Document:

Exhibit 10.2

 

EXECUTION VERSION

 

Additional Credit Extension Amendment

 

This Additional Credit Extension Amendment is dated as of October 23, 2014 (this “Amendment”) by and among each of the financial institutions set forth on Schedule II annexed hereto (each an “Additional Lender” and collectively the “Additional Lenders”), Select Medical Corporation, a Delaware corporation (the “Borrower”), Select Medical Holdings Corporation, a Delaware corporation (“Holdings’) and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent.

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, reference is hereby made to that certain Credit Agreement, dated as of June 1, 2011 and as amended by Amendment No. 1 dated as of August 8, 2012, the Additional Credit Extension Amendment dated as of August 13, 2012, Amendment No. 2 dated as of November 6, 2012, Amendment No. 3 dated as of February 15, 2013, the Additional Credit Extension Amendment dated as of February 20, 2013, Amendment No. 4 dated as of June 3, 2013, and Amendment No. 5, dated as of March 4, 2014, as amended, supplemented and in effect from time to time (the “Credit Agreement”; capitalized terms used herein and not defined shall have the meanings set forth in the Credit Agreement), among SELECT MEDICAL HOLDINGS CORPORATION (“Holdings”), SELECT MEDICAL CORPORATION (the “Borrower”), JPMORGAN CHASE BANK, N.A., as Administrative Agent and Collateral Agent (the “Administrative Agent” and the “Collateral Agent,” respectively), MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and GOLDMAN SACHS BANK USA, as Co-Syndication Agents, MORGAN STANLEY SENIOR FUNDING, INC. and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Co-Documentation Agents, and the several banks and other financial institutions from time to time party thereto as lenders (the “Lenders”).

 

WHEREAS, subject to the terms and conditions of the Credit Agreement, Borrower may obtain Incremental Revolver Commitments and/or Incremental Term Loans by entering into one or more Additional Credit Extension Amendments with Additional Lenders; and

 

WHEREAS, pursuant to Section 2.20 of the Credit Agreement, the Credit Agreement may, without the consent of any other Lenders, be amended as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of Section 2.20 of the Credit Agreement. NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION ONE. Agreements of Additional Lenders.

 

Each Additional Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or Agent 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; (iii) appoints and authorizes Administrative Agent and each other Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to Administrative Agent or such other Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.

 

 

Each Additional Lender hereby commits to provide its respective Incremental Revolving Commitments as set forth on Schedule II annexed hereto. Such Incremental Revolving Commitments shall be subject to the provisions of the Credit Agreement and the other Loan Documents and shall constitute 2018 Extended Revolving Commitments thereunder. Each Additional Lender (other than any Additional Lender that, immediately prior to the execution of this Amendment, is a “Lender” under the Credit Agreement) acknowledges and agrees that upon its execution of this Amendment its 2018 Extended Revolving Commitments shall be effective and that such Additional Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender thereunder.

 

SECTION TWO. Conditions to Effectiveness. This Amendment shall become effective on October 23, 2014 (the “Amendment Effective Date”) when, and only when, the following conditions have been satisfied:

 

(i)            this Amendment shall have been executed and delivered by the Borrower, Holdings, the other Loan Parties, each Additional Lender party hereto and the Administrative Agent;

 

(ii)           the Administrative Agent shall have received copies of the resolutions of the board of directors (or authorized committee thereof) of (x) Holdings, (y) the Borrower and (z) each Subsidiary Loan Party approving and authorizing the execution, delivery and performance of this Amendment, certified as of the Amendment Effective Date by the corporate secretary or an assistant secretary thereof as being in full force and effect without modification or amendment;

 

(iii)          the Administrative Agent shall have received a legal opinion dated the Amendment Effective Date from Dechert LLP in form and substance reasonably satisfactory to the Arrangers and the Administrative Agent;

 

(iv)          the representations and warranties set forth in Article III of the Credit Agreement and in each other Loan Document shall be true and correct in all material respects (except to the extent any such representation or warranty is qualified by “materially,” “Material Adverse Effect” or a similar term, in which case such representation and warranty shall be true and correct in all respects) on and as of the date hereof (both before and after giving effect to the effectiveness of this Amendment) with the same effect as though made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date (provided that the solvency representation will be deemed to have been made on the Amendment Effective Date after giving effect to the effectiveness of this Amendment);

 

(v)           to the extent not previously delivered, each Additional Lender and the Administrative Agent shall have received at least 3 business days prior to the date hereof all documentation and other information about the Borrower and the Subsidiary Loan Parties required under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act that has been requested in writing at least 5 business days prior to the date hereof;

 

(vii)            immediately prior to and after giving effect to the effectiveness of this Amendment, no Default has occurred or is continuing or shall result from the effectiveness of this Amendment;

 

(viii)           the Administrative Agent shall have received a certificate, dated the Amendment Effective Date and signed by an authorized officer of the Borrower, certifying compliance with

 

2

 

clauses (iv), (vii) and (ix) of this Section 2 of this Amendment and Section 2.20 of the Credit Agreement;

 

(ix)          immediately prior to and on a Pro Forma Basis after giving effect to the effectiveness of this Amendment, (A) the Borrower is in compliance with the Financial Performance Covenant recomputed as of the last day of the most recently ended fiscal quarter for which financial statements of the Borrower are available and (B) the Secured Leverage Ratio of the Borrower is less than or equal to 3.50 to 1.00 as of the last day of the most recent fiscal quarter of the Borrower for which financial statements have been delivered pursuant to Section 5.01(a) or (b) of the Credit Agreement; and

 

(x)           to the extent not previously delivered, (i) the Administrative Agent shall have received a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance, if applicable, duly executed by the Borrower and each Loan Party relating thereto) and (ii) the Administrative Agent shall have received a copy of, or a certificate as to coverage under, the insurance policies required by Section 5.07 of the Credit Agreement including, without limitation, flood insurance policies (to the extent required in order to comply with applicable law) and the applicable provisions of the Security Documents, each of which shall be endorsed or otherwise amended to include a “standard” or “New York” lender’s loss payable or mortgagee endorsement (as applicable) and shall name the Collateral Agent, on behalf of the Secured Parties, as additional insured, in form and substance reasonably satisfactory to the Administrative Agent.

 

SECTION THREE. Post-Closing Covenant. Subject to the provisions of the Collateral and Guarantee Requirement and any applicable limitations in any Loan Document, Borrower hereby agrees with the Administrative Agent to deliver, on or before the date that is 60 days after the Amendment Effective Date (or such longer period of time as may be agreed by the Administrative Agent in its sole discretion), with respect to each Mortgaged Property:

 

(a)           an amendment to each existing Mortgage (each, a “Mortgage Amendment”) duly executed and acknowledged by the applicable Loan Party and in form for recording in the recording office where such Mortgage was recorded, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing thereof under applicable law, in each case in form and substance reasonably satisfactory to the Administrative Agent and otherwise approved by the applicable local counsel for filing in the appropriate jurisdiction;

 

(b)           with respect to each Mortgage Amendment (other than those Mortgage Amendments relating to Mortgaged Property located in New Jersey and Ohio), a datedown endorsement to each existing mortgage title policy (if such endorsement is not available in the jurisdiction, a title search and modification endorsement in lieu thereof) (each, a “Datedown Endorsement,” collectively, the “Datedown Endorsements”) relating to the Mortgaged Property subject to such Mortgage insuring the Administrative Agent that such Mortgage, as amended by such Mortgage Amendment is a valid and enforceable first priority lien on such Mortgaged Property in favor of the Collateral Agent for the benefit of the Secured Parties and that there are no Liens of record in violation of the provisions of the Loan Documents, and such Datedown Endorsement shall otherwise be in form and substance reasonably satisfactory to the Administrative Agent; and

 

(c)           with respect to each Mortgage Amendment relating to Mortgaged Property located in New Jersey and Ohio, (i) title searches in form and substance reasonably acceptable to the

 

3

 

Administrative Agent, conducted by a title insurance company reasonably acceptable to the Administrative Agent, which reflect that there are no Liens of record in violation of the provisions of the Loan Documents and (ii) opinions addressed to the Administrative Agent and the Collateral Agent for its benefit and for the benefit of the Secured Parties of (A) local counsel in each jurisdiction where the Mortgaged Property is located with respect to the enforceability and perfection of the Mortgages, as amended by such Mortgage Amendments, and other matters customarily included in such opinions and (ii) counsel for the Borrower regarding due authorization, execution and delivery of such Mortgage Amendments, in each case, in form and substance reasonably satisfactory to the Administrative Agent.

