Document:

exv4w1w3

 

Exhibit 4.1.3

AMENDMENT NO. 2 TO CREDIT AGREEMENT

     This AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”) is dated as of January 28, 2005
and is by and among GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation, individually as a
Lender and as Agent for the Lenders (“Agent”), AMEDISYS, INC., a Delaware corporation (“Holdings”),
and each of the other Borrowers under the Credit Agreement (described below) named on the signature
pages hereto (collectively with Holdings, the “Borrowers” and, individually, a “Borrower”).

W I T N E S S E T H:

     WHEREAS, pursuant to that certain Credit Agreement dated as of April 28, 2004, by and among
Agent, the Lenders from time to time party thereto (“Lenders”), Borrowers and the other Credit
Parties signatory from time to time thereto (as amended or otherwise modified from time to time,
the “Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have
the meaning ascribed to such terms in the Credit Agreement), Agent and Lenders agreed, subject to
the terms and provisions thereof, to provide certain loans and other financial accommodations to
Borrowers;

     WHEREAS, Borrowers desire that Agent and Lenders amend the Credit Agreement in certain
respects;

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

     1. Amendments to Credit Agreement. Subject to the satisfaction of the conditions set
forth in Section 2 below, and in reliance on the representations and warranties set forth in
Section 4 below, the Credit Agreement is amended as follows:

     (a) The first sentence of Section 2.1 of the Credit Agreement is hereby amended and
restated in its entirety as follows:

     “No Lender shall be obligated to make any Loan or incur any Letter of Credit
Obligations on the Closing Date, or to take, fulfill, or perform any other action
hereunder, until the following conditions have been satisfied or provided for in a
manner satisfactory to Agent, or waived in writing by Agent and Lenders and only so
long as such conditions have been satisfied or waived prior to February 4, 2005:”

     (b) The defined term “Commitment Termination Date” set forth in Annex A of the Credit
Agreement is hereby amended and restated in its entirety as follows:

 

 

     “Commitment Termination Date” means the earliest of (a) April 28,
2008, (b) the date of termination of Lenders’ obligations to make Advances and to
incur Letter of Credit Obligations or permit existing Loans to remain outstanding
pursuant to Section 8.2(b), (c) the date of indefeasible prepayment in full
by Borrowers of the Loans and the cancellation and return (or stand-by guarantee) of
all Letters of Credit or the cash collateralization of all Letter of Credit
Obligations pursuant to Annex B, and the permanent reduction of all
Commitments to zero dollars ($0), and (d) February 4, 2005 if the Closing Date has
not occurred on or prior to such date.”

     2. Conditions. The effectiveness of this Amendment is subject to the satisfaction of
the following conditions precedent or concurrent:

     (a) Agent shall have received this Amendment executed by Borrowers and the
Requisite Lenders;

     (b) All proceedings taken in connection with the transactions contemplated by
this Amendment and all documents, instruments and other legal matters incident
thereto shall be satisfactory to Agent, Lenders and their respective legal counsel;
and

     (c) No Default or Event of Default shall have occurred and be continuing, both
before and after giving effect to the provisions of this Amendment.

     3. References; Effectiveness. Agent, Lenders and Borrowers hereby agree that, upon
the effectiveness of this Amendment, all references to the Credit Agreement which are contained in
any of the other Loan Documents shall refer to the Credit Agreement as modified by this Amendment.

     4. Representations and Warranties. To induce Lenders to enter into this Amendment,
each Borrower hereby represents and warrants to Lenders that:

     (a) All representations and warranties contained in the Credit Agreement and
the other Loan Documents are true and correct in all material respects on and as of
the date of this Amendment, in each case as if then made, other than representations
and warranties that expressly relate solely to an earlier date (in which case such
representations and warranties remain true and accurate on and as of such earlier
date);

     (b) This Amendment constitutes the legal, valid and binding obligation of such
Borrower and is enforceable against such Borrower in accordance with its terms;

     (c) There is no Default or Event Default in existence and none would result
from the consummation of the transactions described in, and the subject of, this
Amendment; and

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     (d) The execution and delivery by each Borrower of this Amendment does not
require the consent or approval of any person or entity, except such consents and
approvals as have been obtained.

