Exhibit 10.1

EXECUTION COPY

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[teamhealthfirstamendm_image1.gif]
FIRST AMENDMENT
dated as of November 1, 2012 to the

CREDIT AGREEMENT
dated as of June 29, 2011,

among

TEAM HEALTH HOLDINGS, INC.,
as Holdings,

TEAM HEALTH, INC.,
as the Borrower,

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent, Swing Line Lender and L/C Issuer,

and

The LENDERS Party Hereto
___________________________
J.P. MORGAN SECURITIES LLC,
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
BARCLAYS BANK PLC,
CITIGROUP GLOBAL MARKETS INC.
and
GOLDMAN SACHS LENDING PARTNERS LLC,
as Joint Bookrunners,

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
as Syndication Agent,
and
BARCLAYS BANK PLC,
CITIGROUP GLOBAL MARKETS INC.,
GOLDMAN SACHS LENDING PARTNERS LLC,
FIFTH THIRD BANK,
REGIONS BANK and
WELLS FARGO BANK, NATIONAL ASSOCIATION
as Co-Documentation Agents

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FIRST AMENDMENT

FIRST AMENDMENT, dated as of November 1, 2012 (this “Amendment Agreement”), to
the Credit Agreement, dated as of June 29, 2011 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Team Health
Holdings, Inc., a Delaware corporation (“Holdings”), Team Health, Inc., a
Tennessee corporation (the “Borrower”), each lender from time to time party
thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent,
Swing Line Lender and L/C Issuer, and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as Syndication Agent (capitalized terms used but not defined
herein having the meaning provided in the Credit Agreement).

W I T N E S S E T H

WHEREAS, pursuant to the Credit Agreement, (a) the Tranche A Term Lenders have
made Tranche A Term Loans (the “Existing Tranche A Term Loans”) to the Borrower
and (b) the Revolving Credit Lenders have made Revolving Credit Commitments (the
“Existing Revolving Commitments”) and Revolving Credit Loans (the “Existing
Revolving Loans” and, together with the Existing Tranche A Term Loans
outstanding immediately prior to the First Amendment Effective Date (as defined
below), the “Existing Loans”) to the Borrower;

WHEREAS, each Tranche A Term Lender with outstanding Existing Tranche A Term
Loans (each, an “Existing Tranche A Lender”) and each Revolving Credit Lender
with outstanding Existing Revolving Commitments (each, an “Existing Revolving
Lender”) that executes and delivers a signature page to this Amendment Agreement
as a “Continuing Lender” (each, a “Continuing Lender”) at or prior to 3:00 p.m.,
New York City time, on October 31, 2012 (the “Signing Date”) will have agreed to
the terms of this Amendment Agreement, upon the effectiveness of this Amendment
Agreement on the First Amendment Effective Date. Each Existing Tranche A Lender
and Existing Revolving Lender that does not execute and deliver a signature page
to this Amendment Agreement at or prior to the Signing Date (each, a “Departing
Lender”) will be deemed not to have agreed to this Amendment Agreement, and will
be subject to the mandatory assignment provisions of Section 3.07 of the Credit
Agreement upon the effectiveness of this Amendment Agreement on the First
Amendment Effective Date;

WHEREAS, on the First Amendment Effective Date, the Borrower intends to
(a) incur additional Tranche A Term Loans in an aggregate principal amount not
to exceed $134,375,000 (the “Additional Term Loans”) and (b) use the net cash
proceeds of the Additional Term Loans for general corporate purposes and to pay
fees, costs and expenses incurred in connection with the Additional Term Loans,
the Revolving Commitment Increase (as defined below), this Amendment Agreement
and the transactions contemplated hereby;

WHEREAS, the Borrower has requested that increases in the amount of the
Revolving Credit Commitments be made available to the Borrower by an amount
equal to $25,000,000 (the “Revolving Commitment Increase”; the commitment of
each Revolving Credit

        
        
        

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Lender to provide its applicable portion of the Revolving Commitment Increase,
each an “Additional Revolving Credit Commitment”), and the Revolving Credit
Lenders set forth on Schedule I hereto that are providing Additional Revolving
Credit Commitments (such Lenders, the “Commitment Increase Lenders”) and the
Administrative Agent have agreed, upon the terms and subject to the conditions
set forth herein and in the Credit Agreement, that the Commitment Increase
Lenders will provide the Revolving Commitment Increase;

WHEREAS, effective as of the First Amendment Effective Date, each Tranche A Term
Lender set forth on Schedule I hereto will constitute a “Tranche A Term Lender”,
a “Term Lender” and a “Lender”, and each Revolving Credit Lender set forth on
Schedule I hereto will constitute a “Revolving Credit Lender” and a “Lender”, in
each case, for all purposes of the Credit Agreement and the Loan Documents;

WHEREAS, the Borrower and the Required Lenders desire to amend the Credit
Agreement to increase the aggregate principal amount of the Incremental
Facilities up to the greater of (x) $250,000,000 and (y) an amount such that,
after giving pro forma effect to such incremental facilities, the First Lien
Leverage Ratio does not exceed 3.75:1.00 as described herein; and

WHEREAS, Holdings, the Borrower and the Required Lenders desire to amend the
Credit Agreement to, among other things, (a) reduce the Applicable Rate
applicable to the Tranche A Term Loans and Revolving Credit Loans, (b) extend
the Maturity Date for the Revolving Credit Facility and the Tranche A Term Loan
Facility and (c) modify certain other terms and conditions of the Credit
Agreement.

NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1. Assignment of Existing Tranche A Term Loans, Existing Revolving Loans
and Existing Revolving Commitments. Pursuant to Section 3.07 of the Credit
Agreement, on the First Amendment Effective Date, each Departing Lender shall be
deemed (a) to have assigned its Existing Tranche A Term Loans and any
outstanding Existing Revolving Loans, as applicable, to JPMorgan Chase Bank,
N.A., as assignee, at a purchase price equal to par plus accrued and unpaid
interest through but excluding the First Amendment Effective Date (the “Purchase
Price”) and (b) to have assigned to JPMorgan Chase Bank, N.A. its Existing
Revolving Commitments. Upon payment to a Departing Lender of the Purchase Price
with respect to its Existing Tranche A Term Loans or Existing Revolving
Commitments (and any outstanding Existing Revolving Loans), as applicable (but
without the requirement of any further action on the part of such Departing
Lender, Holdings, the Borrower or the Administrative Agent), such Departing
Lender shall cease to be a party to the Credit Agreement (and shall not become a
party to the Credit Agreement, as amended by this Amendment Agreement);
provided, however, that any Departing Lender that is a Tranche B Term
Lender shall continue to be a party to the Credit Agreement in its capacity as a
Tranche B Term Lender.

SECTION 2. Concerning the Additional Term Loans, Revolving Commitment Increase
and Additional Commitments.  (a) Subject to the terms and conditions set forth
herein,

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on the First Amendment Effective Date and after giving effect to the assignments
set forth in Section 1 of this Amendment Agreement, (i) each Tranche A Term
Lender party hereto that is not a Departing Lender agrees to fund Additional
Term Loans and/or assume from JPMorgan Chase Bank, N.A. Existing Tranche A Term
Loans for a purchase price of par having an aggregate principal amount equal to
such Tranche A Term Lender’s Tranche A Term Commitment set forth on Schedule I
hereto less the amount of Existing Tranche A Term Loans of such Tranche A Term
Lender on such date and (ii) each Revolving Credit Lender party hereto that is
not a Departing Lender agrees to assume from JPMorgan Chase Bank, N.A.
(A) Existing Revolving Commitments in an aggregate principal amount equal to
such Revolving Credit Lender’s Revolving Credit Commitment set forth on
Schedule I hereto less the amount of Existing Revolving Commitments of such
Revolving Credit Lender on such date and (B) Existing Revolving Loans for a
purchase price of par having an aggregate principal amount equal to such
Revolving Credit Lender’s Pro Rata Share of the Revolving Credit Commitments
(after giving effect to any assignment of Revolving Credit Commitments pursuant
to this Section 2(a) and the Revolving Commitment Increase pursuant to
Section 2(b)) less the amount of Existing Revolving Loans of such Revolving
Credit Lender on such date.

(b) Effective as of the First Amendment Effective Date, (i) each Commitment
Increase Lender agrees to provide its Revolving Credit Commitment in the amount
set forth opposite its name on Schedule I hereto, and (ii) as a result of the
Revolving Commitment Increase, the total Revolving Credit Commitments shall be
increased to $250,000,000.

(c) On the First Amendment Effective Date, each Commitment Increase Lender shall
fund to the Administrative Agent for the account of the Borrower an amount equal
to the amount by which (i) such Commitment Increase Lender’s pro rata share of
the aggregate principal amount of Revolving Credit Loans outstanding immediately
prior to the First Amendment Effective Date and after giving effect to any
assignment of Revolving Credit Commitments pursuant to Section 2(a) hereof,
determined based on the total Revolving Credit Commitments immediately after
giving effect to the Revolving Commitment Increase, exceeds (ii) such Commitment
Increase Lender’s pro rata share of the aggregate principal amount of Revolving
Credit Loans outstanding immediately prior to the First Amendment Effective
Date, determined based on the total Revolving Credit Commitments after giving
effect to any assignment of Revolving Credit Commitments pursuant to Section
2(a) hereof and without giving effect to the Revolving Commitment Increase (such
amount, the “Funded Incremental Loans”).