 

SECTION FOUR. Representations and Warranties. In order to induce each Additional Lender and the Administrative Agent to enter into this Amendment, the Borrower represents and warrants to each Additional Lender and the Administrative Agent that, after giving effect to this Amendment, and both before and after giving effect to the transactions contemplated by this Amendment:

 

(a)           no Default or Event of Default has occurred and is continuing;

 

(b)           the entry into this Amendment by (x) Holdings, (y) the Borrower and (z) each other Loan Party has been duly authorized by all necessary corporate or other action of each such entity; and

 

(c)           each of the representations and warranties made by each of the Loan Parties in or pursuant to the Loan Documents is true and correct in all material respects (except to the extent any such representation or warranty is qualified by “materially,” “Material Adverse Effect” or a similar term, in which case such representation and warranty shall be true and correct in all respects) on and as of the date hereof as if made on the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, in all material respects as of such specific date).

 

SECTION FIVE. Reference to and Effect on the Loan Documents. On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement,” “thereunder,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment, and this Amendment shall constitute a “Loan Document” for all purposes under the Credit Agreement. The Credit Agreement, the Notes and each of the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or any Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

 

SECTION SIX. Reaffirmation. Each Loan Party (x) hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby, (y) by its signature below, hereby affirms and confirms (a) its obligations under each of the Loan Documents to which it is a party, and (b) the pledge of and/or grant of a security interest in its assets which are Collateral to secure such Obligations, all as provided in the Security Documents as originally executed, and acknowledges and agrees that such guarantee, pledge and/or grant shall continue in full force and effect in respect of, and to secure, such Obligations under the Credit Agreement and the other Loan Documents and (z) acknowledges and agrees that each of the Loan Documents in existence as of the date hereof shall

 

4

 

be henceforth read and construed in accordance with and so as to give full force and effect to the ratifications, confirmations, acknowledgements and agreements made herein.

 

SECTION SEVEN. Costs, Expenses and Taxes. The Borrower agrees to pay all reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered here-under, if any (including, without limitation, the reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP, counsel to the Administrative Agent) in accordance with the terms of Section 9.03 of the Credit Agreement.

 

SECTION EIGHT. Loss of FATCA Grandfathering. For purposes of determining withholding Taxes imposed under FATCA, from and after the effective date of this Amendment, the Borrower and the Administrative Agent shall treat the 2018 Extended Revolving Commitments (including the Incremental Revolving Commitments and any 2018 Extended Revolving Loans (including any 2018 Extended Revolving Loans already outstanding) made pursuant the 2018 Extended Revolving Commitments) as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

SECTION NINE. Execution in Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Amendment by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment.

 

SECTION TEN. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

[Signature Pages Follow]

 

5

 

	
 
    	
SELECT MEDICAL CORPORATION,
    
	
 
    	
as the Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Joel T. Veit
    
	
 
    	
 
    	
Name: 
    	
Joel T. Veit
    
	
 
    	
 
    	
Title: 
    	
Sr. Vice President & Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SELECT MEDICAL HOLDINGS CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Joel T. Veit
    
	
 
    	
 
    	
Name: 
    	
Joel T. Veit
    
	
 
    	
 
    	
Title: 
    	
Sr. Vice President & Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
EACH OF THE SUBSIDIARIES LISTED ON
    
	
 
    	
SCHEDULE I HERETO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Joel T. Veit
    
	
 
    	
 
    	
Name: 
    	
Joel T. Veit
    
	
 
    	
 
    	
Title: 
    	
Vice President
    

 

[Select Medical — Revolver Extension Amendment (Incremental)]

 

 

	
 
    	
JPMORGAN CHASE BANK, N.A., 
    
	
 
    	
as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Dawn L. LeeLum
    
	
 
    	
Name: 
    	
Dawn L. LeeLum
    
	
 
    	
Title: 
    	
Executive Director
    

 

[Select Medical — Revolver Additional Credit Extension Amendment (Incremental)]

 

 

	
 
    	
DEUTSCHE BANK AG NEW YORK BRANCH,
    
	
 
    	
as an Additional Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Michael Winters
    
	
 
    	
 
    	
Name: 
    	
Michael Winters
    
	
 
    	
 
    	
Title: 
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Peter Cucchiara
    
	
 
    	
 
    	
Name: 
    	
Peter Cucchiara
    
	
 
    	
 
    	
Title: 
    	
Vice President
    

 

[Select Medical — Revolver Additional Credit Extension Amendment (Incremental)]

 

 

SCHEDULE I

TO ADDITIONAL CREDIT EXTENSION AMENDMENT

 

SUBSIDIARY LOAN PARTIES

 

	
Group1
    	
 
    
	
 
    	
 
    
	
1.
    	
Advantage   Rehabilitation Clinics, Inc.
    
	
2.
    	
American   Transitional Hospitals, Inc.
    
	
3.
    	
Baseline   Rehabilitation, Inc.
    
	
4.
    	
C.E.R.   - West, Inc.
    
	
5.
    	
Community   Rehab Centers of Massachusetts, Inc.
    
	
6.
    	
Crowley   Physical Therapy Clinic, Inc.
    
	
7.
    	
Dade   Prosthetics & Orthotics, Inc.
    
	
8.
    	
Douglas   Avery & Associates, Ltd.
    
	
9.
    	
Eagle   Rehab Corporation
    
	
10.
    	
Fine,   Bryant & Wah, Inc.
    
	
11.
    	
Georgia   Physical Therapy, Inc.
    
	
12.
    	
Gulf   Breeze Physical Therapy, Inc.
    
	
13.
    	
Hospital   Holdings Corporation
    
	
14.
    	
Indianapolis   Physical Therapy and Sports Medicine, Inc.
    
	
15.
    	
Intensiva   Healthcare Corporation
    
	
16.
    	
Intensiva   Hospital of Greater St. Louis, Inc.
    
	
17.
    	
Johnson   Physical Therapy, Inc.
    
	
18.
    	
Joyner   Sportsmedicine Institute, Inc.
    
	
19.
    	
Kentucky   Rehabilitation Services, Inc.
    
	
20.
    	
Kessler   Institute for Rehabilitation, Inc.
    
	
21.
    	
Kessler   Orthotic & Prosthetic Services, Inc.
    
	
22.
    	
Kessler   Rehab Centers, Inc.
    
	
23.
    	
Kessler   Rehabilitation Corporation
    
	
24.
    	
Kessler   Rehabilitation Services, Inc.
    
	
25.
    	
Madison   Rehabilitation Center, Inc.
    
	
26.
    	
Metro   Rehabilitation Services, Inc.
    
	
27.
    	
Metro   Therapy, Inc.
    
	
28.
    	
New   England Rehabilitation Center of Southern New Hampshire, Inc.
    
	
29.
    	
NovaCare   Occupational Health Services, Inc.
    

 

 

	
30.
    	
NovaCare   Outpatient Rehabilitation East, Inc.
    
