Document:

Restructuring Support Agreement ("RSA"), dated June 9, 2010

 Exhibit 10.1 

EXECUTION VERSION 

RESTRUCTURING SUPPORT AGREEMENT 

This RESTRUCTURING SUPPORT AGREEMENT (this “Agreement”) is made and entered into as of June 9, 2010, by and among
(i) Medical Staffing Network, Inc. (the “Borrower”); Medical Staffing Holdings, LLC (“MSH”); Medical Staffing Network Holdings, Inc. (together with MSH, “Holdings”) and each subsidiary of the
Borrower party hereto (collectively with the Borrower and Holdings, the “Company” or the “Debtors”), (ii) General Electric Capital Corporation, individually as a First Lien Lender and as administrative agent
(the “First Lien Agent”) under that certain Amended and Restated Credit Agreement, dated as of March 12, 2009 (as may have been or may be further amended, supplemented or otherwise modified from time to time, the “First
Lien Credit Agreement”), among the Company, the First Lien Agent and various lenders (the “First Lien Lenders”), (iii) each of the undersigned Consenting First Lien Lenders (as defined below) (each of the foregoing, a
“Party”, and collectively, the “Parties”) and, (iv) solely with respect to section 33 of this Agreement, each of the undersigned lenders (the “Second Lien Lenders”) to that certain Amended and
Restated Second Lien Credit Agreement, dated as of March 12, 2009 (the “Second Lien Credit Agreement”) by and between the Company, NexBank, SSB, as administrative and collateral agent for the Second Lien Lenders and the Second
Lien Lenders. 
 W H E R E A S 

A. As of June 9, 2010, the Company is obligated to the First Lien Lenders under the First Lien Credit Agreement, in addition to
interest, fees, expenses and other amounts which are chargeable or otherwise reimbursable under the First Lien Credit Agreement, in an aggregate amount equal to at least $95,104,423.77 (the “First Lien Claims”), which includes
approximately $83,066,237.68 in Term Loans (including Term PIK Loans), $5,613,186.09 in outstanding Protective Advances and Revolving Loans and approximately $6,425,000 in L/C Obligations (as such terms are defined in the First Lien Credit
Agreement). The First Lien Claims are secured by first priority liens on all or substantially all of the Company’s real and personal property. As of June 9, 2010, the Company is obligated to the Second Lien Lenders under the Second Lien
Credit Agreement, in addition to interest, fees, expenses and other amounts which are chargeable or otherwise reimbursable under the Second Lien Credit Agreement, in an aggregate amount equal to $25,247,540.19 (the “Second Lien
Claims”). 
 B. Prior to the date hereof, representatives of the Company, the First Lien Agent and the Consenting First
Lien Lenders, have engaged in arm’s length, good faith negotiations regarding a financial restructuring of the Company’s indebtedness and other obligations (the “Restructuring Transaction”), including the First Lien Credit
Agreement and the Second Lien Credit Agreement. 
 C. The Company, the First Lien Agent and the Consenting First Lien Lenders
have agreed to implement and consent to the Restructuring Transaction pursuant to the terms and conditions set forth in this Agreement and the Term Sheets (as defined below). 

 D. The Company has advised that it intends to commence voluntary reorganization proceedings
(the “Chapter 11 Cases”) under the Bankruptcy Code (as defined below) in the United States Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”). In connection with the Chapter 11
Cases, the Company will seek authorization under section 363 of the Bankruptcy Code to sell substantially all of their assets (the “363 Sale”). 

E. In connection with the Chapter 11 Cases and the 363 Sale, and in accordance with the terms and conditions of the First Lien Credit
Agreement and the other Loan Documents (as defined in the First Lien Credit Agreement), the First Lien Agent and the First Lien Lenders have the right to credit bid all or a portion of the First Lien Claims to purchase all or substantially all of
the assets of the Company (the “Assets”) pursuant to section 363(k) of the Bankruptcy Code and the First Lien Agent and the Consenting First Lien Lenders intend to credit bid to acquire the Assets through the 363 Sale (the
“Credit Bid”). 
 F. The DIP Lenders (as defined below) have agreed to provide the Company with a
$15 million debtor-in-possession credit facility on terms and conditions set forth in this Agreement and the DIP Term Sheet (as defined below) and subject to the Definitive Documents. 

G. This Agreement, the DIP Term Sheet, the Exit Financing Term Sheet (as defined below) and the Equity and Corporate Governance Term
Sheet (as defined below) set forth the entire agreement among the Parties concerning their commitment, subject to the terms and conditions hereof and thereof, to implement the Restructuring Transaction. 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and for other valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, each Party, intending to be legally bound hereby, agrees as follows: 
 1.
Definitions. The following terms shall have the following definitions: 
 “363 Sale” has
the meaning set forth in the recitals hereto. 
 “Agreement” has the meaning set forth in the
recitals hereto. 
 “Affiliate” means, with respect to any Person, any other Person which
directly or indirectly controls, or is under common control with, or is controlled by, such Person. As used in this definition, “control” (including, with its correlative meanings “controlled by” and “under common control
with”) shall mean, with respect to any Person, the possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by
contract or otherwise) of such Person. 
 “Asset Purchase Agreement” means an asset purchase
agreement to be delivered by the First Lien Agent or the NewCo Entities, on behalf of the Consenting First Lien Lenders, to implement the Credit Bid. 

“Assumption Agreement” has the meaning set forth in section 9 hereto. 

 

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 “Bankruptcy Code” means chapter 11 of title 11 of the
United States Code, 11 U.S.C. §§ 101 et seq. 
 “Bankruptcy Court” has the
meaning set forth in the recitals hereto. 
 “Bankruptcy Rules” means the Federal Rules of
Bankruptcy Procedure. 
 “Bidding Procedures” means the bidding procedures to implement the 363
Sale in form and substance satisfactory to the First Lien Agent and the Majority Consenting First Lien Lenders, which shall be approved by the Bankruptcy Court in the Chapter 11 Cases. 

“Business Day” means any day other than Saturday, Sunday and any day that is a legal holiday or a day on
which banking institutions in New York, New York are authorized by law or other governmental action to close. 

“Chapter 11 Cases” has the meaning set forth in the recitals hereto. 

“Collateral” has the meaning set forth in the First Lien Credit Agreement. 

“Company Termination Event” has the meaning set forth in section 8 hereof. 

“Consenting First Lien Lenders” means any First Lien Lender that executes this Agreement and delivers an
executed Lender Addendum to the First Lien Agent in accordance with this Agreement. For the avoidance of doubt, a First Lien Lender who becomes a Consenting First Lien Lender by virtue of executing this Agreement and delivering an executed Lender
Addendum to the First Lien Agent shall be deemed to have agreed to be bound by the terms of this Agreement, the Restructuring Transaction, the Credit Bid, the Asset Purchase Agreement and the Term Sheets in each of its capacities as a debt and/or
equity holder of the Company, including, if applicable, in its capacity as a Second Lien Lender. 

“Consenting Lenders Termination Event” has the meaning set forth in section 8 hereof. 

“Credit Bid” has the meaning set forth in the recitals hereto. 

“Credit Bid Amount” means the Credit Bid and all other related consideration, including, but not limited
to, any cash amounts or assumption of liabilities, for the 363 Sale, as determined by the First Lien Agent and Majority Consenting First Lien Lenders and contained in the Asset Purchase Agreement. For the avoidance of doubt, the Credit Bid to be
submitted by the First Lien Agent and the Consenting First Lien Lenders shall be for 100% of the First Lien Claims, excluding the L/C Obligations which are to be assumed by the NewCo Entities consistent with the Exit Financing Term Sheet.

  

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 “Definitive Documents” means the definitive documents
implementing, achieving and relating to this Agreement, the Restructuring Transaction and the Term Sheets, including definitive documentation relating to the Asset Purchase Agreement, the DIP Loan Agreement (as defined below), the Exit Financing (as
defined below) and all related agreements, documents, exhibits, annexes and schedules, which shall contain terms and conditions consistent in all material respects with this Agreement and the Term Sheets (as amended, supplemented or otherwise
modified as provided herein) and shall otherwise be reasonably satisfactory in form and substance to the Company, the First Lien Agent, the Majority Consenting First Lien Lenders, the DIP Agent and the Majority DIP Lenders (as defined in the DIP
Term Sheet), as applicable. 
 “DIP Agent” means General Electric Capital Corporation, in its
capacity as administrative agent and collateral agent to the DIP Lenders. 
 “DIP Facility”
means that certain debtor-in-possession credit facility to be provided on substantially similar terms as set forth in the DIP Term Sheet. 

“DIP Lenders” means the lenders party from time to time to the DIP Loan Agreement. 

“DIP Loan Agreement” means that certain Debtor-in-Possession Credit Agreement among Medical Staffing
Network, Inc., as borrower, Medical Staffing Holdings, LLC, Medical Staffing Network Holdings, Inc. and certain other subsidiaries thereof, as guarantors, the DIP Lenders party thereto and the DIP Agent to be provided in connection with the Chapter
11 Cases. 
 “DIP Orders” means the Interim DIP Order and the Final DIP Order. 

“DIP Term Sheet” means the term sheet outlining the principal terms of the DIP Facility annexed hereto as
Exhibit A. 
 “Equity and Corporate Governance Term Sheet” means the term
sheet annexed hereto as Exhibit B, as amended, modified or supplemented with the written consent of the First Lien Agent and Majority Consenting First Lien Lenders for the purposes of setting forth the equity ownership and outlining
the general corporate governance provisions for the NewCo Entities which may be formed for the purpose of implementing the Restructuring and effectuating the Credit Bid. 

“Exit Financing” means that certain financing to be provided on substantially similar terms as set forth
in the Exit Financing Term Sheet. 
 “Exit Financing Term Sheet” means the term sheet annexed
hereto as Exhibit C as amended, modified or supplemented with the written consent of the First Lien Agent and the Majority Consenting First Lien Lenders for the purpose of providing operating capital and other financing for the
Company’s exit from the Chapter 11 Cases and for otherwise setting forth the indebtedness to be issued by the NewCo Entities to the Consenting First Lien Lenders. 
  

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 “Final DIP Order” means the order entered by the Bankruptcy
Court authorizing the DIP Facility and use of cash collateral on a final basis; provided, that such Final DIP Order shall not be materially inconsistent with the DIP Term Sheet and shall otherwise be acceptable to the DIP Agent and the
Majority DIP Lenders. 
 “First Lien Agent” has the meaning set forth in the recitals hereto.

 “First Lien Credit Agreement” has the meaning set forth in the recitals hereto. 

“First Lien Claims” has the meaning set forth in the recitals hereto. 

“First Lien Lenders” has the meaning set forth in the recitals hereto. 

“Interim DIP Order” means the order entered by the Bankruptcy Court authorizing the DIP Facility and use
of cash collateral on an interim basis; provided, that such order shall not be materially inconsistent with the DIP Term Sheet and shall otherwise be acceptable to the DIP Agent and the Majority DIP Lenders. 

“Lender Addendum” has the meaning set forth in section 3 hereof. 

“Lock-Up Effective Date” has the meaning set forth in section 2 hereof. 

“Majority Consenting First Lien Lenders” means those Consenting First Lien Lenders holding more than
fifty percent of the aggregate First Lien Claims held by all of the Consenting First Lien Lenders. 

“Material Adverse Change” means the occurrence, after the date of this Agreement, of any change, effect,
event, occurrence, development, circumstance or state of facts which has had or would reasonably be expected to have a materially adverse effect on the business, properties, operations, financial condition, prospects or results of operations of the
Company, taken as a whole, or which would materially impair the Company’s ability to perform their obligations under this Agreement or have a materially adverse effect on or prevent or materially delay the consummation of the Restructuring
Transaction contemplated by this Agreement; provided, however, that changes in the business, properties, operations, financial condition, prospects or results of operations of the Company arising by reason of any of the following shall
not constitute a material adverse change: (i) the filing of a voluntary petition under Chapter 11 of the Bankruptcy Code or the effect, directly or indirectly, of such filing; (ii) changes in conditions in the U.S. or global economy or
capital or financial markets generally, including changes in interest or exchange rates; (iii) factors generally affecting the industries or markets in which the Company operates; (iv) changes in general legal, tax, regulatory, political
or business conditions that, in each case, generally affect the geographic regions or industries in which the Company conducts its business; and (v) acts of war, armed hostilities, sabotage or terrorism, or any escalation or worsening of any
such acts of war, armed hostilities, sabotage or terrorism threatened or underway as of the date of this Agreement. 
  

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 “NewCo Entities” means the new limited liability companies
or corporations to be formed by the First Lien Agent for purposes of acquiring and owning the Assets to be acquired through the Credit Bid at the 363 Sale. 

“Parties” has the meaning set forth in the preamble hereof. 

“Person” means an individual, a partnership, a joint venture, a limited liability company, a corporation,
a trust, an unincorporated organization, a group or any legal entity or association. 
 “Petition
Date” means the date on which the Company files its respective petitions for relief under chapter 11 of the Bankruptcy Code. 

“Restructuring Transaction” has the meaning set forth in the recitals hereto. 

“Sale Order” means the order entered by the Bankruptcy Court in form and substance satisfactory to the
First Lien Agent and the Majority Consenting First Lien Lenders, among other things, (i) authorizing the 363 Sale and the Restructuring Transaction and (ii) approving the Credit Bid and the Asset Purchase Agreement as the highest and best
bid. 
 “Second Lien Lenders” has the meaning set forth in the preamble hereto. 

“Termination Date” has the meaning set forth in section 8 hereof. 

“Term Sheets” means, collectively, the DIP Term Sheet, the Exit Financing Term Sheet and the Equity and
Corporate Governance Term Sheet. 
 “Transfer” has the meaning set forth in section 9 hereof.

 “Transferee” has the meaning set forth in section 9 hereof. 

2. Lock-Up Effective Date. This Agreement shall be effective (the “Lock-Up Effective Date”) and bind each of the Parties upon:
(a) the Company’s execution of this Agreement, (b) the First Lien Agent’s execution of this Agreement, (c) execution of this Agreement by 100% of the First Lien Lenders, (d) the First Lien Agent’s receipt of an
executed Lender Addendum from each First Lien Lender and (e) the execution of this Agreement by at least 95% of the Second Lien Lenders. 