(d) The Borrower shall (i) make an optional prepayment of Revolving Credit Loans
in accordance with Section 2.05 of the Credit Agreement (other than the minimum
amount requirements set forth therein) on the First Amendment Effective Date in
an amount equal to the amount of the Funded Incremental Loans (it being
understood and agreed that the proceeds from the Funded Incremental Loans shall
constitute the principal amount required to be paid by the Borrower to the
Administrative Agent in connection with such optional prepayment) and (ii) pay
to the Administrative Agent an amount equal to the accrued but unpaid interest
on such portion of such Revolving Credit Loans so prepaid, and the
Administrative Agent shall apply the entire amount of the Funded Incremental
Loans and the amounts paid to the Administrative Agent

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pursuant to this clause (ii) above to effect a prepayment of the Revolving
Credit Loans of the Revolving Credit Lenders (other than the Commitment Increase
Lenders) in accordance with Sections 2.05 and 2.12 of the Credit Agreement;
provided that, for the avoidance of doubt, the proceeds of the Funded
Incremental Loans and the amounts set forth in clause (i) above shall be applied
to prepay Revolving Credit Loans of Existing Revolving Lenders (including any
Departing Lenders) in an amount such that, after giving effect to the
prepayments, each Revolving Lender shall have Revolving Credit Loans outstanding
equal to such Lender’s pro rata share based on the Revolving Credit Commitments
set forth on Schedule I hereto, which pro rata share shall be $0 for each
Departing Lender. The Commitment Increase Lenders hereby agree to waive the
requirement set forth in Section 2.05(a)(i) of the Credit Agreement solely with
respect to the optional prepayment to be effected pursuant to this Section 2(d).

(e) Each Funded Incremental Loan shall be a Revolving Credit Loan for purposes
of this Credit Agreement and the other Loan Documents and shall be allocated
among each existing borrowing consisting of Revolving Credit Loans (each, a
“Borrowing”) such that, after giving effect to such allocation and the optional
prepayment to be effected pursuant to Section 2(d) above, each Revolving Credit
Lender (including the Commitment Increase Lenders) shall hold a pro rata share
of the Revolving Credit Loans in each Borrowing, determined based on the
aggregate amount of Revolving Credit Commitments immediately after giving effect
to the Revolving Commitment Increase.

SECTION 3. Amendment of Credit Agreement. Effective as of the First Amendment
Effective Date, the Credit Agreement is hereby amended as follows:

(a) The first paragraph of the Preliminary Statement is hereby amended and
restated in its entirety as follows:

“The Borrower has requested that upon the satisfaction in full of the conditions
precedent in Article IV below, the Lenders extend credit to the Borrower in the
form of (i) Term Loans in an aggregate principal amount of $521,875,000 and (ii)
a Revolving Credit Facility in an aggregate principal amount of $250,000,000.
The Revolving Credit Facility may include one or more Swing Line Loans and one
or more Letters of Credit from time to time.”

(b) The following definitions are hereby added in the appropriate alphabetical
order to Section 1.01:

“First Amendment” means the First Amendment to this Agreement dated as of
November 1, 2012, among Holdings, the Borrower, the lenders party thereto and
the Administrative Agent.

“First Amendment Effective Date” means November 1, 2012.

(c) Clause (a) of the definition of the term “Applicable Rate” set forth in
Section 1.01 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

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“(a) with respect to Tranche A Term Loans, (i) until the first Business Day
immediately following the date a Compliance Certificate is delivered pursuant to
Section 6.02(b) in respect of the first full fiscal quarter commencing on or
after the First Amendment Effective Date, (x) for Eurocurrency Rate Loans, 1.75%
and (y) for Base Rate Loans, 0.75%, and (ii) thereafter, the following
percentages per annum, based on the First Lien Net Leverage Ratio for the
twelve-month period ended as of the most recent date for which financial
statements are required to be delivered to the Administrative Agent pursuant to
Section 6.01(b):
Pricing Level
First Lien Net Leverage Ratio
Eurocurrency Rate
Base Rate
1
> 3.75x
2.25%
1.25%
2
> 2.50x but < 3.75x
2.00%
1.00%
3
> 1.75x but < 2.50x
1.75%
0.75%
4
< 1.75x
1.50%
0.50%”

(d) Clause (c) of the definition of the term “Applicable Rate” set forth in
Section 1.01 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

“(c) with respect to Revolving Credit Loans, unused Revolving Credit Commitments
and Letter of Credit fees, (i) until the first Business Day immediately
following the date a Compliance Certificate is delivered pursuant to
Section 6.02(b) in respect of the first full fiscal quarter commencing on or
after the First Amendment Effective Date, (A) for Eurocurrency Rate Loans,
1.75%, (B) for Base Rate Loans, 0.75%, (C) for Letter of Credit fees, 1.75% and
(D) for fees on unused commitments, 0.35% and (ii) thereafter, the following
percentages per annum, based upon the First Lien Net Leverage Ratio for the
twelve-month period ended as of the most recent date for which financial
statements are required to be delivered to the Administrative Agent pursuant to
Section 6.01(b):
Pricing Level
First Lien Net Leverage Ratio
Eurocurrency Rate and Letter of Credit Fees
Base Rate
Commitment Fee Rate
1
> 3.75x
2.25%
1.25%
0.40%
2
> 2.50x but < 3.75x
2.00%
1.00%
0.40%
3
> 1.75x but < 2.50x
1.75%
0.75%
0.35%
4
< 1.75x
1.50%
0.50%
0.35%”

(e) The definition of the term “Maturity Date” set forth in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

