Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of August 25, 2017 (the “First
Amendment Effective Date”) by and among e.l.f. Cosmetics, Inc., a Delaware corporation (“e.l.f. Cosmetics”), JA 139 Fulton Street Corp., a New York corporation (“JA 139 Fulton”), JA 741 Retail Corp., a New
York corporation (“JA 741 Retail”), JA Cosmetics Retail, Inc., a New York corporation (“JA Cosmetics Retail”), J.A. RF, LLC, a Delaware limited liability company (“JA RF”), and J.A. Cherry Hill,
LLC, a Delaware limited liability company (“JA Cherry Hill”; collectively with e.l.f. Cosmetics, JA 139 Fulton JA 741 Retail, JA Cosmetics Retail and JA RF, the “Borrowers”), e.l.f. Beauty, Inc., a Delaware
corporation (“e.l.f. Beauty”), the other Persons party hereto that are designated as a “Loan Party” on the signature pages hereof, Bank of Montreal, a Canadian chartered bank acting through its Chicago branch (in its
individual capacity, “BMO”), as Administrative Agent, an L/C Issuer and as a Lender, and the other Lenders signatory hereto. 

W I T N E S S E T H: 
 WHEREAS,
Borrowers, the other Loan Parties, BMO, as Administrative Agent, an L/C Issuer and as a Lender, and the other Lenders from time to time party thereto are parties to that certain Credit Agreement dated as of December 23, 2016 (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and 
 WHEREAS, the Loan
Parties have requested that the Lenders amend certain provisions of the Credit Agreement, and, subject to the satisfaction of the conditions set forth herein, the Administrative Agent and the Lenders signatory hereto are willing to do so, on the
terms set forth herein; 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties
agree as follows: 
 1. Defined Terms. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the
Credit Agreement. 
 2. Amendments to Credit Agreement. Upon satisfaction of the conditions set forth in Section 3 hereof, the
Credit Agreement is hereby amended as follows: 
 (a) Section 1.01 (Defined Terms) of the Credit Agreement is hereby
amended by adding the following defined terms and the definitions therefor in appropriate alphabetical order: 
 “First Amendment
Effective Date” means August 25, 2017. 
 “First Amendment to Credit Agreement” shall mean that certain First Amendment
to Credit Agreement, dated as of the First Amendment Effective Date, by and among the Borrowers, the Guarantors party thereto, the Administrative Agent and the Lenders party thereto. 

 (a) The definition of “Applicable Margin” set forth in
Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended to replace the table set forth therein with the table set forth below: 
  

											
	Level	  	 Consolidated Total Net

Leverage
 Ratio
	  	Applicable
Margin for
Eurodollar Rate
Loans	 	 	Applicable
Margin for Base
Rate Loans	 
	I	  	> 3.00:1.00	  	 	2.75	% 	 	 	1.75	% 
	II	  	> 2.50:1.00 but < 3.00:1.00	  	 	2.50	% 	 	 	1.50	% 
	III	  	> 2.00:1.00 but < 2.50:1.00	  	 	2.00	% 	 	 	1.00	% 
	IV	  	> 1.50:1.00 but < 2.00:1.00	  	 	1.75	% 	 	 	0.75	% 
	V	  	< 1.50:1.00	  	 	1.50	% 	 	 	0.50	% 

 (b) The definitions of “Revolving Credit Facility”, “Revolving Credit Maturity
Date” and “Term Loan Maturity Date” set forth in Section 1.01 (Defined Terms) of the Credit Agreement are hereby amended and restated in their entirety to read as follows, respectively: 

“Revolving Credit Facility” means the facility described in Sections 2.01(a), 2.03 and 2.04 providing for
Revolving Loans, Letters of Credit and Swing Line Loans to or for the benefit of Borrowers by the Revolving Lenders, L/C Issuer and Swing Line Lender, as the case may be, in the maximum aggregate principal amount at any time outstanding of
$50,000,000 as adjusted from time to time pursuant to the terms of this Agreement. 
 “Revolving Credit Maturity
Date” means August 25, 2022. 
 “Term Loan Maturity Date” means August 25, 2022. 

(c) Section 2.05(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“(a) Term Loans. Borrowers unconditionally promise to pay to Administrative Agent for the account of each Term
Lender the aggregate principal amount of the Term Loan outstanding on the following dates in the respective amounts set forth opposite such dates: 

  
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	Date	  	Quarterly Payment
	September 30, 2017	  	$2,062,500
	December 31, 2017	  	$2,062,500
		
	March 31, 2018	  	$2,062,500
	June 30, 2018	  	$2,062,500
	September 30, 2018	  	$2,062,500
	December 31, 2018	  	$2,062,500
		
	March 31, 2019	  	$2,062,500
	June 30, 2019	  	$2,062,500
	September 30, 2019	  	$2,475,000
	December 31, 2019	  	$2,475,000
		
	March 31, 2020	  	$2,475,000
	June 30, 2020	  	$2,475,000
	September 30, 2020	  	$3,093,750
	December 31, 2020	  	$3,093,750
		
	March 31, 2021	  	$3,093,750
	June 30, 2021	  	$3,093,750
	September 30, 2021	  	$4,125,000
	December 31, 2021	  	$4,125,000
		
	March 31, 2022	  	$4,125,000
	June 30, 2022	  	$4,125,000
	August 25, 2022	  	As set forth below

 The outstanding unpaid principal balance and all accrued and unpaid interest on the Term Loan
shall be due and payable on the earlier of (i) the Term Loan Maturity Date, and (ii) the date of the acceleration of such Term Loans in accordance with the terms hereof.” 