3. Lender Addendum. Contemporaneous with execution of this Agreement, each First Lien Lender shall deliver to the First Lien Agent an executed
lender addendum, in substantially the form attached hereto as Schedule 1 (the “Lender Addendum”), pursuant to which each First Lien Lender shall, among other things, (a) provide representations to the First Lien Agent,
for itself and for the benefit of the other Consenting First Lien Lenders, (b) authorize the First Lien Agent to deliver the Asset Purchase Agreement for the Credit Bid Amount, (c) authorize and direct the First Lien Agent to take such
other and further actions as may be necessary to effectuate the Credit Bid and the 363 Sale and (d) agree to release its liens on the Collateral being sold and transferred and agree to be bound by the terms of the Agreement and the
Restructuring Transaction. 
  

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 4. Credit Bid. Upon the First Lien Agent’s receipt of Lender Addenda executed by each of the
Consenting First Lien Lenders, the First Lien Agent shall be authorized and directed to submit the Credit Bid, deliver the Asset Purchase Agreement, bid the Credit Bid Amount, form the NewCo Entities and take such other and further actions as may be
necessary to effectuate the Credit Bid on behalf of the Consenting First Lien Lenders. 
 5. DIP Term Sheet, Exit Financing Term Sheet and
Equity and Corporate Governance Term Sheet. The DIP Term Sheet, Exit Financing Term Sheet and Equity and Corporate Governance Term Sheet are expressly incorporated herein and are made part of this Agreement. In the event of any
inconsistencies between the terms of the Agreement and the DIP Term Sheet, the Exit Financing Term Sheet or the Equity and Corporate Governance Term Sheet, the DIP Term Sheet, the Exit Term Sheet and the Equity and Corporate Governance Term Sheet,
respectively, shall govern. Notwithstanding the foregoing and the Company’s agreements, undertakings, commitments, representations and warranties under this Agreement, the Parties acknowledge and agree that the Company, its Board of
Directors and its officers have not been asked to, and have not, approved, committed to support, or passed on the fairness or reasonableness of the Exit Financing Term Sheet, the Equity and Corporate Governance Term Sheet, or the terms and
conditions set forth therein. 
 6. Commitments of the Consenting First Lien Lenders. Subject to the occurrence of the Lock-Up Effective
Date and prior to the occurrence of the Termination Date (if applicable), by executing this Agreement and delivering the executed Lender Addendum, each Consenting First Lien Lender shall (severally and not jointly): 

 

	 	(a)	commit its pro rata share of all of the First Lien Claims for the Credit Bid and authorize the First Lien Agent to deliver the Asset Purchase Agreement for the
Credit Bid Amount; 

  

	 	(b)	execute and deliver such other documents and take such other action as may be reasonably required to give effect to such Credit Bid or to otherwise carry out the
purposes of this Agreement; 

  

	 	(c)	consent to, agree not to directly or indirectly object to or oppose, and acknowledge and agree that the terms and conditions of the DIP Facility set forth in the DIP
Term Sheet are satisfactory to such Consenting First Lien Lender; 

  

	 	(d)	consent to, agree not to directly or indirectly object to or oppose, and acknowledge and agree that the Exit Financing Term Sheet is satisfactory to such Consenting
First Lien Lender; 

  

	 	(e)	consent to, agree not to directly or indirectly object to or oppose, and acknowledge and agree that the Equity and Corporate Governance Term Sheet is satisfactory to
such Consenting First Lien Lender; 

  

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	 	(f)	not take any other action, including, without limitation, initiating any legal proceeding, in the Chapter 11 Cases or otherwise, that is inconsistent with, or that
would prevent, hinder or delay the consummation of, the Credit Bid, the 363 Sale and the Restructuring Transaction; and 

  

	 	(g)	agree not to revoke, withdraw, amend, change or modify its Lender Addendum. 

7. Commitments of the Company. Subject to the occurrence of the Lock-Up Effective Date and prior to the occurrence of the Termination Date (if
applicable), the Company agrees to: 
  

	 	(a)	file the Chapter 11 Cases on or prior to June 28, 2010 (the “Outside Petition Date”); 

 

	 	(b)	obtain an order of the Bankruptcy Court approving the Interim DIP Order within three (3) Business Days following the Petition Date; 

 

	 	(c)	obtain an order of the Bankruptcy Court approving the Final DIP Order within thirty-five (35) calendar days following the Petition Date; 

 

	 	(d)	on the Petition Date file a motion in form and substance satisfactory to the First Lien Agent and the Majority Consenting First Lien Lenders seeking approval of
(i) the Bidding Procedures, (ii) the 363 Sale and (iii) the Debtors’ selection of the Credit Bid and the Asset Purchase Agreement as the “stalking horse” bid; 

 

	 	(e)	obtain entry of an order approving the Bidding Procedures by the Bankruptcy Court within twenty-five (25) calendar days following the Petition Date;

  

	 	(f)	obtain entry of the Sale Order within fifty-five (55) days following the Petition Date; 

 

	 	(g)	so long as the Bankruptcy Court waives the stay in respect of the Sale Order pursuant to Rule 6004 of the Federal Rules of Bankruptcy Procedure, cause the
“Effective Date” of the 363 Sale to occur within ten (10) calendar days after entry of the Sale Order (each of the actions or events set forth in subsections (a) through (g), a “Milestone,” and collectively, the
“Milestones”); 

  

	 	(h)	not seek to implement any transaction or series of transactions that would effect a restructuring on substantially different terms from those set forth in the Term
Sheets unless otherwise agreed to by the First Lien Agent and the Majority Consenting First Lien Lenders; 

  

	 	(i)	use commercially reasonable efforts to obtain any and all required regulatory and/or third-party approvals required of the Company for the Restructuring Transaction
embodied in this Agreement and the Term Sheets; 

  

	 	(j)	not take any action that is inconsistent with, or is intended or is likely to interfere with, consummation of the Restructuring Transaction embodied in this Agreement
and the Term Sheets; and 

  

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	 	(k)	not (without the prior written consent of the First Lien Agent and the Majority Consenting First Lien Lenders): (i) enter into any transaction (whether by way of
liquidation, dissolution, reorganization, consolidation, amalgamation, merger, transfer, sale or otherwise) whereby all or substantially all of its undertaking, property and assets would become the property of any other person, except in accordance
with the Restructuring Transaction, or (ii) amend their articles of incorporation or articles of association or any other organizational documents, other than to implement the Restructuring Transaction. 

8. Termination. 
  

	 	(a)	This Agreement shall terminate automatically without any further required action or notice upon the occurrence of any of the following events (each a
“Consenting Lenders Termination Event”) unless the occurrence of such Consenting Lenders Termination Event is waived in writing by the First Lien Agent and the Majority Consenting First Lien Lenders: 

 

	 	i.	failure of the Company to achieve any of the Milestones by the date that is three Business Days after the date set forth in each Milestone (regardless of whether or not
the Company exercised its best efforts or other efforts to achieve the same in a timely manner); 

  

	 	ii.	the issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any injunction, judgment, decree, charge, ruling
or order preventing consummation of the Restructuring Transaction (collectively, a “Governmental Stay”); provided, however, that the Company shall have five (5) Business Days after receiving notice of the
imposition of such Governmental Stay from such governmental authority to cause such Governmental Stay to be lifted, irrespective of whether such Governmental Stay may reasonably be expected to be lifted within such five-day period;

  

	 	iii.	the conversion of one or more of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code; the dismissal, termination, stay or modification of one or more
of the Chapter 11 Cases; or, with respect to any of the foregoing, any Debtor’s application for, consent to, or acquiescence in, any such relief; 

  

	 	iv.	the appointment of an interim or permanent trustee, receiver or examiner with expanded powers to operate or manage the financial affairs, business or reorganization of
any Debtor in one or more of the Chapter 11 Cases; 

  

	 	v.	 the filing by the Debtors of any motion or pleading with the Bankruptcy Court seeking approval to use cash collateral or obtain

  

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any postpetition financing other than the DIP Facility other than on terms and conditions acceptable to the First Lien Agent and First Lien Lenders holding no less than a majority in principal
amount of the First Lien Claims; 

  

	 	vi.	the entry of any order (other than with respect to the DIP Facility), by the Bankruptcy Court invalidating, subordinating, disallowing, recharacterizing or limiting in
any respect, as applicable, the enforceability, priority, characterization, perfection or validity of the First Lien Claims or any of the liens securing the First Lien Claims; 

 

	 	vii.	the occurrence of an Event of Default (as defined in the DIP Loan Agreement) under the DIP Facility that is not timely cured, if capable of being cured, or otherwise
waived, resulting in the termination of the DIP Lenders’ commitments thereunder; 

  

	 	viii.	the Company is in breach of any of its obligations under this Agreement, including, but not limited to, any of the Company’s agreements set forth in section 8
herein, or any other agreement governing the Restructuring Transaction to which the Company and the First Lien Agent and/or any Consenting First Lien Lender are parties, and any such breach by the Company is not cured by the earlier of
(i) five (5) calendar days after receipt of written notice from the First Lien Agent and/or any such Consenting First Lien Lender or (ii) the expiration of the cure period under the applicable agreement; 

 

	 	ix.	the Company files, propounds or otherwise supports any restructuring other than the Restructuring Transaction without the consent of the First Lien Agent and the
Majority Consenting First Lien Lenders; 

  

	 	x.	the exclusive right of the Debtors to file and solicit acceptances for a plan of reorganization in the Chapter 11 Cases is terminated; 

 

	 	xi.	unless previously agreed to by the First Lien Agent and the Majority Consenting First Lien Lenders, the Bankruptcy Court grants relief terminating, annulling or
modifying the automatic stay (as set forth in section 362 of the Bankruptcy Code) with regard to any assets having an aggregate value in excess of $250,000; provided, however, that any such relief as set forth in the DIP Orders or any
other “first day” order entered in the Chapter 11 Cases and reasonably satisfactory to the First Lien Agent and the Majority Consenting First Lien Lenders shall not constitute a Consenting Lenders Termination Event;

  

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	 	xii.	the termination or rejection of any material contract without prior consultation with, and the prior consent of, the First Lien Agent and the Majority Consenting First
Lien Lenders; 

  

	 	xiii.	the occurrence of a Material Adverse Change; 

  

	 	xiv.	the First Lien Agent and the Majority Consenting First Lien Lenders determine, after completion of tax diligence with respect to the Credit Bid and the 363 Sale, that
adverse tax consequences may result for the Majority Consenting First Lien Lenders as a result of consummating the Credit Bid, the 363 Sale or the Restructuring Transaction; 

 

	 	xv.	the Company files any motion or pleading with the Bankruptcy Court or takes any other action that is not consistent in any material respect with this Agreement, the
Term Sheets or any documents related to the foregoing, and such motion or pleading has not been withdrawn prior to two (2) Business Days of the Company receiving notice from the First Lien Agent and the Majority Consenting First Lien Lenders
that such motion or pleading is inconsistent with this Agreement, the Term Sheets or any documents related to the foregoing, provided that such notice must be issued within ten (10) Business Days after service of such motion or pleading;

  

	 	xvi.	the Bankruptcy Court grants relief that is inconsistent with this Agreement, the Term Sheets or any documents related to the foregoing; 

 

	 	xvii.	except as contemplated by this Agreement, the Company files a motion for, or the Bankruptcy Court enters, an order authorizing relief which the First Lien Agent or the
Majority Consenting First Lien Lenders deem materially adverse to their rights and interests; 

  

	 	xviii.	any documents related to the Restructuring Transaction, including the DIP Orders, the DIP Loan Agreement and the Asset Purchase Agreement, are not in form and substance
acceptable to the First Lien Agent and the Majority Consenting First Lien Lenders in their sole discretion; provided, that any such documents shall contain terms substantially similar to those contained in this Agreement, the DIP Term Sheet,
the Exit Financing Term Sheet and the Equity and Corporate Governance Term Sheet and any modification to such documents shall not contain terms that are materially inconsistent with this Agreement, the DIP Term Sheet, Exit Financing Term Sheet and
the Equity and Corporate Governance Term Sheet, and shall otherwise be acceptable to the DIP Agent, the First Lien Agent and the Majority Consenting First Lien Lenders, as applicable; 

 

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	 	xix.	the failure of the Company to provide to the First Lien Agent and the Consenting First Lien Lenders or their advisors (i) reasonable access to the books and
records of the Company and (ii) reasonable access to the respective management and advisors of the Company for the purposes of evaluating the Company’s respective business plans and participating in the planning process with respect to the
Restructuring Transaction, provided, that the Company’s compliance with this subsection (xix) shall not be deemed to be a waiver of any applicable attorney-client or work product privilege; and 

 

	 	xx.	the Majority Consenting First Lien Lenders, upon notice to the First Lien Agent, agree in writing to terminate this Agreement. 

 

	 	(b)	The Company may terminate this Agreement as to all Parties upon five Business Days’ prior written notice, delivered in accordance with Section 28 hereof, upon
the occurrence of any of the following events (each, a “Company Termination Event”): (i) the breach by any of the Consenting First Lien Lenders of any of the representations, warranties or covenants of such Consenting First
Lien Lenders set forth in this Agreement that would have a material adverse impact on the Company, or the consummation of the Restructuring Transaction, that remains uncured for a period of five (5) Business Days after the receipt by the First
Lien Agent and Consenting First Lien Lenders of notice of such breach; or (ii) the issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any injunction, judgment, decree, charge,
ruling or order preventing consummation of a material portion of the Restructuring Transaction. 

  

	 	(c)	This Agreement and the obligations of all Parties hereunder, may be terminated at any time by mutual agreement among (i) the Company, (ii) the First Lien
Agent and (iii) the Majority Consenting First Lien Lenders. 

  

	 	(d)	This Agreement, and the obligations of all Parties hereunder, shall terminate automatically without any further required action or notice upon consummation of the
Credit Bid and acquisition of the Assets through a closing under the Asset Purchase Agreement. 

  

	 	(e)	 Upon termination of this Agreement pursuant to this Section 8, this Agreement (including, without limitation, any Assumption Agreement executed
prior to such termination) shall be of no further force and effect and each Party shall be released from its commitments, undertakings and agreements under or related to this Agreement (including, without limitation, any Assumption Agreement
executed prior to such termination) and shall have the rights and remedies that it would have had it not entered into this Agreement, and shall be entitled to 

 

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take all actions, whether with respect to the Restructuring Transaction or otherwise, that it would have been entitled to take had it not entered into this Agreement. Upon the occurrence of any
such termination of this Agreement, any and all waivers tendered by the First Lien Agent and the Consenting First Lien Lenders before such termination shall be deemed, for all purposes, to be null and void from the first instance and shall not be
considered or otherwise used in any manner by the Parties in connection with the Restructuring Transaction and this Agreement or otherwise. 