	
31.
    	
NovaCare   Outpatient Rehabilitation, Inc.
    
	
32.
    	
NovaCare   Rehabilitation of Ohio, Inc.
    
	
33.
    	
NovaCare   Rehabilitation, Inc.
    
	
34.
    	
Pacific   Rehabilitation & Sports Medicine, Inc.
    
	
35.
    	
PR   Acquisition Corporation
    
	
36.
    	
Pro   Active Therapy of North Carolina, Inc.
    
	
37.
    	
Pro   Active Therapy of South Carolina, Inc.
    
	
38.
    	
Pro   Active Therapy of Virginia, Inc.
    
	
39.
    	
Pro   Active Therapy, Inc.
    
	
40.
    	
Professional   Sports Care Management, Inc.
    
	
41.
    	
Professional   Therapeutic Services, Inc.
    
	
42.
    	
Professional   Therapy Systems, Inc.
    
	
43.
    	
PTSMA, Inc.
    
	
44.
    	
RCI   (Michigan), Inc.
    
	
45.
    	
RCI   (WRS), Inc.
    
	
46.
    	
Regency   Management Company, Inc.
    
	
47.
    	
Rehab   Provider Network - East I, Inc.
    
	
48.
    	
Rehab   Provider Network - East II, Inc.
    
	
49.
    	
Rehab   Provider Network - Indiana, Inc.
    
	
50.
    	
Rehab   Provider Network - New Jersey, Inc.
    
	
51.
    	
Rehab   Provider Network - Pennsylvania, Inc.
    
	
52.
    	
Rehab   Provider Network of Colorado, Inc.
    
	
53.
    	
Rehab   Provider Network of Florida, Inc.
    
	
54.
    	
Rehab   Provider Network of New Mexico, Inc.
    
	
55.
    	
Rehab   Provider Network of North Carolina, Inc.
    
	
56.
    	
Rehab   Provider Network of South Carolina, Inc.
    
	
57.
    	
Rehab   Provider Network of Texas, Inc.
    
	
58.
    	
Rehab   Provider Network of Virginia, Inc.
    
	
59.
    	
Rehab   Provider Network-Michigan, Inc.
    
	
60.
    	
Rehab   Provider Network-Ohio, Inc.
    
	
61.
    	
RehabClinics   (GALAXY), Inc.
    
	
62.
    	
RehabClinics   (PTA), Inc.
    
	
63.
    	
RehabClinics   (SPT), Inc.
    
	
64.
    	
RehabClinics, Inc.
    

 

 

	
65.
    	
Rehabilitation   Center of Washington, D.C., Inc.
    
	
66.
    	
RPN   of NC, Inc.
    
	
67.
    	
S.T.A.R.T., Inc.
    
	
68.
    	
Select   Employment Services, Inc.
    
	
69.
    	
Select   Hospital Investors, Inc.
    
	
70.
    	
Select   Medical of Kentucky, Inc.
    
	
71.
    	
Select   Medical of Maryland, Inc.
    
	
72.
    	
Select   Medical of New York, Inc.
    
	
73.
    	
Select   Medical Rehabilitation Clinics, Inc.
    
	
74.
    	
Select   Medical Rehabilitation Services, Inc.
    
	
75.
    	
Select   NovaCare - KOP, Inc.
    
	
76.
    	
Select   NovaCare - PBG, Inc.
    
	
77.
    	
Select   NovaCare - PIT, Inc.
    
	
78.
    	
Select   Physical Therapy Holdings, Inc.
    
	
79.
    	
Select   Physical Therapy Network Services, Inc.
    
	
80.
    	
Select   Physical Therapy of Chicago, Inc.
    
	
81.
    	
Select   Physical Therapy Orthopedic Services, Inc.
    
	
82.
    	
Select   Provider Networks, Inc.
    
	
83.
    	
Select   Rehabilitation Hospital - Hershey, Inc.
    
	
84.
    	
Select   Specialty Hospital - Ann Arbor, Inc.
    
	
85.
    	
Select   Specialty Hospital - Arizona, Inc.
    
	
86.
    	
Select   Specialty Hospital - Augusta, Inc.
    
	
87.
    	
Select   Specialty Hospital - Beech Grove, Inc.
    
	
88.
    	
Select   Specialty Hospital - Charleston, Inc.
    
	
89.
    	
Select   Specialty Hospital - Cincinnati, Inc.
    
	
90.
    	
Select   Specialty Hospital - Colorado Springs, Inc.
    
	
91.
    	
Select   Specialty Hospital - Columbus, Inc.
    
	
92.
    	
Select   Specialty Hospital - Conroe, Inc.
    
	
93.
    	
Select   Specialty Hospital - Dallas, Inc.
    
	
94.
    	
Select   Specialty Hospital - Danville, Inc.
    
	
95.
    	
Select   Specialty Hospital - Denver, Inc.
    
	
96.
    	
Select   Specialty Hospital - Durham, Inc.
    
	
97.
    	
Select   Specialty Hospital - Erie, Inc.
    
	
98.
    	
Select   Specialty Hospital - Evansville, Inc.
    
	
99.
    	
Select   Specialty Hospital - Flint, Inc.
    

 

 

	
100.
    	
Select   Specialty Hospital - Fort Smith, Inc.
    
	
101.
    	
Select   Specialty Hospital - Fort Wayne, Inc.
    
	
102.
    	
Select   Specialty Hospital - Gainesville, Inc.
    
	
103.
    	
Select   Specialty Hospital - Greensboro, Inc.
    
	
104.
    	
Select   Specialty Hospital - Grosse Pointe, Inc.
    
	
105.
    	
Select   Specialty Hospital - Jackson, Inc.
    
	
106.
    	
Select   Specialty Hospital - Johnstown, Inc.
    
	
107.
    	
Select   Specialty Hospital - Kalamazoo, Inc.
    
	
108.
    	
Select   Specialty Hospital - Kansas City, Inc.
    
	
109.
    	
Select   Specialty Hospital - Knoxville, Inc.
    
	
110.
    	
Select   Specialty Hospital - Laurel Highlands, Inc.
    
	
111.
    	
Select   Specialty Hospital - Lexington, Inc.
    
	
112.
    	
Select   Specialty Hospital - Little Rock, Inc.
    
	
113.
    	
Select   Specialty Hospital - Longview, Inc.
    
	
114.
    	
Select   Specialty Hospital - Macomb County, Inc.
    
	
115.
    	
Select   Specialty Hospital - Madison, Inc.
    
	
116.
    	
Select   Specialty Hospital - McKeesport, Inc.
    
	
117.
    	
Select   Specialty Hospital - Memphis, Inc.
    
	
118.
    	
Select   Specialty Hospital - Midland, Inc.
    
	
119.
    	
Select   Specialty Hospital - Milwaukee, Inc.
    
	
120.
    	
Select   Specialty Hospital - Nashville, Inc.
    
	
121.
    	
Select   Specialty Hospital - North Knoxville, Inc.
    
	
122.
    	
Select   Specialty Hospital - Northeast New Jersey, Inc.
    
	
123.
    	
Select   Specialty Hospital - Northeast Ohio, Inc.
    
	
124.
    	
Select   Specialty Hospital - Northwest Detroit, Inc.
    
	
125.
    	
Select   Specialty Hospital - Oklahoma City, Inc.
    
	
126.
    	
Select   Specialty Hospital - Omaha, Inc.
    
	
127.
    	
Select   Specialty Hospital - Orlando, Inc.
    
	
128.
    	
Select   Specialty Hospital - Palm Beach, Inc.
    
	
129.
    	
Select   Specialty Hospital - Panama City, Inc.
    
	
130.
    	
Select   Specialty Hospital - Pensacola, Inc.
    
	
131.
    	
