UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 26, 2018 (March 23, 2018)
COMMUNITY HEALTH SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-15925 | 13-3893191 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(IRS Employer Identification No.) |
4000 Meridian Boulevard
Franklin, Tennessee 37067
(Address of principal executive offices)
Registrants telephone number, including area code: (615) 465-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. | Entry into a Material Definitive Agreement. |
On March 23, 2018, Community Health Systems, Inc. (the Company) and its wholly-owned subsidiary CHS/Community Health Systems, Inc. (the Borrower) entered into the Fourth Amendment and Restatement Agreement (the Agreement), among the Company, the Borrower, the subsidiary guarantors party thereto, the lenders party thereto and Credit Suisse AG, as administrative agent and collateral agent (the Agent), to the Credit Agreement dated as of July 25, 2007, as amended and restated as of November 5, 2010, February 2, 2012 and January 27, 2014, and as further amended as of March 9, 2015, May 18, 2015, December 5, 2016, May 30, 2017 and February 26, 2018 (as the same may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the Credit Agreement) among the Company, the Borrower, the subsidiaries of the Borrower party thereto, the lenders party thereto, and the Agent.
The Credit Agreement was amended by the Agreement, with requisite lender approval. The Agreement permits the Borrower to incur debt under either an Asset-Based Loan (ABL) facility in an amount up to $1,000,000,000 or maintain its Asset-Backed Securitization program. The revolving credit commitments will be reduced to $425,000,000 upon the effectiveness of the contemplated ABL facility. The Agreement also removed the secured net leverage incurrence test with respect to junior secured debt. As of the date of the Agreement, the aggregate principal amount of Term G Loans is $1,037,348,605.50 and the aggregate principal amount of Term H Loans is $1,902,634,486.07. Term G Loans will accrue interest at a rate per annum initially equal to LIBOR plus 3.00%, in the case of LIBOR borrowings, and Base Rate plus 2.00%, in the case of Base Rate borrowing. Term H Loans will accrue interest at a rate per annum initially equal to LIBOR plus 3.25%, in the case of LIBOR borrowings, and Base Rate plus 2.25%, in the case of Base Rate borrowing.
The foregoing summary of the Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 above is incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibits are filed herewith:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 26, 2018 | COMMUNITY HEALTH SYSTEMS, INC. (Registrant) | |||||
By: | /s/ Wayne T. Smith | |||||
Wayne T. Smith Chairman of the Board and Chief Executive Officer (principal executive officer) |
Exhibit 10.1
EXECUTION VERSION
FOURTH AMENDMENT AND RESTATEMENT AGREEMENT
dated as of
March 23, 2018,
among
CHS/COMMUNITY HEALTH SYSTEMS, INC.,
COMMUNITY HEALTH SYSTEMS, INC.,
THE LENDERS PARTY HERETO
and
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
as Administrative Agent
CREDIT SUISSE SECURITIES (USA) LLC,
CITIGROUP GLOBAL MARKETS INC.,
and
JPMORGAN CHASE BANK, N.A.,
as Joint Lead Arrangers,
CREDIT SUISSE SECURITIES (USA) LLC,
CITIGROUP GLOBAL MARKETS INC.,
JPMORGAN CHASE BANK, N.A.,
DEUTSCHE BANK SECURITIES INC.,
GOLDMAN SACHS BANK, USA,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
RBC CAPITAL MARKETS, LLC1,
SUNTRUST ROBINSON HUMPHREY, INC.,
WELLS FARGO SECURITIES, LLC
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
SIEMENS FINANCIAL SERVICES, INC.,
and
MORGAN STANLEY SENIOR FUNDING, INC.,
as Joint Bookrunners
SCOTIA CAPITAL (USA) INC.,
FIFTH THIRD BANK,
and
COMPASS BANK,
as Co-Managers
1 | RBC Capital Markets is a brand name for the capital markets activities of Royal Bank of Canada and its affiliates. |
FOURTH AMENDMENT AND RESTATEMENT AGREEMENT dated as of March 23, 2018 (this Amendment), to the Credit Agreement dated as of July 25, 2007, as amended and restated as of November 5, 2010, February 2, 2012 and January 27, 2014, and as further amended as of March 9, 2015, May 18, 2015, December 5, 2016, May 30, 2017 and February 26, 2018 (as heretofore amended, supplemented, amended and restated or otherwise modified, the Credit Agreement), among CHS/COMMUNITY HEALTH SYSTEMS, INC., a Delaware corporation (the Borrower), COMMUNITY HEALTH SYSTEMS, INC., a Delaware corporation (Parent), the lenders party thereto (the Lenders) and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as administrative agent (in such capacity, the Administrative Agent) and as collateral agent for the Lenders.
PRELIMINARY STATEMENT
A. Pursuant to the Credit Agreement, the Lenders have extended, and have agreed to extend, credit to the Borrower.
B. Parent, the Borrower and the Lenders party hereto desire that certain provisions of the Credit Agreement be amended through amending and restating the Credit Agreement in its entirety.
C. Parent, the Borrower and the Subsidiary Guarantors are party to one or more of the Security Documents, pursuant to which, among other things, Parent and the Subsidiary Guarantors Guaranteed the Obligations of the Borrower under the Credit Agreement and provided security therefor.
Accordingly, in consideration of the mutual agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1. Defined Terms. (a) Capitalized terms used but not otherwise defined herein (including the Preliminary Statement hereto) shall have the meanings assigned thereto in the Amended and Restated Credit Agreement (as defined below). The provisions of Section 1.02 of the Amended and Restated Credit Agreement are hereby incorporated by reference herein, mutatis mutandis. This Amendment shall be a Loan Document for all purposes of the Amended and Restated Credit Agreement and the other Loan Documents.
(b) The amendment and restatement of the Credit Agreement described in Section 2 hereof, the reduction of the Extended Revolving Credit Commitments and the termination of the Non-Extended Revolving Credit Commitments described in Sections 3 and 4 hereof and the payment of fees and expenses with respect to the foregoing, in each case on the Fourth Restatement Effective Date (as defined below), are collectively referred to herein as the Transactions.
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SECTION 2. Amendment and Restatement of the Credit Agreement. Subject to the satisfaction of the conditions set forth in Section 6 hereof, effective as of the Fourth Restatement Effective Date (as defined below):
(a) The Credit Agreement is hereby amended and restated in its entirety in the form of the Amended and Restated Credit Agreement set forth on Annex I hereto (the Credit Agreement as so amended and restated is referred to herein as the Amended and Restated Credit Agreement).
(b) All exhibits to the Credit Agreement shall be amended and restated in the forms attached hereto.
(c) Schedules 1.01(b), 1.01(c), 1.01(d), 1.01(f), 1.01(g), 2.01, 3.08, 3.18, 3.19(a), 3.19(c) and 3.21 to the Credit Agreement shall be amended and restated in the forms attached hereto.
SECTION 3. Extended Revolving Credit Commitment Reduction. Upon the ABL Credit Facility Effective Date (as defined in the Engagement Letter (as defined below)), and without any further action of any party hereto, the Extended Revolving Credit Commitments in effect immediately prior to the ABL Credit Facility Effective Date (as defined in the Engagement Letter (as defined below)) will be reduced to $425,000,000 in the aggregate with such reduction applied on a ratable basis among the Extended Revolving Credit Lenders. Schedule I attached hereto reflects such reduction in the Extended Revolving Credit Commitments.
SECTION 4. Termination of Non-Extended Revolving Credit Commitments. Upon the effectiveness of this Amendment and without any further action of any party hereto, any outstanding Revolving Loans made by the Non-Extended Revolving Credit Lenders shall be repaid in full and the Non-Extended Revolving Credit Commitments in effect immediately prior to this Amendment shall be terminated.
SECTION 5. Representations and Warranties. To induce the other parties hereto to enter into this Amendment, each of Parent, the Borrower and each Subsidiary Guarantor hereby represents and warrants to each of the Lenders party hereto, the Administrative Agent, the Issuing Banks and the Collateral Agent that, after giving effect to this Amendment and the Transactions contemplated hereby:
(a) The representations and warranties set forth in Article III of the Amended and Restated Credit Agreement and in each other Loan Document are true and correct (i) in the case of representations and warranties qualified as to materiality, in all respects, and (ii) otherwise, in all material respects, in each case on and as of the Fourth Restatement Effective Date as though made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were so true and correct as of such earlier date (it being understood and agreed that for the purposes of the representation
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and warranty made in Section 3.22 (x) the Transactions (as defined in this Amendment) shall be deemed to be the Subject Transactions and (y) the representation and warranty shall be made as if the reduction of the Extended Revolving Credit Commitments described in Section 3 hereof had taken place on the Fourth Restatement Effective Date).
(b) No Default or Event of Default has occurred and is continuing.
(c) None of the Security Documents in effect on the Fourth Restatement Effective Date will be rendered invalid, non-binding or unenforceable against any Loan Party as a result of this Amendment. The Guarantees created under such Security Documents will continue to guarantee the Obligations to the same extent as they guaranteed the Obligations immediately prior to the Fourth Restatement Effective Date. The Liens created under such Security Documents will continue to secure the Obligations, and will continue to be perfected, in each case, to the same extent as they secured the Obligations or were perfected immediately prior to the Fourth Restatement Effective Date.
SECTION 6. Effectiveness. This Amendment shall become effective on and as of the date on which each of the following conditions precedent is satisfied (such date, the Fourth Restatement Effective Date):
(a) The Administrative Agent shall have received duly executed and delivered counterparts of this Amendment that, when taken together, bear the signatures of Parent, the Borrower, each Subsidiary Guarantor and the Required Lenders.
(b) The Administrative Agent shall have received a certificate, dated the Fourth Restatement Effective Date and signed by a Financial Officer of the Borrower, confirming compliance with the conditions precedent set forth in paragraphs (b) and (c) of Section 4.01 of the Amended and Restated Credit Agreement as if the Transactions were a Credit Event.
(c) The Administrative Agent shall have received (i) for the account of each Term Lender party to this Amendment, an amendment fee in an amount equal to 0.25% of the aggregate principal amount of the Term Loans held by such Term Lender as of the Fourth Restatement Effective Date, (ii) the fees due and payable under the Engagement Letter dated as of February 9, 2018, among Parent, the Borrower and each of the Joint Lead Arrangers party thereto (the Engagement Letter) in connection with this Amendment including an arrangement fee in an aggregate amount equal to $1,000,000 to be allocated among the Extended Revolving Credit Lenders based on their respective Extended Revolving Credit Commitments (whether drawn or undrawn) as of the Fourth Restatement Effective Date and (iii) all other amounts due and payable on or prior to the Fourth Restatement Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder, under the Engagement Letter or under any other Loan Document.
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The Administrative Agent shall notify Parent, the Borrower and the Lenders of the Fourth Restatement Effective Date and such notice shall be conclusive and binding.
SECTION 7. Effect of this Amendment. (a) Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent, the Lenders or any other Secured Party under the Amended and Restated Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Amended and Restated Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Amended and Restated Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions of the Amended and Restated Credit Agreement specifically referred to herein.
(b) From and after the Fourth Restatement Effective Date, any reference to the Credit Agreement shall mean the Amended and Restated Credit Agreement.
SECTION 8. Reaffirmation. Each of Parent, the Borrower and each of the Subsidiary Guarantors identified on the signature pages hereto (collectively, Parent, the Borrower and such Subsidiary Guarantors, the Reaffirming Loan Parties) hereby acknowledges that it expects to receive substantial direct and indirect benefits as a result of this Amendment and the transactions contemplated hereby. Each Reaffirming Loan Party hereby consents to this Amendment and the transactions contemplated hereby, and hereby confirms its respective guarantees, pledges and grants of security interests, as applicable, under each of the Loan Documents to which it is party, and agrees that, notwithstanding the effectiveness of this Amendment and the transactions contemplated hereby, such guarantees, pledges and grants of security interests shall continue to be in full force and effect and shall accrue to the benefit of the Secured Parties.
SECTION 9. Expenses. The Borrower agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with the Loan Documents (including the preparation of this Amendment), including the reasonable fees, charges and disbursements of Cravath, Swaine & Moore LLP.
SECTION 10. Notices. All notices hereunder shall be given in accordance with Section 9.01 of the Amended and Restated Credit Agreement.
SECTION 11. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by electronic transmission (e.g., pdf) of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment, and, once delivered, may not be withdrawn or revoked unless this Amendment fails to become effective in accordance with its terms on or prior to May 15, 2018.
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SECTION 12. No Novation. This Amendment shall not extinguish the obligations for the payment of money outstanding under the Amended and Restated Credit Agreement or discharge or release the Lien or priority of any Loan Document or any other security therefor or any guarantee thereof. Nothing herein contained shall be construed as a substitution or novation of the Obligations outstanding under the Credit Agreement or instruments guaranteeing or securing the same, which shall remain in full force and effect, except as modified hereby or by instruments executed concurrently herewith. Nothing expressed or implied in this Amendment or any other document contemplated hereby shall be construed as a release or other discharge of the Borrower under the Amended and Restated Credit Agreement or any Loan Party under any other Loan Document from any of its obligations and liabilities thereunder. The Credit Agreement and each of the other Loan Documents shall remain in full force and effect, until and except as modified hereby or thereby in connection herewith or therewith.
SECTION 13. Governing Law. (a) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
(b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 14. Headings; Titles. Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. None of the financial institutions listed on the front cover of this Amendment as either a Joint Bookrunner or a Co-Manager shall have any duties or responsibilities hereunder in their capacity as either a Joint Bookrunner or a Co-Manager.
[Remainder of page intentionally left blank]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date first above written.
CHS/COMMUNITY HEALTH SYSTEMS, INC., | ||
By: | /s/ Edward W. Lomicka | |
Name: Edward W. Lomicka | ||
Title: Vice President and Treasurer | ||
COMMUNITY HEALTH SYSTEMS, INC., | ||
By: | /s/ Edward W. Lomicka | |
Name: Edward W. Lomicka | ||
Title: Vice President and Treasurer |
[Signature Page to Fourth Amendment and Restatement Agreement]
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender and as Administrative Agent | ||
By: | /s/ Christopher Day | |
Name: Christopher Day | ||
Title: Authorized Signatory | ||
By: | /s/ Warren Van Heyst | |
Name: Warren Van Heyst | ||
Title: Authorized Signatory |
[Signature Page to Fourth Amendment and Restatement Agreement]
ABILENE HOSPITAL, LLC |
ABILENE MERGER, LLC |
AFFINITY HEALTH SYSTEMS, LLC |
AFFINITY HOSPITAL, LLC |
BERWICK HOSPITAL COMPANY, LLC |
BILOXI H.M.A., LLC |
BIRMINGHAM HOLDINGS II, LLC |
BIRMINGHAM HOLDINGS, LLC |
BLUEFIELD HOLDINGS, LLC |
BLUEFIELD HOSPITAL COMPANY, LLC |
BLUFFTON HEALTH SYSTEM LLC |
BRANDON HMA, LLC |
BROWNWOOD MEDICAL CENTER, LLC |
BULLHEAD CITY HOSPITAL CORPORATION |
BULLHEAD CITY HOSPITAL INVESTMENT CORPORATION |
CAMPBELL COUNTY HMA, LLC |
CARLSBAD MEDICAL CENTER, LLC |
CAROLINAS HOLDINGS, LLC |
CAROLINAS JV HOLDINGS GENERAL, LLC |
CENTRAL FLORIDA HMA HOLDINGS, LLC |
CENTRAL STATES HMA HOLDINGS, LLC |
CHESTER HMA, LLC |
CHESTNUT HILL HEALTH SYSTEM, LLC |
CHHS HOLDINGS, LLC |
CHHS HOSPITAL COMPANY, LLC |
CHS PENNSYLVANIA HOLDINGS, LLC |
CHS TENNESSEE HOLDINGS, LLC |
CHS VIRGINIA HOLDINGS, LLC |
CITRUS HMA, LLC |
CLARKSVILLE HOLDINGS II, LLC |
CLARKSVILLE HOLDINGS, LLC |
CLEVELAND HOSPITAL COMPANY, LLC |
CLEVELAND TENNESSEE HOSPITAL COMPANY, LLC |
CLINTON HMA, LLC |
COATESVILLE HOSPITAL CORPORATION |
COCKE COUNTY HMA, LLC |
COLLEGE STATION MEDICAL CENTER, LLC |
COLLEGE STATION MERGER, LLC |
COMMUNITY HEALTH INVESTMENT COMPANY, LLC |
CP HOSPITAL GP, LLC |
CPLP, LLC |
CRESTWOOD HOSPITAL LP, LLC |
[Signature Page to Fourth Amendment and Restatement Agreement]
CRESTWOOD HOSPITAL, LLC |
CSMC, LLC |
DEACONESS HOLDINGS, LLC |
DEACONESS HOSPITAL HOLDINGS, LLC |
DESERT HOSPITAL HOLDINGS, LLC |
DETAR HOSPITAL, LLC |
DHFW HOLDINGS, LLC |
DUKES HEALTH SYSTEM, LLC |
DYERSBURG HOSPITAL COMPANY, LLC |
EMPORIA HOSPITAL CORPORATION |
FLORIDA HMA HOLDINGS, LLC |
FOLEY HOSPITAL CORPORATION |
FORT SMITH HMA, LLC |
FRANKFORT HEALTH PARTNER, INC. |
FRANKLIN HOSPITAL CORPORATION |
GADSDEN REGIONAL MEDICAL CENTER, LLC |
GAFFNEY H.M.A., LLC |
GRANBURY HOSPITAL CORPORATION |
GRMC HOLDINGS, LLC |
HALLMARK HEALTHCARE COMPANY, LLC |
HEALTH MANAGEMENT ASSOCIATES, LLC |
HEALTH MANAGEMENT GENERAL PARTNER I, LLC |
HEALTH MANAGEMENT GENERAL PARTNER, LLC |
HMA FENTRESS COUNTY GENERAL HOSPITAL, LLC |
HMA SANTA ROSA MEDICAL CENTER, LLC |
HMA SERVICES GP, LLC |
HMA-TRI HOLDINGS, LLC |
HOBBS MEDCO, LLC |
HOSPITAL MANAGEMENT ASSOCIATES, LLC |
HOSPITAL OF MORRISTOWN, LLC |
JACKSON HMA, LLC |
JACKSON HOSPITAL CORPORATION |
JEFFERSON COUNTY HMA, LLC |
KAY COUNTY HOSPITAL CORPORATION |
KAY COUNTY OKLAHOMA HOSPITAL COMPANY, LLC |
KENNETT HMA, LLC |
KEY WEST HMA, LLC |
KIRKSVILLE HOSPITAL COMPANY, LLC |
KNOXVILLE HMA HOLDINGS, LLC |
LAKEWAY HOSPITAL COMPANY, LLC |
LANCASTER HOSPITAL CORPORATION |
LAS CRUCES MEDICAL CENTER, LLC |
LEA REGIONAL HOSPITAL, LLC |
LEBANON HMA, LLC |
LONGVIEW CLINIC OPERATIONS COMPANY, LLC |
LONGVIEW MERGER, LLC |
LRH, LLC |
LUTHERAN HEALTH NETWORK OF INDIANA, LLC |
MADISON HMA, LLC |
MARSHALL COUNTY HMA, LLC |
MARTIN HOSPITAL COMPANY, LLC |
MARY BLACK HEALTH SYSTEM, LLC |
MCSA, L.L.C. |
MEDICAL CENTER OF BROWNWOOD, LLC |
METRO KNOXVILLE HMA, LLC |
MISSISSIPPI HMA HOLDINGS I, LLC |
MISSISSIPPI HMA HOLDINGS II, LLC |
MOBERLY HOSPITAL COMPANY, LLC |
NAPLES HMA, LLC |
NATCHEZ HOSPITAL COMPANY, LLC |
NATIONAL HEALTHCARE OF LEESVILLE, INC. |
NAVARRO REGIONAL, LLC |
NC-DSH, LLC |
NORTHWEST ARKANSAS HOSPITALS, LLC |
NORTHWEST HOSPITAL, LLC |
NOV HOLDINGS, LLC |
NRH, LLC |
OAK HILL HOSPITAL CORPORATION |
ORO VALLEY HOSPITAL, LLC |
PALMER-WASILLA HEALTH SYSTEM, LLC |
PASCO REGIONAL MEDICAL CENTER, LLC |
PENNSYLVANIA HOSPITAL COMPANY, LLC |
PHOENIXVILLE HOSPITAL COMPANY, LLC |
POPLAR BLUFF REGIONAL MEDICAL CENTER, LLC |
PORT CHARLOTTE HMA, LLC |
POTTSTOWN HOSPITAL COMPANY, LLC |
PUNTA GORDA HMA, LLC |
QHG GEORGIA HOLDINGS II, LLC |
QHG GEORGIA HOLDINGS, INC. |
QHG OF BLUFFTON COMPANY, LLC |
QHG OF CLINTON COUNTY, INC. |
QHG OF ENTERPRISE, INC. |
QHG OF FORREST COUNTY, INC. |
QHG OF FORT WAYNE COMPANY, LLC |
QHG OF HATTIESBURG, INC. |
QHG OF SOUTH CAROLINA, INC. |
QHG OF SPARTANBURG, INC. |
QHG OF SPRINGDALE, INC. |
REGIONAL HOSPITAL OF LONGVIEW, LLC |
RIVER OAKS HOSPITAL, LLC |
RIVER REGION MEDICAL CORPORATION |
ROH, LLC |
ROSWELL HOSPITAL CORPORATION |
RUSTON HOSPITAL CORPORATION |
RUSTON LOUISIANA HOSPITAL COMPANY, LLC |
SACMC, LLC |
SALEM HOSPITAL CORPORATION |
SAN ANGELO COMMUNITY MEDICAL CENTER, LLC |
SAN ANGELO MEDICAL, LLC |
SCRANTON HOLDINGS, LLC |
SCRANTON HOSPITAL COMPANY, LLC |
SCRANTON QUINCY HOLDINGS, LLC |
SCRANTON QUINCY HOSPITAL COMPANY, LLC |
SEMINOLE HMA, LLC |
SHELBYVILLE HOSPITAL COMPANY, LLC |
SILOAM SPRINGS ARKANSAS HOSPITAL COMPANY, LLC |
SILOAM SPRINGS HOLDINGS, LLC |
SOUTHEAST HMA HOLDINGS, LLC |
SOUTHERN TEXAS MEDICAL CENTER, LLC |
SOUTHWEST FLORIDA HMA HOLDINGS, LLC |
STATESVILLE HMA, LLC |
TENNYSON HOLDINGS, LLC |
TOMBALL TEXAS HOLDINGS, LLC |
TOMBALL TEXAS HOSPITAL COMPANY, LLC |
TRIAD HEALTHCARE, LLC |
TRIAD HOLDINGS III, LLC |
TRIAD HOLDINGS IV, LLC |
TRIAD HOLDINGS V, LLC |
TRIAD NEVADA HOLDINGS, LLC |
TRIAD OF ALABAMA, LLC |
TRIAD-ARMC, LLC |
TRIAD-EL DORADO, INC. |
TRIAD-NAVARRO REGIONAL HOSPITAL SUBSIDIARY, LLC |
TULLAHOMA HMA, LLC |
TUNKHANNOCK HOSPITAL COMPANY, LLC |
VAN BUREN H.M.A., LLC |
VENICE HMA, LLC |
VHC MEDICAL, LLC |
VICKSBURG HEALTHCARE, LLC |
VICTORIA HOSPITAL, LLC |
VIRGINIA HOSPITAL COMPANY, LLC |
WEATHERFORD HOSPITAL CORPORATION |
WEATHERFORD TEXAS HOSPITAL COMPANY, LLC |
WEBB HOSPITAL CORPORATION |
WEBB HOSPITAL HOLDINGS, LLC |
WESLEY HEALTH SYSTEM LLC |
WHMC, LLC |
WILKES-BARRE BEHAVIORAL HOSPITAL COMPANY, LLC |
WILKES-BARRE HOLDINGS, LLC |
WILKES-BARRE HOSPITAL COMPANY, LLC |
WOODLAND HEIGHTS MEDICAL CENTER, LLC |
WOODWARD HEALTH SYSTEM, LLC |
Acting on behalf of each of the Subsidiary Guarantors set forth above
By: | /s/ Edward W. Lomicka | |
Name: Edward W. Lomicka | ||
Title: Vice President and Treasurer |
HEALTH MANAGEMENT ASSOCIATES, LP
By: Health Management General Partner, LLC, its general partner
TENNESSEE HMA HOLDINGS, LP
By: Health Management General Partner I, LLC, its general parter
QHG GEORGIA, LP
By: QHG Georgia Holdings II, LLC, its general partner
HOSPITAL MANAGEMENT SERVICES OF FLORIDA, LP
By: HMA Services GP, LLC, its general partner
HMA HOSPITALS HOLDINGS, LP
By: Health Management General Partner, LLC, its general partner
BROWNWOOD HOSPITAL, L.P.
By: Brownwood Medical Center, LLC, its general partner
CAROLINAS JV HOLDINGS, L.P.
By: Carolina JV Holdings General, LLC, its general partner
COLLEGE STATION HOSPITAL, L.P.
By: College Station Medical Center, LLC, its general partner
CRESTWOOD HEALTHCARE, L.P.
By: Crestwood Hospital, LLC
LAREDO TEXAS HOSPITAL COMPANY, L.P.
By: Webb Hospital Corporation, its general partner
LONGVIEW MEDICAL CENTER, L.P.
By: Regional Hospital of Longview, LLC, its general partner
NAVARRO HOSPITAL, L.P.
By: Navarro Regional, LLC, its general partner
VICTORIA OF TEXAS, L.P.
By: Detar Hospital, LLC, its general partner
[Signature Page to Fourth Amendment and Restatement Agreement]
Acting on behalf of each of the Subsidiary Guarantors set forth above
By: | /s/ Edward W. Lomicka | |
Name: Edward W. Lomicka | ||
Title: Vice President and Treasurer |
Name of Lender: | ||
By: |
| |
Name: | ||
Title: | ||
For any Lender requiring a second signature block: | ||
By: |
| |
Name: | ||
Title: |
[Signature Page to Fourth Amendment and Restatement Agreement]
Annex I
EXECUTION VERSION
FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
dated as of
July 25, 2007, as amended and restated as of November 5, 2010, February 2, 2012, January 27, 2014,
and March 23, 2018
among
CHS/COMMUNITY HEALTH SYSTEMS, INC.,
COMMUNITY HEALTH SYSTEMS, INC.,
THE LENDERS PARTY HERETO
and
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
as Administrative Agent and Collateral Agent
CREDIT SUISSE SECURITIES (USA) LLC,
CITIGROUP GLOBAL MARKETS INC.,
and
JPMORGAN CHASE BANK, N.A.,
as Joint Lead Arrangers,
CREDIT SUISSE SECURITIES (USA) LLC,
CITIGROUP GLOBAL MARKETS INC.,
JPMORGAN CHASE BANK, N.A.,
DEUTSCHE BANK SECURITIES INC.,
GOLDMAN SACHS BANK, USA,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
RBC CAPITAL MARKETS, LLC,
SUNTRUST ROBINSON HUMPHREY, INC.,
WELLS FARGO SECURITIES, LLC
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
SIEMENS FINANCIAL SERVICES, INC.,
and
MORGAN STANLEY SENIOR FUNDING, INC.,
as Joint Bookrunners
SCOTIA CAPITAL (USA) INC.,
FIFTH THIRD BANK,
and
COMPASS BANK,
as Co-Managers
Table of Contents
Page | ||||||
ARTICLE I | ||||||
Definitions | ||||||
SECTION 1.01. |
Defined Terms | 1 | ||||
SECTION 1.02. |
Terms Generally | 46 | ||||
SECTION 1.03. |
Pro Forma Calculations | 46 | ||||
SECTION 1.04. |
Classification of Loans and Borrowings | 47 | ||||
SECTION 1.05. |
Excluded Swap Obligations | 47 | ||||
ARTICLE II | ||||||
The Credits | ||||||
SECTION 2.01. |
Commitments | 48 | ||||
SECTION 2.02. |
Loans | 49 | ||||
SECTION 2.03. |
Borrowing Procedure | 51 | ||||
SECTION 2.04. |
Evidence of Debt; Repayment of Loans | 52 | ||||
SECTION 2.05. |
Fees | 52 | ||||
SECTION 2.06. |
Interest on Loans | 53 | ||||
SECTION 2.07. |
Default Interest | 54 | ||||
SECTION 2.08. |
Alternate Rate of Interest | 54 | ||||
SECTION 2.09. |
Termination and Reduction of Commitments | 54 | ||||
SECTION 2.10. |
Conversion and Continuation of Borrowings | 55 | ||||
SECTION 2.11. |
Repayment of Term Borrowings | 56 | ||||
SECTION 2.12. |
Optional Prepayment | 57 | ||||
SECTION 2.13. |
Mandatory Prepayments | 58 | ||||
SECTION 2.14. |
Reserve Requirements; Change in Circumstances | 60 | ||||
SECTION 2.15. |
Change in Legality | 61 | ||||
SECTION 2.16. |
Indemnity | 62 | ||||
SECTION 2.17. |
Pro Rata Treatment | 62 | ||||
SECTION 2.18. |
Sharing of Setoffs | 63 | ||||
SECTION 2.19. |
Payments | 63 | ||||
SECTION 2.20. |
Taxes | 64 | ||||
SECTION 2.21. |
Assignment of Commitments Under Certain Circumstances; Duty to Mitigate | 66 | ||||
SECTION 2.22. |
[Reserved] | 67 | ||||
SECTION 2.23. |
Letters of Credit | 67 | ||||
SECTION 2.24. |
Incremental Term Loans | 72 | ||||
SECTION 2.25. |
Loan Modification Offers; Replacement Revolving Credit Facility | 74 | ||||
SECTION 2.26. |
Revolving Credit Commitment Increases | 77 | ||||
SECTION 2.27. |
Term Loan Pricing Protection | 79 |
-i-
Table of Contents
(continued)
Page | ||||||
ARTICLE III | ||||||
Representations and Warranties | ||||||
SECTION 3.01. |
Organization; Powers |
80 | ||||
SECTION 3.02. |
Authorization |
80 | ||||
SECTION 3.03. |
Enforceability |
80 | ||||
SECTION 3.04. |
Governmental Approvals |
81 | ||||
SECTION 3.05. |
Financial Statements |
81 | ||||
SECTION 3.06. |
No Material Adverse Change |
81 | ||||
SECTION 3.07. |
Title to Properties; Possession Under Leases |
81 | ||||
SECTION 3.08. |
Subsidiaries |
82 | ||||
SECTION 3.09. |
Litigation; Compliance with Laws |
82 | ||||
SECTION 3.10. |
Agreements |
82 | ||||
SECTION 3.11. |
Federal Reserve Regulations |
83 | ||||
SECTION 3.12. |
Investment Company Act |
83 | ||||
SECTION 3.13. |
Use of Proceeds |
83 | ||||
SECTION 3.14. |
Tax Returns |
83 | ||||
SECTION 3.15. |
No Material Misstatements |
83 | ||||
SECTION 3.16. |
Employee Benefit Plans |
84 | ||||
SECTION 3.17. |
Environmental Matters |
84 | ||||
SECTION 3.18. |
Insurance |
84 | ||||
SECTION 3.19. |
Security Documents |
84 | ||||
SECTION 3.20. |
Location of Real Property and Leased Premises |
86 | ||||
SECTION 3.21. |
Labor Matters |
86 | ||||
SECTION 3.22. |
Solvency |
86 | ||||
SECTION 3.23. |
Sanctioned Persons |
87 | ||||
ARTICLE IV | ||||||
Conditions of Lending | ||||||
SECTION 4.01. |
All Credit Events |
88 | ||||
ARTICLE V | ||||||
Affirmative Covenants | ||||||
SECTION 5.01. |
Existence; Compliance with Laws; Businesses and Properties |
88 | ||||
SECTION 5.02. |
Insurance |
89 | ||||
SECTION 5.03. |
Obligations and Taxes |
89 | ||||
SECTION 5.04. |
Financial Statements, Reports, etc |
88 | ||||
SECTION 5.05. |
Litigation and Other Notices |
92 | ||||
SECTION 5.06. |
Information Regarding Collateral |
92 |
-ii-
Table of Contents
(continued)
Page | ||||||
SECTION 5.07. |
Maintaining Records; Access to Properties and Inspections; Maintenance of Ratings | 92 | ||||
SECTION 5.08. |
Use of Proceeds | 93 | ||||
SECTION 5.09. |
Employee Benefits | 93 | ||||
SECTION 5.10. |
Compliance with Environmental Laws | 93 | ||||
SECTION 5.11. |
Preparation of Environmental Reports | 93 | ||||
SECTION 5.12. |
Further Assurances | 93 | ||||
SECTION 5.13. |
Proceeds of Certain Dispositions | 95 | ||||
SECTION 5.14. |
Operation of Facilities | 95 | ||||
ARTICLE VI | ||||||
Negative Covenants | ||||||
SECTION 6.01. |
Indebtedness | 96 | ||||
SECTION 6.02. |
Liens | 99 | ||||
SECTION 6.03. |
Sale and Lease-Back Transactions | 102 | ||||
SECTION 6.04. |
Investments, Loans and Advances | 103 | ||||
SECTION 6.05. |
Mergers, Consolidations, Sales of Assets and Acquisitions | 107 | ||||
SECTION 6.06. |
Restricted Payments; Restrictive Agreements | 110 | ||||
SECTION 6.07. |
Transactions with Affiliates | 113 | ||||
SECTION 6.08. |
Business of Parent, Borrower and Subsidiaries | 113 | ||||
SECTION 6.09. |
Other Indebtedness | 114 | ||||
SECTION 6.10. |
Practice Guarantees | 114 | ||||
SECTION 6.11. |
Capital Expenditures | 114 | ||||
SECTION 6.12. |
[Reserved] | 115 | ||||
SECTION 6.13. |
Maximum First Lien Net Leverage Ratio | 115 | ||||
SECTION 6.14. |
Fiscal Year | 116 | ||||
ARTICLE VII | ||||||
Events of Default | ||||||
ARTICLE VIII | ||||||
The Administrative Agent and the Collateral Agent; Certain ERISA Matters | ||||||
SECTION 8.01. |
The Administrative Agent and the Collateral Agent | 121 | ||||
SECTION 8.02. |
Certain ERISA Matters | 123 | ||||
ARTICLE IX | ||||||
Miscellaneous | ||||||
SECTION 9.01. |
Notices | 125 |
-iii-
Table of Contents
(continued)
Page | ||||||
SECTION 9.02. |
Survival of Agreement |
128 | ||||
SECTION 9.03. |
Binding Effect |
128 | ||||
SECTION 9.04. |
Successors and Assigns |
128 | ||||
SECTION 9.05. |
Expenses; Indemnity |
133 | ||||
SECTION 9.06. |
Right of Setoff |
134 | ||||
SECTION 9.07. |
Applicable Law |
135 | ||||
SECTION 9.08. |
Waivers; Amendment |
135 | ||||
SECTION 9.09. |
Certain Releases of Guarantees and Security Interests |
136 | ||||
SECTION 9.10. |
Interest Rate Limitation |
138 | ||||
SECTION 9.11. |
Entire Agreement |
138 | ||||
SECTION 9.12. |
WAIVER OF JURY TRIAL |
139 | ||||
SECTION 9.13. |
Severability |
139 | ||||
SECTION 9.14. |
[Reserved] |
139 | ||||
SECTION 9.15. |
Headings |
139 | ||||
SECTION 9.16. |
Jurisdiction; Consent to Service of Process |
139 | ||||
SECTION 9.17. |
Confidentiality |
140 | ||||
SECTION 9.18. |
USA PATRIOT Act Notice |
141 | ||||
SECTION 9.19. |
Effect of Certain Inaccuracies |
141 | ||||
SECTION 9.20. |
Pari Passu Obligations and Other Junior Secured Debt |
141 | ||||
SECTION 9.21. |
No Fiduciary Relationship |
143 | ||||
SECTION 9.22. |
Acknowledgement and Consent to Bail-In of EEA Financial Institutions |
144 |
-iv-
SCHEDULES
Schedule 1.01(b) |
- | Subsidiary Guarantors | ||
Schedule 1.01(c) |
- | Mortgaged Property | ||
Schedule 1.01(d) |
- | Hospitals | ||
Schedule 1.01(e) |
- | Certain Permitted Joint Ventures | ||
Schedule 1.01(f) |
- | Certain Subsidiaries | ||
Schedule 1.01(g) |
- | Asset Sales | ||
Schedule 2.01 |
- | Initial Lenders and Commitments | ||
Schedule 3.08 |
- | Subsidiaries | ||
Schedule 3.18 |
- | Insurance | ||
Schedule 3.19(a) |
- | UCC Filing Offices | ||
Schedule 3.19(c) |
- | Mortgage Filing Offices | ||
Schedule 3.21 |
- | Collective Bargaining Agreements | ||
Schedule 6.01 |
- | Existing Indebtedness | ||
Schedule 6.02 |
- | Existing Liens | ||
Schedule 6.04(h) |
- | Certain Permitted Acquisitions | ||
Schedule 6.05(b) |
- | Certain Syndication Transactions | ||
Schedule 6.07 |
- | Certain Affiliate Transactions |
EXHIBITS
Exhibit A |
- | Form of Administrative Questionnaire | ||
Exhibit B |
- | Form of Assignment and Acceptance | ||
Exhibit C |
- | Form of Borrowing Request | ||
Exhibit D |
- | Form of Mortgage | ||
Exhibit E |
- | Form of Junior Lien Intercreditor Agreement |
-v-
CREDIT AGREEMENT dated as of July 25, 2007, as amended and restated as of November 5, 2010, February 2, 2012, January 27, 2014, and March 23, 2018 (this Agreement), among CHS/COMMUNITY HEALTH SYSTEMS, INC., a Delaware corporation (the Borrower), COMMUNITY HEALTH SYSTEMS, INC., a Delaware corporation (Parent), the Lenders (as defined in Article I), and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as administrative agent (in such capacity, the Administrative Agent) and as collateral agent (in such capacity, the Collateral Agent) for the Lenders.
The parties hereto agree as follows:
ARTICLE I
Definitions
SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below:
2019 Notes shall mean the Borrowers 8% Senior Notes due 2019.
2019 Term G Borrowing shall mean a Borrowing consisting of 2019 Term G Loans of the same Type and, in the case of a Eurodollar Loan, having the same Interest Period.
2019 Term G Lender shall mean, at any time, any Lender that has a 2019 Term G Loan at such time.
2019 Term G Loan Repayment Date shall have the meaning assigned to such term in Section 2.11(a)(i).
2019 Term G Loans shall mean the Incremental 2019 Term G Loans made pursuant to the Incremental Term Loan Assumption Agreement dated as of May 18, 2015. As of the Fourth Restatement Effective Date, the aggregate principal amount of outstanding 2019 Term G Loans is $1,037,348,605.50.
2019 Term G Maturity Date shall mean December 31, 2019; provided that if on any date prior to December 31, 2019 (any such date, a Term G Reference Date), an aggregate principal amount in excess of $250,000,000 of (x) 2019 Notes and (y) any Indebtedness (Refinanced Indebtedness) incurred to refinance or otherwise extend the maturity date of 2019 Notes or Refinanced Indebtedness, is outstanding and scheduled to mature or similarly become due on or prior to the date that is ninety-one (91) days after the Term G Reference Date, the 2019 Term G Maturity Date shall instead be the Term G Reference Date; provided further, that, in each case, if any such day is not a Business Day, the 2019 Term G Maturity Date shall be the Business Day immediately preceding such day.
2020 Notes shall mean the Borrowers 7.125% Senior Notes due 2020.
2021 Notes shall mean the Borrowers 5.125% Senior Secured Notes due 2021.
2021 Term H Borrowing shall mean a Borrowing consisting of 2021 Term H Loans of the same Type and, in the case of a Eurodollar Loan, having the same Interest Period.
2021 Term H Lender shall mean, at any time, any Lender that has a 2021 Term H Loan at such time.
2021 Term H Loan Repayment Date shall have the meaning assigned to such term in Section 2.11(a)(ii).
2021 Term H Loans shall mean the Incremental 2021 Term H Loans made pursuant to the Incremental Term Loan Assumption Agreement dated as of May 18, 2015. As of the Fourth Restatement Effective Date, the aggregate principal amount of outstanding 2021 Term H Loans is $1,902,634,486.07.
2021 Term H Maturity Date shall mean January 27, 2021; provided that if on any date prior to January 27, 2021 (any such date, a Term H Reference Date), an aggregate principal amount in excess of $250,000,000 of (x) 2019 Notes, (y) 2020 Notes and (z) any Indebtedness (Refinanced Indebtedness) incurred to refinance or otherwise extend the maturity date of 2019 Notes, 2020 Notes or Refinanced Indebtedness, is outstanding and scheduled to mature or similarly become due on or prior to the date that is ninety-one (91) days after the Term H Reference Date, the 2021 Term H Maturity Date shall instead be the Term H Reference Date; provided further, that, in each case, if any such day is not a Business Day, the 2021 Term H Maturity Date shall be the Business Day immediately preceding such day.
2022 Notes shall mean the Borrowers 6.875% Senior Notes due 2022.
2023 Notes shall mean the Borrowers 6.250% Senior Secured Notes due 2023.
ABL Collateral Agent shall mean JPMorgan Chase Bank, N.A. or any other person in its capacity as the Collateral Agent under an ABL Facility Credit Agreement.
ABL Facility Credit Agreement shall mean (a) a loan agreement to be dated on or after the Fourth Restatement Effective Date, among, inter alia, Parent, the Borrower, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and as the ABL Collateral Agent, in a form reasonably acceptable to the Administrative Agent and (b) one or more loan agreements among the Borrower and other parties from time to time party thereto pursuant to which the Indebtedness under the credit agreement referenced in clause (a) above has been refinanced, repaid, prepaid, repurchased, redeemed, replaced, renewed, refunded, amended or increased in whole or in part in accordance with, and subject to, the provisions of this Agreement and the ABL Intercreditor Agreement.
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ABL Facility First Priority Collateral shall have the meaning specified in the ABL Intercreditor Agreement.
ABL Facility Loan Documents shall have the meaning assigned to the term Loan Documents (or any similar term) in the ABL Facility Credit Agreement.
ABL Facility Loans shall mean the Loans under the ABL Facility Credit Agreement.
ABL Intercreditor Agreement shall mean an intercreditor agreement, among, inter alia, Parent, the Borrower, the Collateral Agent and the ABL Collateral Agent, in the form acceptable to each of the Administrative Agent and the ABL Collateral Agent.
ABL Lenders shall have the meaning assigned to such term in the ABL Intercreditor Agreement.
ABL Obligations shall have the meaning assigned to such term in the ABL Intercreditor Agreement.
ABR, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate.
Accepting Lenders shall have the meaning assigned to such term in Section 2.25(a).
Adjusted LIBO Rate shall mean, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum equal to the product of (a) the LIBO Rate in effect for such Interest Period and (b) Statutory Reserves.
Administrative Agent Fees shall have the meaning assigned to such term in Section 2.05(b).
Administrative Questionnaire shall mean an Administrative Questionnaire in the form of Exhibit A, or such other form as may be supplied from time to time by the Administrative Agent.
Affected Class shall have the meaning assigned to such term in Section 2.25(a).
Affiliate shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified; provided, however, that, for purposes of Section 6.07, the term Affiliate shall also include any person that directly or indirectly owns 10% or more of any class of Equity Interests of the person specified.
Agreement shall have the meaning assigned to such term in the preamble.
3
Aggregate Revolving Credit Exposure shall mean the aggregate amount of the Lenders Revolving Credit Exposures.
Alternate Base Rate shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1/2 of 1% and (c) the Adjusted LIBO Rate on such day for a three month Interest Period commencing on the second Business Day after such day plus 1%; provided that in no event shall the Alternate Base Rate be less than, in the case of 2019 Term G Loans and 2021 Term H Loans, 2.00%. If the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the NYFRB Rate or the Adjusted LIBO Rate for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of the definition of NYFRB Rate, the Alternate Base Rate shall be determined without regard to clause (b) or (c), as applicable, of the preceding sentence until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective on the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, as the case may be.
Alternative Incremental Facility Indebtedness shall mean any Indebtedness which (a) is in the form of one or more series of senior or junior secured notes or senior unsecured notes or senior or junior secured bridge loans or senior unsecured bridge loans or junior secured loans, (b) is issued, incurred, created, assumed or guaranteed by any Loan Party, (c) is not an obligation of, or otherwise Guaranteed by, any Subsidiary of Parent that is not a Loan Party, (d) to the extent the same is secured, is not secured by any Lien on any asset of Parent, the Borrower or any Subsidiary other than any asset constituting Collateral, (e) to the extent the same is secured, is subject to a Pari Passu Intercreditor Agreement (or, in the case of junior secured notes, junior secured bridge loans or junior secured loans, a Junior Lien Intercreditor Agreement), (f) matures on or after, and requires no scheduled payments of principal prior to, the Latest Term Loan Maturity Date in effect at the time such Indebtedness is incurred (which, in the case of bridge loans, shall be determined by reference to the loans or notes into which such bridge loans are converted at maturity) (other than pursuant to customary offers to purchase upon a change of control, payments required to prevent any such Indebtedness from being treated as an applicable high yield discount obligation within the meaning of Section 163(i)(1) of the Code, asset sale or event of loss and customary acceleration rights after an event of default), unless 100% of the Net Cash Proceeds thereof are used to prepay or repay outstanding Term Loans, in which case such Indebtedness shall mature on or after the latest maturity date of the Term Loans so prepaid or repaid and (g) contains no financial maintenance covenants.
Applicable Percentage shall mean, for any day, (a) (i) with respect to any Eurodollar Revolving Loan or ABR Revolving Loan, the applicable percentage set forth below under the caption Eurodollar SpreadRevolving Loans or ABR SpreadRevolving Loans, as the case may be, and (ii) with respect to the Revolving Credit Commitment Fee, the applicable rate set forth below under the caption Revolving Credit Commitment Fee Rate, in each case based upon the Secured Net Leverage Ratio as of
4
the relevant date of determination, (b) with respect to any Eurodollar 2019 Term G Loan or ABR 2019 Term G Loan, 3.00% per annum and 2.00% per annum, respectively, and (c) with respect to any Eurodollar 2021 Term H Loan or ABR 2021 Term H Loan, 3.25% per annum and 2.25% per annum, respectively.
Secured Net Leverage Ratio |
Eurodollar Spread Revolving Loans |
ABR Spread Revolving Loans |
Revolving Credit Commitment Fee Rate |
|||||||||
Category 1 ³ 4.00 to 1.00 |
2.75 | % | 1.75 | % | 0.50 | % | ||||||
Category 2 ³ 3.50 to 1.00 and < 4.00 to 1.00 |
2.50 | % | 1.50 | % | 0.50 | % | ||||||
Category 3 ³ 3.00 to 1.00 and < 3.50 to 1.00 |
2.25 | % | 1.25 | % | 0.50 | % | ||||||
Category 4 < 3.00 to 1.00 |
2.00 | % | 1.00 | % | 0.375 | % |
Each change in the Applicable Percentage resulting from a change in the Secured Net Leverage Ratio shall be effective with respect to all applicable Loans and Letters of Credit outstanding on and after the date of delivery to the Administrative Agent of the financial statements and certificates required by Section 5.04(a) or (b) and Section 5.04(c), respectively, indicating such change until the date immediately preceding the next date of delivery of such financial statements and certificates indicating another such change. In addition, at any time during which the Borrower has failed to deliver the financial statements and certificates required by Section 5.04(a) or (b) and Section 5.04(c), respectively (until the time of the delivery thereof), the Secured Net Leverage Ratio shall be deemed to be in Category 1 for purposes of determining the Applicable Percentage.
Approved Fund shall mean any person (other than a natural person) that is engaged in making, purchasing, holding or investing in commercial loans and similar extensions of credit in the ordinary course of its activities and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.
5
Arrangers shall mean Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., and JPMorgan Chase Bank, N.A.
Asset Sale shall mean the sale, transfer or other disposition (by way of merger, casualty, condemnation or otherwise) by Parent, the Borrower or any of the Subsidiaries to any person other than the Borrower or any Subsidiary Guarantor of (a) any Equity Interests of any of the Subsidiaries (other than directors qualifying shares) or (b) any other assets of Parent, the Borrower or any of the Subsidiaries, other than:
(i) inventory, damaged, obsolete or worn out assets, scrap, surplus and Permitted Investments, in each case disposed of in the ordinary course of business;
(ii) donations of assets by the Borrower or any Subsidiary (whether of real or personal property (including cash and Equity Interests)) to state or local municipalities (or other Governmental Authorities), nonprofit organizations, foundations, charities or similar entities of the Borrowers or such Subsidiarys choice, with an aggregate fair market value not to exceed $50,000,000 in any fiscal year of Parent;
(iii) dispositions by any Subsidiary that is not a Subsidiary Guarantor to the Borrower or any other Subsidiary;
(iv) sales or other dispositions of (x) Receivables of the Borrower or any of the Subsidiaries that are more than 180 days past due or are written-off at the time of such sale or disposition or (y) any Receivables of the Borrower or any of the Subsidiaries that are self-pay accounts receivable and that are reasonably determined by the Borrower to be unable to be paid in full within 150 days of the related service date, provided that the face value of all such Receivables sold or disposed of on or after the Third Restatement Effective Date does not exceed $200,000,000;
(v) sales or other dispositions of property (including like-kind exchanges) to the extent that (x) such property is exchanged for credit against the purchase price of similar or replacement property or (y) the proceeds of such sale or disposition are applied to the purchase price of such property, provided that, if the property so sold or exchanged constituted Collateral, then the property so received shall also constitute Collateral;
(vi) leases or sub-leases of any real property or personal property in the ordinary course of business;
(vii) dispositions of investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in the joint venture arrangements and similar binding arrangements;
6
(viii) licensings and sublicensings of intellectual property of the Borrower or any Subsidiary in the ordinary course of business;
(ix) sales, transfers, leases or other dispositions of property in the ordinary course of business consisting of the abandonment of intellectual property rights which, in the reasonable good faith determination of the Borrower, are not material to the conduct of the business of Parent, the Borrower and the Subsidiaries;
(x) the contribution or other transfer of property (including Equity Interests) to any Spinout Subsidiary in connection with a Spinout Transaction;
(xi) dispositions of Equity Interests of any Subsidiary as contemplated by clause (b) of the definition of Permitted Joint Venture;
(xii) dispositions consisting of the granting of Liens permitted by Section 6.02;
(xiii) any sale, transfer or other disposition or series of related sales, transfers or other dispositions having a value not in excess of $25,000,000; and
(xiv) any sale, transfer or other disposition of any property or asset described on Schedule 1.01(g).
Assignment and Acceptance shall mean an assignment and acceptance entered into by a Lender and an assignee, and accepted by the Administrative Agent, in the form of Exhibit B or such other form as shall be approved by the Administrative Agent.
Available Amount shall mean, as at any date of determination, an amount (if positive) equal to (a) for each fiscal year of Parent commencing with the fiscal year ending December 31, 2010 for which Excess Cash Flow shall have been positive, the Excess Cash Flow for such years that is retained by the Borrower after application of Section 2.13(c), minus (b) the aggregate amount of all Restricted Payments made in reliance on Section 6.06(a)(vii) prior to such date, minus (c) the aggregate amount paid in reliance on Section 6.09(b)(iv) prior to such date, minus (d) the aggregate amount of all investments made in reliance on Section 6.04(y)(i) prior to such date.
Available Declined Proceeds Amount shall mean, as at any date of determination, an amount (if positive) equal to (a) the aggregate amount of Declined Proceeds retained by the Borrower after the Third Restatement Effective Date, minus (b) the aggregate amount paid in reliance on Section 6.09(b)(v) prior to such date, minus (c) the aggregate amount of all investments made in reliance on Section 6.04(y)(ii) prior to such date.
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Available Reinvestment Proceeds shall mean, with respect to any Asset Sale, without limiting any obligation set forth in the Loan Modification Agreement dated as of May 30, 2017, among Parent, the Borrower, the Lenders party thereto and the Administrative Agent, (x) to the extent that the First Lien Net Leverage Ratio as of the date of such Asset Sale and on a pro forma basis for the period of four consecutive fiscal quarters most recently ended on or prior to such date for which financial statements have been delivered (or were required to be delivered) pursuant to Sections 5.04(a) or (b) (such period, the Test Period) (but without giving effect to such Asset Sale or the use of proceeds thereof) is greater than or equal to 4.25 to 1.0, (A) if the First Lien Net Leverage Ratio for the applicable Test Period (determined on a pro forma basis after giving effect to such Asset Sale and any prior Asset Sale but without netting any of the Net Cash Proceeds of such Asset Sale and determined as if all such Net Cash Proceeds were used to prepay Term Loans) is greater than or equal to 4.25 to 1.0, 0% of the Net Cash Proceeds with respect to such Asset Sale, (B) if the First Lien Net Leverage Ratio for the applicable Test Period (determined on a pro forma basis after giving effect to such Asset Sale and any prior Asset Sale but without netting any of the Net Cash Proceeds of such Asset Sale and determined as if all such Net Cash Proceeds were used to prepay Term Loans) is less than 4.25 to 1.0 but greater than or equal to 3.75 to 1.0, the Net Cash Proceeds of such Asset Sale less the sum of (1) an amount of Net Cash Proceeds such that the First Lien Net Leverage Ratio for the applicable Test Period (determined on a pro forma basis after giving effect to such Asset Sale and any prior Asset Sale but without netting any of the Net Cash Proceeds of such Asset Sale and assuming for such pro forma purposes that the portion of Consolidated EBITDA attributable to such Asset Sale is equal to the portion attributable to the Net Cash Proceeds used to repay Term Loans pursuant to this clause (1)) after applying such Net Cash Proceeds to prepay Term Loans in accordance with the Credit Agreement is equal to 4.25 to 1.0 plus (2) 50% of any remaining Net Cash Proceeds after the application of the preceding clause (1), or (C) if the First Lien Net Leverage Ratio for the applicable Test Period (determined on a pro forma basis after giving effect to such Asset Sale and any prior Asset Sale but without netting any of the Net Cash Proceeds of such Asset Sale and determined as if all such Net Cash Proceeds were used to prepay Term Loans) is less than 3.75 to 1.0, the Net Cash Proceeds of such Asset Sale less an amount of Net Cash Proceeds such that the First Lien Net Leverage Ratio for the applicable Test Period (determined on a pro forma basis after giving effect to such Asset Sale and any prior Asset Sale but without netting any of the Net Cash Proceeds of such Asset Sale and assuming for such pro forma purposes that the portion of Consolidated EBITDA attributable to such Asset Sale is equal to the portion attributable to the Net Cash Proceeds used to repay Term Loans) after applying such Net Cash Proceeds to prepay Term Loans is equal to 3.75 to 1.0, (y) to the extent that the First Lien Net Leverage Ratio as of the date of such Asset Sale and on a pro forma basis for the applicable Test Period (but without giving effect to such Asset Sale or the use of proceeds thereof) is greater than or equal to 3.75 to 1.0 but less than 4.25 to 1.0, (A) if the First Lien Net Leverage Ratio for the applicable Test Period (determined on a pro forma basis after giving effect to such Asset Sale and any prior Asset Sale but without netting any of the Net Cash Proceeds of such Asset Sale and determined as if all such Net Cash Proceeds were used to prepay Term Loans) is less than 4.25 to 1.0 but greater than or equal to 3.75 to 1.0, 50% of the Net Cash Proceeds of such Asset Sale or (B) if the First
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Lien Net Leverage Ratio for the applicable Test Period (determined on a pro forma basis after giving effect to such Asset Sale and any prior Asset Sale but without netting any of the Net Cash Proceeds of such Asset Sale and determined as if all such Net Cash Proceeds were used to prepay Term Loans) is less than 3.75 to 1.0, the Net Cash Proceeds of such Asset Sale less an amount of Net Cash Proceeds such that the First Lien Net Leverage Ratio for the applicable Test Period (determined on a pro forma basis after giving effect to such Asset Sale and any prior Asset Sale but without netting any of the Net Cash Proceeds of such Asset Sale and assuming for such pro forma purposes that the portion of Consolidated EBITDA attributable to such Asset Sale is equal to the portion attributable to the Net Cash Proceeds used to repay Term Loans) after applying such Net Cash Proceeds to prepay Term Loans in accordance with the Credit Agreement is equal to 3.75 to 1.0, and (z) to the extent that the First Lien Net Leverage Ratio as of the date of such Asset Sale and on a pro forma basis for the applicable Test Period (but without giving effect to such Asset Sale or the use of proceeds thereof) is less than 3.75 to 1.0, 100% of the Net Cash Proceeds of such Asset Sale.
Bail-In Action shall mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
Bail-In Legislation shall mean, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
Benefit Plan shall mean any of (a) an employee benefit plan (as defined in ERISA) that is subject to Title I of ERISA, (b) a plan as defined in Section 4975 of the Code or (c) any person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such employee benefit plan or plan.
Board shall mean the Board of Governors of the Federal Reserve System of the United States of America.
Borrower Materials shall have the meaning assigned to such term in Section 9.01.
Borrowing shall mean Loans of the same Class and Type made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.
Borrowing Request shall mean a request by the Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit C, or such other form as shall be approved by the Administrative Agent.
Business Day shall mean any day other than a Saturday, Sunday or day on which banks in New York City are authorized or required by law to close; provided, however, that when used in connection with a Eurodollar Loan, the term Business Day shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market.
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CapEx Pull-Forward Amount shall have the meaning assigned to such term in Section 6.11.
Capital Expenditures shall mean, for any period, the additions to property, plant and equipment and other capital expenditures of Parent, the Borrower and its consolidated subsidiaries (including all amounts expended or capitalized under Capital Lease Obligations, but excluding any amount representing capitalized interest) that are (or should be) set forth in a consolidated statement of cash flows of Parent for such period prepared in accordance with GAAP, but excluding in each case any such expenditure (i) made with insurance proceeds, condemnation awards or damage recovery proceeds, (ii) made with the proceeds of the issuance of Equity Interests, (iii) to the extent such expenditure is made with proceeds that would have constituted Net Cash Proceeds under clause (a) of the definition of the term Net Cash Proceeds (but for the application of the second proviso to such clause (a)), (iv) to the extent of the credit against the gross purchase price of newly acquired equipment granted by the seller of such newly acquired equipment for other equipment that is simultaneously traded-in at the time of purchase of such newly acquired equipment, (v) is accounted for as a capital expenditure pursuant to GAAP but that actually is paid for by a third party (excluding Parent, the Borrower or any Subsidiary) and for which none of Parent, the Borrower or any Subsidiary has provided or is required to provide or incur, directly or indirectly, any consideration or obligation to such third party or any other person (whether before, during or after such period) or (vi) constituting the purchase price of any Permitted Acquisition or any investment permitted under Sections 6.04(a), 6.04(i), 6.04(j), 6.04(k) or 6.04(x), 6.04(y) or 6.04(z).
Capital Lease Obligations of any person shall mean the obligations of such person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such person under GAAP (excluding any lease that would be required to be so classified as a result of a change in GAAP after the First Restatement Effective Date), and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.
Captive Insurance Subsidiary shall mean a Subsidiary established for the purpose of insuring the healthcare businesses or Facilities owned or operated by the Borrower or any of the Subsidiaries, any joint venture of the Borrower or any of the Subsidiaries or any physician or other personnel employed by or on the medical staff of any such business or Facility.
Cash Management Obligations shall mean the obligations owed by Parent, the Borrower or any Subsidiary to the Administrative Agent, any Arranger, any Lender or an Affiliate of any of the foregoing in respect of any overdraft protections, netting services and similar arrangements arising from treasury, depository and cash management services, any automated clearing house transfers of funds or any credit card or similar services, in each case in the ordinary course of business.
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A Change in Control shall be deemed to have occurred if (a) any person or group (within the meaning of Rule 13d-5 of the Securities Exchange Act of 1934 as in effect on the Closing Date), shall own, directly or indirectly, beneficially or of record, shares representing more than 40% of the aggregate ordinary voting power represented by the issued and outstanding capital stock of Parent (other than a transaction following which holders of securities that represented 100% of such aggregate ordinary voting power represented by the issued and outstanding capital stock of Parent immediately prior to such transaction (or other securities into which such securities are converted as part of such transaction) own, directly or indirectly, shares representing at least a majority of the aggregate ordinary voting power represented by the issued and outstanding capital stock of the surviving person in such transaction immediately after such transaction), (b) [reserved], (c) any change in control (or similar event, however denominated) with respect to Parent, the Borrower or any Subsidiary shall occur under and as defined in any indenture or agreement in respect of Material Indebtedness to which Parent, the Borrower or any Subsidiary is a party (other than, under any indenture or agreement in respect of Material Indebtedness assumed in connection with a Permitted Acquisition, any change in control triggered by the Permitted Acquisition pursuant to which such Indebtedness was assumed or (d) Parent shall cease to directly own, beneficially and of record, 100% of the issued and outstanding Equity Interests of the Borrower.
Change in Law shall mean (a) the adoption of any law, rule or regulation after the Closing Date, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 2.14, by any lending office of such Lender or by such Lenders or Issuing Banks holding company, if any) with any policy, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date.
Class, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, 2019 Term G Loans, 2021 Term H Loans or Other Term Loans and, when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment or any Incremental Term Loan Commitment.
Closing Date shall mean July 25, 2007.
Code shall mean the Internal Revenue Code of 1986, as amended from time to time.
Collateral shall mean all the Collateral as defined in any Security Document and shall also include the Mortgaged Properties.
Commitment shall mean, with respect to any Lender, such Lenders Revolving Credit Commitment, Term Loan Commitment and Incremental Term Loan Commitment.
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Commitment Fees shall mean the Revolving Credit Commitment Fees.
Consolidated EBITDA shall mean, for any period, Consolidated Net Income for such period plus (a) without duplication and (except in the case of clause (a)(x) below) to the extent deducted (and not added back) in determining such Consolidated Net Income, the sum of
(i) interest expense (net of interest income), including amortization and write offs of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with (x) letters of credit, (y) obtaining or unwinding Hedging Agreements or (z) surety bonds for financing activities, in each case for such period,
(ii) provision for taxes based on income, profits or capital and franchise taxes, including Federal, foreign, state, franchise, excise and similar taxes and foreign withholding taxes paid or accrued during such period, including any penalties and interest relating to any tax examinations for such period,
(iii) depreciation and amortization expenses including acceleration thereof and including the amortization of the increase in inventory resulting from the application of Statement of Financial Accounting Standards No. 141 (FASB 141) for transactions contemplated hereby, including Permitted Acquisitions, for such period,
(iv) non-cash compensation expenses arising from the sale of Equity Interests, the granting of options to purchase Equity Interests, the granting of appreciation rights in respect of Equity Interests and similar arrangements for such period,
(v) the excess of the expense in respect of post-retirement benefits and post-employment benefits accrued under Statement of Financial Accounting Standards No. 106 (FASB 106) and Statement of Financial Accounting Standards No. 112 (FASB 112) over the cash expense in respect of such post-retirement benefits and post-employment benefits for such period,
(vi) minority interest (to the extent distributions are not required to be made and are not made in respect thereof),
(vii) upfront fees or charges arising from any Permitted Receivables Transaction for such period, and any other amounts for such period comparable to or in the nature of interest under any Permitted Receivables Transaction, and losses on dispositions of Receivables and related assets in connection with any Permitted Receivables Transaction for such period,
(viii) fees and expenses for such period incurred or paid in connection with the Transactions,
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(ix) to the extent covered by insurance and actually reimbursed, or, so long as the Borrower has made a determination that such amount is reasonably likely to be reimbursed by the insurer and only to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact reimbursed within 365 days of the date of the relevant event (with a deduction for any amount so added back to the extent not so reimbursed within such 365 days), expenses with respect to liability or casualty events,
(x) proceeds of received business interruption insurance,
(xi) any fees and expenses incurred during such period in connection with any acquisition, investment, recapitalization, asset disposition, issuance or repayment of debt, issuance of Equity Interests, Permitted Receivables Transaction, refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed),
(xii) any (w) severance costs, relocation costs, integration and facilities opening costs, signing costs, retention or completion bonuses and transition costs incurred during such period, (x) cash restructuring related or nonrecurring cash merger costs and expenses incurred during such period as a result of any acquisition, investment, recapitalization, or asset disposition permitted hereunder, (y) other nonrecurring cash losses and charges for such period and (z) cash payments made during such period in respect of litigation that was pending against the Borrower, Triad or any of their subsidiaries, or any Acquired Entity or other obligations (contingent or otherwise) of the Borrower, Triad or any of their subsidiaries or any Acquired Entity, in each case prior to the Closing Date (or, with respect to an Acquired Entity, the closing date of the relevant Permitted Acquisition) and for which a liability would not be, in accordance with GAAP, recognized on Parents consolidated balance sheet as of the Closing Date (or, with respect to an Acquired Entity, the closing date of the relevant Permitted Acquisition),
(xiii) [reserved], and
(xiv) other non-cash charges for such period (other than the write down of current assets, unless such assets are acquired pursuant to a Permitted Acquisition, in which case any such write down shall (A) occur on or before the first anniversary of the date on which the applicable Permitted Acquisition was consummated and (B) result from (1) a change in accounting policies or (2) a revision in the estimated value of such assets), and minus
(b) without duplication, (i) non-recurring gains and (ii) all cash payments made during such period on account of reserves, restructuring charges and other non-cash charges added to Consolidated Net Income pursuant to clause (a)(xiv) (other than any such non-cash charges that if originally paid in cash and so not taken as non-cash charges would have been added to Consolidated Net Income above pursuant to clause (a)(xii)) in a previous period.
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Consolidated Interest Expense shall mean, for any period, the sum of (a) the interest expense paid in cash (including imputed interest expense in respect of Capital Lease Obligations and Synthetic Lease Obligations) of Parent, the Borrower and the Subsidiaries for such period, net of interest income, determined on a consolidated basis in accordance with GAAP and (b) the dividends paid in cash during such period by Parent, the Borrower and the Subsidiaries on a consolidated basis in respect of Disqualified Stock, but excluding, however, to the extent otherwise included therein, (i) fees and expenses associated with the consummation of the Transactions, (ii) annual agency fees paid to the Administrative Agent, (iii) costs associated with obtaining or unwinding any Hedging Agreements, (iv) fees and expenses associated with any investment permitted pursuant to Section 6.04, issuances of Equity Interests or Indebtedness, Permitted Receivables Transactions or amendments of any Indebtedness (whether or not consummated), (v) penalties and interest relating to Taxes and (vi) all non-recurring cash interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations and financing fees. For purposes of the foregoing, interest expense shall be determined after giving effect to any net payments made or received by Parent, the Borrower or any Subsidiary with respect to interest rate Hedging Agreements.
Consolidated Net Income shall mean, for any period, the net income or loss ((i) excluding extraordinary gains and losses, and gains and losses arising from the proposed or actual disposition of material assets and (ii) excluding the cumulative effect of changes in accounting principles) of Parent, the Borrower and the Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded the income of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by the Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, statute, rule or governmental regulation applicable to such Subsidiary. Notwithstanding the foregoing, the amount of any cash dividends paid by any Unrestricted Subsidiary and received by Parent, the Borrower or the Subsidiaries during any such period shall be included, without duplication, in the calculation of Consolidated Net Income for such period. There shall be excluded from Consolidated Net Income for any period (i) gains and losses, including unrealized gains and losses, for such period attributable to (v) the early extinguishment of Indebtedness, (w) discontinued operations, (x) facilities to be closed within one year of the date of recognition of such gain or loss, (y) obtaining or unwinding Hedging Agreements and (z) except as provided above, interests in Unrestricted Subsidiaries, (ii) all deferred financing costs written off or amortized and premiums paid or other expenses incurred directly in connection with any extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness, (iii) any (x) cash payments made or reserves taken during such period in respect of litigation that was pending against HMA or any of its subsidiaries prior to the Third Restatement Effective Date, (y) [reserved] and (z) costs and expenses incurred in connection with the sale, transfer or other disposition of the hospitals set forth on Schedule 1.01(g), in each case to the extent such costs, expenses, payments, reserves or charges would otherwise be deducted in the determination of Consolidated Net Income,
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provided that any reversal of a reserve excluded from Consolidated Net Income in a prior period shall also be excluded from Consolidated Net Income, (iv) CVR Payments made during such period to the extent deducted in the determination of Consolidated Net Income and (v) the effects of purchase accounting adjustments to inventory, property, equipment and intangible assets and deferred revenue in component amounts required or permitted by GAAP, as a result of the Transactions, any Permitted Acquisition or acquisition consummated before the Closing Date, or the amortization or write-off of any amounts thereof.
Contractual Obligation shall mean, as to any person, any provision of any security issued by such person or of any agreement, instrument or undertaking to which such person is a party or by which it or any of the property owned by it is bound.
Control shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms Controlling and Controlled shall have meanings correlative thereto.
Credit Event shall have the meaning assigned to such term in Section 4.01.
Credit Facilities shall mean the revolving credit, letter of credit and term loan facilities provided for by this Agreement.
Current Assets shall mean, at any time, the consolidated current assets (other than cash, cash equivalents and Permitted Investments and current and deferred tax assets) of Parent, the Borrower and the Subsidiaries.
Current Liabilities shall mean, at any time, the consolidated current liabilities of Parent, the Borrower and the Subsidiaries at such time, but excluding, without duplication, (a) the current portion of any long-term Indebtedness, (b) current accrued and deferred income taxes and accrued interest, (c) outstanding Revolving Loans and (d) revolving loans and letter of credit obligations outstanding under the ABL Facility Credit Agreement.
CVR Payments shall have the meaning assigned to such term in the definition of Indebtedness.
Declined Proceeds shall have the meaning assigned to such term in Section 2.13(f).
Default shall mean any event or condition which upon notice, lapse of time or both would constitute an Event of Default.
Defaulting Lender shall mean any Lender that (a) defaults in its obligation to make any Loan or fulfill any obligation required to be made or fulfilled by it hereunder in the case of any funding requirement within two Business Days of the date such Loans were required to be funded hereunder, unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lenders good
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faith determination that one or more conditions precedent to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Administrative Agent or any Loan Party in writing that it does not intend to satisfy any such obligations or (c) has become the subject of a bankruptcy or insolvency proceeding, Bail-In Action, or has had a receiver, conservator, trustee, custodian, administrator, assignee for the benefit of creditors or similar person charged with the reorganization or liquidation of its business, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, custodian, administrator, assignee for the benefit of creditors or similar person charged with the reorganization or liquidation of its business, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment; provided that if a Lender would be a Defaulting Lender solely by reason of events relating to a parent company of such Lender or solely because a Governmental Authority has been appointed as receiver, conservator, trustee or custodian for such Lender, such Lender shall not be a Defaulting Lender if and for so long as such Lender confirms in writing, upon request by the Administrative Agent, that it will continue to comply with its obligations to make Loans and fulfill all other obligations required to be made and fulfilled by it hereunder.
Designated Non-Cash Consideration shall mean the fair market value (as determined in good faith by the Borrower) of non-cash consideration received by the Borrower or one of its Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an officers certificate, setting forth the basis of such valuation, less the amount of cash or cash equivalents (including Permitted Investments) received in connection with a subsequent payment, redemption, retirement, sale or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with Section 6.05(b).
Disqualified Stock shall mean any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (except (i) as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments or (ii) pursuant to any put option with respect to any Equity Interests of a Permitted Syndication Subsidiary granted in favor of any Permitted Syndication Transaction Partner), or is redeemable at the option of the holder thereof, in whole or in part, or requires the payment of any cash dividend or any other scheduled payment constituting a return of capital in cash (other than, in the case of Equity Interests of a Subsidiary issued to a Permitted Syndication Transaction Partner or held by a Subsidiary Guarantor, periodic distributions of available cash (determined in good faith by the Borrower)), in
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each case at any time on or prior to the first anniversary of the Latest Term Loan Maturity Date in effect at the time such Equity Interest is issued, or (b) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) Indebtedness or (ii) any Equity Interest referred to in clause (a) above, in each case at any time prior to the first anniversary of the Latest Term Loan Maturity Date in effect at the time such Equity Interest is issued.
dollars or $ shall mean lawful money of the United States of America.
Domestic Subsidiaries shall mean all Subsidiaries incorporated or organized under the laws of the United States of America, any State thereof or the District of Columbia.
EEA Financial Institution shall mean (a) any institution established in any EEA Member Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country that is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated supervision with its parent.
EEA Member Country shall mean any of the member states of the European Union, Iceland, Liechtenstein and Norway.
EEA Resolution Authority shall mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
Eligible Assignee shall mean any commercial bank, insurance company, investment or mutual fund or other entity (but not any natural person) that is an accredited investor (as defined in Regulation D under the Securities Act of 1933, as amended) that extends credit or invests in bank loans as one of its businesses; provided that neither the Borrower nor any of its Affiliates shall be an Eligible Assignee.
Environmental Laws shall mean all former, current and future Federal, state, local and foreign laws (including common law), treaties, regulations, rules, ordinances, codes, decrees, judgments, directives, orders (including consent orders), and legally binding agreements in each case, relating to protection of the environment, natural resources, occupational health and safety or Hazardous Materials.
Environmental Liability shall mean all liabilities, obligations, damages, losses, claims, actions, suits, judgments, orders, fines, penalties, fees, expenses and costs (including administrative oversight costs, natural resource damages and remediation costs), whether contingent or otherwise, arising out of or relating to (a) compliance or non-compliance with any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment, recycling, arrangement for disposal, or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the presence or Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
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Equity Interests shall mean shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity interests in any person, and any option, warrant or other right entitling the holder thereof to purchase or otherwise acquire any such equity interest.
ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.
ERISA Affiliate shall mean any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.
ERISA Event shall mean (a) any reportable event, as defined in Section 4043 of ERISA or the regulations issued thereunder, with respect to a Plan (other than an event for which the 30-day notice period is waived), (b) a failure by any Plan to meet the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, in each case whether or not waived, (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA, of an application for a waiver of the minimum funding standard with respect to any Plan, (d) a determination that any Plan is, or is expected to be, in at-risk status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code), (e) the incurrence by Parent or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan or the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan, (f) the receipt by Parent or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan, (g) the receipt by Parent or any of its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from Parent or any of its ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Title IV of ERISA or in endangered or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA, (h) the occurrence of a prohibited transaction with respect to which the Borrower or any of the Subsidiaries is a disqualified person (within the meaning of Section 4975 of the Code) or with respect to which the Borrower or any such Subsidiary could otherwise be liable or (i) any other event or condition with respect to a Plan or Multiemployer Plan that could result in liability of the Borrower or any Subsidiary.
EU Bail-In Legislation Schedule shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
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Eurodollar when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.
Event of Default shall have the meaning assigned to such term in Article VII.
Excess Cash Flow shall mean, for any fiscal year of Parent, the excess of (a) the sum, without duplication, of (i) Consolidated Net Income for such fiscal year, (ii) an amount equal to the amount of all non-cash charges or losses to the extent deducted in arriving at such Consolidated Net Income, (iii) an amount equal to the provision for Taxes based on income, profits or capital of Parent, the Borrower and the Subsidiaries, including Federal, foreign, state, franchise, excise and similar taxes and foreign withholding taxes paid or accrued during such period to the extent deducted in arriving at such Consolidated Net Income, (iv) [reserved], (v) reductions to noncash working capital of Parent, the Borrower and the Subsidiaries for such fiscal year (i.e., the decrease, if any, in Current Assets minus Current Liabilities from the beginning to the end of such fiscal year, excluding decreases resulting from any Permitted Acquisition or disposition occurring during such fiscal year) and (vi) an amount equal to all anticipated payments deducted from Excess Cash Flow pursuant to clause (b)(vi) in any prior period that the Borrower has determined will not be made, or that were not made during the applicable four fiscal quarter period, and that have not previously been added back to Excess Cash Flow pursuant to this clause (a)(vi) over (b) the sum, without duplication, of (i) the amount of any Taxes (including penalties and interest) payable in cash by Parent, the Borrower and the Subsidiaries with respect to such fiscal year, (ii) Capital Expenditures made in cash during such fiscal year, except to the extent financed with the proceeds of Indebtedness (other than Revolving Loans and ABL Facility Loans), equity issuances, casualty proceeds or condemnation proceeds to the extent such proceeds would not be included in Consolidated Net Income, (iii) permanent repayments of Indebtedness (other than mandatory prepayments of Loans under Section 2.13 and Voluntary Prepayments) made in cash by Parent, the Borrower and the Subsidiaries during such fiscal year, but only to the extent that the Indebtedness so prepaid by its terms cannot be reborrowed or redrawn and such prepayments do not occur in connection with a refinancing of all or any portion of such Indebtedness, (iv) payments by Parent, the Borrower and the Subsidiaries during such fiscal year in respect of long-term liabilities of Parent, the Borrower and the Subsidiaries other than Indebtedness, (v) the aggregate amount of cash consideration paid by Parent, the Borrower and the Subsidiaries (on a consolidated basis) in connection with Permitted Acquisitions or other investments permitted pursuant to Section 6.04 (other than Section 6.04(b)), except to the extent any such Permitted Acquisition or investment is financed with the proceeds of Indebtedness (other than Revolving Loans and ABL Facility Loans) or equity issuances, to the extent such proceeds would not be included in Consolidated Net Income, (vi) the aggregate amount of cash consideration required to be paid by Parent, the Borrower and the Subsidiaries (on a consolidated basis) in the subsequent first four fiscal quarters following such fiscal year pursuant to binding contracts related to Permitted Acquisitions and Capital Expenditures entered into during such fiscal year, (vii) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by Parent, the Borrower or the Subsidiaries during such period that are required to be made in
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connection with any prepayment of Indebtedness to the extent not deducted in determining Consolidated Net Income for such fiscal year, (viii) cash expenditures in respect of Hedging Agreements to the extent not deducted in determining Consolidated Net Income for such fiscal year, (ix) additions to noncash working capital for such fiscal year (i.e., the increase, if any, in Current Assets minus Current Liabilities from the beginning to the end of such fiscal year, excluding increases resulting from any Permitted Acquisition or disposition occurring during such fiscal year), (x) an amount equal to the amount of all non-cash credits or gains to the extent included in arriving at such Consolidated Net Income and the amount related to items that were added to or not deducted from net income or loss in calculating Consolidated Net Income to the extent such items represented a cash payment or cash expenditure (which had not reduced Excess Cash Flow in a prior fiscal year) and (xi) the aggregate amount of cash expenditures paid by Parent, the Borrower and the Subsidiaries (on a consolidated basis) pursuant to Section 6.06(iii), (v) and (ix) (except to the extent any such cash expenditure is financed with the proceeds of Indebtedness (other than Revolving Loans and ABL Facility Loans) or equity issuances, to the extent such proceeds would not be included in Consolidated Net Income); provided that in no event shall the calculation of Excess Cash Flow include any insurance proceeds or proceeds of any condemnation, taking or similar occurrence.
Excluded Taxes shall mean, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) Taxes imposed on (or measured by) net income and franchise Taxes imposed by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located, or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits Taxes imposed by the United States of America or any similar Tax imposed by any other jurisdiction described in clause (a) above and (c) in the case of the Administrative Agent or a Lender (other than an assignee pursuant to a request by the Borrower under Section 2.21(a)), any withholding Tax that is imposed on amounts payable to such Administrative Agent or Lender as a result of any law in effect (including FATCA) at the time such Administrative Agent or Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Administrative Agent or Lenders failure to comply with Section 2.20(e), except to the extent that such Administrative Agent or Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such withholding Tax pursuant to Section 2.20(a).
Existing Credit Agreement shall mean this Agreement as in effect immediately prior to the Fourth Restatement Effective Date.
Existing Letter of Credit shall mean each Letter of Credit that was issued for the account of the Borrower under the Existing Credit Agreement.
Extended OID shall have the meaning assigned to such term in Section 2.27.
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Facility shall mean any Hospital, outpatient clinic, long-term care facility, ambulatory center, nursing home or rehabilitation center and related medical office building or other facility owned or used by the Borrower or any Subsidiary in connection with their respective business.
FATCA shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any law, regulation, rule, promulgation, guidance notes, practices or official agreement implementing an official government agreement with respect to the foregoing.
Federal Funds Effective Rate shall mean, for any day, the rate calculated by the NYFRB based on such days federal funds transactions by depository institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; provided that if such rate shall be less than zero, such rate shall be deemed to be zero for all purposes of this Agreement
Fee Letter shall mean the Fee Letter dated March 16, 2007, among Parent, Credit Suisse Securities (USA) LLC, the Administrative Agent, Wachovia Capital Markets LLC, Wachovia Bank, National Association and Wachovia Investment Holdings, LLC.
Fees shall mean the Commitment Fees, the Administrative Agent Fees, the L/C Participation Fees and the Issuing Bank Fees.
Financial Officer of any person shall mean the chief financial officer, principal accounting officer, treasurer or controller of such person.
First Amendment and Restatement Agreement shall mean the Amendment and Restatement Agreement dated as of November 5, 2010, among Parent, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.
First Lien Debt shall mean, at any time the total Indebtedness of Parent, the Borrower and the Subsidiaries at such time (excluding (i) Indebtedness of the type described in clause (h) of the definition of such term or under performance or surety bonds, in each case except to the extent of any unreimbursed drawings thereunder and (ii) Indebtedness of the type described in clauses (c), (d), (e), (i), (j) and (k) of the definition of such term) that is secured by first priority Liens on any property or asset of Parent, the Borrower and the Subsidiaries at such time (including under this Agreement and the ABL Facility Credit Agreement).
