follows:

          

     

    	(i)  	
            Clause
              19.11(a)(ii) (BLIO Matters) of the Agreement will be amended by deleting
              the reference to “1 March” in the last line thereof and replacing it with
              “31 May”;

          

     

    	(ii)  	
            the
              definition of BLIO
              Announcements
              in
              Clause 19.11(b) of the Agreement shall be amended
              by:

          

     

    	(A)  	
            deleting
              “and” at the end of subparagraph (i);

          

     

    	(B)  	
            deleting
              subparagraph (ii) and replacing it with the
              following:

          

     

    	 	
            “(ii)
              filings
              with the SEC on Form 8-K dated 27 October, 2005, 29 November, 2005
              and 22
              December, 2005 and on Form 12(b)-25 dated 3 November,
              2005,”;

          

     

    	(C)  	
            deleting
              the full stop after the words “Guarantor's related investigation" and
              replacing it with a semi-colon; and

          

     

    	(D)  	
            inserting
              new subparagraphs (iii) and (iv) as
              follows:

          

     

    	 	
            “(iii)
              press
              release dated 22 December, 2005 relating to the Guarantor’s Subsidiary,
              Bausch & Lomb Korea Co. Ltd. (BL
              Korea),
              and the Guarantor’s related investigation;
              and

          

     

    	 	
            (iv)
              press
              release dated 26 January, 2006 relating to the Guarantor’s expected
              reporting of preliminary 2005 fourth quarter results and 2005 full
              year
              results in March 2006, and the Guarantor’s related investigation.”;
              

          

     

    	(E)  	
            the
              definition of BLIO
              Matters
              in
              Clause 19.11(b) of the Agreement shall be deleted in its entirety and
              replaced with the following:

          

     

    “BLIO
      Matters
      means
      the events including, without limitation, the allegations of improper
      management, improper accounting and unpaid taxes of BLIO, and improper sales
      practices at BL Korea, and the Guarantor’s related investigations, which have
      resulted, or may result, in the need for the Guarantor to:

     

    	 	
            (i)
              delay
              delivery of its financial statements to the Facility Agent under this
              Agreement;

          

                
(ii)
      delay
      certain of its filings with the SEC; and

     

    	 	
            (iii)
              restate
              its financial statements for prior periods, and that such a restatement,
              if necessary, will also require unrelated out-of-period entries made
              in
              prior periods to be reclassified to the appropriate prior period.”;
              and

          

     

    	(F)  	
            the
              definition of Waiver
              Termination Date
              in
              Clause 19.11(b) of the Agreement shall be deleted in its entirety and
              replaced with the following:

          

     

      “Waiver
      Termination Date
      means
      the earlier of: 

                 (i)
      6.00
      p.m.
      (Rochester, New York time) on 31 May, 2006;

     

    	 	
            (ii)
              the
              date on which the Guarantor delivers the certificate required under
              Clause
              17.10(a)(iii) (Reporting requirements) of the Agreement confirming,
              inter
              alia, compliance with the terms of the Agreement, together with the
              filing
              of the Guarantor’s 2005 annual report on Form 10-K;
              

          

     

    	 	
            (iii)
              the
              date (if any) on which holders of any Debt owed by the Guarantor or
              any of
              its Subsidiaries in a principal or notional amount of at least
              US$50,000,000 shall accelerate or give notice of acceleration of such
              Debt; and

          

     

    
      	 	
               

            	
              (iv)
                3 April, 2006, but only in the event that the Guarantor fails to
                file its
                2005 annual report on Form 10-K on or before 6.00 p.m. (Rochester,
                New
                York time) on 31 March, 2006 and has failed to pay the fee set out
                in the
                Fee Letter dated 17 February 2006”.

            

    

     

    	3.  	
            Further
              Waiver

          

     

      The
      Guarantor’s 2005 annual report on Form 10-K will contain financial statements
      for 2005 and restated financial statements for certain prior periods, including
      but not limited to the Guarantor’s 2004 fiscal year. Accordingly, in addition to
      the BLIO Matters not resulting in or constituting a breach of the Agreement
      or
      Event of Default during the Waiver Period, as set forth in Clause 19.11(a),
      the
      Majority Lenders further agree,
      upon
      the filing of that annual report on Form 10-K, in accordance with the terms
      of
      this letter, that any representation under Clause 16.6 (Financial statements)
      of
      the Agreement which is incorrect in any material respect, or any Event of
      Default arising therefrom shall be permanently and irrevocably waived, to the
      extent related to the matters described in the BLIO Announcements.

     

    	4.  	
            Guarantee

          

     

      The
      Guarantor:

     

    	(a)  	
            agrees
              to the amendment of the Agreement as contemplated by this letter;
              and

          

     

    	(b)  	
            with
              effect from the Effective Date, confirms that the guarantee given by
              it
              under the Agreement will:

          

     

    	(i)  	
            continue
              in full force and effect; and

          

     

    	(ii)  	
            extend
              to the liabilities and obligations of the Company to the Finance Parties
              under the Finance Documents as amended by this
              letter.

          

     

    	5.  	
            Amendment
              fee

          

     

    	(a)  	
            In
              the event that the Guarantor has not filed its 2005 annual report on
              Form
              10-K by 31 March, 2006 at 6.00 p.m. (Rochester, New York time), the
              Company must pay to the Facility Agent for the account of the Lenders
              which consented on or before 17 February, 2006 to the amendments to
              the
              Agreement contemplated by this letter (the Consenting
              Lenders)
              a
              one-time fee equal to 0.05 per cent. of the total Commitments of the
              Consenting Lenders. Such fee shall be payable no later than 3 April,
              2006,
              to the account notified to the Company by the Facility Agent for this
              purpose. The Facility Agent shall provide the Obligors with a listing
              of
              the Consenting Lenders by 20 February, 2006.

          

     

    	(b)  	
            All
              amounts payable under this letter are exclusive of any value added
              tax or
              other taxes of any nature and will not be subject to counterclaim or
              set-off for, or be otherwise affected by, any claim or dispute relating
              to
              any matter whatsoever and all such payments shall be made free and
              clear
              and without deduction for or on account of any present or future taxes,
              charges, deductions or withholdings.

          

     

    	6.  	
            Miscellaneous

          

     

    	(a)  	
            This
              letter is a Finance Document and a Fee
              Letter.

          

     

    	(b)  	
            From
              the Effective Date, the Agreement and this letter will be read and
              construed as one document.

          

     

    	(c)  	
            Except
              as otherwise provided in this letter, the Finance Documents remain
              in full
              force and effect.

          

     

    	(d)  	
            Except
              to the extent expressly waived in this letter, no waiver of any provision
              of any Finance Document is given by the terms of this letter and the
              Finance Parties expressly reserve all their rights and remedies in
              respect
              of any breach of, or other Default under, the Finance
              Documents.

          

     

    	7.  	
            Governing
              law

          

     

      This
      letter is governed by English law.

     

    

     

    /s/
      Olufunmilayo Dada  /s/
      John
      Nelson

    For
      

    CITIBANK
      INTERNATIONAL PLC

    as
      Facility Agent for and on behalf of the Finance Parties

     

     

    We
      agree
      with the terms of this letter.

     

     

    /s/
      Efrain Rivera

    For
      

    BAUSCH
      & LOMB B.V.

     

    Date: February
      24, 2006

     

     

    /s/Stephen
      C. McCluski

    For
      

    BAUSCH
      & LOMB INCORPORATED

     

    Date: February
      24, 2006

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