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““Maturity Date” means (a) with respect to the Revolving Credit Facility,
November 1, 2017 (or with respect to a Revolving Credit Lender that has extended
the maturity date of its Revolving Credit Commitment pursuant to Section 2.15,
the extended maturity date set forth in the Loan Modification Agreement),
(b) with respect to the Tranche A Term Facility, November 1, 2017 (or with
respect to a Tranche A Term Lender that has extended the maturity date of its
Tranche A Term Loans pursuant to Section 2.15, the extended maturity date set
forth in the Loan Modification Agreement), and (c) with respect to the Tranche B
Term Facility, June 29, 2018 (or with respect to a Tranche B Term Lender that
has extended the maturity date of its Tranche B Term Loans pursuant to Section
2.15, the extended maturity date set forth in the Loan Modification
Agreement).”.
(f) The last sentence of the term “Revolving Credit Commitment” set forth in
Section 1.01 of the Credit Agreement is hereby amended and restated in its
entirety as follows: “The aggregate Revolving Credit Commitments of all
Revolving Credit Lenders shall be $250,000,000 on the First Amendment Effective
Date, as such amount may be adjusted from time to time in accordance with the
terms of this Agreement.”.
(g) The last sentence of the term “Tranche A Term Commitment” set forth in
Section 1.01 of the Credit Agreement is hereby amended and restated in its
entirety as follows: “The aggregate amount of the Tranche A Term Commitments
shall be $275,000,000 on the First Amendment Effective Date.”.
(h) Clause (a) of Section 2.07 of the Credit Agreement is hereby amended and
restated in its entirety as follows:
“(a) Tranche A Term Loans. The Borrower shall repay to the Administrative Agent
for the ratable account of the Tranche A Term Lenders in consecutive quarterly
installments as follows (which installments shall be reduced as a result of the
application of prepayments in accordance with the order of priority set forth in
Section 2.05):

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DATE
TRANCHE A TERM LOAN PRINCIPAL AMORTIZATION PAYMENT
DECEMBER 31, 2012

$3,437,500

MARCH 31, 2013

$3,437,500

JUNE 30, 2013

$3,437,500

SEPTEMBER 30, 2013

$3,437,500

DECEMBER 31, 2013

$3,437,500

MARCH 31, 2014

$3,437,500

JUNE 30, 2014

$3,437,500

SEPTEMBER 30, 2014

$3,437,500

DECEMBER 31, 2014

$5,156,250

MARCH 31, 2015

$5,156,250

JUNE 30, 2015

$5,156,250

SEPTEMBER 30, 2015

$5,156,250

DECEMBER 31, 2015

$6,875,000

MARCH 31, 2016

$6,875,000

JUNE 30, 2016

$6,875,000

SEPTEMBER 30, 2016

$6,875,000

DECEMBER 31, 2016

$6,875,000

MARCH 31,2017

$6,875,000

JUNE 30, 2017

$6,875,000

MATURITY DATE FOR TERM A FACILITY

$178,750,000

provided, however, that the final principal repayment installment of the Tranche
A Term Loans shall be repaid on the Maturity Date for the Tranche A Term
Facility and in any event shall be in an amount equal to the aggregate principal
amount of all Tranche A Term Loans outstanding on such date.”
(i) The second sentence of Section 2.14 of the Credit Agreement is hereby
amended by replacing the text “$150,000,000” with “$250,000,000”.
(j) Schedule 2.01 of the Credit Agreement shall be replaced in its entirety with
Schedule I hereto.
SECTION 4. Conditions to Effectiveness of Amendment Agreement. This Amendment
Agreement shall become effective as of the first date on which the following
occur or have been waived (the “First Amendment Effective Date”):

(a) The Administrative Agent shall have received a counterpart of (i) this
Amendment Agreement, executed and delivered by a duly authorized officer of the
Borrower, Holdings, the Required Lenders, each Tranche A Term Lender set forth
on Schedule I hereto, each Revolving Credit Lender set forth on Schedule I
hereto, and the Administrative Agent and

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(ii) the Reaffirmation attached to this Amendment Agreement, executed and
delivered by a duly authorized officer of each Guarantor.

(b) No Default or Event of Default shall exist on the First Amendment Effective
Date.

