Exhibit 10.1
March 31, 2005
The Borrowers party to the
Credit Agreement described below
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇
Attention: Chief Financial Officer
Re: Credit Agreement dated as of January 14, 2005 (the "Credit
Agreement"), among Invacare Corporation (the "Company"), each of the
Borrowing Subsidiaries party thereto (collectively with the Company,
the "Borrowers"), the banks set forth on the signature pages hereof
(together with their successors and assigns, collectively, the "Banks"
and each individually a "Bank") and JPMorgan Chase Bank, N.A., a
national banking association, as agent for the Bank (in such capacity,
the "Agent").
Ladies/ Gentlemen:
Pursuant to Section 2.4(c) of the Credit Agreement, the Company has
requested that the Agent and the Banks increase the Aggregate Commitment under
the Credit Agreement by $50,000,000, resulting in an Aggregate Commitment of
$500,000,000. The effective date of such increase shall be April 4, 2005 (the
"Effective Date"). The form of Schedule 1.1 attached to this letter reflects the
increased Aggregate Commitment and each Bank's Commitment after giving effect to
such increase (including the increased Commitment of any Bank which has
consented to an increase in its Commitment). The form of Schedule 1.1 attached
to this letter shall replace the existing Schedule 1.1 to the Credit Agreement
as of the Effective Date; provided, however, that each of the Company, the Banks
and the Agent acknowledges and agrees that any outstanding Fixed Rate Revolving
Credit Loans shall remain outstanding under the Pro Rata Shares of the Banks
prior to giving effect to the new Schedule 1.1 through the last day of the
Interest Period for any such Loan and the Company shall not be required to
prepay any such Fixed Rate Revolving Credit Loans and reborrow under Loans under
the revised Pro Rata Shares. Any new Loans made on and after April 4, 2005
(including any continuations of any existing Fixed Rate Revolving Credit Loans)
shall be funded by the Banks based on the Commitments set forth on Schedule 1.1
attached hereto.
In connection with such request, the Company hereby certifies:
(i) no Default has occurred and is continuing hereunder as of the
date hereof and no Default shall have occurred and be continuing as of
the Effective Date; and
(ii) the representations and warranties made by the Borrowers and
contained in Article IV of the Credit Agreement are true and correct
in all material respects on and as of the Effective Date with the same
effect as if made on and as of such date (other than those
representations and warranties that by their terms speak as of a
particular date, which representations and warranties shall be true
and correct as of such particular date).
Except as expressly set forth above, neither the Credit Agreement nor any
other Loan Document is amended or modified nor are any of the terms or
provisions thereof waived. The Company agrees that the Credit Agreement and all
other Loan Documents are ratified and confirmed and shall remain in full force
and effect and that they have no set off, counterclaim, defense or other claim
or dispute with respect to any of the foregoing.
All capitalized terms used but not defined herein shall have the meanings
ascribed thereto in the Credit Agreement. The terms and provisions of this
letter shall be effective when it is signed by each of the Banks which is
increasing its Commitment pursuant hereto, the Agent and the Company. This
letter may be executed in any number of counterparts, and telecopied signature
pages shall be enforceable as originals.
Very truly yours,
JPMORGAN CHASE BANK, N.A., as a Lender and as Agent
By /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title Director
KEYBANK NATIONAL ASSOCIATION, as a Bank and Syndication Agent
By /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title Senior Vice President
NATIONAL CITY BANK, as a Bank and Documentation Agent
By /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title Senior Vice President
BANK OF AMERICA, N.A., as a Bank and Documentation Agent
By /s/ B. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Title Vice President
CALYON NEW YORK BRANCH
By /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Title Managing Director
By /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title Director
▇▇▇▇▇▇ TRUST AND SAVINGS BANK
By /s/ ▇▇▇▇ ▇▇▇▇▇▇
Title Director
NORDEA BANK FINLAND PLC, NEW YORK BRANCH
By /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
Title First Vice President
By /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇.
Title SVP Credit
PNC BANK, NATIONAL ASSOCIATION
By /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title Managing Director
SUNTRUST BANK
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title Director
THE BANK OF NEW YORK
By /s/ ▇▇▇▇▇▇▇ Barn
Title Vice President
COOPERATIEVE CENTRALE RAIFFEISEN-
BOERENLEENBANK B.A.
"RABOBANK INTERNATIONAL",
NEW YORK BRANCH
By /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title Executive Director
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title Executive Director
The above is acknowledged, accepted and agreed to by the undersigned:
INVACARE CORPORATION, as
the Company and as Treasury
Manager on behalf of each
Borrower
By /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇
Title Vice President and Treasurer
SCHEDULE 1.1
COMMITMENTS
April 4, 2005
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COMMITMENTS
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Bank Commitment
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JPMorgan Chase Bank, N.A. $70,500,000
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KeyBank National Association 70,500,000
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National City Bank 56,750,000
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Bank of America, NA. 56,750,000
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Calyon New York Branch 40,000,000
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▇▇▇▇▇▇ Bank Trust and Savings 38,750,000
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Nordea Bank Finland Plc, New York Branch 39,000,000
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PNC Bank, National Association 39,000,000
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SunTrust Bank 38,750,000
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The Bank of New York 25,000,000
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Rabobank International, New York Branch 25,000,000
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$500,000,000
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REVOLVING CREDIT COMMITMENTS
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Bank Revolving Credit Commitment
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JPMorgan Chase Bank, N.A. $42,500,000
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KeyBank National Association 70,500,000
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National City Bank 39,250,000
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Bank of America, NA. 56,750,000
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Calyon New York Branch 40,000,000
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▇▇▇▇▇▇ Bank Trust and Savings 14,250,000
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Nordea Bank Finland Plc, New York Branch 39,000,000
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PNC Bank, National Association 39,000,000
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SunTrust Bank 38,750,000
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The Bank of New York 25,000,000
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Rabobank International, New York Branch 25,000,000
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$430,000,000
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ALTERNATE CURRENCY COMMITMENTS
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Bank Alternate Currency Alternate Currency
Facility
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JPMorgan Chase Bank, N.A. Canadian Dollars USD $28,000,000
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National City Bank Canadian Dollars USD $17,500,000
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▇▇▇▇▇▇ Bank Trust and Savings Canadian Dollars USD $24,500,000
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