  

	 	(f)	Notwithstanding anything to the contrary in this Section 8, the Company and each Consenting First Lien Lender agrees that its obligations pursuant to Sections 12,
13, 15, 18, 19 and 32 shall survive any termination of this Agreement and shall at all times continue to be enforceable against the Company. 

The date on which this Agreement is terminated in accordance with the foregoing provisions shall be referred to as the “Termination
Date”. Notwithstanding any provision in this Agreement to the contrary, at the direction of the Majority Consenting First Lien Lenders, the First Lien Agent may extend the dates (including, without limitation, the Milestones dates) and
increase the amounts, set forth above prior to or upon each such date and such later dates agreed to and in lieu thereof shall be of the same force and effect as the dates provided herein. The act of termination by any Party pursuant to this
Agreement shall not be a violation of the automatic stay of section 362 of the Bankruptcy Code; provided, however, that nothing herein shall prejudice any Party’s rights to argue that the termination was not proper under the
terms of this Agreement. 
 9. Transfer of Claims. If, following execution of this Agreement by a Consenting First Lien Lender, such
Consenting First Lien Lender sells, contracts to sell, gives, assigns, hypothecates, pledges, encumbers, grants a security interest in, offers, sells any option or contract to purchase, purchases any option or contract to sell, grants any option,
right or warrant to purchase, or otherwise transfers or disposes of all or any portion of any First Lien Claims held by such Consenting First Lien Lender (any of the foregoing, a “Transfer”) to any Person (each such Person, a
“Transferee”), the Transferee must, as a condition precedent to such Transfer, execute an assumption in substantially the form set forth in Schedule 2 hereto (the “Assumption Agreement”) and deliver the same
to the First Lien Agent. Any Transfer that is made in violation of the immediately preceding sentence shall be null and void ab initio, and the Company, the First Lien Agent and each other Consenting First Lien Lender shall have the right to
enforce the voiding of such transfer. 
 10. Acquisition of Additional Claims. This Agreement does not restrict any Consenting First Lien
Lenders from acquiring any additional First Lien Claims; provided, however, that any acquired First Lien Claims shall automatically be deemed to be subject to the terms of this Agreement. 

11. Cooperation. The Parties shall cooperate with each other in good faith and shall coordinate their activities (to the extent practicable) in
respect of the 363 Sale, the Credit Bid and the Restructuring Transaction; provided, that the Parties’ compliance with this section 11 shall not be deemed to be a waiver of any applicable attorney-client or work product privilege.
Furthermore, subject to the terms hereof, each of the Parties shall take such action as may be 
  

 13 

 
reasonably necessary to carry out the purposes and intent of this Agreement, and shall refrain from taking any action that would frustrate the purposes and intent of this Agreement, including
pursuing any restructuring other than the Restructuring Transaction. Subject to the occurrence of the Lock-Up Effective Date and until the occurrence of the Termination Date (if applicable), each Party hereby covenants and agrees (i) to
negotiate in good faith the Definitive Documents (to the extent they are a party thereto) and (ii) to execute (to the extent they are a party thereto) and otherwise support the Definitive Documents. Prior to the commencement of and during the
Chapter 11 Cases, the Company shall use its reasonable commercial efforts to provide to counsel for the First Lien Agent advance copies with reasonably sufficient time for receiving counsel to review and comment on all substantive motions,
applications, requests for relief and other documents the Company intends to file with the Bankruptcy Court relating to the Chapter 11 Cases. The Company hereby agrees that all such motions, applications, other documents and pleadings shall be
reasonably calculated to implement and advance the 363 Sale, the Credit Bid and the Restructuring Transaction. The First Lien Agent is hereby authorized by each Consenting First Lien Lender to, and shall continue to, pursue and negotiate the terms
of the Credit Bid, the Asset Purchase Agreement, the 363 Sale and the Definitive Documents related thereto. 
 12. Access. The Company
agrees to afford the First Lien Agent and the Consenting Lenders and their respective attorneys, consultants, advisors, accountants and other authorized representatives (i) full access, during normal business hours, and at other reasonable
times, to all properties, books, contracts, commitments, records, management personnel, lenders and advisors of the Company; (ii) permission to discuss the affairs, finances and accounts of the Company with any officer, director or advisor of
the Company; and (iii) permission to communicate directly with any registered certified public accountants of the Company and to receive, as applicable, all financial statements and other documents and information as they reasonably request
with respect to the Company; provided, however, all requests for documents, information, meetings and discussions shall initially be made through Robert Adamson, Kevin Little or Jeff Yesner, or through Loughlin Meghji & Co.
For the avoidance of doubt, the Company’s compliance with this section 12 shall not be deemed to be a waiver of any applicable attorney-client or work product privilege. 

13. Fees and Expenses. Regardless of whether the Restructuring Transaction is consummated, the Company shall promptly pay in cash upon demand any
and all reasonable and documented accrued and unpaid out-of-pocket expenses incurred by the First Lien Agent (including, without limitation, all reasonable and documented fees and out-of-pocket expenses of the legal counsel, financial advisor and
the other professionals of the First Lien Agent) in connection with the negotiation, documentation and consummation of this Agreement, the Term Sheets, the Asset Purchase Agreement, the Definitive Documentation, the Credit Bid, the 363 Sale, the
Chapter 11 Cases and all other documents and actions related to the Restructuring Transaction. 
 14. Representations. Each Party
represents to each other Party that, as of the date of this Agreement: 
  

	 	(a)	 It is validly existing and in good standing under the laws of the state of its organization, and this Agreement is a legal, valid and binding
obligation of such 

  

 14 

	 	
Party, enforceable against it in accordance with its terms, except as enforcement may be limited by applicable laws relating to or limiting creditor’s rights generally or by equitable
principles relating to enforceability; 

  

	 	(b)	Except as expressly provided in this Agreement or the Bankruptcy Code, no consent or approval is required by any other person or entity in order for such Party to carry
out the Restructuring Transaction contemplated by, and perform its respective obligations under, this Agreement; 

  

	 	(c)	Except as expressly provided in this Agreement or the Bankruptcy Code, it has all requisite power and authority to enter into this Agreement and to carry out the
Restructuring Transaction contemplated by, and perform its respective obligations under, this Agreement; 

  

	 	(d)	The execution and delivery of this Agreement and the performance of its obligations hereunder have been duly authorized by all necessary action on its part;

  

	 	(e)	The execution, delivery and performance by it of this Agreement does not and shall not require any registration or filing with consent or approval of, or notice to, or
other action to, with or by, any federal, state or other governmental authority or regulatory body; and 

  

	 	(f)	The execution, delivery and performance of this Agreement does not and shall not: (i) violate any provision of law, rules or regulations applicable to it or any of
its subsidiaries; (ii) violate its certificate of incorporation, bylaws or other organizational documents or those of any of its subsidiaries; or (iii) conflict with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any material contractual obligation to which it or any of its subsidiaries is a party, except where such conflict, breach or default would not result in a Material Adverse Change. 

15. Direction of the Agent; Expenses; Indemnity; Damage Waiver. 
  

	 	(a)	Each Consenting First Lien Lender hereby authorizes and directs the First Lien Agent, and, subject to Sections 15(b)-(e) below, the Agent hereby accepts such
authorization and direction, to (i) execute and deliver, perform all its obligations under, and take all other actions contemplated by or permitted under this Agreement, the Restructuring Transaction, the Term Sheets, the Credit Bid and the
Asset Purchase Agreement and (ii) take all actions necessary to amend, waive, supplement or otherwise modify the Restructuring Transaction, the Term Sheets, the Credit Bid, the Asset Purchase Agreement and this Agreement in any manner that
either (x) has been approved in writing by the Majority Consenting First Lien Lenders or (y) does not constitute a material adverse change in respect of the treatment of the First Lien Claims held by such Consenting First Lien Lenders or
the Restructuring Transaction contemplated by this Agreement as they affect such Consenting Lenders. The Agent may execute documents on behalf of Consenting First Lien Lenders pursuant to the authority granted to the Agent pursuant to this
Section 15(a) and not in its individual capacity. 

  

 15 

	 	(b)	In furtherance of Section 15(a) above, each Consenting First Lien Lender: (i) consents to the structure and terms of the Credit Bid and agrees that it will
not challenge the Credit Bid in any respect; (ii) ratifies the documents and materials prepared and to be prepared by the First Lien Agent in connection with submission of the Credit Bid; (iii) ratifies the actions taken and to be taken by
the First Lien Agent and the Majority Consenting First Lien Lenders, including formation of the NewCo Entities, issuance of the debt and equity interests by the NewCo Entities, and the NewCo Entities’ entry into and issuance of the debt and
equity instruments to be issued pursuant to the Term Sheets; and (iv) releases and exculpates the First Lien Agent and the other Consenting First Lien Lenders from any claims and liabilities with respect to the Restructuring Transaction, the
Credit Bid, the Asset Purchase Agreement and the 363 Sale and any debt or equity investments that such Consenting First Lien Lender makes or may make in the NewCo Entities. 

 

	 	(c)	Anything contained in this Agreement, the Term Sheets or any other related documents to the contrary notwithstanding, the Company and each Consenting First Lien Lender
agree and acknowledge that the First Lien Agent shall have all rights, powers and privileges granted to the Agent in the First Lien Credit Agreement and the other Loan Documents (as defined in the First Lien Credit Agreement), including, without
limitation, the rights, powers and privileges contained in Article X and Sections 10.8, 11.4 and 11.5 of the First Lien Credit Agreement. 

  

	 	(d)	The Company and each Consenting First Lien Lender further agree and acknowledge that (i) with respect to any and all actions (including, without limitation, any
and all actions contemplated hereunder) taken or not taken by the Agent under this Agreement, the First Lien Agent shall retain its rights to be compensated, reimbursed and indemnified pursuant to the terms of the First Lien Credit Agreement and the
other Loan Documents (as defined in the First Lien Credit Agreement), including, without limitation, pursuant to Section 10.8 of the First Lien Credit Agreement and (ii) all reasonable out-of-pocket expenses incurred by the First Lien
Agent and its Affiliates (as defined in the First Lien Credit Agreement) (including the reasonable fees, charges and disbursements of counsel and financial advisors for the First Lien Agent) in connection with the preparation and negotiation of the
Restructuring Transaction, the Term Sheets, the Credit Bid, the Asset Purchase Agreement, the 363 Sale and this Agreement, the transactions contemplated thereby and the actions taken by the First Lien Agent and its Affiliates thereunder shall be
deemed “Obligations” under the First Lien Credit Agreement. 

  

	 	(e)	Notwithstanding anything to the contrary provided in this Agreement, the rights, powers, protections and privileges granted to the First Lien Agent as described in this
Section 15 shall survive the termination of this Agreement. 

  

 16 

 16. Entire Agreement. This Agreement is the entire agreement between the Parties with respect to the
subject matter hereof and supersedes all prior agreements, oral or written, between the Parties with respect thereto. No claim of waiver, modification, consent or acquiescence with respect to any provision of this Agreement shall be made against any
Party, except on the basis of a written instrument executed by or on behalf of such Party. 
 17. Parties. This Agreement shall be
binding upon, and inure to the benefit of, the Parties. In addition, Section 33 of this Agreement shall be binding upon the Second Lien Lenders that execute this Agreement. No rights or obligations of any Party under this Agreement may be
assigned or transferred to any other person or entity except as provided in Section 9 hereof. 
 18. Confidentiality; Publicity.
Unless required by applicable law or regulation or requested by any regulatory authority, no Party shall disclose the amount of a Consenting First Lien Lender’s holdings of First Lien Claims without the prior written consent of such Consenting
First Lien Lender; and if such disclosure is so required by law or regulation or requested by a regulatory authority, the Party required to disclose shall, to the extent permitted by law or advised by counsel, use commercially reasonable efforts to
afford each Consenting First Lien Lender a reasonable opportunity to review and comment upon any such disclosure prior to the making of such disclosure. The foregoing shall not prohibit the Company from disclosing the existence of this Agreement or
the approximate aggregate holdings of claims by the Consenting First Lien Lenders as a group. In addition, and notwithstanding anything in this Section 18 or the First Lien Credit Agreement to the contrary, each Consenting First Lien Lender
consents to the disclosure to the other Parties (including advisors to the Company) of the amount of First Lien Claims, for which it is either the beneficial owner or has investment or voting discretion for purposes of effectuating the Restructuring
Transaction contemplated by this Agreement. 
 19. Reservation of Rights; No Waiver. This Agreement and the Restructuring Transaction are
part of a proposed compromise and settlement of outstanding indebtedness loaned to (or for the benefit of) the Company by the Consenting First Lien Lenders. Except as expressly provided in this Agreement, nothing herein is intended to, or does, in
any manner waive, limit, impair or restrict the ability of each of the Parties hereto to protect and preserve their rights, remedies, claims and interests. Except as expressly set forth herein, nothing herein shall be deemed an admission of any
kind. Pursuant to Rule 408 of the Federal Rules of Evidence, any applicable state rules of evidence and any other applicable law, foreign or domestic, this Agreement and all negotiations relating thereto shall not be admissible into evidence in any
proceeding other than a proceeding to enforce its terms. 
 20. Counterparts. This Agreement may be executed in one or more counterparts,
each of which, when so executed, shall constitute the same instrument and the counterparts may be delivered by facsimile transmission or by electronic mail in portable document format (.pdf). 

21. Amendments. This Agreement may not be modified, amended or supplemented (except as expressly provided herein or therein) except in writing
signed by the Company, the First Lien Agent and the Majority Consenting First Lien Lenders; provided, however, that any modification of, or amendment or supplement to, this Agreement that materially and adversely affects any Party
shall require the written consent of the Party so affected. 
  

 17 

 22. Headings. The headings of the sections, paragraphs and subsections of this Agreement are inserted
for convenience only and shall not affect the interpretation hereof. 
 23. Relationship Among Parties. It is understood and agreed that
no Consenting First Lien Lender has any fiduciary duty or other duty of trust or confidence in any form with any other Consenting First Lien Lender or the Company, and, except as provided in this Agreement, there are no commitments among or between
them. No prior history, pattern or practice of sharing confidences among or between the Consenting First Lien Lenders or a Consenting First Lien Lender and the Company shall in any way affect or negate this understanding and agreement. 

