Back to Form 8-K [form8k051215.htm]
Exhibit 10.1
EXECUTION COPY
FIRST AMENDMENT TO THE AMENDED AND RESTATED CREDIT AGREEMENT
This FIRST AMENDMENT TO THE AMENDED AND RESTATED CREDIT AGREEMENT, dated as of
May 11, 2015 (this “Amendment”), in respect of and to that certain Amended and
Restated Credit Agreement, dated as of September 25, 2014 (as amended, modified,
restated, amended and restated and/or supplemented from time to time, the
“Credit Agreement”), by and among WELLCARE HEALTH PLANS, INC., a corporation
formed under the laws of the state of Delaware (the “Borrower”), the Lenders
signatory thereto from time to time (the “Lenders”), and JPMORGAN CHASE BANK,
N.A., as administrative agent for the Lenders (in such capacity, together with
its successors and assigns, if any, the “Administrative Agent”).
RECITALS:
WHEREAS, the Borrower has requested that the Administrative Agent and the
Lenders agree to an amendment to the Credit Agreement.
WHEREAS, the Administrative Agent and the Lenders are willing to consent to this
Amendment pursuant to, and subject to, the terms and conditions set forth
herein.
NOW, THEREFORE, the parties agree as follows:
SECTION 1.Definitions. Capitalized terms used in this Amendment and not
otherwise defined shall have the meanings set forth in the Credit Agreement.
SECTION 2.    Amendment to the Credit Agreement. Effective as of the First
Amendment Effective Date (as defined below), the Credit Agreement is hereby
amended as follows:
2.1    Article I, Section 1.01 is hereby amended as follows:
(a)        The definition of “Change in Control” is hereby deleted in its
entirety and shall be replaced with the following:
“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) shall beneficially own or control Equity Interests in the Borrower
representing more than 25% of either the aggregate ordinary voting power or the
aggregate equity value represented by the issued and outstanding Equity
Interests in the Borrower; or (b) during any period of 12 consecutive months, a
majority of the members of the board of directors of the Borrower ceases to be
composed of individuals (i) who were members of that board of directors on the
first day of such period, (ii) whose election or nomination to that board of
directors was approved by individuals referred to in clause (i) above
constituting at the time of such election or nomination at least a majority of
that board of directors or (iii) whose election or nomination to that board of
directors was approved by individuals referred to in clauses (i) or (ii) above
constituting at the time of such election or nomination at least a majority of
that board of directors.”

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SECTION 3.    Representations and Warranties. The Borrower hereby represents and
warrants as follows:
3.1    As of the date hereof, and after giving effect to this Amendment, all of
the representations and warranties contained in the Credit Agreement are true
and correct in all material respects, except to the extent (a) such
representations and warranties specifically relate to an earlier date, in which
case, such representations and warranties shall be true and correct as of such
earlier date and (ii) that any Schedule relating to any such representation and
warranty was not required to be updated pursuant to the terms of the Credit
Agreement (it being understood that the Administrative Agent has not requested
any such update); provided that, in each case, such materiality qualifier shall
not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof.
3.2    The execution, delivery and performance by the Borrower of this Amendment
is within the Borrower’s corporate powers, has been duly authorized by all
necessary corporate action, requires no action by or in respect of, or filing
with, any governmental body, agency or official, and does not contravene or
constitute a default under, (i) the Borrower’s certificate of incorporation, as
amended, or by-laws or (ii) any provision of applicable law or regulation or any
contractual restriction, judgment, order, injunction, decree or other instrument
binding on the Borrower.
3.3    This Amendment has been duly executed and delivered by the Borrower. This
Amendment is a legal, valid and binding obligation of the Borrower and is
enforceable against the Borrower in accordance with its terms, except as the
enforcement hereof may be subject to the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting creditors’
rights generally or to general principles of equity.
3.4    After giving effect to this Amendment, no Default or Event of Default has
occurred and is continuing under any of the Loan Documents or will be triggered
by the execution, delivery or performance of this Amendment or the consummation
of the transactions contemplated hereby.
SECTION 4.    Conditions Precedent to Effectiveness. This Amendment shall be
effective (the “First Amendment Effective Date”) upon the satisfaction of the
following:
4.1    This Amendment shall have been duly executed and delivered by the
Borrower, the Administrative Agent, and the Required Lenders.
4.2    After giving effect to this Amendment, no Default or Event of Default has
occurred and is continuing under the Credit Agreement or will be triggered by
the execution, delivery or performance of this Amendment or the consummation of
the transactions contemplated hereby.
4.3    The Administrative Agent shall have received payment of the
Administrative Agent’s and its affiliates’ fees and reasonable documented
out-of-pocket expenses (including reasonable documented out-of-pocket fees and
expenses of counsel for the Administrative Agent) in connection with this
Amendment.