     5. Counterparts. This Amendment may be executed in any number of counterparts and by
the different parties on separate counterparts, and each such counterpart shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same Amendment.

     6. Continued Effectiveness. Except as modified hereby, the Credit Agreement and each
of the Loan Documents shall continue in full force and effect according to its terms.

     7. Costs and Expenses. Each Borrower, jointly and severally, shall be responsible for
payment of all costs and expenses (which shall include reasonable fees and actual expenses of
Agent’s counsel, including any in-house counsel employed for this purpose) of Agent in connection
with the preparation of this Amendment, which costs and expenses shall be deemed to be Obligations
secured by the Credit Agreement and the other Loan Documents.

[Signature page follows]

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     IN WITNESS WHEREOF, this Amendment has been executed as of the day and year first written
above.

	 	 	 	 	 	 	 
	 	 	GENERAL ELECTRIC CAPITAL CORPORATION,
 as Agent and a Lender	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Jeffrey P. Hoffman	 	 
	

	 	 	 	 	 	 
	

	 	Name:	 	Jeffrey P. Hoffman	 	 
	

	 	 	 	 	 	 
	

	 	Title:
	 	Duly Authorized Signatory	 	 

	 	 	 
	 

	 	BORROWERS:
	 
	 	 
	

	 	AMEDISYS, INC.
	

	 	AMEDISYS HOME HEALTH, INC. OF ALABAMA
	

	 	AMEDISYS HOME HEALTH, INC. OF FLORIDA
	

	 	AMEDISYS HOME HEALTH, INC. OF SOUTH
CAROLINA
	

	 	AMEDISYS HOME HEALTH, INC. OF VIRGINIA
	

	 	HOME HEALTH OF ALEXANDRIA, INC.
	

	 	AMEDISYS LOUISIANA, L.L.C.
	

	 	AMEDISYS LA ACQUISITIONS, L.L.C.
	

	 	AMEDISYS PRIVATE DUTY OF GEORGIA, INC.
	

	 	AMEDISYS, INC.
	

	 	AMEDISYS GEORGIA, L.L.C.
	

	 	AMEDISYS NORTHWEST, L.L.C.
	

	 	AMEDISYS NORTH CAROLINA, L.L.C.
	

	 	AMEDISYS OKLAHOMA, L.L.C.
	

	 	AMEDISYS TENNESSEE, L.L.C.
	

	 	AMEDISYS SPECIALIZED MEDICAL
SERVICES, INC.
	

	 	AMEDISYS QUALITY OKLAHOMA, L.L.C.
	

	 	AMEDISYS EQUITY GROUP, L.L.C.
	

	 	AMEDISYS HEALTH MANAGEMENT, L.L.C.
	

	 	AMEDISYS TEXAS, LTD
	

	 	AMEDISYS ARKANSAS, LLC
	

	 	AMEDISYS DIABETIC SUPPLY, L.L.C.
	

	 	AMEDISYS HOSPICE, L.L.C.
	

	 	AMEDISYS MISSISSIPPI, L.L.C.
	

	 	AMEDISYS SOUTH FLORIDA, L.L.C.

	 	 	 	 	 	 	 
	

	 	 	 	 	 	 
	

	 	By	 	/s/ Gregory H. Browne	 	 
	

	 	 	 	 	 	 
	

	 	Name	 	Gregory H. Browne	 	 
	

	 	 	 	 	 	 
	

	 	Title	 	Chief Financial Officer	 	 
	

	 	 	 	 	 	 

-4-exv4w1w4

 

Exhibit 4.1.4

AMENDMENT NO. 3 TO CREDIT AGREEMENT

          This AMENDMENT NO. 3 TO CREDIT AGREEMENT (this “Amendment”) is dated as of February 4, 2005,
and is by and among GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation, individually as a
Lender and as Agent for the Lenders (“Agent”), AMEDISYS, INC., a Delaware corporation (“Holdings”),
each of the other Borrowers under the Credit Agreement (described below) named on the signature
pages hereto (collectively with Holdings, the “Borrowers” and, individually, a “Borrower”) and
AMEDISYS SC, L.L.C., a South Carolina limited liability company (“Amedisys SC”).

