Preview | Credit Agreement |

Exhibit-10.11

$975,000,000

CREDIT AGREEMENT

Dated as of December 1, 2005

among

AVAGO TECHNOLOGIES FINANCE PTE. LTD.,
AVAGO TECHNOLOGIES FINANCE S..R.L.,
AVAGO TECHNOLOGIES (MALAYSIA) SDN. BHD. (f/k/a Jumbo Portfolio Sdn. Bhd.),
AVAGO TECHNOLOGIES WIRELESS (U.S.A.) MANUFACTURING INC.,
AVAGO TECHNOLOGIES U.S. INC.

as Borrowers

AVAGO TECHNOLOGIES HOLDING PTE. LTD.

as Holdings

and

The Several Lenders
from Time to Time Parties Hereto

CITICORP INTERNATIONAL LIMITED (HONG KONG),
as Asian Administrative Agent

CITICORP NORTH AMERICA, INC.,
as Tranche B-1 Term Loan Administrative Agent and as Collateral Agent

CITIGROUP GLOBAL MARKETS INC.,
as Joint Lead Arranger and Joint Lead Bookrunner

LEHMAN BROTHERS INC.,
as Joint Lead Arranger, Joint Lead Bookrunner and Syndication Agent

CREDIT SUISSE,
as Documentation Agent

Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, New York 10153-0119

TABLE OF CONTENTS


		Page
SECTION 1.	Definitions		3
1.1	Defined Terms		3
1.2	Exchange Rates		59
1.3	Business		60
SECTION 2.	Amount and Terms of Credit		60
2.1	Commitments		60
2.2	Minimum Amount of Each Borrowing; Maximum Number of Borrowings		66
2.3	Notice of Borrowing		66
2.4	Disbursement of Funds		70
2.5	Repayment of Loans; Evidence of Debt		71
2.6	Conversions and Continuations		73
2.7	Pro Rata Borrowings		75
2.8	Interest		76
2.9	Interest Periods		77
2.10	Increased Costs, Illegality, etc		78
2.11	Compensation		80
2.12	Change of Lending Office		81
2.13	Notice of Certain Costs		81
2.14	Incremental Facilities		81
2.15	Conversion of Malaysian Revolving Credit Facility		83
SECTION 3.	Letters of Credit		84
3.1	Letters of Credit		84
3.2	Letter of Credit Requests		85
3.3	Letter of Credit Participations		86
3.4	Agreement to Relay Letter of Credit Drawings		88
3.5	Increased Costs		89
3.6	Successor Letter of Credit Issuer		90
SECTION 4.	Fees; Commitments		90
4.1	Fees		90

TABLE OF CONTENTS
(continued)


		Page
4.2	Voluntary Reduction of Revolving Credit Commitments		92
4.3	Mandatory Termination of Commitments		93
SECTION 5.	Payments		93
5.1	Voluntary Prepayments		93
5.2	Mandatory Prepayments		94
5.3	Method and Place of Payment		99
5.4	Net Payments		99
5.5	Computations of Interest and Fees		102
5.6	Limit on Rate of Interest		102
SECTION 6.	Conditions Precedent to Initial Borrowing		103
6.1	Credit Documents		103
6.2	Collateral		103
6.3	Legal Opinions		104
6.4	No Default		104
6.5	Senior Notes		104
6.6	Equity Investments		104
6.7	Closing Certificates		104
6.8	Corporate Proceedings of Each Credit Party		104
6.9	Corporate Documents		105
6.10	Fees		105
6.11	Representations and Warranties		105
6.12	Related Agreements		105
6.13	Solvency Certificate		105
6.14	Financial Statements		105
6.15	Acquisition		105
6.16	Insurance		105
6.17	Consolidated Total Debt to Adjusted EBITDA		106
6.18	Pro Forma Financial Statements; Projections		106

TABLE OF CONTENTS
(continued)


		Page
SECTION 7.	Conditions Precedent to All Credit Events and Tranche B-2 Term Loan Borrowing		106
7.1	No Default; Representations and Warranties		106
7.2	Notice of Borrowing; Letter of Credit Request		106
7.3	Tranche B-2 Term Loan Borrowing		107
7.4	Malaysian U.S. Dollar Loans		107
SECTION 8.	Representations, Warranties and Agreements		108
8.1	Corporate Status		108
8.2	Corporate Power and Authority		108
8.3	No Violation		108
8.4	Litigation		108
8.5	Margin Regulations		109
8.6	Governmental Approvals		109
8.7	Investment Company Act		109
8.8	True and Complete Disclosure		109
8.9	Financial Condition; Financial Statements		109
8.10	Tax Returns and Payments		110
8.11	Compliance with ERISA		110
8.12	Subsidiaries		111
8.13	Intellectual Property, etc		111
8.14	Environmental Laws		111
8.15	Properties		111
8.16	Solvency		112
8.17	Public Utility Holding Company Act		112
SECTION 9.	Affirmative Covenants		112
9.1	Information Covenants		112
9.2	Books, Records and Inspections		115
9.3	Maintenance of Insurance		116
9.4	Payment of Taxes		116
9.5	Consolidated Corporate Franchises		116

iii

TABLE OF CONTENTS
(continued)