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SECTION 5.    Reference to and Effect on the Credit Agreement
5.1    Upon the effectiveness hereof, each reference to the Credit Agreement in
the Credit Agreement or any other Loan Document shall mean and be a reference to
the Credit Agreement as amended hereby.
5.2    Each Loan Document and all other documents, instruments and agreements
executed and/or delivered in connection therewith shall remain in full force and
effect and are hereby ratified and confirmed.
5.3    Except with respect to the subject matter hereof, the execution, delivery
and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Administrative Agent or the Lenders, nor constitute a
waiver of any provision of the Credit Agreement, the Loan Documents or any other
documents, instruments and agreements executed and/or delivered in connection
therewith.
SECTION 6.    Miscellaneous.
6.1    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
6.2    Headings. The headings contained in this Amendment are solely for
convenience and shall not be used or relied upon in any manner in the
construction or interpretation of this Amendment.
6.3    Counterparts. This Amendment may be executed in any number of
counterparts, each of which, when so executed and delivered, shall be deemed an
original, and all such counterparts, taken together, shall constitute one and
the same Amendment. Delivery of an executed counterpart of a signature page to
this Amendment by electronic means shall be as effective as delivery of a
manually executed counterpart.

[Signature pages follow]

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the date hereof.

WELLCARE HEALTH PLANS, INC., as the Borrower
By:/s/ Andrew L. Asher__________________________
Name: Andrew L. Asher
Title: Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment]

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JPMORGAN CHASE BANK, N.A., as Administrative Agent and individually as a Lender
By:/s/ Hector J. Varona______________________
Name: Hector J. Varona
Title: Executive Director

[Signature Page to First Amendment]

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Name of Lender:
 
SunTrust Bank
 
 
 
By /s/ Mary E. Coke___________________________
 
Name: Mary E. Coke
 
Title: Vice President
 

[Signature Page to First Amendment]

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Name of Lender:
 
Goldman Sachs Bank USA
 
 
 
By /s/ Jamie Minieri      
 
Name: Jamie Minieri
 
Title: Authorized Signatory
 

[Signature Page to First Amendment]

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Name of Lender:
 
Wells Fargo Bank, N.A.
 
 
 
By /s/ Joe Ellerbroek___________________________
 
Name: Joe Ellerbroek
 
Title: Assistant Vice President
 

[Signature Page to First Amendment]

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Name of Lender:
 
Bank of America, N.A.
 
 
 
By /s/ E. Mark Hardison________________________
 
Name: Mark Hardison
 
Title: Senior Vice President
 
 
 
For any Lender requiring a second signature line:
 
 
By _________________________________
 
Name:
 
Title:

[Signature Page to First Amendment]

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Name of Lender:
 
BARCLAYS BANK PLC
 
 
 
By /s/ Christopher Lee_________________________
 
Name: Christopher Lee
 
Title: Vice President
 

[Signature Page to First Amendment]

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Name of Lender:
 
U.S. Bank National Association
 
 
 
By /s/ John M. Langenderfer   
 
Name: John M. Langenderfer
 
Title: Senior Vice President
 

[Signature Page to First Amendment]

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Name of Lender:
 
MUFG UNION BANK, N.A.
 
 
 
By /s/ Teuta Ghilaga___________________________
 
Name: Teuta Ghilaga
 
Title: Director
 

[Signature Page to First Amendment]

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Cadence Bank, N.A., as Lender
 
 
 
By /s/ Teresa Stinson      
 
Teresa Stinson
 
SVP, C&I Banking
 

[Signature Page to First Amendment]

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Name of Lender:
 
Hancock Bank
 
 
 
By /s/ Kenneth C. Misemer   
 
Name: Kenneth C. Misemer
 
Title: Senior Vice President
 
 
 
For any Lender requiring a second signature line:
 
 
By _________________________________
 
Name:
 
Title:

[Signature Page to First Amendment]