as Administrative Agent, Collateral Agent, L/C Issuer and Swing Line Lender,
and
J.P. MORGAN SECURITIES LLC,
as Joint Lead Arrangers and Joint Bookrunners,
FIFTH THIRD BANK,
and
RAYMOND JAMES BANK, FSB,
as Co-Documentation Agents,
as Senior Managing Agent
Page | ||||||
ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS | 1 | |||||
Section 1.01 | Defined Terms | 1 | ||||
Section 1.02 | Other Interpretative Provisions | 53 | ||||
Section 1.03 | Accounting Terms and Determinations | 54 | ||||
Section 1.04 | Rounding | 54 | ||||
Section 1.05 | Times of Day | 54 | ||||
Section 1.06 | Letter of Credit Amounts | 54 | ||||
Section 1.07 | Classes and Types of Borrowings | 54 | ||||
Section 1.08 | Currency Translation | 55 | ||||
Section 1.09 | Baskets | 55 | ||||
ARTICLE II. THE CREDIT FACILITIES | 55 | |||||
Section 2.01 | Commitments To Lend | 55 | ||||
Section 2.02 | Notice of Borrowings | 58 | ||||
Section 2.03 | Notice to Lenders; Funding of Loans | 59 | ||||
Section 2.04 | Evidence of Loans | 61 | ||||
Section 2.05 | Letters of Credit | 61 | ||||
Section 2.06 | Interest | 71 | ||||
Section 2.07 | Extension and Conversion | 72 | ||||
Section 2.08 | Maturity of Loans | 73 | ||||
Section 2.09 | Prepayments | 74 | ||||
Section 2.10 | Adjustment of Commitments | 77 | ||||
Section 2.11 | Fees | 77 | ||||
Section 2.12 | Pro rata Treatment | 79 | ||||
Section 2.13 | Sharing of Payments by Lenders | 79 | ||||
Section 2.14 | Payments Generally; Administrative Agent’s Clawback | 80 | ||||
Section 2.15 | Increase in Commitments | 81 | ||||
Section 2.16 | Cash Collateral | 84 | ||||
Section 2.17 | Defaulting Lenders | 85 | ||||
Section 2.18 | Refinancing Amendments; Maturity Extension | 86 | ||||
Section 2.19 | Discounted Prepayments | 87 | ||||
ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY | 93 | |||||
Section 3.01 | Taxes | 93 | ||||
Section 3.02 | Illegality | 96 | ||||
Section 3.03 | Inability To Determine Rates | 96 | ||||
Section 3.04 | Increased Costs and Reduced Return; Capital Adequacy | 97 | ||||
Section 3.05 | Compensation for Losses | 98 | ||||
Section 3.06 | Base Rate Loans Substituted for Affected Eurodollar Loans | 99 | ||||
Section 3.07 | Mitigation Obligations; Replacement of Lenders | 99 | ||||
Section 3.08 | Survival | 99 | ||||
ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS | 100 |
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Section 4.01 | Conditions to Initial Credit Extension | 100 | ||||
Section 4.02 | Conditions to All Credit Extensions | 104 | ||||
ARTICLE V. REPRESENTATIONS AND WARRANTIES | 105 | |||||
Section 5.01 | Existence, Qualification and Power | 105 | ||||
Section 5.02 | Authorization; No Contravention | 105 | ||||
Section 5.03 | Governmental Authorization; Other Consents | 106 | ||||
Section 5.04 | Binding Effect | 106 | ||||
Section 5.05 | Financial Condition; No Material Adverse Effect | 106 | ||||
Section 5.06 | Litigation | 107 | ||||
Section 5.07 | Ownership of Property, Liens | 107 | ||||
Section 5.08 | Environmental Matters | 108 | ||||
Section 5.09 | Insurance | 109 | ||||
Section 5.10 | Taxes | 109 | ||||
Section 5.11 | ERISA; Foreign Pension Plans; Employee Benefit Arrangements | 109 | ||||