Select   Specialty Hospital - Phoenix, Inc.
    
	
132.
    	
Select   Specialty Hospital - Pittsburgh/UPMC, Inc.
    
	
133.
    	
Select   Specialty Hospital - Pontiac, Inc.
    
	
134.
    	
Select   Specialty Hospital - Quad Cities, Inc.
    

 

 

	
135.
    	
Select   Specialty Hospital - Saginaw, Inc.
    
	
136.
    	
Select   Specialty Hospital - San Antonio, Inc.
    
	
137.
    	
Select   Specialty Hospital - Savannah, Inc.
    
	
138.
    	
Select   Specialty Hospital - Sioux Falls, Inc.
    
	
139.
    	
Select   Specialty Hospital - South Dallas, Inc.
    
	
140.
    	
Select   Specialty Hospital - Springfield, Inc.
    
	
141.
    	
Select   Specialty Hospital - Tallahassee, Inc.
    
	
142.
    	
Select   Specialty Hospital - Topeka, Inc.
    
	
143.
    	
Select   Specialty Hospital - TriCities, Inc.
    
	
144.
    	
Select   Specialty Hospital - Tulsa, Inc.
    
	
145.
    	
Select   Specialty Hospital - Western Michigan, Inc.
    
	
146.
    	
Select   Specialty Hospital - Western Missouri, Inc.
    
	
147.
    	
Select   Specialty Hospital - Wichita, Inc.
    
	
148.
    	
Select   Specialty Hospital - Wilmington, Inc.
    
	
149.
    	
Select   Specialty Hospital - Winston-Salem, Inc.
    
	
150.
    	
Select   Specialty Hospital - Youngstown, Inc.
    
	
151.
    	
Select   Specialty Hospital - Zanesville, Inc.
    
	
152.
    	
Select   Specialty Hospitals, Inc.
    
	
153.
    	
Select   Subsidiaries, Inc.
    
	
154.
    	
Select   Synergos, Inc.
    
	
155.
    	
Select   Transport, Inc.
    
	
156.
    	
Select   Unit Management, Inc.
    
	
157.
    	
SemperCare, Inc.
    
	
158.
    	
Sports &   Orthopedic Rehabilitation Services, Inc.
    
	
159.
    	
The   Rehab Group, Inc.
    
	
160.
    	
Theraworks, Inc.
    
	
161.
    	
Victoria   Healthcare, Inc.
    
	
162.
    	
OHRH   ES, Inc.
    
	
163.
    	
GRSH   ES, Inc.
    
	
164.
    	
Select   Specialty Hospital — Daytona Beach, Inc.
    
	
165.
    	
Select   Specialty Hospital — Melbourne, Inc.
    
	
166.
    	
GH   General — San Antonio, LLC
    
	
167.
    	
GR   General — Scottsdale, LLC
    

 

 

	
Group   2
    	
 
    
	
 
    	
 
    
	
168.
    	
SelectMark, Inc.
    
	
169.
    	
SLMC   Finance Corporation
    
	
 
    	
 
    
	
Group   3
    	
 
    
	
 
    	
 
    
	
170.
    	
Select   Physical Therapy of Albuquerque, Ltd.
    
	
171.
    	
Select   Physical Therapy of Birmingham, Ltd.
    
	
172.
    	
Select   Physical Therapy of Blue Springs Limited Partnership
    
	
173.
    	
Select   Physical Therapy of Cave Springs Limited Partnership
    
	
174.
    	
Select   Physical Therapy of Colorado Springs Limited Partnership
    
	
175.
    	
Select   Physical Therapy of Connecticut Limited Partnership
    
	
176.
    	
Select   Physical Therapy of Denver, Ltd.
    
	
177.
    	
Select   Physical Therapy of Green Bay Limited Partnership
    
	
178.
    	
Select   Physical Therapy of Illinois Limited Partnership
    
	
179.
    	
Select   Physical Therapy of Kendall, Ltd.
    
	
180.
    	
Select   Physical Therapy of Knoxville Limited Partnership
    
	
181.
    	
Select   Physical Therapy of Lorain Limited Partnership
    
	
182.
    	
Select   Physical Therapy of Louisville, Ltd.
    
	
183.
    	
Select   Physical Therapy of Portola Valley Limited Partnership
    
	
184.
    	
Select   Physical Therapy of Scottsdale Limited Partnership
    
	
185.
    	
Select   Physical Therapy of St. Louis Limited Partnership
    
	
186.
    	
Select   Physical Therapy of West Denver Limited Partnership
    
	
187.
    	
Select   Physical Therapy Texas Limited Partnership
    
	
 
    	
 
    
	
Group   4
    	
 
    
	
 
    	
 
    
	
188.
    	
Select   Physical Therapy of Ohio Limited Partnership
    
	
189.
    	
Select   Physical Therapy Limited Partnership for Better Living
    
	
 
    	
 
    
	
Group   5
    	
 
    
	
 
    	
 
    
	
190.
    	
Regency   Hospital of Odessa, LLLP
    
	
 
    	
 
    
	
Group   6
    	
 
    
	
 
    	
 
    
	
191.
    	
Regency   Hospital Company of Macon, L.L.C.
    
	
192.
    	
Regency   Hospital Company of Meridian, L.L.C.
    
	
193.
    	
Regency   Hospital Company of South Atlanta, L.L.C.
    
	
194.
    	
Regency   Hospital Company of South Carolina, L.L.C.
    

 

 

	
195.
    	
Regency   Hospital of Cincinnati, LLC
    
	
196.
    	
Regency   Hospital of Columbus, LLC
    
	
197.
    	
Regency   Hospital of Covington, LLC
    
	
198.
    	
Regency   Hospital of Greenville, LLC
    
	
199.
    	
Regency   Hospital of Jackson, LLC
    
	
200.
    	
Regency   Hospital of Minneapolis, LLC
    
	
201.
    	
Regency   Hospital of North Central Ohio, LLC
    
	
202.
    	
Regency   Hospital of North Dallas Holdings, LLC
    
	
203.
    	
Regency   Hospital of Northwest Arkansas, LLC
    
	
204.
    	
Regency   Hospital of Northwest Indiana, LLC
    
	
205.
    	
Regency   Hospital of Southern Mississippi, LLC
    
	
206.
    	
Regency   Hospital of Toledo, LLC
    
	
207.
    	
Regency   Hospital of Odessa Limited Partner, LLC
    
	
208.
    	
Regency   Hospital of Fort Worth Holdings, LLC
    
	
 
    	
 
    
	
Group   7
    	
 
    
	
 
    	
 
    
	
209.
    	
Kessler   Professional Services, LLC
    
	
210.
    	
Argosy   Health, LLC
    
	
211.
    	
Select   Medical Property Ventures, LLC
    
	
212.
    	
Select   Specialty Hospital — Northern Kentucky, LLC
    
	
213.
    	
Select   Specialty Hospital — Tulsa/Midtown, LLC
    
	
214.
    	
West   Gables Rehabilitation Hospital, LLC
    
	
215.
    	
GP   Therapy, L.L.C.
    
	
216.
    	
The   Rehab Group — Murfreesboro, LLC
    
	
217.
    	
Regency   Hospital Company, L.L.C.
    
	
218.
    	
Regency   Hospitals, LLC
    

 

 

SCHEDULE II

TO ADDITIONAL CREDIT EXTENSION AMENDMENT

 

	
Name of Lender
    	
 
    	
Type of Commitment
    	
 
    	
Amount
    	
 
    
	
Deutsche Bank AG New York Branch
    	
 
    	
2018   Extended Revolving Commitment
    	
 
    	
$
    	
50,000,000.00
    	
 
    
	
 
    	
 
    	
Total:
    	
 
    	
$
    	
50,000,000.00Exhibit 10.1

 

EXECUTION VERSION

 

FOURTH AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT

 

THIS FOURTH AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment"), with an effective date of October 23, 2014, is by
and among the Lenders party hereto, WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as the agent for the
Lenders (in such capacity, "Agent"), MDC PARTNERS INC., a Canadian corporation ("Parent"), Maxxcom
Inc., a Delaware corporation ("Borrower"),
and each of the Subsidiaries of Parent identified on the signature pages hereof (together with Parent and Borrower, the "Loan
Parties").

