Exhibit 10.1.4

CONSENT AND WAIVER NO. 1

TO

SENIOR SUBORDINATED CREDIT AGREEMENT

This CONSENT AND WAIVER NO. 1 TO SENIOR SUBORDINATED CREDIT AGREEMENT, dated as
of February 15, 2006 (this “Consent”), among HealthSouth Corporation (the
“Borrower”), and the Lenders party hereto, is being entered into in connection
with that certain Senior Subordinated Credit Agreement, dated as of January 16,
2004 (the “Credit Agreement”), among the Borrower, the Lenders from time to time
party thereto and Credit Suisse (formerly Credit Suisse First Boston), as
administrative agent (the “Administrative Agent”), syndication agent and
arranger. Capitalized terms used herein and not defined herein shall have the
respective meanings assigned to such terms in the Credit Agreement.

WHEREAS, the Borrower is contemplating a series of transactions pursuant to
which, among other things, the Borrower will (a) offer to repurchase and, to the
extent tendered, repurchase substantially all of its outstanding senior notes
and senior subordinated notes, (b) repay all outstanding Loans and pay all other
amounts due under, and terminate, the Credit Agreement and (c) repay certain
other outstanding indebtedness (the transactions referred to in clauses
(a) through (c) above being called the “Debt Refinancing”);

WHEREAS, in connection with the Debt Refinancing the Borrower has requested
that, notwithstanding the limitation contained in Section 2.12 of the Credit
Agreement, the Lenders permit the Loans to be prepaid on or prior to March 20,
2006; and

WHEREAS, the Required Lenders have indicated their willingness to consent to
such early prepayment on the terms and subject to the satisfaction of the
conditions and compliance with the covenants set forth herein;

NOW, THEREFORE, in consideration of the mutual agreements contained in this
Consent and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1. Consent. Effective upon the Effective Date (as defined below), the
Lenders party hereto, constituting the Required Lenders, hereby consent,
notwithstanding the limitation contained in Section 2.12 of the Credit
Agreement, to permit the Borrower to prepay the Loans in full at any time on or
prior to March 20, 2006; provided, however, any such prepayment of the Loans
shall include (i) the payment of all principal and accrued but unpaid interest
on the Loans and the payment of all other Obligations owing under Credit
Agreement, including the reasonable and documented fees, charges and
disbursements of counsel to the Administrative Agent, through the date of such
prepayment, and (ii) such prepayment shall be accompanied by a prepayment
premium on the principal amount of each Loan prepaid of 15.00%. In the event the
Loans are not prepaid as provided in clauses (i) and (ii) above on or prior to
March 20, 2006,

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and regardless of whether or not the Debt Refinancing has been consummated, this
Consent shall be null and void and cease to be of any further force and effect.

SECTION 2. Waiver. Effective upon the Effective Date, the Required Lenders
hereby waive Section 2.12(b) of the Credit Agreement in connection with the
prepayment contemplated in Section 1 above to the extent such Section requires
irrevocable notice three Business Days prior to a prepayment of Loans under the
Credit Agreement.

SECTION 3. Conditions Precedent. This Consent and Waiver shall become effective
on the date (the “Effective Date”) when each of the following shall have
occurred; provided, however, in the event the Effective Date has not occurred
prior to 5:00 p.m. (New York time) on February 22, 2006, then this Consent shall
be null and void and cease to be of any further force and effect.

(a) The Administrative Agent shall have received counterparts of this Consent
that, when taken together, bear the signatures of the Borrower and the Required
Lenders (or, in the case of any party as to which an executed counterpart has
not been received, the Administrative Agent shall have received written
confirmation from such party of execution of a counterpart hereof by such
party).

(b) The Borrower shall have paid the Administrative Agent the fee payable in
connection with this Consent required by agreement between them.

(c) The Borrower shall have paid in full the invoice dated February 9, 2006 in
the amount of $83,715.37 for legal fees incurred by the Administrative Agent and
any reasonable and documented out-of-pocket expenses incurred by the
Administrative Agent in connection with this Consent and invoiced to the
Borrower prior to the Effective Date, including the reasonable and documented
fees, charges and disbursements of counsel to the Administrative Agent.

