Exhibit 10.17

 

General Electric Capital Corporation
2 Bethesda Metro Center Suite 600
Bethesda, MD 20814-5318

 

VIA OVERNIGHT COURIER, TELECOPY OR EMAIL

 

September 22, 2015

 

Diplomat Pharmacy, Inc.

4100 S. Saginaw Street

Flint, MI 18507

Attn: Sean Whelan, Chief Financial Officer

Telecopy No: (810) 282-0195

Email: SWhelan@diplomat.is

 

Each Lender (including any L/C Issuer
and/or Swingline Lender, as applicable)
 under the Credit Agreement referred to below

 

RE:         Loan and Agency Transfer

Ladies and Gentlemen:

 

Reference is made to that certain Second Amended and Restated Credit Agreement,
dated as of April 1, 2015 (as the same has been amended, restated, amended and
restated, modified, extended, renewed, substituted, and/or supplemented, the
“Credit Agreement”), executed by and among Diplomat Pharmacy, Inc. (the
“Borrower”), the other “Credit Parties” from time to time party thereto, the
financial institutions from time to time party thereto as lenders (the
“Lenders”), General Electric Capital Corporation (“GE Capital”), as the
administrative agent for all Lenders (the “Agent”). Capitalized terms used in
this letter (this “Letter”) that are not expressly defined herein shall have the
same meanings given to them as set forth in the Credit Agreement.

 

Please be advised that, on August 11, 2015, GE Capital and Capital One, National
Association (“Buyer”), entered into a Stock and Asset Purchase Agreement (the
“SAPA”), pursuant to which GE Capital agreed to sell its healthcare financial
services business unit to Buyer (or one or more of its affiliates) (the “Sale”).
In connection with such Sale, each of GE Capital and GE Capital Bank, in its
capacity as a Lender, intends to sell, assign and transfer 100% of its interests
in the Loans and Commitments under the Credit Agreement to Healthcare Financial
Solutions, LLC, a Delaware limited liability company (“HFS”), an affiliate of GE
Capital, the ownership interests of which will be transferred by GE Capital (or
one of its affiliates) to one or more affiliates of Buyer (collectively, the
“HFS Transfer”). By its execution and delivery of this Letter, the Agent hereby
notifies you of the intended HFS Transfer. Further, although the Borrower’s
consent may not be required under the Credit Agreement for the HFS Transfer,
each of GE Capital Bank and GE Capital hereby requests that the Borrower and, in
the case of revolving loans and commitments, any letter of credit issuer
thereunder (an “L/C Issuer”) consent to the HFS Transfer.

 

In connection therewith, please be advised that GE Capital intends to resign as
Agent, and, to the extent

 

Agency and Loan Transfer Consent and Agreement

 

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applicable, as Swingline Lender and as L/C Issuer (the “Resignation”) under the
Credit Agreement, and HFS (prior to the Sale, an affiliate of GE Capital, and
from and after the Sale, an affiliate of Buyer) desires to become the successor
Agent (the “Successor Agent”) and, to the extent applicable, the successor
Swingline Lender (the “Successor Swingline Lender”) and to become or appoint, to
the extent applicable, a successor L/C Issuer (the “Successor L/C Issuer”) in
replacement of and substitution for GE Capital (collectively, the “Agency
Substitution”). Accordingly, GE Capital hereby requests that the Required
Lenders appoint, and that the Borrower consent to such appointment of, the
Successor Agent under the Credit Agreement in connection with the Agency
Substitution, effective as of the Effective Date (as defined below). In
furtherance of the foregoing, all terms referencing or appointing GE Capital as
Agent (and, to the extent applicable, Swingline Lender and L/C Issuer) in the
Credit Agreement or the other Loan Documents or Credit Documents, as the case
may be (and other documents executed in connection therewith, including fee
letters and environmental indemnities), shall be deemed amended from and after
the Effective Date to reference the Successor Agent, as Agent (and, to the
extent applicable, the Successor Swingline Lender as Swingline Lender and the
Successor L/C Issuer as L/C Issuer).