(d) Schedule 2.01 to the Credit Agreement is deleted in its entirety and Schedule 2.01 attached hereto is substituted therefor.

 (e) Each Lender with a Revolving Credit Commitment agrees that any Revolving Loans funded on or after the First Amendment Effective Date
shall be funded in accordance with the Applicable Percentages of such Lender after giving effect to the increase in the Aggregate Revolving Credit Commitments pursuant to this Amendment. Each such Lender also agrees that any outstanding Revolving
Loans and participation interests in L/C Obligations and Swing Line Loans shall be re-allocated and adjusted among each Lender with a Revolving Credit Commitment on the First Amendment Effective Date (after giving effect to this Amendment) to

  
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the extent necessary to keep the outstanding applicable Revolving Loans ratable among such Lenders in accordance with any revised Applicable Percentages (as set forth on Schedule 2.01), as
applicable (and each such Lender shall be deemed to have assigned and/or purchased, as necessary, any such interests in order to accurately reflect such new Applicable Percentages (as set forth on Schedule 2.01) as of the First Amendment Effective
Date and the Borrower Agent hereby consents to all such assignments), and the Borrowers agree to pay any additional amounts required pursuant to, and in accordance with, Section 3.05 of the Credit Agreement resulting therefrom. 

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

a. the execution and delivery of this Amendment by the Administrative Agent, the requisite Lenders, the Borrowers and each Loan Party; 

b. the truth and accuracy, in all material respects (or in all respects for such representations and warranties that are by their terms already
qualified as to materiality), of the representations and warranties contained in Section 4 hereof; 
 c. no Event of Default exists or
shall arise as a direct result of the effectiveness of this Amendment; 
 d. the Borrowers shall have paid to Administrative Agent, for the
ratable benefit of the Lenders party hereto that were “Lenders” under the Credit Agreement immediately prior to giving effect to this Amendment (as determined prior to giving effect to any changes in Revolving Credit Commitments pursuant
to this Amendment), a fully earned, non-refundable amendment fee in an amount equal to 0.10% of the sum of (x) the aggregate principal amount of the outstanding Term Loans of each such Lender on the First Amendment Effective Date and
(y) the aggregate amount of the Revolving Credit Commitments of each such Lender in effect immediately prior to the effectiveness of this Amendment; 

e. all accrued costs, fees and expenses (including all reasonable and documented out-of-pocket fees, charges and disbursements of counsel to
Administrative Agent) due and payable to Administrative Agent and the Arranger pursuant to this Amendment and the Credit Agreement, in each case, on or before the First Amendment Effective Date shall have been paid, to the extent set forth hereunder
or otherwise invoiced with reasonable detail at least one (1) Business Day prior to the First Amendment Effective Date; and 
 f. the
payment by the Borrowers to the Administrative Agent of the fees set forth in a separate fee letter dated as of even date herewith between the Borrowers and the Administrative Agent. 

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

 a. after giving effect to this Amendment, the representations and warranties made by such Loan Party contained in the Loan Documents are
true and correct in all material respects (or 

  
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in all respects for such representations and warranties that are by their terms already qualified as to materiality), except to the extent such representation or warranty expressly relates to an
earlier date, in which case, such representations and warranties were true and correct in all material respects (or in all respects for such representations and warranties that are by their terms already qualified as to materiality) as of such
earlier date; 
 b. after giving effect to this Amendment, such Loan Party is duly organized, validly existing and in good standing under the
Laws of the jurisdiction of its organization; 
 c. such Loan Party has all requisite power and authority and all requisite governmental
licenses, authorizations, consents and approvals to execute, deliver and perform its obligations under this Amendment and the Credit Agreement, as amended hereby; 

d. the execution, delivery and performance by such Loan Party of this Amendment and the Credit Agreement, as amended hereby, have, in each
case, been duly authorized by all necessary organizational action and (A) do not and will not (i) contravene the terms of its Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of
any Lien under (other than as permitted by Section 7.02 of the Credit Agreement) (x) any Contractual Obligation to which such Person is a party or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral
award to which such Person or its property is subject, (iii) violate any Law material to any Loan Party or Subsidiary in any material respect, except with respect to any conflict, breach, or contravention referred to in clause (A)(ii), to the
extent that such conflict, breach or contravention would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or (B) do not or will not require any approval, consent, exemption, authorization, or other
action by, or notice to, or filing with, any Governmental Authority or any other Person, except for (i) filings necessary to perfect Liens on the Collateral granted by the Loan Parties in favor of the Administrative Agent for the benefit of the
Lender Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices, and filings which have been duly obtained, taken, given or made and are in full force and effect or (iii) if the failure to obtain the same, take
such action or give such notice could reasonably be expected to result in a Material Adverse Effect; 
 e. this Amendment and the Credit
Agreement, as amended hereby, constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar Laws relating to or affecting the rights and remedies of creditors or by general equitable principles; and 

f. no Default or Event of Default exists or shall arise as a direct result of the effectiveness of this Amendment. 