W I T N E S S E T H:

          WHEREAS, pursuant to that certain Credit Agreement dated as of April 28, 2004, by and among
Agent, the Lenders from time to time party thereto (“Lenders”), Borrowers and the other Credit
Parties signatory from time to time thereto (as amended or otherwise modified from time to time,
the “Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have
the meaning ascribed to such terms in the Credit Agreement), Agent and Lenders agreed, subject to
the terms and provisions thereof, to provide certain loans and other financial accommodations to
Borrowers;

          WHEREAS, the currently existing Borrowers and Amedisys SC, a wholly-owned Subsidiary of
Holdings, desire that Amedisys SC become a Borrower under the Credit Agreement; and

          WHEREAS, Borrowers desire that Agent and Lenders amend the Credit Agreement in certain other
respects;

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

          1. Amendments to Credit Agreement. Subject to the satisfaction of the conditions set
forth in Section 3 below, and in reliance on the representations and warranties set forth in
Section 5 below, the Credit Agreement is amended as follows:

          (a) Section 6.3(a) of the Credit Agreement is hereby amended to (i) delete the word
“and” set forth at the end of clause (x) thereof, (ii) replace the period at the end of
clause (xi) thereof with “, and” and (iii) add the following as clause (xii) thereto:

          ”(xii) Permitted Secured Seller Indebtedness.”

 

 

          (b) The defined term “Acquisition Limit” contained in Annex A of the Credit
Agreement shall be amended and restated to read as follows:

     “Acquisition Limit” means, initially $35,000,000 and, if as of the end
of any Fiscal Quarter ending after the date hereof, EBITDA for the twelve-month
period then ended exceeds $40,000,000 (“Limit Increase Event”), $40,000,000;
provided, that if at the end of any Fiscal Quarter ending after a Limit
Increase Event has occurred, EBITDA for the twelve-month period then ended is less
than $40,000,000, the Acquisition Limit shall reduce until the occurrence of a
subsequent Limit Increase Event to the greater of (x) the lesser of $40,000,000 and
the Acquisition Consideration incurred prior to such date and (y) $35,000,000.

          (c) The defined term “Aggregate Availability” contained in Annex A of the
Credit Agreement shall be amended and restated to read as follows:

     “Aggregate Availability” means, as of any date of determination, (A)
the product of (i) EBITDA (calculated in the manner set forth in Exhibit 4.1 and
based on the Availability Certificate most recently delivered pursuant to Section
4.1) and (ii) 1.75; provided, that, EBITDA, for purposes of determining
Aggregate Availability, shall exclude any EBITDA attributable to the business or
assets acquired by Amedisys SC, LLC and attributable to any other businesses or
assets acquired by any other Borrower after April 28, 2004 and prior to February 4,
2005, in each case until Agent has received evidence, in form and substance
satisfactory to Agent, that such acquired assets and businesses were acquired free
and clear of Liens other than Permitted Encumbrances.

          (d) The defined term “Capital Expenditures” contained in Annex A of the Credit
Agreement shall be amended and restated to read as follows:

     “Capital Expenditures” means, with respect to any Person, all
expenditures (by the expenditure of cash or the incurrence of Indebtedness) by such
Person during any measuring period for any fixed assets or improvements or for
replacements, substitutions or additions thereto that have a useful life of more
than one year and that are required to be capitalized under GAAP, excluding in each
instance, any such expenditures made to consummate a Permitted Acquisition;
provided, that expenditures made by Holdings in connection with its purchase
of 2002 Cessna 525 CJ1, bearing United States Aircraft Registration Number N111GJ,
and Serial Number 525-0500, on January 21, 2005 shall not be deemed to be Capital
Expenditures for purposes of determining Borrowers’ compliance with the Maximum
Capital Expenditures covenant set forth in Annex G.