First Lien Net Leverage Ratio shall mean, on any date, the ratio of (a) (i) First Lien Debt minus (ii) the aggregate amount of unrestricted cash, cash equivalents and Permitted Investments that is included on the consolidated balance sheet of Parent, the
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Borrower and the Subsidiaries on such date, to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended on or prior to such date for which financial statements have been delivered (or were required to be delivered) pursuant to Sections 5.04(a) or (b). In any period of four consecutive fiscal quarters in which any Permitted Acquisition or any Significant Asset Sale occurs, the First Lien Net Leverage Ratio shall be determined on a pro forma basis in accordance with Section 1.03.
First Restatement Effective Date shall mean November 5, 2010.
Foreign Lender shall mean any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.
Foreign Subsidiary shall mean any Subsidiary that is not a Domestic Subsidiary.
Fourth Amendment and Restatement Agreement shall mean the Fourth Amendment and Restatement Agreement dated as of March 23, 2018, among Parent, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.
Fourth Restatement Effective Date shall have the meaning assigned to such term in the Fourth Amendment and Restatement Agreement.
GAAP shall mean United States generally accepted accounting principles.
Governmental Authority shall mean any Federal, state, local or foreign court or governmental agency, authority, instrumentality or regulatory body.
Granting Lender shall have the meaning assigned to such term in Section 9.04(i).
Guarantee of or by any person shall mean any obligation, contingent or otherwise, of such person guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other person (the primary obligor) in any manner, whether directly or indirectly, and including any obligation of such person, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment of such Indebtedness or (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness; provided, however, that the term Guarantee shall not include (i) endorsements for collection or deposit in the ordinary course of business or (ii) Practice Guarantees. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount (based on the maximum reasonably anticipated net liability in respect thereof as determined by the Borrower in good faith) of the primary obligation or portion thereof in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated net liability in respect thereof (assuming such person is required to perform thereunder) as determined by the Borrower in good faith.
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Guarantee and Collateral Agreement shall mean the Guarantee and Collateral Agreement, dated as of July 25, 2007, as amended and restated as of November 5, 2010, among the Borrower, Parent, the Subsidiaries party thereto and the Collateral Agent for the benefit of the Secured Parties.
Guarantors shall mean Parent and the Subsidiary Guarantors.
Hazardous Materials shall mean (a) any petroleum products or byproducts and all other hydrocarbons, coal ash, radon gas, asbestos and asbestos-containing materials, urea formaldehyde foam insulation, polychlorinated biphenyls, chlorofluorocarbons and all other ozone-depleting substances, medical, biological and animal wastes and (b) without limitation of the foregoing, any other chemical, material, substance or waste that is prohibited, limited or regulated by or pursuant to any Environmental Law.
Health Care Associates shall have the meaning assigned to such term in Section 6.04(e).
Hedging Agreement shall mean any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement.
HMA shall mean Health Management Associates, Inc.
Hospital shall mean each hospital now or hereafter owned, leased or operated by the Borrower or any of the Subsidiaries or in which the Borrower or any of the Subsidiaries owns an equity interest. Set forth on Schedule 1.01(d) is a list of all Hospitals in existence on the Fourth Restatement Effective Date owned or used by the Borrower and the Subsidiaries.
Increasing Revolving Credit Lender shall have the meaning assigned to such term in Section 2.26(a).
Incremental Acquisition Revolving Credit Commitment Increase shall mean a Revolving Credit Commitment Increase designated as an Incremental Acquisition Revolving Credit Commitment Increase by the Borrower, the Administrative Agent and the applicable Increasing Revolving Credit Lenders in the applicable Revolving Credit Commitment Increase Amendment, the effectiveness of which is conditioned upon the consummation of a Permitted Acquisition (including the refinancing of Indebtedness in connection therewith (to the extent required in connection with such Permitted Acquisition) and the payment of related fees and expenses).
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Incremental Acquisition Term Loan shall mean an Incremental Term Loan designated as an Incremental Acquisition Term Loan by the Borrower, the Administrative Agent and the applicable Incremental Term Lenders in the applicable Incremental Term Loan Assumption Agreement, the making of which is conditioned upon the consummation of, and the proceeds of which will be used to finance, a Permitted Acquisition (including the refinancing of Indebtedness in connection therewith and the payment of related fees and expenses).
Incremental Amount shall mean, at any time, the excess, if any, of (a) the greater of (x) $500,000,000 and (y) an amount equal to the maximum principal amount of Indebtedness that, if fully drawn at such time, would not cause the First Lien Net Leverage Ratio to exceed 4.00:1.00 (calculated on a pro forma basis in accordance with Section 1.03 after giving effect to the incurrence of such Indebtedness and without giving effect to any cash proceeds thereof, but including the application of such proceeds and with any junior lien or unsecured indebtedness incurred in reliance on the Incremental Amount be deemed to be First Lien Debt for purposes of such calculation) over (b) the sum of (i) the aggregate amount of all Incremental Term Loan Commitments established after the Fourth Restatement Effective Date and prior to such time pursuant to Section 2.24 (whether in respect of Other Term Loans, Other Term A Loans or otherwise), (ii) the aggregate amount of all Revolving Credit Commitment Increases established after the Fourth Restatement Effective Date and prior to such time pursuant to Section 2.26, (iii) the aggregate amount of all revolving credit commitments established after the Fourth Restatement Effective Date and prior to such time in accordance with Section 6.01(r) and (iv) the aggregate principal amount of Indebtedness incurred pursuant to Section 6.01(w) after the Fourth Restatement Effective Date and prior to such time; provided, however, that, to the extent the proceeds of any Incremental Term Loans or any Alternative Incremental Facility Indebtedness are used concurrently with the incurrence thereof to prepay then-outstanding Term Loans, the establishment of such Incremental Term Loan Commitments or the incurrence of such Alternative Incremental Facility Indebtedness, as the case may be, shall not reduce the Incremental Amount (provided that if any Incremental Term Loans are incurred to prepay 2019 Term G Loans, the last proviso in Section 2.25(c) shall apply as if a Loan Modification Offer has been consummated with any original issue discount or upfront fees being deemed to be an extension fee).
Incremental Term Borrowing shall mean a Borrowing comprised of Incremental Term Loans.
Incremental Term Lender shall mean a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan.
Incremental Term Loan Assumption Agreement shall mean an Incremental Term Loan Assumption Agreement among, and in form and substance reasonably satisfactory to, the Borrower, the Administrative Agent and one or more Incremental Term Lenders.
Incremental Term Loan Commitment shall mean the commitment of any Lender, established pursuant to Section 2.24, to make Incremental Term Loans to the Borrower.
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Incremental Term Loan Maturity Date shall mean the final maturity date of any Incremental Term Loan, as set forth in the applicable Incremental Term Loan Assumption Agreement.
Incremental Term Loan Repayment Dates shall mean the dates scheduled for the repayment of principal of any Incremental Term Loan, as set forth in the applicable Incremental Term Loan Assumption Agreement.
Incremental Term Loans shall mean Term Loans made by one or more Lenders to the Borrower pursuant to Section 2.01(c). Incremental Term Loans may be made in the form of additional 2021 Term H Loans or, to the extent permitted by Section 2.24 and provided for in the relevant Incremental Term Loan Assumption Agreement, Other Term Loans.
Indebtedness of any person shall mean, without duplication, (a) all obligations of such person for borrowed money or with respect to deposits or advances of any kind (other than customer deposits and interest payable thereon in the ordinary course of business), (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such person under conditional sale or other title retention agreements relating to property or assets purchased by such person, (d) all obligations of such person issued or assumed as the deferred purchase price of property or services (excluding trade accounts payable and accrued obligations incurred in the ordinary course of business and deferred payment for services to employees or former employees incurred in the ordinary course of business and payable in accordance with customary practices and other deferred compensation arrangements), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such person, whether or not the obligations secured thereby have been assumed, (f) all Guarantees by such person of Indebtedness of others, (g) all Capital Lease Obligations and Synthetic Lease Obligations of such person, (h) all obligations of such person as an account party in respect of letters of credit, (i) all obligations of such person in respect of bankers acceptances, (j) all obligations of such person pursuant to any Permitted Receivables Transaction and (k) the aggregate liquidation preference of all outstanding Disqualified Stock issued by such person; provided that in all cases (v) contingent value rights issued in connection with the Permitted HMA Transaction (as defined in the Existing Credit Agreement) (any payments made pursuant to such contingent value rights being referred to herein as the CVR Payments), (w) Practice Guarantees, (x) earnouts, unless not paid after becoming due and payable, and working capital adjustments under acquisition or disposition agreements, (y) deferred or prepaid revenue and (z) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller, shall be excluded from the definition of Indebtedness. The Indebtedness of any person shall include the Indebtedness of any partnership in which such person is a general partner.
Indemnified Taxes shall mean Taxes other than Excluded Taxes.
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Interest Coverage Ratio shall mean, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.
Interest Payment Date shall mean (a) with respect to any ABR Loan, the last Business Day of each March, June, September and December, and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months duration, each day that would have been an Interest Payment Date had successive Interest Periods of three months duration been applicable to such Borrowing.
Interest Period shall mean, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or 6 months thereafter or, with the consent of each applicable Lender, 12 months thereafter, as the Borrower may elect; provided, however, that if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
Issuing Bank shall mean, as the context may require, except as provided in the last sentence of Section 2.23(a), (a) Wells Fargo Bank, N.A., acting through any of its Affiliates or branches, in its capacity as an issuer of Letters of Credit hereunder, (b) with respect to each Existing Letter of Credit, the Lender that issued such Existing Letter of Credit, and (c) any other Lender that may become an Issuing Bank pursuant to Section 2.23(i) or 2.23(k), with respect to Letters of Credit issued by such Lender. The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates or branches of the Issuing Bank, in which case the term Issuing Bank shall include any such Affiliate or branch with respect to Letters of Credit issued by such Affiliate or branch. Notwithstanding the foregoing, the L/C Exposure in respect of Letters of Credit for which Wells Fargo Bank, National Association or its Affiliates is the Issuing Bank shall not exceed $75,000,000 unless otherwise agreed by Wells Fargo Bank, National Association.
Issuing Bank Fees shall have the meaning assigned to such term in Section 2.05(c).
Junior Lien Intercreditor Agreement shall mean any intercreditor agreement, collateral trust agreement or similar agreement governing the relative priorities of the holders of the Obligations and Other Senior Secured Debt, on the one hand, and the holders of Other Junior Secured Debt, on the other hand, provided that such agreement (a) provides for such Indebtedness to be secured by Liens on the Collateral having junior priority to the Liens securing the Obligations and (b) is substantially in the form of Exhibit E, with such modifications reasonably acceptable to the Administrative Agent and the Borrower.
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Latest Term Loan Maturity Date shall mean, at any date of determination, the latest maturity date applicable to any Term Loans or Term Loan Commitment hereunder at such time.
L/C Commitment shall mean the commitment of the Issuing Bank to issue Letters of Credit pursuant to Section 2.23.
L/C Disbursement shall mean a payment or disbursement made by the Issuing Bank pursuant to a Letter of Credit.
L/C Exposure shall mean at any time the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time and (b) the aggregate amount of all L/C Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The L/C Exposure of any Revolving Credit Lender at any time shall equal its Pro Rata Percentage of the aggregate L/C Exposure at such time.
L/C Participation Fee shall have the meaning assigned to such term in Section 2.05(c).
Lenders shall mean (a) the persons listed on Schedule 2.01 (other than any such person that has ceased to be a party hereto pursuant to an Assignment and Acceptance) and (b) any person that has become a party hereto pursuant to an Assignment and Acceptance or a Revolving Accession Agreement.
Letter of Credit shall mean any letter of credit issued pursuant to Section 2.23 and any Existing Letter of Credit.
Leverage Ratio shall mean, on any date, the ratio of Total Debt on such date to Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended on or prior to such date for which financial statements have been delivered (or were required to be delivered) pursuant to Section 5.04(a) or (b). In any period of four consecutive fiscal quarters in which any Permitted Acquisition or any Significant Asset Sale occurs, the Leverage Ratio shall be determined on a pro forma basis in accordance with Section 1.03.
LIBO Rate shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the rate of interest appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to such service as determined by the Administrative Agent) as the London interbank offered rate administered by ICE Benchmark Administration Limited for deposits in dollars for a term comparable to such Interest Period, at approximately 11:00 a.m. (London time) on the date which is two Business Days prior to the commencement of such Interest Period; provided that in no event shall the LIBO Rate be less than (x) in the case of 2019 Term G
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Loans or 2021 Term H Loans, 1.00%, and (y) in the case of any other Loans, 0.00%; ; provided further that, to the extent that an interest rate is not ascertainable pursuant to the foregoing provisions of this definition, the rate shall be, at any time, the rate per annum determined by the Administrative Agent (the Interpolated Rate) (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Rate for the longest period (for which that LIBO Rate is available in Dollars) that is shorter than the Interest Period and (b) the LIBO Rate for the shortest period (for which that LIBO Rate is available for Dollars) that exceeds the Interest Period, in each case, at such time; provided that if the Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
Lien shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset. For the avoidance of doubt, the term Lien shall not be deemed to include any license of intellectual property.
Loan Documents shall mean this Agreement, the First Amendment and Restatement Agreement, the Second Amendment and Restatement Agreement, the Third Amendment and Restatement Agreement, the Fourth Amendment and Restatement Agreement, the Letters of Credit, the Security Documents, each Incremental Term Loan Assumption Agreement, any Pari Passu Intercreditor Agreement, any Junior Lien Intercreditor Agreement, any ABL Intercreditor Agreement, any Loan Modification Agreement, any Revolving Accession Agreement, any Revolving Credit Commitment Increase Amendment and the promissory notes, if any, executed and delivered pursuant to Section 2.04(e).
Loan Modification Agreement shall mean a Loan Modification Agreement in form and substance reasonably satisfactory to the Administrative Agent and the Borrower, among the Borrower, the other Loan Parties, one or more Accepting Lenders and the Administrative Agent.
Loan Modification Offer shall have the meaning specified in Section 2.25(a).
Loan Parties shall mean Parent, the Borrower and the Guarantors.
Loans shall mean the Revolving Loans and the Term Loans.
Margin Stock shall have the meaning assigned to such term in Regulation U.
Material Adverse Effect shall mean (a) a materially adverse effect on the business, assets, operations, financial condition or operating results of the Borrower and the Subsidiaries, taken as a whole, (b) a material impairment of the ability of the Loan Parties, taken as a whole, to perform their obligations under the Loan Document to which they are or will be a party or (c) a material impairment of the rights and remedies of or benefits available to the Lenders under the Loan Documents.
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Material Indebtedness shall mean Indebtedness (other than the Loans and Letters of Credit and intercompany loans), or obligations in respect of one or more Hedging Agreements, of any one or more of Parent, the Borrower or any Subsidiary in an aggregate principal amount exceeding $125,000,000. For purposes of determining Material Indebtedness, the principal amount of the obligations of Parent, the Borrower or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that Parent, the Borrower or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.
Material Subsidiary shall mean any Subsidiary other than any (a) Permitted Joint Venture Subsidiary, (b) Permitted Syndication Subsidiary, (c) Securitization Subsidiary, (d) Foreign Subsidiary, (e) Captive Insurance Subsidiary or (f) Non-Significant Subsidiary.
Modified 2019 Term G Loans shall have the meaning assigned to such term in Section 2.25(c).
Modified Term G Loan Margin shall have the meaning assigned to such term in Section 2.25(c).
Modified Yield Differential shall have the meaning assigned to such term in Section 2.25(c).
Moodys shall mean Moodys Investors Service, Inc., or any successor thereto.
Mortgaged Properties shall mean, initially, the owned real properties of the Loan Parties specified on Schedule 1.01(c), and shall include each other parcel of real property and improvements thereto with respect to which a Mortgage is granted pursuant to Section 5.12.
Mortgages shall mean the mortgages, deeds of trust, assignments of leases and rents, modifications and other security documents delivered pursuant to clause (i) of Section 4.02(g) of the Original Credit Agreement, Section 6(g) of the First Amendment and Restatement Agreement or Section 7(b) or 7(c) of the Third Amendment and Restatement Agreement or pursuant to Section 5.12 of the Original Credit Agreement, the Existing Credit Agreement or this Agreement, each substantially in the form of Exhibit D.
Multiemployer Plan shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA.
Net Cash Proceeds shall mean (a) with respect to any Asset Sale (other than Receivables sold in a Permitted Receivables Transaction), the aggregate cash proceeds received in respect of such Asset Sale, and any cash payments received in respect of promissory notes or other non-cash consideration delivered in respect of such Asset Sale, net of (without duplication) (i) the reasonable expenses (including legal fees and brokers and underwriters commissions paid to third parties which are not Subsidiaries or
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Affiliates of Parent) incurred in effecting such Asset Sale, (ii) any taxes reasonably attributable to such Asset Sale and, in the case of an Asset Sale in a foreign jurisdiction, any taxes reasonably attributable to the repatriation of the proceeds of such Asset Sale reasonably estimated by the Borrower to be actually payable, (iii) any amounts payable to a Governmental Authority triggered as a result of any such Asset Sale, (iv) any Indebtedness or Contractual Obligation of Parent, the Borrower and the Subsidiaries (other than the Loans, other Obligations and any Other Senior Secured Debt) required to be paid or retained in connection with such Asset Sale or to the extent such Indebtedness is required to be repaid because the asset sold is removed from a borrowing base supporting such Indebtedness and (v) the aggregate amount of reserves required in the reasonable judgment of the Borrower or the applicable Subsidiary to be maintained on the books of the Borrower or such Subsidiary in order to pay contingent liabilities with respect to such Asset Sale (so long as amounts deducted from aggregate proceeds pursuant to this clause (v) and not actually paid by the Borrower or any of the Subsidiaries in liquidation of such contingent liabilities shall be deemed to be Net Cash Proceeds received at such time as such contingent liabilities shall cease to be obligations of the Borrower or any of the Subsidiaries); provided, however, that if (x) the Borrower intends to reinvest such proceeds in assets of a kind then used or usable in the business of the Borrower and the Subsidiaries or in Permitted Acquisitions or other investments permitted pursuant to Section 6.04 (other (x) than Section 6.04(b), (y) investments in Permitted Joint Ventures or other similar joint ventures and (z) investments in Unrestricted Subsidiaries) within 15 months of receipt of such proceeds and (y) no Default or Event of Default shall have occurred and shall be continuing at the time of such receipt, such proceeds (but not to exceed the amount of Available Reinvestment Proceeds for any Asset Sale) shall not constitute Net Cash Proceeds except to the extent not so used at the end of such 15-month period, at which time such proceeds shall be deemed to be Net Cash Proceeds; provided further that if during such 15-month period Parent, the Borrower or a Subsidiary enters into a written agreement committing it to so apply all or a portion of such proceeds, such 15-month period will be extended with respect to the amount of proceeds for an additional six months, at which time such proceeds shall be deemed to be Net Cash Proceeds; (b) with respect to any issuance or incurrence of Indebtedness (other than Indebtedness incurred pursuant to any Receivables Transaction), the cash proceeds thereof, net of all taxes and customary fees, commissions, costs and other expenses incurred in connection therewith; and (c) with respect to any sale of Receivables in a Receivables Transaction, the initial cash proceeds thereof (and any subsequent cash proceeds therefrom to the extent resulting from an increase in the Receivables Transaction Amount above the highest previous Receivables Transaction Amount balance), in each case received by the applicable originators net of all taxes and customary fees, commissions, costs and other expenses incurred in connection therewith.
New Loan Margin shall have the meaning assigned to such term in Section 2.27.
New Term Loan shall mean any Pari Passu Debt in the form of term loans secured by Liens on the Collateral having the same priority as the Liens securing the Term Loans (but excluding, for the avoidance of doubt, any Incremental Term Loans), made to Parent or any of its subsidiaries, the proceeds of which will be used to finance, in whole or in part, one or more Permitted Acquisitions.
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New Term Loan OID shall have the meaning assigned to such term in Section 2.27.
New Term Loan Yield Differential shall have the meaning assigned to such term in Section 2.27.
Non-Significant Subsidiary shall mean at any time, any Subsidiary (a) which at such time has total assets book value (including the total assets book value of any subsidiaries of such Subsidiary), or for which the Borrower or any of the Subsidiaries shall have paid (including the assumption of Indebtedness) in connection with the acquisition of Equity Interests or the total assets of such Subsidiary, less than $10,000,000 or (b) which does not and will not itself or through its subsidiaries own a Hospital or an interest in a Hospital or manage or operate a Hospital and which is listed on Schedule 1.01(d) hereto (or on any updates to such Schedule subsequently furnished by the Borrower to the Administrative Agent) as a Non-Significant Subsidiary, provided that the total assets of all Non-Significant Subsidiaries at any time does not exceed 5.0% of the total assets of Parent, the Borrower and the Subsidiaries on a consolidated basis.
Notice of Increase shall have the meaning assigned to such term in Section 2.26(a).
NYFRB shall mean the Federal Reserve Bank of New York.
NYFRB Rate shall mean, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term NYFRB Rate shall mean the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
Obligations shall mean all obligations defined as Bank Loan Obligations in the Guarantee and Collateral Agreement and the other Security Documents.
OID shall have the meaning assigned to such term in Section 2.24(b).
Original Credit Agreement shall mean the Credit Agreement dated as of July 25, 2007, among Parent, the Borrower, the lenders party thereto and Credit Suisse AG, Cayman Islands Branch (formally known as Credit Suisse), as administrative agent and collateral agent.
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Other Junior Secured Debt shall mean Indebtedness secured by Liens on the Collateral having a priority junior to that of the Liens securing the Obligations (excluding, for the avoidance of doubt, the ABL Facility Loans).
Other Senior Secured Debt shall mean Pari Passu Debt and Alternative Incremental Facility Indebtedness, in each case secured by Liens on the Collateral having the same priority as the Liens securing the Obligations (excluding, for the avoidance of doubt, the ABL Facility Loans).
Other Taxes shall mean any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document.
Other Term A Loans shall mean Other Term Loans (a) which amortize at a rate per annum of not less than 5.00% in each period of four consecutive fiscal quarters commencing on or after the funding of such Other Term Loans and ending on or prior to the applicable Incremental Term Loan Maturity Date and (b) which have a weighted average life to maturity, when incurred, of five years or less.
Other Term Loan Margin shall have the meaning assigned to such term in Section 2.24(b).
Other Term Loan Reference Margin shall have the meaning assigned to such term in Section 2.24(b).
Other Term Loans shall have the meaning assigned to such term in Section 2.24(a).
Overnight Bank Funding Rate shall mean, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar Borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).
Pari Passu Debt shall mean Indebtedness which (a) is issued, incurred, created, assumed or guaranteed by any Loan Party, (b) is not an obligation of, or otherwise Guaranteed by, any Subsidiary of Parent that is not a Loan Party, (c) is not secured by any Lien on any asset of Parent, the Borrower or any Subsidiary other than any asset constituting Collateral, (d) does not amortize at a rate per annum in excess of 1.00% during any period of four consecutive fiscal quarters commencing on or after the date such Pari Passu Debt is incurred by any Loan Party, (e) is subject to a Pari Passu Intercreditor Agreement and (f) is issued, incurred, created or assumed (i) to finance, or otherwise in connection with, a Permitted Acquisition, (ii) in order to extend, renew, refinance or replace existing Pari Passu Debt, provided that (A) the principal amount of such Pari Passu Debt is not increased (except by an amount not to exceed (1) the amount of unpaid accrued interest and premium on the existing Pari Passu Debt so extended,
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renewed, refinanced or replaced, plus (2) other reasonable amounts paid and fees and expenses incurred in connection with such extension, renewal, refinancing or replacement) and (B) neither the final maturity nor the weighted average life to maturity of such Pari Passu Debt is decreased thereby or (iii) in order to obtain Net Cash Proceeds, 100% of which (if not used in the manner set forth in the foregoing clauses (i) and (ii)) are used by the Borrower, not later than the fifth Business Day following the receipt thereof, to prepay outstanding Term Loans in the manner set forth in Section 2.13(g).
Pari Passu Debt Obligations shall have the meaning assigned to such term in the Guarantee and Collateral Agreement.
Pari Passu Intercreditor Agreement shall mean any intercreditor agreement, collateral trust agreement or similar agreement governing the relative priorities of the holders of the Obligations, on the one hand, and the holders of the Pari Passu Debt Obligations, on the other hand, provided that such agreement (a) contains terms that are not less favorable to the holders of the Obligations than to the holders of the Pari Passu Debt Obligations, (b) provides for the Pari Passu Debt Obligations to be secured by Liens on the Collateral having the same priority as, or junior priority to, the Liens securing the Obligations and (c) is otherwise on terms reasonably acceptable to the Administrative Agent and the Borrower.
Participant Register shall have the meaning assigned to such term in Section 9.04(f).
PBGC shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
Permitted Acquisition shall have the meaning assigned to such term in Section 6.04(h).
Permitted Additional Debt of any Loan Party shall mean any unsecured Indebtedness of such Loan Party or an unsecured or subordinated Guarantee of or by such Loan Party, in each case which (a) matures on or after, and requires no scheduled payments of principal prior to, the date that is ninety-one (91) days after the Latest Term Loan Maturity Date in effect at the time such Indebtedness is incurred (which, in the case of bridge loans, shall be determined by reference to the loans or notes into which such bridge loans are converted at maturity) (other than pursuant to customary offers to purchase upon a change of control, payments required to prevent any such Indebtedness from being treated as an applicable high yield discount obligation within the meaning of Section 163(i)(1) of the Code, asset sale or event of loss and customary acceleration rights after an event of default), (b) contains no financial maintenance covenants unless such financial maintenance covenants are added to this Agreement for the benefit of the Lenders hereunder and (c) to the extent the same is subordinated to any Indebtedness, is subordinate or junior in right of payment to the Obligations, pursuant to a written agreement on terms customary for similar Indebtedness at the time of issuance.
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Permitted Amendments shall have the meaning assigned to such term in Section 2.25(c).
Permitted Capital Expenditure Amount shall have the meaning assigned to such term in Section 6.11.
Permitted Interest Transfer shall mean a sale, issuance or other transfer of securities of a Subsidiary or of assets of any Subsidiary to a new Subsidiary, or sale, issuance or transfer of securities of a Subsidiary to another person if after such sale, issuance or other transfer, such Subsidiary shall meet the applicable requirements of the definition of Permitted Joint Venture Subsidiary, Non-Significant Subsidiary or Permitted Syndication Subsidiary; provided that (a) the aggregate fair market value (determined at the time of and after giving effect to any Permitted Interest Transfer) of all Permitted Interest Transfers made to, or in connection with the establishment of, a Permitted Joint Venture shall not exceed $1,000,000,000 and (b) at the time of and after giving effect to any Permitted Interest Transfer the total book value of the assets, calculated as of the date of the applicable Permitted Interest Transfer, of all Subsidiaries (other than Loan Parties) that become Permitted Joint Venture Subsidiaries or Permitted Syndication Subsidiaries after the Closing Date as a result of a Permitted Interest Transfer made after the Closing Date shall not exceed (i) 10% of the total book value of the assets of Parent, the Borrower and the Subsidiaries on a consolidated basis, calculated as of the date of the applicable Permitted Interest Transfer, in the case of Permitted Joint Venture Subsidiaries, and (ii) 10% of the total book value of the assets of Parent, the Borrower and the Subsidiaries on a consolidated basis, calculated as of the date of the applicable Permitted Interest Transfer, in the case of Permitted Syndication Subsidiaries.
Permitted Investments shall mean:
(a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof;
(b) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moodys;
(c) investments in certificates of deposit, bankers acceptances and time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, the Administrative Agent or any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000;
(d) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria of clause (c) above;
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(e) investments in money market funds within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended, substantially all of whose assets are invested in investments of the type described in clauses (a) through (d) above; and
(f) other short-term investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in investments of a type analogous to the foregoing.
Permitted Joint Venture Subsidiary shall mean a partially owned Subsidiary pursuant to which the Borrower or such Subsidiary conducts a Permitted Joint Venture.
Permitted Joint Ventures shall mean (a) acquisitions (by merger, purchase, lease (including any lease that contains upfront payments or buy out options) or otherwise), not constituting Permitted Acquisitions, by Parent, the Borrower or any of the Subsidiaries of interests in any of the assets of, or shares of the capital stock of or other Equity Interests in, a person or division or line of business of any person engaged in the same business as the Borrower and the Subsidiaries or in a related business, (b) sales, issuances or other transfers of securities of a Subsidiary to a person other than a Loan Party if after such sale, issuance or other transfer, such Subsidiary shall meet the applicable requirements of the definition of Permitted Joint Venture Subsidiary or (c) other investments in and loans and advances to Permitted Joint Venture Subsidiaries; provided that (x) no Default or Event of Default shall have occurred and be continuing and (y) except for the Permitted Joint Ventures listed on Schedule 1.01(e), to the extent the aggregate value of the investments, loans and advances made by Parent, the Borrower and the Subsidiaries in (including assets transferred to) any Permitted Joint Venture, in each case, measured as of the date of each such investment, loan or advance (net of any repayments or return of capital in respect thereof actually received in cash by Parent, the Borrower or the Subsidiaries (net of applicable Taxes) after the Closing Date) (the Net Investment Amount), when added to the aggregate Net Investment Amounts of all Permitted Joint Ventures consummated after the Third Restatement Effective Date, would exceed $1,000,000,000, the Secured Net Leverage Ratio Condition would be satisfied.
Permitted Receivables Transaction shall have the meaning assigned to such term in Section 6.05(b).
Permitted Syndication Subsidiary shall mean a partially owned Subsidiary of the Borrower which, after giving effect to a Permitted Syndication Transaction, owns, leases or operates the Hospital which is the subject of such Permitted Syndication Transaction.
Permitted Syndication Transaction shall have the meaning assigned to such term in Section 6.05(b).
Permitted Syndication Transaction Partner shall mean one or more persons (other than Parent, the Borrower or any Subsidiary) that owns a minority interest in a Permitted Syndication Subsidiary.
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person shall mean any natural person, corporation, business trust, joint venture, association, company, limited liability company, partnership, Governmental Authority or other entity.
Plan shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, sponsored, maintained or contributed to by the Borrower or any ERISA Affiliate.
Platform shall have the meaning assigned to such term in Section 9.01.
Practice Guarantees shall mean admitting physician practice guarantees pursuant to which Parent, the Borrower or any of the Subsidiaries guarantees to pay an admitting physician on the medical staff of a Hospital the difference between such admitting physicians monthly net revenue from professional fees and a minimum monthly guaranteed amount.
Prime Rate shall mean the rate of interest per annum determined from time to time by Credit Suisse AG, Cayman Islands Branch as its prime rate in effect at its principal office in New York City and notified to the Borrower.
Pro Rata Percentage of any Revolving Credit Lender at any time shall mean the percentage of the Total Revolving Credit Commitment represented by such Lenders Revolving Credit Commitment. In the event the Revolving Credit Commitments shall have expired or been terminated, the Pro Rata Percentages shall be determined on the basis of the Revolving Credit Commitments most recently in effect, giving effect to any subsequent assignments.
PTE shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
Public Lender shall have the meaning assigned to such term in Section 9.01.
Qualified Capital Stock of any person shall mean any Equity Interest of such person that is not Disqualified Stock.
Receivables shall mean a right to receive payment arising from a sale or lease of goods or the performance of services by a person pursuant to an arrangement with another person by which such other person is obligated to pay for goods or services under terms that permit the purchase of such goods and services on credit, and all proceeds thereof and rights (contractual or other) and collateral related thereto, and shall include, in any event, any items of property that would be classified as accounts receivable on the balance sheet of the Borrower or any of the Subsidiaries prepared in accordance with GAAP or an account, chattel paper, an instrument, a general intangible or a payment intangible under the Uniform Commercial Code as in effect in the State of New York and any supporting obligations or proceeds (as so defined) of any such items.
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Receivables Transaction shall mean, with respect to the Borrower and/or any of the Subsidiaries, any transaction or series of transactions of sales, factoring or securitizations involving Receivables pursuant to which the Borrower or any Subsidiary may sell, convey or otherwise transfer to a Securitization Subsidiary or any other person, and may grant a corresponding security interest in, any Receivables (whether now existing or arising in the future) of the Borrower or any Subsidiary, and any assets related thereto including collateral securing such Receivables, contracts and all Guarantees or other obligations in respect of such Receivables, the proceeds of such Receivables and other assets which are customarily transferred, or in respect of which security interests are customarily granted, in connection with sales, factoring or securitizations involving Receivables.
Receivables Transaction Amount shall mean (a) in the case of any Receivables securitization (but excluding any sale or factoring of Receivables), the amount of obligations outstanding under the legal documents entered into as part of such Receivables securitization on any date of determination that would be characterized as principal if such Receivables securitization were structured as a secured lending transaction rather than as a purchase and (b) in the case of any sale or factoring of Receivables, the cash purchase price paid by the buyer in connection with its purchase of Receivables (including any bills of exchange) less the amount of collections received in respect of such Receivables and paid to such buyer, excluding any amounts applied to purchase fees or discount or in the nature of interest, in each case as determined in good faith and in a consistent and commercially reasonable manner by the Borrower (provided that if such method of calculation is not applicable to such sale or factoring of Receivables, the amount of Receivables Transaction Amount associated therewith shall be determined in a manner mutually acceptable to the Borrower and the Administrative Agent).
Received Exercise Proceeds Amount shall mean, as at any date of determination, an amount equal to (a) the aggregate net cash proceeds received by the Borrower in respect of any issuance of Equity Interests to employees or directors after the Closing Date, including payments in connection with the exercise of stock options, minus (b) the aggregate amount of all Restricted Payments made in reliance on Section 6.06(a)(viii) prior to such date.
Reference Margin shall have the meaning assigned to such term in Section 2.27.
Register shall have the meaning assigned to such term in Section 9.04(d).
Regulation T shall mean Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.
Regulation U shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.
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Regulation X shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.
Related Parties shall mean, with respect to any specified person, such persons Affiliates and the respective directors, trustees, officers, employees, agents and advisors of such person and such persons Affiliates.
Release shall mean any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the environment or within or upon any building, structure, facility or fixture.
Repayment Date shall mean a 2019 Term G Loan Repayment Date, a 2021 Term H Loan Repayment Date or an Incremental Term Loan Repayment Date.
Replacement Capital Expenditures shall mean Capital Expenditures on or after the Closing Date made in connection with (i) the replacement of a Hospital as required by the agreements pursuant to which such Hospital, or the entity owning such Hospital, was acquired by the Borrower or any of the Subsidiaries from a third-party, whether pursuant to such agreement existing as of the Closing Date or entered into thereafter or (ii) the replacement of the Hospitals (owned, leased or operated by the Borrower or any of the Subsidiaries or in which the Borrower or any of the Subsidiaries owns an Equity Interest as of the Closing Date) in Birmingham, Alabama and Barstow, California.
Replacement Revolving Credit Facility shall have the meaning assigned to such term in Section 2.25(d).
Required Covenant Lenders shall mean, at any time, Lenders having Other Term A Loans, Revolving Loans, L/C Exposure and unused Revolving Credit Commitments representing more than 50% of the sum of all Other Term A Loans, Revolving Loans, L/C Exposure and unused Revolving Credit Commitments at such time; provided that the Revolving Loans, L/C Exposure and unused Revolving Credit Commitments of any Defaulting Lender shall be disregarded in the determination of the Required Covenant Lenders at any time; provided further, that if at any time the aggregate amount of (x) all Incremental Term Loan Commitments established after the Fourth Restatement Effective Date pursuant to Section 2.24 in respect of Other Term A Loans plus (y) all Revolving Credit Commitment Increases effected after the Fourth Restatement Effective Date pursuant to Section 2.26 shall exceed $400,000,000 in the aggregate, any amendment or waiver hereunder that (X) requires the consent of the Required Covenant Lenders and (Y) eliminates the financial covenant set forth in Section 6.11 or 6.13, increases the ratios or levels set forth therein or otherwise would render the provisions of Section 6.11 or 6.13 materially less restrictive, shall also require the consent of Lenders having Revolving Loans, L/C Exposure and unused Revolving Credit Commitments representing more than 50% of the sum of all Revolving Loans, L/C Exposure and unused Revolving Credit Commitments at such time (which, for purposes of this proviso, shall be determined excluding all Revolving Credit Commitment Increases effected after the Fourth Restatement Effective Date pursuant to Section 2.26).
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Required Lenders shall mean, at any time, Lenders having Loans, L/C Exposure and unused Revolving Credit Commitments and Term Loan Commitments representing more than 50% of the sum of all Loans outstanding, L/C Exposure, unused Revolving Credit Commitments and Term Loan Commitments at such time; provided that the Revolving Loans, L/C Exposure and unused Revolving Credit Commitments of any Defaulting Lender shall be disregarded in the determination of the Required Lenders at any time.
Responsible Officer of any person shall mean any executive officer, executive vice president or Financial Officer of such person and any other officer or similar official thereof responsible for the administration of the obligations of such person in respect of this Agreement.
Restricted Indebtedness shall mean Indebtedness of Parent, the Borrower or any Subsidiary, the payment, prepayment, repurchase or defeasance of which is restricted under Section 6.09(b).
Restricted Payment shall mean any dividend or other distribution (whether in cash, securities or other property (other than Qualified Capital Stock of the person making such dividend or distribution)) with respect to any Equity Interests in Parent, the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property (other than Qualified Capital Stock of the person making such dividend or distribution)), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity Interests in Parent, the Borrower or any Subsidiary (other than, in each case, capital contributions to, or the purchase of Equity Interests in, any Subsidiary).
Revolving Accession Agreement shall have the meaning assigned to such term in Section 2.26(a).
Revolving Credit Borrowing shall mean a Borrowing comprised of Revolving Loans.
Revolving Credit Commitment shall mean, with respect to each Lender, the commitment of such Lender to make Revolving Loans hereunder (and to acquire participations in Letters of Credit as provided for herein) as set forth on Schedule I to the Fourth Amendment and Restatement Agreement or in the Assignment and Acceptance pursuant to which such Lender assumed its Revolving Credit Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to Section 2.09, (b) increased from time to time pursuant to Section 2.26 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04.
Revolving Credit Commitment Fee shall have the meaning assigned to such term in Section 2.05(a).
Revolving Credit Commitment Fee Rate shall have the meaning assigned to such term in the definition of the term Applicable Percentage.
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Revolving Credit Commitment Increase shall have the meaning assigned to such term in Section 2.26(a).
Revolving Credit Commitment Increase Amendment shall have the meaning assigned to such term in Section 2.26(a).
Revolving Credit Exposure shall mean, with respect to any Lender at any time, the aggregate principal amount at such time of all outstanding Revolving Loans of such Lender, plus the aggregate amount at such time of such Lenders L/C Exposure.
Revolving Credit Lender shall mean a Lender with a Revolving Credit Commitment or an outstanding Revolving Loan.
Revolving Credit Maturity Date shall mean January 27, 2021; provided that if on any date prior to January 27, 2021 (any such date, a Revolving Credit Reference Date), an aggregate principal amount in excess of $250,000,000 of (u) 2019 Notes, (v) 2019 Term G Loans, (w) 2020 Notes, (x) 2021 Term H Loans and (y) any Indebtedness (Refinanced Indebtedness) incurred to refinance or otherwise extend the maturity date of 2019 Notes, 2019 Term G Loans, 2020 Notes, 2021 Term H Loans, or other Refinanced Indebtedness, is outstanding and scheduled to mature or similarly become due on or prior to the date that is ninety-one (91) days after the Revolving Credit Reference Date, the Revolving Credit Maturity Date shall instead be the Revolving Credit Reference Date; provided further, that, in each case, if any such day is not a Business Day, the Revolving Credit Maturity Date shall be the Business Day immediately preceding such day. Revolving Loans shall mean the revolving loans made by the Lenders to the Borrower pursuant to Section 2.01(b).
S&P shall mean Standard & Poors Ratings Service, or any successor thereto.
SEC shall mean the U.S. Securities and Exchange Commission or any Governmental Authority succeeding to any or all of its functions.
Second Amendment and Restatement Agreement shall mean the Second Amendment and Restatement Agreement dated February 2, 2012, among Parent, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.
Secured Net Leverage Ratio shall mean, on any date, the ratio of (a) (i) Total Secured Debt minus (ii) the aggregate amount of unrestricted cash, cash equivalents and Permitted Investments that is included on the consolidated balance sheet of Parent, the Borrower and the Subsidiaries on such date, to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters most recently ended on or prior to such date for which financial statements have been delivered (or were required to be delivered) pursuant to Section 5.04(a) or (b). In any period of four consecutive fiscal quarters in which any Permitted Acquisition or any Significant Asset Sale occurs, the Secured Net Leverage Ratio shall be determined on a pro forma basis in accordance with Section 1.03.
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Secured Net Leverage Ratio Condition shall mean, on any date, after giving pro forma effect to any Specified Transaction to occur on such date as contemplated by Section 1.03, that the Secured Net Leverage Ratio shall not be greater than 4.00 to 1.0.
Secured Parties shall have the meaning assigned to such term in the Guarantee and Collateral Agreement.
Securitization Subsidiary shall mean any special purpose Subsidiary that acquires Receivables generated by the Borrower or any of the Subsidiaries and that engages in no operations or activities other than those related to a Permitted Receivables Transaction.
Security Documents shall mean the Mortgages, the Guarantee and Collateral Agreement and each of the security agreements, mortgages and other instruments and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 5.12 or 9.20.
Senior Note Indenture shall mean each indenture under which Senior Notes are issued, as the same may be amended, restated, substituted, replaced, refinanced, supplemented or otherwise modified from time to time in accordance with Section 6.01(a).
Senior Notes shall mean the 2019 Notes, the 2020 Notes, the 2021 Notes, the 2022 Notes and the 2023 Notes, in each case, as the same may be amended, restated, substituted, replaced, refinanced, supplemented or otherwise modified from time to time in accordance with Section 6.01(a).
Shared Collateral Agent shall have the meaning assigned to such term in Section 9.20.
Significant Asset Sale shall mean the sale, transfer, lease or other disposition by Parent, the Borrower or any Subsidiary to any person other than the Borrower or a Subsidiary Guarantor of all or substantially all of the assets of, or a majority of the Equity Interests in, a person, or a division or line of business or other business unit of a person.
SPC shall have the meaning assigned to such term in Section 9.04(i).
Specified Representations shall mean the representations and warranties made in Sections 3.01, 3.02(a) and (b)(i)(A) and (B) (with respect to the Loan Documents), 3.03, 3.11, 3.12, 3.19, 3.22 and 3.23.
Specified Transaction shall mean (a) the consummation of a Permitted Acquisition or other acquisition permitted pursuant to Section 6.04, (b) the investment in a Permitted Joint Venture or an Unrestricted Subsidiary or (c) the incurrence or assumption of Indebtedness pursuant to Section 6.01(m) or (v) and the use of proceeds thereof.
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Spinout Subsidiary shall mean an Unrestricted Subsidiary that is formed for the purpose of acquiring property of Parent, the Borrower or any Subsidiary in connection with a Spinout Transaction.
Spinout Transaction shall mean, collectively, any series or combination of contributions, distributions and/or other transfers by Parent, the Borrower and/or any Subsidiary of property (including Equity Interests) owned by it to any Spinout Subsidiary (or to a Subsidiary in contemplation of the further contribution, distribution or other transfer of such property to any Spinout Subsidiary) and the ultimate distribution of the Equity Interests of an Ultimate Spinout Subsidiary to the equity holders of Parent; provided that (i) the aggregate Consolidated EBITDA attributable to all such property (including Equity Interests) so contributed, distributed or transferred (determined for each such contribution, distribution or other transfer at the time thereof and for the period of four consecutive fiscal quarters most recently ended on or prior to the date of the relevant contribution, distribution or other transfer for which financial statements have been delivered (or were required to be delivered) pursuant to Section 5.04(a) or (b)) shall not exceed in the aggregate for all such contributions, distributions and other transfers 15.0% of Consolidated EBITDA of Parent, the Borrower and the Subsidiaries for such period and (ii) after giving effect to such Spinout Transaction and the repayment of any Indebtedness in connection therewith, the Secured Net Leverage Ratio calculated on a pro forma basis shall not exceed the lesser of (x) 3.75 to 1.00 and (y) the Secured Net Leverage Ratio immediately prior to giving effect to such Spinout Transaction.
Statutory Reserves shall mean a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any other banking authority, domestic or foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined in Regulation D of the Board). Eurodollar Loans shall be deemed to constitute Eurocurrency Liabilities (as defined in Regulation D of the Board) and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
subsidiary shall mean, as to any person, a corporation, partnership or other entity of which Equity Interests having ordinary voting power (other than Equity Interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, directly or indirectly, or the management of which is otherwise Controlled, directly or indirectly, or both, by such person.
Subsidiary shall mean any subsidiary of the Borrower; provided, however, that Unrestricted Subsidiaries shall be deemed not to be Subsidiaries for any purpose of this Agreement or the other Loan Documents.
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Subsidiary Guarantor shall mean each Subsidiary listed on Schedule 1.01(b), and each other Subsidiary that is or becomes a party to the Guarantee and Collateral Agreement pursuant to Section 5.12 (it being understood and agreed that no (i) Foreign Subsidiary, (ii) Non-Significant Subsidiary, (iii) Permitted Syndication Subsidiary, (iv) Securitization Subsidiary, (v) Captive Insurance Subsidiary, (vi) Permitted Joint Venture Subsidiary or (vii) Subsidiary listed on Schedule 1.01(f), shall, in any case, be required to enter into the Guarantee and Collateral Agreement pursuant to Section 5.12, unless the Borrower elects to make any such Permitted Joint Venture Subsidiary a Subsidiary Guarantor).
Syndication Proceeds shall have the meaning assigned to such term in Section 6.05(b).
Syndication Transaction shall mean a transaction (or series of transactions) whereby the Borrower or a Subsidiary sells, transfers or otherwise disposes of part, but not all, of its interest in a Subsidiary that owns, leases or operates a Hospital to one or more third parties or of its interest in a Hospital to a partially owned Subsidiary.
Synthetic Lease shall mean, as to any person, any lease (including leases that may be terminated by the lessee at any time) of any property (whether real, personal or mixed) (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other than any such lease under which such person is the lessor.
Synthetic Lease Obligations shall mean, as to any person, an amount equal to the capitalized amount of the remaining lease payments under any Synthetic Lease that would appear on a balance sheet of such person in accordance with GAAP if such obligations were accounted for as Capital Lease Obligations.
Synthetic Purchase Agreement shall mean any swap, derivative or other agreement or combination of agreements pursuant to which Parent, the Borrower or any Subsidiary is or may become obligated to make (a) any payment in connection with a purchase by any third party from a person other than Parent, the Borrower or any Subsidiary of any Equity Interest or Restricted Indebtedness or (b) any payment (other than on account of a permitted purchase by it of any Equity Interest or Restricted Indebtedness) the amount of which is determined by reference to the price or value at any time of any Equity Interest or Restricted Indebtedness; provided that no phantom stock or similar plan providing for payments only to current or former directors, officers or employees of Parent, the Borrower or the Subsidiaries (or to their heirs and estates) shall be deemed to be a Synthetic Purchase Agreement.
Taxes shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority.
Term Borrowing shall mean a Borrowing comprised of 2019 Term G Loans, 2021 Term H Loans or Incremental Term Loans.
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Term G Extension Fee shall have the meaning assigned to such term in Section 2.25(c).
Term H Extension Fee shall have the meaning assigned to such term in Section 2.25(c).
Term H Loan Reference Margin shall have the meaning assigned to such term in Section 2.25(c).
Term Lender shall mean a Lender with a Term Loan Commitment or an outstanding Term Loan.
Term Loan Commitments shall mean any Incremental Term Loan Commitments.
Term Loans shall mean the 2019 Term G Loans and the 2021 Term H Loans. Unless the context shall otherwise require, the term Term Loans shall include any Incremental Term Loans.
Third Amendment and Restatement Agreement shall mean the Third Amendment and Restatement Agreement dated as of January 27, 2014, among Parent, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent.
Third Restatement Effective Date shall have the meaning assigned to such term in the Third Amendment and Restatement Agreement.
Total Assets shall mean, as of any date, the total consolidated assets of Parent and its Subsidiaries on a consolidated basis, as shown on the most recent consolidated balance sheet of Parent and its Subsidiaries, determined on a pro forma basis in accordance with Section 1.03.
Total Debt shall mean, at any time, (a) the total Indebtedness of Parent, the Borrower and the Subsidiaries at such time (excluding (i) Indebtedness of the type described in clause (h) of the definition of such term or under performance or surety bonds, in each case except to the extent of any unreimbursed drawings thereunder and (ii) Indebtedness of the type described in clauses (c), (d), (e), (i), (j) and (k) of the definition of such term) minus (b) the aggregate amount of unrestricted cash, cash equivalents and Permitted Investments that is included on the consolidated balance sheet of Parent, the Borrower and the Subsidiaries at such time.
Total Revolving Credit Commitment shall mean, at any time, the aggregate amount of the Revolving Credit Commitments, as in effect at such time. As of the Fourth Restatement Effective Date, the Total Revolving Credit Commitment is $650,000,000 (which Revolving Credit Commitments will be reduced upon the effectiveness of the ABL Facility Credit Agreement, as provided in the Fourth Amendment and Restatement Agreement).
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Total Secured Debt shall mean, at any time the total Indebtedness of Parent, the Borrower and the Subsidiaries at such time (excluding (i) Indebtedness of the type described in clause (h) of the definition of such term or under performance or surety bonds, in each case except to the extent of any unreimbursed drawings thereunder and (ii) Indebtedness of the type described in clauses (c), (d), (e), (i), (j) and (k) of the definition of such term) that is secured by Liens on any property or asset of Parent, the Borrower and the Subsidiaries at such time.
Transactions shall have the meaning assigned to such term in the Original Credit Agreement.
Triad shall mean Triad Healthcare Corporation (f/k/a Triad Hospitals, Inc.), a Delaware corporation and a wholly owned Subsidiary of the Borrower.
Type, when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans comprising such Borrowing is determined. For purposes hereof, the term Rate shall mean the Adjusted LIBO Rate and the Alternate Base Rate.
Ultimate Spinout Subsidiary shall mean a Spinout Subsidiary or other Subsidiary the Equity Interests of which are (or are intended to be, as the context may require) distributed to the equity holders of Parent.
Unrestricted Subsidiary shall mean any Subsidiary organized or acquired directly or indirectly by Parent after the Closing Date that Parent designates as an Unrestricted Subsidiary by written notice to the Administrative Agent. No Unrestricted Subsidiary may own any Equity Interests of a Subsidiary; provided that, so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, Parent may redesignate any Unrestricted Subsidiary as a Subsidiary by written notice to the Administrative Agent and by complying with the applicable provisions of Section 5.12.
USA PATRIOT Act shall mean The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).
Voluntary Prepayment shall mean a prepayment of principal of Term Loans pursuant to Section 2.12 in any year to the extent that such prepayment reduces the scheduled installments of principal due in respect of Term Loans in any subsequent year.
wholly owned Subsidiary of any person shall mean a subsidiary of such person of which securities (except for directors qualifying shares) or other ownership interests representing 100% of the Equity Interests are, at the time any determination is being made, owned, Controlled or held by such person or one or more wholly owned Subsidiaries of such person or by such person and one or more wholly owned Subsidiaries of such person.
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Withdrawal Liability shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.
Withholding Agent shall mean any Loan Party or the Administrative Agent.
Write-Down and Conversion Powers shall mean, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which Write-Down and Conversion Powers are described in the EU Bail-In Legislation Schedule.
Yield Differential shall have the meaning assigned to such term in Section 2.24(b).
SECTION 1.02. Terms Generally. The definitions in Section 1.01 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words include, includes and including shall be deemed to be followed by the phrase without limitation. The word will shall be construed to have the same meaning and effect as the word shall; and the words asset and property shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, (a) any reference in this Agreement to any Loan Document shall mean such document as amended, restated, supplemented or otherwise modified from time to time and (b) all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided, however, that if the Borrower notifies the Administrative Agent that the Borrower wishes to amend any covenant in Article VI or any related definition to eliminate the effect of any change in GAAP occurring after the date of this Agreement on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend Article VI or any related definition for such purpose), then the Borrowers compliance with such covenant shall at all times be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required Lenders.
SECTION 1.03. Pro Forma Calculations. With respect to any period of four consecutive fiscal quarters during which any Permitted Acquisition, other acquisition permitted pursuant to Section 6.04, Significant Asset Sale or Spinout Transaction occurs, each of the Leverage Ratio, the Secured Net Leverage Ratio, the First Lien Net Leverage Ratio and, without duplication, Consolidated EBITDA (other than for purposes of determining the Interest Coverage Ratio) and Total Assets, shall, for all purposes set forth herein, be calculated with respect to such period on a pro forma basis after giving effect
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to such Permitted Acquisition, acquisition, Significant Asset Sale, Transaction or Spinout Transaction (and any related repayment of Indebtedness) (including, without duplication, (a) all pro forma adjustments permitted or required by Article 11 of Regulation S-X under the Securities Act of 1933, as amended, (b) pro forma adjustments for designation of any Subsidiary as an Unrestricted Subsidiary and any Unrestricted Subsidiary as a Subsidiary in accordance with the definition of Unrestricted Subsidiary (a Subsidiary Designation), and (c) pro forma adjustments for cost savings and synergies (net of continuing associated expenses) to the extent such cost savings and synergies are reasonably identifiable, reasonably supportable, are expected to have a continuing impact and have been realized or are reasonably expected to be realized within 12 months following any such Permitted Acquisition or acquisition (which cost savings and synergies shall be calculated on a pro forma basis as though they had been realized on the first day of such period); provided that at the election of Parent, such pro forma adjustment shall not be required to be determined for any Permitted Acquisition or other acquisition if the aggregate consideration paid in connection with such acquisition is less than $100,000,000; provided further that all such adjustments shall be set forth in a reasonably detailed certificate of a Financial Officer of Parent), assuming, for purposes of making such calculations, such Permitted Acquisition, Subsidiary Designation, acquisition permitted pursuant to Section 6.04, Significant Asset Sale or Spinout Transaction (and related repayment of Indebtedness), and any other Permitted Acquisitions, Significant Asset Sales and Spinout Transactions (and related repayment of Indebtedness) that have been consummated during the period, had been consummated on the first day of such period; provided, further, that the aggregate amount added to or included in Consolidated EBITDA above in respect of synergies for any period of four consecutive fiscal quarters shall not exceed an amount equal to 10% of Consolidated EBITDA, calculated on a pro forma basis in accordance with this Section 1.03 after giving effect to such addition and any other prior additions in respect of such period pursuant to this Section 1.03. In addition, solely for purposes of determining whether a Specified Transaction is permitted hereunder (including whether such Specified Transaction would result in a Default or Event of Default and whether the Secured Net Leverage Ratio Condition would be met), the Secured Net Leverage Ratio shall be calculated on a pro forma basis as provided in the preceding sentence.
SECTION 1.04. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a Revolving Loan) or by Type (e.g., a Eurodollar Loan) or by Class and Type (e.g., a Eurodollar Revolving Loan). Borrowings also may be classified and referred to by Class (e.g., a Revolving Borrowing) or by Type (e.g., a Eurodollar Borrowing) or by Class and Type (e.g., a Eurodollar Revolving Borrowing).
SECTION 1.05. Excluded Swap Obligations. (a) Notwithstanding any provision of this Agreement or any other Loan Document, no Guarantee by any Loan Party under any Loan Document shall include a Guarantee of any Obligation that, as to such Loan Party, is an Excluded Swap Obligation and no Collateral provided by any Loan Party shall secure any Obligation that, as to such Loan Party, is an Excluded Swap Obligation. In the event that any payment is made by, or any collection is realized from, any Loan Party as to which any Obligations are Excluded Swap Obligations, or from any Collateral
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provided by such Loan Party, the proceeds thereof shall be applied to pay the Obligations of such Loan Party as otherwise provided herein without giving effect to such Excluded Swap Obligations and each reference in this Agreement or any other Loan Document to the ratable application of such amounts as among the Obligations or any specified portion of the Obligations that would otherwise include such Excluded Swap Obligations shall be deemed so to provide.
(b) The following terms shall for purposes of this Section 1.05 have the meanings set forth below:
Commodity Exchange Act means the Commodity Exchange Act (7 U.S.C. § et seq.), as amended from time to time, and any successor statute.
Excluded Swap Obligation means, with respect to Guarantor, any Swap Obligation if, and to the extent that, the Guarantee by such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantors failure for any reason to constitute an eligible contract participant as defined in the Commodity Exchange Act at the time the Guarantee of such Guarantor becomes effective with respect to such related Swap Obligation.
Qualified ECP Guarantor means, in respect of any Swap Obligation, each Guarantor that has total assets exceeding $10,000,000 or that otherwise constitutes an eligible contract participant under the Commodity Exchange Act or any regulations promulgated thereunder at the time such Swap Obligation is incurred (including as a result of any agreement in the Guarantee and Collateral Agreement or any other Guarantee or other support agreement in respect of the obligations of such Subsidiary Guarantor by the Borrower or another person that constitutes an eligible contract participant).
Swap Obligation means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a swap within the meaning of Section 1a(47) of the Commodity Exchange Act.
ARTICLE II
The Credits
SECTION 2.01. Commitments.
(a) Term Loans. The Borrower and the Term Lenders acknowledge the making of 2019 Term G Loans and 2021 Term H Loans pursuant to the Incremental Term Loan Assumption Agreement dated as of May 18, 2015. Amounts paid or prepaid in respect of Term Loans may not be reborrowed.
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(b) The Revolving Credit Commitments. Subject to the terms and conditions and relying upon the representations and warranties herein set forth, each Revolving Credit Lender agrees, severally and not jointly, to make Revolving Loans to the Borrower, at any time and from time to time after the Third Restatement Effective Date, and until the earlier of the Revolving Credit Maturity Date and the termination of the Revolving Credit Commitment of such Lender in accordance with the terms hereof, in an aggregate principal amount at any time outstanding that will not result in such Lenders Revolving Credit Exposure exceeding such Lenders Revolving Credit Commitment. Within the limits set forth in the preceding sentence and subject to the terms, conditions and limitations set forth herein, the Borrower may borrow, pay or prepay and reborrow Revolving Loans.
(c) The Incremental Term Loan Commitments. Subject to the terms and conditions and relying upon the representations and warranties set forth herein and in the applicable Incremental Term Loan Assumption Agreement, each Lender having an Incremental Term Loan Commitment agrees, severally and not jointly, to make Incremental Term Loans to the Borrower, in an aggregate principal amount not to exceed its Incremental Term Loan Commitment. Amounts paid or prepaid in respect of Incremental Term Loans may not be reborrowed.
SECTION 2.02. Loans. (a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their applicable Commitments; provided, however, that the failure of any Lender to make any Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to make any Loan required to be made by such other Lender). Except for Loans deemed made pursuant to Section 2.02(f), the Loans comprising any Borrowing shall be in an aggregate principal amount that is (i) an integral multiple of $1,000,000 and not less than $3,000,000 (except, with respect to any Incremental Term Borrowing, to the extent otherwise provided in the related Incremental Term Loan Assumption Agreement) or (ii) equal to the remaining available balance of the applicable Commitments.
(b) Subject to Sections 2.02(f), 2.08 and 2.15, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request pursuant to Section 2.03. Each Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower shall not be entitled to request any Borrowing that, if made, would result in more than fifteen Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings.
(c) Except with respect to Loans made pursuant to Section 2.02(f), each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds to such account in New York City
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as the Administrative Agent may designate not later than 1:00 p.m., New York City time, and the Administrative Agent shall promptly credit the amounts so received to an account designated by the Borrower in the applicable Borrowing Request or, if a Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Lenders.
(d) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the Administrative Agent such Lenders portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with paragraph (c) above and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If the Administrative Agent shall have so made funds available then, to the extent that such Lender shall not have made such portion available to the Administrative Agent, such Lender agrees to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower to but excluding the date such amount is repaid to the Administrative Agent at a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error). If such Lender shall not repay to the Administrative Agent such corresponding amount within three Business Days after demand by the Administrative Agent, then the Administrative Agent shall be entitled to recover such amount with interest thereon at the rate per annum equal to the interest rate applicable at the time to the Loans comprising such Borrowing, on demand, from the Borrower. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Lenders Loan as part of such Borrowing for purposes of this Agreement.
(e) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request any Revolving Credit Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date.
(f) If the Issuing Bank shall not have received from the Borrower the payment required to be made by Section 2.23(e) within the time specified in such Section, the Issuing Bank will promptly notify the Administrative Agent of the L/C Disbursement and the Administrative Agent will promptly notify each Revolving Credit Lender of such L/C Disbursement and its Pro Rata Percentage thereof. Each Revolving Credit Lender shall pay by wire transfer of immediately available funds to the Administrative Agent not later than 2:00 p.m., New York City time, on such date (or, if such Revolving Credit Lender shall have received such notice later than 12:00 (noon), New York City time, on any day, not later than 10:00 a.m., New York City time, on the immediately following Business Day), an amount equal to such Lenders Pro Rata Percentage of such L/C Disbursement (it being understood that (i) if the conditions precedent to borrowing set forth in Sections 4.01(b) and (c) have been satisfied, such amount shall be deemed to constitute an ABR Revolving Loan of such Lender and, to the extent of such payment, the obligations of the Borrower in respect of such L/C
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Disbursement shall be discharged and replaced with the resulting ABR Revolving Credit Borrowing, and (ii) if such conditions precedent to borrowing have not been satisfied, then any such amount paid by any Revolving Credit Lender shall not constitute a Loan and shall not relieve the Borrower from its obligation to reimburse such L/C Disbursement), and the Administrative Agent will promptly pay to the Issuing Bank amounts so received by it from the Revolving Credit Lenders. The Administrative Agent will promptly pay to the Issuing Bank any amounts received by it from the Borrower pursuant to Section 2.23(e) prior to the time that any Revolving Credit Lender makes any payment pursuant to this paragraph (f); any such amounts received by the Administrative Agent thereafter will be promptly remitted by the Administrative Agent to the Revolving Credit Lenders that shall have made such payments and to the Issuing Bank, as their interests may appear. If any Revolving Credit Lender shall not have made its Pro Rata Percentage of such L/C Disbursement available to the Administrative Agent as provided above, such Lender and the Borrower severally agree to pay interest on such amount, for each day from and including the date such amount is required to be paid in accordance with this paragraph to but excluding the date such amount is paid, to the Administrative Agent for the account of the Issuing Bank at (i) in the case of the Borrower, a rate per annum equal to the interest rate applicable to Revolving Loans pursuant to Section 2.06(a), and (ii) in the case of such Lender, for the first such day, the Federal Funds Effective Rate, and for each day thereafter, the Alternate Base Rate.
SECTION 2.03. Borrowing Procedure. In order to request a Borrowing (other than a deemed Borrowing pursuant to Section 2.02(f), as to which this Section 2.03 shall not apply), the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 12:00 (noon), New York City time, three Business Days before a proposed Borrowing, and (b) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the day of a proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable, and shall be confirmed promptly by hand delivery or fax to the Administrative Agent of a written Borrowing Request and shall specify the following information: (i) whether the Borrowing then being requested is to be a 2019 Term G Borrowing, a 2021 Term H Borrowing, an Incremental Term Borrowing or a Revolving Credit Borrowing, and whether such Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii) the number and location of the account to which funds are to be disbursed; (iv) the amount of such Borrowing; and (v) if such Borrowing is to be a Eurodollar Borrowing, the Interest Period with respect thereto; provided, however, that, notwithstanding any contrary specification in any Borrowing Request, each requested Borrowing shall comply with the requirements set forth in Section 2.02. If no election as to the Type of Borrowing is specified in any such notice, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar Borrowing is specified in any such notice, then the Borrower shall be deemed to have selected an Interest Period of one months duration. The Administrative Agent shall promptly advise the applicable Lenders of any notice given pursuant to this Section 2.03 (and the contents thereof), and of each Lenders portion of the requested Borrowing.
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SECTION 2.04. Evidence of Debt; Repayment of Loans. (a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender (i) the principal amount of each Term Loan of such Lender as provided in Section 2.11 and (ii) the then unpaid principal amount of each Revolving Loan of such Lender on the Revolving Credit Maturity Date.
(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement.
(c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of each Loan made hereunder, the Class and Type thereof and, if applicable, the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower or any Guarantor and each Lenders share thereof.
(d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) above shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrower to repay the Loans in accordance with their terms.
(e) Any Lender may request that Loans made by it hereunder be evidenced by a promissory note. In such event, the Borrower shall execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in a form and substance reasonably acceptable to the Administrative Agent and the Borrower. Notwithstanding any other provision of this Agreement, in the event any Lender shall request and receive such a promissory note, the interests represented by such note shall at all times (including after any assignment of all or part of such interests pursuant to Section 9.04) be represented by one or more promissory notes payable to the payee named therein or its registered assigns.
SECTION 2.05. Fees. (a) The Borrower agrees to pay to each Revolving Credit Lender, through the Administrative Agent, on the last Business Day of March, June, September and December in each year and on each date on which any Revolving Credit Commitment of such Lender shall expire or be terminated as provided herein, a commitment fee (a Revolving Credit Commitment Fee) equal to the Revolving Credit Commitment Fee Rate per annum on the daily unused amount of the Revolving Credit Commitment of such Lender during the preceding quarter (or other period ending with the Revolving Credit Maturity Date, or the date on which the Revolving Credit Commitments of such Lender shall expire or be terminated). All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days.
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(b) The Borrower agrees to pay to the Administrative Agent, for its own account, the administrative fees set forth in the Fee Letter at the times and in the amounts specified therein (the Administrative Agent Fees).
(c) The Borrower agrees to pay (i) to each Revolving Credit Lender, through the Administrative Agent, on the last Business Day of March, June, September and December of each year and on the date on which the Revolving Credit Commitment of such Lender shall be terminated as provided herein, a fee (an L/C Participation Fee) calculated on such Lenders Pro Rata Percentage of the daily aggregate L/C Exposure (excluding the portion thereof attributable to unreimbursed L/C Disbursements) during the preceding quarter (or shorter period ending with the Revolving Credit Maturity Date, or the date on which all Letters of Credit have been canceled or have expired and the Revolving Credit Commitments of all Lenders shall have been terminated) at a rate per annum equal to the Applicable Percentage from time to time used to determine the interest rate on Revolving Credit Borrowings comprised of Eurodollar Loans pursuant to Section 2.06, and (ii) to the Issuing Bank with respect to each Letter of Credit the standard fronting, issuance and drawing fees specified from time to time by the Issuing Bank (the Issuing Bank Fees); provided that each such fronting fee charged from time to time shall not exceed 0.25% per annum of the aggregate undrawn face amount of the then outstanding Letters of Credit. All L/C Participation Fees and Issuing Bank Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days.
(d) All Fees shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, if and as appropriate, among the Lenders, except that the Issuing Bank Fees shall be paid directly to the Issuing Bank. Once paid, none of the Fees shall be refundable under any circumstances.
SECTION 2.06. Interest on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate Base Rate is determined by reference to the Prime Rate and over a year of 360 days at all other times and calculated from and including the date of such Borrowing to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base Rate plus the Applicable Percentage in effect from time to time.
(b) Subject to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Percentage in effect from time to time.
(c) Interest on each Loan shall be payable on the Interest Payment Dates applicable to such Loan except as otherwise provided in this Agreement. The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
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SECTION 2.07. Default Interest. If the Borrower shall default in the payment of any principal of or interest on any Loan or any other amount due hereunder, by acceleration or otherwise, or under any other Loan Document, then, until such defaulted amount shall have been paid in full, to the extent permitted by law, such defaulted amount shall bear interest (after as well as before judgment), payable on demand, (a) in the case of principal, at the rate otherwise applicable to such Loan pursuant to Section 2.06 plus 2.00% per annum and (b) in all other cases, at a rate per annum (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when determined by reference to the Prime Rate and over a year of 360 days at all other times) equal to the rate that would be applicable to an ABR Loan of the applicable Class plus 2.00% per annum.
SECTION 2.08. Alternate Rate of Interest. In the event, and on each occasion, that on the day two Business Days prior to the commencement of any Interest Period for a Eurodollar Borrowing the Administrative Agent shall have determined that dollar deposits in the principal amounts of the Loans comprising such Borrowing are not generally available in the London interbank market, or that the rates at which such dollar deposits are being offered will not adequately and fairly reflect the cost to any Lender of making or maintaining its Eurodollar Loan during such Interest Period, or that reasonable means do not exist for ascertaining the Adjusted LIBO Rate, the Administrative Agent shall, as soon as practicable thereafter, give written or fax notice of such determination to the Borrower and the Lenders. In the event of any such determination, until the Administrative Agent shall have advised the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, any request by the Borrower for a Eurodollar Borrowing pursuant to Section 2.03 or 2.10 shall be deemed to be a request for an ABR Borrowing. Each determination by the Administrative Agent under this Section 2.08 shall be conclusive absent manifest error.
SECTION 2.09. Termination and Reduction of Commitments. (a) The Incremental Term Loan Commitments shall terminate as provided in the related Incremental Term Loan Assumption Agreement. The Revolving Credit Commitments shall automatically terminate on the Revolving Credit Maturity Date. The L/C Commitment shall automatically terminate on the earlier to occur of (i) the termination of the Revolving Credit Commitments and (ii) the date 10 Business Days prior to the Revolving Credit Maturity Date.
(b) Upon at least three Business Days prior written or fax notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Revolving Credit Commitments; provided, however, that (i) each partial reduction of the Revolving Credit Commitments shall be in an integral multiple of $1,000,000 and in a minimum amount of $3,000,000, and (ii) the Total Revolving Credit Commitment shall not be reduced to an amount that is less than the Aggregate Revolving Credit Exposure at the time. Each notice delivered by the Borrower pursuant to this Section 2.09 shall be irrevocable; provided that a notice of
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termination of the Revolving Credit Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or any other event, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.
(c) Each reduction in the Revolving Credit Commitments hereunder shall be made ratably among the Lenders in accordance with their respective applicable Commitments. The Borrower shall pay to the Administrative Agent for the account of the applicable Lenders, on the date of each termination or reduction, the Commitment Fees on the amount of the Commitments so terminated or reduced accrued to but excluding the date of such termination or reduction.
SECTION 2.10. Conversion and Continuation of Borrowings. The Borrower shall have the right at any time upon prior irrevocable notice to the Administrative Agent (a) not later than 11:00 a.m., New York City time, on the date of conversion, to convert any Eurodollar Borrowing into an ABR Borrowing, (b) not later than 12:00 (noon), New York City time, three Business Days prior to conversion or continuation, to convert any ABR Borrowing into a Eurodollar Borrowing or to continue any Eurodollar Borrowing as a Eurodollar Borrowing for an additional Interest Period, and (c) not later than 12:00 (noon), New York City time, three Business Days prior to conversion, to convert the Interest Period with respect to any Eurodollar Borrowing to another permissible Interest Period, subject in each case to the following:
(i) each conversion or continuation shall be made pro rata among the Lenders in accordance with the respective principal amounts of the Loans comprising the converted or continued Borrowing;
(ii) if less than all the outstanding principal amount of any Borrowing shall be converted or continued, then each resulting Borrowing shall satisfy the limitations specified in Sections 2.02(a) and 2.02(b) regarding the principal amount and maximum number of Borrowings of the relevant Type;
(iii) each conversion shall be effected by each Lender and the Administrative Agent by recording for the account of such Lender the new Loan of such Lender resulting from such conversion and reducing the Loan (or portion thereof) of such Lender being converted by an equivalent principal amount; accrued interest on any Eurodollar Loan (or portion thereof) being converted shall be paid by the Borrower at the time of conversion;
(iv) if any Eurodollar Borrowing is converted at a time other than the end of the Interest Period applicable thereto, the Borrower shall pay, upon demand, any amounts due to the Lenders pursuant to Section 2.16;
(v) any portion of a Borrowing of any Loans maturing or required to be repaid in less than one month may not be converted into or continued as a Eurodollar Borrowing;
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(vi) any portion of a Eurodollar Borrowing that cannot be converted into or continued as a Eurodollar Borrowing by reason of the immediately preceding clause shall be automatically converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing;
(vii) no Interest Period may be selected for any Eurodollar Term Borrowing that would end later than a Repayment Date occurring on or after the first day of such Interest Period if, after giving effect to such selection, the aggregate outstanding amount of (A) the Eurodollar Term Borrowings comprised of 2019 Term G Loans, 2021 Term H Loans or Other Term Loans, as applicable, with Interest Periods ending on or prior to such Repayment Date and (B) the ABR Term Borrowings comprised of 2019 Term G Loans, 2021 Term H Loans or Other Term Loans, as applicable, would not be at least equal to the principal amount of Term Borrowings to be paid on such Repayment Date; and
(viii) upon notice to the Borrower from the Administrative Agent given at the request of the Required Lenders, after the occurrence and during the continuance of a Default or Event of Default, no outstanding Loan may be converted into, or continued as, a Eurodollar Loan.
Each notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this Agreement and specify (i) the identity and amount of the Borrowing that the Borrower requests be converted or continued, (ii) whether such Borrowing is to be converted to or continued as a Eurodollar Borrowing or an ABR Borrowing, (iii) if such notice requests a conversion, the date of such conversion (which shall be a Business Day) and (iv) if such Borrowing is to be converted to or continued as a Eurodollar Borrowing, the Interest Period with respect thereto. If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a Eurodollar Borrowing, then, the Borrower shall be deemed to have selected an Interest Period of one months duration. The Administrative Agent shall advise the Lenders of any notice given pursuant to this Section 2.10 and of each Lenders portion of any converted or continued Borrowing. If the Borrower shall not have given notice in accordance with this Section 2.10 to continue any Borrowing into a subsequent Interest Period (and shall not otherwise have given notice in accordance with this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be continued into an ABR Borrowing.
SECTION 2.11. Repayment of Term Borrowings. (a) (i) The Borrower shall pay to the Administrative Agent, for the account of the 2019 Term G Lenders, on the last Business Day of each March, June, September and December, commencing with the last Business Day of September 2015 (each such date being called a 2019 Term G Loan Repayment Date), or if any such date is not a Business Day, on the next succeeding Business Day, a principal amount of the 2019 Term G Loans (as adjusted from time to time pursuant to Sections 2.12, 2.13(g) and 2.24(d)) equal to 0.25% of the aggregate principal amount of the 2019 Term G Loans outstanding on the effective date of the Incremental Term Loan Assumption Agreement dated as of May 18, 2015, together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment, with the balance payable in full on the 2019 Term G Maturity Date.
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(ii) The Borrower shall pay to the Administrative Agent, for the account of the 2021 Term H Lenders, on the last Business Day of each March, June, September and December, commencing with the last Business Day of September 2015 (each such date being called a 2021 Term H Loan Repayment Date), or if any such date is not a Business Day, on the next succeeding Business Day, a principal amount of the 2021 Term H Loans (as adjusted from time to time pursuant to Sections 2.12, 2.13(g) and 2.24(d)) equal to 0.25% of the aggregate principal amount of the 2021 Term H Loans outstanding on the effective date of the Incremental Term Loan Assumption Agreement dated as of May 18, 2015, together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment, with the balance payable in full on the 2021 Term H Maturity Date.
(iii) The Borrower shall pay to the Administrative Agent, for the account of the Incremental Term Lenders in respect of Incremental Term Loans incurred after the Fourth Restatement Effective Date, on each Incremental Term Loan Repayment Date, a principal amount of the Other Term Loans (as adjusted from time to time pursuant to Sections 2.12, 2.13(g) and 2.24(d)) equal to the amount set forth for such date in the applicable Incremental Term Loan Assumption Agreement, together in each case with accrued and unpaid interest on the principal amount to be paid to but excluding the date of such payment.
(b) To the extent not previously paid, (i) all 2019 Term G Loans shall be due and payable on the 2019 Term G Maturity Date, (ii) all 2021 Term H Loans shall be due and payable on the 2021 Term H Maturity Date and (iii) all Other Term Loans shall be due and payable on the Incremental Term Loan Maturity Date applicable thereto, in each case together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of payment.
(c) All repayments pursuant to this Section 2.11 shall be subject to Section 2.16, but shall otherwise be without premium or penalty.
SECTION 2.12. Optional Prepayment. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon at least three Business Days prior written or fax notice (or telephone notice promptly confirmed by written or fax notice) in the case of Eurodollar Loans, or written or fax notice (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the date of prepayment in the case of ABR Loans, to the Administrative Agent before 11:00 a.m., New York City time; provided, however, that each partial prepayment shall be in an amount that is an integral multiple of $1,000,000 and not less than $3,000,000.
(b) Optional prepayments of Term Loans shall be applied as directed by the Borrower, and if no such direction is provided, pro rata against the remaining scheduled installments of principal due in respect of the Term Loans to be prepaid under Section 2.11.
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(c) Each notice of prepayment shall specify the prepayment date and the principal amount of each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Borrower to prepay such Borrowing by the amount stated therein on the date stated therein; provided that a notice of prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or any other event, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. All prepayments under this Section 2.12 shall be subject to Section 2.16 but otherwise without premium or penalty. All prepayments under this Section 2.12 (other than prepayments of ABR Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment.
SECTION 2.13. Mandatory Prepayments. (a) In the event of any termination of all the Revolving Credit Commitments, the Borrower shall, on the date of such termination, repay or prepay all its outstanding Revolving Credit Borrowings and replace or cause to be canceled (or make other arrangements satisfactory to the Administrative Agent and the Issuing Bank with respect to) all outstanding Letters of Credit. If, after giving effect to any partial reduction of the Revolving Credit Commitments or at any other time, the Aggregate Revolving Credit Exposure would exceed the Total Revolving Credit Commitment, then the Borrower shall, on the date of such reduction or at such other time, repay or prepay Revolving Credit Borrowings and, after the Revolving Credit Borrowings shall have been repaid or prepaid in full, replace or cause to be canceled (or make other arrangements satisfactory to the Administrative Agent and the Issuing Bank with respect to) Letters of Credit in an amount sufficient to eliminate such excess.
(b) Not later than the fifth Business Day after the receipt of aggregate Net Cash Proceeds in respect of Asset Sales in excess of $50,000,000 after the Fourth Amendment and Restatement Effective Date (other than, for the avoidance of doubt, sales of Receivables in a Permitted Receivables Transaction), the Borrower shall apply 100% of the Net Cash Proceeds in excess of such $50,000,000 so received (and not yet used to prepay Term Loans pursuant to this Section 2.13(b)) to prepay outstanding Term Loans in accordance with Section 2.13(g); provided that the Borrower may use a portion of such Net Cash Proceeds to prepay or repurchase Other Senior Secured Debt to the extent any applicable credit agreement, indenture or other agreement governing such Other Senior Secured Debt requires the Borrower to prepay or make an offer to purchase such Other Senior Secured Debt with the proceeds of such Asset Sale, in each case in an amount not to exceed the product of (A) the amount of such Net Cash Proceeds and (B) a fraction, the numerator of which is the outstanding principal amount of such Other Senior Secured Debt and the denominator of which is the sum of the outstanding principal amount of such Other Senior Secured Debt and the outstanding principal amount of Term Loans.
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(c) No later than 95 days after the end of each fiscal year of the Borrower, the Borrower shall prepay outstanding Term Loans in accordance with Section 2.13(g) in an aggregate principal amount equal to (x) 75% of Excess Cash Flow for the fiscal year then ended, minus (y) Voluntary Prepayments made during such fiscal year; provided that such percentage shall be reduced to 50% if the First Lien Net Leverage Ratio as of the end of such fiscal year was less than 4.00 to 1.00 but equal to or greater than 3.00 to 1.00 and such percentage shall be reduced to 25% if the First Lien Net Leverage Ratio as of the end of such fiscal year was less than 3.00 to 1.00.
(d) In the event that Parent or any of its subsidiaries shall receive Net Cash Proceeds from the issuance or incurrence of Indebtedness for money borrowed (other than any cash proceeds from the issuance of Indebtedness for money borrowed permitted pursuant to Section 6.01), the Borrower shall, substantially simultaneously with (and in any event not later than the fifth Business Day next following) the receipt of such Net Cash Proceeds by Parent or such subsidiary, apply an amount equal to 100% of such Net Cash Proceeds to prepay outstanding Term Loans in accordance with Section 2.13(g).
(e) [Intentionally Omitted].
(f) Notwithstanding the foregoing, any Term Lender may elect, by written notice delivered to the Administrative Agent not later than 5:00 p.m. New York City time one Business Day after the date of such Lenders receipt of notice regarding such prepayment (or, if different, at the time and in the manner otherwise specified by the Administrative Agent in such notice of prepayment), to decline all (but not less than all) of any mandatory prepayment of its Term Loans pursuant to this Section 2.13 (such declined amounts, the Declined Proceeds). To the extent Term Lenders elect to decline their pro rata shares of such Declined Proceeds, such remaining Declined Proceeds may be retained by the Borrower.
(g) Mandatory prepayments of outstanding Term Loans under this Agreement shall be allocated pro rata among the 2019 Term G Loans, the 2021 Term H Loans and the Other Term Loans and first applied in order of maturity of the scheduled installments of principal due in respect of the 2019 Term G Loans, the 2021 Term H Loans and the Other Term Loans under Sections 2.11(a)(i), (ii) and (iii) for the first eight installments following such mandatory prepayment (commencing with the first such scheduled installment pursuant to Sections 2.11(a)(i), (ii) and (iii)) and, if applicable, thereafter applied pro rata against the remaining scheduled installments of principal due in respect of the 2019 Term G Loans, the 2021 Term H Loans and the Other Term Loans under Sections 2.11(a)(i), (ii) and (iii), respectively. The amount of any mandatory prepayment in respect of Term Loans of any Class shall be applied first to Term Loans of such Class that are ABR Loans to the full extent thereof before application to Term Loans of such Class that are Eurodollar Loans, in a manner that minimizes the amount of any payments required to be made by the Borrower pursuant to Section 2.16. Notwithstanding the foregoing provisions of this Section 2.13(g), the proceeds of any Pari Passu Debt shall not be required to be applied to prepay the 2021 Term H Loans until the 2019 Term G Loans have been repaid in full and until such time any such
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proceeds shall be allocated to the payment of the Term Loans in accordance with Section 2.13(g) as if no 2021 Term H Loans were outstanding. From and after the time that the 2019 Term G Loans are no longer outstanding, the proceeds of any Pari Passu Debt shall be applied in accordance with this Section 2.13(g) without giving effect to the prior sentence of this Section 2.13(g).
