Document:

EX-10.3 THIRD AMENDMENT TO CREDIT AGREEMENT

Exhibit 10.3

THIRD AMENDMENT TO CREDIT AGREEMENT

     THIS
THIRD AMENDMENT TO CREDIT AGREEMENT dated as of May 9, 2008 (this “Amendment”)
is entered into among MedAssets, Inc., a Delaware corporation (the “Borrower”), the
Guarantors, the Lenders party hereto and Bank of America, N.A., as Administrative Agent. All
capitalized terms used herein and not otherwise defined herein shall have the meanings given to
such terms in the Credit Agreement (as defined below).

RECITALS

     WHEREAS the Borrower, the Guarantors, the Lenders and Bank of America, N.A., in its capacity
as Administrative Agent, Swing Line Lender and L/C Issuer, entered into that certain Credit
Agreement dated as of October 23, 2006 (as amended or modified from time to time, the “Credit
Agreement”); and

     WHEREAS the Borrower has requested that the Lenders consent to the Borrower’s purchase of the
outstanding capital stock of Accuro Healthcare Solutions, Inc. and make other amendments to the
Credit Agreement as set forth below;

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

     1. Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows:

     (a) The following definitions are hereby added to Section 1.01 of the Credit Agreement
in the appropriate alphabetical order and shall read as follows:

     “Accuro” means Accuro Healthcare Solutions, Inc., a Delaware
corporation.

     “Accuro Acquisition” means the Acquisition by the Borrower of all of
the Equity Interests of Accuro; provided that the Borrower shall have
delivered to the Administrative Agent a Pro Forma Compliance Certificate
demonstrating that, upon giving effect to such Acquisition on a Pro Forma Basis, the
Loan Parties would be in compliance with the financial covenants set forth in
Section 8.11 as of the most recent fiscal quarter for which the Borrower was
required to deliver financial statements pursuant to Section 7.01(a) or
(b). The parties hereto acknowledge and agree that the $20,000,000 deferred
payment (the “Deferred Payment”) required to be paid by the Borrower in
connection with the Accuro Acquisition on a date no sooner than one year from the
date of consummation of the Accuro Acquisition may be paid by the Borrower and
considered part of the consideration for the Accuro Acquisition provided,
that, if the Borrower elects to pay the Deferred Payment with immediately available
funds, the Borrower shall have delivered to the Administrative Agent a Pro Forma
Compliance Certificate demonstrating that, upon giving effect to such Deferred
Payment on a Pro Forma Basis, the Loan Parties would be in compliance with the
financial covenants set forth in Section 8.11 as of the most recent fiscal
quarter for which the Borrower was required to deliver financial statements pursuant
to Section 7.01(a) or (b).

 

 

     “Deferred Payment” has the meaning specified in the definition of
“Accuro Acquisition”.

     “Third
Amendment Effective Date” means the first date on which the conditions precedent set forth in Section 2 are satisfied.

     (b) The following definitions in Section 1.01 of the Credit Agreement are hereby
amended to read as follows:

     “Aggregate Revolving Commitment” means the Revolving Commitments of all
the Lenders. The aggregate principal amount of the Aggregate Revolving Commitments
in effect on the Third Amendment Effective Date is ONE HUNDRED TWENTY FIVE MILLION
DOLLARS ($125,000,000).

     “Applicable Rate” means (a) with respect to the Incremental Term Loan,
the percentage(s) per annum set forth in the Incremental Term Loan Lender Joinder
Agreement, (b) with respect to Revolving Loans, Swing Line Loans, Letters of Credit
and the Commitment Fee, the following percentages per annum, based upon the
Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate
received by the Administrative Agent pursuant to Section 7.02(b):

	 	 	 	 	 	 	 	 	 	 	 
	Pricing	 	Consolidated	 	Commitment	 	Letter of	 	Eurodollar	 	Base Rate
	Tier	 	Leverage Ratio	 	Fee	 	Credit Fee	 	Loans	 	Loans
	1
	 	3 3.5:1.0
	 	0.50%
	 	3.50%
	 	3.50%
	 	2.50%
	2
	 	3 3.0:1.0 but
< 
3.5:1.0
	 	0.375%
	 	3.25%
	 	3.25%
	 	2.25%
	3
	 	3 2.5:1.0 but
< 
3.0:1.0
	 	0.375%
	 	2.75%
	 	2.75%
	 	1.75%
	4
	 	3 2.0:1.0 but
< 
2.5:1.0
	 	0.30%
	 	2.50%
	 	2.50%
	 	1.50%
	5
	 	< 2.0:1.0
	 	0.25%
	 	2.25%
	 	2.25%
	 	1.25%

and (c) with respect to the Term Loan, the following percentages per annum, based
upon the Consolidated Leverage Ratio as set forth in the most recent Compliance
Certificate received by the Administrative Agent pursuant to Section
7.02(b):

	 	 	 	 	 	 	 
	Pricing	 	Consolidated	 	Eurodollar	 	Base Rate
	Tier	 	Leverage Ratio	 	Loans	 	Loans
	1
	 	3 3.0:1.0
	 	4.00%
	 	3.00%
	2
	 	< 3.0:1.0
	 	3.75%
	 	2.75%

Any increase or decrease in the Applicable Rate resulting from a change in the
Consolidated Leverage Ratio shall become effective as of the first Business Day
immediately following the date a Compliance Certificate is required to be delivered
pursuant to Section 7.02(b); provided, however, that if a
Compliance Certificate is not delivered when due in accordance with such Section,
then applicable Pricing Tier 1 shall apply as of the first Business Day after the
date on which such Compliance Certificate

2

 

was required to have been delivered and
shall continue to apply until the first Business
Day immediately following the date a Compliance Certificate is delivered in
accordance with Section 7.02(b), whereupon the Applicable Rate shall be
adjusted based upon the calculation of the Consolidated Leverage Ratio contained in
such Compliance Certificate. The Applicable Rate in effect from the Third Amendment
Effective Date through the first Business Day immediately following the date a
Compliance Certificate is required to be delivered pursuant to Section
7.02(b) for the fiscal quarter ending September 30, 2008 shall be determined
based upon the applicable Pricing Tier 1.

     “Term Loan” has the meaning specified in Section 2.01(b). For
the avoidance of doubt, it is understood and agreed that the Term Loan consists of
the term loan advance made by the Lenders on the Closing Date, the term loan advance
made by the Lenders on the Second Amendment Effective Date and the term loan advance
made by the Lenders on the Third Amendment Effective Date.