24. Specific Performance. It is understood and agreed by the Parties that money damages would be an insufficient remedy for any breach of this
Agreement by any Party and each non-breaching Party shall be entitled to specific performance and injunctive or other equitable relief as a remedy of any such breach, including, without limitation, an order of the Bankruptcy Court or other court of
competent jurisdiction requiring any Party to comply promptly with any of its obligations hereunder. 
 25. Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to such state’s choice of law provisions which would require the application of the law of any other jurisdiction. By its execution and
delivery of this Agreement, each of the Parties irrevocably and unconditionally agrees for itself that any legal action, suit or proceeding against it with respect to any matter arising under or arising out of or in connection with this Agreement or
for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, may be brought in the United States District Court for the Southern District of New York, and by execution and delivery of this Agreement, each of the
Parties irrevocably accepts and submits itself to the exclusive jurisdiction of such court, generally and unconditionally, with respect to any such action, suit or proceeding. Notwithstanding the foregoing consent to New York jurisdiction, if the
Chapter 11 Cases are commenced, each Party agrees that the Bankruptcy Court shall have exclusive jurisdiction of all matters arising out of or in connection with this Agreement. 

26. WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  

 18 

 27. Severability. Wherever possible, each provision of this Agreement shall be interpreted in such a
manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 28. Notices. All notices, requests and
other communications hereunder must be in writing and will be deemed to have been duly given only if delivered personally, by internationally recognized overnight courier service, by facsimile transmission, or by registered or certified mail
(postage prepaid, return receipt requested) to the parties at the following addresses or facsimile numbers: 
 If to the
Company: 
 Medical Staffing Network, Inc. 

901 Yamato Road, Suite 110 

Boca Raton, Florida 33431 

Telephone: (561) 322-1301 

Facsimile: (561) 322-1201 

Attention: Kevin Little 

with a copy to (which shall not constitute notice): 

Berger Singerman, P.A. 

200 South Biscayne Boulevard, Suite 1000 

Miami, FL 33155 

Telephone: (305) 755-9500 

Facsimile: (305) 714-4340 

Attention: Paul Steven Singerman and Jordi Guso 

And to: 
 Akerman
Senterfitt 
 One Southeast Third Avenue,
25th Floor 

Miami, FL 33131 

Telephone: (305) 374-5600 

Facsimile: (305) 374-5095 

Attention: Philip B. Schwartz 

If to the First Lien Agent: 

General Electric Capital Corporation 

2 Bethesda Metro Center, Suite 600 

Bethesda, Maryland 20814 

Telephone: (301) 664-9872 

Facsimile: (866) 206-5048 
  

 19 

 Attention: Medical Staffing Network Account Manager 

with a copy to (which shall not constitute notice): 

General Electric Capital Corporation 

2 Bethesda Metro Center, Suite 600 

Bethesda, Maryland 20814 

Telephone: (301) 634-3260 

Facsimile: (301)664-9866 

Attention: General Counsel 

and to: 

Latham & Watkins LLP 

885 Third Avenue 

New York, New York 10022 

Telephone: (212) 906-1200 

Facsimile: (212) 751-4864 

Attention: David S. Heller and Roger G. Schwartz 

If to a Consenting First Lien Lender (or a transferee thereof), to the address or facsimile number set forth below such Consenting First
Lien Lender’s signature (or as directed by such transferee). 
 Any notice given by delivery, mail or courier shall be
effective when received. Any notice given by facsimile shall be effective upon oral or machine confirmation of transmission. 
 29. Remedies
Cumulative. All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise of any right, power, or remedy thereof by any Party
shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such Party. 
 30. No Third-Party
Beneficiaries. The terms and provisions of this Agreement are intended solely for the benefit of the Parties hereto and their respective successors and permitted assigns, and it is not the intention of the Parties to confer third-party
beneficiary rights upon any other Person. 
 31. Bankruptcy Appearances; Non-Disturbance. Notwithstanding anything to the contrary
herein, nothing in this Agreement shall be construed to prohibit any Party from appearing as a party-in-interest in any matter to be adjudicated in the Chapter 11 Cases so long as such appearance and the positions advocated in connection
therewith are not materially inconsistent with this Agreement, the Restructuring Transaction, the Term Sheets, the Credit Bid, the Asset Purchase Agreement, the Definitive Documents and the 363 Sale and are not for the purpose of hindering, delaying
or preventing the consummation of the Restructuring Transaction. 
  

 20 

 32. Limitation of Liability. To the fullest extent permitted by applicable law, no party shall
assert, and each Party hereby waives, any claim against any other Party on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with execution or
termination or, or as a result of, this Agreement, the Term Sheets, the Restructuring Transaction, the Credit Bid, the Asset Purchase Agreement, the 363 Sale, the Definitive Documents or any other document, agreement or instrument contemplated
herein or therewith. 
 33. Second Lien Lenders Consent and Cooperation. Subject to the occurrence of the Lock-Up Effective Date and
prior to the occurrence of the Termination Date (if applicable), the Second Lien Lenders executing this Agreement agree to: (i) consent to the terms of the Credit Bid, the 363 Sale and the Restructuring Transaction, (ii) release their
liens on the Collateral being sold and transferred pursuant to the 363 Sale and (iii) not take any action, including, without limitation, objecting in the Chapter 11 Cases to the 363 Sale, the Credit Bid or the Restructuring Transaction, that
is inconsistent with, or that would prevent, hinder, or delay the consummation of the Credit Bid, the 363 Sale and the Restructuring Transaction. 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 
  

 21 

 IN WITNESS WHEREOF, each of the Parties has caused this Restructuring Support Agreement to
be executed and delivered as of the date first written above. 
  

			
	MEDICAL STAFFING NETWORK, INC.
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	President
	
	MEDICAL STAFFING HOLDINGS, LLC
		
	By:	 	MEDICAL STAFFING NETWORK HOLDINGS, INC. its sole Member
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	President
	
	MEDICAL STAFFING NETWORK HOLDINGS, INC.
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	President
	
	MSN-ILLINOIS HOLDINGS, INC.
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	Treasurer
	
	MEDICAL STAFFING NETWORK OF ILLINOIS, LLC
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	Manager

  

 22 

			
	MEDICAL STAFFING NETWORK ASSETS, LLC
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	Manager
	
	INTELISTAF HOLDINGS, INC.
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	Treasurer
	
	INTELISTAF GROUP, INC.
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	President
	
	INTELISTAF HEALTHCARE, INC.
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	President
	
	INTELISTAF PARTNERS NO. 1, LLC
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	President
	
	INTELISTAF PARTNERS NO. 2, LLC
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	President

  

 23 

			
	INTELISTAF HEALTHCARE MANAGEMENT, L.P.
		
	By:	 	INTELISTAF PARTNERS NO. 1, LLC, 
	its General Partner
		
	By:	 	 /s/ Kevin Little

	Name:	 	Kevin Little
	Its:	 	President

  

 24 

			
	General Electric Capital Corporation, solely as Agent
		
	By:	 	 /s/ Jennifer Aghazadeh

	Name:	 	Jennifer Aghazadeh
	Title:	 	Duly Authorized Signatory

  

 25 

 Signature Page to the Restructuring Support Agreement 

Name of Entity: General Electric Capital Corporation 

By: /s/ Jennifer
Aghazadeh                             

Name: Jennifer Aghazadeh 
 Title:
Duly Authorized Signatory 
 Name of Entity: Garrison Credit Investments I, LLC 

By: /s/ Brian
Chase                                        

 Name: Brian Chase 

Title: Chief Financial Officer 
 Name
of Entity: SunTrust Bank 
 By: /s/ Mark
Kelley                                        
 
 Name: Mark Kelley 

Title: Managing Director 
  

 

 26 

 Signature Page to the Restructuring Support Agreement 

Name of Entity: CIFC Funding 2006-I, Ltd. 

                         
    CIFC Funding 2006-II, Ltd. 
 By: /s/ Steve
Vaccaro                     

Name: Steve Vaccaro 
 Title:
Co-Chief Investment Officer 
 Name of Entity: Bank of America 

By: /s/ Barbara
Rajchel                     

Name: Barbara Rajchel 
 Title: AVP

 Name of Entity: Hewlett-Packard Financial Services Company 

By: /s/ Gary
Silverman                     

Name: Gary Silverman 
 Title:
Director-Risk Management 
  
  

 27 

 Signature Page to the Restructuring Support Agreement 

Name of Entity: FirstLight Funding I, Ltd., as a Lender 

	By:	First Light Asset Management, Inc., 

as Collateral Manager 

	By:	Ivy Hill Asset Management, L.P. 

as Sub-Adviser 
  

	By:	/s/ Ryan Cascade                    

 Name:  Ryan Cascade 

Title:    Duly Authorized Signatory 

Name of Entity: Brentwood CLO Ltd. 

	By:	Highland Capital Management, L.P., 

as Collateral Manager 

	By:	Strand Advisers, Inc., 

its General Partner 
  

	By:	/s/ Jason Post                    

 Name:  Jason Post 

Title:    Operations Director 

Name of Entity: Eastland CLO, Ltd. 

	By:	Highland Capital Management, L.P., 

its Collateral Manager 

	By:	Strand Advisers, Inc., 

its General Partner 
  

	By:	/s/   Jason Post                    

 Name:  Jason Post 

Title:    Operations Director 
  

 

 28 

 Signature Page to the Restructuring Support Agreement 

Name of Entity: Red River CLO Ltd. 

	By:	Highland Capital Management, L.P., 

as Collateral Manager 

	By:	Strand Advisers, Inc., 

its General Partner 
  

	By:	/s/ Jason Post                    

 Name:  Jason Post 

Title:    Operations Director 

Name of Entity: Rockwall CDO Ltd. 

	By:	Highland Capital Management, L.P., 

as Collateral Manager 

	By:	Strand Advisers, Inc., 

its General Partner 
  

	By:	/s/ Jason Post                    

 Name:  Jason Post 

Title:    Operations Director 

Name of Entity: Rockwall CDO II Ltd. 

	By:	Highland Capital Management, L.P., 

as Collateral Manager 

	By:	Strand Advisers, Inc., 

its General Partner 
  

	By:	/s/ Jason Post                    

 Name:  Jason Post 

Title:    Operations Director 
  

 29 

 Signature Page to the Restructuring Support Agreement 

 

			
	General Electric Capital Corporation,
	as Second Lien Lender, solely with respect to Section 33
		
	By:	 	 /s/ Jennifer Aghazadeh

	Name:	 	Jennifer Aghazadeh
	Title:	 	Duly Authorized Signatory

  

			
	Garrison Credit Investments I LLC,
	as Second Lien Lender, solely with respect to Section 33
		
	By:	 	 /s/ Brian Chase

	Name:	 	Brian Chase
	Title:	 	Chief Financial Officer

  

			
	Brentwood CLO Ltd.
	 By: Highland Capital Management, L.P.,

as Collateral Manager
 By: Strand Advisors,
Inc., its General Partner

	 as Second Lien Lender, solely with respect to Section 33

		
	By:	 	 /s/ Jason Post

	Name:	 	Jason Post
	Title:	 	Operations Director

  

			
	Eastland CLO, Ltd.
	 By: Highland Capital Management, L.P.,

as Collateral Manager
 By: Strand Advisors,
Inc., its General Partner

	 as Second Lien Lender, solely with respect to Section 33

		
	By:	 	 /s/ Jason Post

	Name:	 	Jason Post
	Title:	 	Operations Director

  

 30 

 Signature Page to the Restructuring Support Agreement 

 

			
	Gleneagles CLO, Ltd.
	 By: Highland Capital Management, L.P.,

as Collateral Manager
 By: Strand Advisors,
Inc., its General Partner

	 as Second Lien Lender, solely with respect to Section 33

		
	By:	 	 /s/ Jason Post

	Name:	 	Jason Post
	Title:	 	Operations Director

  

			
	Highland Credit Opportunities CDO Ltd.
	 By: Highland Capital Management, L.P.,

as Collateral Manager
 By: Strand Advisors,
Inc., its General Partner

	 as Second Lien Lender, solely with respect to Section 33

		
	By:	 	 /s/ Jason Post

	Name:	 	Jason Post
	Title:	 	Operations Director

  

			
	Jasper CLO, Ltd.
	 By: Highland Capital Management, L.P.,

as Collateral Manager
 By: Strand Advisors,
Inc., its General Partner

	 as Second Lien Lender, solely with respect to Section 33

		
	By:	 	 /s/ Jason Post

	Name:	 	Jason Post
	Title:	 	Operations Director

  

			
	Longhorn Credit Funding, LLC
	 By: Highland Capital Management, L.P.,

as Collateral Manager
 By: Strand Advisors,
Inc., its General Partner

	as Second Lien Lender, solely with respect to Section 33
		
	By:	 	 /s/ Jason Post

	Name:	 	Jason Post
	Title:	 	Operations Director

  

 31 

 Signature Page to the Restructuring Support Agreement 

 

			
	Rockwall CDO Ltd.
	 By: Highland Capital Management, L.P.,

as Collateral Manager
 By: Strand Advisors,
Inc., its General Partner

	 as Second Lien Lender, solely with respect to Section 33

		
	By:	 	 /s/ Jason Post

	Name:	 	Jason Post
	Title:	 	Operations Director

  

			
	Rockwall CDO II Ltd.
	 By: Highland Capital Management, L.P.,

as Collateral Manager
 By: Strand Advisors,
Inc., its General Partner

	 as Second Lien Lender, solely with respect to Section 33

		
	By:	 	 /s/ Jason Post

	Name:	 	Jason Post
	Title:	 	Operations Director

  

			
	Loan Funding VII LLC
	 By: Highland Capital Management, L.P.,

as Collateral Manager
 By: Strand Advisors,
Inc., its General Partner

	 as Second Lien Lender, solely with respect to Section 33

		
	By:	 	 /s/ Jason Post

	Name:	 	Jason Post
	Title:	 	Operations Director

  

 32DIP Facility Term Sheet

 Exhibit 10.2 

PRIVILEGED AND CONFIDENTIAL 

ATTORNEY WORK PRODUCT 

ATTORNEY-CLIENT PRIVILEGE 

SUMMARY OF PRINCIPAL TERMS AND CONDITIONS 

$15,000,000 Debtor-in-Possession Credit Facility 

for 

Medical Staffing Network, Inc. and Certain of its Affiliates 

June 9, 2010 
 This
Summary of Principal Terms and Conditions (“Term Sheet”) outlines certain key terms of a proposed DIP Facility by and among Borrower, Guarantors, the DIP Lenders and DIP Agent (in each case, as hereinafter defined). Presentation of
this Term Sheet is for discussion purposes only and shall not constitute a waiver of any existing defaults or events of default under the Pre-Petition Credit Agreements (as hereinafter defined), or an agreement or offer to forbear with respect to
any rights or remedies under, or to otherwise amend, the Pre-Petition Credit Agreements (as hereinafter defined). The outlined terms are subject to change or modification. This Term Sheet is neither a proposal nor a commitment and is for discussion
purposes only. Any DIP Facility will be subject to all approvals required by each DIP Lender, and DIP Agent cannot guarantee that any such approvals will be sought or obtained by DIP Lenders on these terms. 