          (e) The defined term “Funded Debt” contained in Annex A of the Credit
Agreement shall be amended and restated to read as follows:

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     “Funded Debt” means, with respect to any Person, without duplication,
all Medicare liabilities and all Indebtedness for borrowed money evidenced by notes,
bonds, debentures, or similar evidences of Indebtedness that by its terms matures
more than one year from, or is directly or indirectly renewable or extendible at
such Person’s option under a revolving credit or similar agreement obligating the
lender or lenders to extend credit over a period of more than one year from the date
of creation thereof, and specifically including Capital Lease Obligations, current
maturities of long-term debt, revolving credit and short-term debt extendible beyond
one year at the option of the debtor, and also including, in the case of Borrowers,
the Obligations and, without duplication, Guaranteed Indebtedness consisting of
guaranties of Funded Debt of other Persons, and, in the case of any Credit Party,
Permitted Secured Seller Indebtedness.

          (f) The defined term “Permitted Encumbrances” contained in Annex A of the
Credit Agreement is hereby amended to (i) delete the word “and” set forth at the end of
clause (i) contained therein, (ii) replace the period at the end of clause (j) contained
therein with “; and” and (iii) add the following as clause (k) thereto:

          “(k) first priority Liens securing Permitted Secured Seller Indebtedness
incurred in connection with a Permitted Acquisition; provided that such
Liens attach solely to the assets (excluding accounts receivable) acquired in
connection with such Permitted Acquisition.”

          (g) The defined term “Reserves” contained in Annex A of the Credit Agreement
shall be amended and restated to read as follows:

     “Reserves” means (a) reserves established pursuant to Section
5.4(c), (b) reserves against Borrowing Availability in the outstanding amount of
Permitted Secured Seller Indebtedness and (c) such other reserves against Borrowing
Availability that Agent may, in its reasonable credit judgment, establish from time
to time: (i) to reflect events, conditions, contingencies or risks which, as
determined by Agent, in its reasonable credit judgment, do or may affect the
security interests and other rights of Agent in the Collateral (including the
enforceability, perfection and priority thereof), (ii) pertaining to amounts
necessary to protect the value of Collateral, (iii) in respect of any sums that any
Borrower is required to pay (such as taxes, assessments, insurance premiums, or, in
the case of leased assets, rents or other amounts payable under such leases) and has
failed to pay under any Section of this Agreement or any other Loan Document, or
(iv) pertaining to required payments of existing Indebtedness or other obligations
of any Credit Party. Without limiting the generality of the foregoing, Reserves
established to ensure the payment of accrued Interest Expenses or Indebtedness shall
be deemed to be a reasonable exercise of Agent’s credit judgment.

-3-

 

          (h) Annex A of the Credit Agreement is hereby amended to add the following defined
term thereto:

     “Permitted Secured Seller Indebtedness” means Indebtedness of a Credit
Party incurred in connection with a Permitted Acquisition incurred on or prior to
June 30, 2005; provided, that, (i) both immediately before and after giving
effect to the incurrence of such Permitted Secured Seller Indebtedness and the
consummation of the applicable Permitted Acquisition there are no Revolving Loans or
Swing Line Loans outstanding and (ii) the Permitted Secured Seller Indebtedness with
respect to all Credit Parties shall not exceed $10,000,000 in the aggregate at any
time.

