Document:

exhibit_10-1vca.htm

  

 

 

EXECUTION COPY

 

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

 

dated as of August 16, 2011

 

among

 

VICAR OPERATING, INC.,

 

VCA ANTECH, INC.,

 

CERTAIN SUBSIDIARIES OF COMPANY,

 

as Guarantors,

 

VARIOUS LENDERS,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender,

BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A.,

as Co-Syndication Agents

and

U.S. BANK NATIONAL ASSOCIATION and UNION BANK, N.A.,

as Co-Documentation Agents

________________________________________________________

 

 

$706,250,000 Senior Secured Credit Facilities

 

________________________________________________________

 

WELLS FARGO SECURITIES, LLC, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and J.P. MORGAN SECURITIES LLC,

as Joint Lead Arrangers and Joint Lead Bookrunners

  

  

  

 

 

 

  

  

  

TABLE OF CONTENTS

 

Page

 

	
SECTION 1.

	
DEFINITIONS AND INTERPRETATION

	
2

	
1.1

	
Definitions

	
2

	
1.2

	
Accounting Terms

	
33

	
1.3

	
Interpretation, etc.

	
34

	
1.4

	
Interrelationship with the Existing Credit Agreement.

	
35

	
SECTION 2

	
LOANS

	
35

	
2.1

	
Term Loans

	
35

	
2.2

	
Revolving Loans

	
36

	
2.3

	
Swing Line Loans

	
37

	
2.4

	
Pro Rata Shares; Availability of Funds

	
39

	
2.5

	
Use of Proceeds

	
40

	
2.6

	
Evidence of Debt; Register; Lenders’ Books and Records; Notes

	
40

	
2.7

	
Interest on Loans

	
41

	
2.8

	
Conversion/Continuation

	
43

	
2.9

	
Default Interest

	
44

	
2.10

	
Fees

	
44

	
2.11

	
Scheduled Payments

	
45

	
2.12

	
Voluntary Prepayments/Commitment Reductions

	
46

	
2.13

	
Mandatory Prepayments/Commitment Reductions

	
48

	
2.14

	
Application of Prepayments/Reductions

	
49

	
2.15

	
General Provisions Regarding Payments

	
50

	
2.16

	
Ratable Sharing

	
52

	
2.17

	
Making or Maintaining Eurodollar Rate Loans

	
52

	
2.18

	
Increased Costs; Capital Adequacy

	
54

	
2.19

	
Taxes; Withholding, etc

	
56

	
2.20

	
Obligation to Mitigate

	
58

	
2.21

	
Defaulting Lenders

	
58

	
2.22

	
Removal or Replacement of a Lender

	
60

	
2.23

	
Issuance of Letters of Credit and Purchase of Participations Therein.

	
61

	
2.24

	
Incremental Facilities

	
64

	
SECTION 3

	
CONDITIONS PRECEDENT

	
67

	
3.1

	
Closing Date

	
67

	
3.2

	
Conditions to Each Credit Extension

	
70

	
3.3

	
2011 Effective Date

	
70

	
SECTION 4

	
REPRESENTATIONS AND WARRANTIES

	
73

	
4.1

	
Organization; Requisite Power and Authority; Qualification

	
73

	
4.2

	
Capital Stock and Ownership

	
73

 

 

 

  

i

  

 

 

 

	
4.3

	
Due Authorization

	
73

	
4.4

	
No Conflict

	
73

	
4.5

	
Governmental Consents

	
74

	
4.6

	
Binding Obligation

	
74

	
4.7

	
Historical Financial Statements

	
74

	
4.8

	
[Reserved]

	
74

	
4.9

	
No Material Adverse Change

	
74

	
4.10

	
No Restricted Junior Payments

	
74

	
4.11

	
Adverse Proceedings, etc

	
75

	
4.12

	
Payment of Taxes

	
75

	
4.13

	
Properties

	
75

	
4.14

	
Environmental Matters

	
76

	
4.15

	
No Defaults

	
76

	
4.16

	
Governmental Regulation

	
76

	
4.17

	
Margin Stock

	
76

	
4.18

	
Employee Matters

	
77

	
4.19

	
Employee Benefit Plans

	
77

	
4.20

	
Certain Fees

	
78

	
4.21

	
Solvency

	
78

	
4.22

	
[Reserved]

	
78

	
4.23

	
Subordination

	
78

	
4.24

	
Compliance with Statutes, etc

	
78

	
4.25

	
Disclosure

	
78

	
4.26

	
U.S. Foreign Corrupt Practices Act and OFAC

	
79

	
SECTION 5

	
AFFIRMATIVE COVENANTS

	
79

	
5.1

	
Financial Statements and Other Reports

	
79

	
5.2

	
Existence

	
83

	
5.3

	
Payment of Taxes and Claims

	
83

	
5.4

	
Maintenance of Properties

	
83

	
5.5

	
Insurance

	
83

	
5.6

	
Inspections

	
84

	
5.7

	
Lenders Meetings

	
84

	
5.8

	
Compliance with Laws

	
84

	
5.9

	
Environmental

	
84

	
5.10

	
Subsidiaries

	
85

	
5.11

	
Mortgages on Material Real Estate Assets

	
86

	
5.12

	
Public Lenders

	
87

	
5.13

	
Further Assurances

	
87

	
SECTION 6

	
NEGATIVE COVENANTS

	
88

	
6.1

	
Indebtedness

	
88

	
6.2

	
Liens

	
90

	
6.3

	
Equitable Lien

	
92

	
6.4

	
No Further Negative Pledges

	
92

 

 

 

  

ii

  

 

	
6.5

	
Restricted Junior Payments

	
92

	
6.6

	
Restrictions on Subsidiary Distributions

	
94

	
6.7

	
Investments

	
94

	
6.8

	
Financial Covenants

	
96

	
6.9

	
Fundamental Changes; Disposition of Assets; Acquisitions

	
97

	
6.10

	
Disposal of Subsidiary Interests

	
98

	
6.11

	
Sales and Lease-Backs

	
98

	
6.12

	
Transactions with Shareholders and Affiliates

	
98

	
6.13

	
Conduct of Business

	
99

	
6.14

	
Permitted Activities of Holdings

	
99

	
6.15

	
Permitted Partially-Owned Subsidiaries

	
100

	
6.16

	
Amendments or Waivers with respect to Subordinated Indebtedness and Permitted Unsecured Indebtedness

	
100

	
6.17

	
Designation of “Senior Indebtedness”

	
100

	
6.18

	
Fiscal Year

	
100

	
SECTION 7

	
GUARANTY

	
100

	
7.1

	
Guaranty of the Obligations

	
100

	
7.2

	
Contribution by Guarantors

	
100

	
7.3

	
Payment by Guarantors

	
101

	
7.4

	
Liability of Guarantors Absolute

	
101

	
7.5

	
Waivers by Guarantors

	
103

	
7.6

	
Guarantors’ Rights of Subrogation, Contribution, etc

	
104

	
7.7

	
Subordination of Other Obligations

	
105

	
7.8

	
Continuing Guaranty

	
105

	
7.9

	
Authority of Guarantors or Company

	
105

	
7.10

	
Financial Condition of Company

	
105

	
7.11

	
Bankruptcy, etc

	
105

	
7.12

	
Discharge of Guaranty Upon Sale of Guarantor

	
106

	
SECTION 8

	
EVENTS OF DEFAULT

	
106

	
8.1

	
Events of Default

	
106

	
SECTION 9

	
AGENTS

	
109

	
9.1

	
Appointment of Agents

	
109

	
9.2

	
Powers and Duties

	
110

	
9.3

	
General Immunity

	
110

	
9.4

	
Agents Entitled to Act as Lender

	
112

	
9.5

	
Lenders’ Representations, Warranties and Acknowledgment

	
112

	
9.6

	
Right to Indemnity

	
112

	
9.7

	
Successor Administrative Agent, Collateral Agent and Swing Line Lender

	
113

	
9.8

	
Collateral Documents and Guaranty

	
114

 

 

  

iii

  

 

 

	
SECTION 10

	
MISCELLANEOUS

	
115

	
10.1

	
Notices

	
115

	
10.2

	
Expenses

	
116

	
10.3

	
Indemnity

	
117

	
10.4

	
Set-Off

	
117

	
10.5

	
Amendments and Waivers

	
118

	
10.6

	
Successors and Assigns; Participations

	
120

	
10.7

	
Independence of Covenants

	
124

	
10.8

	
Survival of Representations, Warranties and Agreements

	
124

	
10.9

	
No Waiver; Remedies Cumulative

	
124

	
10.1

	
Marshalling; Payments Set Aside

	
124

	
10.1

	
Severability

	
125

	
10.1

	
Obligations Several; Independent Nature of Lenders’ Rights

	
125

	
10.1

	
Entire Agreement

	
125

	
10.1

	
Headings

	
125

	
10.1

	
APPLICABLE LAW

	
125

	
10.1

	
CONSENT TO JURISDICTION

	
125

	
10.1

	
WAIVER OF JURY TRIAL

	
126

	
10.1

	
Confidentiality

	
127

	
10.1

	
Usury Savings Clause

	
127

	
10.2

	
Counterparts

	
128

	
10.2

	
Electronic Execution of Assignments

	
128

	
10.2

	
USA PATRIOT Act

	
128

	
10.2

	
No Fiduciary Duty.

	
128

	
10.2

	
Existing Agreement Superseded

	
129

	
10.2

	
Reaffirmation

	
129

 

  

iv

  

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

 

This AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT, dated as of August 16, 2011 (as amended, restated, modified or supplemented from time to time, this “Agreement”), is entered into by and among VICAR OPERATING, INC., a Delaware corporation (“Company”), VCA ANTECH, INC., a Delaware corporation (“Holdings”), CERTAIN SUBSIDIARIES OF COMPANY, as Guarantors, the Lenders party hereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), as Administrative Agent (together with its permitted successors in such capacity, “Administrative Agent”), Collateral Agent (together with its permitted successors in such capacity, “Collateral Agent”), Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents (in such capacity, “Co-Syndication Agents”), and U.S. BANK NATIONAL ASSOCIATION and UNION BANK, N.A., as Co-Documentation Agents (in such capacity, “Co-Documentation Agents”).

 

RECITALS:

 

WHEREAS, capitalized terms used in these Recitals shall have the respective meanings set forth for such terms in Section 1.1 hereof;

 

WHEREAS, Company, Holdings, Guarantors, the Existing Lenders, Wells Fargo, as administrative agent, collateral agent, issuing bank and swing line lender, Bank of America, N.A., as syndication agent, and  JPMorgan Chase Bank, N.A., U.S. Bank National Association and Union Bank, N.A., as co-documentation agents, are parties to that certain Credit and Guaranty Agreement dated as of August 19, 2010 (the “Existing Credit Agreement”), pursuant to which the Existing Lenders have extended Closing Date Term Loans, MediMedia Acquisition-Related Loans and certain extensions of credit pursuant to the Revolving Commitments to Company;

 

WHEREAS, on August 9, 2011, Company acquired all of the equity interests of Vetstreet, Inc. (f/k/a MediMedia Animal Health, LLC) pursuant to that certain Securities Purchase Agreement dated as of July 10, 2011 by and among MediMedia Animal Health, LLC, MediMedia USA, Inc. (the “MediMedia Acquisition”) and Company, and at or about the same time, for purposes of paying a portion of the purchase price for such acquisition, Company borrowed $50,000,000 pursuant to “New Term Loan Commitments” (as defined under the Existing Credit Agreement; such loans being the “MediMedia Acquisition-Related Term Loans”) and $50,000,000 pursuant to “Revolving Commitments” (as defined under the Existing Credit Agreement), in each case pursuant to the terms of the Existing Credit Agreement (such loans, together with the MediMedia Acquisition-Related Term Loans, the “MediMedia Acquisition-Related Loans”);

 

WHEREAS, Company desires that certain Existing Lenders and other Lenders party hereto agree to amend and restate the Existing Credit Agreement in its entirety to (i) provide for the Additional Term Loans to repay in full the MediMedia Acquisition-Related Loans, (ii) increase the aggregate principal amount of the Revolving Commitments from $100,000,000 to $125,000,000 (such additional $25,000,000 aggregate principal amount of Revolving

 

  

1

  

Commitments referred to herein as the “Additional Revolving Commitments”) and (iii) make certain other changes as more fully set forth herein, which amendment and restatement shall become effective upon satisfaction of the conditions precedent set forth herein;

 

WHEREAS, Company has agreed to secure all of its Obligations by reaffirming its grant to Collateral Agent, for the benefit of Secured Parties, of a First Priority Lien on certain of its assets, including a pledge of all of the Capital Stock of each of its Domestic Subsidiaries and 65% of all the Capital Stock of each of its Foreign Subsidiaries;

 

WHEREAS, Guarantors have agreed to guarantee the obligations of Company hereunder and to secure their respective Obligations by reaffirming their grant to Collateral Agent, for the benefit of Secured Parties, of a First Priority Lien on certain of their respective assets, including a pledge of all of the Capital Stock in each of their respective Domestic Subsidiaries (including Company) and 65% of all the Capital Stock in each of their respective Foreign Subsidiaries;

 

WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the parties under the Existing Credit Agreement and that this Agreement amend and restate in its entirety the Existing Credit Agreement; and

 

WHEREAS, it is the intent of the Credit Parties to confirm that all Obligations of the Credit Parties under the other Credit Documents shall continue in full force and effect and that, from and after the 2011 Effective Date, all references to the “Credit Agreement” contained therein shall be deemed to refer to this Agreement.

 

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

 

SECTION 1. DEFINITIONS AND INTERPRETATION

 

1.1 Definitions.  The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the following meanings:

 

“2005 Credit Agreement” as defined in Section 2.5.

 

“2011 Effective Date” means August 16, 2011.

 

“2011 Effective Date Certificate” means the 2011 Effective Date Certificate substantially in the form of Exhibit G-3.

 

“2011 Effective Date Solvency Certificate” means a 2011 Effective Date Solvency Certificate of the chief financial officer of Holdings substantially in the form of Exhibit G-4.

 

“Additional Revolving Commitments” as defined in the recitals hereto.

 

“Additional Term Loan” means a Term Loan made by a Lender to Company pursuant to Section 2.1(b).

 

  

2

  

 

“Additional Term Loan Commitment” means the commitment of a Lender to make or otherwise fund an Additional Term Loan and “Additional Term Loan Commitments” means such commitments of all Lenders in the aggregate.  The amount of each Lender’s Additional Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof.  The aggregate principal amount of the Additional Term Loan Commitments as of the 2011 Effective Date is $100,000,000.

 

“Adjusted Eurodollar Rate” means, for any Interest Rate Determination Date with respect to an Interest Period for a Eurodollar Rate Loan, the rate per annum obtained by dividing (and rounding upward to the next whole multiple of 1/100 of 1%) (i)(a) the rate per annum (rounded to the nearest 1/100 of 1%) equal to the rate determined by Administrative Agent to be the offered rate which appears on the page of the Reuters Screen which displays an average British Bankers Association Interest Settlement Rate (such page currently being LIBOR01 page) for deposits (for delivery on the first day of such period) with a term equivalent to such period in Dollars, determined as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, or (b) in the event the rate referenced in the preceding clause (a) does not appear on such page or service or if such page or service shall cease to be available, the rate per annum (rounded to the nearest 1/100 of 1%) equal to the rate determined by Administrative Agent to be the offered rate on such other page or other service which displays an average British Bankers Association Interest Settlement Rate for deposits (for delivery on the first day of such period) with a term equivalent to such period in Dollars, determined as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, or (c) in the event the rates referenced in the preceding clauses (a) and (b) are not available, the rate per annum (rounded to the nearest 1/100 of 1%) equal to the offered quotation rate to first class banks in the London interbank market by Wells Fargo for deposits (for delivery on the first day of the relevant period) in Dollars of amounts in same day funds comparable to the principal amount of the applicable Loan of Administrative Agent, in its capacity as a Lender, for which the Adjusted Eurodollar Rate is then being determined with maturities comparable to such period as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, by (ii) an amount equal to (a) one minus (b) the Applicable Reserve Requirement.

 

“Administrative Agent” as defined in the preamble hereto.

 

“Adverse Proceeding”  means any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of Holdings or any of its Subsidiaries) at law or in equity, or before or by any Governmental Authority, domestic or foreign (including any Environmental Claims), whether pending or, to the knowledge of Holdings or any of its Subsidiaries, threatened in writing against or affecting Holdings or any of its Subsidiaries or any property of Holdings or any of its Subsidiaries.

 

“Affected Lender” as defined in Section 2.17(b).

 

“Affected Loans” as defined in Section 2.17(b).

 

  

3

  

 

“Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power (i) to vote 10% or more of the Securities having ordinary voting power for the election of directors of such Person or (ii) to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise.

 

“Agent” means each of Lead Arrangers, Co-Syndication Agents, Administrative Agent and Collateral Agent.

 

“Aggregate Amounts Due” as defined in Section 2.16.

 

“Aggregate Payments” as defined in Section 7.2.

 

“Agreement” as defined in the Preamble hereto.

 

“Applicable Margin” and “Applicable Revolving Commitment Fee Percentage” mean (i) with respect to Eurodollar Rate Loans, (a) from the Closing Date until the Business Day immediately preceding the 2011 Effective Date, the “Applicable Margin” as set forth in the Existing Credit Agreement, (b) from the 2011 Effective Date until the date of delivery of the Compliance Certificate and the financial statements for the period ending September 30, 2011, a percentage, per annum, determined by reference to the following table as if the Leverage Ratio then in effect were in Level II below; and (c) thereafter, a percentage, per annum, determined by reference to the Leverage Ratio in effect from time to time as set forth below:

 

	
Level

	
Leverage Ratio

	
Applicable Margin for Eurodollar Rate Loans

	
Applicable Revolving Commitment Fee Percentage

	
I

	
> 2.50:1.00

	
2.25%

	
0.50%

	
II

	
< 2.50:1.00 and

> 1.75:1.00

	
1.75%

	
0.375%

	
III

	
< 1.75:1.00 and

> 1.00:1.00

	
1.50%

	
0.25%

	
IV

	
< 1.00:1.00

	
1.25%

	
0.20%

and (ii) with respect to Swing Line Loans and other Base Rate Loans, an amount equal to (a) the Applicable Margin for Eurodollar Rate Loans as set forth in clause (i)(a), (i)(b) or (i)(c) above, as

 

  

4

  

applicable, minus (b) 1.00% per annum and (iii) with respect to the Applicable Revolving Commitment Fee Percentage, a percentage, per annum, (a) determined by reference to the “Applicable Revolving Commitment Fee Percentage” in the Existing Credit Agreement from the Closing Date until the Business Day immediately preceding the 2011 Effective Date and (b) from the 2011 Effective Date, determined by reference to the Leverage Ratio in effect from time to time as set forth in the table above.  No change in the Applicable Margin or the Applicable Revolving Commitment Fee Percentage shall be effective until three Business Days after the date on which Administrative Agent shall have received the applicable financial statements and a Compliance Certificate pursuant to Section 5.1(d) calculating the Leverage Ratio.  At any time Company has not submitted to Administrative Agent the applicable information as and when required under Section 5.1(d), the Applicable Margin and the Applicable Revolving Commitment Fee Percentage shall be determined as if the Leverage Ratio were in Level I above.  Within one Business Day of receipt of the applicable information under Section 5.1(d), Administrative Agent shall give each Lender notice in accordance with Section 10.1 of the Applicable Margin and the Applicable Revolving Commitment Fee Percentage in effect from such date.  In the event that any financial statement or certificate delivered pursuant to Section 5.1 is shown to be inaccurate (at a time when this Agreement is in effect and unpaid Obligations under this Agreement are outstanding (other than indemnities and other contingent obligations not yet due and payable)), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) Company shall immediately deliver to Administrative Agent a correct certificate required by Section 5.1 for such Applicable Period, (ii) if such inaccuracy would lead to the application of a higher Applicable Margin, the Applicable Margin shall be increased to such higher Applicable Margin and (iii) Company shall immediately pay to Administrative Agent the accrued additional interest owing as a result of such increased Applicable Margin for such Applicable Period.  Nothing in this paragraph shall limit the right of Administrative Agent or any Lender under Section 2.9 or Section 8.

 

“Applicable Reserve Requirement” means, at any time, for any Eurodollar Rate Loan, the maximum rate, expressed as a decimal, at which reserves (including, without limitation, any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D) under regulations issued from time to time by the Board of Governors of the Federal Reserve System or other applicable banking regulator.  Without limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with respect to (i) any category of liabilities which includes deposits by reference to which the applicable Adjusted Eurodollar Rate or any other interest rate of a Loan is to be determined, or (ii) any category of extensions of credit or other assets which include Eurodollar Rate Loans.  A Eurodollar Rate Loan shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offsets that may be available from time to time to the applicable Lender.  The rate of interest on Eurodollar Rate Loans shall be adjusted automatically on and as of the effective date of any change in the Applicable Reserve Requirement.

 

“Asset Sale” means a sale, lease or sub-lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer or other disposition to, or any exchange of property with, any

 

  

5

  

Person (other than Company or a Guarantor Subsidiary), in one transaction or a series of transactions, of all or any part of Holdings’ or any of its Subsidiaries’ businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, including, without limitation, the Capital Stock of any of Holdings’ Subsidiaries (provided, however, that solely for purposes of Section 2.13(a), such sale of Capital Stock shall not be considered an Asset Sale), other than (i) inventory, equipment or other assets sold or leased in the ordinary course of business, and (ii) sales of other assets for aggregate consideration of less than $5,000,000 with respect to any transaction or series of related transactions; provided, further that (x) the transfer or issuance of any Capital Stock of any Domestic Subsidiary of Company to a Person other than a Credit Party in connection with a Permitted Subsidiary Dropdown shall not constitute an Asset Sale for purposes of this Agreement to the extent that the aggregate value of such transfer as determined by Company in good faith does not exceed $5,000,000 and (y) to the extent that such aggregate value exceeds $5,000,000, the aggregate value of such transfer in excess of $5,000,000 shall constitute an Asset Sale only to the extent of the aggregate value of such transfer in excess of $5,000,000.

 

 “Assignment Agreement” means an Assignment Agreement substantially in the form of Exhibit E, with such amendments or modifications as may be approved by Administrative Agent.

 

“Assignment Effective Date” as defined in Section 10.6(b).

 

“Authorized Officer” means, as applied to any Person, any individual holding the position of chairman of the board (if an officer), chief executive officer, president or one of its vice presidents (or the equivalent thereof), and such Person’s chief financial officer or treasurer.

 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute.

 

“Base Rate” means, for any day, a rate per annum equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (iii) the Adjusted Eurodollar Rate for a one month interest period commencing on such day plus 1.0%.  Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted Eurodollar Rate for a one month interest period shall be effective on the effective day of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted Eurodollar Rate for a one month interest period, respectively.

 

“Base Rate Loan” means a Loan bearing interest at a rate determined by reference to the Base Rate.

 

“Beneficiary” means each Agent, Issuing Bank, Lender and Lender Counterparty.

 

“Business Day” means (i) any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York and/or California or is a day on which banking institutions located in either such state are authorized or required by law or other governmental action to close and (ii) with respect to all notices, determinations, fundings and payments in connection with the Adjusted Eurodollar Rate or any Eurodollar Rate Loans, the term “Business Day” shall mean any day which is a Business Day described in clause (i) and

 

  

6

  

which is also a day for trading by and between banks in Dollar deposits in the London interbank market.

 

“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person.

 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including, without limitation, partnership interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing.

 

“Cash” means money, currency or a credit balance in any demand or Deposit Account.

 

“Cash Equivalents” means, as at any date of determination, (i) marketable securities (a) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (b) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year after such date; (ii) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (iii) commercial paper maturing no more than one year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (iv) certificates of deposit or bankers’ acceptances maturing within one year after such date and issued or accepted by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (a) is at least “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and (b) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000; (v) shares of any money market mutual fund that (a) has substantially all of its assets invested continuously in the types of investments referred to in clauses (i) through (iv) above, (b) has net assets of not less than $500,000,000, and (c) has the highest rating obtainable from either S&P or Moody’s; and (vi) guaranteed investment contracts (a) that are provided by a provider that maintains a short-term certificate of deposit rating of at least A-1 from S&P or the equivalent from Moody’s and, if the term of such investment contract is one year or more, a long-term certificate of deposit rating of at least A from S&P or the equivalent from Moody’s and (b) that are redeemable at no less than par on not more than seven days’ notice to the provider.

 

“Certificate re Non-Bank Status” means a certificate substantially in the form of Exhibit F.

 

“Change of Control” means the occurrence of any of the following: (i) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more related transactions, of all or substantially all of the properties or assets of Holdings and its Subsidiaries taken as a whole, or of Company and it Subsidiaries taken as a whole, to any Person or “person” (as such term is used in Section 13(d)(3) of the Exchange Act); (ii) the

 

  

7

  

adoption of a plan relating to the liquidation or dissolution of Holdings or Company; or (iii) the consummation of any transaction (including without limitation, any merger or consolidation), as a result of which (y) Holdings ceases to own directly 100% of the Capital Stock of Company or (z) any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), shall have acquired, directly or indirectly, beneficial ownership of 35% or more on a fully diluted basis of the aggregate voting interest attributable to all outstanding Capital Stock of Holdings.

 

“Class” means (i) with respect to Lenders, each of the following classes of Lenders: (a) Lenders having Tranche A Term Loan Exposure; (b) Lenders having Revolving Exposure (including Swing Line Lender), and (c) Lenders having New Term Loan Exposure of a particular Series and (ii) with respect to Loans, each of the following classes of Loans:  (a) Tranche A Term Loans; (b) Revolving Loans (including Swing Line Loans); and (c) each Series of New Term Loans.

 

“Closing Date” means August 19, 2010.

 

“Closing Date Certificate” means the Closing Date Certificate substantially in the form of Exhibit G-1.

 

“Closing Date Term Loan” means a Term Loan made by a Lender to Company on the Closing Date pursuant to such Lender’s Closing Date Term Loan Commitment.

 

“Closing Date Term Loan Commitment” means the commitment of a Lender to make or otherwise fund a Closing Date Term Loan and “Closing Date Term Loan Commitments” means such commitments of all Lenders in the aggregate.  The amount of each Lender’s Closing Date Term Loan Commitment, if any, was set forth on Appendix A-1 to the Existing Credit Agreement on the Closing Date or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof.  The aggregate amount of the Closing Date Term Loan Commitments as of the Closing Date was $500,000,000.

 

“Closing Date Term Loan Exposure” means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Closing Date Term Loans of such Lender; provided, at any time prior to the making of the Closing Date Term Loans, the Closing Date Term Loan Exposure of any Lender shall be equal to such Lender’s Closing Date Term Loan Commitment.

 

“Co-Documentation Agents” as defined in the preamble hereto.

 

“Collateral” means, collectively, all of the real, personal and mixed property (including Capital Stock) in which Liens are purported to be granted pursuant to the Collateral Documents as security for the Obligations.

 

“Collateral Agent” as defined in the preamble hereto.

 

“Collateral Documents” means the Pledge and Security Agreement, the Mortgages (if any) and all other instruments, documents and agreements delivered by any Credit Party pursuant to this Agreement or any of the other Credit Documents in order to grant to Collateral Agent, for

 

  

8

  

the benefit of Secured Parties, a Lien on any real, personal or mixed property of that Credit Party as security for the Obligations.

 

“Commitment” means any Revolving Commitment, Closing Date Term Loan Commitment, Additional Term Loan Commitment or New Term Loan Commitment.

 

“Commitment Letter” means that certain commitment letter dated as of July 16, 2010 among Company, the Administrative Agent, Bank of America, N.A. and the other parties thereto, as it may be amended, supplemented or otherwise modified from time to time.

 

“Company” as defined in the preamble hereto.

 

“Company Materials” as defined in Section 5.12.

 

“Compliance Certificate” means a Compliance Certificate substantially in the form of Exhibit C.

 

“Consolidated Adjusted EBITDA” means, for any period, an amount determined for Company and its Subsidiaries on a consolidated basis equal to (i) the sum, without duplication,  of the amounts for such period of (a) Consolidated Net Income, (b) Consolidated Interest Expense, (c) provisions for taxes based on income, (d) total depreciation expense, (e) total amortization expense, (f) non-cash stock based compensation reducing Consolidated Net Income, (g) other non-Cash items, including write-offs of assets, reducing Consolidated Net Income (excluding any such non-Cash item to the extent that it represents an accrual or reserve for potential Cash items in any future period or amortization of a prepaid Cash item that was paid in a prior period but, notwithstanding anything to the contrary herein, including without limitation, reserves for lease expense and other charges and expenses related to the closure of hospitals to the extent not paid in cash), and (h) to the extent deducted in calculating Consolidated Net Income, Transaction Costs, minus (ii) non-Cash items increasing Consolidated Net Income for such period (excluding any such non-Cash item to the extent it represents the reversal of an accrual or reserve for potential Cash item in any prior period).

 

“Consolidated Capital Expenditures” means, for any period, the aggregate of the expenditures of Company and its Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in “purchase of property and equipment” or similar items reflected in the consolidated statement of cash flows of Company and its Subsidiaries excluding any acquisition of assets that constitutes a Permitted Acquisition; provided, however, that notwithstanding any of the foregoing to the contrary, Consolidated Capital Expenditures shall include expenditures of Company and its Subsidiaries with respect to assets constituting a fee interest in real property acquired by Company or its Subsidiaries other than in connection with a Permitted Acquisition.

 

“Consolidated Cash Interest Expense” means, for any period, Consolidated Interest Expense for such period, excluding any amounts not payable in Cash.

 

“Consolidated Fixed Charges” means, for any period, the sum, without duplication, of the amounts determined for Company and its Subsidiaries on a consolidated basis equal to (i) Consolidated Cash Interest Expense, (ii) scheduled payments of principal (other than the

 

  

9

  

principal payment due on the Tranche A Term Loan Maturity Date and on any New Term Loan Maturity Date) on Consolidated Total Debt, (iii) Consolidated Capital Expenditures and (iv) provisions for current cash taxes based on income with respect to such period.

 

“Consolidated Interest Expense” means, for any period, total interest expense (including that portion attributable to Capital Leases in accordance with GAAP and capitalized interest) of Company and its Subsidiaries on a consolidated basis with respect to all outstanding Indebtedness of Company and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and net costs under Interest Rate Agreements, but excluding, however, any amounts referred to in Sections 2.10(e) and (f) payable on or before the 2011 Effective Date.

 

“Consolidated Net Income” means, for any period, (i) the net income (or loss) of Company and its Subsidiaries on a consolidated basis for such period taken as a single accounting period determined in conformity with GAAP, minus (ii)(a) the income of any Person (other than a Subsidiary of Company) in which any other Person (other than Company or any of its Subsidiaries) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to Company or any of its Subsidiaries by such Person during such period, (b) the income (or plus the loss) of any Person accrued prior to the date it becomes a Subsidiary of Company or is merged into or consolidated with Company or any of its Subsidiaries or that Person’s assets are acquired by Company or any of its Subsidiaries, (c) the income of any Subsidiary of Company to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of that income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary, (d) any after-tax gains (or plus any after-tax losses) attributable to Asset Sales or returned surplus assets of any Pension Plan, and (e) (to the extent not included in clauses (a) through (d) above) any net extraordinary gains (or plus any net extraordinary losses).

 

“Consolidated Total Debt” means, as at any date of determination, the aggregate stated balance sheet amount of all Indebtedness (other than items described in clauses (iv), (v) and (x) thereof) of Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP.

 

“Contractual Obligation” means, as applied to any Person, any provision of any Security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.

 

“Contributing Guarantors” as defined in Section 7.2.

 

“Conversion/Continuation Date” means the effective date of a continuation or conversion, as the case may be, as set forth in the applicable Conversion/Continuation Notice.

 

“Conversion/Continuation Notice” means a Conversion/Continuation Notice substantially in the form of Exhibit A-2.

 

“Co-Syndication Agents” as defined in the preamble hereto.

 

  

10

  

“Counterpart Agreement” means a Counterpart Agreement substantially in the form of Exhibit H delivered by a Credit Party pursuant to Section 5.10.

 

“Credit Date” means the date of a Credit Extension.

 

“Credit Document” means any of this Agreement, the Notes, if any, the Collateral Documents, any documents or certificates executed by Company in favor of Issuing Bank relating to Letters of Credit, and all other documents, instruments or agreements executed and delivered by a Credit Party for the benefit of any Agent, Issuing Bank or Lender (excluding Hedge Agreements and Specified Cash Management Agreements).

 

“Credit Extension” means the making of a Loan or the issuing of a Letter of Credit.

 

“Credit Party” means each Person (other than any Agent, Issuing Bank, Swing Line Lender, any Lender or any Lender Counterparty or any other representative of any thereof) from time to time party to a Credit Document.

 

“Currency Agreement” means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar agreement or arrangement, each of which is for the purpose of hedging the projected foreign currency risk associated with Holdings’ and its Subsidiaries’ operations and not for speculative purposes.

 

“Default” means a condition or event that, after notice or lapse of time or both, would constitute an Event of Default.

 

“Default Excess” means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s Pro Rata Share of the aggregate outstanding principal amount of Loans of all Lenders (calculated as if all Defaulting Lenders (including such Defaulting Lender) had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of such Defaulting Lender.

 

“Default Period” means, (x) with respect to any Funds Defaulting Lender, the period commencing on the date of the applicable Funding Default and ending on the earliest of the following dates:  (i) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or become immediately due and payable, (ii) the date on which (a) the Default Excess with respect to such Defaulting Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or by the non-pro rata application of any voluntary or mandatory prepayments of the Loans in accordance with the terms of Section 2.12, Section 2.13 or Section 2.14 or by a combination thereof) and (b) such Defaulting Lender shall have delivered to Company and Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its Commitments, and (iii) the date on which Company, Administrative Agent and Requisite Lenders waive all Funding Defaults of such Defaulting Lender in writing; and (y) with respect to any Insolvency Defaulting Lender, the period commencing on the date of the applicable Lender Insolvency Default and ending on the earliest of the following dates: (i) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or become immediately due and payable and (ii) the date that such Defaulting Lender ceases to hold any portion of the Loans or Commitments.

 

  

11

  

“Defaulted Loan” as defined in Section 2.21.

 

“Defaulting Lender” as defined in Section 2.21.

 

“Deposit Account” means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.

 

“Dollars” and the sign “$” mean the lawful money of the United States of America.

 

“Domestic Subsidiary” means any Subsidiary organized under the laws of the United States of America, any State thereof or the District of Columbia.

 

“Earn-Out Obligations” means any unsecured contingent liability of Holdings or any of its Subsidiaries owed to any seller in connection with a Permitted Acquisition that (a) constitutes a portion of the purchase price for such Permitted Acquisition but is not an amount certain on the date of incurrence thereof and is not subject to any right of acceleration by such seller and (b) is only payable upon the achievement of performance standards by the Person or other property acquired in such Permitted Acquisition and in an amount based upon such achievement provided that the formula for determining the aggregate amount of such liability shall be fixed at the date of such Permitted Acquisition.

 

“Eligible Assignee” means (i) any Lender, any Affiliate of any Lender and any Related Fund (any two or more Related Funds being treated as a single Eligible Assignee for all purposes hereof), and (ii) any commercial bank, insurance company, investment or mutual fund or other entity that is an “accredited investor” (as defined in Regulation D under the Securities Act) and which extends credit or buys loans as one of its businesses; provided, Company, any Affiliate  of Company or any natural person shall not be an Eligible Assignee.

 

“Employee Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA which is or was sponsored, maintained or contributed to by, or required to be contributed by, Holdings or any of its Subsidiaries or, to the extent that Holdings or any of its Subsidiaries would be liable under ERISA in respect thereof, any of their respective ERISA Affiliates.

 

“Enumerated Costs” as defined in the definition of “Net Asset Sale Proceeds”.

 

“Environmental Claim” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (i) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (ii) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (iii) in connection with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment.

 

“Environmental Laws” means any and all current or future foreign or domestic, federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, guidance documents, judgments, Governmental Authorizations, or any other requirements of

 

  

12

  

Governmental Authorities relating to (i) environmental matters, including those relating to any Hazardous Materials Activity; (ii) the generation, use, storage, transportation or disposal of Hazardous Materials; or (iii) occupational safety and health, industrial hygiene, land use or the protection of human, plant or animal health or welfare, in any manner applicable to Holdings or any of its Subsidiaries or any Facility.

 

“Environmental Reports” means any reports and other information, in form scope and substance satisfactory to the Administrative Agent regarding environmental matters relating to the Facilities.

 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor thereto.

 

“ERISA Affiliate” means, as applied to any Person, (i) any corporation which is a member of a controlled group of corporations within the meaning of Section 414(b) of the Internal Revenue Code of which that Person is a member; (ii) any trade or business (whether or not incorporated) which is a member of a group of trades or businesses under common control within the meaning of Section 414(c) of the Internal Revenue Code of which that Person is a member; and (iii) any member of an affiliated service group within the meaning of Section 414(m) or (o) of the Internal Revenue Code of which that Person, any corporation described in clause (i) above or any trade or business described in clause (ii) above is a member.  Any former ERISA Affiliate of Holdings or any of its Subsidiaries shall continue to be considered an ERISA Affiliate of Holdings or any such Subsidiary within the meaning of this definition with respect to the period such entity was an ERISA Affiliate of Holdings or such Subsidiary and with respect to liabilities arising after such period for which Holdings or such Subsidiary could be liable under the Internal Revenue Code or ERISA.

 

“ERISA Event” means (i) a “reportable event” within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision for 30-day notice to the PBGC has been waived by regulation); (ii) the failure to meet the minimum funding standard of Sections 412 or 430 of the Internal Revenue Code or Sections 302 or 303 of ERISA with respect to any Pension Plan (whether or not waived in accordance with Section 412(c) of the Internal Revenue Code or Section 302(c) of ERISA) or the failure to make by its due date a required installment under Section 412(m) of the Internal Revenue Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (iii) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (iv) the withdrawal by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability pursuant to Section 4063 or 4064 of ERISA; (v) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition which might constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (vi) the imposition of liability on Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (vii) the withdrawal of Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of

 

  

13

  

Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential liability therefor, or the receipt by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or insolvency within the meaning of Title IV of ERISA, or that it intends to terminate or has terminated pursuant to Title IV of ERISA; (viii) the occurrence of an act or omission which could give rise to the imposition on Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates of fines, penalties, taxes or related charges under Chapter 43 of the Internal Revenue Code or under Section 409, Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Employee Benefit Plan; (ix) receipt from the Internal Revenue Service of notice of the failure of any Pension Plan (or any other Employee Benefit Plan intended to be qualified under Section 401(a) of the Internal Revenue Code) to qualify under Section 401(a) of the Internal Revenue Code, or the failure of any trust forming part of any Pension Plan to qualify for exemption from taxation under Section 501(a) of the Internal Revenue Code; or (x) the imposition of a Lien pursuant to Section 430(k) of the Internal Revenue Code or Section 303(k) of ERISA.

 

“Eurodollar Rate Loan” means a Loan bearing interest at a rate determined by reference to the Adjusted Eurodollar Rate.

 

“Event of Default” means each of the conditions or events set forth in Section 8.1.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.

 

“Existing Credit Agreement” as defined in the recitals hereto.

 

“Existing Lenders” means those Lenders holding Closing Date Term Loans or Revolving Commitments immediately prior to the effectiveness of this Agreement on the 2011 Effective Date.

 

“Facility” means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or heretofore owned, leased, operated or used by Holdings or any of its Subsidiaries or any of their respective predecessors or Affiliates.

 

“Fair Share” as defined in Section 7.2.

 

“Fair Share Contribution Amount” as defined in Section 7.2.

 

“Fair Share Shortfall” as defined in Section 7.2.

 

“Federal Funds Effective Rate” means for any day, the rate per annum (expressed, as a decimal, rounded upwards, if necessary, to the next higher 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided, (i) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (ii) if no such rate is so published on such next succeeding Business Day, the

 

  

14

  

Federal Funds Effective Rate for such day shall be the average rate charged to Administrative Agent, in its capacity as a lender, on such day on such Federal funds transactions as determined by Administrative Agent.

 

“Financial Officer Certification” means, with respect to the financial statements for which such certification is required, the certification of the chief financial officer of Holdings that such financial statements fairly present, in all material respects, the financial condition of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments.

 

“Financial Plan” as defined in Section 5.1(i).

 

“First Priority” means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than Permitted Liens.

 

“Fiscal Quarter” means a fiscal quarter of any Fiscal Year.

 

“Fiscal Year” means the fiscal year of Holdings and its Subsidiaries ending on December 31 of each calendar year.

 

“Fixed Charge Coverage Ratio” means the ratio as of the last day of any Fiscal Quarter of (i) Consolidated Adjusted EBITDA for the four-Fiscal Quarter period then ending, to (ii) Consolidated Fixed Charges for such four-Fiscal Quarter period.

 

“Flood Hazard Property” means any Real Estate Asset subject to a Mortgage and located in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards.

 

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.

 

“Funding Default” as defined in Section 2.21.

 

“Funding Guarantors” as defined in Section 7.2.

 

“Funding Notice” means a notice substantially in the form of Exhibit A-1.

 

“Funds Defaulting Lender” as defined in Section 2.21.

 

“GAAP” means, subject to the limitations on the application thereof set forth in Section 1.2, United States generally accepted accounting principles in effect as of the date of determination thereof.

 

“Governmental Acts” means any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority.

 

  

15

  

“Governmental Authority” means any federal, state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government.

 

“Governmental Authorization” means any permit, license, authorization, plan, directive, consent order or consent decree of or from any Governmental Authority.

 

“Grantor” as defined in the Pledge and Security Agreement.

 

“Guaranteed Obligations” as defined in Section 7.1.

 

“Guarantor” means each of Holdings and each Domestic Subsidiary of Holdings (other than Company and certain Permitted Partially-Owned Subsidiaries that do not provide a Guaranty).

 

“Guarantor Subsidiary” means each Guarantor other than Holdings.

 

“Guaranty” means the guaranty of each Guarantor set forth in Section 7.

 

“Hazardous Materials” means any chemical, material or substance, exposure to which is prohibited, limited or regulated by any Governmental Authority or which may or could pose a hazard to the health and safety of the owners, occupants or any Persons in the vicinity of any Facility or to the indoor or outdoor environment.

 

“Hazardous Materials Activity” means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing.

 

“Hedge Agreement” means an Interest Rate Agreement or a Currency Agreement entered into with a Lender Counterparty.

 

“Highest Lawful Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow.

 

“Historical Financial Statements” means as of the Closing Date, (i) the audited financial statements of Holdings and its Subsidiaries, for the immediately preceding three Fiscal Years, consisting of balance sheets and the related consolidated statements of income, stockholders’ equity and cash flows for such Fiscal Years, and (ii) the unaudited financial statements of Holdings and its Subsidiaries as at the most recently ended Fiscal Quarter,

 

  

16

  

consisting of a balance sheet and the related consolidated statements of income, stockholders’ equity and cash flows for the three-, six- or nine-month period, as applicable, ending on such date, and, in the case of clauses (i) and (ii), certified by the chief financial officer of Company that they fairly present, in all material respects, the financial condition of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments.

 

“Holdings” as defined in the preamble hereto.

 

“Immaterial Subsidiary” for purposes of Section 8.1(f) and Section 8.1(g), shall mean one or more Subsidiaries of Holdings that, on a consolidated basis did not (i) for the most recently concluded Fiscal Year account for more than 3.0% of consolidated revenues of Holdings and its Subsidiaries and (ii) as of the last day of such Fiscal Year own more than 3.0% of the consolidated assets of Holdings and its Subsidiaries.

 

“Increased Amount Date” as defined in Section 2.24.

 

“Increased-Cost Lenders” as defined in Section 2.22.

 

“Indebtedness”, as applied to any Person, means, without duplication, (i) all indebtedness for borrowed money; (ii) that portion of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP; (iii) notes payable and drafts accepted representing extensions of credit whether or not representing obligations for borrowed money; (iv) any obligation owed for all or any part of the deferred purchase price of property or services (excluding any such obligations incurred under ERISA and ordinary course trade payables), which purchase price is (a) due more than six months from the date of incurrence of the obligation in respect thereof or (b) evidenced by a note or similar written instrument; (v) all indebtedness secured by any Lien on any property or asset owned or held by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person; (vi) the face amount of any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (vii) the direct or indirect guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of another; (viii) any obligation of such Person the primary purpose or intent of which is to provide assurance to an obligee that the obligation of the obligor thereof will be paid or discharged, or any agreement relating thereto will be complied with, or the holders thereof will be protected (in whole or in part) against loss in respect thereof; (ix) any liability of such Person for the obligation of another through any agreement (contingent or otherwise) (a) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (b) to maintain the solvency or any balance sheet item, level of income or financial condition of another if, in the case of any agreement described under subclauses (a) or (b) of this clause (ix), the primary purpose or intent thereof is as described in clause (viii) above; and (x) obligations of such Person in respect of any exchange traded or over the counter derivative transaction, including, without limitation, any Interest Rate Agreement and any Currency Agreement, whether entered into for hedging or speculative purposes; provided, in no event shall

 

  

17

  

obligations under any Interest Rate Agreement and any Currency Agreements be deemed “Indebtedness” for any purpose under Section 6.8.

 

“Indemnified Liabilities” means, collectively, any and all liabilities, obligations, losses, damages (including natural resource damages), penalties and claims (including Environmental Claims), and any and all reasonable and documented costs (including the costs of any investigation, study, sampling, testing, abatement, cleanup, removal, remediation or other response action necessary to remove, remediate, clean up or abate any Hazardous Materials Activity), expenses and disbursements of any kind or nature whatsoever (including the reasonable and documented fees and disbursements of counsel for Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a party or a potential party thereto, and any fees or expenses incurred by Indemnitees in enforcing this indemnity), whether direct, indirect or consequential and whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations and Environmental Laws), on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of (i) this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby (including the Lenders’ agreement to make Credit Extensions, the syndication of the credit facilities provided for herein or the use or intended use of the proceeds thereof, or any enforcement of any of the Credit Documents (including any sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Guaranty)); (ii) the Commitment Letter (and any fee letter related thereto); or (iii) any Environmental Claim or any Hazardous Materials Activity relating to or arising from, directly or indirectly, any past or present activity, operation, land ownership, or practice of Holdings or any of its Subsidiaries.

 

“Indemnitee” as defined in Section 10.3.

 

“Insolvency Defaulting Lender” as defined in Section 2.21.

 

“Installment” as defined in Section 2.11.

 

“Installment Date” as defined in Section 2.11.

 

“Interest Payment Date” means with respect to (i) any Loan that is a Base Rate Loan, the last Business Day of each March, June, September and December of each year, commencing on the first such date to occur after the Closing Date, and the final maturity date of such Loan; and (ii) any Loan that is a Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan; provided, in the case of each Interest Period of longer than three months “Interest Payment Date” shall also include each date that is three months, or an integral multiple thereof, after the commencement of such Interest Period.

 

“Interest Period” means, in connection with a Eurodollar Rate Loan, an interest period of one-, two-, three- or six-months, as selected by Company in the applicable Funding Notice or Conversion/Continuation Notice, (i) initially, commencing on the Credit Date or Conversion/Continuation Date thereof, as the case may be; and (ii) thereafter, commencing on the day on which the immediately preceding Interest Period expires; provided, (a) if an Interest

 

  

18

  

Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless no further Business Day occurs in such month, in which case such Interest Period shall expire on the immediately preceding Business Day; (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clauses (c) and (d) of this definition, end on the last Business Day of a calendar month; (c) no Interest Period with respect to any portion of any Class of Term Loans shall extend beyond such Class’s Term Loan Maturity Date; and (d) no Interest Period with respect to any portion of the Revolving Loans shall extend beyond the Revolving Commitment Termination Date.

 

“Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedging agreement or other similar agreement or arrangement, each of which is for the purpose of hedging the projected interest rate exposure associated with Holdings’ and its Subsidiaries’ operations and not for speculative purposes.

 

“Interest Rate Determination Date” means, with respect to any Interest Period, the date that is two Business Days prior to the first day of such Interest Period.

 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended to the date hereof and from time to time hereafter, and any successor statute.

 

“Investment” means (i) any direct or indirect purchase or other acquisition by Holdings or any of its Subsidiaries of, or of a beneficial interest in, any of the Securities of any other Person (other than Company or a Guarantor Subsidiary); (ii) any direct or indirect redemption, retirement, purchase or other acquisition for value, by any Subsidiary of Holdings from any Person (other than Holdings, Company or any Guarantor Subsidiary), of any Capital Stock of such Person; and (iii) any direct or indirect loan, advance (other than advances to employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of business) or capital contribution by Holdings or any of its Subsidiaries to any other Person (other  than Holdings, Company or any Guarantor Subsidiary), including all indebtedness and accounts receivable from that other Person that are not current assets or did not arise from sales to that other Person in the ordinary course of business. The amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment.

 

“Issuance Notice” means an Issuance Notice substantially in the form of Exhibit A-3.

 

“Issuing Bank” means Wells Fargo as Issuing Bank hereunder, together with its permitted successors and assigns in such capacity.

 

“Joinder Agreement” means an agreement substantially in the form of Exhibit L.

 

“Joint Venture” means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other legal form; provided, in no event shall any corporate Subsidiary of any Person be considered to be a Joint Venture to which such Person is a party.

 

  

19

  

“Landlord Consent and Estoppel” means, with respect to any Leasehold Property, a letter, certificate or other instrument in writing from the lessor under the related lease, pursuant to which, among other things, the landlord consents to the granting of a Mortgage on such Leasehold Property by the Credit Party tenant, such Landlord Consent and Estoppel to be in form and substance acceptable to the Collateral Agent in its reasonable discretion, but in any event sufficient for the Collateral Agent to obtain a Title Policy with respect to such Mortgage.

 

“Lead Arrangers” means Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC.

 

“Leasehold Property” means any leasehold interest of any Credit Party as lessee under any lease of real property, other than any such leasehold interest designated from time to time by Collateral Agent in its sole discretion as not being required to be included in the Collateral.

 

“Lender” means each financial institution listed on the signature pages hereto as a Lender and any other Person that becomes a party hereto pursuant to an Assignment Agreement or a Joinder Agreement.

 

“Lender Counterparty” means each Lender or any Affiliate of a Lender counterparty to a Hedge Agreement or a Specified Cash Management Arrangement (including any Person who is a Lender (and any Affiliate thereof) as of the Closing Date or the 2011 Effective Date but subsequently, in either case, whether before or after entering into a Hedge Agreement or Specified Cash Management Arrangement, ceases to be a Lender), including, without limitation, each such Affiliate that enters into a joinder agreement with the Collateral Agent.

 

“Lender Insolvency Default” as defined in Section 2.21.

 

“Letter of Credit” means a commercial or standby letter of credit issued or to be issued by Issuing Bank pursuant to this Agreement.

 

“Letter of Credit Sublimit” means the lesser of (i) $15,000,000 and (ii) the aggregate unused amount of the Revolving Commitments then in effect.

 

“Letter of Credit Usage” means, as at any date of determination, the sum of (i) the maximum aggregate amount which is, or at any time thereafter may become, available for drawing under all Letters of Credit then outstanding, and (ii) the aggregate amount of all drawings under Letters of Credit honored by Issuing Bank and not theretofore reimbursed by or on behalf of Company.

 

“Leverage Ratio” means the ratio as of the last day of any Fiscal Quarter of (i) Consolidated Total Debt as of such day to (ii) Consolidated Adjusted EBITDA for the four-Fiscal Quarter period ending on such date (as determined in accordance with Section 6.8(f)).

 

“Lien” means (i) any lien, claim, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing

 

  

20

  

and (ii) in the case of Securities, any purchase option, call or similar right of a third party with respect to such Securities.

 

“Liquidity Amount” means the sum of (i) cash of Company and its wholly-owned Domestic Subsidiaries as of such day that is uncommitted and, other than in favor of the Collateral Agent, unrestricted and unencumbered, and (ii) if the conditions to funding set forth in Section 3.2 could be met on such day, an amount equal to (x) the aggregate amount of the Revolving Commitments less (y) the Revolving Exposure, in each case as of such day after giving effect to the transaction(s) in connection with which the Liquidity Amount is being determined.

 

“Loan” means a Tranche A Term Loan, a Revolving Loan, a Swing Line Loan or a New Term Loan, as the case may be.

 

“Margin Stock” as defined in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time to time.

 

“Material Adverse Effect” means a material adverse effect on (i) the business, operations, properties, assets, condition (financial or otherwise) or prospects of Holdings and its Subsidiaries, taken as a whole; (ii) the ability of the Credit Parties to fully and timely perform the Obligations, taking into consideration the Guaranty and the joint and several obligations of Guarantors in respect of the Guaranty; (iii) the legality, validity, binding effect or enforceability against the Credit Parties of the Credit Documents, taking into consideration the Guaranty and the joint and several obligations of Guarantors in respect of the Guaranty; (iv) the rights, remedies and benefits available to, or conferred upon, any Agent and any Lender or any Secured Party under the Credit Documents, taking into consideration the Guaranty and the joint and several obligations of Guarantors in respect of the Guaranty; or (v) the Collateral or the Collateral Agent’s Liens, on behalf of Secured Parties on the Collateral or the First Priority of such Liens.

 

“Material Contract” means any contract or other arrangement to which Holdings or any of its Subsidiaries is a party (other than the Credit Documents) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect.

 

“Material Real Estate Asset” means (i) (a) any fee owned Real Estate Asset having a fair market value in excess of $1,000,000 as of the date of the acquisition thereof and (b) all Leasehold Properties other than those with respect to which the aggregate payments under the term of the lease are less than $500,000 per annum or (ii) any Real Estate Asset that the Requisite Lenders have reasonably determined is material to the business, operations, properties, assets, condition (financial or otherwise) or prospects of Holdings or any Subsidiary thereof, including Company and with respect to which the Administrative Agent has provided written notice to Company of such determination.

 

“MediMedia Acquisition” as defined in the recitals hereto.

 

“MediMedia Acquisition-Related Loans” as defined in the recitals hereto.

 

  

21

  

“Moody’s” means Moody’s Investor Services, Inc.

 

“Mortgage” means a Mortgage substantially in the form of Exhibit J, as it may be amended, restated, supplemented or otherwise modified from time to time to reflect such changes as Company and Administrative Agent may agree.

 

“Mortgaged Property” as defined in Section 5.11.

 

“Multiemployer Plan” means any Employee Benefit Plan which is a “multiemployer plan” as defined in Section 3(37) of ERISA.

 

“NAIC” means The National Association of Insurance Commissioners, and any successor thereto.

 

“Narrative Report” means, with respect to the financial statements for which such narrative report is required, a narrative report describing the operations of Holdings and its Subsidiaries in the form and to the extent prepared for presentation to senior management thereof for the applicable month, Fiscal Quarter or Fiscal Year and for the period from the beginning of the then current Fiscal Year to the end of such period to which such financial statements relate.

 

“Net Asset Sale Proceeds” means, with respect to any Asset Sale, an amount equal to:  (i) Cash payments (including any Cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) received by Holdings or any of its Subsidiaries from such Asset Sale, minus (ii) any bona fide direct costs incurred in connection with such Asset Sale, including (a) income or gains taxes payable by the seller as a result of any gain recognized in connection with such Asset Sale, (b) payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Indebtedness (other than the Loans) that is secured by a Lien on the stock or assets in question and that is required to be repaid under the terms thereof as a result of such Asset Sale, (c) a reasonable reserve for any indemnification payments (fixed or contingent) attributable to seller’s indemnities and representations and warranties to purchaser in respect of such Asset Sale undertaken by Holdings or any of its Subsidiaries in connection with such Asset Sale and (d) payment of legal, broker or other fees and commissions (items (a)-(d) collectively, the “Enumerated Costs”).

 

“Net Insurance/Condemnation Proceeds” means an amount equal to:  (i) any Cash payments or proceeds received by Holdings or any of its Subsidiaries (a) under any casualty insurance policy in respect of a covered loss thereunder or (b) as a result of the taking of any assets of Holdings or any of its Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking, minus (ii)(a) any actual and reasonable costs incurred by Holdings or any of its Subsidiaries in connection with the adjustment or settlement of any claims of Holdings or such Subsidiary in respect thereof, and (b) any bona fide direct costs incurred in connection with any sale of such assets as referred to in clause (i)(b) of this definition, including any Enumerated Costs.

 

“New Revolving Loan Commitments” as defined in Section 2.24.

 

  

22

  

“New Revolving Loan Lender” as defined in Section 2.24.

 

“New Revolving Loans” as defined in Section 2.24.

 

               “New Term Loan Commitments” as defined in Section 2.24.

 

               “New Term Loan Exposure” means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the New Term Loans of such Lender.

 

               “New Term Loan Lender” as defined in Section 2.24.

 

               “New Term Loan Maturity Date” means the date that New Term Loans of  a Series shall become due and payable in full hereunder, as specified in the applicable Joinder Agreement, including by acceleration or otherwise.

 

“New Term Loans” as defined in Section 2.24.

 

“Non-US Lender” as defined in Section 2.19(c).

 

“Note” means a Term Loan Note, a Revolving Loan Note or a Swing Line Note.

 

“Notice” means a Funding Notice or a Conversion/Continuation Notice.

 

“Obligations” means all obligations of every nature of each Credit Party from time to time owed to the Agents (including former Agents), the Lenders or any of them or their respective Affiliates and Lender Counterparties, under any Credit Document, Specified Cash Management Arrangement or Hedge Agreement (including, without limitation, with respect to a Specified Cash Management Arrangement or Hedge Agreement, obligations owed thereunder to any person who was a Lender or an Affiliate of a Lender at the time such Specified Cash Management Arrangement or Hedge Agreement was entered into), whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such Credit Party, would have accrued on any Obligation, whether or not a claim is allowed against such Credit Party for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under Letters of Credit, payments for early termination of Hedge Agreements, fees, expenses, indemnification or otherwise.

 

“Obligee Credit Party” as defined in Section 7.7.

 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

“Organizational Documents” means (i) with respect to any corporation, its certificate or articles of incorporation, as amended, and its by-laws, as amended, (ii) with respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended, (iii) with respect to any general partnership, its partnership agreement, as amended, and (iv) with respect to any limited liability company, its articles of organization, as amended, and its operating agreement, as amended.  In the event any term or condition of this Agreement or any other Credit Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational

 

  

23

  

Document” shall only be to a document of a type customarily certified by such governmental official.

 

“Patriot Act” as defined in Section 3.1(s).

 

“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.

 

“Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, that is subject to Section 412 of the Internal Revenue Code or Section 302 of ERISA.

 

“Permitted Acquisition” means any acquisition by Company or any of its Subsidiaries, whether by purchase, merger or otherwise, of (x) all or substantially all of the assets of, or more than 50% of the Capital Stock of, or a business line or unit or a division of, any Person or (y) any additional portion, or all, of the Capital Stock of any Permitted Partially-Owned Subsidiary; provided,

 

(i) immediately prior to, and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would result therefrom;

 

(ii) [Reserved];

 

(iii) all transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable laws and in conformity with all applicable Governmental Authorizations;

 

(iv) in the case of the acquisition of Capital Stock, (i) after giving effect to such acquisition, more than 50% of the Capital Stock (except for any such Securities in the nature of directors’ qualifying shares required pursuant to applicable law) acquired or otherwise issued by such Person or any newly formed Subsidiary of Company in connection with such acquisition shall be owned by Company or a Guarantor Subsidiary thereof, (ii) in the case of acquisitions where Company owns more than 50% but less than 100% of such Subsidiary and such Subsidiary is a Domestic Subsidiary, Company shall designate such Subsidiary as a Permitted Partially-Owned Subsidiary, and (iii) Company shall have taken, or caused to be taken, as of the date such Person becomes a Subsidiary of Company, each of the actions set forth in Sections 5.10 and/or 5.11 to the extent required thereby;

 

(v) any Person or assets so acquired shall be located exclusively in the United States, Canada or the United Kingdom; provided that immediately after giving effect to any such Permitted Acquisition in Canada or the United Kingdom, Company’s Liquidity Amount shall be greater than or equal to $50,000,000;

 

(vi) Holdings and its Subsidiaries shall be in compliance with the financial covenants set forth in Section 6.8 on a pro forma basis after giving effect to such acquisition as of the first day of the four quarter period ending on the last day of the Fiscal Quarter most recently ended (in accordance with Section 6.8(f));

 

(vii) Company shall have delivered to Administrative Agent (A) at least five Business Days prior to such proposed acquisition, a Compliance Certificate evidencing

 

  

24

  

compliance with Section 6.8 as required under clause (vi) above, together with all relevant financial information with respect to such acquired assets, including, without limitation, the aggregate consideration for such acquisition and any other information required to demonstrate compliance with Section 6.8; provided, however, that Company shall not be required to comply with the provisions of this clause (vii) with respect to an acquisition unless the consideration to be paid by Company and its Subsidiaries in respect of such acquisition is greater than $50,000,000;

 

(viii) any Person or assets or division as acquired in accordance herewith shall be in a business or lines of business the same as, related, complementary or ancillary to, the business or lines of business in which Company and/or its Subsidiaries are engaged as of the Closing Date; and

 

(ix) notwithstanding any of the foregoing to the contrary, “Permitted Acquisition” shall include any acquisition of any assets constituting a fee interest in real property in connection with such Permitted Acquisition; provided that an acquisition of a fee interest in real property “in connection with” a Permitted Acquisition shall include a fee interest in real property acquired subsequent to the closing date of such Permitted Acquisition so long as Company or its Subsidiary is obligated as of the closing date of such Permitted Acquisition to purchase the fee interest on a date certain within one year of the closing date of such Permitted Acquisition.