(c) The Administrative Agent shall have received all fees required to be paid
pursuant to this Amendment Agreement and the Arrangement Letter, dated as of
October 11, 2012, among Holdings, the Borrower and JPMorgan Chase Bank, N.A. and
J.P. Morgan Securities LLC, and all other amounts due and payable on or prior to
the First Amendment Effective Date, including, to the extent invoiced,
reimbursement or payment of all reasonable out-of-pocket expenses (including
reasonable fees, charges and disbursements of counsel) required to be reimbursed
or paid by any Loan Party under any Loan Document, shall have been paid, on or
prior to effectiveness.
(d) Each of the representations and warranties made or deemed to be made in this
Amendment Agreement shall be true and correct in all material respects; provided
that, to the extent that such representations and warranties specifically refer
to an earlier date, they shall be true and correct in all material respects as
of such earlier date; provided further that any representation and warranty that
is qualified as to “materiality”, “Material Adverse Effect” or similar language
shall be true and correct in all respects on such respective dates.
(e) The Administrative Agent shall have received an executed legal opinion of
(i) Simpson Thacher & Bartlett LLP, counsel to the Loan Parties and
(ii) Tennessee counsel to the Borrower, in each case dated as of the First
Amendment Effective Date and covering such matters as the Administrative Agent
shall reasonably request.
(f) The Administrative Agent shall have received (x) a certificate of good
standing with respect to each of the Loan Parties and (y) a closing certificate
executed by a Responsible Officer of each of the Loan Parties dated the First
Amendment Effective Date, substantially in the form of the closing certificate
delivered in connection with the Credit Agreement certifying as to the
incumbency and specimen signature of each officer executing this Amendment
Agreement or any other document delivered in connection herewith on behalf of
each Loan Party and attaching (A) a true and complete copy of the certificate of
incorporation or formation (or equivalent thereof), as applicable, of each of
the Loan Parties, including all amendments thereto, as in effect on the First
Amendment Effective Date, certified as of a recent date by the Secretary of
State of the state of its organization, to the extent possible, that has not
been amended since the date of the last amendment thereto shown on the
certificate of good standing furnished pursuant to clause (x) above; provided
that, in lieu of the delivery requirement in this clause (A), if there has been
no change to, and no action has been taken to amend, the certificate of
incorporation or formation (or equivalent thereof), as applicable, of any Loan
Party, the Administrative Agent shall accept a representation from such Loan
Party as to such fact, (B) a true and complete copy of the by-laws or limited
liability company agreement (or equivalent thereof), as applicable, of each Loan
Party as in effect on the First Amendment Effective Date and at all times since
a date prior to the date of the resolutions described in clause (C) below;

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provided that, in lieu of the delivery requirement in this clause (B), if there
has been no change to, and no action has been taken to amend, the by-laws or
limited liability company agreement (or equivalent thereof), as applicable, of
any Loan Party, the Administrative Agent shall accept a representation from such
Loan Party as to such fact, and (C) a true and complete copy of resolutions duly
adopted by the Board of Directors and/or similar governing bodies of each Loan
Party approving and authorizing the execution, delivery and performance of this
Amendment Agreement and certifying that such resolutions have not been modified,
rescinded or amended and are in full force and effect.
(g) The Administrative Agent shall have received from the Borrower a notice of
borrowing with respect to the Borrowing of the Additional Term Loans (it being
agreed that the Administrative Agent and the Tranche A Term Lenders party hereto
waive compliance with the one Business Day notice requirement under Section 2.02
of the Credit Agreement).
The Administrative Agent shall notify Holdings, the Borrower and the Lenders of
the First Amendment Effective Date and such notice shall be conclusive and
binding. Notwithstanding the foregoing, this Amendment Agreement shall not
become effective, and the obligations of the Lenders to make, fund or convert
Loans as provided for herein will automatically terminate, if each of the
conditions set forth or referred to in this Section 4 has not been satisfied at
or prior to 5:00 p.m., New York City time, on November 1, 2012 (it being
understood that any such failure of this Amendment Agreement to become effective
will not affect any rights or obligations of any Person under the Credit
Agreement).
SECTION 5.    Representations and Warranties. The Borrower hereby represents and
warrants that:

(a) This Amendment Agreement has been duly authorized, executed and delivered by
each of Holdings and the Borrower and constitutes a legal, valid and binding
obligation of each of Holdings and the Borrower, enforceable in accordance with
its terms, except as such enforceability may be limited by Debtor Relief Laws
and by general principles of equity (whether considered in a proceeding in
equity or law) and an implied covenant of good faith and fair dealing;

(b) The representations and warranties of the Borrower and each other Loan Party
contained in Article V of the Credit Agreement or any other Loan Document are
true and correct in all material respects on and as of the date hereof; provided
that, to the extent that such representations and warranties specifically refer
to an earlier date, they shall be true and correct in all material respects as
of such earlier date; provided further that any representation and warranty that
is qualified as to “materiality”, “Material Adverse Effect” or similar language
shall be true and correct in all respects on such respective dates; and

(c) No Default exists or would result from the Amendment Agreement, the
Revolving Commitment Increase, the incurrence of the Additional Term Loans, or
from the application of the proceeds therefrom.

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SECTION 6. Effects on Loan Documents. (a) Except as specifically amended herein,
all Loan Documents shall continue to be in full force and effect and are hereby
in all respects ratified and confirmed.

(b) The execution, delivery and effectiveness of this Amendment Agreement shall
not operate as a waiver of any right, power or remedy of any Lender or the
Administrative Agent under any of the Loan Documents, nor constitute a waiver of
any provision of the Loan Documents or in any way limit, impair or otherwise
affect the rights and remedies of the Administrative Agent or the Lenders under
the Loan Documents.

(c) The Borrower and the other parties hereto acknowledge and agree that this
Amendment Agreement shall constitute a Loan Document.

SECTION 7. GOVERNING LAW. THIS AMENDMENT AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND
BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

SECTION 8. Amendments; Execution in Counterparts. (a) This Amendment Agreement
shall not constitute an amendment of any other provision of the Credit Agreement
not referred to herein and shall not be construed as a waiver or consent to any
further or future action on the part of the Borrower that would require a waiver
or consent of the Lenders or the Administrative Agent. Except as expressly
amended hereby, the provisions of the Credit Agreement are and shall remain in
full force and effect.