5. No Modification. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance
with any term or condition contained in the Credit Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties. Except as expressly stated herein, the Administrative Agent and Lenders reserve all
rights, privileges and remedies under the Loan Documents. Except as 

  
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amended or consented to hereby, the Credit Agreement and other Loan Documents remain unmodified and in full force and effect. All references in the Loan Documents to the Credit Agreement shall be
deemed to be references to the Credit Agreement as amended and waived hereby. This Amendment is a Loan Document for purposes of the Credit Agreement. 

6. Counterparts. This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which taken together shall constitute a single contract. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an
executed counterpart of a signature page of this Amendment by telecopy or other electronic means (including .pdf or .tiff files) shall be effective as delivery of a manually executed counterpart of this Amendment. 

7. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns; provided that none of the Loan Parties may assign or transfer any of its rights or obligations under this Amendment except as permitted by the Credit Agreement. 

8. Governing Law and Jurisdiction. 

(a) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE
EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT, ANY LENDER OR THE
L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWERS OR THEIR PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

  
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 (c) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN
THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02 OF THE CREDIT AGREEMENT. NOTHING IN THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
APPLICABLE LAW. 
 (d) WAIVER OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH
(B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

9. Severability. The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required
hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. The invalidity of a provision in a particular jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 10. Reaffirmation. Each of the Loan Parties as
debtor, grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Loan Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby
(i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the extent such Loan Party granted liens
on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed the Borrower’s Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant
of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby. Each of the Loan Parties hereby consents to this Amendment and acknowledges that each of the
Loan Documents remains in full force and effect and is hereby ratified and reaffirmed. The execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or Lenders, constitute a waiver of any
provision of any of the Loan Documents or serve to effect a novation of the Obligations. 
 11. Release. In consideration of the
Lenders’ and the Administrative Agent’s agreements contained in this Amendment, each Loan Party hereby irrevocably releases and forever discharge the Lenders and the Administrative Agent and their affiliates, subsidiaries, successors,
assigns, directors, officers, employees, agents, consultants and attorneys (each, a “Released Person”) of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied
or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown, which such Loan Party 

  
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ever had or now has against Administrative Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Administrative Agent, any Lender or
any other Released Person relating to the Credit Agreement or any other Loan Document on or prior to the date hereof. 
 12. New
Lenders. Each of the Persons party hereto as a “Lender” that was not a Lender under the Credit Agreement prior to the effectiveness of this Amendment (each such Person a “New Lender”, and collectively, the “New
Lenders”) (a) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered to the Lenders pursuant to Section 6.01(a) and (b) thereof and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and become a Lender under the Credit Agreement; (b) agrees that it will, independently and without reliance upon
Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (c) appoints
and authorizes Administrative Agent to take such action as Administrative Agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to Administrative Agent by the terms thereof, together
with such powers as are reasonably incidental thereto; (d) agrees that it will perform in accordance with their terms all obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender; and
(e) specifies as its lending office (and address for notices) the offices set forth on its Administrative Questionnaire delivered to Administrative Agent. The parties hereto acknowledge and agree that after giving effect to this Amendment, each
New Lender shall hereinafter be a party to the Credit Agreement as a Lender and shall have the rights and obligations of a Lender thereunder. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of the date set forth
above. 
  

			
	LOAN PARTIES:
	
	E.L.F. COSMETICS, INC.
		
	By:	 	/s/ Scott Milsten
	Name:	 	Scott Milsten
	Title:	 	Senior Vice President
	
	JA 139 FULTON STREET CORP.
		
	By:	 	/s/ Scott Milsten
	Name:	 	Scott Milsten
	Title:	 	Senior Vice President
	
	JA 741 RETAIL CORP.
		
	By:	 	/s/ Scott Milsten
	Name:	 	Scott Milsten
	Title:	 	Senior Vice President
	
	JA COSMETICS RETAIL, INC.
		
	By:	 	/s/ Scott Milsten
	Name:	 	Scott Milsten
	Title:	 	Senior Vice President
	
	J.A. RF, LLC
		
	By:	 	/s/ Scott Milsten
	Name:	 	Scott Milsten
	Title:	 	Senior Vice President

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of the date set forth
above. 
  

			
	J.A/ CHERRY HILL, LLC
		
	By:	 	/s/ Scott Milsten
	Name:	 	Scott Milsten
	Title:	 	Senior Vice President
	
	E.L.F. BEAUTY, INC.
		