Section 5.12 | Subsidiaries; Equity Interests | 111 | ||||
Section 5.13 | Margin Regulations; Investment Company Act | 111 | ||||
Section 5.14 | Disclosure | 111 | ||||
Section 5.15 | Compliance with Law | 112 | ||||
Section 5.16 | Intellectual Property | 112 | ||||
Section 5.17 | Use of Proceeds | 112 | ||||
Section 5.18 | Solvency | 112 | ||||
Section 5.19 | Collateral Documents | 112 | ||||
Section 5.20 | Senior Indebtedness | 113 | ||||
Section 5.21 | Anti-Terrorism Law | 113 | ||||
ARTICLE VI. AFFIRMATIVE COVENANTS | 114 | |||||
Section 6.01 | Financial Statements | 114 | ||||
Section 6.02 | Certificates; Other Information | 115 | ||||
Section 6.03 | Notices | 117 | ||||
Section 6.04 | Payment of Obligations | 118 | ||||
Section 6.05 | Preservation of Existence, etc. | 118 | ||||
Section 6.06 | Maintenance of Properties | 118 | ||||
Section 6.07 | Maintenance of Insurance | 118 | ||||
Section 6.08 | Compliance with Laws | 119 | ||||
Section 6.09 | Books and Records | 119 | ||||
Section 6.10 | Inspection Rights | 119 | ||||
Section 6.11 | Use of Proceeds | 120 | ||||
Section 6.12 | Additional Loan Parties; Additional Security | 120 | ||||
Section 6.13 | Further Assurances | 122 | ||||
Section 6.14 | Interest Rate Protection Agreements | 122 | ||||
Section 6.15 | Compliance with Environmental Laws | 123 | ||||
Section 6.16 | Post-Closing Collateral Matters | 123 | ||||
Section 6.17 | Designation of Subsidiaries | 123 | ||||
ARTICLE VII. NEGATIVE COVENANTS | 123 | |||||
Section 7.01 | Limitation on Indebtedness | 124 | ||||
Section 7.02 | Restriction on Liens | 127 |
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Section 7.03 | Nature of Business | 130 | ||||
Section 7.04 | Consolidation, Merger and Dissolution | 130 | ||||
Section 7.05 | Asset Dispositions | 133 | ||||
Section 7.06 | Investments | 135 | ||||
Section 7.07 | Restricted Payments, etc. | 137 | ||||
Section 7.08 | Amendments of Certain Agreements; Prepayments of Indebtedness, etc. | 138 | ||||
Section 7.09 | Transactions with Affiliates | 140 | ||||
Section 7.10 | Fiscal Year | 141 | ||||
Section 7.11 | Sale and Leaseback Transactions | 141 | ||||
Section 7.12 | Additional Negative Pledges | 141 | ||||
Section 7.13 | Financial Covenants | 142 | ||||
ARTICLE VIII. DEFAULTS | 143 | |||||
Section 8.01 | Events of Default | 143 | ||||
Section 8.02 | Acceleration; Remedies | 146 | ||||
Section 8.03 | Allocation of Payments After Event of Default | 147 | ||||
ARTICLE IX. AGENCY PROVISIONS | 149 | |||||
Section 9.01 | Appointment and Authority | 149 | ||||
Section 9.02 | Rights as a Lender | 149 | ||||
Section 9.03 | Exculpatory Provisions | 149 | ||||
Section 9.04 | Reliance by Agents | 150 | ||||
Section 9.05 | Delegation of Duties | 150 | ||||
Section 9.06 | Resignation of Agents | 151 | ||||
Section 9.07 | Non-Reliance on Agents and Other Lenders | 151 | ||||
Section 9.08 | No Other Duties, etc. | 152 | ||||
Section 9.09 | Administrative Agent May File Proofs of Claim | 152 | ||||
Section 9.10 | Collateral and Guaranty Matters | 152 | ||||
Section 9.11 | Related Obligations | 153 | ||||
Section 9.12 | Withholding Tax | 153 | ||||