 

“Permitted Liens” means each of the Liens permitted pursuant to Section 6.2.

 

“Permitted Partially-Owned Subsidiary” means (a) those Domestic Subsidiaries of Company listed on Schedule 1.1 existing on the 2011 Effective Date, and (b) those Domestic Subsidiaries of Company acquired or created after the 2011 Effective Date, including laboratories and other associated veterinary businesses, and designated by Company as a Permitted Partially-Owned Subsidiary by written notice to the Administrative Agent, provided, that, with respect to Permitted Partially-Owned Subsidiaries acquired or created after the 2011 Effective Date, (i) Company owns more than 50% of the outstanding Capital Stock of such Subsidiary, (ii) Company shall use its commercially reasonable efforts to cause such Subsidiary to become a Guarantor hereunder and a Grantor under the Pledge and Security Agreement, and (iii)  Company shall use its commercially reasonable efforts to cause the owner of the remaining Capital Stock of such Subsidiary to pledge his or her Capital Stock in such Permitted Partially-Owned Subsidiary in favor of the Collateral Agent for the benefit of the Secured Parties.

 

“Permitted Seller Notes” means promissory notes containing subordination provisions in substantially the form of, or no less favorable to Lenders (in the reasonable judgment of Administrative Agent) than the subordination provisions contained in, Exhibit K annexed hereto, representing any Indebtedness of Holdings or Company incurred in connection with any Permitted Acquisition payable to the seller in connection therewith, as such note may be amended, supplemented or otherwise modified from time to time to the extent permitted under Section 6.16; provided that, no Permitted Seller Note shall (i) be guarantied by any Subsidiary of Holdings or secured by any property of Holdings, Company or any of its Subsidiaries, (ii) bear cash interest at a rate greater than 8.5% per annum; or, (iii) except in accordance with Section 6.5, provide for any prepayment or repayment of all or any portion of the principal thereof prior

 

  

25

  

to the date of the final scheduled installment of principal of the Loans; provided, further, that in no event shall the aggregate scheduled cash payments of principal and interest on all outstanding Permitted Seller Notes exceed $4,000,000 in any Fiscal Year.

 

“Permitted Subsidiary Dropdown” means a transaction in which (a) a Domestic Subsidiary of Company (for purposes of this definition, the “existing Subsidiary”) creates a Domestic Subsidiary (for purposes of this definition, the “new Subsidiary”) and transfers some or all of the assets of the existing Subsidiary to the new Subsidiary, (b) the existing Subsidiary transfers some of the Capital Stock in the new Subsidiary to a third Person, or the new Subsidiary issues Capital Stock in the new Subsidiary to a third Person, (i) as part of the transaction pursuant to which a Person was acquired and merged into the new Subsidiary or (ii) as part of an agreement to retain such Person as an employee of the business of Holdings and its Subsidiaries and (c) the new Subsidiary is designated as a Permitted Partially-Owned Subsidiary.

 

“Permitted Transferee” has the meaning set forth in the definition of “Specified Acquisition”.

 

“Permitted Unsecured Indebtedness” shall mean unsecured Indebtedness of Company or any of its Guarantor Subsidiaries; provided that (a) the terms of such debt (i) do not provide for any scheduled repayment, maturity date, mandatory redemption or sinking fund obligation prior to 90 days after the later of the Tranche A Term Loan Maturity Date and any then existing New Term Loan Maturity Date and (ii) do not materially restrict, limit or adversely affect the ability of any Credit Party to perform their obligations under any of the Credit Documents and (b) to the extent such Indebtedness is by its terms subordinated in right of payment to the Obligations, (i) such Indebtedness is subordinated to the Obligations on a basis reasonably satisfactory to Administrative Agent (it being understood and agreed that any such determination by Administrative Agent shall be binding on the Lenders and Lender Counterparties) and (ii) the terms of such subordinated indebtedness provide that no payments of any kind may be made under such subordinated indebtedness during any period while a Default or an Event of Default has occurred and is continuing or would arise as a result of such payment and (c) the covenants, events of default and credit support are (i) reasonably customary for similar offerings by issuers with credit ratings comparable to that of the issuer of such debt and (ii) no more restrictive than the covenants, events of default and credit support under this Agreement and (d) the terms of such debt are otherwise reasonably satisfactory to Administrative Agent (it being understood and agreed that any such determination by Administrative Agent shall be binding on the Lenders and Lender Counterparties); provided further that Permitted Seller Notes shall not be considered Permitted Unsecured Indebtedness.

 

“Person” means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental Authorities.

 

“Platform” as defined in Section 5.12.

 

  

26

  

“Pledge and Security Agreement” means the Pledge and Security Agreement executed by Company, each Guarantor and the Collateral Agent dated as of the Closing Date, as it may be amended, supplemented or otherwise modified from time to time.

 

“Prime Rate” means the rate of interest per annum that Wells Fargo announces from time to time as its prime lending rate, as in effect from time to time.  The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer.  Wells Fargo or any other Lender may make commercial loans or other loans at rates of interest at, above or below the Prime Rate.

 

“Principal Office” means, for each of Administrative Agent, Swing Line Lender and Issuing Bank, such Person’s “Principal Office” as set forth on Appendix B, or such other office or office of a third party or sub-agent, as appropriate, as such Person may from time to time designate in writing to Company, Administrative Agent and each Lender.

 

“Projections” as defined in Section 3.1(i).

 

“Pro Rata Share” means (i) with respect to all payments, computations and other matters relating to the Tranche A Term Loans of any Lender, the percentage obtained by dividing (a) the Tranche A Term Loan Exposure of that Lender by (b) the aggregate Tranche A Term Loan Exposure of all Lenders; (ii) with respect to all payments, computations and other matters relating to the Revolving Commitment or Revolving Loans of any Lender or participations purchased therein by any Lender or any participations in any Swing Line Loans purchased by any Lender, the percentage obtained by dividing (a) the Revolving Exposure of that Lender by (b) the aggregate Revolving Exposure of all Lenders; and (iii) with respect to all payments, computations, and other matters relating to New Term Loan Commitments or New Term Loans of a particular Series, the percentage obtained by dividing (a) the New Term Loan Exposure of that Lender with respect to that Series by (b) the aggregate New Term Loan Exposure of all Lenders with respect to that Series.  For all other purposes with respect to each Lender, “Pro Rata Share” means the percentage obtained by dividing (A) an amount equal to the sum of the Tranche A Term Loan Exposure,  the Revolving Exposure and the New Term Loan Exposure of that Lender, by (B) an amount equal to the sum of the aggregate Tranche A Term Loan Exposure, the aggregate Revolving Exposure and the aggregate New Term Loan Exposure of all Lenders.

 

“Public Disclosure” means Holdings’ most recent annual report, Form 10-K for the most recently completed fiscal year, each quarterly report on Form 10-Q or any current reports on Form 8-K (or similar reports filed on successor forms) filed since the initial filing date of such Form 10-K, in each case filed at least 5 Business Days prior to the 2011 Effective Date.

 

“Public Lender” as defined in Section 5.12.

 

“Real Estate Asset” means, at any time of determination, any interest (fee, leasehold or otherwise) then owned by any Credit Party in any real property.

 

“Record Document” means, with respect to any Leasehold Property, (i) the lease evidencing such Leasehold Property or a memorandum thereof, executed and acknowledged by the owner of the affected real property, as lessor, or (ii) if such Leasehold Property was acquired

 

  

27

  

or subleased from the holder of a Recorded Leasehold Interest, the applicable assignment or sublease document, executed and acknowledged by such holder, in each case in form sufficient to give such constructive notice upon recordation and otherwise in form reasonably satisfactory to Collateral Agent.

 

“Recorded Leasehold Interest” means a Leasehold Property with respect to which a Record Document has been recorded in all places necessary or desirable, in Collateral Agent’s reasonable judgment, to give constructive notice of such Leasehold Property to third-party purchasers and encumbrancers of the affected real property.

 

“Refunded Swing Line Loans” as defined in Section 2.3(b)(iv).

 

“Register” as defined in Section 2.6(b).

 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time.

 

“Reimbursement Date” as defined in Section 2.23(d).

 

“Related Fund” means, with respect to any Lender that is an investment fund, any other investment fund that invests in commercial loans and that is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

 

“Release” means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous Material through the air, soil, surface water or groundwater.

 

“Replacement Lender” as defined in Section 2.22.

 

“Replacement Term Loans” as defined in Section 10.5(e).

 

“Requisite Class Lenders” means, as at any date of determination, (i) for the Class of Lenders having Tranche A Term Loan Exposure, Lenders holding more than 50% of the aggregate Tranche A Term Loan Exposure of all Lenders; (ii) for the Class of Lenders having Revolving Exposure, Lenders having or holding more than 50% of the aggregate Revolving Exposure of all Lenders; and (iii) for each Class of Lenders having New Term Loan Exposure, Lenders holding more than 50% of the aggregate New Term Loan Exposure of that Class.

 

“Requisite Lenders” means Lenders having or holding Tranche A Term Loan Exposure, New Term Loan Exposure and/or Revolving Exposure and representing more than 50% of the sum of (i) the aggregate Tranche A Term Loan Exposure of all Lenders; (ii) the aggregate Revolving Exposure of all Lenders; and (iii) the aggregate New Term Loan Exposure of all Lenders.

 

  

28

  

“Restricted Junior Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares of any class of stock of Holdings or Company or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of that class of stock to the holders of that class; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock of Holdings or Company or any of its Subsidiaries now or hereafter outstanding; (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of stock of Holdings or Company or any of its Subsidiaries now or hereafter outstanding and (iv) any payment or prepayment of principal of, premium, if any, or interest on, or redemption, purchase, retirement, defeasance (including in-substance or legal defeasance), sinking fund or similar payment with respect to, any Subordinated Indebtedness or any Permitted Unsecured Indebtedness.

 

“Revolving Commitment” means the commitment of a Lender to make or otherwise fund any Revolving Loan and to acquire participations in Letters of Credit and Swing Line Loans hereunder and “Revolving Commitments” means such commitments of all Lenders in the aggregate.  The amount of each Lender’s Revolving Commitment, if any, is set forth on Appendix A-2 or in the applicable Assignment Agreement or Joinder Agreement, as the case may be, subject to any adjustment or reduction pursuant to the terms and conditions hereof.  The aggregate amount of the Revolving Commitments as of the 2011 Effective Date is $125,000,000.

 

“Revolving Commitment Period” means the period from the Closing Date to but excluding the Revolving Commitment Termination Date.

 

“Revolving Commitment Termination Date” means the earliest to occur of (i) August 19, 2016, (ii) the date the Revolving Commitments are permanently reduced to zero pursuant to Section 2.12(b) or 2.13, and (iii) the date of the termination of the Revolving Commitments pursuant to Section 8.1.

 

“Revolving Exposure” means, with respect to any Lender as of any date of determination, (i) prior to the termination of the Revolving Commitments, that Lender’s Revolving Commitment; and (ii) after the termination of the Revolving Commitments, the sum of (a) the aggregate outstanding principal amount of the Revolving Loans of that Lender, (b) in the case of Issuing Bank, the aggregate Letter of Credit Usage in respect of all Letters of Credit issued by that Lender (net of any participations by Lenders in such Letters of Credit), (c) in the case of Lenders (other than an Issuing Bank with respect to Letters of Credit issued by it), the aggregate amount of all participations by that Lender in any outstanding Letters of Credit or any unreimbursed drawing under any Letter of Credit, (d) in the case of Swing Line Lender, the aggregate outstanding principal amount of all Swing Line Loans (net of any participations therein by other Lenders), and (e) in the case of Lenders other than the Swing Line Lender, the aggregate amount of all participations therein by that Lender in any outstanding Swing Line Loans.

 

“Revolving Lender” shall mean a Lender with a Revolving Commitment.

 

“Revolving Loan” means a Loan made by a Lender to Company pursuant to Section 2.2(a).

 

  

29

  

“Revolving Loan Note” means a promissory note in the form of Exhibit B-3, as it may be amended, supplemented or otherwise modified from time to time.

 

“S&P” means Standard & Poor’s Ratings Group, a division of The McGraw Hill Corporation.

 

“Sanctioned Entity” means (a) an agency of the government of, (b) an organization directly or indirectly controlled by, or (c) a person resident in, a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/enforcement/ofac/programs, or as otherwise published from time to time as such program may be applicable to such agency, organization or person.

 

“Sanctioned Person” means a person named on the list of Specially Designated Nationals or Blocked Persons maintained by OFAC available at http://www.treas.gov/offices/enforcement/ofac/sdn/index.shtml, or as otherwise published from time to time.

 

“Secured Obligations” has the meaning assigned to that term in the Pledge and Security Agreement.

 

“Secured Parties” has the meaning assigned to that term in the Pledge and Security Agreement.

 

“Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing.

 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute.

 

“Series” as defined in Section 2.24.

 

“Settlement Confirmation” as defined in Section 10.6(b).

 

“Settlement Service” as defined in Section 10.6(d).

 

“Solvency Certificate” means a Solvency Certificate of the chief financial officer of Holdings substantially in the form of Exhibit G-2.

 

“Solvent” means, with respect to any Person, that as of the date of determination both (i)(a) the sum of such Person’s debt (including contingent liabilities) does not exceed all of its property, at a fair valuation; (b) the present fair saleable value of the property of such Person is not less than the amount that will be required to pay the probable liabilities on such Person’s then existing debts as they become absolute and matured; (c) such Person’s capital is not

 

  

30

  

unreasonably small in relation to its business or any contemplated or undertaken transaction; and (d) such Person does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due; and (ii) such Person is “solvent” within the meaning given that term and similar terms under applicable laws relating to fraudulent transfers and conveyances.  For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

 

“Specified Acquisition” means a Permitted Acquisition in which, as part of such acquisition, Company or the Company Subsidiary that makes such acquisition sells, assigns or otherwise transfers Capital Stock of the target company (or, subject to such sale, assignment or transfer not being a Change of Control or a Default hereunder, any entity into which the target company is merged or into which substantially all of the assets of the target company are acquired) to any member of the management of, employee of, or any owner of the Capital Stock of the company that was the subject of such Permitted Acquisition (such member or owner, a “Permitted Transferee”).

 

“Specified Assignment Amount” means the amount by which the final allocated amounts of Closing Date Term Loans and Revolving Commitments of a Lender signatory hereto as of the 2011 Effective Date exceeds the amount of Closing Date Term Loans and Revolving Commitments held by such Lender prior to any Specified Assignments to such Lender.

 

“Specified Assignments” means those assignments of Closing Date Term Loans and/or Revolving Commitments made in connection with the amendment and restatement of the Existing Credit Agreement contemplated by this Agreement as determined in good faith by the Administrative Agent.

 

“Specified Cash Management Arrangement” means any cash management arrangement (a) entered into by (i) Company or any of its Subsidiaries and (ii) any Lender Counterparty, as counterparty and (b) which has been designated by such Lender Counterparty and Company, by notice to the Administrative Agent not later than thirty (30) days after the execution and delivery by Company or such Subsidiary thereof, as a Specified Cash Management Arrangement.  No Lender Counterparty that is a party to a Specified Cash Management Arrangement shall have any rights in connection with the management or release of any Collateral or of the Obligations of any Credit Party under any Credit Document.  For the avoidance of doubt, (i) all cash management arrangements provided by the Administrative Agent or any of its Affiliates and (ii) all cash management arrangements in existence on the Closing Date or on the 2011 Effective Date between Company or any of its Subsidiaries and any Lender or an Affiliate thereof, shall constitute Specified Cash Management Arrangements.

 

“Subject Transaction” as defined in Section 6.8(f).

 

“Subordinated Indebtedness” means (i) Indebtedness outstanding under Permitted Seller Notes, (ii) any Permitted Unsecured Indebtedness noted in clause (b) of the definition of Permitted Unsecured Indebtedness and (iii) any Take Out Securities that constitute Indebtedness.

 

  

31

  

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding.

 

“Swing Line Lender” means Wells Fargo in its capacity as Swing Line Lender hereunder, together with its permitted successors and assigns in such capacity.

 

“Swing Line Loan” means a Loan made by Swing Line Lender to Company pursuant to Section 2.3.

 

“Swing Line Note” means a promissory note in the form of Exhibit B-3, as it may be amended, supplemented or otherwise modified from time to time.

 

“Swing Line Sublimit” means the lesser of (i) $10,000,000, and (ii) the aggregate unused amount of Revolving Commitments then in effect.

 

“Take Out Securities” means Capital Stock or other securities convertible into or otherwise linked to Capital Stock, the net proceeds of which are used to repay the Loans and/or the Revolving Commitments; provided, however, that to the extent the issuance of such Capital Stock or other securities constitute Indebtedness, such Indebtedness shall be unsecured and subordinated in a manner satisfactory to the Agents.

 

“Tax” means any present or future tax, levy, impost, duty, assessment, charge, fee, deduction or withholding of any nature now or hereafter imposed, levied, collected, withheld or assessed by any taxing authority; provided, “Tax on the overall net income” of a Person shall be construed as a reference to a tax imposed by the jurisdiction in which that Person is organized or in which that Person’s applicable principal office (and/or, in the case of a Lender, its lending office) is located or in which that Person (and/or, in the case of a Lender, its lending office) is deemed to be doing business on or measured by all or part of the net income, profits or gains (whether worldwide, or only insofar as such income, profits or gains are considered to arise in or to relate to a particular jurisdiction, or otherwise) of that Person (and/or, in the case of a Lender, its applicable lending office).

 

“Term Loan” means a Tranche A Term Loan or a New Term Loan.

 

“Term Loan Commitment” means a Closing Date Term Loan Commitment, an Additional Term Loan Commitment or a New Term Loan Commitment, and “Term Loan Commitments” means such commitments of all Lenders.

 

“Term Loan Maturity Date” means the Tranche A Term Loan Maturity Date or the New Term Loan Maturity Date, as applicable, of any Series of New Term Loans.

 

  

32

  

“Term Loan Note” means a promissory note substantially in the form of Exhibit B-1, as it may be amended, supplemented or otherwise modified from time to time.

 

“Terminated Lender” as defined in Section 2.22.

 

“Title Policy” as defined in Section 5.11.

 

“Total Utilization of Revolving Commitments” means, as at any date of determination, the sum of (i) the aggregate principal amount of all outstanding Revolving Loans (other than Revolving Loans made for the purpose of repaying any Refunded Swing Line Loans or reimbursing Issuing Bank for any amount drawn under any Letter of Credit, but not yet so applied), (ii) the aggregate principal amount of all outstanding Swing Line Loans, and (iii) the Letter of Credit Usage.

 

“Tranche A Term Loan Exposure” means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Tranche A Term Loans of such Lender.

 

“Tranche A Term Loan Maturity Date” means the earlier of (i) August 19, 2016 and (ii) the date that all Term Loans shall become due and payable in full hereunder, whether by acceleration or otherwise.

 

“Tranche A Term Loans” means the Closing Date Term Loans and the Additional Term Loans, which for all purposes hereunder shall be treated as one Class.  As of the 2011 Effective Date, the aggregate principal amount of the Tranche A Term Loans is $581,250,000.

 

“Transaction Costs” means the fees, costs and expenses payable by Holdings, Company or any of Company’s Subsidiaries in connection with the closing of (i) the transactions contemplated by the Credit Documents on the Closing Date and on the 2011 Effective Date and (ii) the MediMedia Acquisition.

 

“Type of Loan” means (i) with respect to either Term Loans or Revolving Loans, a Base Rate Loan or a Eurodollar Rate Loan, and (ii) with respect to Swing Line Loans, a Base Rate Loan.

 

“UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.

 

“UCC Questionnaire” means a certificate in form satisfactory to the Collateral Agent that provides information with respect to the personal or mixed property of each Credit Party.

 

“Wells Fargo” as defined in the preamble hereto.

 

1.2 Accounting Terms.

 

(a) All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with GAAP, applied on a consistent basis, as in effect from time to time and in a

 

  

33

  

manner consistent with that used in preparing the Historical Financial Statements, except as otherwise specifically prescribed herein.

 

            (b) If at any time any change in GAAP or in the application of GAAP would affect the computation of any financial ratio or other financial covenant set forth in any Credit Document, and either Company or the Requisite Lenders shall so request, Administrative Agent, Lenders and Company shall negotiate in good faith to amend (subject to Section 10.5) such ratio or covenant to preserve the original intent thereof in light of such change in (or in the application of) GAAP; provided that, until so amended, (i) such ratio or financial covenant shall continue to be computed in accordance with GAAP prior to such change in (or in application of) GAAP and (ii) Company shall provide to the Administrative Agent financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or financial covenant made before and after giving effect to such change in (or in the application of) GAAP as is reasonably necessary to demonstrate compliance (or non-compliance) with such ratio or financial covenants.

 

           (c) Notwithstanding any other provision contained herein, calculations in connection with the definitions, covenants and other provisions hereof shall be made without giving effect to any election under Accounting Standards Codification 825-10 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Credit Party or any Subsidiary of any Credit Party at “fair value”).

 

1.3 Interpretation, etc. Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference.  References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless otherwise specifically provided.  The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter.

 

  

34

  

1.4 Interrelationship with the Existing Credit Agreement.

 

(a) This Agreement is intended to amend and restate the provisions of the Existing Credit Agreement and, except as expressly modified herein, all of the terms and provisions of the Existing Credit Agreement shall continue to apply for the period prior to the 2011 Effective Date, including any determinations of payment dates, interest rates, compliance with covenants and other obligations, accuracy of representations and warranties, Events of Default or any amount that may be payable to Administrative Agent or the Lenders (or their assignees or replacements hereunder).  From and after the 2011 Effective Date, all references in the Notes and the other Credit Documents to (i) the “Credit Agreement” shall be deemed to include references to this Agreement and (ii) the “Lenders,” a “Lender,” the “Administrative Agent” and the “Collateral Agent” shall mean such terms as defined in this Agreement.

 

(b) Company, Agents and Lenders acknowledge and agree that all principal, interest, fees, costs, reimbursable expenses and indemnification obligations accruing or arising under or in connection with the Existing Credit Agreement which remain unpaid and outstanding as of the 2011 Effective Date shall be and remain outstanding and payable as an obligation under this Agreement and the other Credit Documents.

 

SECTION 2. LOANS

 

2.1 Term Loans.

 

(a) Closing Date Term Loans.  Each lender that held Closing Date Term Loan Commitments as of the Closing Date made Closing Date Term Loans to Company on the Closing Date and all Closing Date Term Loan Commitments were terminated immediately upon the funding of the Closing Date Term Loans.

 

(b) Additional Term Loan Commitments.  Subject to the terms and conditions hereof, each Lender holding Additional Term Loan Commitments severally agrees to make, on the 2011 Effective Date, an Additional Term Loan to Company in an amount equal to such Lender's Additional Term Loan Commitment.  Company may make only one borrowing under the Additional Term Loan Commitments which shall be on the 2011 Effective Date.  Each Lender’s Additional Term Loan Commitment shall terminate immediately and without further action on the 2011 Effective Date after giving effect to the funding of such Lender's Additional Date Term Loan Commitment on such date.

 

(c) Borrowing Mechanics for Additional Term Loans.

 

(i) Company shall deliver to Administrative Agent a fully executed and delivered certificate pursuant to Section 3.3(j) (which, notwithstanding anything herein to the contrary, shall be deemed to be a Funding Notice with respect to the Additional Term Loans for all purposes hereof) no later than 1:00 p.m. (New York City time) one Business Day prior to the 2011 Effective Date.  Promptly upon receipt by Administrative Agent of such certificate, Administrative Agent shall notify each Lender of the proposed borrowing.

 

(ii) Each Lender with Additional Term Loan Commitments shall make its Additional Term Loan available to Administrative Agent not later than 12:00 p.m. (New York

 

  

35

  

City time) on the 2011 Effective Date, by wire transfer of same day funds in Dollars, at the Principal Office designated by Administrative Agent.  Upon satisfaction or waiver of the conditions precedent specified herein, Administrative Agent shall make the proceeds of the Additional Term Loans available to Company on the 2011 Effective Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Additional Term Loans received by Administrative Agent from Lenders to be credited to the account of Company at the Principal Office designated by Administrative Agent or to such other account as may be designated in writing to Administrative Agent by Company.

 

(iii) All Additional Term Loans must be, as of the 2011 Effective Date, Base Rate Loans.

 

(d) Additional Provisions Regarding the Term Loans.  Any amount borrowed under this Section 2.1 and subsequently repaid or prepaid may not be reborrowed.  Subject to Sections 2.12(a) and 2.13, all amounts owed hereunder with respect to the Closing Date Term Loans and the Additional Term Loans shall be paid in full no later than the Tranche A Term Loan Maturity Date.

 

2.2 Revolving Loans.

 

(a) Revolving Commitments.  During the Revolving Commitment Period, subject to the terms and conditions hereof, each Lender severally agrees to make Revolving Loans to Company in the aggregate amount up to but not exceeding such Lender’s Revolving Commitment; provided, after giving effect to the making of any Revolving Loans in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect.  Amounts borrowed pursuant to this Section 2.2(a) may be repaid and reborrowed during the Revolving Commitment Period.  Each Lender’s Revolving Commitment shall expire on the Revolving Commitment Termination Date and all Revolving Loans and all other amounts owed hereunder with respect to the Revolving Loans and the Revolving Commitments shall be paid in full no later than such date.

 

(b) Borrowing Mechanics for Revolving Loans.

 

(i) Revolving Loans that are Base Rate Loans shall be made in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount, and Revolving Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $2,000,000 and integral multiples of $1,000,000 in excess of that amount.

 

(ii) Whenever Company desires that Lenders make Revolving Loans, Company shall deliver to Administrative Agent a fully executed and delivered Funding Notice no later than 1:00 p.m. (New York City time) at least three Business Days in advance of the proposed Credit Date in the case of a Eurodollar Rate Loan, and at least one Business Day in advance of the proposed Credit Date in the case of a Revolving Loan that is a Base Rate Loan.  Except as otherwise provided herein, a Funding Notice for a Revolving Loan that is a Eurodollar Rate Loan shall be irrevocable on and after the related Interest Rate Determination Date, and Company shall be bound to make a borrowing in accordance therewith.

 

  

36

  

(iii) Notice of receipt of each Funding Notice in respect of Revolving Loans, together with the amount of each Lender’s Pro Rata Share thereof, if any, together with the applicable interest rate, shall be provided by Administrative Agent to each applicable Lender by telefacsimile with reasonable promptness, but (provided Administrative Agent shall have received such notice by 1:00 p.m. (New York City time)) not later than 3:00 p.m. (New York City time) on the same day as Administrative Agent’s receipt of such Notice from Company.

 

(iv) Each Lender shall make the amount of its Revolving Loan available to Administrative Agent not later than 12:00 p.m. (New York City time) on the applicable Credit Date by wire transfer of same day funds in Dollars, at the Principal Office designated by the Administrative Agent.  Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, Administrative Agent shall make the proceeds of such Revolving Loans available to Company on the applicable Credit Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Revolving Loans received by Administrative Agent from Lenders to be credited to the account of Company at the Principal Office designated by the Administrative Agent or such other account as may be designated in writing to Administrative Agent by Company.

 

(v) Any Revolving Loans made on the 2011 Effective Date must be, as of the 2011 Effective Date, Base Rate Loans.

 

2.3 Swing Line Loans.

 

(a) Swing Line Loans Commitments.  During the Revolving Commitment Period, subject to the terms and conditions hereof, Swing Line Lender hereby agrees to make Swing Line Loans to Company in the aggregate amount up to but not exceeding the Swing Line Sublimit; provided, after giving effect to the making of any Swing Line Loan, in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect.  Amounts borrowed pursuant to this Section 2.3 may be repaid and reborrowed during the Revolving Commitment Period.  Swing Line Lender’s Revolving Commitment shall expire on the Revolving Commitment Termination Date and all Swing Line Loans and all other amounts owed hereunder with respect to the Swing Line Loans and the Revolving Commitments shall be paid in full no later than such date.

 

(b) Borrowing Mechanics for Swing Line Loans.

 

(i) Swing Line Loans shall be made in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess of that amount.

 

(ii) Whenever Company desires that Swing Line Lender make a Swing Line Loan, Company shall deliver to Administrative Agent a Funding Notice no later than 1:00 p.m. (New York City time) on the proposed Credit Date.

 

(iii) Swing Line Lender shall make the amount of its Swing Line Loan available to Administrative Agent not later than 3:00 p.m. (New York City time) on the applicable Credit Date by wire transfer of same day funds in Dollars, at the Administrative Agent’s Principal Office.  Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, Administrative Agent shall make the proceeds of such

 

  

37

  

Swing Line Loans available to Company on the applicable Credit Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Swing Line Loans received by Administrative Agent from Swing Line Lender to be credited to the account of Company at the Administrative Agent’s Principal Office, or to such other account as may be designated in writing to Administrative Agent by Company.

 

(iv) With respect to any Swing Line Loans which have not been voluntarily prepaid by Company pursuant to Section 2.12, Swing Line Lender may at any time in its sole and absolute discretion, deliver to Administrative Agent (with a copy to Company), no later than 11:00 a.m. (New York City time) at least one (1) Business Day in advance of the proposed Credit Date, a notice (which shall be deemed to be a Funding Notice given by Company) requesting that each Lender holding a Revolving Commitment make Revolving Loans that are Base Rate Loans to Company on such Credit Date in an amount equal to the amount of such Swing Line Loans (the “Refunded Swing Line Loans”) outstanding on the date such notice is given which the Swing Line Lender requests Lenders to prepay.  Notwithstanding anything contained in this Agreement to the contrary, (1) the proceeds of such Revolving Loans made by the Lenders other than Swing Line Lender shall be immediately delivered by the Administrative Agent to Swing Line Lender (and not to Company) and applied to repay a corresponding portion of the Refunded Swing Line Loans and (2) on the day such Revolving Loans are made, Swing Line Lender’s Pro Rata Share of the Refunded Swing Line Loans shall be deemed to be paid with the proceeds of a Revolving Loan made by Swing Line Lender to Company, and such portion of the Swing Line Loans deemed to be so paid shall no longer be outstanding as Swing Line Loans and shall no longer be due under the Swing Line Note of Swing Line Lender but shall instead constitute part of Swing Line Lender’s outstanding Revolving Loans to Company and shall be due under the Revolving Loan Note issued by Company to Swing Line Lender.  Company hereby authorizes Administrative Agent and Swing Line Lender to charge Company’s accounts with Administrative Agent and Swing Line Lender (up to the amount available in each such account) in order to immediately pay Swing Line Lender the amount of the Refunded Swing Line Loans to the extent the proceeds of such Revolving Loans made by Lenders, including the Revolving Loan deemed to be made by the Swing Line Lender, are not sufficient to repay in full the Refunded Swing Line Loans.  If any portion of any such amount paid (or deemed to be paid) to Swing Line Lender should be recovered by or on behalf of Company from Swing Line Lender in bankruptcy, by assignment for the benefit of creditors or otherwise, the loss of the amount so recovered shall be ratably shared among all Lenders in the manner contemplated by Section 2.16.

 

(v) If for any reason Revolving Loans are not made pursuant to Section 2.3(b)(iv) in an amount sufficient to repay any amounts owed to Swing Line Lender in respect of any outstanding Swing Line Loans on or before the third Business Day after demand for payment thereof by Swing Line Lender, each Lender holding a Revolving Commitment shall be deemed to, and hereby agrees to, have purchased a participation in such outstanding Swing Line Loans, and in an amount equal to its Pro Rata Share of the applicable unpaid amount together with accrued interest thereon.  Upon one (1) Business Day’s notice from Swing Line Lender, each Lender holding a Revolving Commitment shall deliver to Swing Line Lender an amount equal to its respective participation in the applicable unpaid amount in same day funds at the Principal Office of Swing Line Lender. In order to evidence such participation each Lender holding a Revolving Commitment agrees to enter into a participation agreement at the request of

 

  

38

  

Swing Line Lender in form and substance reasonably satisfactory to Swing Line Lender.  In the event any Lender holding a Revolving Commitment fails to make available to Swing Line Lender the amount of such Lender’s participation as provided in this paragraph, Swing Line Lender shall be entitled to recover such amount on demand from such Lender together with interest thereon for three Business Days at the rate customarily used by Swing Line Lender for the correction of errors among banks and thereafter at the Base Rate, as applicable.

 

(vi) Notwithstanding anything contained herein to the contrary, (1) each Lender’s obligation to make Revolving Loans for the purpose of repaying any Refunded Swing Line Loans pursuant to the second preceding paragraph and each Lender’s obligation to purchase a participation in any unpaid Swing Line Loans pursuant to the immediately preceding paragraph shall be absolute and unconditional and shall not be affected by any circumstance, including without limitation (A) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against Swing Line Lender, any Credit Party or any other Person for any reason whatsoever; (B) the occurrence or continuation of a Default or Event of Default; (C) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of any Credit Party; (D) any breach of this Agreement or any other Credit Document by any party thereto; or (E) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing; provided that such obligations of each Lender are subject to the condition that Swing Line Lender believed in good faith that all conditions under Section 3.2 to the making of the applicable Refunded Swing Line Loans or other unpaid Swing Line Loans, were satisfied at the time such Refunded Swing Line Loans or unpaid Swing Line Loans were made, or the satisfaction of any such condition not satisfied had been waived by Requisite Lenders prior to or at the time such Refunded Swing Line Loans or other unpaid Swing Line Loans were made; and (2) Swing Line Lender shall not be obligated to make any Swing Line Loans (A) if it has elected not to do so after the occurrence and during the continuation of a Default or Event of Default or (B) at a time when a Funding Default or Lender Insolvency Default exists unless Swing Line Lender has entered into arrangements satisfactory to it and Company to eliminate Swing Line Lender’s risk with respect to the Defaulting Lender’s participation in such Swing Line Loan, including by cash collateralizing such Defaulting Lender’s Pro Rata Share of the outstanding Swing Line Loans.

 

(vii) All Swing Line Loans must be, at all times, Base Rate Loans.

 

2.4 Pro Rata Shares; Availability of Funds.

 

(a) Pro Rata Shares.  All Loans shall be made, and all participations purchased, by Lenders simultaneously and proportionately to their respective Pro Rata Shares, it being understood that (i) notwithstanding the foregoing, Additional Term Loans shall be funded on the 2011 Effective Date in accordance with Section 2.1(b) and (ii) no Lender shall be responsible for any default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder or purchase a participation required hereby nor shall any Term Loan Commitment or any Revolving Commitment of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder or purchase a participation required hereby.

 

  

39

  

(b) Availability of Funds.  Unless Administrative Agent shall have been notified by any Lender prior to the applicable Credit Date that such Lender does not intend to make available to Administrative Agent the amount of such Lender’s Loan requested on such Credit Date, Administrative Agent may assume that such Lender has made such amount available to Administrative Agent on such Credit Date and Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to Company a corresponding amount on such Credit Date.  If such corresponding amount is not in fact made available to Administrative Agent by such Lender, Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest thereon, for each day from such Credit Date until the date such amount is paid to Administrative Agent, at the customary rate set by Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate.  If such Lender does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor, Administrative Agent shall promptly notify Company and Company shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from such Credit Date until the date such amount is paid to Administrative Agent, at the rate payable hereunder for Base Rate Loans for such Class of Loans.  Nothing in this Section 2.4(b) shall be deemed to relieve any Lender from its obligation to fulfill its Term Loan Commitments and Revolving Commitments hereunder or to prejudice any rights that Company may have against any Lender as a result of any default by such Lender hereunder.

 

2.5 Use of Proceeds.  All proceeds of the Closing Date Term Loans were applied by Company on the Closing Date to repay and refinance Company’s Credit and Guaranty Agreement dated as of May 16, 2005 by and among Company, Holdings, certain Guarantors, certain financial institutions and other persons, Goldman Sachs Credit Partners L.P., as joint lead arranger, joint bookrunner and sole syndication agent, and Wells Fargo, as joint lead arranger, joint bookrunner, administrative agent and collateral agent (the “2005 Credit Agreement”) and to pay fees, costs and expenses in connection therewith and, to the extent of any funds remaining thereafter, for general corporate purposes.  The proceeds of the Additional Term Loans shall be applied by Company on the 2011 Effective Date to repay in full the MediMedia Acquisition-Related Loans (without any corresponding reduction of the Revolving Commitments) and to pay fees, costs and expenses in connection therewith and in connection with the amendment and restatement of the Existing Credit Agreement and, to the extent of any funds remaining thereafter, from time to time for general corporate purposes of Company and its Subsidiaries, including Permitted Acquisitions.  The proceeds of the Revolving Loans, Letters of Credit, Swing Line Loans and any New Term Loans shall be applied by Company for working capital and general corporate purposes of Company and its Subsidiaries, including Permitted Acquisitions.  No portion of the proceeds of any Credit Extension shall be used in any manner that causes or might cause such Credit Extension or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or any other regulation thereof or to violate the Exchange Act.

 

2.6 Evidence of Debt; Register; Lenders’ Books and Records; Notes.

 

(a) Lenders’ Evidence of Debt.  Each Lender shall maintain on its internal records an account or accounts evidencing the Indebtedness of Company to such Lender, including the amounts of the Loans made by it and each repayment and prepayment in respect

 

  

40

  

thereof.  Any such recordation shall be prima facie evidence thereof; provided, failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Revolving Commitments or Company’s Obligations in respect of any applicable Loans; and provided further, in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern.

 

(b) Register.  Administrative Agent (or its agent or sub-agent appointed by it) shall maintain at the Principal Office a register for the recordation of the names and addresses of Lenders and the Revolving Commitments and Loans of each Lender from time to time (the “Register”).  The Register, as in effect at the close of business on the preceding Business Day, shall be available for inspection by Company or any Lender at any reasonable time and from time to time upon reasonable prior notice.  Administrative Agent shall record, or shall cause to be recorded, in the Register the Revolving Commitments and the Loans, and each repayment or prepayment in respect of the principal amount of the Loans, and any such recordation shall be conclusive and binding on Company and each Lender, absent manifest error; provided, failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Revolving Commitments or Company’s Obligations in respect of any Loan.  Company hereby designates Wells Fargo to serve as Company’s agent solely for purposes of maintaining the Register as provided in this Section 2.6, and Company hereby agrees that, to the extent Wells Fargo serves in such capacity, Wells Fargo and its officers, directors, employees, agents, sub-agents and affiliates shall constitute “Indemnitees.”

 

(c) Notes.  If so requested by any Lender by written notice to Company (with a copy to Administrative Agent) at least two Business Days prior to the 2011 Effective Date, or at any time thereafter, Company shall execute and deliver to such Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of such Lender pursuant to Section 10.6) on the 2011 Effective Date (or, if such notice is delivered after the 2011 Effective Date, promptly after Company’s receipt of such notice) a Note or Notes to evidence such Lender’s Term Loan, Revolving Loan or Swing Line Loan, as the case may be.

 

2.7 Interest on Loans.

 

(a) Except as otherwise set forth herein, each Class of Loan shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof as follows:

 

    (i) in the case of Term Loans and Revolving Loans:

 

         (1)  if a Base Rate Loan, at the Base Rate plus the Applicable Margin; or

 

         (2)  if a Eurodollar Rate Loan, at the Adjusted Eurodollar Rate plus the Applicable Margin; and

   

(ii) in the case of Swing Line Loans, at the Base Rate plus the Applicable Margin.

 

  

41

  

(b) The basis for determining the rate of interest with respect to any Loan (except a Swing Line Loan which can be made and maintained as Base Rate Loans only), and the Interest Period with respect to any Eurodollar Rate Loan, shall be selected by Company and notified to Administrative Agent and Lenders pursuant to the applicable Funding Notice or Conversion/Continuation Notice, as the case may be.  If on any day a Loan is outstanding with respect to which a Funding Notice or Conversion/Continuation Notice has not been delivered to Administrative Agent in accordance with the terms hereof specifying the applicable basis for determining the rate of interest, then for that day such Loan shall be a Base Rate Loan.

 

(c) In connection with Eurodollar Rate Loans there shall be no more than twelve (12) Interest Periods outstanding at any time.  In the event Company fails to specify between a Base Rate Loan or a Eurodollar Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, such Loan (if outstanding as a Eurodollar Rate Loan) shall be automatically converted into a Base Rate Loan on the last day of the then-current Interest Period for such Loan (or if outstanding as a Base Rate Loan will remain as, or (if not then outstanding) shall be made as, a Base Rate Loan).  In the event Company fails to specify an Interest Period for any Eurodollar Rate Loan in the applicable Funding Notice or Conversion/Continuation Notice, Company shall be deemed to have selected an Interest Period of one month.  As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, Administrative Agent shall determine (which determination shall be prima facie evidence thereof) the interest rate that shall apply to the Eurodollar Rate Loans for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Company and each Lender.

 

(d) Interest payable pursuant to Section 2.7(a) shall be computed (i) in the case of Base Rate Loans on the basis of a 365-day or 366-day year, as the case may be, and (ii) in the case of Eurodollar Rate Loans, on the basis of a 360-day year, in each case for the actual number of days elapsed in the period during which it accrues.  In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan or, with respect to a Term Loan, the preceding Interest Payment Date with respect to such Term Loan or, with respect to a Base Rate Loan being converted from a Eurodollar Rate Loan, the date of conversion of such Eurodollar Rate Loan to such Base Rate Loan, as the case may be, shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted to a Eurodollar Rate Loan, the date of conversion of such Base Rate Loan to such Eurodollar Rate Loan, as the case may be, shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan.

 

(e) Interest on each Loan shall accrue and shall be payable in arrears on each Interest Payment Date and at maturity, including final maturity; provided, that interest accruing in accordance with Section 2.7(f)(ii) or Section 2.9 shall be payable on demand.

 

(f) Company agrees to pay to Issuing Bank, with respect to drawings honored under any Letter of Credit, interest on the amount paid by Issuing Bank in respect of each such honored drawing from the date such drawing is honored to but excluding the date such amount is reimbursed by or on behalf of Company at a rate equal to (i) for the period from the date such drawing is honored to but excluding the applicable Reimbursement Date, the rate of interest

 

  

42

  

otherwise payable hereunder with respect to Revolving Loans that are Base Rate Loans, and (ii) from and after the applicable Reimbursement Date (if not paid by the applicable Reimbursement Date), a rate which is 2% per annum in excess of the rate of interest otherwise payable hereunder with respect to Revolving Loans that are Base Rate Loans.

 

(g) Interest payable pursuant to Section 2.7(f) shall be computed on the basis of a 365/366-day year for the actual number of days elapsed in the period during which it accrues, and shall be payable on demand or, if no demand is made, on the date on which the related drawing under a Letter of Credit is reimbursed in full.  Promptly upon receipt by Issuing Bank of any payment of interest pursuant to Section 2.7(f), Issuing Bank shall distribute to each Lender, out of the interest received by Issuing Bank in respect of the period from the date such drawing is honored to but excluding the date on which Issuing Bank is reimbursed for the amount of such drawing (including any such reimbursement out of the proceeds of any Revolving Loans), the amount that such Lender would have been entitled to receive in respect of the letter of credit fee that would have been payable in respect of such Letter of Credit for such period if no drawing had been honored under such Letter of Credit.  In the event Issuing Bank shall have been reimbursed by Lenders for all or any portion of such honored drawing, Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under Section 2.23(e) with respect to such honored drawing such Lender’s Pro Rata Share of any interest received by Issuing Bank in respect of that portion of such honored drawing so reimbursed by Lenders for the period from the date on which Issuing Bank was so reimbursed by Lenders to but excluding the date on which such portion of such honored drawing is reimbursed by Company.

 

2.8 Conversion/Continuation.

 

(a) Subject to Section 2.17 and so long as no Default or Event of Default shall have occurred and then be continuing, Company shall have the option:

 

(i) to convert at any time all or any part of any Term Loan or Revolving Loan equal to $1,000,000 and integral multiples of $500,000 in excess of that amount from one Type of Loan to another Type of Loan; provided, a Eurodollar Rate Loan may only be converted on the expiration of the Interest Period applicable to such Eurodollar Rate Loan unless Company shall pay all amounts due  under Section 2.17 in connection with any such conversion; or

 

(ii) upon the expiration of any Interest Period applicable to any Eurodollar Rate Loan, to continue all or any portion of such Loan equal to $2,000,000 and integral multiples of $1,000,000 in excess of that amount as a Eurodollar Rate Loan.

 

(b) Company shall deliver a Conversion/Continuation Notice to Administrative Agent no later than 1:00 p.m. (New York City time) at least one Business Day in advance of the proposed conversion date (in the case of a conversion to a Base Rate Loan) and at least three Business Days in advance of the proposed conversion/continuation date (in the case of a conversion to, or a continuation of, a Eurodollar Rate Loan).  Except as otherwise provided herein, a Conversion/Continuation Notice for conversion to, or continuation of, any Eurodollar Rate Loans (or telephonic notice in lieu thereof) shall be irrevocable on and after the related

 

  

43

  

Interest Rate Determination Date, and Company shall be bound to effect a conversion or continuation in accordance therewith.

 

2.9 Default Interest.  Upon the occurrence and during the continuance of an Event of Default described in Section 8.1(a), the principal amount of all Loans and any interest payments on the Loans or any fees or other amounts owed hereunder not paid when due, in each case whether at stated maturity, by notice of prepayment, by acceleration or otherwise, shall, to the extent permitted by applicable law, thereafter bear interest (including post-petition interest in any proceeding under the Bankruptcy Code or other applicable bankruptcy laws) payable on demand at a rate that is 2% per annum in excess of the interest rate otherwise payable hereunder with respect to the applicable Loans (or, in the case of any such fees and other amounts, at a rate which is 2% per annum in excess of the interest rate otherwise payable hereunder for Base Rate Loans); provided, in the case of Eurodollar Rate Loans, upon the expiration of the Interest Period in effect at the time any such increase in interest rate is effective such Eurodollar Rate Loans shall thereupon become Base Rate Loans and shall thereafter bear interest payable upon demand at a rate which is 2% per annum in excess of the interest rate otherwise payable hereunder for Base Rate Loans.  Payment or acceptance of the increased rates of interest provided for in this Section 2.9 is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Administrative Agent or any Lender.

 

2.10 Fees.

 

(a) Company agrees to pay to Lenders having Revolving Exposure:

 

(i) commitment fees equal to (1) the average of the daily difference between (a) the Revolving Commitments, and (b) the sum of (x) the aggregate principal amount of outstanding Revolving Loans (but not any outstanding Swing Line Loans) plus (y) the Letter of Credit Usage, times (2) the Applicable Revolving Commitment Fee Percentage; and

 

(ii) letter of credit fees equal to (1) the Applicable Margin for Revolving Loans that are Eurodollar Rate Loans, times (2) the average aggregate daily maximum amount available to be drawn under all such Letters of Credit (regardless of whether any conditions for drawing could then be met and determined as of the close of business on any date of determination).

 

(b) [Reserved].

 

(c) Company agrees to pay directly to Issuing Bank, for its own account, the following fees:

 

(i) a per annum fronting fee separately agreed between the Issuing Bank and Company, times the average aggregate daily maximum amount available to be drawn under all Letters of Credit (determined as of the close of business on any date of determination); and

 

(ii) such documentary and processing charges for any issuance, amendment, transfer or payment of a Letter of Credit as are in accordance with Issuing Bank’s

 

  

44

  

standard schedule for such charges and as in effect at the time of such issuance, amendment, transfer or payment, as the case may be.

 

(d) All fees referred to in Section 2.10(a) shall be calculated on the basis of a 360-day year, and the actual number of days elapsed and shall be payable quarterly in arrears on April 1, July 1, October 1 and January 1 of each year during the Revolving Commitment Period, commencing on the first such date to occur after the Closing Date, and on the Revolving Commitment Termination Date.

 

(e) In addition to any of the foregoing fees, Company agrees to pay to Agents such other fees in the amounts and at the times separately agreed upon, including but not limited to any closing fees for the benefit of the Lenders set forth in that certain fee letter dated as of July 16, 2010 among Company, Wells Fargo Securities, LLC, Banc of America Securities LLC, the Administrative Agent and Bank of America, N.A. (as it may be amended, supplemented or otherwise modified from time to time).

 

(f) In addition to any of the foregoing fees, Company agrees to pay on or prior to the 2011 Effective Date to (i) Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated those fees set forth in Section 2(i) of that certain engagement letter dated as of July 22, 2011 among Company, the Administrative Agent, Bank of America, N.A. and the other parties thereto (as it may be amended, supplemented or otherwise modified from time to time), (ii) Wells Fargo Securities, LLC, for the account of (x) the Lenders signatory hereto holding Additional Term Loan Commitments, (y) the Lenders signatory hereto holding Additional Revolving Commitments and (z) the Lenders signatory hereto that have accepted any Specified Assignments, as fee compensation for the funding of such Additional Term Loan Commitments, the commitment to fund the Additional Revolving Commitments or the acceptance of such assignments, a closing fee in an amount equal to 0.25% of the sum of (1) the aggregate principal amount of the Additional Term Loan Commitments, (2) the aggregate principal amount of the Additional Revolving Commitments and (3) the sum of all Specified Assignment Amounts and (iii) Wells Fargo Securities, LLC, for the account of Lenders signatory hereto that hold Closing Date Term Loans or Revolving Commitments (not including Additional Revolving Commitments) as of the 2011 Effective Date (without giving effect to any Specified Assignments), as fee compensation for their consent to the amendment and restatement of the Existing Credit Agreement contemplated by this Agreement, an amendment fee equal to 0.10% of the sum of the aggregate principal amount of Closing Date Term Loans and Revolving Commitments (not including Additional Revolving Commitments) held by such Lenders as of the 2011 Effective Date (other than in respect of such Closing Date Term Loans and Revolving Commitments obtained through Specified Assignments).

 

2.11 Scheduled Payments.

 

The principal amount of the Tranche A Term Loans shall be repaid in consecutive quarterly installments (each, an “Installment”) in the aggregate amounts set forth below on the last day of each Fiscal Quarter (each, an “Installment Date”) commencing December 31, 2011:

 

  

45

  

 

	
Installment Date

	
Tranche A Term Loan Installments

	
December 31, 2011

	
$7,265,625.00

	
March 31, 2012

	
$7,265,625.00

	
June 30, 2012

	
$7,265,625.00

	
September 30, 2012

	
$7,265,625.00

	
December 31, 2012

	
$7,265,625.00

	
March 31, 2013

	
$7,265,625.00

	
June 30, 2013

	
$7,265,625.00

	
September 30, 2013

	
$7,265,625.00

	
December 31, 2013

	
$10,898,437.50

	
March 31, 2014

	
$10,898,437.50

	
June 30, 2014

	
$10,898,437.50

	
September 30, 2014

	
$10,898,437.50

	
December 31, 2014

	
$10,898,437.50

	
March 31, 2015

	
$10,898,437.50

	
June 30, 2015

	
$10,898,437.50

	
September 30, 2015

	
$10,898,437.50

	
December 31, 2015

	
$14,531,250.00

	
March 31, 2016

	
$14,531,250.00

	
June 30, 2016

	
$14,531,250.00

	
Tranche A Term Loan Maturity Date

	
Remaining Balance

; provided, in the event any New Term Loans are made, such New Term Loans shall be repaid on each Installment Date occurring on or after the applicable Increased Amount Date in an amount not in excess of the product of (i) the aggregate principal amount of New Term Loans of the applicable Series of New Term Loans, times (ii) the ratio (expressed as a percentage) of (y) the amount of all other Term Loans being repaid on such Installment Date and (z) the total aggregate principal amount of all other Term Loans outstanding on such Increased Amount Date.

 

Notwithstanding the foregoing, (y) such Installments shall be reduced in connection with any voluntary or mandatory prepayments of the Term Loans in accordance with Sections 2.12, 2.13 and 2.14 as applicable; and (z) the Tranche A Term Loans and the New Term Loans, together with all other amounts owed hereunder with respect thereto, shall, in any event, be paid in full no later than the Tranche A Term Loan Maturity Date and the New Term Loan Maturity Date, respectively.

 

  

46

  

 

2.12 Voluntary Prepayments/Commitment Reductions.

 

(a) Voluntary Prepayments.

 

(i) Any time and from time to time:

 

(1) with respect to Base Rate Loans, Company may prepay, any such Loans on any Business Day in whole or in part, in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess of that amount;

 

(2) with respect to Eurodollar Rate Loans, Company may prepay, any such Loans on any Business Day in whole or in part in an aggregate minimum amount of $2,000,000 and integral multiples of $1,000,000 in excess of that amount; and

 

(3) with respect to Swing Line Loans, Company may prepay, any such Loans on any Business Day in whole or in part in an aggregate minimum amount of $100,000, and in integral multiples of $100,000 in excess of that amount.

 

(ii) All such prepayments shall be made:

 

(1) upon not less than one Business Day’s prior written or telephonic notice in the case of Base Rate Loans;

 

(2) upon not less than three Business Day’s prior written or telephonic notice in the case of Eurodollar Rate Loans; and

 

(3) upon written or telephonic notice on the date of prepayment, in the case of Swing Line Loans;

 

in each case given to Administrative Agent or Swing Line Lender, as the case may be, by 1:00 p.m. (New York City time) on the date required and, if given by telephone, promptly confirmed in writing to Administrative Agent (and Administrative Agent will promptly transmit such telephonic or original notice for Term Loans or Revolving Loans, as the case may be, by telefacsimile or telephone to each Lender) or Swing Line Lender, as the case may be.  Upon the giving of any such notice, the principal amount of the Loans specified in such notice shall become due and payable on the prepayment date specified therein.

 

(b) Voluntary Commitment Reductions.

 

(i) Company may, upon not less than three Business Days’ prior written or telephonic notice confirmed in writing to Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each applicable Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Revolving Commitments in an amount up to the amount by which the Revolving Commitments exceed the Total Utilization of Revolving Commitments at the time of such proposed termination or reduction; provided, any such partial reduction of the Revolving Commitments shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount.

 

  

47

  

(ii) Company’s notice to Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Revolving Commitments shall be effective on the date specified in Company’s notice and shall reduce the Revolving Commitment of each Lender proportionately to its Pro Rata Share thereof.

 

2.13 Mandatory Prepayments/Commitment Reductions.

 

(a) Asset Sales.  No later than the first Business Day following the date of receipt by Holdings or any of its Subsidiaries of any Net Asset Sale Proceeds, Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.14(b) in an aggregate amount equal to such Net Asset Sale Proceeds; provided, (i) so long as no Default or Event of Default shall have occurred and be continuing, and (ii) so long as the reinvestment of any such Net Asset Sale Proceeds are considered Consolidated Capital Expenditures in the determination of the Fixed Charge Coverage Ratio, Company shall have the option, directly or through one or more of its Subsidiaries, to invest Net Asset Sale Proceeds within two hundred seventy (270) days of receipt thereof in long term productive assets of the general type used in the business of Company and its Subsidiaries, including the purchase of one or more businesses and any real estate related to such businesses; provided further, pending any such investment all such Net Asset Sale Proceeds shall be applied to prepay Revolving Loans to the extent outstanding (without a reduction in Revolving Commitments).  Notwithstanding the foregoing, proceeds received by Holdings or any of its Subsidiaries from sale lease back transactions permitted under Section 6.11 shall be subject to the prepayment requirements set forth in Section 6.11 and not the prepayment requirements set forth in this Section 2.13(a).

 

(b) Insurance/Condemnation Proceeds.  No later than the first Business Day following the date of receipt by Holdings or any of its Subsidiaries, or Administrative Agent as loss payee, of any Net Insurance/Condemnation Proceeds, Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.14(b) in an aggregate amount equal to such Net Insurance/Condemnation Proceeds; provided, (i) so long as no Default or Event of Default shall have occurred and be continuing, and (ii) so long as the reinvestment of any such Net Insurance/Condemnation Proceeds are considered Consolidated Capital Expenditures in determination of the Fixed Charge Coverage Ratio, Company shall have the option, directly or through one or more of its Subsidiaries to invest such Net Insurance/Condemnation Proceeds within two hundred seventy (270) days of receipt thereof in long term productive assets of the general type used in the business of Holdings and its Subsidiaries, which investment may include the repair, restoration or replacement of the applicable assets thereof; provided further, pending any such investment all such Net Insurance/Condemnation Proceeds, as the case may be, shall be applied to prepay Revolving Loans to the extent outstanding (without a reduction in Revolving Commitments).

 

(c) [Reserved].

 

(d) Issuance of Debt.  On the date of receipt by Holdings or any of its Subsidiaries of any Cash proceeds from incurrence of any Indebtedness of Holdings or any of its Subsidiaries (other than with respect to any Indebtedness permitted to be incurred pursuant to Section 6.1), Company shall prepay the Loans and/or the Revolving Commitments shall be

 

  

48

  

permanently reduced as set forth in Section 2.14(b) in an aggregate amount equal to 100% of such proceeds, net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses.

 

(e) [Reserved].

 

(f) Revolving Loans and Swing Loans.  Company shall from time to time prepay first, the Swing Line Loans, and second, the Revolving Loans to the extent necessary so that the Total Utilization of Revolving Commitments shall not at any time exceed the Revolving Commitments then in effect.

 

(g) Prepayment Certificate.  Concurrently with any prepayment of the Loans and/or reduction of the Revolving Commitments pursuant to Sections 2.13(a) through 2.13(e) or Section 6.11, Company shall deliver to Administrative Agent a certificate of an Authorized Officer demonstrating the calculation of the amount of the applicable net proceeds.  In the event that Company shall subsequently determine that the actual amount received exceeded the amount set forth in such certificate, Company shall promptly make an additional prepayment of the Loans and/or the Revolving Commitments shall be permanently reduced in an amount equal to such excess, and Company shall concurrently therewith deliver to Administrative Agent a certificate of an Authorized Officer demonstrating the derivation of such excess.

 

2.14 Application of Prepayments/Reductions.

 

(a) Application of Voluntary Prepayments by Class of Loans.  Any prepayment of any Loan pursuant to Section 2.12(a) shall be applied as specified by Company in the applicable notice of prepayment (for the sake of clarity, including the order of application to scheduled Installments of principal of the Term Loans to the extent any such prepayment is applied to the Term Loans); provided, in the event Company fails to specify the Loans to which any such prepayment shall be applied, such prepayment shall be applied as follows:

 

first, to repay outstanding Swing Line Loans to the full extent thereof;

 

second, to repay outstanding Revolving Loans to the full extent thereof; and

 

third, to repay the Term Loans on a pro rata basis (in accordance with the respective outstanding principal amounts of each Class thereof) and shall be further applied on a pro rata basis to each scheduled Installment of principal of the Term Loans (including, for the avoidance of doubt, the Installment due on the Term Loan Maturity Date for the applicable Class).