SECTION 4. References to Credit Agreement.

(a) From and after the effectiveness of this Consent and the modifications to
the Credit Agreement contemplated hereby, all references in the Credit Agreement
to “this Agreement”, “hereof”, “herein”, and similar terms shall mean and refer
to the Credit Agreement, as amended and modified by this Consent (to the extent
applicable), and all references in other documents to the Credit Agreement shall
mean such agreement as modified by this Consent (to the extent applicable).

(b) The execution, delivery and effectiveness of this Consent and the waiver
contemplated hereby shall not operate as a waiver of any right, power or remedy
of the Lenders under the Credit Agreement, nor constitute a waiver of any
provision of the Credit Agreement, except to the extent expressly set forth
herein.

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SECTION 5. Ratification and Confirmation. The Credit Agreement is hereby
ratified and confirmed and, except as herein agreed, remains in full force and
effect.

SECTION 6. Execution and Counterparts. This Consent may be executed by the
parties hereto individually or in combination, in one or more counterparts, each
of which shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a
signature page by telecopier shall be effective as delivery of a manually
executed counterpart.

SECTION 7. Governing Law. This Consent and the rights and obligations of the
parties hereto under this Consent shall be governed by, and construed and
interpreted in accordance with, the laws of the State of New York.

[Signature Pages Follow]

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

 

HEALTHSOUTH CORPORATION, as

Borrower

By:

 

/s/ John Workman

Name:

 

John Workman

Title:

 

Executive Vice President and Chief

Financial Officer

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Watch Tower CLO I PLC, as Lender

By:

 

Citadel Limited Partnership, Collateral

Manager

By:

 

Citadel Investment Group, L.L.C., its General

Partner

 

By:

 

/s/ Erica L. Tarpey

 

Name:

 

Erica L. Tarpey

 

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Lehman Commercial Paper, Inc. , as Lender

By:

 

/s/ Daniel Kamensky

Name:

 

Daniel Kamensky

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

CanPartners Investments IV LLC , as Lender

By:

 

/s/ Mitchell R. Julis

Name:

 

Mitchell R. Julis

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Silver Oak Capital, LLC , as Lender

By:

 

/s/ Michael L. Gordon

Name:

 

Michael L. Gordon

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Goldman Sachs Credit Partners, L.P. , as Lender

By:

 

/s/ Pedro Ramirez

Name:

 

Pedro Ramirez

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Catalyst Senior Income Fund, LLC , as Lender

By: Catalyst Investment Management, LLC, its managing member

By:

 

/s/ Brad Levie

Name:

 

Brad Levie

Title:

 

Manager

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Merrill Lynch Global Investment Series: Income Strategies Portfolio , as Lender
By: Merrill Lynch Investment Managers, L.P., as Investment Advisor

By:

 

/s/ Kevin Booth

Name:

 

Kevin Booth

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Diversified Income Strategies Portfolio, Inc., as Lender

By:

 

/s/ Kevin Booth

Name:

 

Kevin Booth

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Debt Strategies Fund, Inc., as Lender

By:

 

/s/ Kevin Booth

Name:

 

Kevin Booth

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Master U.S. High Yield Trust, as Lender

By:

 

/s/ Dan Evans

Name:

 

Dan Evans

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Managed Account Series:High Income Portfolio, as Lender

By:

 

/s/ Dan Evans

Name:

 

Dan Evans

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

Merrill Lynch World Income Fund, as Lender

By:

 

/s/ Dan Evans

Name:

 

Dan Evans

Title:

 

Authorized Signatory

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SIGNATURE PAGE TO

CONSENT AND WAIVER NO. 1

TO THE HEALTHSOUTH SENIOR

SUBORDINATED CREDIT AGREEMENT

ML Bond High Income, as Lender

By:

 

/s/ Dan Evans

Name:

 

Dan Evans

Title:

 

Authorized Signatory