 

By your respective signatures in the applicable space provided below, (i) in the
case of (A) the Borrower, subject to and in reliance on the representations and
warranties and covenants of Buyer and GE Capital set forth in that certain
comfort letter, dated on or around the date hereof, executed by Buyer and GE
Capital and delivered to you, and (B) to the extent applicable, any Swingline
Lender and/or L/C Issuer, in each case, you hereby confirm your consent to the
HFS Transfer and you hereby confirm your consent to the appointment of the
Successor Agent and consent to the Agency Substitution, as applicable and
(ii) in the case of the Required Lenders under the Credit Agreement, you hereby
confirm your consent to the appointment of the Successor Agent and consent to
the Agency Substitution, as applicable, and, in each case, which Agency
Substitution will be effective as of the date (the “Effective Date”) set forth
in the notice, to be provided to you by GE Capital promptly following the
consummation of the HFS Transfer and Agency Substitution, confirming the HFS
Transfer and the Agency Substitution. Furthermore, your consent to the foregoing
is also a waiver of (x) any consents or amendments to the Credit Agreement
needed to effectuate the HFS Transfer, including any requirement under the
Credit Agreement to use an agreed form to effectuate an assignment of Loans and
Commitments and (y) any prior notice requirement or waiting period prior to the
effectiveness of the Resignation and Agency Substitution otherwise provided for
in the Credit Agreement.

 

Note that by their respective signatures below, GE Capital and GE Capital Bank
(in their respective capacities as Agent, Lender, and, to the extent applicable,
L/C Issuer and/or Swingline Lender as set forth on the signature page hereto)
hereby consents to the HFS Transfer and the Agency Substitution to the extent
required under the Credit Agreement.

 

The Borrower hereby authorizes the Successor Agent to file or cause to be filed
such UCC, intellectual property security agreements, mortgages, share charges,
stock pledge agreements and any other documents, including Collateral Documents,
assignments and/or amendments as may reasonably be necessary in connection with
the Agency Substitution (it being understood that the Borrower shall not be
responsible for the fees and expenses of the Agent or the Successor Agent in
connection therewith).

 

This Letter shall constitute a Loan Document or Credit Document, as the case may
be, and is governed by, and shall be construed in accordance with, the internal
laws of the State of New York or, if different, the laws of the jurisdiction
specified in the Credit Agreement as governing the Credit Agreement.

 

This Letter may be executed by one or more of the parties to this Letter on any
number of separate counterparts, and all of said counterparts taken together
shall be deemed to constitute one and the same

 

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instrument. Delivery of an executed signature page of this Letter by facsimile
or other electronic transmission (including by “.pdf” or “.tif”) shall be
effective as delivery of a manually executed counterpart hereof.

 

Please confirm your consent to the foregoing by signing this Letter in the space
indicated below for that purpose.

 

[Signature pages follow]

 

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Sincerely,

 

 

GENERAL ELECTRIC CAPITAL

CORPORATION, in its capacity as Agent,

L/C Issuer, Swingline Lender and Lender, as the case may be,

 

 

By:

/s/ H. Darren Alcas

 

 

Name: H. Darren Alcas

 

 

Title: Duly Authorized Signatory

 

 

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GE CAPITAL BANK, in its capacity as Lender,

 

 

 

 

 

By:

/s/ Paul Sleet

 

Name: Paul Sleet

 

Title: Duly Authorized Signatory

 

 

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BORROWER:

 

DIPLOMAT PHARMACY, INC.

 

By:

/s/ Sean M. Whelan

 

 

Name:

Sean M. Whelan

 

 

Title:

CFO

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

Bank of America, N.A.,

 

as Lender (including as an L/C Issuer and/or

 

 Swingline Lender, as the case may be)

 

 

 

 

 

By:

/s/ Linda E.C. Alto

 

 

Name: Linda E.C. Alto

 

 

Title: Senior Vice President

 

 

 

 

If a second signatory is required:

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

CAPITAL ONE, N.A.,

as Lender (including as an L/C Issuer and/or

Swingline Lender, as the case may be)

 

By:

/s/ Charles V. Boyle

 

 