 

			
	 BORROWER:
	  	Medical Staffing Network, Inc. (“Borrower”) as debtor and debtor-in-possession in a case under chapter 11 of the United States Bankruptcy Code, 11 U.S.C.
§§ 101, et seq. (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”) jointly administered with the cases (collectively,
the “Cases”) of the Guarantors (as hereinafter defined) including, among others, Medical Staffing Holdings, LLC and Medical Staffing Network Holdings, Inc. (collectively, “Holdings”, and together with Borrower and
the other Guarantors, the “Debtors”) under chapter 11 of the Bankruptcy Code in such Bankruptcy Court.
		
	 GUARANTORS:
	  	All entities that guarantee the Pre-Petition First Lien Secured Facility (as hereinafter defined) shall unconditionally guarantee the obligations of Borrower under the DIP
Facility (each, a “Guarantor”, and collectively, the “Guarantors” and, together with Borrower, the “Obligors”), and such guarantees shall be secured by all of the property of each such Guarantor,
subject to the Interim Order and the Final Order (as such terms are defined herein).
		
	 DIP AGENT:
	  	General Electric Capital Corporation (“GECC” or “DIP Agent”).
		
	 SOLE LEAD ARRANGER

AND SOLE BOOKRUNNER:
	  	 GE Capital Markets, Inc.

	  

  

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	 DIP LENDERS:
	  	GECC and each other Pre-Petition First Lien Lender that subscribes to a commitment under the DIP Facility in accordance with the mechanics set forth below.
		
		  	Each Pre-Petition First Lien Lender (as hereinafter defined) will be afforded the opportunity to subscribe to a commitment under the DIP Facility in an amount equal to its
Eligible Share (as hereinafter defined) of the total commitment thereunder. If the aggregate amount of commitments subscribed to by the Pre-Petition First Lien Lenders is less than $15,000,000, each subscribing Pre-Petition First Lien Lender shall
be offered (but shall not be obligated to commit to provide) an amount equal to its Pro Rata Share (as defined below) of the difference between $15,000,000 and the aggregate amount actually subscribed for by such Pre-Petition First Lien Lenders.
Each Pre-Petition First Lien Lender will be allocated the amount of its subscription, with GECC being allocated any remaining portion of the commitments under the DIP Facility.
		
		  	“Eligible Share” for any Pre-Petition First Lien Lender is a fraction (x) the numerator of which is the principal amount of its loans outstanding and unfunded
commitments under the Pre-Petition First Lien Secured Facility and (y) the denominator of which is the aggregate principal amount of all loans outstanding and unfunded commitments under the Pre-Petition First Lien Credit Agreement, in each case (i)
including capitalized and uncapitalized payment-in-kind interest and (ii) measured as of the Effective Date (as hereinafter defined).
		
		  	“Pro Rata Share” for any subscribing Pre-Petition First Lien Lender is a fraction (x) the numerator of which is the amount of the commitment under the DIP
Facility to which it shall have subscribed and (y) the denominator of which is the aggregate amount of all commitments under the DIP Facility to which all Pre-Petition First Lien Lenders shall have subscribed.
		
	 MAJORITY DIP LENDERS
	  	As of any date of determination, DIP Lenders holding more than 50% of the outstanding loans and undrawn commitments under the DIP Facility (“Majority DIP
Lenders”) on such date.
		
	 PRE-PETITION SECURED
	  	
	 FIRST LIEN FACILITY:
	  	A senior secured credit facility (the “Pre-Petition First Lien Secured Facility”) provided by GECC, as agent (“Pre-Petition First Lien Agent”),
and certain lenders (the “Pre-Petition First Lien Lenders”) pursuant to the Amended and Restated Credit Agreement, dated as of March 12, 2009, by and among Medical Staffing Network, Inc., as borrower, Holdings and certain
subsidiaries of Medical Staffing Network, Inc., as guarantors, Pre-Petition First Lien Agent and the Pre-Petition

  

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		  	First Lien Lenders (as amended or otherwise modified, the “Pre-Petition First Lien Credit Agreement”) consisting of (a) a revolving credit facility including a
letter of credit subfacility and a swing line subfacility and (b) a term loan facility. All loans and other liabilities in respect of the Pre-Petition First Lien Secured Facility shall be referred to herein as the “Pre-Petition First Lien
Secured Obligations”. All Pre-Petition First Lien Secured Obligations are secured by first priority liens and security interests on substantially all of the Obligors’ assets (the “Pre-Petition First Lien Secured Facility
Liens”), such liens and security interests subject, solely with respect to priority, to the Pre-Petition Senior Encumberances, if any.
		
	 PRE-PETITION SECURED
	  	
	 SECOND LIEN FACILITY:
	  	A senior secured credit facility (the “Pre-Petition Second Lien Secured Facility” and, together with the Pre-Petition First Lien Facility, the
“Pre-Petition Secured Facilities”) provided by NexBank, SSB, as agent (“Pre-Petition Second Lien Agent” and, together with Pre-Petition First Lien Agent, the “Pre-Petition Agents”), and certain
lenders (the “Pre-Petition Second Lien Lenders” and, together with the Pre-Petition First Lien Lenders, the “Pre-Petition Lenders”) pursuant to the Amended and Restated Second Lien Credit Agreement, dated as of
March 12, 2009, by and among Medical Staffing Network, Inc., as borrower, Holdings and certain subsidiaries of Medical Staffing Network, Inc., as guarantors, Pre-Petition Second Lien Agent and the Pre-Petition Second Lien Lenders (as amended or
otherwise modified, the “Pre-Petition Second Lien Credit Agreement” and, together with the Pre-Petition First Lien Credit Agreement, the “Pre-Petition Credit Agreements”) consisting of a term loan facility. All
loans and other liabilities in respect of the Pre-Petition Second Lien Secured Facility shall be referred to herein as the “Pre-Petition Second Lien Secured Obligations” and, together with the Pre-Petition First Lien Secured
Obligations, the “Pre-Petition Secured Obligations”. All Pre-Petition Second Lien Secured Obligations are secured by second priority liens and security interests on substantially all of the Obligors’ assets (the
“Pre-Petition Second Lien Secured Facility Liens” and, together with the Pre-Petition First Lien Secured Facility Liens, the “Pre-Petition Secured Facilities Liens”).
		
	 DIP FACILITY:
	  	A $15,000,000 first priority “priming” senior secured revolving facility (the “DIP Facility”); provided, that Borrower shall not be entitled to
borrow more than $7,000,000 under the DIP Facility at any time prior to the Bankruptcy Court having entered a final order (the “Final Order”), in form and substance satisfactory to DIP Agent and Majority DIP Lenders authorizing the
transactions contemplated by this Term Sheet and otherwise substantially consistent with the Interim Order (as hereinafter

 

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		  	defined). After the Bankruptcy Court enters the Final Order, the full $15,000,000 commitment shall be made available to Borrower for borrowings in accordance with the Budget (as
defined below); provided that, at any time, availability shall be the aggregate amount of the commitments then outstanding, less the aggregate amount of any loans then outstanding under the DIP Facility (including the Roll-Up (as defined
below) and any amounts described in the final paragraph under this heading “DIP Facility”). Amounts repaid may be reborrowed. Any undrawn commitments existing on the
90th day following the Effective Date shall automatically
terminate. Following notice to the Borrower, DIP Agent may impose a reserve against the aggregate availability under the DIP Facility in the amount of the Carve-Out (as hereinafter defined) exposure existing at any time.
		
		  	Upon entry of the Final Order, the DIP Facility shall include, as part of the aggregate principal amount of $15,000,000, a roll-up of the Pre-Petition Protective Advances then
outstanding (the “Roll-Up”).
		
		  	If any obligation of the Obligors owing to a Pre-Petition First Lien Lender in respect of the Roll-Up, as a result of a discharge of its prepetition indebtedness, is avoided,
disallowed, set aside or otherwise invalidated, in whole or in part, in any judicial proceeding or otherwise, the aggregate principal amount of prepetition indebtedness held by such Pre-Petition First Lien Lender prior to the discharge, to the
extent subsequently avoided, disallowed, set aside or otherwise invalidated, shall be reinstated in full force and effect and all guarantees and security in respect thereof shall be restored.
		
	 EFFECTIVE DATE:
	  	Closing to occur upon satisfaction or waiver by DIP Agent and Majority DIP Lenders of the conditions specified below under “Conditions to Effective Date”
(“Effective Date”).
		
	 TERM:
	  	The term of the DIP Facility shall be that period commencing on the Effective Date and ending on the earliest of (such ending date, the “Commitment Termination
Date”): (a) 90 days following the Effective Date (the “Scheduled Maturity Date”), which Scheduled Maturity Date may be extended for an additional 30 days at the request of the Borrower and with the consent of the DIP Agent
and Majority DIP Lenders, provided that (i) no Default or Event of Default under the DIP Facility shall have occurred and be continuing and (ii) the Borrower shall provide a Budget (as hereinafter defined) covering the extension period, in form and
substance satisfactory to the DIP Agent and Majority DIP Lenders and shall demonstrate projected compliance with the Budget through the extension period; (b) the effective date of a plan of reorganization for the Debtors (the
“Plan”); (c) the occurrence of any Termination Declaration

  

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		  	Date (as hereinafter defined); (d) the date a sale of all or substantially all of the Obligors’ assets is consummated under Section 363 of the Bankruptcy Code and (e) the
date on which the loans under the DIP Facility shall have been indefeasibly repaid in full in cash, all other obligations in respect of the DIP Facility shall have been indefeasibly paid in full in cash and all commitments thereunder shall have been
terminated.
		
		  	All amounts outstanding under the DIP Facility shall automatically be due and payable in full in cash on the Commitment Termination Date.
		
	 BUDGET AND
	  	
	 VARIANCE REPORT:
	  	As used herein, “Budget” means (a) the initial 13-week cash flow budget, in form and substance satisfactory to DIP Agent and Majority DIP Lenders (and in substantially
the form delivered to the Pre-Petition First Lien Lenders prior to the Effective Date), setting forth, on a line-item basis, (i) projected cash receipts, (ii) projected disbursements (including ordinary course operating expenses, bankruptcy-related
expenses under the Cases, capital expenditures, asset sales and fees and expenses of DIP Agent and Pre-Petition First Lien Agent (including counsel, financial advisors and other professionals therefor) and any other fees and expenses relating to the
DIP Facility) and (iii) the unused availability under the DIP Facility and unrestricted cash on hand (collectively, “Aggregate Liquidity”) and (b) such updated “rolling” 13-week cash flow budgets in form and substance
satisfactory to DIP Agent and Majority DIP Lenders, provided on a weekly basis to DIP Agent for distribution to the DIP Lenders to supplement and replace the Budget then in effect.
		
		  	As used herein, “Variance Report” means a variance report substantially in the form delivered to the Pre-Petition First Lien Lenders prior to the Effective Date,
setting forth (i) the actual cash receipts, expenditures and disbursements for such immediately preceding calendar week on a line-item basis and the Aggregate Liquidity as of the end of such calendar week and (ii) the variance in dollar amounts of
the actual expenditures and disbursements (excluding debt service, professional fees and Capital Expenditures) for each weekly period from those reflected for the corresponding period in the Budget.
		
	 USE OF PROCEEDS:
	  	The DIP Facility shall be used solely for (a) working capital (excluding capital expenditures) to the extent set forth in the Budget, subject to permitted variances as described
under the heading “Financial Covenants” below, (b) capital expenditures to the extent set forth in the Budget and permitted by the Financial Covenants and (c) for payment
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		  	(i) costs of administration of the Cases to the extent set forth in the Budget, (ii) the fees and expenses described under the heading “Expenses” below and (iii) such
pre-petition obligations as DIP Agent and Majority DIP Lenders consent to, in their reasonable discretion, and the Bankruptcy Court shall approve, in each case in a manner consistent with the terms and conditions contained herein.
		
	 INTEREST RATE:
	  	The outstanding loans and other obligations under the DIP Facility (the “DIP Obligations”) shall bear interest at a fixed rate of 10.0% per annum. All interest
shall be payable in cash monthly in arrears.
		
	 FEES:
	  	The fees payable to DIP Agent as set forth in the fee letter between Borrower and DIP Agent dated as of June [    ], 2010 (the “Fee
Letter”).
		
		  	“Upfront Facility Fee” equal to 3.0% of the maximum amount of the DIP Facility, which will be payable on the Effective Date, to DIP Agent for prompt distribution to DIP
Lenders on a pro rata basis.
		
		  	“Unused Facility Fee” equal to 0.50% per annum (calculated on the basis of a 360-day year and actual days elapsed) on the average unused daily balance of the DIP
Facility, payable monthly in arrears to DIP Agent for prompt distribution to the DIP Lenders on a pro rata basis.
		
		  	All fees will be calculated using a 360-day year and actual days elapsed. All fees shall be non-refundable once paid.
		
	 DEFAULT RATES:
	  	With respect to all DIP Obligations, default interest shall be increased 4% above the rate otherwise applicable.
		