     “Term Loan Commitment” means, as to each Lender, its obligation to make
its portion of the Term Loan to the Borrower pursuant to Section 2.01(b).
The aggregate principal amount of the Term Loan Commitments to be funded on the
Third Amendment Effective Date is TWENTY-FIVE MILLION DOLLARS ($25,000,000). Such
Term Loan Commitments to be funded on the Third Amendment Effective Date are set
forth on Addendum II to Schedule 2.01.

     (c) Clause (c)(vii) in the definition of “Consolidated EBITDA” in Section 1.01
of the Credit Agreement is hereby amended to add the following new clauses (C), (D) and
(E) after clause (B) at the end thereof:

(C)(i) all one-time cash charges of Accuro in any period prior to March 31, 2008 so
long as such one-time cash charges added back to Consolidated Net Income do not
exceed $3,000,000 in the aggregate, (ii) all non-cash charges related to the Accuro
Acquisition (including any charges in connection with discounted deferred revenue,
in-process research and development, write-downs or write-offs of software
development costs and write-downs or write-offs of intangible assets) during such
period, in each case, that do not represent a cash item in such period or any future
period and (iii) all integration, severance and other one-time cash charges related
to the Accuro Acquisition so long as such one-time cash charges related to the
Accuro Acquisition do not exceed $5,000,000 in the aggregate during such period, (D)
cash charges during such period resulting from the termination of the Borrower’s
interest rate Swap Contracts in existence on the Third Amendment Effective Date and
(E)(i) for the period ending September 30, 2008 up to $7,500,000 of the costs that
would have been saved if the Accuro Acquisition had occurred as of the first day of
such period due to synergies with Accuro, (ii) for the period ending December 31,
2008, an amount equal to 75% of the amount added back to Consolidated Net Income
pursuant to clause (E)(i) above, (iii) for the period ending March 31, 2009, an
amount equal to 50% of the amount added back to Consolidated Net Income pursuant to
clause (E)(i) above and (iv) for the period ending June 30, 2009, an amount equal to
25% of the amount added back to Consolidated Net Income pursuant to clause (E)(i)
above,

     (d) The following sentence is hereby added at the end of the definition of “Funded
Indebtedness” in Section 1.01 of the Credit Agreement to read as follows:

3

 

It is understood and agreed that the Deferred Payment shall not be considered Funded
Indebtedness.

     (e) A new sentence is hereby added at the end of the definition of “Permitted
Acquisition” in Section 1.01 of the Credit Agreement to read as follows:

     Notwithstanding the foregoing, the Accuro Acquisition shall be considered a
Permitted Acquisition for all purposes of this Agreement; provided, however, the
consideration paid for the Accuro Acquisition shall not count toward the baskets for
Permitted Acquisitions contained in subclause (ix) above.

     (f) Section 2.01(b) of the Credit Agreement is hereby amended to read as follows:

     (b) Term Loan. On the Closing Date and the Second Amendment Effective
Date, the Lenders advanced term loans (collectively, the “Term Loan”) to the
Borrower in Dollars in an aggregate principal amount of THREE HUNDRED TWENTY MILLION
DOLLARS ($320,000,000). Immediately prior to the Third Amendment Effective Date,
the principal balance of the Term Loan was ONE HUNDRED NINETY-SEVEN MILLION
FORTY-NINE THOUSAND EIGHT HUNDRED FIFTY-TWO DOLLARS ($197,049,852.00). On the Third
Amendment Effective Date, an additional TWENTY FIVE MILLION DOLLARS ($25,000,000)
under the Term Loan is being advanced hereunder, such that after giving effect
thereto, the aggregate principal amount of the Term Loan on the Third Amendment
Effective Date will be TWO HUNDRED TWENTY-TWO MILLION FORTY-NINE THOUSAND EIGHT
HUNDRED FIFTY-TWO DOLLARS ($222,049,852.00). On the Third Amendment Effective
Date, each Lender with an existing Term Loan Commitment (as indicated on Addendum II
to Schedule 2.01) on the Third Amendment Effective Date severally agrees to
make its portion of such third advance of the Term Loan to the Borrower in Dollars
on the Third Amendment Effective Date in an amount not to exceed such Lender’s Term
Loan Commitment. Amounts repaid on the Term Loan may not be reborrowed. The Term
Loan may consist of Base Rate Loans or Eurodollar Rate Loans, as further provided
herein.

     (g) Section 2.07(c) of the Credit Agreement is hereby amended to read as follows:

     (e) Term Loan. The Borrower shall repay the outstanding principal
amount of the Term Loan in installments on the dates and in the amounts set forth in
the table below (as such installments may hereafter be adjusted as a result of
prepayments made pursuant to Section 2.05), unless accelerated sooner
pursuant to Section 9.02:

	 	 	 
	Payment Dates	 	Principal Amortization Payment
	June 30, 2008
	 	$561,484.32
	September 30, 2008
	 	$561,484.32
	December 31, 2008
	 	$561,484.32
	March 31, 2009
	 	$561,484.32
	June 30, 2009
	 	$561,484.32
	September 30, 2009
	 	$561,484.32
	December 31, 2009
	 	$561,484.32

4

 

	 	 	 
	Payment Dates	 	Principal Amortization Payment
	March 31, 2010
	 	$561,484.32
	June 30, 2010
	 	$561,484.32
	September 30, 2010
	 	$561,484.32
	December 31, 2010
	 	$561,484.32
	March 31, 2011
	 	$561,484.32
	June 30, 2011
	 	$561,484.32
	September 30, 2011
	 	$561,484.32
	December 31, 2011
	 	$561,484.32
	March 31, 2012
	 	$561,484.32
	June 30, 2012
	 	$561,484.32
	September 30, 2012
	 	$561,484.32
	December 31, 2012
	 	$561,484.32
	March 31, 2013
	 	$561,484.32
	June 30, 2013
	 	$561,484.32
	September 30, 2013
	 	$561,484.32
	Term Loan
	 	Outstanding Principal Balance of
	Maturity Date
	 	Term Loan

     (h) A new sentence is hereby added at the end of Section 7.11 of the Credit Agreement
to read as follows:

For the avoidance of doubt, the proceeds of the Credit Extensions shall also be
permitted to finance the Accuro Acquisition.

     (i) Section 8.02 of the Credit Agreement is hereby amended by deleting the period at
the end thereof and replacing it with the following text “; and” and by adding a new Section
8.02(n) at the end thereof which shall read as follows:

     (n) Investments of the Loan Parties consisting of purchases of accounts
receivable from customers in an aggregate amount not to exceed $30,000,000 at any
time outstanding.

     (j) The Revolving Commitments identified on Schedule 2.01 of the Credit
Agreement are hereby amended to read as provided on Schedule 2.01 attached hereto,
and an Addendum II is hereby added to Schedule 2.01 of the Credit Agreement and
shall read as provided on Addendum II attached hereto.