ARTICLE X. MISCELLANEOUS | 154 | |||||
Section 10.01 | Amendments, etc. | 154 | ||||
Section 10.02 | Notices | 157 | ||||
Section 10.03 | No Waiver; Cumulative Remedies | 160 | ||||
Section 10.04 | Expenses; Indemnity; Damage Waiver | 160 | ||||
Section 10.05 | Payments Set Aside | 163 | ||||
Section 10.06 | Successors and Assigns | 163 | ||||
Section 10.07 | Treatment of Certain Information; Confidentiality | 167 | ||||
Section 10.08 | Right of Setoff | 168 | ||||
Section 10.09 | Interest Rate Limitation | 168 | ||||
Section 10.10 | Counterparts; Integration; Effectiveness | 168 | ||||
Section 10.11 | Survival of Agreement | 169 | ||||
Section 10.12 | Severability | 169 | ||||
Section 10.13 | Replacement of Lenders | 169 | ||||
Section 10.14 | Governing Law; Jurisdiction; Consent to Service of Process | 170 | ||||
Section 10.15 | PATRIOT Act Notice Lender’s Compliance Certification | 171 | ||||
Section 10.16 | No Advisory or Fiduciary Responsibility | 171 | ||||
Section 10.17 | Judgment Currency | 172 |
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Schedule 1.01(A) | — | Refinancing | ||
Schedule 1.01 (B) | — | Existing L/C | ||
Schedule 2.01 | — | Lenders and Commitments | ||
Schedule 5.03 | — | Required Consents, Authorizations, Notices and Filings | ||
Schedule 5.06 | — | Litigation | ||
Schedule 5.08 | — | Environmental Matters | ||
Schedule 5.09 | — | Insurance | ||
Schedule 5.11 | — | ERISA | ||
Schedule 5.12 | — | Subsidiaries | ||
Schedule 5.15 | — | Compliance with Law | ||
Schedule 5.16 | — | Intellectual Property | ||
Schedule 6.16 | — | Post Closing Obligations | ||
Schedule 7.01 | — | Indebtedness | ||
Schedule 7.02 | — | Existing Liens | ||
Schedule 7.06 | — | Investments | ||
Schedule 7.09 | — | Transactions with Affiliates | ||
Schedule 7.12 | — | Additional Negative Pledges | ||
Schedule 10.02 | — | Administrative Agent’s Office, Certain Addresses for Notices |
Exhibit A-1 | — | Form of Notice of Borrowing | ||
Exhibit A-2 | — | Form of Notice of Extension/Conversion | ||
Exhibit A-3 | — | Form of Letter of Credit Request | ||
Exhibit A-4 | — | Form of Swing Line Loan Request | ||
Exhibit B-1 | — | Form of Revolving Note | ||
Exhibit B-2 | — | Form of Term Note | ||
Exhibit B-3 | — | Form of Swing Line Note | ||
Exhibit C | — | Form of Assignment and Assumption | ||
Exhibit D | — | Form of Compliance Certificate | ||
Exhibit E | — | Form of Guaranty | ||
Exhibit F | — | United States Tax Compliance Certificate | ||
Exhibit G | — | Form of Security Agreement | ||
Exhibit H | — | Form of Intercompany Note | ||
Exhibit I | — | Form of Intercompany Note Subordination Provisions | ||
Exhibit J | — | Form of Accession Agreement | ||
Exhibit K | — | Form of Perfection Certificate | ||
Exhibit L | — | Form of Solvency Certificate | ||
Exhibit M | — | Form of First Lien Intercreditor Agreement | ||
Exhibit N | — | Form of Second Lien Intercreditor Agreement | ||
Exhibit O | — | Form of Deferred Payment Subordinated Note | ||
Exhibit P | — | Form of Specified Prepayment Discount Notice | ||
Exhibit Q | — | Form of Specified Prepayment Discount Response | ||