 

(b) Application of Mandatory Prepayments by Class of Loans. Any amount required to be paid pursuant to Sections 2.13(a) through 2.13(e) or Section 6.11 shall be applied as follows:

 

first, to prepay Term Loans on a pro rata basis (in accordance with the respective outstanding principal amounts of each Class thereof) and shall be further applied in direct order of maturity to each scheduled Installment of

 

  

49

  

principal of the Term Loans (including, for the avoidance of doubt, the Installment due on the Term Loan Maturity Date for the applicable Class);

 

second, to prepay the Swing Line Loans to the full extent thereof and to permanently reduce the Revolving Commitments by the amount of such prepayment;

 

third, to prepay the Revolving Loans to the full extent thereof and to further permanently reduce the Revolving Commitments by the amount of such prepayment;

 

fourth, to prepay outstanding reimbursement obligations with respect to Letters of Credit and to further permanently reduce the Revolving Commitments by the amount of such prepayment;

 

fifth, to cash collateralize Letters of Credit and to further permanently reduce the Revolving Commitments by the amount of such cash collateralization; and

 

sixth, to further permanently reduce the Revolving Commitments to the full extent thereof.

 

(c) Application of Prepayments of Loans by Type of Loan.  Considering each Class of Loans being prepaid separately as set forth above, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by Company pursuant to Section 2.17(c).

 

2.15 General Provisions Regarding Payments.

 

(a) All payments by Company of principal, interest, fees and other Obligations shall be made in Dollars in same day funds, without defense, setoff or counterclaim, free of any restriction or condition, and delivered to Administrative Agent not later than 1:00 p.m. (New York City time) on the date due at the Principal Office designated by the Administrative Agent for the account of Lenders; for purposes of computing interest and fees, funds received by Administrative Agent after that time on such due date shall be deemed to have been paid by Company on the next succeeding Business Day.

 

(b) All payments in respect of the principal amount of any Loan (other than voluntary prepayments of Revolving Loans) shall include payment of accrued interest on the principal amount being repaid or prepaid, and all such payments (and, in any event, any payments in respect of any Loan on a date when interest is due and payable with respect to such Loan) shall be applied to the payment of interest before application to principal.

 

(c) Administrative Agent (or its agent or sub-agent appointed by it) shall promptly distribute to each Lender at such address as such Lender shall indicate in writing, such Lender’s applicable Pro Rata Share of all payments and prepayments of principal and interest due hereunder, together with all other amounts due thereto, including, without limitation, all fees

 

  

50

  

payable with respect thereto, to the extent received by Administrative Agent; provided that notwithstanding the foregoing, (i) interest that has accrued on the Closing Date Term Loans prior to the 2011 Effective Date that has not been paid as of the 2011 Effective Date shall only be paid to those Lenders with Closing Date Term Loans (and not in respect of Additional Term Loans) to the extent due and owing to such Lender based on the percentage of Closing Date Term Loan Exposure of such Lender to the aggregate Closing Date Term Loan Exposure of all Lenders, (ii) fees and interest that have accrued in respect of the Revolving Loans or the Revolving Commitments prior to the 2011 Effective Date that have not been paid as of the 2011 Effective Date shall only be paid to those Lenders in respect of Revolving Commitments in effect immediately prior to the 2011 Effective Date (and not in respect of Additional Revolving Commitments) to the extent due and owing to such Lender based on the percentage of Revolving Exposure of such Lender to the aggregate Revolving Exposure of all Lenders and (iii) for the avoidance of doubt, the repayment of MediMedia Acquisition-Related Term Loans on the 2011 Effective Date may be made by Company without any payment on the 2011 Effective Date of the Tranche A Term Loans as a result thereof.

 

(d) Notwithstanding the foregoing provisions hereof, if any Conversion/Continuation Notice is withdrawn as to any Affected Lender or if any Affected Lender makes Base Rate Loans in lieu of its Pro Rata Share of any Eurodollar Rate Loans, Administrative Agent shall give effect thereto in apportioning payments received thereafter.

 

(e) Subject to the provisos set forth in the definition of “Interest Period” as they may apply to Eurodollar Rate Loans, whenever any payment to be made hereunder with respect to any Loan shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and, with respect to Revolving Loans only, such extension of time shall be included in the computation of the payment of interest hereunder or of the Revolving Commitment fees hereunder.

 

(f) Company hereby authorizes Administrative Agent to charge Company’s accounts with Administrative Agent in order to cause timely payment to be made to Administrative Agent of all principal, interest, fees and expenses due hereunder (subject to sufficient funds being available in its accounts for that purpose).

 

(g) Administrative Agent shall deem any payment by or on behalf of Company hereunder that is not made in same day funds prior to 1:00 p.m. (New York City time) to be a non-conforming payment.  Any such payment shall not be deemed to have been received by Administrative Agent until the later of (i) the time such funds become available funds, and (ii) the applicable next Business Day.  Administrative Agent shall give prompt telephonic notice to Company and each applicable Lender (confirmed in writing) if any payment is non-conforming.  Any non-conforming payment may constitute or become a Default or Event of Default in accordance with the terms of Section 8.1(a).  Interest shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business Day) at the rate determined pursuant to Section 2.9 from the date such amount was due and payable until the date such amount is paid in full.

 

  

51

  

(h) If an Event of Default shall have occurred and be continuing and not otherwise been waived, and the maturity of the Obligations shall have been accelerated pursuant to Section 8.1, notwithstanding Section 2.14, all payments or proceeds received by Agents hereunder in respect of any of the Obligations, shall be applied in accordance with the application arrangements described in Section 6.5 of the Pledge and Security Agreement.

 

2.16 Ratable Sharing.  Lenders hereby agree among themselves that, except as otherwise provided in the Collateral Documents with respect to amounts realized from the exercise of rights with respect to Liens on the Collateral, if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Loans made and applied in accordance with the terms hereof), through the exercise of any right of set-off or banker’s lien, by counterclaim or cross action or by the enforcement of any right under the Credit Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under the Bankruptcy Code, receive payment or reduction of a proportion of the aggregate amount of principal, interest, fees and other amounts then due and owing to such Lender hereunder or under the other Credit Documents (collectively, the “Aggregate Amounts Due” to such Lender) which is greater than the proportion received by any other Lender in respect of the Aggregate Amounts Due to such other Lender, then the Lender receiving such proportionately greater payment shall (a) notify Administrative Agent and each other Lender of the receipt of such payment and (b) apply a portion of such payment to purchase participations (which it shall be deemed to have purchased from each seller of a participation simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Lenders so that all such recoveries of Aggregate Amounts Due shall be shared by all Lenders in proportion to the Aggregate Amounts Due to them; provided, if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of Company or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such purchasing Lender ratably to the extent of such recovery, but without interest.  Company expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights of banker’s lien, set-off or counterclaim with respect to any and all monies owing by Company to that holder with respect thereto as fully as if that holder were owed the amount of the participation held by that holder.  The provisions of this Section 2.16 shall not be construed to apply to (a) any payment made by Company pursuant to and in accordance with the express terms of this Agreement (including giving effect to the proviso in Section 2.15(c)) or (b) any payment obtained by any Lender as consideration for the assignment or sale of a participation in any of its Loans or other Obligations owed to it.

 

2.17 Making or Maintaining Eurodollar Rate Loans.

 

(a) Inability to Determine Applicable Interest Rate.  In the event that Administrative Agent shall have determined (which determination shall be prima facie evidence thereof), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances affecting the London interbank market adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate, Administrative Agent shall on such date give notice (by telefacsimile or by telephone confirmed in writing) to Company and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans

 

  

52

  

until such time as Administrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist, and (ii) any Funding Notice or Conversion/Continuation Notice given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.

 

(b) Illegality or Impracticability of Eurodollar Rate Loans.  In the event that on any date any Lender shall have determined (which determination shall be prima facie evidence thereof, but shall be made only after consultation with Company and Administrative Agent) that the making, maintaining or continuation of its Eurodollar Rate Loans (i) has become unlawful as a result of compliance by such Lender in good faith with any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any such treaty, governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful), or (ii) has become impracticable, as a result of contingencies occurring after the date hereof which materially and adversely affect the London interbank market or the position of such Lender in that market, then, and in any such event, such Lender shall be an “Affected Lender” and it shall on that day give notice (by telefacsimile or by telephone confirmed in writing) to Company and Administrative Agent of such determination (which notice Administrative Agent shall promptly transmit to each other Lender).  Thereafter (1) the obligation of the Affected Lender to make Loans as, or to convert Loans to, Eurodollar Rate Loans shall be suspended until such notice shall be withdrawn by the Affected Lender, (2) to the extent such determination by the Affected Lender relates to a Eurodollar Rate Loan then being requested by Company pursuant to a Funding Notice or a Conversion/Continuation Notice, the Affected Lender shall make such Loan as (or continue such Loan as or convert such Loan to, as the case may be) a Base Rate Loan, (3) the Affected Lender’s obligation to maintain its outstanding Eurodollar Rate Loans (the “Affected Loans”) shall be terminated at the earlier to occur of the expiration of the Interest Period then in effect with respect to the Affected Loans or when required by law, and (4) the Affected Loans shall automatically convert into Base Rate Loans on the date of such termination.  Notwithstanding the foregoing, to the extent a determination by an Affected Lender as described above relates to a Eurodollar Rate Loan then being requested by Company pursuant to a Funding Notice or a Conversion/Continuation Notice, Company shall have the option, subject to the provisions of Section 2.17(c), to rescind such Funding Notice or Conversion/Continuation Notice as to all Lenders by giving notice (by telefacsimile or by telephone confirmed in writing) to Administrative Agent of such rescission on the date on which the Affected Lender gives notice of its determination as described above (which notice of rescission Administrative Agent shall promptly transmit to each other Lender).  Except as provided in the immediately preceding sentence, nothing in this Section 2.17(b) shall affect the obligation of any Lender other than an Affected Lender to make or maintain Loans as, or to convert Loans to, Eurodollar Rate Loans in accordance with the terms hereof.

 

(c) Compensation for Breakage or Non-Commencement of Interest Periods.  Company shall compensate each Lender, upon written request by such Lender (which request shall set forth the basis for requesting such amounts), for all reasonable losses, expenses and liabilities (including any interest paid by such Lender to lenders of funds borrowed by it to make or carry its Eurodollar Rate Loans and any loss, expense or liability sustained by such Lender in connection with the liquidation or re-employment of such funds but excluding loss of anticipated profits) which such Lender may sustain: (i) if for any reason (other than a default by such

 

  

53

  

Lender) a borrowing of any Eurodollar Rate Loan does not occur on a date specified therefor in a Funding Notice or a telephonic request for borrowing, or a conversion to or continuation of any Eurodollar Rate Loan does not occur on a date specified therefor in a Conversion/Continuation Notice or a telephonic request for conversion or continuation; (ii) if any prepayment or other principal payment or any conversion of any of its Eurodollar Rate Loans occurs on a date prior to the last day of an Interest Period applicable to that Loan; or (iii) if any prepayment of any of its Eurodollar Rate Loans is not made on any date specified in a notice of prepayment given by Company.

 

(d) Booking of Eurodollar Rate Loans.  Any Lender may make, carry or transfer Eurodollar Rate Loans at, to, or for the account of any of its branch offices or the office of an Affiliate of such Lender.

 

(e) Assumptions Concerning Funding of Eurodollar Rate Loans.  Calculation of all amounts payable to a Lender under this Section 2.17 and under Section 2.18 shall be made as though such Lender had actually funded each of its relevant Eurodollar Rate Loans through the purchase of a Eurodollar deposit bearing interest at the rate obtained pursuant to clause (i) of the definition of Adjusted Eurodollar Rate in an amount equal to the amount of such Eurodollar Rate Loan and having a maturity comparable to the relevant Interest Period and through the transfer of such Eurodollar deposit from an offshore office of such Lender to a domestic office of such Lender in the United States of America; provided, however, each Lender may fund each of its Eurodollar Rate Loans in any manner it sees fit and the foregoing assumptions shall be utilized only for the purposes of calculating amounts payable under this Section 2.17 and under Section 2.18.

 

2.18 Increased Costs; Capital Adequacy.

 

(a) Compensation For Increased Costs and Taxes.  Subject to the provisions of Section 2.19 (which shall be controlling with respect to the matters covered thereby), in the event that any Lender (which term shall include Issuing Bank for purposes of this Section 2.18(a)) shall determine (which determination shall be prima facie evidence thereof) that a change to or the adoption of any law, treaty or governmental rule, regulation or order, or in the interpretation, administration or application thereof (including the introduction of any new law, treaty or governmental rule, regulation or order), or any determination of a court or Governmental Authority, in each case that becomes effective after the date hereof, or compliance by such Lender with any guideline, request or directive issued or made after the date hereof by any central bank or other Governmental Authority or quasi-Governmental Authority (whether or not having the force of law): (i) subjects such Lender (or its applicable lending office) to any additional Tax (other than any franchise Tax or a Tax on the overall net income of such Lender) with respect to this Agreement or any of the other Credit Documents or any of its obligations hereunder or thereunder or any payments to such Lender (or its applicable lending office) of principal, interest, fees or any other amount payable hereunder; (ii) imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit, compulsory loan, FDIC insurance or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender (other than any such reserve or other requirements with respect to Eurodollar Rate Loans that are reflected in

 

  

54

  

the definition of Adjusted Eurodollar Rate); or (iii) imposes any other condition (other than with respect to a Tax matter) on or affecting such Lender (or its applicable lending office) or its obligations hereunder or the London interbank market; and the result of any of the foregoing is to increase the cost to such Lender of agreeing to make, making or maintaining Loans hereunder or to reduce any amount received or receivable by such Lender (or its applicable lending office) with respect thereto; then, in any such case, Company shall promptly pay to such Lender, upon receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Lender in its sole discretion shall determine) as may be necessary to compensate such Lender for any such increased cost or reduction in amounts received or receivable hereunder.  Such Lender shall deliver to Company (with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Lender under this Section 2.18(a), which statement shall be prima facie evidence thereof.

 

(b) Capital Adequacy Adjustment.  In the event that any Lender (which term shall include Issuing Bank for purposes of this Section 2.18(b)) shall have determined that the adoption, effectiveness, phase-in or applicability after the 2011 Effective Date of any law, rule or regulation (or any provision thereof) regarding capital adequacy, or any change therein or in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or its applicable lending office) with any guideline, request or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence of, or with reference to, such Lender’s Loans or Revolving Commitments or Letters of Credit, or participations therein or other obligations hereunder with respect to the Loans or Letters of Credit to a level below that which such Lender or such controlling corporation could have achieved but for such adoption, effectiveness, phase-in, applicability, change or compliance (taking into consideration the policies of such Lender or such controlling corporation with regard to capital adequacy), then from time to time, within five Business Days after receipt by Company from such Lender of the statement referred to in the next sentence, Company shall pay to such Lender such additional amount or amounts as will compensate such Lender or such controlling corporation on an after-tax basis for such reduction. Such Lender shall deliver to Company (with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to Lender under this Section 2.18(b), which statement shall be prima facie evidence thereof.

 

(c) Dodd-Frank Wall Street Reform and Consumer Protection Act. For purposes of this Section 2.18, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all rules, regulations, orders, requests, guidelines or directives in connection therewith are deemed to have been adopted and gone into effect after the date of this Agreement.

 

(d) Basel III. For purposes of this Section 2.18, all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to have been adopted and gone into effect after the date of this Agreement.

 

  

55

  

(e) Effect of Failure or Delay in Requesting Compensation. Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section 2.18 shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that Company shall not be required to compensate a Lender or any Issuing Bank pursuant to this Section 2.18 for any increased costs or reduction in the rate of return on capital incurred more than 180 days prior to the date that such Lender or Issuing Bank, as the case may be, notifies Company of the matter giving rise to such increased costs or reduction in the rate of return on capital and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor; provided, further that, if the matter giving rise to such increased costs or reduction in the rate of return on capital is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. No Lender or Issuing Bank may make any demand pursuant to this Section 2.18 more than 180 days after the Revolving Commitment Termination Date or the Term Loan Maturity Date, as applicable.

 

2.19 Taxes; Withholding, etc.

 

(a) Payments to Be Free and Clear.  All sums payable by any Credit Party hereunder and under the other Credit Documents shall (except to the extent required by law) be paid free and clear of, and without any deduction or withholding on account of, any Tax (other than a franchise Tax or a Tax on the overall net income of any Lender) imposed, levied, collected, withheld or assessed by or within the United States of America or any political subdivision in or of the United States of America or any other jurisdiction from or to which a payment is made by or on behalf of any Credit Party.

 

(b) Withholding of Taxes.  If any Credit Party or any other Person is required by law to make any deduction or withholding on account of any such Tax from any sum paid or payable by any Credit Party to Administrative Agent or any Lender (which term shall include Issuing Bank for purposes of this Section 2.19(b)) under any of the Credit Documents: (i) Company shall notify Administrative Agent of any such requirement or any change in any such requirement as soon as Company becomes aware of it; (ii) Company shall pay any such Tax before the date on which penalties attach thereto, such payment to be made (if the liability to pay is imposed on any Credit Party) for its own account or (if that liability is imposed on Administrative Agent or such Lender, as the case may be) on behalf of and in the name of Administrative Agent or such Lender; (iii) the sum payable by such Credit Party in respect of which the relevant deduction, withholding or payment is required shall be increased to the extent necessary to ensure that, after the making of that deduction, withholding or payment, Administrative Agent or such Lender, as the case may be, receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment been required or made; and (iv) within thirty (30) days after paying any sum from which it is required by law to make any deduction or withholding, and within thirty (30) days after the due date of payment of any Tax which it is required by clause (ii) above to pay, Company shall deliver to Administrative Agent evidence satisfactory to the other affected parties of such deduction, withholding or payment and of the remittance thereof to the relevant taxing or other authority; provided, no such additional amount shall be required to be paid to any Lender or Administrative Agent under clause (iii) above except to the extent that any change after the date hereof (in the case of each Lender listed on the signature pages hereof on the 2011 Effective Date) or after the effective date of the Assignment Agreement pursuant to which such Lender became a Lender (in

 

  

56

  

the case of each other Lender) in any requirement mentioned therein for a deduction, withholding or payment shall result in an increase in the rate of such deduction, withholding or payment from that in effect at the date hereof or at the date of such Assignment Agreement, as the case may be, in respect of payments to such Lender or Administrative Agent.

 

(c) Evidence of Exemption From U.S. Withholding Tax. (i)  Each Lender that is not a United States Person (as such term is defined in Section 7701(a)(30) of the Internal Revenue Code) for U.S. federal income tax purposes (a “Non-US Lender”) shall deliver (or shall have delivered) to Administrative Agent for transmission to Company, on or prior to the 2011 Effective Date (in the case of each Lender listed on the signature pages hereof on the 2011 Effective Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such other times as may be necessary in the determination of Company or Administrative Agent (each in the reasonable exercise of its discretion), (A) two original copies of Internal Revenue Service Form W-8BEN, W-8ECI and/or W-8IMY (or, in each case, any successor forms), properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by Company to establish that such Lender is not subject to deduction or withholding of United States federal income tax with respect to any payments to such Lender of principal, interest, fees or other amounts payable under any of the Credit Documents, or (B) if such Lender is not a “bank” or other Person described in Section 881(c)(3) of the Internal Revenue Code, a Certificate re Non-Bank Status together with two original copies of Internal Revenue Service Form W-8BEN (or any successor form), properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by Company to establish that such Lender is not subject to deduction or withholding of United States federal income tax with respect to any payments to such Lender of interest payable under any of the Credit Documents.  Each Lender required to deliver any forms, certificates or other evidence with respect to United States federal income tax withholding matters pursuant to this Section 2.19(c) hereby agrees, from time to time after the initial delivery by such Lender of such forms, certificates or other evidence, whenever a lapse in time or change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any material respect, that such Lender shall promptly deliver to Administrative Agent for transmission to Company two new original copies of Internal Revenue Service Form W-8BEN, W-8ECI and/or W-8IMY (or, in each case, any successor form), or a Certificate re Non-Bank Status and two original copies of Internal Revenue Service Form W-8BEN (or any successor form), as the case may be, properly completed and duly executed by such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by Company to confirm or establish that such Lender is not subject to deduction or withholding of United States federal income tax with respect to payments to such Lender under the Credit Documents, or notify Administrative Agent and Company of its inability to deliver any such forms, certificates or other evidence.  Company shall not be required to pay any additional amount to any Non-US Lender under Section 2.19(b)(iii) if such Lender shall have failed (1) to deliver the forms, certificates or other evidence referred to in the first sentence of this Section 2.19(c), or (2) to notify Administrative Agent and Company of its inability to deliver any such forms, certificates or other evidence, as the case may be; provided, if such Lender shall have satisfied the requirements of the first sentence of this Section 2.19(c) on or prior to the 2011 Effective Date or on the date of the Assignment Agreement pursuant to which it became a Lender, as applicable, nothing in this last sentence of Section 2.19(c) shall relieve Company of

 

  

57

  

its obligation to pay any additional amounts pursuant to Section 2.18(a) in the event that, as a result of any change in any applicable law, treaty or governmental rule, regulation or order, or any change in the interpretation, administration or application thereof, such Lender is no longer properly entitled to deliver forms, certificates or other evidence at a subsequent date establishing the fact that such Lender is not subject to withholding as described herein.

 

(i) If any non-corporate Lender is a United States Person as such term is defined in the Internal Revenue Code, such Lender shall deliver (or shall have delivered) to Administrative Agent on or prior to the 2011 Effective Date or on or prior to the date of the Assignment Agreement, pursuant to which it becomes a Lender (in the case of each other Lender) two original copies of Internal Revenue Service Form W-9 (or any successor forms), properly completed and duly executed by such Lender and such other documentation required under the Internal Revenue Code to establish that such Lender is not subject to deduction or withholding of United States federal income tax with respect to such principal, interest, fees or other amounts payable under the any of the Credit Documents.

 

2.20 Obligation to Mitigate.  Each Lender (which term shall include Issuing Bank for purposes of this Section 2.20) agrees that, as promptly as practicable after the officer of such Lender responsible for administering its Loans or Letters of Credit, as the case may be, becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under Section 2.17, 2.18 or 2.19, it will, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts to (a) make, issue, fund or maintain its Credit Extensions, including any Affected Loans, through another office of such Lender, or (b) take such other measures as such Lender may deem reasonable, if as a result thereof the circumstances which would cause such Lender to be an Affected Lender would cease to exist or the additional amounts which would otherwise be required to be paid to such Lender pursuant to Section 2.17, 2.18 or 2.19 would be materially reduced and if, as determined by such Lender in its sole but reasonable discretion, the making, issuing, funding or maintaining of such Revolving Commitments, Loans or Letters of Credit through such other office or in accordance with such other measures, as the case may be, would not otherwise adversely affect such Revolving Commitments, Loans or Letters of Credit or the interests of such Lender; provided, such Lender will not be obligated to utilize such other office pursuant to this Section 2.20 unless Company agrees to pay all incremental expenses incurred by such Lender as a result of utilizing such other office as described above.  A certificate as to the amount of any such expenses payable by Company pursuant to this Section 2.20 (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to Company (with a copy to Administrative Agent) shall be prima facie evidence thereof.

 

2.21 Defaulting Lenders.  Anything contained herein to the contrary notwithstanding, if any Lender, (x) other than at the direction or request of any regulatory agency or authority, defaults (a “Funds Defaulting Lender”) in its obligation to fund (a “Funding Default”) any Revolving Loan within two Business Days of the date such Loans were required to be funded hereunder (unless such Lender notifies Administrative Agent and Company in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in writing) has not been satisfied) or its portion of any unreimbursed

 

  

58

  

payment under Section 2.3(b)(iv) or Section 2.23(e) (in each case, a “Defaulted Loan”) within two Business Days of the date when due or (y) or its direct or indirect parent company is deemed insolvent or becomes the subject of an insolvency, bankruptcy, dissolution, liquidation or reorganization proceeding, or if any Lender or its direct or indirect parent company or any substantial part of its property or the property of its direct or indirect parent company  becomes the subject of an appointment of a receiver, intervenor or conservator, or a trustee or similar officer, or becomes the subject of a bankruptcy proceeding (provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender) (a “Lender Insolvency Default”) under the Bankruptcy Code or under any other applicable bankruptcy, insolvency, conservatorship, receivership or similar law now or hereafter in effect (such Lender, an “Insolvency Defaulting Lender” and, together with any Funds Defaulting Lenders, the “Defaulting Lenders” and each a “Defaulting Lender”), then: (a) during any Default Period with respect to such Defaulting Lender, such Defaulting Lender shall be deemed not to be a “Lender” for purposes of calculating Requisite Lenders or Requisite Class Lenders (including the granting of any consents or waivers) with respect to any of the Credit Documents, (b) Company shall promptly pay to Administrative Agent such additional amounts of cash as reasonably requested by the Issuing Bank or the Swing Line Lender to be held as security for Company’s reimbursement Obligations in respect of Letters of Credit and Swing Line Loans then outstanding (such amount not to exceed such Defaulting Lender’s obligations under Sections 2.3 and 2.23); (c) solely with respect to any Funds Defaulting Lender that is not an Insolvency Defaulting Lender, to the extent permitted by applicable law, until such time as the Default Excess with respect to such Defaulting Lender shall have been reduced to zero, (i) any voluntary prepayment of the Revolving Loans shall, if Company so directs at the time of making such voluntary prepayment, be applied to the Revolving Loans of other Lenders as if such Defaulting Lender had no Revolving Loans outstanding and the Revolving Exposure of such Defaulting Lender were zero, and (ii) any mandatory prepayment of the Revolving Loans shall, if Company so directs at the time of making such mandatory prepayment, be applied to the Revolving Loans of other Lenders (but not to the Revolving Loans of such Defaulting Lender) as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender, it being understood and agreed that Company shall be entitled to retain any portion of any mandatory prepayment of the Revolving Loans that is not paid to such Defaulting Lender solely as a result of the operation of the provisions of this clause (c); (d) such Defaulting Lender’s Revolving Commitment and outstanding Revolving Loans and such Defaulting Lender’s Pro Rata Share of the Letter of Credit Usage shall be excluded for purposes of calculating the Revolving Commitment fee payable to Lenders in respect of any day during any Default Period with respect to such Defaulting Lender, and such Defaulting Lender shall not be entitled to receive any Revolving Commitment fee pursuant to Section 2.10 with respect to such Defaulting Lender’s Revolving Commitment in respect of any Default Period with respect to such Defaulting Lender; and (e) the Total Utilization of Revolving Commitments as at any date of determination shall be calculated as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender.  No Revolving Commitment of any Lender shall be increased or otherwise affected, and, 

 

 

  

59

  

 

 

except as otherwise expressly provided in this Section 2.21, performance by Company of its obligations hereunder and the other Credit Documents shall not be excused or otherwise modified as a result of any Funding Default or Lender Insolvency Default or the operation of this Section 2.21.  The rights and remedies against a Defaulting Lender under this Section 2.21 are in addition to other rights and remedies which Company may have against such Defaulting Lender with respect to any Funding Default or Lender Insolvency Default and which Administrative Agent or any Lender may have against such Defaulting Lender with respect to any Funding Default or Lender Insolvency Default.

 

2.22 Removal or Replacement of a Lender.  Anything contained herein to the contrary notwithstanding, in the event that: (a) any Lender (an “Increased-Cost Lender”) shall give notice to Company that such Lender is an Affected Lender or that such Lender is entitled to receive payments under Section  2.17, 2.18 or 2.19, the circumstances which have caused such Lender to be an Affected Lender or which entitle such Lender to receive such payments shall remain in effect, and such Lender shall fail to withdraw such notice within five Business Days after Company’s request for such withdrawal; or (b) any Lender shall become a Defaulting Lender, the Default Period for such Defaulting Lender shall remain in effect, and such Defaulting Lender shall fail to cure the default as a result of which it has become a Defaulting Lender within five Business Days after Company’s request that it cure such default; or (c) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 10.5(b), the consent of Requisite Lenders shall have been obtained but the consent of one or more of such other Lenders (each a “Non-Consenting Lender”) whose consent is required shall not have been obtained; then, with respect to each such Increased-Cost Lender, Defaulting Lender or Non-Consenting Lender (the “Terminated Lender”), Company may, by giving written notice to Administrative Agent and any Terminated Lender of its election to do so, elect to cause such Terminated Lender (and such Terminated Lender hereby irrevocably agrees) to assign its outstanding Loans and its Revolving Commitments, if any, in full to one or more Eligible Assignees (each a “Replacement Lender”) in accordance with the provisions of Section 10.6 and Terminated Lender shall pay any fees payable thereunder in connection with such assignment (other than with respect to any Terminated Lender that is an Insolvency Defaulting Lender, in which case such fees shall be payable by Company); provided, (1) on the date of such assignment, the Replacement Lender shall pay to Terminated Lender an amount equal to the sum of (A) an amount equal to the principal of, and all accrued interest on, all outstanding Loans of the Terminated Lender, (B) an amount equal to all unreimbursed drawing that have been funded by such Terminated Lender, together with all then unpaid interest with respect thereto at such time and (C) an amount equal to all accrued, but theretofore unpaid fees owing to such Terminated Lender pursuant to Section 2.10; (2) on the date of such assignment, Company shall pay any amounts payable to such Terminated Lender pursuant to Section 2.17(c), 2.18 or 2.19 or otherwise as if it were a prepayment; and (3) in the event such Terminated Lender is a Non-Consenting Lender, each Replacement Lender shall consent, at the time of such assignment, to each matter in respect of which such Terminated Lender was a Non-Consenting Lender; provided, Company may not make such election with respect to any Terminated Lender that is also an Issuing Bank unless, prior to the effectiveness of such election, Company shall have caused each outstanding Letter of Credit issued thereby to be cancelled.  Upon the prepayment of all amounts owing to any Terminated Lender and the termination of such Terminated Lender’s Revolving Commitments, if any, such Terminated Lender shall no longer constitute a “Lender”

 

  

60

  

for purposes hereof; provided, any rights of such Terminated Lender to indemnification hereunder shall survive as to such Terminated Lender.  Each Lender agrees that if Company exercises its option hereunder to cause an assignment by such Lender as a Non-Consenting Lender or Terminated Lender, such Lender shall, promptly after receipt of written notice of such election, execute and deliver all documentation necessary to effectuate such assignment in accordance with Section 10.6.  In the event that a Lender does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice, each Lender hereby authorizes and directs the Administrative Agent to execute and deliver such documentation as may be required to give effect to an assignment in accordance with Section 10.6 on behalf of a Non-Consenting Lender or Terminated Lender and any such documentation so executed by the Administrative Agent shall be effective for purposes of documenting an assignment pursuant to Section 10.6.

 

2.23 Issuance of Letters of Credit and Purchase of Participations Therein.

 

(a) Letters of Credit.  During the Revolving Commitment Period, subject to the terms and conditions hereof,  Issuing Bank agrees to issue Letters of Credit for the account of Company in the aggregate amount up to but not exceeding the Letter of Credit Sublimit; provided, (i) each Letter of Credit shall be denominated in Dollars; (ii) the stated amount of each Letter of Credit shall not be less than $10,000 or such lesser amount as is acceptable to Issuing Bank; (iii) after giving effect to such issuance, in no event shall the Total Utilization of Revolving Commitments exceed the Revolving Commitments then in effect; (iv) after giving effect to such issuance, in no event shall the Letter of Credit Usage exceed the Letter of Credit Sublimit then in effect; (v) in no event shall any standby Letter of Credit have an expiration date later than the earlier of (1) the Revolving Commitment Termination Date and (2) the date which is one year from the date of issuance of such standby Letter of Credit; and (vi) in no event shall any commercial Letter of Credit (x) have an expiration date later than the earlier of (1) the Revolving Loan Commitment Termination Date and (2) the date which is 180 days from the date of issuance of such commercial Letter of Credit or (y) be issued if such commercial Letter of Credit is otherwise unacceptable to Issuing Bank in its reasonable discretion.  Subject to the foregoing, Issuing Bank may agree that a standby Letter of Credit will automatically be extended for one or more successive periods not to exceed one year each, unless Issuing Bank elects not to extend for any such additional period; provided, Issuing Bank shall not extend any such Letter of Credit if it has received written notice that an Event of Default has occurred and is continuing at the time Issuing Bank must elect to allow such extension; provided, further, in the event a Funding Default or Lender Insolvency Default exists, Issuing Bank shall not be required to issue any Letter of Credit unless Issuing Bank has entered into arrangements satisfactory to it and Company to eliminate Issuing Bank’s risk with respect to the participation in Letters of Credit of the Defaulting Lender, including by cash collateralizing such Defaulting Lender’s Pro Rata Share of the Letter of Credit Usage.

 

(b) Notice of Issuance.  Whenever Company desires the issuance of a Letter of Credit, it shall deliver to Administrative Agent an Issuance Notice no later than 12:00 p.m. (New York City time) at least three Business Days (in the case of standby letters of credit) or five Business Days (in the case of commercial letters of credit), or in each case such shorter period as may be agreed to by Issuing Bank in any particular instance, in advance of the proposed date of issuance.  Upon satisfaction or waiver of the conditions set forth in Section 3.2,

 

  

61

  

Issuing Bank shall issue the requested Letter of Credit only in accordance with Issuing Bank’s standard operating procedures.  Upon the issuance of any Letter of Credit or amendment or modification to a Letter of Credit, Issuing Bank shall promptly notify each Lender with a Revolving Commitment of such issuance, which notice shall be accompanied by a copy of such Letter of Credit or amendment or modification to a Letter of Credit  and the amount of such Lender’s respective participation in such Letter of Credit pursuant to Section 2.23(e).

 

(c) Responsibility of Issuing Bank With Respect to Requests for Drawings and Payments.  In determining whether to honor any drawing under any Letter of Credit by the beneficiary thereof, Issuing Bank shall be responsible only to examine the documents delivered under such Letter of Credit with reasonable care so as to ascertain whether they appear on their face to be in accordance with the terms and conditions of such Letter of Credit.  As between Company and Issuing Bank, Company assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued by Issuing Bank, by the respective beneficiaries of such Letters of Credit.  In furtherance and not in limitation of the foregoing, Issuing Bank shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any such Letter of Credit to comply fully with any conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of Issuing Bank, including any Governmental Acts; none of the above shall affect or impair, or prevent the vesting of, any of Issuing Bank’s rights or powers hereunder.  Without limiting the foregoing and in furtherance thereof, any action taken or omitted by Issuing Bank under or in connection with the Letters of Credit or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not give rise to any liability on the part of Issuing Bank to Company.  Notwithstanding anything to the contrary contained in this Section 2.23(c), Company shall retain any and all rights it may have against Issuing Bank for any liability arising solely out of the gross negligence or willful misconduct of Issuing Bank.

 

(d) Reimbursement by Company of Amounts Drawn or Paid Under Letters of Credit.  In the event Issuing Bank has determined to honor a drawing under a Letter of Credit, it shall immediately notify Company and Administrative Agent, and Company shall reimburse Issuing Bank on or before the Business Day immediately following the date on which such drawing is honored (the “Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing; provided, anything contained herein to the contrary notwithstanding, (i) unless Company shall have notified Administrative Agent and Issuing Bank prior to 10:00 a.m. (New York City time) on the date such drawing is honored that Company intends to reimburse Issuing Bank for the amount of such honored drawing with funds

 

  

62

  

other than the proceeds of Revolving Loans, Company shall be deemed to have given a timely Funding Notice to Administrative Agent requesting Lenders with Revolving Commitments to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the amount of such honored drawing, and (ii) subject to satisfaction or waiver of the conditions specified in Section 3.2, Lenders with Revolving Commitments shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the amount of such honored drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse Issuing Bank for the amount of such honored drawing; and provided further, if for any reason proceeds of Revolving Loans are not received by Issuing Bank on the Reimbursement Date in an amount equal to the amount of such honored drawing, Company shall reimburse Issuing Bank, on demand, in an amount in same day funds equal to the excess of the amount of such honored drawing over the aggregate amount of such Revolving Loans, if any, which are so received.  Nothing in this Section 2.23(d) shall be deemed to relieve any Lender with a Revolving Commitment from its obligation to make Revolving Loans on the terms and conditions set forth herein, and Company shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this Section 2.23(d).

 

(e) Lenders’ Purchase of Participations in Letters of Credit.  Immediately upon the issuance of each Letter of Credit, each Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Lender’s Pro Rata Share (with respect to the Revolving Commitments) of the maximum amount which is or at any time may become available to be drawn thereunder.  In the event that Company shall fail for any reason to reimburse Issuing Bank as provided in Section 2.23(d), Issuing Bank shall promptly notify each Lender with a Revolving Commitment of the unreimbursed amount of such honored drawing and of such Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Commitments.  Each Lender with a Revolving Commitment shall make available to Issuing Bank an amount equal to its respective participation, in Dollars and in same day funds, at the office of Issuing Bank specified in such notice, not later than 12:00 p.m. (New York City time) on the first business day (under the laws of the jurisdiction in which such office of Issuing Bank is located) after the date notified by Issuing Bank.  In the event that any Lender with a Revolving Commitment fails to make available to Issuing Bank on such business day the amount of such Lender’s participation in such Letter of Credit as provided in this Section 2.23(e), Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest thereon for three Business Days at the rate customarily used by Issuing Bank for the correction of errors among banks and thereafter at the Base Rate.  Nothing in this Section 2.23(e) shall be deemed to prejudice the right of any Lender with a Revolving Commitment to recover from Issuing Bank any amounts made available by such Lender to Issuing Bank pursuant to this Section in the event that it is determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Lender constituted gross negligence or willful misconduct on the part of Issuing Bank.  In the event Issuing Bank shall have been reimbursed by other Lenders pursuant to this Section 2.23(e) for all or any portion of any drawing honored by Issuing Bank under a Letter of Credit, such Issuing Bank shall distribute to each Lender which has paid all amounts payable by it under this Section 2.23(e) with respect to such honored drawing such Lender’s Pro Rata Share of all payments subsequently received by Issuing Bank from Company in reimbursement of such

 

  

63

  

honored drawing when such payments are received.  Any such distribution shall be made to a Lender at its primary address set forth below its name on Appendix B or at such other address as such Lender may request.

 

(f) Obligations Absolute.  The obligation of Company to reimburse Issuing Bank for drawings honored under the Letters of Credit issued by it and to repay any Revolving Loans made by Lenders pursuant to Section 2.23(d) and the obligations of Lenders under Section 2.23(e) shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms hereof under all circumstances including any of the following circumstances: (i) any lack of validity or enforceability of any Letter of Credit; (ii) the existence of any claim, set-off, defense or other right which Company or any Lender may have at any time against a beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such transferee may be acting), Issuing Bank, Lender or any other Person or, in the case of a Lender, against Company, whether in connection herewith, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between Company or one of its Subsidiaries and the beneficiary for which any Letter of Credit was procured); (iii) any draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (iv) payment by Issuing Bank under any Letter of Credit against presentation of a draft or other document which does not substantially comply with the terms of such Letter of Credit; (v) any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of Holdings or any of its Subsidiaries; (vi) any breach hereof or of any other Credit Document by any party thereto; (vii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing; or (viii) the fact that an Event of Default or a Default shall have occurred and be continuing; provided, in each case, that payment by Issuing Bank under the applicable Letter of Credit shall not have constituted gross negligence or willful misconduct of Issuing Bank under the circumstances in question.

 

(g) Indemnification.  Without duplication of any obligation of Company under Section 10.2 or 10.3, in addition to amounts payable as provided herein, Company hereby agrees to protect, indemnify, pay and save harmless Issuing Bank from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable fees, expenses and disbursements of counsel and allocated costs of internal counsel) which Issuing Bank may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit by Issuing Bank, other than as a result of (1) the gross negligence or willful misconduct of Issuing Bank, as determined by a final, non-appealable judgment of a court of competent jurisdiction, or (2) the wrongful dishonor by Issuing Bank of a proper demand for payment made under any Letter of Credit issued by it, or (ii) the failure of Issuing Bank to honor a drawing under any such Letter of Credit as a result of its compliance with any Governmental Act.

 

2.24 Incremental Facilities. Company may by written notice to Administrative Agent elect to request (A) prior to the Revolving Commitment Termination Date, an increase to the existing Revolving Loan Commitments (any such increase, the “New Revolving Loan Commitments”) and/or (B) the establishment of one or more new term loan commitments (the “New Term Loan Commitments”), by an amount not in excess of $100,000,000 in the aggregate and not less than $10,000,000 individually (or such lesser amount which shall be 

 

 

 

  

64

  

 

 

approved by Administrative Agent), and integral multiples of $1,000,000 in excess of that amount.  Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which Company proposes that the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effective, which shall be a date not less than 10 Business Days after the date on which such notice is delivered to Administrative Agent (or such later date as may be agreed to by the Administrative Agent), and (B) the identity of each Lender or other Person that is an Eligible Assignee (each, a “New Revolving Loan Lender” or “New Term Loan Lender”, as applicable) to whom Company proposes any portion of such New Revolving Loan Commitments or New Term Loan Commitments, as applicable, be allocated and the amounts of such allocations; provided that any Lender approached to provide all or a portion of the New Revolving Loan Commitments or New Term Loan Commitments may elect or decline, in its sole discretion, to provide a New Revolving Loan Commitment or New Term Loan Commitment.  Such New Revolving Loan Commitments or New Term Loan Commitments shall become effective, as of such Increased Amount Date; provided that (1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (2) both before and after giving effect to the making of any Series of New Term Loans, each of the conditions set forth in Section 3.2 shall be satisfied; (3) Company and its Subsidiaries shall be in pro forma compliance with each of the covenants set forth in Section 6.8 as of the last day of the most recently ended Fiscal Quarter after giving effect to such New Revolving Loan Commitments or New Term Loan Commitments, as applicable; (4) the New Revolving Loan Commitments or New Term Loan Commitments, as applicable, shall be effected pursuant to one or more Joinder Agreements executed and delivered by the New Revolving Loan Lender or New Term Loan Lender, as applicable, Company and the Administrative Agent, each of which Joinder Agreements shall be recorded in the Register and each New Revolving Loan Lender or New Term Loan Lender, as applicable, shall be subject to the requirements set forth in Section 2.19(c); (5) Company shall make any payments required pursuant to such Joinder Agreements and pursuant to Section 2.17(c) in connection with the New Revolving Loan Commitments or New Term Loan Commitments; and (6) Company shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. Any New Term Loans made on an Increased Amount Date shall be designated a separate series (a “Series”) of New Term Loans for all purposes of this Agreement.

 

On any Increased Amount Date on which New Revolving Loan Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Revolving Lenders shall assign to each of the New Revolving Loan Lenders, and each of the New Revolving Loan Lenders shall purchase from each of the Revolving Lenders, at the principal amount thereof (together with accrued interest), such interests in the Revolving Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by existing Revolving Lenders and New Revolving Loan Lenders ratably in accordance with their Revolving Commitments after giving effect to the addition of such New Revolving Loan Commitments to the Revolving Commitments, (b) each New Revolving Loan Commitment shall be deemed for all purposes a Revolving Commitment and each Loan made thereunder (a “New Revolving Loan”) shall be deemed, for all purposes, a Revolving Loan and (c) each New Revolving Loan Lender shall become a Lender with respect to the Revolving Loans and all matters relating thereto.

 

  

65

  

On any Increased Amount Date on which any New Term Loan Commitments of any Series are effective, subject to the satisfaction of the foregoing terms and conditions, (i) each New Term Loan Lender of any Series shall make a Loan to Company (a “New Term Loan”) in an amount equal to its New Term Loan Commitment of such Series, and (ii) each New Term Loan Lender of any Series shall become a Lender hereunder with respect to the New Term Loan Commitment of such Series and the New Term Loans of such Series made pursuant thereto.

 

Administrative Agent shall notify Lenders promptly upon receipt of Company’s notice of each Increased Amount Date and in respect thereof (y) the New Revolving Loan Commitments and the New Revolving Loan Lenders or the Series of New Term Loan Commitments and the New Term Loan Lenders of such Series, as applicable, and (z) in the case of each notice to any Revolving Lender, the respective interests in such Revolving Lender’s Revolving Loans, in each case subject to the assignments contemplated by this Section.

 

The terms and provisions of the New Revolving Loans shall be identical to the Revolving Loans.  The terms and provisions of the New Term Loans and New Term Loan Commitments of any Series shall be, except as otherwise set forth below or in the Joinder Agreement (in which case they must be reasonably satisfactory to the Administrative Agent in its discretion), identical to the Tranche A Term Loans.  In any event (i) the weighted average life to maturity of all New Term Loans of any Series shall be no shorter than the remaining weighted average life to maturity of the Tranche A Term Loans, (ii) the applicable New Term Loan Maturity Date of each Series shall be no shorter than the final maturity of the Tranche A Term Loans, and (iii) the yield applicable to the New Term Loans of each Series shall be as determined by Company and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided however that the yield applicable to the New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Term Loans and any minimum Adjusted Eurodollar Rate or minimum Base Rate) shall not be greater than the applicable yield payable pursuant to the terms of this Agreement as amended through the date of such calculation with respect to the Tranche A Term Loans (including any upfront fees or original issue discount payable to the initial Lenders hereunder) plus 0.25% per annum unless the interest rate with respect to the Tranche A Term Loans is increased so as to equal the yield applicable to the New Term Loans (after giving effect to all upfront or similar fees or original issue discount payable with respect to such New Term Loans and any minimum Adjusted Eurodollar Rate or minimum Base Rate) less 0.25% per annum. Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 2.24.

 

For the avoidance of doubt, any New Term Loans, New Term Loan Commitments, New Revolving Loans and New Revolving Loan Commitments shall constitute Obligations, Guaranteed Obligations and Secured Obligations of the Credit Parties and shall rank pari passu with the Tranche A Term Loans, Revolving Commitments and Revolving Loans.

 

  

66

  

SECTION 3. CONDITIONS PRECEDENT

 

3.1 Closing Date.  The obligation of any Lender to make a Credit Extension on the Closing Date is subject to the satisfaction, or waiver in accordance with Section 10.5, of the following conditions on or before the Closing Date:

 

(a) Credit Documents.  Administrative Agent shall have received sufficient copies of each Credit Document (other than the Notes) originally executed and delivered by each applicable Credit Party for each Lender and shall have received an executed Note or Notes for each Lender requesting a Note or Notes.

 

(b) Organizational Documents; Incumbency.  Administrative Agent shall have received (i) copies of the Organizational Documents of each Credit Party, to the extent applicable, certified as of a recent date by the appropriate governmental official, each dated the Closing Date or a recent date prior thereto; (ii) signature and incumbency certificates of the officers of each Credit Party executing the Credit Documents to which it is a party; (iii) resolutions of the Board of Directors or similar governing body of each Credit Party approving and authorizing the execution, delivery and performance of this Agreement and the other Credit Documents or by which it or its assets may be bound as of the Closing Date, certified as of the Closing Date by its secretary or an assistant secretary as being in full force and effect without modification or amendment; (iv) a good standing certificate from the applicable Governmental Authority of each Credit Party’s jurisdiction of incorporation, organization or formation, each dated a recent date prior to the Closing Date; and (v) such other documents as Administrative Agent may reasonably request.

 

(c) Reserved.

 

(d) Existing Credit Agreement.  On the Closing Date, Holdings and its Subsidiaries shall have (i) repaid in full the 2005 Credit Agreement, (ii) terminated any commitments to lend or make other extensions of credit thereunder, and (iii) delivered to Administrative Agent all documents or instruments necessary to release all Liens securing the 2005 Credit Agreement or other obligations of Holdings and its Subsidiaries thereunder being repaid on the Closing Date.

 

(e) Transaction Costs.  On or prior to the Closing Date, Company shall have delivered to Administrative Agent Company’s reasonable best estimate of the Transaction Costs (other than fees payable to any Agent).

 

(f) Governmental Authorizations and Consents.  Each Credit Party shall have obtained all Governmental Authorizations and all consents of other Persons, in each case that are necessary or advisable in connection with the transactions contemplated by the Credit Documents and each of the foregoing shall be in full force and effect and in form and substance reasonably satisfactory to Administrative Agent.  All applicable waiting periods shall have expired without any action being taken or threatened by any competent authority which would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Credit Documents or the financing thereof and no action, request for stay, petition for review or rehearing, reconsideration, or appeal with respect to any of the foregoing shall be pending, and

 

  

67

  

the time for any applicable agency to take action to set aside its consent on its own motion shall have expired.

 

(g) Solvency Certificate.  On the Closing Date, Administrative Agent shall have received a Solvency Certificate in form, scope and substance satisfactory to Administrative Agent, and demonstrating that after giving effect to the financings and the other transactions contemplated by the Credit Documents to occur on or prior to the Closing Date and any rights of contribution, each Credit Party is and will be Solvent.

 

(h) Personal Property Collateral.  In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and perfected First Priority security interest in the personal property Collateral, Collateral Agent shall have received:

 

(i) evidence satisfactory to the Collateral Agent of the compliance by each Credit Party of their obligations under the Pledge and Security Agreement and the other Collateral Documents (including, without limitation, their obligations to execute and deliver UCC financing statements, originals of securities, instruments and chattel paper);

 

(ii) a completed UCC Questionnaire dated the Closing Date and executed by an Authorized Officer of each Credit Party, together with all attachments contemplated thereby;

 

(iii) evidence that each Credit Party shall have taken or caused to be taken any other action, executed and delivered or caused to be executed and delivered any other agreement, document and instrument and made or caused to be made any other filing and recording (other than as set forth herein) reasonably required by Collateral Agent.

 

(i) Financial Statements; Projections.  Lenders shall have received from Holdings (i) the Historical Financial Statements, (ii) pro forma consolidated financial statements of Holdings and its Subsidiaries as of the last day of and for the four-quarter period most recently ended prior to the Closing Date for which financial statements are available, giving pro forma effect to the financings and the other transactions contemplated by the Credit Documents to occur on or prior to the Closing Date, which pro forma financial statements shall be in form and substance satisfactory to Administrative Agent, and (iii) projected consolidated financial statements of Holdings and its Subsidiaries, which will be quarterly for the first year after the Closing Date and annually thereafter through and including 2015 (the “Projections”), which Projections shall not be inconsistent with information provided to the Lead Arrangers prior to the delivery of the Commitment Letter.

 

(j) Evidence of Insurance.  Administrative Agent shall have received a certificate from Holdings’ insurance broker or other evidence satisfactory to it that all insurance required to be maintained pursuant to Section 5.5 is in full force and effect and that Collateral Agent, for the benefit of the Secured Parties has been named as additional insured and loss payee thereunder to the extent required under Section 5.5, together with endorsements reasonably requested by Collateral Agent.

 

(k) Opinion of Counsel to Credit Parties.  Lenders and their respective counsel shall have received originally executed copies of the favorable written opinion of Akin Gump

 

  

68

  

Strauss Hauer & Feld LLP, counsel for Credit Parties, dated as of the Closing Date and in form and substance reasonably satisfactory to Administrative Agent.

 

(l) Fees.  Company shall have paid to the Agents the fees payable on the Closing Date referred to in Section 2.10(e).

 

(m) Closing Date Certificate.  Holdings and Company shall have delivered to the Administrative Agent an originally executed Closing Date Certificate, together with all attachments thereto.

 

(n) No Litigation.  There shall not exist any action, suit, investigation, litigation or proceeding or other legal or regulatory developments, pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable opinion of Administrative Agent, singly or in the aggregate, materially impairs the transactions contemplated by the Credit Documents, or that could have a Material Adverse Effect.

 

(o) Completion of Proceedings.  All partnership, corporate and other proceedings taken or to be taken in connection with the transactions contemplated hereby and all documents incidental thereto not previously found acceptable by Administrative Agent or Syndication Agent and its counsel shall be satisfactory in form and substance to Administrative Agent and Syndication Agent and such counsel, and Administrative Agent, Syndication Agent and such counsel shall have received all such counterpart originals or certified copies of such documents as Administrative Agent or Syndication Agent may reasonably request.

 

(p) Funding Notice.  Company shall have delivered to Administrative Agent a fully executed Funding Notice with respect to the Closing Date Term Loans and any Revolving Loans to be made on the Closing Date.

 

(q) Credit Rating.  If requested by the Lead Arrangers in connection the financings and the other transactions contemplated by the Credit Documents to occur on or prior to the Closing Date, Company shall have received a refreshed corporate family rating and a refreshed corporate rating, respectively, from each of Moody’s and S&P, and the Closing Date Term Loans shall have been assigned a credit rating from each of Moody’s and S&P.

 

(r) Closing Date.  Lenders shall have made the Closing Date Term Loans to Company on or before September 17, 2010.

 

(s) Patriot Act.  At least 10 days prior to the Closing Date, the Lenders shall have received all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) the “Patriot Act”).

 

Each Lender, by delivering its signature page to this Agreement and funding a Loan on the Closing Date, shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the Closing Date.

 

  

69

  

3.2 Conditions to Each Credit Extension.

 

(a) Conditions Precedent.  The obligation of each Lender to make any Loan, or Issuing Bank to issue any Letter of Credit, on any Credit Date, including the Closing Date and the 2011 Effective Date, are subject to the satisfaction, or waiver in accordance with Section 10.5, of the following conditions precedent:

 

(i) Administrative Agent shall have received a fully executed and delivered Funding Notice;

 

(ii) after making the Credit Extensions requested on such Credit Date, the Total Utilization of Revolving Commitments shall not exceed the Revolving Commitments then in effect;

 

(iii) as of such Credit Date, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects on and as of that Credit Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, the foregoing materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof;

 

(iv) as of such Credit Date, no event shall have occurred and be continuing or would result from the consummation of the applicable Credit Extension that would constitute an Event of Default or a Default; and

 

(v) on or before the date of issuance of any Letter of Credit, Administrative Agent shall have received (i) a fully executed and delivered Issuance Notice, (ii) all other information required by the applicable Issuance Notice and (iii) such other documents or information as Issuing Bank may reasonably require in connection with the issuance of such Letter of Credit.

 

(b) Notices.  Any Notice shall be executed by an Authorized Officer in a writing delivered to Administrative Agent.  In lieu of delivering a Notice, Company may give Administrative Agent telephonic notice by the required time of any proposed borrowing, conversion/continuation or issuance of a Letter of Credit, as the case may be; provided each such notice shall be promptly confirmed in writing by delivery of the applicable Notice to Administrative Agent on or before the applicable date of borrowing or continuation/conversion.  Neither Administrative Agent nor any Lender shall incur any liability to Company in acting upon any telephonic notice referred to above that Administrative Agent believes in good faith to have been given by a duly authorized officer or other person authorized on behalf of Company or for otherwise acting in good faith.

 

3.3 2011 Effective Date.  The obligation of any Lender to make a Credit Extension on the 2011 Effective Date is subject to the satisfaction, or waiver in accordance with Section 10.5, of the following conditions on or before the 2011 Effective Date:

 

  

70

  

(a) Agreement.  Administrative Agent shall have received sufficient copies of this Agreement, duly executed by the Credit Parties, all Lenders (including but not limited to Lenders providing Additional Term Loans and Additional Revolving Commitments) and Wells Fargo, in its capacity as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender.

 

(b) Notes.  Subject to Section 2.6(c) hereof, with respect to any Lender providing Additional Term Loans or Additional Revolving Commitments requesting the same, a promissory note payable to the order of such Lender in substantially the form of Exhibit B-1 or Exhibit B-2 to evidence that Lender’s Additional Term Loans or Additional Revolving Commitments in the principal amount of that Lender’s Additional Term Loan or Additional Revolving Commitments and with other appropriate insertions.

 

(c) Organizational Documents; Incumbency.  Administrative Agent shall have received (i) copies of the Organizational Documents of each Credit Party, to the extent applicable, certified as of a recent date by the appropriate governmental official, each dated as of the 2011 Effective Date or a recent date prior thereto; provided that in lieu of delivering each Organizational Document, Company may deliver a certificate of an Authorized Officer certifying that there have been no amendments to those Organizational Documents previously delivered to the Administrative Agent on or about the Closing Date in connection with the Existing Credit Agreement; (ii) signature and incumbency certificates of the officers of each Credit Party executing the Credit Documents to which it is a party; (iii) resolutions of the board of directors (or similar governing body) of each Credit Party approving and authorizing the execution, delivery and performance of this Agreement and any other Credit Documents in connection herewith executed on or about the 2011 Effective Date, certified as of the 2011 Effective Date by its secretary or an assistant secretary as being in full force and effect without modification or amendment; (iv) a good standing certificate from the applicable Governmental Authority of each Credit Party’s jurisdiction of incorporation, organization or formation, each dated a recent date prior to the 2011 Effective Date; and (v) such other documents as Administrative Agent may reasonably request.

 

(d) Organizational and Capital Structure.  The organizational structure and capital structure of Holdings and its Subsidiaries as of the 2011 Effective Date (including after giving effect to the MediMedia Acquisition) shall be as set forth on Schedule 4.1.

 

(e) Governmental Authorizations and Consents.  Each Credit Party shall have obtained all Governmental Authorizations and all consents of other Persons, in each case that are necessary or advisable in connection with the transactions contemplated by the Credit Documents and each of the foregoing shall be in full force and effect and in form and substance reasonably satisfactory to Administrative Agent.  All applicable waiting periods shall have expired without any action being taken or threatened by any competent authority which would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Credit Documents or the financing thereof and no action, request for stay, petition for review or rehearing, reconsideration, or appeal with respect to any of the foregoing shall be pending, and the time for any applicable agency to take action to set aside its consent on its own motion shall have expired.

 

  

71

  

(f) 2011 Effective Date Solvency Certificate.  On the 2011 Effective Date Date, Administrative Agent shall have received a 2011 Effective Date Solvency Certificate in form, scope and substance satisfactory to Administrative Agent, and demonstrating that after giving effect to the financings and the other transactions contemplated by the Credit Documents to occur on or prior to the 2011 Effective Date and any rights of contribution, each Credit Party is and will be Solvent.

 

(g) Personal Property Collateral.  In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and perfected First Priority security interest in the personal property Collateral, Collateral Agent shall have received:

 

(i) evidence satisfactory to the Collateral Agent of the compliance by each Credit Party of their obligations under the Pledge and Security Agreement and the other Collateral Documents (including, without limitation, their obligations to execute and deliver UCC financing statements, originals of securities, instruments and chattel paper); and

 

(ii) evidence that each Credit Party shall have taken or caused to be taken any other action, executed and delivered or caused to be executed and delivered any other agreement, document and instrument and made or caused to be made any other filing and recording (other than as set forth herein) reasonably required by Collateral Agent.

 

(h) Opinion of Counsel to Credit Parties.  Lenders and their respective counsel shall have received originally executed copies of the favorable written opinion of Akin Gump Strauss Hauer & Feld LLP, counsel for Credit Parties, dated as of the 2011 Effective Date and in form and substance reasonably satisfactory to Administrative Agent.

 

(i) Fees and Expenses.  Company shall have paid to the fees payable on the 2011 Effective Date referred to in Section 2.10(f) in the manner set forth therein and the expenses of counsel to Administrative Agent.

 

(j) 2011 Effective Date Certificate.  Holdings and Company shall have delivered to the Administrative Agent an originally executed 2011 Effective Date Certificate, together with all attachments thereto.

 

(k) No Litigation.  There shall not exist any action, suit, investigation, litigation or proceeding or other legal or regulatory developments, pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable opinion of Administrative Agent, singly or in the aggregate, materially impairs the transactions contemplated by the Credit Documents, or that could have a Material Adverse Effect.

 

(l) Completion of Proceedings.  All partnership, corporate and other proceedings taken or to be taken in connection with the transactions contemplated hereby and all documents incidental thereto not previously found acceptable by Administrative Agent or Co-Syndication Agents and its counsel shall be satisfactory in form and substance to Administrative Agent and Co-Syndication Agents and such counsel, and Administrative Agent, Co-Syndication Agents and such counsel shall have received all such counterpart originals or certified copies of such documents as Administrative Agent or Co-Syndication Agents may reasonably request.

 

  

72

  

SECTION 4. REPRESENTATIONS AND WARRANTIES

 

In order to induce Lenders and Issuing Bank to enter into this Agreement and to make each Credit Extension to be made thereby, each Credit Party represents and warrants to each Lender and Issuing Bank, on the 2011 Effective Date and on each Credit Date, that the following statements are true and correct:

 

4.1 Organization; Requisite Power and Authority; Qualification.  Each of Holdings and its Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization as identified, as of the 2011 Effective Date, in Schedule 4.1, (b) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Credit Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a Material Adverse Effect.

