EX-10.5





 Exhibit 10.5 

EXECUTION VERSION 
 AMENDMENT
NO. 3 TO LOAN AGREEMENT 
 THIS AMENDMENT NO. 3 TO LOAN AGREEMENT, dated as of September 8, 2020 (this
“Amendment”), is made among ALIGNMENT HEALTHCARE HOLDCO 2, LLC, a Delaware limited liability company (“Holdings”), ALIGNMENT HEALTHCARE USA, LLC, a Delaware limited liability company
(“Borrower”), the Subsidiary Guarantors from time to time party thereto (together with Holdings and Borrower, the “Obligors”), the Lenders listed on the signature pages hereof under the heading
“LENDERS” (each, a “Lender” and, collectively, “Lenders”), and CRG Servicing LLC, a Delaware limited liability company, as administrative agent and collateral agent for Lenders (in such
capacities, together with its successors and assigns, “Administrative Agent”), with respect to the Loan Agreement referred to below. 

RECITALS 
 A. WHEREAS, the
Obligors, Lenders and Administrative Agent are parties to that certain Term Loan Agreement, dated as of August 21, 2018 (as amended by those certain Amendment No. 1 to Loan Agreement and Amendment to Fee Letter, dated as of April 25,
2019 and Amendment No. 2 to Loan Agreement, dated as of May 22, 2020 and as the same may be further amended, amended and restated, modified or supplemented from time to time, the “Loan Agreement”); and

 B. WHEREAS, Borrower has requested that Administrative Agent and Lenders, and Administrative Agent and Lenders (which constitute all of
the Lenders under the Loan Agreement) have agreed to, amend the Loan Agreement on the terms and subject to the conditions set forth herein. 

AGREEMENT 
 NOW THEREFORE,
accordingly, the parties hereto agree as follows. 
 SECTION 1. Definitions; Interpretation. 

(a) Terms Defined in Loan Agreement. All capitalized terms used in this Amendment (including in the recitals hereof) and not otherwise
defined herein shall have the meanings assigned to them in the Loan Agreement. 
 (b) Interpretation. The rules of interpretation set
forth in Section 1.03 of the Loan Agreement shall be applicable to this Amendment and are incorporated herein by this reference. 

SECTION 2. Amendments. Subject to Section 3, the Loan Agreement is hereby amended as follows: 

(a) The following definition in Section 1.01 of the Loan Agreement is hereby amended and restated in its entirety as
follows: 












 “Commitment Period” means the period from and
including the first date on which all of the conditions precedent set forth in Section 6.01 have been satisfied (or waived by the Lenders) and through and including June 30, 2021. 

(b) Section 6.06(b) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

(b) Borrowing Date. Such Borrowing shall occur on or prior to June 30, 2021. 

SECTION 3. Conditions to Effectiveness. The effectiveness of Section 2 shall be subject to the satisfaction of each of the
following conditions precedent: 
 (a) Administrative Agent shall have received, in form and substance reasonably satisfactory to it and
Lenders, this Amendment duly executed by Borrower, Administrative Agent and all of the Lenders party to the Loan Agreement as required by Section 13.04 of the Loan Agreement. 

(b) Borrower shall have paid or reimbursed Administrative Agent and the Lenders for all of their reasonable out-of-pocket costs and expenses (including the reasonable fees and expenses of Cooley LLP, special counsel to Administrative Agent and the Lenders) in connection with the negotiation and preparation of this
Amendment, pursuant to Section 13.03(a)(i)(z) of the Loan Agreement. 
 (c) The representations and warranties in
Section 4 shall be true in all material respects on the date hereof and on the date on which each of the foregoing conditions is satisfied. 