     2. Conditions Precedent. This Amendment shall be effective upon satisfaction of the
following conditions precedent:

     (a) Receipt by the Administrative Agent of counterparts of this Amendment duly executed
by the Borrower, the Guarantors, the Required Lenders, Lenders holding a majority of the
Revolving Commitments and Bank of America, N.A., as Administrative Agent;

     (b) Receipt by the Administrative Agent of a certificate of a Responsible Officer of
the Borrower, in form and substance reasonably satisfactory to the Administrative Agent, (i)

5

 

certifying that the Organizational Documents of each Loan Party delivered on the Closing
Date have not been amended, supplemented or otherwise modified since the Closing Date except
as otherwise disclosed to the Administrative Agent directly, and remain in full force and
effect as of
the Third Amendment Effective Date and (ii) attaching resolutions of each Loan Party
approving and adopting this Amendment, the transactions contemplated herein and authorizing
the execution and delivery of this Amendment and any documents, agreements or certificates
related thereto and certifying that such resolutions have not been amended, supplemented or
otherwise modified and remain in full force and effect as of the Third Amendment Effective
Date and are the only resolutions of such Loan Party relating to this Amendment.

     (c) Receipt by the Administrative Agent of favorable opinions of legal counsel to the
Loan Parties, addressed to the Administrative Agent and each Lender, dated as of the Third
Amendment Effective Date, in form and substance satisfactory to the Administrative Agent.

     (d) Receipt by the Administrative Agent of satisfactory evidence that the Borrower’s
acquisition of all of the Equity Interests of Accuro Healthcare Solutions, Inc. will be
consummated simultaneously with the funding of the Term Loan on the Third Amendment
Effective Date.

     (e) Receipt by the Administrative Agent and the Lenders of all fees due and payable to
the Administrative Agent and the Lenders in connection with this Amendment.

3. Miscellaneous.

     (a) The Credit Agreement, and the obligations of the Loan Parties thereunder and under
the other Loan Documents, are hereby ratified and confirmed and shall remain in full force
and effect according to their terms.

     (b) Each Guarantor (i) acknowledges and consents to all of the terms and conditions of
this Amendment, (ii) affirms all of its obligations under the Loan Documents and
(iii) agrees that this Amendment and all documents executed in connection herewith do not
operate to reduce or discharge its obligations under the Credit Agreement or the other Loan
Documents.

     (c) Each Loan Party hereby represents and warrants as follows:

     (i) Each Loan Party has taken all necessary action to authorize the execution,
delivery and performance of this Amendment.

     (ii) This Amendment has been duly executed and delivered by the Loan Parties
and constitutes each of the Loan Parties’ legal, valid and binding obligations,
enforceable in accordance with its terms, except as such enforceability may be
limited by Debtor Relief Laws and general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

     (iii) No consent, approval, authorization or order of, or filing, registration
or qualification with, any court or governmental authority or third party is
required in connection with the execution, delivery or performance by any Loan Party
of this Amendment.

6

 

     (d) The Loan Parties represent and warrant to the Lenders that (i) the representations
and warranties of the Loan Parties set forth in Article VI of the Credit Agreement and in
each other Loan Document are true and correct in all material respects as of the date hereof
with the same effect as if made on and as of the date hereof, except to the extent such
representations and
warranties expressly relate solely to an earlier date, in which case such representations
and warranties are true and correct in all material respects as of such earlier date and
(ii) no event has occurred and is continuing which constitutes a Default or an Event of
Default.

     (e) This Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be an original, but all of which shall constitute one and the
same instrument. Delivery of an executed counterpart of this Amendment by telecopy shall be
effective as an original and shall constitute a representation that an executed original
shall be delivered.

     (f) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

[remainder of page intentionally left blank]

7

 

     Each of the parties hereto has caused a counterpart of this Amendment to be duly executed and
delivered as of the date first above written.

	 	 	 	 	 	 	 
	BORROWER:	 	MEDASSETS, INC.,	 	 
	 	 	a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Jonathan H. Glenn
 

Jonathan H. Glenn

Executive Vice President

Chief Legal and Administrative Officer
	 	 
	 
	 	 	 	 	 	 
	GUARANTORS:	 	ASPEN HEALTHCARE METRICS LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Jonathan H. Glenn
 

Jonathan H. Glenn

Vice President and Secretary
	 	 
	 
	 	 	 	 	 	 
	 	 	MEDASSETS ANALYTICAL SYSTEMS, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Jonathan H. Glenn
 

Jonathan H. Glenn

Vice President and Secretary
	 	 
	 
	 	 	 	 	 	 
	 	 	AVEGA HEALTH SYSTEMS, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Jonathan H. Glenn
 

Jonathan H. Glenn

Vice President and Secretary
	 	 
	 
	 	 	 	 	 	 
	 	 	MEDASSETS NET REVENUE SYSTEMS, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Jonathan H. Glenn
 

Jonathan H. Glenn

Secretary
	 	 

 

 

	 	 	 	 	 	 	 
	 	 	MEDASSETS SUPPLY CHAIN SYSTEMS, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Jonathan H. Glenn
 

Jonathan H. Glenn

Executive Vice President and Secretary
	 	 
	 
	 	 	 	 	 	 
	 	 	RADIOLOGY PARTNERS LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Jonathan H. Glenn
 

Jonathan H. Glenn

Secretary
	 	 
	 
	 	 	 	 	 	 
	 	 	DOMINIC & IRVINE, LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Jonathan H. Glenn
 

Jonathan H. Glenn

Secretary
	 	 
	 
	 	 	 	 	 	 
	 	 	MEDASSETS FINANCIAL SERVICES LLC,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Jonathan H. Glenn
 

Jonathan H. Glenn

Secretary
	 	 

 

 

	 	 	 	 	 	 	 
	ADMINISTRATIVE AGENT:	 	BANK OF AMERICA, N.A.,	 	 
	 	 	as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Anne M. Zeschke
 

Anne M. Zeschke

Assistant Vice President
	 	 
	 
	 	 	 	 	 	 
	LENDERS:	 	BANK OF AMERICA, N.A.,	 	 
	 	 	as a Lender, Swing Line Lender and L/C Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ R. Shawn Janko
 

R. Shawn Janko

Senior Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	Bismarck CBNA Loan Funding LLC,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Brian Schott
 

Brian Schott

Attorney-in-fact
	 	 
	 
	 	 	 	 	 	 
	 	 	As agent for AIB Debt Management Limited	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Des Brennan
 

Des Brennan

Assistant Vice President

Investment Advisor to

AIB Debt Management, Limited
	 	 
	 
	 	 	 	 	 	 
	 	 	As agent for AIB Debt Management Limited	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ Joanne Gibson
 

Joanne Gibson

Assistant Vice President

Investment Advisor to

AIB Debt Management, Limited
	 	 
	 
	 	 	 	 	 	 
	 	 	Stanfield AZURE CLO, Ltd.	 	 
	 	 	By: Stanfield Capital Partners, LLC	 	 
	 	 	as its Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ David Frey
 

David Frey

Managing Director
	 	 
	 
	 	 	 	 	 	 
	 	 	Stanfield Modena CLO, Ltd	 	 
	 	 	By: Stanfield Capital Partners, LLC	 	 
	 	 	as its Asset Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:

Title:
	 	/s/ David Frey
 

David Frey

Managing Director
	 	 
	 
	 	 	 	 	 	 
	 	 	Stanfield Arnage CLO Ltd.