          (i) Annex G of the Credit Agreement is hereby amended to amend and restate paragraph
(a) thereof to read as follows:

     “(a) Maximum Capital Expenditures. Holdings and its Subsidiaries on a consolidated
basis shall not make Capital Expenditures during any of the following periods that exceed in the
aggregate the amount set forth opposite such period:

	 	 	 	 	 
	 	 	Maximum Capital
	Period	 	Expenditures per Period
	Twelve month period ending December
31, 2004 and each March 31, June 30,
September 30 and December 31
thereafter

	 	$	7,500,000	 

; provided, however, that the amount of permitted Capital Expenditures referenced
above will be increased in any period by the positive amount equal to the lesser of (i) ten percent
(10%) of the amount of permitted Capital Expenditures for the immediately prior period, and (ii)
the amount (if any), equal to the difference obtained by taking the Capital Expenditures limit
specified above for the immediately prior period minus the actual amount of any Capital
Expenditures expended during such prior period (the “Carry Over Amount”), and for purposes of
measuring compliance herewith, the Carry Over Amount shall be deemed to be the last amount spent on
Capital Expenditures in that succeeding year.”

          (j) The Disclosure Schedules are hereby amended and restated in their entirety as set
forth on the corresponding schedules attached hereto.

          2. Joinder.

          (a) By its execution of this Agreement, Amedisys SC agrees, from and after the date
hereof, to be a “Borrower” under the Credit Agreement, to assume all of the Obligations of
a Borrower thereunder and to make and be bound by all of the representations and
warranties, covenants, terms and conditions thereof, in each case as if it were a direct
signatory to such Credit Agreement, all of which representations and warranties, covenants,
terms and conditions are acknowledged

-4-

 

and are incorporated herein by this reference. Each Borrower acknowledges and agrees
that Amedisys SC shall hereafter be a “Borrower” under the Credit Agreement and shall be
bound by the terms and conditions of the Credit Agreement as if it were a direct signatory
thereto.

          (b) Amedisys SC hereby agrees that it is jointly and severally liable for, and hereby
absolutely and unconditionally guarantees to Agent and Lenders and their successors and
assigns, the full and prompt payment (whether at stated maturity, by acceleration or
otherwise) and performance of, all Obligations owed or hereafter owing to Agent and Lenders
by each other Borrower.

          3. Conditions. The effectiveness of this Amendment is subject to the satisfaction of
the following conditions precedent or concurrent:

          (a) Agent shall have received this Amendment executed by Borrowers, Amedisys SC
and the Requisite Lenders;

          (b) All proceedings taken in connection with the transactions contemplated by
this Amendment and all documents, instruments and other legal matters incident
thereto shall be satisfactory to Agent, Lenders and their respective legal counsel;
and

          (c) No Default or Event of Default shall have occurred and be continuing, both
before and after giving effect to the provisions of this Amendment.

          4. References; Effectiveness. Agent, Lenders, Borrowers and Amedisys SC hereby agree
that, upon the effectiveness of this Amendment, all references to the Credit Agreement which are
contained in any of the other Loan Documents shall refer to the Credit Agreement as modified by
this Amendment.

          5. Representations and Warranties. To induce Lenders to enter into this Amendment,
each Borrower and Amedisys SC hereby represents and warrants to Lenders that:

          (a) All representations and warranties contained in the Credit Agreement and
the other Loan Documents are true and correct in all material respects on and as of
the date of this Amendment, in each case as if then made, other than representations
and warranties that expressly relate solely to an earlier date (in which case such
representations and warranties remain true and accurate on and as of such earlier
date);

          (b) This Amendment constitutes the legal, valid and binding obligation of such
Borrower or Amedisys SC, as applicable, and is enforceable against such Borrower or
Amedisys SC, as applicable, in accordance with its terms;

-5-

 

          (c) There is no Default or Event of Default in existence and none would result
from the consummation of the transactions described in, and the subject of, this
Amendment; and

          (d) The execution and delivery by each Borrower or Amedisys SC, as applicable,
of this Amendment does not require the consent or approval of any person or entity,
except such consents and approvals as have been obtained.

          6. Covenants.

          (a) Within 30 days of the date hereof, Borrowers and Amedisys SC shall deliver to
Agent tri-party blocked account agreements, in form and substance satisfactory to Agent,
with respect to each of Borrowers’ and Amedisys SC’s bank accounts in which cash, checks,
drafts or other similar items of payment delivered to a Lock Box are deposited.