(h) The Borrower shall deliver to the Administrative Agent, at the time of each prepayment required under this Section 2.13(b), (c) or (d), as applicable, (i) a certificate signed by a Financial Officer of the Borrower setting forth in reasonable detail the calculation of the amount of such prepayment and (ii) to the extent practicable, at least two days prior written notice of such prepayment. Each notice of prepayment shall specify the prepayment date, the Type of each Loan being prepaid and the principal amount of each Loan (or portion thereof) to be prepaid. All prepayments of Borrowings under this Section 2.13 shall be subject to Section 2.16, but shall otherwise be without premium or penalty, and shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment (which interest amounts shall reduce the amount of Net Cash Proceeds required to be applied to prepay the Loans).
SECTION 2.14. Reserve Requirements; Change in Circumstances. (a) Notwithstanding any other provision of this Agreement, if any Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of or credit extended by any Lender or the Issuing Bank (except any such reserve requirement which is reflected in the Adjusted LIBO Rate) or shall impose on such Lender or the Issuing Bank or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein, and the result of any of the foregoing shall be to increase the cost to such Lender or the Issuing Bank of making or maintaining any Eurodollar Loan or increase the cost to any Lender of issuing or maintaining any Letter of Credit or purchasing or maintaining a participation therein or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise) by an amount deemed by such Lender or the Issuing Bank to be material, then the Borrower will pay to such Lender or the Issuing Bank, as the case may be, from time to time such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered.
(b) If any Lender or the Issuing Bank shall have determined that any Change in Law regarding capital adequacy or liquidity has or would have the effect of reducing the rate of return on such Lenders or the Issuing Banks capital or on the capital of such Lenders or the Issuing Banks holding company, if any, as a consequence of this Agreement or the Loans made or participations in Letters of Credit purchased by such Lender pursuant hereto or the Letters of Credit issued by the Issuing Bank pursuant hereto to a level below that which such Lender or the Issuing Bank or such Lenders or the Issuing Banks holding company could have achieved but for such Change in Law (taking into consideration such Lenders or the Issuing Banks policies and the policies of such Lenders or the Issuing Banks holding company with respect to capital adequacy or
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liquidity) by an amount deemed by such Lender or the Issuing Bank to be material, then from time to time the Borrower shall pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lenders or the Issuing Banks holding company for any such reduction suffered.
(c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing Bank or its holding company, as applicable, as specified in paragraph (a) or (b) above shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank the amount shown as due on any such certificate delivered by it within 30 days after its receipt of the same.
(d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation for any increased costs or reduction in amounts received or receivable or reduction in return on capital shall not constitute a waiver of such Lenders or the Issuing Banks right to demand such compensation; provided that the Borrower shall not be under any obligation to compensate any Lender or the Issuing Bank under paragraph (a) or (b) above with respect to increased costs or reductions with respect to any period prior to the date that is 120 days prior to such request if such Lender or the Issuing Bank knew or could reasonably have been expected to know of the circumstances giving rise to such increased costs or reductions and of the fact that such circumstances would result in a claim for increased compensation by reason of such increased costs or reductions; provided further that the foregoing limitation shall not apply to any increased costs or reductions arising out of the retroactive application of any Change in Law within such 120-day period. The protection of this Section shall be available to each Lender and the Issuing Bank regardless of any possible contention of the invalidity or inapplicability of the Change in Law that shall have occurred or been imposed.
SECTION 2.15. Change in Legality. (a) Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then, by written notice to the Borrower and to the Administrative Agent:
(i) such Lender may declare that Eurodollar Loans will not thereafter (for the duration of such unlawfulness) be made by such Lender hereunder (or be continued for additional Interest Periods) and ABR Loans will not thereafter (for such duration) be converted into Eurodollar Loans, whereupon any request for a Eurodollar Borrowing (or to convert an ABR Borrowing to a Eurodollar Borrowing or to continue a Eurodollar Borrowing for an additional Interest Period) shall, as to such Lender only, be deemed a request for an ABR Loan (or a request to continue an ABR Loan as such for an additional Interest Period or to convert a Eurodollar Loan into an ABR Loan, as the case may be), unless such declaration shall be subsequently withdrawn; and
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(ii) such Lender may require that all outstanding Eurodollar Loans made by it be converted to ABR Loans, in which event all such Eurodollar Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in paragraph (b) below.
In the event any Lender shall exercise its rights under (i) or (ii) above, all payments and prepayments of principal that would otherwise have been applied to repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Loans.
(b) For purposes of this Section 2.15, a notice to the Borrower by any Lender shall be effective as to each Eurodollar Loan made by such Lender, if lawful, on the last day of the Interest Period then applicable to such Eurodollar Loan; in all other cases such notice shall be effective on the date of receipt by the Borrower.
SECTION 2.16. Indemnity. The Borrower shall indemnify each Lender against any loss or expense (but not against any lost profits) that such Lender may sustain or incur as a consequence of (a) any event, other than a default by such Lender in the performance of its obligations hereunder, which results in (i) such Lender receiving or being deemed to receive any amount on account of the principal of any Eurodollar Loan prior to the end of the Interest Period in effect therefor, (ii) the conversion of any Eurodollar Loan to an ABR Loan, or the conversion of the Interest Period with respect to any Eurodollar Loan, in each case other than on the last day of the Interest Period in effect therefor, or (iii) any Eurodollar Loan to be made by such Lender (including any Eurodollar Loan to be made pursuant to a conversion or continuation under Section 2.10) not being made after notice of such Loan shall have been given by the Borrower hereunder (any of the events referred to in this clause (a) being called a Breakage Event) or (b) any default in the making of any payment or prepayment of any Eurodollar Loan required to be made hereunder. In the case of any Breakage Event, such loss shall include an amount equal to the excess, as reasonably determined by such Lender, of (i) its cost of obtaining funds for the Eurodollar Loan that is the subject of such Breakage Event for the period from the date of such Breakage Event to the last day of the Interest Period in effect (or that would have been in effect) for such Loan over (ii) the amount of interest likely to be realized by such Lender in redeploying the funds released or not utilized by reason of such Breakage Event for such period. A certificate of any Lender setting forth any amount or amounts which such Lender is entitled to receive pursuant to this Section 2.16 shall be delivered to the Borrower and shall be conclusive absent manifest error.
SECTION 2.17. Pro Rata Treatment. Except as required under Section 2.13(f) or 2.15, each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on the Loans, each payment of the Commitment Fees, each reduction of the Term Loan Commitments or the Revolving Credit Commitments and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be allocated pro rata among the Lenders in accordance with their respective applicable Commitments (or, if such Commitments shall have expired or been
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terminated, in accordance with the respective principal amounts of their outstanding Loans). Each Lender agrees that in computing such Lenders portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lenders percentage of such Borrowing to the next higher or lower whole dollar amount.
SECTION 2.18. Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise of a right of bankers lien, setoff or counterclaim against the Borrower or any other Loan Party, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other security or interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means (excluding means expressly contemplated elsewhere in this Agreement), obtain payment (voluntary or involuntary) in respect of any Loan or Loans or L/C Disbursement as a result of which the unpaid principal portion of its Loans and participations in L/C Disbursements shall be proportionately less than the unpaid principal portion of the Loans and participations in L/C Disbursements of any other Lender, it shall be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly pay to such other Lender the purchase price for, a participation in the Loans and L/C Exposure of such other Lender, so that the aggregate unpaid principal amount of the Loans and L/C Exposure and participations in Loans and L/C Exposure held by each Lender shall be in the same proportion to the aggregate unpaid principal amount of all Loans and L/C Exposure then outstanding as the principal amount of its Loans and L/C Exposure prior to such exercise of bankers lien, setoff or counterclaim or other event was to the principal amount of all Loans and L/C Exposure outstanding prior to such exercise of bankers lien, setoff or counterclaim or other event; provided, however, that if any such purchase or purchases or adjustments shall be made pursuant to this Section 2.18 and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or adjustment restored without interest. The Borrower and Parent expressly consent to the foregoing arrangements and agree that any Lender holding a participation in a Loan or L/C Disbursement deemed to have been so purchased may exercise any and all rights of bankers lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower and Parent to such Lender by reason thereof as fully as if such Lender had made a Loan directly to the Borrower in the amount of such participation.
SECTION 2.19. Payments. (a) The Borrower shall make each payment (including principal of or interest on any Borrowing or any L/C Disbursement or any Fees or other amounts) hereunder and under any other Loan Document not later than 1:00 p.m., New York City time, on the date when due in immediately available dollars, without setoff, defense or counterclaim. Each such payment (other than Issuing Bank Fees, which shall be paid directly to the Issuing Bank) shall be made to the Administrative Agent at its offices at Eleven Madison Avenue, New York, NY 10010. The Administrative Agent shall promptly distribute to each Lender any payments received by the Administrative Agent on behalf of such Lender.
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(b) Except as otherwise expressly provided herein, whenever any payment (including principal of or interest on any Borrowing or any Fees or other amounts) hereunder or under any other Loan Document shall become due, or otherwise would occur, on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of interest or Fees, if applicable.
(c) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower does not in fact make such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, and to pay interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error).
SECTION 2.20. Taxes. (a) Any and all payments by or on account of any obligation of the Borrower or any other Loan Party hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Taxes, except as required by applicable law. If the Borrower or any other Loan Party shall be required to deduct or withhold any Tax from such payment, then (i) if such Tax is an Indemnified Tax or Other Tax, the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or such Loan Party shall make such deductions and (iii) the Borrower or such Loan Party shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.
(b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.
(c) The Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower or any other Loan Party hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto; provided that the Borrower shall not be obligated to so indemnify any Lender, the Administrative Agent or the Issuing Bank in respect of interest or penalties attributable to any Indemnified Taxes or Other Taxes to the extent that such interest or penalties resulted solely from the gross negligence or willful misconduct of the Administrative Agent or
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such Lender or the Issuing Bank. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or the Issuing Bank, or by the Administrative Agent on behalf of itself, a Lender or the Issuing Bank, shall be conclusive absent manifest error.
(d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower or any other Loan Party to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.
(e) (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax (including U.S. federal backup withholding Tax) under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate.
(ii) If a payment made to a Lender or Issuing Bank under this Agreement or any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender or Issuing Bank were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472((b) of the Code, as applicable), such Lender or Issuing Bank shall deliver to the Withholding Agent, at the time or times prescribed by law and at such other time or times reasonably requested by the Withholding Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Lender or Issuing Bank has complied with such Lender or Issuing Banks obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (ii), FATCA shall include any amendments made to FATCA after the date of this Agreement.
(f) Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lenders failure to comply with the provisions of Section 9.04(f) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority;
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provided that this paragraph (f) shall not create any additional obligation of the Borrower hereunder. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (f).
SECTION 2.21. Assignment of Commitments Under Certain Circumstances; Duty to Mitigate. (a) In the event (i) any Lender or the Issuing Bank delivers a certificate requesting compensation pursuant to Section 2.14, (ii) any Lender or the Issuing Bank delivers a notice described in Section 2.15, (iii) the Borrower is required to pay any additional amount to any Lender or the Issuing Bank or any Governmental Authority on account of any Lender or the Issuing Bank pursuant to Section 2.20, (iv) any Lender refuses to consent to any amendment, waiver or other modification of any Loan Document requested by the Borrower that requires the consent of a greater percentage of the Lenders than the Required Lenders and such amendment, waiver or other modification is consented to by the Required Lenders, (v) any Lender refuses to consent to any Loan Modification Offer, and such Loan Modification Offer is consented to by Lenders holding a majority in interest of the Affected Class or (vi) any Lender becomes a Defaulting Lender, then, in each case, the Borrower may, at its sole expense and effort (including with respect to the processing and recordation fee referred to in Section 9.04(b)), upon notice to such Lender or the Issuing Bank, as the case may be, and the Administrative Agent, require such Lender or the Issuing Bank to transfer and assign, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all of its interests, rights and obligations under this Agreement (or, in the case of clause (iv), (v) or (vi) above, all of its interests, rights and obligations with respect to the Class of Loans or Commitments that is the subject of the related consent, amendment, waiver or other modification or in respect of which such Lender is a Defaulting Lender, as the case may be) to an Eligible Assignee that shall assume such assigned obligations and, with respect to clause (iv) or (v) above, shall consent to such requested amendment, waiver or other modification of any Loan Document (which Eligible Assignee may be another Lender, if a Lender accepts such assignment); provided that (x) such assignment shall not conflict with any law, rule or regulation or order of any court or other Governmental Authority having jurisdiction, (y) the Borrower shall have received the prior written consent of the Administrative Agent (and, if a Revolving Credit Commitment is being assigned, of the Issuing Bank), which consents shall not unreasonably be withheld or delayed, and (z) the Borrower or such Eligible Assignee shall have paid to the affected Lender or the Issuing Bank in immediately available funds an amount equal to the sum of the principal of and interest accrued to the date of such payment on the outstanding Loans or L/C Disbursements of such Lender or the Issuing Bank, respectively, plus all Fees (except, in the case of a Defaulting Lender, any Fees not required to be paid to such Defaulting Lender pursuant to the express provisions of this Agreement) and other amounts accrued for the account of such Lender or the Issuing Bank hereunder with respect thereto (including any amounts under Sections 2.14 and 2.16); provided, further that, if prior to any such transfer and assignment the circumstances or event that resulted in such Lenders or the Issuing Banks claim for
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compensation under Section 2.14, notice under Section 2.15 or the amounts paid pursuant to Section 2.20, as the case may be, cease to cause such Lender or the Issuing Bank to suffer increased costs or reductions in amounts received or receivable or reduction in return on capital, or cease to have the consequences specified in Section 2.15, or cease to result in amounts being payable under Section 2.20, as the case may be (including as a result of any action taken by such Lender or the Issuing Bank pursuant to paragraph (b) below), or if such Lender or the Issuing Bank shall waive its right to claim further compensation under Section 2.14 in respect of such circumstances or event or shall withdraw its notice under Section 2.15 or shall waive its right to further payments under Section 2.20 in respect of such circumstances or event or shall consent to the proposed amendment, waiver, consent or other modification or shall cease to be a Defaulting Lender, as the case may be, then such Lender or the Issuing Bank shall not thereafter be required to make any such transfer and assignment hereunder. Each Lender hereby grants to the Administrative Agent an irrevocable power of attorney (which power is coupled with an interest) to execute and deliver, on behalf of such Lender as assignor, any Assignment and Acceptance necessary to effectuate any assignment of such Lenders interests hereunder in the circumstances contemplated by this Section 2.21(a).
(b) If (i) any Lender or the Issuing Bank shall request compensation under Section 2.14, (ii) any Lender or the Issuing Bank delivers a notice described in Section 2.15 or (iii) the Borrower is required to pay any additional amount to any Lender or the Issuing Bank or any Governmental Authority on account of any Lender or the Issuing Bank, pursuant to Section 2.20, then such Lender or the Issuing Bank shall use reasonable efforts (which shall not require such Lender or the Issuing Bank to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any action inconsistent with its internal policies or legal or regulatory restrictions or suffer any disadvantage or burden deemed by it to be significant) (x) to file any certificate or document reasonably requested in writing by the Borrower or (y) to assign its rights and delegate and transfer its obligations hereunder to another of its offices, branches or affiliates, if such filing or assignment would reduce its claims for compensation under Section 2.14 or enable it to withdraw its notice pursuant to Section 2.15 or would reduce amounts payable pursuant to Section 2.20, as the case may be, in the future. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the Issuing Bank in connection with any such filing or assignment, delegation and transfer.
SECTION 2.22. [Reserved].
SECTION 2.23. Letters of Credit. (a) General. Subject to the terms and conditions herein set forth, the Borrower may request the issuance of a Letter of Credit for its own account or for the account of any of the Subsidiaries (in which case the Borrower and such Subsidiary shall be co-applicants with respect to such Letter of Credit), in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time while the L/C Commitment remains in effect. This Section shall not be construed to impose an obligation upon the Issuing Bank to issue any Letter of Credit that is inconsistent with the terms and conditions of this Agreement. Notwithstanding anything to the contrary contained in this Section 2.23 or
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elsewhere in this Agreement, (i) in the event that a Revolving Credit Lender is a Defaulting Lender, no Issuing Bank shall be required to issue any Letter of Credit unless such Issuing Bank has entered into arrangements reasonably satisfactory to it and the Borrower to eliminate such Issuing Banks risk with respect to the participation in Letters of Credit by all such Defaulting Lenders, including by cash collateralizing each such Defaulting Lenders Pro Rata Percentage of the applicable L/C Exposure, and (ii) if agreed to between the Borrower and any Issuing Bank in writing, the obligation of such Issuing Bank (and its Affiliates) to issue, extend or renew any Letters of Credit under this Agreement may be terminated (in whole or in part) as provided therein.
(b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. In order to request the issuance of a Letter of Credit (or to amend, renew or extend an existing Letter of Credit), the Borrower shall hand deliver or fax to the Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, the date of issuance, amendment, renewal or extension, the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) below), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare such Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if, and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that, after giving effect to such issuance, amendment, renewal or extension (i) the L/C Exposure shall not exceed $150,000,000 and (ii) the Aggregate Revolving Credit Exposure shall not exceed the Total Revolving Credit Commitment.
(c) Expiration Date. Each Letter of Credit shall expire at the close of business on the earlier of the date one year after the date of the issuance of such Letter of Credit and the date that is five Business Days prior to the Revolving Credit Maturity Date, unless such Letter of Credit expires by its terms on an earlier date; provided, however, that a Letter of Credit may, upon the request of the Borrower, include a provision whereby such Letter of Credit shall be renewed automatically for additional consecutive periods of 12 months or less (but not beyond the date that is five Business Days prior to the Revolving Credit Maturity Date) unless the Issuing Bank notifies the beneficiary thereof at least 30 days (or such longer period as may be specified in such Letter of Credit) prior to the then-applicable expiration date that such Letter of Credit will not be renewed.
(d) Participations. By the issuance of a Letter of Credit and without any further action on the part of the Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Revolving Credit Lender, and each such Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lenders Pro Rata Percentage of the aggregate amount available to be drawn under such Letter of Credit, effective upon the issuance of such Letter of Credit or, in the case of the Existing Letters of Credit, effective upon the Fourth Restatement Effective Date. In consideration and in furtherance of the foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing
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Bank, such Lenders Pro Rata Percentage of each L/C Disbursement made by the Issuing Bank and not reimbursed by the Borrower (or, if applicable, another party pursuant to its obligations under any other Loan Document) forthwith on the date due as provided in Section 2.02(f). Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or an Event of Default, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.
(e) Reimbursement. If the Issuing Bank shall make any L/C Disbursement in respect of a Letter of Credit, the Borrower shall pay to the Administrative Agent an amount equal to such L/C Disbursement not later than 1:00 p.m., New York City time, on the immediately following Business Day after the Issuing Bank notifies the Borrower thereof.
(f) Obligations Absolute. The Borrowers obligations to reimburse L/C Disbursements as provided in paragraph (e) above shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, under any and all circumstances whatsoever, and irrespective of:
(i) any lack of validity or enforceability of any Letter of Credit or any Loan Document, or any term or provision therein;
(ii) any amendment or waiver of or any consent to departure from all or any of the provisions of any Letter of Credit or any Loan Document;
(iii) the existence of any claim, setoff, defense or other right that the Borrower, any other party guaranteeing, or otherwise obligated with, the Borrower, any Subsidiary or other Affiliate thereof or any other person may at any time have against the beneficiary under any Letter of Credit, the Issuing Bank, the Administrative Agent or any Lender or any other person, whether in connection with this Agreement, any other Loan Document or any other related or unrelated agreement or transaction;
(iv) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect;
(v) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit; and
(vi) any other act or omission to act or delay of any kind of the Issuing Bank, the Lenders, the Administrative Agent or any other person or any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of the Borrowers obligations hereunder.
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Without limiting the generality of the foregoing, it is expressly understood and agreed that the absolute and unconditional obligation of the Borrower hereunder to reimburse L/C Disbursements will not be excused by the gross negligence or willful misconduct of the Issuing Bank. However, the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Banks gross negligence, bad faith or willful misconduct in determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. It is further understood and agreed that the Issuing Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary and, in making any payment under any Letter of Credit (i) the Issuing Banks exclusive reliance on the documents presented to it under such Letter of Credit as to any and all matters set forth therein, including reliance on the amount of any draft presented under such Letter of Credit, whether or not the amount due to the beneficiary thereunder equals the amount of such draft and whether or not any document presented pursuant to such Letter of Credit proves to be insufficient in any respect, if such document on its face appears to be in order, and whether or not any other statement or any other document presented pursuant to such Letter of Credit proves to be forged or invalid or any statement therein proves to be inaccurate or untrue in any respect whatsoever and (ii) any noncompliance in any immaterial respect of the documents presented under such Letter of Credit with the terms thereof shall, in each case, be deemed not to constitute gross negligence or willful misconduct of the Issuing Bank.
(g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall as promptly as possible give telephonic notification, confirmed by fax, to the Administrative Agent and the Borrower of such demand for payment and whether the Issuing Bank has made or will make an L/C Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Revolving Credit Lenders with respect to any such L/C Disbursement.
(h) Interim Interest. If the Issuing Bank shall make any L/C Disbursement in respect of a Letter of Credit, then, unless the Borrower shall reimburse such L/C Disbursement in full on such date, the unpaid amount thereof shall bear interest for the account of the Issuing Bank, for each day from and including the date of such L/C Disbursement, to but excluding the earlier of the date of payment by the Borrower or the date on which interest shall commence to accrue thereon as provided in Section 2.02(f), at the rate per annum that would apply to such amount if such amount were an ABR Revolving Loan.
(i) Resignation or Removal of the Issuing Bank. The Issuing Bank may resign at any time by giving 30 days prior written notice to the Administrative Agent, the Lenders and the Borrower, and may be removed at any time by the Borrower by notice to the Issuing Bank, the Administrative Agent and the Lenders. Upon the
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acceptance of any appointment as the Issuing Bank hereunder by a Lender that shall agree to serve as successor Issuing Bank, such successor shall succeed to and become vested with all the interests, rights and obligations of the retiring Issuing Bank. At the time such removal or resignation shall become effective, the Borrower shall pay all accrued and unpaid fees pursuant to Section 2.05(c)(ii). The acceptance of any appointment as the Issuing Bank hereunder by a successor Lender shall be evidenced by an agreement entered into by such successor, in a form satisfactory to the Borrower and the Administrative Agent, and, from and after the effective date of such agreement, (i) such successor Lender shall have all the rights and obligations of the previous Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term Issuing Bank shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the resignation or removal of the Issuing Bank hereunder, the retiring Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents with respect to Letters of Credit issued by it prior to such resignation or removal, but shall not be required to issue additional Letters of Credit.
(j) Cash Collateralization. If any Event of Default shall occur and be continuing, the Borrower shall, on the Business Day it receives notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Credit Lenders holding participations in outstanding Letters of Credit representing greater than 50% of the aggregate undrawn amount of all outstanding Letters of Credit) thereof and of the amount to be deposited, deposit in an account with the Collateral Agent, for the benefit of the Revolving Credit Lenders, an amount in cash equal to the L/C Exposure as of such date. Such deposit shall be held by the Collateral Agent as collateral for the payment and performance of the Obligations. The Collateral Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits in Permitted Investments, which investments shall be made at the option and sole discretion of the Collateral Agent, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall (i) automatically be applied by the Administrative Agent to reimburse the Issuing Bank for L/C Disbursements for which it has not been reimbursed, (ii) be held for the satisfaction of the reimbursement obligations of the Borrower for the L/C Exposure at such time and (iii) if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Credit Lenders holding participations in outstanding Letters of Credit representing greater than 50% of the aggregate undrawn amount of all outstanding Letters of Credit), be applied to satisfy the Obligations. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived. Notwithstanding the foregoing, following the incurrence by the Borrower or any Subsidiary of any Other Senior Secured Debt, the treatment and application of any amounts provided by the Borrower as cash collateral hereunder shall be subject to the terms and provisions of any applicable Pari Passu Intercreditor Agreement and, in the event of any conflict between the terms of such Pari Passu Intercreditor Agreement and the terms of this paragraph (j), the terms of such Pari Passu Intercreditor Agreement shall govern.
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(k) Additional Issuing Banks. The Borrower may, at any time and from time to time with the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed) and such Lender, designate one or more additional Lenders to act as an issuing bank under the terms of this Agreement. Any Lender designated as an issuing bank pursuant to this paragraph (k) shall be deemed to be an Issuing Bank (in addition to being a Lender) in respect of Letters of Credit issued or to be issued by such Lender, and, with respect to such Letters of Credit, such term shall thereafter apply to the other Issuing Bank and such Lender.
SECTION 2.24. Incremental Term Loans. (a) The Borrower may, by written notice to the Administrative Agent from time to time, request Incremental Term Loan Commitments in an amount not to exceed the Incremental Amount from one or more Incremental Term Lenders, which may include any existing Lender; provided that each Incremental Term Lender, if not already a Lender hereunder or Affiliate of a Lender or an Approved Fund, shall be subject to the approval of the Administrative Agent (which approval shall not be unreasonably withheld or delayed). Such notice shall set forth (i) the amount of the Incremental Term Loan Commitments being requested (which shall be in minimum increments of $1,000,000 and a minimum amount of $25,000,000 or such lesser amount equal to the remaining Incremental Amount), (ii) the date on which such Incremental Term Loan Commitments are requested to become effective, and (iii) whether such Incremental Term Loan Commitments are commitments to make additional 2021 Term H Loans or commitments to make term loans with terms different from the 2021 Term H Loans, including Other Term A Loans (Other Term Loans).
(b) The Borrower and each Incremental Term Lender shall execute and deliver to the Administrative Agent an Incremental Term Loan Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Term Loan Commitment of each Incremental Term Lender. Each Incremental Term Loan Assumption Agreement shall specify the terms of the Incremental Term Loans to be made thereunder; provided that, without the prior written consent of the Required Lenders, (i) the final maturity date of any Other Term Loans (other than any Other Term A Loans) shall be no earlier than the Latest Term Loan Maturity Date in effect at the time the Incremental Term Loan Commitments with respect to such Other Term Loans become effective (or, in the case of Other Term Loans all of the proceeds of which will be used to repay existing Term Loans (other than Other Term A Loans), the latest maturity date of such refinanced Term Loans), (ii) the average life to maturity of the Other Term Loans (other than any Other Term A Loans) shall be no shorter than the then remaining average life to maturity of any other Class of Loans (or, in the case of Other Term Loans all of the proceeds of which will be used to repay existing Term Loans (other than Other Term A Loans), the then remaining average life to maturity of such refinanced Term Loans) and (iii) if the initial yield (excluding upfront or arrangement or similar fees payable to the arranger, if any, of such loan) on such Other Term Loans (as determined by the Administrative Agent to be equal to the sum of (x) the margin above the Adjusted LIBO Rate on such Other Term Loans (the Other Term
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Loan Margin) (which shall be increased by the amount that any LIBOR floor applicable to such Other Term Loans on the date such Other Term Loans are made would exceed the Adjusted LIBO Rate that would be in effect for a three-month Interest Period commencing on such date) and (y) if such Other Term Loans are initially made at a discount or the Lenders making the same (as opposed to the arranger, if any, thereof) receive a fee directly or indirectly from Parent, the Borrower or any Subsidiary for doing so (the amount of such discount or fee, expressed as a percentage of the Other Term Loans, being referred to herein as OID), the amount of such OID divided by the lesser of (A) the average life to maturity of such Other Term Loans and (B) four) exceeds by more than 50 basis points the sum of (1) the margin applicable for Eurodollar Term Loans of any Class (other than Other Term A Loans and any other Class of Term Loans that does not elect to be subject to this clause (iii) in its Incremental Term Loan Assumption Agreement or Loan Modification Agreement) (which margin shall be the sum of the Applicable Percentage for Eurodollar Term Loans of such Class (determined, solely for purposes of this Section 2.24, by reference to the Secured Net Leverage Ratio and the Total Leverage Ratio, as and to the extent applicable, in each case calculated on a pro forma basis after giving effect to any Specified Transaction to which such Other Term Loans relate and any Indebtedness incurred or expected to be incurred in connection therewith) (such margin, the Other Term Loan Reference Margin) increased by the amount that any LIBOR floor applicable to such Eurodollar Term Loans on such date would exceed the Adjusted LIBO Rate that would be in effect for a three-month Interest Period commencing on such date) plus (2) the OID (if any) initially paid in respect of such Term Loans (for any Class of Term Loans, the applicable amount of such excess above 50 basis points being referred to herein as the Yield Differential) then (I) the Applicable Percentage then in effect for such Class of Term Loans shall automatically be increased to the Other Term Loan Reference Margin plus the applicable Yield Differential (or, in the case of that portion, if any, of the Yield Differential resulting from the LIBOR floor applicable to such Other Term Loans being greater than that applicable to such Class of Term Loans on the date such Other Term Loans are made, by first increasing or (if no LIBOR floor is applicable to such Class of Term Loans at such time) by adding a LIBOR floor with respect to such portion of the Yield Differential), (II) each interest rate margin with respect to such Class of Term Loans set forth in the definition of Applicable Percentage shall be increased by the Yield Differential (or, in the case of that portion, if any, of the Yield Differential resulting from the LIBOR floor applicable to such Other Term Loans being greater than that applicable to such Class of Term Loans on the date such Other Term Loans are made, by first increasing or (if no LIBOR floor is applicable to such Class of Term Loans at such time) by adding a LIBOR floor with respect to such portion of the Yield Differential) and (III) the Applicable Percentage for such Class of Term Loans will thereafter be determined in accordance with the definition of Applicable Percentage as so amended and by reference to the Secured Net Leverage Ratio or Leverage Ratio, as the case may be and to the extent applicable; provided that in the event that the Applicable Percentage with respect to any such Class of Term Loans would be subject to any decrease as a result of any change in the Secured Net Leverage Ratio or the Leverage Ratio, as the case may be and to the extent applicable, the amount of any such decrease in the Applicable Percentage with respect to such Class of Term Loans shall not exceed the amount of any
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corresponding decrease, if any, in the Other Term Loan Margin as a result of such changes in the Secured Net Leverage Ratio and the Total Leverage Ratio, as the case may be and to the extent applicable, in each case effective upon the incurrence of such Other Term Loans. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Term Loan Assumption Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Incremental Term Loan Assumption Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loan Commitment and the Incremental Term Loans evidenced thereby.
(c) Notwithstanding the foregoing, no Incremental Term Loan Commitment shall become effective under this Section 2.24 unless (i) on the date of such effectiveness, the applicable conditions set forth in paragraphs (b) and (c) of Section 4.01 shall be satisfied and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower and (ii) except as otherwise specified in the applicable Incremental Term Loan Assumption Agreement, the Administrative Agent shall have received legal opinions, board resolutions and other closing certificates reasonably requested by the Administrative Agent and consistent with those delivered on the Closing Date under Section 4.02 of the Original Credit Agreement.
(d) Each of the parties hereto hereby agrees that the Administrative Agent may, in consultation with the Borrower, take any and all action as may be reasonably necessary to ensure that all Incremental Term Loans (other than Other Term Loans), when originally made, are included in each Borrowing of outstanding 2021 Term H Loans on a pro rata basis. This may be accomplished by requiring each outstanding Eurodollar 2021 Term H Term Loan Borrowing to be converted into an ABR Term Borrowing on the date of each Incremental Term Loan, or by allocating a portion of each Incremental Term Loan to each outstanding Eurodollar 2021 Term H Loan Borrowing on a pro rata basis. Any conversion of Eurodollar Term Loans to ABR Term Loans required by the preceding sentence shall be subject to Section 2.16. If any Incremental Term Loan is to be allocated to an existing Interest Period for a Eurodollar Term Borrowing, then the interest rate thereon for such Interest Period and the other economic consequences thereof shall be as set forth in the applicable Incremental Term Loan Assumption Agreement. In addition, to the extent any Incremental Term Loans are not Other Term Loans, the scheduled amortization payments under Section 2.11(a)(iii) required to be made after the making of such Incremental Term Loans shall be ratably increased by the aggregate principal amount of such Incremental Term Loans.
SECTION 2.25. Loan Modification Offers; Replacement Revolving Credit Facility. (a) The Borrower may, by written notice to the Administrative Agent from time to time, make one or more offers (each, a Loan Modification Offer) to all the Lenders of one or more Classes of Loans and/or Commitments (each Class subject to such a Loan Modification Offer, an Affected Class) to make one or more Permitted Amendments pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower. Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such Permitted Amendment is requested to become effective. Permitted Amendments shall
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become effective only with respect to the Loans and/or Commitments of the Lenders of the Affected Class that accept the applicable Loan Modification Offer (such Lenders, the Accepting Lenders) and, in the case of any Accepting Lender, only with respect to such Lenders Loans and/or Commitments of such Affected Class as to which such Lenders acceptance has been made.
(b) The Borrower and each Accepting Lender shall execute and deliver to the Administrative Agent a Loan Modification Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Loan Modification Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Loan Modification Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Permitted Amendment evidenced thereby and only with respect to the applicable Loans and/or Commitments of the Accepting Lenders of the Affected Class, including any amendments necessary to treat the applicable Loans and/or Commitments of the Accepting Lenders of the Affected Class as a new Class of loans and/or commitments hereunder. Notwithstanding the foregoing, no Permitted Amendment shall become effective unless the Administrative Agent, to the extent reasonably requested by the Administrative Agent, shall have received legal opinions, board resolutions, officers and secretarys certificates and other documentation consistent with those delivered on the First Restatement Effective Date under the First Amendment and Restatement Agreement.
(c) Permitted Amendments means any or all of the following: (i) an extension of the final maturity date and/or amortization applicable to the applicable Loans and/or Commitments of the Accepting Lenders, (ii) a change in the Applicable Percentage with respect to the applicable Loans and/or Commitments of the Accepting Lenders, (iii) a change in the Fees payable to (or the inclusion of additional fees to be payable to) the Accepting Lenders, (iv) changes to any prepayment premiums with respect to the applicable Loans and Commitments, (v) such amendments to this Agreement and the other Loan Documents as shall be appropriate, in the reasonable judgment of the Administrative Agent, to provide the rights and benefits of this Agreement and other Loan Documents to each new Class of loans and/or commitments resulting therefrom and (vi) additional amendments to the terms of this Agreement applicable to the applicable Loans and/or Commitments of the Accepting Lenders that are less favorable to such Accepting Lenders than the terms of this Agreement prior to giving effect to such Permitted Amendments and that are reasonably acceptable to the Administrative Agent; provided that, if any such Permitted Amendment shall create a new Class of Revolving Credit Commitments, (A) the allocation of the participation exposure with respect to any then-existing or subsequently issued or made Letter of Credit as between the commitments of such new Class and the Commitments of the then-existing Revolving Credit Lenders shall be made on a ratable basis as between the commitments of such new Class and the Commitments of the then-existing Revolving Credit Lenders and (B) the L/C Commitment may not be extended without the prior written consent of the Issuing Bank; provided, further, that in the case of any Loan
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Modification Offer with respect to the 2019 Term G Loans, if the yield (excluding arrangement or similar fees payable to the arranger, if any, of such Loan Modification Offer) on such 2019 Term G Loans (such 2019 Term G Loans as modified by such Loan Modification Offer, the Modified 2019 Term G Loans) (as determined by the Administrative Agent to be equal to the sum of (x) the margin above the Adjusted LIBO Rate on such Modified 2019 Term G Loans (the Modified Term G Loan Margin) (which shall be increased by the amount that any LIBOR floor applicable to such Modified 2019 Term G Loans on the date such Loan Modification Offer is effective would exceed the Adjusted LIBO Rate that would be in effect for a three-month Interest Period commencing on such date) and (y) if Lenders holding such Modified 2019 Term G Loans receive a fee (with any original issue discount being treated in the same manner as a fee for purposes of this proviso) directly or indirectly from Parent, the Borrower or any Subsidiary for accepting such Loan Modification Offer (the amount of such fee, expressed as a percentage of the Modified 2019 Term G Loans, being referred to herein as Term G Extension Fee), the amount of such Term G Extension Fee divided by the lesser of (A) the average life to maturity of such Modified 2019 Term G Loans and (B) four) exceeds the sum of (1) the margin applicable for 2021 Term H Loans (which, for purposes of this proviso, shall include 2021 Term H Loans as modified by the same or any related Loan Modification Offer) (which margin shall be the sum of the Applicable Percentage for 2021 Term H Loans (such margin, the Term H Loan Reference Margin) increased by the amount that any LIBOR floor applicable to such 2021 Term H Loans on such date would exceed the Adjusted LIBO Rate that would be in effect for a three-month Interest Period commencing on such date) plus (2) if Lenders holding such 2021 Term H Loans receive a fee directly or indirectly from Parent, the Borrower or any Subsidiary in connection with the same or any related Loan Modification Offer (excluding arrangement or similar fees payable to the arranger, if any, of any such Loan Modification Offer) (the amount of such fee, expressed as a percentage of the 2021 Term H Loans, being referred to herein as Term H Extension Fee), the amount of such Term H Extension Fee divided by the lesser of (A) the average life to maturity of such 2021 Term H Loans and (B) four (the amount of such excess being referred to herein as the Modified Yield Differential) then the Applicable Percentage then in effect for such 2021 Term H Loans shall automatically be increased by the Modified Yield Differential (or, in the case of that portion, if any, of the Modified Yield Differential resulting from the LIBOR floor applicable to such Modified Term G Loans being greater than that applicable to such 2021 Term H Loans on the date such Loan Modification Offer becomes effective, by first increasing or (if no LIBOR floor is applicable to such 2021 Term H Loans at such time) by adding a LIBOR floor with respect to such portion of the Modified Yield Differential).
(d) Notwithstanding anything to the contrary contained herein, this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Revolving Credit Facility (as defined below) to effect the refinancing of all the Revolving Credit Commitments with a replacement facility under this Agreement (a Replacement Revolving Credit Facility); provided that (a) the aggregate amount of commitments under such Replacement Revolving Facility Commitments shall not exceed the aggregate amount of the replaced Revolving Credit Commitments and (b) the maturity date of such
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Replacement Revolving Credit Facility shall not be earlier than the latest Revolving Credit Maturity Date at the time of such replacement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Replacement Revolving Credit Facility, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Replacement Revolving Credit Facility evidenced thereby. Notwithstanding the foregoing, (i) no Replacement Revolving Credit Facility shall become effective unless the Administrative Agent, to the extent reasonably requested by the Administrative Agent, shall have received legal opinions, board resolutions, officers and secretarys certificates and other documentation consistent with those delivered on the First Restatement Effective Date under the First Amendment and Restatement Agreement and (ii) the Issuing Bank shall not be obligated to continue to issue Letters of Credit, respectively, under the Replacement Revolving Credit Facility except to the extent it agrees in writing to do so at or prior to the effectiveness of the Replacement Revolving Credit Facility. Without limiting the foregoing, in the event that the initial Replacement Revolving Credit Facility is in an aggregate principal amount less than the aggregate principal amount of the Revolving Credit Commitments being replaced, this Agreement may be further amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant additional commitments under the Replacement Revolving Credit Facility (and subject to the same limitations and requirements provided above in this paragraph (d)) to include additional commitments under the Replacement Revolving Credit Facility that will not cause the aggregate amount of the commitments thereunder to exceed the aggregate amount of the replaced Revolving Credit Commitments.
SECTION 2.26. Revolving Credit Commitment Increases. (a) The Borrower may from time to time, by written notice (a Notice of Increase) to the Administrative Agent (which shall promptly deliver a copy to each of the Revolving Credit Lenders), request that new Revolving Credit Commitments of any Class be extended or existing Revolving Credit Commitments of any Class be increased by one or more financial institutions, which may include any Revolving Credit Lender (any such financial institution, an Increasing Revolving Credit Lender) (any such extension or increase, a Revolving Credit Commitment Increase); provided that (i) the terms of the Revolving Credit Commitments under the Revolving Credit Commitment Increase shall be identical to the existing Revolving Credit Commitments of the applicable Class, except for any upfront fees paid to Increasing Revolving Credit Lenders; (ii) at the time of effectiveness of any Revolving Credit Commitment Increase effected pursuant to this Section 2.26(a) the amount of such Revolving Credit Commitment Increase shall not exceed the Incremental Amount; (iii) each Revolving Credit Commitment Increase shall be in an aggregate principal amount of not less than $25,000,000, except to the extent necessary to utilize the remaining unused amount of increase permitted under this Section 2.26(a); (iv) prior to any such Revolving Credit Commitment Increase, except as otherwise specified in the applicable Revolving Accession Agreement, the Administrative Agent shall have received legal opinions, board resolutions and other closing certificates reasonably requested by the Administrative Agent and consistent with those delivered on the Closing Date under Section 4.02 of the Original Credit Agreement and (v) at the time of each such Revolving Credit Commitment Increase request and immediately after giving effect to the effectiveness of each such Revolving Credit Commitment Increase,
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the applicable conditions set forth in paragraphs (b) and (c) of Section 4.01 shall be satisfied and the Administrative Agent shall have received certificates to that effect dated such dates and executed by a Financial Officer of the Borrower. Such Notice of Increase shall set forth the amount of the requested Revolving Credit Commitment Increase and the date on which such Revolving Credit Commitment Increase is requested to become effective. The Borrower may arrange for one or more Revolving Credit Lenders or one or more other financial institutions to act as Increasing Revolving Credit Lenders with respect to the proposed Revolving Credit Commitment Increase; provided that each Increasing Revolving Credit Lender shall be subject to the approval of the Administrative Agent, each Issuing Bank (which approvals shall not be unreasonably withheld, conditioned or delayed) and each Increasing Revolving Credit Lender shall become a party to this Agreement by completing and delivering to the Administrative Agent a duly executed accession agreement in a form reasonably satisfactory to the Administrative Agent and the Borrower (a Revolving Accession Agreement). Revolving Credit Commitment Increases shall become effective on the date specified in the Notice of Increase delivered pursuant to this paragraph (but not prior to, for any Increasing Revolving Credit Lender that is not already a Revolving Credit Lender, execution and delivery by such Increasing Revolving Credit Lender of a Revolving Accession Agreement). Upon the effectiveness of any Revolving Accession Agreement to which any Increasing Revolving Credit Lender is a party, such Increasing Revolving Credit Lender shall thereafter be deemed to be a party to this Agreement and shall be entitled to all rights, benefits and privileges, and subject to all obligations, of a Revolving Credit Lender hereunder.
(b) Each of the parties hereto hereby agrees that, upon the effectiveness of any Revolving Credit Commitment Increase, this Agreement may be amended (such amendment, a Revolving Credit Commitment Increase Amendment) without the consent of any Lender to the extent (but only to the extent) necessary to reflect the existence and terms of the Revolving Credit Commitment Increase evidenced thereby. Upon the effectiveness of each Revolving Credit Commitment Increase pursuant to this Section 2.26, (i) each Revolving Credit Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each Increasing Revolving Credit Lender providing a portion of such Revolving Credit Commitment Increase, and each such Increasing Revolving Credit Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving Credit Lenders participations hereunder in outstanding Letters of Credit such that, after giving effect to such Revolving Credit Commitment Increase and each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding participations hereunder in Letters of Credit held by each Revolving Credit Lender (including each such Increasing Revolving Credit Lender) will equal such Lenders Pro Rata Percentage and (ii) if, on the date of such Revolving Credit Commitment Increase, there are any Revolving Loans outstanding, such Revolving Loans shall on or prior to the effectiveness of such Revolving Credit Commitment Increase be prepaid from the proceeds of additional Revolving Loans made hereunder (reflecting such Revolving Credit Commitment Increase), which prepayment shall be accompanied by accrued interest on the Revolving Loans being prepaid and any costs incurred by any Lender in accordance with Section 2.12. The Administrative Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.
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SECTION 2.27. Term Loan Pricing Protection. From and after the Third Restatement Effective Date, if the initial yield on any New Term Loans incurred on or after such date (as determined by the Administrative Agent and to be equal to the sum of (x) the margin above the adjusted LIBO or eurocurrency rate on such New Term Loans (the New Loan Margin) (which shall be increased by the amount that any LIBOR floor applicable to such New Term Loans on the date such New Term Loans are made would exceed the adjusted LIBO or eurocurrency rate that would be in effect for a three-month Interest Period commencing on such date) and (y) if such New Term Loans are initially made at a discount or the lenders making the same (as opposed to the arrangers, if any, thereof) receive a fee directly or indirectly from Parent, the Borrower or any subsidiary of Parent for doing so (the amount of such discount or fee, expressed as a percentage of the New Term Loans, being referred to herein as New Term Loan OID), the amount of such New Term Loan OID divided by the lesser of (A) the average life to maturity of such New Term Loans and (B) four) exceeds by more than 50 basis points the sum of (1) the margin applicable to the Eurodollar 2019 Term G Loans or the Eurodollar 2021 Term H Loans (which margin shall be the sum of the Applicable Percentage for 2019 Term G Loans or the 2021 Term H Loans (such margin, the Reference Margin) increased by the amount that any LIBOR floor applicable to such Eurodollar 2019 Term G Loan or such Eurodollar 2021 Term H Loans on such date would exceed the Adjusted LIBO Rate that would be in effect for a three-month Interest Period commencing on such date) plus (2) if such 2019 Term G Loan or 2021 Term H Loans were initially made at a discount or the Lenders making the same (as opposed to the arranger, if any, thereof) received a fee directly or indirectly from Parent, the Borrower or any Subsidiary for doing so (the amount of such discount or fee, expressed as a percentage of the 2019 Term G Loans or the 2021 Term H Loans and calculated on a weighted average basis, being referred to herein as Extended OID), the amount of such Extended OID divided by four (such excess above 50 basis points being referred to herein as the New Term Loan Yield Differential) then (i) the Applicable Percentage then in effect for such 2019 Term G Loans or 2021 Term H Loans shall automatically be increased to the Reference Margin plus the applicable New Term Loan Yield Differential (or, in the case of that portion, if any, of the New Term Loan Yield Differential resulting from the LIBOR floor applicable to such New Term Loans being greater than that applicable to such 2019 Term G Loans or 2021 Term H Loans on the date such New Term Loans are made, by first increasing or (if no LIBOR floor is applicable to such 2019 Term G Loans or 2021 Term H Loans at such time) by adding a LIBOR floor with respect to such portion of the New Term Loan Yield Differential), (ii) each interest rate margin with respect to the 2019 Term G Loans or the 2021 Term H Loans set forth in the definition of Applicable Percentage shall be increased by the New Term Loan Yield Differential (or, in the case of that portion, if any, of the New Term Loan Yield Differential resulting from the LIBOR floor applicable to such New Term Loans being greater than that applicable to such 2019 Term G Loans or the 2021 Term H Loans on the date such New Term Loans are made, by first increasing or (if no LIBOR floor is applicable to such 2019 Term G Loans or such 2021 Term H Loans at such time) by
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adding a LIBOR floor with respect to such portion of the New Term Loan Yield Differential) and (iii) the Applicable Percentage for the 2019 Term G Loans or the 2021 Term H Loans will thereafter be determined in accordance with the definition of Applicable Percentage as so amended.
ARTICLE III
Representations and Warranties
Each of Parent and the Borrower represents and warrants to the Administrative Agent, the Collateral Agent, the Issuing Bank and each of the Lenders that:
SECTION 3.01. Organization; Powers. Each of the Loan Parties (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, except, with respect to Loan Parties other than Parent or the Borrower, to the extent that the failure of such Loan Parties to be in good standing could not reasonably be expected to have a Material Adverse Effect, (b) has all requisite power and authority to own its property and assets and to carry on its business as now conducted and as proposed to be conducted, except to the extent that the failure to possess such power and authority could not reasonably be expected to result in a Material Adverse Effect, (c) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where the failure so to qualify could not reasonably be expected to result in a Material Adverse Effect, and (d) has the power and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be a party and, in the case of the Borrower, to borrow hereunder.
SECTION 3.02. Authorization. The execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party and the making of the Borrowings hereunder (a) have been duly authorized by all requisite corporate and, if required, stockholder action and (b) will not (i) violate (A) any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of Parent, the Borrower or any Subsidiary, (B) any order of any Governmental Authority or (C) any provision of any indenture, agreement or other instrument to which Parent, the Borrower or any Subsidiary is a party or by which any of them or any of their property is or may be bound, except as could not reasonably be expected to result in a Material Adverse Effect, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, or give rise to any right to accelerate or to require the prepayment, repurchase or redemption of any obligation under any such indenture, agreement or other instrument, except as could not reasonably be expected to result in a Material Adverse Effect or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by Parent, the Borrower or any Subsidiary (other than any Lien created hereunder or under the Security Documents or permitted pursuant to Section 6.02).
SECTION 3.03. Enforceability. The Fourth Amendment and Restatement Agreement has been duly executed and delivered by Parent and the Borrower and
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constitutes, and this Agreement and each other Loan Document constitutes, a legal, valid and binding obligation of such Loan Party enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
SECTION 3.04. Governmental Approvals. No action, consent or approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party and the making of the Borrowings hereunder, except for (a) the filing of Uniform Commercial Code financing statements and filings with the United States Patent and Trademark Office and the United States Copyright Office, (b) recordation of Mortgages and other filings and recordings in respect of Liens created pursuant to the Security Documents, (c) such as have been made or obtained and are in full force and effect and (d) such actions, consents, approvals, registrations or filings which the failure to obtain or make could not reasonably be expected to result in a Material Adverse Effect.
SECTION 3.05. Financial Statements. Parent has heretofore furnished to the Lenders its consolidated balance sheets and related statements of income, stockholders equity and cash flows of Parent as of and for the 2016 fiscal year, audited by and accompanied by the opinion of Deloitte & Touche LLP, independent public accountant, and (ii) as of and for each 2017 fiscal quarter of Parent (other than the fourth fiscal quarter) thereafter ended at least 45 days prior to the Fourth Restatement Effective Date. Such financial statements present fairly in all material respects the financial condition and results of operations and cash flows of Parent and its consolidated subsidiaries as of such dates and for such periods. Such balance sheets and the notes thereto disclose all material liabilities, direct or contingent, of Parent and its consolidated subsidiaries as of the dates thereof in accordance with GAAP in all material respects. Such financial statements were prepared in accordance with GAAP applied on a consistent basis in all material respects, subject, in the case of unaudited financial statements, to year-end audit adjustments and the absence of footnotes.
SECTION 3.06. No Material Adverse Change. No event, change or condition has occurred that has had, or could reasonably be expected to have, a material adverse effect on the business, assets, operations, financial condition or operating results of Parent, the Borrower and the Subsidiaries, taken as a whole, since December 31, 2017.
SECTION 3.07. Title to Properties; Possession Under Leases. (a) Each of Parent, the Borrower and the Subsidiaries has good and marketable title to, or valid leasehold interests in, or a right to use, all its properties and assets (including all Mortgaged Property), except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes and except where the failure to have such title or other interest could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. All such material properties and assets are free and clear of Liens, other than Liens expressly permitted by Section 6.02.
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(b) As of the Fourth Restatement Effective Date, neither Parent nor the Borrower has received any notice of, nor has any knowledge of, any pending or contemplated material condemnation proceeding affecting the Mortgaged Properties in any material respect or any sale or disposition thereof in lieu of condemnation.
(c) As of the Fourth Restatement Effective Date, none of Parent, the Borrower or any of the Subsidiaries is obligated under any right of first refusal, option or other contractual right to sell, assign or otherwise dispose of any Mortgaged Property or any material interest therein, except for customary rights of first refusal granted to the prior owners of such Mortgaged Property or their Affiliates.
SECTION 3.08. Subsidiaries. Schedule 3.08 sets forth as of the Fourth Restatement Effective Date a list of all Subsidiaries and the percentage ownership interest of Parent or the Borrower therein. The shares of capital stock or other ownership interests so indicated on Schedule 3.08 are, in the case of corporations, fully paid and non-assessable and are owned by Parent or the Borrower, directly or indirectly, free and clear of all Liens (other than Liens created under the Security Documents or permitted pursuant to Section 6.02).
SECTION 3.09. Litigation; Compliance with Laws. (a) Except as disclosed in the periodic and other reports, proxy statements and other materials filed by Parent, the Borrower or any Subsidiary with the SEC prior to the Fourth Restatement Effective Date, there are no actions, suits or proceedings at law or in equity or by or before any Governmental Authority now pending or, to the knowledge of Parent or the Borrower through receipt of written notice or proceeding, threatened against or affecting Parent or the Borrower or any Subsidiary or any business, property or rights of any such person as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.
(b) None of Parent, the Borrower or any of the Subsidiaries or any of their respective material properties or assets is in violation of, nor will the continued operation of their material properties and assets as currently conducted violate, any law, rule or regulation (including any occupational safety and health, health care, pension, certificate of need, Medicare, Medicaid, insurance fraud or similar law, zoning, building, Environmental Law, ordinance, code or approval or any building permits) or any restrictions of record or agreements affecting the Mortgaged Property, or is in default with respect to any judgment, writ, injunction, decree or order of any Governmental Authority, where such violation or default could reasonably be expected to result in a Material Adverse Effect.
SECTION 3.10. Agreements. None of Parent, the Borrower or any of the Subsidiaries is in default in any manner under any provision of any indenture or other agreement or instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by which it or any of its properties or assets are or may be bound, where such default could reasonably be expected to result in a Material Adverse Effect.
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SECTION 3.11. Federal Reserve Regulations. (a) None of Parent, the Borrower or any of the Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock.
(b) No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a violation of, or that is inconsistent with, the provisions of the Regulations of the Board, including Regulation T, U or X.
SECTION 3.12. Investment Company Act. None of Parent, the Borrower or any Subsidiary is an investment company as defined in, or subject to regulation under, the Investment Company Act of 1940.
SECTION 3.13. Use of Proceeds. The proceeds of the Revolving Loans will be used solely for working capital and other general corporate purposes, including permitted investments and Capital Expenditures and to repay Indebtedness. Letters of Credit will be used for general corporate purposes of the Borrower and the Subsidiaries. The Borrower will use the proceeds of Incremental Term Loans only for the purposes specified in the applicable Incremental Term Loan Assumption Agreement.
SECTION 3.14. Tax Returns. Each of Parent, the Borrower and the Subsidiaries has filed or caused to be filed, or has timely requested an extension to file or has received an approved extension to file, all Federal, state, local and foreign tax returns or materials that to the Borrowers best knowledge are required to have been filed by it and has paid or caused to be paid all taxes due and payable by it and all assessments received by it, except taxes that are being contested in good faith by appropriate proceedings and for which Parent, the Borrower or such Subsidiary, as applicable, shall have set aside on its books reserves in accordance with GAAP and except any such filings or taxes, fees or charges, the failure of which to make or pay, could not reasonably be expected to have a Material Adverse Effect.
SECTION 3.15. No Material Misstatements. No written information, report, financial statement, exhibit or schedule (other than estimates and information of a general economic or general industry nature) heretofore or contemporaneously furnished by or on behalf of Parent or the Borrower to the Administrative Agent or any Lender in connection with the negotiation of any Loan Document or included therein or delivered pursuant thereto, when furnished and taken as a whole, contained, contains or will contain any material misstatement of fact or omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not materially misleading in light of the circumstances under which such statements were made; provided that to the extent any such information, report, financial statement, exhibit or schedule was based upon or constitutes a forecast or projection, each of Parent and the Borrower represents only that it acted in good faith and utilized assumptions that each of Parent and the Borrower believed to be reasonable at the time made.
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SECTION 3.16. Employee Benefit Plans. Each of the Borrower and its ERISA Affiliates is in compliance in all material respects with the applicable provisions of ERISA and the Code and the regulations and published interpretations thereunder. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events, could reasonably be expected to result in a Material Adverse Effect. The present value of all benefit liabilities under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 715) did not, as of the last annual valuation date applicable thereto, exceed the fair market value of the assets of such Plan in such amount that could reasonably be expected to result in a Material Adverse Effect, and the present value of all benefit liabilities of all underfunded Plans (based on the assumptions used for purposes of Financial Accounting Standards Board Accounting Standards Codification Topic 715) did not, as of the last annual valuation dates applicable thereto, exceed the fair market value of the assets of all such underfunded Plans in such amount that could reasonably be expected to result in a Material Adverse Effect.
SECTION 3.17. Environmental Matters. Except with respect to any matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, none of Parent, the Borrower or any of the Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability.
SECTION 3.18. Insurance. Schedule 3.18 sets forth a true, complete and correct description, in all material respects, of all insurance maintained by Parent or the Borrower for itself or the Subsidiaries as of the Fourth Restatement Effective Date. As of the Fourth Restatement Effective Date, such insurance is in full force and effect and all premiums have been duly paid. Parent, the Borrower and the Subsidiaries have insurance in such amounts and covering such risks and liabilities as are in accordance with normal industry practice.
SECTION 3.19. Security Documents. (a) The Guarantee and Collateral Agreement creates in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral (as defined in the Guarantee and Collateral Agreement) and the proceeds thereof, subject to the effects of bankruptcy, insolvency or similar laws affecting creditors rights generally and general equitable principles, and (i) with respect to all Pledged Collateral (as defined in the Guarantee and Collateral Agreement) previously delivered to and in possession of the Collateral Agent or, in the case of Pledged Collateral (as defined in the Guarantee and Collateral Agreement) that is ABL Facility First Priority Collateral, to be delivered to the ABL Collateral Agent, the Lien created under the Guarantee and Collateral Agreement constitutes, or in the case of Pledged Collateral to be delivered to the Collateral Agent or
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the ABL Collateral Agent in the future will constitute, a fully perfected first priority Lien (or, with respect to the ABL Facility First Priority Collateral, a fully perfected second priority Lien) on, and security interest in, all right, title and interest of the Loan Parties in such Pledged Collateral as to which perfection may be obtained by such actions, in each case prior and superior in right to any other person (other than the rights of persons pursuant to (x) Liens permitted by Section 6.02(z) and (y) Liens permitted by Section 6.02 having priority by operation of law), and (ii) with the previous filing of financing statements in the offices specified on Schedule 3.19(a), the Lien created under the Guarantee and Collateral Agreement constitutes, or in the case of financing statements in appropriate form to be filed in the offices specified on Schedule 3.19(a) (as such schedule may be updated from time to time; provided that such schedules shall be deemed to be updated when the Borrower provides the relevant information in accordance with the Guarantee and Collateral Agreement), the Lien created under the Guarantee and Collateral Agreement will constitute, a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral (other than Intellectual Property, as defined in the Guarantee and Collateral Agreement) as to which perfection may be obtained by such filings, in each case prior and superior in right to any other person, other than with respect to Liens expressly permitted by Section 6.02 and, with respect to the ABL Facility First Priority Collateral, the ABL Lenders.
(b) The Guarantee and Collateral Agreement (or a short form security agreement in form and substance reasonably satisfactory to the Borrower and the Collateral Agent), together with the filings made pursuant to the Guarantee and Collateral Agreement currently on file with the United States Patent and Trademark Office and the United States Copyright Office and the financing statements currently on file in the offices specified on Schedule 3.19(a), constitutes, or in the case of financing statements in appropriate form to be filed in the offices specified on Schedule 3.19(a) (as such schedule may be updated from time to time; provided that such schedules shall be deemed to be updated when the Borrower provides the relevant information in accordance with the Guarantee and Collateral Agreement), will constitute, a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in the Intellectual Property (as defined in the Guarantee and Collateral Agreement) in which a security interest may be perfected by filing security agreements in the United States and its territories and possessions, in each case prior and superior in right to any other person other than with respect to Liens permitted pursuant to Section 6.02 (it being understood that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered trademarks and patents, trademark and patent applications and registered copyrights acquired by the Loan Parties after the Closing Date).
(c) The Mortgages are effective to create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties a legal, valid and enforceable Lien on all of the Loan Parties right, title and interest in and to the Mortgaged Property thereunder and the proceeds thereof, and the Mortgages constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Mortgaged Property and the proceeds thereof, in each case prior and superior in right to any other person, other than with respect to the rights of persons pursuant to Liens expressly permitted by Section 6.02.
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SECTION 3.20. Location of Real Property and Leased Premises. (a) Schedule 1.01(d) lists completely and correctly as of the Fourth Restatement Effective Date all Hospitals owned by Parent, the Borrower and the Subsidiaries and the addresses thereof. The Borrower and the Subsidiaries own in fee all the real property set forth on Schedule 1.01(d).
(b) Schedule 1.01(d) lists completely and correctly as of the Fourth Restatement Effective Date all Hospitals leased by Parent, the Borrower and the Subsidiaries and the addresses thereof. The Borrower and the Subsidiaries have valid leases in all the material real property set forth on Schedule 1.01(d).
SECTION 3.21. Labor Matters. Except as set forth on Schedule 3.21, as of the Fourth Restatement Effective Date, there are no strikes, lockouts or slowdowns against Parent, the Borrower or any Subsidiary pending or, to the knowledge of Parent or the Borrower by delivery of written notice or proceeding, threatened. The consummation of the Transactions will not give rise to any right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which Parent, the Borrower or any Subsidiary is bound. Except as set forth on Schedule 3.21, as of the Fourth Restatement Effective Date, none of Parent, the Borrower or any Subsidiary is a party to any collective bargaining agreement or other labor contract applicable to persons employed by it at any Facility.
SECTION 3.22. Solvency. After giving effect to the consummation of the Subject Transactions, (i) each of the Fair Value and the Present Fair Salable Value of the assets of Parent and its Subsidiaries taken as a whole exceed their Stated Liabilities and Identified Contingent Liabilities, (ii) Parent and its Subsidiaries taken as a whole do not have Unreasonably Small Capital and (iii) Parent and its Subsidiaries taken as a whole can pay their Stated Liabilities and Identified Contingent Liabilities as they mature. For purposes of this Section 3.22, the following terms shall have the meanings specified:
Subject Transactions shall mean the consummation of the transactions to occur on the Fourth Restatement Effective Date.
Fair Value shall mean the amount at which the assets (both tangible and intangible), in their entirety, of Parent and its Subsidiaries taken as a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, with neither being under any compulsion to act.
Present Fair Salable Value shall mean the amount that could be obtained by an independent willing seller from an independent willing buyer if the assets (both tangible and intangible) of Parent and its Subsidiaries taken as a whole are sold on a going concern basis with reasonable promptness in an arms-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated.
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Stated Liabilities shall mean the recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of Parent and its Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of Subject Transactions, determined in accordance with GAAP consistently applied.
Identified Contingent Liabilities shall mean the maximum estimated amount of liabilities reasonably likely to result from pending litigation, asserted claims and assessments, guaranties, uninsured risks and other contingent liabilities of Parent and its Subsidiaries taken as a whole after giving effect to the Subject Transactions (including all fees and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in Stated Liabilities), as identified and explained in terms of their nature and estimated magnitude by responsible officers of Parent.
Do not have Unreasonably Small Capital shall mean Parent and its Subsidiaries taken as a whole after giving effect to the Subject Transactions have sufficient capital to ensure that it is a going concern.
Can pay their Stated Liabilities and Identified Contingent Liabilities as they mature shall mean Parent and its Subsidiaries taken as a whole after giving effect to the Subject Transactions have sufficient assets and cash flow to pay their respective Stated Liabilities and Identified Contingent Liabilities as those liabilities mature or (in the case of contingent liabilities) otherwise become payable.
SECTION 3.23. Sanctioned Persons. None of Parent, the Borrower, or any Subsidiary or any Unrestricted Subsidiary nor, to the knowledge of the Borrower, any director, officer, agent, employee or Affiliate of Parent, the Borrower, any Subsidiary or any Unrestricted Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (OFAC) or the U.S. Department of State, and each is currently in compliance with all rules and regulations promulgated by OFAC and the U.S. Department of State; and the Borrower will not directly or indirectly use the proceeds of the Loans or the Letters of Credit or otherwise make available such proceeds to any person, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC or the U.S. Department of State.
ARTICLE IV
Conditions of Lending
The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder are subject to the satisfaction of the following conditions:
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SECTION 4.01. All Credit Events. On the date of each Borrowing (other than a conversion or a continuation of a Borrowing), including on the date of each issuance of or increase to a Letter of Credit (each such event being called a Credit Event):
(a) The Administrative Agent shall have received a notice of such Borrowing as required by Section 2.03 (or such notice shall have been deemed given in accordance with Section 2.02) or, in the case of the issuance of or increase to a Letter of Credit, the Issuing Bank and the Administrative Agent shall have received a notice requesting the issuance of or increase to such Letter of Credit as required by Section 2.23(b).
(b) (i) In the case of an Incremental Acquisition Term Loan or Incremental Acquisition Revolving Credit Commitment Increase, the Specified Representations, and (ii) in all other cases, the representations and warranties set forth in Article III and in each other Loan Document shall be true and correct in all material respects on and as of the date of such Credit Event with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date.
(c) Except in the case of any Incremental Acquisition Term Loan or Incremental Acquisition Revolving Credit Commitment Increase, at the time of and immediately after such Credit Event, no Default or Event of Default shall have occurred and be continuing.
Each Credit Event shall be deemed to constitute a representation and warranty by the Borrower and Parent on the date of such Credit Event as to the applicable matters specified in paragraphs (b) and (c) of this Section 4.01.
ARTICLE V
Affirmative Covenants
Each of Parent and the Borrower covenants and agrees with each Lender that so long as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full and all Letters of Credit have been canceled or have expired and all amounts drawn thereunder have been reimbursed in full or other arrangements acceptable to the Issuing Bank and the Administrative Agent have been made with respect thereto, unless the Required Lenders shall otherwise consent in writing, each of Parent and the Borrower will, and will cause (i) in the case of Sections 5.01 and 5.02, each of the Material Subsidiaries, and (ii) in the case of Sections 5.03 through 5.15, each of the Subsidiaries to:
SECTION 5.01. Existence; Compliance with Laws; Businesses and Properties. (a) Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as otherwise expressly permitted under Section 6.05.
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(b) (i) Do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in full force and effect the rights, licenses, permits, franchises and authorizations, material to the conduct of its business, except as could not reasonably be expected to have a Material Adverse Effect; (ii) comply in all material respects with all applicable laws, rules, regulations and decrees and orders of any Governmental Authority, whether now in effect or hereafter enacted, except as could not reasonably be expected to have a Material Adverse Effect; and (iii) at all times maintain and preserve all tangible property material to the conduct of such business and keep such property in good repair, working order and condition (subject to ordinary wear and tear, casualty and condemnation) and from time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times, except as could not reasonably be expected to have a Material Adverse Effect.
SECTION 5.02. Insurance. (a) Maintain with financially sound and reputable insurers insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies in the same or similar businesses operating in the same or similar locations, including hospital liability (which shall include general liability, medical professional liability, contractual liability and druggists liability), workers compensation, employers liability, automobile liability and physical damage coverage, environmental impairment liability, all risk property, business interruption, fidelity and crime insurance and public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled by it; provided that the Borrower may implement programs of self insurance in the ordinary course of business and in accordance with industry standards for a company of similar size so long as reserves are maintained in accordance with GAAP for the liabilities associated therewith.
(b) Cause all casualty and property policies covering any Collateral to name the Collateral Agent as loss payee or mortgagee, and/or additional insured, and each provider of any such insurance shall agree, by endorsement upon such policies issued by it, that it will give the Administrative Agent 30 days prior written notice before any such policy or policies shall be altered or canceled.
(c) If at any time the area in which the Premises (as defined in the Mortgages) are located is designated a flood hazard area in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance in such total amount as the Administrative Agent, the Collateral Agent or the Required Lenders may from time to time require, and otherwise comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as it may be amended from time to time.
SECTION 5.03. Obligations and Taxes. Pay and discharge promptly when due all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent, as well as all lawful claims for labor, materials and supplies or otherwise that, if unpaid,
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could reasonably be expected to give rise to a Lien upon such properties or any part thereof; provided, however, that such payment and discharge shall not be required with respect to any such tax, assessment, charge, levy or claim so long as (i) the validity or amount thereof shall be contested in good faith by appropriate proceedings and the Borrower shall have set aside on its books adequate reserves with respect thereto in accordance with GAAP or (ii) the failure to pay and discharge such tax, assessment, charge, levy or claim could not reasonably be expected to have a Material Adverse Effect.
SECTION 5.04. Financial Statements, Reports, etc. In the case of Parent, furnish to the Administrative Agent, which shall furnish to each Lender:
(a) within 90 days after the end of each fiscal year, its consolidated balance sheet and related statements of income, stockholders equity and cash flows showing the financial condition of Parent and its consolidated subsidiaries as of the close of such fiscal year and the results of its operations and the operations of such subsidiaries during such year, together with comparative figures for the immediately preceding fiscal year, all audited by Deloitte & Touche LLP or other independent public accountants of recognized national standing and accompanied by an opinion of such accountants (which opinion shall be without a going concern or like qualification or exception or any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements fairly present in all material respects the financial condition and results of operations of Parent and its consolidated subsidiaries on a consolidated basis in accordance with GAAP;
(b) within 50 days after the end of each of the first three fiscal quarters of each fiscal year, its consolidated balance sheet and related statements of income, stockholders equity and cash flows showing the financial condition of Parent and its consolidated subsidiaries as of the close of such fiscal quarter and the results of its operations and the operations of such subsidiaries during such fiscal quarter and the then elapsed portion of the fiscal year, and comparative figures for the same periods in the immediately preceding fiscal year all certified by one of its Financial Officers as fairly presenting in all material respects the financial condition and results of operations of Parent and its consolidated subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments;
(c) concurrently with any delivery of financial statements under paragraph (a) or (b) above, a certificate of a Financial Officer of the Borrower (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, (ii) setting forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating compliance with the covenants contained in Sections 6.11 (in the case of the financial statements delivered under paragraph (a) only) and 6.13 and, with respect to any Permitted Acquisition consummated during the preceding quarter for total consideration in excess of $100,000,000, 6.04(h), (iii) setting forth the identity and value of any Hospital acquired in fee by Parent or any Subsidiary during the preceding quarter and not
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previously identified to the Administrative Agent if the fair market value thereof is in excess of $10,000,000, (iv) setting forth computations in reasonable detail satisfactory to the Administrative Agent of the First Lien Net Leverage Ratio, the Secured Net Leverage Ratio and the Leverage Ratio and, in the case of a certificate delivered with the financial statements required by paragraph (a) above, setting forth Parents calculation of Excess Cash Flow and (v) specifying the amount of Net Cash Proceeds received in connection with Asset Sales during the preceding quarter together with a calculation of the amount of Net Cash Proceeds received in connection with such Asset Sales that were (x) applied to prepay outstanding Term Loans and (y) reinvested pursuant to the first proviso of the definition of Net Cash Proceeds;
(d) within 120 days after the beginning of each fiscal year of Parent, a detailed consolidated budget for such fiscal year (including a projected consolidated balance sheet and related statements of projected operations and cash flows as of the end of and for such fiscal year and setting forth the assumptions used for purposes of preparing such budget) and, promptly when available, any significant revisions of such budget;
(e) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by Parent, the Borrower or any Subsidiary with the SEC, or with any national securities exchange, or distributed to its shareholders, as the case may be;
(f) promptly after the request by any Lender (made through the Administrative Agent), all documentation and other information that such Lender reasonably requests in order to comply with its ongoing obligations under applicable know your customer and anti-money laundering rules and regulations, including the USA PATRIOT Act;
(g) promptly after the request by the Administrative Agent or any Lender, copies of (i) any documents described in Section 101(k)(1) of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(l)(1) of ERISA that the Borrower or any of its ERISA Affiliates may request with respect to any Multiemployer Plan; provided that if the Borrower or any of its ERISA Affiliates has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, the Borrower or the applicable ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies of such documents and notices promptly after receipt thereof;
(h) promptly, from time to time, such other information regarding the operations, business affairs and financial condition of Parent, the Borrower or any Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent may reasonably request (on behalf of itself or any Lender); and
(i) substantially contemporaneously with each designation of a Subsidiary as an Unrestricted Subsidiary and each redesignation of an Unrestricted Subsidiary as a Subsidiary, provide written notice of such designation or redesignation, as applicable, to the Administrative Agent (who shall promptly notify the Lenders).
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SECTION 5.05. Litigation and Other Notices. Furnish to the Administrative Agent prompt written notice of the following:
(a) any Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) taken or proposed to be taken with respect thereto;
(b) the filing or commencement of, or any threat or notice of intention of any person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority, against Parent, the Borrower or any Subsidiary that could reasonably be expected to result in a Material Adverse Effect; and
(c) any event or occurrence that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.
SECTION 5.06. Information Regarding Collateral. Furnish to the Administrative Agent prompt written notice of any change (i) in any Loan Partys corporate name, (ii) in any Loan Partys jurisdiction of organization or formation, (iii) in any Loan Partys identity or corporate structure or (iv) in any Loan Partys Federal Taxpayer Identification Number. Parent and the Borrower agree not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral. Parent and the Borrower also agree promptly to notify the Administrative Agent if any material portion of the Collateral is damaged or destroyed.
SECTION 5.07. Maintaining Records; Access to Properties and Inspections; Maintenance of Ratings. (a) Keep books of record and account in which full, true and correct entries in all material respects are made of all dealings and transactions in relation to its business and activities which permit financial statements to be prepared in conformity with GAAP and all requirements of law. Each Loan Party will, and will cause each of its subsidiaries to, permit any representatives designated by the Administrative Agent or the Required Lenders to visit and inspect the financial records and the properties of such person at reasonable times and as often as reasonably requested upon reasonable notice and to make extracts from and copies of such financial records (in each case excluding patient medical records and any other material which is confidential pursuant to any laws, rules, regulations and decrees and orders of any Governmental Authority) and permit any representatives designated by the Administrative Agent or the Required Lenders to discuss the affairs, finances and condition of such person with the officers thereof and independent accountants therefor (with a senior officer of the Borrower present); provided that, excluding any such visits and inspections during the continuation of an Event of Default, only one such visit during any fiscal year shall be at the Borrowers expense.
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(b) In the case of Parent and the Borrower, use commercially reasonable efforts to cause the Credit Facilities to be continuously rated by S&P and Moodys, and to maintain a corporate rating from S&P and a corporate family rating from Moodys, in each case in respect of Parent.
SECTION 5.08. Use of Proceeds. Use the proceeds of the Loans and request the issuance of Letters of Credit only for the purposes specified in Section 3.13.
SECTION 5.09. Employee Benefits. (a) Comply in all material respects with the applicable provisions of ERISA and the Code, except as would not reasonably be expected to have a Material Adverse Effect, and (b) furnish to the Administrative Agent as soon as possible after, and in any event within ten days after any Responsible Officer of Parent, the Borrower or any ERISA Affiliate knows or has reason to know that, any ERISA Event has occurred that, alone or together with any other ERISA Event could reasonably be expected to result in liability of the Borrower or any ERISA Affiliate in an aggregate amount exceeding $10,000,000, a statement of a Financial Officer of Parent or the Borrower setting forth details as to such ERISA Event and the action, if any, that Parent or the Borrower proposes to take with respect thereto.
SECTION 5.10. Compliance with Environmental Laws. Comply and cause all lessees and other persons occupying its properties to comply, in all material respects with all Environmental Laws applicable to its operations and properties; obtain and renew all material environmental permits necessary for its operations and properties; and promptly conduct any remedial action in accordance with Environmental Laws; provided, however, that none of Parent, the Borrower or any Subsidiary shall be required to undertake any remedial action required by Environmental Laws to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.
SECTION 5.11. Preparation of Environmental Reports. If a Default caused by reason of a breach of Section 3.17 or Section 5.10 shall have occurred and be continuing for more than 20 days without Parent, the Borrower or any Subsidiary commencing activities reasonably likely to cure such Default, at the written request of the Required Lenders through the Administrative Agent, the Borrower shall provide to the Lenders within 45 days after receipt of such request, at the expense of the Loan Parties, environmental site assessment reports (Phase I, Phase II and/or compliance audits) regarding the matters which are the subject of such Default prepared by an environmental consulting firm reasonably acceptable to the Administrative Agent and indicating the compliance matter and/or the presence or absence of Hazardous Materials and the estimated cost of any compliance or remedial action in connection with such Default.
SECTION 5.12. Further Assurances. Execute any and all further documents, financing statements, agreements and instruments, and take all further action (including filing Uniform Commercial Code and other financing statements, mortgages and deeds of trust) that may be required under applicable law, or that the Required Lenders, the Administrative Agent or the Collateral Agent may reasonably request, in order to effectuate the transactions contemplated by the Loan Documents and in order to grant,
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preserve, protect and perfect the validity and first priority of the security interests created or intended to be created by the Security Documents. The Borrower will cause any subsequently acquired or organized Material Subsidiary (or any Subsidiary that becomes a Material Subsidiary) to become a Loan Party by executing the Guarantee and Collateral Agreement and each applicable Security Document in favor of the Collateral Agent. The Borrower may, in its discretion, elect to cause a Permitted Joint Venture Subsidiary to become a Loan Party by complying with the foregoing sentence. In addition, except with respect to which, in the reasonable judgment of the Administrative Agent (confirmed in writing by written notice to the Borrower), the cost or other consequences (including any Tax consequence) of doing so shall be excessive in view of the benefits to be obtained by the Lenders therefrom and subject to applicable limitations set forth in the Security Documents, from time to time, the Borrower will, at its cost and expense, promptly secure the Obligations by pledging or creating, or causing to be pledged or created, perfected security interests with respect to such of its assets and properties as the Administrative Agent or the Required Lenders shall designate (it being understood that it is the intent of the parties that the Obligations shall be secured by substantially all the assets of Parent, the Borrower and the Subsidiary Guarantors (including properties acquired subsequent to the Closing Date), except this Section 5.12 shall not require Parent, the Borrower or any Subsidiary Guarantor to (a) pledge (i) more than 65% of the outstanding voting Equity Interests in any Foreign Subsidiary, (ii) any Equity Interest in any Non-Significant Subsidiary or (iii) any Equity Interest in any Permitted Syndication Subsidiary, any Securitization Subsidiary or any Permitted Joint Venture Subsidiary to the extent the pledge of the Equity Interest in such Subsidiary is prohibited by any applicable Contractual Obligation or requirement of law, or (b) grant security interests in any asset that (i) would result in the violation of the enforceable anti-assignment provision of any contract, or would be prohibited by or would violate applicable law or contractual provisions (including any right of first refusal) or would otherwise result in termination or any forfeiture under any contract, (ii) is a vehicle or other asset subject to certificate of title, (iii) require perfection through control agreements (including, to the extent required in the relevant jurisdiction for deposit accounts and investment property), (iv) are minority Equity Interests, (v) are leasehold interests or (vi) is permitted to be so excluded under the Guarantee and Collateral Agreement. Such security interests and Liens will be created under the Security Documents and other security agreements, mortgages, deeds of trust and other instruments and documents in form and substance reasonably satisfactory to the Collateral Agent, and the Borrower shall deliver or cause to be delivered to the Lenders all such instruments and documents (including legal opinions, title insurance policies and lien searches) as the Collateral Agent shall reasonably request to evidence compliance with this Section. Any requirement to mortgage real property that is acquired after the Closing Date pursuant to this Section 5.12 shall be limited to real property owned in fee by a Loan Party that (i) has a fair market value equal to or exceeding $10,000,000, (ii) is not subject to a Lien permitted under Section 6.02(c), (n) or (s) (for so long as such Lien exists), and (iii) the Borrower does not intend to sell within six months of the acquisition thereof pursuant to clause (i) or (x) of Section 6.05(b) or such longer period permitted by the Collateral Agent. No appraisals, environmental reports or surveys shall be required to be obtained in connection with any mortgage of real property pursuant to this Section 5.12. Notwithstanding anything
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contained in this Agreement to the contrary, no mortgage shall be executed and delivered with respect to any real property unless and until each Lender has received, at least 20 Business Days prior to such execution and delivery, a life of loan flood zone determination and such other documents as it may reasonably request to complete its flood insurance due diligence and has confirmed to the Administrative Agent that flood insurance due diligence and flood insurance compliance has been completed to its satisfaction (such written confirmation not to be unreasonably conditioned, withheld or delayed). The Borrower agrees to provide such evidence as the Collateral Agent shall reasonably request as to the perfection and priority status of each such security interest and Lien.
SECTION 5.13. Proceeds of Certain Dispositions. If, as a result of the receipt of any cash proceeds by Parent, the Borrower or any Subsidiary in connection with any sale, transfer, lease or other disposition of any asset the Borrower would be required by the terms of any Senior Note Indenture or the documentation governing any other Material Indebtedness that is unsecured or secured by Liens junior to the Liens securing the Obligations to make an offer to purchase any of the Indebtedness thereunder, then, prior to the first day on which the Borrower would be required to commence such an offer to purchase, (i) prepay Loans in accordance with Section 2.12 or 2.13, provided that the Borrower may use a portion of such cash proceeds to prepay or repurchase Other Senior Secured Debt to the extent any applicable credit agreement, indenture or other agreement governing such Other Senior Secured Debt requires the Borrower to prepay or make an offer to purchase such Other Senior Secured Debt with such cash proceeds, in each case in an amount not to exceed the product of (A) the amount of such cash proceeds and (B) a fraction, the numerator of which is the outstanding principal amount of such Other Senior Secured Debt and the denominator of which is the sum of the outstanding principal amount of such Other Senior Secured Debt and the outstanding principal amount of Term Loans, or (ii) acquire assets or make investments in a manner that is permitted hereby, in each case in a manner that will eliminate any such requirement to make such an offer to purchase.