	 SECURITY AND
	  	
	 PRIORITY:
	  	Subject only to the Carve-Out (as defined below) and any valid, enforceable, non-avoidable security interests in existence as of the date of filing the Cases (the
“Petition Date) that are senior to the Pre-Petition Secured Facilities Liens (the “Pre-Petition Senior Permitted Encumbrances”), to secure all DIP Obligations, DIP Agent, on behalf of itself and the respective DIP
Lenders, will receive, pursuant to Section 364(c)(2), Section 364(c)(3) and Section 364(d) of the Bankruptcy Code, through the DIP Documentation and Interim Order (each as defined below) and Final Order, a fully perfected, first priority
security interest (the “DIP Liens”) in all of the existing and after acquired real and personal, tangible and intangible, assets of Borrower and Guarantors including, without limitation, all cash, cash equivalents, bank accounts,
accounts, other receivables, chattel paper, contract rights, inventory, instruments, documents, securities (whether or not marketable), equipment, fixtures, real property interests, franchise
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		  	patents, tradenames, trademarks, copyrights, intellectual property, general intangibles, investment property, supporting obligations, letter of credit rights, commercial tort
claims, causes of action (excluding avoidance actions and the proceeds thereof) and all substitutions, accessions and proceeds of the foregoing, wherever located, including insurance or other proceeds (collectively, the
“Collateral”). Without limiting the foregoing, pursuant to Section 364(d) of the Bankruptcy Code, the security interests securing the DIP Facility shall have priority over any and all security interests of any creditor other than
the Pre-Petition Senior Permitted Encumbrances.
		
		  	For the avoidance of doubt, the Collateral shall include a security interest in all of the assets of each Guarantor and a pledge of all of the issued and outstanding capital
stock issued to each Obligor, provided that DIP Agent will receive a pledge of only 65% of the voting stock of first-tier foreign subsidiaries (if any) to the extent a pledge of greater than 65% of such stock would result in adverse tax
consequences, as reasonably determined by DIP Agent.
		
		  	All Collateral will be free and clear of other liens, claims, interests and encumbrances, except for the Pre-Petition Permitted Encumbrances, the Carve-Out, the Pre-Petition
Secured Facilities Liens (which Pre-Petition Secured Facilities Liens shall be junior to the DIP Liens) and other customary liens to be agreed.
		
		  	The obligations under the DIP Facility will also have superpriority administrative claim status pursuant to Section 364(c)(1) of the Bankruptcy Code, with priority over any and
all other costs and expenses of administration of any kind, including those specified in, or ordered pursuant to, sections 105, 326, 328, 330, 331, 503(b), 506(c) (subject to entry of the Final Order), 507(a), 507(b), 546(c), 726, 1113, 1114 or any
other provision of the Bankruptcy Code or otherwise, subject only to the Carve-Out (the “DIP Claims”); provided, however, that the DIP Claims shall not attach to avoidance actions and the proceeds thereof.
		
	 CARVE-OUT:
	  	“Carve-Out” shall mean: (i) the amount of actual expenditures and disbursements for fees, costs and disbursements of the Debtors’ retained professionals
(the “Debtors’ Professional Fees”) incurred before the delivery of a Carve-Out Trigger Notice that are ultimately allowed by final order of the Bankruptcy Court (whether such Debtors’ Professional Fees are allowed before
or after the delivery of a Carve-Out Trigger Notice), but solely to the extent the same are incurred in accordance with the Budget, (ii) the amount of actual expenditures and disbursements
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		  	fees, costs and disbursements of professionals retained by the statutory committee of unsecured creditors appointed in the Cases (the “Committee,” and such
expenditures and disbursements, the “Committee Professional Fees”) incurred before the delivery of a Carve-Out Trigger Notice that are ultimately allowed by final order of the Bankruptcy Court (whether such Committee’s
Professional Fees are allowed before or after the delivery of a Carve-Out Trigger Notice), but solely to the extent the same are incurred in accordance with the Budget, (iii) all allowed and unpaid Debtors’ Professional Fees (including
Debtors’ ordinary course professionals) and Committee Professional Fees that are incurred from and after the delivery of a Carve-Out Trigger Notice in an aggregate amount not in excess of $500,000 for Debtors’ Professional Fees and $25,000
for Committee Professional Fees, and (iv) the payment of fees pursuant to 28 U.S.C. § 1930(a). The figures set forth in clause (iii) in the preceding sentence are collectively referred to herein as the “Carve-Out Cap”.
Following the delivery of a Carve-Out Trigger Notice, the Debtors’ Professional Fees and the Committee’s Professional Fees shall be paid first from retainers held by such professionals, which shall reduce the Carve-Out Cap on a
dollar-for-dollar basis before such Debtors’ Professional Fees and Committee Professional Fees may be paid from encumbered funds, and second from any amounts not otherwise payable to any professional in the Professional Expense Escrow.

		
		  	So long as no Carve-Out Trigger Notice (as defined below) has been delivered to the Debtors, the Debtors are authorized to use advances under the DIP Facility in accordance with and
limited to the amounts in the Budget to pay such compensation and expense reimbursements of professional persons retained by the Debtors (the “Debtor Professionals”) and any professional persons retained by any Creditors’
Committee appointed by the United States Trustee (the “Committee Professionals”) as may be awarded by the Court pursuant to Section 328, 330 or 331 of the Bankruptcy Code (the “Professional Expenses”). The
Debtor Professionals and the Committee Professionals, if any, shall be permitted to submit to the Debtors, with copies to counsel for the DIP Agent, periodic statements (but no more frequently than on a monthly basis) for services rendered and
reimbursable expenses incurred by them (the “Conditional Professional Expenses”). The DIP Agent shall advance, commencing on the Effective Date and continuing each Monday thereafter, the amounts set forth in the Budget and allocated
for such fees and expenses; said funds shall be advanced by wire transfer to and segregated and escrowed in an escrow account maintained by counsel for the Debtors subject to arrangements satisfactory to the DIP Agent for payment to the Committee
Professionals and the Debtor Professionals, in accordance with procedures in form and substance satisfactory to the DIP Agent which may be approved by the Court for the payment of

 

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		  	professionals (the “Professional Expense Escrow”). Funds deposited in the Professional Expense Escrow shall be available and may be used solely for the payment
of the Conditional Professional Expenses and the Professional Expenses (to the extent not previously paid). DIP Agent shall have a first priority lien on all funds in the Professional Expense Escrow and any amounts not payable to any Professionals
shall be returned to the Pre-Petition First Lien Agent for application to the Protective Advances or to the DIP Agent for application on account of the obligations under the DIP Facility, as applicable. Notwithstanding the delivery of a Carve-Out
Trigger Notice, DIP Agent shall be obligated to continue to fund the Professional Expense Escrow in the manner provided herein, subject to the Carve-Out, the Carve-Out Cap and the other terms and conditions set forth herein. Nothing in this Term
Sheet shall prejudice or impair the rights of either the Debtors’ Professionals or the Committee’s Professionals to request an award of compensation in excess of the amounts set forth in the Budget (the “Unbudgeted Professional
Expenses”) or the rights of the DIP Agent to object to the amount or reasonableness of the Professional Expenses, the Unbudgeted Professional Expenses or the Conditional Professional Expenses. In no event, however, shall the DIP Agent be
responsible for the payment of Unbudgeted Professional Expenses or any amounts in excess of the Carve-Out nor shall any of the Collateral be surcharged, under Section 506(c) or any other provision of the Bankruptcy Code or otherwise, for the payment
of Unbudgeted Professional Expenses or any other Professional Expenses not subject to the Carve-Out.
		
		  	The term “Carve-Out Trigger Notice” shall mean a written notice delivered by DIP Agent to Borrower’s lead counsel, the U.S. Trustee, and lead counsel to any
Committee which notice may be delivered following the occurrence and during the continuation of a default or an Event of Default (as defined below) under the DIP Documentation.
		
	 PROHIBITED ACTIONS:
	  	Notwithstanding the foregoing, so long as the Carve-Out Trigger Notice has not been delivered, Borrower shall be permitted to pay, as the same may become due and payable, but
subject to the other terms and conditions of this Term Sheet, including, without limitation, the Debtors’ Professional Fees and Committee’s Professional Fees not exceeding those set forth in the Budget, fees and expenses payable under 11
U.S.C. § 330 and § 331 pursuant to court order, and the same shall not reduce the Carve-Out Cap.
		
		  	No portion of the Carve-Out, any DIP Facility loan proceeds, cash collateral or other Collateral proceeds may be used for the payment of the fees and expenses of any person
incurred challenging, or in relation to the challenge of, (i) the liens or claims of any or all of DIP Agent

 

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		  	and/or the DIP Lenders, or the initiation or prosecution of any claim or cause of action against any or all of DIP Agent or the DIP Lenders, including any claim under Chapter 5
of the Bankruptcy Code or (ii) any claims or causes of actions (including any claims or causes of action under Chapter 5 of the Bankruptcy Code) against any or all of Pre-Petition First Lien Agent and the Pre-Petition First Lien Lenders, their
respective advisors, agents and sub-agents, including formal discovery proceedings in anticipation thereof, and/or challenging any lien or claim of any or all of Pre-Petition First Lien Agent and the Pre-Petition First Lien Lenders, or asserting any
other lender liability or other claim or cause of action against any of Pre-Petition First Lien Agent and the Pre-Petition First Lien Lenders. The foregoing notwithstanding, no more than $25,000 in the aggregate, of the amounts set forth in the
Budget, the Carve-Out, any cash collateral, proceeds of the DIP Facility loans, or other Collateral proceeds may be used by the Committee, or any representative of the estate, to investigate, but not prosecute any challenge to, the claims and/or
liens of Pre-Petition First Lien Agent, the Pre-Petition First Lien Lenders or any other agents and lenders under the Pre-Petition First Lien Secured Facility.
		
		  	In addition, neither the Carve-Out nor any proceeds of the DIP Facility, cash collateral or other Collateral proceeds shall be used in connection with preventing, hindering or
delaying the DIP Lenders’ or DIP Agent’s enforcement or realization upon the Collateral once a default or Event of Default has been determined by the Court to have occurred and is continuing under the DIP Documentation, subject to the
second paragraph under the heading “Remedies” below. For the avoidance of doubt, the foregoing shall not operate to prevent the payment of the Debtors’ Professional Fees (i) to the extent otherwise payable in accordance with the terms
of the DIP Documentation (including the Budget), and (ii) incurred in connection with the Credit Parties’ exercise of their rights and remedies under the DIP Documentation.
		
	 ADEQUATE PROTECTION
	  	
	 PAYMENTS AND LIENS:
	  	As adequate protection for the diminution in the post-petition value of Pre-Petition First Lien Agent’s and the Pre-Petition First Lien Lenders’ pre-petition interests
in the collateral securing the Pre-Petition Secured Facilities, including cash collateral (the “Pre-Petition First Lien Collateral”), Pre-Petition First Lien Agent and the Pre-Petition First Lien Lenders will receive (i) replacement
liens (the “First Lien Adequate Protection Liens”) on all assets of the Obligors, which shall be subject only to the DIP Liens, the Carve-Out and any Pre-Petition Senior Permitted Encumbrances, and (ii) a superpriority
administrative expense claim pursuant to Section 507(b) of the Bankruptcy Code (the “First Lien Adequate Protection Claim”) that is subject only to payment of the

 

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		  	Carve-Out and to the superpriority DIP Claims. Neither the First Lien Adequate Protection Liens nor the First Lien Adequate Protection Claim shall attach to, or be payable from,
avoidance actions or the proceeds thereof. As further adequate protection, Pre-Petition First Lien Agent and the Pre-Petition First Lien Lenders will receive current cash payment of fees (excluding the Unused Commitment Fee and Letter of Credit
fees) and expenses due from time to time under the Pre-Petition First Lien Credit Agreement, including, without limitation, the reimbursement of reasonable fees and expenses of counsel, financial advisors and other professionals of Pre-Petition
First Lien Agent, without regard to the amounts set forth with respect thereto in the Budget. Pre-Petition First Lien Agent expressly reserves the right to seek additional or alternative adequate protection on behalf of itself and the Pre-Petition
First Lien Lenders.
		
		  	As adequate protection for the diminution in the post-petition value of Pre-Petition Second Lien Agent’s and the Pre-Petition Second Lien Lenders’ pre-petition interests
in the collateral securing the Pre-Petition Second Lien Secured Obligations (the “Pre-Petition Second Lien Collateral”), Pre-Petition Second Lien Agent and the Pre-Petition Second Lien Lenders will receive (i) replacement liens
(“Second Lien Adequate Protection Liens”) on all assets of the Obligors, which shall be subject to the DIP Liens and the First Lien Adequate Protection Liens, the Carve-Out, the Pre-Petition First Lien Secured Facility Liens and any
Pre-Petition Senior Permitted Encumbrances, and (ii) a superpriority administrative expense claim pursuant to Section 507(b) of the Bankruptcy Code that is subject to payment of the Carve-Out, the DIP Claims, the Pre-Petition First Lien
Secured Obligations and the First Lien Adequate Protection Claim; provided that, (a) Pre-Petition Second Lien Agent and the Pre-Petition Second Lien Lenders shall not be granted additional adequate protection, including without
limitation, post-petition interest, fee reimbursement and/or adequate protection payments, in any insolvency proceeding, and the rights of Pre-Petition Second Lien Agent and the Pre-Petition Second Lien Lenders shall be at all times subject to the
terms and conditions of the Intercreditor Agreement (as defined below), and (b) neither the Second Lien Adequate Protection Liens nor the Second Lien Adequate Protection Claim shall attach to, or be payable from, avoidance actions or the
proceeds thereof.
		
		  	That certain Intercreditor Agreement dated as of July 2, 2007, by and among Pre-Petition First Lien Agent, Pre-Petition Second Lien Agent, Borrower and Holdings (the
“Intercreditor Agreement”) shall continue to be in full force and effect and any funds or other consideration received under the Pre-Petition Second Lien Credit Facility shall governed by the terms of the Intercreditor Agreement.

  

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	 STIPULATION

REGARDING PRE-

PETITION SECURED
	  	
	 FACILITIES:
	  	The Interim Order and the Final Order shall each contain a determination by the Bankruptcy Court that, subject to a 45-day investigation period for the Committee (calculated from
the date of the appointment of the Committee), the claims in respect of the Pre-Petition Secured Facilities constitute legal, valid and binding obligations of the Obligors, enforceable in accordance with their terms and not subject to avoidance,
recharacterization, recovery, attack, off-set, counterclaim, defenses or claims of any kind pursuant to the Bankruptcy Code or other applicable law, and that the Pre-Petition Secured Facilities Liens are legal, valid, perfected, enforceable and
non-avoidable, with a finding that the Obligors stipulate and agree that the claims in respect of the Pre-Petition Secured Facilities constitute legal, valid and binding obligations of the Obligors, enforceable in accordance with their terms and are
not subject to avoidance, recharacterization, recovery, attack, off-set, counterclaim, defenses or claims of any kind pursuant to the Bankruptcy Code or other applicable law and that the Pre-Petition Secured Facilities Liens are legal, valid,
perfected, enforceable and non-unavoidable.
		