          (b) Within 30 days of the date hereof, Borrowers and Amedisys SC shall deliver to
Agent a landlord waiver, in form and substance satisfactory to Agent, executed by the
applicable landlord with respect to the leased properties located at 11100 Mead Road, Baton
Rouge, Louisiana 70816 and 3029 S. Sherwood Forest, Baton Rouge, Louisiana 70816.

          (c) Within 30 days of the date hereof, Borrowers and Amedisys SC shall deliver to
Agent evidence, in form and substance satisfactory to Agent, of the release of all Liens in
favor of Chase Bank of Texas, N.A.

          (d) Any breach of the covenants contained in this Section 6 shall constitute an Event
of Default.

          7. Counterparts. This Amendment may be executed in any number of counterparts and by
the different parties on separate counterparts, and each such counterpart shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same Amendment.

          8. Continued Effectiveness. Except as modified hereby, the Credit Agreement and each
of the Loan Documents shall continue in full force and effect according to its terms.

          9. Costs and Expenses. Each Borrower and Amedisys SC, jointly and severally, shall be
responsible for payment of all costs and expenses (which shall include reasonable fees and actual
expenses of Agent’s counsel, including any in-house counsel employed for this purpose) of Agent in
connection with the preparation of this Amendment, which costs and expenses shall be deemed to be
Obligations secured by the Credit Agreement and the other Loan Documents.

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[Signature page follows]

-7-

 

          IN WITNESS WHEREOF, this Amendment has been executed as of the day and year first written
above.

	 	 	 
	AMEDISYS SC, L.L.C.
	 
	 	 
	 
	 	 
	By:
	 	/s/ Gregory H. Browne
	

	 	

	Name:
	 	Gregory H. Browne
	

	 	

	Title:
	 	Vice President
	

	 	
 

	 
	BORROWERS:

	 

	AMEDISYS, INC.

	AMEDISYS HOME HEALTH, INC. OF ALABAMA

	AMEDISYS HOME HEALTH, INC. OF FLORIDA

	AMEDISYS HOME HEALTH, INC. OF SOUTH
CAROLINA

	AMEDISYS HOME HEALTH, INC. OF VIRGINIA

	HOME HEALTH OF ALEXANDRIA, INC.

	AMEDISYS LOUISIANA, L.L.C.

	AMEDISYS LA ACQUISITIONS, L.L.C.

	AMEDISYS PRIVATE DUTY OF GEORGIA, INC.

	AMEDISYS, INC.

	AMEDISYS GEORGIA, L.L.C.

	AMEDISYS NORTHWEST, L.L.C.

	AMEDISYS NORTH CAROLINA, L.L.C.

	AMEDISYS OKLAHOMA, L.L.C.

	AMEDISYS TENNESSEE, L.L.C.

	AMEDISYS SPECIALIZED MEDICAL
SERVICES, INC.

	AMEDISYS QUALITY OKLAHOMA, L.L.C.

	AMEDISYS EQUITY GROUP, L.L.C.

	AMEDISYS HEALTH MANAGEMENT, L.L.C.

	AMEDISYS TEXAS, LTD

	AMEDISYS ARKANSAS, LLC

	AMEDISYS DIABETIC SUPPLY, L.L.C.

	AMEDISYS HOSPICE, L.L.C.

	AMEDISYS MISSISSIPPI, L.L.C.

	AMEDISYS SOUTH FLORIDA, L.L.C.

	 	 	 
	By:
	 	/s/ Gregory H. Browne
	

	 	

	Name:
	 	Gregory H. Browne
	

	 	

	Title:
	 	Chief Financial Officer
	

	 	

Signature Page to Ammendment No. 3

 

 

	 	 	 
	GENERAL ELECTRIC CAPITAL CORPORATION,
	as Agent and a Lender
	 
	 	 
	 
	 	 
	By:
	 	/s/ Jeffrey P. Hoffman
	

	 	

	Name:
	 	Jeffrey P. Hoffman
	 

	 	

	Title:

	 	Duly Authorized Signatory

Signature Page to Ammendment No. 3

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