SECTION 4. Representations and Warranties. Each Obligor hereby represents and warrants to Administrative Agent and each Lender as follows: 

(i) Such Obligor has full power, authority and legal right to make and perform this Amendment and the Loan Agreement, as modified by this
Amendment (the “Amended Loan Agreement”). Each of this Amendment and the Amended Loan Agreement is within such Obligor’s corporate or equivalent powers and has been duly authorized by all necessary corporate or
equivalent action and, if required, by all necessary shareholder action. This Amendment has been duly executed and delivered by such Obligor and each of this Amendment and the Amended Loan Agreement constitutes a legal, valid and binding obligation
of such Obligor, enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the
enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). Each of this Amendment and the Amended Loan Agreement
(w) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any third party, except for such as have been obtained or made and are in full force and effect, (x) will
not violate any applicable law or regulation in any material respect or the charter, bylaws or other organizational documents of Holdings and its Subsidiaries, (y) will not violate any order of any Governmental Authority and (z) will not
violate or result in a default under any indenture, agreement or other instrument binding upon Holdings and its Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such Person. 

  
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 (ii) No Default or Event of Default has occurred or is continuing or will result after
giving effect to this Amendment. 
 (iii) There has been no Material Adverse Effect since the date of the Loan Agreement. 

SECTION 5. Reaffirmation. Each Obligor hereby ratifies, confirms, reaffirms, and acknowledges its obligations under the Loan Documents to which it is a
party and agrees that the Loan Documents remain in full force and effect, undiminished by this Amendment, except as expressly provided herein. By executing this Amendment, each Obligor acknowledges that it has read, consulted with its attorneys
regarding, and understands, this Amendment. 
 SECTION 6. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) Governing Law. This Amendment and the rights and obligations of the parties hereunder shall be governed by, and construed in
accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction; provided that
Section 5-1401 of the New York General Obligations Law shall apply. 
 (b) Submission to
Jurisdiction. Each Obligor agrees that any suit, action or proceeding with respect to this Amendment or any other Loan Document to which it is a party or any judgment entered by any court in respect thereof may be brought initially in the
federal or state courts in Houston, Texas or in the courts of its own corporate domicile and irrevocably submits to the non-exclusive jurisdiction of each such court for the purpose of any such suit, action,
proceeding or judgment. This Section 6 is for the benefit of Administrative Agent and Lenders only and, as a result, none of Administrative Agent or any Lender shall be prevented from taking proceedings in any other courts
with jurisdiction. To the extent allowed by applicable Laws, Administrative Agent and Lenders may take concurrent proceedings in any number of jurisdictions. 

(c) Waiver of Jury Trial. Each Obligor, Administrative Agent and each Lender hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any suit, action or proceeding arising out of or relating to this Amendment, the other Loan Documents or the transactions contemplated hereby or thereby. 

SECTION 7. No Actions, Claims, Etc. Each Obligor acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands,
damages or liabilities of whatever kind or nature, in law or in equity, against any Secured Party, in any case, arising from any action or failure of any Secured Party to act under any Loan Document on or prior to the date hereof, or of any offset
right, counterclaim or defense of any kind against any of its respective obligations, indebtedness or liabilities to Secured Party under any Loan Document. Each Obligor unconditionally releases, waives and forever discharges (i) any and all
liabilities, obligations, duties, promises or indebtedness of any kind of Administrative Agent or any Lender to such Obligor, except the obligations required to be performed by Administrative Agent or any 

  
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 Lender under the Loan Documents on or after the date hereof, and (ii) all claims, offsets, causes of
action, suits or defenses of any kind whatsoever (if any), whether arising at law or in equity, whether known or unknown, which such Obligor might otherwise have against any Secured Party in connection with the Loan Documents or the transactions
contemplated thereby, in the case of each of clauses (i) and (ii), on account of any past or presently existing condition, act, omission, event, contract, liability, obligation, indebtedness, claim, cause of action, defense, circumstance or
matter of any kind. Each Obligor acknowledges that it may discover facts or law different from, or in addition to, the facts or law that it knows or believes to be true with respect to the claims released in this Section 7
and agrees, nonetheless, that this release shall be and remain effective in all respects notwithstanding such different or additional facts or the discovery of them. Each Obligor expressly acknowledges and agrees that all rights under
Section 1542 of the California Civil Code are expressly waived. That section provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO
CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED
PARTY.” 
 SECTION 8. Miscellaneous. 