	By:	 	/s/ Scott Milsten
	Name:	 	Scott Milsten
	Title:	 	Senior Vice President

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	BANK OF MONTREAL, as Administrative Agent and as a Lender
		
	By:	 	/s/ Joan Murphy
	Name:	 	Joan Murphy
	Title:	 	Director

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	STIFEL BANK & TRUST, as a Lender
		
	By:	 	/s/ Joel D. McPeak
	Name:	 	Joel D. McPeak
	Title:	 	Assistant Vice President

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	United Bank, as a Lender
		
	By:	 	/s/ Tom Wolcott
	Name:	 	Tom Wolcott
	Title:	 	SVP Shared National Credit

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	/s/ Courtney Eng
	Name:	 	Courtney Eng
	Title:	 	Vice President

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	U.S. Bank National Association, as a Lender
		
	By:	 	/s/ Jason Nadler
	Name:	 	Jason Nadler
	Title:	 	Managing Director

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	AP MA Funding LLC, as a Lender
		
	By:	 	/s/ John Gray
	Name:	 	John Gray
	Title:	 	Executive Vice President

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	AP Funding II LLC, as a Lender
		
	By:	 	/s/ John Gray
	Name:	 	John Gray
	Title:	 	Executive Vice President

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	 BANCALLIANCE INC.
 By: AP Commercial
LLC, its attorney-in-fact, as a Lender

		
	By:	 	/s/ John Gray
	Name:	 	John Gray
	Title:	 	Executive Vice President

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	MORGAN STANLEY SENIOR FUNDING, INC., as a Lender
		
	By:	 	/s/ Michael King
	Name:	 	Michael King
	Title:	 	Vice President

 First Amendment to Credit Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	Wells Fargo Bank, N.A., as a Lender
		
	By:	 	/s/ Maribelle Villaseñor
	Name:	 	Maribelle Villaseñor
	Title:	 	Director

 First Amendment to Credit AgreementExhibit

Exhibit 10.1

THIRD AMENDMENT
THIRD AMENDMENT dated as of August 22, 2017 (this “Agreement”) to the Second Amended and Restated Credit Agreement dated as of June 5, 2015 (as amended by that certain First Amendment dated as of August 5, 2016 and that certain Second Amendment dated as February 21, 2017 and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among On Assignment, Inc., a Delaware corporation (the “Borrower”), each of the Tranche B-3 Term Lenders (as defined below), each other Lender party hereto, and Wells Fargo Bank, National Association, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Wells Fargo Securities, LLC acted as lead arranger and bookrunner (in such capacity, the “Lead Arranger”) with respect to this Agreement and the transactions contemplated hereby. 

Statement of Purpose

WHEREAS the Borrower, the Lenders and the Administrative Agent are parties to the Credit Agreement, pursuant to which the Lenders have extended certain credit facilities to the Borrower, including, without limitation, the Tranche B-2 Term Loans referred to below. 

WHEREAS on the date hereof (but prior to giving effect to this Agreement), there are outstanding Tranche B-2 Term Loans under the Credit Agreement in an aggregate principal amount of $594,000,000.00.
WHEREAS the Borrower intends to incur a new class of term loans (the “Tranche B-3 Term Loans”) and to concurrently (i) exchange a portion of such Tranche B-3 Term Loans in replacement of Tranche B-2 Term Loans pursuant to a cashless settlement as described herein and (ii) to the extent any Tranche B-2 Term Loans are not so exchanged, to (A) use the proceeds of the Tranche B-3 Term Loans to refinance the Tranche B-2 Term Loans outstanding as of the Effective Date (as defined below) after giving effect to such cashless settlement and/or (B) with the consent of the Administrative Agent, to repay Tranche B-2 Term Loans of Lenders not providing Tranche B-3 Term Commitments (as defined below).
WHEREAS the Borrower has requested that the Administrative Agent and the Lenders agree to amend the Credit Agreement as more specifically set forth herein, including, without limitation, to enable the Borrower to exchange Tranche B-3 Term Loans in replacement of Tranche B-2 Term Loans and to refinance the Tranche B-2 Term Loans that are not so exchanged with proceeds of the Tranche B-3 Term Loans on the Effective Date.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.    Capitalized Terms.  All capitalized undefined terms used in this Agreement (including, without limitation, in the introductory paragraph and the Statement of Purpose hereto) shall have the meanings assigned thereto in the Credit Agreement.
2.    Tranche B-3 Term Loans.
(a)The Administrative Agent has made entries in the Register which set forth the allocated commitments (the “Tranche B-3 Term Commitments”) received by it with respect to the Tranche B-3 Term Loans from various financial institutions. The Administrative Agent has notified each Tranche B-3 Term Lender (as defined below) of its allocated Tranche B-3 Term Commitment.  Subject to the satisfaction or waiver of the conditions precedent set forth in Section 4 hereof and to the provisions of Sections 2(c) and 12 hereof, each Person identified in the Register as having a 

1

Tranche B-3 Term Commitment as of the Effective Date (each, a “Tranche B-3 Term Lender”) agrees, severally and not jointly, to make, on the Effective Date, a Tranche B-3 Term Loan to the Borrower in an aggregate principal amount equal to its Tranche B-3 Term Commitment.  Each Tranche B-3 Term Loan shall unless otherwise elected by the applicable Existing Lender (as defined below), be made pursuant to a cashless settlement option of such Existing Lender’s Tranche B-2 Term Loans as described herein and, if otherwise elected (or to the extent that the Tranche B-3 Term Commitment of such Existing Lender exceeds the Tranche B-2 Term Loans of such Existing Lender), pursuant to a payment in cash to the Administrative Agent, on behalf of the Borrower, to repay the outstanding Tranche B-2 Term Loans that are not subject to such cashless settlement.  The Tranche B-3 Term Commitment of each Tranche B-3 Term Lender shall automatically terminate upon the making of the Tranche B-3 Term Loans on the Effective Date. The proceeds of the Tranche B-3 Term Loans shall be used by the Borrower on the Effective Date solely to repay (or replace via cashless settlement) the principal amount of the Tranche B-2 Term Loans outstanding as of the Effective Date. The transactions contemplated by this Section 2(a) are collectively referred to as the “Amendment Refinancing Transactions”.

