EDWARDS LIFESCIENCES CORP
EX-10.40
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="kr1142_exhibit_10.40"> </A>
<A NAME="toc_kr1142_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 10.40    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kr1142_second_amendment_to_receivables_purchase_agreement"> </A>
<A NAME="toc_kr1142_2"> </A>
<BR></FONT><FONT SIZE=2><B>SECOND AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>THIS SECOND AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT</I></B></FONT><FONT SIZE=2>, dated as of September&nbsp;20, 2001 (this
"</FONT><FONT SIZE=2><B><I>Amendment</I></B></FONT><FONT SIZE=2>"), is by and among Edwards Lifesciences Financing LLC, a Delaware limited liability company
("</FONT><FONT SIZE=2><B><I>Seller</I></B></FONT><FONT SIZE=2>"), Edwards Lifesciences LLC, a Delaware limited liability company ("</FONT><FONT SIZE=2><B><I>Servicer</I></B></FONT><FONT SIZE=2>"), Blue Ridge
Asset Funding Corporation, a Delaware corporation ("</FONT><FONT SIZE=2><B><I>Blue Ridge</I></B></FONT><FONT SIZE=2>"), the liquidity banks from time to time party to the Liquidity Agreement (the
"</FONT><FONT SIZE=2><B><I>Liquidity Banks;</I></B></FONT><FONT SIZE=2>" together with Blue Ridge, the "</FONT><FONT SIZE=2><B><I>Purchasers</I></B></FONT><FONT SIZE=2>") and Wachovia Bank, N.A., as agent for the
Purchasers (the "</FONT><FONT SIZE=2><B><I>Agent</I></B></FONT><FONT SIZE=2>"), and pertains to the Receivables Purchase Agreement dated as of December&nbsp;21, 2000 amongst the parties hereto (as
heretofore and hereby amended, the "</FONT><FONT SIZE=2><B><I>Purchase Agreement</I></B></FONT><FONT SIZE=2>"). </FONT><FONT SIZE=2><B><I>Unless otherwise defined in this Amendment capitalized terms used
herein shall have the meanings assigned to such terms in the Purchase Agreement</I></B></FONT><FONT SIZE=2>. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kr1142_preliminary_statements"> </A>
<A NAME="toc_kr1142_3"> </A>
<BR></FONT><FONT SIZE=2><B>PRELIMINARY STATEMENTS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>WHEREAS,</I></B></FONT><FONT SIZE=2> the Seller wishes to make certain amendments to the Purchase Agreement; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>WHEREAS,</I></B></FONT><FONT SIZE=2> the Agent and the Purchasers are willing to agree to such amendments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>NOW, THEREFORE,</I></B></FONT><FONT SIZE=2> in consideration of the foregoing premises and the mutual agreements herein contained and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The
table in the definition of </FONT><FONT SIZE=2><B><I>"Obligor Concentration Limit"</I></B></FONT><FONT SIZE=2> set forth in the Agreement is hereby amended to replace "2%"
where it appears in the bottom right-hand cell therein with "1.5%". </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;The
definition of </FONT><FONT SIZE=2><B><I>"Required Reserve Factor Floor"</I></B></FONT><FONT SIZE=2> set forth in the Agreement is hereby amended and restated in its
entirety to read as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>"Required Reserve Factor Floor"</I></B></FONT><FONT SIZE=2> means, for any Calculation Period, the sum (expressed as a percentage) of (a)&nbsp;18.0% plus
(b)&nbsp;the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the immediately preceding Cut-Off Date. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In order to induce Blue Ridge and the Agent, on behalf of the other
Purchasers, to enter into this Amendment, each of the Seller Parties hereby represents and warrants to Blue Ridge and the Agent, on behalf of the other Purchasers, as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;The
execution and delivery by such party of this Amendment, and the performance of its obligations under the Purchase Agreement as amended hereby, are within such
party's organizational powers and authority and have been duly authorized by all necessary organizational action on its part; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;This
Amendment has been duly executed and delivered by such party, and the Purchase Agreement, as amended hereby, constitutes such party's legal, valid and binding
obligation, enforceable against such party in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating
to or limiting creditors' rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;As
of the date hereof, no event has occurred and is continuing that will constitute an Amortization Event or an Unmatured Amortization Event. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall become effective as of the date first above written upon: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;execution
and delivery to the Agent of a counterpart hereof by each of the parties hereto, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;execution
and delivery to the Agent of a counterpart of an amended and restated Fee Letter by each of the parties thereto, and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;receipt
by the Agent of a fully-earned and non-refundable amendment fee of $10,000 in immediately available funds. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;CHOICE OF LAW.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT
THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Amendment 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 when taken together shall constitute one and the same agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Ratification of Purchase Agreement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly amended hereby, the Purchase Agreement remains
unaltered and in full force and effect and is hereby ratified and confirmed. </FONT></P>

</UL>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>IN WITNESS WHEREOF,</I></B></FONT><FONT SIZE=2> the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers as of the
date hereof. </FONT></P>

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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>EDWARDS LIFESCIENCES FINANCING LLC<BR></FONT>
</TD>
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<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><BR><HR NOSHADE><FONT SIZE=2> Name: Bruce J. Bentcover<BR>
Title: Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><BR><FONT SIZE=2>EDWARDS LIFESCIENCES LLC<BR></FONT>
</TD>
</TR>
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<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><BR><HR NOSHADE><FONT SIZE=2> Name: Bruce J. Bentcover<BR>
Title: Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><BR><FONT SIZE=2>BLUE RIDGE ASSET FUNDING CORPORATION<BR></FONT>
</TD>
</TR>
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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>BY: WACHOVIA BANK, N.A., ITS ATTORNEY IN FACT</FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=2><BR><FONT SIZE=2>WACHOVIA BANK, N.A., AS A LIQUIDITY BANK AND AS&nbsp;AGENT<BR></FONT>
</TD>
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<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="54%"><BR><HR NOSHADE><FONT SIZE=2> Name:<BR>
Title:</FONT></TD>
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<P><br><A NAME="03MOC1141_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_kr1142_1">Exhibit 10.40</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_kr1142_2">SECOND AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_kr1142_3">PRELIMINARY STATEMENTS</A></FONT><BR>
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