 

WHEREAS, Parent, Borrower,
the other Loan Parties, Agent, and Lenders are parties to that certain Amended and Restated Credit Agreement dated as of March
20, 2013 (as amended, modified or supplemented from time to time, the "Credit Agreement"); and

 

WHEREAS, Borrower, Agent
and the Lenders have agreed to amend and modify the Credit Agreement as provided herein, subject to the terms and provisions hereof.

 

NOW THEREFORE, in consideration
of the premises and mutual agreements herein contained, the parties hereto agree as follows:

 

1.           Defined Terms.
Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Credit Agreement.

 

2.           Amendments
to Credit Agreement. Subject to the satisfaction of the conditions set forth in Section 4 below and in reliance upon
the representations and warranties of the Loan Parties set forth in Section 5 below, the Credit Agreement is hereby amended
as follows:

 

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

 

(d)           Notwithstanding anything
contained in the Loan Documents to the contrary, Revolver Usage shall at no time exceed either (a) the maximum amount of Indebtedness
permitted to be outstanding under Section 3.8(b)(3) of the Senior Unsecured Trust Indenture (or, after the consummation of any
Permitted Senior Unsecured Debt Refinancing, the corresponding section of the Permitted Refinancing Senior Unsecured Trust Indenture)
or (b) the maximum amount of Indebtedness permitted to be secured under clauses (10) and (27) of the definition of "Permitted
Liens" set forth in the Senior Unsecured Trust Indenture (or, after the consummation of any Permitted Senior Unsecured Debt
Refinancing, the corresponding clauses of the definition of "Permitted Liens" set forth in the Permitted Refinancing
Senior Unsecured Trust Indenture), in each case as such provisions of the Senior Unsecured Trust Indenture or the Permitted Refinancing
Senior Unsecured Trust Indenture may be amended, modified, waived or supplemented from time to time in accordance with the terms
thereof.

 

    	 

    	 

    

(b)           Section 2.2(a)
of the Credit Agreement is hereby amended by deleting the reference to "4th year anniversary" contained therein and inserting
"5th year anniversary" in lieu thereof.

 

(c)           Section 2.10(b)
of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(b)           for the ratable account
of those Lenders with Revolver Commitments, on the first day of each month from and after the Closing Date up to the first day
of the month prior to the Payoff Date and on the Payoff Date, an unused line fee in an amount equal to the Unused Line Fee Rate
times the result of (i) the Maximum Revolver Amount, less (ii) the average Daily Balance of the Revolver Usage during
the immediately preceding month (or portion thereof).

 

(d)           Section 3.3 of
the Credit Agreement is hereby amended by deleting the reference to "March 20, 2018" contained therein and inserting
"September 30, 2019" in lieu thereof.

 

(e)           Section 4.23 of
the Credit Agreement is hereby amended and restated in its entirety as follows:

 

4.23 Anti-Corruption Laws
and OFAC. To Borrower's knowledge, no Loan Party nor any of its Subsidiaries is in violation of any Sanctions. To Borrower's
knowledge, no Loan Party nor any of its Subsidiaries (a) is a Sanctioned Person or a Sanctioned Entity, (b) has of its
assets located in Sanctioned Entities, or (c) derives its revenues from investments in, or transactions with Sanctioned Persons
or Sanctioned Entities. To Borrower's knowledge, the proceeds of any Advance will not be used to fund any operations in, finance
any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity. To Borrower's knowledge,
each Loan Party has implemented and maintains in effect policies and procedures designed to ensure compliance by such Loan Party,
its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions,
and such Loan Party, its Subsidiaries and their respective officers and employees and to the knowledge of such Loan Party, its
directors and agents, are in compliance with Anti-Corruption Laws in all material respects.

 

(f)           Section 5.8 of
the Credit Agreement is hereby amended and restated in its entirety as follows:

 

5.8 Compliance with Laws.
(i) Comply with the requirements of all applicable laws, rules, regulations, and orders of any Governmental Authority, other than
laws, rules, regulations, and orders the non-compliance with which, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Change and (ii) maintain in effect and enforce policies and procedures designed to ensure compliance
by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and
applicable Sanctions.

 

    	-2-

    	 

    

 

(g)           Section 6.9 of
the Credit Agreement is hereby amended and restated in its entirety as follows:

 

6.9           Restricted Junior
Payments. 

 

Make any
Restricted Junior Payment; provided, that (a) any Subsidiary of Parent may declare and pay dividends to a Loan Party (other
than Parent), (b) any Subsidiary of Parent may pay dividends to Parent (i) in amounts necessary to pay customary expenses of the
Parent in the ordinary course of its business as a public holding company (including salaries and related reasonable and customary
expenses incurred by employees of the Parent) and (ii) in amounts necessary to pay taxes when due and owing by Parent, (c) any
Subsidiary of Parent or the applicable parent company of such Subsidiary may make Restricted Junior Payments to such Subsidiary's
shareholders and employees and management personnel of such Subsidiary's shareholders pursuant to the terms of the shareholder
agreements or similar agreements between such Subsidiary or the applicable parent company of such Subsidiary and such shareholders,
including without limitation payments in respect of and pursuant to the Put Obligations, (d) so long as (i) no Default or Event
of Default exists or would otherwise arise as a result thereof, (ii) Excess Availability, after giving effect thereto, exceeds
the Applicable Excess Availability Amount and (iii) Availability, after giving effect thereto, exceeds the Applicable Availability
Amount, Parent and any Subsidiary of Parent may repurchase from its employees Stock of Parent or such Subsidiary up to an aggregate
amount, for all such repurchases by Parent and all Subsidiaries of Parent permitted pursuant to this clause (d), not to exceed
$10,000,000 in any fiscal year; provided, that if the amount of repurchases permitted to be made in any fiscal year as set
forth in the preceding clause (d) is greater than the actual amount of repurchases actually made pursuant to the preceding clause
(d) in such fiscal year (the amount by which such permitted repurchases for such fiscal year exceeds the actual amount of repurchase
made during such fiscal year, the "Excess Repurchase Amount"), then such Excess Repurchase Amount may be carried
forward to the next succeeding fiscal year, (e) any Loan Party may make payments in respect of Earn-outs, (f) so long as (i) no
Default or Event of Default exists or would otherwise arise as a result thereof, (ii) Excess Availability, after giving effect
thereto, exceeds the Applicable Excess Availability Amount and (iii) Availability, after giving effect thereto, exceeds the Applicable
Availability Amount, Parent may declare or pay dividends on account of Stock of Parent in an amount per fiscal year up to the product
of (x) the Annual Dividend Amount and (y) the number of outstanding shares of such Stock (including unvested restricted shares
and/or shares included in restricted stock units granted pursuant to the Parent's 2011 Stock Incentive Plan or any successor plan,
but excluding any shares issued in a stock split or similar transaction), and (g) so long as (i) no Default or Event of Default
exists or would otherwise arise as a result thereof, (ii) Excess Availability, after giving effect thereto, exceeds the Applicable
Excess Availability Amount and (iii) Availability, after giving effect thereto, exceeds the Applicable Availability Amount (such
conditions, collectively, the "Restricted Junior Payment Basket Conditions"), Parent and its Subsidiaries may
make Restricted Junior Payments in any fiscal year, not otherwise permitted pursuant to clauses (a) through (f) above, up to an
aggregate amount not to exceed an amount equal to (1) 85% of Excess Cash Flow for the period commencing January 1, 2012 and ending
on the last day of the then most recently ended fiscal quarter less (2) the sum of (x) the aggregate amount of Restricted Junior
Payments made pursuant to this clause (g) and clause (f) of this Section 6.9 during the period commencing
on January 1, 2013 and ending on such date and (y) the aggregate amount of Investments made pursuant to clause (t) of the definition
of "Permitted Investments" during the period commencing January 1, 2013 and ending on such date.