By: Stanfield Capital Partners, LLC

as its Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Frey
 

David Frey
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Stanfield Bristol CLO, Ltd.

By: Stanfield Capital Partners LLC

as it Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Frey
 

David Frey
	 	 
	 

	 	Title:
	 	Managing Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	Stanfield Carrera CLO, Ltd.

By: Stanfield Capital Partners LLC

as its Asset Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Frey
 

David Frey
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Stanfield Vantage CLO, Ltd

By: Stanfield Capital Partners, LLC

as its Asset Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Frey
 

David Frey
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Stanfield Veyron CLO, Ltd

By: Stanfield Capital Partners, LLC

as its Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Frey
 

David Frey
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	EAGLE LOAN TRUST

By: Stanfield Capital Partners, LLC

as its Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Frey
 

David Frey
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	XL Re Europe Limited

By: Stanfield Capital Partners, LLC

signed as: its Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Frey
 

David Frey
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Stanfield Daytona CLO, Ltd

By: Stanfield Capital Partners, LLC

as its Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Frey
 

David Frey
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Stanfield McLaren CLO, Ltd.

By: Stanfield Capital Partners, LLC

as its Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Frey
 

David Frey
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	ROSEDALE CLO II LTD.	 	 
	 

	 	By: Princeton Advisory
Group, Inc. 

the Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	[SIGNATURE ILLEGIBLE]	 	 
	 

	 	 	 	 	 
	 

	 	Name:	 	[ILLEGIBLE]	 	

	 

	 	Title:
	 	Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	Founders Grove CLO, Ltd.	 	 
	 	 	By: Tall Tree Investment Management, LLC	 	 
	 	 	as Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	/s/ Brad Langs	 	 
	 

	 	 	 	 	 
	 

	 	Name:
	Brad Langs	 	 
	 

	 	Title:
	 	Officer	 	 
	 
	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 
	 	 	Grant Grove CLO, Ltd.	 	 
	 	 	By: Tall Tree Investment Management, LLC	 	 
	 	 	as Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brad Langs	 	 
	 

	 	 	 	 	 
	 

	 	Name:
	Brad Langs	 	 
	 

	 	Title:
	 	Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Muir Grove CLO, Ltd.	 	 
	 	 	By: Tall Tree Investment Management, LLC	 	 
	 	 	as Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brad Langs	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Brad Langs	 	 
	 

	 	Title:
	 	Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Wachovia Bank, National Association,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kirk Tesch	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Kirk Tesch	 	 
	 

	 	Title:
	 	Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	Grand Central Asset Trust, EAP Series	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brian Schott	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Brian Schott	 	 
	 

	 	Title:
	 	Attorney-in-fact
	 	 
	 
	 	 	 	 	 	 
	 	 	WhiteHorse II, Ltd.	 	 
	 	 	By: WhiteHorse Capital Partners, L.P.	 	 
	 	 	As Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ethan M. Underwood, CFA	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Ethan M. Underwood, CFA	 	 
	 

	 	Title:
	 	 Portfolio Manager
	 	 
	 
	 	 	 	 	 	 
	 	 	WhiteHorse IV, Ltd.	 	 
	 	 	By:
WhiteHorse Capital Partners, L.P.	 	 
	 	 	As
Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ethan M. Underwood, CFA	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Ethan M. Underwood, CFA	 	 
	 

	 	Title:
	 	Portfolio Manager
	 	 
	 
	 	 	 	 	 	 
	 	 	WhiteHorse V, Ltd.	 	 
	 	 	By: WhiteHorse Capital Partners, L.P.	 	 
	 	 	As
Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ethan M. Underwood, CFA	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Ethan M. Underwood, CFA	 	 
	 

	 	Title:
	 	Portfolio Manager
	 	 
	 
	 	 	 	 	 	 
	 	 	Eagle Master Fund Ltd.	 	 
	 	 	By: Citigroup Alternative Investments LLC,	 	 
	 	 	as Investment Manager for and on behalf of	 	 
	 	 	Eagle Master Fund Ltd.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Melanie Hanlon	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Melanie Hanlon	 	 
	 

	 	Title:
	 	Director
	 	 
	 
	 	 	 	 	 	 
	 	 	REGATTA FUNDING LTD.	 	 
	 	 	By: Citigroup Alternative Investments LLC,

attorney-in-fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Melanie Hanlon	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Melanie Hanlon	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 	 	LMP Corporate Loan Fund, Inc.	 	 
	 	 	By: Citigroup Alternative Investments LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Melanie Hanlon	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Melanie Hanlon	 	 
	 

	 	Title:
	 	Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	FM Leveraged Capital Fund II	 	 
	 	 	By: GSO Debt Funds Management LLC as Subadviser to	 	 
	 	 	FriedbergMilstein LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lee M. Shaiman	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lee M. Shaiman	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	Gale Force 1 CLO, Ltd.	 	 
	 	 	By: GSO Debt Funds Management LLC as Collateral

Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lee M. Shaiman	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lee M. Shaiman	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	Gale Force 2 CLO, Ltd.	 	 
	 	 	By: GSO Debt Funds Management LLC as Collateral

Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lee M. Shaiman	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lee M. Shaiman	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	Gale Force 3 CLO, Ltd.	 	 
	 	 	By: GSO Debt Funds Management LLC as Collateral

Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lee M. Shaiman	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lee M. Shaiman	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	Gale Force 4 CLO, Ltd.	 	 
	 	 	By: GSO Debt Funds Management LLC as Collateral

Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lee M. Shaiman	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lee M. Shaiman	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	HUDSON STRAITS CLO 2004, LTD.	 	 
	 	 	By: GSO Debt Funds Management LLC as Collateral

Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lee M. Shaiman	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lee M. Shaiman	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	RIVERSIDE PARK CLO LTD.	 	 
	 	 	By: GSO Debt Funds Management LLC	 	 
	 	 	as Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Dean T. Criares	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Dean T. Criares	 	 
	 

	 	Title:
	 	Senior Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Sun Life Assurance Company of Canada (US)	 	 
	 	 	By: GSO CP Holdings LP as Sub-Advisor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lee M. Shaiman	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lee M. Shaiman	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	GLADSTONE BUSINESS INVESTMENT, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John O. Sateri	 	 
	 

	 	Name:
	 	John O. Sateri	 	 
	 

	 	Title:
	 	Managing Director	 	 

 

 

	 	 	 	 	 	 	 
	 	 	EMPORIA PREFERRED FUNDING I, LTD. 

