Exhibit 10.196

 

FOURTH AMENDMENT

 

THIS FOURTH AMENDMENT (this “Amendment”) dated as of December 31, 2002, to the
Loan Agreement referenced below, is by and among Spotlight Health, Inc., a
Delaware corporation (the “Borrower”), Pharmaceutical Product Development, Inc.,
a North Carolina corporation (the “Company”), and Wachovia Bank, National
Association (formerly known as First Union National Bank) (the “Bank”). Terms
used herein but not otherwise defined herein shall have the meanings provided to
such terms in the Loan Agreement.

 

W I T N E S S E T H

 

WHEREAS, a $2 million credit facility has been established in favor of the
Borrower pursuant to the terms of that Loan Agreement dated as of January 24,
2001 (as amended and modified from time to time, the “Loan Agreement”) among the
Borrower, the Company and the Bank;

 

WHEREAS, the Borrower has requested certain modifications to Loan Agreement; and

 

WHEREAS, the Bank has agreed to the modifications on the terms and conditions
set forth herein.

 

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

 

  1.   The Loan Agreement is amended in the following respects:

 

  (a)   In Section 1 of the Loan Agreement, the definition of “Termination Date”
is amended to read as follows:

 

“Termination Date” means June 30, 2003, or such later date as to which the Bank
may agree in its sole discretion.

 

  (b)   Section 2.6 of the Loan Agreement is amended to read as follows:

 

2.6 Fees.

 

(a) Unused Fee. In consideration of the commitments hereunder, the Borrower
agrees to pay to the Bank an unused fee (the “Unused Fee”) equal to ten basis
points (0.10%) per annum on the average daily unused portion of the Bank’s
commitment for the applicable period. The Unused Fee shall be payable quarterly
in arrears on the 15th day following the last day of each calendar quarter for
the immediately preceding quarter (or portion thereof) beginning with the first
such date to occur after the date hereof.

 

(b) Facility Fee. In consideration of the commitments hereunder, the Borrower
agrees to pay to the Bank a facility fee (the “Facility Fee”) equal to fifty
basis points (0.50%) per annum on the average daily amount of the Bank’s
commitment for the applicable period. The Facility Fee shall be payable
quarterly in arrears on the 15th day following the last day of each calendar
quarter for the immediately preceding quarter (or portion thereof) beginning
with the first such date to occur after the date hereof.

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2. This Amendment shall be effective upon satisfaction of the following
conditions precedent:

 

(a) execution of this Amendment by the Borrower, the Company and the Bank; and

 

(b) receipt by the Bank of certified resolutions of the Company approving this
Amendment and the terms hereof.

 

3. Except as expressly modified hereby, all of the terms and provisions of the
Loan Documents (including schedules and exhibits thereto) shall remain in full
force and effect.

 

4. The Borrower agree to pay all reasonable costs and expenses of the Bank in
connection with the preparation, execution and delivery of this Amendment,
including without limitation the reasonable fees and expenses of Moore & Van
Allen, PLLC.

 

5. This Amendment may be executed in any number of counterparts, each of which
when so executed and delivered shall be deemed an original and it shall not be
necessary in making proof of this Amendment to produce or account for more than
one such counterpart.

 

6. This Amendment shall be deemed to be a contract made under, and for all
purposes shall be construed in accordance with, the laws of the State of North
Carolina.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Amendment to be duly executed and delivered as of the date first above written.

 

BORROWER:

 

SPOTLIGHT HEALTH, INC.,

a Delaware corporation

   

By: /s/ T. Spring

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Name: T. Spring

Title: Chief Financial Officer

COMPANY:

 

PHARMACEUTICAL PRODUCT DEVELOPMENT, INC.,

a North Carolina corporation

   

By: /s/ Fred Eshelman

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Name: Fred Eshelman

Title: CEO

BANK:

 

WACHOVIA BANK, NATIONAL ASSOCIATION

   

By: /s/ Douglas T. Davis

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Name: Douglas T. Davis

Title: Director