Exhibit R | — | Form of Discount Range Prepayment Notice | ||
Exhibit S | — | Form of Discount Range Prepayment Offer | ||
Exhibit T | — | Form of Solicited Discounted Prepayment Notice | ||
Exhibit U | — | Form of Solicited Discounted Prepayment Offer | ||
Exhibit V | — | Form of Acceptance and Prepayment Notice |
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Letter of Credit Fee | Applicable Margin for | Applicable | Applicable | |||||||||||||||
and Applicable | Swing Line Loans and | Margin for | Margin for | |||||||||||||||
Margin for Revolving | Revolving Loans that | Term Loans that | Term Loans that | |||||||||||||||
Pricing | Total Leverage | Loans that are Euro- | are | are Eurodollar | are Base Rate | |||||||||||||
Level | Ratio | dollar Loans | Base Rate Loans | Loans | Loans | |||||||||||||
I | ³ 4.50 to 1.00 | 3.75 | % | 2.75 | % | 3.75 | % | 2.75 | % | |||||||||
II | <4.50 to 1.00 | 3.50 | % | 2.50 | % | 3.50 | % | 2.50 | % |
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Principal Amortization | Amortized Payment | |||
Payment Date | of Term Loans | |||
March 2011 | $ | 1,587,500.00 | ||
June 2011 | $ | 1,587,500.00 | ||
September 2011 | $ | 1,587,500.00 | ||
December 2011 | $ | 1,587,500.00 | ||
March 2012 | $ | 1,587,500.00 | ||
June 2012 | $ | 1,587,500.00 | ||
September 2012 | $ | 1,587,500.00 | ||
December 2012 | $ | 1,587,500.00 | ||
March 2013 | $ | 1,587,500.00 | ||
June 2013 | $ | 1,587,500.00 |
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Principal Amortization | Amortized Payment | |||
Payment Date | of Term Loans | |||
September 2013 | $ | 1,587,500.00 | ||
December 2013 | $ | 1,587,500.00 | ||
March 2014 | $ | 1,587,500.00 | ||
June 2014 | $ | 1,587,500.00 | ||
September 2014 | $ | 1,587,500.00 | ||
December 2014 | $ | 1,587,500.00 | ||
March 2015 | $ | 1,587,500.00 | ||
June 2015 | $ | 1,587,500.00 | ||
September 2015 | $ | 1,587,500.00 | ||
December 2015 | $ | 1,587,500.00 | ||
March 2016 | $ | 1,587,500.00 | ||
June 2016 | $ | 1,587,500.00 | ||
September 2016 | $ | 1,587,500.00 |
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Fiscal Quarter Ended | Ratio | |||
March 31, 2011 | 6.5 : 1.0 | |||
June 30, 2011 | 6.5 : 1.0 | |||
September 30, 2011 | 6.5 : 1.0 | |||
December 31, 2011 | 6.5 : 1.0 | |||
March 31, 2012 | 6.0 : 1.0 | |||
June 30, 2012 | 6.0 : 1.0 | |||
September 30, 2012 | 5.5 : 1.0 | |||
December 31, 2012 | 5.5 : 1.0 | |||
March 31, 2013 | 5.0 : 1.0 | |||
June 30, 2013 | 5.0 : 1.0 | |||
September 30, 2013 | 4.75 : 1.0 | |||
December 31, 2013 | 4.75 : 1.0 | |||
March 31, 2014 | 4.25 : 1.0 | |||
June 30, 2014 | 4.25: 1.0 | |||
September 30, 2014 | 4.0 : 1.0 | |||
December 31, 2014 | 4.0 : 1.0 | |||
March 31, 2015 | 3.75 : 1.0 | |||
June 30, 2015 | 3.75 : 1.0 | |||
September 30, 2015 | 3.5 : 1.0 | |||
December 31, 2015 | 3.5 : 1.0 | |||
March 31, 2016 | 3.5 : 1.0 | |||
June 30, 2016 | 3.5 : 1.0 | |||
September 30, 2016 | 3.5 : 1.0 |
Fiscal Quarter Ended | Ratio | |||
March 31, 2011 | 2.0 : 1.0 | |||
June 30, 2011 | 2.0 : 1.0 | |||
September 30, 2011 | 2.0 : 1.0 | |||
December 31, 2011 | 2.0 : 1.0 | |||
March 31, 2012 | 2.25 : 1.0 | |||
June 30, 2012 | 2.25 : 1.0 | |||