By: Emporia Capital Management, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven Alexander	 	 
	 

	 	Name:
	 	 

Steven Alexander
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Peter Burton	 	 
	 

	 	Name:
	 	 

Peter Burton
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	EMPORIA PREFERRED FUNDING III, LTD.	 	 
	 	 	By: Emporia Capital Management, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 

Name:
	 	/s/ Steven Alexander
 

Steven Alexander
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Peter Burton	 	 
	 

	 	Name:
	 	 

Peter Burton
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	EMPORIA PREFERRED FUNDING IV, LTD. 

By: Emporia Capital Management, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Steven Alexander
 

Steven Alexander
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Peter Burton	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:
	 	Peter Burton	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	GoldenTree Loan Opportunities III, Limited 

By: GoldenTree Asset Management, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karen A. Weber	 	 
	 

	 	Name:
	 	 

Karen A. Weber
	 	 
	 

	 	Title:
	 	Director – Bank Debt	 	 
	 
	 	 	 	 	 	 
	 	 	GoldenTree Loan Opportunities IV, Limited	 	 
	 	 	 By: GoldenTree Asset Management, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Karen A. Weber	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:
	 	Karen A. Weber	 	 
	 

	 	Title:
	 	Director – Bank Debt	 	 
	 
	 	 	 	 	 	 
	 	 	GoldenTree Loan Opportunities V, Limited 	 	 
	 	 	By: GoldenTree Asset Management, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Karen A. Weber
 

Karen A. Weber
	 	 
	 

	 	Title:
	 	Director – Bank Debt	 	 
	 
	 	 	 	 	 	 
	 	 	LATITUDE CLO I, Ltd.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kirk Wallace
 

Kirk Wallace
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	LATITUDE CLO II, Ltd.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kirk Wallace
 

Kirk Wallace
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	LATITUDE CLO III, Ltd.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kirk Wallace
 

Kirk Wallace
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	WatchTower CLO I PLC,	 	 
	 	 	By: Citadel Limited Partnership, Collateral Manager
	 	 	By: Citadel Investment Group, L.L.C., its General Partner
	 
	 	 	 	 	 	 
	 	 	as a Lender, Swing Line Lender and L/C Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Erica L. Tarpey	 	 
	 

	 	Name:
	 	 

Erica L. Tarpey
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	ColumbusNova CLO Ltd. 2006-I	 	 
	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul L. Cal
 

Paul L. Cal
	 	 
	 

	 	Title:
	 	Associate Director	 	 
	 
	 	 	 	 	 	 
	 	 	ColumbusNova CLO Ltd. 2006-II	 	 
	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul L. Cal
 

Paul L. Cal
	 	 
	 

	 	Title:
	 	Associate Director	 	 
	 
	 	 	 	 	 	 
	 	 	ColumbusNova CLO Ltd. 2007-I	 	 
	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul L. Cal
 

Paul L. Cal
	 	 
	 

	 	Title:
	 	Associate Director	 	 
	 
	 	 	 	 	 	 
	 	 	ColumbusNova CLO IV Ltd. 2007-II	 	 
	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul L. Cal
 

Paul L. Cal
	 	 
	 

	 	Title:
	 	Associate Director	 	 
	 
	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Carin Keegan
 

	 	 
	 

	 	Name:
	 	Carin Keegan	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Scottye Lindsey
 

Scottye Lindsey
	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 	 	BNP PARIBAS	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Cecile Scherer
 

Cecile Scherer
	 	 
	 

	 	Title:
	 	Director Merchant Banking Group	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kandice Gu
 

Kandice Gu
	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LIGHTPOINT CLO III, LTD	 	 
	 	 	LIGHTPOINT CLO IV, LTD	 	 
	 	 	LIGHTPOINT CLO VII, LTD	 	 
	 	 	LIGHTPOINT CLO VIII, LTD	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Timothy S. Van Kirk
 

Timothy S. Van Kirk
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Avenue CLO Fund, Avenue CLO II, Ltd., Avenue CLO III, Ltd.,
	 	 	Avenue CLO IV, Ltd., Avenue CLO V, Ltd. and Avenue CLO VI, Ltd.
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Richard D’Addario
 

Richard D’Addario
	 	 
	 

	 	Title:
	 	Senior Portfolio Manager	 	 
	 
	 	 	 	 	 	 
	 	 	GRAND HORN CLO LTD.	 	 
	 	 	By: Seix Investment Advisors LLC, as Collateral Manager
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ George Goudelias
 

George Goudelias
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	LEHMAN COMMERCIAL PAPER INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Ahuva Schwager
 

Ahuva Schwager
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	General Electric Capital Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Peter B. Zone
 

Peter B. Zone
	 	 
	 

	 	Title:
	 	Its Duly Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	GE Business Financial Services Inc.	 	 
	 	 	(formerly known as Merrill Lynch Business Financial Services Inc.)
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Peter B. Zone
 

Peter B. Zone
	 	 
	 

	 	Title:
	 	Its Duly Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	MORGAN STANLEY BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Daniel Twenge	 	 
	 

	 	Name:
	 	 

Daniel Twenge
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	Tralee CDO I, Ltd
	 	 	By: Par-Four Investment Management, LLC
	 	 	as investment advisor
	 
	 	 	 	 
	 

	 	By: 	 	/s/ Edward Labrenz
	 

	 	 	 	 
	 

	 	Name:	 	Edward Labrenz
	 

	 	Title	 	Authorized Signatory
	 
	 	 	 	 	 	 
	 	 	 Madison Capital Funding LLC
	 
	 	 	 	 	 	 
	 

	 	By: 	/s/ Faraaz Kamran	 	 
	 

	 	 	 

	 	 
	 

	 	Name: Faraaz Kamran
	 	 
	 

	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	CIT Healthcare LLC
	 
	 	 	 	 	 	 
	 

	 	By:
	/s/ R. T. Roller
 

	 	 
	 

	 	Name: R. T. Roller
	 	 
	 

	 	Title: Authorized Signatory
	 	 
	 
	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 
	 

	 	ARTUS LOAN FUND 2007-I, LTD.
	 

