Exhibit 10.3

 

ASSUMPTION AGREEMENT

 

ASSUMPTION AGREEMENT, dated as of September 15, 2015, made by South Florida
Medicine, LLC a Florida limited liability company (“SFM”), Associates in
Radiation Oncology Services, LLC, a Florida limited liability company (“ARO”),
Boynton Beach Radiation Oncology, L.L.C., a Florida limited liability company
(“BBRO”), Treasure Coast Medicine, LLC, a Florida limited liability company
(“TCM”), SFRO Holdings, LLC, a Florida limited liability company (“SFRO
Holdings”) and South Florida Radiation Oncology, LLC, a Florida limited
liability company (“SFRO”), and together with SFM, ARO, BBRO, TCM, SFRO Holdings
and SFRO, each an “Additional Grantor” and collectively the “Additional
Grantors”), in favor of MORGAN STANLEY SENIOR FUNDING, INC. as administrative
agent (in such capacity, the “Administrative Agent”) for the banks and other
financial institutions (the “Lenders”) parties to the Credit Agreement referred
to below.  All capitalized terms not defined herein shall have the meaning
ascribed to them in such Credit Agreement.

 

WITNESSETH:

 

WHEREAS, 21ST CENTURY ONCOLOGY, INC. (the “Borrower”), the Lenders, the
Administrative Agent and others have entered into a Credit Agreement, dated as
of April 30, 2015 (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”);

 

WHEREAS, in connection with the Credit Agreement, the Borrower and certain of
the Borrower’s affiliates (other than the Additional Grantors) have entered into
the Guarantee and Security Agreement, dated as of April 30, 2015 (as amended,
supplemented or otherwise modified from time to time, the “Guarantee and
Security Agreement”) in favor of the Administrative Agent for the benefit of the
Secured Parties;

 

WHEREAS, the Credit Agreement requires each Additional Grantor to become a party
to the Guarantee and Security Agreement; and

 

WHEREAS, each Additional Grantor has agreed to execute and deliver this
Assumption Agreement in order to become a party to the Guarantee and Security
Agreement;

 

NOW, THEREFORE, IT IS AGREED

 

1.                                      Guarantee and Security Agreement.  By
executing and delivering this Assumption Agreement, each Additional Grantor, as
provided in Section 9.14 of the Guarantee and Security Agreement, hereby becomes
a party to the Guarantee and Security Agreement as a Guarantor and Grantor
thereunder with the same force and effect as if originally named therein as a
Guarantor and Grantor and, without limiting the generality of the foregoing,
hereby expressly assumes all obligations and liabilities of a Guarantor and
Grantor thereunder.  As security for the Obligations (as defined in the
Guarantee and Security Agreement), each Additional Grantor hereby grants a
security interest in all of the Collateral (as defined in the Guarantee and
Security Agreement) to the Administrative Agent.  The information set forth in
Annex 1-A hereto is hereby added to the information set forth in the Schedules
to the Guarantee and Security Agreement.  Each Additional Grantor hereby
represents and warrants that each of the

 

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representations and warranties contained in Section 4 of the Guarantee and
Security Agreement is true and correct in all material respects on and as the
date hereof (after giving effect to this Assumption Agreement) as if made on and
as of such date.

 

2.                                      Governing Law.  THIS ASSUMPTION
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.

 

2

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IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be
duly executed and delivered under seal as of the date first above written.

 

 

SOUTH FLORIDA MEDICINE, LLC

 

ASSOCIATES IN RADIATION ONCOLOGY SERVICES, LLC

 

BOYNTON BEACH RADIATION ONCOLOGY, L.L.C.

 

TREASURE COAST MEDICINE, LLC

 

SFRO HOLDINGS, LLC

 

SOUTH FLORIDA RADIATION ONCOLOGY, LLC

 

 

 

 

 

 

By:

/s/ Richard Lewis

 

Name:

Richard Lewis

 

Title:

Authorized Signatory

 

3

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Annex 1-A

 

Supplement to Schedule A — Investment Property

 

(1)         Pledged Notes: None.

 

(2)         Pledged Stock:

 

Name of Entity

 

Grantor
(Record Owner)

 

Certificate
No.

 

No. Shares/Interest

 

Percent Owned

 

Percent of
Owned Interest
Pledged

Associates in Radiation Oncology Services, LLC

 

SFRO Holdings, LLC

 

N/A

 

Member

 

100%

 

100%

Boca Radiation Oncology, LLC

 

SFRO Holdings, LLC

 

N/A

 

Member

 

100%

 

100%

Boynton Beach Radiation Oncology, LLC

 

SFRO Holdings, LLC

 

N/A

 

Member

 

100%

 

100%

Boynton Beach Real Estate, L.L.C.