SECTION 5.14. Operation of Facilities. Use commercially reasonable efforts to operate, and cause the Subsidiaries to operate, the Facilities owned, leased or operated by Parent, the Borrower or any of the Subsidiaries now or in the future in a manner believed by the Borrower to be consistent with prevailing health care industry standards in the locations where the Facilities exist from time to time, except to the extent failure to do so would not have a Material Adverse Effect.
ARTICLE VI
Negative Covenants
Each of Parent and the Borrower covenants and agrees with each Lender that, so long as this Agreement shall remain in effect and until the Commitments have been terminated and the principal of and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document have been paid in full and all Letters of Credit have been cancelled or have expired and all amounts drawn thereunder have been
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reimbursed in full or other arrangements acceptable to the Issuing Bank and the Administrative Agent have been made with respect thereto, unless the Required Lenders shall otherwise consent in writing, neither Parent nor the Borrower will, nor will they cause or permit any of the Subsidiaries to:
SECTION 6.01. Indebtedness. Incur, create, assume or permit to exist any Indebtedness, except:
(a) Indebtedness existing on the Third Restatement Effective Date and set forth in Schedule 6.01 and any extensions, renewals, refinancings or replacements of such Indebtedness to the extent the principal amount of such Indebtedness is not increased (except by an amount equal to the unpaid accrued interest and premium thereon plus other reasonable amounts paid and fees and expenses incurred in connection with such extension, renewal, refinancing or replacement), neither the final maturity nor the weighted average life to maturity of such Indebtedness is decreased, such Indebtedness, if subordinated to the Obligations, remains so subordinated on terms no less favorable to the Lenders, and the obligors thereof, if not the original obligors in respect of such Indebtedness, are Loan Parties;
(b) Indebtedness created hereunder and under the other Loan Documents;
(c) intercompany Indebtedness of Parent, the Borrower and the Subsidiaries to the extent permitted by Section 6.04(c);
(d) Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets, and extensions, renewals, refinancings and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof (except by an amount equal to the unpaid accrued interest and premium thereon plus other reasonable amounts paid and fees and expenses incurred in connection with such extension, renewal, refinancing or replacement); provided that (i) such Indebtedness is incurred prior to or within 270 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of Indebtedness permitted by this Section 6.01(d), when combined with the aggregate principal amount of all Capital Lease Obligations and Synthetic Lease Obligations incurred pursuant to Section 6.01(e), shall not exceed $500,000,000 at any time outstanding;
(e) Capital Lease Obligations and Synthetic Lease Obligations in an aggregate principal amount, when combined with the aggregate principal amount of all Indebtedness incurred pursuant to Section 6.01(d), not in excess of $500,000,000 at any time outstanding;
(f) [reserved];
(g) Indebtedness under performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations, or with respect to workers compensation claims, in each case incurred in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business;
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(h) [reserved];
(i) Indebtedness in respect of Hedging Agreements permitted by Section 6.04(g);
(j) Cash Management Obligations;
(k) Indebtedness incurred by Foreign Subsidiaries in an aggregate principal amount not exceeding $75,000,000 at any time outstanding;
(l) (i) Indebtedness under the ABL Facility Credit Agreement in an aggregate principal amount at any time outstanding not to exceed $1,000,000,000 in the aggregate; provided that such Indebtedness is secured only by Liens permitted under Section 6.02(cc), or (ii) in lieu of Indebtedness under the foregoing clause (i), Indebtedness pursuant to any Permitted Receivables Transaction incurred in accordance with Section 6.05(b);
(m) Indebtedness incurred to finance, or assumed in connection with, one or more Permitted Acquisitions, and any extensions, renewals, refinancings or replacements of such Indebtedness to the extent the principal amount of such Indebtedness is not increased (except by an amount equal to the unpaid accrued interest and premium thereon plus other reasonable amounts paid and fees and expenses incurred in connection with such extension, renewal, refinancing or replacement plus unused committed amounts), neither the final maturity nor the weighted average life to maturity of such Indebtedness is decreased, such Indebtedness, if subordinated to the Obligations, remains so subordinated on terms no less favorable to the Lenders, and the obligors thereof, if not the original obligors in respect of such Indebtedness, are Loan Parties;
(n) Indebtedness owed to a seller in a Permitted Acquisition or any other acquisition permitted under Section 6.04, or a Permitted Joint Venture or to a buyer in a disposition permitted under Section 6.05 that (i) relates to post-closing adjustments with respect to accounts receivable, accounts payable, net worth and/or similar items or earnouts or (ii) relates to indemnities granted to the seller or buyer in such transactions;
(o) Permitted Additional Debt, provided that, at the time of incurrence of such Permitted Additional Debt, and after giving pro forma effect thereto and to the use of the proceeds thereof, the Interest Coverage Ratio (as such term and its component definitions are defined on the Fourth Restatement Effective Date) shall not be less 2.25 to 1.0;
(p) Indebtedness in the nature of letters of credit (other than Letters of Credit issued pursuant to this Agreement) issued for the account of Parent, the Borrower or any Subsidiary (and related reimbursement obligations) not to exceed an aggregate face amount of $100,000,000;
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(q) without duplication of any other Indebtedness, non-cash accruals of interest, accretion or amortization of original issue discount and/or pay-in-kind interest on Indebtedness otherwise permitted hereunder;
(r) from and after the latest Revolving Credit Maturity Date (including the final maturity date of any Replacement Revolving Credit Facility), Indebtedness to finance the general needs of the Borrower and the Subsidiaries incurred after such latest Revolving Credit Maturity Date in an aggregate principal amount not to exceed, when taken together with the aggregate principal amount of all other outstanding Indebtedness incurred in reliance on this paragraph (r), $425,000,000 at any time outstanding, provided that the Borrower shall have (i) repaid all Revolving Loans and reimbursed, if any, all L/C Disbursements and made arrangements acceptable to the Issuing Bank and the Administrative Agent with respect to any outstanding Letters of Credit and (ii) paid all related fees and expenses, each in accordance with the terms of this Agreement;
(s) Indebtedness consisting of obligations to pay insurance premiums;
(t) except as otherwise expressly provided herein, Guarantees by Parent, the Borrower or the Subsidiaries of Indebtedness of Parent, the Borrower and the Subsidiaries permitted to be incurred hereunder;
(u) other Indebtedness incurred after the Third Restatement Effective Date of the Borrower or the Subsidiaries in an aggregate principal amount not exceeding $1,000,000,000 at any time outstanding; provided that, to the extent any such Indebtedness is incurred in an initial principal amount exceeding $10,000,000 and the proceeds in excess of $10,000,000 of such Indebtedness incurred by any Subsidiary that is not a Guarantor are received by the Borrower or any Subsidiary that is a Guarantor (whether in the form of a dividend or distribution, loan or otherwise), such proceeds shall be deemed to be cash proceeds received in respect of an Asset Sale and subject to the provisions of Section 2.13(b) (it being understood and agreed that the provisions of the definition of Net Cash Proceeds and Available Reinvestment Proceeds shall apply to such cash proceeds);
(v) (x) Pari Passu Debt, provided that, either (i) at the time of incurrence of such Pari Passu Debt, and after giving effect thereto and to the use of the proceeds thereof, (A) no Default or Event of Default shall have occurred and be continuing and (B) the Secured Net Leverage Ratio Condition shall be satisfied or (ii) not later than the fifth Business Day following the incurrence thereof, 100% of the Net Cash Proceeds thereof are used by the Borrower to prepay Term Loans in the manner set forth in Section 2.13(g) and (y) Pari Passu Debt or Permitted Additional Debt that refinances or replaces any existing Pari Passu Debt; provided that the principal amount of such Pari Passu Debt is not increased (except by an amount not to exceed (1) the amount of unpaid accrued interest and premium on the existing Pari Passu Debt so refinanced or replaced, plus (2) other reasonable amounts paid and fees and expenses incurred in connection with such refinancing or replacement plus unused commitments);
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(w) (i) Alternative Incremental Facility Indebtedness; provided that (x) at the time of incurrence of such Alternative Incremental Facility Indebtedness the principal amount of such Alternative Incremental Facility Indebtedness does not exceed the Incremental Amount and (y) either (A) at the time of incurrence of such Alternative Incremental Facility Indebtedness, and after giving effect thereto and to the use of the proceeds thereof, no Default or Event of Default shall have occurred and be continuing, (B) 100% of the Net Cash Proceeds thereof are used within five Business Days of the incurrence thereof to prepay then-outstanding Term Loans pursuant to Section 2.12 or (C) such Indebtedness is incurred in connection with a Permitted Acquisition; and (ii) any extensions, renewals, refinancings and replacements of Indebtedness permitted to be incurred pursuant to this Section 6.01(w) (the Indebtedness being extended, renewed, refinanced or replaced being referred to herein as the Refinanced Indebtedness; and the Indebtedness incurred under this subclause (ii) being referred to herein as Permitted Refinancing Indebtedness); provided that (x) the principal amount of the Permitted Refinancing Indebtedness is not increased (except by an amount equal to the accrued interest and premium on, or other amounts paid, and fees and expenses incurred, in connection with such extension, renewal, refinancing or replacement plus any unused commitments) and (y) the Permitted Refinancing Indebtedness complies with clauses (a) through (g) of the definition of the term Alternative Incremental Facility Indebtedness; and
(x) Other Junior Secured Debt of Loan Parties (and not guaranteed by any entities that are not Loan Parties), provided that (x) 100% of the Net Cash Proceeds of such Other Junior Secured Debt refinances or replaces any existing Indebtedness of Loan Parties (including unpaid accrued interest and fees on such Indebtedness and other reasonable amounts paid and fees and expenses incurred in connection with such refinancing or replacement) or (y) such Other Junior Secured Debt is exchanged for existing Indebtedness of Loan Parties, provided further that neither the final maturity nor the weighted average life to maturity of such Other Junior Secured Debt is shorter than the applicable Indebtedness being refinanced, replaced or exchanged.
SECTION 6.02. Liens. Create, incur, assume or permit to exist any Lien on any property or assets (including Equity Interests or other securities of any person, including the Borrower or any Subsidiary) now owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof, except:
(a) Liens on property or assets of the Borrower and the Subsidiaries existing on the Third Restatement Effective Date and set forth in Schedule 6.02; provided that such Liens shall secure only those obligations which they secured on the Third Restatement Effective Date and extensions, renewals and replacements thereof permitted hereunder;
(b) any Lien created under the Loan Documents;
(c) any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or assets of any person that becomes a Subsidiary after the Closing Date prior to the time such person
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becomes a Subsidiary, as the case may be; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such person becoming a Subsidiary, (ii) such Lien does not apply to any other property or assets of Parent, the Borrower or any Subsidiary (other than affixed or incorporated into the property covered by such Lien) and (iii) such Lien secures only those obligations which it secures on the date of such acquisition or the date such person becomes a Subsidiary, as the case may be, and any extensions, renewals, refinancings or replacements of such obligations;
(d) Liens, assessments or governmental charges or claims for taxes not yet delinquent or which are not required to be paid pursuant to Section 5.03;
(e) carriers, warehousemens, mechanics, materialmens, repairmens or other like Liens arising in the ordinary course of business and securing obligations that are not delinquent or which are not required to be paid under Section 5.03;
(f) Liens incurred and pledges and deposits made in the ordinary course of business in connection with any self-retention or self-insurance, or with respect to workmens compensation, unemployment insurance, general liability, medical malpractice, professional liability or property insurance and other social security laws or regulations;
(g) deposits to secure the performance of bids, trade contracts (other than for Indebtedness), leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds, government contracts, performance bonds and other obligations of a like nature incurred in the ordinary course of business;
(h) zoning restrictions, easements, rights-of-way, rights of first refusal, restrictions on use of real property, minor defects or irregularities in title and other similar charges or encumbrances which, in the aggregate, do not interfere in any material respect with the business of the Borrower and the Subsidiaries, taken as a whole;
(i) zoning, building codes and other land use laws, regulations and ordinances regulating the use or occupancy of real property or the activities conducted thereon which are imposed by any Governmental Authority having jurisdiction over such real property which are not violated by the current use or occupancy of such real property or the operation of the business of the Borrower or any of the Subsidiaries or any violation of which would not have a Material Adverse Effect;
(j) ground leases in respect of real property on which Facilities owned or leased by the Borrower or any of the Subsidiaries are located;
(k) any interest or title of a lessor or secured by a lessors interest under any lease permitted hereunder;
(l) leases or subleases granted to others not interfering in any material respect with the business of the Borrower and the Subsidiaries, taken as a whole;
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(m) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;
(n) Liens securing Indebtedness to finance the acquisition, construction or improvement of fixed or capital assets; provided that (i) such security interests secure Indebtedness permitted by Section 6.01, (ii) such security interests are incurred, and the Indebtedness secured thereby is created, within 270 days after such acquisition, construction or improvement, and (iii) such security interests do not apply to any other property or assets of the Borrower or any Subsidiary, except for accessions to the property financed with the proceeds of such Indebtedness and the proceeds and the products thereof; provided that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender secured by a Lien permissibly incurred pursuant to this Section 6.02(n);
(o) Liens arising out of judgments or awards that do not constitute an Event of Default under paragraph (i) of Article VII;
(p) Liens pursuant to Receivables Transactions incurred in accordance with Section 6.05(b), including Liens on the assets of any Securitization Subsidiary created pursuant to a Receivables Transaction and Liens incurred by the Borrower and the Subsidiaries on Receivables to secure obligations owing by them in respect of any such Receivables Transaction, provided that any Receivables not transferred to a Securitization Subsidiary in connection with such Receivables Transaction to the extent constituting intercompany indebtedness required to be pledged pursuant to the Guarantee and Collateral Agreement shall be and remain subject to the perfected first priority Lien and security interest granted to the Collateral Agent in favor of the Lenders in accordance with the Guarantee and Collateral Agreement; provided further; that no Liens shall be permitted under this clause (p) to the extent that any Liens are then outstanding under Section 6.02(cc) below;
(q) Liens on assets of Foreign Subsidiaries; provided that (i) such Liens do not extend to, or encumber, assets that constitute Collateral or the Equity Interests of the Borrower or any of the Domestic Subsidiaries, and (ii) such Liens extending to the assets of any Foreign Subsidiary secure only Indebtedness incurred by such Foreign Subsidiary pursuant to Section 6.01(k);
(r) Liens (i) of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business; and (iii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of set off);
(s) [reserved];
(t) Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection with the
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issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of Parent, the Borrower or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of Parent, the Borrower and the Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of Parent, the Borrower or any Subsidiary in the ordinary course of business;
(u) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of goods entered into by the Borrower or any of the Subsidiaries in the ordinary course of business permitted hereunder;
(v) Liens solely on any cash earnest money deposits made by Parent, the Borrower or any of the Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;
(w) Liens securing insurance premiums financing arrangements, provided that such Liens are limited to the applicable unearned insurance premiums;
(x) other Liens on assets not constituting Collateral, that do not, individually or in the aggregate, secure obligations in excess of $300,000,000 at any one time;
(y) Liens on the Collateral which (i) secure Indebtedness incurred pursuant to Section 6.01(r) and (ii) have the same priority as, or junior priority to, the Liens securing the Obligations;
(z) Liens on the Collateral which (i) secure Pari Passu Debt Obligations and/or Alternative Incremental Facility Indebtedness and (ii) have the same priority as, or junior priority to, the Liens securing the Obligations;
(aa) Liens on the Collateral which (i) secure Indebtedness incurred pursuant to Section 6.01(m) if, at the time of the incurrence or assumption thereof, the Secured Net Leverage Ratio Condition is met, (ii) have the same priority as, or junior priority to, the Liens securing the Obligations and (iii) are subject to the Pari Passu Intercreditor Agreement or a Junior Lien Intercreditor Agreement;
(bb) Liens on the Collateral which (i) secure Other Junior Secured Debt incurred pursuant to Section 6.01(x) that is not secured by any asset other than Collateral that secures the Obligations, (ii) have junior priority to the Liens securing the Obligations and (iii) are subject to a Junior Lien Intercreditor Agreement; and
(cc) Liens on the Collateral which secure Indebtedness incurred pursuant to Section 6.01(l)(i); provided that such Liens shall be subject to the ABL Intercreditor Agreement.
SECTION 6.03. Sale and Lease-Back Transactions. Enter into any arrangement, directly or indirectly, with any person whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to
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use for substantially the same purpose or purposes as the property being sold or transferred unless (a) the sale or transfer of such property is permitted by Section 6.05 and (b) any Capital Lease Obligations, Synthetic Lease Obligations, or Liens arising in connection therewith are permitted by Sections 6.01 and 6.02, as the case may be.
SECTION 6.04. Investments, Loans and Advances. Purchase, hold or acquire any Equity Interests, evidences of indebtedness or other securities of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other person, except:
(a) (i) investments by Parent, the Borrower and the Subsidiaries existing on the Closing Date in the Borrower and the Subsidiaries, (ii) additional investments by Parent, the Borrower and the Subsidiaries in the Borrower and the Subsidiaries and any Unrestricted Subsidiaries and (iii) additional investments by Parent, the Borrower and the Subsidiaries in Permitted Joint Ventures (subject to the limitations on such investments referred to in the definition of the term Permitted Joint Ventures); provided that (x) any Equity Interests held by a Loan Party shall be pledged to the extent required by Section 5.12 and the Guarantee and Collateral Agreement and (y) any such investments made pursuant to clause (ii) above made by a Loan Party to a Subsidiary that is not a Loan Party, or made by Parent, the Borrower or any Subsidiary to an Unrestricted Subsidiary, may only be made if (A) no Default or Event of Default shall have occurred and be continuing and (B) the aggregate amount of all such investments made by Loan Parties in Subsidiaries that are not Loan Parties, or by Parent, the Borrower or any Subsidiary in an Unrestricted Subsidiary and outstanding at any time (without regard to any write-downs or write-offs thereof, and valued net in the case of intercompany loans and transferred liabilities) shall not exceed $500,000,000 after the Third Restatement Effective Date plus the amount of dividends, distributions and other returns of capital actually received in cash by any Loan Party with respect to any such investments; for purposes of the foregoing, if the Borrower designates a Subsidiary as an Unrestricted Subsidiary in accordance with the definition of the term Unrestricted Subsidiary, the Borrower will be deemed to have made an investment at that time in the resulting Unrestricted Subsidiary in an aggregate amount equal to the fair market value of the net assets of such Unrestricted Subsidiary;
(b) Permitted Investments;
(c) (i) loans or advances in respect of intercompany accounts attributable to the operation of the Borrowers cash management system (including with respect to intercompany self-insurance arrangements), (ii) loans or advances made by the Borrower or any of the Subsidiaries to a Permitted Syndication Subsidiary for working capital needs evidenced by a promissory note that is pledged to the Collateral Agent so long as such loans or advances constitute Indebtedness of the primary obligor that is not subordinate to any other Indebtedness of such obligor, and (iii) loans or advances made by Parent to the Borrower or any Subsidiary, the Borrower to Parent or any Subsidiary and by any Subsidiary to Parent, the Borrower or any other Subsidiary; provided, however, that (x) any such loans and advances made by a Loan Party that are evidenced by a promissory note shall be pledged to the Collateral Agent for the ratable benefit of the
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Secured Parties pursuant to the Guarantee and Collateral Agreement (and any such loans and advances made by a Loan Party to a Subsidiary that is not a Loan Party shall be so evidenced and pledged) and (y) any such loan or advance made by a Loan Party to a Subsidiary that is not a Loan Party or by Parent, the Borrower or any Subsidiary to an Unrestricted Subsidiary shall be subject to the requirements and limitations described in clause (y) of the first proviso to Section 6.04(a), except to the extent that (1) such loan or advance shall be secured by a fully perfected, first-priority Lien on substantially all of the assets of the recipient of such loan or advance and its subsidiaries (in each case of a type that would have constituted Collateral if such recipient were party to the applicable Security Documents) and (2) such Lien is collaterally assigned to the Collateral Agent for the benefit of the Secured Parties, all on terms reasonably satisfactory to the Collateral Agent;
(d) investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and suppliers, in each case in the ordinary course of business;
(e) the Borrower and the Subsidiaries may make loans and advances in the ordinary course of business to their respective employees, officers, consultants and agents (including payroll advances, travel and entertainment advances and relocation loans in the ordinary course of business to employees, officers and agents of the Borrower or any such Subsidiary (or to any physician or other health care professional associated with or agreeing to become associated with Parent, the Borrower or any Subsidiary or any Hospital owned or leased or operated by the Borrower or any Subsidiary (Health Care Associates)));
(f) Guarantees to third parties made in the ordinary course of business in connection with the relocation of employees or agents of Health Care Associates of the Borrower or any of the Subsidiaries;
(g) the Borrower and the Subsidiaries may enter into Hedging Agreements that are not speculative in nature;
(h) the Borrower or any Subsidiary may acquire (including by any lease that contains upfront payments and/or buyout options) all or substantially all the assets of a person or line of business of such person, or directly acquire and beneficially own (and retain the right to vote) more than 50% of the aggregate ordinary voting power and aggregate equity value represented by the outstanding capital stock or other Equity Interests of any acquired or newly formed corporation or other entity that acquires or leases such person, division or line of business (referred to herein as the Acquired Entity); provided that (i) as of the consummation thereof, such acquisition shall have been approved by the board of directors of the Acquired Entity; (ii) the Acquired Entity shall be in a similar, related, incidental or complementary line of business as that of the Borrower and the Subsidiaries as conducted during the current and most recent calendar year; and (iii) at the time of such transaction (A) [reserved], (B) if the total consideration paid in connection with such acquisition and any other acquisitions pursuant to this Section 6.04(h) after the Third Restatement Effective Date (including any Indebtedness
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of the Acquired Entity that is assumed by the Borrower or any Subsidiary following such acquisition and any payments following such acquisition pursuant to earn-out provisions or similar obligations) shall exceed $500,000,000 in the aggregate (excluding the total consideration paid in respect of Permitted Acquisitions listed on Schedule 6.04(h) and consideration consisting of, or funded with the proceeds of, Qualified Capital Stock and excluding any acquisition for total consideration of no more that $150,000,000), then the Borrower would be in compliance with the covenant set forth in Section 6.13 on the last day of the most recently ended fiscal quarter for which financial statements have been or were required to be delivered, after giving pro forma effect to such transaction and to any other event occurring after such period as to which pro forma recalculation is appropriate (including any other transaction described in this Section 6.04(h) occurring after such period) as if such transaction had occurred as of the first day of such period, (C) [reserved], (D) the Borrower shall comply, and shall cause the Acquired Entity to comply, with the applicable provisions of Section 5.12 and the Security Documents within a period after consummation of such transaction agreed to by the Administrative Agent (other than, in each case, any Captive Insurance Subsidiary or Securitization Subsidiary), and (E) the aggregate consideration paid in connection with all such acquisitions of Acquired Entities that become Foreign Subsidiaries (or, in the case of an acquisition of assets, such assets are not directly acquired by Loan Parties), shall not exceed $300,000,000 (any acquisition of an Acquired Entity meeting all the applicable criteria of this Section 6.04(h) being referred to herein as a Permitted Acquisition);
(i) Permitted Joint Ventures;
(j) investments in a Permitted Syndication Subsidiary in connection with a Permitted Syndication Transaction made pursuant to Section 6.05(b);
(k) investments in any Securitization Subsidiary or other person as required pursuant to the terms and conditions of any Permitted Receivables Transaction made pursuant to Section 6.05(b);
(l) the Borrower or any of the Subsidiaries may acquire and hold Receivables owing to it or Parent, if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms;
(m) investments to the extent that payment for such investments is made with issuances of or the cash proceeds from the issuance of Equity Interests of Parent;
(n) extensions of trade credit and purchases of equipment and inventory in the ordinary course of business;
(o) loans and advances to Parent in lieu of, and not in excess of the amount of, dividends to the extent permitted to be made to Parent in accordance with Section 6.06;
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(p) investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers consistent with past practices;
(q) investments by Parent, the Borrower and the Subsidiaries in any Captive Insurance Subsidiary in an aggregate amount not to exceed 150% of the minimum amount of capital required under the laws of the jurisdiction in which such Captive Insurance Subsidiary is formed (plus any excess capital generated as a result of any such prior investment that would result in an unfavorable tax or reimbursement impact if distributed), and other investments in any Captive Insurance Subsidiary to cover reasonable general corporate and overhead expenses of such Captive Insurance Subsidiary;
(r) investments by any Captive Insurance Subsidiary;
(s) investments in any Captive Insurance Subsidiary in connection with a push down by the Borrower of insurance reserves;
(t) investments held by a person (including by way of acquisition, merger or consolidation) after the Closing Date otherwise in accordance with this Section 6.04 to the extent that such investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;
(u) investments in minority interests existing on the Closing Date;
(v) the contribution or other transfer of property to any Spinout Subsidiary in connection with a Spinout Transaction and investments received in connection with a Spinout Transaction;
(w) investments representing the non-cash portion of the consideration received for an Asset Sale or other asset disposition permitted under Section 6.05;
(x) [reserved];
(y) (i) investments made using the Available Amount or (ii) investments made using the Available Declined Proceeds Amount; and
(z) in addition to investments permitted by paragraphs (a) through (y) above, additional investments, loans and advances by the Borrower and the Subsidiaries so long as the aggregate outstanding amount of investments, loans and advances pursuant to this paragraph (z) (determined without regard to any write-downs or write-offs of such investments, loans and advances) does not exceed $200,000,000 plus the amount of dividends, distributions and other returns of capital actually received in cash by any Loan Party or any of its Subsidiaries in respect of investments made in reliance on this paragraph (z) in the aggregate at any time.
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It is understood and agreed that, in the event that any investment is made by the Borrower or any Subsidiary in any person through substantially concurrent interim transfers of any amount through one or more other Subsidiaries, then such other substantially concurrent interim transfers shall be disregarded for purposes of this Section 6.04.
SECTION 6.05. Mergers, Consolidations, Sales of Assets and Acquisitions. (a) Merge into or consolidate with any other person, or permit any other person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all the assets (whether now owned or hereafter acquired) of the Borrower or less than all the Equity Interests of any Subsidiary (other than pursuant to any Permitted Interest Transfer, any Permitted Joint Venture or transfers of Equity Interests of any Subsidiary to a Loan Party or by a Subsidiary that is not a Subsidiary Guarantor to any Subsidiary or transfers of Equity Interests of a Subsidiary that remains a Subsidiary Guarantor after giving effect to such transfer), or purchase or otherwise acquire (in one transaction or a series of transactions) all or substantially all of the assets of any other person, except that (i) the Borrower and any Subsidiary may purchase and sell inventory in the ordinary course of business and (ii) if at the time thereof and immediately after giving effect thereto no Event of Default or Default shall have occurred and be continuing, (w) Parent or the Borrower may merge with any other person (other than Parent and the Borrower); provided that (1) Parent or the Borrower, as applicable, shall be the continuing and surviving person or the continuing or surviving person shall expressly assume the obligations of Parent or Borrower, as applicable, including all of the obligations under this Agreement and the other Loan Documents, in a manner reasonably acceptable to the Administrative Agent, and (2) Parent and the Borrower or such continuing or surviving person, as applicable, remains organized under the laws of the United States, any state thereof or the District of Columbia, (x) any wholly owned Subsidiary may merge into the Borrower in a transaction in which the Borrower is the surviving corporation, (y) any Subsidiary may merge into or consolidate with any other Subsidiary in a transaction in which the surviving entity is a Subsidiary (provided that (A) if any party to any such transaction is a Loan Party, the surviving entity of such transaction shall be a Loan Party and (B) to the extent any person other than the Borrower or a wholly owned Subsidiary receives any consideration in connection therewith, then such transaction shall be considered as an investment under the applicable paragraph of Section 6.04) and (z) the Borrower and the Subsidiaries may make Permitted Acquisitions or any other investment, loan or advance permitted pursuant to Section 6.04 (including by merger), and may enter into Permitted Joint Ventures.
(b) Make any Asset Sale otherwise permitted under paragraph (a) above unless such Asset Sale is:
(i) for consideration that is at least equal to the fair market value of the assets being sold, transferred, leased or disposed of; provided that for any disposition of assets with a fair market value of more than $50,000,000, at least 75% of such consideration is cash, cash equivalents or Permitted Investments;
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(ii) a Receivables Transaction, provided that (w) the material terms and conditions and the structure of such Receivables Transaction have been approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed), (x) any Liens granted in connection with such Receivables Transaction shall comply with the terms of Section 6.02(p), (y) the aggregate Receivables Transaction Amount outstanding at any time in respect of all Receivables Transactions does not exceed $3,000,000,000 and (z) to the extent Parent or any of its subsidiaries shall receive aggregate Net Cash Proceeds in excess of $700,000,000 from the consummation of Receivables Transactions after the Third Restatement Effective Date, the Borrower shall, substantially simultaneously with (and in any event not later than the fifth Business Day next following) the receipt of such Net Cash Proceeds by Parent or such subsidiary, apply an amount equal to 100% of the amount of such Net Cash Proceeds so in excess of $700,000,000 to prepay then-outstanding Indebtedness (other than Indebtedness in respect of revolving extensions of credit, except to the extent that any such prepayment is accompanied by a permanent reduction in related commitments) (any Receivables Transaction meeting all the criteria of this Section 6.05(b)(ii) being referred to herein as a Permitted Receivables Transaction);
(iii) a Syndication Transaction, provided that the aggregate amount or value of the consideration received by any Permitted Syndication Subsidiary and/or the Borrower and the other Subsidiaries from third parties in connection with such Syndication Transaction (or series of Syndication Transactions), except for the Syndication Transactions listed on Schedule 6.05(b) (the Syndication Proceeds), when added to the aggregate Syndication Proceeds from all previous Permitted Syndications on or after the Closing Date does not exceed $200,000,000 (any Syndication Transaction meeting the criteria of this Section 6.05(b)(iii) being referred to herein as a Permitted Syndication Transaction);
(iv) any Permitted Interest Transfer;
(v) for the sale or other disposition consummated by the Borrower or any of the Subsidiaries after the Closing Date of assets constituting a subsidiary or business unit or units of the Borrower or the Subsidiaries (including a Facility) or the interest of the Borrower or the Subsidiaries therein, provided that (i) such sale or other disposition shall be made for fair value on an arms-length basis and (ii) the consideration received for such sale or other disposition constitutes or would constitute a Permitted Acquisition, Permitted Joint Venture or Permitted Syndication Subsidiary in accordance with the definition thereof;
(vi) the Borrower and the Subsidiaries may abandon, allow to lapse or otherwise dispose of intangible property that the Borrower or such Subsidiary shall determine in its reasonable business judgment is immaterial to the conduct of its business;
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(vii) forgiveness of any loans or advances made pursuant to Section 6.04(e);
(viii) transfers of property subject to casualty or a condemnation proceeding;
(ix) Restricted Payments permitted pursuant to Section 6.06;
(x) [reserved]; or
(xi) any investment, loan or advance permitted pursuant to Section 6.04.
For the purposes of Section 6.05(b)(i), the following will be deemed to be cash:
(i) the assumption by the transferee of Indebtedness or other liabilities contingent or otherwise of the Borrower or a Subsidiary (other than subordinated Indebtedness of the Borrower or a Guarantor) and the release of the Borrower or such Subsidiary from all liability on such Indebtedness or other liability in connection with such Asset Sale;
(ii) securities, notes or other obligations received by the Borrower or any Subsidiary of the Borrower from the transferee that are converted by the Borrower or such Subsidiary into cash or cash equivalents (including Permitted Investments) within 180 days following the closing of such Asset Sale;
(iii) Indebtedness of any Subsidiary that is no longer a Subsidiary as a result of such Asset Sale, to the extent that the Borrower and each other Subsidiary are released from any Guarantee of payment of such Indebtedness in connection with such Asset Sale;
(iv) consideration consisting of Indebtedness of the Borrower (other than subordinated Indebtedness) received after the Third Restatement Effective Date from persons who are not the Borrower or any Subsidiary; and
(v) any Designated Non-Cash Consideration received by the Borrower or any Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this covenant that is at that time outstanding, not to exceed the greater of $800,000,000 and 3.0% of Total Assets (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value).
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SECTION 6.06. Restricted Payments; Restrictive Agreements. (a) Declare or make, directly or indirectly, any Restricted Payment (including pursuant to any Synthetic Purchase Agreement); provided, however, that
(i) any Subsidiary may declare and pay dividends or make other distributions ratably to its equity holders;
(ii) Parent, the Borrower or any Subsidiary may distribute the Equity Interests of a Spinout Subsidiary pursuant to a Spinout Transaction;
(iii) so long as no Event of Default or Default shall have occurred and be continuing or would result therefrom, the Borrower may, or the Borrower may make distributions to Parent so that Parent may, repurchase its Equity Interests owned by current or former employees, directors or consultants of Parent, the Borrower or the Subsidiaries or make payments to employees, directors or consultants of Parent, the Borrower or the Subsidiaries in connection with the exercise of stock options, stock appreciation rights or similar equity incentives or equity based incentives pursuant to management incentive plans in an aggregate amount not to exceed $60,000,000 in any fiscal year;
(iv) the Borrower may make Restricted Payments to Parent (A) (x) to the extent necessary to pay general corporate and overhead expenses incurred by Parent in the ordinary course of business (including legal, accounting and similar expenses) and expenses necessary to maintain its status as a publicly held corporation, and (y) in an amount necessary to pay the Tax liabilities of Parent or (B) consisting of (1) costs (including all professional fees and expenses) incurred by Parent in connection with reporting obligations under or otherwise incurred in connection with compliance with applicable laws, rules or regulations of any governmental, regulatory or self-regulatory body or stock exchange, the Senior Notes, the Loan Documents or any other agreement or instrument relating to Indebtedness of the Borrower or any Subsidiary, customary indemnification obligations of Parent owing to directors, officers, employees or other persons under its charter or by-laws or pursuant to written agreements with any such person to the extent relating to the Borrower and its Subsidiaries, (2) obligations of Parent in respect of director and officer insurance (including premiums therefor) to the extent relating to the Borrower and its Subsidiaries, (3) expenses incurred by Parent in connection with any public offering or other sale of Equity Interests or Indebtedness: (x) where the net proceeds of such offering or sale are intended to be received by or contributed to the Borrower or a Subsidiary, (y) in a pro-rated amount of such expenses in proportion to the amount of such net proceeds intended to be so received or contributed, or (z) otherwise on an interim basis prior to completion of such offering so long as Parent shall cause the amount of such expenses to be repaid to the Borrower or the relevant Subsidiary out of the proceeds of such offering promptly if completed; provided, however, that all Restricted Payments made to Parent pursuant to this clause (iv) are used by Parent for the purposes specified herein within 20 days of the receipt thereof;
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(v) in addition to Restricted Payments permitted by clauses (i) through (iv) above, so long as no Event of Default or Default shall have occurred and be continuing or would result therefrom, the Borrower may make other Restricted Payments, and Parent may make Restricted Payments, in an aggregate amount from and after the Third Restatement Effective Date not to exceed $200,000,000 less the amount of payments made from and after the Third Restatement Effective Date pursuant to Section 6.09(b)(i);
(vi) the Borrower may net shares under employee benefits plans to settle option price payments owed by employees and directors with respect thereto and to settle employees and directors Federal, state and income tax liabilities (if any) related thereto;
(vii) so long as (A) no Event of Default or Default shall have occurred and be continuing or would result therefrom and (B) at the time of and after giving effect thereto, the Secured Net Leverage Ratio shall not be greater than 3.5 to 1.0, the Borrower may make other Restricted Payments, and Parent may make Restricted Payments, in an amount not to exceed the Available Amount at the time such Restricted Payment is made;
(viii) so long as no Event of Default or Default shall have occurred and be continuing or would result therefrom, the Borrower may, or the Borrower may make distributions to Parent so that Parent may, (A) repurchase any of its Equity Interests, or (B) make payments to employees, directors or consultants of Parent, the Borrower or the Subsidiaries in connection with the exercise of stock options, stock appreciation rights or similar equity incentives or equity based incentives pursuant to management incentive plans, in each case in an aggregate amount not to exceed the Received Exercise Proceeds Amount at the time such Restricted Payment is made;
(ix) so long as no Event of Default or Default shall have occurred and be continuing or would result therefrom, the Borrower may make other Restricted Payments, and Parent may make Restricted Payments, in an aggregate amount not to exceed $25,000,000 in any fiscal year, beginning with the fiscal year ending December 31, 2013;
(x) Parent, Borrower or any Subsidiary may make a payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Agreement;
(xi) Parent, Borrower or any Subsidiary may make a purchase, repurchase, redemption, defeasance or other acquisition or retirement of preferred Equity Interests made by exchange (including any such exchange pursuant to the exercise of a conversion right or privilege in connection with which cash is paid in lieu of the issuance of fractional shares) for, or out of the proceeds of the substantially concurrent sale of, preferred Equity Interests of the Borrower or
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Parent (other than Disqualified Stock and other than preferred Equity Interests sold to a Subsidiary) or a substantially concurrent contribution to the equity (other than through the issuance of Disqualified Stock or by preferred Equity Interests sold to any Subsidiary) of the Borrower or Parent;
(xii) the Borrower may make payments or loans, advances, dividends or distributions to Parent to make payments to holders of Equity Interests of Parent in lieu of the issuance of fractional shares of such Equity Interests, provided, however, that any such payment, loan, advance, dividend or distribution shall not be for the purpose of evading any limitation of this covenant or otherwise to facilitate any dividend or other return of capital to the holders of such Equity Interests (as determined in good faith by the board of directors of the Borrower);
(xiii) Parent, the Borrower or any Subsidiary may make purchases, repurchases, redemptions, defeasances or other acquisitions or retirements of Equity Interests deemed to occur upon the exercise of stock options, warrants or other rights in respect thereof if such Equity Interests represent a portion of the exercise price thereof; and
(xiv) Parent, the Borrower or any Subsidiary may pay dividends or other distributions of Equity Interests of, or Indebtedness owed to Parent, the Borrower or a Subsidiary by, Unrestricted Subsidiaries (unless the Unrestricted Subsidiarys principal asset is cash or cash equivalents (including Permitted Investments)).
(b) Enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (i) the ability of Parent, the Borrower or any Subsidiary (other than any Permitted Joint Venture Subsidiary) to create, incur or permit to exist any Lien upon any of its property or assets to secure the Obligations, or (ii) the ability of any Subsidiary (other than any Permitted Joint Venture Subsidiary) to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay loans or advances to the Borrower or any Subsidiary Guarantor or to Guarantee Indebtedness of the Borrower or any Subsidiary Guarantor; provided (x) that the foregoing shall not apply to restrictions and conditions (A) imposed by law or by any Loan Document or any Senior Note Indenture, (B) contained in agreements relating to the sale of a Subsidiary or other assets pending such sale, provided such restrictions and conditions apply only to the Subsidiary or assets that are to be sold and such sale is permitted hereunder, (C) imposed on any Foreign Subsidiary by the terms of any Indebtedness of such Foreign Subsidiary permitted to be incurred hereunder, (D) imposed pursuant to other Indebtedness incurred pursuant to Section 6.01 with such encumbrances and restrictions that, taken as a whole, are not more restrictive than the terms hereof, (E) contained in any agreement relating to a Permitted Receivables Transaction if such restrictions or encumbrances apply only to the relevant Permitted Receivables Transaction and are required pursuant to the terms and conditions of such Permitted Receivables Transaction, (F) on Permitted Joint Ventures or other joint ventures permitted under Section 6.04 and Permitted Syndication Subsidiaries imposed by the terms of the agreements governing the same, (G) applicable to an Acquired Entity at the time such Acquired Entity became a Subsidiary, so long as such restriction or
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encumbrance was not created in contemplation of or in connection with such Acquired Entity becoming a Subsidiary and apply only to such Acquired Entity, (H) imposed by any credit agreement, indenture or other agreement governing Pari Passu Debt or Alternative Incremental Facility Indebtedness, so long as such restrictions and conditions are not less favorable to the Lenders than to the holders of such Pari Passu Debt or such Alternative Incremental Facility Indebtedness, as the case may be and (I) contained in the ABL Facility Credit Agreement or the other ABL Facility Loan Documents; and (y) clause (i) of the foregoing shall not apply to restrictions or conditions (A) that are customary provisions in leases and other contracts restricting the assignment thereof and any right of first refusal and (B) imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness.
For the avoidance of doubt, any transaction permitted pursuant to this Section 6.06 to be made or consummated by the Borrower (other than Section 6.06(a)(iv)) shall be permitted to be made or consummated by Parent.
SECTION 6.07. Transactions with Affiliates. Except for (a) transactions between or among Parent and its Subsidiaries or described on Schedule 6.07 and (b) the contribution or other transfer by Parent, the Borrower or any Subsidiary of property owned by it to any Spinout Subsidiary pursuant to a Spinout Transaction and transition services agreements, tax sharing agreements, intellectual property sharing agreements, real estate matter and employee matter agreements, indemnification and insurance agreements and other similar agreements among Parent, the Borrower, any Subsidiary and a Spinout Subsidiary entered into in connection with a Spinout Transaction, sell or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (i) the Borrower or any Subsidiary may engage in any of the foregoing transactions on terms and conditions not less favorable to the Borrower or such Subsidiary than could be obtained on an arms-length basis from unrelated third parties, (ii) Parent, the Borrower and the Subsidiaries may make (x) investments, loans and advances and (y) Restricted Payments, permitted by Section 6.04 and Section 6.06, respectively, (iii) the Borrower may engage in Receivables Transactions, (iv) any issuance of Equity Interests otherwise permitted hereunder, (v) any issuance of Equity Interests, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock options and stock ownership plans, or indemnities provided on behalf of employees or directors and approved by the board of directors or senior management of Parent and (vi) the payment of reasonable fees to directors of Parent, the Borrower and the Subsidiaries who are not employees of Parent, the Borrower or the Subsidiaries.
SECTION 6.08. Business of Parent, Borrower and Subsidiaries. Engage at any time in any business or business activity other than the business currently conducted by it and business activities reasonably similar, incidental or complementary thereto and reasonable extensions thereof.
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SECTION 6.09. Other Indebtedness. (a) Permit any waiver, supplement, modification or amendment of any Senior Note Indenture or any waiver, supplement, modification or amendment of any indenture, instrument or agreement pursuant to which any subordinated Material Indebtedness of Parent, the Borrower or any of the Subsidiaries (other than, for the avoidance of doubt, the ABL Facility Credit Agreement and other ABL Facility Loan Documents) is outstanding if the effect of such waiver, supplement, modification or amendment would materially increase the obligations of the obligor (except as permitted by this Agreement) or confer additional material rights on the holder of such Indebtedness in a manner adverse to the Lenders.
(b) Make any distribution, whether in cash, property, securities or a combination thereof, other than regular scheduled payments of principal and interest as and when due (to the extent not prohibited by applicable subordination provisions), in respect of, or pay, or commit to pay, or directly or indirectly (including pursuant to any Synthetic Purchase Agreement) redeem, repurchase, retire or otherwise acquire for consideration, or set apart any sum for the aforesaid purposes, any subordinated Indebtedness (other than intercompany Indebtedness); provided, however, that, so long as no Default or Event of Default shall have occurred and be continuing at the date of such redemption, repurchase, retirement or other acquisition for consideration, or would result therefrom, Parent, the Borrower or any Subsidiary may redeem, repurchase, retire or otherwise acquire for consideration (i) (i) from and after the Third Restatement Effective Date, subordinated Indebtedness for an aggregate price not in excess of (A) $300,000,000 less (B) the amount of Restricted Payments made from and after the Third Restatement Effective Date pursuant to clause (v) of Section 6.06(a), (ii) subordinated Indebtedness with the proceeds of or in exchange for (A) subordinated Indebtedness that is permitted pursuant to Section 6.01 and is subordinated on terms not materially less advantageous to the Lenders than those of the Indebtedness being redeemed, repurchased, retired or otherwise acquired for consideration or (B) the issuance of Equity Interests, (iv) subordinated Indebtedness so long as (A) the amount paid in respect thereof does not exceed the Available Amount at the time paid and (B) at the time of and after giving effect thereto, the Secured Net Leverage Ratio shall not be greater than 4.0 to 1.0, or (v) subordinated Indebtedness so long as (A) the amount paid in respect thereof does not exceed the Available Declined Proceeds Amount at the time paid and (B) at the time of and after giving effect thereto, the Secured Net Leverage Ratio shall not be greater than 4.0 to 1.0.
(c) Nothing in this Section 6.09 shall limit or otherwise prohibit the making (and any payment in connection therewith) of any Change of Control Offer in accordance with clause (f) of Article VII.
SECTION 6.10. Practice Guarantees. Enter into Practice Guarantees with a term of 30 months or longer in an aggregate amount in excess of $300,000,000 in effect at any time with respect to all such Practice Guarantees.
SECTION 6.11. Capital Expenditures. Permit the aggregate amount of Capital Expenditures (other than Replacement Capital Expenditures) made by Parent, the Borrower and the Subsidiaries in any period set forth below to exceed the greater of
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(a) 7.5% of consolidated net revenues of Parent, the Borrower and the Subsidiaries for the immediately preceding fiscal year (as set forth in the financial statements delivered pursuant to Section 5.04(a) with respect to such fiscal year) and (b) $1,100,000,000 (such greater amount, the Permitted Capital Expenditure Amount):
In any year in which a Permitted Acquisition occurs, the Permitted Capital Expenditure Amount in respect of such fiscal year shall be increased (but not decreased) by an amount equal to 7.5% of the net revenues generated by the Acquired Entity acquired during the preceding fiscal year of such Acquired Entity (pro rated based on the number of days remaining in such fiscal year). In addition, to the extent any portion of the Permitted Capital Expenditure Amount for any fiscal year (as the same may have been increased pursuant to the preceding sentence) is not fully expended during such fiscal year, then 50% of the amount not so expended may be carried forward to and used in succeeding fiscal years. In addition, for any fiscal year, the amount of Capital Expenditures that would otherwise be permitted in such fiscal year pursuant to this Section 6.11 may be increased by an amount not to exceed 50% of the Permitted Capital Expenditure Amount for the immediately succeeding fiscal year (the CapEx Pull-Forward Amount). The actual CapEx Pull-Forward Amount in respect of any such fiscal year shall reduce, on a dollar-for-dollar basis, the amount of Capital Expenditures that would have been permitted to be made in the immediately succeeding fiscal year. In addition, for any fiscal year, the amount of Capital Expenditures that would otherwise be permitted in such fiscal year pursuant to this Section 6.11 may be increased by an amount not to exceed $400,000,000 if, at the time of such expenditure, both before and after giving pro forma effect thereto, (x) no Default or Event of Default shall have occurred and be continuing and (y) the Leverage Ratio is less than 4.50 to 1.00.
The provisions of this Section 6.11 are solely for the benefit of the Revolving Credit Lenders and any Lenders having Other Term A Loans and, notwithstanding the provisions of Section 9.08, the Required Covenant Lenders may (i) amend or otherwise modify Section 6.11 or, solely for purposes of Section 6.11, the defined terms used, directly or indirectly, therein, or (ii) waive any non-compliance with Section 6.11 or any Event of Default resulting from such non-compliance, in each case without the consent of any other Lenders.
SECTION 6.12. [Reserved].
SECTION 6.13. Maximum First Lien Net Leverage Ratio. Permit the First Lien Net Leverage Ratio as of the last day of any fiscal quarter ending during a period set forth below to be greater than the ratio set forth opposite such period below:
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Period |
Ratio | |||
October 1, 2017 through June 30, 2018 |
5.25 to 1.00 | |||
July 1, 2018 through December 31, 2018 |
5.00 to 1.00 | |||
January 1, 2019 through December 31, 2019 |
4.75 to 1.00 | |||
January 1, 2020 through June 30, 2020 |
4.50 to 1.00 | |||
Thereafter |
4.25 to 1.00 |
The provisions of this Section 6.13 are solely for the benefit of the Revolving Credit Lenders and any Lenders having Other Term A Loans and, notwithstanding the provisions of Section 9.08, the Required Covenant Lenders may (i) amend or otherwise modify Section 6.13 or, solely for the purposes of Section 6.13, the defined terms used, directly or indirectly, therein, or (ii) waive any non-compliance with Section 6.13 or any Event of Default resulting from such non-compliance, in each case without the consent of any other Lenders.
SECTION 6.14. Fiscal Year. With respect to Parent and the Borrower, change their fiscal year-end to a date other than December 31.
ARTICLE VII
Events of Default
In case of the happening of any of the following events (Events of Default):
(a) any representation, warranty or statement made or deemed made by any Loan Party herein or in any other Loan Document or any certificate delivered or required to be delivered pursuant hereto or thereto shall prove to be untrue in any material respect on the date as of which it was made or deemed made;
(b) default shall be made in the payment of any principal of any Loan or the reimbursement with respect to any L/C Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise;
(c) default shall be made in the payment of any interest on any Loan or any Fee or L/C Disbursement or any other amount (other than an amount referred to in (b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of five Business Days;
(d) (i) default shall be made in the due observance or performance by Parent, the Borrower or any Subsidiary of any covenant, condition or agreement contained in Section 5.01(a) (with respect to Parent and the Borrower only), 5.05(a) or 5.08 or in Article VI (other than Section 6.11 or Section 6.13); (ii) solely for the benefit of the Revolving Credit Lenders and Lenders holding Other Term A Loans, default shall be made in the due observance or performance by Parent, the Borrower or any Subsidiary of any covenant, condition or agreement contained in Section 6.11 or Section 6.13; or (iii) an Event of Default shall have occurred under paragraph (d)(ii) and the Required Covenant Lenders shall have terminated any Revolving Credit Commitments or shall have accelerated any Loans;
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(e) default shall be made in the due observance or performance by Parent, the Borrower or any Subsidiary of any covenant or agreement contained in any Loan Document (other than those specified in (b), (c) or (d) above) and such default shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent or any Lender to the Borrower;
(f) (i) Parent, the Borrower or any Subsidiary shall fail to pay any principal, interest or other amount due in respect of any Material Indebtedness, when and as the same shall become due and payable (after giving effect to any grace period) or (ii) any other event or condition occurs that results in any Material Indebtedness (other than any Material Indebtedness of any Securitization Subsidiary) becoming due prior to its scheduled maturity or that enables or permits (after giving effect to any grace period) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity or that results in the termination or permits any counterparty to terminate any Hedging Agreement the obligations under which constitute Material Indebtedness; provided that (A) this clause (ii) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, and (B) for the avoidance of doubt, a requirement to make a mandatory offer to repurchase under the terms of any Indebtedness of any person acquired by the Borrower or any of its Subsidiaries pursuant to any Permitted Acquisition as a result of a change of control (or equivalent term) shall not constitute a Default or an Event of Default under this clause (ii) so long as (I) on or prior to the date the events constituting such change of control (or equivalent term) occur, either (1) the terms of such Indebtedness have been amended to eliminate the requirement to make such offer or (2) such Indebtedness has been defeased or discharged so that such requirement shall no longer apply (and, in the event such change of control is subject to a requirement that a specific credit ratings event or similar condition subsequent occur, no Event of Default shall exist pursuant to this paragraph (ii) until such time as the specific credit ratings event or similar condition subsequent has also occurred resulting in the obligor under such Indebtedness to become unconditionally obligated to make such offer) or (II) (x) the sum of (1) the aggregate amount of unrestricted cash, cash equivalents and Permitted Investments held by Parent, the Borrower and the Subsidiaries plus any available debt financing commitments from any Revolving Lender or any Affiliate of a Revolving Lender or any other financial institution of nationally recognized standing available to the Borrower or its Subsidiaries for purposes of refinancing such Indebtedness is at least equal to the aggregate amount that would be required to repay such Indebtedness pursuant to any required change of control offer (or equivalent term) pursuant to the terms of such Indebtedness at all times prior to the expiration of the rights of the holders of such Indebtedness to require the repurchase or repayment of such Indebtedness as a result of such acquisition and (y) the Borrower or the applicable Subsidiary complies with the provisions of such Indebtedness that are applicable as a result of such acquisition (including by consummating any required change of control offer (or equivalent term) for such Indebtedness); provided
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further that this clause (f) shall not apply if (x) such failure is remedied or waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration of the Loans pursuant to this Article VII or (y) such failure is a breach of a financial covenant in the ABL Facility Credit Agreement, in which case, the failure shall not constitute Default or an Event of Default with respect to any Loans hereunder unless and until the ABL Lenders have declared all amounts outstanding under the ABL Facility Credit Agreement to be immediately due and payable and all outstanding commitments under the ABL Facility Credit Agreement to be immediately terminated, and such declaration has not been rescinded on or before such date;
(g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of Parent, the Borrower or any Subsidiary (other than a Non-Significant Subsidiary within the meaning of clause (a) of the definition thereof), or of a substantial part of the property or assets of Parent, the Borrower or a Subsidiary (other than a Non-Significant Subsidiary within the meaning of clause (a) of the definition thereof), under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Parent, the Borrower or any Subsidiary (other than a Non-Significant Subsidiary within the meaning of clause (a) of the definition thereof) or for a substantial part of the property or assets of Parent, the Borrower or a Subsidiary or (iii) the winding-up or liquidation of Parent, the Borrower or any Subsidiary (other than a Non-Significant Subsidiary within the meaning of clause (a) of the definition thereof); and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;
(h) Parent, the Borrower or any Subsidiary (other than a Non-Significant Subsidiary within the meaning of clause (a) of the definition thereof) shall (i) voluntarily commence any proceeding or file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of any proceeding or the filing of any petition described in (g) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Parent, the Borrower or any Subsidiary (other than a Non-Significant Subsidiary within the meaning of clause (a) of the definition thereof) or for a substantial part of the property or assets of Parent, the Borrower or any Subsidiary (other than a Non-Significant Subsidiary within the meaning of clause (a) of the definition thereof), (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any corporate action for the purpose of effecting any of the foregoing;
(i) one or more judgments shall be rendered against Parent, the Borrower, any Subsidiary or any combination thereof (not paid or fully covered by insurance) and the same shall remain undischarged for a period of 30 consecutive days
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during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of Parent, the Borrower or any Subsidiary to enforce any such judgment and such judgment is for the payment of money in an aggregate amount in excess of $125,000,000;
(j) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other such ERISA Events, could reasonably be expected to result in a Material Adverse Effect;
(k) any Guarantee under the Guarantee and Collateral Agreement for any reason shall cease to be in full force and effect (other than in accordance with its terms), or any Guarantor shall deny in writing that it has any further liability under the Guarantee and Collateral Agreement (other than as a result of the discharge of such Guarantor in accordance with the terms of the Loan Documents);
(l) any security interest purported to be created by any Security Document with respect to any Collateral with an aggregate fair market value in excess of $125,000,000 shall cease to be, or shall be asserted by the Borrower or any other Loan Party not to be, a valid, perfected (subject to the qualifications set forth in Section 3.19(a)), first priority (except as otherwise expressly provided in this Agreement or such Security Document) security interest in the securities, assets or properties covered thereby, except to the extent that any such loss of perfection or priority results from the failure of the Collateral Agent to maintain possession of certificates representing securities pledged under the Guarantee and Collateral Agreement or any other act or omission by the Collateral Agent and except to the extent that such loss is covered by a lenders title insurance policy and the related insurer does not deny that such loss is covered by such title insurance policy;
(m) the Indebtedness under any subordinated Indebtedness of Parent, the Borrower or any Subsidiary constituting Material Indebtedness shall cease (or any Loan Party or an Affiliate of any Loan Party shall so assert), for any reason, to be validly subordinated to the Obligations as provided in the agreements evidencing such subordinated Indebtedness;
(n) there shall have occurred a Change in Control;
(o) on any date, any Pari Passu Debt that at the time would constitute Material Indebtedness and that has a final stated maturity date within 91 days of such date, shall remain outstanding;
(p) so long as any Other Senior Secured Debt is outstanding, any Pari Passu Intercreditor Agreement shall cease to be effective or cease to be legally valid and binding, or otherwise not be effective to create the rights and obligations purported to be created thereunder, unless the same (i) results directly from the action or inaction of the Collateral Agent or (ii) is not materially adverse to the Lenders;
(q) so long as any Other Junior Secured Debt is outstanding, any Junior Lien Intercreditor Agreement shall cease to be effective or cease to be legally valid and binding, or otherwise not be effective to create the rights and obligations purported to be created thereunder, unless the same (i) results directly from the action or inaction of the Collateral Agent or (ii) is not materially adverse to the Lenders; or
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(r) so long as any commitments or loans under the ABL Facility Credit Agreement are outstanding, the ABL Intercreditor Agreement shall cease to be effective or cease to be legally valid and binding, or otherwise not be effective to create the rights and obligations purported to be created thereunder, unless the same (i) results directly from the action or inaction of the Collateral Agent or (ii) is not materially adverse to Lenders;
then, and in every such event (other than an event with respect to Parent or the Borrower described in paragraph (g) or (h) above or an event described in paragraph (d)(ii) above), and at any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate forthwith the Commitments and (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding; in any event with respect to Parent or the Borrower described in paragraph (g) or (h) above, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding; and in any such event described in paragraph (d)(ii) above, and at any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Covenant Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate forthwith the Revolving Credit Commitments and (ii) declare the Other Term A Loans and Revolving Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of such Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document in respect of the Revolving Credit Commitments or such Loans, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding.
Notwithstanding anything to the contrary contained in this Article VII, upon the request of the Borrower made in writing to the Administrative Agent, in the event of any Event of Default under any covenant set forth in Section 6.13 and until the expiration of
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the tenth Business Day after the date on which financial statements are required to be delivered with respect to the applicable fiscal quarter hereunder, Parent may issue Qualified Capital Stock and elect to treat all or any portion of the net cash proceeds thereof as having increased Consolidated EBITDA with respect to such applicable quarter solely for the purpose of determining actual and pro forma compliance with Section 6.13 at the end of such applicable quarter and applicable subsequent periods and for purposes of determining whether the Secured Net Leverage Ratio Condition has been satisfied and not for any other purpose of this Agreement (including determining the Applicable Percentage); provided that (a) such proceeds (i) are actually received by Parent and contributed to the Borrower no later than ten days after the date on which financial statements are required to be delivered with respect to such fiscal quarter hereunder and (ii) do not exceed the aggregate amount necessary to cause Parent to be in compliance with the covenants under Section 6.13 for any applicable period and (b) in each period of four fiscal quarters, there shall be at least two fiscal quarters in which no such right to cure permitted by this paragraph is utilized.
ARTICLE VIII
The Administrative Agent and the Collateral Agent; Certain ERISA Matters
SECTION 8.01. The Administrative Agent and the Collateral Agent. Each of the Lenders and the Issuing Bank hereby irrevocably appoints the Administrative Agent and the Collateral Agent (for purposes of this Article VIII, the Administrative Agent and the Collateral Agent are referred to collectively as the Agents) its agent and authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. Without limiting the generality of the foregoing, the Agents are hereby expressly authorized to execute any and all documents (including releases) with respect to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Security Documents.
The bank serving as the Administrative Agent and/or the Collateral Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with Parent, the Borrower or any Subsidiary or other Affiliate thereof as if it were not an Agent hereunder.
Neither Agent shall have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) neither Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) neither Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.08 or in the ABL
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Intercreditor Agreement), and (c) except as expressly set forth in the Loan Documents, neither Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to Parent, the Borrower or any of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent and/or Collateral Agent or any of its Affiliates in any capacity. Neither Agent shall be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.08 or in the ABL Intercreditor Agreement) or in the absence of its own gross negligence or willful misconduct. Neither Agent shall be deemed to have knowledge of any Default unless and until written notice thereof is given to such Agent by Parent, the Borrower or a Lender, and neither Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to such Agent.
Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper person. Each Agent may also rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. Each Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
Each Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. Each Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Credit Facilities as well as activities as Agent.
Subject to the appointment and acceptance of a successor Agent as provided below, either Agent may resign at any time by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent (not to be unreasonably withheld or delayed) of the Borrower, to appoint a successor; provided that during the existence and continuation of an Event of Default pursuant to paragraph (b), (c), (g) or (h) of Article VII, no consent of the Borrower shall be required. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice
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of its resignation, then the retirement of the retiring Agent shall become effective on such 30th day and the retiring Agent may (but shall not have any obligation to do so), on behalf of the Lenders and the Issuing Bank, appoint a successor Agent which shall be a bank with an office in New York, New York, having a combined capital and surplus of at least $1,000,000,000, or an Affiliate of any such bank and, so long as no Event of Default pursuant to paragraph (b), (c), (g) or (h) of Article VII shall have occurred and be continuing, reasonably acceptable to the Borrower. Upon the acceptance of its appointment as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After an Agents resignation hereunder, the provisions of this Article and Section 9.05 shall continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while acting as Agent.
Each Lender acknowledges that it has, independently and without reliance upon the Agents or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agents or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement or any other Loan Document, any related agreement or any document furnished hereunder or thereunder.
SECTION 8.02. Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such person became a Lender party hereto, to, and (y) covenants, from the date such person became a Lender party hereto to the date such person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, each Arranger and their respective Affiliates, that at least one of the following is and will be true:
(i) such Lender is not using plan assets (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,
(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lenders entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
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(iii) (A) such Lender is an investment fund managed by a Qualified Professional Asset Manager (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lenders entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or
(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.
(b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such person became a Lender party hereto, to, and (y) covenants, from the date such person became a Lender party hereto to the date such person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that:
(i) none of the Administrative Agent, any Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto),
(ii) the person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),
(iii) the person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations),
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(iv) the person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and
(v) no fee or other compensation is being paid directly to the Administrative Agent, any Arranger or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this Agreement.
(c) The Administrative Agent and each Arranger hereby informs the Lenders that each such person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such person has a financial interest in the transactions contemplated hereby in that such person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, bankers acceptance fees, breakage or other early termination fees or fees similar to the foregoing.
ARTICLE IX
Miscellaneous
SECTION 9.01. Notices. Notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows:
(a) if to the Borrower or Parent, to it at Community Health Systems, Inc., 4000 Meridian Boulevard, Franklin, Tennessee 37067, Attention of the Chief Financial Officer (Fax No. (615) 373-9704);
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(b) if to the Administrative Agent, to Credit Suisse AG, Cayman Islands Branch, Eleven Madison Avenue, New York, NY 10010, Attention of Agency Group (Fax No. (212) 322-2291), Email: agency.loanops@credit-suisse.com; and
(c) if to a Lender, to it at its address (or fax number) set forth on Schedule 2.01 or in the Assignment and Acceptance pursuant to which such Lender shall have become a party hereto.
All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service or sent by fax or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01. As agreed to among Parent, the Borrower, the Administrative Agent and the applicable Lenders from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person.
Parent and the Borrower hereby acknowledge that (a) the Administrative Agent will make available to the Lenders and the Issuing Bank materials and/or information provided by or on behalf of the Borrower hereunder (collectively, the Borrower Materials) by posting the Borrower Materials on Intralinks or another similar electronic system (the Platform) and (b) certain of the Lenders may be public-side Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to each Borrower or its securities) (each, a Public Lender). Parent and the Borrower hereby agree that (i) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked PUBLIC which, at a minimum, shall mean that the word PUBLIC shall appear prominently on the first page thereof; (ii) by marking Borrower Materials PUBLIC, the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to Parent and the Borrower or its securities for purposes of foreign, United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 9.17); (iii) all Borrower Materials marked PUBLIC are permitted to be made available through a portion of the Platform designated as Public Investor and (iv) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked PUBLIC as being suitable only for posting on a portion of the Platform not marked as Public Investor. Notwithstanding the foregoing, the following Borrower Materials shall be marked PUBLIC, unless Parent or the Borrower notifies the Administrative Agent promptly that any such document contains material non-public information: (A) the Loan Documents, (B) any notification of changes in the terms of the Credit Facilities and (C) all information delivered pursuant to Section 5.04(a), (b) and (c).
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Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the Private Side Information or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lenders compliance procedures and applicable law, including foreign, United States Federal and state securities laws, to make reference to Communications that are not made available through the Public Side Information portion of the Platform and that may contain material non-public information with respect to Parent or the Borrower or its securities for purposes of foreign, United States Federal or state securities laws.
THE PLATFORM IS PROVIDED AS IS AND AS AVAILABLE. NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTYS OR THE ADMINISTRATIVE AGENTS TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH PERSONS GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.
The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees that receipt of notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents. Each Lender agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lenders e-mail address to which the foregoing notice may be sent by electronic transmission and that the foregoing notice may be sent to such e-mail address.
Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.
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SECTION 9.02. Survival of Agreement. All covenants, agreements, representations and warranties made by the Borrower or Parent herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and the Issuing Bank and shall survive the making by the Lenders of the Loans and the issuance of Letters of Credit by the Issuing Bank, regardless of any investigation made by the Lenders or the Issuing Bank or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not been terminated. The provisions of Sections 2.14, 2.16, 2.20, 9.05 and 9.18 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, the expiration of any Letter of Credit, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, any Lender or the Issuing Bank.
SECTION 9.03. Binding Effect. This Agreement shall become effective as provided in the Third Amendment and Restatement Agreement.
SECTION 9.04. Successors and Assigns. (a) Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Borrower, Parent, the Administrative Agent, the Collateral Agent, the Issuing Bank or the Lenders that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns.
(b) Each Lender may assign to one or more Eligible Assignees all or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it), with notice to the Borrower and the prior written consent of the Administrative Agent (not to be unreasonably withheld or delayed); provided, however, that (i) in the case of an assignment of a Revolving Credit Commitment, each of the Borrower, the Issuing Bank must also give its prior written consent to such assignment (which consent shall not be unreasonably withheld or delayed) (provided that the consent of the Borrower shall not be required to any such assignment made to another Lender or an Affiliate of a Lender or after the occurrence and during the continuance of any Event of Default referred to in paragraph (b), (c), (g) or (h) of Article VII), (ii) the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall be not less than (x) $1,000,000 (with respect to an assignment of Term Loans) and (y) $5,000,000 (with respect to an assignment of Revolving Credit Commitments or Revolving Loans) (or, in any case, if less, the entire remaining amount of such Lenders Commitment or Loans of the relevant Class), (iii) the parties to each such assignment shall execute and deliver to the Administrative Agent an
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Assignment and Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall pay to the Administrative Agent a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent and will not apply in the case of an assignment by a Lender to an Approved Fund that is managed by such Lender or an Affiliate of such Lender or by an entity or an Affiliate of an entity that administers or manages such Lender), and (iv) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and all applicable tax forms. Upon acceptance and recording pursuant to paragraph (e) of this Section 9.04, from and after the effective date specified in each Assignment and Acceptance, (A) the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lenders rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.16, 2.20 and 9.05, as well as to any Fees accrued for its account and not yet paid).
(c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder shall be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that its Term Loan Commitment and Revolving Credit Commitment, are as set forth in such Assignment and Acceptance; (ii) except as set forth in (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial condition of the Borrower or any Subsidiary or the performance or observance by the Borrower or any Subsidiary of any of its obligations under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii) such assignee represents and warrants that it is an Eligible Assignee and is legally authorized to enter into such Assignment and Acceptance; (iv) such assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements referred to in Section 3.05 or delivered pursuant to Section 5.04 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (v) such assignee will independently and without reliance upon the Administrative Agent, the Collateral Agent, such assigning Lender or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (vi) such assignee appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to the Administrative Agent and the Collateral Agent, respectively, by the terms hereof, together with such powers as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all the obligations which by the terms of this Agreement are required to be performed by it as a Lender.
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(d) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in The City of New York a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the Register). The entries in the Register shall be conclusive and the Borrower, the Administrative Agent, the Issuing Bank, the Collateral Agent and the Lenders may treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank, the Collateral Agent and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(e) Upon its receipt of, and consent to, a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) above, if applicable, and the written consent of the Administrative Agent and, if required, the Borrower and the Issuing Bank to such assignment and any applicable tax forms, the Administrative Agent shall promptly (i) accept such Assignment and Acceptance and (ii) record the information contained therein in the Register. No assignment shall be effective unless it has been recorded in the Register as provided in this paragraph (e).
(f) Each Lender may without the consent of the Borrower, the Issuing Bank or the Administrative Agent sell participations to one or more banks or other persons in all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided, however, that (i) such Lenders obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the participating banks or other persons shall be entitled to the benefit of the cost protection provisions contained in Sections 2.14, 2.16 and 2.20 to the same extent as if they were Lenders (but, with respect to any particular participant, to no greater extent than the Lender that sold the participation to such participant) and (iv) the Borrower, the Administrative Agent, the Issuing Bank and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lenders rights and obligations under this Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrower relating to the Loans or L/C Disbursements and to approve any amendment, modification or waiver of any provision of this Agreement (other than amendments, modifications or waivers decreasing any fees payable to such participating bank or person hereunder or the amount of principal of or the rate at which interest is payable on the Loans in which such participating bank or person has an interest, extending any scheduled principal payment date or date fixed for the payment of
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interest on the Loans in which such participating bank or person has an interest, increasing or extending the Commitments in which such participating bank or person has an interest or releasing any Subsidiary Guarantor (other than pursuant to the terms thereof or in connection with the sale of such Subsidiary Guarantor in a transaction permitted by Section 6.05) or all or substantially all of the Collateral). Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participating bank or person and the principal amounts (and stated interest) of each participating bank or persons interest in the Loans or other obligations under this Agreement or any other Loan Document (the Participant Register); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participating bank or person or any information relating to a participating bank or persons interest in any Commitments, Loans, Letters of Credit or its other obligations under this Agreement or any other Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. Any Lender or participant may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 9.04, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower; provided that, prior to any such disclosure of information designated by the Borrower as confidential, each such assignee or participant or proposed assignee or participant shall execute an agreement whereby such assignee or participant shall agree (subject to customary exceptions) to preserve the confidentiality of such confidential information on terms no less restrictive than those applicable to the Lenders pursuant to Section 9.17.
(g) Any Lender may at any time assign all or any portion of its rights under this Agreement to secure extensions of credit to such Lender or in support of obligations owed by such Lender; provided that no such assignment shall release a Lender from any of its obligations hereunder or substitute any such assignee for such Lender as a party hereto.
(h) Notwithstanding anything to the contrary contained herein, any Lender (a Granting Lender) may grant to a special purpose funding vehicle (an SPC), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan
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by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this Section 9.04, any SPC may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and Administrative Agent) providing liquidity and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any investor, potential investor, rating agency, commercial paper dealer, collateral manager, servicer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC.
(i) Neither Parent nor the Borrower shall assign or delegate any of its rights or duties hereunder without the prior written consent of the Administrative Agent, the Issuing Bank and each Lender, and any attempted assignment without such consent shall be null and void.
(j) In the event that any Revolving Credit Lender shall become a Defaulting Lender or S&P, Moodys and Thompsons BankWatch (or InsuranceWatch Ratings Service, in the case of Lenders that are insurance companies (or Bests Insurance Reports, if such insurance company is not rated by Insurance Watch Ratings Service)) shall, after the date that any Lender becomes a Revolving Credit Lender, downgrade the long-term certificate of deposit ratings of such Lender, and the resulting ratings shall be below BBB-, Baa3 and C (or BB, in the case of a Lender that is an insurance company (or B, in the case of an insurance company not rated by InsuranceWatch Ratings Service)) (or, with respect to any Revolving Credit Lender that is not rated by any such ratings service or provider, the Issuing Bank shall have reasonably determined that there has occurred a material adverse change in the financial condition of any such Lender, or a material impairment of the ability of any such Lender to perform its obligations hereunder, as compared to such condition or ability as of the date that any such Lender became a Revolving Credit Lender) then the Issuing Bank shall have the right, but not the obligation, at its own expense, upon notice to such Lender and the Administrative Agent, to replace such Lender with an assignee (in accordance with and subject to the restrictions contained in paragraph (b) above), and such Lender hereby agrees to transfer and assign without recourse (in accordance with and subject to the restrictions contained in paragraph (b) above) all its interests, rights and obligations in respect of its Revolving Credit Commitment to such assignee; provided, however, that (i) no such assignment shall conflict with any law, rule and regulation or order of any Governmental Authority
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and (ii) the Issuing Bank or such assignee, as the case may be, shall pay to such Lender in immediately available funds on the date of such assignment the principal of and interest accrued to the date of payment on the Loans made by such Lender hereunder and all other amounts accrued for such Lenders account or owed to it hereunder.
SECTION 9.05. Expenses; Indemnity. (a) The Borrower and Parent agree, jointly and severally, to pay all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, each Arranger and each Issuing Bank in connection with the syndication of the Credit Facilities and the preparation and administration of this Agreement and the other Loan Documents or in connection with any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated shall be consummated) or incurred by the Administrative Agent, the Collateral Agent, any Arranger, any Issuing Bank or any Lender in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents or in connection with the Loans made or Letters of Credit issued hereunder, including the fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the Administrative Agent and the Collateral Agent, and, in connection with any such enforcement or protection, the fees, charges and disbursements of one counsel in each relevant jurisdiction (and any such additional counsel, if necessary, as a result of actual or potential conflicts of interest) for the Administrative Agent, the Collateral Agent, the Arrangers, the Issuing Banks and the Lenders.
(b) The Borrower and Parent agree, jointly and severally, to indemnify the Administrative Agent, the Collateral Agent, each Lender, each Arranger, each Issuing Bank and each Related Party of any of the foregoing persons (each such person being called an Indemnitee) against, and to hold each Indemnitee harmless from, any and all actual losses, claims, damages, liabilities, penalties and related reasonable out-of-pocket expenses, including reasonable fees, charges and disbursements of one counsel in each relevant jurisdiction (and any such additional counsel, if necessary, as a result of actual or potential conflicts of interest) for all Indemnitees, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations thereunder or the consummation of the Transactions, any related transaction and the other transactions contemplated thereby (including the syndication of the Credit Facilities), (ii) the use of the proceeds of the Loans or issuance of Letters of Credit, (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or by the Borrower, any other Loan Party or any of their respective Affiliates), or (iv) any actual or alleged presence or Release of Hazardous Materials on any property currently or formerly owned or operated by the Borrower or any of the Subsidiaries, or any Environmental Liability related in any way to the Borrower or the Subsidiaries; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities, penalties or related expenses (x) are determined by a court of competent jurisdiction by final judgment to have resulted primarily from (1) the gross negligence, bad faith or
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willful misconduct of such Indemnitee or (2) a material breach of the obligations under this Agreement of such Indemnitee or any of such Indemnitees Affiliates or of any of its or their respective officers, directors, employees, agents, advisors or other representatives of the foregoing under this Agreement (as determined by a court of competent jurisdiction in a final and nonappealable decision) or (y) result from any proceeding (other than a proceeding against a party hereto acting pursuant to this Agreement or in its capacity as such or of any of its Affiliates or its or their respective officers, directors, employees, agents, advisors and other representatives and the successors of each of the foregoing) solely between or among Indemnitees not arising from any act or omission of a Loan Party.
(c) To the extent that Parent and the Borrower fail to pay any amount required to be paid by them to the Administrative Agent, the Collateral Agent, any Arranger or any Issuing Bank under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent, such Arranger or such Issuing Bank, as the case may be, such Lenders pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Collateral Agent, such Arranger or such Issuing Bank in its capacity as such. For purposes hereof, a Lenders pro rata share shall be determined based upon its share of the sum of the Aggregate Revolving Credit Exposure, outstanding Term Loans and unused Commitments at the time.
(d) To the extent permitted by applicable law, neither Parent nor the Borrower nor any Indemnitee shall assert, and each hereby waives, any claim against any Indemnitee or Parent and the Borrower and each of their respective Affiliates, as applicable, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.
(e) The provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration of the Commitments, the expiration of any Letter of Credit, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, any Lender, any Arranger or any Issuing Bank. All amounts due under this Section 9.05 shall be payable, within 30 days of written demand therefor with a reasonably detailed summary of the amounts claimed.
SECTION 9.06. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender or an Affiliate of such Lender is hereby authorized at any time and from time to time, except to the extent prohibited by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or an Affiliate of such
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Lender to or for the credit or the account of the Borrower or Parent against any of and all the obligations of the Borrower or Parent now or hereafter existing under this Agreement and other Loan Documents held by such Lender, provided that at such time such obligations are due or payable. The rights of each Lender and Affiliates of such Lender under this Section 9.06 are in addition to other rights and remedies (including other rights of setoff) which such Lender or an Affiliate of such Lender may have.
SECTION 9.07. Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN LETTERS OF CREDIT AND AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OR RULES DESIGNATED IN SUCH LETTER OF CREDIT, OR IF NO SUCH LAWS OR RULES ARE DESIGNATED, THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS MOST RECENTLY PUBLISHED AND IN EFFECT, ON THE DATE SUCH LETTER OF CREDIT WAS ISSUED, BY THE INTERNATIONAL CHAMBER OF COMMERCE (THE UNIFORM CUSTOMS) AND, AS TO MATTERS NOT GOVERNED BY THE UNIFORM CUSTOMS, THE LAWS OF THE STATE OF NEW YORK.
SECTION 9.08. Waivers; Amendment. (a) No failure or delay of the Administrative Agent, the Collateral Agent, any Lender or the Issuing Bank in exercising any power or right hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrower or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Borrower or Parent in any case shall entitle the Borrower or Parent to any other or further notice or demand in similar or other circumstances.
(b) Neither this Agreement nor any provision hereof, may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower, Parent and the Required Lenders; provided, however, that no such agreement shall (i) decrease the principal amount of, or extend the maturity of or any scheduled principal payment date or date for the payment of any interest on any Loan or any date for reimbursement of an L/C Disbursement, or waive or excuse any such payment or any part thereof, or decrease the rate of interest on any Loan or L/C Disbursement, without the prior written consent of each Lender directly adversely affected thereby, (ii) increase or extend the Commitment or decrease or extend the date for payment of any Fees of any Lender without the prior written consent of such
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Lender, (iii) amend or modify the pro rata requirements of Section 2.17, the provisions of Section 9.04(j) or the provisions of this Section or release all or substantially all of the value of the Subsidiary Guarantors (other than pursuant to the terms hereof or thereof or in connection with the sale of such Subsidiary Guarantor in a transaction permitted by Section 6.05) or all or substantially all of the Collateral, without the prior written consent of each Lender, (iv) change the provisions of any Loan Document in a manner that by its terms adversely affects the rights in respect of payments due to Lenders holding Loans of one Class differently from the rights of Lenders holding Loans of any other Class without the prior written consent of Lenders holding a majority in interest of the outstanding Loans and unused Commitments of each adversely affected Class, (v) modify the protections afforded to an SPC pursuant to the provisions of Section 9.04(i) without the written consent of such SPC or (vi) reduce the percentage contained in the definition of the term Required Lenders without the prior written consent of each Lender (it being understood that with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the same basis as the Term Loan Commitments and Revolving Credit Commitments on the date hereof); provided further that (A) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Collateral Agent or the Issuing Bank hereunder or under any other Loan Document without the prior written consent of the Administrative Agent, the Collateral Agent or the Issuing Bank; (B) the Borrower and the Administrative Agent may amend or supplement this Agreement and any other Loan Documents, without the consent of any Lender, in order to (x) cure ambiguities, omissions, mistakes or defects, (y) cause this Agreement and the other Loan Documents to be consistent with the Guarantee and Collateral Agreement and other similar documents or (z) cause the Guarantee and Collateral Agreement or other document to comply with local Law on the advice of local counsel; and (C) Section 6.11, Section 6.13 and paragraph (d)(ii) of Article VII may be amended, waived or otherwise modified by the agreement of the Borrower and the Required Covenant Lenders, but shall not be amended, waived or otherwise modified without the approval of the Required Covenant Lenders.
SECTION 9.09. Certain Releases of Guarantees and Security Interests. (a) Subject to the terms of any Pari Passu Intercreditor Agreement and any ABL Intercreditor Agreement, upon the closing of any Asset Sale consisting of the sale, transfer or other disposition of all of the Equity Interests of any Subsidiary Guarantor permitted pursuant to Section 6.05, (i) the obligations of such Subsidiary Guarantor pursuant to the Guarantee and Collateral Agreement shall automatically be discharged and released without any further action by the Administrative Agent or any Lender, and (ii) the Administrative Agent and the Lenders will, upon the request and at the sole expense of the Borrower, execute and deliver any instrument or other document in a form acceptable to the Administrative Agent which may reasonably be required to evidence such discharge and release, all without representation, recourse or warranty.
(b) Subject to the terms of any Pari Passu Intercreditor Agreement and any ABL Intercreditor Agreement, upon the closing of any Asset Sale consisting of the sale, transfer or other disposition of Equity Interests of any Subsidiary Guarantor or any other Subsidiary of the Borrower permitted pursuant to Section 6.05, (i) the Collateral
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Agent shall release to the Borrower, without representation, warranty or recourse, express or implied, the pledged Equity Interests of such Subsidiary Guarantor or other Subsidiary, as applicable, held by it, (ii) the Collateral Agent shall release its security interest in all Collateral of such Subsidiary, including any Mortgages, and (iii) the Collateral Agent will, upon the request and at the sole expense of the Borrower, execute and deliver any instrument or other document in a form acceptable to the Collateral Agent which may reasonably be required to evidence such release. Notwithstanding the foregoing, the Collateral Agent shall be authorized, without the consent of any Lender and without the requirement that an Asset Sale consisting of the sale, transfer or other disposition having occurred, to release any security interest in any building, structure or improvement located in an area determined by the Federal Emergency Management Agency to have special flood hazards provided that such building, structure or improvement has an immaterial fair market value.