 

4.2 Capital Stock and Ownership.  The Capital Stock of each of Holdings and its Subsidiaries has been duly authorized and validly issued and is fully paid and non-assessable.  Except as set forth on Schedule 4.2, as of the date hereof, there is no existing option, warrant, call, right, commitment or other agreement to which Holdings or any of its Subsidiaries is a party requiring, and there is no membership interest or other Capital Stock of Holdings or any of its Subsidiaries outstanding which upon conversion or exchange would require, the issuance by Holdings or any of its Subsidiaries of any additional membership interests or other Capital Stock of Holdings or any of its Subsidiaries or other Securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase, a membership interest or other Capital Stock of Holdings or any of its Subsidiaries.  Schedule 4.2 correctly sets forth the ownership interest of Holdings and each of its Subsidiaries in their respective Subsidiaries as of the 2011 Effective Date (including after giving effect to the MediMedia Acquisition).

 

4.3 Due Authorization.  The execution, delivery and performance of the Credit Documents have been duly authorized by all necessary action on the part of each Credit Party that is a party thereto.

 

4.4 No Conflict.  The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not (a) violate any provision of any law or any governmental rule or regulation applicable to Holdings or any of its Subsidiaries, any of the Organizational Documents of Holdings or any of its Subsidiaries, or any order, judgment or decree of any court or other agency of government binding on Holdings or any of its Subsidiaries except to the extent such violation could not be reasonably expected to have a Material Adverse Effect; (b) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Holdings or any of its Subsidiaries except to the extent such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect; (c) result in or require the creation or imposition of any Lien upon any of the properties or assets of Holdings or any of its Subsidiaries (other than any Liens created under any

 

  

73

  

of the Credit Documents in favor of Collateral Agent, on behalf of Secured Parties); or (d) require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of Holdings or any of its Subsidiaries, except for such approvals or consents which will be obtained on or before the 2011 Effective Date and disclosed in writing to Lenders and except for any such approvals or consents the failure of which to obtain will not have a Material Adverse Effect.

 

4.5 Governmental Consents.  The execution, delivery and performance by Credit Parties of the Credit Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to Collateral Agent for filing and/or recordation, as of the 2011 Effective Date.

 

4.6 Binding Obligation.  Each Credit Document has been duly executed and delivered by each Credit Party that is a party thereto and is the legally valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

4.7 Historical Financial Statements.  The Historical Financial Statements were prepared in conformity with GAAP and fairly present, in all material respects, the financial position, on a consolidated basis, of the Persons described in such financial statements as at the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the entities described therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year-end adjustments.  As of the Effective Date, neither Holdings nor any of its Subsidiaries has any contingent liability or liability for taxes, long-term lease or unusual forward or long-term commitment that is not reflected in the most recent financial statements delivered pursuant to Section 5 of this Agreement or the notes thereto and which in any such case is material in relation to the business, operations, properties, assets, condition (financial or otherwise) or prospects of Holdings and any of its Subsidiaries taken as a whole.

 

4.8 [Reserved].

 

4.9 No Material Adverse Change.  Since December 31, 2009, no event or change has occurred that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect.

 

4.10 No Restricted Junior Payments.  Since December 31, 2009, neither Holdings nor any of its Subsidiaries has directly or indirectly declared, ordered, paid or made, or set apart any sum or property for, any Restricted Junior Payment or agreed to do so except as permitted pursuant to Section 6.5.

 

  

74

  

4.11 Adverse Proceedings, etc.  There are no Adverse Proceedings, individually or in the aggregate, that could reasonably be expected to have a Material Adverse Effect.  Neither Holdings nor any of its Subsidiaries (a) is in violation of any applicable laws (including Environmental Laws) that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, or (b) is subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

4.12 Payment of Taxes.  Except as otherwise permitted under Section 5.3, all federal and state income tax returns and all other material tax returns and reports of Holdings and its Subsidiaries required to be filed by any of them have been timely filed, and all taxes shown on such tax returns to be due and payable and all material assessments, fees and other governmental charges upon Holdings and its Subsidiaries and upon their respective properties, assets, income, businesses and franchises which are due and payable have been paid when due and payable.  Holdings knows of no proposed tax assessment against Holdings or any of its Subsidiaries which is not being actively contested by Holdings or such Subsidiary in good faith and by appropriate proceedings; provided, such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor.

 

4.13 Properties.

 

(a) Title.  Each of Holdings and its Subsidiaries has (i) good, sufficient and marketable legal title to (in the case of fee interests in real property), (ii) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (iii) good title to (in the case of all other personal property), all of their respective properties and assets reflected in their respective Historical Financial Statements referred to in Section 4.7 and in the most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since the date of such financial statements in the ordinary course of business or as otherwise permitted under Section 6.9.  Except as permitted by this Agreement, all such properties and assets are free and clear of Liens.

 

(b) Real Estate.  As of the 2011 Effective Date, Schedule 4.13 contains a true, accurate and complete list of (i) all Real Estate Assets, and (ii) all leases, subleases or assignments of leases (together with all amendments, modifications, supplements, renewals or extensions of any thereof) affecting each Real Estate Asset of any Credit Party, regardless of whether such Credit Party is the landlord or tenant (whether directly or as an assignee or successor in interest) under such lease, sublease or assignment.  Each agreement listed in clause (ii) of the immediately preceding sentence is in full force and effect and Holdings does not have knowledge of any default that has occurred and is continuing thereunder, and each such agreement constitutes the legally valid and binding obligation of each applicable Credit Party, enforceable against such Credit Party in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles.

 

  

75

  

4.14 Environmental Matters.  Neither Holdings nor any of its Subsidiaries nor any of their respective Facilities or operations are subject to any outstanding written order, consent decree or settlement agreement with any Person relating to any Environmental Law, any Environmental Claim, to the knowledge of Holdings or any of its Subsidiaries, or any Hazardous Materials Activity that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.  Neither Holdings nor any of its Subsidiaries has received any letter or request for information under Section 104 of the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9604) or any comparable state law. There are and, to each of Holdings’ and its Subsidiaries’ knowledge, have been, no conditions, occurrences, or Hazardous Materials Activities which could reasonably be expected to form the basis of an Environmental Claim against Holdings or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.  Neither Holdings nor any of its Subsidiaries nor, to any Credit Party’s knowledge, any predecessor of Holdings or any of its Subsidiaries has filed any notice under any Environmental Law indicating past or present treatment of Hazardous Materials at any Facility, and none of Holdings’ or any of its Subsidiaries’ operations involves the generation, transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Parts 260-270 or any state equivalent except for such filings, generation, transportation, treatment, storage or disposal that could not reasonably be expected to have a Material Adverse Effect.  Compliance with all current or reasonably foreseeable future requirements pursuant to or under Environmental Laws could not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.  No event or condition has occurred or is occurring with respect to Holdings or any of its Subsidiaries relating to any Environmental Law, any Release of Hazardous Materials, or any Hazardous Materials Activity which individually or in the aggregate has had, or could reasonably be expected to have, a Material Adverse Effect.

 

4.15 No Defaults.  Neither Holdings nor any of its Subsidiaries is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists which, with the giving of notice or the lapse of time or both, could constitute such a default, except where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect.

 

4.16 Governmental Regulation.  Neither Holdings nor any of its Subsidiaries is subject to regulation under the Federal Power Act or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable.  Neither Holdings nor any of its Subsidiaries is a “registered investment company” or is “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment Company Act of 1940.

 

4.17 Margin Stock.  Neither Holdings nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock.  No part of the proceeds of the Loans made to such Credit Party will be used to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock or for any purpose that

 

  

76

  

violates, or is inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System.

 

4.18 Employee Matters

 

.  Neither Holdings nor any of its Subsidiaries is engaged in any unfair labor practice that could reasonably be expected to have a Material Adverse Effect.  There is (a) no unfair labor practice complaint pending against Holdings or any of its Subsidiaries, or to the best knowledge of Holdings and Company, threatened against any of them before the National Labor Relations Board and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement that is so pending against Holdings or any of its Subsidiaries or to the best knowledge of Holdings and Company, threatened against any of them, (b) no strike or work stoppage in existence or threatened involving Holdings or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect,  and (c) to the best knowledge of Holdings and Company, no union representation question existing with respect to the employees of Holdings or any of its Subsidiaries and, to the best knowledge of Holdings and Company, no union organization activity that is taking place, except (with respect to any matter specified in clause (a), (b) or (c) above, either individually or in the aggregate) such as is not reasonably likely to have a Material Adverse Effect.

 

4.19 Employee Benefit Plans.  Holdings, each of its Subsidiaries and each of their respective ERISA Affiliates are in material compliance with all applicable provisions and requirements of ERISA and the Internal Revenue Code and the regulations and published interpretations thereunder with respect to each Employee Benefit Plan, and have substantially performed all their obligations under each Employee Benefit Plan.  Each Employee Benefit Plan which is intended to qualify under Section 401(a) of the Internal Revenue Code has received a favorable determination letter from the Internal Revenue Service or an application for such a letter is currently being processed by the Internal Revenue Service with respect thereto and, to the knowledge of Holdings, its Subsidiaries, and each of their ERISA Affiliates, nothing has occurred which would prevent, or cause the loss of, such qualification.  No material liability to the PBGC (other than required premium payments), the Internal Revenue Service, any Employee Benefit Plan or any Trust established under Title IV of ERISA has been or is expected to be incurred by Holdings, any of its Subsidiaries or any of their ERISA Affiliates.  No ERISA Event has occurred or is reasonably expected to occur.  Except to the extent required under Section 4980B of the Internal Revenue Code or similar state laws, no Employee Benefit Plan provides health or welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee of Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates.  As of the most recent valuation date for any Pension Plan, the amount of benefit liabilities (as defined in Section 4001(a)(18) of ERISA), individually or in the aggregate for all Pension Plans (excluding for purposes of such computation any Pension Plans with respect to which assets exceed benefit liabilities), does not exceed $3,500,000.  As of the most recent valuation date for each Multiemployer Plan for which the actuarial report is available, the potential liability of Holdings, its Subsidiaries and their respective ERISA Affiliates for a complete withdrawal from such Multiemployer Plan (within the meaning of Section 4203 of ERISA), when aggregated with such potential liability for a complete withdrawal from all Multiemployer Plans, based on information available pursuant to Section 4221(e) of ERISA, does not exceed $3,500,000.  Holdings, each of its Subsidiaries and each of their ERISA Affiliates have complied with the requirements of Section 515 of ERISA with respect to each Multiemployer Plan and are not in

 

  

77

  

material “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan.

 

4.20 Certain Fees.  No broker’s or finder’s fee or commission will be payable with respect hereto or any of the transactions contemplated hereby, except those broker’s and finder’s fees otherwise disclosed to the Agents prior to the 2011 Effective Date.

 

4.21 Solvency.  Each Credit Party is and, upon the incurrence of any Obligation by such Credit Party on any date on which this representation and warranty is made, will be, Solvent.

 

4.22 [Reserved].

 

4.23 Subordination.  The subordination provisions of any Permitted Seller Notes or other Subordinated Indebtedness are enforceable against the holders thereof, and the loans and other obligations thereunder are and will be within the definition of “Subordinated Indebtedness” or “Subordinated Debt”, or similar term, as applicable, included in such provisions.

 

4.24 Compliance with Statutes, etc.  Each of Holdings and its Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property (including compliance with all applicable Environmental Laws with respect to any Real Estate Asset or governing its business and the requirements of any permits issued under such Environmental Laws with respect to any such Real Estate Asset or the operations of Holdings or any of its Subsidiaries), except such non-compliance that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

 

4.25 Disclosure.  No representation or warranty of any Credit Party contained in any Credit Document or in any other documents, certificates or written statements (excluding any projections, pro-forma financial information or estimates) furnished to Lenders by or on behalf of Holdings or any of its Subsidiaries for use in connection with the transactions contemplated hereby, when taken as a whole, together with the Public Disclosure (as modified or supplemented after the 2011 Effective Date by other information furnished to the Lenders or publicly disclosed, in each case prior to the occurrence of an Event of Default pursuant to Section 8.1(d)), contains any untrue statement of a material fact or omits to state a material fact (known to Holdings or Company, in the case of any document not furnished by either of them) necessary in order to make the statements contained herein or therein not misleading in light of the circumstances in which the same were made.  Any projections and pro forma financial information contained in such materials are based upon good faith estimates and assumptions believed by Holdings or Company to be reasonable at the time made, it being recognized by Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results by a material amount.  There are no facts known (or which should upon the reasonable exercise of diligence be known) to Holdings or Company (other than matters of a general economic nature) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect and that have not been disclosed herein, in the Public

 

  

78

  

Disclosure, or in such other documents, certificates and statements furnished to Lenders for use in connection with the transactions contemplated hereby.

 

4.26 U.S. Foreign Corrupt Practices Act and OFAC.  No Credit Party or any Affiliate thereof (i) is a Sanctioned Person, (ii) has more than 10% of its assets in Sanctioned Entities or (iii) derives more than 10% of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned Entities.  The proceeds of any Loan will not be used and have not been used to (i) make any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, or (ii) fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity.

 

SECTION 5. AFFIRMATIVE COVENANTS

 

Each Credit Party covenants and agrees that so long as any Commitment is in effect and until payment in full of all Obligations, each Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 5.

 

5.1 Financial Statements and Other Reports.  Holdings will deliver to Administrative Agent and Lenders:

 

(a) [Reserved];

 

(b) Quarterly Financial Statements.  As soon as available, and in any event within forty-five (45) days after the end of each of the first three Fiscal Quarters of each Fiscal Year, the consolidated balance sheet of Holdings and its Subsidiaries as at the end of such Fiscal Quarter and the related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year and the corresponding figures from the Financial Plan for the current Fiscal Year, all in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect thereto;

 

(c) Annual Financial Statements.  As soon as available, and in any event within ninety (90) days after the end of each Fiscal Year, (i) the consolidated balance sheet of Holdings and its Subsidiaries as at the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year and the corresponding figures from the Financial Plan for the Fiscal Year covered by such financial statements, in reasonable detail, together with a Financial Officer Certification and a Narrative Report with respect thereto; and (ii) with respect such consolidated financial statements a report thereon of independent certified public accountants of recognized national standing selected by Holdings, and reasonably satisfactory to Administrative Agent (which report shall be unqualified as to going concern and scope of audit, and shall state that

 

  

79

  

such consolidated financial statements fairly present, in all material respects, the consolidated financial position of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards) together with a written statement by such independent certified public accountants stating whether, in connection with their audit examination, any condition or event that constitutes a Default or an Event of Default under Section 8 hereof has come to their attention and, if such a condition or event has come to their attention, specifying the nature and period of existence thereof; provided  that such accountants shall not be liable by reason of any failure to obtain knowledge of any such Default or Event of Default that would not be disclosed in the course of their audit examination;

 

(d) Compliance Certificate.  Together with each delivery of financial statements of Holdings and its Subsidiaries pursuant to Sections 5.1(b) and 5.1(c), a duly executed and completed Compliance Certificate;

 

(e) Statements of Reconciliation after Change in Accounting Principles.  If, as a result of any change in accounting principles and policies from those used in the preparation of the Historical Financial Statements, the consolidated financial statements of Holdings and its Subsidiaries delivered pursuant to Section 5.1(b) or 5.1(c) will differ in any material respect from the consolidated financial statements that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial statements in form and substance satisfactory to Administrative Agent;

 

(f) Notice of Default.  Promptly upon any officer of Holdings or Company obtaining knowledge (i) of any condition or event that constitutes a Default or an Event of Default or that notice has been given to Holdings or Company with respect thereto; (ii) that any Person has given any notice to Holdings or any of its Subsidiaries or taken any other action with respect to any event or condition set forth in Section 8.1(b); or (iii) of the occurrence of any event or change that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect, a certificate of its Authorized Officers specifying the nature and period of existence of such condition, event or change, or specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default, Default, default, event or condition, and what action Holdings has taken, is taking and proposes to take with respect thereto;

 

(g) Notice of Litigation.  Promptly upon any officer of Holdings or Company obtaining knowledge of (i) the institution of, or non-frivolous threat of, any Adverse Proceeding not previously disclosed in writing by Company to Lenders, or (ii) any material development in any Adverse Proceeding that, in the case of either (i) or (ii) if adversely determined, could be reasonably expected to have a Material Adverse Effect, or seeks to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the transactions contemplated hereby, written notice thereof together with such other information as may be

 

  

80

  

reasonably available to Holdings or Company to enable Lenders and their counsel to evaluate such matters;

 

(h) ERISA.   (i) Promptly upon becoming aware of the occurrence any ERISA Event, a written notice specifying the nature thereof, what action Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto; and (ii) with reasonable promptness, copies of (1) each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates with the Internal Revenue Service with respect to each Pension Plan; (2) the most recent actuarial valuation report for each Pension Plan; (3) all notices received by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event; and (4) copies of such other documents or governmental reports or filings relating to any Employee Benefit Plan as Administrative Agent shall reasonably request;

 

(i) Financial Plan.  As soon as practicable and in any event no later than ninety (90) days after the beginning of each Fiscal Year, a consolidated plan and financial forecast for such Fiscal Year and the next three succeeding Fiscal Years (a “Financial Plan”), including (i) a forecasted consolidated balance sheet and forecasted consolidated statements of income and cash flows of Holdings and its Subsidiaries for each such Fiscal Year, together with a schedule demonstrating compliance with the financial covenants required by Section 6.8 and an explanation of the assumptions on which such forecasts are based and (ii) forecasted consolidated statements of income and cash flows of Holdings and its Subsidiaries for each quarter of the current Fiscal Year, together with an explanation of the assumptions on which such forecasts are based;

 

(j) Insurance Report.  As soon as practicable and in any event by the last day of each Fiscal Year, a report in form and substance satisfactory to Administrative Agent outlining all material insurance coverage maintained as of the date of such report by Holdings and its Subsidiaries and all material insurance coverage planned to be maintained by Holdings and its Subsidiaries in the immediately succeeding Fiscal Year;

 

(k) Notice of Change in Board of Directors.  With reasonable promptness, written notice of any change in the board of directors (or similar governing body) of Holdings or Company;

 

(l) Notice Regarding Material Contracts.  Promptly, and in any event within ten (10) Business Days (i) after any Material Contract of Holdings or any of its Subsidiaries is terminated or amended in a manner that is materially adverse to Holdings or such Subsidiary, as the case may be, or (ii) any new Material Contract is entered into, a written statement describing such event, with copies of such material amendments or new contracts, delivered to Administrative Agent (to the extent such delivery is permitted by the terms of any such Material Contract; provided, no such prohibition on delivery shall be effective if it were bargained for by Holdings or its applicable Subsidiary with the intent of avoiding compliance with this Section 5.1(l)), and an explanation of any actions being taken with respect thereto;

 

  

81

  

(m) Environmental Reports and Audits.  As soon as practicable following receipt thereof, copies of all environmental audits and reports with respect to environmental matters at any Facility or which relate to any environmental liabilities of Holdings or its Subsidiaries which, in any such case, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect;

 

(n) Information Regarding Collateral.  Company will furnish to the Collateral Agent prompt written notice of any change (i) in any Credit Party’s corporate name, (ii) in the location of any Credit Party’s chief executive office, its jurisdiction of organization, its principal place of business, any office in which it maintains books or records relating to Collateral owned by it or any office or facility at which Collateral (other than real property and improvements and fixtures thereto) owned by it with a book value in excess of $250,000 is located (including the establishment of any such new office or facility), (iii) in any Credit Party’s identity or corporate structure or (iv) in any Credit Party’s Federal Taxpayer Identification Number.  Company agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral and for the Collateral at all times following such change to have a valid, legal and perfected security interest as contemplated in the Collateral Documents.  Company also agrees promptly to notify the Collateral Agent if any material portion of the Collateral is damaged or destroyed;

 

(o) Annual Collateral Verifications.  Each year, no later than thirty (30) days after the delivery of annual financial statements with respect to the preceding Fiscal Year pursuant to Section 5.1, Company shall deliver to the Collateral Agent an Officer’s Certificate (i) either confirming that there has been no change in such information since the date of the UCC Questionnaire delivered on the Closing Date or the date of the most recent certificate delivered pursuant to this Section and/or identifying such changes and (ii) certifying that all Uniform Commercial Code financing statements (including fixtures filings, as applicable) or other appropriate filings, recordings or registrations, have been filed of record in each governmental, municipal or other appropriate office in each jurisdiction identified pursuant to clause (i) above (or in such updated UCC Questionnaire) to the extent necessary to protect and perfect the security interests under the Collateral Documents for a period of not less than 18 months after the date of such certificate (except as noted therein with respect to any continuation statements to be filed within such period); and

 

(p) Other Information.  (A)  Promptly upon their becoming available, copies of (i) all financial statements, reports, notices and proxy statements sent or made available generally by Holdings to its security holders acting in such capacity or by any Subsidiary of Holdings to its security holders other than Holdings or another Subsidiary of Holdings, (ii) all regular and periodic reports and all registration statements and prospectuses, if any, filed by Holdings or any of its Subsidiaries with any securities exchange or with the Securities and Exchange Commission or any governmental or private regulatory authority, (iii) all press releases and other statements made available generally by Holdings or any of its Subsidiaries to the public concerning material developments in the business of Holdings or any of its Subsidiaries, and (B) such other information and data with respect to Holdings or any of its

 

  

82

  

Subsidiaries as from time to time may be reasonably requested by Administrative Agent or any Lender.

 

5.2 Existence.  Except as otherwise permitted under Section 6.9, each Credit Party will, and will cause each of its Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business; provided, no Credit Party or any of its Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if such Person’s board of directors (or similar governing body) shall determine that the preservation thereof is no longer desirable in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in any material respect to such Person or to Lenders.

 

5.3 Payment of Taxes and Claims.  Each Credit Party will, and will cause each of its Subsidiaries to, pay all Taxes imposed upon it or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon, and all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided, no such Tax or claim need be paid if it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (a) an adequate reserve or other appropriate provision, as shall be required in conformity with GAAP shall have been made therefor, and (b) in the case of a charge or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or claim.  No Credit Party will, nor will it permit any of its Subsidiaries to, file or consent to the filing of any consolidated income Tax return with any Person (other than Holdings or any of its Subsidiaries).

 

5.4 Maintenance of Properties.  Each Credit Party will, and will cause each of its Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear excepted, all material properties used or useful in the business of Holdings and its Subsidiaries and from time to time will make or cause to be made all appropriate repairs, renewals and replacements thereof, and each Credit Party shall defend any Collateral against all Persons at any time claiming any interest therein other than Permitted Liens.

 

5.5 Insurance.  Holdings will maintain or cause to be maintained, with financially sound and reputable insurers, such public liability insurance, third party property damage insurance, business interruption insurance and casualty insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of Holdings and its Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons.  Without limiting the generality of the foregoing, Holdings will maintain or cause to be maintained (a) flood insurance with respect to each Flood Hazard Property that is located in a community that participates in the National Flood Insurance Program, in each case in compliance with any applicable regulations of the Board of Governors of the Federal Reserve System, and (b) replacement value casualty insurance on the

 

  

83

  

Collateral under such policies of insurance, with such insurance companies, in such amounts, with such deductibles, and covering such risks as are at all times carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses.  Each such policy of insurance shall (i) name Collateral Agent, on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy, contain a loss payable clause or endorsement, satisfactory in form and substance to Collateral Agent, that names Collateral Agent, on behalf of the Secured Parties as the loss payee thereunder.

 

5.6 Inspections.  Each Credit Party will, and will cause each of its Subsidiaries to, permit any authorized representatives designated by any Lender to visit and inspect any of the properties of any Credit Party and any of its respective Subsidiaries, to inspect, copy and take extracts from its and their financial and accounting records, and to discuss its and their affairs, finances and accounts with its and their officers and independent public accountants, all upon reasonable notice and at such reasonable times during normal business hours and as often as may reasonably be requested; provided, that each Lender shall coordinate with Administrative Agent with respect to the frequency and timing of such visits and inspections so as to reasonably minimize the burden imposed on each Credit Party and its Subsidiaries.

 

5.7 Lenders Meetings.  Holdings and Company will, upon the request of Administrative Agent or Requisite Lenders, participate in a meeting of Administrative Agent and Lenders once during each Fiscal Year to be held at Company’s corporate offices (or at such other location as may be agreed to by Company and Administrative Agent) at such time as may be agreed to by Company and Administrative Agent.

 

5.8 Compliance with Laws.  Each Credit Party will comply, and shall cause each of its Subsidiaries and all other Persons, if any, on or occupying any Facilities to comply, with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority (including all Environmental Laws), noncompliance with which could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

5.9 Environmental.

 

(a) Environmental Disclosure.  Holdings will deliver to Administrative Agent and Lenders:

 

(i) as soon as practicable following receipt thereof, copies of all environmental audits, investigations, analyses and reports of any kind or character, whether prepared by personnel of Holdings or any of its Subsidiaries or by independent consultants, Governmental Authorities or any other Persons, with respect to significant environmental matters at any Facility or with respect to any known Environmental Claims;

 

(ii) promptly upon the occurrence thereof, written notice describing in reasonable detail (1) any Release required to be reported to any federal, state or local governmental or regulatory agency under any applicable Environmental Laws, (2) any remedial action taken by Holdings or any other Person in response to (A) any Hazardous Materials Activities the existence of which has a reasonable possibility of resulting in one or more

 

  

84

  

Environmental Claims having, individually or in the aggregate, a Material Adverse Effect, or (B) any Environmental Claims that, individually or in the aggregate, have a reasonable possibility of resulting in a Material Adverse Effect, and (3) Holdings or Company’s discovery of any occurrence or condition on any real property adjoining or in the vicinity of any Facility that could cause such Facility or any part thereof to be subject to any material restrictions on the ownership, occupancy, transferability or use thereof under any Environmental Laws;

 

(iii) as soon as practicable following the sending or receipt thereof by Holdings or any of its Subsidiaries, a copy of any and all material written communications with respect to (1) any Environmental Claims that, individually or in the aggregate, have a reasonable possibility of giving rise to a Material Adverse Effect, (2) any Release required to be reported to any federal, state or local governmental or regulatory agency, and (3) any request for information from any governmental agency that suggests such agency is investigating whether Holdings or any of its Subsidiaries may be potentially responsible for any Hazardous Materials Activity that has a reasonable possibility of giving rise to a Material Adverse Effect;

 

(iv) prompt written notice describing in reasonable detail (1) any proposed acquisition of stock, assets, or property by Holdings or any of its Subsidiaries that could reasonably be expected to (A) expose Holdings or any of its Subsidiaries to, or result in, Environmental Claims that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or (B) affect the ability of Holdings or any of its Subsidiaries to maintain in full force and effect all material Governmental Authorizations required under any Environmental Laws for their respective operations and (2) any proposed action to be taken by Holdings or any of its Subsidiaries to modify current operations in a manner that could reasonably be expected to subject Holdings or any of its Subsidiaries to any additional material obligations or requirements under any Environmental Laws; and

 

(v) with reasonable promptness, such other documents and information as from time to time may be reasonably requested by Administrative Agent in relation to any matters disclosed pursuant to this Section 5.9(a).

 

(b) Hazardous Materials Activities, Etc.  Each Credit Party shall promptly take, and shall cause each of its Subsidiaries promptly to take, any and all actions necessary to (i) cure any violation of applicable Environmental Laws by such Credit Party or its Subsidiaries that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and  (ii) make an appropriate response to any known Environmental Claim against such Credit Party or any of its Subsidiaries where failure to do so could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; provided, however, that nothing in this Section 5.9(b) shall preclude any Credit Party or any of its Subsidiaries from contesting in good faith any such Environmental Claim.

 

5.10 Subsidiaries.  In the event that any Person becomes a Domestic Subsidiary of Company, Company shall, except with respect to Permitted Partially-Owned Subsidiaries (including Subsidiaries who will, after giving effect to any transfer of Capital Stock to a Permitted Transferee under Section 6.9(g) be Permitted Partially-Owned Subsidiaries), (a) promptly cause such Domestic Subsidiary to become a Guarantor hereunder and a Grantor under the Pledge and Security Agreement by executing and delivering to Administrative Agent

 

  

85

  

and Collateral Agent a Counterpart Agreement, and (b) take all such actions and execute and deliver, or cause to be executed and delivered, all such Environmental Reports and all such documents, instruments, agreements, and certificates as are similar to those described in Sections 3.1(b) and 3.1(h), and to the extent reasonably requested by Administrative Agent, such documents, instruments, agreements, and certificates as are similar to those described in Section 3.1(k).  In the event that any Person becomes a Permitted Partially-Owned Subsidiary of Company, Company shall use its commercially reasonable efforts to cause such Subsidiary to become a Guarantor hereunder and a Grantor under the Pledge and Security Agreement, and Company shall use commercially reasonable efforts to cause the owner of the remaining Capital Stock of such Subsidiary to pledge his or her Capital Stock in such Permitted Partially-Owned Subsidiary in favor of the Collateral Agent for the benefit of the Secured Parties.  In the event that any Person becomes a Foreign Subsidiary of Company, and the ownership interests of such Foreign Subsidiary are owned by Company or by any Domestic Subsidiary thereof, Company shall, or shall cause such Domestic Subsidiary to, deliver, all such documents, instruments, agreements, and certificates as are similar to those described in Sections 3.1(b), and Company shall take, or shall cause such Domestic Subsidiary to take, all of the actions referred to in Section 3.1(h)(i) necessary to grant and to perfect a First Priority Lien in favor of Administrative Agent, for the benefit of Secured Parties, under the Pledge and Security Agreement in not more than 65% of such ownership interests.  With respect to each such Subsidiary, Company shall promptly send to Administrative Agent written notice setting forth with respect to such Person (i) the date on which such Person became a Subsidiary of Company, and (ii) all of the data required to be set forth in Schedules 4.1 and 4.2 with respect to all Subsidiaries of Company; provided, such written notice shall be deemed to supplement Schedules 4.1 and 4.2 for all purposes hereof.

 

5.11 Mortgages on Material Real Estate Assets. Upon the request of the Collateral Agent or the Requisite Lenders at any time during the continuance of any Default or Event of Default, each Credit Party shall, in order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in any Material Real Estate Asset so requested, promptly provide to Collateral Agent with respect any such Material Real Estate Asset so requested:

 

(a) fully executed and notarized Mortgages, in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering each such Material Real Estate Asset (each such Material Real Estate Asset subject to a Mortgage, a “Mortgaged Property”);

 

(b) an opinion of counsel (which counsel shall be reasonably satisfactory to Collateral Agent) with respect to each Mortgaged Property, in each case with respect to the enforceability of the form(s) of Mortgages to be recorded in the relevant state and such other matters as Collateral Agent may reasonably request, in each case in form and substance reasonably satisfactory to Collateral Agent;

 

(c) in the case of each Leasehold Property that is a Mortgaged Property, (1) a Landlord Consent and Estoppel and (2) evidence that such Leasehold Property is a Recorded Leasehold Interest;

 

(d) (A) ALTA mortgagee title insurance policies or unconditional commitments therefor issued by one or more title companies reasonably satisfactory to Collateral

 

  

86

  

Agent with respect to each Mortgaged Property (each, a “Title Policy”), in amounts not less than the fair market value of each Mortgaged Property, together with a title report issued by a title company with respect thereto, dated not more than thirty days prior to the effectiveness of such Mortgage and copies of all recorded documents listed as exceptions to title or otherwise referred to therein, each in form and substance reasonably satisfactory to Collateral Agent and (B) evidence satisfactory to Collateral Agent that such Credit Party has paid to the title company or to the appropriate Governmental Authorities all expenses and premiums of the title company and all other sums required in connection with the issuance of each Title Policy and all recording and stamp taxes (including mortgage recording and intangible taxes) payable in connection with recording the Mortgages for each Mortgaged Property in the appropriate real estate records;

 

(e) flood certifications with respect to each such Material Real Estate Asset and evidence of flood insurance with respect to each Flood Hazard Property that is located in a community that participates in the National Flood Insurance Program, in each case in compliance with any applicable regulations of the Board of Governors of the Federal Reserve System, in form and substance reasonably satisfactory to Collateral Agent; and

 

(f) such other matters as may be requested by the Collateral Agent or the Requisite Lenders, including but not limited to ALTA surveys, Environmental Reports and appraisals with respect to such Material Real Estate Asset.

 

5.12 Public Lenders.  Company hereby acknowledges that (a) the Administrative Agent will make available to the Lenders materials and/or information provided by or on behalf of Company hereunder (collectively, “Company Materials”) by posting the Company Materials on SyndTrak Online or another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Credit Parties or their securities) (each, a “Public Lender”).  Company hereby agrees that upon request by Administrative Agent it will use commercially reasonable efforts to identify that portion of the Company Materials that may be distributed to the Public Lenders and that (w) all such Company Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Company Materials “PUBLIC,” Company shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Company Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Credit Parties or their securities for purposes of United States Federal and state securities laws; (y) all Company Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent shall be entitled to treat any Company Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor.”

 

5.13 Further Assurances.  At any time or from time to time upon the request of Administrative Agent, each Credit Party will, at its expense, promptly execute, acknowledge and deliver such further documents and do such other acts and things as Administrative Agent or Collateral Agent may reasonably request in order to effect fully the purposes of the Credit Documents.  In furtherance and not in limitation of the foregoing, each Credit Party shall take such actions as Administrative Agent or Collateral Agent may reasonably request from time to

 

  

87

  

time to ensure that the Obligations are guarantied by Guarantors and are secured by substantially all of the assets of Holdings and its Subsidiaries (other than Real Estate Assets except to the extent contemplated by Section 5.11 hereof) and all of the outstanding Capital Stock of Company and its Subsidiaries (subject to limitations contained in the Credit Documents with respect to Foreign Subsidiaries).

 

SECTION 6. NEGATIVE COVENANTS

 

Each Credit Party covenants and agrees that, so long as any Commitment is in effect and until payment in full of all Obligations, such Credit Party shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 6.

 

6.1 Indebtedness.  No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, except:

 

(a) the Obligations;

 

(b) Indebtedness of any Guarantor Subsidiary to Company or to any other Guarantor Subsidiary, or of Company to any Guarantor Subsidiary; provided, (i) all such Indebtedness shall be subject to a First Priority Lien pursuant to the Pledge and Security Agreement, (ii) all such Indebtedness shall be unsecured and, pursuant to Section 7.7 hereof,  subordinated in right of payment to the payment in full of the Obligations and (iii) to the extent any of such Indebtedness is evidenced by a promissory note or other similar evidence of Indebtedness, then such note shall be delivered to the Collateral Agent to the extent required under the Pledge and Security Agreement;

 

(c) [Reserved];

 

(d) [Reserved];

 

(e) Indebtedness incurred by Holdings or any of its Subsidiaries arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or from guaranties or letters of credit, surety bonds or performance bonds securing the performance of Company or any such Subsidiary pursuant to such agreements, in connection with Permitted Acquisitions or permitted dispositions of any business, assets or Subsidiary of Holdings or any of its Subsidiaries;

 

(f) Indebtedness (i) which may be deemed to exist pursuant to any guaranties, performance, surety, statutory, appeal or similar obligations (including, for the sake of clarity, obligations of the type described in Section 6.2(d)) incurred in the ordinary course of business or (ii) consisting of reimbursement obligations in respect of letters of credit issued in connection with any such obligations;

 

(g) Indebtedness in respect of netting services, overdraft protections and otherwise in connection with deposit accounts and Specified Cash Management Arrangements;

 

  

88

  

(h) guaranties in the ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of Holdings and its Subsidiaries;

 

(i) guaranties by Company of Indebtedness of a Guarantor Subsidiary or guaranties by a Subsidiary of Company of Indebtedness of Company or a Guarantor Subsidiary with respect, in each case, to Indebtedness otherwise permitted to be incurred pursuant to this Section 6.1;

 

(j) Indebtedness described in Schedule 6.1 or otherwise permitted under this Section 6.1, but not any extensions, renewals or replacements of such Indebtedness except (i) renewals and extensions expressly provided for in the agreements evidencing any such Indebtedness as the same are in effect on the date of this Agreement and (ii) refinancings and extensions of any such Indebtedness if the terms and conditions thereof are not less favorable to the obligor thereon or to the Lenders than the Indebtedness being refinanced or extended, and the average life to maturity thereof is greater than or equal to that of the Indebtedness being refinanced or extended; provided, such Indebtedness permitted under the immediately preceding clause (i) or (ii) above shall not (A) include Indebtedness of an obligor that was not an obligor with respect to the Indebtedness being extended, renewed or refinanced, (B) exceed in a principal amount the Indebtedness being renewed, extended or refinanced or (C) incurred, created or assumed if any Default or Event of Default has occurred and is continuing or would result therefrom;

 

(k) Indebtedness with respect to Capital Leases not involving real property in an aggregate amount not to exceed at any time $15,000,000;

 

(l) purchase money Indebtedness in an aggregate amount not to exceed at any time $10,000,000 (including any Indebtedness acquired in connection with a Permitted Acquisition); provided, any such Indebtedness (i) shall be secured only to the asset acquired in connection with the incurrence of such Indebtedness, and (ii) shall constitute not less than 75% of the aggregate consideration paid with respect to such asset;

 

(m) Permitted Seller Notes (i) issued by Holdings as consideration in Permitted Acquisitions; provided, that the aggregate principal amount of such Permitted Seller Notes issued by Holdings shall not exceed $10,500,000; and (ii) issued by Company as consideration in Permitted Acquisitions; provided, that the aggregate amount of such Permitted Seller Notes issued by Company shall not exceed $4,500,000;

 

(n) Earn-Out Obligations incurred by Holdings constituting consideration payable in connection with Permitted Acquisitions; provided, that the maximum aggregate exposure, as reasonably estimated by management under all such Earn-Out Obligations shall not exceed $20,000,000 at any time outstanding;

 

(o) a Subsidiary acquired pursuant to a Permitted Acquisition may become or remain liable with respect to Indebtedness of such Subsidiary existing at the time of the acquisition of such Subsidiary by Company or any of its Subsidiaries and, a Subsidiary may become liable with respect to Indebtedness secured by assets acquired pursuant to a Permitted Acquisition; provided that (i) such Indebtedness was not incurred in connection with, or in

 

  

89

  

anticipation of, such Permitted Acquisition, and (ii) the aggregate principal amount of all such Indebtedness at any time outstanding does not exceed $10,000,000;

 

(p) Indebtedness of Company or any of its Subsidiaries to a Person to the extent incurred in connection with a Permitted Acquisition of a portion or all of the Capital Stock of a Permitted Partially-Owned Subsidiary and any guaranty of such Indebtedness by Holdings, in an aggregate principal amount not to exceed at any time outstanding $5,000,000, provided that any payments on such Indebtedness shall only be permitted to the extent set forth in Section 6.5(g);

 

(q) [Reserved];

 

(r) Indebtedness of Holdings constituting Investments by Company permitted under Section 6.7 hereof;

 

(s) Indebtedness constituting Permitted Unsecured Indebtedness; provided that, at the time of incurrence of such Indebtedness, (i) the pro forma Leverage Ratio, after giving effect to the incurrence of such Permitted Unsecured Indebtedness (as if such Permitted Unsecured Indebtedness had been incurred on the last day of the prior Fiscal Quarter), shall not exceed 2.75:1.0 and (ii) the Company’s Liquidity Amount shall be greater than or equal to $50,000,000;

 

(t) other unsecured Indebtedness of Holdings and its Subsidiaries (other than with respect to Permitted Seller Notes, Take Out Securities or Permitted Unsecured Indebtedness), in an aggregate amount not to exceed at any time $20,000,000;

 

(u) Indebtedness of Holdings or Company comprised of Take Out Securities; and

 

(v) Indebtedness with respect to Capital Leases involving real property in an aggregate amount not to exceed at any time $70,000,000; provided, however, that to the extent that the amount of Indebtedness incurred under Section 6.1 (k) remains less than $15,000,000, Company may increase the Indebtedness allowed under this Section 6.1(v) by the difference between (x) $15,000,000 and (y) the actual amount of indebtedness incurred under Section 6.1 (k); provided, further, however, that such an increase in the Indebtedness allowed by this Section 6.l(v) above $70,000,000 shall reduce the $15,000,000 set forth in Section 6.1(k) on a dollar for dollar basis.

 

6.2 Liens.  No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of Holdings or any of its Subsidiaries, whether now owned or hereafter acquired, or any income or profits therefrom, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income or profits under the UCC of any State or under any similar recording or notice statute, except:

 

  

90

  

(a) Liens in favor of Collateral Agent for the benefit of Secured Parties granted pursuant to any Credit Document;

 

(b) Liens for Taxes if obligations with respect to such Taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted;

 

(c) statutory Liens of landlords, banks (and rights of set-off), of carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by law (other than any such Lien imposed pursuant to Section 430(k) of the Internal Revenue Code or ERISA or a violation of Section 436 of the Internal Revenue Code), in each case incurred in the ordinary course of business (i) for amounts not yet overdue or (ii) for amounts that are overdue and that (in the case of any such amounts overdue for a period in excess of five days) are being contested in good faith by appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made for any such contested amounts;

 

(d) Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any portion of the Collateral on account thereof;

 

(e) easements, rights-of-way, restrictions, encroachments, and other minor defects or irregularities in title, in each case which do not and will not interfere in any material respect with the ordinary conduct of the business of Holdings or any of its Subsidiaries;

 

(f) any interest or title of a lessor, sublessor, lessee or sub-lessee under any lease of real estate permitted hereunder;

 

(g) Liens solely on any cash earnest money deposits made by Holdings or any of its Subsidiaries in connection with any letter of intent or purchase agreement entered into by it as permitted hereunder;

 

(h) purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property entered into in the ordinary course of business;

 

(i) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods;

 

(j) any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property;

 

(k) licenses of patents, trademarks and other intellectual property rights granted by Holdings or any of its Subsidiaries in the ordinary course of business and not

 

  

91

  

interfering in any respect with the ordinary conduct of the business of Company or such Subsidiary;

 

(l) Liens described in Schedule 6.2;

 

(m) Liens securing Indebtedness permitted pursuant to Section 6.1(k), 6.1(l) and 6.1(v); provided, any such Lien shall encumber only the asset acquired with the proceeds of such Indebtedness;

 

(n) Liens on assets acquired pursuant to a Permitted Acquisition, so long as such Liens were not created in anticipation of such Permitted Acquisition; and

 

(o) Liens in replacement of any of the foregoing to the extent that they do not cover additional property or secure additional obligations than the Liens which they replace.

 

6.3 Equitable Lien.  If any Credit Party or any of its Subsidiaries shall create or assume any Lien upon any of its properties or assets, whether now owned or hereafter acquired, other than Permitted Liens, it shall make or cause to be made effective provisions whereby the Obligations will be secured by such Lien equally and ratably with any and all other Indebtedness secured thereby as long as any such Indebtedness shall be so secured; provided, notwithstanding the foregoing, this covenant shall not be construed as a consent by Requisite Lenders to the creation or assumption of any such Lien not otherwise permitted hereby.

 

6.4 No Further Negative Pledges.  Except with respect to (a) specific property encumbered to secure payment of particular Indebtedness or to be sold pursuant to an executed agreement with respect to a permitted Asset Sale and (b) restrictions by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses and similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case may be) no Credit Party nor any of its Subsidiaries shall enter into any agreement prohibiting the creation or assumption of any Lien upon any of its properties or assets, whether now owned or hereafter acquired.

 

6.5 Restricted Junior Payments.  No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, declare, order, pay, make or set apart any sum for any Restricted Junior Payment except the following shall be permitted:

 

(a) [Reserved];

 

(b) [Reserved];

 

(c) So long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, Company may make regularly scheduled payments of interest on any Take Out Securities; provided that (i) the aggregate amount of any such interest payments shall not exceed $10,000,000 in any Fiscal Year and (ii) at the time of such Restricted Junior Payment, and after giving effect thereto, Company shall be in pro forma compliance with the covenants set forth in Section 6.8 as of the last day of the most recently ended Fiscal Quarter after giving effect to such payments;

 

  

92

  

(d) [Reserved];

 

(e) Subsidiaries of Company may make Restricted Junior Payments by way of dividends to its shareholders proportionate to their respective holdings;

 

(f) Holdings may make regularly scheduled payments in respect of (i) Permitted Seller Notes in accordance with the terms of, and only to the extent required by, and subject to the subordination provisions contained in, the agreement pursuant to which such Permitted Seller Notes were issued or were otherwise subject, and (ii) Earn-Out Obligations in accordance with the terms of, and only to the extent required by, and subject to the subordination provisions contained in, the  documents related to the relevant Permitted Acquisition;

 

(g) Company and any of its Subsidiaries may issue Indebtedness pursuant to Section 6.1(p) and may make regularly scheduled payments in respect of such Indebtedness and Company and its Subsidiaries may make Restricted Junior Payments to make a Permitted Acquisition of a portion or all of the Capital Stock of a Permitted Partially-Owned Subsidiary; provided  that (i) the aggregate amount of such Restricted Junior Payments do not exceed $750,000 in any Fiscal Year, and (ii) the aggregate principal amount of any such Indebtedness outstanding pursuant to Section 6.1(p) does not exceed at any time $5,000,000 in the aggregate;

 

(h) Company may make Restricted Junior Payments to Holdings to the extent required to enable Holdings (i) to make scheduled payments of principal and interest on the Permitted Seller Notes and (ii) to make payments on Earn-Out Obligations in accordance with the terms of, and only to the extent required by, the documents related to the relevant Permitted Acquisition, so long as Holdings applies the amount of any such Restricted Junior Payment for such purpose; provided, that at the time of such Restricted Junior Payment pursuant to this clause (h) and immediately after giving effect thereto, no Event of Default shall have occurred and be continuing under Section 8.1(a), Section 8.1(c) or Section 8.1(e);

 

(i) Company and the Guarantor Subsidiaries may make Restricted Junior Payments that are regularly scheduled interest payments on Permitted Unsecured Indebtedness; provided, that at the time of such Restricted Junior Payment pursuant to this clause (i) and immediately after giving effect thereto, no Event of Default shall have occurred and be continuing;

 

(j) Holdings may repurchase shares of Capital Stock of Holdings held by officers and employees of Holdings and its Subsidiaries upon the termination of the employment of such officers and employees; provided, however, that the amount of such repurchase shall not exceed in any Fiscal Year the sum of (1) $5,000,000 plus (2) the unutilized portion of such $5,000,000 from the immediately preceding Fiscal Year;

 

(k) Company may make Restricted Junior Payments to Holdings to the extent required to enable Holdings to make the repurchases permitted pursuant to Section 6.5(j), so long as Holdings applies the amount of any such Restricted Junior Payment for such purpose;

 

(l) [Reserved];

 

  

93

  

(m) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, Company may make Restricted Junior Payments to Holdings (i) to the extent necessary to permit Holdings to pay reasonable general administrative costs and expenses and (ii) to the extent necessary to permit Holdings to discharge the consolidated tax liabilities of Holdings and its Subsidiaries, in each case so long as Holdings applies the amount of any such Restricted Junior Payment for such purpose;

 

(n) [Reserved];

 

(o) Company or any of its Subsidiaries may purchase any additional portion, or all, of the Capital Stock of any Permitted Partially-Owned Subsidiary in accordance with Section 6.9(h); and

 

(p) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, Holdings may, without limiting the basket set forth in Section 6.5(j), repurchase shares of Capital Stock of Holdings; provided, however, that the amount of such repurchase shall not exceed (1) $35,000,000 at any time if the Leverage Ratio at the time of such repurchase and after giving effect thereto is greater than or equal to 2.00:1.00, (2) $75,000,000 at any time if the Leverage Ratio at the time of such repurchase and after giving effect thereto is less than 2.00:1.00 but greater than or equal to 1.00:1.00 or (3) $125,000,000 at any time if the Leverage Ratio at the time of such repurchase and after giving effect thereto is less than 1.00:1.00.

 

6.6 Restrictions on Subsidiary Distributions.  Except as provided herein, no Credit Party shall, nor shall it permit any of its Subsidiaries to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary of Company to (a) pay dividends or make any other distributions on any of such Subsidiary’s Capital Stock owned by Company or any other Subsidiary of Company, (b) repay or prepay any Indebtedness owed by such Subsidiary to Company or any other Subsidiary of Company, (c) make loans or advances to Company or any other Subsidiary of Company, or (d) transfer any of its property or assets to Company or any other Subsidiary of Company other than restrictions (i) in agreements evidencing Indebtedness permitted by Section 6.1(k), Section 6.1(l) and Section 6.1(o) that impose restrictions on the transfer of property so acquired or securing such Indebtedness and (ii) by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses, joint venture agreements and similar agreements entered into in the ordinary course of business, and (iii) that are or were created by virtue of any transfer of, agreement to transfer or option or right with respect to any property, assets or Capital Stock not otherwise prohibited under this Agreement. 

 

6.7 Investments.  No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, make or own any Investment in any Person, including without limitation any Joint Venture, except:

 

(a) [Reserved];

 

(b) Cash Equivalents;

 

  

94

  

(c) (i) equity Investments owned as of the 2011 Effective Date in any Subsidiary and (ii) Investments made after the 2011 Effective Date in any Domestic Subsidiary of Company that is, after giving effect to such Investment, a Guarantor Subsidiary;

 

(d) Investments (i) in accounts receivable arising and trade credit granted in the ordinary course of business and in any Securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors and (ii) deposits, prepayments and other credits to suppliers made in the ordinary course of business consistent with the past practices of Holdings and its Subsidiaries;

 

(e) intercompany loans to the extent permitted under Section 6.1(b);

 

(f) Investments that constitute Permitted Acquisitions permitted pursuant to Section 6.9;

 

(g) loans and advances to employees of Holdings and its Subsidiaries made in the ordinary course of business, including to purchase Capital Stock of Holdings, in an aggregate principal amount not to exceed $5,000,000 at any one time outstanding; provided, however, that the amount allocable to loans and advances to purchase Capital Stock of Holdings shall not exceed $1,000,000 in the aggregate; provided, further, however, that the proceeds received by Holdings of such purchase of Holdings’ Capital Stock, shall be used by Holdings to acquire Capital Stock of Company or otherwise used to make a common equity contribution to Company or to repay loans or advances made to Holdings by Company pursuant to Section 6.7(i);

 

(h) Investments in Permitted Partially-Owned Subsidiaries, subject to no Event of Default having occurred and be continuing or that would result therefrom (including, for the avoidance of doubt, pursuant to Section 6.15 hereof);

 

(i) loans and advances from Company to Holdings to permit Holdings to make payments contemplated to be made pursuant to Section 6.5 hereof;

 

(j) in connection with a Specified Acquisition, non-cash loans and non-cash advances (that are reflected as receivables on the consolidated balance sheet of Holdings) made to Permitted Transferees to purchase the Capital Stock of the target company of such Specified Acquisition (or, subject to such sale, assignment or transfer not being a Change of Control or a Default hereunder, any entity into which the target company of such Specified Acquisition is merged or into which substantially all of the assets of the target company of such Specified Acquisition are acquired); provided that unless the surviving company or the entity acquiring substantially all of the assets of the target company is not already a Guarantor Subsidiary or a Permitted Partially-Owned Subsidiary, Company shall designate such Person (if a Domestic Subsidiary) as a Permitted Partially-Owned Subsidiary;

 

(k) Investments described in Schedule 6.7;

 

(l) Investments related to Company’s acquisition of Pet DRx Corporation;

 

(m) Investments not to exceed $200,000,000 at any time outstanding (net of return of capital or repayments of principal actually received, in each case in cash, with respect

 

  

95

  

to any such Investments (which amount shall not exceed, for purposes of determining the availability of the above amount, the original cost of such Investment)) made after the 2011 Effective Date in Foreign Subsidiaries in Canada or the United Kingdom, provided that (i) the above amount will be reduced by the amount of any Permitted Acquisitions made of Foreign Subsidiaries in the United Kingdom or Canada pursuant to Section 6.9(h) and (ii) to the extent that Investments in Foreign Subsidiaries in Canada or the United Kingdom are made in the form of shares of common stock of Holdings not otherwise prohibited by the Credit Documents, then the value of such shares of common stock of Holdings shall not be counted against the above amount; and

 

(n) other Investments in an aggregate amount not to exceed at any time $60,000,000; provided that to the extent that such Investments are made in the form of shares of common stock of Holdings not otherwise prohibited by the Credit Documents, then the value of such shares of common stock of Holdings shall not be counted against the above amount.

 

6.8 Financial Covenants.

 

(a) [Reserved].

 

(b) Fixed Charge Coverage Ratio.  Company shall not permit the Fixed Charge Coverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2010, to be less than 1.20:1.00.

 

(c) Leverage Ratio.  Company shall not permit the Leverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2010, to exceed 3.00:1.00.

 

(d) [Reserved].

 

(e) [Reserved].

 

(f) Certain Calculations.  With respect to any period during which a Permitted Acquisition or an Asset Sale has occurred (each, a “Subject Transaction”), for purposes of determining compliance with the financial covenants set forth in this Section 6.8, Consolidated Adjusted EBITDA shall be calculated with respect to such period on a pro forma basis (including pro forma adjustments arising out of events which are directly attributable to a specific transaction, are factually supportable and are expected to have a continuing impact, in each case determined on a basis consistent with Article 11 of Regulation S-X promulgated under the Securities Act and as interpreted by the staff of the Securities and Exchange Commission, which would include cost savings resulting from head count reduction, closure of facilities and similar restructuring charges, which pro forma adjustments shall be certified by the chief financial officer of Company) using the historical audited financial statements, to the extent available, of any business so acquired or to be acquired or sold or to be sold and the consolidated financial statements of Holdings and its Subsidiaries which shall be reformulated as if such Subject Transaction, and any Indebtedness incurred or repaid in connection therewith, had been consummated or incurred or repaid at the beginning of such period (and assuming that such Indebtedness bears interest during any portion of the applicable measurement period prior to the relevant acquisition at the weighted average of the interest rates applicable to outstanding Loans

 

  

96

  

incurred during such period); provided, however, calculations of pro forma Consolidated Adjusted EBITDA with respect to a Permitted Acquisition, the aggregate consideration for which constitutes $10,000,000 or less, shall be based on reasonable estimations made by Company of such pre-acquisition EBITDA based on actual pre-acquisition revenues; provided, further that, such Consolidated Adjusted EBITDA shall not exceed in such case 22% of such actual pre-acquisition revenues.

 

6.9 Fundamental Changes; Disposition of Assets; Acquisitions.  No Credit Party shall, nor shall it permit any of its Subsidiaries to, enter into any transaction of merger or consolidation, or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease or sub-lease (as lessor or sublessor), transfer or otherwise dispose of, in one transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, whether now owned or hereafter acquired, or acquire by purchase or otherwise (other than purchases or other acquisitions of inventory, materials and equipment in the ordinary course of business) the business, property or fixed assets of, or stock or other evidence of beneficial ownership of, any Person or any division or line of business or other business unit of any Person, except:

 

(a) any Subsidiary of Holdings may be merged with or into Company or any Guarantor Subsidiary, or be liquidated, wound up or dissolved, or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction or a series of transactions, to Company or any Guarantor Subsidiary; provided, in the case of such a merger, Company or such Guarantor Subsidiary, as applicable shall be the continuing or surviving Person;

 

(b) sales or other dispositions of assets that do not constitute Asset Sales;

 

(c) Asset Sales, the proceeds of which (valued at (x) the principal amount thereof in the case of non-Cash proceeds consisting of notes or other debt Securities, (y) fair market value in the case of other non-Cash proceeds or (z) with respect to Asset Sales in connection with Permitted Subsidiary Dropdowns, the greater of the fair market value of the assets so transferred and any Cash proceeds actually received) when aggregated with the proceeds of all other Asset Sales (other than sales and lease backs) made within the same Fiscal Year, are less than $20,000,000; provided (1) the consideration received for such assets shall be in an amount at least equal to the fair market value thereof (determined in good faith by the board of directors of Company (or similar governing body)), (2) other than with respect to Asset Sales in connection with Permitted Subsidiary Dropdowns, no less than 80% thereof shall be paid in Cash, and (3) the Net Asset Sale Proceeds thereof shall be applied as required by Section 2.13(a);

 

(d) leases and subleases (as lessor or sublessor) of real property to third parties at reasonable rents, taking into consideration any services provided by lessee or sublessee, in an aggregate amount not to exceed $1,000,000 in any Fiscal Year;

 

(e) [Reserved];

 

(f) disposals of obsolete, worn out, redundant or surplus property;

 

  

97

  

(g) sales, assignments or other dispositions by Company and any of its Subsidiaries of Capital Stock to Permitted Transferees in connection with Specified Acquisitions to the extent not otherwise prohibited hereunder and so long as the proviso in Section 6.7(j) (to the extent applicable) is complied with;

 

(h) Permitted Acquisitions; provided, however, that (i) with respect to any Permitted Acquisitions of entities outside of the United States after the 2011 Effective Date, such Permitted Acquisitions shall be limited to entities in the United Kingdom and Canada and shall not exceed $200,000,000 in the aggregate, (ii) the threshold for Permitted Acquisitions of Persons in the United Kingdom and Canada above will be reduced by the amount of any outstanding Investments made in Foreign Subsidiaries in the United Kingdom or Canada pursuant to Section 6.7(m) and (iii) to the extent that any consideration for Permitted Acquisitions is in the form of shares of common stock of Holdings not otherwise prohibited by the Credit Documents, then the value of such shares of common stock shall not be counted against the above amount; and

 

(i) sales and lease backs permitted pursuant to Section 6.11; and

 

(j) Investments made in accordance with Section 6.7.

 

6.10 Disposal of Subsidiary Interests.  Except for any sale of interests in the Capital Stock of any of its Subsidiaries in compliance with the provisions of Section 6.9, no Credit Party shall, (a) directly or indirectly sell, assign, pledge or otherwise encumber or dispose of any Capital Stock of any of its Subsidiaries, except to qualify directors if required by applicable law; or  (b) permit any of its Subsidiaries directly or indirectly to sell, assign, pledge or otherwise encumber or dispose of any Capital Stock of any of its Subsidiaries, except to another Credit Party (subject to the restrictions on such disposition otherwise imposed hereunder), or to qualify directors if required by applicable law.

 

6.11 Sales and Lease-Backs.  No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which such Credit Party (a) has sold or transferred or is to sell or to transfer to any other Person (other than Holdings or any of its Subsidiaries), or (b) intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by such Credit Party to any Person (other than Holdings or any of its Subsidiaries) in connection with such lease; provided, however, that Company and its Subsidiaries may sell and lease-back real estate assets without limitation provided, notwithstanding anything to the contrary set forth in this Agreement, that any proceeds received from such sale and lease back transactions in excess of $25,000,000 in the aggregate in any Fiscal Year shall be used to prepay (no later than the third Business Day following the date of receipt of such proceeds) the Loans in accordance with Section 2.l4(b).

 

6.12 Transactions with Shareholders and Affiliates.  No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any holder of 10% or more of any class of Capital Stock of Holdings or any of

 

  

98

  

its Subsidiaries or with any Affiliate of Holdings or of any such holder, on terms that are less favorable to Holdings or that Subsidiary, as the case may be, than those that might be obtained at the time from a Person who is not such a holder or Affiliate; provided, the foregoing restriction shall not apply to (a) any transaction between Holdings, Company and any Subsidiary; (b) reasonable and customary fees paid to members of the board of directors (or similar governing body) of Holdings and its Subsidiaries; (c) compensation and management equity arrangements for officers and other employees of Holdings and its Subsidiaries entered into in the ordinary course of business; (d) payment of Transaction Costs to the extent such payments are made to any holder of 10% or more of any class of Capital Stock of Holdings or any of its Subsidiaries or to any Affiliate of Holdings or of any such holder; and (e) sales or purchases by Company or any of its Subsidiaries of the Capital Stock of a Subsidiary of Company; provided, that with respect to such sales, Company designates such Subsidiary a Permitted Partially-Owned Subsidiary, and, with respect to such purchases, such purchases are permitted pursuant to Sections 6.1(p) and 6.5(g).