 

Treasure Coast Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Oncology I, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Oncology II, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Oncology III, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Oncology IV, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Oncology V, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Oncology VI, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Radiation II, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Radiation III, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Radiation IV, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Radiation V, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Radiation VII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Radiation VIII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Radiation, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery I, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery II, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery III, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery IV, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery IX, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery V, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

 

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Name of Entity

 

Grantor
(Record Owner)

 

Certificate
No.

 

No. Shares/Interest

 

Percent Owned

 

Percent of
Owned Interest
Pledged

SFM Surgery VI, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery VII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery VIII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery X, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery XI, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery XII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Surgery XV, LLV

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology I, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology II, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology III, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology IV, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology IX, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology V, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology VI, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology VII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology VIII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology X, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XI, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XIV, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XIX, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XV, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XVI, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XVII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XVIII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XX, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XXI, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XXII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XXIII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XXIV, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XXV, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XXVI, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XXVII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XXVIII, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

SFM Urology XXIX, LLC

 

South Florida Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

South Florida Medicine, LLC

 

SFRO Holdings, LLC

 

N/A

 

2 Class A Units

10 Class C Units

 

100% of Class A Units

 

100%

 

2

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Name of Entity

 

Grantor
(Record Owner)

 

Certificate
No.

 

No. Shares/Interest

 

Percent Owned

 

Percent of
Owned Interest
Pledged

South Florida Radiation Oncology Coconut Creek, LLC

 

SFRO Holdings, LLC

 

N/A

 

Member

 

100%

 

100%

South Florida Radiation Oncology in Wellington, LLC

 

SFRO Holdings, LLC

 

N/A

 

Member

 

100%

 

100%

South Florida Radiation Oncology Jupiter, LLC

 

SFRO Holdings, LLC

 

N/A

 

Member

 

100%

 

100%

South Florida Radiation Oncology Miami, LLC

 

SFRO Holdings, LLC

 

N/A

 

Member

 

100%

 

100%

South Florida Radiation Oncology PSL, LLC

 

Treasure Coast Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

South Florida Radiation Oncology WPB, LLC

 

SFRO Holdings, LLC

 

N/A

 

Member

 

100%

 

100%

South Florida Radiation Oncology, LLC

 

SFRO Holdings, LLC

 

N/A

 

Member

 

100%

 

100%

Treasure Coast Medicine, LLC

 

SFRO Holdings, LLC

 

N/A

 

Member

 

100%

 

100%

Treasure Coast Radiation Oncology, LLC

 

Treasure Coast Medicine, LLC

 

N/A

 

Member

 

100%

 

100%

Boca Oncology Partners, LLC

 

Boca Radiation Oncology, LLC

 

N/A

 

Member

 

100%

 

100%

 

3

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Supplement to Schedule B — Perfection Information

 

Loan Party

 

Filing Office

SOUTH FLORIDA MEDICINE, LLC

 

Florida Secured Transaction Registry

ASSOCIATES IN RADIATION ONCOLOGY SERVICES, LLC

 

Florida Secured Transaction Registry

BOYNTON BEACH RADIATION ONCOLOGY, L.L.C.

 

Florida Secured Transaction Registry

TREASURE COAST MEDICINE, LLC

 

Florida Secured Transaction Registry

SFRO HOLDINGS, LLC

 

Florida Secured Transaction Registry

SOUTH FLORIDA RADIATION ONCOLOGY, LLC

 

Florida Secured Transaction Registry

 

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Supplement to Schedule C — Jurisdictions of Organization
and Chief Executive Office

 

Loan Party

 

Jurisdiction of Organization

 

Chief Executive Office

South Florida Medicine, LLC

 

Florida

 

2270 Colonial Blvd
Fort Myers, FL 33907

Associates in Radiation Oncology Services, LLC

 

Florida

 

2270 Colonial Blvd
Fort Myers, FL 33907

Boynton Beach Radiation Oncology, L.L.C.

 

Florida

 

2270 Colonial Blvd
Fort Myers, FL 33907

Treasure Coast Medicine, LLC

 

Florida

 

2270 Colonial Blvd
Fort Myers, FL 33907

SFRO Holdings, LLC

 

Florida

 

2270 Colonial Blvd
Fort Myers, FL 33907

South Florida Radiation Oncology, LLC

 

Florida

 

2270 Colonial Blvd
Fort Myers, FL 33907

 

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Supplement to Schedule D — Intellectual Property

 

None.

 

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Supplement to Schedule E — Commercial Tort Claims

 

None.

 

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