(b)Immediately upon the consummation of the Amendment Refinancing Transactions, each reference to the term “Tranche B-2 Term Loan” in the Credit Agreement and the other Loan Documents shall be deemed to refer to the Tranche B-3 Term Loan.  Except as expressly provided in this Agreement, the Tranche B-3 Term Loans shall be on terms identical to the Tranche B-2 Term Loans (including as to maturity, amortization, Guarantors, Collateral (and ranking) and payment priority).

(c)Notwithstanding anything herein to the contrary, in connection with any cashless settlement (i) each Lender holding Tranche B-2 Term Loans immediately prior to the Effective Date (each such Lender, an “Existing Lender”) shall, in lieu of its requirement to fund a Tranche B-3 Term Loan in accordance with Section 2(a) hereof, be deemed to have made to the Borrower a Tranche B-3 Term Loan on the Effective Date in an amount equal to the lesser of (A) the aggregate principal amount of the Tranche B-2 Term Loans held by such Existing Lender immediately prior to the Effective Date (such Existing Lender’s “Existing Term B-2 Loan Amount”) and (B) such Existing Lender’s Tranche B-3 Term Commitment; provided that if such Existing Lender’s Tranche B-3 Term Commitment exceeds such Existing Lender’s Existing Term B-2 Loan Amount, then such Existing Lender shall be required to fund a Tranche B-3 Term Loan on the Effective Date in accordance with Section 2(a) hereof in an aggregate principal amount equal to such excess, and (ii) the Borrower shall, in lieu of its obligation to prepay Tranche B-2 Term Loans of any Existing Lender in accordance with Section 2(a) hereof, be deemed to have prepaid, on the Effective Date, an amount of the Tranche B-2 Term Loans of each Existing Lender in an aggregate principal amount equal to the lesser of (A) such Existing Lender’s Tranche B-2 Term Loans and (B) such Existing Lender’s Tranche B-3 Term Commitment; provided that (1) if such Existing Lender’s Tranche B-2 Term Loans exceed such Existing Lender’s Tranche B-3 Commitment, then the Borrower shall be required to prepay in full, on the Effective Date in accordance with Section 2(a) hereof, the outstanding principal amount of the Tranche B-2 Term Loans of such Existing Lender not deemed to be prepaid pursuant to this clause (ii) and (2) notwithstanding the operation of this clause (ii), the Borrower shall be required to pay to such Existing Lender, on the Effective Date, all accrued but unpaid interest and fees on the outstanding principal amount of the Tranche B-2 Term Loans of such Existing Lender immediately prior to the Effective Date. 

(d)Notwithstanding anything herein to the contrary, each Existing Lender that does not have a Tranche B-3 Term Commitment shall be repaid in full in cash with respect to its Tranche 

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B-2 Term Loans (which such repayment may, with the consent of the Administrative Agent, be made from sources other than the Tranche B-3 Term Loans) and, by execution of an Authorization as described below, each Tranche B-3 Term Loan Lender hereby consents to the repayments described in this Section 2.

(e)Each Existing Lender party hereto hereby waives any requirement to pay any amounts due and owing to it pursuant to Section 3.05 of the Credit Agreement as a result of the Amendment Refinancing Transactions.

(f)Promptly following the Effective Date, all Term B Notes evidencing the Tranche B-2 Term Loans shall be cancelled and returned to the Borrower, and any Tranche B-3 Term Lender may request that its Tranche B-3 Term Loans be evidenced by a Note pursuant to Section 2.11(a) of the Credit Agreement.

3.    Amendments to the Credit Agreement.  The Credit Agreement is hereby amended as follows:
		
	(a)
	Section 1.01 of the Credit Agreement is amended by:

(i)adding the following new defined term for “Third Amendment Effective Date” in appropriate alphabetical order:

““Third Amendment Effective Date” means August 22, 2017.”;

(ii)amending and restating clause (a) of the definition of “Applicable Rate” as follows:

“(a) with respect to the Term B Facility, 2.00% per annum for Eurodollar Rate Loans and 1.00% per annum for Base Rate Loans; and”;
(iii)replacing each reference to “which appears on Reuters Screen LIBOR01 Page (or any applicable successor page)” in the definition of “Eurodollar Rate” with “as published by the ICE Benchmark Administration Limited, a United Kingdom company,”;

(iv)replacing each reference to “does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page)” in the definition of “Eurodollar Rate” with “is not so published”;

(v)deleting each reference to “in minimum amounts of at least $5,000,000” in the definition of “Eurodollar Rate”; and

(vi)deleting the reference to “arranged by federal funds brokers on such day” in the definition of “Federal Funds Rate”.

(b)Section 2.05(c) of the Credit Agreement is amended by replacing the reference to “Second Amendment Effective Date” with “Third Amendment Effective Date”.