 

6.13 Conduct of Business.  From and after the 2011 Effective Date, no Credit Party shall, nor shall it permit any of its Subsidiaries to, engage in any business other than (i) the businesses engaged in by such Credit Party on the 2011 Effective Date and businesses or lines of businesses the same as, related, complementary or ancillary to, the business in which such Credit Party is engaged as of the 2011 Effective Date and (ii) such other lines of business as may be consented to by Requisite Lenders.

 

6.14 Permitted Activities of Holdings.  Notwithstanding anything to the contrary contained herein, Holdings shall not (a) incur, directly or indirectly, any Indebtedness or any other obligation or liability whatsoever other than the Indebtedness and obligations permitted to be incurred by Holdings under Section 6.1 (including, without limitation, Indebtedness and obligations owing to Company, Permitted Seller Notes and Earn-Out Obligations and Indebtedness and obligations set forth on Schedule 6.1 for which Holdings is obligor as of the 2011 Effective Date), obligations to pay Transaction Costs and obligations for Taxes and administrative costs and expenses as contemplated on Sections 6.5(l) and 6.5(m); (b) create or suffer to exist any Lien upon any property or assets now owned or hereafter acquired by it other than the Liens created under the Collateral Documents to which it is a party or permitted pursuant to Section 6.2; (c) engage in any business or activity or own any assets other than (i) holding 100% of the Capital Stock of Company, (ii) performing its obligations under Permitted Seller Notes and Earn-Out Obligations and for Taxes and administrative costs and expenses as contemplated by Sections 6.5(l) and 6.5(m); (iii) making Restricted Junior Payments and Investments to the extent not prohibited by this Agreement; (iv) entering into confidentiality and non-disclosure agreements entered into in the ordinary course of business and (v) performing its obligations and activities incidental to the foregoing to the extent not prohibited under the Credit Documents; (d) consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets to, any Person; (e) sell or otherwise dispose of any Capital Stock of any of its Subsidiaries except to the extent permitted by Section 6.9; (f) create or acquire any Subsidiary or make or own any Investment in any Person other than Company and other than as permitted under Section 6.7(g); or (g) fail to hold itself out to the public as a legal entity separate and distinct from all other Persons.

 

  

99

  

6.15 Permitted Partially-Owned Subsidiaries.  At no time shall the total portion of Consolidated Adjusted EBITDA contributed by all Subsidiaries constituting Permitted Partially-Owned Subsidiaries (irrespective of whether or not Guarantor Subsidiaries) exceed 15% of Consolidated Adjusted EBITDA.

 

6.16 Amendments or Waivers with respect to Subordinated Indebtedness and Permitted Unsecured Indebtedness. No Credit Party shall, nor shall it permit any of its Subsidiaries to, amend or otherwise change the terms of any Subordinated Indebtedness or any Permitted Unsecured Indebtedness in any manner that is, in the good faith and reasonable determination  of Company, adverse in any material respect to the interests of the Lenders.

 

6.17 Designation of “Senior Indebtedness”.  Company shall not designate any Indebtedness (other than the Obligations) as “Senior Indebtedness” or similar term for purposes of any Subordinated Indebtedness without the prior written consent of Requisite Lenders.

 

6.18 Fiscal Year.  No Credit Party shall, nor shall it permit any of its Subsidiaries to, change its Fiscal Year-end from December 31.

 

SECTION 7. GUARANTY

 

7.1 Guaranty of the Obligations.  Subject to the provisions of Section 7.2, Guarantors jointly and severally hereby irrevocably and unconditionally guaranty to Administrative Agent for the ratable benefit of the Beneficiaries the due and punctual payment in full of all Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. 362(a)) (collectively, the “Guaranteed Obligations”).

 

7.2 Contribution by Guarantors.  All Guarantors desire to allocate among themselves (collectively, the “Contributing Guarantors”), in a fair and equitable manner, their obligations arising under this Guaranty.  Accordingly, in the event any payment or distribution is made on any date by a Guarantor (a “Funding Guarantor”) under this Guaranty that exceeds its Fair Share as of such date, such Funding Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in the amount of such other Contributing Guarantor’s Fair Share Shortfall as of such date, with the result that all such contributions will cause each Contributing Guarantor’s Aggregate Payments to equal its Fair Share as of such date.  “Fair Share” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all Contributing Guarantors multiplied by  (b) the aggregate amount paid or distributed on or before such date by all Funding Guarantors under this Guaranty in respect of the obligations Guaranteed.  “Fair Share Shortfall” means, with respect to a Contributing Guarantor as of any date of determination, the excess, if any, of the Fair Share of such Contributing Guarantor over the Aggregate Payments of such Contributing Guarantor.  “Fair Share Contribution Amount” means, with respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under this Guaranty that would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent

 

  

100

  

 transfer or conveyance under Section 548 of Title 11 of the United States Code or any comparable applicable provisions of state law; provided, solely for purposes of calculating the “Fair Share Contribution Amount” with respect to any Contributing Guarantor for purposes of this Section 7.2, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing Guarantor.  “Aggregate Payments” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in respect of this Guaranty (including, without limitation, in respect of this Section 7.2), minus (2) the aggregate amount of all payments received on or before such date by such Contributing Guarantor from the other Contributing Guarantors as contributions under this Section 7.2.  The amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution is made by the applicable Funding Guarantor.  The allocation among Contributing Guarantors of their obligations as set forth in this Section 7.2 shall not be construed in any way to limit the liability of any Contributing Guarantor hereunder.  Each Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 7.2.

 

7.3 Payment by Guarantors.  Subject to Section 7.2, Guarantors hereby jointly and severally agree, in furtherance of the foregoing and not in limitation of any other right which any Beneficiary may have at law or in equity against any Guarantor by virtue hereof, that upon the failure of Company to pay any of the Guaranteed Obligations when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), Guarantors will upon demand pay, or cause to be paid, in Cash, to Administrative Agent for the ratable benefit of Beneficiaries, an amount equal to the sum of the unpaid principal amount of all Guaranteed Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations (including interest which, but for Company’s becoming the subject of a case under the Bankruptcy Code, would have accrued on such Guaranteed Obligations, whether or not a claim is allowed against Company for such interest in the related bankruptcy case) and all other Guaranteed Obligations then owed to Beneficiaries as aforesaid.

 

7.4 Liability of Guarantors Absolute.  Each Guarantor agrees that its obligations hereunder are irrevocable, absolute, independent and unconditional and shall not be affected by any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other than payment in full of the Guaranteed Obligations.  In furtherance of the foregoing and without limiting the generality thereof, each Guarantor agrees as follows:

 

(a) this Guaranty is a guaranty of payment when due and not of collectability.  This Guaranty is a primary obligation of each Guarantor and not merely a contract of surety;

 

(b) Administrative Agent may enforce this Guaranty upon the occurrence of an Event of Default notwithstanding the existence of any dispute between Company and any Beneficiary with respect to the existence of such Event of Default;

 

  

101

  

(c) the obligations of each Guarantor hereunder are independent of the obligations of Company and the obligations of any other guarantor (including any other Guarantor) of the obligations of Company, and a separate action or actions may be brought and prosecuted against such Guarantor whether or not any action is brought against Company or any of such other guarantors and whether or not Company is joined in any such action or actions;

 

(d) payment by any Guarantor of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify or abridge any Guarantor’s liability for any portion of the Guaranteed Obligations which has not been paid.  Without limiting the generality of the foregoing, if Administrative Agent is awarded a judgment in any suit brought to enforce any Guarantor’s covenant to pay a portion of the Guaranteed Obligations, such judgment shall not be deemed to release such Guarantor from its covenant to pay the portion of the Guaranteed Obligations that is not the subject of such suit, and such judgment shall not, except to the extent satisfied by such Guarantor, limit, affect, modify or abridge any other Guarantor’s liability hereunder in respect of the Guaranteed Obligations;

 

(e) any Beneficiary, upon such terms as it deems appropriate, without notice or demand and without affecting the validity or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability hereunder, from time to time may (i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place, manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer of performance with respect to, or substitutions for, the Guaranteed Obligations or any agreement relating thereto and/or subordinate the payment of the same to the payment of any other obligations; (iii) request and accept other guaranties of the Guaranteed Obligations and take and hold security for the payment hereof or the Guaranteed Obligations; (iv) release, surrender, exchange, substitute, compromise, settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security for payment of the Guaranteed Obligations, any other guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with respect to the Guaranteed Obligations; (v) enforce and apply any security now or hereafter held by or for the benefit of such Beneficiary in respect hereof or the Guaranteed Obligations and direct the order or manner of sale thereof, or exercise any other right or remedy that such Beneficiary may have against any such security, in each case as such Beneficiary in its discretion may determine consistent herewith or the applicable Hedge Agreement or Specified Cash Management Arrangement and any applicable security agreement, including foreclosure on any such security pursuant to one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable, and even though such action operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Guarantor against Company or any security for the Guaranteed Obligations; and (vi) exercise any other rights available to it under the Credit Documents, the Hedge Agreements or the Specified Cash Management Arrangements; and

 

(f) this Guaranty and the obligations of Guarantors hereunder shall be valid and enforceable and shall not be subject to any reduction, limitation, impairment, discharge or termination for any reason (other than payment in full of the Guaranteed Obligations), including the occurrence of any of the following, whether or not any Guarantor shall have had notice or knowledge of any of them: (i) any failure or omission to assert or enforce or agreement or

 

  

102

  

election not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy (whether arising under the Credit Documents, the Hedge Agreements or the Specified Cash Management Arrangements, at law, in equity or otherwise) with respect to the Guaranteed Obligations or any agreement relating thereto, or with respect to any other guaranty of or security for the payment of the Guaranteed Obligations; (ii) any rescission, waiver, amendment or modification of, or any consent to departure from, any of the terms or provisions (including provisions relating to events of default) hereof, any of the other Credit Documents, any of the Hedge Agreements, any of the Specified Cash Management Arrangements or any agreement or instrument executed pursuant thereto, or of any other guaranty or security for the Guaranteed Obligations, in each case whether or not in accordance with the terms hereof or such Credit Document, such Hedge Agreement, such Specified Cash Management Arrangement or any agreement relating to such other guaranty or security; (iii) the Guaranteed Obligations, or any agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect; (iv) the application of payments received from any source (other than payments received pursuant to the other Credit Documents, any of the Hedge Agreements, or any of the Specified Cash Management Arrangements or from the proceeds of any security for the Guaranteed Obligations, except to the extent such security also serves as collateral for indebtedness other than the Guaranteed Obligations) to the payment of indebtedness other than the Guaranteed Obligations, even though any Beneficiary might have elected to apply such payment to any part or all of the Guaranteed Obligations; (v) any Beneficiary’s consent to the change, reorganization or termination of the corporate structure or existence of Holdings or any of its Subsidiaries and to any corresponding restructuring of the Guaranteed Obligations; (vi) any failure to perfect or continue perfection of a security interest in any collateral which secures any of the Guaranteed Obligations; (vii) any defenses, set-offs or counterclaims which Company may allege or assert against any Beneficiary in respect of the Guaranteed Obligations, including failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury; and (viii) any other act or thing or omission, or delay to do any other act or thing, which may or might in any manner or to any extent vary the risk of any Guarantor as an obligor in respect of the Guaranteed Obligations.

 

7.5 Waivers by Guarantors.  Each Guarantor hereby waives, for the benefit of Beneficiaries: (a) any right to require any Beneficiary, as a condition of payment or performance by such Guarantor, to (i) proceed against Company, any other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed against or exhaust any security held from Company, any such other guarantor or any other Person, (iii) proceed against or have resort to any balance of any Deposit Account or credit on the books of any Beneficiary in favor of Company or any other Person, or (iv) pursue any other remedy in the power of any Beneficiary whatsoever;  (b) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of Company or any other Guarantor including any defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of Company or any other Guarantor from any cause other than payment in full of the Guaranteed Obligations; (c) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (d) any defense based upon any Beneficiary’s errors or omissions in the administration of the Guaranteed Obligations, except behavior which amounts

 

  

103

  

to bad faith; (e) (i) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms hereof and any legal or equitable discharge of such Guarantor’s obligations hereunder, (ii) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement hereof, (iii) any rights to set-offs, recoupments and counterclaims, and (iv) promptness, diligence and any requirement that any Beneficiary protect, secure, perfect or insure any security interest or lien or any property subject thereto; (f) notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance hereof, notices of default hereunder, the Hedge Agreements, the Specified Cash Management Arrangements or any agreement or instrument related thereto, notices of any renewal, extension or modification of the Guaranteed Obligations or any agreement related thereto, notices of any extension of credit to Company and notices of any of the matters referred to in Section 7.4 and any right to consent to any thereof; and (g) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms hereof.

 

7.6 Guarantors’ Rights of Subrogation, Contribution, etc.  Until the Guaranteed Obligations shall have been indefeasibly paid in full and the Revolving Commitments shall have terminated, each Guarantor hereby waives any claim, right or remedy, direct or indirect, that such Guarantor now has or may hereafter have against Company or any other Guarantor or any of its assets in connection with this Guaranty or the performance by such Guarantor of its obligations hereunder, in each case whether such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise and including without limitation (a) any right of subrogation, reimbursement or indemnification that such Guarantor now has or may hereafter have against Company with respect to the Guaranteed Obligations, (b) any right to enforce, or to participate in, any claim, right or remedy that any Beneficiary now has or may hereafter have against Company, and (c) any benefit of, and any right to participate in, any collateral or security now or hereafter held by any Beneficiary.  In addition, until the Guaranteed Obligations shall have been indefeasibly paid in full and the Revolving Commitments shall have terminated each Guarantor shall withhold exercise of any right of contribution such Guarantor may have against any other guarantor (including any other Guarantor) of the Guaranteed Obligations, including, without limitation, any such right of contribution as contemplated by Section 7.2.  Each Guarantor further agrees that, to the extent the waiver or agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification and contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or indemnification such Guarantor may have against Company or against any collateral or security, and any rights of contribution such Guarantor may have against any such other guarantor, shall be junior and subordinate to any rights any Beneficiary may have against Company, to all right, title and interest any Beneficiary may have in any such collateral or security, and to any right any Beneficiary may have against such other guarantor.  If any amount shall be paid to any Guarantor on account of any such subrogation, reimbursement, indemnification or contribution rights at any time when all Guaranteed Obligations shall not have been paid in full, such amount shall be held in trust for Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to Administrative Agent for the benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms hereof.

 

  

104

  

7.7 Subordination of Other Obligations.  Any Indebtedness of Company or any Guarantor now or hereafter held by any Guarantor or Company (such holder of Indebtedness, the “Obligee Credit Party”) is hereby subordinated in right of payment to the Obligations (if the Obligee Credit Party is Company) and the Guaranteed Obligations (if the Obligee Credit Party is a Guarantor), and any such indebtedness collected or received by the Obligee Credit Party after an Event of Default has occurred and is continuing shall be held in trust for Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to Administrative Agent for the benefit of Beneficiaries to be credited and applied against the Obligations or the Guaranteed Obligations, as the case may be but without affecting, impairing or limiting in any manner the liability of the Obligee Credit Party under any other provision hereof.

 

7.8 Continuing Guaranty.  This Guaranty is a continuing guaranty and shall remain in effect until all of the Guaranteed Obligations shall have been finally and indefeasibly paid in full and the Revolving Commitments shall have terminated.  Each Guarantor hereby irrevocably waives any right to revoke this Guaranty as to future transactions giving rise to any Guaranteed Obligations.

 

7.9 Authority of Guarantors or Company.  It is not necessary for any Beneficiary to inquire into the capacity or powers of any Guarantor or Company or the officers, directors or any agents acting or purporting to act on behalf of any of them.

 

7.10 Financial Condition of Company.  Any Credit Extension may be made to Company or continued from time to time, any Hedge Agreements and any Specified Cash Management Arrangements may be entered into from time to time, in each case without notice to or authorization from any Guarantor regardless of the financial or other condition of Company at the time of any such grant or continuation or at the time such Hedge Agreement or Specified Cash Management Arrangement is entered into, as the case may be.  No Beneficiary shall have any obligation to disclose or discuss with any Guarantor its assessment, or any Guarantor’s assessment, of the financial condition of Company.  Each Guarantor has adequate means to obtain information from Company on a continuing basis concerning the financial condition of Company and its ability to perform its obligations under the Credit Documents, the Specified Cash Management Arrangements and the Hedge Agreements, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of Company and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations.  Each Guarantor hereby waives and relinquishes any duty on the part of any Beneficiary to disclose any matter, fact or thing relating to the business, operations or conditions of Company now known or hereafter known by any Beneficiary.

 

7.11 Bankruptcy, etc.  (a) So long as any Guaranteed Obligations remain outstanding, no Guarantor shall, without the prior written consent of Administrative Agent acting pursuant to the instructions of Requisite Lenders, commence or join with any other Person in commencing any bankruptcy, reorganization or insolvency case or proceeding of or against Company or any other Guarantor.  The obligations of Guarantors hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any case or proceeding, voluntary or involuntary, involving the bankruptcy, insolvency, receivership, reorganization, liquidation or arrangement of Company or any other Guarantor or by any defense which Company or any other

 

  

105

  

Guarantor may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding.

 

(a) Each Guarantor acknowledges and agrees that any interest on any portion of the Guaranteed Obligations which accrues after the commencement of any case or proceeding referred to in clause (a) above (or, if interest on any portion of the Guaranteed Obligations ceases to accrue by operation of law by reason of the commencement of such case or proceeding, such interest as would have accrued on such portion of the Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed Obligations because it is the intention of Guarantors and Beneficiaries that the Guaranteed Obligations which are Guaranteed by Guarantors pursuant hereto should be determined without regard to any rule of law or order which may relieve Company of any portion of such Guaranteed Obligations.  Guarantors will permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar person to pay Administrative Agent, or allow the claim of Administrative Agent in respect of, any such interest accruing after the date on which such case or proceeding is commenced.

 

(b) In the event that all or any portion of the Guaranteed Obligations are paid by Company, the obligations of Guarantors hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered directly or indirectly from any Beneficiary as a preference, fraudulent transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder.

 

7.12 Discharge of Guaranty Upon Sale of Guarantor.  If all of the Capital Stock of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale.

 

SECTION 8. EVENTS OF DEFAULT

 

8.1 Events of Default.  If any one or more of the following conditions or events shall occur:

 

(a) Failure to Make Payments When Due.  Failure by Company to pay (i) when due any installment of principal of any Loan, whether at stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; (ii) when due any amount payable to Issuing Bank in reimbursement of any drawing under a Letter of Credit; or (iii) any interest on any Loan or any fee or any other amount due hereunder within five (5) days after the date due; or

 

(b) Default in Other Agreements.  (i) Failure of any Credit Party or any of their respective Subsidiaries to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in Section 8.1(a)) in a principal amount of $10,000,000 or more, beyond the grace period, if any,

 

  

106

  

provided therefor and the holder of such Indebtedness has any rights or remedies exercisable as a result of such failure; or (ii) breach or default by any Credit Party with respect to any other material term of (1) one or more items of Indebtedness in the individual or aggregate principal amounts referred to in clause (i) above or (2) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, in each case beyond the grace period, if any, provided therefor, if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness (or a trustee on behalf of such holder or holders), to cause, that Indebtedness to become or be declared due and payable (or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; or

 

(c) Breach of Certain Covenants.  Failure of any Credit Party to perform or comply with any term or condition contained in Section 2.5, Section 5.2 or Section 6; or

 

(d) Breach of Representations, etc.  Any representation, warranty, certification or other statement made or deemed made by any Credit Party in any Credit Document or in any statement or certificate at any time given by any Credit Party or any of its Subsidiaries in writing pursuant hereto or thereto or in connection herewith or therewith shall be false in any material respect as of the date made or deemed made; or

 

(e) Other Defaults Under Credit Documents.  Any Credit Party shall default in the performance of or compliance with any term contained herein or any of the other Credit Documents, other than any such term referred to in any other Section of this Section 8.1, and such default shall not have been remedied or waived within thirty (30) days after the earlier of (i) an officer of such Credit Party becoming aware of such default or (ii) receipt by Company of notice from Administrative Agent or any Lender of such default; or

 

(f) Involuntary Bankruptcy; Appointment of Receiver, etc.  (i) A court of competent jurisdiction shall enter a decree or order for relief in respect of Holdings or any of its Subsidiaries (other than Immaterial Subsidiaries) in an involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (ii) an involuntary case shall be commenced against Holdings or any of its Subsidiaries (other than Immaterial Subsidiaries) under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Holdings or any of its Subsidiaries (other than Immaterial Subsidiaries), or over all or a substantial part of its property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of Holdings or any of its Subsidiaries (other than Immaterial Subsidiaries) for all or a substantial part of its property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of Holdings or any of its Subsidiaries (other than Immaterial Subsidiaries), and any such event described in this clause (ii) shall continue for sixty (60) days without having been dismissed, bonded or discharged; or

 

(g) Voluntary Bankruptcy; Appointment of Receiver, etc.  (i) Holdings or any of its Subsidiaries (other than Immaterial Subsidiaries) shall have an order for relief entered with

 

  

107

  

respect to it or shall commence a voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or Holdings or any of its Subsidiaries (other than Immaterial Subsidiaries) shall make any assignment for the benefit of creditors; or (ii) Holdings or any of its Subsidiaries (other than Immaterial Subsidiaries) shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of Holdings or any of its Subsidiaries (other than Immaterial Subsidiaries) (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to herein or in Section 8.1(f); or

 

(h) Judgments and Attachments.  Any money judgment, writ or warrant of attachment or similar process involving an amount in excess of $10,000,000 (to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance Company has acknowledged coverage) shall be entered or filed against Holdings or any of its Subsidiaries or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of sixty (60) days (or in any event later than five days prior to the date of any proposed sale thereunder); or

 

(i) Dissolution.  Any order, judgment or decree shall be entered against any Credit Party decreeing the dissolution or split up of such Credit Party and such order shall remain undischarged or unstayed for a period in excess of thirty (30) days; or

 

(j) Employee Benefit Plans.  There shall occur one or more ERISA Events which individually or in the aggregate has resulted or could reasonably be expected to result in liability of Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates in excess of $3,500,000 during the term hereof; there shall exist one or more facts or circumstances that might reasonably be expected to result in the imposition of a Lien pursuant to Section 430(k) of the Internal Revenue Code or pursuant to ERISA with respect to any Pension Plan; or there shall exist an amount of benefit liabilities (as defined in ERISA), individually or in the aggregate for all Pension Plans (excluding for purposes of such computation any Pension Plans with respect to which assets exceed benefit liabilities), which exceeds $3,500,000; or

 

(k) Change of Control.  A Change of Control shall occur; or

 

(l) Guaranties, Collateral Documents and other Credit Documents.  At any time after the execution and delivery thereof, (i) any material part of the Guaranty (taking into consideration the joint and several obligations of Guarantors in respect of the Guaranty) for any reason, other than the satisfaction in full of all Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void or any Guarantor shall repudiate its obligations thereunder, (ii) this Agreement or any Collateral Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the satisfaction in full of the Obligations in accordance with the terms hereof) or shall be declared null and void, or Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral purported to be

 

  

108

  

covered by the Collateral Documents with the priority required by the relevant Collateral Document, in each case for any reason other than the failure of Collateral Agent or any Secured Party to take any action within its control, or (iii) any Credit Party shall contest the validity or enforceability of any Credit Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Credit Document to which it is a party;

 

THEN, (1) upon the occurrence of any Event of Default described in Section 8.1(f) or 8.1(g), automatically, and (2) upon the occurrence of any other Event of Default, at the request of (or with the consent of) Requisite Lenders, upon notice to Company by Administrative Agent, (A) the Revolving Commitments, if any, of each Lender having such Revolving Commitments and the obligation of Issuing Bank to issue any Letter of Credit shall immediately terminate; (B) each of the following shall immediately become due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by each Credit Party: (I) the unpaid principal amount of and accrued interest on the Loans, (II) an amount equal to the Letter of Credit Usage at such time (regardless of whether any beneficiary under any such Letter of Credit shall have presented, or shall be entitled at such time to present, the drafts or other documents or certificates required to draw under such Letters of Credit) to be applied to the amount of any drawings under Letters of Credit and not theretofore reimbursed by or on behalf of Company or held as security for undrawn Letters of Credit, as applicable, and (III) all other Obligations under the Credit Documents; provided, the foregoing shall not affect in any way the obligations of Lenders under Section 2.3(b)(iv) or Section 2.23(e); and (C) Administrative Agent may cause Collateral Agent to enforce any and all Liens and security interests created pursuant to Collateral Documents.

 

Notwithstanding any of the foregoing to the contrary set forth herein, it shall not constitute an Event of Default hereunder if any of the circumstances described above in Sections 8.1(f), 8.1(g), 8.1(i) and 8.1(l) shall have occurred with respect to one or more Subsidiaries of Company which in the aggregate do not account for more than 2.50% of Company’s total Consolidated Adjusted EBITDA for the four-Fiscal Quarter period most recently ended.

 

SECTION 9. AGENTS

 

9.1 Appointment of Agents.  Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC are hereby appointed Lead Arrangers, Bank of America, N.A. and JPMorgan Chase Bank, N.A. are hereby appointed Co-Syndication Agents, and U.S. Bank National Association and Union Bank, N.A. are each hereby appointed as Co-Documentation Agents hereunder, and each Lender hereby authorizes Lead Arrangers, Co-Syndication Agents and Co-Documentation Agents to act as its agents in accordance with the terms hereof and the other Credit Documents.  Wells Fargo is hereby appointed Administrative Agent and Collateral Agent hereunder and under the other Credit Documents and each Lender hereby authorizes Administrative Agent and Collateral Agent to act as its agent in accordance with the terms hereof and the other Credit Documents.  Each Agent hereby agrees to act upon the express conditions contained herein and the other Credit Documents, as applicable.  The provisions of this Section 9 are solely for the benefit of Agents and Lenders and no Credit Party shall have any rights as a third party beneficiary of any of the provisions hereof.  In performing its functions and duties hereunder, each Agent shall act solely

 

  

109

  

as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for Holdings or any of its Subsidiaries.  Each Co-Syndication Agent and each Co-Documentation Agent, without consent of or notice to any party hereto, may assign any and all of its rights or obligations hereunder to any of its Affiliates.  As of the 2011 Effective Date, all the respective obligations of Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC, in their capacity as Lead Arrangers, Bank of America, N.A. and JPMorgan Chase Bank, N.A., in their capacity as Co-Syndication Agents, and U.S. Bank National Association and Union Bank, N.A., in their capacity as Co-Documentation Agents, shall terminate.

 

9.2 Powers and Duties.  Each Lender irrevocably authorizes each Agent to take such action on such Lender’s behalf and to exercise such powers, rights and remedies hereunder and under the other Credit Documents as are specifically delegated or granted to such Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto.  Each Agent shall have only those duties and responsibilities that are expressly specified herein and the other Credit Documents.  Each Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees.  No Agent shall have, by reason hereof or any of the other Credit Documents, a fiduciary relationship in respect of any Lender or any Credit Party; and nothing herein or in any of the other Credit Documents, expressed or implied, is intended to or shall be so construed as to impose upon any Agent any obligations in respect hereof or of any of the other Credit Documents except as expressly set forth herein or therein.

 

9.3 General Immunity.

 

(a) No Responsibility for Certain Matters.  No Agent shall be responsible to any Lender for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency hereof or of any other Credit Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates or any other documents furnished or made by any Agent to Lenders or by or on behalf of any Credit Party, any Lender or any person providing the Settlement Service to any Agent or any Lender in connection with the Credit Documents and the transactions contemplated thereby or for the financial condition or business affairs of any Credit Party or any other Person liable for the payment of any Obligations, nor shall any Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Credit Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of any Event of Default or Default.  Anything contained herein to the contrary notwithstanding, Administrative Agent shall not have any liability arising from confirmations of the amount of outstanding Loans or the Letter of Credit Usage or the component amounts thereof.

 

(b) Exculpatory Provisions.  No Agent nor any of its officers, partners, directors, employees or agents shall be liable to Lenders for any action taken or omitted by any Agent under or in connection with any of the Credit Documents except to the extent caused by such Agent’s gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction.  Each Agent shall be entitled to refrain from any

 

  

110

  

act or the taking of any action (including the failure to take an action) in connection herewith or any of the other Credit Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from Requisite Lenders (or such other Lenders as may be required to give such instructions under Section 10.5) and, upon receipt of such instructions from Requisite Lenders (or such other Lenders, as the case may be), such Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions.  Without prejudice to the generality of the foregoing, (i) each Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, including any Settlement Confirmation or other communication issues by any Settlement Service, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who may be attorneys for Holdings and its Subsidiaries), accountants, experts and other professional advisors selected by it; and (ii) no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other Credit Documents in accordance with the instructions of Requisite Lenders (or such other Lenders as may be required to give such instructions under Section 10.5).

 

(c) Delegation of Duties. Administrative Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Credit Document by or through any one or more sub-agents appointed by Administrative Agent; provided, that the appointment of one or more sub-agents shall not relieve the Administrative Agent of any of its duties or obligations under this Agreement or any other Credit Documents and the Administrative Agent shall exercise due care in the selection and monitoring of any such sub-agent. Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory, indemnification and other provisions of this Section 9.3 and of Section 9.6 shall apply to any the Affiliates of Administrative Agent and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. All of the rights, benefits, and privileges (including the exculpatory and indemnification provisions) of this Section 9.3 and of Section 9.6 shall apply to any such sub-agent and to the Affiliates of any such sub-agent, and shall apply to their respective activities as sub-agent as if such sub-agent and Affiliates were named herein.  Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by the Administrative Agent, (i) such sub-agent shall be a third party beneficiary under this Agreement with respect to all such rights, benefits and privileges (including exculpatory rights and rights to indemnification) and shall have all of the rights and benefits of a third party beneficiary, including an independent right of action to enforce such rights, benefits and privileges (including exculpatory rights and rights to indemnification) directly, without the consent or joinder of any other Person, against any or all of the Credit Parties and the Lenders, and (ii) such rights, benefits and privileges (including exculpatory rights and rights to indemnification) shall not be modified or amended without the consent of such sub-agent.  Any sub-agent shall be obligated to account for all money and other property handled by it in connection with this Agreement or any other Credit Document as if it were a party hereto or thereto, as applicable, as Administrative Agent, but shall otherwise deal solely with and at the direction of Administrative Agent.

 

  

111

  

9.4 Agents Entitled to Act as Lender.  The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder.  With respect to its participation in the Loans, each Agent shall have the same rights and powers hereunder as any other Lender and may exercise the same as if it were not performing the duties and functions delegated to it hereunder, and the term “Lender” shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity.  Any Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind of banking, trust, financial advisory or other business with Holdings or any of its Affiliates as if it were not performing the duties specified herein, and may accept fees and other consideration from Company for services in connection herewith and otherwise without having to account for the same to Lenders.

 

9.5 Lenders’ Representations, Warranties and Acknowledgment.

 

(a) Each Lender represents and warrants that it has made its own independent investigation of the financial condition and affairs of Holdings and its Subsidiaries in connection with Credit Extensions hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of Holdings and its Subsidiaries.  No Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.

 

(b) Each Lender, by delivering its signature page to this Agreement, an Assignment Agreement or a Joinder Agreement and funding its Term Loan and/or a Revolving Loan or by the funding of any New Term Loans or New Revolving Loans, as the case may be, shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the Closing Date, the 2011 Effective Date or as of the date of funding of such New Term Loans or New Revolving Loans.

 

9.6 Right to Indemnity.  Each Lender, in proportion to its Pro Rata Share, severally agrees to indemnify each Agent, to the extent that such Agent shall not have been reimbursed by any Credit Party, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against such Agent in exercising its powers, rights and remedies or performing its duties hereunder or under the other Credit Documents or otherwise in its capacity as such Agent in any way relating to or arising out of this Agreement or the other Credit Documents; provided, no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction.  If any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify

 

  

112

  

any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender’s Pro Rata Share thereof; and provided further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement described in the proviso in the immediately preceding sentence.

 

9.7 Successor Administrative Agent, Collateral Agent and Swing Line Lender.

 

(a)           Administrative Agent may resign at any time by giving thirty (30) days’ prior written notice thereof to Lenders and Company, and Administrative Agent may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered to Company and Administrative Agent and signed by Requisite Lenders.  Upon any such notice of resignation or any such removal, Requisite Lenders shall have the right, in consultation with Company, to appoint a successor Administrative Agent.  If the Requisite Lenders have not appointed a successor Administrative Agent within 30 days after delivery of the notice of resignation by the Administrative Agent or a successor Administrative Agent has not accepted such appointment by such time, the resignation of the Administrative Agent shall nevertheless be effective at such time and the Requisite Lenders shall be deemed to have succeeded to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; provided that until a successor Administrative Agent is so appointed, Administrative Agent may, by notice to Company and Requisite Lenders, retain its role as Collateral Agent under any Collateral Documents.  Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Administrative Agent and the retiring or removed Administrative Agent shall promptly (i) transfer to such successor Administrative Agent all sums, Securities and other items of Collateral held under the Collateral Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent under the Credit Documents, and (ii) execute and deliver to such successor Administrative Agent such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Administrative Agent of the security interests created under the Collateral Documents, whereupon such retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder.  Except as provided above, any resignation or removal of Wells Fargo or its successor as Administrative Agent pursuant to this Section shall also constitute the resignation or removal of Wells Fargo or its successor as Collateral Agent.  After any retiring or removed Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent hereunder.  Any successor Administrative Agent appointed pursuant to this Section shall, upon its acceptance of such appointment, become the successor Collateral Agent for all purposes hereunder.  If Wells Fargo or its successor as Administrative Agent pursuant to this Section has resigned as Administrative Agent but retained its role as Collateral Agent as set forth above and no successor Collateral Agent has become the Collateral Agent pursuant to the immediately preceding sentence, Wells Fargo or its successor may resign as Collateral Agent upon notice to Company and Requisite Lenders at any time.

 

  

113

  

(b)           In addition to the foregoing, Collateral Agent may resign at any time by giving thirty 30 days’ prior written notice thereof to Lenders and the Grantors, and Collateral Agent may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered to the Grantors and Collateral Agent signed by Requisite Lenders.  Administrative Agent shall have the rights to appoint a financial institution as Collateral Agent hereunder, subject to the reasonable satisfaction of Company and the Requisite Lenders and Collateral Agent’s resignation shall become effective on the earlier of (i) the acceptance of such successor Collateral Agent by Company and the Requisite Lenders or (ii) the thirtieth day after such notice of resignation.  Upon any such notice of resignation or any such removal, Requisite Lenders shall have the right, upon five Business Days’ notice to Administrative Agent, to appoint a successor Collateral Agent.  Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Collateral Agent under this Agreement and the Collateral Documents, and the retiring or removed Collateral Agent under this Agreement shall promptly (i) transfer to such successor Collateral Agent all sums, Securities and other items of Collateral held hereunder or under the Collateral Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Collateral Agent under this Agreement and the Collateral Documents, and (ii) execute and deliver to such successor Collateral Agent or otherwise authorize the filing of such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Collateral Agent of the security interests created under the Collateral Documents, whereupon such retiring or removed Collateral Agent shall be discharged from its duties and obligations under this Agreement and the Collateral Documents.  After any retiring or removed Collateral Agent’s resignation or removal hereunder as the Collateral Agent, the provisions of this Agreement and the Collateral Documents shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement or the Collateral Documents while it was the Collateral Agent hereunder.

 

(c)           Any resignation or removal of Administrative Agent pursuant to this Section shall also constitute the resignation or removal of Wells Fargo or its successor as Swing Line Lender, and any successor Administrative Agent appointed pursuant to this Section shall, upon its acceptance of such appointment, become the successor Swing Line Lender for all purposes hereunder.  In such event (a) Company shall prepay any outstanding Swing Line Loans made by the retiring or removed Administrative Agent in its capacity as Swing Line Lender, (b) upon such prepayment, the retiring or removed Administrative Agent and Swing Line Lender shall surrender any Swing Line Note held by it to Company for cancellation, and (c) Company shall issue, if so requested by successor Administrative Agent and Swing Line Lender, a new Swing Line Note to the successor Administrative Agent and Swing Line Lender, in the principal amount of the Swing Line Sublimit then in effect and with other appropriate insertions.

 

9.8 Collateral Documents and Guaranty.

 

(a) Agents under Collateral Documents and Guaranty.  Each Secured Party hereby further authorizes Administrative Agent or Collateral Agent, as applicable, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of Lenders with respect to the Guaranty, the Collateral and the Collateral Documents.  Subject to Section 10.5,

 

  

114

  

without further written consent or authorization from the Secured Parties, Administrative Agent or Collateral Agent, as applicable, may execute any documents or instruments necessary to (i) release any Lien encumbering any item of Collateral that is the subject of a sale or other disposition of assets permitted hereby or to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 10.5) have otherwise consented or (ii) release any Guarantor from the Guaranty pursuant to Section 7.12 or with respect to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 10.5) have otherwise consented.

 

(b) Right to Realize on Collateral and Enforce Guaranty.  Anything contained in any of the Credit Documents to the contrary notwithstanding, Company, Administrative Agent, Collateral Agent and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guaranty, it being understood and agreed that all powers, rights and remedies hereunder may be exercised solely by Administrative Agent, on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights and remedies under the Collateral Documents may be exercised solely by Collateral Agent, and (ii) in the event of a foreclosure by Collateral Agent on any of the Collateral pursuant to a public or private sale, Administrative Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale and Collateral Agent, as agent for and representative of Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless Requisite Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by Collateral Agent at such sale.

 

(c) Lender Counterparties.  No Lender Counterparty that obtains the benefits of any Collateral by virtue of the provisions hereof or of any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of the Collateral other than its capacity as a Lender and, in such case, only to the extent expressly provided in the Credit Documents.  By accepting the benefits of the Collateral, such Lender Counterparty shall be deemed to have appointed Collateral Agent as its agent and agree to be bound by the Credit Documents as a Secured Party.

 

SECTION 10. MISCELLANEOUS

 

10.1 Notices.

 

(a)           Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given to a Credit Party, Lead Arrangers, Co-Syndication Agents, Collateral Agent, Administrative Agent, Swing Line Lender or Issuing Bank, shall be sent to such Person’s address as set forth on Appendix B or in the other relevant Credit Document, and in the case of any Lender, the address as indicated on Appendix B or otherwise indicated to Administrative Agent in writing.  Each notice hereunder shall be in writing and may be personally served, telexed or sent by telefacsimile or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier

 

  

115

  

service and signed for against receipt thereof, upon receipt of telefacsimile or telex, or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed; provided, no notice to any Agent shall be effective until received by such Agent; provided further, any such notice or other communication shall at the request of the Administrative Agent be provided to any sub-agent appointed pursuant to Section 9.3(c) hereto as designated by the Administrative Agent from time to time.

 

(b)           Notices and other communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by electronic communication (including email and internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the Issuing Bank pursuant to Section 2 hereof if such Lender or the Issuing Bank, as applicable, has notified the Administrative Agent in writing that it is incapable of receiving notices under such section by electronic communication.  The Administrative Agent or Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.  Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an email address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or other communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its email address as described in the foregoing clause (i) of this sentence of notification that such notice or communication is available and identifying the website address therefor.

 

(c)           Each Credit Party understands that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent caused by the willful misconduct or gross negligence of Administrative Agent, as determined by a final, non-appealable judgment of a court of competent jurisdiction.

 

10.2 Expenses.  Whether or not the transactions contemplated hereby shall be consummated, Company agrees to pay promptly (a) all the actual and reasonable costs and expenses of preparation of the Credit Documents and any consents, amendments, waivers or other modifications thereto; (b) all the costs of furnishing all opinions by counsel for Company and the other Credit Parties; (c) the reasonable and documented fees, expenses and disbursements of counsel to Agents in connection with the negotiation, preparation, execution and administration of the Credit Documents and any consents, amendments, waivers or other modifications thereto and any other documents or matters requested by Company;  (d) all the actual costs and reasonable and documented expenses of creating and perfecting Liens in favor of Collateral Agent, for the benefit of Lenders pursuant hereto, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, title insurance premiums and reasonable fees, expenses and disbursements of counsel to each Agent and of counsel providing

 

  

116

  

any opinions that any Agent or Requisite Lenders may request in respect of the Collateral or the Liens created pursuant to the Collateral Documents; (e) all the actual costs and reasonable and documented fees, expenses and disbursements of any auditors, accountants, consultants or appraisers; (f) all the actual costs and reasonable and documented expenses (including the reasonable fees, expenses and disbursements of any appraisers, consultants, advisors and agents employed or retained by Collateral Agent and its counsel) in connection with the custody or preservation of any of the Collateral; (g) all other actual and reasonable and documented costs and expenses incurred by each Agent in connection with the syndication of the Loans and Commitments and the negotiation, preparation and execution of the Credit Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby; and (h) after the occurrence of a Default or an Event of Default, all costs and expenses, including reasonable and documented attorneys’ fees (including allocated costs of internal counsel) and costs of settlement, incurred by any Agent and Lenders in enforcing any Obligations of or in collecting any payments due from any Credit Party hereunder or under the other Credit Documents by reason of such Default or Event of Default (including in connection with the sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Guaranty) or in connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work-out” or pursuant to any insolvency or bankruptcy cases or proceedings.

 

10.3 Indemnity.  In addition to the payment of expenses pursuant to Section 10.2, whether or not the transactions contemplated hereby shall be consummated, each Credit Party agrees to defend (subject to Indemnitees’ selection of counsel), indemnify, pay and hold harmless, each Agent and Lender and the officers, partners, directors, trustees, employees, agents, sub-agents and Affiliates of each Agent and each Lender (each, an “Indemnitee”), from and against any and all Indemnified Liabilities; provided, no Credit Party shall have any obligation to an Indemnitee hereunder with respect to any Indemnified Liabilities to the extent such Indemnified Liabilities arise from the gross negligence or willful misconduct of that Indemnitee, in each case as determined by a final, non-appealable judgment of a court of competent jurisdiction.  To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in this Section 10.3 may be unenforceable in whole or in part because they are violative of any law or public policy, the applicable Credit Party shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them; provided, no Credit Party shall have any obligation to an Indemnitee hereunder with respect to any Indemnified Liabilities to the extent such Indemnified Liabilities arise from the gross negligence or willful misconduct of that Indemnitee, in each case as determined by a final, non-appealable judgment of a court of competent jurisdiction.  To the extent permitted by applicable law, no Credit Party shall assert, and each hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, any Credit Document or any agreement or instrument or transaction contemplated hereby.

 

10.4 Set-Off.  In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence of any Event of Default each Lender is hereby authorized by each Credit Party at any time or from time to time subject to the consent of Administrative Agent (such consent not to be unreasonably withheld or delayed),

 

  

117

  

without notice to any Credit Party or to any other Person (other than Administrative Agent), any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, including Indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts) and any other Indebtedness at any time held or owing by such Lender to or for the credit or the account of any Credit Party against and on account of the obligations and liabilities of any Credit Party to such Lender hereunder, and participations therein and under the other Credit Documents, including all claims of any nature or description arising out of or connected hereto and participations therein or with any other Credit Document, irrespective of whether or not (a) such Lender shall have made any demand hereunder or (b) the principal of or the interest on the Loans or any other amounts due hereunder shall have become due and payable pursuant to Section 2 and although such obligations and liabilities, or any of them, may be contingent or unmatured.  Each Credit Party hereby further grants to Administrative Agent and each Lender a security interest in all Deposit Accounts maintained with Administrative Agent or such Lender as security for the Obligations.

 

10.5 Amendments and Waivers.

 

(a) Requisite Lenders’ Consent.  Subject to Section 10.5(b) and 10.5(c), no amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit Party therefrom, shall in any event be effective without the written concurrence of the Requisite Lenders.

 

(b) Affected Lenders’ Consent.  Without the written consent of each Lender  (other than a Defaulting Lender) that would be affected thereby, no amendment, modification, termination, or consent shall be effective if the effect thereof would:

 

(i) extend the scheduled final maturity of any Loan or Note;

 

(ii) waive, reduce or postpone any scheduled repayment (but not prepayment);

 

(iii) reduce the rate of interest on any Loan (other than any waiver of any increase in the interest rate applicable to any Loan pursuant to Section 2.9) or any fee payable hereunder;

 

(iv) extend the time for payment of any such interest or fees;

 

(v) reduce the principal amount of any Loan;

 

(vi) amend, modify, terminate or waive any provision of this Section 10.5(b) or Section 10.5(c);

 

(vii) amend the definition of “Requisite Lenders” or “Pro Rata Share”; provided, with the consent of Requisite Lenders, additional extensions of credit pursuant hereto may be included in the determination of “Requisite Lenders” or “Pro Rata Share” on substantially the same basis as the Closing Date Term Loan Commitments, the Closing Date Term Loans, any New Term Loan Commitments and New Term Loans (subject to Section 2.24), the Revolving Commitments (including New Revolving Loan Commitments subject to Section

 

  

118

  

2.24) and the Revolving Loans are included on the Closing Date or as the Additional Term Loan Commitments and the Additional Term Loans are included on the 2011 Effective Date;

 

(viii) release or otherwise subordinate all or substantially all of the Collateral or all or substantially all Guarantors from the Guaranty except as expressly provided in the Credit Documents;

 

(ix) consent to the assignment or transfer by any Credit Party of any of its rights and obligations under any Credit Document;

 

(x) extend the stated expiration date of any Letter of Credit beyond the Revolving Commitment Termination Date; or

 

(xi) reduce any reimbursement obligation in respect of any Letter of Credit.

 

(c) Other Consents.  No amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by any Credit Party therefrom, shall:

 

(i) increase any Revolving Commitment of any Lender over the amount thereof then in effect without the consent of such Lender; provided, no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall constitute an increase in any Revolving Commitment of any Lender;

 

(ii) amend, modify, terminate or waive any provision hereof relating to the Swing Line Sublimit or the Swing Line Loans without the consent of Swing Line Lender;

 

(iii) amend the definition of “Requisite Class Lenders” without the consent of Requisite Class Lenders of each Class; provided, with the consent of the Requisite Lenders, additional extensions of credit pursuant hereto may be included in the determination of such “Requisite Class Lenders” on substantially the same basis as the Closing Date Term Loan Commitments, the Closing Date Term Loans, any New Term Loan Commitments and New Term Loans (subject to Section 2.24), the Revolving Commitments (including New Revolving Loan Commitments subject to Section 2.24) and the Revolving Loans are included on the Closing Date or as the Additional Term Loan Commitments and the Additional Term Loans are included on the 2011 Effective Date;

 

(iv) alter the required application of any repayments or prepayments as between Classes pursuant to Section 2.14 without the consent of Requisite Class Lenders of each Class which is being allocated a lesser repayment or prepayment as a result thereof; provided, Requisite Lenders may waive, in whole or in part, any prepayment so long as the application, as between Classes, of any portion of such prepayment which is still required to be made is not altered;

 

(v) amend, modify, terminate or waive any provision of Section 9 as the same applies to any Agent, or any other provision hereof as the same applies to the rights or obligations of any Agent, in each case without the consent of such Agent; or

 

  

119

  

(vi) amend, modify, terminate or waive any obligation of Lenders relating to the purchase of participations in Letters of Credit as provided in Section 2.23(e) without the written consent of Administrative Agent and of Issuing Bank.

 

(d) Execution of Amendments, etc.  Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such  Lender.  Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given.  No notice to or demand on any Credit Party in any case shall entitle any Credit Party to any other or further notice or demand in similar or other circumstances.  Any amendment, modification, termination, waiver or consent effected in accordance with this Section 10.5 shall be binding upon each Lender at the time outstanding, each future Lender and, if signed by a Credit Party, on such Credit Party.

 

(e) Refinancing Term Loans.  Notwithstanding anything to the contrary contained herein, this Agreement may be amended with the written consent of the Administrative Agent, Company, the holders of not less than 50.0% of the Revolving Exposure and the Lenders providing the relevant Replacement Term Loans to permit the refinancing of all outstanding Term Loans (the “Refinanced Term Loan”) with a replacement term loan tranche hereunder (the “Replacement Term Loans”), provided that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loan, (b) the interest rate for such Replacement Term Loans shall not be higher than the interest rate for such Refinanced Term Loan, (c) the weighted average life to maturity of such Replacement Term Loans shall not be shorter than the weighted average life to maturity of such Refinanced Term Loan at the time of such refinancing and (d) all other terms applicable to such Replacement Term Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Term Loans than those applicable to such Refinanced Term Loan, except to the extent necessary to provide for covenants and other terms applicable to any period after the latest final maturity of the Term Loans in effect immediately prior to such refinancing.

 

(f) Extension of Loans.  Notwithstanding anything to the contrary contained herein, any amendment that would extend the applicable Term Loan Maturity Date or Revolving Commitment Termination Date with respect to any Loans or Commitments, provide for any increased pricing (including fees) for any Lenders agreeing to extend their Loans or Commitments pursuant to the terms of such amendment and any corresponding modifications under this Agreement related thereto may be effected pursuant to an agreement or agreements in writing entered into by Company, Administrative Agent, the Requisite Lenders and the Lenders holding the Loans or Commitments who are directly and adversely affected thereby.

 

10.6 Successors and Assigns; Participations.

 

(a) Generally.  This Agreement shall (i) be binding upon the parties hereto and their respective successors and assigns and (ii) shall inure to the benefit of (x) the parties hereto and the successors and assigns of Lenders and (y) solely to the extent expressly contemplated hereby, Indemnitees and Lender Counterparties.  No Credit Party’s rights or obligations hereunder nor any interest therein may be assigned or delegated by any Credit Party without the prior written consent of all Lenders.  For the avoidance of doubt, neither any Indemnitee nor any Lender Counterparty (solely in their capacity as an Indemnitee or Lender

 

  

120

  

Counterparty and not in their capacity as a Lender, Agent or Issuing Bank) shall have any voting or consent rights in connection with any amendment, modification, waiver or other change of any term of any Credit Document (including any indemnity provision therein) except to the extent expressly provided in the Credit Documents.

 

(b) Register.  Company, Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the Register as the holders and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of any such Commitment or Loan shall be effective, in each case, unless and until recorded in the Register following receipt of (x) a written or electronic confirmation of an assignment issued by a Settlement Service pursuant to Section 10.6(d) (a “Settlement Confirmation”) or (y) an Assignment Agreement effecting the assignment or transfer thereof, in each case, as provided in Section 10.6(d).  Each assignment shall be recorded in the Register on the Business Day the Settlement Confirmation or Assignment Agreement is received by the Administrative Agent, if received by 12:00 noon New York City time, and on the following Business Day if received after such time.  Prompt notice thereof shall be provided to Company and a copy of such Assignment Agreement or Settlement Confirmation shall be maintained, as applicable.  The date of such recordation of a transfer shall be referred to herein as the “Assignment Effective Date.”  Any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding Commitments or Loans.

 

(c) Right to Assign.  Each Lender shall have the right at any time to sell, assign or transfer all or a portion of its rights and obligations under this Agreement, including, without limitation, all or a portion of its Commitment or Loans owing to it, Note or Notes held by it, or other Obligation (provided, however, that each such assignment shall be of a uniform, and not varying, percentage of all rights and obligations under and in respect of any Loan and any related Commitments):

 

(i) to any Person meeting the criteria of clause (i) of the definition of the term of “Eligible Assignee” upon the giving of notice to Company and Administrative Agent; and

 

(ii) to any Person meeting the criteria of clause (ii) of the definition of the term of “Eligible Assignee” upon giving of notice to Company and Administrative Agent and, in the case of assignments of Revolving Loans or Revolving Commitments to any such Person, consented to by each of Company and Administrative Agent (such consent (x) not to be unreasonably withheld or delayed, (y) in the case of Company, not required at any time an Event of Default shall have occurred and then be continuing and (z) in the case of Company when no Event of Default has occurred and is continuing, to be deemed to have been given by Company unless Company objects to such assignment within five Business Days after having received written notice of such assignment); provided, further each such assignment pursuant to this Section 10.6(c)(ii) shall be in an aggregate amount of not less than (A) $2,500,000 (or such lesser amount as may be agreed to by Company and Administrative Agent or as shall constitute the aggregate amount of the Revolving Commitments and/or Revolving Loans of the assigning Lender) with respect to the assignment of the Revolving Commitments and/or Revolving Loans and (B) $500,000 (or such lesser amount as may be agreed to by Company and Administrative

 

  

121

  

Agent or as shall constitute the aggregate amount of the Tranche A Term Loans or New Term Loans of a Series of the assigning Lender) with respect to the assignment of the Term Loans.

 

(d) Mechanics.  Assignments of Term Loans by Lenders may be made via an electronic settlement system acceptable to Administrative Agent as designated in writing from time to time to the Lenders by Administrative Agent (the “Settlement Service”).  Each such assignment shall be effected by the assigning Lender and proposed assignee pursuant to the procedures then in effect under the Settlement Service, which procedures shall be consistent with the other provisions of this Section 10.6.  Each assignor Lender and proposed assignee shall comply with the requirements of the Settlement Service in connection with effecting any transfer of Loans pursuant to the Settlement Service.  Administrative Agent’s and Company’s consent shall be deemed to have been granted pursuant to Section 10.6(c)(ii) with respect to any transfer of a Term Loan effected through the Settlement Service.  Subject to the other requirements of this Section 10.6, assignments and assumptions of Term Loans may also be effected by manual execution and delivery to the Administrative Agent of an Assignment Agreement.  Initially, assignments and assumptions of Term Loans shall be effected by such manual execution until Administrative Agent notifies Lenders to the contrary.  Assignments and assumptions of Revolving Loans or Revolving Commitments shall only be effected by manual execution and delivery to the Administrative Agent of an Assignment Agreement (with such assignments requiring the consent of Company and Administrative Agent solely to the extent required by Section 10.6(c)(ii)).  Assignments made pursuant to the foregoing provision shall be effective as of the Assignment Effective Date.  In connection with all assignments there shall be delivered to Administrative Agent such forms, certificates or other evidence, if any, with respect to United States federal income tax withholding matters as the assignee under such Assignment Agreement may be required to deliver pursuant to Section 2.19(c) and such other documents as the Administrative Agent may reasonably request.  In connection with any assignment hereunder to any Person meeting the criteria of clause (ii) of the definition of the term of “Eligible Assignee”, the assignor and assignee shall pay to Administrative Agent a processing and recordation fee of $3,500 for each such assignment (provided that only one such fee will be payable in connection simultaneous assignments to two or more Related Funds).

 

(e) Representations and Warranties of Assignee.  Each Lender, upon execution and delivery hereof or upon succeeding to an interest in the Commitments and Loans, as the case may be, represents and warrants as of the 2011 Effective Date or as of the Assignment Effective Date that (i) it is an Eligible Assignee; (ii) it has experience and expertise in the making of or investing in commitments or  loans such as the applicable Commitments or Loans, as the case may be; and (iii) it will make or invest in, as the case may be, its Commitments or Loans for its own account in the ordinary course of its business and without a view to distribution of such Commitments or Loans within the meaning of the Securities Act or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of this Section 10.6, the disposition of such Commitments or Loans or any interests therein shall at all times remain within its exclusive control).

 

(f) Effect of Assignment.  Subject to the terms and conditions of this Section 10.6, as of the Assignment Effective Date: (i) the assignee thereunder shall have the rights and obligations of a “Lender” hereunder to the extent of its interest in the Loans and Commitments as reflected in the Register and shall thereafter be a party hereto and a “Lender” for all purposes

 

  

122

  

hereof; (ii) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned to the assignee, relinquish its rights (other than any rights which survive the termination hereof under Section 10.8) and be released from its obligations hereunder (and, in the case of an assignment covering all or the remaining portion of an assigning Lender’s rights and obligations hereunder, such Lender shall cease to be a party hereto on the Assignment Effective Date); provided, anything contained in any of the Credit Documents to the contrary notwithstanding, (y) Issuing Bank shall continue to have all rights and obligations thereof with respect to such Letters of Credit until the cancellation or expiration of such Letters of Credit and the reimbursement of any amounts drawn thereunder and (z) such assigning Lender shall continue to be entitled to the benefit of all indemnities hereunder as specified herein with respect to matters arising out of the prior involvement of such assigning Lender as a Lender hereunder; (iii) the Commitments shall be modified to reflect the  Commitment of such assignee and any remaining Commitment of such assigning Lender, if any; and (iv) if any such assignment occurs after the issuance of any Note hereunder, the assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender its applicable Notes to Administrative Agent for cancellation, and thereupon Company shall issue and deliver new Notes, if so requested by the assignee and/or assigning Lender, to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new Commitments and/or outstanding Loans of the assignee and/or the assigning Lender.

 

(g) Participations.  Each Lender shall have the right at any time to sell one or more participations to any Person (other than Holdings, any of its Subsidiaries or any of its Affiliates) in all or any part of its Commitments, Loans or in any other Obligation.  The holder of any such participation, other than an Affiliate of the Lender granting such participation, shall not be entitled to require such Lender to take or omit to take any action hereunder except with respect to any amendment, modification or waiver that would (i) extend the final scheduled maturity of any Loan, Note or Letter of Credit (unless such Letter of Credit is not extended beyond the Revolving Commitment Termination Date) in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of applicability of any post-default increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or of a mandatory reduction in the Commitment shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without the consent of any participant if the participant’s participation is not increased as a result thereof), (ii) consent to the assignment or transfer by any Credit Party of any of its rights and obligations under this Agreement or (iii) release all or substantially all of the Collateral under the Collateral Documents (except as expressly provided in the Credit Documents) supporting the Loans hereunder in which such participant is participating.  All amounts payable by any Credit Party hereunder, including amounts payable to such Lender pursuant to Section 2.17(c), 2.18 or 2.19, shall be determined as if such Lender had not sold such participation.  Each Credit Party and each Lender hereby acknowledge and agree that, solely for purposes of Sections 2.16 and 10.4,  (1) any participation will give rise to a direct obligation of each Credit Party to the participant and (2) the participant shall be considered to be a “Lender.”

 

(h) Certain Other Assignments.  In addition to any other assignment permitted pursuant to this Section 10.6, (i) any Lender may assign and pledge all or any portion of its

 

  

123

  

Loans, the other Obligations owed to such Lender, and its Notes, if any, to any Federal Reserve Bank as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any operating circular issued by such Federal Reserve Bank or to any other central bank having jurisdiction over such Lender as collateral security, and (ii) any Lender which is an investment fund may pledge all or any portion of its Notes, if any, or Loans to its trustee in support of its obligations to such trustee; provided, no Lender, as between Company and such Lender, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and provided further, in no event shall the applicable Federal Reserve Bank or central bank or trustee be considered to be a “Lender” or be entitled to require the assigning Lender to take or omit to take any action hereunder.

 

10.7 Independence of Covenants.  All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

 

10.8 Survival of Representations, Warranties and Agreements.  All representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any Credit Extension.  Notwithstanding anything herein or implied by law to the contrary, the agreements of each Credit Party set forth in Sections 2.17(c), 2.18, 2.19, 10.2, 10.3 and 10.4 and the agreements of Lenders set forth in Sections 2.16 and 9.6 shall survive the payment of the Loans and the reimbursement of any amounts drawn thereunder, and the termination hereof.

 

10.9 No Waiver; Remedies Cumulative.  No failure or delay on the part of any Agent or any Lender in the exercise of any power, right or privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege.  The rights, powers and remedies given to each Agent and each Lender hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or rule of law or in any of the other Credit Documents, the Specified Cash Management Arrangements or any of the Hedge Agreements.  Any forbearance or failure to exercise, and any delay in exercising, any right, power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right, power or remedy.

 

10.10 Marshalling; Payments Set Aside.  Neither any Agent nor any Lender shall be under any obligation to marshal any assets in favor of any Credit Party or any other Person or against or in payment of any or all of the Obligations.  To the extent that any Credit Party makes a payment or payments to Administrative Agent or Lenders (or to Administrative Agent, on behalf of Lenders), or Administrative Agent or Lenders enforce any security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law, common law or any equitable cause, then, to the

 

  

124

  

extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred.