		Page
9.6	Compliance with Statutes, Regulations, etc		116
9.7	ERISA		116
9.8	Maintenance of Properties		117
9.9	Transactions with Affiliates		117
9.10	End of Fiscal Years; Fiscal Quarters		118
9.11	Additional Guarantors and Grantors		118
9.12	Pledges of Additional Stock and Evidence of Indebtedness		118
9.13	Use of Proceeds		119
9.14	Further Assurances		119
9.15	Maintenance of Rating of Facilities		120
SECTION 10.	Negative Covenants		120
10.1	Limitation on Indebtedness		120
10.2	Limitation on Liens		123
10.3	Limitation on Fundamental Changes		124
10.4	Limitation on Sale of Assets		126
10.5	Limitation on Investments		128
10.6	Limitation on Dividends		130
10.7	Limitations on Debt Payments and Amendments		132
10.8	Limitations on Sale Leasebacks		133
10.9	Consolidated Total Senior Secured Debt to Adjusted EBITDA Ratio		133
10.10	Capital Expenditures		134
10.11	Changes in Business		134
10.12	Limitation on Activities of Holdings		135
10.13	Limitation on Activities of the Lux Borrower		135
SECTION 11.	Events of Default		135
11.1	Payments		135
11.2	Representations, etc		136
11.3	Covenants		136
11.4	Default Under Other Agreements		136

TABLE OF CONTENTS
(continued)


		Page
11.5	Bankruptcy		136
11.6	ERISA		137
11.7	Guarantee		137
11.8	Pledge Agreements		138
11.9	Security Agreement		138
11.10	Mortgages		138
11.11	Judgments		138
11.12	Change of Control		139
11.13	Investors Right to Cure		139
SECTION 12.	The Agents		140
12.1	Appointment		140
12.2	Delegation of Duties		141
12.3	Exculpatory Provisions		141
12.4	Reliance by Agents		142
12.5	Notice of Default		142
12.6	Non-Reliance on Administrative Agents, Collateral Agent and Other Lenders		143
12.7	Indemnification		143
12.8	Administrative Agent in its Individual Capacity		144
12.9	Successor Agents		144
12.10	Withholding Tax		145
12.11	Security Documents		145
SECTION 13.	Miscellaneous		146
13.1	Amendments and Waivers		146
13.2	Notices		147
13.3	No Waiver; Cumulative Remedies		148
13.4	Survival of Representations and Warranties		148
13.5	Payment of Expenses and Taxes		148
13.6	Successors and Assign; Participations and Assignments		149
13.7	Replacements of Lenders under Certain Circumstances		155

TABLE OF CONTENTS
(continued)


		Page
13.8	Adjustments; Set-off		156
13.9	Counterparts		156
13.10	Severability		156
13.11	Integration		157
13.12	Waiver of Judicial Bond		157
13.13	Waiver of Immunity		157
13.14	Currency of Payment		157
13.15	GOVERNING LAW		158
13.16	Submission to Jurisdiction; Waivers; Service of Process		158
13.17	Acknowledgments		159
13.18	WAIVERS OF JURY TRIAL		159
13.19	Confidentiality		160
13.20	Citigroup Direct Website Communications		160
13.21	USA PATRIOT Act		161
13.22	Stamp Act, 1949 of Malaysia		161


SCHEDULES

Schedule 1.1(a)		Applicable Lending Office and Addresses for Notice
Schedule 1.1(b)		Mortgaged Properties
Schedule 1.1(c)		Commitments of Lenders
Schedule 1.1(d)		Excluded Subsidiaries
Schedule 6.1		Closing Date Security Documents
Schedule 8.12		Subsidiaries
Schedule 9.14(c)		Post-Closing Security Documents and Other Actions
Schedule 10.1		Closing Date Indebtedness
Schedule 10.2		Closing Date Liens
Schedule 10.5		Closing Date Investments

EXHIBITS

Exhibit C		Form of Guarantee
Exhibit D		Form of Mortgage (Real Property)
Exhibit E		Form of Perfection Certificate
Exhibit F		Form of Pledge Agreement
Exhibit G		Form of Security Agreement
Exhibit H		Form of Letter of Credit Request
Exhibit I-1		Form of Legal Opinion of Simpson Thacher & Bartlett LLP

End of Preview

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