(a) No Waiver. Nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the
Loan Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties. Except as expressly stated herein, Administrative Agent and Lenders reserve all rights, privileges and remedies under the Loan
Documents (including, without limitation, all such rights, privileges and remedies with respect to any Default, Event of Default or Material Adverse Effect, whether or not communicated to Lenders or Administrative Agent). Except as amended hereby,
the Loan Agreement and other Loan Documents remain unmodified and in full force and effect. All references in the Loan Documents to the Loan Agreement shall be deemed to be references to the Loan Agreement as amended hereby. 

(b) Severability. In case any provision of or obligation under this Amendment shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

(c) Headings. Headings and captions used in this Amendment (including the Exhibits, Schedules and Annexes hereto, if any) are included
for convenience of reference only and shall not be given any substantive effect. 
 (d) Integration. This Amendment constitutes a Loan
Document and, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter
hereof. 

  
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 (e) Counterparts. This Amendment may be executed in any number of counterparts, all
of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Executed counterparts delivered by facsimile or other electronic transmission (e.g.,
“PDF” or “TIF”) shall be effective as delivery of a manually executed counterpart. 
 (f) Controlling Provisions.
In the event of any inconsistencies between the provisions of this Amendment and the provisions of any other Loan Document, the provisions of this Amendment shall govern and prevail. 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the day and year first above written. 
  

			
	
	HOLDINGS:
	
	ALIGNMENT HEALTHCARE HOLDCO 2,
	LLC
		
	By	 	 /s/ Thomas Freeman

	Name: Thomas Freeman
	Title: CFO
	
	BORROWER:
	
	ALIGNMENT HEALTHCARE USA, LLC
		
	By	 	 /s/ Thomas Freeman

	Name: Thomas Freeman
	Title: CFO
	
	SUBSIDIARY GUARANTORS:
	
	ALIGNMENT HEALTH ADVISORS, LLC
		
	By	 	 /s/ Thomas Freeman

	Name: Thomas Freeman
	Title: CFO
	
	ALIGNMENT HEALTHCARE NORTH
	CAROLINA, LLC
		
	By	 	 /s/ Thomas Freeman

	Name: Thomas Freeman
	Title: CFO


 [Signature Page to Amendment No. 3] 












 
			
	ADMINISTRATIVE AGENT:
	
	CRG SERVICING LLC


 
			
		
	By:	 	 /s/ Nathan Hukill



 

			
	Name:	 	Nathan Hukill
	Title:	 	Authorized Signatory
	
	LENDERS:
	
	CRG PARTNERS III – PARALLEL FUND “A” L.P.
	
	  By: CRG PARTNERS III – PARALLEL FUND
	  “A” GP L.P., its General Partner
		 	By: CRG PARTNERS III GP LLC, its
		 	General Partner


 
			
		
	By:	 	 /s/ Nathan Hukill



 

			
	Name: Nathan Hukill
	Title:	 	Authorized Signatory
	
	CRG PARTNERS III (CAYMAN) L.P.
	
	  By: CRG PARTNERS III (CAYMAN) GP L.P.,
	  its General Partner
		 	By: CRG PARTNERS III GP LLC, its
		 	General Partner


 
			
		
	By:	 	 /s/ Nathan Hukill



 

			
	Name: Nathan Hukill
	Title:	 	Authorized Signatory
		
	Witness:	 	 /s/ Nicole Nesson

		
	Name:	 	 Nicole Nesson

	
	CRG ISSUER 2017-1
	  By: CRG SERVICING LLC, acting by power of
	  attorney


 
			
		
	By:	 	 /s/ Nathan Hukill



 

			
	 Name: Nathan Hukill

	 Title:   Authorized Signatory



 [Signature Page to Amendment No. 3]