(b) This Amendment Agreement may not be amended nor may any provision hereof be
waived except pursuant to a writing signed by Holdings, the Borrower, the
Administrative Agent and the Commitment Increase Lenders. This Amendment
Agreement may be executed in any number of counterparts and by the different
parties hereto on separate counterparts, including by means of facsimile or
other electronic transmission, each of which when so executed and delivered
shall be an original, but all of which shall together constitute one and the
same instrument.

SECTION 9. Notices. All notices, requests and demands to or upon the respective
parties hereto shall be given in the manner, and become effective, as set forth
in Section 10.02 of the Credit Agreement.
    
[Remainder of page intentionally left blank.]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment Agreement to
be duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

TEAM HEALTH HOLDINGS, INC.

By: /s/ David Jones            
Name: David Jones
Title:
Executive Vice President and Chief Financial Officer

        
        
[Signature Page to First Amendment]

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TEAM HEALTH, INC.

By: /s/ David Jones             
Name: David Jones
Title:
Executive Vice President and Chief Financial Officer

        
        
        
[Signature Page to First Amendment]
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JPMORGAN CHASE BANK, N.A., as Administrative Agent and Lender

By: /s/ Mary Gherty            
Name: Mary Gherty
Title:    Managing Director

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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: JPMorgan Chase Bank, N.A.
 
By
 
 
 
 
 /s/ Vanessa Chiu
 
 
Name:
Vanessa Chiu
 
 
Title:
Executive Director

        
        
        
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Bank of America, N.A.
 
By
 
 
 
 
/s/ David Strickert
 
 
Name:
David Strickert
 
 
Title:
Managing Director

For any Lender requiring a second signature line:
Name of Lender: ______________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Regions Bank
 
By
 
 
 
 
/s/ Gregory M. Ratliff
 
 
Name:
Gregory M. Ratliff
 
 
Title:
Senior Vice President

For any Lender requiring a second signature line:
Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT

Name of Lender: Fifth Third Bank
 
By
 
 
 
 
/s/ William D. Priester
 
 
Name:
William D. Priester
 
 
Title:
Senior Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT

Name of Lender: Barclays Bank PLC
 
By
 
 
 
 
/s/ Vanessa A. Kurbatskiy
 
 
Name:
Vanessa A. Kurbatskiy
 
 
Title:
Vice President

        
        
        
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT

Name of Lender: Citibank, N.A.
 
By
 
 
 
 
/s/ I. Z. Khan
 
 
Name:
I. Z. Khan
 
 
Title:
Managing Director

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Wells Capital Mgmt 23960800
 
By
 
 
 
 
/s/ Gilbert Southwell
 
 
Name:
Gilbert Southwell
 
 
Title:
Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Wells Capital Mgmt 18325402
 
By
 
 
 
 
/s/ Gilbert Southwell
 
 
Name:
Gilbert Southwell
 
 
Title:
Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Wells Capital Mgmt 18866500
 
By
 
 
 
 
/s/ Gilbert Southwell
 
 
Name:
Gilbert Southwell
 
 
Title:
Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Wells Capital Mgmt 23928601
 
By
 
 
 
 
/s/ Gilbert Southwell
 
 
Name:
Gilbert Southwell
 
 
Title:
Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: SILVERADO CLO 2006-1
 
By
 
 
 
 
/s/ Gilbert Southwell
 
 
Name:
Gilbert Southwell
 
 
Title:
Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Wells Capital Mgmt 13923601
 
By
 
 
 
 
/s/ Gilbert Southwell
 
 
Name:
Gilbert Southwell
 
 
Title:
Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: GOLDMAN SACHS LENDING PARTNERS LLC
 
By
 
 
 
 
/s/ Mark Walton
 
 
Name:
Mark Walton
 
 
Title:
Authorized Signatory

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Mizuho Corporate Bank, Ltd.
 
By
 
 
 
 
/s/ James R. Fayen
 
 
Name:
James R. Fayen
 
 
Title:
Deputy General Manager

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Compass Bank
 
By
 
 
 
 
/s/ Stephen H. Lee
 
 
Name:
Stephen H. Lee
 
 
Title:
Senior Vice President

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: SUMITOMO MITSUI BANKING CORPORATION
 
By
 
 
 
 
/s/ David W. Kee
 
 
Name:
David W. Kee
 
 
Title:
Managing Director

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: KEYBANK NATIONAL ASSOCIATION
 
By
 
 
 
 
/s/ Sukanya V. Raj
 
 
Name:
Sukanya V. Raj
 
 
Title:
Vice President & Portfolio Manager

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: RBS Citizens, N.A.
 
By
 
 
 
 
/s/ William Pearce
 
 
Name:
William Pearce
 
 
Title:
AVP

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Synovus Bank
 
By
 
 
 
 
/s/ Anne H. Lovette
 
 
Name:
Anne H. Lovette
 
 
Title:
Senior Relationship Manager

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Union Bank, N.A.
 