September 30, 2012 | 2.25 : 1.0 | |||
December 31, 2012 | 2.25 : 1.0 | |||
March 31, 2013 | 2.5 : 1.0 |
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Fiscal Quarter Ended | Ratio | |||
June 30, 2013 | 2.5 : 1.0 | |||
September 30, 2013 | 2.5 : 1.0 | |||
December 31, 2013 | 2.5 : 1.0 | |||
March 31, 2014 | 2.75 : 1.0 | |||
June 30, 2014 | 2.75 : 1.0 | |||
September 30, 2014 | 2.75 : 1.0 | |||
December 31, 2014 | 2.75 : 1.0 | |||
March 31, 2015 | 3.0 : 1.0 | |||
June 30, 2015 | 3.0 : 1.0 | |||
September 30, 2015 | 3.0 : 1.0 | |||
December 31, 2015 | 3.0 : 1.0 | |||
March 31, 2016 | 3.0 : 1.0 | |||
June 30, 2016 | 3.0 : 1.0 | |||
September 30, 2016 | 3.0 : 1.0 |
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(i) | if to the Borrower or any Loan Party, to the Borrower at: |
Med Assets, Inc. 100 North Point Center, East; Suite 200 Alpharetta, Georgia 30022 Telephone: (678) 323-2500 Telecopy: (678) 323-2501 Attention: Jonathan H. Glenn Executive Vice President and Chief Legal and Administrative Officer | |||
Email: jglenn@medassets.com; |
(ii) | if to the Administrative Agent, the Collateral Agent or the Swing Line Lender, to it at: |
Barclays Bank PLC 745 Seventh Avenue 26th Floor New York, New York 10019 Attention: Diane Rolfe Fax: (646) 758-5957 E-mail: diane.rolfe@barcap.com; |
and |
Barclays Bank PLC Global Operations 1301 Sixth Avenue New York Metro Campus, New York 10019 Attention: Reena Chopra Fax: (212) 320-7077 E-mail: reena.chopra@barcap.com |
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(iii) | if to the L/C Issuer, to it at: |
Barclays Bank PLC Letter of Credit Department 70 Hudson Street Jersey City, New Jersey 07302 Attention: Dawn Townsend Fax: (212) 412-5011 E-mail: dawn.townsend@barclayscapital.com; and |
(iv) | if to a Lender, to it at its address (or its telecopier number, electronic email address or telephone number) set forth in its Administrative Questionnaire. |
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MEDASSETS, INC. | ||||
By: | /s/ L. Neil Hunn | |||
Name: | L. Neil Hunn | |||
Title: | Executive Vice President, Chief Financial Officer and President of Revenue Cycle Technology | |||
BARCLAYS BANK PLC, as L/C Issuer, Swing Line Lender and a Lender | ||||
By: | /s/ Diane Rolfe | |||
Name: | Diane Rolfe | |||
Title: | Director | |||
BARCLAYS BANK PLC, as Administrative Agent and Collateral Agent | ||||
By: | /s/ Diane Rolfe | |||
Name: | Diane Rolfe | |||
Title: | Director | |||
JPMORGAN CHASE BANK, N.A., as a Lender | ||||
By: | /s/ Dawn Lee Lum | |||
Name: | Dawn Lee Lum | |||
Title: | Executive Director | |||
BANK OF AMERICA, N.A., as a Lender | ||||
By: | /s/ John G. Taylor | |||
Name: | John G. Taylor | |||
Title: | Senior Vice President | |||
RAYMOND JAMES BANK, FSB, as a Lender | ||||
By: | /s/ Garrett McKinnon | |||
Name: | Garrett McKinnon | |||
Title: | Senior Vice President | |||
FIFTH THIRD BANK, as a Lender | ||||
By: | /s/ Joshua N. Livingston | |||
Name: | Joshua N. Livingston | |||
Title: | Officer | |||
GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender | ||||
By: | /s/ Milon Patel | |||
Name: | Milon Patel | |||
Title: | Duly Authorized Signatory | |||