 

    	-3-

    	 

    

 

(h)           Clause (ii) of
Section 6.11(b) of the Credit Agreement is hereby amended by deleting the reference to "$15,000,000" contained therein
and inserting "$30,000,000" in lieu thereof.

 

(i)           Section 6.13 of
the Credit Agreement is hereby amended and restated in its entirety as follows:

 

6.13 Use
of Proceeds. Use the proceeds of the Advances (i) for any purpose other than (a) on the Closing Date, to pay transactional
fees, costs, and expenses incurred in connection with this Agreement, the other Loan Documents, and the transactions contemplated
hereby and thereby, and (b) thereafter, consistent with the terms and conditions hereof, for its lawful and permitted purposes
and (ii) (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything
else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Entity, or (C) in any manner that
would result in the violation of any Sanctions applicable to any party hereto.

 

(j)           Schedule 1.1 of
the Credit Agreement is hereby amended by adding the following new definitions in the proper alphabetical order:

 

"Annual Dividend Amount"
means, as of any date of determination, an amount equal (a) during the fiscal year ending December 31, 2014, $0.76 (or such greater
amount as agreed to by Agent in its sole discretion), (b) during the fiscal year ending December 31, 2015, $0.84 (or such greater
amount as agreed to by Agent in its sole discretion), (c) during the fiscal year ending December 31, 2016, $0.92 (or such greater
amount as agreed to by Agent in its sole discretion), (d) during the fiscal year ending December 31, 2017, $1.01 (or such greater
amount as agreed to by Agent in its sole discretion), (e) during the fiscal year ending December 31, 2018, $1.11 (or such greater
amount as agreed to by Agent in its sole discretion) and (f) during the fiscal year ending December 31, 2019, $1.22 (or such greater
amount as agreed to by Agent in its sole discretion).

 

"Anti-Corruption Laws"
means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time
concerning or relating to bribery or corruption.

 

"Sanctions"
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government,
including those administered by OFAC or the U.S. Department of State.

 

    	-4-

    	 

    

 

"Unused Line Fee Rate"
means, as of any date of determination, a rate per annum equal to (a) if the average Daily Balance of the Revolver Usage during
the immediately preceding month (or portion thereof) was greater than $100,000,000, 0.25% and (b) if the average Daily Balance
of the Revolver Usage during the immediately preceding month (or portion thereof) was less than or equal to $100,000,000, 0.375%.

 

(k)           The definition
of "Base Rate" set forth in Schedule 1.1 of the Credit Agreement is hereby amended and restated as follows:

 

"Base Rate"
means the greatest of (a) the Federal Funds Rate plus 1⁄2%, (b) the LIBOR Rate (which rate shall be calculated based
upon an Interest Period of 1 month and shall be determined on a daily basis and subject to the interest rate floors set forth in
the definition thereof), plus 1 percentage point, and (c) the rate of interest announced, from time to time, within Wells
Fargo at its principal office in San Francisco as its "prime rate", with the understanding that the "prime rate"
is one of Wells Fargo's base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates
of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its announcement
in such internal publications as Wells Fargo may designate.

 

(l)           The definition
of "Base Rate Margin" set forth in Schedule 1.1 of the Credit Agreement is hereby amended by deleting the reference to
"1.25 percentage points" contained therein and inserting "1.00 percentage points" in lieu thereof.

 

(m)           The definition
of "Borrowing Base" set forth in Schedule 1.1 of the Credit Agreement is hereby amended by deleting the reference to
"10%" contained in the proviso therein and inserting "15%" in lieu thereof.

 

(n)           The definition
of "Federal Funds Rate" set forth in Schedule 1.1 of the Credit Agreement is hereby amended and restated in its entirety
as follows:

 

"Federal Funds Rate"
means, for any period, a fluctuating interest rate per annum equal to, for each day during such period, the weighted average of
the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers,
as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day which is a Business Day, the average of the quotations for such day on such transactions received by Agent from three
Federal funds brokers of recognized standing selected by it; provided that if the Federal Funds Rate shall be less than zero, such
rate shall be deemed to be zero.

 

(o)           The definition
of "Immaterial Subsidiary" set forth in Schedule 1.1 of the Credit Agreement is hereby amended and restated in its entirety
as follows:

 

"Immaterial Subsidiary"
means, at any time, any Subsidiary of Parent the annual EBITDA of which is less than 4% of Parent's EBITDA as of such time, provided
that the aggregate annual EBITDA of all Subsidiaries of Parent that would otherwise constitute Immaterial Subsidiaries shall not
exceed 10% of Parent's EBITDA as of such time.

 

    	-5-

    	 

    

 

(p)           The definition
of "LIBOR Rate Margin" set forth in Schedule 1.1 of the Credit Agreement is hereby amended by deleting the reference
to "2.00 percentage points" contained therein and inserting "1.75 percentage points" in lieu thereof.

 

(q)           The definition
of "Maximum Revolver Amount" set forth in Schedule 1.1 of the Credit Agreement is hereby amended by deleting the reference
to "$225,000,000" contained therein and inserting "$325,000,000" in lieu thereof.

 

(r)           Clause (o) of
the definition of "Permitted Dispositions" set forth in Schedule 1.1 of the Credit Agreement is hereby amended and restated
in its entirety as follows:

 

(o)           so long as (i) no Event
of Default has occurred and is continuing or would result therefrom and (ii) on a pro forma basis after giving effect to the applicable
disposition, Parent and its Subsidiaries are in compliance with the financial covenants set forth in Section 7 as of the
end of the fiscal quarter most recently ended as to which financial statements were required to be delivered pursuant to this Agreement,
dispositions of Investments made solely pursuant to clause (s) of the definition of Permitted Investments, and

 

(s)           The definition
of "Permitted Dispositions" set forth in Schedule 1.1 of the Credit Agreement is hereby amended by adding a new clause
(p) as follows:

 

(p)           dispositions of assets
(other than Stock of Loan Parties and Stock held by Loan Parties) not otherwise permitted in clauses (a) through (o)
above so long as no Event of Default exists and made at fair market value and the aggregate fair market value of (i) all assets
disposed of in any fiscal year pursuant to his clause (p) (including the proposed disposition) would not exceed the Dollar Equivalent
$10,000,000 and (ii) all assets disposed of in all such dispositions pursuant to this clause (p) since the Closing Date (including
the proposed disposition) would not exceed the Dollar Equivalent of $25,000,000.

 

(t)           Clause (t) of
the definition of "Permitted Investments" set forth in Schedule 1.1 of the Credit Agreement is hereby amended and restated
in its entirety as follows:

 

(t)           so long as the Restricted
Junior Payment Basket Conditions are satisfied, any Investments made during any fiscal year up to an aggregate amount not to exceed
an amount equal to (I) 85% of Excess Cash Flow for the period commencing January 1, 2012 and ending on the last day of the then
most recently ended fiscal quarter less (II) the sum of the aggregate amount of Restricted Junior Payments made pursuant to clauses
(f) or (g) of Section 6.9 and Investments made pursuant to this clause (t) during the period commencing January 1,
2013 and ending on such date.