(c) Subject to the terms of any Pari Passu Intercreditor Agreement and any ABL Intercreditor Agreement, upon consummation by the Borrower or any Subsidiary of a Permitted Interest Transfer or designation of an Unrestricted Subsidiary in accordance with the terms hereof, (i) the Collateral Agent shall release to the Borrower, without representation, warranty or recourse, express or implied, those Equity Interests of the Subsidiary that are the subject of such Permitted Interest Transfer or designation in accordance with clauses (i) and (ii) of Section 9.09(b) and shall release any pledged note theretofore pledged to the extent such note is being discharged in connection with such Permitted Interest Transfer or designation, and (ii) if such Subsidiary whose shares are the subject of such Permitted Interest Transfer or designation is a Subsidiary Guarantor, the obligations of such Subsidiary under its Guarantee shall automatically be discharged and released in accordance with clauses (i) and (ii) of Section 9.09(a) and any Lien granted by such Subsidiary under the Loan Documents shall automatically be discharged and released.
(d) Subject to the terms of any Pari Passu Intercreditor Agreement and any ABL Intercreditor Agreement, the Collateral Agent will, upon the request and at the sole expense of the Borrower, execute and deliver any instrument or other document in a form acceptable to the Collateral Agent which may reasonably be required to discharge and release, all without representation, recourse or warranty, any Lien on any Collateral granted to or held by the Collateral Agent under any Loan Document (i) upon termination of the Commitments and payment in full of the principal and interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document and cancellation or expiration of all Letters of Credit and reimbursement of all amounts drawn thereunder in full (or other arrangements having been entered into with respect thereto acceptable to the Issuing Bank and the Administrative Agent), (ii) that is sold, transferred or otherwise disposed of or to be sold, transferred or otherwise disposed of as part of or in connection with any sale, transfer or other disposition permitted hereunder to a person other than the Borrower or any Subsidiary Guarantor, and upon consummation by the Borrower or any Subsidiary of any such sale, transfer or other disposition, any Lien granted by the Borrower or such Subsidiary under the Loan Documents on such Collateral shall automatically be discharged and released, and (iii) the Administrative Agent and the Lenders will, upon the request and at the sole expense of the Borrower, execute and deliver any instrument or other document in a form acceptable to the Administrative Agent which may reasonably be required to evidence such discharge and release, all without representation, recourse or warranty.
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(e) Subject to the terms of any Pari Passu Intercreditor Agreement and any ABL Intercreditor Agreement, upon notification by the Borrower to the Collateral Agent that a Subsidiary Guarantor is a Non-Significant Subsidiary, and would not be required to become a Guarantor in accordance with the terms hereof, the Collateral Agent shall release the obligations of such Subsidiary under its Guarantee and shall release and discharge any Lien granted by such Subsidiary Guarantor under the Loan Documents in accordance with clauses (i) and (ii) of Section 9.09(a).
(f) In the event that an ABL Facility Credit Agreement is entered into, each Lender agrees that the Collateral Agent shall release its Liens on the ABL Facility First Priority Collateral solely to the extent necessary to permit the ABL Obligations to be secured by such ABL Facility First Priority Collateral on a first priority basis and the Obligations shall thereafter be secured on a junior basis by such ABL Facility First Priority Collateral as provided by the ABL Intercreditor Agreement (and, to the extent then outstanding or subsequently incurred, any Other Junior Secured Debt may also be secured by such ABL Facility First Priority Collateral on a junior basis to the Obligations as permitted by this Agreement and the applicable Junior Lien Intercreditor Agreement).
SECTION 9.10. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan or participation in any L/C Disbursement, together with all fees, charges and other amounts which are treated as interest on such Loan or participation in such L/C Disbursement under applicable law (collectively the Charges), shall exceed the maximum lawful rate (the Maximum Rate) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan or participation in accordance with applicable law, the rate of interest payable in respect of such Loan or participation hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan or participation but were not payable as a result of the operation of this Section 9.10 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or participations or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.
SECTION 9.11. Entire Agreement. This Agreement, the Fee Letter and the other Loan Documents constitute the entire contract between the parties relative to the subject matter hereof. Any other previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any person (other than the parties hereto and thereto, their respective successors and assigns permitted hereunder (including any Affiliate of the Issuing Bank that issues any Letter of Credit) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders) any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents.
138
SECTION 9.12. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.12.
SECTION 9.13. Severability. In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.
SECTION 9.14. [Reserved].
SECTION 9.15. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.
SECTION 9.16. Jurisdiction; Consent to Service of Process. (a) Each of Parent and the Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
139
by law. Nothing in this Agreement shall affect any right that the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against the Borrower, Parent or their respective properties in the courts of any jurisdiction.
(b) Each of Parent and the Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
SECTION 9.17. Confidentiality. Each of the Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates officers, directors, employees and agents, including accountants, legal counsel, numbering, administration and settlement service providers, and other advisors (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority or quasi-regulatory authority (such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) in connection with the exercise of any remedies hereunder or under the other Loan Documents or any suit, action or proceeding relating to the enforcement of its rights hereunder or thereunder, (e) subject to an agreement containing provisions substantially the same as those of this Section 9.17, to (i) any actual or prospective assignee of or participant in any of its rights or obligations under this Agreement and the other Loan Documents or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any Subsidiary or any of their respective obligations, (f) with the consent of the Borrower or (g) to the extent such Information becomes publicly available other than as a result of a breach of this Section 9.17. For the purposes of this Section, Information shall mean all information received from the Borrower or Parent and related to the Borrower or Parent or their business, other than any such information that was available to the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to its disclosure by the Borrower or Parent; provided that any Lender, the Administrative Agent, the Collateral Agent or the Issuing Bank shall give Parent prior notice of any disclosure pursuant to clause (c) to the extent permissible. Any person required to maintain the confidentiality of Information as provided in this Section 9.17 shall be considered to have complied with its obligation to do so if such person has exercised the same degree of care to maintain the confidentiality of such Information as such person would accord its own confidential information.
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SECTION 9.18. USA PATRIOT Act Notice. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Parent and the Borrower that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies Parent and the Borrower, which information includes the name and address of Parent and the Borrower and other information that will allow such Lender or the Administrative Agent, as applicable, to identify Parent and the Borrower in accordance with the USA PATRIOT Act.
SECTION 9.19. Effect of Certain Inaccuracies. In the event that any financial statement or certificate delivered pursuant to Section 5.04(a) or (b) and Section 5.04(c), respectively, is inaccurate within one year after delivery thereof, and such inaccuracy, if corrected, would have led to the application of a higher Applicable Percentage or a higher Commitment Fee for any period (an Applicable Period) than the Applicable Percentage or Commitment Fee applied for such Applicable Period, then (i) the Borrower shall promptly deliver to the Administrative Agent a corrected financial statement and a corrected compliance certificate for such Applicable Period, (ii) the Applicable Percentage and the Commitment Fee shall be determined based on the corrected compliance certificate for such Applicable Period, and (iii) the Borrower shall promptly pay to the Administrative Agent (for the accounts of the applicable Lenders during the Applicable Period or their successors and assigns) the accrued additional interest or additional Commitment Fees (or both) owing as a result of such increased Applicable Percentage or Commitment Fee for such Applicable Period. This Section 9.19 shall not limit the rights of the Administrative Agent or the Lenders with respect to Section 2.07 or Article VII.
SECTION 9.20. Pari Passu Obligations and Other Junior Secured Debt. (a)Each Lender and each Issuing Bank acknowledges that Pari Passu Debt Obligations and Other Junior Secured Debt may be secured by Liens on the Collateral having the same priority as, or junior priority to, the Liens securing the Obligations and hereby consents thereto.
(b) In connection with the incurrence by the Borrower or any Subsidiary of Pari Passu Debt, Alternative Incremental Facility Indebtedness and/or Other Junior Secured Debt, each Lender and each Issuing Bank (i) acknowledges that, at the request of the Borrower, each of the Administrative Agent and/or the Collateral Agent shall enter into one or more Pari Passu Intercreditor Agreements or Junior Lien Intercreditor Agreements, (ii) authorizes and directs each Agent to execute and deliver any Pari Passu Intercreditor Agreement or Junior Lien Intercreditor Agreement and any documents relating thereto, in each case on behalf of such Lender or Issuing Bank and without any further consent, authorization or other action by such Lender or Issuing Bank, (iii) authorizes and directs each Agent to act as its representative under, and in connection with, any Pari Passu Intercreditor Agreement or Junior Lien Intercreditor Agreement, (iv) acknowledges that any Pari Passu Intercreditor Agreement may contain provisions that permit or require the Liens securing the Obligations and the Pari Passu
141
Debt Obligations to be granted in favor of a single collateral agent trustee, which may not be the Administrative Agent or the Collateral Agent (a Shared Collateral Agent), (v) acknowledges that any Pari Passu Intercreditor Agreement may provide that the holders of a majority in aggregate principal amount of Obligations and Pari Passu Debt Obligations, voting as a single class, may direct the Shared Collateral Agent with respect to enforcement or the actions concerning the Collateral, and (vi) agrees that, upon the execution and delivery thereof, it will be bound by the provisions of any Pari Passu Intercreditor Agreement or Junior Lien Intercreditor Agreement as if it were a signatory thereto and will take no actions contrary to the provisions thereof. Each Lender and each Issuing Bank further authorizes and directs each Agent to enter into such amendments, supplements or other modifications to any Pari Passu Intercreditor Agreement or Junior Lien Intercreditor Agreement as are reasonably acceptable to the Administrative Agent in order to (A) enable any extension, renewal, refinancing, replacement or additional incurrence of any Loans or any Pari Passu Debt, Alternative Incremental Facility Indebtedness or Other Junior Secured Debt permitted under this Agreement and (B) provide for the Pari Passu Debt Obligations or Other Junior Secured Debt thereunder to be secured by Liens on the Collateral having, as applicable, the same priority as, or junior priority to, the Liens on the Collateral securing the Obligations, in each case on behalf of such Lender or such Issuing Bank and without any further consent, authorization or other action by such Lender or such Issuing Bank.
(c) Each Lender and each Issuing Bank (i) acknowledges that, at the request of the Borrower, each of the Administrative Agent and the Collateral Agent shall, to the extent required by the terms of (or in order to implement the provisions of) any Pari Passu Intercreditor Agreement, delegate, assign and/or transfer any or all of its rights, duties, remedies, powers or obligations with respect to the Collateral to a Shared Collateral Agent and (ii) hereby consents to any such delegation, assignment or transfer. The exculpatory provisions of Article VIII shall apply to any Shared Collateral Agent and to the Related Parties thereof, and shall apply to their respective activities in connection with the Collateral and with any Pari Passu Intercreditor Agreement or any other Loan Documents.
(d) Each Lender and each Issuing Bank (i) acknowledges that, at the request of the Borrower, each of the Administrative Agent and/or the Collateral Agent shall (A) amend, substitute, supplement or otherwise modify the Guarantee and Collateral Agreement, (B) amend, substitute, replace, supplement or otherwise modify any other Security Document, (C) enter into additional Security Documents and (D) take such further actions as are reasonably incidental to the foregoing, in each case as are reasonably acceptable to the Administrative Agent and the Collateral Agent in order to (1) enable the Borrower or any Subsidiary to incur Pari Passu Debt, Alternative Incremental Facility Indebtedness and/or Other Junior Secured Debt otherwise permitted to be incurred hereunder, (2) provide for any Pari Passu Debt Obligations thereunder to be secured, in accordance with the terms of any Pari Passu Intercreditor Agreement, by Liens on the Collateral having the same priority as, or junior priority to, the Liens on the Collateral securing the Obligations and (3) provide for any Other Junior Secured Debt thereunder to be secured, in accordance with the terms of any Junior Lien Intercreditor Agreement, by Liens on the Collateral having junior priority to the Liens on the
142
Collateral securing the Obligations, (ii) authorizes and directs each Agent to execute and deliver any such amendments, supplements, agreements and other documents, in each case on behalf of such Lender or Issuing Bank and without any further consent, authorization or other action by such Lender or Issuing Bank and (iii) agrees that, upon the execution and delivery thereof, it will be bound by the provisions of such amendments, supplements, agreements and other documents as if it were a signatory thereto and will take no actions contrary to the provisions thereof.
(e) Without limiting the foregoing, no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Agents on behalf of the Secured Parties in accordance with the terms thereof (subject, in the case of the Collateral, to the provisions of any Pari Passu Intercreditor Agreement and any Junior Lien Intercreditor Agreement). In the event of a foreclosure by the Collateral Agent or any Shared Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, any Lender may be the purchaser of any or all of such Collateral at any such sale or other disposition, and such Collateral Agent or Shared Collateral Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale, to use and apply any of the Obligations as a credit on account of the purchase price for any Collateral payable by such Collateral Agent or Shared Collateral Agent on behalf of the Secured Parties at such sale or other disposition. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the Guarantees of the Obligations provided under the Loan Documents, to have agreed to the foregoing provisions. The provisions of this paragraph are for the sole benefit of the Lenders and shall not afford any right to, or constitute a defense available to, any Loan Party.
(f) In the event that an ABL Facility Credit Agreement is entered into, each Lender and Issuing Bank (a) acknowledges that it will be provided with a copy of the ABL Intercreditor Agreement by the Collateral Agent as soon as is practicable, (b) acknowledges that the Collateral Agent will enter into the ABL Intercreditor Agreement, and hereby authorizes the Collateral Agent to enter into (and be party to) the ABL Intercreditor Agreement and any documents related thereto (including any amendments to the Security Documents) on behalf of itself, each Lender, the Issuing Banks and other holders of Obligations, in each case, as the Collateral Agent shall determine to be appropriate to cause the applicable Indebtedness and the obligations related thereto, to be secured as permitted hereunder without any further consent, authorization or other action by any Lender or Issuing Bank and (c) agrees that it will be bound by and will take no actions contrary to the provisions of the ABL Intercreditor Agreement.
SECTION 9.21. No Fiduciary Relationship. Each of Parent and the Borrower, on behalf of itself and its subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, Parent, the Borrower, the other Subsidiaries and their Affiliates, on the one hand, and the
143
Administrative Agent, the Collateral Agent, the Lenders, the Issuing Banks and their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Administrative Agent, the Collateral Agent, the Lenders, the Issuing Banks or their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications. The Administrative Agent, the Collateral Agent, the Arrangers, the Lenders, the Issuing Banks and their Affiliates may be engaged, for their own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of Parent, the Borrower and their Affiliates, and none of the Administrative Agent, the Collateral Agent, the Arrangers, the Lenders, the Issuing Banks and their Affiliates has any obligation to disclose any of such interests to Parent, the Borrower or any of their Affiliates. To the fullest extent permitted by law, each of Parent and the Borrower hereby waives and releases any claims that it or any of its Affiliates may have against the Administrative Agent, the Collateral Agent, the Arrangers, the Lenders, the Issuing Banks and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
SECTION 9.22. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties hereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b) the effects of any Bail-in Action on any such liability, including, if applicable:
(i) a reduction in full or in part or cancellation of any such liability;
(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.
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EXHIBIT A
FORM OF
CHS/COMMUNITY HEALTH SYSTEMS, INC.
ADMINISTRATIVE QUESTIONNAIRE
Please accurately complete the following information and return via Fax to the attention of Agency Administration at Credit Suisse AG, Cayman Islands Branch as soon as possible, at Fax No. (212) 322-2291.
LENDER LEGAL NAME TO APPEAR IN DOCUMENTATION: |
GENERAL INFORMATION - DOMESTIC LENDING OFFICE: |
Institution Name:
|
Street Address: |
City, State, Zip Code: |
GENERAL INFORMATION - EURODOLLAR LENDING OFFICE: |
Institution Name: |
Street Address: |
City, State, Zip Code: |
POST-CLOSING, ONGOING CREDIT CONTACTS/NOTIFICATION METHODS: |
CREDIT CONTACTS: |
Primary Contact: |
Street Address: |
City, State, Zip Code: |
Phone Number: |
Fax Number: |
Backup Contact: |
Street Address: |
City, State, Zip Code: |
Phone Number: |
Fax Number: |
TAX WITHHOLDING:
United States Person |
Y N | |
(as defined in Section 7701(a)(30) of the Code) |
||
Enclose Form W-8 or W-9, as applicable |
||
Tax ID Number |
POST-CLOSING, ONGOING ADMIN. CONTACTS / NOTIFICATION METHODS: |
ADMINISTRATIVE CONTACTS - BORROWINGS, PAYDOWNS, FEES, ETC. |
Contact: |
Street Address: |
City, State, Zip Code: |
Phone Number: |
Fax Number: |
PAYMENT INSTRUCTIONS: |
Name of Bank to which funds are to be transferred: |
|
Routing Transit/ABA number of Bank to which funds are to be transferred: |
Name of Account, if applicable: |
Account Number: |
Additional information: |
|
2
MAILINGS:
Please specify the person to whom the Borrower should send financial and compliance information received subsequent to the closing (if different from primary credit contact):
Name: |
Street Address: |
City, State, Zip Code: |
It is very important that all the above information be accurately completed and that this questionnaire be returned to the person specified in the introductory paragraph of this questionnaire as soon as possible. If there is someone other than yourself who should receive this questionnaire, please notify us of that persons name and Fax number and we will Fax a copy of the questionnaire. If you have any questions about this form, please call Agency Administration at Credit Suisse AG, Cayman Islands Branch.
3
EXHIBIT B
FORM OF
ASSIGNMENT AND ACCEPTANCE
Reference is made to the Credit Agreement dated as of July 25, 2007, as amended and restated as of November 5, 2010, February 2, 2012, January 27, 2014 and March 23, 2018 (as further amended, restated, supplemented or otherwise modified from time to time, the Credit Agreement), among CHS/Community Health Systems, Inc., a Delaware corporation (the Borrower), Community Health Systems, Inc., a Delaware corporation (Parent), the lenders from time to time party thereto (the Lenders), and Credit Suisse AG, Cayman Islands Branch, as administrative agent (in such capacity, the Administrative Agent) and as collateral agent for the Lenders. Capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement.
1. The Assignor hereby sells and assigns, without recourse, to the Assignee, and the Assignee hereby purchases and assumes, without recourse, from the Assignor, effective as of the Effective Date set forth below (but not prior to the registration of the information contained herein in the Register pursuant to Section 9.04(d) of the Credit Agreement), the interests set forth below (the Assigned Interest) in the Assignors rights and obligations under the Credit Agreement and the other Loan Documents, including, without limitation, the amounts and percentages set forth below of (i) the Commitments of the Assignor on the Effective Date and (ii) the Loans owing to the Assignor which are outstanding on the Effective Date. Each of the Assignor and the Assignee hereby makes and agrees to be bound by all the representations, warranties and agreements set forth in Section 9.04(c) of the Credit Agreement, a copy of which has been received by each such party. From and after the Effective Date (i) the Assignee shall be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the interests assigned by this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and under the Loan Documents and (ii) the Assignor shall, to the extent of the interests assigned by this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement.
2. This Assignment and Acceptance is being delivered to the Administrative Agent together with (i) if the Assignee is organized under the laws of a jurisdiction outside the United States, any forms referred to in Section 2.20(e) of the Credit Agreement, duly completed and executed by such Assignee, (ii) if the Assignee is not already a Lender under the Credit Agreement, a completed Administrative Questionnaire and (iii) unless waived or reduced in the sole discretion of the Administrative Agent, a processing and recordation fee of $3,500.1
3. This Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York.
1 | Only one such fee shall be payable in the case of concurrent assignments to persons that, after giving effect to such assignments, will be Related Funds. |
Date of Assignment:
Legal Name of Assignor (Assignor):
Legal Name of Assignee (Assignee):
Assignees Address for Notices:
Effective Date of Assignment (Effective Date):
Class of Loans/Commitments Assigned |
Principal Amount |
Percentage of Loans/Commitments | ||
$ | % | |||
$ | % |
[Remainder of Page Intentionally Left Blank]
2
Accepted
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent[, Swingline Lender and Issuing Bank],2 |
By: |
| |
Name: |
||
Title: |
Name: |
| |
Title: |
[CHS/COMMUNITY HEALTH SYSTEMS, INC.], |
By: |
| |
Name: |
||
Title:]3 |
[COMMUNITY HEALTH SYSTEMS, INC.], |
By: |
| |
Name: |
||
Title:]4 |
2 | Consent of Swingline Lender and Issuing Bank only required in the case of an assignment of a Revolving Credit Commitment. |
3 | Consent of the Borrower is only required in the case of an assignment of a Revolving Credit Commitment; provided, that the consent of the Borrower shall not be required for any assignment (a) made to another Lender, an Affiliate of a Lender or a Related Fund of a Lender or (b) after the occurrence and during the continuance of any Event of Default. |
3
The terms set forth above are hereby agreed to: | ||
, as Assignor, |
By: |
| |
Name: | ||
Title: |
, as Assignee, |
By: |
| |
Name: | ||
Title: |
4
EXHIBIT C
FORM OF
BORROWING REQUEST
Credit Suisse AG, Cayman Islands Branch, as Administrative Agent
for the Lenders referred to below,
Eleven Madison Avenue
New York, New York 10010
Attention: Agency Group
[DATE]1
Ladies and Gentlemen:
The undersigned, CHS/Community Health Systems, Inc., a Delaware corporation, (the Borrower), refers to the Credit Agreement dated as of July 25, 2007, as amended and restated as of November 5, 2010, February 2, 2012, January 27, 2014 and March 23, 2018 (as further amended, restated, supplemented or otherwise modified from time to time, the Credit Agreement), among the Borrower, Community Health Systems, Inc., a Delaware corporation, the lenders from time to time party thereto (the Lenders), and Credit Suisse AG, Cayman Islands Branch, as administrative agent (in such capacity, the Administrative Agent) and collateral agent for the Lenders. Capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement. The Borrower hereby gives the Administrative Agent notice pursuant to Section 2.03 of the Credit Agreement that it requests a Borrowing under the Credit Agreement, and in connection therewith sets forth below the terms on which such Borrowing is requested to be made:
(A) |
Type of Borrowing2 |
|
||||
(B) |
Date of Borrowing3 |
|
||||
(C) |
Account Number and Location |
|
||||
(D) |
Principal Amount of Borrowing |
|
||||
(E) |
Interest Period4 |
|
1 | The Administrative Agent must be notified irrevocably by telephone (a) in the case of a Eurodollar Borrowing, not later than 12:00 (noon) (New York City time), three Business Days before a proposed Borrowing and (b) in the case of an ABR Borrowing, not later than 11:00 a.m. (New York City time), on the day of a proposed Borrowing, in each case to be confirmed promptly by hand delivery or fax of a Borrowing Request to the Administrative Agent. |
2 | Specify whether such Borrowing is to be a Term Borrowing or a Revolving Credit Borrowing, and whether such Borrowing is to be a Eurodollar Borrowing or an ABR Borrowing. |
3 | Date of Borrowing must be a Business Day. |
4 | If such Borrowing is to be a Eurodollar Borrowing, specify the Interest Period with respect thereto. |
The Borrower shall indemnify each Lender against any loss or expense that such Lender may sustain or incur as a consequence of (a) any event, other than a default by such Lender in the performance of its obligations hereunder, which results in (i) such Lender receiving or being deemed to receive any amount on account of the principal of any Eurodollar Loan prior to the end of the Interest Period in effect therefor, (ii) the conversion of any Eurodollar Loan to an ABR Loan, or the conversion of the Interest Period with respect to any Eurodollar Loan, in each case other than on the last day of the Interest Period in effect therefor, or (iii) any Eurodollar Loan to be made by such Lender (including any Eurodollar Loan to be made pursuant to a conversion or continuation of such Loan) not being made after notice of such Loan shall have been given by the Borrower hereunder (any of the events referred to in this paragraph being called a Breakage Event) or (b) any default in the making of any payment or prepayment of any Eurodollar Loan required to be made hereunder. In the case of any Breakage Event, such loss shall include an amount equal to the excess, as reasonably determined by such Lender, of (i) its cost of obtaining funds for the Eurodollar Loan that is the subject of such Breakage Event for the period from the date of such Breakage Event to the last day of the Interest Period in effect (or that would have been in effect) for such Loan over (ii) the amount of interest likely to be realized by such Lender in redeploying the funds released or not utilized by reason of such Breakage Event for such period. A certificate of any Lender setting forth any amount or amounts which such Lender is entitled to receive pursuant to this paragraph shall be delivered to the Borrower and shall be conclusive absent manifest error.
The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of this Borrowing Request and on the date of the related Borrowing, the conditions to lending specified in paragraphs (b) and (c) of Section 4.01 of the Credit Agreement have been satisfied.
CHS/COMMUNITY HEALTH SYSTEMS, INC., |
By: |
| |
Name: |
||
Title: |
2
EXHIBIT D
MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT,
FIXTURE FILING AND FINANCING STATEMENT
From
[NAME OF MORTGAGOR]
To
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
Dated: , 20[ ]
Premises: [City], [State]
County
1 | THIS MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT, FIXTURE FILING AND FINANCING STATEMENT dated as of , 20[ ] (this Mortgage), by [ ], a [ ] corporation, having an office at [ ] (the Mortgagor), to and for the benefit of CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, a bank organized under the laws of Switzerland, having an office at Eleven Madison Avenue, New York, New York 10010 (the Mortgagee) as Collateral Agent for the Secured Parties (as such terms are defined below). |
WITNESSETH THAT:
Reference is made to (i) the Credit Agreement dated as of July 25, 2007, as amended and restated as of November 5, 2010, February 2, 2012, January 27, 2014 and March 23, 2018 (as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the Credit Agreement), among CHS/Community Health Systems, Inc., a Delaware corporation (the Borrower), Community Health Systems, Inc., a Delaware corporation (Parent), the lenders from time to time party thereto (the Lenders), and Credit Suisse AG, Cayman Islands Branch as administrative agent (the Administrative Agent) for the Lenders, collateral agent (the Collateral Agent) for the Secured Parties, and issuing bank (the Issuing Bank) with respect to any letters of credit (the Letters of Credit) issued pursuant to the terms of the Credit Agreement, (ii) the Guarantee and Collateral Agreement dated as of July 25, 2007, as amended and restated as of November 5, 2010, as further amended pursuant to the Amendment No. 1 and Reaffirmation Agreement dated as of August 17, 2012 (as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the Guarantee and Collateral Agreement) among Parent, the Borrower, the Subsidiaries identified therein and the Collateral Agent, (iii) the Purchase Agreement dated as of January 27, 2014 (the Purchase Agreement) among the Borrower, FWCT-2 Escrow Corporation (the Escrow Issuer), Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse Securities (USA) LLC, as representatives of the initial purchasers specified therein (the Purchasers), (iv) the Indenture dated as of January 27, 2014, as supplemented by the Assumption Supplemental Indenture, dated as of January 27, 2014 (as further amended, restated, supplemented or otherwise modified from time to time, the 2014 Indenture), among the Borrower, the Escrow Issuer, the Guarantors party thereto, the Collateral Agent and Regions Bank, as trustee (the 2014 Indenture Trustee), (v) the Underwriting Agreement dated as of March 7, 2017, (the March 2017 Underwriting Agreement), among the Borrower, the Guarantors party thereto and Credit Suisse Securities (USA) LLC, as representative of the underwriters specified therein (the Underwriters) (vi) the Underwriting Agreement dated as of May 9, 2017 (the May 2017 Underwriting Agreement and together with the March 2017 Underwriting Agreement, the Underwriting Agreements) among the Borrower, the
1 | In the event the Borrower becomes party to an ABL Intercreditor Agreement and/or a Junior Lien Intercreditor Agreement, any execution version of this document shall contemplate the existence of such ABL Intercreditor Agreement and/or Junior Lien Intercreditor Agreement. |
Guarantors party thereto and Credit Suisse Securities (USA) LLC, as representative of the Underwriters (vii) the Indenture dated as of March 16, 2017, as supplemented by the First Supplemental Indenture dated as of March 16, 2017 and the Second Supplemental Indenture dated as of May 12, 2017 (as further amended, restated, supplemented or otherwise modified from time to time, the 2017 Indenture and, together with the 2014 Indenture, the Indentures), among the Borrower, the Guarantors party thereto, the Collateral Agent and Regions Bank, as trustee (the 2017 Indenture Trustee and, together with the 2014 Indenture Trustee, the Indenture Trustees), (viii) that certain designation certificate dated as of January 27, 2014 delivered to the Collateral Agent pursuant to Section 7.09(c) of the Guarantee and Collateral Agreement (the 2014 Designation Certificate), (ix) that certain designation certificate dated as of October 28, 2014 delivered to the Collateral Agent pursuant to subsection 7.09(c) of the Guarantee and Collateral Agreement (the 2014 Exchange Notes Designation Certificate), (x) that certain designation certificate dated as of March 16, 2017 delivered to the Collateral Agent pursuant to Section 7.09(c) of the Guarantee and Collateral Agreement (the March 2017 Designation Certificate), (xi) that certain designation certificate dated as of May 12, 2017 delivered to the Collateral Agent pursuant to Section 7.09(c) of the Guarantee and Collateral Agreement (the May 2017 Designation Certificate, and together with the 2014 Designation Certificate, the 2014 Exchange Notes Designation Certificate and the March 2017 Designation Certificate, the Designation Certificates) (x) the First Lien Intercreditor Agreement dated as of August 17, 2012 among Credit Suisse AG, Cayman Islands Branch, as the Collateral Agent and the Authorized Representative (as such term is defined therein) under the Credit Agreement, Regions Bank, in its capacity as 2014 Indenture Trustee under the Initial Additional Agreement (as such term is defined therein), as the Initial Additional Authorized Representative (as such term is defined therein), and each additional Authorized Representative (as such term is defined therein) from time to time party thereto (the Intercreditor Agreement), (xi) the Joinder Agreement to the First Lien Intercreditor Agreement dated as of January 27, 2014 delivered by the 2014 Indenture Trustee to the Collateral Agent, (xii) the Joinder Agreement to the First Lien Intercreditor Agreement dated as of March 16, 2017 delivered by the 2017 Indenture Trustee to the Collateral Agent, (xii) the Joinder Agreement to the First Lien Intercreditor Agreement, dated as of May 12, 2017 delivered by the 2017 Indenture Trustee to the Collateral Agent and (xiii) the Registration Rights Agreement dated as of January 27, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the Registration Rights Agreement) pursuant to the 2014 Indenture among the Borrower, the Guarantors party thereto and the Purchasers. Capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement and the Guarantee and Collateral Agreement, as applicable.
In the Credit Agreement, (i) the Lenders have agreed to make term loans (the Term Loans) and revolving loans (the Revolving Loans, together with the Term Loans, the Loans) to the Borrower and (ii) the Issuing Bank has issued or agreed to issue from time to time Letters of Credit for the account of the Borrower, in each case pursuant to, upon the terms, and subject to the conditions specified in, the Credit Agreement. Amounts paid in respect of Term Loans may not be reborrowed. Subject to the terms of the Credit Agreement, Borrower may borrow, prepay and reborrow Revolving Loans.
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Pursuant to the terms of the 2014 Indenture and the Purchase Agreement, the Purchasers have purchased $1,000,000,000 aggregate principal amount of 5.125% Senior Secured Notes due 2021 of the Borrower (the 2021 Notes).
Pursuant to the terms of the 2017 Indenture and the Underwriting Agreements, the Underwriters have purchased $3,100,000,000 aggregate principal amount of 6.250% Senior Secured Notes due 2023 from the Borrower (the 2023 Notes, and together with the 2021 Notes, the Notes).
In accordance with the Designation Certificates, the Notes and related obligations thereunder are secured on a pari passu basis with all other obligations secured under the Guarantee and Collateral Agreement and, in accordance with the provisions of subsection 7.09(c) of the Guarantee and Collateral Agreement, among other things, the Collateral Agent has been appointed and authorized to act on behalf and for the benefit of the Additional Secured Parties (as such term is defined in the Intercreditor Agreement) under the Indentures.
Pursuant to the terms of the 2014 Indenture and the Registration Rights Agreement, the holders of the 2021 Notes have exchanged $1,000,000,000 aggregate principal amount of 2021 Notes for a like aggregate principal amount of 5.125% Senior Secured Notes due 2021 of the Borrower under the 2014 Indenture, which have been registered under the Securities Act of 1933 (the 2021 Exchange Notes).
In accordance with the 2014 Exchange Designation Certificate, the 2021 Exchange Notes and related obligations thereunder are secured on a pari passu basis with all other obligations secured under the Guarantee and Collateral Agreement and, in accordance with the provisions of subsection 7.09(c) of the Guarantee and Collateral Agreement, among other things, the Collateral Agent has been appointed and authorized to act on behalf and for the benefit of the Additional Secured Parties (as such term is defined in the Intercreditor Agreement) under the Indenture.
Mortgagor is a wholly-owned direct or indirect Subsidiary of the Borrower and will derive substantial benefit from the making of the Loans by the Lenders, the issuance of the Letters of Credit by the Issuing Bank and from the purchase of the Notes by the Underwriters. In order to induce the Lenders to make Loans, the Issuing Bank to issue Letters of Credit, the Underwriters to purchase the Notes and the Indenture Trustees to enter into the Indentures, the Mortgagor has agreed to guarantee, among other things, the due and punctual payment and performance of all of the obligations of the Borrower under the Credit Agreement and the Indentures pursuant to the terms of the Guarantee and Collateral Agreement.
The obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit are conditioned upon, among other things, the execution and delivery by the Mortgagor of this Mortgage in the form hereof to secure the Obligations.
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As used in this Mortgage, the term Secured Parties shall mean (a)(i) the Lenders, (ii) the Administrative Agent, (iii) the Collateral Agent, (iv) any Issuing Bank, (v) each counterparty to any Hedging Agreement or Cash Management Agreement with a Loan Party that either (A) is in effect on the Closing Date if such counterparty is the Administrative Agent, a Lender or an Affiliate of the Administrative Agent or a Lender as of the Closing Date or (B) is entered into after the Closing Date if such counterparty is the Administrative Agent, a Lender or an Affiliate of the Administrative Agent or a Lender at the time such Hedging Agreement or Cash Management Agreement is entered into, (vi) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document, and (vii) the successors and assigns of each of the foregoing and (b)(i) the holders of any Pari Passu Debt Obligations and (ii) any Pari Passu Representative with respect thereto.
Pursuant to the requirements of the Credit Agreement, the Mortgagor is granting this Mortgage to create a lien on and a security interest in the Mortgaged Property (as hereinafter defined) to secure the performance and payment by the Mortgagor of the Obligations. The Credit Agreement also requires the granting by other Loan Parties of mortgages, deeds of trust and/or deeds to secure debt (the Other Mortgages) that create liens on and security interests in certain real and personal property other than the Mortgaged Property to secure the performance of the Obligations.
Granting Clauses
NOW, THEREFORE, IN CONSIDERATION OF the foregoing and in order to secure the due and punctual payment and performance of the Obligations for the benefit of the Secured Parties, Mortgagor hereby grants, conveys, mortgages, assigns and pledges to the Mortgagee, a mortgage lien on and a security interest in, the following described property (collectively, the Mortgaged Property) whether now owned or held or hereafter acquired:
(1) the land more particularly described on Exhibit A hereto (the Land), together with all rights appurtenant thereto, including the easements over certain other adjoining land granted by any easement agreements, covenant or restrictive agreements and all air rights, mineral rights, water rights, oil and gas rights and development rights, if any, relating thereto, and also together with all of the other easements, rights, privileges, interests, hereditaments and appurtenances thereunto belonging or in any way appertaining and all of the estate, right, title, interest, claim or demand whatsoever of Mortgagor therein and in the streets and ways adjacent thereto, either in law or in equity, in possession or expectancy, now or hereafter acquired (the Premises);
(2) all buildings, improvements, structures, paving, parking areas, walkways and landscaping now or hereafter erected or located upon the Land, and all fixtures of every kind and type affixed to the Premises or attached to or forming part of any structures, buildings or improvements and replacements thereof now or hereafter erected or located upon the Land (the Improvements);
(3) all apparatus, movable appliances, building materials, equipment, fittings, furnishings, furniture, machinery and other articles of tangible personal property of every kind and nature, and replacements thereof, now or at any time hereafter placed upon or used in any way in connection with the use, enjoyment, occupancy or
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operation of the Improvements or the Premises, including all of Mortgagors books and records relating thereto and including all pumps, tanks, goods, machinery, tools, equipment, lifts (including fire sprinklers and alarm systems, fire prevention or control systems, cleaning rigs, air conditioning, heating, boilers, refrigerating, electronic monitoring, water, loading, unloading, lighting, power, sanitation, waste removal, entertainment, communications, computers, recreational, window or structural, maintenance, truck or car repair and all other equipment of every kind), restaurant, bar and all other indoor or outdoor furniture (including tables, chairs, booths, serving stands, planters, desks, sofas, racks, shelves, lockers and cabinets), bar equipment, glasses, cutlery, uniforms, linens, memorabilia and other decorative items, furnishings, appliances, supplies, inventory, rugs, carpets and other floor coverings, draperies, drapery rods and brackets, awnings, venetian blinds, partitions, chandeliers and other lighting fixtures, freezers, refrigerators, walk-in coolers, signs (indoor and outdoor), computer systems, cash registers and inventory control systems, and all other apparatus, equipment, furniture, furnishings, and articles used in connection with the use or operation of the Improvements or the Premises, it being understood that the enumeration of any specific articles of property shall in no way result in or be held to exclude any items of property not specifically mentioned (the property referred to in this subparagraph (3), the Personal Property);
(4) all general intangibles owned by Mortgagor and relating to design, development, operation, management and use of the Premises or the Improvements, all certificates of occupancy, zoning variances, building, use or other permits, approvals, authorizations and consents obtained from and all materials prepared for filing or filed with any governmental agency in connection with the development, use, operation or management of the Premises and Improvements, all construction, service, engineering, consulting, leasing, architectural and other similar contracts concerning the design, construction, management, operation, occupancy and/or use of the Premises and Improvements, all architectural drawings, plans, specifications, soil tests, feasibility studies, appraisals, environmental studies, engineering reports and similar materials relating to any portion of or all of the Premises and Improvements, and all payment and performance bonds or warranties or guarantees relating to the Premises or the Improvements, all to the extent assignable (the Permits, Plans and Warranties);
(5) all now or hereafter existing leases or licenses (under which Mortgagor is landlord or licensor) and subleases (under which Mortgagor is sublandlord), concession, management, mineral or other agreements of a similar kind that permit the use or occupancy of the Premises or the Improvements for any purpose in return for any payment, or the extraction or taking of any gas, oil, water or other minerals from the Premises in return for payment of any fee, rent or royalty (collectively, Leases), and all agreements or contracts for the sale or other disposition of all or any part of the Premises or the Improvements, now or hereafter entered into by Mortgagor, together with all charges, fees, income, issues, profits, receipts, rents, revenues or royalties payable thereunder (Rents);
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(6) all real estate tax refunds and all proceeds of the conversion, voluntary or involuntary, of any of the Mortgaged Property into cash or liquidated claims (Proceeds), including Proceeds of insurance maintained by the Mortgagor and condemnation awards, any awards that may become due by reason of the taking by eminent domain or any transfer in lieu thereof of the whole or any part of the Premises or Improvements or any rights appurtenant thereto, and any awards for change of grade of streets, together with any and all moneys now or hereafter on deposit for the payment of real estate taxes, assessments or common area charges levied against the Mortgaged Property, unearned premiums on policies of fire and other insurance maintained by the Mortgagor covering any interest in the Mortgaged Property or required by the Credit Agreement; and
(7) all extensions, improvements, betterments, renewals, substitutes and replacements of and all additions and appurtenances to, the Land, the Premises, the Improvements, the Personal Property, the Permits, Plans and Warranties and the Leases, hereinafter acquired by or released to the Mortgagor or constructed, assembled or placed by the Mortgagor on the Land, the Premises or the Improvements, and all conversions of the security constituted thereby, immediately upon such acquisition, release, construction, assembling, placement or conversion, as the case may be, and in each such case, without any further mortgage, deed of trust, conveyance, assignment or other act by the Mortgagor, all of which shall become subject to the lien of this Mortgage as fully and completely, and with the same effect, as though now owned by the Mortgagor and specifically described herein.
TO HAVE AND TO HOLD the Mortgaged Property unto the Mortgagee, its successors and assigns, for the ratable benefit of the Secured Parties, forever, subject only to the Liens set forth in Section 6.02 of the Credit Agreement, including, for the avoidance of uncertainty, those Liens set forth in Sections 6.02(h), (i) and (l) of the Credit Agreement and to satisfaction and release as provided in Section 3.04 hereof.
ARTICLE I
Representations, Warranties and Covenants of Mortgagor
Mortgagor agrees, covenants, represents and/or warrants as follows:
SECTION 1.01. Title, Mortgage Lien. (a) Mortgagor has good and marketable fee simple title to the Mortgaged Property, subject only to the Liens set forth in Section 6.02 of the Credit Agreement, including, for the avoidance of uncertainty, those Liens set forth in Sections 6.02(h), (i) and (l) of the Credit Agreement.
(b) The execution and delivery of this Mortgage is within Mortgagors limited liability company or other organizational powers and has been duly authorized by all necessary company or other organizational and, if required, member action. This Mortgage has been duly executed and delivered by Mortgagor and constitutes a legal, valid and binding obligation of Mortgagor, enforceable in accordance with its terms, subject to applicable
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bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(c) The execution, delivery and recordation of this Mortgage (i) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except filings necessary to perfect the lien of this Mortgage, (ii) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of Mortgagor or any order of any Governmental Authority, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon Mortgagor or its assets, or give rise to a right thereunder to require any payment to be made by Mortgagor, and (iv) will not result in the creation or imposition of any Lien on any asset of Mortgagor, except the lien of this Mortgage.
(d) This Mortgage and the Uniform Commercial Code Financing Statements described in Section 1.09 of this Mortgage, when duly recorded in the public records will create a valid, perfected and enforceable lien upon and security interest in all of the Mortgaged Property.
(e) Mortgagor will forever warrant and defend its title to the Mortgaged Property, the rights of Mortgagee therein under this Mortgage and the validity and priority of the lien of this Mortgage thereon against the claims of all persons and parties except those having rights under the Liens set forth in Section 6.02 of the Credit Agreement to the extent of those rights.
SECTION 1.02. Credit Agreement and Indentures. This Mortgage is given pursuant to the Credit Agreement and Indentures. Mortgagor expressly covenants and agrees to pay when due, and to timely perform, and to cause the other Loan Parties to pay when due, and to timely perform, the Obligations in accordance with their terms.
SECTION 1.03. Payment of Taxes, and Other Obligations. (a) Mortgagor will pay and discharge from time to time prior to the time when the same shall become delinquent, and before any interest or penalty accrues thereon or attaches thereto, all Taxes and other obligations with respect to the Mortgaged Property or any part thereof or upon the Rents from the Mortgaged Property or arising in respect of the occupancy, use or possession thereof in accordance with, and to the extent required by, the Credit Agreement and/or any equivalent provision of the Indentures.
(b) In the event of the passage of any state, Federal, municipal or other governmental law, order, rule or regulation subsequent to the date hereof (i) deducting from the value of real property for the purpose of taxation any lien or encumbrance thereon or in any manner changing or modifying the laws now in force governing the taxation of this Mortgage or debts secured by mortgages or deeds of trust (other than laws governing income, franchise and similar taxes generally) or the manner of collecting taxes thereon and (ii) imposing a tax to be paid by Mortgagee, either directly or indirectly, on this Mortgage or any of the Secured Credit Documents, or requiring an amount of taxes to be withheld or deducted therefrom, Mortgagor will promptly (x) notify Mortgagee of such event, (y) enter into such further
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instruments as Mortgagee may determine are reasonably necessary or desirable to obligate Mortgagor to make any additional payments necessary to put the Lenders and Secured Parties in the same financial position they would have been if such law, order, rule or regulation had not been passed and (z) make such additional payments to Mortgagee for the benefit of the Lenders and Secured Parties.
SECTION 1.04. Maintenance of Mortgaged Property. Mortgagor will maintain the Improvements and the Personal Property in the manner required by the Credit Agreement.
SECTION 1.05. Insurance. Mortgagor will keep or cause to be kept the Improvements and Personal Property insured against such risks, and in the manner, described in Section 4.03(l) of the Guarantee and Collateral Agreement and shall purchase such additional insurance as may be required from time to time pursuant to Section 5.02 of the Credit Agreement. Federal Emergency Management Agency Standard Flood Hazard Determination Forms will be purchased by Mortgagor for each Mortgaged Property on which Improvements are located. If any portion of Improvements constituting part of the Mortgaged Property is located in an area identified as a special flood hazard area by Federal Emergency Management Agency or other applicable agency, Mortgagor will purchase flood insurance and provide evidence to Collateral Agent in an amount reasonably satisfactory to Mortgagee and in compliance with applicable law, but in no event less than the maximum limit of coverage available under the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, each, as amended.
SECTION 1.06. Casualty Condemnation/Eminent Domain. Mortgagor shall give Mortgagee prompt written notice of any casualty or other damage to the Mortgaged Property or any proceeding for the taking of the Mortgaged Property or any portion thereof or interest therein under power of eminent domain or by condemnation or any similar proceeding in accordance with, and to the extent required by, the Credit Agreement. Any Net Cash Proceeds received by or on behalf of the Mortgagor in respect of any such casualty, damage or taking shall constitute trust funds held by the Mortgagor for the benefit of the Secured Parties to be applied to repair, restore or replace the Mortgaged Property or, if a prepayment event shall occur with respect to any such Net Cash Proceeds, to be applied in accordance with the Credit Agreement and/or any equivalent provision of the Indentures.
SECTION 1.07. Assignment of Leases and Rents. (a) Mortgagor hereby unconditionally, irrevocably and absolutely grants, transfers and assigns all of its right title and interest in all Leases, together with any and all extensions and renewals thereof for purposes of securing and discharging the performance by Mortgagor of the Obligations. Mortgagor has not assigned or executed any assignment of, and will not assign or execute any assignment of, any Leases or the Rents payable thereunder to anyone other than Mortgagee.
(b) Except for those Leases set forth in Section 6.02(l) of the Credit Agreement, all Leases shall be subordinate to the lien of this Mortgage. Except for those Leases set forth in Section 6.02(l) of the Credit Agreement, Mortgagor will not enter into, modify or amend any Lease if such Lease, as entered into, modified or amended, will not be subordinate to the lien of this Mortgage.
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(c) Subject to Section 1.07(d), Mortgagor has assigned and transferred to Mortgagee all of Mortgagors right, title and interest in and to the Rents now or hereafter arising from each Lease heretofore or hereafter made or agreed to by Mortgagor, it being intended that this assignment establish, subject to Section 1.07(d), an absolute transfer and assignment of all Rents and all Leases to Mortgagee and not merely to grant a security interest therein. Subject to Section 1.07(d), Mortgagee may in Mortgagors name and stead (with or without first taking possession of any of the Mortgaged Property personally or by receiver as provided herein) operate the Mortgaged Property and rent, lease or let all or any portion of any of the Mortgaged Property to any party or parties at such rental and upon such terms as Mortgagee shall, in its sole discretion, determine, and may collect and have the benefit of all of said Rents arising from or accruing at any time thereafter or that may thereafter become due under any Lease.
(d) So long as an Event of Default shall not have occurred and be continuing, Mortgagee will not exercise any of its rights under Section 1.07(c), and Mortgagor shall have permission and a license to receive and collect the Rents accruing under any Lease; but after the happening and during the continuance of any Event of Default, said license shall immediately cease and terminate and Mortgagee may, at its option, receive and collect all Rents and enter upon the Premises and Improvements through its officers, agents, employees or attorneys for such purpose and for the operation and maintenance thereof. Mortgagor hereby irrevocably authorizes and directs each tenant, if any, and each successor, if any, to the interest of any tenant under any Lease, respectively, to rely upon any notice of an Event of Default sent by Mortgagee to any such tenant or any of such tenants successors in interest, and thereafter to pay Rents to Mortgagee without any obligation or right to inquire as to whether an Event of Default actually exists and even if some notice to the contrary is received from the Mortgagor, who shall have no right or claim against any such tenant or successor in interest for any such Rents so paid to Mortgagee. Each tenant or any of such tenants successors in interest from whom Mortgagee or any officer, agent, attorney or employee of Mortgagee shall have collected any Rents, shall be authorized to pay Rents to Mortgagor only after such tenant or any of their successors in interest shall have received written notice from Mortgagee (such notice to promptly be sent by Mortgagee once an Event of Default is no longer occurring) that the Event of Default is no longer continuing, unless and until a further notice of an Event of Default is given by Mortgagee to such tenant or any of its successors in interest.
(e) Mortgagee will not become a mortgagee in possession so long as it does not enter or take actual possession of the Mortgaged Property. In addition, Mortgagee shall not be responsible or liable for performing any of the obligations of the landlord under any Lease, for any waste by any tenant, or others, for any dangerous or defective conditions of any of the Mortgaged Property, for negligence in the management, upkeep, repair or control of any of the Mortgaged Property or any other act or omission by any other person.
(f) Mortgagor shall furnish to Mortgagee, within 30 days after a request by Mortgagee to do so, a written statement containing the names of all tenants, subtenants and concessionaires of the Premises or Improvements, the terms of any Lease, the space occupied and the rentals and/or other amounts payable thereunder.
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(g) Mortgagor hereby absolutely and unconditionally assigns and grants to Mortgagee the right of Mortgagee, at Mortgagees option, upon revocation of the license granted herein, to enter upon the Premises in person, by agent or by court-appointed receiver, to collect Rent and take any and all other actions designated by Mortgagee for the proper management and preservation of the Premises. Furthermore, Mortgagor hereby absolutely and unconditionally assigns and grants to Mortgagee the right of Mortgagee, and the irrevocable power of attorney of Mortgagor, coupled with an interest, to take any and all of the actions set forth in herein and any or all other actions designated by Mortgagee for the proper management and preservation of the Premises and the Leases.
SECTION 1.08. Restrictions on Transfers and Encumbrances. Mortgagor shall not directly or indirectly sell, convey, divest, alienate, assign, lease, sublease, license, mortgage, pledge, encumber or otherwise transfer, create, consent to or suffer the creation of any lien, charge or other form of encumbrance upon any interest in or any part of the Mortgaged Property (other than resulting from a condemnation), or engage in any common, cooperative, joint, time-sharing or other congregate ownership of all or part thereof, except in each case in accordance with and to the extent permitted by the Credit Agreement and/or any equivalent provision of the Indentures; provided, that Mortgagor may, in the ordinary course of business and in accordance with reasonable commercial standards, enter into easement or covenant agreements that relate to and/or benefit the operation of the Mortgaged Property and that do not materially and adversely affect the value, use or operation of the Mortgaged Property. If any of the foregoing transfers or encumbrances results in an event requiring prepayment of the Loans in accordance with the terms of the Credit Agreement, any Net Cash Proceeds received by or on behalf of the Mortgagor in respect thereof shall constitute trust funds to be held by the Mortgagor for the benefit of the Secured Parties and applied in accordance with the Credit Agreement and/or any equivalent provision of the Indentures.
SECTION 1.09. Security Agreement. This Mortgage is both a mortgage of real property and a grant of a security interest in personal property, and shall constitute and serve as a Security Agreement within the meaning of the uniform commercial code as adopted in the state wherein the Premises are located (UCC). Mortgagor has hereby granted unto Mortgagee a security interest in and to all the Mortgaged Property described in this Mortgage that is not real property, and prior to or simultaneously with the recording of this Mortgage, Mortgagor has filed or will file UCC financing statements, and will file continuation statements prior to the lapse thereof, at the appropriate offices in the jurisdiction of formation of the Mortgagor to perfect the security interest granted by this Mortgage in all the Mortgaged Property that is not real property. Mortgagor hereby appoints Mortgagee as its true and lawful attorney-in-fact and agent, for Mortgagor and in its name, place and stead, in any and all capacities, to execute any document and to file the same in the appropriate offices (to the extent it may lawfully do so), and to perform each and every act and thing reasonably requisite and necessary to be done to perfect the security interest contemplated by the preceding sentence. Mortgagee shall have all rights with respect to the part of the Mortgaged Property that is the subject of a security interest afforded by the UCC in addition to, but not in limitation of, the other rights afforded Mortgagee hereunder and under the Guarantee and Collateral Agreement.
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SECTION 1.10. Filing and Recording. Mortgagor has caused or will cause this Mortgage, the UCC financing statements referred to in Section 1.09, any other security instrument creating a security interest in or evidencing the lien hereof upon the Mortgaged Property and each UCC continuation statement and instrument of further assurance to be filed, registered or recorded and, if necessary, refiled, rerecorded and reregistered, in such manner and in such places as may be required by any present or future law in order to publish notice of and fully to perfect the lien hereof upon, and the security interest of Mortgagee in, the Mortgaged Property until this Mortgage is terminated and released in full in accordance with Section 3.04 hereof. Mortgagor will pay all filing, registration and recording fees, all Federal, state, county and municipal recording, documentary or intangible taxes and other taxes, duties, imposts, assessments and charges, and all reasonable expenses incidental to or arising out of or in connection with the execution, delivery and recording of this Mortgage, UCC continuation statements any mortgage supplemental hereto, any security instrument with respect to the Personal Property, Permits, Plans and Warranties and Proceeds or any instrument of further assurance.
SECTION 1.11. Further Assurances. Upon reasonable demand by Mortgagee, Mortgagor will, at the cost of Mortgagor and without expense to Mortgagee, do, execute, acknowledge and deliver all such further acts, deeds, conveyances, mortgages, assignments, notices of assignment, transfers and assurances as Mortgagee shall from time to time reasonably require for the better assuring, conveying, assigning, transferring and confirming unto Mortgagee the property and rights hereby conveyed or assigned or intended now or hereafter so to be, or which Mortgagor may be or may hereafter become bound to convey or assign to Mortgagee, or for carrying out the intention or facilitating the performance of the terms of this Mortgage, or for filing, registering or recording this Mortgage, and on demand, Mortgagor will also execute and deliver and hereby appoints Mortgagee as its true and lawful attorney-in-fact and agent, for Mortgagor and in its name, place and stead, in any and all capacities, to execute and file to the extent it may lawfully do so, one or more financing statements, chattel mortgages or comparable security instruments reasonably requested by Mortgagee to evidence more effectively the lien hereof upon the Personal Property and to perform each and every act and thing requisite and necessary to be done to accomplish the same.
SECTION 1.12. Additions to Mortgaged Property. All right, title and interest of Mortgagor in and to all extensions, improvements, betterments, renewals, substitutions and replacements of, and all additions and appurtenances to, the Mortgaged Property hereafter acquired by or released to Mortgagor or constructed, assembled or placed by Mortgagor upon the Premises or the Improvements, and all conversions of the security constituted thereby, immediately upon such acquisition, release, construction, assembling, placement or conversion, as the case may be, and in each such case without any further mortgage, conveyance, assignment or other act by Mortgagor, shall become subject to the lien and security interest of this Mortgage as fully and completely and with the same effect as though now owned by Mortgagor and specifically described in the grant of the Mortgaged Property above, but at any and all times Mortgagor will execute and deliver to Mortgagee any and all such further assurances, mortgages, conveyances or assignments thereof as Mortgagee may reasonably require for the purpose of expressly and specifically subjecting the same to the lien and security interest of this Mortgage.
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SECTION 1.13. No Claims Against Mortgagee. Nothing contained in this Mortgage shall constitute any consent or request by Mortgagee, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Mortgaged Property or any part thereof, nor as giving Mortgagor any right, power or authority to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against Mortgagee in respect thereof.
SECTION 1.14. Fixture Filing. (a) Certain portions of the Mortgaged Property are or will become fixtures (as that term is defined in the UCC) on the Land, and this Mortgage, upon being filed for record in the real estate records of the county wherein such fixtures are situated, shall operate also as a financing statement filed as a fixture filing in accordance with the applicable provisions of said UCC upon such portions of the Mortgaged Property that are or become fixtures.
(b) The real property to which the fixtures relate is described in Exhibit A attached hereto. The record owner of the real property described in Exhibit A attached hereto is Mortgagor. The name, type of organization and jurisdiction of organization of the debtor for purposes of this financing statement are the name, type of organization and jurisdiction of organization of the Mortgagor set forth in the first paragraph of this Mortgage, and the name of the secured party for purposes of this financing statement is the name of the Mortgagee set forth in the first paragraph of this Mortgage. The mailing address of the Mortgagor/debtor is the address of the Mortgagor set forth in the first paragraph of this Mortgage. The mailing address of the Mortgagee/secured party from which information concerning the security interest hereunder may be obtained is the address of the Mortgagee set forth in the first paragraph of this Mortgage.
ARTICLE II
Defaults and Remedies
SECTION 2.01. Events of Default. Any Event of Default under the Credit Agreement (as such term is defined therein) or an Indenture (as such term is defined therein) shall constitute an Event of Default under this Mortgage.
SECTION 2.02. Demand for Payment. If an Event of Default shall occur and be continuing, then, upon written demand of Mortgagee, Mortgagor will pay to Mortgagee all amounts due hereunder and under any Secured Credit Document and such further amount as shall be sufficient to cover the out-of-pocket costs and expenses of collection, including attorneys fees, disbursements and expenses incurred by Mortgagee, and Mortgagee shall be entitled and empowered to institute an action or proceedings at law or in equity for the collection of the sums so due and unpaid, to prosecute any such action or proceedings to judgment or final decree, to enforce any such judgment or final decree against Mortgagor and to collect, in any manner provided by law, all moneys adjudged or decreed to be payable.
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SECTION 2.03. Rights To Take Possession, Operate and Apply Revenues. (a) If an Event of Default shall occur and be continuing, Mortgagor shall, upon demand of Mortgagee, forthwith surrender to Mortgagee actual possession of the Mortgaged Property and, if and to the extent not prohibited by applicable law, Mortgagee itself, or by such officers or agents as it may appoint, may then enter and take possession of all the Mortgaged Property without the appointment of a receiver or an application therefor, exclude Mortgagor and its agents and employees wholly therefrom, and have access to the books, papers and accounts of Mortgagor.
(b) If Mortgagor shall for any reason fail to surrender or deliver the Mortgaged Property or any part thereof after such demand by Mortgagee, Mortgagee may to the extent not prohibited by applicable law, obtain a judgment or decree conferring upon Mortgagee the right to immediate possession or requiring Mortgagor to deliver immediate possession of the Mortgaged Property to Mortgagee, to the entry of which judgment or decree Mortgagor hereby specifically consents. Mortgagor will pay to Mortgagee, upon demand, all reasonable expenses of obtaining such judgment or decree, including reasonable compensation to Mortgagees attorneys and agents with interest thereon at the rate per annum applicable to overdue amounts under the Credit Agreement as provided in Section 2.07 of the Credit Agreement (the Interest Rate); and all such expenses and compensation shall, until paid, be secured by this Mortgage.
(c) Upon every such entry or taking of possession, Mortgagee may, to the extent not prohibited by applicable law, hold, store, use, operate, manage and control the Mortgaged Property, conduct the business thereof and, from time to time, (i) make all necessary and proper maintenance, repairs, renewals, replacements, additions, betterments and improvements thereto and thereon, (ii) purchase or otherwise acquire additional fixtures, personalty and other property that are reasonably necessary for the operation of the business, (iii) insure or keep the Mortgaged Property insured, (iv) manage and operate the Mortgaged Property and exercise all the rights and powers of Mortgagor to the same extent as Mortgagor could in its own name or otherwise with respect to the same, or (v) enter into any and all agreements with respect to the exercise by others of any of the powers herein granted Mortgagee, all as may from time to time be directed or determined by Mortgagee to reasonably be in its best interest and Mortgagor hereby appoints Mortgagee as its true and lawful attorney-in-fact and agent, for Mortgagor and in its name, place and stead, in any and all capacities, to perform any of the foregoing acts. Mortgagee may collect and receive all the Rents, issues, profits and revenues from the Mortgaged Property, including those past due as well as those accruing thereafter, and, after deducting (i) all out-of-pocket expenses of taking, holding, managing and operating the Mortgaged Property (including compensation for the services of all persons employed for such purposes), (ii) the out-of-pocket costs of all such maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases and acquisitions, (iii) the costs of insurance, (iv) such taxes, assessments and other similar charges as Mortgagee may at its option pay, (v) other proper charges upon the Mortgaged Property or any part thereof and (vi) the compensation, expenses and disbursements of the attorneys and agents of Mortgagee, Mortgagee shall apply the remainder of the moneys and proceeds so received first to the payment of the Mortgagee for the satisfaction of the Obligations, and second, if there is any surplus, to Mortgagor, subject to the entitlement of others thereto under applicable law.
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(d) Whenever, before any sale of the Mortgaged Property under Section 2.06, all Obligations that are then due shall have been paid and all Events of Default fully cured, Mortgagee will surrender possession of the Mortgaged Property back to Mortgagor, its successors or assigns. The same right of taking possession shall, however, arise again if any subsequent Event of Default shall occur and be continuing.
SECTION 2.04. Right To Cure Mortgagors Failure to Perform. Should Mortgagor fail in the payment, performance or observance of any term, covenant or condition required by this Mortgage or the Secured Credit Document (with respect to the Mortgaged Property), Mortgagee may pay, perform or observe the same, and all payments made or costs or expenses incurred by Mortgagee in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Mortgagor to Mortgagee with interest thereon at the Interest Rate. Mortgagee shall be the judge using reasonable discretion of the necessity for any such actions and of the amounts to be paid. Mortgagee is hereby empowered to enter and to authorize others to enter upon the Premises or the Improvements or any part thereof for the purpose of performing or observing any such defaulted term, covenant or condition without having any obligation to so perform or observe and without thereby becoming liable to Mortgagor, to any person in possession holding under Mortgagor or to any other person; provided, however, that except in the case of an emergency, Mortgagee will provide reasonable advance notice of such entry, such entry shall be conducted in a reasonable manner and Mortgagee shall use reasonable efforts to endeavor to minimize the amount of disturbance to the Mortgagors possession of the Mortgaged Property.
SECTION 2.05. Right to a Receiver. If an Event of Default shall occur and be continuing, Mortgagee, upon application to a court of competent jurisdiction, shall be entitled as a matter of right to the appointment of a receiver to take possession of and to operate the Mortgaged Property and to collect and apply the Rents. The receiver shall have all of the rights and powers permitted under the laws of the state wherein the Mortgaged Property is located. Mortgagor shall pay to Mortgagee upon demand all reasonable out-of-pocket expenses, including receivers fees, reasonable attorneys fees and disbursements, costs and agents compensation incurred pursuant to the provisions of this Section 2.05; and all such expenses shall be secured by this Mortgage and shall be, without demand, immediately repaid by Mortgagor to Mortgagee with interest thereon at the Interest Rate.
SECTION 2.06. Foreclosure and Sale. (a) If an Event of Default shall occur and be continuing, Mortgagee may elect to sell the Mortgaged Property or any part of the Mortgaged Property by exercise of the power of foreclosure or of sale granted to Mortgagee by applicable law or this Mortgage. In such case, Mortgagee may commence a civil action to foreclose this Mortgage, or it may proceed and sell the Mortgaged Property to satisfy any Obligation. Mortgagee or an officer appointed by a judgment of foreclosure to sell the Mortgaged Property, may sell all or such parts of the Mortgaged Property as may be chosen by Mortgagee at the time and place of sale fixed by it in a notice of sale, either as a whole or in separate lots, parcels or items as Mortgagee shall deem expedient, and in such order as it may determine, at public auction to the highest bidder. Mortgagee or an officer appointed by a judgment of foreclosure to sell the Mortgaged Property may postpone any foreclosure or other sale of all or any portion of the Mortgaged Property by public announcement at such time and place of sale, and from time to time thereafter may postpone such sale by public
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announcement or subsequently noticed sale. Without further notice, Mortgagee or an officer appointed to sell the Mortgaged Property may make such sale at the time fixed by the last postponement, or may, in its discretion, give a new notice of sale. Any person, including Mortgagor or Mortgagee or any designee or affiliate thereof, may purchase at such sale.
(b) The Mortgaged Property may be sold subject to unpaid taxes and the Liens set forth in Section 6.02 of the Credit Agreement, and, after deducting all costs, fees and out-of-pocket expenses of Mortgagee (including costs of evidence of title in connection with the sale), Mortgagee or an officer that makes any sale shall apply the proceeds of sale in the manner set forth in Section 2.08.
(c) Any foreclosure or other sale of less than the whole of the Mortgaged Property or any defective or irregular sale made hereunder shall not exhaust the power of foreclosure or of sale provided for herein; and subsequent sales may be made hereunder until the Obligations have been satisfied, or the entirety of the Mortgaged Property has been sold.
(d) If an Event of Default shall occur and be continuing, Mortgagee may instead of, or in addition to, exercising the rights described in Section 2.06(a) above and either with or without entry or taking possession as herein permitted, proceed by a suit or suits in law or in equity or by any other appropriate proceeding or remedy (i) to specifically enforce payment of some or all of the Obligations, or the performance of any term, covenant, condition or agreement of this Mortgage or any other Loan Document or any other right, or (ii) to pursue any other remedy available to Mortgagee, all as Mortgagee shall determine most effectual for such purposes.
SECTION 2.07. Other Remedies. (a) In case an Event of Default shall occur and be continuing, Mortgagee may also exercise, to the extent not prohibited by law, any or all of the remedies available to a secured party under the UCC.
(b) In connection with a sale of the Mortgaged Property or any Personal Property and the application of the proceeds of sale as provided in Section 2.08, Mortgagee shall be entitled to enforce payment of and to receive up to the principal amount of the Obligations, plus all other charges, payments and costs due under this Mortgage, and to recover a deficiency judgment for any portion of the aggregate principal amount of the Obligations remaining unpaid, with interest.
SECTION 2.08. Application of Sale Proceeds and Rents. Subject to applicable law, after any foreclosure sale of all or any of the Mortgaged Property, Mortgagee shall receive and apply the proceeds of the sale together with any Rents that may have been collected and any other sums that then may be held by Mortgagee under this Mortgage as follows:
FIRST, to the payment of all out-of-pocket costs and expenses incurred by the Administrative Agent or the Mortgagee (in their respective capacities as such hereunder or under any other Secured Credit Document) in connection with such collection, sale, foreclosure or realization or otherwise in connection with this Mortgage, any other Secured Credit Document or any of the Obligations, including all court costs and the fees and expenses of its agents and legal counsel, the
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repayment of all advances made by the Administrative Agent and/or the Mortgagee hereunder or under any other Secured Credit Document, as applicable, on behalf of any Mortgagor and any other out-of-pocket costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Secured Credit Document;
SECOND, to the payment in full of Unfunded Advances/Participations (the amounts so applied to be distributed between or among the Administrative Agent and any Issuing Bank pro rata in accordance with the amounts of Unfunded Advances/Participations owed to them on the date of any such distribution);
THIRD, to the payment in full of all other Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution);
FOURTH, to the Mortgagor, its successors or assigns, or as a court of competent jurisdiction may otherwise direct.
The Mortgagee shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Mortgage, and subject to applicable law. Upon any sale of the Mortgaged Property by the Mortgagee (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Mortgagee or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Mortgaged Property so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Mortgagee or such officer or be answerable in any way for the misapplication thereof.
SECTION 2.09. Mortgagor as Tenant Holding Over. If Mortgagor remains in possession of any of the Mortgaged Property after any foreclosure sale by Mortgagee, at Mortgagees election Mortgagor shall be deemed a tenant holding over and shall forthwith surrender possession to the purchaser or purchasers at such sale or be summarily dispossessed or evicted according to provisions of law applicable to tenants holding over.
SECTION 2.10. Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws. Mortgagor waives, to the extent not prohibited by law, (i) the benefit of all laws now existing or that hereafter may be enacted (x) providing for any appraisement or valuation of any portion of the Mortgaged Property and/or (y) in any way extending the time for the enforcement or the collection of amounts due under any of the Obligations or creating or extending a period of redemption from any sale made in collecting said debt or any other amounts due Mortgagee, (ii) any right to at any time insist upon, plead, claim or take the benefit or advantage of any law now or hereafter in force providing for any homestead exemption, stay, statute of limitations, extension or redemption, or sale of the Mortgaged Property as separate tracts, units or estates or as a single parcel in the event of foreclosure or notice of deficiency, and (iii) all rights of redemption, valuation, appraisement, stay of execution, notice of election to mature or declare due the whole of or each of the Obligations and marshaling in the event of foreclosure of this Mortgage.
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SECTION 2.11. Discontinuance of Proceedings. In case Mortgagee shall proceed to enforce any right, power or remedy under this Mortgage by foreclosure, entry or otherwise, and such proceedings shall be discontinued or abandoned for any reason, or shall be determined adversely to Mortgagee, then and in every such case Mortgagor and Mortgagee shall be restored to their former positions and rights hereunder, and all rights, powers and remedies of Mortgagee shall continue as if no such proceeding had been taken.
SECTION 2.12. Suits To Protect the Mortgaged Property. Mortgagee shall have power (a) to institute and maintain suits and proceedings to prevent any impairment of the Mortgaged Property by any acts that may be unlawful or in violation of this Mortgage, (b) to preserve or protect its interest in the Mortgaged Property and in the Rents arising therefrom and (c) to restrain the enforcement of or compliance with any legislation or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of or compliance with such enactment, rule or order would impair the security or be prejudicial to the interest of Mortgagee hereunder.
SECTION 2.13. Filing Proofs of Claim. In case of any receivership, insolvency, bankruptcy, reorganization, arrangement, adjustment, composition or other proceedings affecting Mortgagor, Mortgagee shall, to the extent permitted by law, be entitled to file such proofs of claim and other documents as may be necessary or advisable in order to have the claims of Mortgagee allowed in such proceedings for the Obligations secured by this Mortgage at the date of the institution of such proceedings and for any interest accrued, late charges and additional interest or other amounts due or that may become due and payable hereunder after such date.
SECTION 2.14. Possession by Mortgagee. Notwithstanding the appointment of any receiver, liquidator or trustee of Mortgagor, any of its property or the Mortgaged Property, Mortgagee shall be entitled, to the extent not prohibited by law, to remain in possession and control of all parts of the Mortgaged Property now or hereafter granted under this Mortgage to Mortgagee in accordance with the terms hereof and applicable law.
SECTION 2.15. Waiver. (a) No delay or failure by Mortgagee to exercise any right, power or remedy accruing upon any breach or Event of Default shall exhaust or impair any such right, power or remedy or be construed to be a waiver of any such breach or Event of Default or acquiescence therein; and every right, power and remedy given by this Mortgage to Mortgagee may be exercised from time to time and as often as may be deemed expedient by Mortgagee. No consent or waiver by Mortgagee to or of any breach or Event of Default by Mortgagor in the performance of the Obligations shall be deemed or construed to be a consent or waiver to or of any other breach or Event of Default in the performance of the same or of any other Obligations by Mortgagor hereunder. No failure on the part of Mortgagee to complain of any act or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall constitute a waiver by Mortgagee of its rights hereunder or impair any rights, powers or remedies consequent on any future Event of Default by Mortgagor.
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(b) Even if Mortgagee (i) grants some forbearance or an extension of time for the payment of any sums secured hereby, (ii) takes other or additional security for the payment of any sums secured hereby, (iii) waives or does not exercise some right granted herein or under the Secured Credit Documents, (iv) releases a part of the Mortgaged Property from this Mortgage, (v) agrees to change some of the terms, covenants, conditions or agreements of any of the Secured Credit Documents, (vi) consents to the filing of a map, plat or replat affecting the Premises, (vii) consents to the granting of an easement or other right affecting the Premises or (viii) makes or consents to an agreement subordinating Mortgagees lien on the Mortgaged Property hereunder; no such act or omission shall preclude Mortgagee from exercising any other right, power or privilege herein granted or intended to be granted in the event of any breach or Event of Default then made or of any subsequent default; nor, except as otherwise expressly provided in an instrument executed by Mortgagee, shall this Mortgage be altered thereby. In the event of the sale or transfer by operation of law or otherwise of all or part of the Mortgaged Property, Mortgagee is hereby authorized and empowered to deal with any vendee or transferee with reference to the Mortgaged Property secured hereby, or with reference to any of the terms, covenants, conditions or agreements hereof, as fully and to the same extent as it might deal with the original parties hereto and without in any way releasing or discharging any liabilities, obligations or undertakings.
SECTION 2.16. Waiver of Trial by Jury. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, MORTGAGOR AND MORTGAGEE EACH HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY ACTION, CLAIM, SUIT OR PROCEEDING RELATING TO THIS MORTGAGE AND FOR ANY COUNTERCLAIM BROUGHT THEREIN. MORTGAGOR HEREBY WAIVES ALL RIGHTS TO INTERPOSE ANY COUNTERCLAIM IN ANY SUIT BROUGHT BY MORTGAGEE HEREUNDER AND ALL RIGHTS TO HAVE ANY SUCH SUIT CONSOLIDATED WITH ANY SEPARATE SUIT, ACTION OR PROCEEDING.
SECTION 2.17. Remedies Cumulative. No right, power or remedy conferred upon or reserved to Mortgagee by this Mortgage is intended to be exclusive of any other right, power or remedy, and each and every such right, power and remedy shall be cumulative and concurrent and in addition to any other right, power and remedy given hereunder or now or hereafter existing at law or in equity or by statute.
ARTICLE III
Miscellaneous
SECTION 3.01. Partial Invalidity. In the event any one or more of the provisions contained in this Mortgage shall for any reason be held to be invalid, illegal or unenforceable in any respect, such validity, illegality or unenforceability shall, at the option of Mortgagee, not affect any other provision of this Mortgage, and this Mortgage shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein.
SECTION 3.02. Notices. All notices and communications hereunder shall be in writing and given to Mortgagor in accordance with the terms of the Credit Agreement at the address set forth on the first page of this Mortgage and to the Mortgagee as provided in the Credit Agreement and the Indentures.
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SECTION 3.03. Successors and Assigns. All of the grants, covenants, terms, provisions and conditions herein shall run with the Premises and the Improvements and shall apply to, bind and inure to, the benefit of the permitted successors and assigns of Mortgagor and the successors and assigns of Mortgagee.
SECTION 3.04. Satisfaction and Cancelation. (a) The conveyance to Mortgagee of the Mortgaged Property as security created and consummated by this Mortgage shall terminate and be null and void when all the Obligations have been indefeasibly paid in full and the Lenders have no further commitment to lend under the Credit Agreement, the aggregate L/C Exposure has been reduced to zero, the Issuing Bank has no further obligation to issue Letters of Credit under the Credit Agreement and the satisfaction and discharge requirements set forth in the Indentures have been satisfied.
(b) Mortgagor shall automatically be released from its obligations hereunder upon the consummation of (i) any transaction permitted by the Credit Agreement as a result of which Mortgagor ceases to be a Subsidiary or (ii) any Permitted Receivables Transaction or a Permitted Securitization Transaction consummated after the date hereof as a result of which Mortgagor becomes a Permitted Syndication Subsidiary or Securitization Subsidiary.
(c) Upon any sale or other transfer by Mortgagor of any Collateral that is permitted under the Credit Agreement to any person that is not the Borrower or a Guarantor, or, upon the effectiveness of any written consent to the release of the Security Interest granted hereby in any Collateral pursuant to Section 9.09 of the Credit Agreement, the Security Interest in such Collateral shall be automatically released; provided that, upon the consummation after the date hereof of any Permitted Receivables Transaction or a Permitted Securitization Transaction, the Security Interest in the Equity Interests of the Subsidiary that is the subject of such Permitted Receivables Transaction or a Permitted Securitization Transaction, as the case may be, shall be automatically released to the extent the pledge of the Equity Interests in such Subsidiary is prohibited by any applicable Contractual Obligation or requirement of law.
(d) In connection with any termination or release pursuant to paragraph (a), (b) or (c) above, the Mortgagee shall promptly execute and deliver to Mortgagor, at Mortgagors expense, a release of this Mortgage and all Uniform Commercial Code termination statements and similar documents that Mortgagor shall reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section 3.04 shall be without recourse to or representation or warranty by the Mortgagee or any Secured Party. Without limiting the provisions of Section 7.06 of the Guarantee and Collateral Agreement, the Borrower shall reimburse the Mortgagee upon demand for all reasonable out of pocket expenses, including the fees, charges and expenses of counsel, incurred by it in connection with any action contemplated by this Section 3.04.
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SECTION 3.05. Definitions. As used in this Mortgage, the singular shall include the plural as the context requires and the following words and phrases shall have the following meanings: (a) including shall mean including but not limited to; (b) provisions shall mean provisions, terms, covenants and/or conditions; (c) lien shall mean lien, charge, encumbrance, security interest, mortgage or deed of trust; (d) obligation shall mean obligation, duty, covenant and/or condition; and (e) any of the Mortgaged Property shall mean the Mortgaged Property or any part thereof or interest therein. Any act that Mortgagee is permitted to perform hereunder may be performed at any time and from time to time by Mortgagee or any person or entity designated by Mortgagee. Any act that is prohibited to Mortgagor hereunder is also prohibited to all lessees of any of the Mortgaged Property. Each appointment of Mortgagee as attorney-in-fact for Mortgagor under the Mortgage is irrevocable, with power of substitution and coupled with an interest. Subject to the applicable provisions hereof, Mortgagee has the right to refuse to grant its consent, approval or acceptance or to indicate its satisfaction, in its sole discretion, whenever such consent, approval, acceptance or satisfaction is required hereunder.
SECTION 3.06. Multisite Real Estate Transaction. Mortgagor acknowledges that this Mortgage is one of a number of Other Mortgages and Security Documents that secure the Obligations. Mortgagor agrees that the lien of this Mortgage shall be absolute and unconditional and shall not in any manner be affected or impaired by any acts or omissions whatsoever of Mortgagee, and without limiting the generality of the foregoing, the lien hereof shall not be impaired by any acceptance by the Mortgagee of any security for or guarantees of any of the Obligations hereby secured, or by any failure, neglect or omission on the part of Mortgagee to realize upon or protect any Obligation or indebtedness hereby secured or any collateral security therefor including the Other Mortgages and other Security Documents. The lien hereof shall not in any manner be impaired or affected by any release (except as to the property released), sale, pledge, surrender, compromise, settlement, renewal, extension, indulgence, alteration, changing, modification or disposition of any of the Obligations secured or of any of the collateral security therefor, including the Other Mortgages and other Security Documents or of any guarantee thereof, and Mortgagee may at its discretion foreclose, exercise any power of sale, or exercise any other remedy available to it under any or all of the Other Mortgages and other Security Documents without first exercising or enforcing any of its rights and remedies hereunder. Such exercise of Mortgagees rights and remedies under any or all of the Other Mortgages and other Security Documents shall not in any manner impair the indebtedness hereby secured or the lien of this Mortgage and any exercise of the rights or remedies of Mortgagee hereunder shall not impair the lien of any of the Other Mortgages and other Security Documents or any of Mortgagees rights and remedies thereunder. Mortgagor specifically consents and agrees that Mortgagee may exercise its rights and remedies hereunder and under the Other Mortgages and other Security Documents separately or concurrently and in any order that it may deem appropriate and waives any rights of subrogation.
SECTION 3.07. No Oral Modification. This Mortgage may not be changed or terminated orally. Any agreement made by Mortgagor and Mortgagee after the date of this Mortgage relating to this Mortgage shall be superior to the rights of the holder of any intervening or subordinate Mortgage, lien or encumbrance.
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SECTION 3.08. Last Dollars Secured; Priority. To the extent that this Mortgage secures only a portion of the indebtedness owing or that may be owing by Mortgagor to the Secured Parties, the parties agree that any payments or repayments of such indebtedness shall be and be deemed to be applied first to the portion of the indebtedness that is not secured hereby, it being the parties intent that the portion of the indebtedness last remaining unpaid shall be secured hereby. If at any time this Mortgage shall secure less than all of the principal amount of the Obligations, it is expressly agreed that any repayments of the principal amount of the Obligations shall not reduce the amount secured by the lien and security title of this Mortgage until the secured amount shall equal the principal amount of the Obligations outstanding.
ARTICLE IV
Particular Provisions
This Mortgage is subject to the following provisions relating to the particular laws of the state wherein the Premises are located:
SECTION 4.01. Applicable Law; Certain Particular Provisions. This Mortgage shall be governed by and construed in accordance with the internal law of the state where the Mortgaged Property is located, except that Mortgagor expressly acknowledges that by their terms, the Credit Agreement and other Loan Documents (aside from those Other Mortgages to be recorded outside New York) shall be governed by the internal law of the State of New York, without regard to principles of conflict of law. Mortgagor and Mortgagee agree to submit to jurisdiction and the laying of venue for any suit on this Mortgage in the state where the Mortgaged Property is located. The terms and provisions set forth in Appendix A attached hereto are hereby incorporated by reference as though fully set forth herein. In the event of any conflict between the terms and provisions contained in the body of this Mortgage and the terms and provisions set forth in Appendix A, the terms and provisions set forth in Appendix A shall govern and control.
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IN WITNESS WHEREOF, this Mortgage has been duly executed and delivered to Mortgagee by Mortgagor on the date of the acknowledgment attached hereto.
[NAME OF MORTGAGOR], a [ ] corporation, |
By: |
| |||
Name: | ||||
Title: |
By: |
| |
Name: | ||
Title: |
[Corporate Seal]
[ADD LOCAL FORM OF ACKNOWLEDGMENT]
Exhibit A
to Mortgage
Description of the Land
Appendix A
to Mortgage
Local Law Provisions
1. Notwithstanding anything else contained in this Mortgage, (i) the maximum principal debt or obligation which is, or under any contingency may be secured at the date of execution hereof or any time thereafter by this Mortgage is $[ ] (the Secured Amount), (ii) this Mortgage shall also secure amounts other than the principal debt or obligation to the extent permitted by the Tax Law without payment of additional recording tax and (iii) so long as the aggregate amount of the Obligations exceeds the Secured Amount, any payments and repayments of the Obligations shall not be deemed to be applied against, or to reduce, the Secured Amount.9
2. [Other relevant local law provisions to be provided by local counsel.]