By
 
 
 
 
/s/ Sarah Willett
 
 
Name:
Sarah Willett
 
 
Title:
Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: UBS Loan Finance LLC
 
By
 
 
 
 
/s/ Irja R. Otsa
 
 
Name:
Irja R. Otsa
 
 
Title:
Associate Director
 
 
 
Banking Products Services, US

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
/s/ Kenneth Chin
 
 
Name:
Kenneth Chin
 
 
Title:
Director
 
 
 
Banking Products Services, US

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: First Hawaiian Bank
 
By
 
 
 
 
/s/ Dawn Hofmann
 
 
Name:
Dawn Hofmann
 
 
Title:
Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Pinnacle Bank
 
By
 
 
 
 
/s/ Natalie Readett
 
 
Name:
Natalie Readett
 
 
Title:
Sr. Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: First Tennessee Bank
 
By
 
 
 
 
/s/ Cainy Wind
 
 
Name:
Cainy Wind
 
 
Title:
SVP

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Babson CLO LTD. 2005-II
 
 
   Babson CLO LTD. 2006-I
By Babson Capital Management LLC
as Collateral Manager
 
By
 
 
 
 
/s/ Ryan Christenson
 
 
Name:
Ryan Christenson
 
 
Title:
Director

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: APIDOS CDO I
By: Its Investment Advisor CVC Credit
Partners LLC
 
By
 
 
 
 
/s/ Vincent Ingato
 
 
Name:
Vincent Ingato
 
 
Title:
MD/PM

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Sierra CLO II LTD
By: Its Investment Advisor CVC Credit
Partners LLC
On behalf of Resource Capital Asset
Management (RCAM)
 
By
 
 
 
 
/s/ Vincent Ingato
 
 
Name:
Vincent Ingato
 
 
Title:
MD/PM

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Cole Brook CBNA Loan Funding LLC
 
By
 
 
 
 
/s/ Adam Kaiser
 
 
Name:
Adam Kaiser
 
 
Title:
Attorney-in-Fact

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: Cratos CLO I Ltd.
 
By
 
 
 
 
/s/ Renee Lefebvre
 
 
Name:
Renee Lefebvre
 
 
Title:
Managing Director

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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SIGNATURE PAGE TO
FIRST AMENDMENT
TO CREDIT AGREEMENT
Name of Lender: LATTITUDE CLO III, LTD
 
By
 
 
 
 
/s/ Kirk Wallace
 
 
Name:
Kirk Wallace
 
 
Title:
Senior Vice President

For any Lender requiring a second signature line:

Name of Lender: ____________________________________
 
By
 
 
 
 
 
 
 
Name:
 
 
 
Title:
 

        
        
        
[Signature Page to First Amendment]
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REAFFIRMATION

Each of the undersigned Guarantors hereby consents to the Amendment Agreement
and the transactions contemplated thereby. Each of the undersigned Loan Parties
further (a) affirms and confirms its respective guarantees, pledges, grants of
security interests and other obligations under the Credit Agreement (as amended
by the Amendment Agreement) and each of the other Loan Documents to which it is
a party, in respect of, and to secure, the Obligations of the Borrower,
including, without limitation, the Tranche A Term Loans and the Revolving Credit
Commitments and (b) agrees that, notwithstanding the effectiveness of the
Amendment Agreement and the transactions contemplated thereby, the Loan
Documents to which it is a party, and such guarantees, pledges, grants of
security interests and other obligations thereunder, shall continue to be in
full force and effect in accordance with the terms thereof.

TEAM HEALTH HOLDINGS, INC.
TEAM FINANCE LLC

By: /s/ David Jones            
Name:    David Jones
Title:    Executive Vice President and Chief     Financial Officer

HEALTH FINANCE CORPORATION

By: /s/ David Jones            
Name:    David Jones
Title:    Chief Financial Officer

ANESTHESIA MANAGEMENT WEST, INC.
EXIGENCE MANAGEMENT COMPANY, INC.
TEAM ANESTHESIA, INC.
TEAM ANESTHESIA HOLDINGS, LLC

By:/s/David Jones            
Name:    David Jones
Title:    Treasurer

TEAM HEALTH FINANCIAL SERVICES, INC.

By:/s/ David Jones                
Name:    David Jones
Title:    Assistant Treasurer

[Signature Page to Reaffirmation]