 

(u)           Schedule C-1 of
the Credit Agreement is hereby replaced with Schedule C-1 attached hereto.

 

    	-6-

    	 

    

 

3.           Ratification;
Other Acknowledgments. This Amendment, subject to satisfaction of the conditions provided below, shall constitute an amendment
to the Credit Agreement and all of the other Loan Documents as appropriate to express the agreements contained herein. The Credit
Agreement (other than as amended by this Amendment) and the other Loan Documents shall remain unchanged and in full force and effect
in accordance with their original terms. Each Loan Party hereby ratifies, affirms, acknowledges and agrees that the Credit Agreement
and the other Loan Documents represent the valid, enforceable and collectible obligations of such Loan Party, and further acknowledges
that there are no existing claims, defenses, personal or otherwise, or rights of setoff whatsoever with respect to the Credit Agreement
or any other Loan Document. Each Loan Party hereby agrees that this Amendment in no way acts as a release or relinquishment of
the Liens and rights securing payments of the Obligations. The Liens and rights securing payment of the Obligations are hereby
ratified and confirmed by the Loan Parties in all respects.

 

4.           Conditions
to Effectiveness. This Amendment shall become effective as of the date hereof and upon the satisfaction of the following conditions
precedent:

 

(a)           Agent shall
have received a fully executed copy of this Amendment;

 

(b)           Agent shall
have received that certain Supplemental Fee Letter, in form and substance satisfactory to Agent, duly authorized, executed and
delivered by the parties thereto (the "Supplemental Fee Letter");

 

(c)           Agent shall
have received resolutions of each Loan Party's Board of Directors authorizing such Loan Party's execution, delivery, and performance
of this Amendment;

 

(d)           Agent shall
have received a certificate of status with respect to each US Loan Party and each Canadian Loan Party, dated within 10 days of
the date hereof, such certificate to be issued by the appropriate officer of the jurisdiction of organization of such Loan Party,
which certificate shall indicate that such Loan Party is in good standing in such jurisdiction;

 

(e)           Agent shall
have received an opinion of Loan Parties' primary counsel in form and substance satisfactory to Agent;

 

(f)           Borrower shall
have paid all reasonable and documented costs and expenses (including reasonable attorneys fees) incurred by Agent and all fees
(including the Commitment Fee and Extension Fee (each as defined below) and those fees set forth in the Supplemental Fee Letter)
due and owing; and

 

(g)           No Default
or Event of Default shall have occurred and be continuing on the date hereof or as of the date of the effectiveness of this Amendment.

 

5.           Representations
and Warranties. In order to induce Agent and Lenders to enter into this Amendment, each Loan Party hereby represents and warrants
to Agent and Lenders, after giving effect to this Amendment:

 

(a)           All representations
and warranties contained in the Credit Agreement (as amended by this Amendment) and the other Loan Documents are true and correct
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 were true and correct on and as of such earlier
date);

 

    	-7-

    	 

    

 

(b)           No Default
or Event of Default has occurred and is continuing;

 

(c)           The execution,
delivery and performance of this Amendment has been duly authorized by all requisite corporate action on the part of such Loan
Party; and

 

(d)           This Amendment
has been duly executed and delivered by each Loan Party that is a party thereto and is the legally valid and binding obligation
of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited
by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors'
rights generally.

 

6.           Commitment
Fee and Extension Fee. As consideration for the agreements of the Agent and the Lenders set forth herein, Borrower agree to
pay (i) to Agent, for allocation among the applicable Lenders, a commitment fee in an amount equal to (x) 0.50% times
(y) the increase of their Revolver Commitments pursuant to this Amendment (the "Commitment Fee") and (ii)
to Agent, for allocation among the applicable Lenders, an extension fee in an amount equal to (x) 0.25% times (y) the
their Revolver Commitments (as in effect immediately prior to giving effect to this Amendment) (the "Extension Fee").
Each of the Commitment Fee and the Extension Fee shall be fully earned and payable on the date hereof, and non-refundable when
paid.

 

7.           Miscellaneous.

 

(a)           Expenses.
Borrower agrees to pay on demand all costs and expenses of Agent (including the reasonable fees and expenses of outside counsel
for Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other
instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith. All obligations
provided herein shall survive any termination of this Amendment and the Credit Agreement as amended hereby.

 

(b)           Governing
Law. This Amendment shall be a contract made under and governed by the internal laws of the State of New York.

 

(c)           Counterparts.
This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and
each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same Amendment. Receipt by telecopy or electronic mail of any executed signature page to this Amendment
shall constitute effective delivery of such signature page.

 

(d)           References.
Any references in the Credit Agreement to "this Agreement", and any references to the Credit Agreement contained in any
document, instrument or agreement executed in connection with the Credit Agreement shall be deemed to be a reference to the Credit
Agreement as modified by this Amendment.

 

    	-8-

    	 

    

 

(e)           Loan Document.
This Amendment shall constitute a "Loan Document" as defined in the Credit Agreement.

 

(f)           No Waiver
of Rights. Except as expressly set forth herein, the terms and provisions set forth in this Amendment shall not be deemed to
be a consent to the modification or waiver of any other term or condition of the Credit Agreement, and shall not be deemed to waive
or modify any rights of Agent or the Lenders.

 

8.           Release.

 

(a)           In consideration
of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, each Loan Party, on behalf of itself and its successors, assigns, and other legal representatives,
hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and Lenders, and their successors
and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers,
attorneys, employees, agents and other representatives (Agent, each Lender and all such other Persons being hereinafter referred
to collectively as the "Releasees" and individually as a "Releasee"), of and from all demands,
actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings,
damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually,
a "Claim" and collectively, "Claims") of every name and nature, known or unknown, suspected or
unsuspected, both at law and in equity, which such Loan Party or any of its respective successors, assigns, or other legal representatives
may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance,
action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment, including, without
limitation, for or on account of, or in relation to, or in any way in connection with any of the Credit Agreement, or any of the
other Loan Documents or transactions thereunder or related thereto.

 

(b)           Each Loan Party
understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be
used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted
in breach of the provisions of such release.

 

(c)           Each Loan Party
agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered
shall affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

[Signature Page Follows]

 

    	-9-

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed and delivered as of the date first above written. 

 

	 	
        MDC PARTNERS INC., a federal company

        organized under the laws of Canada

        

        

        By:________________________________________

        Name:_____________________________________

        

        Title: Authorized Signatory

         

	 	
        By:________________________________________

        Name:_____________________________________

        

        Title: Authorized Signatory

        

 

 

	 	
        MAXXCOM INC.,

        a Delaware corporation

        

        

        By:________________________________________

        Name:_____________________________________

        

        Title: Authorized Signatory

        

        By:________________________________________

        Name:_____________________________________

        

        Title: Authorized Signatory

        

 

 

 

Signature Pages to Fourth Amendment to Amended and Restated
Credit Agreement

    	 

    	 

    

 

	 	6 DEGREES INTEGRATED COMMUNICATIONS CORP
	 	 
	 	72ANDSUNNY PARTNERS, LLC
	 	 
	 	ACCENT MARKETING SERVICES, L.L.C.
	 	 
	 	ACCUMARK PARTNERS INC. (formerly known as 6 Degrees Integrated Communications Inc.)
	 	 
	 	ALLISON & PARTNERS LLC
	 	 
	 	ANOMALY PARTNERS LLC
	 	 
	 	ANOMALY INC. 
	 	 
	 	ATTENTION PARTNERS LLC
	 	 
	 	BOOM MARKETING INC.
	 	 
	 	BRUCE MAU DESIGN INC.
	 	 
	 	BRUCE MAU DESIGN (USA) LLC
	 	 
	 	BRUCE MAU HOLDINGS LTD.
	 	 