9 | Applicable only in mortgage tax states. This is the New York languagelocal counsel to advise whether it needs to be modified in other mortgage tax states. |
A-1
EXHIBIT E
SENIOR-JUNIOR LIEN INTERCREDITOR AGREEMENT1
dated as of
[●],
among
CHS/COMMUNITY HEALTH SYSTEMS, INC.,
as Borrower,
COMMUNITY HEALTH SYSTEMS, INC.,
as Holdings,
the other Subsidiaries of the Borrower
from time to time party hereto,
CREDIT SUISSE AG,
as Initial Senior-Priority Collateral Agent,
[●],
as Initial Junior-Priority Collateral Agent
and
each Additional Agent from time to time party hereto
1 | Any executed version of this agreement will remain subject to ongoing review and comment by Regions, the second lien collateral agent and CHS. |
TABLE OF CONTENTS
Page | ||||||||
Section 1. Definitions; Interpretation |
||||||||
1.1 |
Definitions |
2 | ||||||
1.2 |
Terms Generally |
11 | ||||||
Section 2. Lien Priorities |
||||||||
2.1 |
Subordination |
11 | ||||||
2.2 |
Prohibition on Contesting Liens |
12 | ||||||
2.3 |
No New Liens |
12 | ||||||
2.4 |
Similar Liens and Agreements |
13 | ||||||
Section 3. Enforcement |
||||||||
3.1 |
Exercise of Rights and Remedies |
13 | ||||||
3.2 |
Limitation on Exercise of Remedies by Junior-Priority Secured Parties |
16 | ||||||
3.3 |
Cooperation |
18 | ||||||
3.4 |
Rights as Unsecured Creditors |
18 | ||||||
3.5 |
Release of Junior-Priority Liens |
18 | ||||||
3.6 |
Insurance and Condemnation Awards |
20 | ||||||
Section 4. Payments |
||||||||
4.1 |
Application of Proceeds |
20 | ||||||
4.2 |
Payments Over |
21 | ||||||
4.3 |
Certain Agreements with Respect to Unenforceable Liens |
22 | ||||||
Section 5. Bailee for Perfection |
||||||||
5.1 |
Each Agent as Bailee |
22 | ||||||
5.2 |
Transfer of Pledged or Controlled Collateral |
23 | ||||||
Section 6. Insolvency or Liquidation Proceedings |
||||||||
6.1 |
General Applicability; Filing of Motions |
24 | ||||||
6.2 |
Bankruptcy Financing |
25 | ||||||
6.3 |
Relief from the Automatic Stay |
25 | ||||||
6.4 |
Adequate Protection |
26 | ||||||
6.5 |
Reorganization Securities |
27 | ||||||
6.6 |
Separate Classes |
27 | ||||||
6.7 |
Asset Dispositions |
28 | ||||||
6.8 |
Preference Issues |
28 | ||||||
6.9 |
Certain Waivers as to Section 1111(b)(2) of the Bankruptcy Code |
28 | ||||||
6.10 |
Other Bankruptcy Laws |
28 |
i
Section 7. Reliance; Waivers, etc |
||||||||
7.1 |
Reliance |
29 | ||||||
7.2 |
No Warranties or Liability |
29 | ||||||
7.3 |
No Waiver of Lien Priorities |
29 | ||||||
7.4 |
Obligations Unconditional |
31 | ||||||
Section 8. Miscellaneous |
||||||||
8.1 |
Conflicts |
32 | ||||||
8.2 |
Continuing Nature of this Agreement; Severability |
32 | ||||||
8.3 |
When Discharge of Debt Deemed to Not Have Occurred |
32 | ||||||
8.4 |
Legends on Junior-Priority Documents |
33 | ||||||
8.5 |
Amendments; Waivers |
33 | ||||||
8.6 |
Subrogation |
34 | ||||||
8.7 |
Security Documents |
34 | ||||||
8.8 |
Notices |
35 | ||||||
8.9 |
No Waiver by Senior-Priority Secured Parties |
36 | ||||||
8.10 |
Further Assurances |
36 | ||||||
Section 9. Representations and Warranties |
||||||||
9.1 |
Representations and Warranties of Each Party |
36 | ||||||
9.2 |
Consent to Jurisdiction; Waiver of Jury Trial |
36 | ||||||
9.3 |
Governing Law |
37 | ||||||
9.4 |
Binding on Successors and Assigns |
37 | ||||||
9.5 |
Specific Performance |
37 | ||||||
9.6 |
Section Titles; Time Periods |
37 | ||||||
9.7 |
Counterparts |
37 | ||||||
9.8 |
Parties in Interest |
38 | ||||||
9.9 |
Provisions Solely to Define Relative Rights |
38 | ||||||
9.10 |
Initial Senior-Priority Collateral Agent and Initial Junior-Priority Collateral Agent |
38 | ||||||
9.11 |
Application of Proceeds |
38 | ||||||
9.12 |
Additional Grantors |
39 |
EXHIBITS:
Exhibit A Form of Intercreditor Agreement Joinder
ii
SENIOR-JUNIOR LIEN INTERCREDITOR AGREEMENT
SENIOR-JUNIOR LIEN INTERCREDITOR AGREEMENT, dated as of [●], 2018, among CREDIT SUISSE AG, in its capacity as collateral agent for the Senior-Priority Secured Parties (as defined below) (in such capacity, the Initial Senior-Priority Collateral Agent, as hereinafter further defined), [●], in its capacity as collateral agent for the Junior-Priority Secured Parties (as defined below) (in such capacity, the Initial Junior-Priority Collateral Agent, as hereinafter further defined), CHS/COMMUNITY HEALTH SYSTEMS, INC., a Delaware corporation (the Borrower, as hereinafter further defined), COMMUNITY HEALTH SYSTEMS, INC., a Delaware corporation (Holdings, as hereinafter further defined), the other Subsidiaries of the Borrower from time to time party hereto and each Additional Agent (as defined below) from time to time party hereto as Agent (as defined below) for the Additional Holders (as defined below).
W I T N E S S E T H:
WHEREAS, pursuant to the Senior-Priority Non-ABL Loan Agreement (as defined below), among the Borrower, Holdings, the lenders party thereto and the Initial Senior-Priority Non-ABL Loan Agreement Agent (as defined below), such lenders have made and provided and from time to time may make and provide loans and other financial accommodations to the Borrower;
WHEREAS, pursuant to the 2021 Secured Notes Indenture (as defined below), among the Borrower, Holdings, the Subsidiaries of the Borrower party thereto, the 2021 Secured Notes Trustee (as defined below) and the Initial 2021 Secured Notes Agent (as defined below), the Borrower issued the 2021 Secured Notes (as defined below);
WHEREAS, pursuant to the 2023 Secured Notes Indenture (as defined below), among the Borrower, Holdings, the Subsidiaries of the Borrower party thereto, the 2023 Secured Notes Trustee (as defined below) and the Initial 2023 Secured Notes Agent (as defined below), the Borrower issued the 2023 Secured Notes (as defined below);
WHEREAS, pursuant to the Junior-Priority Secured Notes Indenture (as defined below), among the Borrower, Holdings, the Subsidiaries of the Borrower party thereto, the Junior-Priority Secured Notes Trustee (as defined below) and the Junior-Priority Collateral Agent (as defined below), the Borrower issued the Junior-Priority Secured Notes (as defined below);
WHEREAS, the Senior-Priority Debt (as defined below) is secured pursuant to the Senior-Priority Documents (as defined below) by Liens (as defined below) on the Collateral and the Junior-Priority Debt (as defined below) is being secured on the date hereof pursuant to the Junior-Priority Documents (as defined below) by Liens on the Collateral;
WHEREAS, the relative priorities of the Liens in respect of the Collateral as set forth herein are solely to define the relative rights of the Senior-Priority Secured Parties and the Junior-Priority Secured Parties, as between and among themselves, and with respect to the ABL Priority Collateral (as defined below) are subject in all respects to the relative priorities set forth in the ABL Intercreditor Agreement (as defined below); and
WHEREAS, the Senior-Priority Holders and the Junior-Priority Holders have authorized and directed the Initial Senior-Priority Collateral Agent and the Initial Junior-Priority Collateral Agent, respectively, to enter into this Agreement pursuant to which the parties hereto confirm that (a) the Senior-Priority Debt is secured on a first priority basis by Liens on the Collateral (other than the ABL Priority Collateral) and on a second priority basis by Liens on the ABL Priority Collateral and (b) the Junior-Priority Debt is secured on a second priority basis by Liens on the Collateral (other than the ABL Priority Collateral) and on a third priority basis by Liens on the ABL Priority Collateral, and to provide for the orderly sharing among them, in accordance with such priorities, of proceeds of such assets and properties upon any foreclosure thereon or other disposition thereof and to address related matters;
NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
Section 1. Definitions; Interpretation.
1.1 Definitions. As used in this Agreement, the following terms have the meanings specified below:
2021 Secured Notes shall mean the 5.125% Senior Secured Notes due 2021 issued by the Borrower pursuant to the 2021 Secured Notes Indenture in the original aggregate principal amount of $1,000,000,000.
2021 Secured Notes Agent shall mean the Initial 2021 Secured Notes Agent and, if applicable after the date hereof, any replacement or successor agent or any Additional Agent, in its capacity as agent, trustee or other representative (if any) for any Additional Holders under the 2021 Secured Notes Indenture and any other applicable Additional Senior-Priority Documents.
2021 Secured Notes Indenture shall mean the Indenture, dated as of January 27, 2014, by and among the 2021 Secured Notes Trustee, the Initial 2021 Secured Notes Agent and the Escrow Issuer, as supplemented by the Assumption Supplemental Indenture, dated as of January 27, 2014, by and among the 2021 Secured Notes Trustee, the Initial 2021 Secured Notes Agent, the Borrower and the other Subsidiaries of the Borrower party thereto, with respect to the 2021 Secured Notes, as it may be amended or further supplemented from time to time.
2021 Secured Notes Trustee shall mean Regions Bank, as trustee under the 2021 Secured Notes Indenture and its successors and assigns.
2023 Secured Notes shall mean the 6.250% Senior Secured Notes due 2023 issued by the Borrower pursuant to the 2023 Secured Notes Indenture in the aggregate principal amount of $3,100,000,000 (and of which $2,200,000,000 aggregate principal amount was issued on March 16, 2017 and $900,000,000 aggregate principal amount was issued on May 12, 2017).
2
2023 Secured Notes Agent shall mean the Initial 2023 Secured Notes Agent and, if applicable after the date hereof, any replacement or successor agent or any Additional Agent, in its capacity as agent, trustee or other representative (if any) for any Additional Holders under the 2023 Secured Notes Indenture and any other applicable Additional Senior-Priority Documents.
2023 Secured Notes Indenture shall mean the Indenture, dated as of March 16, 2017, by and among the 2023 Secured Notes Trustee, the Initial 2023 Secured Notes Agent and the Borrower, as supplemented by the First Supplemental Indenture, dated as of March 16, 2017, by and among the 2023 Secured Notes Trustee, the Initial 2023 Secured Notes Agent, the Borrower and the other Subsidiaries of the Borrower party thereto and the Second Supplemental Indenture, dated as of May 12, 2017, by and among the 2023 Secured Notes Trustee, the Initial 2023 Secured Notes Agent, the Borrower and the other Subsidiaries of the Borrower party thereto, with respect to the 2023 Secured Notes, as it may be amended or further supplemented from time to time.
2023 Secured Notes Trustee shall mean Regions Bank, as trustee under the 2023 Secured Notes Indenture and its successors and assigns.
ABL Agent shall mean JPMorgan Chase Bank, N.A., in its capacity as administrative agent and collateral agent under the ABL Credit Agreement, and also includes its successors and assigns, including any replacement or successor agent or any additional agent.
ABL Credit Agreement shall mean the ABL Credit Agreement, dated as of [], 2018, by and among the Borrower, Holdings, the ABL Agent and the lenders from time to time party thereto (as amended, supplemented, modified or restated from time to time).
ABL Intercreditor Agreement shall mean the ABL Intercreditor Agreement, dated as of [], 2018, by and among the Borrower, Holdings, the other Guarantors from time to time party thereto, the Initial Senior-Priority Collateral Agent, the Initial Junior-Priority Collateral Agent, each Additional Agent (as defined therein) from time to time party thereto and the ABL Agent.
ABL Priority Collateral shall have the meaning set forth in the ABL Intercreditor Agreement.
Additional Agent shall mean any agent, trustee or other representative (if any) of the Additional Holders in respect of any Additional Debt.
Additional Debt shall have the meaning set forth in Section 8.5 hereof.
Additional Holder shall mean, collectively, any person party to any Additional Senior-Priority Document or any Additional Junior-Priority Document as a lender, noteholder, owner, holder or creditor.
Additional Junior-Priority Debt shall mean Additional Debt, the obligations of which are, or are intended to be, secured by Liens on the Collateral that rank equal in priority (without regard to the control of remedies) with the obligations under the Junior-Priority Secured Notes Indenture and the Junior-Priority Secured Notes.
3
Additional Junior-Priority Document shall mean (i) any agreement, document or instrument governing or evidencing any Additional Junior-Priority Debt and (ii) any Junior-Priority Equal Priority Intercreditor Agreement.
Additional Senior-Priority Debt shall mean Additional Debt, the obligations of which are, or are intended to be, secured by Liens on the Collateral that rank equal in priority (without regard to the control of remedies) with the obligations under the Senior-Priority Non-ABL Loan Agreement, the 2021 Secured Notes Indenture, the 2021 Secured Notes, the 2023 Secured Notes Indenture and the 2023 Secured Notes.
Additional Senior-Priority Document shall mean (i) any agreement, document or instrument governing or evidencing any Additional Senior-Priority Debt and (ii) any Senior-Priority Equal Priority Intercreditor Agreement.
Agents shall mean, collectively, each Senior-Priority Collateral Agent and each Junior-Priority Collateral Agent, sometimes being referred to herein individually as an Agent.
Agreement shall mean this Senior-Junior Lien Intercreditor Agreement.
Bankruptcy Code shall mean the United States Bankruptcy Code, being Title 11 of the United States Code.
Bankruptcy Law means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
Borrower shall have the meaning assigned to such term in the preamble to this Agreement and shall include (a) any other Person that at any time after the date hereof becomes a borrower or issuer in respect of any Senior-Priority Debt or Junior-Priority Debt and (b) their respective successors and assigns.
Business Day shall mean any day other than a Saturday, a Sunday or a day that is a legal holiday under the Laws of the State of New York or on which banking institutions in the State of New York are required or authorized by Law or other governmental action to close.
Capitalized Lease Obligation shall mean means all leases that have been or are required to be, in accordance with GAAP, recorded as capitalized leases.
Collateral shall mean all of the property and interests in property, real or personal, tangible or intangible, now owned or hereafter acquired by any Grantor in or upon which any Senior-Priority Secured Party (in its capacity as such) or Junior-Priority Secured Party (in its capacity as such) at any time has a Lien, and including all proceeds of such property and interests in property.
4
Comparable Junior-Priority Security Document shall mean, in relation to any Collateral subject to any Senior-Priority Security Document, the Junior-Priority Security Document that creates a security interest in the same Collateral, granted by the same Grantor, as applicable.
Designated Junior-Priority Collateral Agent shall mean (i) the Initial Junior-Priority Collateral Agent, until such time as the Junior-Priority Secured Notes cease to be the only Junior-Priority Debt under this Agreement and (ii) thereafter, the Controlling Junior-Priority Collateral Agent as defined in the Junior-Priority Equal Priority Intercreditor Agreement in effect at such time.
Designated Senior-Priority Collateral Agent shall mean (i) if at any time there is only one Senior-Priority Collateral Agent for the Senior-Priority Debt with respect to which the Discharge of Senior-Priority Debt has not occurred, such Senior-Priority Collateral Agent, and (ii) at any time when clause (i) does not apply, the Applicable Authorized Representative as defined in the Senior-Priority Equal Priority Intercreditor Agreement in effect at such time.
DIP Financing shall have the meaning set forth in Section 6.2 hereof.
Discharge of Junior-Priority Debt shall mean, subject to the terms of Section 8.3 hereof, the final payment in full in cash of the Junior-Priority Debt (other than any Junior-Priority Debt consisting of unasserted contingent obligations). Notwithstanding the foregoing, if after receipt of any payment of, or proceeds of Collateral applied to the payment of, the Junior-Priority Debt, any Junior-Priority Collateral Agent or any other Junior-Priority Secured Party is required to surrender or return such payment or proceeds to any person for any reason, then the Junior-Priority Debt intended to be satisfied by such payment or proceeds shall be reinstated and continue and this Agreement shall continue in full force and effect as if such payment or proceeds had not been received by such Junior-Priority Collateral Agent or other Junior-Priority Secured Party, as the case may be, and no Discharge of Junior-Priority Debt shall be deemed to have occurred.
Discharge of Senior-Priority Debt shall mean, subject to the terms of Section 8.3 hereof, the final payment in full in cash of the Senior-Priority Debt (other than any Senior-Priority Debt consisting of unasserted contingent obligations). Notwithstanding the foregoing, if after receipt of any payment of, or proceeds of Collateral applied to the payment of, the Senior-Priority Debt, any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party is required to surrender or return such payment or proceeds to any person for any reason, then the Senior-Priority Debt intended to be satisfied by such payment or proceeds shall be reinstated and continue and this Agreement shall continue in full force and effect as if such payment or proceeds had not been received by such Senior-Priority Collateral Agent or other Senior-Priority Secured Party, as the case may be, and no Discharge of Senior-Priority Debt shall be deemed to have occurred.
Equity Interests shall mean shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity interests in any Person, and any option, warrant or other right entitling the holder thereof to purchase or otherwise acquire any such equity interest.
5
Escrow Issuer shall mean FWCT-2 Escrow Corporation, a Delaware corporation and a wholly owned subsidiary of Holdings.
GAAP shall mean generally accepted accounting principles in the United States as in effect from time to time.
Governmental Authority shall mean any Federal, state, local or foreign court or governmental agency, authority, instrumentality or regulatory body.
Grantors shall mean, collectively, the Borrower, the Guarantors and each Subsidiary of the Borrower that shall have created or purported to create a Lien on any of its assets to secure any Senior-Priority Debt or Junior-Priority Debt, together with their respective successors and assigns; sometimes being referred to herein individually as a Grantor.
Guarantors shall mean, collectively, (a) Holdings, (b) the other Guarantors identified on the signature pages hereto, (c) any other Person that at any time after the date hereof becomes a party to a guarantee in favor of any Senior-Priority Secured Parties in respect of any of the Senior-Priority Debt or any Junior-Priority Secured Parties in respect of any of the Junior-Priority Debt and (d) their respective successors and assigns; sometimes being referred to herein individually as a Guarantor.
Indebtedness shall have the meaning set forth in the Senior-Priority Non-ABL Loan Agreement as in effect on the date hereof.
Initial 2021 Secured Notes Agent shall mean Credit Suisse AG, in its capacity as collateral agent under the 2021 Secured Notes Indenture and the other applicable Senior-Priority Documents to which it is a party in such capacity, and also includes its successors and assigns, including any replacement or successor agent or any additional agent.
Initial 2023 Secured Notes Agent shall mean Credit Suisse AG, in its capacity as collateral agent under the 2023 Secured Notes Indenture and the other applicable Senior-Priority Documents to which it is a party in such capacity, and also includes its successors and assigns, including any replacement or successor agent or any additional agent.
Initial Junior-Priority Collateral Agent shall mean [], in its capacity as collateral agent under the Junior-Priority Secured Notes Indenture and the other applicable Junior-Priority Documents to which it is a party in such capacity, and also includes its successors and assigns, including any replacement or successor agent or any additional agent.
Initial Senior-Priority Collateral Agent shall mean Credit Suisse, AG in its capacity as the Initial Senior-Priority Non-ABL Loan Agreement Agent, the Initial 2021 Secured Notes Agent and the Initial 2023 Secured Notes Agent, and also includes its successors and assigns, including any replacement or successor agent or any additional agent under the Senior-Priority Non-ABL Loan Agreement, the 2021 Secured Notes Indenture or the 2023 Secured Notes Indenture, as applicable.
6
Initial Senior-Priority Non-ABL Loan Agreement Agent shall mean Credit Suisse AG, in its capacity as administrative agent and collateral agent under the Senior-Priority Non-ABL Loan Agreement and as collateral agent under the other applicable Senior-Priority Documents to which it is a party in such capacity, and also includes its successors and assigns, including any replacement or successor agent or any additional agent.
Insolvency or Liquidation Proceeding shall mean (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to any of their respective assets, (c) any proceeding seeking the appointment of any trustee, receiver, liquidator, custodian or other insolvency official with similar powers with respect to such Person or any or all of its assets or properties, (d) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy or (e) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor.
Intercreditor Agreement Joinder shall mean, with respect to any Grantor or any Additional Agent, an instrument substantially in the form of Exhibit A hereto, executed by such Grantor or such Additional Agent and, in the case of any Additional Agent, acknowledged by each applicable Agent in accordance with Section 8.3 hereof.
Junior-Priority Collateral Agent shall mean the Initial Junior-Priority Collateral Agent and, if applicable after the date hereof, any replacement or successor agent or trustee or any Additional Agent or trustee, in its capacity as agent, trustee or other representative (if any) under any applicable Additional Junior-Priority Documents.
Junior-Priority Debt shall mean all obligations, liabilities and Indebtedness of every kind, nature and description owing by any Grantor to any Junior-Priority Secured Party (in its capacity as such), including principal, interest, charges, fees, premiums, indemnities and expenses (including attorneys fees and expenses), however evidenced, whether as principal, surety, endorser, guarantor or otherwise, evidenced by or arising under any of the Junior-Priority Documents, whether now existing or hereafter arising, whether arising before, during or after the initial or any renewal term of the Junior-Priority Documents or after the commencement of any case with respect to any Grantor under the Bankruptcy Code or any other Insolvency or Liquidation Proceeding (and including any principal, interest, fees, costs, expenses and other amounts which would accrue and become due but for the commencement of such case, whether or not such amounts are allowed or allowable in whole or in part in such case or similar proceeding), whether direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, secured or unsecured.
Junior-Priority Documents shall mean, collectively, the following: (a) the Junior-Priority Secured Notes Indenture, (b) the Junior-Priority Secured Notes, (c) the Junior-Priority Security Agreement and the other Junior-Priority Security Documents, (d) any Additional Junior-Priority Document and (e) all agreements, documents and instruments at any time executed and/or delivered by any Grantor or any other Person to, with or in favor of, any Junior-Priority Secured Party in connection with any of the documents referred to in clauses (a) through (d) above or related to any thereto, as all of the foregoing now exist or may hereafter be Refinanced (in whole or in part).
7
Junior-Priority Equal Priority Intercreditor Agreement shall mean an agreement among Holdings, the Borrower and certain other subsidiaries of the Borrower party thereto, the Initial Junior-Priority Collateral Agent and one or more Additional Agents for the Additional Holders of Additional Junior-Priority Debt.
Junior-Priority Holders shall mean, collectively, any person party to one or more Junior-Priority Documents as a lender, noteholder, owner, holder or creditor (and, including any other lender, noteholder, owner, holder or creditor or group of lenders, noteholders, owners, holders or creditors that at any time Refinances all or any portion of the Junior-Priority Debt or is otherwise party to one or more Junior-Priority Documents as a lender, noteholder, owner, holder or creditor); sometimes being referred to herein individually as a Junior-Priority Holder.
Junior-Priority Secured Notes shall mean, collectively, the [●]% Junior-Priority Secured Notes due [●] issued by the Borrower pursuant to the Junior-Priority Secured Notes Indenture in the original aggregate principal amount of $[●].
Junior-Priority Secured Notes Indenture shall mean the Indenture, dated as of [●], 2018, by and among the Borrower, Holdings, the Subsidiaries of the Borrower party thereto, the Junior-Priority Secured Notes Trustee and [●], in its capacity as Initial Junior-Priority Collateral Agent, with respect to the Junior-Priority Secured Notes, as it may be amended or supplemented from time to time.
Junior-Priority Secured Notes Trustee shall mean [●], as trustee under the Junior-Priority Secured Notes Indenture.
Junior-Priority Secured Parties shall mean, collectively, (a) each Junior-Priority Collateral Agent, (b) each Junior-Priority Holder, (c) the Junior-Priority Secured Notes Trustee, (d) each other person to whom any of the Junior-Priority Debt is owed and (e) the successors, replacements and assigns of each of the foregoing; sometimes being referred to herein individually as a Junior-Priority Secured Party.
Junior-Priority Security Agreement shall mean the Collateral Agreement as defined in the Junior-Priority Secured Notes Indenture.
Junior-Priority Security Documents shall mean the Notes Collateral Documents as defined in the Junior-Priority Secured Notes Indenture and any similar term used in any Additional Junior-Priority Document to describe any Additional Junior-Priority Document that creates and/or perfects or purports to create and/or perfect any Lien on the Collateral for the benefit of the applicable Junior-Priority Secured Parties under such Additional Junior-Priority Documents.
Law shall, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents, orders, decrees, injunctions or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.
8
Lien shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to Real Property, and any Capitalized Lease Obligation having substantially the same economic effect as any of the foregoing).
Person or person shall mean any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership or other entity or any government or any agency or instrumentality or political subdivision thereof.
Pledged or Controlled Collateral shall have the meaning set forth in Section 5.1(a) hereof.
Real Property shall mean, collectively, all right, title and interest (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned or leased by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof.
Recovery shall have the meaning set forth in Section 6.8 hereof.
Refinance shall mean, with respect to any Indebtedness (the Refinanced Indebtedness), any Indebtedness incurred in exchange for or as a replacement of (including by entering into alternative financing arrangements in respect of such exchange or replacement (in whole or in part), by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, or, after the original instrument giving rise to such Indebtedness has been terminated, by entering into any credit agreement, loan agreement, note purchase agreement, indenture or other agreement), or the net proceeds of which are to be used for the purpose of modifying, extending, refinancing, renewing, replacing, redeeming, repurchasing, defeasing, amending, supplementing, restructuring, repaying, prepaying, retiring, extinguishing or refunding such Refinanced Indebtedness. Refinanced and Refinancing have correlative meanings.
Senior-Priority Collateral Agent shall mean the Initial Senior-Priority Collateral Agent and, if applicable after the date hereof, any replacement or successor agent or trustee or any Additional Agent or trustee, in its capacity as agent, trustee or other representative (if any) under any applicable Additional Senior-Priority Documents.
Senior-Priority Debt shall mean all obligations, liabilities and Indebtedness of every kind, nature and description owing by any Grantor to any Senior-Priority Secured Party (in its capacity as such), including principal, interest, charges, fees, premiums, indemnities and expenses (including attorneys fees and expenses), however evidenced, whether as principal, surety, endorser, guarantor or otherwise, evidenced by or arising under any of the Senior-Priority Documents, whether now existing or hereafter arising, whether arising before, during or after the initial or any renewal term of the Senior-Priority Documents or after the commencement of any case with respect to any Grantor under the Bankruptcy Code or any other Insolvency or
9
Liquidation Proceeding (and including any principal, interest, fees, costs, expenses and other amounts which would accrue and become due but for the commencement of such case, whether or not such amounts are allowed or allowable in whole or in part in such case or similar proceeding), whether direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, secured or unsecured.
Senior-Priority Documents shall mean, collectively, (a) the Senior-Priority Non-ABL Loan Agreement, (b) the 2021 Secured Notes Indenture, (c) the 2023 Secured Notes Indenture, (d) the 2021 Secured Notes, (e) the 2023 Secured Notes, (f) the Senior-Priority Security Documents, (g) any Additional Senior-Priority Documents and (h) all other agreements, documents and instruments at any time executed and/or delivered by any Grantor or any other person to, with, or in favor of, any Senior-Priority Secured Party in connection with any of the documents referred to in clauses (a) through (g) above or related to any thereto, as all of the foregoing now exist or may hereafter be Refinanced (in whole or in part).
Senior-Priority Equal Priority Intercreditor Agreement shall mean (i) the First Lien Intercreditor Agreement dated as of August 17, 2012, among the Initial Senior-Priority Non-ABL Loan Agreement Agent, the 2021 Secured Notes Trustee, the Initial 2021 Secured Notes Agent, the 2023 Secured Notes Trustee, the Initial 2023 Secured Notes Agent and other parties from time to time thereto (as it may be amended, supplemented or modified from time to time) and (ii) any other intercreditor agreement among Holdings, the Borrower and certain other Subsidiaries of the Borrower party thereto, the Senior-Priority Collateral Agent and one or more Additional Agents for the Additional Holders of Additional Senior-Priority Debt.
Senior-Priority Holders shall mean, collectively, any person party to one or more Senior-Priority Documents as a lender, noteholder, owner, holder or creditor (and including any other lender, noteholder, owner, holder or creditor or group of lenders, noteholders, owners, holders or creditors that at any time Refinances all or any portion of the Senior-Priority Debt or is otherwise party to one or more Senior-Priority Documents as a lender, noteholder, owner, holder or creditor); sometimes being referred to herein individually as a Senior-Priority Holder.
Senior-Priority Non-ABL Loan Agreement shall mean the Fourth Amended and Restated Credit Agreement dated as of [●], 2018, by and among the Borrower, Holdings, the Initial Senior-Priority Non-ABL Loan Agreement Agent and lenders from time to time party thereto (as further amended, supplemented, modified or restated from time to time).
Senior-Priority Secured Parties shall mean, collectively, (a) each Senior-Priority Collateral Agent, (b) each Senior-Priority Holder, (c) the 2021 Secured Notes Trustee and the 2023 Secured Notes Trustee, (d) each other person to whom any of the Senior-Priority Debt is owed and (e) the successors and assigns of each of the foregoing; sometimes being referred to herein individually as a Senior-Priority Secured Party.
Senior-Priority Security Documents shall mean the Security Documents as defined in the Senior-Priority Non-ABL Loan Agreement, the Notes Collateral Documents as defined in the 2021 Secured Notes Indenture and 2023 Secured Notes Indenture and any similar term used in any Additional Senior-Priority Document to describe any Additional Senior-Priority
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Document that creates and/or perfects or purports to create and/or perfect any Lien on the Collateral for the benefit of the applicable Senior-Priority Secured Parties under such Additional Senior-Priority Documents.
Subsidiary shall mean any Subsidiary of the Borrower as defined in the Senior-Priority Non-ABL Loan Agreement as of the date hereof.
Uniform Commercial Code or UCC shall mean the Uniform Commercial Code (or any similar or equivalent legislation) as from time to time in effect in any applicable jurisdiction.
1.2 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words include, includes and including shall be deemed to be followed by the phrase without limitation. The word will shall be construed to have the same meaning and effect as the word shall. Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any of the Senior-Priority Documents, (b) any reference herein to any Person shall be construed to include such Persons successors and assigns, and as to the Borrower, any Guarantor or any other Grantor, shall be deemed to include a receiver, trustee or debtor-in-possession on behalf of any of such person or on behalf of any such successor or assign, (c) the words herein, hereof and hereunder, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) except as otherwise expressly provided, all references herein to Sections shall be construed to refer to Sections of this Agreement, (e) the words asset and property shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (f) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.
Section 2. Lien Priorities.
2.1 Subordination.
(a) Notwithstanding the date, manner or order of grant, attachment or perfection of any Liens granted to any Senior-Priority Collateral Agent or any Senior-Priority Secured Party or any Junior-Priority Collateral Agent or any Junior-Priority Secured Party and notwithstanding any provision of the UCC or any applicable Law or any provisions of the Senior-Priority Documents or the Junior-Priority Documents or any other circumstance whatsoever, each Junior-Priority Collateral Agent, for itself and on behalf of the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, hereby agrees that: (i) any Lien on the Collateral securing Senior-Priority Debt now or hereafter held by or for the benefit or on behalf of any Senior-Priority Secured Party or any Agent therefor shall be senior in right, priority, operation, effect and in all other respects to any Lien on the Collateral securing the Junior-Priority Debt now or hereafter held by or for the benefit or on behalf of any Junior-
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Priority Secured Party or any Agent therefor and (ii) any Lien on the Collateral securing any of the Junior-Priority Debt now or hereafter held by or for the benefit or on behalf of any Junior-Priority Secured Party or any Agent therefor shall be junior and subordinate in all respects to all Liens on the Collateral securing any Senior-Priority Debt now or hereafter held by or for the benefit or on behalf of any Senior-Priority Secured Party or any Agent therefor.
(b) All Liens on the Collateral securing any Senior-Priority Debt shall be and remain senior in all respects and prior to all Liens on the Collateral securing any Junior-Priority Debt for all purposes, whether or not such Liens securing any Senior-Priority Debt are subordinated to any Lien securing any other obligation of any Grantor or any other Person.
(c) The parties hereto intend that the Collateral securing the Senior-Priority Debt and the Collateral securing the Junior-Priority Debt be identical; provided, however, that the parties hereto acknowledge that the Collateral securing certain of the Senior-Priority Debt and the Junior-Priority Debt may exclude (i) Equity Interests and other securities of any Subsidiary of the Borrower to the extent required under such applicable Senior-Priority Documents and/or Junior-Priority Documents and necessary for such Subsidiary not to be subject to any requirement pursuant to Rule 3-16 of Regulation S-X under the Securities Act of 1933 to file separate financial statements with the SEC (or any other governmental agency) due to the fact that such Subsidiarys Equity Interests or other securities secure any such Senior-Priority Debt or Junior-Priority Debt and (ii) cash collateral provided under the terms of the Senior-Priority Non-ABL Loan Agreement (it being understood that the exclusions in clauses (i) and (ii) do not apply to Senior-Priority Debt under the Senior-Priority Non-ABL Loan Agreement).1
2.2 Prohibition on Contesting Liens. Each Senior-Priority Collateral Agent, for itself and on behalf of the other Senior-Priority Secured Parties with respect to which such Senior-Priority Collateral Agent is acting as Agent and each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that it shall not (and hereby waives any right to) contest, or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or for the benefit or on behalf of any Senior-Priority Secured Party in any Collateral or by or on behalf of any of the Junior-Priority Secured Parties in any Collateral, as the case may be; provided, however, that nothing in this Agreement shall be construed to prevent or impair the rights of any Senior-Priority Secured Party or Junior-Priority Secured Party to enforce this Agreement.
2.3 No New Liens.
(a) So long as the Discharge of Senior-Priority Debt has not occurred, the parties hereto agree that, after the date hereof, if any Junior-Priority Secured Party shall hold any Lien on any assets of any Grantor securing any Junior-Priority Debt that are not also subject to Liens of each applicable Senior-Priority Collateral Agent under the applicable Senior-Priority Documents (except for any assets that are expressly not required to be subject to a Lien of such
1 | To reflect any other exclusion from Junior-Priority Secured Notes collateral. |
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Senior-Priority Collateral Agent under the Senior-Priority Documents with respect to which such Senior-Priority Collateral Agent is acting as Agent), such Grantor shall promptly give written notice thereof to each such Senior-Priority Collateral Agent and such Grantor shall grant a Lien thereon to each such Senior-Priority Collateral Agent in a manner and on terms satisfactory to such Senior-Priority Collateral Agent.
(b) So long as any Junior-Priority Debt remains outstanding, the parties hereto agree that, after the date hereof, if any Senior-Priority Secured Party shall hold any Lien on any assets of any Grantor securing any Senior-Priority Debt that are not also subject to Liens of each Junior-Priority Collateral Agent under the applicable Junior-Priority Documents (except for any assets that are expressly not required to be subject to a Lien of such Junior-Priority Collateral Agent under the Junior-Priority Documents with respect to which such Junior-Priority Collateral Agent is acting as Agent and cash collateral provided under the terms of the Senior-Priority Non-ABL Loan Agreement), such Grantor shall promptly give written notice thereof to each such Junior-Priority Collateral Agent and shall grant a Lien thereon to each such Junior-Priority Collateral Agent in a manner and on terms reasonably satisfactory to such Junior-Priority Collateral Agent.
(c) To the extent that the provisions of this Section 2.3 are not complied with for any reason, without limiting any other right or remedy available to the Senior-Priority Collateral Agents or any other Senior-Priority Secured Party, each Junior-Priority Collateral Agent agrees, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, that any amount received by or distributed to such Junior-Priority Secured Party pursuant to or as a result of any Lien granted in contravention of this Section shall be subject to Section 4 hereof.
2.4 Similar Liens and Agreements.
(a) The parties hereto agree, subject to the other provisions of this Agreement:
(i) to cooperate in order to determine, upon any request by any Senior-Priority Collateral Agent or any Junior-Priority Collateral Agent, the specific items included in the Collateral securing the Senior-Priority Debt and the Collateral securing the Junior-Priority Debt, the steps taken to perfect the Liens thereon, and the identity of the respective parties obligated under the Senior-Priority Documents and the Junior-Priority Documents; and
(ii) to make the forms, documents and agreements creating or evidencing the Collateral securing the Senior-Priority Debt and the Collateral securing the Junior-Priority Debt and the Liens of the Senior-Priority Secured Parties and the Liens of the Junior-Priority Secured Parties materially the same, other than with respect to the senior priority or junior priority lien nature of the Liens created or evidenced thereunder (as applicable), the identity of the parties thereto or secured thereby and other matters contemplated by this Agreement, including the proviso in Section 2.1(c).
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Section 3. Enforcement.
3.1 Exercise of Rights and Remedies.
(a) So long as the Discharge of Senior-Priority Debt has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, each Junior-Priority Collateral Agent agrees, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, that:
(i) it will not (A) contest, protest or object to any foreclosure proceeding or action brought by any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party or any other exercise by any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party of any rights and remedies relating to the Collateral or otherwise or (B) contest, protest or object to the forbearance by any Senior-Priority Secured Party from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to any of the Collateral;
(ii) each Senior-Priority Collateral Agent and the other Senior-Priority Secured Parties shall have the exclusive right to enforce rights, exercise remedies (including set-off and the right to credit bid their debt), to make determinations regarding the release, disposition or restrictions with respect to the Collateral and commence or seek to commence any action or proceeding with respect to such rights or remedies (including any foreclosure action or proceeding or any Insolvency or Liquidation Proceeding) without any consultation with or the consent of any Junior-Priority Collateral Agent or any other Junior-Priority Secured Party; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against any Grantor, a Junior-Priority Collateral Agent may file a proof of claim or statement of interest with respect to the Junior-Priority Debt with respect to which such Junior-Priority Collateral Agent is acting as Agent, (B) a Junior-Priority Collateral Agent may send such notices of the existence of, or any evidence or confirmation of, the Junior-Priority Debt under the applicable Junior-Priority Documents or the Liens of such Junior-Priority Collateral Agent in the Collateral to any court or governmental agency, or file or record any such notice or evidence to the extent necessary to prove or preserve the Liens of such Junior-Priority Collateral Agent in the Collateral, (C) a Junior-Priority Collateral Agent may file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of any Junior-Priority Secured Party with respect to which such Junior-Priority Collateral Agent is acting as Agent, including any claims secured by the Collateral, or otherwise make any agreements or file any motions pertaining to the applicable Junior-Priority Debt, in each case to the extent not inconsistent with the terms of this Agreement, (D) a Junior-Priority Collateral Agent may commence legal proceedings against a Grantor (but not any of the Collateral); provided, however, that, such legal proceedings could not reasonably be expected to interfere with the rights of any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party in and to the Collateral or any Senior-Priority Debt or the exercise by any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party of such rights and does not involve any contest or challenge to the validity, perfection, priority or enforceability of the Liens of any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party or any other holder of Senior-Priority Debt and in any event no Junior-Priority Collateral Agent may enforce any judgment against any of the Collateral,
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(E) the Junior-Priority Secured Parties shall be entitled to file any proof of claim and other filings, make any arguments and motions and take any other action in order to preserve or protect their Liens on the Collateral that are, in each case, in accordance with the terms of this Agreement, with respect to the applicable Junior-Priority Debt and the Collateral, (F) the Junior-Priority Secured Parties may exercise rights and remedies that may be exercised by unsecured creditors to the extent provided in Section 3.4 hereof and not otherwise inconsistent with the terms hereof, including, in any Insolvency or Liquidation Proceeding, the right to file any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either Bankruptcy Law or applicable non-bankruptcy Law (other than initiating or joining in an involuntary case or proceeding under the Bankruptcy Code with respect to a Grantor, except as otherwise requested or expressly consented to in writing by the Designated Senior-Priority Collateral Agent), in each case, in accordance with the terms of this Agreement; provided, however, that any judgment Lien obtained by a Junior-Priority Secured Party as a result of such exercise of rights will be subject to this Agreement (and will have the same priority hereunder as the other Liens of the applicable Junior-Priority Collateral Agent); provided further, however, that until the Discharge of Senior-Priority Debt, if a Junior-Priority Collateral Agent or any other Junior-Priority Secured Party shall, at any time, receive any proceeds of any such judgment Lien, it shall pay such proceeds over to the Senior-Priority Collateral Agent in accordance with the terms of Section 4.2 and (G) in any Insolvency or Liquidation Proceeding, the Junior-Priority Secured Parties shall be entitled to vote on any plan of reorganization, in a manner and to the extent consistent with the provisions hereof; and
(iii) each Senior-Priority Collateral Agent and the other Senior-Priority Secured Parties, in exercising rights and remedies with respect to the Collateral, may enforce the provisions of the Senior-Priority Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion and such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured lender under the Uniform Commercial Code and of a secured creditor under the Bankruptcy Code or any other Bankruptcy Law, in each case as if no Junior-Priority Debt is then outstanding.
(b) Each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that it will not take or receive any Collateral or any proceeds of Collateral in connection with the exercise of any right or remedy (including set-off) with respect to any Collateral, unless and until the Discharge of Senior-Priority Debt has occurred. Without limiting the generality of the foregoing, unless and until the Discharge of Senior-Priority Debt has occurred, except as expressly provided in the provisos in Section 3.1(a)(ii) above, the sole right of the Junior-Priority Collateral Agents and the other Junior-Priority Secured Parties with respect to the Collateral is to hold a Lien on the Collateral pursuant to the Junior-Priority Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of Senior-Priority Debt has occurred.
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(c) Each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that it will not take any action that would hinder any exercise of remedies undertaken by any Senior-Priority Collateral Agent under the Senior-Priority Documents, including any sale, lease, exchange, transfer or other disposition of the Collateral, whether by foreclosure or otherwise, and each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, hereby waives any and all rights each may have as a junior lien creditor or otherwise to object to the manner or order in which any Senior-Priority Collateral Agent or the other Senior-Priority Secured Parties seek to enforce or collect the Senior-Priority Debt or the Liens granted in any of the Collateral, regardless of whether any action or failure to act by or on behalf of any Senior-Priority Collateral Agent or the other Senior-Priority Secured Parties is or could be adverse to the interests of the Junior-Priority Secured Parties.
(d) Each Junior-Priority Collateral Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Junior-Priority Document shall be deemed to restrict in any way the rights and remedies of the Senior-Priority Collateral Agents or the other Senior-Priority Secured Parties with respect to the Collateral as set forth in this Agreement and the Senior-Priority Documents.
(e) Subject to 3.1(a) hereof, the Designated Senior-Priority Collateral Agent shall have the exclusive right to exercise or enforce any right or remedy with respect to the Collateral and to make determinations regarding the release, disposition or restrictions with respect to the Collateral and commence or seek to commence any action or proceeding with respect to such rights and remedies and shall have the exclusive right to determine and direct the time, method and place for exercising such right or remedy or conducting any proceeding with respect thereto. Following the Discharge of Senior-Priority Debt, subject to the Junior-Priority Equal Priority Intercreditor Agreement and any other then effective intercreditor agreement, the Designated Junior-Priority Collateral Agent, who may be instructed by the applicable Junior-Priority Secured Parties in accordance with the applicable Junior-Priority Documents, shall have the exclusive right to exercise any right or remedy with respect to the Collateral, and the Designated Junior-Priority Collateral Agent, who may be instructed by the applicable Junior-Priority Secured Parties in accordance with the applicable Junior-Priority Documents, shall have the exclusive right to direct the time, method and place of exercising or conducting any proceeding for the exercise of any right or remedy available to the Junior-Priority Secured Parties with respect to the Collateral, or of exercising or directing the exercise of any trust or power conferred on the Junior-Priority Collateral Agents, or for the taking of any other action authorized by the Junior-Priority Documents; provided, however, that nothing in this Section 3.1(e) shall impair the right of any Junior-Priority Collateral Agent or other agent or trustee acting on behalf of the Junior-Priority Secured Parties to take such actions with respect to the Collateral after the Discharge of Senior-Priority Debt as may be otherwise required or authorized pursuant to any intercreditor agreement governing the Junior-Priority Secured Parties or the Junior-Priority Debt.
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3.2 Limitation on Exercise of Remedies by Junior-Priority Secured Parties. Each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent:
(a) will not, so long as the Discharge of Senior-Priority Debt has not occurred, enforce or exercise, or seek to enforce or exercise, any rights or remedies (including any right of setoff or notification of account debtors) with respect to any Collateral, other than the rights set forth in Section 3.1(a)(ii);
(b) will not contest, protest or object to any foreclosure action or proceeding brought by any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party, or any other enforcement or exercise by any Senior-Priority Secured Party of any rights or remedies relating to the Collateral under the Senior-Priority Documents or otherwise, so long as the Liens of such Junior-Priority Collateral Agent attach to the proceeds thereof subject to the relative priorities set forth in Section 2.1;
(c) will not object to the forbearance by any Senior-Priority Collateral Agent or the other Senior-Priority Secured Parties from commencing or pursuing any foreclosure action or proceeding or any other enforcement or exercise of any rights or remedies with respect to any of the Collateral;
(d) will not, so long as the Discharge of Senior-Priority Debt has not occurred, take or receive any Collateral, or any proceeds thereof or payment with respect thereto, in connection with the exercise of any right or remedy (including any right of setoff) with respect to any Collateral or in connection with any insurance policy award or any condemnation award (or deed in lieu of condemnation) relating to any Collateral;
(e) will not take any action that would, or could reasonably be expected to, hinder, in any manner, any exercise of remedies under the Senior-Priority Documents, including any sale or other disposition of any Collateral, whether by foreclosure or otherwise;
(f) will not object to the order or manner in which any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party may seek to enforce or collect the Senior-Priority Debt or the Liens of such Senior-Priority Secured Party, regardless of whether any action or failure to act by or on behalf of any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party is, or could be, adverse to the interests of the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, and will not assert, and hereby waives, to the fullest extent permitted by Law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or other similar right that may be available under applicable law with respect to the Collateral or any other rights a junior secured creditor may have under applicable law with respect to the matters described in this clause (f); and
(g) will not attempt, directly or indirectly, whether by judicial proceeding or otherwise, to challenge or question the validity or enforceability of any Senior-Priority Debt, any Lien of a Senior-Priority Collateral Agent or any Senior-Priority Security Document, including this Agreement, or the validity or enforceability of the priorities, rights or obligations established by this Agreement.
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3.3 Cooperation. Subject to the provisos in Section 3.1(a)(ii), each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that, unless and until the Discharge of Senior-Priority Debt has occurred, it will not commence, or join with any Person (other than the Designated Senior-Priority Collateral Agent upon its request) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it under any of the Junior-Priority Documents, or otherwise.
3.4 Rights as Unsecured Creditors. The Junior-Priority Collateral Agents and the other Junior-Priority Secured Parties may exercise rights and remedies as an unsecured creditor against any Grantor in accordance with the terms of the Junior-Priority Documents and applicable Law, but only to the extent that the exercise of any such rights and remedies is not inconsistent with the terms of this Agreement. In the event any Junior-Priority Secured Party, as a result of the exercise of their rights as unsecured creditors are granted or otherwise holds a judgment Lien, such Lien shall be subject to this Agreement (and will have the same priority hereunder as the other Liens of the applicable Junior-Priority Collateral Agent). Nothing in this Agreement shall prohibit the receipt by any Junior-Priority Collateral Agent or any other Junior-Priority Secured Party of the required payments of interest and principal so long as such receipt is not the direct or indirect result of the exercise by such Junior-Priority Collateral Agent or any other Junior-Priority Secured Party with respect to which such Junior-Priority Collateral Agent is acting as Agent of foreclosure rights or other remedies as a secured creditor (including any right of setoff) or enforcement in contravention of this Agreement of any Lien held by any of them or any other act in contravention of this Agreement.
3.5 Release of Junior-Priority Liens.
(a) Effective upon any sale, lease, license, exchange, transfer or other disposition of any Collateral permitted, or expressly consented to in writing by the Senior-Priority Collateral Agents, under the terms of the Senior-Priority Documents to which each such Agent is a party that results in the release of any of such Senior-Priority Collateral Agents Liens on any Collateral (excluding any sale or other disposition that is expressly prohibited by the Junior-Priority Documents (as in effect on the date hereof) unless such sale or other disposition is consummated in connection with the exercise of such Senior-Priority Collateral Agents remedies in respect of Collateral or consummated after the commencement of any Insolvency or Liquidation Proceeding or consummated upon the occurrence or during the existence of an event of default under the Senior-Priority Documents to which such Agent is a party):
(i) the Liens, if any, of each Junior-Priority Collateral Agent, for itself or for the benefit of the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, on such Collateral shall be automatically, unconditionally and simultaneously released to the same extent as the release of each such Senior-Priority Collateral Agents Lien; provided, however, that the proceeds thereof shall be applied pursuant to Section 4.1;
(ii) each Junior-Priority Collateral Agent, for itself or on behalf of the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, shall promptly upon the written request of any Senior-Priority Collateral
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Agent execute and deliver such release documents and confirmations of the authorization to file UCC amendments and terminations provided for herein, in each case as the Senior-Priority Collateral Agents may reasonably require in connection with such sale, lease, license, exchange, transfer or other disposition by the Senior-Priority Collateral Agents, the Senior-Priority Collateral Agents agents or any Grantor with the prior written consent of the Senior-Priority Collateral Agents to evidence and effectuate such termination and release; provided, however, that any such release or UCC amendment or termination by such Junior-Priority Collateral Agent shall not extend to or otherwise affect any of the rights, if any, of such Junior-Priority Collateral Agent to the proceeds from any such sale, lease, license, exchange, transfer or other disposition of the Collateral;
(iii) each Junior-Priority Collateral Agent, for itself or on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, shall be deemed to have authorized the Designated Senior-Priority Collateral Agent to file UCC amendments and terminations covering the Collateral so sold, leased, licensed, exchanged, transferred or otherwise disposed of as to UCC financing statements between any Grantor and such Junior-Priority Collateral Agent or any other Junior-Priority Secured Party with respect to which such Junior-Priority Collateral Agent is acting as Agent to evidence such release and termination; and
(iv) each Junior-Priority Collateral Agent, for itself or on behalf of the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, shall be deemed to have consented under the Junior-Priority Documents to which such Agent is a party, to such sale, lease, license, exchange, transfer or other disposition to the same extent as the consent of the Senior-Priority Collateral Agents and the other Senior-Priority Secured Parties.
(b) (i) So long as the Discharge of Senior-Priority Debt has not occurred, each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, hereby constitutes and appoints (which appointment is coupled with an interest and is irrevocable) the Designated Senior-Priority Collateral Agent and any officer or agent of the Designated Senior-Priority Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Junior-Priority Collateral Agent or such holder or in the Designated Senior-Priority Collateral Agents own name, from time to time in the Designated Senior-Priority Collateral Agents discretion, for the purpose of carrying out the terms of this Section 3.5, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Section 3.5, including any termination statements, endorsements or other instruments of transfer or release.
(ii) Nothing contained in this Agreement shall be construed to modify the obligation of any Senior-Priority Collateral Agent to act in a manner consistent with applicable Law in the exercise of its rights to sell, lease, license, exchange, transfer or otherwise dispose of any Collateral.
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3.6 Insurance and Condemnation Awards.
(a) So long as the Discharge of Senior-Priority Debt has not occurred, the Designated Senior-Priority Collateral Agent and the other Senior-Priority Secured Parties shall have the sole and exclusive right, subject to the rights of Grantors under the Senior-Priority Documents and to the terms of the ABL Intercreditor Agreement, to settle and adjust claims in respect of Collateral under policies of insurance and to approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation in respect of the Collateral. So long as the Discharge of Senior-Priority Debt has not occurred (subject, in the case of any ABL Priority Collateral, to the terms of the ABL Intercreditor Agreement), all proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall (a) first, be paid to the Designated Senior-Priority Collateral Agent for the benefit of the Senior-Priority Secured Parties to the extent required under the applicable Senior-Priority Documents, (b) second, be paid to the Designated Junior-Priority Collateral Agent for the benefit of the Junior-Priority Secured Parties to the extent required under the applicable Junior-Priority Documents and (c) third, if no Junior-Priority Debt is outstanding, be paid to the owner of the subject property or as a court of competent jurisdiction may otherwise direct or as may otherwise be required by applicable Law. Until the Discharge of Senior-Priority Debt, if any Junior-Priority Collateral Agent or any other Junior-Priority Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall pay such proceeds over to the Designated Senior-Priority Collateral Agent in accordance with the terms of Section 4.2.
(b) After the Discharge of Senior-Priority Debt has occurred and so long as the Discharge of Junior-Priority Debt has not occurred, the Designated Junior-Priority Collateral Agent and the other Junior-Priority Secured Parties shall have the sole and exclusive right, subject to the rights of Grantors under the Junior-Priority Documents and to the terms of the ABL Intercreditor Agreement and any other then effective intercreditor agreement, to settle and adjust claims in respect of Collateral under policies of insurance and to approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation in respect of the Collateral. After the Discharge of Senior-Priority Debt has occurred (subject, in the case of any ABL Priority Collateral, to the terms of the ABL Intercreditor Agreement), but so long as the Discharge of Junior-Priority Debt has not occurred, all proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of condemnation, shall (a) first, be paid to the Designated Junior-Priority Collateral Agent for the benefit of the Junior-Priority Secured Parties to the extent required under the applicable Junior-Priority Documents and (b) second, if no Junior-Priority Debt is outstanding, be paid to the owner of the subject property or as a court of competent jurisdiction may otherwise direct or as may otherwise be required by applicable Law.
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Section 4. Payments.
4.1 Application of Proceeds.
(a) So long as the Discharge of Senior-Priority Debt has not occurred, the Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Collateral upon the exercise of remedies shall be applied in the following order of priority (subject, in the case of any ABL Priority Collateral, to the terms of the ABL Intercreditor Agreement):
(i) first, to the Senior-Priority Debt in such order as specified in the relevant Senior-Priority Documents until the Discharge of Senior-Priority Debt has occurred; and
(ii) second, to the Junior-Priority Debt in such order as specified in the relevant Junior-Priority Documents until the Discharge of Junior-Priority Debt has occurred.
(b) Upon the Discharge of Senior-Priority Debt, to the extent permitted under applicable Law and subject to the ABL Intercreditor Agreement and without imposing any liability on the Designated Senior-Priority Collateral Agent or any other Senior-Priority Secured Party (with any right to seek to impose any such liability being hereby expressly waived by each Junior-Priority Collateral Agent on behalf of itself and the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent), the Designated Senior-Priority Collateral Agent shall deliver to the Designated Junior-Priority Collateral Agent, without recourse, representation or warranty, any proceeds of Collateral held by it at such time in the same form as received, together with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, to be applied by the Designated Junior-Priority Collateral Agent to the Junior-Priority Debt in such order as specified in the Junior-Priority Equal Priority Intercreditor Agreement, if applicable, and/or the other Junior-Priority Documents.
(c) The foregoing provisions of this Agreement are intended solely to govern the respective lien priorities as between the Junior-Priority Collateral Agents and the Senior-Priority Collateral Agents and shall not impose on any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party any obligations in respect of the disposition of proceeds of foreclosure on any Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or other governmental authority or any applicable Law.
4.2 Payments Over.
(a) So long as the Discharge of Senior-Priority Debt has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, each Junior-Priority Collateral Agent agrees, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, that any Collateral or proceeds thereof or payment with respect thereto received by such Junior-Priority Collateral Agent or any other Junior-Priority Secured Party, with respect to the Collateral, and including in connection with any right of set-off, insurance policy claim or any condemnation award (or deed in lieu of condemnation), shall be segregated and held in trust and promptly transferred or paid over to the Designated Senior-Priority Collateral Agent for the benefit of the Senior-Priority Secured Parties in the same form as received, with any necessary endorsements or assignments or as a court of competent jurisdiction may otherwise direct; provided, however, that this Section 4.2(a) shall not apply to any required payments of interest and principal received by a Junior-Priority Collateral Agent or any other Junior-Priority Secured Party prior to the commencement of any Insolvency or Liquidation Proceeding so long as such
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receipt is not the direct or indirect result of the exercise by such Junior-Priority Collateral Agent or any other Junior-Priority Secured Party of foreclosure rights or other remedies as a secured creditor or enforcement in contravention of this Agreement of any Lien held by any of them or any other act in contravention of this Agreement. The Designated Senior-Priority Collateral Agent is hereby authorized to make any such endorsements or assignments as agent for the Junior-Priority Collateral Agents. This authorization is coupled with an interest and is irrevocable.
4.3 Certain Agreements with Respect to Unenforceable Liens. Notwithstanding anything to the contrary contained herein, if in any Insolvency or Liquidation Proceeding a determination is made that any Lien encumbering any Collateral is not enforceable for any reason, then each Junior-Priority Collateral Agent and each Junior-Priority Secured Party agrees that any distribution or recovery it may receive with respect to, or allocable to, the value of the assets intended to constitute such Collateral or any proceeds thereof shall (for so long as the Discharge of Senior-Priority Debt has not occurred) be segregated and held in trust and forthwith paid over to the Designated Senior-Priority Collateral Agent for the benefit of the Senior-Priority Secured Parties in the same form as received without recourse, representation or warranty (other than a representation of such Junior-Priority Collateral Agent that it has not otherwise sold, assigned, transferred or pledged any right, title or interest in and to such distribution or recovery) but with any necessary endorsements or as a court of competent jurisdiction may otherwise direct until such time as the Discharge of Senior-Priority Debt has occurred. Until the Discharge of Senior-Priority Debt occurs, each Junior-Priority Collateral Agent, for itself and on behalf of each other Junior-Priority Secured Party with respect to which such Junior-Priority Collateral Agent is acting as Agent, hereby appoints the Designated Senior-Priority Collateral Agent, and any officer or agent of such Designated Senior-Priority Collateral Agent, with full power of substitution, the attorney-in-fact of each Junior-Priority Secured Party for the limited purpose of carrying out the provisions of this Section 4.3 and taking any action and executing any instrument that such Designated Senior-Priority Collateral Agent may deem necessary or advisable to accomplish the purposes of this Section 4.3, which appointment is coupled with an interest and is irrevocable.
Section 5. Bailee for Perfection.
5.1 Each Agent as Bailee.
(a) Each Senior-Priority Collateral Agent agrees to hold any Collateral that can be perfected by the possession or control of such Collateral (or by notation of such Senior-Priority Collateral Agents lien, if any, on any certificate of title, if applicable) or of any deposit or securities account in which such Collateral is held, and if such Collateral or any such deposit or securities account is in fact in the possession or under the control of a Senior-Priority Collateral Agent, or of agents or bailees of such Senior-Priority Collateral Agent (such Collateral being referred to herein as the Pledged or Controlled Collateral) as bailee and agent for and on behalf of the Junior-Priority Collateral Agents, solely for the purpose of perfecting the security interest granted to the Junior-Priority Collateral Agents in such Pledged or Controlled Collateral (including, but not limited to, any securities or any deposit accounts or securities accounts, if any) pursuant to the Junior-Priority Documents, subject to the terms and conditions of this Section 5.
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(b) So long as the Discharge of Senior-Priority Debt has not occurred, the Senior-Priority Collateral Agents shall be entitled to deal with the Pledged or Controlled Collateral in accordance with the terms of this Agreement and the other Senior-Priority Documents as if the Liens on the Collateral securing the Junior-Priority Debt did not exist. The obligations and responsibilities of the Senior-Priority Collateral Agents to the Junior-Priority Collateral Agents and the other Junior-Priority Secured Parties under this Article 5 shall be limited solely to holding or controlling the Pledged or Controlled Collateral as bailee in accordance with this Section 5. Without limiting the foregoing, the Senior-Priority Collateral Agents shall have no obligation whatsoever to the Junior-Priority Collateral Agents or any other Junior-Priority Secured Party to assure that the Pledged or Controlled Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person, except as expressly set forth in this Section 5. The duty or responsibility of the Senior-Priority Collateral Agents under this Section 5 shall be limited solely to holding the Pledged or Controlled Collateral as bailee and agent for and on behalf of the Junior-Priority Collateral Agents for purposes of perfecting the Liens held by the Junior-Priority Collateral Agents.
(c) The Senior-Priority Collateral Agents shall not have, by reason of the Senior-Priority Documents, the Junior-Priority Documents, this Agreement or any other document, a fiduciary relationship in respect of any other Senior-Priority Secured Party, the Junior-Priority Collateral Agents or any other Junior-Priority Secured Party and shall not have any liability to any other Senior-Priority Secured Party, the Junior-Priority Collateral Agents or any other Junior-Priority Secured Party in connection with its holding the Pledged or Controlled Collateral; and the Junior-Priority Collateral Agents shall not have, by reason of the Junior-Priority Documents, this Agreement or any other document, a fiduciary relationship in respect of any other Junior-Priority Secured Party and shall not have any liability to any other Junior-Priority Secured Party in connection with its holding the Pledged or Controlled Collateral.
(d) The provisions of this Section 5.1 shall be subject in all respects to [Section 5.5 (First Priority Agent as Gratuitous Bailee for Perfection) of the ABL Intercreditor Agreement], and in the event of any conflict between the provisions of this Section 5.1 and such Section of the ABL Intercreditor Agreement, the provisions of the ABL Intercreditor Agreement shall govern and control.
5.2 Transfer of Pledged or Controlled Collateral.
(a) Upon the Discharge of Senior-Priority Debt, to the extent permitted under applicable Law, the Senior-Priority Collateral Agents shall, together with any necessary endorsements but without recourse, representation or warranty, transfer the possession and control of the Pledged or Controlled Collateral, if any, then in its possession or control to the Designated Junior-Priority Collateral Agents except in the event and to the extent that (a) any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party has retained or otherwise acquired such Collateral in full or partial satisfaction of any of the Senior-Priority Debt, (b) such Collateral is sold or otherwise disposed of by any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party or by a Grantor as provided in this Agreement or (c) it is otherwise required by any order of any court or other Governmental Authority or applicable Law or would result in the risk of liability of any Senior-Priority Secured Party to any third party. The foregoing provision shall not impose on any Senior-Priority Collateral Agent or any
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other Senior-Priority Secured Party any obligations which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or other Governmental Authority or any applicable Law. In connection with any transfer described herein to any Junior-Priority Collateral Agent, as applicable, and upon the Discharge of Senior-Priority Debt (so long as the Discharge of Junior-Priority Debt has not occurred), each Senior-Priority Collateral Agent agrees to take reasonable actions in its power (with all costs and expenses in connection therewith to be paid by the Borrower) as shall be reasonably requested by any Junior-Priority Collateral Agent acting at the direction of the requisite number of Junior-Priority Holders with respect to which such Junior-Priority Collateral Agent is acting as Agent in accordance with the applicable Junior-Priority Documents to permit such Junior-Priority Collateral Agent to obtain, for the benefit of the applicable Junior-Priority Secured Parties, a first priority security interest in the Pledged or Controlled Collateral (subject, in the case of any ABL Priority Collateral, to the terms of the ABL Intercreditor Agreement and subject to other Liens permitted by the Junior-Priority Documents).
Section 6. Insolvency or Liquidation Proceedings.
6.1 General Applicability; Filing of Motions.
(a) This Agreement shall be applicable both before and after the institution of any Insolvency or Liquidation Proceeding involving the Borrower or any other Grantor, including the filing of any petition by or against the Borrower or any other Grantor under the Bankruptcy Code or under any other Bankruptcy Law and all converted or subsequent cases in respect thereof, and all references herein to the Borrower or any Grantor shall be deemed to apply to the trustee for the Borrower or such Grantor and the Borrower or such Grantor as debtor-in-possession. The relative rights of the Senior-Priority Secured Parties and the Junior-Priority Secured Parties in or to any distributions from or in respect of any Collateral or proceeds of Collateral shall continue after the institution of any Insolvency or Liquidation Proceeding involving the Borrower or any other Grantor, including the filing of any petition by or against the Borrower or any other Grantor under the Bankruptcy Code or under any other Bankruptcy Law and all converted cases and subsequent cases, on the same basis as prior to the date of such institution, subject to any court order approving the financing of, or use of cash collateral by, the Borrower or any other Grantor as debtor-in-possession, or any other court order affecting the rights and interests of the parties hereto not in conflict with this Agreement. This Agreement shall constitute a subordination agreement for the purposes of Section 510(a) of the Bankruptcy Code and shall be enforceable in any Insolvency or Liquidation Proceeding in accordance with its terms.
(b) Until the Discharge of Senior-Priority Debt has occurred, each Junior-Priority Collateral Agent agrees on behalf of itself and the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent that no Junior-Priority Secured Party shall, in or in connection with any Insolvency or Liquidation Proceeding, file any pleadings or motions, take any position at any hearing or proceeding of any nature, or otherwise take any action whatsoever, in each case in respect of any of the Collateral, including with respect to the determination of any Liens or claims held by any Senior-Priority Collateral Agent (including the validity and enforceability thereof) or any other Senior-Priority Secured Party or Junior-Priority Secured Party or the value of any claims of such parties under Section 506(a) of the Bankruptcy Code or otherwise; provided, however, that each Junior-Priority Collateral Agent
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may (i) file a proof of claim in an Insolvency or Liquidation Proceeding, subject to the limitations contained in this Agreement and only if consistent with the terms and the limitations on the Junior-Priority Collateral Agents imposed hereby or (ii) take other actions specified in the provisos to Section 3.1(a)(ii) or otherwise with the prior written consent of the Designated Senior-Priority Collateral Agent, subject to the requisite consent of any bankruptcy court.
6.2 Bankruptcy Financing.
(a) Until the Discharge of Senior-Priority Debt has occurred, if any Grantor shall be subject to any Insolvency or Liquidation Proceeding and any Senior-Priority Collateral Agent shall desire to permit the use of cash collateral (as such term is defined in Section 363(a) of the Bankruptcy Code) which constitutes Collateral securing the Senior-Priority Debt or to permit any Grantor to obtain financing from the Senior-Priority Secured Parties or any other person under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (DIP Financing), then (subject to the terms and conditions set forth in Section 6.4(c) of this Agreement) each Junior-Priority Collateral Agent, on behalf of itself and the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that it will raise no objection to such use of cash collateral or DIP Financing (unless the Designated Senior-Priority Collateral Agent or the Senior-Priority Secured Parties for which such Designated Senior-Priority Collateral Agent is acting as Agent shall then oppose or object to such DIP Financing) so long as (i) such cash collateral use or DIP Financing is on commercially reasonable terms and, if required by applicable Law, is approved by the Governmental Authority having jurisdiction over such Insolvency or Liquidation Proceeding and (ii) the DIP Financing does not compel Grantors to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms are set forth in the documents for the DIP Financing, except that such DIP Financing may (A) provide that the plan of reorganization require the Discharge of Senior-Priority Debt and (B) require the Grantors to seek confirmation of a plan acceptable to the Senior-Priority Secured Parties or entities providing the DIP Financing and contain milestones relating to such plan. To the extent that the Liens securing the Senior-Priority Debt are subordinated to or on an equal priority basis with the Liens securing DIP Financing which meets the requirements of clauses (i) and (ii) above, each Junior-Priority Collateral Agent will subordinate (and will be deemed to have subordinated) the Liens securing the respective Junior-Priority Debt in the Collateral to the Liens securing such DIP Financing (and all obligations relating thereto and to any carve-out agreed to by the Senior-Priority Collateral Agents or otherwise applicable thereto) and will not request adequate protection or any other relief in connection with its rights as a holder of Liens on the Collateral (except as expressly agreed by the Senior-Priority Collateral Agents or to the extent otherwise permitted by Section 6.4).
6.3 Relief from the Automatic Stay. Each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that, so long as the Discharge of Senior-Priority Debt has not occurred, no Junior-Priority Secured Party shall, without the prior written consent of the Designated Senior-Priority Collateral Agent (acting at the written direction of the requisite number of Senior-Priority Holders, as determined in accordance with the applicable Senior-Priority Documents) seek or request relief from or modification of the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of any part of the Collateral, any proceeds thereof or any Lien securing any of the Junior-Priority Debt.
Notwithstanding anything to the contrary set forth in this Agreement, no Grantor waives or shall be deemed to have waived any rights under Section 362 of the Bankruptcy Code.
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6.4 Adequate Protection.
(a) Each Junior-Priority Collateral Agent, on behalf of itself and the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that none of them shall object to, contest, or support any other Person objecting to or contesting (i) any request by any Senior-Priority Collateral Agent or any of the other Senior-Priority Secured Parties for adequate protection or any adequate protection provided to any Senior-Priority Collateral Agent or other Senior-Priority Secured Parties, (ii) any objection by any Senior-Priority Collateral Agent or any of the other Senior-Priority Secured Parties to any motion, relief, action or proceeding based on a claim of a lack of adequate protection or (iii) the payment of interest, fees, expenses or other amounts to any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise (it being understood and agreed that the value of the Liens on the Collateral held by each Senior-Priority Secured Party shall be determined without regard to the existence of any Liens held by the Junior-Priority Secured Parties).
(b) So long as each Senior-Priority Collateral Agent and the Senior-Priority Secured Parties shall have received and shall continue to receive all accrued post-petition interest, fees or expenses with respect to the Senior-Priority Debt, each Junior-Priority Collateral Agent and any Junior-Priority Secured Party with respect to which such Junior-Priority Collateral Agent is acting as Agent may seek any claim for allowance of post-petition interest, fees or expenses in any Insolvency or Liquidation Proceeding of Junior-Priority Debt (it being understood and agreed that the value of the Liens on the Collateral held by each Junior-Priority Secured Party shall be determined taking into account the Liens on the Collateral held by the Senior-Priority Secured Parties); provided, however, that until the Discharge of Senior-Priority Debt, if any Junior-Priority Collateral Agent or any other Junior-Priority Secured Party shall, at any time, receive any post-petition interest arising from any such claim, it shall pay such post-petition interest over to the Designated Senior-Priority Collateral Agent in accordance with the terms of Section 4.2 hereof.
(c) Each Junior-Priority Collateral Agent, on behalf of itself and the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that none of them shall seek or accept adequate protection without the prior written consent of the Designated Senior-Priority Collateral Agent (acting at the written direction of the requisite number of Senior-Priority Holders, as determined in accordance with the applicable Senior-Priority Documents), except that each Junior-Priority Collateral Agent, for itself or on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, shall be permitted (i) to obtain adequate protection in the form of the benefit of additional or replacement Liens on the Collateral, or additional or replacement collateral to secure the Junior-Priority Debt in connection with any DIP Financing or use of cash collateral as provided for in Section 6.2 hereof, or in connection with any such adequate protection obtained by any Senior-Priority Collateral Agent and any other Senior-Priority Secured Parties, as long as, in each case, such Senior-Priority Collateral Agent is also granted such additional or replacement Liens or additional or replacement collateral and such
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Liens of such Junior-Priority Collateral Agent or any such other Junior-Priority Secured Party are subordinated to the Liens securing the Senior-Priority Debt to the same extent as the Liens of such Junior-Priority Collateral Agent and the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent on the Collateral are subordinated to the Liens of each applicable Senior-Priority Collateral Agent and each other applicable Senior-Priority Secured Parties hereunder, (ii) to obtain adequate protection in the form of reports, notices, inspection rights and similar forms of adequate protection to the extent granted to any Senior-Priority Collateral Agent and (iii) to seek and receive, subject to the provisions of this Agreement, additional adequate protection of its junior interest in the Collateral in the form of a superpriority administrative expense claim, including a claim arising under 11 U.S.C. §507(b); provided, however, that, (A) any such superpriority administrative expense claim of a Junior-Priority Collateral Agent shall be junior in all respects to any superpriority administrative expense claim granted to any Senior-Priority Collateral Agent with respect to such Collateral and (B) in the event that a Junior-Priority Collateral Agent, on behalf of itself and other Junior-Priority Secured Parties such Junior-Priority Collateral Agent with respect to which such Junior-Priority Collateral Agent is acting as Agent, seeks or receives protection of its junior interest in the Collateral and is granted a superpriority administrative expense claim, including a claim arising under 11 U.S.C. §507(b), then such Junior-Priority Collateral Agent, on behalf of itself and the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that all Senior-Priority Secured Parties shall receive a superpriority administrative expense claim which shall be senior in all respects to the superpriority administrative expense claim granted to such Junior-Priority Collateral Agent with respect to the Collateral (with the relative priorities of all such superpriority administrative expense claims to be the same as the Lien priorities set forth in Section 2.1 hereof).
6.5 Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of any reorganized Grantor secured by Liens upon any property of such reorganized Grantor are distributed, pursuant to a plan of reorganization, on account of the Senior-Priority Debt and/or the Junior-Priority Debt, then, to the extent that the debt obligations distributed on account of the Senior-Priority Debt and/or on account of the Junior-Priority Debt are secured by Liens upon the same assets or property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations.
6.6 Separate Classes. Each of the parties hereto irrevocably acknowledges and agrees that (a) the claims and interests of the Senior-Priority Secured Parties and the Junior-Priority Secured Parties are not substantially similar within the meaning of Section 1122 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, (b) the grants of the Liens to secure the Senior-Priority Debt and the grants of the Liens to secure the Junior-Priority Debt constitute two separate and distinct grants of Liens, (c) (i) the rights of the Senior-Priority Secured Parties in the Collateral are fundamentally different from the Junior-Priority Secured Parties rights in the Collateral and (ii) the rights of the Junior-Priority Secured Parties in the Collateral are fundamentally different from the Senior-Priority Secured Parties rights in the Collateral and (d) as a result of the foregoing, among other things, the Senior-Priority Debt and the Junior-Priority Debt must be separately classified in any plan of reorganization proposed or adopted in any Insolvency or Liquidation Proceeding.
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6.7 Asset Dispositions. Except as otherwise set forth below, until the Discharge of Senior-Priority Debt has occurred, each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that, in the event of any Insolvency or Liquidation Proceeding, the Junior-Priority Secured Parties will not object to or oppose (or support any Person in objecting to or opposing) a motion with respect to any sale, lease, license, exchange, transfer or other disposition of any Collateral free and clear of the Liens of any Junior-Priority Collateral Agent and the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent or other claims under Section 363 of the Bankruptcy Code, or any comparable provision of any Bankruptcy Law and shall be deemed to have consented to any such sale, lease, license, exchange, transfer or other disposition of any Collateral under Section 363(f) of the Bankruptcy Code that has been consented to by the Designated Senior-Priority Collateral Agent (acting at the written direction of the requisite number of Senior-Priority Holders as determined in accordance with the applicable Senior-Priority Documents); provided, however, that, (i) the proceeds of such sale, lease, license, exchange, transfer or other disposition of any Collateral shall be applied to the Senior-Priority Debt or the Junior-Priority Debt in accordance with Section 4.1, or if not so applied, the Liens of such Junior-Priority Collateral Agent in such Collateral shall attach to the proceeds of such disposition subject to the relative priorities set forth in Section 2.1 hereof and (ii) the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent are not deemed to have waived any rights to credit bid on the Collateral in any such disposition in accordance with Section 363(k) of the Bankruptcy Code, so long as any such credit bid provides for the payment in full in cash of all Senior-Priority Debt.
6.8 Preference Issues. If any Senior-Priority Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of any Grantor any amount (a Recovery), then the Senior-Priority Debt previously owing to such Senior-Priority Secured Party shall be reinstated to the extent of such Recovery and, if theretofore terminated, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and obligations of the Senior-Priority Secured Parties and the Junior-Priority Secured Parties provided for herein.
6.9 Certain Waivers as to Section 1111(b)(2) of the Bankruptcy Code. Each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, waives any claim any such Junior-Priority Secured Party may hereafter have against any Senior-Priority Secured Party arising out of the election by any Senior-Priority Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law.
6.10 Other Bankruptcy Laws. In the event that an Insolvency or Liquidation Proceeding is filed in a jurisdiction other than the United States or is governed by any Bankruptcy Law other than the Bankruptcy Code, each reference in this Agreement to a section of the Bankruptcy Code shall be deemed to refer to the substantially similar or corresponding provision of the Bankruptcy Law applicable to such Insolvency or Liquidation Proceeding, or in the absence of any specific similar or corresponding provision of the Bankruptcy Law, such other general Bankruptcy Law as may be applied in order to achieve substantially the same result as would be achieved under each applicable section of the Bankruptcy Code.
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Section 7. Reliance; Waivers, etc.
7.1 Reliance. The consent by the Senior-Priority Secured Parties to the incurrence of the Junior-Priority Debt, the execution and delivery of the Junior-Priority Documents and the grant to each Junior-Priority Collateral Agent on behalf of the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, of a Lien on the Collateral and all loans, other extensions of credit or other obligations made or deemed made on and after the date hereof by the Senior-Priority Secured Parties to any Grantor shall be deemed to have been given and made in reliance upon this Agreement.
7.2 No Warranties or Liability. Each Senior-Priority Collateral Agent, for itself and on behalf of the other Senior-Priority Secured Parties with respect to which such Senior-Priority Collateral Agent is acting as Agent and each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, acknowledges and agrees that, except for the representations and warranties set forth in Section 9, none of the parties to this Agreement has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the Senior-Priority Documents, the Junior-Priority Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. So long as any Senior-Priority Debt remains outstanding, each Junior-Priority Collateral Agent, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that the Senior-Priority Secured Parties will be entitled to manage and supervise their Senior-Priority Debt under the Senior-Priority Documents in accordance with Law and as they may otherwise, in their sole discretion, deem appropriate, and the Senior-Priority Secured Parties may manage their Senior-Priority Debt under the Senior-Priority Documents without regard to any rights or interests that any Junior-Priority Collateral Agent or any of the other Junior-Priority Secured Parties have in the Collateral or otherwise, except as otherwise provided in this Agreement. None of the Senior-Priority Collateral Agents nor any of the other Senior-Priority Secured Parties shall have any express or implied duty to any Junior-Priority Collateral Agents or any of the other Junior-Priority Secured Parties and neither the Junior-Priority Collateral Agents nor any of the other Junior-Priority Secured Parties shall have any express or implied duty to any Senior-Priority Collateral Agent or any of the other Senior-Priority Secured Parties to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of an event of default or a default under any agreements with any Grantor (including the Senior-Priority Documents and the Junior-Priority Documents), regardless of any knowledge thereof which they may have or be charged with.
7.3 No Waiver of Lien Priorities.
(a) No right of any Senior-Priority Collateral Agent or any of the other Senior-Priority Secured Parties or any Junior-Priority Collateral Agent or any of the other Junior-Priority Secured Parties to enforce any provision of this Agreement or any of the Senior-Priority Documents or the Junior-Priority Documents shall at any time in any way be prejudiced or
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impaired by any act or failure to act on the part of any Grantor or by any act or failure to act by any Senior-Priority Collateral Agent or any other Senior-Priority Secured Party or by any Junior-Priority Collateral Agent or any other Junior-Priority Secured Party, or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the Senior-Priority Documents or any of the Junior-Priority Documents, regardless of any knowledge thereof which such Person may have or be otherwise charged with.
(b) Without in any way limiting the generality of the foregoing paragraph (but subject to the rights of the Grantors under the Senior-Priority Documents), the Senior-Priority Collateral Agents and any of the other Senior-Priority Secured Parties may, at any time and from time to time, without the consent of, or notice to, the Junior-Priority Collateral Agents or any other Junior-Priority Secured Party, without incurring any liabilities to the Junior-Priority Collateral Agents or any other Junior-Priority Secured Party and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of a Junior-Priority Collateral Agent or any other Junior-Priority Secured Party is affected, impaired or extinguished thereby), do any one or more of the following:
(i) change the manner, place or terms of payment or change or extend the time of payment of or amend, renew, exchange, increase or alter the terms of any of the Senior-Priority Debt or any Lien on any Collateral or guaranty thereof or any liability of any Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the Senior-Priority Debt, without any restriction as to the amount, tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by the Senior-Priority Collateral Agent or any of the other Senior-Priority Secured Parties, the Senior-Priority Debt or any of the Senior-Priority Documents;
(ii) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Collateral or any liability of any Grantor to the Senior-Priority Collateral Agent or any of the other Senior-Priority Secured Parties, or any liability incurred directly or indirectly in respect thereof in accordance with the terms hereof;
(iii) settle or compromise any of the Senior-Priority Debt or any other liability of any Grantor or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the Senior-Priority Debt) in any manner or order; and
(iv) exercise or delay in or refrain from exercising any right or remedy against any Grantor or any other Person, elect any remedy and otherwise deal freely with any Grantor or any Collateral and any security and any guarantor or any liability of any Grantor to any of the Senior-Priority Secured Parties or any liability incurred directly or indirectly in respect thereof.
(c) Each Junior-Priority Collateral Agent, for itself and on behalf of the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, also agrees that each Senior-Priority Collateral Agent and the other Senior-Priority
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Secured Parties shall have no liability with respect to any actions which such Senior-Priority Collateral Agent or any of the other Senior-Priority Secured Parties may take or permit or omit to take with respect to (i) the Senior-Priority Documents, (ii) the collection of the Senior-Priority Debt or (iii) the foreclosure upon, or sale, liquidation or other disposition of, any Collateral. Each Junior-Priority Collateral Agent, for itself and on behalf of the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, agrees that each Senior-Priority Collateral Agent and the other Senior-Priority Secured Parties have no duty to them in respect of the maintenance or preservation of the Collateral, the Senior-Priority Debt or otherwise.
(d) Each Junior-Priority Collateral Agent agrees not to assert and hereby waives, to the fullest extent permitted by Law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Collateral or any other similar rights a junior secured creditor may have under applicable Law.