	 	BABSON CLO LTD. 2003-I
	 

	 	BABSON CLO LTD. 2004-I
	 

	 	BABSON CLO LTD. 2004-II
	 

	 	BABSON CLO LTD. 2005-I
	 

	 	BABSON CLO LTD. 2005-II
	 

	 	BABSON CLO LTD. 2005-III
	 

	 	BABSON CLO LTD. 2006-I
	 

	 	BABSON CLO LTD. 2006-II
	 

	 	BABSON CLO LTD. 2007-I
	 

	 	BABSON MID-MARKET CLO LTD. 2007-II
	 

	 	BABSON LOAN OPPORTUNITY CLO, LTD.
	 

	 	SAPPHIRE VALLEY CDO I, LTD.
	 

	 	By: Babson Capital Management LLC as Collateral Manager
	 
	 	 	 	 	 	 
	 

	 	By: 
	/s/ Michael Freno
 

	 	 
	 

	 	Name: Michael Freno
	 	 
	 

	 	Title: Director
	 	 
	 
	 	 	 	 	 	 
	 	 	C.M. LIFE INSURANCE COMPANY

By: Babson Capital Management LLC as Investment Sub-Adviser
	 
	 	 	 	 	 	 
	 

	 	By: 
	/s/ Michael Freno
 

	 	 
	 

	 	Name: Michael Freno
	 	 
	 

	 	Title: Director
	 	 
	 
	 	 	 	 	 	 
	 	 	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

By: Babson Capital Management LLC as Investment Adviser
	 
	 	 	 	 	 	 
	 

	 	By: 
	/s/ Michael Freno
 

	 	 
	 

	 	Name: Michael Freno
	 	 
	 

	 	Title: Director
	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	JEFFERIES FINANCE CP FUNDING LLC
	 
	 	 	 	 	 	 
	 

	 	By: 
	/s/ Charlie J. Franklin
 

	 	 
	 

	 	Name: Charlie J.
Franklin
	 	 
	 

	 	Title: Closing Manager
	 	 
	 
	 	 	 	 	 	 
	 	 	JFIN CLO 2007 LTD.

By: Jefferies Finance LLC as Collateral Manager
	 
	 	 	 	 	 	 
	 

	 	By: 
	/s/ Charlie J. Franklin
 

	 	 
	 

	 	Name: Charlie J. Franklin
	 	 
	 

	 	Title: Closing Manager
	 	 
	 
	 	 	 	 	 	 
	 	 	Goldman Sachs Bank USA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Mark Walton
 

Mark Walton
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	Denali Capital LLC, managing member of

DC Funding Partners LLC, portfolio manager for

DENALI CAPITAL CLO IV, LTD., or an affiliate	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ John P. Thacker
 

JOHN P. THACKER
	 	 
	 

	 	Title:
	 	CHIEF CREDIT OFFICER	 	 

 

 

	 	 	 	 	 	 	 
	 	 	Denali Capital LLC, managing member of

DC Funding Partners LLC, portfolio manager for

DENALI CAPITAL CLO VI, LTD., or an affiliate	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ John P. Thacker
 

JOHN P. THACKER
	 	 
	 

	 	Title:
	 	CHIEF CREDIT OFFICER	 	 
	 
	 	 	 	 	 	 
	 	 	Denali Capital LLC, managing member of

DC Funding Partners LLC, portfolio manager for

DENALI CAPITAL CLO VII, LTD. or an affiliate	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ John P. Thacker
 

JOHN P. THACKER
	 	 
	 

	 	Title:
	 	CHIEF CREDIT OFFICER	 	 
	 
	 	 	 	 	 	 
	 	 	Denali Capital LLC, managing member of

DC Funding Partners LLC, portfolio manager for
DENALI
 CAPITAL CREDIT OPPORTUNITY FUND FINANCING,

LTD., or an affiliate
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ John P. Thacker
 

JOHN P. THACKER
	 	 
	 

	 	Title:
	 	CHIEF CREDIT OFFICER	 	 
	 
	 	 	 	 	 	 
	 	 	MERRILL LYNCH CAPITAL SERVICES, INC.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Neyda Darias
	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Neyda Darias	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	CIT CLO I LTD.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David M. Harnisch	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	DAVID M. HARNISCH	 	 
	 

	 	Title:
	 	VICE PRESIDENT	 	 
	 

	 	 	 	CIT ASSET MANAGEMENT	 	 
	 
	 	 	 	 	 	 
	 	 	Grand Central Asset Trust CAMERON I Series
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brian Schott	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Brian Schott	 	 
	 

	 	Title:
	 	Attorney-in-fact	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	ADDITIONAL LENDERS:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	OAK HILL CREDIT PARTNERS II, LIMITED	 	OAK HILL CREDIT PARTNERS III, LIMITED
	 
	 	 	 	 	 	 	 	 	 	 
	By: Oak Hill CLO Management II, LLC

As Investment Manager	 	By: Oak Hill CLO Management III, LLC

As Investment Manager
	 
	 	 	 	 	 	 	 	 	 	 
	By: 

	/s/ Scott D. Krase
 

	 	 
	 	By: 
	/s/ Scott D. Krase
 

	 	 
	Name:

	Scott D. Krase
	 	 	 	Name:
	Scott D. Krase	 	 
	Title:

	Authorized Person
	 	 	 	Title:
	Authorized Person	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	OAK HILL CREDIT PARTNERS IV, LIMITED	 	OAK HILL CREDIT PARTNERS V, LIMITED
	 
	 	 	 	 	 	 	 	 	 	 
	By: Oak Hill CLO Management IV, LLC	 	 	 	By: Oak Hill CLO Management V, LLC
	As Investment Manager	 	 	 	As Investment Manager
	 
	 	 	 	 	 	 	 	 	 	 
	By: 

	/s/ Scott D. Krase
 

	 	 
	 	By: 
	/s/ Scott D. Krase
 

	 	 
	Name:

	Scott D. Krase
	 	 	 	Name:
	Scott D. Krase	 	 
	Title:

	Authorized Person
	 	 	 	Title:
	Authorized Person	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	CRP V	 	SMBC MVI SPC, on behalf of and for the account

of Segregated Portfolio No. 1
	 
	 	 	 	 	 	 	 	 	 	 
	By: Oak Hill Advisors, L.P.