	 CASH MANAGEMENT:
	  	Except with respect to payments or receipt of funds arising from or relating to the Borrower’s vendor managed services business, which shall be remitted and deposited as
provided in the Escrow Agreement dated April 30, 2010 between the Borrower and CBIZ Goldstein Lewin, as escrow agent, collections and proceeds from the Collateral securing the DIP Facility shall be swept daily either directly into an account with
DIP Agent or another financial institution reasonably acceptable to DIP Agent and subject to blocked account agreements or control agreements. Such blocked account agreements or control agreements shall provide that all collections and proceeds from
such Collateral will be paid on a daily basis, first, to Pre-Petition First Lien Agent in order to repay the Pre-Petition Protective Advances (with a corresponding permanent reduction in revolving commitments under the Pre-Petition First Lien
Secured Facility) and, second, to DIP Agent, and shall otherwise be in form and substance reasonably satisfactory to DIP Agent. All collections and proceeds received by DIP Agent pursuant to the immediately preceding sentence will be used (i)
to repay Pre-Petition Protective Advances (with a corresponding permanent reduction in revolving commitments under the Pre-Petition First Lien Secured Facility), (ii) to reduce loans under the DIP Facility on a daily basis and (iii) for the
Borrower’s working capital and general corporate purposes, in each case, solely in accordance with the then current Budget.

 

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	 APPLICATION
	  	
	 OF PROCEEDS
	  	All collections and all proceeds of Collateral shall be applied, first, to repay the “Protective Advances” under and as defined in the Pre-Petition First Lien
Credit Agreement (the “Pre-Petition Protective Advances”) (with a corresponding permanent reduction in revolving commitments under the Pre-Petition First Lien Secured Facility), if any, and second, to the DIP Obligations
until indefeasibly paid in full (other than with respect to contingent indemnification obligations as to which no claim has been asserted) and contingent indemnification obligations as to which a claim is reasonably likely to be asserted shall be
cash collateralized in full.
		
	 DIP DOCUMENTATION:
	  	The credit agreement governing the DIP Facility and the other documentation with respect to the DIP Facility, including the Interim Order and the Final Order (collectively, the
“DIP Facility Documentation”) will be in form and substance acceptable to DIP Agent, DIP Lenders and the Obligors and, in addition to those terms set forth herein, will contain representations and warranties; conditions precedent;
affirmative covenants (including compliance with chapter 11 milestones to be agreed), negative covenants and financial covenants; indemnities; and events of default and remedies, in each case as are usual and customary for facilities of this kind,
taking into account prevailing market conditions at the time of closing, and as otherwise required by DIP Agent and Majority DIP Lenders. All orders of the Bankruptcy Court approving or authorizing the DIP Facility, and all motions relating thereto,
shall be in form and substance acceptable to DIP Agent, Majority DIP Lenders, and the Obligors.
		
	 FINANCIAL REPORTING:
	  	The DIP Documentation will require Borrower to provide to DIP Agent, for distribution to the DIP Lenders, (a) as a condition to closing of the DIP Facility and on Tuesday of each
week, commencing with the first calendar week ending after the Effective Date, a Budget (as described under the heading “Budget and Variance Report” above), (b) on Tuesday of each week, commencing with the first calendar week ending after
the Effective Date, a Variance Report (as described under the heading “Budget and Variance Report” above), (c) internally prepared financial statements prepared on a consolidated basis consisting of an income statement, balance sheet and
EBITDA reconciliation (the “Monthly Financial Statements”) on a monthly basis, (d) on Thursday of each week, a consolidated weekly flash report (i) by business group (including a comparison of flash revenue versus budget) and (ii)
by branch (including a comparison of flash revenue versus budget), (e) on

  

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		  	Wednesday of each week, a weekly report setting forth the aggregate actual hours billed (including subcontractor hours) for the week covered by the report delivered on the
preceding Thursday under clause (d) above and (f) any additional financial reporting requirements with respect to the Pre-Petition Secured Facilities (except to the extent such reporting requirements overlap with the reporting requirements described
in (a) through (e) above).
		
	 FINANCIAL COVENANT:
	  	(a) A disbursement Budget variance covenant set at not greater than ten percent (10%) in the aggregate for disbursements (excluding disbursements for debt service and
professional fees) during the prior one-week period, and (b) a collections Budget variance covenant set at not greater than ten percent (10%) in the aggregate for collections during the prior four-week period (which period shall include weeks prior
to the Effective Date, as applicable), in each case, tested on a weekly basis, commencing with the first week following the Effective Date, by reference to the Variance Report.
		
	 REPRESENTATIONS
	  	
	 AND WARRANTIES:
	  	Representations and warranties set forth in the Pre-Petition First Lien Credit Agreement, with such changes as are deemed appropriate by DIP Agent and Majority DIP Lenders in the
context of the proposed transaction, and such other representations and warranties customary for debtor-in-possession financings of this kind by Holdings and Borrower (with respect to Holdings, Borrower and their respective subsidiaries), including,
without limitation: due organization; requisite power and authority; qualification; equity interests and ownership; due authorization, execution, delivery and enforceability of the DIP Facility Documentation; creation, perfection and priority of
security interests; no conflicts; governmental authorization; historical and projected financial condition; no material adverse change; no restricted junior payments; use of proceeds; title to properties; environmental matters; Investment Company
Act and margin stock matters; ERISA and other employee matters; labor relations; intellectual property; subsidiaries; insurance; absence of brokers or finders fees; compliance with laws; full disclosure; Patriot Act and other related matters;
absence of material unstayed litigation; payment of post-petition taxes; no defaults under post-petition material agreements; commencement of chapter 11 cases; proper service of the Interim Order and Final Order; DIP Obligations are allowed
administrative superpriority expense claims; DIP Obligations are secured by valid perfected first priority lien on all Collateral subject only to the Carve-Out and the Pre-Petition Senior Permitted Encumbrances; Interim Order (or Final Order, as
applicable) is in full force and effect and has not been reversed, stayed, modified or amended.

  

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	 AFFIRMATIVE
	  	
	 COVENANTS
	  	Affirmative covenants set forth in the Pre-Petition First Lien Credit Agreement, with such changes as are deemed appropriate by DIP Agent and Majority DIP Lenders in
the context of the proposed transaction, and such other affirmative covenants customary for debtor-in-possession financings of this kind, and including, without limitation:
			
		  	(a)	  	compliance with each “Milestone” under and as defined in the Restructuring Support Agreement (as hereinafter defined);
			
		  	(b)	  	delivery of the following documents and reports to DIP Agent for distribution to the Lenders:
				
		  		  		  	 1.       financial statements, management reports, certificates and other reports as well
as all press releases and other statements made available to the public;

				
		  		  		  	 2.       the Budget including a statement of sources and uses of cash of the Debtors (a
“Cash Flow Forecast”) for the next 13 weeks, broken down by week, including the anticipated uses of the DIP Facility for such period, and, until the repayment in full of the DIP Facility, at the end of each week period and
thereafter, an updated Cash Flow Forecast for the subsequent 13-week period;

				
		  		  		  	 3.       weekly Variance Reports and other weekly reports described under “Financial
Reporting” above;

				
		  		  		  	 4.       upon the request of DIP Agent or the DIP Majority Lenders, weekly conference calls
with the chief financial officer of Borrower to discuss the Budget (and all updates and Variance Reports related thereto) of Borrower;

				
		  		  		  	 5.       as soon as practicable in advance of filing with the Bankruptcy Court, delivery of
(i) the motion seeking approval of and proposed forms of the Interim DIP Order and the Final DIP Order, (ii) all other proposed orders and pleadings related to the DIP Facility, (iii) any plan of reorganization or liquidation, and/or any disclosure
statement related to such plan, (iv) any motion and proposed form of order seeking to extend or otherwise modify the Debtors’ exclusive periods set forth in section 1121 of the Bankruptcy Code, (v) the motion seeking approval of and proposed
forms of the bidding procedures order and the sale order and (vi) any

  

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		  		  		  	 motion and proposed form of order filed with the Bankruptcy Court relating to any management equity plan, incentive plan or severance plan, the
assumption, rejection, modification or amendment of any employment agreement, or the assumption, rejection, modification or amendment of any material contract (each of which must be in form and substance satisfactory to DIP
Agent);

				
		  		  		  	 6.      additional reports requested by DIP Agent, including, without limitation, with respect
to litigation, contingent liabilities, and ERISA and environmental events;

				
		  		  		  	 7.       notices of litigation, defaults and unmatured defaults and other information
(including all documents filed with the Bankruptcy Court or distributed to any committee appointed in the Cases); and

				
		  		  		  	 8.       notice of any event, occurrence or circumstance in which a material portion of the
Collateral is damaged, destroyed or otherwise impaired or adversely affected.

			
		  	(c)	  	access to information (including historical information) and personnel, including, without limitation, regularly scheduled meetings as mutually agreed with senior
management and other company advisors and DIP Agent, Alvarez & Marsal Holdings, LLC and such other consultants to DIP Agent and/or DIP Lenders (collectively, the “Consultant”), and the Consultant shall be provided with access to
all information it shall reasonably request and to other internal meetings regarding strategic planning, cash and liquidity management, operation and restructuring activities; provided, however, all requests for documents, information, meetings and
discussions shall initially be made through Robert Adamson, Kevin Little or Jeff Yesner, or through Loughlin Meghji + Company; provided that the Borrower’s compliance with this covenant shall not be deemed to be a waiver of any
applicable attorney-client or work product privilege;
			
		  	(d)	  	prompt and diligent opposition of all motions filed by persons in the Bankruptcy Court to lift the stay on the Collateral (other than motions filed by DIP Agent and the
DIP Lenders relating to the DIP Facility), all motions filed by persons in the Bankruptcy Court to terminate the exclusive ability of the Debtors to file a plan of reorganization, and all other motions filed by persons in the Bankruptcy Court that,
if granted, could reasonably be expected to have a material adverse effect on DIP Agent or any DIP Lender or any Collateral;

 

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		  	(e)	  	maintenance of existence;
			
		  	(f)	  	payment of post-petition taxes and claims;
			
		  	(g)	  	maintenance of properties;
			
		  	(h)	  	maintenance of insurance;
			
		  	(i)	  	payment of budgeted obligations;
			
		  	(j)	  	cooperation with syndication efforts;
			
		  	(k)	  	inspection of property and books and records;
			
		  	(l)	  	inspections;
			
		  	(m)	  	lender meetings;
			
		  	(n)	  	compliance with laws;
			
		  	(o)	  	environmental matters;
			
		  	(p)	  	additional collateral and guarantors;
			
		  	(q)	  	use of proceeds;
			
		  	(r)	  	cash management; and
			
		  	(s)	  	further assurances.
		
	 NEGATIVE COVENANTS:
	  	Negative covenants set forth in the Pre-Petition First Lien Credit Agreement, with such changes as are deemed appropriate by DIP Agent and Majority DIP Lenders in the
context of the proposed transaction, and such other negative covenants customary for debtor-in-possession financings of this kind, and including, without limitation, and subject to exceptions and baskets to be mutually agreed upon: limitations with
respect to other indebtedness; liens; negative pledges; restricted junior payments (e.g. no dividends, redemptions or voluntary payments on certain debt); restrictions on subsidiary distributions; loans and investments; consolidations, mergers,
dissolutions and acquisitions; sales of assets (including subsidiary interests); sales and lease-backs; transactions with affiliates; margin stock; management fee and compensation; contingent obligations; compliance with ERISA;
conduct

  

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		  	of business; permitted activities of Holdings; change in structure; amendments and waivers of organizational documents, junior indebtedness and other material contracts;
amendments to related agreements; second lien indebtedness and subordinated indebtedness; OFAC; press release and related matters; prepayment of other indebtedness; changes to accounting practices or fiscal year; creation of liens senior to or pari
passu with the DIP Liens; seeking or granting of relief to the Pre-Petition Second Lien Lenders or Pre-Petition Second Lien Agent prohibited by the Intercreditor Agreement; filing or approval of plan of reorganization or liquidation (unless the DIP
Obligations are indefeasibly paid in full in cash) without the consent of DIP Agent; seeking or consummating a sale of assets under section 363(b) of the Bankruptcy Code without the consent of DIP Agent; in the event the Pre-Petition First Lien
Collateral is sold pursuant to a chapter 11 plan, the Debtors shall not seek confirmation of such plan under section 1129(b)(2)(A) of the Bankruptcy Code for the class of claims that includes the First Lien Prepetition Secured Obligations, other
than pursuant to 1129(b)(2)(A)(ii) of the Bankruptcy Code; incurrence of administrative expense claims pari passu or senior to DIP Claims except for Carve-Out; seek modification, stay, vacation or amendment of (i) first day orders (which orders and
motions in respect thereof shall be acceptable in form and substance to DIP Agent) or (ii) Interim and Final Orders; seek or consent to any order seeking authority to take action prohibited by DIP Facility Documentation; and make cash expenditures
on account of prepetition claims of critical vendors or 503(b)(9) claimants except in each case as agreed to by DIP Agent.
		