7.4 Obligations Unconditional. All rights, interests, agreements and obligations of the Senior-Priority Collateral Agents and the other Senior-Priority Secured Parties and the Junior-Priority Collateral Agents and the other Junior-Priority Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of:
(a) any lack of validity or enforceability of any Senior-Priority Documents or any Junior-Priority Documents;
(b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the Senior-Priority Debt or the Junior-Priority Debt, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the Senior-Priority Non-ABL Loan Agreement, the 2021 Secured Notes Indenture, the 2023 Secured Notes Indenture, any Additional Senior-Priority Document or any of the other Senior-Priority Documents, of the terms of the Junior-Priority Secured Notes Indenture, any Additional Junior-Priority Document or any of the other Junior-Priority Documents;
(c) any exchange of any security interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior-Priority Debt or the Junior-Priority Debt or any guarantee thereof;
(d) the commencement of any Insolvency or Liquidation Proceeding in respect of any Grantor; or
(e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Grantor in respect of the Senior-Priority Debt or the Junior-Priority Debt, or of the Senior-Priority Collateral Agents (or any of the other Senior-Priority Secured Parties) or the Junior-Priority Collateral Agents (or any of the other Junior-Priority Secured Parties) in respect of this Agreement.
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Section 8. Miscellaneous.
8.1 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of the Senior-Priority Documents or the Junior-Priority Documents, the provisions of this Agreement shall govern. Solely with respect to any ABL Priority Collateral, in the event of any conflict between the provisions of this Agreement and the ABL Intercreditor Agreement, the provisions of the ABL Intercreditor Agreement shall govern.
8.2 Continuing Nature of this Agreement; Severability. This Agreement shall continue to be effective until the Discharge of Senior-Priority Debt shall have occurred or the final payment in full in cash of the Junior-Priority Debt and the termination and release by each Junior-Priority Secured Party of any Liens to secure the Junior-Priority Debt. This is a continuing agreement of lien subordination and the Senior-Priority Secured Parties may continue, at any time and without notice to any Junior-Priority Collateral Agent or any other Junior-Priority Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of any Grantor constituting Senior-Priority Debt in reliance hereon. Each Junior-Priority Collateral Agent, for itself and on behalf of the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, hereby waives any right it may have under applicable Law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
8.3 When Discharge of Debt Deemed to Not Have Occurred.
(a) If substantially contemporaneously with the Discharge of Senior-Priority Debt, the Borrower Refinances Indebtedness outstanding under any of the Senior-Priority Documents, then, after written notice to the Junior-Priority Collateral Agents and delivery of an officers certificate of the Borrower certifying that such Refinancing is not prohibited by the Junior-Priority Documents, (a) the Indebtedness and other obligations arising pursuant to such Refinancing of the then outstanding Indebtedness under such Senior-Priority Documents shall automatically be treated as Senior-Priority Debt for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, (b) each Additional Senior-Priority Document governing or evidencing such new Indebtedness shall automatically be treated as a Senior-Priority Document for all purposes of this Agreement, (c) the Additional Agent under the Additional Senior-Priority Document shall be deemed to be a Senior-Priority Collateral Agent for all purposes of this Agreement and (d) the Additional Holders under such Additional Senior-Priority Document shall be deemed to be Senior-Priority Holders for purposes of this Agreement. Upon receipt of written notice of such Refinancing (including the identity of the Additional Agent) and the delivery of an officers certificate of the Borrower certifying that such Refinancing is not prohibited by the Junior-Priority Documents, each Junior-Priority Collateral Agent shall promptly enter into an Intercreditor Agreement Joinder to provide to the Additional Agent the rights of a Senior-Priority Collateral Agent contemplated hereby and acknowledge that the Additional Holders shall be bound by the terms hereof to the extent applicable to the Senior-Priority Holders.
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(b) If substantially contemporaneously with the Discharge of Junior-Priority Debt, the Borrower Refinances Indebtedness outstanding under any of the Junior-Priority Documents, then, after written notice to the Senior-Priority Collateral Agents and delivery of an officers certificate of the Borrower certifying that such Refinancing is not prohibited by the Senior-Priority Documents, (a) the Indebtedness and other obligations arising pursuant to such Refinancing of the then outstanding Indebtedness under such Junior-Priority Documents shall automatically be treated as Junior-Priority Debt for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, (b) each Additional Junior-Priority Document governing or evidencing such new Indebtedness shall automatically be treated as a Junior-Priority Document for all purposes of this Agreement, (c) the Additional Agent shall be deemed to be a Junior-Priority Collateral Agent for all purposes of this Agreement and (d) the Additional Holders under such Additional Junior-Priority Documents shall be deemed to be Junior-Priority Holders for purposes of this Agreement. Upon receipt of written notice of such Refinancing (including the identity of the Additional Agent) and delivery of an officers certificate of the Borrower certifying that such Refinancing is not prohibited by the Senior-Priority Documents, each Senior-Priority Collateral Agent shall promptly enter into an Intercreditor Agreement Joinder to provide to the Additional Agent the rights of a Junior-Priority Collateral Agent contemplated hereby and acknowledge that the Additional Holders shall be bound by the terms hereof to the extent applicable to the Junior-Priority Holders.
8.4 Legends on Junior-Priority Documents.
(a) Each Junior-Priority Collateral Agent agrees that each Junior-Priority Document that is a security agreement, pledge agreement, mortgage or deed of trust shall include the following language (or language to similar effect approved by each Senior-Priority Collateral Agent):
Notwithstanding anything herein to the contrary, the lien and security interest granted to the Junior-Priority Collateral Agent pursuant to this Agreement and the exercise of any right or remedy by the Junior-Priority Collateral Agent hereunder are subject to the provisions of the Senior-Junior Lien Intercreditor Agreement, dated as of [●], 2018 (as amended, supplemented or otherwise modified from time to time, the Intercreditor Agreement), among Credit Suisse AG, in its capacity as Initial Senior-Priority Collateral Agent, [●], in its capacity as Initial Junior-Priority Collateral Agent, and CHS/Community Health Systems, Inc. and certain of its affiliates. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern.
8.5 Amendments; Waivers.
(a) No amendment, modification or waiver of any of the provisions of this Agreement by any Senior-Priority Collateral Agent or any Junior-Priority Collateral Agent shall be deemed to be made unless the same shall be in writing signed on behalf of the party making the same or its authorized agent and each waiver, if any, shall be a waiver only with respect to
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the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. The Grantors shall not have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent that their rights or obligations are directly adversely affected; provided that any amendment, modification or waiver of Section 6.2, this Section 8.5(a), Section 8.5(b) and any component definitions or references shall be deemed to directly adversely affect the Grantors.
(b) Notwithstanding the provisions of Section 8.5(a):
(i) The Borrower, without the consent of any Agent or any other party hereto, may determine that a supplemental agreement (which may take the form of an amendment or supplement or an amendment and restatement of this Agreement) is necessary or appropriate to facilitate having additional secured Indebtedness or other secured obligations (Additional Debt) of the Borrower or any of the other Grantors be treated as Senior-Priority Debt or Junior-Priority Debt, as the case may be, under this Agreement, which supplemental agreement shall be in form and substance reasonably satisfactory to the Borrower, the applicable Additional Agent and each other Agent and shall specify whether such Additional Debt constitutes Senior-Priority Debt or Junior-Priority Debt; provided, however, that (A) the incurrence of such Additional Debt is not prohibited by the Senior Priority Documents and the Junior-Priority Documents, and such documents do not prohibit such Additional Debt from being secured by Liens on the Collateral with a priority commensurate with Senior-Priority Debt or Junior-Priority Debt hereunder (as applicable), and (B) the terms of such supplemental agreement will contain terms substantially the same as the terms contained in this Agreement.
(ii) Upon the written request of the Borrower and delivery to each Agent of an officers certificate certifying that such Additional Debt is not prohibited by the Senior-Priority Documents or the Junior-Priority Documents, as applicable, the applicable Additional Agent and the other Agents and the Grantors shall enter into an amendment to this Agreement as described in clause (b)(i) above to (A) facilitate such Additional Debt becoming Senior-Priority Debt or Junior-Priority Debt to the extent that such obligations are not prohibited by the Senior-Priority Documents and the Junior-Priority Documents, as applicable, with the Lien priority contemplated by this Agreement and (B) include the applicable Additional Agent as a Senior-Priority Collateral Agent or Junior-Priority Collateral Agent, as applicable, under this Agreement; provided, however, that, in any case, the terms of such amendment shall be consistent with and contain terms substantially the same as the terms contained in this Agreement.
8.6 Subrogation.
(a) Each Junior-Priority Collateral Agent, for itself and on behalf of the Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior-Priority Debt has occurred.
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8.7 Security Documents.
(a) In the event that any Senior-Priority Collateral Agent enters into any amendment, waiver or consent in respect of any of the Senior-Priority Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Senior-Priority Security Document or changing in any manner the rights of any parties thereunder, then such amendment, waiver or consent shall apply automatically to (x) any comparable provision of the Comparable Junior-Priority Security Document without the consent of or action by any Junior-Priority Secured Party (with all such amendments, waivers and modifications subject to the terms hereof); provided, however, that (i) no such amendment, waiver or consent shall have the effect of removing assets subject to the Lien of any Junior-Priority Security Document, except to the extent that a release of such Lien is permitted or contemplated by this Agreement, (ii) unless such amendment, waiver or consent affects the Senior-Priority Secured Parties in a like or similar manner to the effect on the Junior-Priority Secured Parties (other than by virtue of their relative priorities and rights and obligations hereunder), no such amendment, waiver or consent shall apply automatically to the Comparable Junior-Priority Security Document without the consent of or action by, any Junior-Priority Secured Party, if such amendment, waiver or consent materially and adversely affects the rights of the Junior-Priority Holders, (iii) no such amendment, waiver or consent with respect to any provision applicable to the Agents under the Junior-Priority Documents shall apply automatically to any comparable provision of the Comparable Junior-Priority Security Document, without the prior written consent of such Agents, (iv) notice of such amendment, waiver or consent shall be given to the Junior-Priority Collateral Agents by the Senior-Priority Collateral Agents on the date of its effectiveness (provided that the failure to give such notice shall not affect the effectiveness and validity of such amendment, waiver or consent) and (v) a copy of such amendment, waiver or consent shall be given by the Senior-Priority Collateral Agents to the Junior-Priority Collateral Agents.
8.8 Notices. All notices to the Junior-Priority Secured Parties and the Senior-Priority Secured Parties permitted or required under this Agreement may be sent to the applicable, Junior-Priority Collateral Agent and Senior-Priority Collateral Agent, respectively. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, electronically mailed (PDF transmission only if a signature is required) or sent by courier service, facsimile transmission or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a facsimile transmission or electronic mail or four Business Days after deposit in the U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties.
Initial Senior-Priority Collateral Agent: |
Credit Suisse AG Eleven Madison Avenue New York, NY 10010 Attention: Agency Group Facsimile No.: (212) 325-8304 |
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Initial Junior-Priority Collateral Agent: |
[●] |
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Each Grantor: | CHS/Community Health Systems, Inc. 4000 Meridian Boulevard Franklin, TN 37067-6325 Attention: General Counsel Facsimile No.: (615) 373-9704 |
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with a copy to: | Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York, New York 10017 Attention: James D. Cross, Esq. Facsimile No.: (212) 455-2502 Telephone No.: (212) 455-3386 |
8.9 No Waiver by Senior-Priority Secured Parties. Except as expressly provided in the provisos in Section 3.1(a)(ii), nothing contained herein shall prohibit or in any way limit the Senior-Priority Collateral Agents or any other Senior-Priority Secured Party from opposing, challenging or objecting to, in any Insolvency or Liquidation Proceeding or otherwise, any action taken, or any claim made, by a Junior-Priority Collateral Agent or any other Junior-Priority Secured Party, including any request by a Junior-Priority Collateral Agent or any other Junior-Priority Secured Party for adequate protection or any exercise by a Junior-Priority Collateral Agent or any other Junior-Priority Secured Party of any of its rights and remedies under the applicable Junior-Priority Documents or otherwise.
8.10 Further Assurances. Each of the Junior-Priority Collateral Agents, for itself and on behalf of the other Junior-Priority Secured Parties with respect to which such Junior-Priority Collateral Agent is acting as Agent, and each Grantor party hereto, for itself and on behalf of its subsidiaries, agrees that it will execute, or will cause to be executed, any and all further documents, agreements and instruments (in recordable form, if requested, and in form and substance reasonably satisfactory to the Junior-Priority Collateral Agents), and take all such further actions, as may be required under any applicable Law, or which any Senior-Priority Collateral Agent may reasonably request, to effectuate the terms of this Agreement, including the relative Lien priorities provided for herein.
Section 9. Representations and Warranties.
9.1 Representations and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto that this Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms, except as such enforceability may be limited by Bankruptcy Laws and by general principles of equity.
9.2 Consent to Jurisdiction; Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK IN NEW YORK COUNTY AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS
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AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.2. EACH OF THE PARTIES HERETO IRREVOCABLY CONSENTS THAT ALL SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL DIRECTED TO SUCH PARTY AS PROVIDED IN SECTION 8.8 HEREOF FOR SUCH PARTY. SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED THREE (3) DAYS AFTER THE SAME SHALL BE POSTED AS AFORESAID. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION TO ANY ACTION INSTITUTED HEREUNDER BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO THE VENUE OF ANY ACTION INSTITUTED HEREUNDER.
9.3 Governing Law. The validity, construction and effect of this Agreement shall be governed by the internal laws of the State of New York. This Agreement constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect thereto.
9.4 Binding on Successors and Assigns. This Agreement shall be binding upon the Senior-Priority Collateral Agents, the other Senior-Priority Secured Parties, the Junior-Priority Collateral Agents, the other Junior-Priority Secured Parties, the Grantors and their respective permitted successors and assigns.
9.5 Specific Performance. Each of the Senior-Priority Collateral Agents and the Junior-Priority Collateral Agents may demand specific performance of this Agreement. Each Junior-Priority Collateral Agent, for itself and on behalf of the Junior-Priority Secured Parties, and each Senior-Priority Collateral Agent, for itself and on behalf of the Senior-Priority Secured Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at Law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by such Senior-Priority Collateral Agent or Junior-Priority Collateral Agent, as the case may be.
9.6 Section Titles; Time Periods. The section titles contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of this Agreement.
9.7 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be an original and all of which shall together constitute one and the same document. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall have the same force and effect as the delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of this Agreement.
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9.8 Parties in Interest. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and their respective successors and assigns and shall inure to the benefit of all of the Senior-Priority Secured Parties and the Junior-Priority Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement. No other Person shall have or be entitled to assert rights or benefits hereunder.
9.9 Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Senior-Priority Secured Parties and the Junior-Priority Secured Parties. None of the Borrower, any other Grantor, any Guarantor or any other creditor thereof shall have any rights or obligations, except as expressly provided in this Agreement, hereunder and none of the Borrower, any other Grantor or any Guarantor may rely on the terms hereof. The parties hereto hereby acknowledge that each Junior-Priority Collateral Agent shall be entitled to all of its rights, protections, privileges, indemnities and immunities afforded to it under the Junior-Priority Documents in connection with its execution of this Agreement and performance of its obligations hereunder.
9.10 Initial Senior-Priority Collateral Agent and Initial Junior-Priority Collateral Agent. It is understood and agreed that (a) the Initial Senior-Priority Collateral Agent is entering into this Agreement in its capacity as (i) Collateral Agent (as defined in the Senior-Priority Non-ABL Loan Agreement) under the Senior-Priority Non-ABL Loan Agreement and the provisions of Article VIII applicable to the Agents (as defined therein) thereunder shall also apply to the Initial Senior-Priority Collateral Agent hereunder, (ii) Collateral Agent (as defined in the 2021 Secured Notes Indenture) under the 2021 Secured Notes Indenture and the provisions of Article XII applicable to the Collateral Agent thereunder shall also apply to the Initial Senior-Priority Collateral Agent hereunder (including, for the avoidance of doubt, Section 12.1 thereof) and (iii) Collateral Agent (as defined in the 2023 Secured Notes Indenture) under the 2023 Secured Notes Indenture and the provisions of Article XII applicable to the Collateral Agent thereunder shall also apply to the Initial Senior-Priority Collateral Agent hereunder (including, for the avoidance of doubt, Section 12.1 thereof) and (b) the Initial Junior-Priority Collateral Agent is entering into this Agreement in its capacity as Junior-Priority Collateral Agent (as defined in the Junior-Priority Secured Notes Indenture) under the Junior-Priority Secured Notes Indenture and the provisions of [●] applicable to the Junior-Priority Collateral Agent thereunder shall also apply to the Initial Junior-Priority Collateral Agent hereunder (including, for the avoidance of doubt, [●] thereof).
9.11 Application of Proceeds. Any Collateral or proceeds thereof or payment with respect thereto received by the Designated Senior-Priority Collateral Agent in accordance with this Agreement shall be applied by such Agent for the benefit of the Senior-Priority Secured Parties in accordance with the Senior-Priority Equal Priority Intercreditor Agreement, if applicable, and/or the other Senior-Priority Documents and subject, in the case of ABL Priority Collateral, to the ABL Intercreditor Agreement. Any Collateral or proceeds thereof or payment with respect thereto received by the Designated Junior-Priority Collateral Agent in accordance with this Agreement shall be applied by such Agent for the benefit of the Junior-Priority Secured Parties in accordance with the Junior-Priority Equal Priority Intercreditor Agreement, if applicable, and/or the other Junior-Priority Documents and subject, in the case of ABL Priority Collateral, to the ABL Intercreditor Agreement.
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9.12 Additional Grantors. The Borrower will promptly cause each Person that becomes a Grantor to execute and deliver to each Agent party hereto an acknowledgment to this Agreement substantially in the form of Exhibit A, whereupon such Person will be bound by the terms hereof to the same extent as if it had executed and delivered this Agreement as of the date hereof. Each of the Senior-Priority Secured Parties, the Junior-Priority Secured Parties and the Grantors party hereto further agree that, notwithstanding any failure to take the actions required by the immediately preceding sentence, each Person that becomes a Grantor at any time (and any security granted by any such Person) shall be subject to the provisions hereof as fully as if the same constituted a Grantor party hereto and had complied with the requirements of the immediately preceding sentence. [Remainder of this page intentionally left blank]
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
CREDIT SUISSE AG, as Initial Senior-Priority Collateral Agent, |
By |
| |
Name: |
||
Title: |
CHS/Community Health Systems, Inc.
Intercreditor Agreement
Signature Page
[●], as Initial Junior-Priority Collateral Agent, |
By |
| |
Name: |
||
Title: |
CHS/Community Health Systems, Inc.
Intercreditor Agreement
Signature Page
CHS/COMMUNITY HEALTH SYSTEMS, INC. |
By |
| |
Name: |
||
Title: |
CHS/Community Health Systems, Inc.
Intercreditor Agreement
Signature Page
COMMUNITY HEALTH SYSTEMS, INC. | ||
By |
| |
Name: |
||
Title: |
CHS/Community Health Systems, Inc.
Intercreditor Agreement
Signature Page
[●]1 | ||
By |
| |
Name: |
||
Title: |
1 | CHS to provide guarantors signing Intercreditor Agreement. |
CHS/Community Health Systems, Inc.
Intercreditor Agreement
Signature Page
Exhibit A
[FORM OF]
SENIOR-JUNIOR LIEN INTERCREDITOR AGREEMENT JOINDER
Reference is made to the Senior-Junior Lien Intercreditor Agreement dated as of [●], 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the Intercreditor Agreement), among Credit Suisse AG, as Initial Senior-Priority Collateral Agent, [●], as Initial Junior-Priority Collateral Agent, CHS/Community Health Systems, Inc., a Delaware corporation, Community Health Systems, Inc., a Delaware corporation, each subsidiary of the Borrower from time to time party thereto and each Additional Agent from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Intercreditor Agreement.
This Senior-Junior Lien Intercreditor Agreement Joinder, dated as of [●], 20[●] (this Joinder), is being delivered pursuant to requirements of the Intercreditor Agreement.
1. Joinder. The undersigned, [●], as [a Grantor][an Additional Agent, on behalf of itself and the applicable [Senior-Priority][Junior-Priority] Secured Parties], hereby becomes a party to the Intercreditor Agreement as a [Grantor][Senior-Priority Collateral Agent][Junior-Priority Collateral Agent] thereunder for all purposes thereof on the terms set forth therein, and to be bound by the terms, conditions and provisions of the Intercreditor Agreement as fully as if the undersigned had executed and delivered the Intercreditor Agreement as of the date thereof.
2. Agreements. The undersigned [Grantor][Senior-Priority Secured Party][Junior-Priority Secured Party] hereby agrees, for the enforceable benefit of all existing and future Senior-Priority Secured Parties and Junior-Priority Secured Parties that the undersigned is [(and the [Senior-Priority][Junior-Priority] Secured Parties represented by it are)] bound by the terms, conditions and provisions of the Intercreditor Agreement to the extent set forth therein.
3. Notice Information. The address of the undersigned [Grantor][Senior-Priority Secured Party][Junior-Priority Secured Party] for purposes of all notices and other communications hereunder and under the Intercreditor Agreement is [●], Attention of [●] (Facsimile No. [●][, electronic mail address: [●]]).
4. Counterparts. This Joinder may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute one contract. Delivery of an executed signature page to this Joinder by facsimile transmission or by email as a .pdf or .tif attachment shall be as effective as delivery of a manually signed counterpart of this Joinder.
5. Governing Law. THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
A-1
6. Loan Document. This Joinder shall constitute a Loan Document, under and as defined in the Senior-Priority Non-ABL Loan Agreement.
7. Miscellaneous. The provisions of Section 8 of the Intercreditor Agreement will apply with like effect to this Joinder.
[Signature Pages Follow]
A-2
IN WITNESS WHEREOF, the undersigned has caused this Joinder to be duly executed by its authorized representative, and each Agent has caused the same to be accepted by its authorized representative, as of the day and year first above written.
[NAME OF [ADDITIONAL SECURED PARTY][GRANTOR]], as [ ] |
By: |
| |
Name: |
||
Title: |
A-3
[Acknowledged and Agreed to by:
CREDIT SUISSE AG, as Senior-Priority Collateral Agent | ||
By: |
| |
Name: | ||
Title: | ||
Address: [ ] | ||
Facsimile: [ ] |
]1
1 | Include if this Joinder is delivered pursuant to Section 8.3(b). |
A-4
[Acknowledged and Agreed to by:
[●],as Junior-Priority Collateral Agent | ||
By: |
| |
Name: | ||
Title: |
Address: [●]
Facsimile: [●]
]2
2 | Include if this Joinder is delivered pursuant to Section 8.3(a). |
A-5
Schedule 1.01(b)
Subsidiary Guarantors
1. | Abilene Hospital, LLC | |
2. | Abilene Merger, LLC | |
3. | Affinity Health Systems, LLC | |
4. | Affinity Hospital, LLC | |
5. | Berwick Hospital Company, LLC | |
6. | Biloxi H.M.A., LLC | |
7. | Birmingham Holdings II, LLC | |
8. | Birmingham Holdings, LLC | |
9. | Bluefield Holdings, LLC | |
10. | Bluefield Hospital Company, LLC | |
11. | Bluffton Health System LLC | |
12. | Brandon HMA, LLC | |
13. | Brownwood Hospital, L.P. | |
14. | Brownwood Medical Center, LLC | |
15. | Bullhead City Hospital Corporation | |
16. | Bullhead City Hospital Investment Corporation | |
17. | Campbell County HMA, LLC | |
18. | Carlsbad Medical Center, LLC | |
19. | Carolinas Holdings, LLC | |
20. | Carolinas JV Holdings General, LLC | |
21. | Carolinas JV Holdings, L.P. | |
22. | Central Florida HMA Holdings, LLC | |
23. | Central States HMA Holdings, LLC | |
24. | Chester HMA, LLC | |
25. | Chestnut Hill Health System, LLC | |
26. | CHHS Holdings, LLC | |
27. | CHHS Hospital Company, LLC | |
28. | CHS Pennsylvania Holdings, LLC | |
29. | CHS Tennessee Holdings, LLC | |
30. | CHS Virginia Holdings, LLC | |
31. | Citrus HMA, LLC | |
32. | Clarksville Holdings II, LLC | |
33. | Clarksville Holdings, LLC | |
34. | Cleveland Hospital Company, LLC | |
35. | Cleveland Tennessee Hospital Company, LLC | |
36. | Clinton HMA, LLC | |
37. | Coatesville Hospital Corporation | |
38. | Cocke County HMA, LLC | |
39. | College Station Hospital, L.P. | |
40. | College Station Medical Center, LLC | |
41. | College Station Merger, LLC | |
42. | Community Health Investment Company, LLC | |
43. | CP Hospital GP, LLC |
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44. | CPLP, LLC | |
45. | Crestwood Healthcare, L.P. | |
46. | Crestwood Hospital LP, LLC | |
47. | Crestwood Hospital, LLC | |
48. | CSMC, LLC | |
49. | Deaconess Holdings, LLC | |
50. | Deaconess Hospital Holdings, LLC | |
51. | Desert Hospital Holdings, LLC | |
52. | Detar Hospital, LLC | |
53. | DHFW Holdings, LLC | |
54. | Dukes Health System, LLC | |
55. | Dyersburg Hospital Company, LLC | |
56. | Emporia Hospital Corporation | |
57. | Florida HMA Holdings, LLC | |
58. | Foley Hospital Corporation | |
59. | Fort Smith HMA, LLC | |
60. | Frankfort Health Partner, Inc. | |
61. | Franklin Hospital Corporation | |
62. | Gadsden Regional Medical Center, LLC | |
63. | Gaffney H.M.A., LLC | |
64. | Granbury Hospital Corporation | |
65. | GRMC Holdings, LLC | |
66. | Hallmark Healthcare Company, LLC | |
67. | Health Management Associates, LLC | |
68. | Health Management Associates, LP | |
69. | Health Management General Partner I, LLC | |
70. | Health Management General Partner, LLC | |
71. | HMA Fentress County General Hospital, LLC | |
72. | HMA Hospitals Holdings, LP | |
73. | HMA Santa Rosa Medical Center, LLC | |
74. | HMA Services GP, LLC | |
75. | HMA-TRI Holdings, LLC | |
76. | Hobbs Medco, LLC | |
77. | Hospital Management Associates, LLC | |
78. | Hospital Management Services of Florida, LP | |
79. | Hospital of Morristown, LLC | |
80. | Jackson HMA, LLC | |
81. | Jackson Hospital Corporation | |
82. | Jefferson County HMA, LLC | |
83. | Kay County Hospital Corporation | |
84. | Kay County Oklahoma Hospital Company, LLC | |
85. | Kennett HMA, LLC | |
86. | Key West HMA, LLC | |
87. | Kirksville Hospital Company, LLC | |
88. | Knoxville HMA Holdings, LLC | |
89. | Lakeway Hospital Company, LLC |
2
90. | Lancaster Hospital Corporation | |
91. | Laredo Texas Hospital Company, L.P. | |
92. | Las Cruces Medical Center, LLC | |
93. | Lea Regional Hospital, LLC | |
94. | Lebanon HMA, LLC | |
95. | Longview Clinic Operations Company, LLC | |
96. | Longview Medical Center, L.P. | |
97. | Longview Merger, LLC | |
98. | LRH, LLC | |
99. | Lutheran Health Network of Indiana, LLC | |
100. | Madison HMA, LLC | |
101. | Marshall County HMA, LLC | |
102. | Martin Hospital Company, LLC | |
103. | Mary Black Health System LLC | |
104. | MCSA, L.L.C. | |
105. | Medical Center of Brownwood, LLC | |
106. | Metro Knoxville HMA, LLC | |
107. | Mississippi HMA Holdings I, LLC | |
108. | Mississippi HMA Holdings II, LLC | |
109. | Moberly Hospital Company, LLC | |
110. | Naples HMA, LLC | |
111. | Natchez Hospital Company, LLC | |
112. | National Healthcare of Leesville, Inc. | |
113. | Navarro Hospital, L.P. | |
114. | Navarro Regional, LLC | |
115. | NC-DSH, LLC | |
116. | Northwest Arkansas Hospitals, LLC | |
117. | Northwest Hospital, LLC | |
118. | NOV Holdings, LLC | |
119. | NRH, LLC | |
120. | Oak Hill Hospital Corporation | |
121. | Oro Valley Hospital, LLC | |
122. | Palmer-Wasilla Health System, LLC | |
123. | Pasco Regional Medical Center, LLC | |
124. | Pennsylvania Hospital Company, LLC | |
125. | Phoenixville Hospital Company, LLC | |
126. | Poplar Bluff Regional Medical Center, LLC | |
127. | Port Charlotte HMA, LLC | |
128. | Pottstown Hospital Company, LLC | |
129. | Punta Gorda HMA, LLC | |
130. | QHG Georgia Holdings II, LLC | |
131. | QHG Georgia Holdings, Inc. | |
132. | QHG Georgia, LP | |
133. | QHG of Bluffton Company, LLC | |
134. | QHG of Clinton County, Inc. | |
135. | QHG of Enterprise, Inc. |
3
136. | QHG of Forrest County, Inc. | |
137. | QHG of Fort Wayne Company, LLC | |
138. | QHG of Hattiesburg, Inc. | |
139. | QHG of South Carolina, Inc. | |
140. | QHG of Spartanburg, Inc. | |
141. | QHG of Springdale, Inc. | |
142. | Regional Hospital of Longview, LLC | |
143. | River Oaks Hospital, LLC | |
144. | River Region Medical Corporation | |
145. | ROH, LLC | |
146. | Roswell Hospital Corporation | |
147. | Ruston Hospital Corporation | |
148. | Ruston Louisiana Hospital Company, LLC | |
149. | SACMC, LLC | |
150. | Salem Hospital Corporation | |
151. | San Angelo Community Medical Center, LLC | |
152. | San Angelo Medical, LLC | |
153. | Scranton Holdings, LLC | |
154. | Scranton Hospital Company, LLC | |
155. | Scranton Quincy Holdings, LLC | |
156. | Scranton Quincy Hospital Company, LLC | |
157. | Seminole HMA, LLC | |
158. | Shelbyville Hospital Company, LLC | |
159. | Siloam Springs Arkansas Hospital Company, LLC | |
160. | Siloam Springs Holdings, LLC | |
161. | Southeast HMA Holdings, LLC | |
162. | Southern Texas Medical Center, LLC | |
163. | Southwest Florida HMA Holdings, LLC | |
164. | Statesville HMA, LLC | |
165. | Tennessee HMA Holdings, LP | |
166. | Tennyson Holdings, LLC | |
167. | Tomball Texas Holdings, LLC | |
168. | Tomball Texas Hospital Company, LLC | |
169. | Triad Healthcare, LLC | |
170. | Triad Holdings III, LLC | |
171. | Triad Holdings IV, LLC | |
172. | Triad Holdings V, LLC | |
173. | Triad Nevada Holdings, LLC | |
174. | Triad of Alabama, LLC | |
175. | Triad-ARMC, LLC | |
176. | Triad-El Dorado, Inc. | |
177. | Triad-Navarro Regional Hospital Subsidiary, LLC | |
178. | Tullahoma HMA, LLC | |
179. | Tunkhannock Hospital Company, LLC | |
180. | Van Buren H.M.A., LLC | |
181. | Venice HMA, LLC |
4
182. | VHC Medical, LLC | |
183. | Vicksburg Healthcare, LLC | |
184. | Victoria Hospital, LLC | |
185. | Victoria of Texas, L.P. | |
186. | Virginia Hospital Company, LLC | |
187. | Weatherford Hospital Corporation | |
188. | Weatherford Texas Hospital Company, LLC | |
189. | Webb Hospital Corporation | |
190. | Webb Hospital Holdings, LLC | |
191. | Wesley Health System LLC | |
192. | WHMC, LLC | |
193. | Wilkes-Barre Behavioral Hospital Company, LLC | |
194. | Wilkes-Barre Holdings, LLC | |
195. | Wilkes-Barre Hospital Company, LLC | |
196. | Woodland Heights Medical Center, LLC | |
197. | Woodward Health System, LLC |
5
Schedule 1.01(c)
Mortgaged Property
Property Name/Address |
Record Owner |
Filing Office | ||||
1. |
Flowers Hospital 4370 West Main Street Dothan, AL 36305 |
Triad of Alabama, LLC | Houston County, AL | |||
2. |
Gadsden Regional Medical Center 1007 Goodyear Avenue Gadsden, AL 35903 |
Gadsden Regional Medical Center, LLC | Etowah County, AL | |||
3. |
Medical Center Enterprise 400 North Edwards St. Enterprise, AL 36330 |
QHG of Enterprise, Inc. | Coffee County, AL | |||
4. |
Northwest Medical Center 6200 N. LaCholla Blvd. Tucson, AZ 85741 |
Northwest Hospital, LLC | Pima County, AZ | |||
5. |
Oro Valley Hospital 1551 E. Tangerine Road Oro Valley, AZ 85755 |
Oro Valley Hospital, LLC | Pima County, AZ | |||
6. |
Bluffton Regional Medical Center 303 South Main Street Bluffton, IN 46714 |
Bluffton Health System LLC | Wells County, IN | |||
7. |
Dukes Memorial Hospital 275 W. 12th Street Peru, IN 46970 |
Dukes Health System, LLC | Miami County, IN | |||
8. |
Merit Health River Region 2100 Highway 61 North/1111 N. Frontage Road Vicksburg, MS 39183 |
Vicksburg Healthcare, LLC | Warren County, MS | |||
9. |
Merit Health Wesley [(f/k/a Wesley Medical Center)] 5001 Hardy Street Hattiesburg, MS 39402 |
Wesley Health System LLC | Lamar and Forrest Counties, MS | |||
10. |
Moberly Regional Medical Center 1515 Union Avenue Moberly, MO 65270 |
Moberly Hospital Company, LLC | Shelby and Randolph counties, MO | |||
11. |
Memorial Hospital of Salem County 310 Woodstown Road Salem, NJ 08079 |
Salem Hospital Corporation | Salem & Gloucester Counties, NJ | |||
12. |
Carlsbad Medical Center 2430 West Pierce St Carlsbad, NM 88220 |
Carlsbad Medical Center, LLC | Eddy County, NM | |||
13. |
Eastern New Mexico Medical Center 405 West Country Club Road Roswell, NM 88201 |
Roswell Hospital Corporation | Chaves County, NM | |||
14. |
Lea Regional Medical Center 5419 N. Lovington Highway Hobbs, NM 88240 |
Lea Regional Hospital, LLC | Lea County, NM |
6
Property Name/Address |
Record Owner |
Filing Office | ||||
15. |
Mountain View Regional Medical Center 4311 East Lohman Avenue Las Cruces, NM 88011 |
Las Cruces Medical Center, LLC | Dona Ana County, NM | |||
16. |
AllianceHealth Ponca City 1900 North 14th Street Ponca City, OK 74601 |
Kay County Oklahoma Hospital Company, LLC | Kay County, OK | |||
17. |
Berwick Hospital Center 701 East 16th Street Berwick, PA 18603 |
Berwick Hospital Company, LLC | Columbia & Luzerne Counties, PA | |||
18. |
Moses Taylor Hospital 700 Quincy Avenue Scranton, PA 18510 |
Scranton Quincy Hospital Company, LLC | Lackawanna County, PA | |||
19. |
Regional Hospital of Scranton 746 Jefferson Ave Scranton, PA 18510 |
Scranton Hospital Company, LLC | Lackawanna County, PA | |||
20. |
Tyler Memorial Hospital 5950 SR6 Tunkhannock, PA 18657 |
Tunkhannock Hospital Company, LLC | Wyoming County, PA | |||
21. |
Wilkes-Barre General Hospital 575 North River Street Wilkes-Barre, PA 18702
Thomas P. Saxton Medical Pavilion 468 Northampton Street Edwardsville, PA 18704
Wyoming Valley Imaging Center 345 N. Pennsylvania Avenue Wilkes-Barre, PA 18702 |
Wilkes-Barre Hospital Company, LLC | Luzerne County, PA | |||
22. |
First Hospital 562 and 534 Wyoming Avenue Kingston, PA 18704
Community Counseling Services 110-130 S. Pennsylvania Avenue (a/k/a 101 E. Northampton) Wilkes-Barre, PA 18701 92 S. Franklin Street Wilkes-Barre, PA 18701 320 S. Franklin Street Wilkes-Barre, PA 18702 3504 Bear Creek Bear Creek, PA 18602
First Hospital Patient Resident House 76 South Dawes Avenue Kingston, PA 18704 |
Wilkes-Barre Behavioral Hospital Company, LLC | Luzerne County, PA |
7
Property Name/Address |
Record Owner |
Filing Office | ||||
23. |
Carolinas Hospital System 805 Pamplico Highway Florence, SC 29505 |
QHG of South Carolina, Inc. | Florence County, SC | |||
24. |
Carolinas Hospital System Marion (f/k/a Marion Regional Hospital) 2829 E. Highway 76 Mullins, SC 29574 |
QHG of South Carolina, Inc. | Marion County, SC | |||
25. |
Mullins Nursing Center 518 S. Main Street Mullins, SC 295741 |
QHG of South Carolina, Inc. | Marion County, SC | |||
26. |
Springs Memorial Hospital 800 W. Meeting Street Lancaster, SC 29720 |
Lancaster Hospital Corporation | Lancaster County, SC | |||
27. |
Tennova Dyersburg Regional (f/k/a Dyersburg Regional Medical Center) 400 E. Tickle Street Dyersburg, TN 38024 |
Dyersburg Hospital Company, LLC | Dyer and Lauderdale Counties, TN | |||
28. |
Tennova Lakeway Regional Hospital (f/k/a Lakeway Regional Hospital) 726 McFarland Street Morristown, TN 37814 |
Hospital of Morristown, LLC | Hamblen County, TN | |||
29. |
Tennova Healthcare-Cleveland 2305 Chambliss Avenue NW Cleveland, TN 37311 |
Cleveland Tennessee Hospital Company, LLC | Bradley County, TN | |||
30. |
Tennova- Volunteer Martin 161 Mt. Pelia Road Martin, TN 38237 |
Martin Hospital Company, LLC | Weakley County, TN | |||
31. |
College Station Medical Center 1604 Rock Prairie Road College Station, TX 77845 |
College Station Hospital, L.P. | Brazos County, TX | |||
32. |
DeTar Healthcare System 506 E. San Antonio Street Victoria, TX 77901 |
Victoria of Texas, L.P. | Victoria County, TX | |||
33. |
DeTar Healthcare System 101 Medical Drive Victoria, TX 77904 |
Victoria of Texas, L.P. | Victoria County, TX | |||
34. |
Southern Virginia Regional Medical Center 727 North Main Street Emporia, VA 23847 |
Emporia Hospital Corporation | Greensville County, VA | |||
35. |
Southampton Memorial Hospital 100 Fairview Drive Franklin, VA 23851 |
Franklin Hospital Corporation | Southampton County, VA |
1 | This property was mortgaged as part of the mortgage on Marion Regional Hospital and is not required to be mortgaged pursuant to the Third Restated Credit Agreement. |
8
Property Name/Address |
Record Owner |
Filing Office | ||||
36. |
Bluefield Regional Medical Center 500 Cherry Street (821 Bluefield Avenue) Bluefield, WV 24701 |
Bluefield Hospital Company, LLC | Mercer County, WV | |||
37. |
Trinity Medical Center 800 Montclair Road Birmingham, AL 35213 (Jefferson) (No longer an operating hospital)
and
Grandview Medical Center 3690 Grandview Parkway Birmingham, AL 35243 |
Affinity Hospital, LLC | Jefferson County, AL | |||
38. |
Medical Center of South Arkansas 700 W. Grove Street El Dorado, AR 71730 |
MCSA, L.L.C. | Union County, AR | |||
39. |
Western Arizona Regional Medical Center 2735 Silver Creek Road Bullhead City, AZ 86442 |
Bullhead City Hospital Corporation |
Mohave County, AZ | |||
40. |
Longview Regional Medical Center 2901 N. Fourth Street Longview, TX 75605 |
Longview Medical Center, L.P. | Gregg County, AR | |||
41. |
Northwest Medical Center Springdale 609 W. Maple Ave Springdale, AR 72764 |
Northwest Arkansas Hospitals, LLC & QHG of Springdale, Inc. | Washington County, AR | |||
42. |
Willow Creek Womens Hospital 4301 Greathouse Springs Rd. Johnson, AR 72741 |
Northwest Arkansas Hospitals, LLC | Washington County, AR | |||
43. |
Northwest Medical Center Bentonville 3000 Medical Center Pkwy. Bentonville, AR 72712 |
QHG of Springdale, Inc. | Benton County, AR | |||
44. |
Tennova- Newport Medical Center 435 Second Street Newport, TN 37821 |
Cocke County HMA, LLC | Cocke County, TN | |||
45. |
Seven Rivers Regional Medical Center 6201 N. Suncoast Blvd. Crystal River, FL 34428 |
Citrus HMA, LLC | Citrus County, FL |
9
Property Name/Address |
Record Owner |
Filing Office | ||||
46. |
Sparks Health System 1001 Towson Avenue Fort Smith, AR 72901 |
Fort Smith HMA, LLC | Sebastian County, AR | |||
47. |
Merit Health Madison 161 River Oaks Drive Canton, MS 39046 |
Madison HMA, LLC | Madison County, MS | |||
48. |
Tennova-Physicians Regional Medical Center 900 East Oak Hill Ave. Knoxville, TN 37917 |
Metro Knoxville HMA, LLC | Knox County, TN | |||
49. |
Tennova- Turkey Creek Medical Center 10820 Parkside Drive Knoxville, TN 37934 |
Metro Knoxville HMA, LLC | Knox County, TN | |||
50. |
Tennova- North Knoxville Medical Center 7565 Dannaher Drive Knoxville, TN 37849 |
Metro Knoxville HMA, LLC | Knox County, TN | |||
51. |
Physicians Regional Medical Center (Pine Ridge) 6101 Pine Ridge Road Naples, FL 34119 |
Naples HMA, LLC | Collier County, FL | |||
52. |
Physicians Regional Medical Center (Collier Blvd. and MOB) 8300 Collier Blvd.2 Naples, FL 34114 |
Naples HMA, LLC | Collier County, FL | |||
53. |
Poplar Bluff Regional Medical Center 3100 Oak Grove Road Poplar Bluff, MO 63901 |
Poplar Bluff Regional Medical Center, LLC | Butler County, MO | |||
54. |
Bayfront Health Port Charlotte 2500 Harbor Boulevard Port Charlotte, FL 339523 |
Port Charlotte HMA, LLC | Charlotte County, FL | |||
55. |
Bayfront Health Punta Gorda 809 E. Marion Avenue Punta Gorda, FL 33950 |
Punta Gorda HMA, LLC | Charlotte County, FL | |||
56. |
Riverside Behavioral Center 733 E. Olympia Ave. Punta Gorda, FL 33950 |
Punta Gorda HMA, LLC | Charlotte County, FL | |||
57. |
Merit Health River Oaks 1030 River Oaks Drive Flowood, MS 39232 |
River Oaks Hospital, LLC | Rankin County, MS |
2 | Including the property at 8320 Collier Boulevard. |
3 | Site also includes the following building numbers: 2370, 2380, and 2450. |
10
Property Name/Address |
Record Owner |
Filing Office | ||||
58. |
Merit Health Womans Hospital 1026 N. Flowood Drive4 Flowood, MS 39232 |
ROH, LLC | Rankin County, MS | |||
59. |
Davis Regional Medical Center 218 Old Mocksville Road Statesville, NC 28625 |
Statesville HMA, LLC | Iredell County, NC | |||
60. |
Venice Regional Medical Center 540 The Rialto Venice, FL 34285 |
Venice HMA, LLC | Sarasota County, FL | |||
61. |
Merit Health Natchez 54 Seargent S Prentiss Drive Natchez, MS 39120 |
Natchez Hospital Company, LLC | Adams County, MS | |||
62. |
Crestwood Medical Center One Hospital Drive SW Huntsville, AL 35801-6455 |
Crestwood Healthcare, L.P. | Madison County, AL | |||
63. |
Bayfront Health Dade City 13100 Fort King Road Dade City, FL 33525 |
Pasco Regional Medical Center, LLC | Pasco County, FL | |||
64. |
Mary Black Health System- Gaffney 1530 N. Limestone St. Gaffney, SC 29340 |
Gaffney H.M.A., LLC | Cherokee County, SC | |||
65. |
Mary Black Health System 1700 Skylyn Drive Spartanburg, SC 29307 |
Mary Black Health System, LLC | Spartanburg County, SC | |||
66. |
Tennova Healthcare-Lebanon 1411 W. Baddour Parkway Lebanon, TN 37087 |
Lebanon HMA, LLC | Wilson County, TN | |||
67. |
Laredo Medical Center 1700 East Saunders Street Laredo, TX 78041 |
Laredo Texas Hospital Company, L.P. | Webb County, TX |
4 | Mortgage includes the following address: 1030 N. Flowood Drive, Flowood, MS 39232. |
11
Schedule 1.01(d)
Hospitals
State |
Hospital Name |
City |
Hospital Address | |||
Alabama | South Baldwin Regional Medical Center | Foley | South Baldwin Regional Medical Center 1613 North McKenzie Street Foley, AL 36535 (Baldwin) Foley Hospital Corporation
| |||
Grandview Medical Center | Birmingham | Grandview Medical Center 3690 Grandview Parkway Birmingham, AL 35243 (Jefferson) Affinity Hospital, LLC
| ||||
Flowers Hospital | Dothan | Flowers Hospital 4370 West Main Street Dothan, AL 36305 (Houston) Triad of Alabama, LLC
| ||||
Medical Center Enterprise | Enterprise | Medical Center Enterprise 400 North Edwards Street Enterprise, AL 36330 (Coffee) QHG of Enterprise, Inc.
| ||||
Gadsden Regional Medical Center | Gadsden | Gadsden Regional Medical Center 1007 Goodyear Avenue Gadsden, AL 35903 (Etowah) Gadsden Regional Medical Center, LLC
| ||||
Crestwood Medical Center | Huntsville | Crestwood Medical Center One Hospital Drive SW Huntsville, AL 35801 (Madison) Crestwood Healthcare, L.P.
| ||||
Alaska | Mat-Su Regional Medical Center | Palmer | Mat-Su Regional Medical Center 2500 S. Woodworth Loop (P.O. Box 1687) Palmer, AK 99645 (Matanuska-Susitna Borough) Mat-Su Valley Medical Center, LLC
| |||
Arizona | Western Arizona Regional Medical Center | Bullhead City | Western Arizona Regional Medical Center 2735 Silver Creek Road Bullhead City, AZ 86442 (Mohave) Bullhead City Hospital Corporation
|
12
State |
Hospital Name |
City |
Hospital Address | |||
Northwest Medical Center | Tucson | Northwest Medical Center 6200 N. LaCholla Blvd. Tucson, AZ 85741 (Pima) Northwest Hospital, LLC | ||||
Oro Valley Hospital | Oro Valley | Oro Valley Hospital 1551 E. Tangerine Road Oro Valley, AZ 85755 Oro Valley Hospital, LLC | ||||
Arkansas | Northwest Medical Center - Bentonville | Bentonville | Northwest Medical Center - Bentonville 3000 Medical Center Pkwy. Bentonville, AR 72712 (Benton) Northwest Arkansas Hospitals, LLC
| |||
Northwest Medical Center - Springdale | Springdale | Northwest Medical Center - Springdale 609 W. Maple Springdale, AR 72764 (Washington and Benton) Northwest Arkansas Hospitals, LLC
| ||||
Willow Creek Womens Hospital | Johnson | Willow Creek Womens Hospital 4301 Greathouse Springs Rd. (P.O. Box 544) Johnson, AR 72741 (Washington) Northwest Arkansas Hospitals, LLC
| ||||
Northwest Health Physicians Specialty Hospital | Fayetteville | Northwest Health Physicians Specialty Hospital 3873 N. Parkview Drive Fayetteville, AR 72703 Fayetteville Arkansas Hospital Company, LLC
| ||||
Siloam Springs Regional Hospital | Siloam Springs | Siloam Springs Regional Hospital 603 North Progress Avenue Siloam Springs, AR 72761 Siloam Springs Arkansas Hospital Company, LLC
| ||||
Medical Center of South Arkansas | El Dorado | Medical Center of South Arkansas 700 W. Grove Street El Dorado, AR 71730 (Union) MCSA, LLC
|
13
State |
Hospital Name |
City |
Hospital Address | |||
Sparks Regional Medical Center | Fort Smith | Sparks Health System PO Box 2406 (1001 Towson Ave.) Fort Smith, AR 72902 (Sebastian) Fort Smith HMA, LLC | ||||
Sparks Medical Center - Van Buren | Van Buren | Sparks Medical Center Van Buren E. Main & South 20th Street Van Buren, AR 72956 Van Buren H.M.A., LLC | ||||
Florida | Lake Wales Medical Center | Lake Wales | Lake Wales Medical Center 410 South 11th Street Lake Wales, FL 33853 (Polk) Lake Wales Hospital Corporation
| |||
North Okaloosa Medical Center | Crestview | North Okaloosa Medical Center 151 Redstone Avenue, S.E. Crestview, FL 32539-6026 (Okaloosa) Crestview Hospital Corporation
| ||||
Bayfront Health Brooksville | Brooksville | Brooksville Regional Hospital 17240 Cortez Blvd. Brooksville, FL 34601 (Hernando) Hernando HMA, LLC
| ||||
Bayfront Health Dade City | Dade City | Bayfront Health Dade City 13100 Fort King Road Dade City, FL 33525 Pasco Regional Medical Center, LLC
| ||||
Bayfront Health Port Charlotte | Port Charlotte | Bayfront Health Port Charlotte 2500 Harbor Boulevard Port Charlotte, FL 33952 Port Charlotte HMA, LLC
| ||||
Bayfront Health Punta Gorda | Punta Gorda | Bayfront Health Punta Gorda 809 East Marion Avenue Punta Gorda, FL 33950 Punta Gorda HMA, LLC
| ||||
Bayfront Health St. Petersburg | St. Petersburg | Bayfront Medical Center 701 6th Street South St. Petersburg, FL 33701 (Pinellas) Bayfront HMA Medical Center, LLC
| ||||
Bayfront Health Spring Hill | Spring Hill | Bayfront Health Spring Hill 10461 Quality Drive Spring Hill, FL 34609 Hernando HMA, LLC |
14
State |
Hospital Name |
City |
Hospital Address | |||
Heart of Florida Regional Medical Center | Davenport | Heart of Florida Regional Medical Center 40100 US Highway 27 Davenport, FL 33837-5906 (Polk) Haines City HMA, LLC | ||||
Lower Keys Medical Center | Key West | Lower Keys Medical Center 5900 College Rd. Key West, FL 33040 (Monroe) Key West HMA, LLC | ||||
Physicians Regional Healthcare System - Collier | Naples | Physicians Regional Medical Center 8300 Collier Blvd. Naples, FL 34114 (Collier) Naples HMA, LLC | ||||
Physicians Regional Healthcare System - Pine Ridge | Naples | Physicians Regional Medical Center 6101 Pine Ridge Rd. Naples, FL 34119 (Collier) Naples HMA, LLC | ||||
Santa Rosa Medical Center | Milton | Santa Rosa Medical Center 6002 Berryhill Rd. Milton, FL 32570 (Santa Rosa) HMA Santa Rosa Medical Center, LLC | ||||
Seven Rivers Regional Medical Center | Crystal River | Seven Rivers Regional Medical Center 6201 N. Suncoast Blvd. Crystal River, FL 34428-671 (Citrus) Citrus HMA, LLC | ||||
Shands Lake Shore Regional Medical Center | Lake City | Shands Lake Shore Regional Medical Center 368NE Franklin St. Lake City, FL 32055-3088 (Columbia) Lake Shore HMA, LLC | ||||
Shands Live Oak Regional Medical Center | Live Oak | Shands Live Oak Regional Medical Center 1100 11th Street SW Live Oak, FL 32060 (Suwannee) Live Oak HMA, LLC |
15
State |
Hospital Name |
City |
Hospital Address | |||
Shands Starke Regional Medical Center | Starke | Shands Starke Regional Medical Center 922 E. Call Street Starke, FL 32091 (Bradford) Starke HMA, LLC | ||||
St. Cloud Regional Medical Center | St. Cloud | St. Cloud Regional Medical Center 2906 17th Street St. Cloud, FL 34769 (Osceola) OsceolaSC, LLC | ||||
Venice Regional Bayfront Health | Venice | Venice Regional Medical Center 540 The Rialto Venice, FL 34285 (Sarasota) Venice HMA, LLC | ||||
Munroe Regional Medical Center | Ocala | Munroe Regional Medical Center 1500 SW 1st Avenue Ocala, FL 34471 Munroe HMA Hospital, LLC | ||||
Georgia | East Georgia Regional Medical Center | Statesboro | East Georgia Regional Medical Center 1499 Fair Road Statesboro, GA 30458 (Bulloch) East Georgia Regional Medical Center, LLC | |||
Indiana | Porter Hospital | Valparaiso | Porter Hospital 814 LaPorte Avenue Valparaiso, IN 46383 (Porter) Porter Hospital, LLC
| |||
Bluffton Regional Medical Center | Bluffton | Bluffton Regional Medical Center 303 S. Main Street Bluffton, IN 46714 (Wells) Bluffton Health System LLC
| ||||
Dupont Hospital | Fort Wayne | Dupont Hospital 2520 E. Dupont Road Fort Wayne, IN 46825 (Allen) Dupont Hospital, LLC
| ||||
Lutheran Hospital | Fort Wayne | Lutheran Hospital 7950 W. Jefferson Blvd. Fort Wayne, IN 46804 (Allen) IOM Health System, LP |
16
State |
Hospital Name |
City |
Hospital Address | |||
Lutheran Musculoskeletal Center | Fort Wayne | The Orthopedic Hospital of Lutheran Health Network 700 Broadway Fort Wayne, IN 46802 (Allen) Lutheran Musculoskeletal Center, LLC | ||||
Lutheran Rehabilitation Hospital (rehabilitation) | Fort Wayne | Lutheran Rehabilitation Hospital 7970 W. Jefferson Boulevard Fort Wayne, IN 46804 Rehab Hospital of Fort Wayne General Partnership | ||||
St. Josephs Hospital | Fort Wayne | St. Joseph Hospital 700 Broadway Fort Wayne, IN 46802 (Allen) St. Joseph Health System, LLC | ||||
Dukes Memorial Hospital | Peru | Dukes Memorial Hospital 275 West 12th Street Peru, IN 46970-1698 (Miami) Dukes Health System, LLC | ||||
Kosciusko Community Hospital | Warsaw | Kosciusko Community Hospital 2101 East DuBois Drive Warsaw, IN 46580 (Kosciusko) Warsaw Health System, LLC | ||||
La Porte Hospital | La Porte | La Porte Hospital 1007 Lincolnway La Porte, IN 46350 La Porte Hospital Company, LLC | ||||
Starke Hospital | Knox | Starke Hospital 102 East Culver Road Knox, IN 46534 Knox Hospital Company, LLC | ||||
Louisiana | Byrd Regional Hospital | Leesville | Byrd Regional Hospital 1020 Fertitta Blvd. Leesville, LA 71446 (Vernon Parish) National Healthcare of Leesville, Inc. |
17
State |
Hospital Name |
City |
Hospital Address | |||
Northern Louisiana Medical Center | Ruston | Northern Louisiana Medical Center 401 East Vaughn Avenue Ruston, LA 71270 (Lincoln Parish) Ruston Louisiana Hospital Company, LLC | ||||
Mississippi | Merit Health Wesley | Hattiesburg | Wesley Medical Center 5001 Hardy Street Hattiesburg, MS 39402 (Forrest) Wesley Health System LLC
| |||
Merit Health River Region | Vicksburg | River Region Health System 2100 Highway 61 North Vicksburg, MS 39183 (Warren) Vicksburg Healthcare, LLC
| ||||
Merit Health Biloxi | Biloxi | Biloxi, Mississippi Biloxi Regional Medical Center 150 Reynoir Street Biloxi, MS 39530 (Harrison) Biloxi HMA, LLC
| ||||
Merit Health Central | Jackson | Central Mississippi Medical Center 1850 Chadwick Drive Jackson, MS 39204 (Jackson) Jackson HMA, LLC
| ||||
Merit Health Rankin | Brandon | Merit Health Rankin 350 Crossgates Boulevard Brandon, MS 39042 Brandon HMA, LLC
| ||||
Merit Health Madison | Canton | Merit Health Madison 161 River Oaks Drive Canton, MS 39046 Madison HMA, LLC
| ||||
Merit Health River Oaks | Flowood | Merit Health River Oaks 1030 River Oaks Drive Flowood, MS 39232 River Oaks Hospital, LLC |
18
State |
Hospital Name |
City |
Hospital Address | |||
Merit Health Womans Hospital | Flowood | Womans Hospital 1026 N. Flowood Drive PO Box 4546 (Jackson, MS 39296-4546) Flowood, MS 39232 (Rankin) ROH, LLC | ||||
Merit Health Natchez | Natchez | Natchez Community Hospital 129 Jefferson Davis Boulevard Natchez, MS 39120 (Adams) Natchez Community Hospital, LLC | ||||
Missouri | Moberly Regional Medical Center | Moberly | Moberly Regional Medical Center 1515 Union Avenue Moberly, MO 65270 (Randolph) Moberly Hospital Company, LLC
| |||
Northeast Regional Medical Center | Kirksville | Northeast Regional Medical Center 315 S. Osteopathy Kirksville, MO 63501 (Adair) Kirksville Missouri Hospital Company, LLC
| ||||
Poplar Bluff Regional Medical Center | Poplar Bluff | Poplar Bluff Regional Medical Center 3100 Oak Grove Road Poplar Bluff, MO 63901 (Butler) Poplar Bluff Regional Medical Center, LLC
| ||||
Twin Rivers Regional Medical Center | Kennett | Twin Rivers Regional Medical Center 1301 First Street Kennett, MO 63857 Kennett HMA, LLC | ||||
New Jersey | Memorial Hospital of Salem County | Salem | The Memorial Hospital of Salem County 310 Woodstown Road Salem, NJ 08079 (Salem) Salem Hospital Corporation | |||
New Mexico | Eastern New Mexico Medical Center | Roswell | Eastern New Mexico Medical Center 405 West Country Club Road Roswell, NM 88201 (Chaves) Roswell Hospital Corporation |
19
State |
Hospital Name |
City |
Hospital Address | |||
Carlsbad Medical Center | Carlsbad | Carlsbad Medical Center 2430 W. Pierce Carlsbad, NM 88220 (Eddy) Carlsbad Medical Center, LLC | ||||
Lea Regional Medical Center | Hobbs | Lea Regional Medical Center 5419 N. Lovington Hwy (P.O. Box 3000) Hobbs, NM 88240 (Lea) Lea Regional Hospital, LLC | ||||
Mountain View Regional Medical Center | Las Cruces | MountainView Regional Medical Center 4311 East Lohman Avenue Las Cruces, NM 88011 (Dona Ana) Las Cruces Medical Center, LLC | ||||
North Carolina | Lake Norman Regional Medical Center | Mooresville | Lake Norman Regional Medical Center 171 Fairview Road Mooresville, NC 28117 (Iredell) Mooresville Hospital Management Associates, LLC
| |||
Davis Regional Medical Center | Statesville | Davis Regional Medical Center 218 Old Mocksville Road Statesville, NC 28625 (Iredell) Statesville HMA, LLC
| ||||
Oklahoma | AllianceHealth Ponca City | Ponca City | Ponca City Medical Center 1900 North 14th Street Ponca City, OK 74601 (Kay and Osage) Kay County Oklahoma Hospital Company, LLC
| |||
AllianceHealth Deaconess | Oklahoma City | AllianceHealth Deaconess 5501 N. Portland Avenue Oklahoma City, OK 73112 Deaconess Health System, LLC
| ||||
AllianceHealth Woodward | Woodward | Woodward Regional Hospital 900 17th Street Woodward, OK 73801 (Woodward) Woodward Health System, LLC (DE) |
20
State |
Hospital Name |
City |
Hospital Address | |||
AllianceHealth Clinton | Clinton | AllianceHealth Clinton 100 North 30th Street Clinton, OK 73601 Clinton HMA, LLC | ||||
AllianceHealth Madill | Madill | AllianceHealth Madill 901 S. 5th Avenue Madill, OK 73446 Marshall County HMA, LLC | ||||
AllianceHealth Durant | Durant | AllianceHealth Durant 1800 University Boulevard Durant, OK 74701 Durant H.M.A., LLC | ||||
AllianceHealth Midwest | Midwest City | AllianceHealth Midwest 2825 Parklawn Drive Midwest City, OK 73110 Midwest Regional Medical Center, LLC | ||||
AllianceHealth Seminole | Seminole | AllianceHealth Seminole 2401 Wrangler Boulevard Seminole, OK 74868 Seminole HMA, LLC | ||||
Pennsylvania | Berwick Hospital | Berwick | Berwick Hospital Center 701 East 16th Street Berwick, PA 18603 (Columbia) Berwick Hospital Company, LLC
| |||
Wilkes-Barre General Hospital | Wilkes-Barre | Wilkes-Barre General Hospital 575 North River Street Wilkes-Barre, PA 18764-0001 (Luzerne) Wilkes-Barre Hospital Company, LLC
| ||||
First Hospital Wyoming Valley (psychiatric) | Wilkes-Barre | First Hospital Wyoming Valley 562 and 534 Wyoming Avenue Kingston, PA 18704 (Luzerne) Wilkes-Barre Behavioral Hospital Company, LLC
| ||||
Regional Hospital of Scranton | Scranton | Regional Hospital of Scranton 746 Jefferson Ave. Scranton, PA 18510 (Lackawanna) Scranton Hospital Company, LLC
| ||||
Tyler Memorial Hospital | Tunkhannock | Tyler Memorial Hospital 880 SR 6 West Tunkhannock, PA 18657 (Wyoming) Tunkhannock Hospital Company, LLC |
21
State |
Hospital Name |
City |
Hospital Address | |||
Moses Taylor Hospital | Scranton | Moses Taylor Hospital 700 Quincy Avenue Scranton, PA 18510 (Lackawanna) Scranton Quincy Hospital Company, LLC | ||||
South Carolina | Springs Memorial Hospital | Lancaster | Springs Memorial Hospital 800 W. Meeting Street Lancaster, SC 29720 (Lancaster) Lancaster Hospital Corporation
| |||
Mary Black Memorial Hospital | Spartanburg | Mary Black Health System 1700 Skylyn Drive Spartanburg, SC 29307 (Spartanburg) Mary Black Health System, LLC
| ||||
Carolinas Hospital System |
Florence | Carolinas Hospital System 805 Pamplico Hwy Florence, SC 29505 (Florence) QHG of South Carolina, Inc.
| ||||
Carolinas Hospital System - Marion |
Mullins | Carolinas Hospital System Marion 2829 East Highway 76 Mullins, SC 29574 QHG of South Carolina, Inc.
| ||||
Chester Regional Medical Center |
Chester | Chester Regional Medical Center One Medical Park Drive Chester, SC 29706 (Chester) Chester HMA, LLC
| ||||
Mary Black Health System - Gaffney | Gaffney | Mary Black Health System-Gaffney 1530 N. Limestone St. Gaffney, SC 29340 (Cherokee) Gaffney H.M.A., LLC
| ||||
Tennessee | Tennova - Lakeway Regional Hospital | Morristown | Lakeway Regional Hospital 726 McFarland Street Morristown, TN 37814 (Hamblen) Hospital of Morristown, LLC
| |||
Tennova - Regional Jackson | Jackson | Regional Hospital of Jackson 367 Hospital Blvd. Jackson, TN 38305 (Madison) Jackson, Tennessee Hospital Company, LLC |
22
State |
Hospital Name |
City |
Hospital Address | |||
Tennova - Dyersburg Regional | Dyersburg | Dyersburg Regional Medical Center 400 Tickle Street Dyersburg, TN 38024 (Dyer) Dyersburg Hospital Company, LLC | ||||
Tennova - Volunteer Martin | Martin | Volunteer Community Hospital 161 Mt. Pelia Road Martin, TN 38237 (Weakley) Martin Hospital Corporation | ||||
Tennova Healthcare -Shelbyville | Shelbyville | Tennova Healthcare Shelbyville 2835 Highway 231 North Shelbyville, TN 37160 Shelbyville Hospital Company, LLC | ||||
Tennova Healthcare -Cleveland | Cleveland | Tennova-Healthcare-Cleveland Tennova-SkyRidge Medical Center) (includes Cleveland) 2305 Chambliss Avenue NW Cleveland, TN 37311 (Bradley) Cleveland, Tennessee Hospital Company, LLC | ||||
Tennova Healthcare -Clarksville | Clarksville | Tennova Healthcare Clarksville 651 Dunlop Lane Clarksville, TN 37040 Clarksville Health System, G.P. | ||||
Tennova Healthcare -Harton | Tullahoma | Harton Regional Medical Center 1801 N. Jackson St. Tullahoma, TN 37388-2201 (Coffee and Franklin) Tullahoma HMA, LLC | ||||
Tennova Healthcare -Jamestown | Jamestown | Tennova Healthcare Jamestown 436 Central Avenue West Jamestown, TN 38556 HMA Fentress County General Hospital, LLC | ||||
Tennova - Jefferson Memorial Hospital | Jefferson City | Jefferson Memorial Hospital 110 Hospital Drive Jefferson City, TN 37760 (Jefferson) Jefferson County HMA, LLC | ||||
Tennova - LaFollette Medical Center | LaFollette | LaFollette Medical Center 923 East Central Ave. LaFollette, TN 37766 (Campbell) Campbell County HMA, LLC |
23
State |
Hospital Name |
City |
Hospital Address | |||
Tennova - Newport Medical Center | Newport | Newport Medical Center 435 Second Street Newport, TN 7821 (Cocke) Cocke County HMA, LLC | ||||
Tennova - North Knoxville Medical Center | Powell | North Knoxville Medical Center 7565 Dannaher Drive Powell, TN 37849 (Knox) Metro Knoxville HMA, LLC | ||||
Tennova - Physicians Regional Medical Center | Knoxville | Tennova Healthcare Physicians Regional Medical Center 900 East Hill Avenue Knoxville, TN 37917 Metro Knoxville HMA, LLC | ||||
Tennova - Turkey Creek Medical Center | Knoxville | Turkey Creek Medical Center 10820 Parkside Drive Knoxville, TN 37934 (Knox) Metro Knoxville HMA, LLC | ||||
Tennova Healthcare -Lebanon | Lebanon | Tennova Healthcare Lebanon 1411 W. Baddour Parkway Lebanon, TN 37087 Lebanon HMA, LLC | ||||
Texas | Hill Regional Hospital | Hillsboro | Hill Regional Hospital 101 Circle Drive Hillsboro, TX 76645 (Hill) NHCI of Hillsboro, Inc.
| |||
Lake Granbury Medical Center |
Granbury | Lake Granbury Medical Center 1310 Paluxy Road Granbury, TX 76048 (Hood) Granbury Hospital Corporation
| ||||
Laredo Medical Center | Laredo | Laredo Medical Center 1700 East Saunders Laredo, TX 78041 (Webb) Laredo Texas Hospital Company, L.P.
| ||||
Abilene Regional Medical Center |
Abilene | Abilene Regional Medical Center 6250 Highway 83/84 Abilene, TX 79606 (Taylor) ARMC, L.P. |
24
State |
Hospital Name |
City |
Hospital Address | |||
Brownwood Regional Medical Center | Brownwood | Brownwood Regional Medical Center 1501 Burnet Drive (P.O. Box 760 / zip 76804) Brownwood, TX 76801 (Brown) Brownwood Hospital L.P. | ||||
College Station Medical Center |
College Station | College Station Medical Center (P.O. Box 10000 / zip 77842) College Station, TX 77845 (Brazos) College Station Hospital, L.P. | ||||
Navarro Regional Hospital | Corsicana | Navarro Regional Hospital 3201 W. Highway 22 Corsicana, TX 75110 (Navarro) Navarro Hospital, L.P. | ||||
Longview Regional Medical Center | Longview | Longview Regional Medical Center 2901 N. Fourth Street (P.O. Box 14000 / zip 75607) Longview, TX 75605 (Gregg) Longview Medical Center, L.P. | ||||
Woodland Heights Medical Center | Lufkin | Woodland Heights Medical Center 505 S. John Redditt Drive (P.O. Box 150610 / zip 75915) Lufkin, TX 75904 (Angelina) Piney Woods Healthcare System, LP | ||||
San Angelo Community Medical Center | San Angelo | San Angelo Community Medical Center 3501 Knickerbocker Road San Angelo, TX 76904 (Tom Green) San Angelo Hospital, L.P. | ||||
DeTar Hospital North | Victoria | DeTar Hospital North 101 Medical Drive Victoria, TX 77904 Victoria of Texas, L.P. | ||||
Cedar Park Regional Medical Center | Cedar Park | Cedar Park Regional Medical Center 1401 Medical Parkway Cedar Park, TX 78613 (Williamson) Cedar Park Health System, L.P. |
25
State |
Hospital Name |
City |
Hospital Address | |||
Virginia | Southern Virginia Regional Medical Center | Emporia | Southern Virginia Regional Medical Center 727 North Main Street Emporia, VA 23847 (Emporia) Emporia Hospital Corporation
| |||
Southampton Memorial Hospital | Franklin | Southampton Memorial Hospital 100 Fairview Drive Franklin, VA 23851 (Franklin) Franklin Hospital Corporation
| ||||
Southside Regional Medical Center | Petersburg | Southside Regional Medical Center 200 Medical Park Blvd. Petersburg, VA 23805 (Petersburg) Petersburg Hospital Company, LLC | ||||
West Virginia | Plateau Medical Center | Oak Hill | Plateau Medical Center 430 Main Street Oak Hill, WV 25901 (Fayette) Oak Hill Hospital Corporation
| |||
Greenbrier Valley Medical Center | Ronceverte | Greenbrier Valley Medical Center 202 Maplewood Avenue (P.O. Box 497) Ronceverte, WV 24970 (Greenbrier) Greenbrier VMC, LLC
| ||||
Bluefield Regional Medical Center | Bluefield | Bluefield Regional Medical Center 500 Cherry St. Bluefield, WV 24701 (Mercer) Bluefield Hospital Company, LLC
| ||||
Williamson Memorial Hospital | Williamson | Williamson Memorial Hospital 859 Alderson Street PO Box 1980 Williamson, WV 25661 (Mingo) Williamson Memorial Hospital, LLC |
26
Schedule 1.01(f)
Certain Subsidiaries
None.
27
Schedule 1.01(g)
Asset Sales
* On file with the Agent.
28
SCHEDULE 2.01
Lenders and Commitments
* On file with the Agent.