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ACCESS NURSE PM, INC.     
AFTER HOURS PEDIATRICS, INC.
AMERICAN CLINICAL RESOURCES, INC.
ANESTHETIX HOLDINGS, LLC
ANESTHETIX MANAGEMENT, LLC
ANTHEM ASSOCIATES, LLC
BILLING MANAGEMENT, LLC
CLINIC MANAGEMENT SERVICES, INC.
D&Y HEALTHCARE CONNECTORS, LLC
DANIEL & YEAGER, INC.
DHP MANAGEMENT SERVICES, INC.
DHP PARENT, INC.
ECC CHATTSWORTH DALTON MC, LLC
ECC WEST TENNESSEE MC, LLC
EMERGENCY COVERAGE CORPORATION
EMERGENCY MANAGEMENT MIDWEST, INC.
EMERGENCY PHYSICIAN ASSOCIATES, INC.
EMERGENCY PROFESSIONAL SERVICES, INC.
EPA OF WOODBURY, INC.
FLORIDA HOSPITAL MEDICINE SERVICES, INC.
GREENBRIER EMERGENCY PHYSICIANS, INC.
HCFS HEALTH CARE FINANCIAL SERVICES, INC.
HEALTH CARE ALLIANCE, INC.
HEALTHCARE REVENUE RECOVERY GROUP, LLC
HOSPITAL MEDICINE ASSOCIATES, LLC
INPHYNET CONTRACTING SERVICES, INC.
INPHYNET SOUTH BROWARD, INC.
KELLY MEDICAL SERVICES CORPORATION
MEDICAL MANAGEMENT RESOURCES, INC.
MEA EMERGENCY MANAGEMENT, INC.
MID-ATLANTIC ER PHYSICIANS, INC.
NORTHWEST EMERGENCY PHYSICIANS, INCORPORATED     
NORTHWEST HOSPITAL MEDICINE PHYSICIANS, INC.
NURSE ON DEMAND, INC.
PARAGON CONTRACTING SERVICES, INC.
PARAGON EMERGENCY SERVICES, INC.

[Signature Page to Reaffirmation]

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PSYCHIATRISTS ONLY, LLC
QUANTUM PLUS, INC.
SOUTHEASTERN EMERGENCY PHYSICIANS OF MEMPHIS, INC.
SOUTHEASTERN EMERGENCY PHYSICIANS, INC.
SOUTHEASTERN PHYSICIAN ASSOCIATES, INC.
SOUTHWEST FLORIDA EMERGENCY MANAGEMENT, INC.
SPECTRUM HEALTHCARE RESOURCES OF DELAWARE, INC.
SPECTRUM HEALTHCARE RESOURCES, INC.
SPECTRUM HEALTHCARE SERVICES, INC.
SPECTRUM HEALTH INTERNATIONAL, INC.
SPECTRUM PRIMARY CARE, INC.
TEAM HEALTH ANESTHESIA MANAGEMENT SERVICES, INC.
TEAMHEALTH PATIENT SAFETY ORGANIZATION, INC.
TEAM RADIOLOGY, INC.
THE EMERGENCY ASSOCIATES FOR MEDICINE, INC.
THW EMERGENCY MANAGEMENT OF HOUSTON, INC.

    
By:/s/ David Jones                
Name:    David Jones
Title:    Vice President and Treasurer

[Signature Page to Reaffirmation]

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THMS-ST. JOSEPH MC, LLC
THMS WEST TENNESSEE MC, LLC
THSE-MARCO URGENT CARE, LLC
THSE-SOUTH FLORIDA MC, LLC
THW EMERGENCY MANAGEMENT OF HOUSTON, INC.

By:/s/ John R. Stair            
Name:    John R. Stair
Title:    Assistant Secretary

[Signature Page to Reaffirmation]

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SCHEDULE I
Commitments

Revolving Credit Lender
Revolving Credit Commitment
JPMorgan Chase Bank, N.A.
$34,550,000.00
Bank of America, N.A.
$33,250,000.00
Regions Bank
$12,000,000.00
Fifth Third Bank
$13,000,000.00
Barclays Bank PLC
$31,600,000.00
Citibank, N.A.
$27,100,000.00
Wells Fargo Bank, National Association
$7,700,000.00
Goldman Sachs Lending Partners LLC
$27,100,000.00
Mizuho Corporate Bank, Ltd.
$8,000,000.00
Compass Bank
$7,000,000.00
Sumitomo Mitsui Banking Corporation
$6,000,000.00
Keybank National Association
$5,000,000.00
RBS Citizens, N.A.
$5,000,000.00
Synovus Bank
$10,700,000.00
Union Bank, N.A.
$6,000,000.00
UBS Loan Finance LLC
$5,000,000.00
First Hawaiian Bank
$4,000,000.00
Pinnacle Bank
$3,500,000.00
First Tennessee Bank
$3,500,000.00
TOTAL:
$250,000,000.00

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Tranche A Term Lender
Tranche A Term Commitment
JPMorgan Chase Bank, N.A.
$10,250,000.00
Bank of America, N.A.
$6,500,000.00
Regions Bank
$27,468,750.00
Fifth Third Bank
$26,375,000.00
Barclays Bank PLC
$4,000,000.00
Citibank, N.A.
$5,000,000.00
Wells Fargo Bank, National Association
$23,875,000.00
Goldman Sachs Lending Partners LLC
$3,000,000.00
Mizuho Corporate Bank, Ltd.
$19,875,000.00
Compass Bank
$20,875,000.00
Sumitomo Mitsui Banking Corporation
$20,875,000.00
Keybank National Association
$20,000,000.00
RBS Citizens, N.A.
$20,000,000.00
Synovus Bank
$12,500,000.00
Union Bank, N.A.
$17,875,000.00
UBS Loan Finance LLC
$15,000,000.00
First Hawaiian Bank
$9,250,000.00
Pinnacle Bank
$8,781,250.00
First Tennessee Bank
$3,500,000.00
TOTAL:
$275,000,000.00

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