As Portfolio Manager	 	 	 	By: Oak Hill Separate Account Management I, LLC

As Investment Manager
	 
	 	 	 	 	 	 	 	 	 	 
	By: 

	/s/ Scott D. Krase
 

	 	 
	 	By: 
	/s/ Scott D. Krase
 

	 	 
	Name:

	Scott D. Krase
	 	 	 	Name:
	Scott D. Krase	 	 
	Title:

	Authorized Person
	 	 	 	Title:
	Authorized Person	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	OHA PARK AVENUE CLO I, LTD.	 	 	 	GMAM GROUP PENSION TRUST I
	 
	 	 	 	 	 	 	 	 	 	 
	By: Oak Hill Advisors, L.P.

As Investment Manager	 	 	 	By: STATE STREET BANK AND TRUST

     COMPANY, solely as Trustee
	 
	 	 	 	 	 	 	 	 	 	 
	By: 

	/s/ Scott D. Krase
 

	 	 
	 	By: 
	

 

	 	 
	Name:

	Scott D. Krase
	 	 	 	Name:
		 	 
	Title:

	Authorized Person
	 	 	 	Title:EX-10.1 LIMITED WAIVER

Exhibit 10.1

LIMITED WAIVER

     LIMITED WAIVER dated as of May 13, 2008 executed by Beazer Homes USA, Inc., a Delaware
corporation (the “Borrower”), the lenders party hereto (the “Lenders”), and
Wachovia Bank, National Association, as agent (the “Agent”).

     The parties hereto are party to that certain Credit Agreement dated as of July 25, 2007 (as
amended by that certain Waiver and First Amendment (the “First Amendment”) dated as of
October 10, 2007 and by that certain Second Amendment dated as of October 26, 2007 and as further
amended, supplemented, or modified from time to time, the “Credit Agreement”; terms defined
in the Credit Agreement are used herein as defined therein). Article VII of the Credit Agreement
requires the Borrower to comply with certain financial covenants. The Borrower has asked the Agent
and Lenders to waive noncompliance with Section 7.01 [Minimum Consolidated Tangible Net Worth] and
Section 7.02 [Leverage Ratio] of the Credit Agreement for the fiscal period ended March 31, 2008 in
accordance with the terms set forth in this Limited Waiver.

     Section 1. Limited Waiver. Subject to the terms and conditions set forth herein, but
with effect on and after the date hereof, the Lenders hereby waive compliance with Sections 7.01
and 7.02 of the Credit Agreement, at all times for the period from and including January 1, 2008
through and excluding the earlier of (i) the date of the occurrence of any other Default and (ii)
June 30, 2008 (such period being the “Waiver Period”); provided that (x) the Borrower shall
furnish to the Agent the Restated Financial Statements no later than 3:00 p.m. on May 15, 2008 in
accordance with Section 2.1(b) of the First Amendment, (y) at no time during the Waiver Period
shall Consolidated Tangible Net Worth of the Borrower be less than $700,000,000, and (z) at no time
during the Waiver Period shall the Leverage Ratio of the Borrower exceed 2.50 to 1.00. Failure to
satisfy any of the terms in the foregoing proviso shall terminate the Limited Waiver set forth in
this Section 1, end the Waiver Period, and constitute an Event of Default under Section 8.01 of the
Credit Agreement.

     Section 2. Applicable Eurodollar Margin. Notwithstanding anything to the contrary in
the Credit Agreement, and regardless of whether the Senior Notes Resolution shall have occurred,
during the Waiver Period, the Applicable Eurodollar Margin shall be 3.50%. This Section 2 is not
meant to extend the Limited Waiver set forth in Section 1 nor is meant to modify Section 2.05 of
the Credit Agreement if the Senior Notes Resolution shall have not occurred.

     Section 3. Audit Committee Report. The parties hereto agree that Schedule 1 to the
First Amendment is hereby supplemented by the disclosures made in the draft of the Borrower’s Form
10-K for the fiscal year ended September 30, 2007 provided to the Agent on April 29, 2008, dated
April 30, 2008 and the letter from Robert L. Salomon of the Borrower to Darrell Perry of Wachovia
Bank dated May 9, 2008 regarding changes to be made to such draft Form 10-K and that references
therein to the Audit Committee Report shall be deemed to include such disclosures.

     Section 4. Conditions Precedent. The waivers set forth in Section 1 hereof shall
become effective, as of the date hereof, upon (a) the execution and delivery of this Limited Waiver
by the Borrower, the Agent and the Required Lenders, (b) the execution and delivery of the
Acknowledgement and Consent in the form set forth in Exhibit A hereto from each Guarantor, and (c)
payment by the Borrower to the Agent on account of each Lender entitled thereto a fee in an
aggregate amount equal to 10 basis points times each such Lender’s Commitment calculated as of

Limited Waiver

1

 

the date hereof, but such fees shall be payable only (i) to each Lender that has delivered
(including by way of facsimile or electronic mail) its executed signature page to this Limited
Waiver to the attention of Jolie Tenholder, of Womble Carlyle Sandridge & Rice, PLLC, 301 S.
College St., Charlotte, North Carolina 28202, facsimile 704-444-9969, email jtenholder@wcsr.com,
prior to 5:00 p.m., New York time, on Tuesday, May 6, 2008, and (ii) if the Borrower executes this
Limited Waiver.

     Section 5. Representations. The Borrower hereby represents and warrants to the Agent
and the Lenders that (a) the representations and warranties contained in the Credit Agreement and
the other Loan Documents are true and correct in all material respects on and as of the date hereof
(after giving effect to this Limited Waiver) as if made on and as of the date hereof (except where
such representations and warranties expressly relate to an earlier date in which case such
representations and warranties were true and correct in all material respects as of such earlier
date); provided that the representations and warranties contained in Section 4.04
(Financial Statements), Section 4.06 (Other Agreements), Section 4.07 (Litigation), Section 4.14
(Law; Environment) and Section 4.17 (Accuracy of Information) shall be deemed to be made as set
forth in the Credit Agreement except that such representations and warranties shall be deemed to be
made with an exception for the matters identified in the Audit Committee Report giving rise to the
Restatement, and (b) after giving effect to this Limited Waiver, no Default has occurred and is
continuing.

     Section 6. Waiver of Claims. The Borrower acknowledges that the Agent and
Lenders have acted in good faith and have conducted themselves in a commercially reasonable manner
in their relationships with the Borrower and the Guarantors in connection with this Limited Waiver
and in connection with the Credit Agreement and the other Loan Documents, the Borrower hereby
waiving and releasing any claims to the contrary. The Borrower, on its own behalf and on behalf of
each of its Affiliates, releases and discharges the Agent and Lenders, all Affiliates of the Agent
and Lenders, all officers, directors, employees, attorneys and agents of the Agent and Lenders or
any of their Affiliates, and all of their predecessors in interest, from any and all claims,
defenses and causes of action, whether known or unknown, and whether now existing or hereafter
arising, including without limitation, any usury claims, that have at any time been owned, or that
are hereafter owned, in tort or in contract by the Borrower or any Affiliate of the Borrower and
that arise out of any one or more circumstances or events that occurred prior to the date of this
Limited Waiver.