 

10.11 Severability.  In case any provision in or obligation hereunder, any Note or any other Credit Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 

10.12 Obligations Several; Independent Nature of Lenders’ Rights.  The obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations or Commitment of any other Lender hereunder.  Nothing contained herein or in any other Credit Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights arising out hereof and it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose.

 

10.13 Entire Agreement.  This Agreement (together with the schedules hereto, the letter agreements dated the Closing Date and making specific reference hereto, exhibits hereto, annexes hereto and the other agreements, documents and instruments delivered pursuant hereto), the Credit Documents and any separate letter agreements with respect to fees referenced in Section 2.10 constitute the entire agreement among the parties or any of them with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.

 

10.14 Headings.  Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

 

10.15 APPLICABLE LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF.

 

10.16 CONSENT TO JURISDICTION.  SUBJECT TO CLAUSE (E) OF THE FOLLOWING SENTENCE, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY CREDIT PARTY ARISING OUT OF OR RELATING HERETO OR ANY OTHER CREDIT DOCUMENT, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK.  BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH CREDIT PARTY, FOR ITSELF AND IN CONNECTION

 

  

125

  

WITH ITS PROPERTIES, IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS (OTHER THAN WITH RESPECT TO ACTIONS BY ANY AGENT IN RESPECT OF RIGHTS UNDER ANY COLLATERAL DOCUMENT GOVERNED BY A LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK OR WITH RESPECT TO ANY COLLATERAL SUBJECT THERETO); (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;  (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE CREDIT PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 10.1; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E) AGREES THAT AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY COLLATERAL DOCUMENT OR THE ENFORCEMENT OF ANY JUDGMENT.

 

10.17 WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/COMPANY RELATIONSHIP THAT IS BEING ESTABLISHED.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.  EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 10.17 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS

 

  

126

  

MADE HEREUNDER.  IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

10.18 Confidentiality.  Each Lender shall hold all non-public information obtained pursuant to the requirements hereof which has been identified as confidential by Company in accordance with such Lender’s customary procedures for handling confidential information of this nature and in accordance with prudent lending or investing practices, it being understood and agreed by Company that in any event a Lender may make disclosures to Affiliates of such Lender and to their respective agents and advisors (and to other persons authorized by a Lender or Agent to organize, present or disseminate such information in connection with disclosures otherwise made in accordance with this Section 10.18), disclosures reasonably required by any bona fide or potential assignee, transferee or participant in connection with the contemplated assignment, transfer or participation by such Lender of any Loans or any participations therein or by any direct or indirect contractual counterparties (or the professional advisors thereto) in Hedge Agreements or Specified Cash Management Arrangements (provided, such counterparties and advisors are advised of and agree to be bound by the provisions of this Section 10.18), disclosure to any rating agency when required by it (provided that, prior to any disclosure, such rating agency shall undertake in writing to preserve the confidentiality of any confidential information relating to Credit Parties received by it from any Agent or any Lender), disclosures in connection with the exercise of any remedies hereunder or under any other Credit Document or disclosures required or requested by any governmental agency, regulatory authority or representative thereof or by the NAIC or pursuant to legal or judicial process; provided, unless specifically prohibited by applicable law or court order, each Lender shall make reasonable efforts to notify Company of any request by any governmental agency or representative thereof (other than any such request in connection with any examination of the financial condition or other routine examination of such Lender by such governmental agency) for disclosure of any such non-public information prior to disclosure of such information.  In addition, each Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration and management of this Agreement and the other Credit Documents.

 

10.19 Usury Savings Clause.  Notwithstanding any other provision herein, the aggregate interest rate charged with respect to any of the Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate.  If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect.  In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, Company shall pay to Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect.  Notwithstanding the foregoing, it is the intention of Lenders and Company

 

  

127

  

to conform strictly to any applicable usury laws.  Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option be applied to the outstanding amount of the Loans made hereunder or be refunded to Company.

 

10.20 Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 

10.21 Electronic Execution of Assignments.  The words “execution,” “signed,” “signature,” and words of like import in any Assignment Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

10.22 USA PATRIOT Act.  Each Lender hereby notifies Company that pursuant to the requirements of the Patriot Act it is required to obtain, verify and record information that identifies Company, which information includes the name and address of Company and other information that will allow such Lender to identify Company in accordance with the Patriot Act.

 

10.23 No Fiduciary Duty.  Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the “Lender Parties”), may have economic interests that conflict with those of Company, its stockholders and/or its affiliates.  Company agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender Party, on the one hand, and Company, its stockholders or its affiliates, on the other.  The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lender Parties, on the one hand, and Company, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender Party has assumed an advisory or fiduciary responsibility in favor of Company, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender Party has advised, is currently advising or will advise Company, its stockholders or its Affiliates on other matters) or any other obligation to Company except the obligations expressly set forth in the Credit Documents and (y) each Lender Party is acting solely as principal and not as the agent or fiduciary of Company, its management, stockholders, creditors or any other Person.  Company acknowledges and agrees that Company has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto.  Company agrees that it will not claim that any Lender Party has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to Company, in connection with such transaction or the process leading thereto.

 

  

128

  

10.24 Existing Agreement Superseded. As and to the extent set forth in Section 1.4, on and after the 2011 Effective Date, the Existing Credit Agreement is superseded by this Agreement, which hereby renews, amends, restates and modifies, but does not novate or extinguish, the obligations under the Existing Credit Agreement.

 

10.25 Reaffirmation.

 

(a) Each of the Guarantors hereby agrees and confirms, both before and after giving effect to this Agreement, that it is a party to and is bound by the Guaranty as a Guarantor hereunder, by virtue of (i) its having been an original signatory to the Existing Credit Agreement or its having been joined to the Existing Credit Agreement pursuant to a Counterpart Agreement and (ii) being a signatory to this Agreement.  The Guaranty is and shall continue to be in full force and effect, is hereby in all respects ratified and confirmed, and each Guarantor’s obligations thereunder are and continue to be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of the amendment and restatement of the Existing Credit Agreement contemplated by this Agreement.  Each Guarantor hereby further acknowledges that Borrower, the Agents and any Lender may from time to time enter into any further amendments, modifications, terminations and/or waivers of any provisions of the Credit Documents without notice to or consent from such Guarantor and without affecting the validity or enforceability of such Guarantor’s Guaranty or giving rise to any reduction, limitation, impairment, discharge or termination of such Guarantor’s Guaranty.

 

(b) Each of the Grantors hereby agrees and confirms, both before and after giving effect to this Agreement, that it is bound by each of the Collateral Documents to which it is a party, that each of the Collateral Documents to which such Grantor is a party and all of the Collateral described therein do and shall continue to secure the payment of all Secured Obligations, and that each of the Collateral Documents shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of the amendment and restatement of the Existing Credit Agreement contemplated by this Agreement.  Each Grantor that is a party to the Pledge and Security Agreement or any of the other Collateral Documents hereby reaffirms its grant of a security interest in the Collateral to the Collateral Agent for the ratable benefit of the Secured Parties, as collateral security for the prompt and complete payment and performance when due of the Secured Obligations.  Without limiting the foregoing and without derogating from the parties’ intention that this Agreement not constitute a novation or termination of the obligations under the Existing Credit Agreement and that the existing guarantees, pledges and grants of security interest under the Credit Documents remain uninterrupted and in full force and effect, each of the Grantors does hereby grant to Collateral Agent a security interest and continuing lien on all of such Grantor’s right, title and interest in all Collateral as security for the prompt and complete payment and performance in full when due, whether at stated maturity, declaration, acceleration, demand or otherwise (includ­ing the payment of amounts that would become due but for the opera­tion of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) and any successor provision thereof), of all Secured Obligations.

 

(c) Each of the Company, the other Grantors and the Guarantors acknowledges that the Lenders providing additional Loans or Commitments under this Agreement  are “Lenders” and “Secured Parties” for all purposes under the Credit Documents.

 

  

129

  

(d) Each Guarantor and each Grantor hereby agrees and acknowledges that no other agreement, instrument, consent or document shall be required to give effect to the reaffirmations set forth in this Section 10.25.

 

[Remainder of page intentionally left blank]

 

  

 130 

  

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

 

COMPANY:                                                                   VICAR OPERATING, INC.

 

By: /s/ Robert L. Antin

       Name: Robert L. Antin

       Title:   Chief Executive Officer and President             

 

 

By: Tomas W. Fuller

       Name: Tomas W. Fuller

       Title:   Chief Financial Officer, Vice President and Secretary

 

HOLDINGS:                                                                  VCA ANTECH, INC.

 

By: /s/ Robert L. Antin

       Name: Robert L. Antin

       Title:   Chief Executive Officer and President             

 

 

By: Tomas W. Fuller

       Name: Tomas W. Fuller

       Title:   Chief Financial Officer, Vice President and Secretary

 

  

  

  

GUARANTOR SUBSIDIARIES:

	 	
ALBANY VETERINARY CLINIC

	 	
ANIMAL CARE CENTER AT MILL RUN, INC.

	 	
ANIMAL CARE CENTERS OF AMERICA, INC.

	 	
ARROYO PETCARE CENTER, INC.

	 	
ASSOCIATES IN PET CARE, INC.

	 	
DIAGNOSTIC VETERINARY SERVICE, INC.

	 	
EDGEBROOK, INC.

	 	
HEALTHY PET CORP.

	 	
INDIANA VETERINARY DIAGNOSTIC LAB, INC.

	 	
PET’S CHOICE, INC.

	 	
PETS’ RX, INC.

	 	
SOUND TECHNOLOGIES, INC.

	 	
SOUTH COUNTY VETERINARY CLINIC, INC.

	 	
TOMS RIVER VETERINARY HOSPITAL, P.A.

	 	
VCA – ASHER, INC.

	 	
VCA ALABAMA, INC.

	 	
VCA ALBANY ANIMAL HOSPITAL, INC.

	 	
VCA ANIMAL HOSPITALS, INC.

	 	
VCA CENTERS–TEXAS, INC.

	 	
VCA CENVET, INC.

	 	
VCA CLINIPATH LABS, INC.

	 	
VCA MAPLE LEAF, INC.

	 	
VCA MILLER-ROBERTSON #152

	 	
VCA MISSOURI, INC.

	 	
VCA NORTHWEST VETERINARY DIAGNOSTICS, INC.

	 	
VCA OF NEW YORK, INC.

	 	
VCA PROFESSIONAL ANIMAL LABORATORY, INC.

	 	
VCA REAL PROPERTY ACQUISITION CORPORATION

	 	
VETERINARY CENTERS OF AMERICA-TEXAS, INC.

	 	
VETSTREET, INC.

	 	
WEST LOS ANGELES VETERINARY  MEDICAL GROUP, INC.

	 	 	 
	 	 	 	 
	 	
By: 

	/s/ Tomas W. Fuller	 
	 	 	Name: Tomas W. Fuller	 
	 	 	Title: Chief Financial Officer, Vice President and Secretary	 
	 	 	 	 

 

  

S-2

  

ADMINISTRATIVE AGENT, COLLATERAL AGENT,

ISSUING BANK, SWING LINE LENDER

AND LENDER:

WELLS FARGO BANK, NATIONAL

ASSOCIATION

By: /s/ Maribelle Villasenor

       Name: Maribelle Villasenor

       Title:   Asistant Vice President

  

S-3

  

CO-SYNDICATION AGENT AND

LENDER:

 

 

BANK OF AMERICA, N.A.

By: /s/ Amie L. Edwards

       Name: Amie L. Edwards

       Title:   Director

 

                    

  

S-4

  

CO-SYNDICATION AGENT

AND LENDER:

 

 

JP MORGAN CHASE BANK, N.A.

By: /s/ Ling Li

       Name: Ling Li

       Title:   Vice President

  

S-5

  

CO-DOCUMENTATION AGENT AND

LENDER:

 

 

U.S. BANK NATIONAL ASSOCIATION

 

 

By: /s/ David C. Mruk

       Name: David C. Mruk

       Title:   Vice President

 

 

 

 

 

 

  

S-6

  

CO-DOCUMENTATION AGENT AND

LENDER:

 

 

UNION BANK, N.A.

By: /s/ Erik Siegfried

       Name: Erik Siegfried

       Title:   Vice President

 

 

 

  

S-7

  

 

 

LENDER:

 

 

SUMITOMO MITSUI BANKING CORPORATION

By: /s/ Yasuhiro Shirai

       Name: Yasuhiro Shirai

       Title:   Joint General Manager

  

S-8

  

LENDER:

 

 

KEYBANK NATIONAL ASSOCIATION

By: /s/ Jeff Kalinowski

       Name: Jeff Kalinowski

       Title:   Senior Vice President

  

S-9

  

LENDER: 

 

T.D. BANK, N.A.

By: /s/ Maria Willner

       Name: Maria Willner

       Title:   Senior Vice President

  

S-10

  

LENDER:

 

 

PNC BANK, NATIONAL ASSOCIATION

By: /s/ Alison L. Kirker

       Name: Alison L. Kirker

       Title:   Credit Officer

  

S-11

  

 

 

LENDER:

 

By: /s/ Gina Monette

       Name: Gina Monette

       Title:    Vice President, U.S. Corp.

                    Capital One N.A.

S-12

  

  

  

LENDER:

 

 

HSBC BANK USA, NATIONAL ASSOCIATION

By: /s/ Kathy Benjamin

       Name: Kathy Benjamin

       Title:   Assistant Vice President

  

S-13

  

 

LENDER:

 

 

BANK OF THE WEST

By: /s/ Brock Mullins

       Name: Brock Mullins

       Title:   Vice President

S-14

 

  

  

  

 

LENDER:

 

 

COMPASS BANK

By: /s/ Hans Hinricks

       Name: Hans Hinricks

       Title:   Vice President

 

 

S-15

  

  

  

LENDER:

 

 

MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD.

                                                                                          NEW YORK BRANCH

By: /s/ Priscilla Hsing

       Name: Priscilla Hsing

       Title:   VP & DGM

S-16

 

 

  

  

  

 

LENDER:

 

 

ONEWEST BANK, FSB

By: /s/ Grant Shearn

       Name: Grant Shearn

       Title:   Executive Vice President

S-17

 

  

  

  

LENDER:

 

 

BANK LEUMI USA

By: /s/ Joung Hee Hong

       Name: Joung Hee Hong

       Title:   First Vice President

S-18

 

  

  

  

LENDER:

 

 

BANK OF TAIWAN,NEW YORK AGENCY

By: /s/ Li-Chuan Wang

       Name: Li-Chuan Wang

       Title:   VP & Deputy General Manager

S-19

 

  

  

  

 

LENDER:

 

 

MANUFACTURERS BANK

By: /s/ Sandy Lee

       Name: Sandy Lee

       Title:   Vice President

S-20

 

  

  

  

LENDER:

 

 

ISRAEL DISCOUNT BANK OF NEW YORK

By: /s/ Barbara Perez

       Name: Barbara Perez

       Title:   Vice President

 

By: /s/ Lorraine Drasser

       Name: Lorraine Drasser

       Title:   Senior Vice President

 

S-21

 

  

  

  

LENDER:

 

 

HUA NAN COMMERCIAL BANK, LTD.,

                                                                                          LOS ANGELES BRANCH

By: /s/ Oliver C.H.Hsu

       Name: Oliver C.H.Hsu

       Title:   VP & General Manager

S-22

 

  

  

  

 

LENDER:

 

 

FIRSTRUST BANK

By: /s/ Ellen Frank

       Name: Ellen Frank

       Title:   Vice President

S-23

 

  

  

  

APPENDIX A-1

TO CREDIT AND GUARANTY AGREEMENT

 

Additional Term Loan Commitments

 

On file with the Administrative Agent

 

APPENDIX A-1-1

  

  

  

APPENDIX A-2

TO CREDIT AND GUARANTY AGREEMENT

 

Revolving Commitments

 

On file with the Administrative Agent

 

APPENDIX A-2-1

  

  

  

APPENDIX B

TO CREDIT AND GUARANTY AGREEMENT

Notice Addresses

 

VICAR OPERATING, INC.

12401 West Olympic Boulevard

Los Angeles, California 90064-1022

Attention:  Tomas Fuller

Telecopier: (310) 571-6700

 

VCA ANTECH, INC.

12401 West Olympic Boulevard

Los Angeles, California 90064-1022

Attention:  Tomas Fuller

Telecopier: (310) 571-6700

 

GUARANTOR SUBSIDIARIES

c/o VCA Antech, Inc.

12401 West Olympic Boulevard

Los Angeles, California 90064-1022

Attention:  Tomas Fuller

Telecopier: (310) 571-6700

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender

333 South Grand Avenue, 9th Floor

Los Angeles, California 90071

Attention:  Belle Villaseñor

Telecopier:  (213) 628-1188

 

  

  

  

 

  

 

  

	
1.1: Existing Permitted Partially-Owned Subsidiaries

	  	  
	  	  	  	  
	  	  	  	  
	
AU#

	
Legal Name

	
General Partner

	
GP %

	  	  	  	  
	
814

	
ASC Yonkers Management, LLC

	
VCA of New York, Inc.

	
65.00%

	
316

	
Edgebrook Animal Hospital, LP

	
Edgebrook, Inc.

	
80.00%

	
772

	
VCA Academy Animal Hospital, LP

	
VCA Animal Hospitals, Inc.

	
51.00%

	
140

	
VCA Albany Animal Hospital, LP

	
Albany Veterinary Clinic

	
70.00%

	
506

	
VCA All Care Animal Hospital, LP

	
VCA Animal Hospitals, Inc.

	
55.00%

	
345

	
VCA Animal Hospitals-Texas, L.P.

	
VCA Centers-Texas, Inc.

	
1.00%

	  	  	
VCA Animal Hospitals, Inc.

	
74.00%

	
591

	
VCA Animal Medical Center, LP

	
VCA Animal Hospitals, Inc.

	
80.00%

	
126

	
VCA Asher Animal Hospital, LP

	
VCA - Asher, Inc.

	
80.00%

	
433

	
VCA Associates Animal Hospital, L.P.

	
Associates in Pet Care, Inc.

	
75.00%

	
406

	
VCA Becker Animal Hospital, LP

	
VCA Alabama, Inc.

	
80.00%

	
213

	
VCA Black Mountain Animal Hospital, L.P.

	
Pets' Rx, Inc.

	
75.00%

	
903

	
VCA Cairo Animal Hospital, LP

	
VCA Animal Hospitals, Inc.

	
80.00%

	
137

	
VCA Companion Animal Hospital, L.P.

	
VCA Animal Hospitals, Inc.

	
80.00%

	
167

	
VCA Glasgow Animal Hospital, L.P.

	
VCA Animal Hospitals, Inc.

	
80.00%

	
809

	
VCA Green Animal Medical Center, LP

	
VCA Animal Hospitals, Inc.

	
90.00%

	
437

	
VCA Heritage Animal Hospital, L.P.

	
VCA Animal Hospitals, Inc.

	
80.00%

	
111

	
VCA Lakewood Animal Hospital (Cerritos), LP

	
West Los Angeles Veterinary Medical Group, Inc.

	
80.00%

	
890

	
VCA Los Angeles Veterinary Specialists, LP

	
VCA Animal Hospitals, Inc.

	
50.10%

	
799

	
VCA Madera Pet Hospital, LP

	
VCA Animal Hospitals, Inc.

	
80.00%

	
558

	
VCA Metroplex Animal Hospital, LP

	
Veterinary Centers of America-Texas, Inc.

	
90.00%

	
647

	
VCA Mill Run Animal Hospital, LP

	
Animal Care Center at Mill Run, Inc.

	
95.00%

	
418

	
VCA Rome Animal Hospital, L.P.

	
VCA Animal Hospitals, Inc.

	
80.00%

	
871

	
VCA San Francisco Veterinary Specialists, LP

	
VCA Animal Hospitals, Inc.

	
90.00%

	
648

	
VCA Saw Mill Animal Hospital, LP

	
Animal Care Centers of America, Inc.

	
95.00%

	
149

	
VCA South County Animal Hospital, LLC

	
South County Veterinary Clinic, Inc.

	
70.00%

	
439

	
VCA Toms River Veterinary Hospital, L.P.

	
Toms River Veterinary Hospital, P.A.

	
80.00%

	
774

	
VCA Woodford Animal Hospital, LP

	
VCA Animal Hospitals, Inc.

	
80.00%

	  	  	  	  

  

  

  

 

SCHEDULE 4.1: JURISDICTIONS OF ORGANIZATION

	
NAME OF SUBSIDIARY/GRANTOR

 

	
TYPE OF ORGANIZATION

	
JURISDICTION OF ORGANIZATION

	
ORGANIZATIONAL ID NUMBERS

	
VCA Antech, Inc.

	
Corporation

	
Delaware

 

	
2125345

	
Vicar Operating, Inc.

 

	
Corporation

	
Delaware

	
3203348

 

	
Albany Veterinary Clinic

 

	
Corporation

	
California

	
C0602028

	
Animal Care Center at Mill Run, Inc.

 

	
Corporation

	
Ohio

	
1106760

	
Animal Care Centers of America, Inc.

 

	
Corporation

	
Ohio

	
405602

	
Arroyo PetCare Center, Inc.

 

	
Corporation

	
California

	
C2117430

	
Associates in Pet Care, Inc.

 

	
Corporation

	
Wisconsin

	
5F09971

	
Diagnostic Veterinary Service, Inc.

 

	
Corporation

	
California

	
C1240642

	
Edgebrook, Inc.

 

	
Corporation

	
New Jersey

	
3613650000

	
Healthy Pet Corp.

	
Corporation

	
Delaware

	
2805053

	
Indiana Veterinary Diagnostic Lab, Inc.

	
Corporation

	
Indiana

	
1992070350

	
Pet’s Choice, Inc.

	
Corporation

	
Washington

	
601714738

	
Pets’ Rx, Inc.

 

	
Corporation

	
Delaware

 

	
2264199

 

	
Sound Technologies, Inc.

	
Corporation

	
Delaware

	
3188358

	
South County Veterinary Clinic, Inc.

 

	
Corporation

	
California

	
C0632872

	
Toms River Veterinary Hospital, P.A.

	
Corporation

	
New Jersey

	
0000003384

	
VCA - Asher, Inc.

 

	
Corporation

	
California

	
C1699787

	
VCA Alabama, Inc.

 

	
Corporation

	
Alabama

	
104 - 820

	
VCA Albany Animal Hospital, Inc.

 

	
Corporation

	
California

	
C1708192

	
VCA Animal Hospitals, Inc.

	
Corporation

	
California

	
C1965050

	
VCA Centers–Texas, Inc.

 

	
Corporation

	
Texas

	
141948300

	
VCA Cenvet, Inc.

 

	
Corporation

	
California

 

	
C1891461

 

	
VCA Clinipath Labs, Inc.

 

	
Corporation

	
California

 

	
C1764088

 

	
VCA Maple Leaf, Inc.

	
Corporation

	
California

	
C3056151

	
VCA Miller-Robertson #152

 

	
Corporation

	
California

	
C1940475

	
VCA Missouri, Inc.

	
Corporation

	
Missouri

	
00544467

	
VCA Northwest Veterinary Diagnostics, Inc.

 

	
Corporation

	
California

 

 

	
C1944092

 

	
VCA of New York, Inc.

 

	
Corporation

	
Delaware

 

	
2782761

 

	
VCA Professional Animal Laboratory, Inc.

 

	
Corporation

	
California

 

 

	
C1880335

 

 

	
VCA Real Property Acquisition Corporation

 

	
Corporation

	
California

 

	
C1453424

 

	
Veterinary Centers of America-Texas, Inc.

 

	
Corporation

	
Texas

	
800911284

	
Vetstreet, Inc.

 

	
Corporation

	
Delaware

 

	
4764425

 

	
West Los Angeles Veterinary Medical Group, Inc.

 

	
Corporation

	
California

	
C0709486

  

  

  

 

  

  

  

 

 

 

 

 

  

  

  

 

  

  

  

 

 

 

  

  

  

 

 

 

  

  

  

 

 

 

 

 

  

  

  

 

 

 

 

 

  

  

  

 

 

 

 

 

 

  

  

  

 

 

 

 

 

 

 

  

  

  

 

 

 

 

 

 

 

 

  

  

  

 

 

 

 

 

 

 

  

  

  

 

 

 

 

  

  

  

 

 

 

 

  

  

  

 

 

 

 

  

  

  

 

 

 

 

 

 

  

  

  

 

 

 

 

 

  

  

  

 

 

 

  

  

  

 

 

 

 

  

  

  

 

 

 

 

  

  

  

 

 

 

 

 

  

  

  

 

 

 

 

 

  

  

  

 

 

 

 

 

  

  

  

 

 

  

  

  

 

 

 

  

  

  

 

 

 

 

 

  

  

  

 

 

 

  

  

  

 

 

 

 

  

  

  

 

 

 

 

  

  

  

 

SCHEDULE 4.2: CAPITAL STOCK AND OWNERSHIP

EQUITY INTERESTS: CORPORATIONS

	
Grantor/Pledgor

	
Party to whom Stock Pledged

	
Company whose Stock is Pledged

	
No. of Shares Pledged

	
Total Issued Shares

	
% and Type of Interest Pledged

	
Stock Certificate No.

	
Par Value

	
1. VCA Albany Animal Hospital, Inc.

 

	
Wells Fargo Bank, National Association

	
Albany Veterinary Clinic

	
100

	
100

	
100 %

Common Stock

	
2

	
$10.00

	
2. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
Animal Care Center at Mill Run, Inc.

	
3,150

	
3,150

	
100 %

Common Stock

	
6

	
None

	
3. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
Animal Care Centers of America, Inc.

	
78,750

	
78,750

	
100 %

Common Stock

	
22

	
None

	
4. VCA Maple Leaf, Inc.

 

	
Wells Fargo Bank, National Association

	
Antech Diagnostics Canada Ltd.1

	
65

	
100

	
65 %

Common Stock

	
C-1

	
None

	
5. Pets’ Rx, Inc.

 

	
Wells Fargo Bank, National Association

	
Arroyo PetCare Center, Inc.

	
1,000

	
1,000

	
100 %

Common Stock

	
3

	
$0.01

	
6. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
Associates in Pet Care, Inc.

	
100

	
100

	
100 %

Common Stock

	
3

	
None

	
7. VCA Maple Leaf, Inc.

 

	
Wells Fargo Bank, National Association

	
BrightHeart IV ULC2

	
N/A

	
N/A

	
65% interest in partnership

	
N/A

	
N/A

	
8. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
Diagnostic Veterinary Service, Inc.

	
528

	
528

	
100 %

Common Stock

	
6

	
None

	
9. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
Edgebrook, Inc.

	
100

	
100

	
100 %

Common Stock

	
8

	
None

	
10. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
Healthy Pet Corp.

	
100

	
100

	
100 %

Common Stock

	
48

	
$.01

	
11. VCA Professional Animal Laboratory, Inc.

 

	
Wells Fargo Bank, National Association

	
Indiana Veterinary Diagnostic Lab, Inc.

	
200

	
200

	
100 %

Common Stock

	
4

	
None

	
12. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
Pet’s Choice, Inc.

	
500,000

	
500,000

	
100 %

Common Stock

	
176

	
$0.001

	
13. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
Pets’ Rx, Inc.

	
100

	
100

	
100 %

Common Stock

	
C81

	
$0.01

	
14. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
Sound Technologies, Inc.

	
1,000

	
1,000

	
100%

Common Stock

	
133

	
$0.001

	
15. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
South County Veterinary Clinic, Inc.

	
800

	
800

	
100 %

Common Stock

	
4

	
$10.00

	
16. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
Toms River Veterinary Hospital, P.A.

	
100

	
100

	
100 %

Common Stock

	
36

	
None

	
17. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA - Asher, Inc.

	
100

	
100

	
100 %

Common Stock

	
2

	
$0.001

	
18. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Alabama, Inc.

	
100

	
100

	
100 %

Common Stock

	
2

	
$10.00

	
19. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Albany Animal Hospital, Inc.

	
100

	
100

	
100 %

Common Stock

	
2

	
$0.001

	
20. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Animal Hospitals, Inc.

	
100

	
100

	
100 %

Common Stock

	
2

	
$0.001

	
21. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Centers-Texas, Inc.

	
100

	
100

	
100 %

Common Stock

	
2

	
$0.01

	
22. VCA Professional Animal Laboratory, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Cenvet, Inc.

	
100

	
100

	
100 %

Common Stock

	
2

	
$0.001

	
23. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Clinipath Labs, Inc.

	
10,000

	
10,000

	
100 %

Common Stock

	
3

	
None

	
24. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Maple Leaf, Inc.

	
100

	
100

	
100 %

Common Stock

	
1

	
$.001

	
25. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Miller-Robertson #152

	
100

	
100

	
100 %

Common Stock

	
3

	
$0.001

	
26. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Missouri, Inc.

	
100

	
100

	
100 %

Common Stock

	
1

	
$0.001

	
27. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Northwest Veterinary Diagnostics, Inc.

	
100

	
100

	
100 %

Common Stock

	
2

	
$0.001

	
28. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA of New York, Inc.

	
100

	
100

	
100 %

Common Stock

	
R2

	
$0.01

	
29. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Professional Animal Laboratory, Inc.

	
100

	
100

	
100 %

Common Stock

	
2

	
$0.001

	
30. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Real Property Acquisition Corporation

	
100

	
100

	
100 %

Common Stock

	
2

	
None

	
31. VCA Centers-Texas, Inc.

 

	
Wells Fargo Bank, National Association

	
Veterinary Centers of America-Texas, Inc.

	
100

	
100

	
100 %

Common Stock

	
1

	
$.001

	
32. Vicar Operating, Inc.

 

	
Wells Fargo Bank, National Association

	
Vetstreet, Inc.

	
100

	
100

	
100 %

Common Stock

	
1

	
$.001

	
33. VCA Antech, Inc.

 

	
Wells Fargo Bank, National Association

	
Vicar Operating, Inc.

	
100

	
100

	
100 %

Common Stock

	
2

	
$0.001

	
34. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
West Los Angeles Veterinary Medical Group, Inc.

	
800

	
800

	
100 %

Common Stock

	
5

	
$5.00

 

  

1 Antech Diagnostics Canada Ltd. is a corporation organized under the laws of Alberta, Canada and is a wholly-owned subsidiary of VCA Maple Leaf, Inc.  Pursuant to Section 5.10 of the Amended and Restated Credit and Guaranty Agreement, 65% of its stock is being pledged.

  

2 BrightHeart IV ULC is a corporation organized under the laws of Alberta, Canada and is a wholly-owned subsidiary of VCA Maple Leaf, Inc.  Pursuant to Section 5.10 of the Amended and Restated Credit and Guaranty Agreement, 65% of its interest is being pledged.

  

  

  

EQUITY INTERESTS: PARTNERSHIPS AND LLCS

	
Grantor/Pledgor

	
Party to whom Stock Pledged

	
Company whose Stock is Pledged

	
No. of Shares Pledged

	
Total Issued Shares

	
% and Type of Interest Pledged

	
Stock Certificate No.

	
Par Value

	
1. VCA of New York, Inc.

 

	
Wells Fargo Bank, National Association

	
ASC Yonkers Management, LLC

	
N/A

	
N/A

	
65% interest in limited liability company

	
N/A

	
N/A

	
2. Edgebrook, Inc.

 

	
Wells Fargo Bank, National Association

	
Edgebrook Animal Hospital, LP

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
3. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Academy Animal Hospital, LP

	
N/A

	
N/A

	
51% interest in partnership

	
N/A

	
N/A

	
4. Albany Veterinary Clinic

 

	
Wells Fargo Bank, National Association

	
VCA Albany Animal Hospital, LP

	
N/A

	
N/A

	
70% interest in partnership

	
N/A

	
N/A

	
5. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA All Care Animal Hospital, LP

	
N/A

	
N/A

	
55% interest in partnership

	
N/A

	
N/A

	
6. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Animal Hospitals-Texas, L.P.

	
N/A

	
N/A

	
74% interest in partnership

	
N/A

	
N/A

	
7. VCA Centers-Texas, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Animal Hospitals-Texas, L.P.

	
N/A

	
N/A

	
1% interest in partnership

	
N/A

	
N/A

	
8. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Animal Medical Center, LP

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
9. VCA - Asher, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Asher Animal Hospital, LP

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
10. Associates In Pet Care, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Associates Animal Hospital, L.P.

	
N/A

	
N/A

	
75% interest in partnership

	
N/A

	
N/A

	
11. VCA Alabama, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Becker Animal Hospital, LP

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
12. Pets’ Rx, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Black Mountain Animal Hospital, L.P.

	
N/A

	
N/A

	
75% interest in partnership

	
N/A

	
N/A

	
13. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Cairo Animal Hospital, LP

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
14. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Companion Animal Hospital, L.P.

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
15. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Glasgow Animal Hospital, L.P.

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
16. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Green Animal Medical Center, LP

	
N/A

	
N/A

	
90% interest in partnership

	
N/A

	
N/A

	
17. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Heritage Animal Hospital, L.P.

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
18. West Los Angeles Veterinary Medical Group, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Lakewood Animal Hospital (Cerritos), LP

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
19. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Los Angeles Veterinary Specialists, LP

	
N/A

	
N/A

	
50.1% interest in partnership

	
N/A

	
N/A

	
20. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Madera Pet Hospital, LP

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
21. Veterinary Centers of America-Texas, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Metroplex Animal Hospital, LP

	
N/A

	
N/A

	
90% interest in partnership

	
N/A

	
N/A

	
22. Animal Care Center at Mill Run, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Mill Run Animal Hospital, LP

	
N/A

	
N/A

	
95% interest in partnership

	
N/A

	
N/A

	
23. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Rome Animal Hospital, L.P.

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
24. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA San Francisco Veterinary Specialists, LP

	
N/A

	
N/A

	
90% interest in partnership

	
N/A

	
N/A

	
25. Animal Care Centers of America, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Saw Mill Animal Hospital, LP

	
N/A

	
N/A

	
95% interest in partnership

	
N/A

	
N/A

	
26. South County Veterinary Clinic, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA South County Animal Hospital, LLC

	
N/A

	
N/A

	
70% interest in limited liability company

	
N/A

	
N/A

	
27. Toms River Veterinary Hospital, P.A.

 

	
Wells Fargo Bank, National Association

	
VCA Toms River Veterinary Hospital, L.P.

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

	
28. VCA Animal Hospitals, Inc.

 

	
Wells Fargo Bank, National Association

	
VCA Woodford Animal Hospital, LP

	
N/A

	
N/A

	
80% interest in partnership

	
N/A

	
N/A

 

 

 

 

 

 

 

 

  

  

  

SCHEDULE 4.13: PART I

REAL ESTATE ASSETS

ANIMAL HOSPITALS

	
AU

	
Grantor

	
HOSPITAL NAME

	
Leased/Owned

	
ADDRESS

	
CITY

	
ST

	
ZIP

	
County

	
Purchase Date

	
Developing Property

	
Vacant

	
Subleases

	
Comments

	  	  
	
101

	
VCA Antech, Inc.

	
Parking Lease: VCA West Los Angeles Animal Hospital

	
Leased

	
1900 South Sepulveda Blvd

	
Los Angeles

	
CA

	
90025

	
Los Angeles

	  	  	  	  	
Parking Lease

	  	  
	
101

	
West Los Angeles Veterinary Medical Group, Inc.

	
Parking Lease: VCA West Los Angeles Animal Hospital

	
Leased

	
1841 Pontius Avenue

	
Los Angeles

	
CA

	
90025

	
Los Angeles

	  	  	  	  	
Parking Lease

	  	  
	
101

	
VCA Real Property Acquisition Corporation

	
VCA West Los Angeles Animal Hospital

	
Owned

	
1818 S. Sepulveda Blvd

	
Los Angeles

	
CA

	
90025

	
Los Angeles

	
08/25/10

	  	  	  	  	  	  
	
107

	
VCA Animal Hospitals, Inc.

	
VCA Santa Anita Animal Hospital

	
Leased

	
245 West Duarte Road

	
Monrovia

	
CA

	
91016

	
Los Angeles

	  	  	  	  	  	  	  
	
111

	
West Los Angeles Veterinary Medical Group, Inc.

	
Parking Lease: Lakewood #111 (Old Location)

	
Leased

	  	
Bellflower

	
CA

	
90706

	
Los Angeles

	  	  	
X

	  	
Parking Lease for the old Lakewood #111 property expires 05/31/12.

	  
	
111

	
VCA Antech, Inc.

	
Vacant Property: Lakewood #111

	
Owned

	
17801 Lakewood Blvd.

	
Bellflower

	
CA

	
90706

	
Los Angeles

	  	  	
X

	  	
Former site of VCA Lakewood #111.

	  	  
	
111

	
VCA Real Property Acquisition Corporation

	
VCA Lakewood Animal Hospital

	
Leased

	
10701 South Street

	
Cerritos

	
CA

	
90703

	
Los Angeles

	  	  	  	  	
Ground Lease

	  	  
	
111

	
VCA Real Property Acquisition Corporation

	
VCA Lakewood Animal Hospital

	
Owned

	
10701 South Street

	
Cerritos

	
CA

	
90703

	
Los Angeles

	  	  	  	
Lease real property and equipment to the VCA Lakewood partnership

	
Building Only: Land is subject to a ground lease

	  	  
	
120

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA Northern Animal Hospital

	
Leased

	
2611 W. Northern Ave.

	
Phoenix

	
AZ

	
85051

	
Maricopa

	  	  	  	  	  	  	  
	
121

	
Pets' Rx, Inc.

	
VCA Crocker Animal Hospital

	
Leased

	
475 N. Jackson Ave.

	
San Jose

	
CA

	
95133

	
Santa Clara

	  	  	  	  	  	  	  
	
122

	
VCA Real Property Acquisition Corporation

	
VCA Anderson Animal Hospital

	
Owned

	
1285 South Sheridan Blvd.

	
Lakewood

	
CO

	
80232

	
Jefferson

	
06/30/90

	  	  	  	  	  	  
	
124

	
VCA Real Property Acquisition Corporation

	
VCA Parkwood Animal Hospital

	
Owned

	
6330 Fallbrook Ave

	
Woodland Hills

	
CA

	
91367

	
Los Angeles

	
07/01/90

	  	  	  	  	  	  
	
126

	
VCA Real Property Acquisition Corporation

	
VCA Asher Animal Hospital

	
Owned

	
2505 Hilltop Dr.

	
Redding

	
CA

	
96002

	
Shasta

	
11/30/99

	  	  	
Lease space to Antech lab

	  	  	  
	
127

	
VCA Real Property Acquisition Corporation

	
VCA Wingate Animal Hospital

	
Owned

	
9464 E. Caley Ave

	
Englewood

	
CO

	
80111

	
Arapahoe

	
06/15/92

	  	  	
Subleasing attached residential apartment to employee

	  	  
	
128

	
VCA Real Property Acquisition Corporation

	
VCA Mission Animal Hospital

	
Owned

	
25 West Mission Rd

	
Alhambra

	
CA

	
91801

	
Los Angeles

	
08/01/99

	  	  	  	  	  	  
	
129

	
VCA Real Property Acquisition Corporation

	
VCA Veterinary Care Animal Hospital

	
Owned

	
9901 Montgomery Blvd.

	
Albuquerque

	
NM

	
87111

	
Bernalillo

	
01/01/93

	  	  	  	  	  	  
	
130

	
Pets' Rx, Inc.

	
Vacant Property: VCA Wyoming #130

	
Leased

	
1300 Wyoming Blvd NE

	
Albuquerque

	
NM

	
87112

	
Bernalillo

	  	  	
X

	  	
Former site of Wyoming #130.  Lease expires 08/16/11.

	  	  
	
130

	
Pets' Rx, Inc.

	
VCA Wyoming Animal Hospital

	
Leased

	
2740 Wyoming Boulevard NE

	
Albuquerque

	
NM

	
87111

	
Bernalillo

	  	  	  	  	  	  	  
	
131

	
VCA Real Property Acquisition Corporation

	
Parking Lot: Berwyn #131

	
Owned

	
2829 South Harlem Ave

	
Berwyn

	
IL

	
60402

	
Cook

	  	  	  	  	  	  	  
	
131

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA Berwyn Animal Hospital

	
Leased

	
2845 South Harlem Ave

	
Berwyn

	
IL

	
60402

	
Cook

	  	  	  	  	  	  	  
	
132

	
Pets' Rx, Inc.

	
VCA Rossmoor-El Dorado Animal Hospital

	
Leased

	
10832 Los Alamitos Blvd

	
Los Alamitos

	
CA

	
90720

	
Orange

	  	  	  	  	  	  	  
	
133

	
VCA Animal Hospitals, Inc.

	
VCA West Mesa Animal Hospital

	
Leased

	
2611 Coors Blvd. NW, Suite B

	
Albuquerque

	
NM

	
87120

	
Bernalillo

	  	  	  	  	  	  	  
	
134

	
VCA Animal Hospitals, Inc.

	
VCA Howell Branch Animal Hospital

	
Leased

	
1401 Howell Branch Rd

	
Winter Park

	
FL

	
32789

	
Orange

	  	  	  	  	  	  	  
	
135

	
VCA Real Property Acquisition Corporation

	
VCA Cacoosing Animal Hospital

	
Owned

	
5100 Penn Ave.

	
Wernersville

	
PA

	
19565

	
Berks

	
08/30/10

	  	  	  	  	  	  
	
137

	
VCA Real Property Acquisition Corporation

	
VCA Companion Animal Hospital

	
Owned

	
2133 Eureka Way

	
Redding

	
CA

	
96001

	
Shasta

	
02/28/01

	  	  	  	  	  	  
	
138

	
VCA Animal Hospitals, Inc.

	
VCA Detwiler Animal Hospital

	
Leased

	
22 Kenhorst Blvd.

	
Reading

	
PA

	
19607

	
Berks

	  	  	  	  	  	  	  
	
139

	
VCA Animal Hospitals, Inc.

	
VCA Bay Area Animal Hospital

	
Owned

	
4501 Shattuck Avenue

	
Oakland

	
CA

	
94609

	
Alameda

	
07/01/99

	  	  	  	  	  	  
	
140

	
VCA Real Property Acquisition Corporation

	
VCA Albany Animal Hospital

	
Owned

	
1550 Solano Avenue

	
Albany

	
CA

	
94707

	
Alameda

	
10/09/09

	  	  	  	  	  	  
	
141

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA Animal Hospital (Burbank)

	
Leased

	
2723 West Olive

	
Burbank

	
CA

	
91505

	
Los Angeles

	  	  	  	  	  	  	  
	
142

	
Pets' Rx, Inc.

	
VCA Lakeside Animal Hospital

	
Owned

	
42160 North Shore Dr.

	
Big Bear City

	
CA

	
92314

	
San Bernardino

	
01/29/98

	  	  	  	  	  	  
	
145

	
VCA Animal Hospitals, Inc.

	
VCA Tampa Bay Animal Hospital

	
Owned

	
8501 La Due Lane

	
Tampa

	
FL

	
33614

	
Hillsborough

	
01/18/95

	  	  	  	  	  	  
	
146

	
VCA Real Property Acquisition Corporation

	
VCA Lewis Animal Hospital

	
Owned

	
10665 Route 108

	
Columbia

	
MD

	
21044

	
Howard

	
03/18/10

	  	  	  	  	  	  
	
147

	
VCA Animal Hospitals, Inc.

	
VCA Sinking Spring Animal Hospital

	
Leased

	
21 Green Valley Road

	
Sinking Spring

	
PA

	
19608

	
Berks

	  	  	  	  	  	  	  
	
148

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA Lewelling Animal Hospital

	
Leased

	
525 Lewelling Blvd.

	
San Leandro

	
CA

	
94579

	
Alameda

	  	  	  	  	  	  	  
	
149

	
South County Veterinary Clinic, Inc.

	
Vacant Property: South County #149

	
Owned

	
270 N. Halcyon

	
Arroyo Grande

	
CA

	
93420

	
San Luis Obispo

	  	  	
X

	  	
This is the old location of #149.  Moved into new location 07/11.

	  	  
	
149

	
VCA Real Property Acquisition Corporation

	
VCA South County Animal Hospital

	
Owned

	
205 El Camino Real

	
Arroyo Grande

	
CA

	
93420

	
San Luis Obispo

	
03/31/10

	  	  	  	  	  	  
	
150

	
VCA Real Property Acquisition Corporation

	
VCA Alpine Animal Hospital

	
Owned

	
12531 Old Seward Highway

	
Anchorage

	
AK

	
99515

	
Anchorage

	  	  	  	  	  	  	  
	
151

	
Pets' Rx, Inc.

	
VCA Eagle River Animal Hospital

	
Leased

	
11710 Business Boulevard

	
Eagle River

	
AK

	
99577

	
Anchorage

	  	  	  	  	  	  	  
	
152

	
Pets' Rx, Inc.

	
VCA Miller-Robertson Animal Hospital

	
Leased

	
8807 Melrose Ave

	
Los Angeles

	
CA

	
90069

	
Los Angeles

	  	  	  	  	  	  	  
	
153

	
VCA Real Property Acquisition Corporation

	
VCA Marina Animal Hospital

	
Owned

	
2506 Lincoln Blvd.

	
Venice

	
CA

	
90291

	
Los Angeles

	
10/10/95

	  	  	  	  	  	  
	
154

	
VCA Real Property Acquisition Corporation

	
VCA South Shore (Weymouth) Animal Hospital

	
Owned

	
595 Columbian Street

	
South Weymouth

	
MA

	
02190

	
Norfolk

	
04/01/96

	  	  	  	  	  	  
	
156

	
VCA Animal Hospitals, Inc.

	
VCA South Shore (Quincy) Animal Hospital

	
Leased

	
579 Adams Street

	
Quincy

	
MA

	
02169

	
Norfolk

	  	  	  	  	  	  	  
	
159

	
Pets' Rx, Inc.

	
VCA All Pet Animal Hospital/Taylorsville

	
Leased

	
2530 West 4700 South

	
Taylorsville

	
UT

	
84118

	
Salt Lake

	  	  	  	  	  	  	  
	
160

	
VCA Animal Hospitals, Inc.

	
VCA Castle Shannon Animal Hospital

	
Leased

	
3610 Library Rd.

	
Pittsburgh

	
PA

	
15234

	
Allegheny

	  	  	  	  	  	  	  
	
162

	
VCA Animal Hospitals, Inc.

	
VCA Fox Chapel Animal Hospital

	
Leased

	
1152 Freeport Road

	
Pittsburgh

	
PA

	
15238

	
Allegheny

	  	  	  	  	  	  	  
	
163

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA East Anchorage Animal Hospital

	
Leased

	
2639 Boniface Pkwy.

	
Anchorage

	
AK

	
99504

	
Anchorage

	  	  	  	  	  	  	  
	
164

	
VCA Animal Hospitals, Inc.

	
VCA Greater Savannah Animal Hospital

	
Owned

	
1350 E. Derenne Ave

	
Savannah

	
GA

	
31406

	
Chatham

	  	  	  	  	  	  	  
	
165

	
Pets' Rx, Inc.

	
VCA Kaneohe Animal Hospital

	
Leased

	
45-608 Kamehameha Hwy

	
Kaneohe

	
HI

	
96744

	
Honolulu

	  	  	  	
Subleasing 2 separate spaces for Antech Lab and groomer's facility.

	  	  
	
166

	
VCA Animal Hospitals, Inc.

	
VCA Elkton Animal Hospital

	
Leased

	
400 W. Pulaski Hwy

	
Elkton

	
MD

	
21921

	
Cecil

	  	  	  	  	  	  	  
	
167

	
VCA Animal Hospitals, Inc.

	
VCA Glasgow Animal Hospital

	
Leased

	
650 Peoples' Plaza

	
Newark

	
DE

	
19702

	
New Castle

	  	  	  	  	  	  	  
	
168

	
VCA Animal Hospitals, Inc.

	
VCA Conewago Animal Hospital

	
Owned

	
3002 Hanover Pike

	
Hanover

	
PA

	
17331

	
York

	  	  	  	  	  	  	  
	
181

	
VCA Animal Hospitals, Inc.

	
VCA Veterinary Referral Associates

	
Leased

	
500 Perry Parkway

	
Gaithersburg

	
MD

	
20877

	
Montgomery

	  	  	  	  	  	  	  
	
183

	
Pets' Rx, Inc.

	
VCA Clarmar Animal Hospital

	
Leased

	
20805 Hawthorne Blvd

	
Torrance

	
CA

	
90503

	
Los Angeles

	  	  	  	  	  	  	  
	
184

	
VCA Animal Hospitals, Inc.

	
VCA Rotherwood Animal Hospital

	
Leased

	
78 Winchester Street

	
Newton

	
MA

	
02461

	
Middlesex

	  	  	  	  	  	  	  
	
185

	
VCA Animal Hospitals, Inc.

	
VCA Northboro Animal Hospital

	
Leased

	
286 West Main St.

	
Northboro

	
MA

	
01532

	
Worcester

	  	  	  	  	  	  	  
	
187

	
VCA Animal Hospitals, Inc.

	
VCA Beacon Hill Cat Hospital

	
Leased

	
6610 Richmond Highway

	
Alexandria

	
VA

	
22306

	
Fairfax

	  	  	  	  	  	  	  
	
188

	
VCA Animal Hospitals, Inc.

	
VCA Old Town Animal Hospital

	
Leased

	
411-425 N. Henry Street

	
Alexandria

	
VA

	
22314

	
Alexandria

	  	  	  	  	  	  	  
	
189

	
VCA Real Property Acquisition Corporation

	
VCA North Rockville Animal Hospital

	
Owned

	
1390 East Gude Drive

	
Rockville

	
MD

	
20850

	
Montgomery

	
06/01/96

	  	  	  	  	  	  
	
190

	
VCA Real Property Acquisition Corporation

	
VCA Lake Shore Animal Hospital

	
Owned

	
960 West Chicago Avenue

	
Chicago

	
IL

	
60622

	
Cook

	
08/23/04

	  	  	  	  	  	  
	
191

	
VCA Animal Hospitals, Inc.

	
VCA Animal Care Center

	
Leased

	
1228 West Little Creek Road

	
Norfolk

	
VA

	
23505

	
Norfolk City

	  	  	  	  	  	  	  
	
201

	
Pets' Rx, Inc.

	
VCA Orchard Plaza Animal Hospital

	
Leased

	
5841 Cottle Road

	
San Jose

	
CA

	
95123

	
Santa Clara

	  	  	  	  	  	  	  
	
202

	
Pets' Rx, Inc.

	
VCA Johnson Animal Hospital

	
Leased

	
524 N. Santa Cruz Ave.

	
Los Gatos

	
CA

	
95030

	
Santa Clara

	  	  	  	  	  	  	  
	
203

	
Pets' Rx, Inc.

	
VCA Vets & Pets Animal Hospital

	
Leased

	
3345 El Camino Real

	
Santa Clara

	
CA

	
95051

	
Santa Clara

	  	  	  	  	  	  	  
	
204

	
Pets' Rx, Inc.

	
VCA Blossom Hill Animal Hospital

	
Leased

	
955 Blossom Hill Road

	
San Jose

	
CA

	
95123

	
Santa Clara

	  	  	  	  	  	  	  
	
205

	
Pets' Rx, Inc.

	
VCA Winchester Animal Hospital

	
Leased

	
2110 S. Winchester Blvd.

	
Campbell

	
CA

	
95008

	
Santa Clara

	  	  	  	  	  	  	  
	
206

	
Pets' Rx, Inc.

	
VCA Hemingway Cat Hospital

	
Leased

	
12840 S. Saratoga-Sunnyvale Rd.

	
Saratoga

	
CA

	
95070

	
Santa Clara

	  	  	  	  	  	  	  
	
207

	
Pets' Rx, Inc.

	
VCA Almaden Valley Animal Hospital

	
Leased

	
15790 Almaden Expressway

	
San Jose

	
CA

	
95120

	
Santa Clara

	  	  	  	  	  	  	  
	
212

	
Pets' Rx, Inc.

	
VCA Spring Mountain Animal Hospital

	
Owned

	
5590 W. Spring Mountain Road

	
Las Vegas

	
NV

	
89146

	
Clark

	  	  	  	  	  	  	  
	
213

	
VCA Antech, Inc.

	
VCA Black Mountain Animal Hospital

	
Leased

	
400 College Drive, Suite A

	
Henderson

	
NV

	
89015

	
Clark

	  	  	  	  	  	  	  
	
214

	
Pets' Rx, Inc.

	
VCA Nellis Animal Hospital

	
Owned

	
20 North Nellis Blvd.

	
Las Vegas

	
NV

	
89110

	
Clark

	  	  	  	  	  	  	  
	
215

	
Pets' Rx, Inc.

	
VCA Decatur Animal Hospital

	
Owned

	
1117 N. Decatur Blvd.

	
Las Vegas

	
NV

	
89108

	
Clark

	  	  	  	  	  	  	  
	
250

	
VCA Real Property Acquisition Corporation

	
VCA Channahon Animal Hospital

	
Owned

	
24725 West Eames Street

	
Channahon

	
IL

	
60410

	
Will

	
09/28/01

	  	  	  	  	  	  
	
251

	
VCA Real Property Acquisition Corporation

	
VCA Joliet Animal Hospital

	
Owned

	
220 N. Hammes

	
Joliet

	
IL

	
60435

	
Will

	
07/18/99

	  	  	  	  	  	  
	
252

	
VCA Real Property Acquisition Corporation

	
VCA Bolingbrook Animal Hospital

	
Owned

	
570 Concord Ln.

	
Bolingbrook

	
IL

	
60440

	
Will

	
07/01/99

	  	  	  	  	  	  
	
253

	
VCA Real Property Acquisition Corporation

	
VCA Burbank Animal Hospital

	
Owned

	
6161 West 79th St.

	
Burbank

	
IL

	
60459

	
Cook

	
07/01/99

	  	  	  	  	  	  
	
255

	
VCA Real Property Acquisition Corporation

	
VCA Naper Ridge Animal Hospital

	
Owned

	
987 Maplefield Rd.

	
Naperville

	
IL

	
60565

	
DuPage

	
12/10/08

	  	  	  	  	  	  
	
257

	
Pets' Rx, Inc.

	
Parking Lease: VCA LaGrange Park Animal Hospital

	
Leased

	
31st Street near Beach Ave.

	
LaGrange Park

	
IL

	
60526

	
Cook

	  	  	  	  	
Parking Lease

	  	  
	
257

	
Pets' Rx, Inc.

	
VCA LaGrange Park Animal Hospital

	
Leased

	
905 E. 31st St.

	
LaGrange Park

	
IL

	
60526

	
Cook

	  	  	  	  	  	  	  
	
259

	
VCA Real Property Acquisition Corporation

	
VCA Chicago North Animal Hospital

	
Owned

	
3631 N. Elston Ave.

	
Chicago

	
IL

	
60618

	
Cook

	  	  	  	
Subleasing 3 attached residential apartments to employees

	  	  
	
262

	
VCA Animal Hospitals, Inc.

	
VCA Franklin Park Animal Hospital

	
Leased

	
9846 West Grand Ave.

	
Franklin Park

	
IL

	
60131

	
Cook

	  	  	  	  	  	  	  
	
264

	
Pets' Rx, Inc.

	
VCA Noyes Animal Hospital

	
Leased

	
22055 N. Kelsey Rd.

	
Barrington

	
IL

	
60010

	
Cook

	  	  	  	  	  	  	  
	
269

	
Pets' Rx, Inc.

	
VCA Aroma Park Animal Hospital

	
Leased

	
3302 Waldron Rd.

	
Aroma Park

	
IL

	
60910

	
Kankakee

	  	  	  	  	  	  	  
	
271

	
VCA Animal Hospitals, Inc.

	
VCA Midpark Animal Hospital

	
Leased

	
6611 Smith Rd.

	
Middleburg Heights

	
OH

	
44130

	
Cuyahoga

	  	  	  	  	  	  	  
	
278

	
VCA Animal Hospitals, Inc.

	
VCA St. Clair Shores Animal Hospital

	
Leased

	
25101 Harper

	
St. Clair Shores

	
MI

	
48081

	
Macomb

	  	  	  	  	  	  	  
	
282

	
VCA Animal Hospitals, Inc.

	
VCA Clinton Township Animal Hospital

	
Leased

	
40696 Garfield

	
Clinton Township

	
MI

	
48038

	
Macomb

	  	  	  	  	  	  	  
	
283

	
VCA Animal Hospitals, Inc.

	
VCA Animal Hospital of Royal Oak

	
Leased

	
931 North Main St.

	
Royal Oak

	
MI

	
48067

	
Oakland

	  	  	  	  	  	  	  
	
284

	
VCA Real Property Acquisition Corporation

	
VCA Allen Park Animal Hospital

	
Owned

	
5401 Allen Road

	
Allen Park

	
MI

	
48101

	
Wayne

	
12/13/05

	  	  	  	  	  	  
	
286

	
VCA Animal Hospitals, Inc.

	
VCA Farmington Hills Animal Hospital

	
Leased

	
31555 West 13 Mile Rd.

	
Farmington Hills

	
MI

	
48334

	
Oakland

	  	  	  	  	  	  	  
	
290

	
VCA Animal Hospitals, Inc.

	
VCA Animal Hospital of Garden City

	
Owned

	
2085 Inkster Rd.

	
Garden City

	
MI

	
48135

	
Wayne

	  	  	  	  	  	  	  
	
291

	
VCA Animal Hospitals, Inc.

	
VCA Woodland Animal Hospital

	
Leased

	
2200 South Main St.

	
Ann Arbor

	
MI

	
48103

	
Washtenaw

	  	  	  	  	  	  	  
	
293

	
VCA Animal Hospitals, Inc.

	
VCA Southland Animal Hospital

	
Owned

	
20224 Eureka Rd.

	
Taylor

	
MI

	
48180

	
Wayne

	  	  	  	  	  	  	  
	
296

	
VCA Animal Hospitals, Inc.

	
VCA Village Park Animal Hospital

	
Owned

	
15018 Greyhound Ct.

	
Carmel

	
IN

	
46032

	
Hamilton

	  	  	  	  	  	  	  
	
297

	
VCA Animal Hospitals, Inc.

	
VCA West 86th St. Animal Hospital

	
Owned

	
4030 West 86th St.

	
Indianapolis

	
IN

	
46268

	
Marion

	  	  	  	  	  	  	  
	
298

	
VCA Real Property Acquisition Corporation

	
VCA Beech Grove Animal Hospital

	
Owned

	
4960 S. Emerson Avenue

	
Indianapolis

	
IN

	
46203

	
Marion

	
04/13/11

	  	  	  	  	  	  
	
299

	
VCA Real Property Acquisition Corporation

	
VCA Cross Pointe Animal Hospital

	
Owned

	
9790 Lantern Road

	
Fishers

	
IN

	
46037

	
Hamilton

	
01/23/98

	  	  	  	  	  	  
	
300

	
VCA Real Property Acquisition Corporation

	
VCA Wellington Animal Hospital

	
Owned

	
16050 Allisonville Rd.

	
Noblesville

	
IN

	
46060

	
Hamilton

	  	  	  	  	  	  	  
	
302

	
VCA Animal Hospitals, Inc.

	
VCA Valle Vista Animal Hospital

	
Leased

	
398 S. Emerson St.

	
Greenwood

	
IN

	
46143

	
Johnson

	  	  	  	  	
Month-to-month as of 07/01/11

	  	  
	
303

	
VCA Animal Hospitals, Inc.

	
VCA Eagle Park Animal Hospital

	
Leased

	
1008 West Oak St.

	
Zionsville

	
IN

	
46077

	
Boone

	  	  	  	  	  	  	  
	
306

	
VCA Real Property Acquisition Corporation

	
VCA Westerville East Animal Hospital

	
Owned

	
6283 Sunbury Rd.

	
Westerville

	
OH

	
43081

	
Franklin

	
09/01/98

	  	  	  	  	  	  
	
307

	
VCA Animal Hospitals, Inc.

	
VCA Westboro Animal Hospital

	
Leased

	
155 Turnpike Rd. Route 9

	
Westboro

	
MA

	
01581

	
Worcester

	  	  	  	  	  	  	  
	
309

	
VCA Animal Hospitals, Inc.

	
VCA Wakefield Animal Hospital

	
Leased

	
19 Main St.

	
Wakefield

	
MA

	
01880

	
Middlesex

	  	  	  	
Subleasing space to Radiocat.