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4.    Conditions to Effectiveness.  Upon the satisfaction or waiver of each of the following conditions, this Agreement shall be deemed to be effective (the date of such satisfaction, the “Effective Date”):

(a)    the Administrative Agent shall have received counterparts of this Agreement executed by the Administrative Agent and the Borrower;

(b)    the Administrative Agent shall have received an executed signature page or written authorization directing the Administrative Agent to execute this Agreement on its behalf (each, an “Authorization”) from Lenders (that constitute Required Lenders) and all of the initial Tranche B-3 Term Lenders;

(c)    the Administrative Agent shall have received counterparts of the Acknowledgment and Reaffirmation attached hereto executed by each Subsidiary Guarantor; 

(d)    the Borrower shall have paid (i) to the Administrative Agent and the Lead Arranger all fees and reasonable and documented out of pocket costs and expenses incurred by them or their respective Affiliates in connection with this Agreement and (ii) the reasonable and documented fees, disbursements and other charges of one counsel for the Administrative Agent and its Affiliates, in each case, to the extent invoiced at least one (1) Business Day prior to the Effective Date; 

(e)    the Borrower shall deliver or cause to be delivered a certificate in form and substance reasonably satisfactory to the Administrative Agent and executed by a Responsible Officer of the Borrower certifying that:

(i)either (A) the Organization Documents of each Loan Party have not been amended, restated, supplemented or otherwise modified since the Closing Date (or the most recent date of delivery to the Administrative Agent) or (B) attached thereto are true, correct and complete copies of any amendments, supplements or modifications of any Organization Documents entered into since the Closing Date (or the most recent date of delivery to the Administrative Agent);

(ii)attached thereto are such resolutions or other action duly adopted by the board of directors (or other governing body) of each Loan Party authorizing and approving the transactions contemplated hereunder and, in the case of the Borrower, the execution, delivery and performance of this Agreement and, in the case of each other Loan Party, the execution, delivery and performance of the Acknowledgment and Reaffirmation attached hereto; and

(iii)attached thereto are such certificates of good standing or the equivalent from each Loan Party’s jurisdiction of organization or formation, as applicable; and

(f)the Administrative Agent shall have received favorable opinions of legal counsel to the Loan Parties, addressed to the Administrative Agent and each Lender (and, subject to customary conditions, expressly permitting reliance by the assigns of the Administrative Agent and each Lender), dated as of the Effective Date.

Without limiting the generality of the provisions of Section 9.03 of the Credit Agreement, for purposes of determining compliance with the conditions specified in this Section 4, each Lender that has executed an 

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Authorization shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto.
5.    Limited Effect.  Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain unmodified and in full force and effect.  This Agreement shall not be deemed (a) to be a waiver of, consent to, or a modification or amendment of any other term or condition of the Credit Agreement or any other Loan Document, (b) to prejudice any right or rights which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or modified from time to time, (c) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrower or any of its Subsidiaries or any other Person with respect to any other waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or the Administrative Agent, or any of them, under or with respect to any such documents or (d) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of any other agreement by and among the Loan Parties, on the one hand, and the Administrative Agent or any other Lender, on the other hand.  References in the Credit Agreement to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein”, “hereof” or other words of like import) and in any other Loan Document to the “Credit Agreement” shall be deemed to be references to the Credit Agreement as modified hereby.  Without limiting the generality of the foregoing, the execution and delivery of this Agreement shall not constitute a novation of any indebtedness or other obligations owing to the Lenders or the Administrative Agent under the Credit Agreement based on facts or events occurring or existing prior to the execution and delivery of this Agreement.  On the Effective Date, the credit facilities described in the Credit Agreement, shall be continued by the facilities described herein, and, subject to terms hereof, all loans and other obligations of the Borrower outstanding as of such date under the Credit Agreement, shall be deemed to be loans and obligations outstanding under the corresponding facilities described herein, without any further action by any Person, except that the Administrative Agent shall make such transfers of funds as are necessary in order that the outstanding balance of such Loans, together with any Loans funded on the Effective Date, reflect the respective Commitments of the Lenders.

6.    Representations and Warranties.  The Borrower represents and warrants that (a) it has the corporate power and authority to execute, deliver and perform this Agreement, (b) it has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement, (c) this Agreement has been duly executed and delivered on behalf of the Borrower, (d) this Agreement constitutes a legal, valid and binding obligation of the Borrower, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law), (e) after giving effect to this Agreement, each of the representations and warranties made by it in or pursuant to the Loan Documents is true and correct in all material respects (except to the extent that such representation and warranty is subject to a materiality or Material Adverse Effect qualifier, in which case it shall be true and correct in all respects), in each case on and as of the Effective Date as if made on and as of the Effective Date, except to the extent that such representations and warranties relate to an earlier date, in which case such representations and warranties are true and correct in all material respects (except to the extent that such representation and warranty is subject to a materiality or Material Adverse Effect qualifier, in which case it shall be true and correct in all respects) as of such earlier date and (f) after giving effect to this Agreement, no Default shall have occurred and be continuing.

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7.    Reaffirmation.  By its execution hereof, Borrower hereby expressly (a) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting and (b) agrees that this Agreement shall in no manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Loan Documents.