     Section 7. Miscellaneous. Except as herein provided, the Loan Documents shall remain
unchanged and in full force and effect. The waiver set forth in Section 1 hereof is not meant to
be a waiver of any other term or provision in Article VII of the Credit Agreement or any other term
or provision of the Credit Agreement. The Agent and the Lenders expressly reserve all of their
rights and remedies with respect to any other present or future Default arising under the Credit
Agreement (whether or not related to the matters addressed in this Limited Waiver). This Limited
Waiver may be executed in any number of counterparts, all of which taken together shall constitute
one and the same instrument and any of the parties hereto may execute this Limited Waiver by
signing any such counterpart. This Limited Waiver shall be construed in accordance with and
governed by the law of the State of North Carolina, without regard to the conflict of laws
principles thereof.

Limited Waiver

2

 

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

	 	 	 	 	 
	 	BEAZER HOMES USA, INC., as Borrower

 	 
	 	By:  	
 	(SEAL) 
	 	 	Name:  	Allan P. Merrill 	 
	 	 	Title:  	Executive Vice President and CFO 	 
	 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent and as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	CITIBANK, N.A., as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	BNP PARIBAS, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Limited Waiver

3

 

	 	 	 	 	 
	 	GUARANTY BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	REGIONS FINANCIAL CORPORATION, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	CITY NATIONAL BANK, a national banking association, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	PNC BANK, N.A., as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	UBS LOAN FINANCE, LLC, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	COMERICA BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Limited Waiver

4

 

EXHIBIT A

ACKNOWLEDGMENT AND CONSENT

     Reference is made to the Limited Waiver, dated as of May ___, 2008 (the “Limited
Waiver”), to and under the Credit Agreement, dated as of July 25, 2007 (as heretofore amended,
supplemented or otherwise modified, the “Credit Agreement”), among Beazer Homes USA, Inc.,
a Delaware corporation (the “Borrower”), the several lenders from time to time parties
thereto (the “Lenders”) and Wachovia Bank, National Association, as agent (in such
capacity, the “Agent”). Unless otherwise defined herein, capitalized terms used herein and
defined in the Credit Agreement are used herein as therein defined.

     Each of the undersigned parties to the Guaranty hereby (a) consents to the transactions
contemplated by the Limited Waiver and (b) acknowledges and agrees that the guarantees and grants
of security interests made by such party contained in the Guaranty are, and shall remain, in full
force and effect after giving effect to the Limited Waiver.

	 	 	 	 	 
	GUARANTORS:  	APRIL CORPORATION
BEAZER ALLIED COMPANIES HOLDINGS, INC.

BEAZER GENERAL SERVICES, INC.

BEAZER HOMES CORP.

BEAZER HOMES HOLDINGS CORP.

BEAZER HOMES INDIANA HOLDINGS CORP.

BEAZER HOMES SALES, INC.

BEAZER HOMES TEXAS HOLDINGS, INC.

BEAZER REALTY, INC.

BEAZER REALTY CORP.

BEAZER REALTY LOS ANGELES, INC.

BEAZER REALTY SACRAMENTO, INC.

BEAZER/SQUIRES REALTY, INC.

HOMEBUILDERS TITLE SERVICES, INC.

HOMEBUILDERS TITLE SERVICES OF VIRGINIA, INC.

 	 
	 	By:  	(SEAL)	 
	 	 	Name:  	Allan P. Merrill 	 
	 	 	Title:  	Executive Vice President 	 
	 

Limited Waiver

5

 

	 	 	 	 	 
	 	ARDEN PARK VENTURES, LLC

BEAZER CLARKSBURG, LLC

BEAZER COMMERCIAL HOLDINGS, LLC

BEAZER HOMES INVESTMENTS, LLC

BEAZER HOMES MICHIGAN, LLC 

 
	 
	 	By:	 BEAZER HOMES CORP., its Managing Member	 
	 
	 	By:  	(SEAL)
 	 
	 	 	Name:  	Allan P. Merrill 	 
	 	 	Title:  	Executive Vice President 	 
	 

	 	 	 	 	 
	 	BEAZER SPE, LLC

By:  BEAZER HOMES HOLDINGS CORP., its Member

 	 
	 	By:  	(SEAL)
 	 
	 	 	Name:  	Allan P. Merrill 	 
	 	 	Title:  	Executive Vice President 	 
	 

	 	 	 	 	 
	 	BEAZER HOMES INDIANA, LLP

BEAZER REALTY SERVICES, LLC

PARAGON TITLE, LLC
TRINITY HOMES, LLC

By: BEAZER HOMES INVESTMENTS, LLC, its Managing Member or Managing Partner

By: BEAZER HOMES CORP., its Managing Member

 	 
	 	By:  	(SEAL)
 	 
	 	 	Name:  	Allan P. Merrill 	 
	 	 	Title:  	Executive Vice President 	 
	 

Limited Waiver

6

 

	 	 	 	 	 
	 	BEAZER HOMES TEXAS, L.P.

TEXAS LONE STAR TITLE, L.P.

By: BEAZER HOMES TEXAS HOLDINGS, INC., its Managing Partner

 	 
	 	By:  	(SEAL)
 	 
	 	 	Name:  	Allan P. Merrill 	 
	 	 	Title:  	Executive Vice President 	 
	 

	 	 	 	 	 
	 	BH BUILDING PRODUCTS, LP

By: BH PROCUREMENT SERVICES, LLC, its General Partner

By: BEAZER HOMES TEXAS, L.P., its Managing Member

By: BEAZER HOMES TEXAS HOLDINGS, INC., its General Partner

 	 
	 	By:  	(SEAL)
 	 
	 	 	Name:  	Allan P. Merrill 	 
	 	 	Title:  	Executive Vice President 	 
	 

	 	 	 	 	 
	 	BH PROCUREMENT SERVICES, LLC

By: BEAZER HOMES TEXAS, L.P., its Managing Member

By: BEAZER HOMES TEXAS HOLDINGS, INC., its General Partner

 	 
	 	By:  	(SEAL)
 	 
	 	 	Name:  	Allan P. Merrill 	 
	 	 	Title:  	Executive Vice President 	 
	 

Limited Waiver

7

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