	  	  	  
	
310

	
VCA Animal Hospitals, Inc.

	
VCA Dudley Avenue Animal Hospital

	
Leased

	
3200 Dudley Ave.

	
Parkersburg

	
WV

	
26101

	
Wood

	  	  	  	  	  	  	  
	
312

	
VCA Animal Hospitals, Inc.

	
VCA Newark Animal Hospital

	
Owned

	
1360 Marrows Rd.

	
Newark

	
DE

	
19711-5458

	
New Castle

	
05/01/99

	  	  	  	  	  	  
	
314

	
VCA Animal Hospitals, Inc.

	
VCA Delmarva Animal Hospital

	
Owned

	
10311 Old Ocean City Boulevard

	
Berlin

	
MD

	
21811

	
Worcester

	
07/28/01

	  	  	
Subleasing attached apartment to day-care facility; month-to-month

	  	  
	
316

	
VCA Real Property Acquisition Corporation

	
Edgebrook Animal Hospital

	
Owned

	
777 Helmetta Blvd.

	
East Brunswick

	
NJ

	
08816

	
Middlesex

	
12/28/00

	  	  	  	  	  	  
	
318

	
VCA Animal Hospitals, Inc.

	
VCA Riviera Bay Animal Hospital

	
Leased

	
2228 Dr. Martin Luther King, Jr. St. N.

	
St. Petersburg

	
FL

	
33704

	
Pinellas

	  	  	  	  	  	  	  
	
320

	
VCA Animal Hospitals, Inc.

	
VCA Oldsmar Animal Hospital

	
Owned

	
3898 Tampa Rd.

	
Oldsmar

	
FL

	
34677

	
Pinellas

	  	  	  	  	  	  	  
	
323

	
VCA Animal Hospitals, Inc.

	
VCA Palm Beach County Animal Hospital

	
Owned

	
3401 2nd Ave N.

	
Lake Worth

	
FL

	
33461

	
Palm Beach

	  	  	  	  	  	  	  
	
324

	
VCA Animal Hospitals, Inc.

	
VCA Hillsboro Animal Hospital

	
Leased

	
4181 West Hillsboro Blvd.

	
Coconut Creek

	
FL

	
33073

	
Broward

	  	  	  	  	  	  	  
	
325

	
VCA Animal Hospitals, Inc.

	
VCA Stirling Square Animal Hospital

	
Leased

	
3000 Stirling Road, Unit 132

	
Hollywood

	
FL

	
33021

	
Broward

	  	  	  	  	  	  	  
	
329

	
VCA Animal Hospitals, Inc.

	
Vacant Property: Rock Creek #329

	
Leased

	
10721 Stirling Road

	
Cooper City

	
FL

	
33328

	
Broward

	  	  	
X

	  	
Former site of Rock Creek #329.  Lease expires 08/22/11.

	  	  
	
329

	
VCA Animal Hospitals, Inc.

	
VCA Rock Creek Animal Hospital

	
Leased

	
9399 Sheridan Street

	
Cooper City

	
FL

	
33024

	
Broward

	  	  	  	  	  	  	  
	
330

	
VCA Animal Hospitals, Inc.

	
VCA Boca Del Mar Animal Hospital

	
Leased

	
7076 Beracasa Way

	
Boca Raton

	
FL

	
33433

	
Palm Beach

	  	  	  	  	  	  	  
	
334

	
VCA Animal Hospitals, Inc.

	
VCA Friendship South Pompano Animal Hospital

	
Leased

	
415 S. Federal Highway

	
Pompano Beach

	
FL

	
33062

	
Broward

	  	  	  	  	  	  	  
	
335

	
VCA Animal Hospitals, Inc.

	
VCA Wellington Animal Hospital

	
Leased

	
14471 Southern Blvd.

	
Loxahatchee

	
FL

	
33470

	
Palm Beach

	  	  	  	  	  	  	  
	
336

	
VCA Animal Hospitals, Inc.

	
VCA Neshaminy Animal Hospital

	
Leased

	
4197 Bristol Road

	
Oakford

	
PA

	
19047

	
Bucks

	  	  	  	  	  	  	  
	
338

	
VCA Animal Hospitals, Inc.

	
VCA Squire Animal Hospital

	
Leased

	
15222 Marlboro Pike

	
Upper Marlboro

	
MD

	
20772

	
Prince Georges

	  	  	  	  	  	  	  
	
339

	
Veterinary Centers of America-Texas, Inc.

	
VCA Beltline East Animal Hospital

	
Leased

	
2555 North Beltline Road

	
Sunnyvale

	
TX

	
75182

	
Dallas

	  	  	  	  	  	  	  
	
341

	
VCA Centers-Texas, Inc.

	
VCA Spring Animal Hospital

	
Owned

	
1811 Spring Cypress

	
Spring

	
TX

	
77388

	
Harris

	  	  	  	  	  	  	  
	
342

	
VCA Centers-Texas, Inc.

	
VCA Spring Branch Animal Hospital

	
Owned

	
10109 Long Point Road

	
Houston

	
TX

	
77043

	
Harris

	  	  	  	  	  	  	  
	
343

	
VCA Real Property Acquisition Corporation

	
VCA Woodlands Animal Hospital

	
Owned

	
428 Rayford Road

	
Spring

	
TX

	
77386

	
Montgomery

	
01/12/07

	  	  	  	  	  	  
	
344

	
VCA Animal Hospitals, Inc.

	
VCA A Breed Apart Animal Hospital

	
Leased

	
777 S. Arroyo Parkway, Suite 106

	
Pasadena

	
CA

	
91105

	
Los Angeles

	  	  	  	  	  	  	  
	
345

	
Veterinary Centers of America-Texas, Inc.

	
VCA Lakewood Animal Hospital

	
Leased

	
6363 Richmond Avenue

	
Dallas

	
TX

	
75214

	
Dallas

	  	  	  	  	  	  	  
	
346

	
Pets' Rx, Inc.

	
VCA 80 Dodge Animal Hospital

	
Leased

	
8022 West Dodge Road

	
Omaha

	
NE

	
68114

	
Douglas

	  	  	  	  	  	  	  
	
347

	
VCA Centers-Texas, Inc.

	
VCA Loop 12 Animal Hospital

	
Owned

	
3607 N. Buckner Boulevard

	
Dallas

	
TX

	
75228

	
Dallas

	  	  	  	  	  	  	  
	
348

	
VCA Animal Hospitals, Inc.

	
VCA Northside Animal Hospital

	
Leased

	
21 Padanaram Road

	
Danbury

	
CT

	
06811

	
Fairfield

	  	  	  	  	  	  	  
	
349

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA Animal Hospital of Santa Cruz

	
Leased

	
815 Mission Street

	
Santa Cruz

	
CA

	
95060

	
Santa Cruz

	  	  	  	  	  	  	  
	
350

	
Veterinary Centers of America-Texas, Inc.

	
VCA Sandy Lake Animal Hospital

	
Leased

	
107 Samuel Blvd.

	
Coppell

	
TX

	
75019

	
Dallas

	  	  	  	  	  	  	  
	
351

	
VCA Real Property Acquisition Corporation

	
VCA Cat Hospital of Philadelphia

	
Owned

	
226 S. 20th Street

	
Philadelphia

	
PA

	
19103

	
Philadelphia

	
07/23/97

	  	  	  	  	  	  
	
353

	
VCA of New York, Inc.

	
Manhattan Veterinary Group

	
Leased

	
240 East 80th Street

	
New York

	
NY

	
10021

	
New York

	  	  	  	  	  	  	  
	
355

	
VCA Real Property Acquisition Corporation

	
VCA Bering Sea Animal Hospital

	
Owned

	
1347 East 74th Avenue

	
Anchorage

	
AK

	
99518

	
Anchorage

	  	  	  	  	  	  	  
	
356

	
VCA Real Property Acquisition Corporation

	
Freehold Animal Hospital

	
Owned

	
3700 Route 9 South

	
Freehold

	
NJ

	
07728

	
Monmouth

	
11/01/97

	  	  	  	  	  	  
	
357

	
VCA Animal Hospitals, Inc.

	
VCA Coast Animal Hospital

	
Leased

	
1560 Pacific Coast Highway

	
Hermosa Beach

	
CA

	
90254

	
Los Angeles

	  	  	  	  	  	  	  
	
358

	
VCA Real Property Acquisition Corporation

	
Shrewsbury Animal Hospital

	
Owned

	
1008 Shrewsbury Avenue

	
Tinton Falls

	
NJ

	
07724

	
Monmouth

	
03/05/10

	  	  	  	  	  	  
	
359

	
VCA Animal Hospitals, Inc.

	
Foster Animal Hospital

	
Leased

	
1347 Broad Street

	
Clifton

	
NJ

	
07013

	
Passaic

	  	  	  	  	  	  	  
	
360

	
VCA Animal Hospitals, Inc.

	
VCA Valley Animal Hospital

	
Leased

	
39 Patria Road

	
South Windsor

	
CT

	
06074

	
South Windsor

	  	  	  	  	  	  	  
	
361

	
VCA Animal Hospitals, Inc.

	
VCA Kennel Club Resort & Spa

	
Leased

	
3301 Fujita Street

	
Torrance

	
CA

	
90505

	
Los Angeles

	  	  	  	  	  	  	  
	
362

	
VCA Animal Hospitals, Inc.

	
VCA Arden Animal Hospital

	
Owned

	
407 West Arden Avenue

	
Glendale

	
CA

	
91203-1103

	
Los Angeles

	
05/01/08

	  	  	  	  	  	  
	
363

	
VCA Real Property Acquisition Corporation

	
VCA Northside Animal Hospital

	
Owned

	
185 Mikron Road

	
Bethlehem

	
PA

	
18020

	
Lehigh

	
05/06/98

	  	  	  	  	  	  
	
364

	
VCA Real Property Acquisition Corporation

	
Twin Rivers Animal Hospital

	
Owned

	
650 Route 33 East

	
East Windsor

	
NJ

	
08520

	
Mercer

	
07/01/98

	  	  	  	  	  	  
	
365

	
VCA Real Property Acquisition Corporation

	
VCA Spanish River Animal Hospital

	
Owned

	
180 W. Spanish River Boulevard

	
Boca Raton

	
FL

	
33431

	
Palm Beach

	
07/23/98

	  	  	  	  	  	  
	
366

	
VCA Real Property Acquisition Corporation

	
VCA Emergency Animal Hospital & Referral Ctr.

	
Owned

	
2317 Hotel Circle South

	
San Diego

	
CA

	
92108

	
San Diego

	
08/17/98

	  	  	
Subleasing attached office/suite to another practice

	  	  
	
367

	
VCA Real Property Acquisition Corporation

	
VCA Highlands Animal Hospital

	
Owned

	
25011 Lee Highway

	
Abingdon

	
VA

	
24210

	
Washington

	
11/16/98

	  	  	  	  	  	  
	
370

	
VCA Animal Hospitals, Inc.

	
VCA East Colonial Animal Hospital

	
Leased

	
7424 E. Colonial Drive

	
Orlando

	
FL

	
32807

	
Orange

	  	  	  	  	  	  	  
	
371

	
VCA Animal Hospitals, Inc.

	
Closter Animal Hospital

	
Leased

	
137 Piermont Road

	
Closter

	
NJ

	
07624

	
Bergen

	  	  	  	  	  	  	  
	
372

	
VCA Missouri, Inc.

	
VCA All Creatures Animal Hospital

	
Leased

	
2205 Highway K

	
O'Fallon

	
MO

	
63368

	
St. Charles

	  	  	  	  	  	  	  
	
373

	
Pets' Rx, Inc.

	
Aldrich Animal Hospital

	
Owned

	
537 Sunrise Highway

	
West Babylon

	
NY

	
11704

	
Suffolk

	  	  	  	  	  	  	  
	
374

	
Pets' Rx, Inc.

	
Allenwood Animal Hospital

	
Owned

	
3002 Atlantic Avenue

	
Allenwood

	
NJ

	
08720

	
Monmouth

	
12/18/08

	  	  	  	  	  	  
	
375

	
VCA Real Property Acquisition Corporation

	
Bayview Animal Hospital

	
Owned

	
574 Fischer Boulevard

	
Toms River

	
NJ

	
08753

	
Ocean

	
03/01/07

	  	  	  	  	  	  
	
377

	
Pets' Rx, Inc.

	
East Islip Animal Hospital

	
Leased

	
700 Main Street

	
Islip

	
NY

	
11751

	
Suffolk

	  	  	  	  	  	  	  
	
378

	
Pets' Rx, Inc.

	
Gateway Animal Hospital

	
Leased

	
4236 Hylan Boulevard

	
Staten Island

	
NY

	
10312

	
Richmond

	  	  	  	  	  	  	  
	
380

	
Pets' Rx, Inc.

	
Oakdale Animal Hospital

	
Leased

	
1191 Montauk Highway

	
Oakdale

	
NY

	
11769

	
Suffolk

	  	  	  	  	  	  	  
	
381

	
VCA Real Property Acquisition Corporation

	
Rosebank Animal Hospital

	
Owned

	
1230 Bay Street

	
Staten Island

	
NY

	
10305

	
Richmond

	
12/28/00

	  	  	  	  	  	  
	
382

	
Pets' Rx, Inc.

	
South Shore Animal Hospital

	
Owned

	
125 New Dorp Lane

	
Staten Island

	
NY

	
10306

	
Richmond

	
12/28/00

	  	  	  	  	  	  
	
383

	
Pets' Rx, Inc.

	
Southgate Animal Hospital

	
Owned

	
1015 Montauk Highway

	
Copiague

	
NY

	
11726

	
Suffolk

	  	  	  	  	  	  	  
	
384

	
Pets' Rx, Inc.

	
Staten Island Animal Hospital

	
Leased

	
640 Willowbrook Road

	
Staten Island

	
NY

	
10314

	
Richmond

	  	  	  	  	  	  	  
	
385

	
Pets' Rx, Inc.

	
Sunrise Veterinary Group

	
Leased

	
521 Sunrise Highway

	
West Islip

	
NY

	
11795

	
Suffolk

	  	  	  	  	  	  	  
	
387

	
Pets' Rx, Inc.

	
Village Animal Hospital

	
Leased

	
6 Weaver Street

	
Larchmont

	
NY

	
10538

	
Westchester

	  	  	  	  	  	  	  
	
388

	
VCA Animal Hospitals, Inc.

	
New York Veterinary Hospital

	
Leased

	
150 E. 74th Street

	
New York

	
NY

	
10021

	
New York

	  	  	  	  	  	  	  
	
390

	
VCA Animal Hospitals, Inc.

	
Animal General of East Norwich

	
Leased

	
6320 Route 25A

	
East Norwich

	
NY

	
11732

	
Nassau

	  	  	  	  	  	  	  
	
392

	
VCA Animal Hospitals, Inc.

	
VCA Animal Medical Center

	
Leased

	
15028 U.S. Route 224E

	
Findlay

	
OH

	
45840

	
Hancock

	  	  	  	  	  	  	  
	
393

	
VCA Real Property Acquisition Corporation

	
VCA Aurora Animal Hospital

	
Owned

	
2600 West Galena Blvd.

	
Aurora

	
IL

	
60506

	
DuPage

	
12/28/02

	  	  	  	  	  	  
	
394

	
VCA Real Property Acquisition Corporation

	
VCA Worth Animal Hospital

	
Owned

	
7727 West 111th Street

	
Palos Hills

	
IL

	
60465

	
Cook

	
09/22/09

	  	  	  	  	  	  
	
395

	
VCA Animal Hospitals, Inc.

	
VCA La Mirada Animal Hospital

	
Leased

	
13914 East Rosecrans Avenue

	
Santa Fe Springs

	
CA

	
90670

	
Los Angeles

	  	  	  	  	  	  	  
	
396

	
VCA Animal Hospitals, Inc.

	
VCA Triangle Tower Animal Hospital

	
Leased

	
1300 Corporation Parkway

	
Raleigh

	
NC

	
27610

	
Wake

	  	  	  	  	  	  	  
	
398

	
VCA Animal Hospitals, Inc.

	
VCA MacArthur Animal Hospital

	
Leased

	
4832 MacArthur Blvd. N.W.

	
Washington

	
DC

	
20007

	
DC

	  	  	  	  	  	  	  
	
400

	
Veterinary Centers of America-Texas, Inc.

	
VCA Bedford Meadows Animal Hospital

	
Leased

	
2209 Harwood Road

	
Bedford

	
TX

	
76021

	
Tarrant

	  	  	  	  	  	  	  
	
401

	
VCA Animal Hospitals, Inc.

	
VCA Palmetto Animal Hospital

	
Leased

	
2350 Highway 501 East

	
Conway

	
SC

	
29526

	
Horry

	  	  	  	  	  	  	  
	
402

	
VCA Animal Hospitals, Inc.

	
County Animal Clinic

	
Leased

	
1574 Central Park Avenue

	
Yonkers

	
NY

	
10710

	
Westchester

	  	  	  	  	  	  	  
	
405

	
VCA Animal Hospitals, Inc.

	
VCA Upper Keys Animal Hospital

	
Leased

	
87801 Overseas Highway

	
Islamorada

	
FL

	
33036

	
Monroe

	  	  	  	  	  	  	  
	
406

	
VCA Alabama, Inc.

	
VCA Becker Animal Hospital

	
Leased

	
1901 27th Avenue South

	
Homewood

	
AL

	
35209

	
Jefferson

	  	  	  	  	  	  	  
	
408

	
VCA Antech, Inc.

	
Animal Imaging Center

	
Leased

	
1827 Pontius Avenue

	
Los Angeles

	
CA

	
90025

	
Los Angeles

	  	  	  	
Subleasing space to Radiocat.

	  	  	  
	
409

	
VCA of New York, Inc.

	
Blue Point-Bayport Animal Hospital

	
Leased

	
765 Montauk Hwy.

	
Bayport

	
NY

	
11705

	
Suffolk

	  	  	  	  	  	  	  
	
410

	
VCA Animal Hospitals, Inc.

	
VCA New London Animal Hospital

	
Leased

	
122 Cross Road

	
Waterford

	
CT

	
06385

	
New London

	  	  	  	  	  	  	  
	
411

	
VCA Animal Hospitals, Inc.

	
Oneida Animal Hospital

	
Leased

	
101 Genesee Street

	
Oneida

	
NY

	
13421

	
Madison

	  	  	  	  	  	  	  
	
412

	
VCA Real Property Acquisition Corporation

	
VCA Airline Animal Hospital

	
Owned

	
5105 Airline Drive

	
Metairie

	
LA

	
70001

	
Jefferson

	
12/28/02

	  	  	  	  	  	  
	
413

	
VCA of New York, Inc.

	
Glen Animal Hospital

	
Leased

	
209 Glen Cove Avenue

	
Sea Cliff

	
NY

	
11579

	
Nassau

	  	  	  	  	  	  	  
	
414

	
VCA Animal Hospitals, Inc.

	
VCA Dover Animal Hospital

	
Leased

	
1151 South Governors Avenue

	
Dover

	
DE

	
19904

	
Kent

	  	  	  	  	  	  	  
	
416

	
VCA of New York, Inc.

	
Shop City Animal Hospital

	
Leased

	
105 Shop City Plaza

	
Syracuse

	
NY

	
13206

	
Onondaga

	  	  	  	  	  	  	  
	
417

	
Veterinary Centers of America-Texas, Inc.

	
VCA Lake Jackson Animal Hospital

	
Leased

	
210 That Way

	
Lake Jackson

	
TX

	
77566

	
Brazoria

	  	  	  	  	  	  	  
	
418

	
VCA Animal Hospitals, Inc.

	
Rome Animal Hospital

	
Leased

	
6161 Lamphear Road

	
Rome

	
NY

	
13440

	
Oneida

	  	  	  	  	  	  	  
	
419

	
VCA Animal Hospitals, Inc.

	
Queen Village Animal Hospital

	
Leased

	
46 Mexico Street

	
Camden

	
NY

	
13316

	
Oneida

	  	  	  	  	
Combined lease with #418

	  	  
	
422

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA Hillcrest Animal Hospital

	
Leased

	
246 West Washington Street

	
San Diego

	
CA

	
92103

	
San Diego

	  	  	  	  	  	  	  
	
423

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA Main Street Animal Hospital

	
Leased

	
2773 Main Street

	
San Diego

	
CA

	
92113

	
San Diego

	  	  	  	  	  	  	  
	
425

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA Angel Animal Hospital

	
Leased

	
3537 30th Street

	
San Diego

	
CA

	
92104

	
San Diego

	  	  	  	  	  	  	  
	
426

	
VCA Real Property Acquisition Corporation

	
VCA Kirkwood Animal Hospital

	
Owned

	
1501 Kirkwood Hwy

	
Newark

	
DE

	
19711

	
New Castle

	
11/30/00

	  	  	  	  	  	  
	
427

	
VCA Real Property Acquisition Corporation

	
VCA Southeast Area Animal Hospital

	
Owned

	
9801 East Iliff Avenue

	
Denver

	
CO

	
80231

	
Arapahoe

	
11/28/00

	  	  	  	  	  	  
	
428

	
VCA Animal Hospitals, Inc.

	
VCA Grossmont Animal Hospital

	
Leased

	
8274 Parkway Drive #106

	
La Mesa

	
CA

	
91942

	
San Diego

	  	  	  	  	  	  	  
	
429

	
VCA Animal Hospitals, Inc.

	
VCA Battle Ground Animal Hospital

	
Leased

	
9804 NE 219th Street

	
Battle Ground

	
WA

	
98604

	
Clark

	  	  	  	  	  	  	  
	
430

	
VCA Real Property Acquisition Corporation

	
VCA Central Animal Hospital

	
Owned

	
281 North Central Avenue

	
Upland

	
CA

	
91786

	
San Bernardino

	
02/28/01

	  	  	  	  	  	  
	
431

	
VCA Real Property Acquisition Corporation

	
VCA Cedar View Animal Hospital

	
Owned

	
7545 147th Street

	
Apple Valley

	
MN

	
55124

	
Dakota

	
06/15/11

	  	  	  	  	  	  
	
432

	
VCA Animal Hospitals, Inc.

	
VCA Barcroft Cat Hospital

	
Leased

	
6357 Columbia Pike

	
Falls Church

	
VA

	
22041

	
Washington

	  	  	  	  	  	  	  
	
433

	
Associates in Pet Care, Inc.

	
VCA Associates in Pet Care Animal Hospital

	
Leased

	
918 West Sunset Drive

	
Waukesha

	
WI

	
53189

	
Waukesha

	  	  	  	  	
Lease includes #435 Best Care Motel

	  	  
	
434

	
VCA Animal Hospitals, Inc.

	
VCA Delaware Valley Animal Hospital

	
Leased

	
266 Lincoln Highway

	
Fairless Hills

	
PA

	
19030

	
Bucks

	  	  	  	  	  	  	  
	
437

	
VCA Animal Hospitals, Inc.

	
VCA Heritage Animal Hospital

	
Leased

	
2101 N. Dunlap Ave

	
Savoy

	
IL

	
61874

	
Champaign

	  	  	  	  	  	  	  
	
439

	
Toms River Veterinary Hospital, P.A.

	
Toms River Animal Hospital

	
Leased

	
769 Route 37 West

	
Toms River

	
NJ

	
08755

	
Ocean

	  	  	  	  	  	  	  
	
440

	
VCA Animal Hospitals, Inc.

	
VCA Feist Animal Hospital

	
Leased

	
1430 Marshall Avenue

	
St. Paul

	
MN

	
55104

	
Ramsey

	  	  	  	  	  	  	  
	
441

	
VCA Animal Hospitals, Inc.

	
VCA All Pets Animal Hospital Boulder

	
Leased

	
5290 Manhattan Circle

	
Boulder

	
CO

	
80303

	
Boulder

	  	  	  	  	  	  	  
	
442

	
VCA Animal Hospitals, Inc.

	
VCA All Pets Animal Hospital Lafayette

	
Leased

	
805 South Public Road

	
Lafayette

	
CO

	
80026

	
Boulder

	  	  	  	  	  	  	  
	
444

	
VCA Animal Hospitals, Inc.

	
VCA Animal Medical Center of Omaha

	
Leased

	
2323 South 64th Avenue

	
Omaha

	
NE

	
68106

	
Douglas

	  	  	  	
Sublease to dermatologist

	  	  	  
	
445

	
VCA Animal Hospitals, Inc.

	
VCA Animal Medical Center of Tucson

	
Leased

	
2661 North 1st Avenue

	
Tucson

	
AZ

	
85719

	
Pima

	  	  	  	  	  	  	  
	
446

	
Veterinary Centers of America-Texas, Inc.

	
VCA Pet Doctor Animal Hospital

	
Leased

	
1421 East Spring Valley Road

	
Richardson

	
TX

	
75081-5348

	
Dallas

	  	  	  	  	  	  	  
	
448

	
VCA Animal Hospitals, Inc.

	
VCA Companion Care Animal Hospital

	
Leased

	
1501 North Sixth Street

	
Wausau

	
WI

	
54403

	
Marathon

	  	  	  	  	  	  	  
	
450

	
VCA Animal Hospitals, Inc.

	
VCA Tanglewood Animal Hospital

	
Leased

	
2110 Slaughter Lane, Suite 120

	
Austin

	
TX

	
78748

	
Travis

	  	  	  	  	  	  	  
	
452

	
VCA Animal Hospitals, Inc.

	
VCA El Mirage Animal Hospital

	
Leased

	
12940 West Elm Street

	
Surprise

	
AZ

	
85374

	
Maricopa

	  	  	  	  	  	  	  
	
454

	
VCA Centers-Texas, Inc.

	
VCA Preston Park Animal Hospital

	
Leased

	
18770 Preston Road

	
Dallas

	
TX

	
75252

	
Collin

	  	  	  	  	
Ground Lease

	  	  
	
454

	
VCA Real Property Acquisition Corporation

	
VCA Preston Park Animal Hospital

	
Owned

	
18770 Preston Road

	
Dallas

	
TX

	
75252

	
Collin

	
07/14/08

	  	  	  	
Building Only: Land is subject to a ground lease

	  	  
	
456

	
VCA Animal Hospitals, Inc.

	
VCA Alaska Pet Care Animal Hospital

	
Leased

	
3900 Lake Otis Parkway

	
Anchorage

	
AK

	
99508

	
Anchorage

	  	  	  	  	  	  	  
	
458

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA Elliot Park Animal Hospital

	
Leased

	
1700 East Elliot Road, Suite 19

	
Tempe

	
AZ

	
85284

	
Maricopa

	  	  	  	  	  	  	  
	
460

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA Mission San Jose Animal Hospital

	
Leased

	
1500 Washington Blvd.

	
Fremont

	
CA

	
94539

	
Alameda

	  	  	  	  	  	  	  
	
461

	
VCA Animal Hospitals, Inc.

	
VCA White Lake Animal Hospital

	
Leased

	
7404 East Highland Road

	
White Lake

	
MI

	
48383

	
Oakland

	  	  	  	  	  	  	  
	
463

	
VCA Animal Hospitals, Inc.

	
VCA Silver Lake Animal Hospital

	
Leased

	
10726 19th Avenue S.E.

	
Everett

	
WA

	
98208

	
Snohomish

	  	  	  	  	  	  	  
	
465

	
VCA Animal Hospitals, Inc.

	
VCA Misener-Holley Animal Hospital

	
Leased

	
1545 Devon Avenue

	
Chicago

	
IL

	
60660

	
Cook

	  	  	  	  	  	  	  
	
468

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA University Animal Hospital

	
Leased

	
2728 Woodlawn Drive

	
Honolulu

	
HI

	
96822

	
Honolulu

	  	  	  	  	  	  	  
	
469

	
VCA Animal Hospitals, Inc.

	
VCA West Shore Animal Hospital

	
Leased

	
719 Limekiln Road

	
New Cumberland

	
PA

	
17070

	
Cumberland

	  	  	  	
Sublease to New Life Holistic Veterinary Care

	  	  	  
	
470

	
VCA Animal Hospitals, Inc.

	
VCA Ocean Beach Animal Hospital

	
Leased

	
4011 Ocean Beach Highway

	
Longview

	
WA

	
98632

	
Cowlitz

	  	  	  	  	  	  	  
	
471

	
VCA Real Property Acquisition Corporation

	
Vetco Animal Hospital

	
Owned

	
1565 Route 206

	
Tabernacle

	
NJ

	
08088

	
Burlington

	
02/28/03

	  	  	  	  	  	  
	
472

	
VCA Animal Hospitals, Inc.

	
VCA Brown Animal Hospital

	
Leased

	
8 Calkins Court

	
South Burlington

	
VT

	
05403

	
Chittenden

	  	  	  	  	  	  	  
	
473

	
VCA Animal Hospitals, Inc.

	
VCA West Bernardo Animal Hospital

	
Leased

	
11605 Duenda Road, Suite D

	
San Diego

	
CA

	
92127

	
San Diego

	  	  	  	  	  	  	  
	
474

	
VCA Animal Hospitals, Inc.

	
VCA Arrighetti Animal Hospital

	
Leased

	
1882 Plaza del Sur Drive

	
Santa Fe

	
NM

	
87505

	
Santa Fe

	  	  	  	  	  	  	  
	
475

	
VCA Animal Hospitals, Inc.

	
VCA Mountain View Animal Hospital

	
Leased

	
9812 North 7th Street

	
Phoenix

	
AZ

	
85020

	
Maricopa

	  	  	  	  	  	  	  
	
476

	
VCA Animal Hospitals, Inc.

	
VCA Promenade Animal Hospital

	
Leased

	
4424 N. University Drive

	
Lauderhill

	
FL

	
33351

	
Broward

	  	  	  	  	  	  	  
	
477

	
VCA Animal Hospitals, Inc.

	
VCA Lafayette Animal Hospital

	
Leased

	
3532 East State Road 26

	
Lafayette

	
IN

	
47905

	
Tippecanoe

	  	  	  	  	  	  	  
	
480

	
VCA Animal Hospitals, Inc.

	
CT Scanner and Storage Space: Veterinary Specialists of Northern Colorado #480

	
Leased

	
227 West 67th Court

	
Loveland

	
CO

	
80538

	
Larimer

	  	  	  	  	
Separate builidng houses rehab/CT scanner and storage space

	  
	
480

	
VCA Animal Hospitals, Inc.

	
VCA Veterinary Specialists of Northern Colorado

	
Leased

	
201 West 67th Court

	
Loveland

	
CO

	
80538

	
Larimer

	  	  	  	  	  	  	  
	
484

	
West Los Angeles Veterinary Medical Group, Inc.

	
VCA North Coast Animal Hospital

	
Leased

	
414 Encinitas Boulevard

	
Encinitas

	
CA

	
92024

	
San Diego

	  	  	  	  	  	  	  
	
485

	
VCA Animal Hospitals, Inc.

	
VCA Apex Animal Hospital

	
Leased

	
1600 E. Williams Street

	
Apex

	
NC

	
27539

	
Wake

	  	  	  	  	  	  	  
	
486

	
VCA Animal Hospitals, Inc.

	
VCA Broad Street Animal Hospital

	
Leased

	
2200 North Grassland Drive

	
Fuquay-Varina

	
NC

	
27526

	
Wake

	  	  	  	  	  	  	  
	
487

	
VCA Real Property Acquisition Corporation

	
VCA Cornerstone Animal Hospital

	
Owned

	
2111 High House Road

	
Cary

	
NC

	
27519

	
Chatham

	
06/28/03

	  	  	  	  	  	  
	
488

	
VCA Animal Hospitals, Inc.

	
VCA Sequoia Valley Animal Hospital

	
Leased

	
604 Elsa Drive

	
Santa Rosa

	
CA

	
95407

	
Sonoma

	  	  	  	  	  	  	  
	
489

	
VCA Animal Hospitals, Inc.

	
VCA Durant Road Animal Hospital

	
Leased

	
10220 Durant Road

	
Raleigh

	
NC

	
27614

	
Wake

	  	  	  	  	  	  	  
	
491

	
VCA Missouri, Inc.

	
VCA Bal-Coeur Animal Hospital

	
Leased

	
550 North New Ballas Road

	
Creve Coeur

	
MO

	
63141

	
St. Louis

	  	  	  	  	  	  	  
	
492

	
VCA Animal Hospitals, Inc.

	
VCA Douglas County Animal Hospital

	
Leased

	
531 Jerry Street

	
Castle Rock

	
CO

	
80104

	
Douglas

	  	  	  	  	  	  	  
	
493

	
VCA Animal Hospitals, Inc.

	
VCA All About Pets Animal Hospital

	
Leased

	
5669 Duluth Street

	
Golden Valley

	
MN

	
55422

	
Hennepin

	  	  	  	  	  	  	  
	
495

	
VCA of New York, Inc.

	
Fifth Avenue Veterinary Specialists

	
Leased

	
One West 15th Street

	
New York

	
NY

	
10011

	
New York

	  	  	  	  	  	  	  
	
495

	
VCA Animal Hospitals, Inc.

	
Storage Space: Fifth Avenue Veterinary Specialists #495

	
Leased

	
100-104 Fifth Avenue

	
New York

	
NY

	
10118

	
New York

	  	  	  	  	
Storage Space

	  	  
	
497

	
Veterinary Centers of America-Texas, Inc.

	
VCA Castle Hills Companion Animal Hospital

	
Leased

	
13141 N.W. Military Highway

	
San Antonio

	
TX

	
78231

	
Bexar

	  	  	  	  	  	  	  
	
499

	
VCA Animal Hospitals, Inc.

	
VCA Tennessee Avenue Animal Hospital

	
Leased

	
1381 Tennessee Avenue

	
Cincinnati

	
OH

	
45229

	
Hamilton

	  	  	  	  	  	  	  
	
500

	
Veterinary Centers of America-Texas, Inc.

	
VCA Health Associates Animal Hospital

	
Leased

	
11214 Iota Drive

	
San Antonio

	
TX

	
78217

	
Bexar

	  	  	  	  	  	  	  
	
502

	
VCA Real Property Acquisition Corporation

	
VCA Los Altos Animal Hospital

	
Owned

	
3080 Woodruff Avenue, Suite B

	
Long Beach

	
CA

	
90808

	
Los Angeles

	
02/12/10

	  	  	  	  	  	  
	
504

	
VCA Animal Hospitals, Inc.

	
VCA El Rancho Animal Hospital

	
Leased

	
41670 Winchester Road, Suite B

	
Temecula

	
CA

	
92590

	
Riverside

	  	  	  	  	  	  	  
	
505

	
VCA Animal Hospitals, Inc.

	
VCA Lockwood Ridge Animal Hospital

	
Leased

	
3802 N. Lockwood Ridge Road

	
Sarasota

	
FL

	
34234

	
Sarasota

	  	  	  	  	  	  	  
	
506

	
VCA Animal Hospitals, Inc.

	
VCA All-Care Animal Referral Center

	
Leased

	
18440 Amistad Street, Suite E

	
Fountain Valley

	
CA

	
92708

	
Orange

	  	  	  	  	  	  	  
	
507

	
VCA Animal Hospitals, Inc.

	
VCA Williamsburg Animal Hospital

	
Leased

	
6141 South 40th Street

	
Lincoln

	
NE

	
68516

	
Lancaster

	  	  	  	  	  	  	  
	
508

	
VCA Animal Hospitals, Inc.

	
VCA Family Animal Hospital

	
Leased

	
98-1254 Kaahumanu Street

	
Pearl City

	
HI

	
96782

	
Honolulu

	  	  	  	  	  	  	  
	
509

	
VCA of New York, Inc.

	
Animal Health Center

	
Leased

	
1656 Route 9

	
Clifton Park

	
NY

	
12065

	
Sarasota

	  	  	  	
Subleasing 2 attached residential apartments to employees

	  	  
	
511

	
VCA Animal Hospitals, Inc.

	
VCA Animal Care Hospital

	
Leased

	
1208 East 66th Street

	
Richfield

	
MN

	
55423

	
Hennepin

	  	  	  	  	  	  	  
	
515

	
Arroyo PetCare Center, Inc.

	
VCA Greenhaven Animal Hospital

	
Leased

	
1 Valine Court

	
Sacramento

	
CA

	
95831

	
Sacramento

	  	  	  	  	  	  	  
	
516

	
Arroyo PetCare Center, Inc.

	
VCA All Our Pets Animal Hospital

	
Leased

	
1413 60th Street

	
Sacramento

	
CA

	
95819

	
Sacramento

	  	  	  	  	  	  	  
	
517

	
Arroyo PetCare Center, Inc.

	
VCA Westside Animal Hospital

	
Leased

	
1550 Jefferson Blvd.

	
West Sacramento

	
CA

	
95691

	
Yolo

	  	  	  	  	  	  	  
	
518

	
Arroyo PetCare Center, Inc.

	
VCA Highlands Animal Hospital

	
Leased

	
3451 Elkhorn Blvd.

	
North Highlands

	
CA

	
95660

	
Sacramento

	  	  	  	  	
Includes additional building for cancer treatment center

	  	  
	
519

	
Arroyo PetCare Center, Inc.

	
VCA Greenback Pet Resort

	
Leased

	
8311 Greenback Lane

	
Fair Oaks

	
CA

	
95628

	
Sacramento

	  	  	  	  	  	  	  
	
520

	
Arroyo PetCare Center, Inc.

	
VCA Greenback Animal Hospital

	
Leased

	
8311 Greenback Lane

	
Fair Oaks

	
CA

	
95628

	
Sacramento

	  	  	  	  	  	  	  
	
521

	
Arroyo PetCare Center, Inc.

	
VCA Elk Grove Animal Hospital

	
Leased

	
8640 Elk Grove Blvd.

	
Elk Grove

	
CA

	
95624

	
Sacramento

	  	  	  	  	  	  	  
	
522

	
Arroyo PetCare Center, Inc.

	
Business Office: Sacramento Animal Medical Group #522

	
Leased

	
5000 Manzanita Ave

	
Carmichael

	
CA

	
95608

	
Sacramento

	  	  	  	  	
Business Office

	  	  
	
522

	
VCA Animal Hospitals, Inc.

	
VCA Sacramento Animal Medical Group

	
Leased

	
4990 Manzanita Ave.

	
Carmichael

	
CA

	
95608

	
Sacramento

	  	  	  	  	  	  	  
	
523

	
Arroyo PetCare Center, Inc.

	
VCA Cottage Animal Hospital

	
Leased

	
1590 Boulevard Way

	
Walnut Creek

	
CA

	
94595

	
Contra Costa

	  	  	  	  	  	  	  
	
524

	
Arroyo PetCare Center, Inc.

	
VCA Monte Vista Animal Hospital

	
Leased

	
1488 Washington Blvd.

	
Concord

	
CA

	
94521

	
Contra Costa

	  	  	  	  	  	  	  
	
525

	
Arroyo PetCare Center, Inc.

	
VCA Benicia Animal Hospital

	
Leased

	
335 W. Military St.

	
Benicia

	
CA

	
94510

	
Solano

	  	  	  	  	  	  	  
	
526

	
Arroyo PetCare Center, Inc.

	
VCA Crestwood Animal Hospital

	
Leased

	
1131 Inyokern Road

	
Ridgecrest

	
CA

	
93555

	
Kern

	  	  	  	  	  	  	  
	
527

	
Arroyo PetCare Center, Inc.

	
VCA Wilshire Animal Hospital

	
Leased

	
2421 Wilshire Blvd.

	
Santa Monica

	
CA

	
90403

	
Los Angeles

	  	  	  	  	  	  	  
	
528

	
Arroyo PetCare Center, Inc.

	
VCA Petville Animal Hospital

	
Leased

	
12108 Venice Blvd.

	
Los Angeles

	
CA

	
90066

	
Los Angeles

	  	  	  	  	  	  	  
	
529

	
Arroyo PetCare Center, Inc.

	
VCA Arroyo Animal Hospital

	
Leased

	
1 South Pointe Drive

	
Lake Forest

	
CA

	
92630

	
Orange

	  	  	  	  	  	  	  
	
531

	
Arroyo PetCare Center, Inc.

	
VCA Rancho Mirage Animal Hospital

	
Leased

	
71-075 Highway 111

	
Rancho Mirage

	
CA

	
92270

	
Riverside

	  	  	  	  	  	  	  
	
534

	
Arroyo PetCare Center, Inc.

	
VCA College Park - Ana Brook Animal Hospital

	
Leased

	
5839 Ball Road

	
Cypress

	
CA

	
90630

	
Orange

	  	  	  	  	  	  	  
	
537

	
Arroyo PetCare Center, Inc.

	
VCA Southeast Portland Animal Hospital

	
Owned

	
13830 SE Stark St.

	
Portland

	
OR

	
97233

	
Multnomah

	  	  	  	  	  	  	  
	
539

	
Arroyo PetCare Center, Inc.

	
VCA Westmoreland Animal Hospital

	
Leased

	
1748 West 18th Ave.

	
Eugene

	
OR

	
97402

	
Lane

	  	  	  	  	  	  	  
	
540

	
Arroyo PetCare Center, Inc.

	
VCA Woodstock Animal Hospital

	
Leased

	
4835 SE Woodstock

	
Portland

	
OR

	
97206

	
Multnomah

	  	  	  	  	  	  	  
	
541

	
Arroyo PetCare Center, Inc.

	
VCA All Critters Animal Hospital

	
Leased

	
2834 228th Avenue SE

	
Sammamish

	
WA

	
98075

	
King

	  	  	  	  	  	  	  
	
542

	
VCA Real Property Acquisition Corporation

	
VCA Lynnwood Veterinary Center

	
Owned

	
4426 168th Street SW

	
Lynnwood

	
WA

	
98037

	
Snohomish

	
01/10/06

	  	  	
Lease residential space

	  	  	  
	
544

	
Arroyo PetCare Center, Inc.

	
VCA Pacific Avenue South Animal Hospital

	
Leased

	
18715 Pacific Avenue

	
Spanaway

	
WA

	
98387

	
Pierce

	  	  	  	  	  	  	  
	
545

	
VCA Real Property Acquisition Corporation

	
VCA Pacific Avenue Animal Hospital

	
Owned

	
10234 Pacific Ave.

	
Tacoma

	
WA

	
98444

	
Pierce

	
01/06/06

	  	  	  	  	  	  
	
546

	
VCA Animal Hospitals, Inc.

	
VCA East Mill Plain Animal Hospital

	
Leased

	
416 NE 112th Avenue

	
Vancouver

	
WA

	
98684

	
Clark

	  	  	  	  	  	  	  
	
547

	
Arroyo PetCare Center, Inc.

	
VCA Peone Pines Animal Hospital

	
Leased

	
14717 Newport Highway

	
Mead

	
WA

	
99021

	
Spokane

	  	  	  	  	  	  	  
	
548

	
Arroyo PetCare Center, Inc.

	
VCA North Division Animal Medical Center

	
Leased

	
8714 N. Division St.

	
Spokane

	
WA

	
99218

	
Spokane

	  	  	  	  	  	  	  
	
549

	
Pets' Rx, Inc.

	
VCA Vineyard Animal Hospital

	
Owned

	
1021 W. 4th Ave.

	
Kennewick

	
WA

	
99336

	
Benton

	  	  	  	  	  	  	  
	
550

	
Arroyo PetCare Center, Inc.

	
VCA Animal Medical Center

	
Leased

	
1530 Jadwin Avenue

	
Richland

	
WA

	
99354-2902

	
Benton

	  	  	  	
Sublease space to a dog trainer

	  	  	  
	
551

	
Arroyo PetCare Center, Inc.

	
VCA Aspenwood Animal Hospital

	
Leased

	
1290 S. Colorado Blvd.

	
Denver

	
CO

	
80222

	
Denver

	  	  	  	  	
Ground Lease

	  	  
	
551

	
Arroyo PetCare Center, Inc.

	
VCA Aspenwood Animal Hospital

	
Owned

	
1290 S. Colorado Blvd.

	
Denver

	
CO

	
80222

	
Denver

	  	  	  	  	
Building Only: Land is subject to a ground lease

	  	  
	
553

	
VCA Animal Hospitals, Inc.

	
VCA Fort Collins Animal Hospital

	
Leased

	
4900 S. College Avenue, Suite 120

	
Fort Collins

	
CO

	
80525

	
Larimer

	  	  	  	
Sublease an office to a radiologist

	  	  	  
	
555

	
Arroyo PetCare Center, Inc.

	
VCA Rancho Animal Hospital

	
Leased

	
3601 West Charleston

	
Las Vegas

	
NV

	
89102

	
Clark

	  	  	  	  	  	  	  
	
556

	
Arroyo PetCare Center, Inc.

	
VCA Adobe Animal Hospital

	
Leased

	
5920 Fourth Street, NW

	
Albuquerque

	
NM

	
87107

	
Bernalillo

	  	  	  	  	  	  	  
	
557

	
Arroyo PetCare Center, Inc.

	
VCA Buckingham Animal Hospital

	
Leased

	
1861 N. Garland Ave., Suite 103

	
Garland

	
TX

	
75040

	
Dallas

	  	  	  	  	  	  	  
	
558

	
Veterinary Centers of America-Texas, Inc.

	
VCA Metroplex Animal Hospital & Pet Lodge

	
Leased

	
700 West Airport Freeway

	
Irving

	
TX

	
75062

	
Dallas

	  	  	  	  	  	  	  
	
560

	
Veterinary Centers of America-Texas, Inc.

	
VCA Animal Care Hospital

	
Leased

	
4040 Park Boulevard

	
Plano

	
TX

	
75093

	
Collin

	  	  	  	  	  	  	  
	
561

	
Veterinary Centers of America-Texas, Inc.

	
Boarding Facility: DeSoto #561

	
Leased

	
201 N. Lyndalyn Road

	
DeSoto

	
TX

	
75115

	
Dallas

	  	  	  	  	
Boarding Facility

	  	  
	
561

	
Veterinary Centers of America-Texas, Inc.

	
VCA DeSoto Animal Hospital

	
Leased

	
200 N. Hampton Road

	
DeSoto

	
TX

	
75115

	
Dallas

	  	  	  	  	  	  	  
	
562

	
Veterinary Centers of America-Texas, Inc.

	
VCA Lindley Animal Hospital

	
Leased

	
8518 Plano Road

	
Dallas

	
TX

	
75238

	
Dallas

	  	  	  	  	  	  	  
	
563

	
Arroyo PetCare Center, Inc.

	
VCA Fort Worth Animal Medical Center

	
Owned

	
8331 W. Freeway

	
Fort Worth

	
TX

	
76116

	
Tarrant

	  	  	  	  	  	  	  
	
566

	
Veterinary Centers of America-Texas, Inc.

	
VCA Kelliwood Animal Hospital

	
Leased

	
960 S. Fry Road

	
Katy

	
TX

	
77450

	
Harris

	  	  	  	  	  	  	  
	
567

	
Arroyo PetCare Center, Inc.

	
VCA Mission Animal Hospital

	
Owned

	
2822 Pleasanton Road

	
San Antonio

	
TX

	
78221

	
Bexar

	  	  	  	  	  	  	  
	
568

	
VCA Real Property Acquisition Corporation

	
VCA Oak Hills Animal Hospital

	
Owned

	
6614 Southpoint

	
San Antonio

	
TX

	
78229

	
Bexar

	
06/08/07

	  	  	  	  	  	  
	
570

	
Arroyo PetCare Center, Inc.

	
VCA Woodland Broken Arrow Animal Hospital

	
Owned

	
2106 W. Detroit

	
Broken Arrow

	
OK

	
74012

	
Tulsa

	  	  	  	  	  	  	  
	
573

	
Arroyo PetCare Center, Inc.

	
VCA Woodland East Animal Hospital

	
Leased

	
9509 E. 61st  St.

	
Tulsa

	
OK

	
74133

	
Tulsa

	  	  	  	  	  	  	  
	
574

	
Arroyo PetCare Center, Inc.

	
VCA Woodland South Animal Hospital

	
Leased

	
9340 S. Memorial

	
Tulsa

	
OK

	
74133

	
Tulsa

	  	  	  	  	  	  	  
	
575

	
VCA Animal Hospitals, Inc.

	
VCA Cat Hospital of Tulsa

	
Leased

	
5122 South Sheridan

	
Tulsa

	
OK

	
74135

	
Tulsa

	  	  	  	  	  	  	  
	
576

	
VCA Animal Hospitals, Inc.

	
VCA Woodland Central Animal Hospital

	
Leased

	
4720 E. 51st St.

	
Tulsa

	
OK

	
74135

	
Tulsa

	  	  	  	  	  	  	  
	
577

	
Arroyo PetCare Center, Inc.

	
VCA Columbia Animal Hospital

	
Owned

	
4285 Washington Road

	
Evans

	
GA

	
30809

	
Columbia

	  	  	  	
Leasing space to groomer

	  	  	  
	
579

	
Arroyo PetCare Center, Inc.

	
VCA Village Animal Hospital

	
Leased

	
1340 Palm Bay Rd., N.E.

	
Palm Bay

	
FL

	
32905

	
Brevard

	  	  	  	  	  	  	  
	
580

	
Arroyo PetCare Center, Inc.

	
VCA University Veterinary Clinic

	
Leased

	
10681 Braddock Road

	
Fairfax

	
VA

	
22032

	
Fairfax

	  	  	  	  	  	  	  
	
581

	
VCA Animal Hospitals, Inc.

	
VCA Animal Medical Center

	
Leased

	
1072 Cedar Avenue

	
Marysville

	
WA

	
98270

	
Snohomish

	  	  	  	  	  	  	  
	
585

	
Pets' Rx, Inc.

	
VCA Old River Animal Hospital

	
Leased

	
520 West 11th Street

	
Tracy

	
CA

	
95376

	
San Joaquin

	  	  	  	  	  	  	  
	
586

	
VCA Animal Hospitals, Inc.

	
VCA Chancellor Animal Hospital

	
Leased

	
11101 Gordon Road

	
Fredericksburg

	
VA

	
22407

	
Fredericksburg

	  	  	  	  	  	  	  
	
587

	
Pets' Rx, Inc.

	
VCA Raleigh Hills Animal Hospital

	
Leased

	
4905 SW 77th Avenue

	
Portland

	
OR

	
97225

	
Washington

	  	  	  	  	  	  	  
	
588

	
VCA Animal Hospitals, Inc.

	
VCA Saddleback Animal Hospital

	
Leased

	
24801 Raton Drive

	
Lake Forest

	
CA

	
92630

	
Orange

	  	  	  	  	  	  	  
	
589

	
VCA Animal Hospitals, Inc.

	
VCA Bayshore Animal Hospital

	
Leased

	
233 North Amphlett Boulevard

	
San Mateo

	
CA

	
94401

	
San Mateo

	  	  	  	  	  	  	  
	
590

	
VCA Real Property Acquisition Corporation

	
VCA Beech Road Animal Hospital

	
Owned

	
25885 West Six Mile Road

	
Redford

	
MI

	
48240

	
Wayne

	
03/15/05

	  	  	  	  	  	  
	
591

	
VCA Animal Hospitals, Inc.

	
VCA Animal Medical Center

	
Leased

	
1550 Woodbury Avenue

	
Portsmouth

	
NH

	
03801

	
Rockingham

	  	  	  	  	  	  	  
	
593

	
VCA Animal Hospitals, Inc.

	
VCA Cabrera Animal Hospital

	
Leased

	
6390 S.W. 8th Street

	
West Miami

	
FL

	
33144

	
Miami-Dade

	  	  	  	  	  	  	  
	
595

	
VCA Real Property Acquisition Corporation

	
Vacant Property: SVSS #595

	
Owned

	
9700 Business Park Drive #404

	
Sacramento

	
CA

	
95827

	
Sacramento

	  	  	
X

	  	
Old location of #595.

	  	  
	
595

	
VCA Animal Hospitals, Inc.

	
VCA Sacramento Veterinary Referral Services

	
Leased

	
9801 Old Winery Place

	
Sacramento

	
CA

	
95827

	
Sacramento

	  	  	  	  	  	  	  
	
596

	
VCA Animal Hospitals, Inc.

	
VCA Alderwood Companion Animal Hospital

	
Leased

	
19511 24th Avenue West

	
Lynnwood

	
WA

	
98036

	
Snohomish

	  	  	  	
Subleasing portion of property to employee

	  	  	  
	
597

	
VCA Animal Hospitals, Inc.

	
VCA Covington Animal Hospital

	
Leased

	
27045 174th Place SE

	
Covington

	
WA

	
98042

	
King

	  	  	  	  	  	  	  
	
598

	
VCA Animal Hospitals, Inc.

	
VCA Crown Hill Animal Hospital

	
Leased

	
9069 Holman Road NW

	
Seattle

	
WA

	
98117

	
King

	  	  	  	  	  	  	  
	
599

	
VCA Animal Hospitals, Inc.

	
VCA Five Corners Animal Hospital

	
Leased

	
15707 1st Ave. South

	
Seattle

	
WA

	
98148

	
King

	  	  	  	  	  	  	  
	
600

	
VCA Animal Hospitals, Inc.

	
VCA Magnolia Animal Hospital

	
Leased

	
2201 34th Ave West

	
Seattle

	
WA

	
98199

	
King

	  	  	  	  	  	  	  
	
601

	
Pet's Choice, Inc.

	
VCA Kent Animal Hospital

	
Leased

	
10834 SE Kent-Kangley Road

	
Kent

	
WA

	
98030

	
King

	  	  	  	  	  	  	  
	
602

	
VCA Animal Hospitals, Inc.

	
VCA Veterinary Specialty Center of Seattle

	
Leased

	
20115 44th Avenue West

	
Lynnwood

	
WA

	
98036

	
Snohomish

	  	  	  	  	  	  	  
	
603

	
Pet's Choice, Inc.

	
VCA West Seattle Veterinary Hospital

	
Leased

	
5261 California Ave SW

	
Seattle

	
WA

	
98136

	
King

	  	  	  	  	  	  	  
	
604

	
VCA Animal Hospitals, Inc.

	
VCA Alpine Animal Hospital 

	
Leased

	
888 NW Sammamish Road

	
Issaquah

	
WA

	
98027

	
King

	  	  	  	  	  	  	  
	
605

	
Pet's Choice, Inc.

	
VCA Bellevue Veterinary Hospital

	
Leased

	
13655 NE 8th Street

	
Bellevue

	
WA

	
98005

	
King

	  	  	  	  	  	  	  
	
607

	
VCA Animal Hospitals, Inc.

	
VCA Redmond Animal Hospital

	
Leased

	
17980 NE Union Hill Road

	
Redmond

	
WA

	
98052

	
King

	  	  	  	  	  	  	  
	
608

	
Pet's Choice, Inc.

	
VCA Rose Hill Animal Hospital

	
Leased

	
13006 NE 85th Street

	
Kirkland

	
WA

	
98033

	
King

	  	  	  	  	  	  	  
	
609

	
VCA Animal Hospitals, Inc.

	
VCA Snohomish Animal Hospital

	
Leased

	
1109 13th Street

	
Snohomish

	
WA

	
98290

	
Snohomish

	  	  	  	  	  	  	  
	
610

	
VCA Animal Hospitals, Inc.

	
VCA Sno-Wood Animal Hospital

	
Leased

	
17954 Woodinville-Snohomish Rd.

	
Woodinville

	
WA

	
98072

	
King

	  	  	  	  	  	  	  
	
611

	
VCA Animal Hospitals, Inc.

	
VCA Central Kitsap Animal Hospital

	
Leased

	
10310 Central Valley Road NE

	
Poulsbo

	
WA

	
98370

	
Kitsap

	  	  	  	  	  	  	  
	
612

	
VCA Animal Hospitals, Inc.

	
VCA Olympic Animal Hospital

	
Leased

	
3422 NW Byron Street

	
Silverdale

	
WA

	
98383

	
Kitsap

	  	  	  	  	  	  	  
	
613

	
Pet's Choice, Inc.

	
VCA Parkway Animal Hospital

	
Leased

	
14107 Pacific Avenue

	
Tacoma

	
WA

	
98444

	
Pierce

	  	  	  	  	  	  	  
	
614

	
Pet's Choice, Inc.

	
VCA Tanglewilde Animal Hospital

	
Leased

	
7447 Martin Way East

	
Olympia

	
WA

	
98516

	
Thurston

	  	  	  	  	  	  	  
	
615

	
Pet's Choice, Inc.

	
VCA Ben White Animal Hospital

	
Leased

	
2417 W. Ben White Blvd

	
Austin

	
TX

	
78704

	
Travis

	  	  	  	  	  	  	  
	
616

	
Pet's Choice, Inc.

	
VCA Animal Emergency Hospital Southeast

	
Owned

	
10331 Gulf Freeway

	
Houston

	
TX

	
77034

	
Harris

	  	  	  	
Lease space on the outdoor sign to Clear Channel

	  	  
	
617

	
Pet's Choice, Inc.

	
VCA Animal Emergency Hospital Southeast Calder Road

	
Leased

	
1108 Gulf Freeway South, Suite 280

	
League City

	
TX

	
77573

	
Galveston

	  	  	  	  	  	  	  
	
618

	
VCA Centers-Texas, Inc.

	
Vacant Property: New Caney #618

	
Owned

	
20334 US Highway 59

	
New Caney

	
TX

	
77357

	
Montgomery

	  	  	
X

	  	
#618 merged into #621 04/27/10.

	  	  
	
619

	
Veterinary Centers of America-Texas, Inc.

	
VCA Animal Medical Center of Pasadena

	
Leased

	
5018A Fairmont Parkway

	
Pasadena

	
TX

	
77505

	
Harris

	  	  	  	  	  	  	  
	
620

	
Veterinary Centers of America-Texas, Inc.

	
VCA Ashford Animal Hospital

	
Leased

	
12633 Whittington

	
Houston

	
TX

	
77077

	
Harris

	  	  	  	  	  	  	  
	
621

	
Pet's Choice, Inc.

	
VCA Kingwood Animal Hospital 

	
Leased

	
2526 Green Oak Drive

	
Kingwood

	
TX

	
77339

	
Harris

	  	  	  	  	  	  	  
	
622

	
Veterinary Centers of America-Texas, Inc.

	
VCA Southwest Freeway Animal Hospital

	
Leased

	
15575 SW Freeway

	
Sugar Land

	
TX

	
77478

	
Fort Bend

	  	  	  	  	  	  	  
	
623

	
Veterinary Centers of America-Texas, Inc.

	
VCA Telge Road Animal Hospital

	
Leased

	
11430 Telge Road

	
Cypress

	
TX

	
77429

	
Harris

	  	  	  	  	  	  	  
	
624

	
Pet's Choice, Inc.

	
VCA Tomball Veterinary Hospital

	
Leased

	
28800 Tomball Pkwy

	
Tomball

	
TX

	
77375

	
Harris

	  	  	  	  	  	  	  
	
625

	
Pet's Choice, Inc.

	
VCA Fossil Creek Animal Hospital

	
Leased

	
6370 North Beach Street

	
Haltom City

	
TX

	
76137

	
Tarrant

	  	  	  	  	  	  	  
	
626

	
Pet's Choice, Inc.

	
Vacant Property: Mercedes Place #626

	
Leased

	
406 H Mercedes Street

	
Benbrook

	
TX

	
76126

	
Tarrant

	  	  	
X

	  	
Former site of Mercedes Place #626.  Moved to new location 05/16/11.  Lease expires 02/28/12.

	
626

	
VCA Real Property Acquisition Corporation

	
VCA Mercedes Place Animal Hospital

	
Owned

	
9006 Highway 377 South

	
Benbrook

	
TX

	
76126

	
Tarrant

	
08/19/10

	  	  	  	  	  	  
	
627

	
Pet's Choice, Inc.

	
VCA Saginaw Animal Hospital

	
Leased

	
817 North Saginaw Boulevard

	
Saginaw

	
TX

	
76179

	
Tarrant

	  	  	  	  	  	  	  
	
628

	
VCA Real Property Acquisition Corporation

	
VCA Veterinary Hospital of Leon Springs

	
Owned

	
19633 IH 10 West

	
San Antonio

	
TX

	
78257

	
Bexar

	
10/01/10

	  	  	  	  	  	  
	
629

	
Veterinary Centers of America-Texas, Inc.

