Exhibit 10.1

 

MEDQUEST, INC.

4300 North Point Parkway

Alpharetta, Georgia  30022

 

 

as of August 13, 2005

 

 

Wachovia Bank, National Association

One Wachovia Center, 5th Floor

301 S. College Street, NC 0537

Charlotte, North Carolina 28288-0537

Attn: Mark Hedrick, Managing Director

 

Letter Agreement – Third Waiver

 

Dear Mr. Hedrick:

 

This letter agreement (the “Letter Agreement”) makes reference to that certain
Amended and Restated Credit Agreement, dated as of September 3, 2003 (as
amended, supplemented, restated or otherwise modified from time to time, the
“Credit Agreement”), among MQ ASSOCIATES, INC., a Delaware corporation
(“Holdings”), MEDQUEST, INC., a Delaware corporation (the “Borrower”), the
lenders from time to time party thereto (the “Lenders”), and WACHOVIA BANK,
NATIONAL ASSOCIATION (“Wachovia”), as administrative agent for the Lenders (in
such capacity, the “Administrative Agent”).

 

Reference is also made to that certain Third Limited Waiver dated as of May 13,
2005 (as amended or otherwise modified from time to time, the “Third Waiver”)
among Holdings, the Borrower, the Lenders party thereto and the Administrative
Agent.  Capitalized terms used herein without definition shall have the meanings
given to them in the Third Waiver.

 

Holdings and the Borrower hereby represent and warrant to the Administrative
Agent and the Lenders that (a) certain of the Equity Investors (as defined in
the press release (the “Press Release”) attached as an exhibit to the Current
Report on Form 8-K filed by Holdings with the SEC on July 29, 2005 (the
“Form 8-K”)) have represented to Holdings that they intend to make the
Additional Equity Investment (as defined in the Press Release) upon satisfaction
of the conditions to the consent solicitations referred to in the Press Release
and (b) neither the Borrower nor Holdings has any knowledge of any fact or
condition that would terminate or materially modify the intent of the Equity
Investors to make the Additional Equity Investment as described in the foregoing
clause (a).

 

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Upon execution and delivery of this Letter Agreement by the Administrative Agent
and the Required Lenders, and upon satisfaction of each of the conditions set
forth in the subsequent paragraph and in reliance upon the foregoing
representatives and warranties, the Administrative Agent and the lenders party
hereto agree that the proviso to Section 1 of the Third Amendment shall be
amended by deleting the date “August 13, 2005” and inserting the date
“August 31, 2005” in lieu thereof.

 

The foregoing amendment shall become effective upon the occurrence of each of
the following:  (1) the Administrative Agent shall have been provided with
evidence reasonably satisfactory to it that holders of at least a majority of
the aggregate principal amount of the Senior Subordinated Notes have consented
to the amendments to the Senior Subordinated Note Indenture, substantially in
the form and substance as described in the consent solicitations attached to the
Form 8-K; and (2) the Administrative Agent shall have been paid or reimbursed
for all fees and expenses due and owing to the Administrative Agent to the
extent invoiced on or before August 13, 2005, including, without limitation,
reimbursement for all legal fees and expenses of Morgan, Lewis & Bockius LLP
incurred by the Administrative Agent.

 

This Letter Agreement shall be construed in accordance with the laws (without
regard to the conflict of laws provisions) of the State of New York, but giving
effect to federal laws applicable to national banks.

 

This Letter Agreement may be executed by one or more of the parties on any
number of separate counterparts, and all of said counterparts taken together
shall be deemed to constitute one and the same instrument. Delivery of an
executed signature page of this Letter Agreement by facsimile transmission shall
be effective as delivery of a manually executed counterpart hereof.

 

[Remainder of page left blank intentionally]

 

2

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Very truly yours,

 

 

 

MEDQUEST, INC.

 

 

 

 

 

By:

 /s/ John Haggerty

 

 

Name: John Haggerty

 

Title:   Chief Financial Officer

 

 

 

 

 

MQ ASSOCIATES, INC.

 

 

 

 

 

By:

 /s/ John Haggerty

 

 

Name: John Haggerty

 

Title:   Chief Financial Officer

 

 

ACCEPTED AND

AGREED TO BY:

 

WACHOVIA BANK, NATIONAL

ASSOCIATION, as Administrative Agent

and as a Lender

 

By:

 /s/ C. Mark Hedrick

 

Name: C. Mark Hedrick

Title:   Director

 

(signatures continued on following pages)

 

Signature Page to Letter Agreement – Third Waiver

 

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GENERAL ELECTRIC
CAPITAL CORPORATION, as a Lender

 

 

By:

 /s/ John Dale

 

Name: John Dale

Title:   Duly Authorized Signatory

 

 

Signature Page to Letter Agreement – Third Waiver

 

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INDOSUEZ CAPITAL FUNDING VI, LIMITED, as a Lender

 

 

 

 

By:

Lyon Capital Management LLC, as Collateral Manager

 

 

By:

 /s/ Alexander B. Kenna

 

Name: Alexander B. Kenna

Title:   Portfolio Manager

 

Signature Page to Letter Agreement – Third Waiver

 

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MADISON PARK FUNDING, as a Lender

 

 

By:

 /s/ David H. Lerner

 

Name: David H. Lerner

Title:   Authorized Signatory

 

Signature Page to Letter Agreement – Third Waiver

 

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CSAM FUNDING III, as a Lender

 

 

By:

 /s/ David H. Lerner

 

Name: David H. Lerner

Title:   Authorized Signatory

 

Signature Page to Letter Agreement – Third Waiver

 

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LANDMARK V CDO, LTD., as a Lender

 

 

By:

Aladdin Capital Management

 

 

By:

 /s/ William S. Lutkins

 

Name: William S. Lutkins

Title:   Director

 

Signature Page to Letter Agreement – Third Waiver

 

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CHASE LINCOLN, as a Lender

 

 

By:

/s/ Robert Anastasio

 

Name: Robert Anastasio

Title:   Vice President

 

Signature Page to Letter Agreement – Third Waiver

 

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