	 	BRYAN MILLS IRADESSO CORP.
	 	 
	 	CAPITAL C PARTNERS GP INC.
	 	 
	 	CAPITAL C PARTNERS LP 
	 	By: Capital C Partners GP Inc.
	 	       Its general partner
	 	 
	 	COLLE & MCVOY LLC
	 	 
	 	CONCENTRIC PARTNERS LLC
	 	 
	 	CRISPIN PORTER & BOGUSKY EUROPE AB
	 	 
	 	CRISPIN PORTER & BOGUSKY LLC
	 	 
	 	DONER PARTNERS LLC
	 	 
	 	DOTGLU LLC
	 	 
	 	HELLO DESIGN, LLC
	 	 
	 	HL GROUP PARTNERS LLC
	 	 

 

Signature Pages to Fourth Amendment to Amended and Restated
Credit Agreement

    	 

    	 

    

 

 

	 	HPR PARTNERS, LLC
	 	 
	 	INTEGRATED MEDIA SOLUTIONS PARTNERS LLC
	 	 
	 	KBP HOLDINGS LLC
	 	 
	 	KBS+P ATLANTA LLC (formerly known as Fletcher Martin LLC)
	 	 
	 	KBS+P CANADA LP KBS+P CANADA SEC
	 	By: MDC Canada GP Inc.
	 	       Its general partner
	 	 
	 	KENNA COMMUNICATIONS GP INC.
	 	 
	 	KENNA COMMUNICATIONS LP 
	 	By: Kenna Communications GP Inc.
	 	       Its general partner
	 	 
	 	KINGSDALE PARTNERS LP
	 	By: MDC Kingsdale GP Inc.
	 	       Its general partner
	 	 
	 	KIRSHENBAUM BOND SENECAL & PARTNERS LLC (formerly known as Kirshenbaum Bond & Partners LLC)
	 	 
	 	KIRSHENBAUM BOND & PARTNERS WEST LLC
	 	 
	 	KWITTKEN PR LLC
	 	 
	 	LAIRD + PARTNERS NEW YORK LLC
	 	 
	 	LBN PARTNERS LLC 
	 	 
	 	LEGEND PR PARTNERS LLC
	 	 
	 	LUNTZ GLOBAL PARTNERS LLC
	 	 
	 	MAXXCOM GLOBAL MEDIA LLC
	 	 
	 	MAXXCOM (USA) FINANCE COMPANY
	 	 
	 	MAXXCOM (USA) HOLDINGS INC.
	 	 
	 	MDC ACQUISITION INC.
	 	 
	 	MDC CANADA GP INC.
	 	 

 

 

Signature Pages to Fourth Amendment to Amended and Restated Credit Agreement

    	 

    	 

    

 

 

	 	MDC CORPORATE (US) INC.
	 	 
	 	MDC INNOVATION PARTNERS LLC (d/b/a Spies & Assassins)
	 	 
	 	MDC KINGSDALE GP, INC.
	 	 
	 	MDC TRAVEL, INC.
	 	 
	 	MONO ADVERTISING, LLC
	 	 
	 	NEW TEAM LLC
	 	 
	 	NORTHSTAR MANAGEMENT HOLDCO INC.
	 	 
	 	NORTHSTAR RESEARCH GP LLC
	 	 
	 	NORTHSTAR RESEARCH HOLDINGS CANADA INC.
	 	 
	 	NORTHSTAR RESEARCH HOLDINGS USA LP
	 	 
	 	NORTHSTAR RESEARCH PARTNERS INC.
	 	 
	 	NORTHSTAR RESEARCH PARTNERS (USA) LLC
	 	 
	 	OUTERACTIVE, LLC
	 	 
	 	PULSE MARKETING, LLC
	 	 
	 	REDSCOUT LLC
	 	 
	 	RELEVENT PARTNERS LLC
	 	 
	 	RJ PALMER PARTNERS LLC
	 	 
	 	SKINNY NYC LLC
	 	 
	 	SLOANE & COMPANY LLC
	 	 
	 	SOURCE MARKETING LLC
	 	 
	 	STUDIO PICA INC.
	 	 
	 	TARGETCAST LLC
	 	 
	 	TARGETCOM LLC
	 	 
	 	TC ACQUISITION INC. 
	 	 

 

    	 

    	 

    

 

	 	THE ARSENAL LLC (formerly known as Team Holdings LLC)
	 	 
	 	TRACK 21 LLC
	 	 
	 	TRADE X PARTNERS LLC
	 	 
	 	TRAPEZE MEDIA LIMITED
	 	 
	 	UNION ADVERTISING CANADA LP
	 	By: MDC Canada GP Inc.
	 	       Its general partner
	 	 
	 	VARICK MEDIA MANAGEMENT LLC
	 	 
	 	VERITAS COMMUNICATIONS INC.
	 	 
	 	VITRO PARTNERS LLC
	 	 
	 	VITROROBERTSON LLC
	 	 
	 	X CONNECTIONS INC.
	 	 
	 	YAMAMOTO MOSS MACKENZIE, INC.
	 	 
	 	ZYMAN GROUP, LLC

 

	 	
        By:________________________________________

        Name:_____________________________________

        

        Title: Authorized Signatory

         

	 	
        By:________________________________________

        Name:_____________________________________

        

        Title: Authorized Signatory

         

 

 

 

Signature Pages to Fourth Amendment to Amended and Restated
Credit Agreement

    	 

    	 

    

 

	 	
        WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells
        Fargo Foothill, LLC, as Agent and as a Lender

        

        

        By:____________________________________

        

        Name:__________________________________

        

        Title:___________________________________

        

 

 

	 	
        JPMorgan Chase Bank,
        N.A., as a Lender

        

        

        By:____________________________________

        

        Name:__________________________________

        

        Title:___________________________________

        

 

 

	 	
        Bank of Montreal,
        as a Lender

        

        

        By:____________________________________

        

        Name:__________________________________

        

        Title:___________________________________

        

 

 

	 	
        Goldman Sachs Lending
        Partners LLC, as a Lender

        

        

        By:____________________________________

        

        Name:__________________________________

        

        Title:___________________________________

         

 

Signature Pages to Fourth Amendment to Amended and Restated
Credit Agreement

    	 

    	 

    

 

	 	
        NYCB SPECIALTY FINANCE COMPANY, LLC, a wholly owned  subsidiary
        of New York Community Bank, as a Lender

        

        

        By:____________________________________

        

        Name:__________________________________

        

        Title:___________________________________

         

 

 

 

Signature Pages to Fourth Amendment to Amended and Restated
Credit Agreement

    	 

    	 

    

 

	 	
        CITIZENS BANK, NATIONAL ASSOCIATION, as a Lender

        

        

        By:_______________________________________

        Name:____________________________________

        Title:_____________________________________

        

 

 

 

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Credit Agreement

    	 

    	 

    

 

	 	ROYAL BANK OF CANADA, as a Lender

By:_______________________________________

Name:____________________________________

Title:_____________________________________

 

 

 

 

 

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Credit Agreement

    	 

    	 

    
 

Schedule C-1

Commitments

 

 

	Lender	Revolver Commitment	Total Commitment
	Wells Fargo Capital Finance, LLC, formerly known as Wells Fargo Foothill, LLC	$125,000,000	$125,000,000
	JPMorgan Chase Bank, N.A.	$60,000,000	$60,000,000
	Bank of Montreal	$25,000,000	$25,000,000
	Goldman Sachs Lending Partners LLC	$15,000,000	$15,000,000
	NY Specialty Finance Company, LLC	$35,000,000	$35,000,000
	Citizens Bank, National Association	$40,000,000	$40,000,000
	Royal Bank of Canada	$25,000,000	$25,000,000
	All Lenders	$325,000,000	$325,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]