	 EVENTS OF DEFAULT:
	  	The definitive Loan Documents will include such events of default (each, an “Event of Default”) as are usual and customary for debtor-in-possession financings of
this kind, including, without limitation, (i) failure to make payments when due, (ii) defaults under other agreements or instruments of indebtedness, (iii) certain events under hedging agreements, (iv) noncompliance with covenants, (v) breaches of
representations and warranties, (vi) termination or rejection of any material contract, (vii) bankruptcy or other insolvency proceeding of any foreign subsidiary (if any) of a Debtor, (viii) failure to satisfy or stay execution of judgments in
excess of specified amounts, (ix) ERISA, (x) impairment of security interests in collateral, (xi) invalidity of guarantees (xii) entry of an order authorizing, approving or granting (or the filing of a motion by the Debtors seeking such
authorization, approval or granting of) (A) additional post-petition financing not otherwise permitted, (B) any liens on the Collateral not otherwise permitted, (C) dismissal of any of the Cases or conversion of any of the Cases to a Chapter 7 case,
(D) appointment of a Chapter 11 trustee in any of the Cases, (E) any other superpriority claim senior to or pari passu with superiority priority claims

 

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		  	of DIP Agent and DIP Lenders, (F) modification of the DIP Facility, the Interim DIP Order or the Final DIP Order, (G) appointment of an examiner in any of the Cases having
enlarged powers (beyond those set forth under Sections 1106(a)(3) and (4) of the Bankruptcy Code), or (H) relief from the automatic stay for the benefit of any other secured creditor with respect to any Collateral, in each case, without the consent
of DIP Agent and Majority DIP Lenders, (xiii) the payment by any Debtor of any pre-petition claim without the prior written consent of DIP Agent other than as permitted by the Budget, (xiv) the commencement of any action against DIP Agent or any DIP
Lender or against any Pre-Petition Agent or any Pre-Petition Lender by or on behalf of any Debtor or any of its affiliates, officers or employees, (xv) the Interim DIP Order shall cease to be in full force and effect or shall have been reversed,
modified, amended, stayed, vacated or subject to a stay pending appeal, in the case of any modification or amendment, without the prior written consent of DIP Agent and Majority DIP Lenders, (xvi) the Final DIP Order shall not have been entered by
the Bankruptcy Court on or before the date that is 35 days after the entry of the Interim DIP Order, (xvii) the Final DIP Order shall cease to be in full force and effect or shall have been reversed, modified, amended, stayed, vacated or subject to
stay pending appeal, in the case of any modification or amendment, without the prior written consent of DIP Agent and Majority DIP Lenders, (xviii) breach by any Debtor of any provisions of the Interim DIP Order or the Final DIP Order, (xix)
allowance of any claim under Section 506(c) of the Bankruptcy Code or otherwise against any or all of DIP Agent, the DIP Lenders and the Collateral, or against any Pre-Petition Agent or any Pre-Petition Lender, (xx) other than as set forth in the
Restructuring Support Agreement (as hereinafter defined), the filing of any plan of reorganization or related disclosure statement or any direct or indirect amendment to such plan or disclosure statement, or the entry of an order confirming any such
plan of reorganization or approving any such disclosure statement or approving any such amendment, in each case that either fails to provide for indefeasible payment in full in cash of the DIP Facility (and termination of all commitments thereunder)
or treats the claims of DIP Agent and DIP Lenders in any manner to which they do not consent in their discretion, (xxi) a sale of all or substantially all of the Debtors’ assets pursuant to Section 363(b) of the Bankruptcy Code without the
written consent of DIP Agent and Majority DIP Lenders or (xxii) any termination or modification of the exclusivity periods set forth in Section 1121 of the Bankruptcy Code, (xxiii) the marshalling of all or any portion of the Collateral, (xxiv)
failure to retain Loughlin Meghji + Company and (xxv) the commencement of any enforcement action by the Pre-Petition Second Lien Agent or any Pre-Petition Second Lien Lender or the commencement by the Pre-Petition Second Lien Agent or any
Pre-Petition Second Lien Lender of any action against the DIP Agent, any DIP Lender, the First Lien Pre-Petition Agent or any Pre-Petition First Lien Lender.

 

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	 REMEDIES:
	  	Immediately upon the occurrence and during the continuation of an Event of Default, DIP Agent may, and at the direction of Majority DIP Lenders shall, (i)(1) declare all DIP
Obligations to be immediately due and payable, (2) declare the termination, reduction or restriction of any further commitment to extend credit to Borrower to the extent any such commitment remains, and (3) terminate the DIP Facility and any other
DIP Documentation as to any future liability or obligation of DIP Agent and the DIP Lenders, but without affecting any of the DIP Obligations or the Liens securing the DIP Obligations; and (ii) declare a termination, reduction or restriction on the
ability of the Obligors to use any cash collateral derived solely from the proceeds of Collateral (any such declaration shall be made to the Obligors, the official committee(s) of creditors of the Obligors and the United States Trustee, and shall be
referred to herein as a “Termination Declaration” and the date which is the earliest to occur of any such Termination Declaration being herein referred to as the “Termination Declaration Date”).
		
		  	In addition to the remedies described above and other customary remedies, 3 business days following the Termination Declaration Date, DIP Agent shall have the right to seek
relief from the automatic stay, upon expedited notice to the Debtors, the Committee and the United States Trustee to foreclose on all or any portion of the Collateral, collect accounts receivable and apply the proceeds thereof to the DIP
Obligations, occupy the Obligors’ premises to sell or otherwise dispose of the Collateral or otherwise exercise remedies against the Collateral permitted by applicable nonbankruptcy law. At any hearing to consider the DIP Agent’s request
to terminate or modify the automatic stay, the Obligors and any statutory committee shall be entitled to contest whether an Event of Default has occurred, provided that neither the Obligors nor any statutory committee may invoke section 105
of the Bankruptcy Code in an effort to restrict or preclude the DIP Agent or any DIP Lender from exercising any rights or remedies. Unless during such hearing the Bankruptcy Court determines that an Event of Default has not occurred and/or is not
continuing, the automatic stay, as to the DIP Lenders and DIP Agent, shall automatically terminate at the end of such hearing, without further notice or order. Notwithstanding the foregoing, nothing herein shall preclude the DIP Agent from seeking
an order from the Bankruptcy Court authorizing the DIP Agent to exercise any enforcement rights or remedies with respect to the Collateral on less than 3 business days’ notice.
		
	 CONDITIONS TO
	  	
	 EFFECTIVE DATE:
	  	The occurrence of the Effective Date will be conditioned upon satisfaction of the following:
		
		  	 •     Execution and delivery prior to the Petition Date of a “lock-up” agreement
acceptable to Pre-Petition First Lien Agent (the “Restructuring Support Agreement”).

 

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		  	 •     The Bankruptcy Court shall have entered an interim order (the “Interim
Order”) in form and substance satisfactory to DIP Agent and Majority DIP Lenders authorizing the transactions contemplated by this Term Sheet, including, without limitation, authorizing the granting of superpriority administrative expense
claim status in respect of the DIP Obligations and the DIP Liens (which liens shall be continuing, valid, binding, enforceable, non-avoidable and automatically perfected) and adequate protection payments, in each case, contemplated by this Term
Sheet, authorizing the DIP Facility in an amount not greater than $[    ], containing a good faith finding under Section 364(e) of the Bankruptcy Code and requiring that challenges to the Pre-Petition Secured Obligations
must be filed no later than the earliest of (i) 60 days after entry of the Interim Order, (ii) 45 days after the formation of a statutory committee of unsecured creditors and (iii) five days prior to the date of the hearing to confirm
the Plan, or will be deemed forever barred and the Debtors’ stipulations and releases related to the Pre-Petition Secured Obligations shall be binding on all parties in interest, which order shall not have been reversed, modified, amended or
stayed. The Interim Order shall include provisions, in form and substance satisfactory to DIP Agent and Majority DIP Lenders, with respect to, among other things, (a) permission for the use of cash and other collateral of the holders of the
Pre-Petition Secured Obligations, (b) the adequate protection afforded to such holders as provided above, (c) waivers of the “equities of the case” cutoff under Section 552(b) of the Bankruptcy Code,
(d) Section 551 of the Bankruptcy Code not applying to preserve for the benefit of the estate any avoided security interest or lien senior to a security interest or lien securing the DIP Obligations or the Pre-Petition Secured Obligations
and (e) subject to entry of the Final Order, waivers of any surcharge to the collateral securing the DIP Facility or the Pre-Petition Secured Obligations under Section 506(c).

		
		  	 •     Negotiation, execution and delivery of the DIP Documentation acceptable to DIP Agent and
the DIP Lenders and such other instruments, documents, certificates, opinions, assurances and other such acts as may be reasonably requested by DIP Agent to effect the closing of the DIP
Facility.

  

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		  	 •     DIP Agent, for the benefit of itself and the DIP Lenders, shall have been granted
automatically perfected liens and pledges on the Collateral securing the DIP Facility with the priority set forth in the “Security and Priority” section of the Term Sheet.

		
		  	 •     No pleading or application seeking certain relief affecting the provision of the DIP
Facility (other than on the terms set forth herein and to be set forth more fully in the DIP Facility Documentation) shall have been filed in the Bankruptcy Court by any Obligor.

		
		  	 •     Except as otherwise acceptable to DIP Agent and Majority DIP Lenders, (i) no
litigation shall have commenced which challenges the DIP Obligations or the Pre-Petition Secured Obligations and (ii) no material adverse change in the business, condition (financial or otherwise), operations, performance, properties,
projections or prospects of Borrower, shall have occurred since the Petition Date other than any change of the type that customarily occurs as a result of the commencement of a proceeding under Chapter 11 of the Bankruptcy Code.

		
		  	 •     DIP Agent and the DIP Lenders not becoming aware after June 9, 2010 of any new or
inconsistent information or other matter not previously disclosed to DIP Agent or the DIP Lenders relating to the Borrower that DIP Agent and the DIP Lenders, in their reasonable judgment, deem material and adverse relative to the information or
other matters disclosed to DIP Agent and the DIP Lenders prior to June 9, 2010.

		
		  	 •     Negotiation, execution and delivery of the Fee Letter.

		
		  	 •     Receipt by DIP Agent and DIP Lenders of all fees and expenses due and payable in
connection with the transactions contemplated by this DIP Term Sheet.

		
		  	 •     Receipt and approval by DIP Agent and Majority DIP Lenders of the
Budget.

		
		  	 •     Receipt by DIP Agent and Majority DIP Lenders of financial statements and other financial
reports required to be delivered hereunder;

  

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		  	 •     Except as otherwise specified herein, filing of first day pleadings, including without
limitation, the Plan, disclosure statement corresponding thereto, and the motions seeking approval/confirmation of same, each in form and substance satisfactory to DIP Agent.

		
		  	 •     The Interim Order, cash management order and such other orders as may be necessary for the
implementation of the DIP Facility or requested by DIP Agent and Majority DIP Lenders shall have been entered by the Bankruptcy Court and shall be in form and substance satisfactory to DIP Agent and Majority DIP Lenders.

		
		  	 •     Each DIP Lender shall have obtained internal credit approval for providing its commitment
under the DIP Facility.

		
		  	 •     The DIP Lenders shall have received at least 10 days prior to the Effective Date all
documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Patriot Act

		
		  	 •     Such other customary closing documents and customary closing deliverables deemed necessary
or desirable by DIP Agent or Majority DIP Lenders in their reasonable discretion.

		
		  	 •     All filings, recordations and other actions necessary or in DIP Agent’s opinion
desirable to perfect the DIP Lenders’ liens and security interests in the Collateral shall have been made or taken, or arrangements satisfactory to DIP Agent and its counsel for the completion thereof shall have been made.

		
		  	 •     Other conditions precedent specific to the transaction and typical of facilities of this
type, including DIP Agent’s receipt of satisfactory corporate approval from the Obligors of the financing as well as usual and customary bankruptcy opinions of counsel satisfactory to DIP Agent. All governmental, regulatory and other
third-party approvals and consents required by DIP Agent or Majority DIP Lenders with respect to the proposed transactions shall have been obtained and shall be final and
non-appealable.

  

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	 CONDITIONS OF EACH
	  	
	 EXTENSION OF CREDIT:
	  	The obligation to provide each extension of credit (including the initial extension of credit) shall be subject to the satisfaction of the following conditions:
		
		  	 •     No continuing post-petition default or continuing post-petition event of default shall
exist after giving pro forma effect to the proposed extension of credit.

		
		  	 •     Representations and warranties shall be true and correct in all material respects at the
date of each extension of credit except to the extent that such representations and warranties expressly relate to a prior date, in which case they shall be true and correct in all material respects as of such earlier date.

		
		  	 •     Receipt of a notice of borrowing from Borrower, together with customary certifications by
an officer of Borrower.

		
		  	 •     The Interim Order or the Final Order, as the case may be, shall be in full force and
effect and shall not have been reversed, modified, stayed or amended unless such reversal, modification, stay or amendment is acceptable to DIP Agent and Majority DIP Lenders.

		
		  	The request by Borrower, and the acceptance by Borrower, of each extension of credit shall be deemed to be a representation and warranty by Borrower that the conditions specified
above have been satisfied.
		
	 INDEMNIFICATION:
	  	The DIP Documentation shall provide that Borrower agrees to indemnify and hold DIP Agent and the DIP Lenders and their respective shareholders, directors, members, principals,
agents, advisors, officers, subsidiaries and affiliates (each, an “Indemnified Person”) harmless from and against any and all damages, losses, settlement payments, obligations, liabilities, claims, actions or causes of action, and
reasonable costs and expenses incurred, suffered, sustained or required to be paid by an Indemnified Person by reason of or resulting from the Cases, the DIP Facility, this Term Sheet, the transactions contemplated thereby or hereby or by the DIP
Facility or any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any of such Indemnified Person is a party thereto, except to the extent resulting from the gross negligence or willful misconduct of such
Indemnified Person as determined by a final non-appealable order of a court of competent jurisdiction. The indemnity includes indemnification for DIP Agent exercising discretionary rights granted under the DIP Facility. In all such litigation, or
the preparation therefor, DIP Agent and the DIP Lenders

  

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		  	shall be entitled to select their own counsel and, in addition to the foregoing indemnity, Borrower agrees to pay promptly the reasonable fees and expenses of such
counsel.
		
	 AMENDMENTS:
	  	Amendments to all DIP Documentation shall be by Majority DIP Lenders and the Obligors, except with respect to customary affected lender consent issues.
		
	 GOVERNING LAW:
	  	New York
		
	 COUNSEL TO DIP AGENT:
	  	Latham & Watkins LLP
		
	 EXPENSES:
	  	Reasonable legal, accounting, financial advisory fees, fees and expenses of other consultants, and other reasonable out of pocket expenses of DIP Agent and the Pre-Petition First
Lien Agent in connection with the Cases, the DIP Facility, the DIP Documentation, the Plan and all documents related thereto, and all costs and expenses of DIP Agent and the DIP Lenders (including documented attorneys’ fees) in connection with
the enforcement of remedies under the DIP Facility to be reimbursed on a current basis by Borrower from the proceeds of loans under the DIP Facility. For avoidance of doubt, all fees and expenses in the immediately preceding sentence shall be
reimbursed without regard to the amounts set forth in the Budget with respect thereto; provided, that, to the extent the amounts of such fees and expenses exceed the amounts set forth therefor in the Budget, the Budget shall be automatically
increased to incorporate such additional amounts.

  

 25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}]]