Name:  Charles V. Boyle

 

 

Title:    Vice President

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

Citizens Bank, N.A.,

as Lender (including as an L/C Issuer and/or

Swingline Lender, as the case may be)

 

By:

/s/ Cheryl Carangelo

 

 

Name: Cheryl Carangelo

 

 

Title: Managing Director

 

 

If a second signatory is required:

 

By:

 

 

 

Name:

 

 

Title:

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

Comerica Bank,

as Lender (including as an L/C Issuer and/or

Swingline Lender, as the case may be)

 

By:

/s/ Michael Cliff

 

 

Name: Michael Cliff

 

 

Title:  Vice President

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER

CONSENT AND AGREEMENT

 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
as Lender

 

By:

/s/ Christopher Day

 

 

Name: Christopher Day

 

 

Title:   Authorized Signatory

 

 

By:

/s/ Max Wallins

 

 

Name: Max Wallins

 

 

Title:   Authorized Signatory

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

Deutsche Bank AG NY Branch,

 

 

as Lender

 

 

 

By:

/s/ Michael Winters

 

 

Name: Michael Winters

 

 

Title:   Vice President

 

 

If a second signatory is required:

 

By:

/s/ Dusan Lazarov

 

 

Name: Dusan Lazarov

 

 

Title:   Director

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

FIFTH THIRD BANK,

as Lender (including as an L/C Issuer and/or

Swingline Lender, as the case may be)

 

By:

/s/ Nathaniel E. Sher

 

 

Nathaniel E. Sher

 

 

Vice President

 

 

If a second signatory is required:

 

By:

 

 

 

Name:

 

 

Title:

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

FirstMerit bank, N.A.,

as Lender (including as an L/C Issuer and/or

Swingline Lender, as the case may be)

 

By:

/s/ John Zimbo

 

 

Name: John Zimbo

 

 

Title: Vice President

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

Flagstar Bank, FSB,

 

as Lender (including as an L/C Issuer and/or

 

 Swingline Lender, as the case may be)

 

 

 

By:

/s/ Elizabeth K Hausman

 

 

Name: Elizabeth K Hausman

 

 

Title:   First Vice President

 

 

If a second signatory is required:

 

 

By:

 

 

 

Name:

 

 

Title:

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

The Huntington National Bank,

as Lender (including as an L/C Issuer and/or

Swingline Lender, as the case may be)

 

 

By:

/s/ Cheryl B. Holm

 

 

Name: Cheryl B. Holm

 

 

Title: Sr. Vice President

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

MORGAN STANLEY SENIOR FUNDING, INC.,

as Lender

 

 

By:

/s/ Allen Chang

 

 

Name: Allen Chang

 

 

Title:   Vice President

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

MUFG Union Bank, N.A.,
as Lender

 

 

By:

/s/ Brian McNany

 

 

Name: 

Brian McNany

 

 

 

Title:   

Director

 

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

Talmer Bank & Trust,

 

as Lender (including as an L/C Issuer and/or

 

 Swingline Lender, as the case may be)

 

 

 

By:

/s/ Brian Banning

 

 

Name: Brian Banning

 

 

Title:   Managing Director

 

 

If a second signatory is required:

 

 

By:

 

 

 

Name: 

 

 

Title:   

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

Wells Fargo Bank N.A.,

as Lender (including as an L/C Issuer and/or

Swingline Lender, as the case may be)

 

 

By:

/s/ Scott Sanford

 

 

Name: Scott Sanford

 

 

Title:   Duly Authorized Signatory

 

 

If a second signatory is required:

 

 

By:

 

 

 

Name: 

 

 

Title:   

 

 

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DIPLOMAT PHARMACY, INC. AGENCY AND LOAN TRANSFER
CONSENT AND AGREEMENT

 

JPMorgan Chase Bank N.A.,

as Lender (including as an L/C Issuer and/or

Swingline Lender, as the case may be)

 

 

By:

/s/ WiesLaw R. Sliwinski

 

 

Name: WIESLAW R. SLIWINSKI

 

 

Title:   AUTHORIZED SIGNER

 

 

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