8.    Execution in Counterparts.  This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of an original executed counterpart hereof.  

9.    Governing Law.  THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
10.    Entire Agreement.  This Agreement is the entire agreement, and supersedes any prior agreements and contemporaneous oral agreements, of the parties concerning its subject matter.
11.    Successors and Assigns.  This Agreement shall be binding on and inure to the benefit of the parties and their heirs, beneficiaries, successors and permitted assigns. 
12.    Cashless Settlement.      Each of the Existing Lenders executing and delivering an Authorization that elects a cashless settlement (each, a “Cashless Authorization”) is a Lender of record holding as of the date of its Cashless Authorization the principal amount set forth in the Register of Tranche B-2 Term Loans outstanding (which excludes accrued interest and other non-principal amounts owing, if any) under the Credit Agreement (with respect to such Existing Lender, such principal amount, the “Existing Principal” and such Loans, the “Existing Loans”) and has requested a cashless settlement in its Cashless Authorization.

Pursuant to this Agreement, the Tranche B-3 Term Lenders will make new Tranche B-3 Term Loans under the Credit Agreement to the Borrower for the purpose of replacing the Existing Loans.  The Borrower hereby offers to each Existing Lender to exchange the Allocated Amount (as defined below) of the Existing Loans held by such Existing Lender on the Effective Date for Tranche B-3 Term Loans in an aggregate principal amount equal to the Allocated Amount so exchanged, which shall be evidenced and governed by the Credit Agreement and the related Loan Documents as defined therein (such Allocated Amount so exchanged, the “Allocated Loans”), and each Existing Lender providing a Cashless Authorization hereby agrees to accept such offer of exchange.

For purposes of this Agreement, the term “Allocated Amount” shall mean, with respect to any Existing Lender, an aggregate principal amount, not to exceed the amount of the Existing Principal of such Existing Lender outstanding on the Effective Date immediately prior to giving effect to this Agreement, determined by the Administrative Agent in consultation with the Borrower and notified to the Borrower and each Existing Lender.  

Upon satisfaction or waiver of the conditions precedent set forth in Section 4 of this Agreement (including, without limitation, the Borrower paying to the Administrative Agent, for the account of each Existing Lender, all interest and other non-principal amounts then due and owing by the Borrower to such 

6

Existing Lender in respect of such Existing Lender’s Existing Loans on the Effective Date) and the funding of the Tranche B-3 Term Loans on the Effective Date, and notwithstanding anything to the contrary contained in the Credit Agreement, the Borrower’s obligations in respect of the Existing Loans of each Existing Lender in the amount equal to such Existing Lender’s Allocated Amount shall be deemed to have been satisfied; provided that if the Allocated Amount with respect to any Existing Lender is less than the Existing Loans of such Lender, then the difference shall be repaid to the extent set forth in and in accordance with the terms of this Agreement.  Upon the Administrative Agent marking the Register as contemplated below, each Existing Lender shall become a “Lender” pursuant to, and for all purposes under, the Credit Agreement with respect to the Allocated Loans.  The Administrative Agent’s determination and entry and completion of the Register shall be conclusive, in each case, absent clearly demonstrable error.  For the avoidance of doubt, it is acknowledged and agreed between the Borrower and each Existing Lender that (i) the Allocated Loans shall be initially made by the Tranche B-3 Term Lenders on the Effective Date, (ii) the Tranche B-3 Term Lenders shall not be required to pay any amount with respect to the Allocated Loans made by any of them, and the Administrative Agent shall not be required to pay any amount with respect to any of the Allocated Loans, but such Allocated Loans shall be transferred to such Existing Lender by marking the Register as contemplated below, and (iii) notwithstanding anything to the contrary contained in the Credit Agreement, each Existing Lender providing a Cashless Authorization has agreed to accept, as satisfaction in full of its right to receive payment of the Existing Principal under the Credit Agreement in the amount equal to such Existing Lender’s Allocated Amount, the right to receive for no additional consideration Allocated Loans in accordance herewith.   Notwithstanding anything to the contrary, each Existing Lender agrees to waive its right to compensation for any amounts owing under Section 3.05 of the Credit Agreement.

By executing and delivering a Cashless Authorization, each Existing Lender (a) represents and warrants to the Lead Arranger, the Administrative Agent and the other Lenders that (i)(A) it has full power and authority, and has taken all action necessary, to execute and deliver its Cashless Authorization and to consummate the transactions contemplated hereby and thereby and to become a Lender under the Credit Agreement in respect of the Allocated Loans, and (B) neither its execution and delivery of the Cashless Authorization nor the consummation of the transactions contemplated hereby or thereby conflict with such Existing Lender’s organizational documents or material contracts or with any applicable law, (ii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Allocated Loans, shall have the obligations of a Lender thereunder and (iii) it has received a copy of this Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.01 of the Credit Agreement, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into its Cashless Authorization and this Agreement and to accept the Allocated Loans, on the basis of which it has made such analysis and decision independently and without reliance on the Lead Arranger, the Administrative Agent, or any other Lender; and (b) agrees that (i) it will, independently and without reliance on the Lead Arranger, the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender thereunder, and (iii) it hereby irrevocably appoints, designates and authorizes the Administrative Agent to take such action on its behalf under the provisions of the Credit Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of the Credit Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto, including, without limitation, pursuant to Article IX of the Credit Agreement. 
    