29
Schedule 3.08
Subsidiaries
Legal Entity |
Percentage Owned | |
5300 Grand Limited Partnership (OK) |
91% | |
A Womans Place, LLC (DE) |
100% | |
Abilene Clinic Asset Holding Company, LLC (DE) |
100% | |
Abilene Hospital, LLC (DE) |
100% | |
Abilene Merger, LLC (DE) |
100% | |
Access Center Services, LLC (DE) |
100% | |
AF-CH-HH, LLC (DE) |
20% | |
Affinity Cardio-Thoracic Specialists, LLC (DE) |
100% | |
Affinity Cardiovascular Specialists, LLC (DE) |
100% | |
Affinity Gastroenterology ASC, LLC (DE) |
100% | |
Affinity Health Systems, LLC (DE) |
100% | |
Affinity Hospital, LLC (DE) |
100% | |
Affinity Neurosurgical Specialists, LLC (DE) |
100% | |
Affinity Orthopedic Services, LLC (DE) |
100% | |
Affinity Physician Services, LLC (DE) |
100% | |
Affinity Skilled Nursing, LLC (DE) |
100% | |
Alabama HMA Physician Management, LLC (AL) |
100% | |
Alaska Physician Services, LLC (DE) |
100% | |
Alliance Health Partners, LLC (MS) |
90.58% | |
Alliance Outpatient Imaging JV, LLC (DE) |
49% | |
Ambulance Services of Dyersburg, Inc. (TN) |
100% | |
Ambulance Services of McNairy, Inc. (TN) |
100% | |
Amory HMA Physician Management, LLC (MS) |
100% | |
Amory HMA, LLC (MS) |
100% | |
Anesthesiology Group of Hattiesburg, LLC (DE) |
100% | |
Angelo Community Healthcare Services, Inc. (TX) |
100% | |
Anniston HMA, LLC (AL) |
86.99% | |
Arizona ASC Management, Inc. (AZ) |
100% | |
Arizona DH, LLC (DE) |
100% | |
Arizona Medco, LLC (DE) |
100% | |
Arkansas HMA Regional Service Center, LLC (AR) |
100% | |
Arkansas Medical Imaging JV, LLC (DE) |
100% | |
ARMC, LP (DE) |
87.577% | |
ASC JV Holdings, LLC (DE) |
100% | |
Augusta HMA Physician Management, Inc. (GA) |
100% | |
Augusta HMA, Inc. (GA) |
100% | |
Augusta Home Care Services, LLC (DE) |
20% | |
Bartow HMA Physician Management, LLC (FL) |
100% | |
Bartow HMA, LLC (FL) |
100% |
30
Batesville HMA Development, LLC (MS) |
100% | |
Batesville HMA Medical Group, LLC (MS) |
100% | |
Bayfront Ambulatory Surgical Center, LLC (DE) |
80% | |
Bayfront Health Imaging Center, LLC (DE) |
80% | |
Bayfront HMA Convenient Care, LLC (FL) |
80% | |
Bayfront HMA Healthcare Holdings, LLC (FL) |
80% | |
Bayfront HMA Home Health, LLC (FL) |
20% | |
Bayfront HMA Investments, LLC (FL) |
80% | |
Bayfront HMA Medical Center, LLC (FL) |
80% | |
Bayfront HMA Physician Management, LLC (FL) |
80% | |
Bayfront HMA Real Estate Holdings, LLC (FL) |
80% | |
Bayfront HMA Wellness Center, LLC (FL) |
80% | |
Beauco, LLC (DE) |
100% | |
Beaumont Medical Center, L.P. (DE) |
100% | |
Beaumont Regional, LLC (DE) |
100% | |
Berwick Clinic Company, LLC (DE) |
100% | |
Berwick Clinic Corp. (PA) |
100% | |
Berwick Home Care Services, LLC (DE) |
20% | |
Berwick Home Health Private Care, Inc. (PA) |
100% | |
Berwick Hospital Company, LLC (DE) |
100% | |
BH Trans Company, LLC (DE) |
100% | |
Biloxi H.M.A., LLC (MS) |
100% | |
Biloxi HMA Physician Management, LLC (MS) |
100% | |
Birmingham Holdings II, LLC (DE) |
100% | |
Birmingham Holdings, LLC (DE) |
100% | |
Birmingham Home Care Services, LLC (DE) |
20% | |
Birmingham Orthopedics & Sports Specialists, LLC (DE) |
100% | |
Blackwell HMA, LLC (OK) |
100% | |
Blackwell HMPN, LLC (OK) |
100% | |
Blackwell Home Health & Hospice, LLC (OK) |
100% | |
Blue Island Home Care Services, LLC (DE) |
20% | |
Bluefield Clinic Company, LLC (DE) |
100% | |
Bluefield HBP Medical Group, LLC (DE) |
100% | |
Bluefield Holdings, LLC (DE) |
100% | |
Bluefield Hospital Company, LLC (DE) |
100% | |
Bluffton Health System LLC (DE) |
100% | |
Bluffton Physician Services, LLC (DE) |
100% | |
Brandon HMA, LLC (MS) |
100% | |
Brandon Physician Management, LLC (DE) |
100% | |
Brandywine Hospital Malpractice Assistance Fund, Inc. (PA) |
100% | |
Brazos Valley of Texas, L.P. (DE) |
100% | |
Brazos Valley Surgical Center, LLC (DE) |
100% | |
Brevard HMA ALF, LLC (FL) |
100% | |
Brevard HMA APO, LLC (FL) |
100% |
31
Brevard HMA ASC, LLC (FL) |
100% | |
Brevard HMA Diagnostic Imaging, LLC (FL) |
100% | |
Brevard HMA HME, LLC (FL) |
100% | |
Brevard HMA Holdings, LLC (FL) |
100% | |
Brevard HMA Home Health, LLC (FL) |
20% | |
Brevard HMA Hospice, LLC (FL) |
20% | |
Brevard HMA Hospitals, LLC (FL) |
100% | |
Brevard HMA Investment Properties, LLC (FL) |
100% | |
Brevard HMA Nursing Home, LLC (FL) |
100% | |
Brooklyn Medical Associates, LLC (IN) |
100% | |
Brooksville HMA Physician Management, LLC (FL) |
100% | |
Brownsville Clinic Corp. (TN) |
100% | |
Brownsville Hospital Corporation (TN) |
100% | |
Brownwood Asset Holding Company, LLC (DE) |
100% | |
Brownwood Hospital, L.P. (DE) |
100% | |
Brownwood Medical Center, LLC (DE) |
100% | |
Bullhead City Clinic Corp. (AZ) |
100% | |
Bullhead City Hospital Corporation (AZ) |
100% | |
Bullhead City Hospital Investment Corporation (DE) |
100% | |
Bullhead City Imaging Corporation (AZ) |
100% | |
Bullhead Medical Plaza II, LLC (AZ) |
6.67% | |
Bullhead Medical Plaza, Ltd. (NV) |
7.5% | |
Byrd Medical Clinic, Inc. (LA) |
100% | |
Cahaba Orthopedics, LLC (DE) |
100% | |
Campbell County HMA, LLC (TN) |
100% | |
Canton HMA, LLC (MS) |
100% | |
Cardiology Associates of Spokane, LLC (DE) |
100% | |
Carlisle HMA Physician Management, LLC (PA) |
100% | |
Carlisle HMA Surgery Center, LLC (PA) |
100% | |
Carlisle HMA, LLC (PA) |
100% | |
Carlisle Medical Group, LLC (PA) |
100% | |
Carlsbad Medical Center, LLC (DE) |
100% | |
Carolina Surgery Center, LLC (SC) |
52.74% | |
Carolinas Holdings, LLC (DE) |
100% | |
Carolinas JV Holdings General, LLC (DE) |
100% | |
Carolinas JV Holdings II, LLC (DE) |
100% | |
Carolinas JV Holdings, L.P. (DE) |
99% | |
Carolinas Medical Alliance, Inc. (SC) |
100% | |
Carolinas OB/GYN Medical Group, LLC (DE) |
100% | |
CDI JV, LLC (DE) |
49% | |
Cedar Park Clinic Asset Holding Company, LLC (DE) |
100% | |
Cedar Park Health System, L.P. (DE) |
80% | |
Cedar Park Regional Medical Group (TX) |
100% | |
Cedar Park Surgery Center, L.L.P. (TX) |
20.3592% |
32
Center for Adult Healthcare, LLC (DE) |
100% | |
Center for Medical Interoperability, Inc. (DE) |
1 of multiple members of non- profit entity | |
Central Florida HMA Holdings, LLC (DE) |
99% | |
Central Polk, LLC (FL) |
97.89% | |
Central States HMA Holdings, LLC (DE) |
99% | |
Centre Home Care, LLC (AL) |
20% | |
CH BH Services, LLC (DE) |
100% | |
Chester HMA Physician Management, LLC (SC) |
100% | |
Chester HMA, LLC (SC) |
100% | |
Chester Imaging, LLC (DE) |
100% | |
Chester Medical Group, LLC (SC) |
100% | |
Chester PPM, LLC (SC) |
100% | |
Chesterton Surgery Center, LLC (DE) |
40.8% | |
Chestnut Hill Health System, LLC (DE) |
100% | |
Chestnut Knoll Home Health Care, L.P. (PA) |
5% | |
CHHS Development Company, LLC (DE) |
85% | |
CHHS Holdings, LLC (DE) |
100% | |
CHHS Hospital Company, LLC (DE) |
85% | |
Childrens Mobile Team (PA) |
50% | |
CHS Kentucky Holdings, LLC (DE) |
100% | |
CHS Mississippi State Political Action Committee (TN) |
100% | |
CHS Pennsylvania Holdings, LLC (DE) |
100% | |
CHS PSO, LLC (DE) |
100% | |
CHS Realty Holdings I, Inc. (TN) |
100% | |
CHS Realty Holdings II, Inc. (TN) |
100% | |
CHS Realty Holdings III, LLC (DE) |
100% | |
CHS Realty Holdings Joint Venture (TN) |
100% | |
CHS Receivables Funding, LLC (DE) |
100% | |
CHS Tennessee Holdings, LLC (DE) |
100% | |
CHS Virginia Holdings, LLC (DE) |
100% | |
CHS Washington Holdings, LLC (DE) |
100% | |
CHS/Community Health Systems, Inc. (DE) |
100% | |
CHS-ASC, LLC (DE) |
100% | |
CHSPSC ACO 1, LLC (DE) |
100% | |
CHSPSC ACO 10, LLC (DE) |
100% | |
CHSPSC ACO 11, LLC (DE) |
100% | |
CHSPSC ACO 12, LLC (DE) |
100% | |
CHSPSC ACO 13, LLC (DE) |
100% | |
CHSPSC ACO 14, LLC (DE) |
100% | |
CHSPSC ACO 15, LLC (DE) |
100% | |
CHSPSC ACO 16, LLC (DE) |
100% | |
CHSPSC ACO 17, LLC (DE) |
100% | |
CHSPSC ACO 18, LLC (DE) |
100% |
33
CHSPSC ACO 19, LLC (DE) |
100% | |
CHSPSC ACO 2, LLC (DE) |
100% | |
CHSPSC ACO 20, LLC (DE) |
100% | |
CHSPSC ACO 21, LLC (DE) |
100% | |
CHSPSC ACO 22, LLC (DE) |
100% | |
CHSPSC ACO 23, LLC (DE) |
100% | |
CHSPSC ACO 24, LLC (DE) |
100% | |
CHSPSC ACO 25, LLC (DE) |
100% | |
CHSPSC ACO 26, LLC (DE) |
100% | |
CHSPSC ACO 27, LLC (DE) |
100% | |
CHSPSC ACO 28, LLC (DE) |
100% | |
CHSPSC ACO 29, LLC (DE) |
100% | |
CHSPSC ACO 3, LLC (DE) |
100% | |
CHSPSC ACO 30, LLC (DE) |
100% | |
CHSPSC ACO 4, LLC (DE) |
100% | |
CHSPSC ACO 5, LLC (DE) |
100% | |
CHSPSC ACO 6, LLC (DE) |
100% | |
CHSPSC ACO 7, LLC (DE) |
100% | |
CHSPSC ACO 8, LLC (DE) |
100% | |
CHSPSC ACO 9, LLC (DE) |
100% | |
CHSPSC ACO Holdings, LLC (DE) |
100% | |
CHSPSC Leasing, Inc. (DE) |
100% | |
CHSPSC, LLC (DE) |
100% | |
Citrus HMA, LLC (FL) |
100% | |
Clarksdale HMA Physician Management, LLC (MS) |
100% | |
Clarksdale HMA, LLC (MS) |
100% | |
Clarksville Endoscopy Center, LLC (DE) |
80% | |
Clarksville Health System, G.P. (DE) |
80% | |
Clarksville Holdings II, LLC (DE) |
100% | |
Clarksville Holdings, LLC (DE) |
100% | |
Clarksville Home Care Services, LLC (DE) |
20% | |
Clarksville Imaging Center, LLC (TN) |
40% | |
Clarksville Physician Services, G.P. (DE) |
80% | |
Clarksville Surgicenter, LLC (TN) |
37.044% | |
Cleveland Home Care Services, LLC (DE) |
20% | |
Cleveland Hospital Company, LLC (TN) |
100% | |
Cleveland Medical Clinic, Inc. (TN) |
100% | |
Cleveland PHO, Inc. (TN) |
100% | |
Cleveland Tennessee Hospital Company, LLC (DE) |
100% | |
Click to Care, LLC (FL) |
100% | |
Clinton HMA, LLC (OK) |
100% | |
Clinton HMPN, LLC (OK) |
100% | |
Clinton Home Health & Hospice LLC (OK) |
20% |
34
Coast Imaging, LLC (MS) |
66.66% | |
Coatesville Hospital Corporation (PA) |
100% | |
Cocke County HMA, LLC (TN) |
100% | |
Coffee Hospital Management Associates, Inc. (TN) |
100% | |
College Station Clinic Asset Holding Company, LLC (DE) |
100% | |
College Station Diagnostic Clinic (TX) |
100% | |
College Station Hospital, L.P. (DE) |
100% | |
College Station Medical Center, LLC (DE) |
100% | |
College Station Merger, LLC (DE) |
100% | |
College Station RHC Company, LLC (DE) |
100% | |
Collier Boulevard HMA Physician Management, LLC (FL) |
100% | |
Collier HMA Facility Based Physician Management, LLC (FL) |
100% | |
Collier HMA Neurological Vascular Medical Group, LLC (FL) |
100% | |
Collier HMA Physician Management, LLC (FL) |
100% | |
Commonwealth Health Cancer Network, LLC (DE) |
66.66% | |
Commonwealth Health Clinically Integrated Network, LLC (DE) |
100% | |
Commonwealth Health Urgent Care, LLC (DE) |
100% | |
Commonwealth Physician Network, LLC (DE) |
100% | |
Community GP Corp. (DE) |
100% | |
Community Health Care Partners, Inc. (MS) |
100% | |
Community Health Investment Company, LLC (DE) |
100% | |
Community Health Network, Inc. (AL) |
100% | |
Community Health Physicians Operations Holding Company, LLC (DE) |
100% | |
Community Health Systems Foundation (TN) |
100% | |
Community Health Systems Professional Services Corporation Political Action Committee (TN) |
100% | |
Community Insurance Group SPC, LTD. (Cayman Islands) |
100% | |
Community LP Corp. (DE) |
100% | |
Community Network Solutions, LLC (DE) |
100% | |
Compass Imaging, LLC (MS) |
100% | |
CP Hospital GP, LLC (DE) |
100% | |
CPLP, LLC (DE) |
100% | |
Credentialing Verification Services, LLC (DE) |
100% | |
Crestview Hospital Corporation (FL) |
97.9233% | |
Crestview Professional Condominiums Association, Inc. (FL) |
65.021% | |
Crestview Surgery Center, L.P. (TN) |
100% | |
Crestwood Healthcare, L.P. (DE) |
100% | |
Crestwood Hospital LP, LLC (DE) |
100% | |
Crestwood Hospital, LLC (DE) |
100% | |
Crestwood Physician Services, LLC (DE) |
100% | |
Crestwood Surgery Center, LLC (DE) |
100% | |
Crossgates HMA Medical Group, LLC (MS) |
100% | |
Crossroads Healthcare Management, LLC (TX) |
50% | |
Crossroads Home Care Services, LLC (DE) |
20% |
35
Crystal River HMA Physician Management, LLC (FL) |
100% | |
CSMC, LLC (DE) |
100% | |
CSP ASC Holdings, LLC (DE) |
72% | |
Dallas Phy Service, LLC (DE) |
100% | |
Dallas Physician Practice, L.P. (DE) |
100% | |
Day Surgery, Inc. (KS) |
100% | |
DCF (TX) |
100% | |
Deaconess Health System, LLC (OK) |
99.145% | |
Deaconess Holdings, LLC (DE) |
100% | |
Deaconess Hospital Holdings, LLC (DE) |
100% | |
Deaconess Metropolitan Physicians, LLC (DE) |
100% | |
Deaconess Physician Services, LLC (DE) |
100% | |
Deaconess Portland MOB Limited Partnership (OK) |
29.7435% | |
Deming Home Care Services, LLC (DE) |
20% | |
Desert Hospital Holdings, LLC (DE) |
100% | |
Detar Hospital, LLC (DE) |
100% | |
DFW Physerv, LLC (DE) |
100% | |
DH Cardiology, LLC (DE) |
100% | |
DHFW Holdings, LLC (DE) |
100% | |
Diagnostic Imaging Centers of NEPA, LLC (PA) |
50% | |
Diagnostic Imaging Management of Brandywine Valley, LLC (PA) |
100% | |
Diagnostic Imaging of Brandywine Valley, LP (PA) |
100% | |
Dukes Health System, LLC (DE) |
100% | |
Dukes Physician Services, LLC (DE) |
100% | |
Dupont Hospital, LLC (DE) |
72.03% | |
Durant H.M.A., LLC (OK) |
92.25% | |
Durant HMA Home Health, LLC (OK) |
100% | |
Durant HMA Physician Management, LLC (OK) |
100% | |
Dyersburg Clinic Corp. (TN) |
100% | |
Dyersburg HBP Medical Group, LLC (DE) |
100% | |
Dyersburg Hospital Company, LLC (TN) |
100% | |
E.D. Clinics, LLC (DE) |
100% | |
East Georgia HMA Physician Management, LLC (GA) |
100% | |
East Georgia Regional Medical Center, LLC (GA) |
89.25% | |
East Tennessee Clinic Corp. (TN) |
100% | |
East Tennessee Health Systems, Inc. (TN) |
100% | |
Easton Hospital Malpractice Assistance Fund, Inc. (PA) |
100% | |
Edge Medical Clinic, Inc. (AL) |
100% | |
El Dorado Home Care Services, LLC (DE) |
20% | |
El Dorado Surgery Center, L.P. (DE) |
59.0323% | |
EL MED, LLC (DE) |
100% | |
Eligibility Screening Services, LLC (DE) |
100% | |
Empire Health Services (WA) |
100% | |
Emporia Clinic Corp. (VA) |
100% |
36
Emporia Home Care Services, LLC (DE) |
20% | |
Emporia Hospital Corporation (VA) |
100% | |
Enterprise Clinic, LLC (DE) |
100% | |
Eufaula Clinic Corp. (AL) |
100% | |
Eufaula Hospital Corporation (AL) |
100% | |
EverRad HMA Holdings, LLC (FL) |
100% | |
Fallbrook Hospital Corporation (DE) |
100% | |
Fayetteville Arkansas Hospital Company, LLC (DE) |
80% | |
First Choice Health Plan of Mississippi, LLC (MS) |
50% | |
Firstcare, Inc. (IN) |
20% | |
Florence Home Care Services, LLC (DE) |
20% | |
Florida Endoscopy and Surgery Center, LLC (FL) |
69.3% | |
Florida HMA Holdings, LLC (DE) |
99% | |
Florida HMA Regional Service Center, LLC (FL) |
100% | |
Florida HMA Urgent Care, LLC (FL) |
100% | |
Florida Medical Imaging JV, LLC (DE) |
49% | |
Florida West Coast Health Alliance, LLC (DE) |
80% | |
Flowood River Oaks HMA Medical Group, LLC (MS) |
100% | |
FMG PrimeCare, LLC (DE) |
100% | |
Foley Clinic Corp. (AL) |
100% | |
Foley Home Health Corporation (AL) |
100% | |
Foley Hospital Corporation (AL) |
100% | |
Fort Payne Home Care, LLC (AL) |
20% | |
Fort Smith HMA Home Health, LLC (AR) |
20% | |
Fort Smith HMA PBC Management, LLC (AR) |
100% | |
Fort Smith HMA Physician Management, LLC (AR) |
100% | |
Fort Smith HMA, LLC (AR) |
100% | |
Frankfort Health Partner, Inc. (IN) |
100% | |
Franklin Clinic Corp. (VA) |
100% | |
Franklin Home Care Services, LLC (DE) |
20% | |
Franklin Hospital Corporation (VA) |
100% | |
Fresenius Vascular Care Petersburg, LLC (DE) |
10% | |
Fulton Home Care Services, LLC (DE) |
20% | |
Gadsden HMA Physician Management, LLC (AL) |
88.51% | |
Gadsden Home Care Services, LLC (DE) |
20% | |
Gadsden Regional Medical Center, LLC (DE) |
100% | |
Gadsden Regional Physician Group Practice, LLC (DE) |
100% | |
Gadsden Regional Primary Care, LLC (AL) |
100% | |
Gaffney Clinic Company, LLC (DE) |
100% | |
Gaffney H.M.A., LLC (SC) |
100% | |
Gaffney HMA Physician Management, LLC (SC) |
100% | |
Gaffney PPM, LLC (SC) |
100% | |
Galesburg Home Care, LLC (DE) |
20% | |
Gateway Medical Services, Inc. (FL) |
100% |
37
Granbury Clinic Asset Holding Company, LLC (DE) |
100% | |
Granbury Hospital Corporation (TX) |
100% | |
Granbury Mammography JV, LLC (DE) |
50% | |
Granbury Texas Hospital Investment Corporation (DE) |
100% | |
Granite City Home Care Services, LLC (DE) |
20% | |
GRB Real Estate, LLC (DE) |
100% | |
Green Clinic, LLC (FL) |
100% | |
Greenbrier Valley Anesthesia, LLC (DE) |
100% | |
Greenbrier Valley Emergency Physicians, LLC (DE) |
100% | |
Greenbrier VMC, LLC (DE) |
96% | |
GRMC Holdings, LLC (DE) |
100% | |
Gulf Coast HMA Physician Management, LLC (FL) |
100% | |
Gulf Coast Hospital, L.P. (DE) |
100% | |
Gulf Coast Medical Center, LLC (DE) |
100% | |
Gulf Oaks Therapeutic Day School, LLC (MS) |
100% | |
Gulf South Surgery Center, LLC (MS) |
25% | |
Gulfmed, Inc. (MS) |
75% | |
Harborside Surgery Center, LLC (FL) |
36% | |
Haines City HMA Physician Management, LLC (FL) |
100% | |
Haines City HMA Urgent Care, LLC (FL) |
100% | |
Haines City HMA, LLC (FL) |
97.89% | |
Hallmark Healthcare Company, LLC (DE) |
100% | |
Hamlet PPM, LLC (NC) |
100% | |
Harris Managed Services, Inc. (AR) |
100% | |
Harrison HMA Physician Management, LLC (MS) |
100% | |
Harrison HMA, LLC (MS) |
100% | |
Harton Clinic Company, LLC (DE) |
100% | |
Hartsville ENT, LLC (SC) |
100% | |
Hartsville HMA Physician Management, LLC (SC) |
100% | |
Hartsville PPM, LLC (SC) |
100% | |
Hattiesburg Home Care Services, LLC (DE) |
20% | |
Health Management Associates, LLC (DE) |
100% | |
Health Management Associates, LP (DE) |
100% | |
Health Management General Partner I, LLC (DE) |
100% | |
Health Management General Partner, LLC (DE) |
100% | |
Health Management Information Technology, LLC (DE) |
100% | |
Health Management Intellectual Properties, LLC (TX) |
100% | |
Health Management Physician Associates, LLC (DE) |
100% | |
Healthcare of Forsyth County, Inc. (GA) |
100% | |
HealthTrust Purchasing Group, L.P. (DE) |
19.7% | |
Healthwest Holdings, Inc. (AZ) |
100% | |
Heart of Florida Surgery Center, LLC (DE) |
36.72% | |
Hefner Pointe Medical Associates, LLC (OK) |
30% | |
Helena Home Care Services, LLC (DE) |
20% |
38
Heritage Healthcare Innovation Fund II, LP (DE) |
14.8% | |
Heritage Healthcare Innovation Fund, LP (DE) |
8.98% | |
Hernando HMA Ancillary, LLC (FL) |
100% | |
Hernando HMA, LLC (FL) |
99% | |
Highland Health Systems, Inc. (TX) |
100% | |
Hill Country ASC Partners, L.L.C. (TX) |
39.92% | |
Hill Regional Clinic Corp. (TX) |
100% | |
HIM Central Services, LLC (DE) |
100% | |
HMA ASC Holdings, LLC (DE) |
100% | |
HMA ASCOA Holdings, LLC (DE) |
100% | |
HMA Bayflite Services, LLC (FL) |
80% | |
HMA CAT, LLC (TX) |
100% | |
HMA Employee Disaster Relief Fund, Inc. (FL) |
100% | |
HMA Fentress County General Hospital, LLC (TN) |
100% | |
HMA Hospital Holdings, LP (DE) |
100% | |
HMA Lake Shore, Inc. (FL) |
60% | |
HMA Leasing, LLC (TN) |
100% | |
HMA MRI, LLC (TX) |
100% | |
HMA Oklahoma Clearing Service, LLC (OK) |
100% | |
HMA Physician Practice Management, LLC (FL) |
100% | |
HMA Professional Services Group, LP (DE) |
99% | |
HMA Santa Rosa Medical Center, LLC (FL) |
100% | |
HMA Services GP, LLC (DE) |
100% | |
HMA/Solantic Joint Venture, LLC (DE) |
49.9% | |
HMA-ASCOA Investments, LLC (DE) |
51% | |
HMA-TRI Holdings, LLC (DE) |
100% | |
Hobbs Medco, LLC (DE) |
100% | |
Hobbs Physician Practice, LLC (DE) |
100% | |
Hood Medical Group (TX) |
100% | |
Hood Medical Services, Inc. (TX) |
100% | |
Hospital Laundry Services, Inc. (IN) |
50% | |
Hospital Management Associates, LLC (FL) |
100% | |
Hospital Management Services of Florida, LP (FL) |
100% | |
Hospital of Fulton, Inc. (KY) |
100% | |
Hospital of Morristown, LLC (TN) |
100% | |
Hot Springs Outpatient Surgery Center, G.P. (AR) |
100% | |
HP LRHS Land, LLC (IN) |
40% | |
HTI Tucson Rehabilitation, Inc. (AZ) |
100% | |
ICSE Leasing Corp. (DE) |
100% | |
Illinois Home Care Holdings, LLC (DE) |
20% | |
Imaging JV Holdings, LLC (DE) |
100% | |
INACTCO, Inc. (DE) |
100% | |
Innovative Recoveries, LLC (DE) |
100% |
39
Intermountain Medical Group, Inc. (PA) |
100% | |
IOM Health System, L.P. (IN) |
86.3% | |
Jackson HMA North Medical Office Building, LLC (MS) |
100% | |
Jackson HMA, LLC (MS) |
100% | |
Jackson Home Care Services, LLC (DE) |
20% | |
Jackson Hospital Corporation (TN) |
100% | |
Jackson, Tennessee Hospital Company, LLC (TN) |
96.949% | |
Jamestown HMA Leasing, LLC (TN) |
100% | |
Jamestown HMA Physician Management, LLC (TN) |
100% | |
Jasper Medical Group, LLC (FL) |
100% | |
Jefferson County HMA, LLC (TN) |
100% | |
Jennersville Regional Hospital Malpractice Assistance Fund, Inc. (PA) |
100% | |
Jourdanton Clinic Asset Holding Company, LLC (DE) |
100% | |
Jourdanton Home Care Services, LLC (DE) |
20% | |
Jourdanton Hospital Corporation (TX) |
100% | |
Kay County Clinic Company, LLC (OK) |
100% | |
Kay County Hospital Corporation (OK) |
100% | |
Kay County Oklahoma Hospital Company, LLC (OK) |
100% | |
Kennett HMA Physician Management, LLC (MO) |
100% | |
Kennett HMA, LLC (MO) |
100% | |
Key West HMA Physician Management, LLC (FL) |
100% | |
Key West HMA, LLC (FL) |
100% | |
Key West Home Health, LLC (FL) |
20% | |
Key West Private Care, LLC (FL) |
20% | |
Keystone HMA Property Management, LLC (PA) |
100% | |
Kirksville Academic Medicine, LLC (MO) |
100% | |
Kirksville Clinic Corp. (MO) |
100% | |
Kirksville Home Care Services, LLC (MO) |
20% | |
Kirksville Hospital Company, LLC (DE) |
100% | |
Kirksville Missouri Hospital Company, LLC (MO) |
88.81% | |
Kirksville Physical Therapy Services, LLC (DE) |
100% | |
Knox Hospital Company, LLC (DE) |
80% | |
Knoxville HMA Cardiology PPM, LLC (TN) |
100% | |
Knoxville HMA Development, LLC (TN) |
100% | |
Knoxville HMA Family Services, LLC (TN) |
100% | |
Knoxville HMA Holdings, LLC (TN) |
100% | |
Knoxville HMA Homecare DME & Hospice, LLC (TN) |
100% | |
Knoxville HMA JV Holdings, LLC (TN) |
100% | |
Knoxville HMA Mission Services, LLC (TN) |
100% | |
Knoxville HMA Physician Management, LLC (TN) |
100% | |
Knoxville HMA Wellness Center, LLC (TN) |
100% | |
Knoxville Home Care Services, LLC (DE) |
20% | |
Knoxville, Tennessee Turkey Creek MOB, LLC (DE) |
100% | |
Kosciusko Ambulance Services, LLC (DE) |
100% |
40
Kosciusko Medical Group, LLC (DE) |
100% | |
La Porte and Starke EMS, LLC (DE) |
100% | |
La Porte Clinic Company, LLC (DE) |
80% | |
La Porte Health System, LLC (DE) |
80% | |
La Porte Home Care Services, LLC (DE) |
80% | |
La Porte Hospital Company, LLC (DE) |
80% | |
La Porte Occupational Health Services, LLC (DE) |
80% | |
Lake Shore HMA Medical Group, LLC (FL) |
100% | |
Lake Shore HMA, LLC (FL) |
60% | |
Lake Wales Clinic Corp. (FL) |
100% | |
Lake Wales Hospital Corporation (FL) |
97.55% | |
Lake Wales Hospital Investment Corporation (FL) |
97.55% | |
Lake Wales Imaging Center, LLC (DE) |
100% | |
Lakeland Home Care Services, LLC (DE) |
20% | |
Lakeway Hospital Company, LLC (TN) |
100% | |
Lancaster Clinic Corp. (SC) |
100% | |
Lancaster HMA Physician Management, LLC (PA) |
100% | |
Lancaster HMA, LLC (PA) |
98.73% | |
Lancaster Home Care Services, LLC (DE) |
100% | |
Lancaster Hospital Corporation (DE) |
100% | |
Lancaster Imaging Center, LLC (SC) |
100% | |
Lancaster Medical Group HMA, LLC (PA) |
100% | |
Lancaster Medical Group, LLC (PA) |
100% | |
Lancaster Outpatient Imaging, LLC (PA) |
100% | |
Langtree Endoscopy Center, LLC (DE) |
90% | |
LaPorte Medical Group Surgical Center, LLC (IN) |
11.024% | |
Laredo Clinic Asset Holding Company, LLC (DE) |
100% | |
Laredo Texas Hospital Company, L.P. (TX) |
95% | |
Las Cruces ASC-GP, LLC (DE) |
100% | |
Las Cruces Home Care Services, LLC (DE) |
20% | |
Las Cruces Medical Center, LLC (DE) |
100% | |
Las Cruces Physician Services, LLC (DE) |
100% | |
Las Cruces Surgery Center Telshor, LLC (DE) |
60% | |
Las Cruces Surgery Center, L.P. (DE) |
59.91% | |
Lea Regional Hospital, LLC (DE) |
100% | |
Lebanon HMA Leasing, LLC (TN) |
100% | |
Lebanon HMA Physician Management, LLC (TN) |
100% | |
Lebanon HMA Surgery Center, LLC (TN) |
100% | |
Lebanon HMA, LLC (TN) |
100% | |
Lebanon Surgery Center, LLC (DE) |
100% | |
Lehigh HMA Physician Management, LLC (FL) |
100% | |
Lehigh HMA, LLC (FL) |
100% | |
LHT Knoxville Properties, LLC (DE) |
6.5% | |
Little Rock HMA, Inc. (AR) |
100% |
41
Live Oak HMA Medical Group, LLC (FL) |
60% | |
Live Oak HMA, LLC (FL) |
60% | |
Logan Hospital Corporation (WV) |
100% | |
Logan, West Virginia Hospital Company, LLC (WV) |
100% | |
Lone Star HMA Physician Management, Inc. (TX) |
100% | |
Lone Star HMA, L.P. (DE) |
100% | |
Longview Clinic Operations Company, LLC (DE) |
100% | |
Longview Medical Center, L.P. (DE) |
100% | |
Longview Merger, LLC (DE) |
100% | |
Longview Outpatient Physical Therapy, LLC (DE) |
100% | |
Louisa Home Care Holdings, LLC (DE) |
20% | |
Louisa Home Care Services, LLC (DE) |
20% | |
Louisburg HMA Physician Management, LLC (NC) |
100% | |
Lower Florida Keys Physician/Hospital Organization, Inc. (FL) |
50% | |
LRH, LLC (DE) |
100% | |
LS Psychiatric, LLC (DE) |
100% | |
Lufkin Clinic Asset Holding Company, LLC (DE) |
100% | |
Lutheran Health Imaging, LLC (DE) |
100% | |
Lutheran Health Network CBO, LLC (DE) |
100% | |
Lutheran Health Network Investors, LLC (DE) |
86.3% | |
Lutheran Health Network of Indiana, LLC (DE) |
100% | |
Lutheran Health Quality Alliance, LLC (DE) |
100% | |
Lutheran Medical Group, LLC (DE) |
100% | |
Lutheran Medical Office Park Phase II Property Owners Association, Inc. (IN) |
14.24% | |
Lutheran Medical Office Park Property Owners Association, Inc. (IN) |
44.84% | |
Lutheran Musculoskeletal Center, LLC (DE) |
60% | |
Lutheran/TRMA Network, LLC (IN) |
43.15% | |
Macon Healthcare, LLC (DE) |
38% | |
Madison Cardiovascular Physician Services, LLC (DE) |
100% | |
Madison Clinic Corp. (TN) |
100% | |
Madison HMA Physician Management, LLC (MS) |
100% | |
Madison HMA, LLC (MS) |
100% | |
Madison Hospital, LLC (AL) |
100% | |
Marathon H.M.A., LLC (FL) |
100% | |
Marathon HMA Medical Group, LLC (FL) |
100% | |
Marion Physician Services, LLC (DE) |
100% | |
Marshall County HMA, LLC (OK) |
100% | |
Marshall County HMPN, LLC (OK) |
100% | |
Martin Clinic Corp. (TN) |
100% | |
Martin Hospital Company, LLC (TN) |
100% | |
Mary Black Health System LLC (DE) |
100% | |
Mary Black Medical Office Building Limited Partnership (SC) |
100% | |
Mary Black MOB II, L.P. (SC) |
100% | |
Mary Black Physician Services, LLC (DE) |
100% |
42
Mary Black Physicians Group, LLC (DE) |
100% | |
Mat-Su Regional ASC GP, LLC (DE) |
100% | |
Mat-Su Regional Surgery Center, L.P. (DE) |
100% | |
Mat-Su Valley II, LLC (AK) |
65% | |
Mat-Su Valley III, LLC (AK) |
65% | |
Mat-Su Valley Medical Center, LLC (AK) |
65% | |
Mayes County HMA, LLC (OK) |
100% | |
Mayes County HMPN, LLC (OK) |
100% | |
Mayes County Home Health, LLC (OK) |
20% | |
McKenna Court Homes, LLC (DE) |
100% | |
McNairy Clinic Corp. (TN) |
100% | |
McNairy Hospital Corporation (TN) |
100% | |
MCSA, L.L.C. (AR) |
100% | |
MDSave, Inc. (DE) |
1.55% | |
Medical Center at Terrell, LLC (DE) |
100% | |
Medical Center of Brownwood, LLC (DE) |
100% | |
Medical Holdings, Inc. (KS) |
100% | |
Medical Imaging Center of Ocala, LLP (FL) |
47.5% | |
MEDSTAT, LLC (IN) |
100% | |
Melbourne HMA Medical Group, LLC (FL) |
100% | |
Melbourne HMA, LLC (FL) |
100% | |
Memorial Hospital of Salem Malpractice Assistance Fund, Inc. (NJ) |
100% | |
Mercy Cardiovascular Cath Lab, LLC (PA) |
100% | |
Merger Legacy Holdings, LLC (DE) |
100% | |
Meridian HMA Clinic Management, LLC (MS) |
100% | |
Meridian HMA Nursing Home, LLC (MS) |
100% | |
Meridian HMA, LLC (MS) |
100% | |
Merit Health Biloxi ASC Holdings, LLC (DE) |
100% | |
Merritt Island ASC, LLC (FL) |
51% | |
Mesquite HMA General, LLC (DE) |
100% | |
Metro Knoxville HMA, LLC (TN) |
100% | |
MHS Ambulatory Surgery Center, Inc. (ND) |
100% | |
Michigan City MOB, LLC (IN) |
40% | |
Midwest City HMA Physician Management, LLC (OK) |
98.6% | |
Midwest Regional Medical Center, LLC (OK) |
98.6% | |
Minot Health Services, Inc. (ND) |
100% | |
Mississippi Health Management Medical Education Fund, LLC (MS) |
100% | |
Mississippi HMA DME, LLC (MS) |
100% | |
Mississippi HMA Holdings I, LLC (DE) |
99% | |
Mississippi HMA Holdings II, LLC (DE) |
99% | |
Mississippi HMA Hospitalists, LLC (MS) |
100% | |
Mississippi HMA Regional Service Center, LLC (MS) |
100% | |
Mississippi HMA Urgent Care, LLC (MS) |
100% | |
Mississippi HMA Ventures, LLC (MS) |
100% |
43
ML Surgery Center, L.L.C. (PA) |
51% | |
Moberly HBP Medical Group, LLC (DE) |
100% | |
Moberly Hospital Company, LLC (DE) |
100% | |
Moberly Medical Clinics, Inc. (MO) |
100% | |
Moberly Physicians Corp. (MO) |
100% | |
Mooresville HMA Investors, LLC (NC) |
98.64% | |
Mooresville HMA Physician Management, LLC (NC) |
100% | |
Mooresville Home Care Services, LLC (DE) |
||
Mooresville Hospital Management Associates, LLC (NC) |
100% | |
Mooresville PPM, LLC (NC) |
100% | |
Morristown Clinic Corp. (TN) |
100% | |
Morristown Professional Centers, Inc. (TN) |
100% | |
Morristown Surgery Center, LLC (TN) |
100% | |
Munroe HMA HMPN, LLC (FL) |
95% | |
Munroe HMA Holdings, LLC (FL) |
95% | |
Munroe HMA Hospital, LLC (FL) |
95% | |
Munroe HMA Investments, LLC (FL) |
95% | |
Munroe HMA Physician Health Partners, LLC (FL) |
95% | |
Munroe Regional Homecare, LLC (FL) |
46.55% | |
Naples HMA, LLC (FL) |
100% | |
Natchez Clinic Company, LLC (DE) |
100% | |
Natchez HBP Services, LLC (DE) |
100% | |
Natchez Hospital Company, LLC (DE) |
100% | |
National Healthcare of England Arkansas, Inc. (AR) |
100% | |
National Healthcare of Holmes County, Inc. (FL) |
100% | |
National Healthcare of Leesville, Inc. (DE) |
100% | |
National Healthcare of Newport, Inc. (DE) |
100% | |
Navarro Hospital, L.P. (DE) |
100% | |
Navarro Regional, LLC (DE) |
100% | |
NC-CSH, Inc. (CA) |
100% | |
NC-DSH, LLC (NV) |
100% | |
New Cedar Lake Surgery Center, LLC (MS) |
25% | |
Newport Physician Clinics, Inc. (AR) |
100% | |
NHCI of Hillsboro, Inc. (TX) |
100% | |
North Carolina HMA Regional Service Center, LLC (NC) |
100% | |
North Okaloosa Clinic Corp. (FL) |
100% | |
North Okaloosa Home Health, LLC (FL) |
20% | |
North Okaloosa Medical Corp. (FL) |
97.9233% | |
North Okaloosa Surgery Venture Corp. (FL) |
100% | |
North Port HMA, LLC (FL) |
100% | |
Northampton Cardiology Clinic, LLC (DE) |
100% | |
Northampton Clinic Company, LLC (DE) |
100% | |
Northampton Home Care, LLC (DE) |
20% | |
Northampton Hospital Company, LLC (DE) |
100% |
44
Northampton Physician Services Corp. (PA) |
100% | |
Northampton Urgent Care, LLC (DE) |
100% | |
Northeast Medical Center, L.P. (DE) |
100% | |
Northeastern Pennsylvania Imaging Center (PA) |
100% | |
Northern Indiana Oncology Center of Porter Memorial Hospital, LLC (IN) |
95.2% | |
Northwest Allied Physicians, LLC (DE) |
100% | |
Northwest Arkansas Employees, LLC (DE) |
100% | |
Northwest Arkansas Hospitals, LLC (DE) |
100% | |
Northwest Arkansas Paramed Transfer, LLC (DE) |
100% | |
Northwest Benton County Physician Services, LLC (DE) |
100% | |
Northwest Cardiology, LLC (DE) |
100% | |
Northwest HBP Medical Services, LLC (DE) |
100% | |
Northwest Hospital, LLC (DE) |
100% | |
Northwest Indiana Health System, LLC (DE) |
91.16% | |
Northwest Marana Hospital, LLC (DE) |
100% | |
Northwest Medical Center CT/MRI at Marana, LLC (DE) |
100% | |
Northwest Physicians, LLC (AR) |
100% | |
Northwest Rancho Vistoso Imaging Services, LLC (DE) |
100% | |
Northwest-Sparks Quality Alliance, LLC (DE) |
100% | |
NOV Holdings, LLC (DE) |
100% | |
NRH, LLC (DE) |
100% | |
Oak Hill Clinic Corp. (WV) |
100% | |
Oak Hill Hospital Corporation (WV) |
100% | |
Oklahoma City ASC-GP, LLC (DE) |
100% | |
Oklahoma City Home Care Services, LLC (DE) |
100% | |
Olive Branch Clinic Corp. (MS) |
100% | |
Olive Branch Hospital, Inc. (MS) |
100% | |
One Boyertown Properties, L.P. (PA) |
5% | |
Open Air of MSLOU, L.L.C. (LA) |
100% | |
Oro Valley Hospital, LLC (DE) |
100% | |
OsceolaSC, LLC (DE) |
80% | |
Osler HMA Medical Group, LLC (FL) |
100% | |
Oviedo HMA, LLC (FL) |
100% | |
Pacific Group ASC Division, Inc. (AZ) |
100% | |
Pacific Physicians Services, LLC (DE) |
100% | |
Pain Management Joint Venture, LLP |
50% | |
Palm Drive Hospital, L.P. (DE) |
100% | |
Palm Drive Medical Center, LLC (DE) |
100% | |
Palmer-Wasilla Health System, LLC (DE) |
100% | |
Palmetto Tri-County Medical Specialists, LLC (DE) |
100% | |
Palmetto Womens Care, LLC (DE) |
100% | |
Panhandle Medical Center, LLC (DE) |
100% | |
Panhandle Surgical Hospital, L.P. (DE) |
100% | |
Parkway Regional Medical Clinic, Inc. (KY) |
100% |
45
Pasco Hernando HMA Physician Management, LLC (FL) |
100% | |
Pasco Regional Medical Center, LLC (FL) |
100% | |
Payson Healthcare Management, Inc. (AZ) |
100% | |
Payson Hospital Corporation (AZ) |
100% | |
PBEC HMA, Inc. (FL) |
100% | |
PDMC, LLC (DE) |
100% | |
Peace River HMA Nursing Center, LLC (FL) |
100% | |
Peckville Hospital Company, LLC (DE) |
100% | |
Pecos Valley of New Mexico, LLC (DE) |
100% | |
Peerless Healthcare, LLC (TN) |
100% | |
Pennsylvania Hospital Company, LLC (DE) |
100% | |
Personal Home Health Care, LLC (TN) |
100% | |
Petersburg Clinic Company, LLC (VA) |
100% | |
Petersburg Home Care Services, LLC (DE) |
20% | |
Petersburg Hospital Company, LLC (VA) |
99.3% | |
Phillips & Coker OB-GYN, LLC (DE) |
100% | |
Phoenix Surgical, LLC (DE) |
100% | |
Phoenixville Hospital Company, LLC (DE) |
100% | |
Phoenixville Hospital Malpractice Assistance Fund, Inc. (PA) |
100% | |
Physician Practice Support, LLC (TN) |
100% | |
Physicians Regional Marco Island, LLC (FL) |
100% | |
Piney Woods Healthcare System, L.P. (DE) |
96.6026% | |
Plymouth Hospital Corporation (NC) |
100% | |
Poinciana HMA, LLC (FL) |
100% | |
Polk Medical Services, Inc. (TN) |
100% | |
Ponca City Home Care Services, LLC (OK) |
20% | |
Poplar Bluff Physician Management, LLC (MO) |
100% | |
Poplar Bluff Regional Medical Center, LLC (MO) |
100% | |
Port Charlotte HMA Physician Management, LLC (FL) |
100% | |
Port Charlotte HMA, LLC (FL) |
100% | |
Porter Health Services, LLC (DE) |
100% | |
Porter Hospital, LLC (DE) |
91.16% | |
Porter Physician Services, LLC (DE) |
100% | |
Pottstown Home Care Services, LLC (DE) |
20% | |
Pottstown Hospital Company, LLC (DE) |
100% | |
Pottstown Hospital Corporation (PA) |
100% | |
Pottstown Imaging Company, LLC (DE) |
100% | |
Pottstown Memorial Malpractice Assistance Fund, Inc. (PA) |
100% | |
Pottstown Professional Services Company, LLC (DE) |
100% | |
Precision Surgery Center, LLC (DE) |
100% | |
Preferential Health Network, Inc. (SC) |
1 of multiple members of non- profit entity | |
Preferred Nurse Staffing, LLC (MS) |
100% | |
Premier Care Super PHO, LLC (DE) |
100% |
46
PremierCare of Arkansas, LLC (DE) |
79.6% | |
PremierCare of Northwest Arkansas, LLC (AR) |
79.6% | |
Procure Solutions, LLC (DE) |
100% | |
Professional Account Services Inc. (TN) |
100% | |
Punta Gorda HMA Physician Management, LLC (FL) |
100% | |
Punta Gorda HMA, LLC (FL) |
100% | |
Punta Gorda Medical Arts Center Association, Inc. (FL) |
100% | |
QHG Georgia Holdings II, LLC (DE) |
100% | |
QHG Georgia Holdings, Inc. (GA) |
100% | |
QHG Georgia, L.P. (GA) |
100% | |
QHG of Barberton, Inc. (OH) |
100% | |
QHG of Bluffton Company, LLC (DE) |
100% | |
QHG of Clinton County, Inc. (IN) |
100% | |
QHG of Enterprise, Inc. (AL) |
100% | |
QHG of Forrest County, Inc. (MS) |
100% | |
QHG of Fort Wayne Company, LLC (DE) |
100% | |
QHG of Hattiesburg, Inc. (MS) |
100% | |
QHG of Kenmare, Inc. (ND) |
100% | |
QHG of Lake City, Inc. (SC) |
100% | |
QHG of Minot, Inc. (ND) |
100% | |
QHG of Ohio, Inc. (OH) |
100% | |
QHG of South Carolina, Inc. (SC) |
100% | |
QHG of Spartanburg, Inc. (SC) |
100% | |
QHG of Springdale, Inc. (AR) |
100% | |
QHG of Texas, Inc. (TX) |
100% | |
QHG of Warsaw Company, LLC (DE) |
100% | |
Quorum ELF, Inc. (DE) |
100% | |
Quorum Health Services, Inc. (DE) |
100% | |
Rankin Cardiology Center, LLC (MS) |
100% | |
Red Bud Home Care Services, LLC (DE) |
20% | |
Redimed Dekalb, LLC (IN) |
50% | |
Regional Cancer Treatment Center, Ltd. (TX) |
34.25% | |
Regional Cardiology Center, L.L.C. (MS) |
50% | |
Regional Cardiology Group, LLC (DE) |
100% | |
Regional Clinics of Longview (TX) |
100% | |
Regional Employee Assistance Program (TX) |
100% | |
Regional Hospital of Longview, LLC (DE) |
100% | |
Regional Surgical Services, LLC (VA) |
82.1% | |
Rehab Hospital of Fort Wayne General Partnership (DE) |
86.3% | |
Revenue Cycle Service Center, LLC (DE) |
100% | |
River Oaks Hospital, LLC (MS) |
100% | |
River Oaks Management Company, LLC (MS) |
100% | |
River Oaks Medical Office Building, LLC (MS) |
100% | |
River Region Medical Corporation (MS) |
100% |
47
Riverpark Community Cath Lab, LLC (DE) |
100% | |
Riverview Regional Medical Center, LLC (DE) |
88.51% | |
Rockledge HMA Convenient Care, LLC (FL) |
100% | |
Rockledge HMA Medical Group, LLC (FL) |
100% | |
Rockledge HMA Urgent Care, LLC (FL) |
100% | |
Rockledge HMA, LLC (FL) |
100% | |
Rockwood Clinic Real Estate Holdings, LLC (DE) |
100% | |
ROH, LLC (MS) |
100% | |
Ronceverte Physician Group, LLC (DE) |
100% | |
Rose City HMA Medical Group, LLC (PA) |
89.9% | |
Rose City HMA, LLC (PA) |
89.9% | |
Roswell Clinic Corp. (NM) |
100% | |
Roswell Community Hospital Investment Corporation (DE) |
100% | |
Roswell Hospital Corporation (NM) |
100% | |
Russell County Clinic Corp. (VA) |
100% | |
Russell County Medical Center, Inc. (VA) |
100% | |
Ruston Clinic Company, LLC (DE) |
100% | |
Ruston Hospital Corporation (DE) |
100% | |
Ruston Louisiana Hospital Company, LLC (DE) |
100% | |
SACMC, LLC (DE) |
100% | |
Salem Clinic Corp. (NJ) |
100% | |
Salem Home Care Holdings, LLC (DE) |
100% | |
Salem Home Care Services, LLC (DE) |
100% | |
Salem Hospital Corporation (NJ) |
100% | |
Samaritan Surgicenters of Arizona II, LLC (AZ) |
100% | |
San Angelo Ambulatory Surgery Center, Ltd. (TX) |
40% | |
San Angelo Community Medical Center, LLC (DE) |
100% | |
San Angelo Hospital, L.P. (DE) |
94.318% | |
San Angelo Medical, LLC (DE) |
100% | |
San Leandro Hospital, L.P. (DE) |
100% | |
San Leandro Medical Center, LLC (DE) |
100% | |
San Leandro, LLC (DE) |
100% | |
Santa Rosa HMA Physician Management, LLC (FL) |
100% | |
Santa Rosa HMA Urgent Care, LLC (FL) |
100% | |
SCA JV II, LLC (DE) |
49% | |
SCA JV, LLC (DE) |
51% | |
Scott County HMA, LLC (TN) |
100% | |
Scranton Cardiovascular Physician Services, LLC (DE) |
100% | |
Scranton Clinic Company, LLC (DE) |
100% | |
Scranton Emergency Physician Services, LLC (DE) |
100% | |
Scranton GP Holdings, LLC (DE) |
100% | |
Scranton Holdings, LLC (DE) |
100% | |
Scranton Home Care Services, LLC (DE) |
100% | |
Scranton Hospital Company, LLC (DE) |
100% |
48
Scranton Hospitalist Physician Services, LLC (DE) |
100% | |
Scranton Quincy Ambulance, LLC (DE) |
100% | |
Scranton Quincy Clinic Company, LLC (DE) |
100% | |
Scranton Quincy Holdings, LLC (DE) |
100% | |
Scranton Quincy Home Care Services, LLC (DE) |
20% | |
Scranton Quincy Hospital Company, LLC (DE) |
100% | |
Scranton Quincy QRFS, LLC (DE) |
100% | |
SE PA Medical Imaging JV, LLC (DE) |
41.65% | |
Sebastian HMA Physician Management, LLC (FL) |
100% | |
Sebastian Home Care Services, LLC (DE) |
20% | |
Sebastian Hospital, LLC (FL) |
100% | |
Sebastopol, LLC (DE) |
100% | |
Sebring HMA Physician Management, LLC (FL) |
100% | |
Sebring Hospital Management Associates, LLC (FL) |
100% | |
Seminole HMA, LLC (OK) |
100% | |
Seminole HMPN, LLC (OK) |
100% | |
SEPA Integrated Providers Alliance, LLC (DE) |
100% | |
SEPASC JV, LLC (DE) |
51% | |
Sharon Clinic Company, LLC (DE) |
100% | |
Sharon Home Care Services, LLC (DE) |
20% | |
Sharon Pennsylvania Holdings, LLC (DE) |
100% | |
Sharon Pennsylvania Hospital Company, LLC (DE) |
100% | |
Sharon Regional HBP Medical Group, LLC (DE) |
100% | |
Shelby Alabama Real Estate, LLC (DE) |
100% | |
Shelbyville Clinic Corp. (TN) |
100% | |
Shelbyville Home Care Services, LLC (DE) |
20% | |
Shelbyville Hospital Company, LLC (TN) |
100% | |
Sherman Hospital, L.P. (DE) |
100% | |
Sherman Medical Center, LLC (DE) |
100% | |
Siloam Springs Arkansas Hospital Company, LLC (DE) |
100% | |
Siloam Springs Clinic Company, LLC (DE) |
100% | |
Siloam Springs Holdings, LLC (DE) |
100% | |
Silver Creek MRI, LLC (AZ) |
100% | |
SJ Home Care, LLC (DE) |
20% | |
SkyRidge Clinical Associates, LLC (DE) |
100% | |
SLH, LLC (DE) |
100% | |
South Alabama Managed Care Contracting, Inc. (AL) |
100% | |
South Alabama Medical Management Services, Inc. (AL) |
100% | |
South Alabama Physician Services, Inc. (AL) |
100% | |
South Arkansas Physician Services, LLC (DE) |
100% | |
SouthCrest, L.L.C. (OK) |
100% | |
Southeast Alabama Maternity Center, LLC (AL) |
62.75% | |
Southeast HMA Holdings, LLC (DE) |
100% | |
Southern Texas Medical Center, LLC (DE) |
100% |
49
Southside Physician Network, LLC (DE) |
100% | |
Southwest Florida HMA Holdings, LLC (DE) |
100% | |
Southwest Physicians Risk Retention Group, Inc. (SC) |
100% | |
Sparks PremierCare, L.L.C. (AR) |
100% | |
Spokane Home Care Services, LLC (DE) |
20% | |
Spokane Valley Washington Hospital Company, LLC (DE) |
100% | |
Spokane Washington Hospital Company, LLC (DE) |
100% | |
Spring Hill HMA Medical Group, LLC (FL) |
100% | |
Spring Hill HMA Physician Management, LLC (FL) |
100% | |
Springdale Home Care Services, LLC (DE) |
20% | |
Sprocket Medical Management, LLC (TX) |
100% | |
SS ParentCo., LLC (DE) |
100% | |
St. Cloud HMA Physician Management, LLC (FL) |
100% | |
St. Cloud Physician Management, LLC (FL) |
80% | |
St. Joseph Health System, LLC (DE) |
86.3% | |
St. Joseph Medical Group, Inc. (IN) |
100% | |
Starke HMA Medical Group, LLC (FL) |
60% | |
Starke HMA, LLC (FL) |
60% | |
Statesboro HMA Medical Group, LLC (GA) |
100% | |
Statesboro HMA Physician Management, LLC (GA) |
100% | |
Statesville HMA Medical Group, LLC (NC) |
100% | |
Statesville HMA Physician Management, LLC (NC) |
100% | |
Statesville HMA, LLC (NC) |
100% | |
Statesville PPM, LLC (NC) |
100% | |
StrokeCareNow, LLC (IN) |
44% | |
Summit Surgical Suites, LLC (IN) |
49% | |
Sumter HMA, LLC (FL) |
100% | |
Supply Chain Shared Service Center, LLC (DE) |
100% | |
Surgery Center of Midwest City, LLC (DE) |
36.76% | |
Surgery Center of Salem County, L.L.C. (NJ) |
90.9% | |
Surgical Center of Amarillo, LLC (DE) |
100% | |
Surgical Center of Carlsbad, LLC (DE) |
100% | |
Surgicare of Clarksville, LLC (TN) |
49% | |
Surgicare of Independence, Inc. (MO) |
100% | |
Surgicare of San Leandro, Inc. (CA) |
100% | |
Surgicare of Sherman, Inc. (TX) |
100% | |
Surgicare of Victoria, Inc. (TX) |
100% | |
Surgicare of Victoria, Ltd. (TX) |
100% | |
Surgicare Outpatient Center of Lake Charles, Inc. (LA) |
100% | |
Surgicenter of Johnson County, Inc. (KS) |
100% | |
Surgicenters of America, Inc. (AZ) |
100% | |
Susitna ASC Holdings, LLC (DE) |
65% | |
Susitna Surgery Center, LLC (DE) |
100% | |
SVRMC-HBP, LLC (DE) |
100% |
50
Tennessee HMA Holdings, LP (DE) |
100% | |
Tennessee HMA Regional Service Center, LLC (TN) |
100% | |
Tennyson Holdings, LLC (DE) |
100% | |
Terrell Hospital, L.P. (DE) |
100% | |
Terrell Medical Center, LLC (DE) |
100% | |
Texas Bay Area Clinical Services, Inc. (TX) |
33% | |
Texas Mammography JV Holdings, LLC (DE) |
50% | |
Texas Womens Imaging JV Holdings, LLC (DE) |
100% | |
The Sleep Disorder Center of Wyoming Valley, LLC (PA) |
100% | |
The Surgery Center of Ocala, LLC (TN) |
47.5% | |
The Surgery Center, LLC (MS) |
30% | |
The Vicksburg Clinic, LLC (DE) |
100% | |
Timberland Medical Group (TX) |
100% | |
TimberRidge Imaging Center, LLP (FL) |
47.5% | |
Tomball Ambulatory Surgery Center, L.P. (TX) |
100% | |
Tomball Clinic Asset Holding Company, LLC (DE) |
100% | |
Tomball Texas Equipment Ventures, LLC (TX) |
100% | |
Tomball Texas Holdings, LLC (DE) |
100% | |
Tomball Texas Home Care Services, LLC (DE) |
20% | |
Tomball Texas Hospital Company, LLC (DE) |
100% | |
Tomball Texas Ventures, LLC (DE) |
100% | |
Triad Corporate Services, Limited Partnership (DE) |
100% | |
Triad CSGP, LLC (DE) |
100% | |
Triad CSLP, LLC (DE) |
100% | |
Triad Healthcare System of Phoenix, L.P. (DE) |
100% | |
Triad Healthcare, LLC (DE) |
100% | |
Triad Holdings III, LLC (DE) |
100% | |
Triad Holdings IV, LLC (DE) |
100% | |
Triad Holdings V, LLC (DE) |
100% | |
Triad Holdings VI, Inc. (DE) |
100% | |
Triad Indiana Holdings, LLC (DE) |
86.3% | |
Triad Nevada Holdings, LLC (DE) |
100% | |
Triad of Alabama, LLC (DE) |
100% | |
Triad of Arizona (L.P.), Inc. (AZ) |
100% | |
Triad of Phoenix, Inc. (AZ) |
100% | |
Triad RC, Inc. (DE) |
100% | |
Triad-Arizona I, Inc. (AZ) |
100% | |
Triad-ARMC, LLC (DE) |
100% | |
Triad-Denton Hospital GP, LLC (DE) |
100% | |
Triad-Denton Hospital, L.P. (DE) |
100% | |
Triad-El Dorado, Inc. (AR) |
100% | |
Triad-Navarro Regional Hospital Subsidiary, LLC (DE) |
100% | |
Triad-South Tulsa Hospital Company, Inc. (OK) |
100% | |
Tri-Irish, Inc. (DE) |
100% |
51
TROSCO, LLC (DE) |
100% | |
Troy Hospital Corporation (AL) |
100% | |
Tucson Home Care Services, LLC (DE) |
20% | |
Tug Valley Healthcare Alliance, Inc. (WV) |
100% | |
Tullahoma HMA Leasing, LLC (TN) |
100% | |
Tullahoma HMA Physician Management, LLC (TN) |
100% | |
Tullahoma HMA, LLC (TN) |
94.27% | |
Tunkhannock Clinic Company, LLC (DE) |
100% | |
Tunkhannock Hospital Company, LLC (DE) |
100% | |
Tunkhannock Hospital Physician Services, LLC (DE) |
100% | |
Valley Advanced Imaging, LLC (IN) |
30% | |
Valley Advanced MRI, LLC (IN) |
40% | |
ValleyCare Cardiology Group, LLC (DE) |
100% | |
Valparaiso Home Care Services, LLC (DE) |
20% | |
Van Buren H.M.A., LLC (AR) |
100% | |
Van Buren HMA Central Business Office, LLC (AR) |
100% | |
Vanderbilt-Gateway Cancer Center, G.P. (DE) |
40% | |
Venice HMA, LLC (FL) |
100% | |
Venice Home Care Services, LLC (DE) |
20% | |
Vero Beach Florida ASC, LLC (DE) |
51% | |
VHC Holdings, LLC (DE) |
100% | |
VHC Medical, LLC (DE) |
100% | |
Vicksburg Healthcare, LLC (DE) |
100% | |
Vicksburg HMA Physician Management, LLC (MS) |
100% | |
Vicksburg Surgical Center, LLC (DE) |
100% | |
Victoria Clinic Asset Holding Company, LLC (DE) |
100% | |
Victoria Hospital, LLC (DE) |
100% | |
Victoria of Texas, L.P. (DE) |
100% | |
Victoria Texas Home Care Services, LLC (DE) |
20% | |
Virginia Care Company, LLC (DE) |
100% | |
Virginia Hospital Company, LLC (VA) |
100% | |
VirtualHealthConnect, LLC (DE) |
100% | |
Warren Ohio Hospital Company, LLC (DE) |
100% | |
Warren Ohio Physician Services, LLC (DE) |
100% | |
Warren Ohio Rehab Hospital Company, LLC (DE) |
100% | |
Warsaw Health System, LLC (DE) |
99.08% | |
Washington Clinic Corp. (MS) |
100% | |
Washington Hospital Corporation (MS) |
100% | |
Washington Physician Corp. (MS) |
100% | |
WA-SPOK DH CRNA, LLC (DE) |
100% | |
WA-SPOK DH Urgent Care, LLC (DE) |
100% | |
WA-SPOK Kidney Care, LLC (DE) |
100% | |
WA-SPOK Medical Care, LLC (DE) |
100% | |
WA-SPOK Primary Care, LLC (DE) |
100% |
52
WA-SPOK Pulmonary & Critical Care, LLC (DE) |
100% | |
WA-SPOK VH CRNA, LLC (DE) |
100% | |
WA-SPOK VH Urgent Care, LLC (DE) |
100% | |
Wauchula HMA Physician Management, LLC (FL) |
100% | |
Waukegan Hospice, LLC (DE) |
20% | |
Weatherford Home Care Services, LLC (DE) |
20% | |
Weatherford Hospital Corporation (TX) |
100% | |
Weatherford Texas Hospital Company, LLC (TX) |
100% | |
Webb County Texas Home Care Services, LLC (DE) |
20% | |
Webb Hospital Corporation (DE) |
100% | |
Webb Hospital Holdings, LLC (DE) |
100% | |
Wesley Health System LLC (DE) |
100% | |
Wesley HealthTrust, Inc. (MS) |
100% | |
Wesley Physician Services, LLC (DE) |
100% | |
West Grove Home Care, LLC (DE) |
20% | |
West Grove Hospital Company, LLC (DE) |
100% | |
Western Arizona Regional Home Health and Hospice, LLC (AZ) |
20% | |
Westmed (TX) |
100% | |
WHMC, LLC (DE) |
100% | |
Wichita Falls Texas Home Care, LLC (TX) |
20% | |
Wilkes-Barre Academic Medicine, LLC (DE) |
100% | |
Wilkes-Barre Behavioral Hospital Company, LLC (DE) |
100% | |
Wilkes-Barre Behavioral Ventures, LLC (DE) |
100% | |
Wilkes-Barre Clinic Company, LLC (DE) |
100% | |
Wilkes-Barre Community Residential Unit, LLC (DE) |
100% | |
Wilkes-Barre Holdings, LLC (DE) |
100% | |
Wilkes-Barre Home Care Services, LLC (DE) |
20% | |
Wilkes-Barre Hospital Company, LLC (DE) |
100% | |
Wilkes-Barre Intermountain Clinic, LLC (DE) |
100% | |
Wilkes-Barre Personal Care Services, LLC (DE) |
100% | |
Wilkes-Barre Radiation Oncology, LLC (DE) |
51% | |
Williamson HMA Physician Management, LLC (DE) |
95.84% | |
Williamson Memorial Hospital, LLC (WV) |
95.84% | |
Wiregrass Clinic, LLC (DE) |
100% | |
Women & Childrens Hospital, LLC (DE) |
100% | |
Womens Health Partners, LLC (DE) |
100% | |
Womens Health Specialists of Birmingham, Inc. (AL) |
100% | |
Womens Health Specialists of Carlisle, LLC (PA) |
100% | |
Woodland Heights Medical Center, LLC (DE) |
100% | |
Woodward Clinic Company, LLC (DE) |
100% | |
Woodward Health System, LLC (DE) |
100% | |
Woodward Home Care Services, LLC (DE) |
20% | |
Yakima HMA Physician Management, LLC (WA) |
100% | |
Yakima HMA, LLC (WA) |
100% |
53
York Anesthesiology Physician Services, LLC (DE) |
100% | |
York Clinic Company, LLC (DE) |
100% | |
York Home Care Services, LLC (DE) |
20% | |
York Pathology Physician Services, LLC (DE) |
100% | |
York Pennsylvania Holdings, LLC (DE) |
100% | |
York Pennsylvania Hospital Company, LLC (DE) |
100% | |
Youngstown Home Care Services, LLC (DE) |
20% | |
Youngstown Ohio Hospital Company, LLC (DE) |
100% | |
Youngstown Ohio Laboratory Services Company, LLC (DE) |
100% | |
Youngstown Ohio Outpatient Services Company, LLC (DE) |
100% | |
Youngstown Ohio Physician Services Company, LLC (DE) |
100% | |
Youngstown Ohio PSC, LLC (DE) |
100% |
54
Schedule 3.18
Insurance
* | On file with the Agent. |
55
Schedule 3.19(a)
Filing Offices
Entity Name |
Jurisdiction of Formation |
Filing Office | ||||
1. | Foley Hospital Corporation | Alabama | Secretary of State of the State of Alabama | |||
2. | QHG of Enterprise, Inc. | Alabama | Secretary of State of the State of Alabama | |||
3. | Bullhead City Hospital Corporation | Arizona | Secretary of State of the State of Arizona | |||
4. | Fort Smith HMA, LLC | Arkansas | Secretary of State of the State of Arkansas | |||
5. | MCSA, L.L.C. | Arkansas | Secretary of State of the State of Arkansas | |||
6. | QHG of Springdale, Inc. | Arkansas | Secretary of State of the State of Arkansas | |||
7. | Triad-El Dorado, Inc. | Arkansas | Secretary of State of the State of Arkansas | |||
8. | Van Buren H.M.A., LLC | Arkansas | Secretary of State of the State of Arkansas | |||
9. | Abilene Hospital, LLC | Delaware | Secretary of State of the State of Delaware | |||
10. | Abilene Merger, LLC | Delaware | Secretary of State of the State of Delaware | |||
11. | Affinity Health Systems, LLC | Delaware | Secretary of State of the State of Delaware | |||
12. | Affinity Hospital, LLC | Delaware | Secretary of State of the State of Delaware | |||
13. | Berwick Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
14. | Birmingham Holdings II, LLC | Delaware | Secretary of State of the State of Delaware | |||
15. | Birmingham Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
16. | Bluefield Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
17. | Bluefield Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
18. | Bluffton Health System LLC | Delaware | Secretary of State of the State of Delaware | |||
19. | Brownwood Hospital, L.P. | Delaware | Secretary of State of the State of Delaware | |||
20. | Brownwood Medical Center, LLC | Delaware | Secretary of State of the State of Delaware | |||
21. | Bullhead City Hospital Investment Corporation | Delaware | Secretary of State of the State of Delaware | |||
22. | Carlsbad Medical Center, LLC | Delaware | Secretary of State of the State of Delaware | |||
23. | Carolinas Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
24. | Carolinas JV Holdings General, LLC | Delaware | Secretary of State of the State of Delaware | |||
25. | Carolinas JV Holdings, L.P. | Delaware | Secretary of State of the State of Delaware | |||
26. | Central Florida HMA Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
27. | Central States HMA Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
28. | Chestnut Hill Health System, LLC | Delaware | Secretary of State of the State of Delaware | |||
29. | CHHS Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
30. | CHHS Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
31. | CHS Pennsylvania Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
32. | CHS Tennessee Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
33. | CHS Virginia Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
34. | CHS/Community Health Systems, Inc. | Delaware | Secretary of State of the State of Delaware | |||
35. | Clarksville Holdings II, LLC | Delaware | Secretary of State of the State of Delaware | |||
36. | Clarksville Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
37. | Cleveland Tennessee Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
38. | College Station Hospital, L.P. | Delaware | Secretary of State of the State of Delaware | |||
39. | College Station Medical Center, LLC | Delaware | Secretary of State of the State of Delaware | |||
40. | College Station Merger, LLC | Delaware | Secretary of State of the State of Delaware |
56
Entity Name |
Jurisdiction of Formation |
Filing Office | ||||
41. | Community Health Investment Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
42. | Community Health Systems, Inc. | Delaware | Secretary of State of the State of Delaware | |||
43. | CP Hospital GP, LLC | Delaware | Secretary of State of the State of Delaware | |||
44. | CPLP, LLC | Delaware | Secretary of State of the State of Delaware | |||
45. | Crestwood Healthcare, L.P. | Delaware | Secretary of State of the State of Delaware | |||
46. | Crestwood Hospital LP, LLC | Delaware | Secretary of State of the State of Delaware | |||
47. | Crestwood Hospital, LLC | Delaware | Secretary of State of the State of Delaware | |||
48. | CSMC, LLC | Delaware | Secretary of State of the State of Delaware | |||
49. | Deaconess Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
50. | Deaconess Hospital Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
51. | Desert Hospital Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
52. | Detar Hospital, LLC | Delaware | Secretary of State of the State of Delaware | |||
53. | DHFW Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
54. | Dukes Health System, LLC | Delaware | Secretary of State of the State of Delaware | |||
55. | Florida HMA Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
56. | Gadsden Regional Medical Center, LLC | Delaware | Secretary of State of the State of Delaware | |||
57. | GRMC Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
58. | Hallmark Healthcare Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
59. | Health Management Associates, LLC | Delaware | Secretary of State of the State of Delaware | |||
60. | Health Management Associates, LP | Delaware | Secretary of State of the State of Delaware | |||
61. | Health Management General Partner I, LLC | Delaware | Secretary of State of the State of Delaware | |||
62. | Health Management General Partner, LLC | Delaware | Secretary of State of the State of Delaware | |||
63. | HMA Hospitals Holdings, LP | Delaware | Secretary of State of the State of Delaware | |||
64. | HMA Services GP, LLC | Delaware | Secretary of State of the State of Delaware | |||
65. | HMA-TRI Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
66. | Hobbs Medco, LLC | Delaware | Secretary of State of the State of Delaware | |||
67. | Kirksville Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
68. | Lancaster Hospital Corporation | Delaware | Secretary of State of the State of Delaware | |||
69. | Las Cruces Medical Center, LLC | Delaware | Secretary of State of the State of Delaware | |||
70. | Lea Regional Hospital, LLC | Delaware | Secretary of State of the State of Delaware | |||
71. | Longview Clinic Operations Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
72. | Longview Medical Center, L.P. | Delaware | Secretary of State of the State of Delaware | |||
73. | Longview Merger, LLC | Delaware | Secretary of State of the State of Delaware | |||
74. | LRH, LLC | Delaware | Secretary of State of the State of Delaware | |||
75. | Lutheran Health Network of Indiana, LLC | Delaware | Secretary of State of the State of Delaware | |||
76. | Mary Black Health System LLC | Delaware | Secretary of State of the State of Delaware | |||
77. | Medical Center of Brownwood, LLC | Delaware | Secretary of State of the State of Delaware | |||
78. | Mississippi HMA Holdings I, LLC | Delaware | Secretary of State of the State of Delaware | |||
79. | Mississippi HMA Holdings II, LLC | Delaware | Secretary of State of the State of Delaware | |||
80. | Moberly Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
81. | Natchez Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
82. | National Healthcare of Leesville, Inc. | Delaware | Secretary of State of the State of Delaware | |||
83. | Navarro Hospital, L.P. | Delaware | Secretary of State of the State of Delaware | |||
84. | Navarro Regional, LLC | Delaware | Secretary of State of the State of Delaware |
57
Entity Name |
Jurisdiction of Formation |
Filing Office | ||||
85. | Northwest Arkansas Hospitals, LLC | Delaware | Secretary of State of the State of Delaware | |||
86. | Northwest Hospital, LLC | Delaware | Secretary of State of the State of Delaware | |||
87. | NOV Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
88. | NRH, LLC | Delaware | Secretary of State of the State of Delaware | |||
89. | Oro Valley Hospital, LLC | Delaware | Secretary of State of the State of Delaware | |||
90. | Palmer-Wasilla Health System, LLC | Delaware | Secretary of State of the State of Delaware | |||
91. | Pennsylvania Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
92. | Phoenixville Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
93. | Pottstown Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
94. | QHG Georgia Holdings II, LLC | Delaware | Secretary of State of the State of Delaware | |||
95. | QHG of Bluffton Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
96. | QHG of Fort Wayne Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
97. | Regional Hospital of Longview, LLC | Delaware | Secretary of State of the State of Delaware | |||
98. | Ruston Hospital Corporation | Delaware | Secretary of State of the State of Delaware | |||
99. | Ruston Louisiana Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
100. | SACMC, LLC | Delaware | Secretary of State of the State of Delaware | |||
101. | San Angelo Community Medical Center, LLC | Delaware | Secretary of State of the State of Delaware | |||
102. | San Angelo Medical, LLC | Delaware | Secretary of State of the State of Delaware | |||
103. | Scranton Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
104. | Scranton Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
105. | Scranton Quincy Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
106. | Scranton Quincy Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
107. | Siloam Springs Arkansas Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
108. | Siloam Springs Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
109. | Southeast HMA Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
110. | Southern Texas Medical Center, LLC | Delaware | Secretary of State of the State of Delaware | |||
111. | Southwest Florida HMA Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
112. | Tennessee HMA Holdings, LP | Delaware | Secretary of State of the State of Delaware | |||
113. | Tennyson Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
114. | Tomball Texas Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
115. | Tomball Texas Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
116. | Triad Healthcare, LLC | Delaware | Secretary of State of the State of Delaware | |||
117. | Triad Holdings III, LLC | Delaware | Secretary of State of the State of Delaware | |||
118. | Triad Holdings IV, LLC | Delaware | Secretary of State of the State of Delaware | |||
119. | Triad Holdings V, LLC | Delaware | Secretary of State of the State of Delaware | |||
120. | Triad Nevada Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
121. | Triad of Alabama, LLC | Delaware | Secretary of State of the State of Delaware | |||
122. | Triad-ARMC, LLC | Delaware | Secretary of State of the State of Delaware | |||
123. | Triad-Navarro Regional Hospital Subsidiary, LLC | Delaware | Secretary of State of the State of Delaware | |||
124. | Tunkhannock Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
125. | VHC Medical, LLC | Delaware | Secretary of State of the State of Delaware | |||
126. | Vicksburg Healthcare, LLC | Delaware | Secretary of State of the State of Delaware |
58
Entity Name |
Jurisdiction of Formation |
Filing Office | ||||
127. | Victoria Hospital, LLC | Delaware | Secretary of State of the State of Delaware | |||
128. | Victoria of Texas, L.P. | Delaware | Secretary of State of the State of Delaware | |||
129. | Webb Hospital Corporation | Delaware | Secretary of State of the State of Delaware | |||
130. | Webb Hospital Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
131. | Wesley Health System LLC | Delaware | Secretary of State of the State of Delaware | |||
132. | WHMC, LLC | Delaware | Secretary of State of the State of Delaware | |||
133. | Wilkes-Barre Behavioral Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
134. | Wilkes-Barre Holdings, LLC | Delaware | Secretary of State of the State of Delaware | |||
135. | Wilkes-Barre Hospital Company, LLC | Delaware | Secretary of State of the State of Delaware | |||
136. | Woodland Heights Medical Center, LLC | Delaware | Secretary of State of the State of Delaware | |||
137. | Woodward Health System, LLC | Delaware | Secretary of State of the State of Delaware | |||
138. | Citrus HMA, LLC | Florida | Secretary of State of the State of Florida | |||
139. | HMA Santa Rosa Medical Center, LLC | Florida | Secretary of State of the State of Florida | |||
140. | Hospital Management Associates, LLC | Florida | Secretary of State of the State of Florida | |||
141. | Hospital Management Services of Florida, LP | Florida | Secretary of State of the State of Florida | |||
142. | Key West HMA, LLC | Florida | Secretary of State of the State of Florida | |||
143. | Naples HMA, LLC | Florida | Secretary of State of the State of Florida | |||
144. | Pasco Regional Medical Center, LLC | Florida | Secretary of State of the State of Florida | |||
145. | Port Charlotte HMA, LLC | Florida | Secretary of State of the State of Florida | |||
146. | Punta Gorda HMA, LLC | Florida | Secretary of State of the State of Florida | |||
147. | Venice HMA, LLC | Florida | Secretary of State of the State of Florida | |||
148. | QHG Georgia Holdings, Inc. | Georgia | Office of the Clerk of any Superior Court | |||
149. | QHG Georgia, LP | Georgia | Office of the Clerk of any Superior Court | |||
150. | Frankfort Health Partner, Inc. | Indiana | Secretary of State of the State of Indiana | |||
151. | QHG of Clinton County, Inc. | Indiana | Secretary of State of the State of Indiana | |||
152. | Biloxi H.M.A., LLC | Mississippi | Secretary of State of the State of Mississippi | |||
153. | Brandon HMA, LLC | Mississippi | Secretary of State of the State of Mississippi | |||
154. | Jackson HMA, LLC | Mississippi | Secretary of State of the State of Mississippi | |||
155. | Madison HMA, LLC | Mississippi | Secretary of State of the State of Mississippi | |||
156. | QHG of Forrest County, Inc. | Mississippi | Secretary of State of the State of Mississippi | |||
157. | QHG of Hattiesburg, Inc. | Mississippi | Secretary of State of the State of Mississippi | |||
158. | River Oaks Hospital, LLC | Mississippi | Secretary of State of the State of Mississippi | |||
159. | River Region Medical Corporation | Mississippi | Secretary of State of the State of Mississippi | |||
160. | ROH, LLC | Mississippi | Secretary of State of the State of Mississippi | |||
161. | Kennett HMA, LLC | Missouri | Secretary of State of the State of Missouri |
59
Entity Name |
Jurisdiction of Formation |
Filing Office | ||||
162. |
Poplar Bluff Regional Medical Center, LLC | Missouri | Secretary of State of the State of Missouri | |||
163. |
NC-DSH, LLC | Nevada | Secretary of State of the State of Nevada | |||
164. |
Salem Hospital Corporation | New Jersey | New Jersey Department of Treasury/Division of Revenue | |||
165. |
Roswell Hospital Corporation | New Mexico | Secretary of State of the State of New Mexico | |||
166. |
Statesville HMA, LLC | North Carolina | Secretary of State of the State of North Carolina | |||
167. |
Clinton HMA, LLC | Oklahoma | Secretary of State of the State of Oklahoma | |||
168. |
Kay County Hospital Corporation | Oklahoma | Secretary of State of the State of Oklahoma | |||
169. |
Kay County Oklahoma Hospital Company, LLC | Oklahoma | Secretary of State of the State of Oklahoma | |||
170. |
Marshall County HMA, LLC | Oklahoma | Secretary of State of the State of Oklahoma | |||
171. |
Seminole HMA, LLC | Oklahoma | Secretary of State of the State of Oklahoma | |||
172. |
Coatesville Hospital Corporation | Pennsylvania | Secretary of the Commonwealth | |||
173. |
Chester HMA, LLC | South Carolina | Secretary of State of the State of South Carolina | |||
174. |
Gaffney H.M.A., LLC | South Carolina | Secretary of State of the State of South Carolina | |||
175. |
QHG of South Carolina, Inc. | South Carolina | Secretary of State of the State of South Carolina | |||
176. |
QHG of Spartanburg, Inc. | South Carolina | Secretary of State of the State of South Carolina | |||
177. |
Campbell County HMA, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
178. |
Cleveland Hospital Company, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
179. |
Cocke County HMA, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
180. |
Dyersburg Hospital Company, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
181. |
HMA Fentress County General Hospital, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
182. |
Hospital of Morristown, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
183. |
Jackson Hospital Corporation | Tennessee | Secretary of State of the State of Tennessee | |||
184. |
Jefferson County HMA, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
185. |
Knoxville HMA Holdings, LLC | Tennessee | Secretary of State of the State of Tennessee |
60
Entity Name |
Jurisdiction of Formation |
Filing Office | ||||
186. |
Lakeway Hospital Company, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
187. |
Lebanon HMA, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
188. |
Martin Hospital Company, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
189. |
Metro Knoxville HMA, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
190. |
Shelbyville Hospital Company, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
191. |
Tullahoma HMA, LLC | Tennessee | Secretary of State of the State of Tennessee | |||
192. |
Granbury Hospital Corporation | Texas | Secretary of State of the State of Texas | |||
193. |
Laredo Texas Hospital Company, L.P. | Texas | Secretary of State of the State of Texas | |||
194. |
Weatherford Hospital Corporation | Texas | Secretary of State of the State of Texas | |||
195. |
Weatherford Texas Hospital Company, LLC | Texas | Secretary of State of the State of Texas | |||
196. |
Emporia Hospital Corporation | Virginia | State Corporation Commission | |||
197. |
Franklin Hospital Corporation | Virginia | State Corporation Commission | |||
198. |
Virginia Hospital Company, LLC | Virginia | State Corporation Commission | |||
199. |
Oak Hill Hospital Corporation | West Virginia | Secretary of State of the State of West Virginia |
61
Schedule 3.19(c)
Mortgage Filing Offices
Property Name/Address |
Filing Office | |||
1. | Flowers Hospital 4370 West Main Street Dothan, AL 36305 |
Houston County, AL | ||
2. | Gadsden Regional Medical Center 1007 Goodyear Avenue Gadsden, AL 35903 |
Etowah County, AL | ||
3. | Medical Center Enterprise 400 North Edwards St. Enterprise, AL 36330 |
Coffee County, AL | ||
4. | Northwest Medical Center 6200 N. LaCholla Blvd. Tucson, AZ 85741 |
Pima County, AZ | ||
5. | Oro Valley Hospital 1551 E. Tangerine Road Oro Valley, AZ 85755 |
Pima County, AZ | ||
6. | Bluffton Regional Medical Center 303 South Main Street Bluffton, IN 46714 |
Wells County, IN | ||
7. | Dukes Memorial Hospital 275 W. 12th Street Peru, IN 46970 |
Miami County, IN | ||
8. | Merit Health River Region 2100 Highway 61 North/1111 N. Frontage Road Vicksburg, MS 39183 |
Warren County, MS | ||
9. | Merit Health Wesley [(f/k/a Wesley Medical Center)] 5001 Hardy Street Hattiesburg, MS 39402 |
Lamar and Forrest Counties, MS | ||
10. | Moberly Regional Medical Center 1515 Union Avenue Moberly, MO 65270 |
Shelby and Randolph counties, MO | ||
11. | Memorial Hospital of Salem County 310 Woodstown Road Salem, NJ 08079 |
Salem & Gloucester Counties, NJ | ||
12. | Carlsbad Medical Center 2430 West Pierce St Carlsbad, NM 88220 |
Eddy County, NM | ||
13. | Eastern New Mexico Medical Center 405 West Country Club Road Roswell, NM 88201 |
Chaves County, NM | ||
14. | Lea Regional Medical Center 5419 N. Lovington Highway Hobbs, NM 88240 |
Lea County, NM | ||
15. | Mountain View Regional Medical Center 4311 East Lohman Avenue Las Cruces, NM 88011 |
Dona Ana County, NM | ||
16. | AllianceHealth Ponca City 1900 North 14th Street Ponca City, OK 74601 |
Kay County, OK |
62
Property Name/Address |
Filing Office | |||
17. | Berwick Hospital Center 701 East 16th Street Berwick, PA 18603 |
Columbia & Luzerne Counties, PA | ||
18. | Moses Taylor Hospital 700 Quincy Avenue Scranton, PA 18510 |
Lackawanna County, PA | ||
19. | Regional Hospital of Scranton 746 Jefferson Ave Scranton, PA 18510 |
Lackawanna County, PA | ||
20. | Tyler Memorial Hospital 5950 SR6 Tunkhannock, PA 18657 |
Wyoming County, PA | ||
21. | Wilkes-Barre General Hospital 575 North River Street Wilkes-Barre, PA 18702
Thomas P. Saxton Medical Pavilion 468 Northampton Street Edwardsville, PA 18704
Wyoming Valley Imaging Center 345 N. Pennsylvania Avenue Wilkes-Barre, PA 18702 |
Luzerne County, PA | ||
22. | First Hospital 562 and 534 Wyoming
Avenue
Community Counseling Services 110-130 S. Pennsylvania Avenue (a/k/a 101 E. Northampton) Wilkes-Barre, PA 18701 92 S. Franklin Street Wilkes-Barre, PA 18701 320 S. Franklin Street Wilkes-Barre, PA 18702 3504 Bear Creek Bear Creek, PA 18602
First Hospital Patient Resident House 76 South Dawes Avenue Kingston, PA 18704 |
Luzerne County, PA | ||
23. | Carolinas Hospital System 805 Pamplico Highway Florence, SC 29505 |
Florence County, SC | ||
24. | Carolinas Hospital System Marion (f/k/a Marion Regional Hospital) 2829 E. Highway 76 Mullins, SC 29574 |
Marion County, SC | ||
25. | Mullins Nursing Center 518 S. Main Street Mullins, SC 29574 |
Marion County, SC |
63
Property Name/Address |
Filing Office | |||
26. | Springs Memorial Hospital 800 W. Meeting Street Lancaster, SC 29720 |
Lancaster County, SC | ||
27. | Tennova Dyersburg Regional 400 E. Tickle Street |
Dyer and Lauderdale Counties, TN | ||
28. | Tennova Lakeway Regional Hospital (f/k/a Lakeway Regional Hospital) 726 McFarland Street Morristown, TN 37814 |
Hamblen County, TN | ||
29. | Tennova Healthcare-Cleveland 2305 Chambliss Avenue NW Cleveland, TN 37311 |
Bradley County, TN | ||
30. | Tennova- Volunteer Martin 161 Mt. Pelia Road Martin, TN 38237 |
Weakley County, TN | ||
31. | College Station Medical Center 1604 Rock Prairie Road College Station, TX 77845 |
Brazos County, TX | ||
32. | DeTar Healthcare System 506 E. San Antonio Street Victoria, TX 77901 |
Victoria County, TX | ||
33. | DeTar Healthcare System 101 Medical Drive Victoria, TX 77904 |
Victoria County, TX | ||
34. | Southern Virginia Regional Medical Center 727 North Main Street Emporia, VA 23847 |
Greensville County, VA | ||
35. | Southampton Memorial Hospital 100 Fairview Drive Franklin, VA 23851 |
Southampton County, VA | ||
36. | Bluefield Regional Medical Center 500 Cherry
Street (821 Bluefield Avenue) |
Mercer County, WV | ||
37. | Trinity Medical Center 800 Montclair Road Birmingham, AL 35213 (Jefferson) (No longer an operating hospital)
and
Grandview Medical Center 3690 Grandview Parkway Birmingham, AL 35243 |
Jefferson County, AL | ||
38. | Medical Center of South Arkansas 700 W. Grove Street El Dorado, AR 71730 |
Union County, AR | ||
39. | Western Arizona Regional Medical Center 2735 Silver Creek Road Bullhead City, AZ 86442 |
Mohave County, AZ |
64
Property Name/Address |
Filing Office | |||
40. | Longview Regional Medical Center 2901 N. Fourth Street Longview, TX 75605 |
Gregg County, AR | ||
41. | Northwest Medical Center Springdale 609 W. Maple Ave Springdale, AR 72764 |
Washington County, AR | ||
42. | Willow Creek Womens Hospital 4301 Greathouse Springs Rd. Johnson, AR 72741 |
Washington County, AR | ||
43. | Northwest Medical Center Bentonville 3000 Medical Center Pkwy. |
Benton County, AR | ||
44. | Tennova- Newport Medical Center 435 Second Street Newport, TN 37821 |
Cocke County, TN | ||
45. | Seven Rivers Regional Medical Center 6201 N. Suncoast Blvd. Crystal River, FL 34428 |
Citrus County, FL | ||
46. | Sparks Health System 1001 Towson Avenue |
Sebastian County, AR | ||
47. | Merit Health Madison 161 River Oaks Drive Canton, MS 39046 |
Madison County, MS | ||
48. | Tennova-Physicians Regional Medical Center 900 East Oak Hill Ave. Knoxville, TN 37917 |
Knox County, TN | ||
49. | Tennova- Turkey Creek Medical Center 10820 Parkside Drive Knoxville, TN 37934 |
Knox County, TN | ||
50. | Tennova- North Knoxville Medical Center 7565 Dannaher Drive Knoxville, TN 37849 |
Knox County, TN | ||
51. | Physicians Regional Medical Center (Pine Ridge) 6101 Pine Ridge Road Naples, FL 34119 |
Collier County, FL | ||
52. | Physicians Regional Medical Center (Collier Blvd. and MOB) 8300 Collier Blvd. Naples, FL 34114 |
Collier County, FL | ||
53. | Poplar Bluff Regional Medical Center 3100 Oak Grove Road Poplar Bluff, MO 63901 |
Butler County, MO | ||
54. | Bayfront Health Port Charlotte 2500 Harbor Boulevard Port Charlotte, FL 33952 |
Charlotte County, FL |
65
Property Name/Address |
Filing Office | |||
55. | Bayfront Health Punta Gorda 809 E. Marion Avenue Punta Gorda, FL 33950 |
Charlotte County, FL | ||
56. | Riverside Behavioral Center 733 E. Olympia Ave. Punta Gorda, FL 33950 |
Charlotte County, FL | ||
57. | Merit Health River Oaks 1030 River Oaks Drive Flowood, MS 39232 |
Rankin County, MS | ||
58. | Merit Health Womans Hospital 1026 N.
Flowood Drive |
Rankin County, MS | ||
59. | Davis Regional Medical Center 218 Old Mocksville Road Statesville, NC 28625 |
Iredell County, NC | ||
60. | Venice Regional Medical Center 540 The Rialto Venice, FL 34285 |
Sarasota County, FL | ||
61. | Merit Health Natchez 54 Seargent S Prentiss Drive Natchez, MS 39120 |
Adams County, MS | ||
62. | Crestwood Medical Center One Hospital Drive SW Huntsville, AL 35801-6455 |
Madison County, AL | ||
63. | Bayfront Health Dade City 13100 Fort King Road Dade City, FL 33525 |
Pasco County, FL | ||
64. | Mary Black Health System-Gaffney 1530 N. Limestone St. Gaffney, SC 29340 |
Cherokee County, SC | ||
65. | Mary Black Health System 1700 Skylyn Drive Spartanburg, SC 29307 |
Spartanburg County, SC | ||
66. | Tennova Healthcare-Lebanon 1411 W. Baddour Parkway Lebanon, TN 37087 |
Wilson County, TN | ||
67. | Laredo Medical Center 1700 East Saunders Street Laredo, TX 78041 |
Webb County, TX |
66
Schedule 3.21
Collective Bargaining Agreements
* | On file with the Agent. |
67