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In order to evidence the exchange contemplated above, the Administrative Agent has notified the Borrower that, upon the occurrence of the Effective Date (and the payment of all interest and other non-principal amounts then due and owing by the Borrower to such Existing Lender in respect of such Existing Lender’s Existing Loans on the  Effective Date), it will mark the Register to reflect (a) the Existing Loans of each Existing Lender in the amount equal to such Existing Lender’s Allocated Amount as no longer outstanding and (b) that each Existing Lender is a Lender under the Credit Agreement upon the occurrence of the Effective Date in respect of its Allocated Loans.  None of the Administrative Agent, the Lead Arranger, any other agent, or any of their respective affiliates (each of the foregoing, an “Agent-Related Person”), shall be liable to any Existing Lender, any other Lender, the Borrower or any of their respective affiliates, equity holders or debt holders for any losses, costs, damages or liabilities incurred, directly or indirectly, as a result of any Agent-Related Person, or their counsel or other representatives, taking any action in accordance with the Cashless Authorization or this Agreement or executing a Cashless Authorization or this Agreement.

13.    Agreement Regarding Tranche B-3 Term Lenders.  Each of the parties hereto (including, by its execution of an Authorization each Tranche B-3 Term Lender) agrees that effective as of the Effective Date any Person executing such Authorization (a) shall be an “Term B Lender” and a “Lender” for all purposes of the Credit Agreement and the other Loan Documents, (b) shall perform all of the obligations that are required to be performed by it as such under the Loan Documents and (c) shall be entitled to the benefits, rights and remedies as such set forth in the Loan Documents. 
14.    Agreement Regarding Assignments.  Notwithstanding anything to the contrary contained in the Credit Agreement (including, without limitation, Section 10.06 thereof) or any other Loan Document, the Borrower hereby agrees that its consent shall not be required with respect to any assignment of any Tranche B-3 Term Loans during the primary syndication of the Tranche B-3 Term Loans (which period shall begin on the Effective Date and end on the sixtieth (60th) day following the Effective Date) to financial institutions that have been identified in the allocations for the Tranche B-3 Term Loans that were previously provided by the Lead Arranger to the Borrower. 
 [Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed under seal by their duly authorized officers, all as of the day and year first written above.

BORROWER:    ON ASSIGNMENT, INC., as Borrower

By:         
Name:  James L. Brill 
Title:  Treasurer
    

		
	ADMINISTRATIVE AGENT:
	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and a Lender

By:         
Name:  
Title:   

    

On Assignment, Inc.
Third Amendment 
Signature Page

 

ACKNOWLEDGMENT AND REAFFIRMATION

August 22, 2017

By its execution hereof, each Subsidiary Guarantor hereby expressly (a) represents and warrants that (i) it has the corporate or limited liability company, as applicable, power and authority to execute, deliver and perform this Acknowledgment and Reaffirmation, (ii) it has taken all necessary corporate or other action to authorize the execution, delivery and performance of this Acknowledgment and Reaffirmation, (iii) this Acknowledgment and Reaffirmation has been duly executed and delivered on behalf of such Person, and (iv) this Acknowledgment and Reaffirmation constitutes a legal, valid and binding obligation of such Person, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law), (b) consents to the Third Amendment dated as of the date hereof, by and among On Assignment, Inc., a Delaware corporation, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent for the lenders (the “Agreement”; all capitalized undefined terms used herein shall have the meanings assigned in the Agreement and if not defined in the Agreement, shall have the meanings assigned thereto in the Credit Agreement) and (c) acknowledges that the covenants, representations, warranties and other obligations set forth in the Credit Agreement and the other Loan Documents to which it is a party remain in full force and effect.  In furtherance of the foregoing, each Subsidiary Guarantor (i) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting and (ii) agrees that the Agreement shall in no manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Loan Documents.

[Signature Page Follows]

 

SUBSIDIARY GUARANTORS:    LAB SUPPORT, LLC 
CREATIVE CIRCLE, LLC

By:    On Assignment, Inc., as sole member

By:  ___________________________________ 
Name:  James L. Brill 
Title:  Treasurer

CYBERCODERS, INC.

By:  ___________________________________ 
Name:  Rose Cunningham
Title:      Treasurer

APEX SYSTEMS, LLC 
APEX LIFE SCIENCES, LLC (formerly known as ON ASSIGNMENT STAFFING SERVICES, LLC) 
OXFORD GLOBAL RESOURCES, LLC

By:  ___________________________________ 
Name:  James L. Brill
Title:      Treasurer

CYBERCODERS STAFFING SERVICES, LLC

By:    CyberCoders, Inc., as sole member

By:  ___________________________________ 
Name:  Rose Cunningham 
Title:   Treasurer

HIM STAFFING SERVICES, LLC

By:    Oxford Global Resources, LLC, as sole member
    

By:  ___________________________________ 
Name:  James L. Brill 
Title:    Treasurer

On Assignment, Inc.
Third Amendment
Acknowledgment and Reaffirmation
Signature Page

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