	
VCA Henderson Pass Animal Hospital

	
Leased

	
2558 Thousand Oaks Dr.

	
San Antonio

	
TX

	
78232

	
Bexar

	  	  	  	  	  	  	  
	
630

	
VCA Real Property Acquisition Corporation

	
Developing Property: Oso Creek #630

	
Owned

	
NW Corner of Chicago Street and S. Staples Street

	
Corpus Christi

	
TX

	
78414

	
Nueces

	
02/26/09

	
X

	
X

	  	
Future site of #630

	  	  
	
630

	
Veterinary Centers of America-Texas, Inc.

	
VCA Oso Creek Animal Hospital and Emergency Center

	
Leased

	
7713 South Staples Street

	
Corpus Christi

	
TX

	
78413

	
Nueces

	  	  	  	
Subtenant uses one exam room every other month

	  	  
	
631

	
Veterinary Centers of America-Texas, Inc.

	
VCA Victoria Animal Hospital

	
Leased

	
2706 Sam Houston Drive

	
Victoria

	
TX

	
77904

	
Victoria

	  	  	  	  	  	  	  
	
632

	
Pet's Choice, Inc.

	
VCA Veterinary Medical Center

	
Leased

	
3129 S Winston Ave

	
Tulsa

	
OK

	
74135

	
Tulsa

	  	  	  	  	  	  	  
	
633

	
Pet's Choice, Inc.

	
VCA McCormick Ranch Animal Hospital and Pet Care Center

	
Leased

	
10380 North Hayden Road

	
Scottsdale

	
AZ

	
85258

	
Maricopa

	  	  	  	  	  	  	  
	
634

	
Pet's Choice, Inc.

	
VCA Animal Referral and Emergency Center of Arizona

	
Leased

	
1648 North Country Club Drive

	
Mesa

	
AZ

	
85201

	
Maricopa

	  	  	  	  	  	  	  
	
635

	
Pet's Choice, Inc.

	
VCA Apache Junction Animal Hospital

	
Leased

	
17 North Mountain Road

	
Apache Junction

	
AZ

	
85220

	
Maricopa

	  	  	  	  	  	  	  
	
636

	
Pet's Choice, Inc.

	
VCA Mesa Animal Hospital

	
Leased

	
858 North Country Club Drive

	
Mesa

	
AZ

	
85201

	
Maricopa

	  	  	  	  	  	  	  
	
637

	
Pet's Choice, Inc.

	
VCA Paradise Valley Emergency Animal Hospital

	
Leased

	
6969 East Shea Boulevard, Suite 150

	
Scottsdale

	
AZ

	
85254

	
Maricopa

	  	  	  	  	  	  	  
	
638

	
Pet's Choice, Inc.

	
VCA Phoenix West Animal Hospital

	
Leased

	
6530 West Indian School Road

	
Phoenix

	
AZ

	
85033

	
Maricopa

	  	  	  	  	  	  	  
	
639

	
Pet's Choice, Inc.

	
VCA Tri City Animal Hospital and Acacia Cat Hospital

	
Leased

	
2332 East Broadway

	
Tempe

	
AZ

	
85282

	
Maricopa

	  	  	  	  	  	  	  
	
640

	
Pet's Choice, Inc.

	
VCA Thumb Butte Animal Hospital

	
Leased

	
1441 West Gurley Street

	
Prescott

	
AZ

	
86305

	
Yavapai

	  	  	  	  	  	  	  
	
641

	
VCA Real Property Acquisition Corporation

	
VCA Northwood Animal Hospital

	
Owned

	
3255 North State Road 9

	
Anderson

	
IN

	
46012

	
Madison

	
04/06/07

	  	  	  	  	  	  
	
643

	
Veterinary Centers of America-Texas, Inc.

	
VCA Central Expressway Animal Hospital

	
Leased

	
11680 Forest Central Drive

	
Dallas

	
TX

	
75243

	
Dallas

	  	  	  	  	  	  	  
	
647

	
Animal Care Center at Mill Run, Inc.

	
VCA Mill Run Animal Hospital

	
Leased

	
3660 Ridge Mill Drive

	
Hilliard

	
OH

	
43026

	
Franklin

	  	  	  	  	  	  	  
	
648

	
Animal Care Centers of America, Inc.

	
VCA Sawmill Animal Hospital

	
Leased

	
6868 Caine Road

	
Columbus

	
OH

	
43235

	
Franklin

	  	  	  	  	  	  	  
	
649

	
VCA Real Property Acquisition Corporation

	
VCA Montgomery Road Animal Hospital

	
Owned

	
207 Montgomery Road

	
Westfield

	
MA

	
01085

	
Hampden

	
09/21/05

	  	  	  	  	  	  
	
650

	
VCA Animal Hospitals, Inc.

	
VCA Shadeland Animal Hospital

	
Leased

	
4445 N. Shadeland Ave

	
Indianapolis

	
IN

	
46226

	
Marion

	  	  	  	  	  	  	  
	
651

	
VCA Animal Hospitals, Inc.

	
VCA Cedar Animal Hospital

	
Leased

	
3604 Cedar Avenue South

	
Minneapolis

	
MN

	
55407

	
Hennepin

	  	  	  	  	  	  	  
	
653

	
VCA Animal Hospitals, Inc.

	
VCA Holly Street Animal Hospital

	
Leased

	
501 Laurel Street

	
San Carlos

	
CA

	
94070

	
San Mateo

	  	  	  	  	  	  	  
	
655

	
VCA Animal Hospitals, Inc.

	
VCA Desert Animal Hospital

	
Leased

	
4299 E. Ramon Road

	
Palm Springs

	
CA

	
92264

	
Riverside

	  	  	  	  	  	  	  
	
657

	
VCA Antech, Inc.

	
VCA Clackamas Animal Hospital

	
Leased

	
16317 SE 82nd Drive

	
Clackamas

	
OR

	
97015

	
Clackamas

	  	  	  	  	  	  	  
	
658

	
Arroyo PetCare Center, Inc.

	
VCA West Linn Animal Hospital

	
Leased

	
19343 Willamette Drive

	
West Linn

	
OR

	
97068

	
Clackamas

	  	  	  	  	  	  	  
	
660

	
VCA Animal Hospitals, Inc.

	
VCA Sand Lake Animal Hospital

	
Leased

	
1480 Sand Lake Road

	
Onalaska

	
WI

	
54650

	
La Crosse

	  	  	  	  	  	  	  
	
661

	
VCA Animal Hospitals, Inc.

	
VCA Briarcliff Animal Hospital

	
Owned

	
3901 Southside Blvd.

	
Jacksonville

	
FL

	
32216

	
Duval

	
01/16/06

	  	  	  	  	  	  
	
662

	
Arroyo PetCare Center, Inc.

	
VCA Owasso Animal Medical Center

	
Leased

	
8811 N. Owasso Exp.

	
Owasso

	
OK

	
74055

	
Tulsa

	  	  	  	  	  	  	  
	
663

	
VCA Animal Hospitals, Inc.

	
VCA Everett Animal Hospital

	
Leased

	
251 Chelsea Street

	
Everett

	
MA

	
02149

	
Middlesex

	  	  	  	  	  	  	  
	
664

	
VCA Animal Hospitals, Inc.

	
VCA All Caring Animal Hospital

	
Leased

	
440 Stockbridge Road

	
Great Barrington

	
MA

	
01230

	
Berkshire

	  	  	  	  	  	  	  
	
665

	
Pets' Rx, Inc.

	
VCA Jackson Animal Hospital

	
Leased

	
902 East Jackson

	
Medford

	
OR

	
97504

	
Jackson

	  	  	  	  	  	  	  
	
667

	
Pets' Rx, Inc.

	
VCA Hualapai Animal Hospital

	
Leased

	
1165 S. Hualapai Way

	
Las Vegas

	
NV

	
89117

	
Clark

	  	  	  	  	  	  	  
	
668

	
Pets' Rx, Inc.

	
VCA Lake View Animal Hospital

	
Leased

	
2939 Lake East Drive

	
Las Vegas

	
NV

	
89117

	
Clark

	  	  	  	  	  	  	  
	
670

	
VCA Animal Hospitals, Inc.

	
VCA Victor Valley Animal Hospital

	
Owned

	
11696 Hesperia Road

	
Hesperia

	
CA

	
92345

	
San Bernardino

	
08/01/06

	  	  	  	  	  	  
	
672

	
Pets' Rx, Inc.

	
VCA Salem Animal Hospital

	
Leased

	
4053 Commercial Street SE

	
Salem

	
OR

	
97302

	
Marion

	  	  	  	  	  	  	  
	
673

	
Pets' Rx, Inc.

	
VCA 12-Mile Animal Hospital

	
Leased

	
21920 SE Stark Street

	
Gresham

	
OR

	
97030

	
Multnomah

	  	  	  	  	  	  	  
	
674

	
VCA Animal Hospitals, Inc.

	
VCA Miracle Mile Animal Hospital

	
Leased

	
4400 Cleveland Avenue

	
Fort Myers

	
FL

	
33901

	
Lee

	  	  	  	  	  	  	  
	
676

	
VCA Animal Hospitals, Inc.

	
VCA Causeway Animal Hospital

	
Leased

	
1315 N. Causeway Boulevard

	
Metairie

	
LA

	
70001

	
Jefferson

	  	  	  	  	  	  	  
	
677

	
VCA Animal Hospitals, Inc.

	
VCA Mission Viejo Animal Hospital

	
Leased

	
26852 Oso Parkway

	
Mission Viejo

	
CA

	
92691

	
Orange

	  	  	  	  	  	  	  
	
678

	
VCA Animal Hospitals, Inc.

	
VCA Old Trail Animal Hospital

	
Leased

	
84 Theatre Road

	
Glen Rock

	
PA

	
17327

	
York

	  	  	  	  	  	  	  
	
679

	
Veterinary Centers of America-Texas, Inc.

	
VCA Northwest Hills Animal Hospital

	
Leased

	
3426 Greystone Drive

	
Austin

	
TX

	
78731

	
Travis

	  	  	  	  	  	  	  
	
680

	
VCA Animal Hospitals, Inc.

	
VCA Columbia Animal Hospital at Centre Park

	
Leased

	
8895 Centre Park Drive, Suite A

	
Columbia

	
MD

	
21045

	
Howard

	  	  	  	  	  	  	  
	
681

	
VCA Animal Hospitals, Inc.

	
VCA Columbia Animal Hospital at Hickory Ridge

	
Leased

	
10788 Hickory Ridge Road

	
Columbia

	
MD

	
21044

	
Howard

	  	  	  	  	  	  	  
	
684

	
VCA Real Property Acquisition Corporation

	
VCA Gulf Bay Animal Hospital

	
Owned

	
125 South Belcher Road

	
Clearwater

	
FL

	
33765

	
Pinellas

	
03/12/07

	  	  	  	  	  	  
	
685

	
VCA Animal Hospitals, Inc.

	
VCA Cypress Wood Animal Hospital

	
Leased

	
10452 West Atlantic Boulevard

	
Coral Springs

	
FL

	
33071

	
Broward

	  	  	  	  	  	  	  
	
686

	
VCA Animal Hospitals, Inc.

	
VCA Wiles Road Animal Hospital

	
Leased

	
7460 Wiles Road

	
Coral Springs

	
FL

	
33067

	
Broward

	  	  	  	  	  	  	  
	
687

	
VCA Real Property Acquisition Corporation

	
VCA Knightswood Animal Hospital

	
Owned

	
12121 Knights Road

	
Philadelphia

	
PA

	
19154

	
Philadelphia

	
03/12/07

	  	  	
Leasing space for cell tower.

	  	  	  
	
688

	
VCA Animal Hospitals, Inc.

	
Storage Space:Alameda East #688

	
Leased

	
9760 E. Alamada Avenue

	
Denver

	
CO

	
80247

	
Denver

	  	  	  	  	
Storage space

	  	  
	
688

	
VCA Real Property Acquisition Corporation

	
VCA Alameda East Veterinary Hospital

	
Owned

	
9770 East Alameda Avenue

	
Denver

	
CO

	
80247

	
Denver

	
03/16/07

	  	  	
Two cell tower subleases.

	  	  	  
	
691

	
VCA Animal Hospitals, Inc.

	
VCA Apache Animal Hospital

	
Leased

	
2145 S. Highway 92

	
Sierra Vista

	
AZ

	
85636

	
Cochise

	  	  	  	  	  	  	  
	
692

	
VCA Animal Hospitals, Inc.

	
VCA Roberts Animal Hospital

	
Leased

	
516 Washington Street

	
Hanover

	
MA

	
02339

	
Plymouth

	  	  	  	  	  	  	  
	
694

	
VCA Animal Hospitals, Inc.

	
VCA All Pets Animal Hospital Salinas

	
Leased

	
1257 East Alisal Street

	
Salinas

	
CA

	
93905

	
Monterey

	  	  	  	  	  	  	  
	
695

	
VCA Animal Hospitals, Inc.

	
VCA Healthy PAWS Medical Center

	
Leased

	
14840 Washington Street

	
Haymarket

	
VA

	
20169

	
Prince William

	  	  	  	  	  	  	  
	
696

	
VCA Animal Hospitals, Inc.

	
VCA Santa Monica Dog and Cat Hospital

	
Leased

	
2010 Broadway

	
Santa Monica

	
CA

	
90404

	
Los Angeles

	  	  	  	  	  	  	  
	
699

	
VCA Animal Hospitals, Inc.

	
VCA Forestville Animal Hospital

	
Leased

	
5033 Gravenstein Highway North

	
Sebastopol

	
CA

	
95472

	
Sonoma

	  	  	  	  	  	  	  
	
701

	
Healthy Pet Corp.

	
VCA Blackstone Valley Animal Hospital

	
Leased

	
615 Douglas St.

	
Uxbridge

	
MA

	
01569

	
Worcester

	  	  	  	  	  	  	  
	
702

	
Healthy Pet Corp.

	
VCA Boston Road Animal Hospital

	
Leased

	
1235 Boston Road

	
Springfield

	
MA

	
01119

	
Hampden

	  	  	  	  	  	  	  
	
703

	
Healthy Pet Corp.

	
VCA Brookline Animal Hospital

	
Leased

	
678 Brookline Ave

	
Brookline

	
MA

	
02445

	
Norfolk

	  	  	  	  	  	  	  
	
705

	
Healthy Pet Corp.

	
VCA City Cats Hospital

	
Leased

	
665 Massachusetts Ave.

	
Arlington

	
MA

	
02476

	
Middlesex

	  	  	  	  	  	  	  
	
706

	
Healthy Pet Corp.

	
VCA Hanson Animal Hospital

	
Leased

	
705 Main St.

	
Hanson

	
MA

	
02341

	
Plymouth

	  	  	  	  	  	  	  
	
708

	
Healthy Pet Corp.

	
VCA Lancaster Animal Hospital

	
Leased

	
456 High St. Ext. Suite A

	
Lancaster

	
MA

	
01523

	
Worcester

	  	  	  	  	  	  	  
	
709

	
Healthy Pet Corp.

	
Metro Cat Hospital

	
Leased

	
1630 Beacon St.

	
Brookline

	
MA

	
02446

	
Norfolk

	  	  	  	  	  	  	  
	
710

	
Healthy Pet Corp.

	
VCA Palmer Animal Hospital

	
Leased

	
1028 Thorndike St.

	
Palmer

	
MA

	
01069

	
Hampden

	  	  	  	  	  	  	  
	
711

	
Healthy Pet Corp.

	
VCA Shaker Road Animal Hospital

	
Leased

	
108 Shaker Road

	
E. Longmeadow

	
MA

	
01028

	
Hampden

	  	  	  	  	  	  	  
	
712

	
Healthy Pet Corp.

	
VCA South Hadley Animal Hospital

	
Leased

	
511 Newton Street

	
South Hadley

	
MA

	
01075

	
Hampshire

	  	  	  	  	  	  	  
	
713

	
Healthy Pet Corp.

	
VCA Whitman Animal Hospital

	
Leased

	
795 Bedford St.

	
Whitman

	
MA

	
02382

	
Plymouth

	  	  	  	  	  	  	  
	
714

	
Healthy Pet Corp.

	
VCA Animal Healing Center

	
Leased

	
1724 Yardley-Langhorne Rd.

	
Yardley

	
PA

	
19067

	
Bucks

	  	  	  	  	  	  	  
	
715

	
VCA Real Property Acquisition Corporation

	
VCA East Norriton Animal Hospital

	
Owned

	
2840 Swede Rd.

	
Norristown

	
PA

	
19401

	
Montgomery

	
12/19/07

	  	  	  	  	  	  
	
716

	
Healthy Pet Corp.

	
VCA East Penn Animal Hospital

	
Leased

	
1020 Chestnut St.

	
Emmaus

	
PA

	
18049

	
Lehigh

	  	  	  	  	  	  	  
	
718

	
Healthy Pet Corp.

	
VCA Airline Boulevard Animal Hospital

	
Leased

	
615 Airline Blvd

	
Portsmouth

	
VA

	
23707

	
Portsmouth City

	  	  	  	  	  	  	  
	
719

	
Healthy Pet Corp.

	
VCA Ambassador Animal Hospital

	
Leased

	
6506 W. Broad St.

	
Richmond

	
VA

	
23230

	
Henrico

	  	  	  	  	  	  	  
	
720

	
Healthy Pet Corp.

	
VCA Animal Care Associates

	
Leased

	
2403 Boulevard

	
Colonial Heights

	
VA

	
23834

	
Colonial Heights City

	  	  	  	  	  	  
	
721

	
Healthy Pet Corp.

	
VCA Boulevard Animal Hospital

	
Leased

	
12620 Nettles Dr.

	
Newport News

	
VA

	
23606

	
Newport News City

	  	  	  	  	  	  	  
	
723

	
Healthy Pet Corp.

	
VCA James River Animal Hospital

	
Leased

	
9804 Warwick Blvd

	
Newport News

	
VA

	
23601

	
Newport News City

	  	  	  	  	  	  	  
	
724

	
Healthy Pet Corp.

	
VCA Pets First Animal Hospital

	
Leased

	
9201 Staples Mill Rd.

	
Richmond

	
VA

	
23228

	
Henrico

	  	  	  	  	  	  	  
	
725

	
Healthy Pet Corp.

	
VCA West End Animal Hospital

	
Leased

	
3047 Lauderdale Dr.

	
Richmond

	
VA

	
23233

	
Henrico

	  	  	  	  	  	  	  
	
726

	
Healthy Pet Corp.

	
VCA Animal Hospital of East Hartford

	
Leased

	
334 Silver Lane

	
East Hartford

	
CT

	
06118

	
Hartford

	  	  	  	  	  	  	  
	
727

	
Healthy Pet Corp.

	
VCA Animal Hospital of Vernon

	
Leased

	
155 Talcottville Rd.

	
Vernon

	
CT

	
06066

	
Tolland

	  	  	  	  	  	  	  
	
728

	
Healthy Pet Corp.

	
VCA Baybrook Animal Hospital

	
Leased

	
56 Quirk Rd.

	
Milford

	
CT

	
06460

	
New Haven

	  	  	  	  	  	  	  
	
729

	
VCA Real Property Acquisition Corporation

	
VCA Cheshire Animal Hospital

	
Owned

	
1572 S. Main St.

	
Cheshire

	
CT

	
06410

	
New Haven

	
04/01/08

	  	  	
Leasing residential space to employee.

	  	  	  
	
730

	
Healthy Pet Corp.

	
VCA Darien Animal Hospital

	
Leased

	
1302 Post Rd.

	
Darien

	
CT

	
06820

	
Farifield

	  	  	  	  	  	  	  
	
731

	
Healthy Pet Corp.

	
VCA Davis Animal Hospital

	
Leased

	
2053 West Main St.

	
Stamford

	
CT

	
06902

	
Farifield

	  	  	  	  	  	  	  
	
732

	
Healthy Pet Corp.

	
VCA Foxon Animal Hospital

	
Leased

	
981 Foxon Rd.

	
East Haven

	
CT

	
06513

	
New Haven

	  	  	  	  	  	  	  
	
733

	
Healthy Pet Corp.

	
VCA Shoreline Veterinary Referral and Emergency Center

	
Leased

	
895 Bridgeport Ave.

	
Shelton

	
CT

	
06484

	
Fairfield

	  	  	  	  	  	  	  
	
734

	
Healthy Pet Corp.

	
VCA Twin City Animal Hospital

	
Leased

	
725 New Britain Ave.

	
Newington

	
CT

	
06111

	
Hartford

	  	  	  	  	  	  	  
	
735

	
Healthy Pet Corp.

	
VCA Veterinary Referral and Emergency Center

	
Leased

	
123 West Cedar St.

	
Norwalk

	
CT

	
06854

	
Fairfield

	  	  	  	  	  	  	  
	
736

	
Healthy Pet Corp.

	
VCA Falcon Village Animal Hospital

	
Leased

	
2030 Lawrenceville-Suwanee Rd

	
Suwanee

	
GA

	
30024

	
Gwinnett

	  	  	  	  	  	  	  
	
737

	
Healthy Pet Corp.

	
VCA North Atlanta Animal Hospital

	
Leased

	
227 Sandy Springs Place, Suite 210

	
Sandy Springs

	
GA

	
30328

	
Fulton

	  	  	  	  	  	  	  
	
738

	
Healthy Pet Corp.

	
VCA Roswell Animal Hospital

	
Leased

	
1112 Alpharetta St.

	
Roswell

	
GA

	
30075

	
Fulton

	  	  	  	  	  	  	  
	
739

	
Healthy Pet Corp.

	
VCA Windham Animal Hospital

	
Leased

	
19 Noah's Lane

	
Brattleboro

	
VT

	
05301

	
Windham

	  	  	  	  	  	  	  
	
741

	
Healthy Pet Corp.

	
Madison Feed and Grooming

	
Leased

	
262 Main St.

	
Madison

	
NJ

	
07940

	
Morris

	  	  	  	  	  	  	  
	
742

	
Healthy Pet Corp.

	
Madison Animal Hospital

	
Leased

	
262 Main St.

	
Madison

	
NJ

	
07940

	
Morris

	  	  	  	  	  	  	  
	
743

	
Healthy Pet Corp.

	
VCA Pee Dee Animal Hospital

	
Leased

	
815 2nd Loop Rd.

	
Florence

	
SC

	
29505

	
Florence

	  	  	  	  	  	  	  
	
744

	
Healthy Pet Corp.

	
VCA Turco Animal Hospital

	
Leased

	
3 Ashaway Road

	
Westerly

	
RI

	
02891

	
Washington

	  	  	  	  	  	  	  
	
746

	
VCA Animal Hospitals, Inc.

	
VCA Carrollwood Cat Hospital

	
Leased

	
13305 Orange Grove Drive

	
Tampa

	
FL

	
33618

	
Hillsborough

	  	  	  	  	  	  	  
	
747

	
VCA Animal Hospitals, Inc.

	
VCA McClave Animal Hospital

	
Leased

	
6950 Reseda Boulevard

	
Reseda

	
CA

	
91335

	
Los Angeles

	  	  	  	  	  	  	  
	
748

	
VCA Animal Hospitals, Inc.

	
VCA Companion Kennel Resort and Spa

	
Leased

	
7009 Canoga Avenue

	
Canoga Park

	
CA

	
91303

	
Los Angeles

	  	  	  	  	  	  	  
	
749

	
VCA Animal Hospitals, Inc.

	
VCA Hawthorn Animal Hospital

	
Leased

	
203 Route 45

	
Vernon Hills

	
IL

	
60061

	
Lake

	  	  	  	  	  	  	  
	
754

	
VCA Animal Hospitals, Inc.

	
VCA Mesa Animal Hospital

	
Leased

	
14643 Palmdale Road

	
Victorville

	
CA

	
92392

	
San Bernardino

	  	  	  	  	  	  	  
	
755

	
VCA Animal Hospitals, Inc.

	
VCA Aacacia Animal Hospital

	
Leased

	
939 West Sixth Street

	
Corona

	
CA

	
92882

	
Riverside

	  	  	  	  	  	  	  
	
756

	
Veterinary Centers of America-Texas, Inc.

	
VCA Countryside Animal Hospital

	
Leased

	
2211 FM 1960 East

	
Houston

	
TX

	
77073

	
Harris

	  	  	  	  	  	  	  
	
757

	
VCA Animal Hospitals, Inc.

	
VCA Annandale Animal Hospital

	
Leased

	
7405 Little River Turnpike

	
Annandale

	
VA

	
22003

	
Fairfax

	  	  	  	  	  	  	  
	
758

	
VCA Real Property Acquisition Corporation

	
VCA Mountainview Animal Hospital & Pet Lodge

	
Owned

	
5790 East County Line Place

	
Highlands Ranch

	
CO

	
80126

	
Douglas

	
01/08/08

	  	  	  	  	  	  
	
759

	
Veterinary Centers of America-Texas, Inc.

	
Animal Diagnostic Clinic

	
Leased

	
4444 Trinity Mills Rd., Suite 202

	
Dallas

	
TX

	
75287

	
Collin

	  	  	  	  	  	  	  
	
760

	
Veterinary Centers of America-Texas, Inc.

	
Animal Diagnostic Clinic

	
Leased

	
10225 Custer Rd.

	
Plano

	
TX

	
75025

	
Collin

	  	  	  	  	  	  	  
	
762

	
VCA Animal Hospitals, Inc.

	
VCA Abbott Animal Hospital

	
Leased

	
21 East Mountain Street

	
Worcester

	
MA

	
01606-1413

	
Worcester

	  	  	  	  	  	  	  
	
763

	
VCA Animal Hospitals, Inc.

	
VCA Wrightsville Beach Animal Hospital

	
Leased

	
6324 Oleander Drive

	
Wilmington

	
NC

	
28403

	
New Hanover

	  	  	  	  	  	  	  
	
764

	
VCA Animal Hospitals, Inc.

	
VCA Gateway Animal Hospital

	
Leased

	
2006 Barney Road

	
Anderson

	
CA

	
96007

	
Shasta

	  	  	  	  	  	  	  
	
765

	
VCA Animal Hospitals, Inc.

	
VCA Noah's Ark Animal Hospital

	
Leased

	
160 North Fairview Avenue

	
Goleta

	
CA

	
93117

	
Santa Barbara

	  	  	  	  	  	  	  
	
766

	
VCA Animal Hospitals, Inc.

	
VCA San Martin Animal Hospital

	
Leased

	
12955 Monterey Road

	
San Martin

	
CA

	
95046

	
Santa Clara

	  	  	  	  	  	  	  
	
767

	
VCA Animal Hospitals, Inc.

	
VCA Cromwell Animal Hospital

	
Leased

	
547 Main Street

	
Cromwell

	
CT

	
06416

	
Middlesex

	  	  	  	  	  	  	  
	
768

	
VCA Animal Hospitals, Inc.

	
Nassau-Suffolk Animal Hospital

	
Leased

	
27 Conklin Street

	
Farmingdale

	
NY

	
11735

	
Nassau

	  	  	  	  	  	  	  
	
769

	
VCA Animal Hospitals, Inc.

	
VCA Veterinary Specialty Center

	
Owned

	
9745 Randall Drive

	
Indianapolis

	
IN

	
46280

	
Hamilton

	
02/18/08

	  	  	  	  	  	  
	
770

	
VCA Animal Hospitals, Inc.

	
VCA Peninsula Animal Hospital

	
Leased

	
3767 Voltaire Street

	
San Diego

	
CA

	
92107

	
San Diego

	  	  	  	  	  	  	  
	
771

	
VCA Missouri, Inc.

	
VCA Cloud Animal Hospital

	
Leased

	
2738 Highway K

	
O'Fallon

	
MO

	
63368

	
St. Charles

	  	  	  	  	  	  	  
	
772

	
VCA Animal Hospitals, Inc.

	
VCA Academy South Florida Animal Hospital

	
Leased

	
4211 North Federal Highway

	
Fort Lauderdale

	
FL

	
33308

	
Broward

	  	  	  	  	  	  	  
	
774

	
VCA Animal Hospitals, Inc.

	
VCA Woodford Animal Hospital

	
Leased

	
1325 Lexington Road

	
Versailles

	
KY

	
40383

	
Woodford

	  	  	  	  	  	  	  
	
775

	
VCA Animal Hospitals, Inc.

	
VCA Dunmore Animal Hospital

	
Leased

	
1317 East Drinker Street

	
Dunmore

	
PA

	
18512

	
Lackawanna

	  	  	  	  	  	  	  
	
776

	
VCA Animal Hospitals, Inc.

	
VCA Boca Greens Animal Hospital

	
Leased

	
19357 State Road 7

	
Boca Raton

	
FL

	
33498

	
Palm Beach

	  	  	  	  	  	  	  
	
780

	
VCA Real Property Acquisition Corporation

	
VCA Little Animal Hospital

	
Owned

	
11014 Little Road

	
New Port Richey

	
FL

	
34654

	
Pasco

	
04/22/08

	  	  	  	  	  	  
	
782

	
VCA Animal Hospitals, Inc.

	
VCA Pets Are People Too Veterinary Hospital

	
Leased

	
1510 Piedmont Avenue

	
Atlanta

	
GA

	
30324

	
Fulton

	  	  	  	  	  	  	  
	
783

	
VCA Animal Hospitals, Inc.

	
VCA Lakes Region Animal Hospital

	
Leased

	
1266 Union Avenue

	
Laconia

	
NH

	
03246

	
Belknap

	  	  	  	  	  	  	  
	
784

	
VCA Animal Hospitals, Inc.

	
VCA Laconia Animal Hospital

	
Leased

	
3 Maple Street

	
Gilford

	
NH

	
03249

	
Belknap

	  	  	  	  	  	  	  
	
785

	
VCA Real Property Acquisition Corporation

	
Developing Property: IVS #785

	
Owned

	
7712 Crosspoint Commons

	
Fishers

	
IN

	
46038

	
Hamilton

	
05/13/08

	
X

	
X

	  	
Future site of #785.

	  	  
	
785

	
VCA Real Property Acquisition Corporation

	
VCA Indiana Veterinary Specialists and Emergency Center

	
Owned

	
8250 Bash Street

	
Indianapolis

	
IN

	
46250

	
Marion

	
05/13/08

	  	  	
Leasing space to Radiocat

	  	  	  
	
786

	
VCA Animal Hospitals, Inc.

	
VCA Southern Maryland Veterinary Referral Center

	
Leased

	
3485 Rockefeller Court

	
Waldorf

	
MD

	
20602

	
Charles

	  	  	  	  	  	  	  
	
788

	
VCA Real Property Acquisition Corporation

	
VCA Pets Are People Too Veterinary Hospital

	
Owned

	
4280 North Peachtree Rd.

	
Chamblee

	
GA

	
30341

	
Dekalb

	
06/03/08

	  	  	  	  	  	  
	
789

	
VCA Real Property Acquisition Corporation

	
VCA Pets Are People Too Roswell Animal Hospital

	
Owned

	
535 Sun Valley Dr.

	
Roswell

	
GA

	
30076

	
Fulton

	
06/03/08

	  	  	  	  	  	  
	
790

	
VCA Real Property Acquisition Corporation

	
VCA Animal Emergency Center of Gwinnett

	
Owned

	
1956 Lawrenceville-Suwanee Road

	
Lawrenceville

	
GA

	
30043

	
Gwinnett

	
06/10/08

	  	  	
Sublease daytime use to a specialty practice

	  	  	  
	
791

	
VCA Real Property Acquisition Corporation

	
VCA Plymouth Animal Hospital and Pet Resort

	
Owned

	
100 Industrial Park Road

	
Plymouth

	
MA

	
02360

	
Plymouth

	
06/10/08

	  	  	  	  	  	  
	
794

	
VCA Real Property Acquisition Corporation

	
VCA College Hill Animal Hospital

	
Owned

	
957 North Bend Road

	
Cincinnati

	
OH

	
45224

	
Hamilton

	
07/01/08

	  	  	  	  	  	  
	
796

	
VCA Animal Hospitals, Inc.

	
VCA Central Park Animal Hospital

	
Leased

	
10131 Cleary Blvd.

	
Plantation

	
FL

	
33324

	
Broward

	  	  	  	  	  	  	  
	
799

	
VCA Animal Hospitals, Inc.

	
VCA Madera Pet Hospital

	
Leased

	
5796 Paradise Drive

	
Corte Madera

	
CA

	
94925

	
Marin

	  	  	  	  	  	  	  
	
800

	
VCA Real Property Acquisition Corporation

	
VCA Dekalb-Gwinnett Animal Emergency Hospital

	
Owned

	
6430 Lawrenceville Highway

	
Tucker

	
GA

	
30084

	
Gwinnett

	
10/01/08

	  	  	  	  	  	  
	
801

	
Pets' Rx, Inc.

	
Office Lease: Northwest Veterinary Specialists #801

	
Leased

	
16770 S.E. 82nd Drive

	
Clackamas

	
OR

	
97015

	
Clackamas

	  	  	  	  	
Office Lease

	  	  
	
801

	
Pets' Rx, Inc.

	
VCA Northwest Veterinary Specialists

	
Leased

	
16756 S.E. 82nd Drive

	
Clackamas

	
OR

	
97015

	
Clackamas

	  	  	  	  	  	  	  
	
802

	
VCA Animal Hospitals, Inc.

	
VCA Lilburn Animal Hospital

	
Leased

	
4985 Lawrenceville Highway

	
Lilburn

	
GA

	
30047

	
Gwinnett

	  	  	  	  	  	  	  
	
804

	
VCA Real Property Acquisition Corporation

	
VCA Swengel Animal Hospital

	
Owned

	
6950 South East St.

	
Indianapolis

	
IN

	
46227

	
Marion

	
12/02/08

	  	  	  	  	  	  
	
805

	
VCA Animal Hospitals, Inc.

	
VCA Animal Care Center of Sonoma County

	
Leased

	
6470 Redwood Drive

	
Rohnert Park

	
CA

	
94928

	
Sonoma

	  	  	  	  	  	  	  
	
806

	
VCA Real Property Acquisition Corporation

	
VCA Old Canal Animal Hospital

	
Owned

	
49 East Main Street

	
Plainville

	
CT

	
06062

	
Hartford

	
12/03/08

	  	  	  	  	  	  
	
807

	
VCA Real Property Acquisition Corporation

	
VCA Bristol Animal Hospital

	
Owned

	
865 Terryville Ave.

	
Bristol

	
CT

	
06010

	
Hartford

	
12/03/08

	  	  	  	  	  	  
	
808

	
VCA Real Property Acquisition Corporation

	
VCA Cherry Bend Animal Hospital

	
Owned

	
10387 E. Cherry Bend Road

	
Traverse City

	
MI

	
49684

	
Leelamau

	
01/06/09

	  	  	  	  	  	  
	
809

	
VCA Animal Hospitals, Inc.

	
VCA Green Animal Hospital

	
Leased

	
1620 Corporate Woods Circle

	
Uniontown

	
OH

	
44685

	
Summit

	  	  	  	  	  	  	  
	
810

	
VCA Animal Hospitals, Inc.

	
VCA St. Mary’s Animal Hospital

	
Leased

	
22261 Three Notch Road

	
Lexington Park

	
MD

	
20653

	
Saint Mary's

	  	  	  	  	  	  	  
	
811

	
Veterinary Centers of America-Texas, Inc.

	
VCA Mainland Animal Hospital

	
Leased

	
3015 Palmer Highway

	
Texas City

	
TX

	
77590

	
Galveston

	  	  	  	  	  	  	  
	
812

	
VCA Real Property Acquisition Corporation

	
VCA American River Animal Hospital

	
Owned

	
9391 Greenback Lane

	
Orangevale

	
CA

	
95662

	
Sacramento

	
12/15/10

	  	  	  	  	  	  
	
813

	
Healthy Pet Corp.

	
VCA Herndon-Reston Animal Hospital

	
Leased

	
500 Elden Street

	
Herndon

	
VA

	
20170

	
Fairfax

	  	  	  	  	  	  	  
	
814

	
VCA of New York, Inc.

	
Animal Specialty Center

	
Leased

	
9 Odell Plaza

	
Yonkers

	
NY

	
10701

	
Westchester

	  	  	  	  	  	  	  
	
817

	
VCA Real Property Acquisition Corporation

	
VCA Animal Care Center of Mt. Juliet

	
Owned

	
2701 N. Mount Juliet Road

	
Mount Juliet

	
TN

	
37122

	
Wilson

	
04/01/09

	  	  	  	  	  	  
	
818

	
VCA Real Property Acquisition Corporation

	
VCA Avalon-Heart of Gwinnett Animal Hospital

	
Owned

	
470 Pleasant Hill Road

	
Lilburn

	
GA

	
30047

	
Gwinnett

	
04/01/09

	  	  	  	  	  	  
	
820

	
VCA Real Property Acquisition Corporation

	
VCA Wakulla Animal Hospital

	
Owned

	
2571 Crawfordville Highway

	
Crawfordville

	
FL

	
32327

	
Wakulla

	
04/20/09

	  	  	  	  	  	  
	
821

	
VCA Animal Hospitals, Inc.

	
VCA Redwood Animal Hospital

	
Leased

	
16390 N.E. 87th Street

	
Redmond

	
WA

	
98052

	
King

	  	  	  	  	  	  	  
	
822

	
Healthy Pet Corp.

	
VCA Smoketown Animal Hospital

	
Leased

	
2497 Old Philadelphia Pike

	
Lancaster

	
PA

	
17602

	
Lancaster

	  	  	  	
Temporarily leasing space to equine practice on a month-to-month basis

	  	  
	
823

	
Healthy Pet Corp.

	
VCA Smoketown Animal Hospital at Bridgeport

	
Leased

	
1251 Ranck Mill Road

	
Lancaster

	
PA

	
17602

	
Lancaster

	  	  	  	  	  	  	  
	
826

	
Healthy Pet Corp.

	
VCA Povar Animal Hospital

	
Leased

	
15 First Street

	
East Providence

	
RI

	
02914

	
Providence

	  	  	  	  	  	  	  
	
827

	
VCA Animal Hospitals, Inc.

	
VCA Manito Animal Hospital

	
Leased

	
2304 E. 57th Avenue

	
Spokane

	
WA

	
99223

	
Spokane

	  	  	  	  	  	  	  
	
829

	
VCA Animal Hospitals, Inc.

	
VCA Bloomington Animal Hospital

	
Leased

	
8830 Lyndale Avenue South

	
Bloomington

	
MN

	
55420

	
Hennepin

	  	  	  	  	  	  	  
	
830

	
VCA Animal Hospitals, Inc.

	
VCA Noah’s Place Animal Medical Center

	
Leased

	
2050 62nd Avenue North

	
St. Petersburg

	
FL

	
33702

	
Pinellas

	  	  	  	  	  	  	  
	
831

	
VCA Real Property Acquisition Corporation

	
VCA Braelinn Village Animal Hospital

	
Owned

	
1130 Crosstown Court

	
Peachtree City

	
GA

	
30269

	
Fayette

	
11/16/09

	  	  	  	  	  	  
	
832

	
Arroyo PetCare Center, Inc.

	
VCA Town and Country Animal Hospital

	
Leased

	
8414 4th Street NW

	
Albuquerque

	
NM

	
87114

	
Bernalillo

	  	  	  	  	  	  	  
	
833

	
VCA Animal Hospitals, Inc.

	
VCA Orange City Animal Hospital

	
Leased

	
1220 South Volusia Avenue

	
Orange City

	
FL

	
32763

	
Volusia

	  	  	  	  	  	  	  
	
834

	
VCA Animal Hospitals, Inc.

	
VCA Duncan Manor Animal Hospital

	
Leased

	
1720 Ferguson Road

	
Allison Park

	
PA

	
15101

	
Allegheny

	  	  	  	  	  	  	  
	
835

	
VCA Animal Hospitals, Inc.

	
VCA Old Marple Animal Hospital

	
Leased

	
820 West Springfield Road

	
Springfield

	
PA

	
19064

	
Delaware

	  	  	  	  	  	  	  
	
836

	
VCA Real Property Acquisition Corporation

	
VCA Pahle Animal Hospital

	
Owned

	
10827 West Oklahoma Avenue

	
West Allis

	
WI

	
53227

	
Milwaukee

	
02/02/10

	  	  	
Subleasing space to dog trainer on a month-to-month basis.

	  	  
	
837

	
VCA Animal Hospitals, Inc.

	
VCA Wickaboag Animal Hospital

	
Leased

	
138 West Main Street

	
West Brookfield

	
MA

	
01585

	
Worcester

	  	  	  	  	  	  	  
	
838

	
Healthy Pet Corp.

	
VCA Atwood Animal Hospital

	
Leased

	
342 Atwood Avenue

	
Cranston

	
RI

	
02920

	
Providence

	  	  	  	  	  	  	  
	
839

	
Veterinary Centers of America-Texas, Inc.

	
VCA University Animal Hospital

	
Leased

	
5501 West Lovers Lane

	
Dallas

	
TX

	
75209

	
Dallas

	  	  	  	  	  	  	  
	
842

	
VCA Animal Hospitals, Inc.

	
VCA Firehouse Animal Hospital

	
Leased

	
1038 E 6th Ave, Unit B

	
Denver

	
CO

	
80218

	
Denver

	  	  	  	  	  	  	  
	
843

	
VCA Animal Hospitals, Inc.

	
VCA Orchard Animal Hospital

	
Leased

	
5930 S. Holly Street

	
Greenwood Village

	
CO

	
80111

	
Arapahoe

	  	  	  	  	  	  	  
	
844

	
VCA Animal Hospitals, Inc.

	
VCA Park Hill Animal Hospital

	
Leased

	
5304 East Colfax Avenue

	
Denver

	
CO

	
80220

	
Denver

	  	  	  	  	  	  	  
	
845

	
VCA Animal Hospitals, Inc.

	
VCA Dakota Ridge Animal Hospital

	
Leased

	
12255 West Bowles Avenue

	
Littleton

	
CO

	
80127

	
Jefferson

	  	  	  	  	  	  	  
	
846

	
VCA Animal Hospitals, Inc.

	
VCA Littleton Animal Hospital

	
Leased

	
2640 W. Belleview Avenue, Suite 200

	
Littleton

	
CO

	
80123

	
Arapahoe

	  	  	  	  	  	  	  
	
847

	
VCA Animal Hospitals, Inc.

	
VCA Thornton Animal Hospital

	
Leased

	
3555 East 104th Avenue

	
Thornton

	
CO

	
80233

	
Adams

	  	  	  	  	  	  	  
	
848

	
VCA Animal Hospitals, Inc.

	
VCA Bay Area Veterinary Specialists & Emergency Hospital

	
Leased

	
14790 Washington Ave.

	
San Leandro

	
CA

	
94578

	
Alameda

	  	  	  	  	  	  	  
	
849

	
VCA Animal Hospitals, Inc.

	
VCA Lawrence Animal Hospital

	
Leased

	
771 Lawrence Expressway

	
Santa Clara

	
CA

	
95051

	
Santa Clara

	  	  	  	  	  	  	  
	
850

	
VCA Animal Hospitals, Inc.

	
VCA Stanford Animal Hospital

	
Leased

	
4111 El Camino Real

	
Palo Alto

	
CA

	
94306

	
Santa Clara

	  	  	  	  	  	  	  
	
851

	
VCA Animal Hospitals, Inc.

	
VCA Bascom Animal Hospital

	
Leased

	
2175 S. Bascom Ave.

	
Campbell

	
CA

	
95008

	
Santa Clara

	  	  	  	  	  	  	  
	
852

	
VCA Animal Hospitals, Inc.

	
VCA All About Pets Animal Hospital

	
Leased

	
34664 Alvarado Niles Rd.

	
Union City

	
CA

	
94587

	
Alameda

	  	  	  	  	  	  	  
	
853

	
VCA Animal Hospitals, Inc.

	
VCA Valley Animal Medical Center & Emergency Hospital

	
Leased

	
46920 Jefferson Street

	
Indio

	
CA

	
92201

	
Riverside

	  	  	  	  	  	  	  
	
854

	
VCA Animal Hospitals, Inc.

	
VCA Yucca Valley Animal Hospital

	
Leased

	
57185 29 Palms Highway

	
Yucca Valley

	
CA

	
92284

	
San Bernardino

	  	  	  	  	  	  	  
	
855

	
VCA Animal Hospitals, Inc.

	
VCA All Creatures Animal Hospital

	
Leased

	
78-359 Highway 111

	
La Quinta

	
CA

	
92253

	
Riverside

	  	  	  	  	  	  	  
	
856

	
VCA Animal Hospitals, Inc.

	
Vacant Property: Animal Medical #856

	
Leased

	
606 Oleander Rd.

	
Palm Springs

	
CA

	
92264

	
Riverside

	  	  	
X

	  	
Former site of Animal Medical #856.  Merged into Desert #655, lease expires 08/30/11.

	
857

	
VCA Animal Hospitals, Inc.

	
VCA 29 Palms Animal Hospital

	
Owned

	
70513 29 Palms Highway

	
29 Palms

	
CA

	
92277

	
San Bernardino

	
11/01/10

	  	  	  	  	  	  
	
858

	
VCA Animal Hospitals, Inc.

	
Vacant Property: Eldorado #858

	
Leased

	
74320 Highway 111

	
Palm Desert

	
CA

	
92260

	
Riverside

	  	  	
X

	
Leasing residential space to employee.

	
Former site of Eldorado #858.  Merged into Rancho Mirage #531, lease expires 12/31/12.

	
859

	
VCA Animal Hospitals, Inc.

	
VCA California Animal Hospital Veterinary Specialty Group

	
Leased

	
1736 S. Sepulveda Blvd.

	
Los Angeles

	
CA

	
90025

	
Los Angeles

	  	  	  	  	  	  	  
	
860

	
VCA Animal Hospitals, Inc.

	
VCA Brentwood Animal Hospital

	
Leased

	
11718 Olympic Blvd.

	
West Los Angeles

	
CA

	
90064

	
Los Angeles

	  	  	  	  	  	  	  
	
861

	
VCA Animal Hospitals, Inc.

	
VCA Adler Animal Hospital and Pet Resort

	
Leased

	
16911 Roscoe Blvd.

	
North Hills

	
CA

	
91343

	
Los Angeles

	  	  	  	  	  	  	  
	
862

	
VCA Animal Hospitals, Inc.

	
VCA Veterinary Surgery and Neurology Specialists

	
Leased

	
20051 Ventura Blvd., Suite I

	
Woodland Hills

	
CA

	
91364

	
Los Angeles

	  	  	  	  	  	  	  
	
863

	
VCA Animal Hospitals, Inc.

	
VCA Califormia Oaks Animal Hospital

	
Leased

	
40575 California Oaks Road, Suite D7

	
Murrieta

	
CA

	
92562

	
Riverside

	  	  	  	  	  	  	  
	
864

	
VCA Animal Hospitals, Inc.

	
VCA Bradshaw Animal Hospital

	
Leased

	
9609 Bradshaw Rd.

	
Elk Grove

	
CA

	
95624

	
Sacramento

	  	  	  	
Leasing space to large animal practice.

	  	  	  
	
866

	
VCA Animal Hospitals, Inc.

	
VCA Yuba Sutter Animal Hospital

	
Leased

	
1368 Colusa Highway

	
Yuba City

	
CA

	
95993

	
Sutter

	  	  	  	  	  	  	  
	
867

	
VCA Animal Hospitals, Inc.

	
VCA Bonita Animal Hospital

	
Leased

	
3438 Bonita Rd.

	
Chula Vista

	
CA

	
91910

	
San Diego

	  	  	  	  	  	  	  
	
868

	
VCA Animal Hospitals, Inc.

	
VCA Animal Specialty Group

	
Leased

	
5610 Kearny Mesa Rd., Suite B

	
San Diego

	
CA

	
92111

	
San Diego

	  	  	  	  	  	  	  
	
870

	
VCA Animal Hospitals, Inc.

	
VCA Scripps Ranch Animal Hospital

	
Leased

	
9990 Scripps Ranch Blvd.

	
San Diego

	
CA

	
92131

	
San Diego

	  	  	  	  	  	  	  
	
871

	
VCA Animal Hospitals, Inc.

	
VCA San Francisco Veterinary Specialists

	
Leased

	
650 Alabama Street

	
San Francisco

	
CA

	
94110

	
San Francisco

	  	  	  	  	  	  	  
	
871

	
VCA Real Property Acquisition Corporation

	
VCA San Francisco Veterinary Specialists

	
Owned

	
600 Alabama Street

	
San Francisco

	
CA

	
94110

	
San Francisco

	
07/27/10

	  	  	  	  	  	  
	
872

	
VCA Real Property Acquisition Corporation

	
VCA Catoosa Animal Hospital

	
Owned

	
3150 Boynton Drive

	
Ringgold

	
GA

	
30736

	
Catoosa

	
08/03/10

	  	  	  	  	  	  
	
873

	
VCA Animal Hospitals, Inc.

	
VCA Southwick Animal Hospital

	
Leased

	
498 College Highway

	
Southwick

	
MA

	
01077

	
Hampden

	  	  	  	  	  	  	  
	
875

	
VCA Animal Hospitals, Inc.

	
VCA Westside Animal Hospital

	
Leased

	
900 Fresno Avenue

	
Santa Rosa

	
CA

	
95407

	
Sonoma

	  	  	  	  	  	  	  
	
876

	
VCA Real Property Acquisition Corporation

	
VCA Carrollton Animal Hospital

	
Owned

	
501 Clifton Terrace

	
Carrollton

	
GA

	
30117

	
Carroll

	
08/30/10

	  	  	  	  	  	  
	
877

	
VCA Animal Hospitals, Inc.

	
VCA Welborn Animal Hospital

	
Leased

	
7860 Washington Ave.

	
Kansas City

	
KS

	
66112

	
Wyandotte

	  	  	  	  	  	  	  
	
878

	
VCA Animal Hospitals, Inc.

	
VCA Alexandria Animal Hospital

	
Leased

	
2660 Duke Street

	
Alexandria

	
VA

	
22314

	
Alexandria City

	  	  	  	  	  	  	  
	
879

	
Veterinary Centers of America-Texas, Inc.

	
VCA Love Field Animal Hospital

	
Leased

	
6550 Lemmon Avenue

	
Dallas

	
TX

	
75209

	
Dallas

	  	  	  	  	  	  	  
	
880

	
VCA Animal Hospitals, Inc.

	
VCA Northview Animal Hospital

	
Leased

	
223 Siebert Road

	
Pittsburgh

	
PA

	
15237

	
Allegheny

	  	  	  	  	
We have one lease for both the #880 and #881 locations.

	  	  
	
881

	
VCA Animal Hospitals, Inc.

	
VCA Northview Veterinary Specialty Services

	
Leased

	
223 Siebert Road

	
Pittsburgh

	
PA

	
15237

	
Allegheny

	  	  	  	  	
We have one lease for both the #880 and #881 locations.

	  	  
	
882

	
VCA Animal Hospitals, Inc.

	
VCA Riverside Animal Hospital

	
Leased

	
201 North Main Street

	
Boscawen

	
NH

	
03303

	
Merrimack

	  	  	  	  	  	  	  
	
884

	
VCA Animal Hospitals, Inc.

	
VCA Woodland Animal Hospital

	
Leased

	
3012 Shaffer Ave. SE

	
Kentwood

	
MI

	
49512

	
Kent

	  	  	  	  	  	  	  
	
885

	
VCA Real Property Acquisition Corporation

	
VCA Buckhead Animal Hospital

	
Owned

	
1911 Piedmont Circle NE

	
Atlanta

	
GA

	
30324

	
Fulton

	
12/14/10

	  	  	  	  	  	  
	
886

	
VCA Real Property Acquisition Corporation

	
VCA Angel Animal Hospital

	
Owned

	
3041 Long Prairie Road

	
Flower Mound

	
TX

	
75022

	
Denton

	
12/22/10

	  	  	  	  	  	  
	
887

	
VCA Animal Hospitals, Inc.

	
VCA Peachtree Animal Hospital

	
Leased

	
4839 Peachtree Road

	
Chamblee

	
GA

	
30341

	
Dekalb

	  	  	  	  	  	  	  
	
888

	
VCA Real Property Acquisition Corporation

	
Iselin Animal Hospital

	
Owned

	
450 Route 27

	
Iselin

	
NJ

	
08830

	
Middlesex

	
03/29/11

	  	  	  	  	  	  
	
889

	
VCA Animal Hospitals, Inc.

	
VCA TLC Animal Hospital

	
Leased

	
8725 Santa Monica Boulevard

	
West Hollywood

	
CA

	
90069

	
Los Angeles

	  	  	  	  	  	  	  
	
890

	
VCA Animal Hospitals, Inc.

	
VCA Los Angeles Veterinary Specialists

	
Leased

	
8723 Santa Monica Boulevard

	
West Hollywood

	
CA

	
90069

	
Los Angeles

	  	  	  	  	  	  	  
	
891

	
Arroyo PetCare Center, Inc.

	
VCA Pocket Animal Medical Center

	
Leased

	
7465 Rush River Dr. #830

	
Sacramento

	
CA

	
95831

	
Sacramento

	  	  	  	  	
VCA is not the tenant under the lease although we are operating at location until the merger into #515 by 12/31/11.  We are reimbursing the seller for rent through 12/31/11.

	
892

	
VCA Real Property Acquisition Corporation

	
VCA Royalton Road Animal Hospital

	
Owned

	
10500 Royalton Road

	
North Royalton

	
OH

	
44133

	
Cuyahoga

	
06/29/11

	  	  	  	  	  	  
	
893

	
VCA Animal Hospitals, Inc.

	
Katonah Bedford Veterinary Center

	
Leased

	
546 N. Bedford Rd. (Route 117)

	
Bedford Hills

	
NY

	
10507

	
Westchester

	  	  	  	  	  	  	  
	
894

	
VCA Animal Hospitals, Inc.

	
Brightheart Veterinary Referral & Emergency Center

	
Leased

	
609-5 Cantiague Rock Road

	
Westbury

	
NY

	
11590

	
Nassau

	  	  	  	  	  	  	  
	
895

	
VCA Animal Hospitals, Inc.

	
Farmington Valley Veterinary Emergency Hospital

	
Leased

	
9 Avonwood Road

	
Avon

	
CT

	
06001

	
Hartford

	  	  	  	  	  	  	  
	
896

	
VCA Animal Hospitals, Inc.

	
SouthPaws Veterinary Specialists & Emergency Center

	
Leased

	
8500 Arlington Boulevard

	
Fairfax

	
VA

	
22031

	
Fairfax

	  	  	  	  	  	  	  
	
897

	
VCA Animal Hospitals, Inc.

	
South Carolina Veterinary Specialists

	
Leased

	
3912 Fernandina Road

	
Columbia

	
SC

	
29210

	
Lexington

	  	  	  	  	  	  	  
	
898

	
VCA Animal Hospitals, Inc.

	
Stoney Creek Animal Hospital

	
Leased

	
626 W. Mallard Creek Church Rd.

	
Charlotte

	
NC

	
28262

	
Mecklenburg

	  	  	  	  	  	  	  
	
899

	
VCA Animal Hospitals, Inc.

	
Arboretum View Animal Hospital

	
Leased

	
2551 Warrenville Road

	
Downers Grove

	
IL

	
60515

	
DuPage

	  	  	  	  	  	  	  
	
900

	
VCA Animal Hospitals, Inc.

	
Great Lakes Veterinary Specialists

	
Leased

	
5035 Richmond Road

	
Bedford Heights

	
OH

	
44146

	
Cuyahoga

	  	  	  	  	  	  	  
	
903

	
VCA Animal Hospitals, Inc.

	
VCA Cairo Animal Hospital

	
Leased

	
1170 Park Avenue West

	
Highland Park

	
IL

	
60035

	
Lake

	  	  	  	  	  	  	  

  

  

  

 

 

 

  

  

  

 

 

SCHEDULE 4.13: PART III

REAL ESTATE ASSETS

MEDICAL EQUIPMENT

 

	  	
Type of

	  	  	  	  	  	  	  Leased/	  
	
Grantor

	
Organization

	
Business Name

	
Address

	
City

	
State

	
Zip Code

	
County

	
Owned

	
Notes

	  	  	  	  	  	  	  	  	  	  
	
Sound Technologies, Inc.

	
Corporation

	
Sound-Eklin

	
6359 Paseo Del Lago

	
Carlsbad

	
CA

	
92011

	
San Diego

	
Leased

	
Lease begins July 8, 2011

	
Sound Technologies, Inc.

	
Corporation

	
Sound-Eklin

	
2409 Avenue J, Suite C

	
Arlington

	
TX

	
76006

	
Tarrant

	
Leased

	
Educational facility

	
Sound Technologies, Inc.

	
Corporation

	
Elinc Corporation

	
2401 Internet Boulevard

	
Frisco

	
TX

	
75034

	
Collin

	
Leased

	  

  

  

  

 

SCHEDULE 4.13: PART IV

REAL ESTATE ASSETS

CORPORATE

 

	  	
Type of

	  	  	  	  	  	  Leased/	  
	
Grantor

	
Organization

	
Address

	
City

	
State

	
Zip Code

	
County

	
Owned

	
Notes

	  	  	  	  	  	  	  	  	  
	
VCA Antech, Inc.

	
Corporation

	
12401 West Olympic Blvd.

	
Los Angeles

	
CA

	
90064

	
Los Angeles

	
Leased

	  
	
VCA Antech, Inc.

	
Corporation

	
12421 West Olympic Blvd.

	
Los Angeles

	
CA

	
90064

	
Los Angeles

	
Leased

	  
	
VCA Animal Hospitals, Inc.

	
Corporation

	
215 Centerview Drive, Suite 360

	
Brentwood

	
TN

	
37027

	
Williamson

	
Leased

	
Subleased to Fushi Copperweld, Inc.  Lease expires 11/30/12.

  

  

  

SCHEDULE 6.1: INDEBTEDNESS

 

Capital Leases Excluding Real Estate

	 	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
Balance at

	  	  	  	  	  
	  	  	  	
AU

	
Hospital Name

	  	  	
  6/30/2011

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	
814

	
Animal Specialty Center

	  	
 $           44,858

	  	  	  	  	  	  
	  	  	  	
818

	
Avalon-Heart of Gwinnett

	  	
              13,076

	  	  	  	  	  	  
	  	  	  	
730

	
Darien -  HP

	  	  	
                4,912

	  	  	  	  	  	  
	  	  	  	
733

	
Shoreline - HP

	  	  	
                6,894

	  	  	  	  	  	  
	  	  	  	
735

	
Veterinary Referral - HP

	  	
                8,519

	  	  	  	  	  	  
	  	  	  	
00320

	
Enterprise Fleet Service (Antech)

	  	
              45,714

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
 $         123,972

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  

 

 

Notes Payable

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
       Balance at

	  	  	  	  	  
	  	  	  	  	  	  	  	
 6/30/2011

	  	  	  	  	  	  
	  	  	  	  	  	  	  	
      Issued by

	  	  	  	  	  
	  	  	
Issuer

	  	
Hospital Name

	
Payee

	
Int. Rate

	
    VCA Antech

	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	
VCA Antech

	
Madera

	
Andrew J. Kallet

	
7.0%

	
 $       1,092,314

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
 $       1,092,314

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  

 

Earn-Out Obligations

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
       Balance at

	  	  	  	  	  
	  	  	  	
AU

	
Hospital Name

	
Payee

	  	
 6/30/2011

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	
791

	
Plymouth AH

	
[**]

	
 $          150,000

	  	  	  	  	  	  
	  	  	  	
871

	
SFVS

	
[**]

	
             300,000

	  	  	  	  	  	  
	  	  	  	
199

	
Diagnostic Vet Lab

	
[**]

	
             115,000

	  	  	  	  	  	  
	  	  	  	
50320

	
Quadraspec

	
[**]

	
             400,000

	  	  	  	  	  	  
	  	  	  	
20120

	
Anipath

	
[**]

	
                 7,000

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
$          972,000

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  

 

[**] Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

Other Unsecured Indebtedness

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	 	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
       Balance at

	  	  	  	  	  
	  	  	  	
AU

	
Hospital Name

	
Payee

	
Type

	
 6/30/2011

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	
8213

	
 Black Mountain

	
Dr. Winn

	
MRPI

	
 $          506,997

	  	  	  	  	  	  
	  	  	  	
8345

	
 Lakewood

	
Dr. Dunn

	
MRPI

	
             399,651

	  	  	  	  	  	  
	  	  	  	
8433

	
 Assoc. in Pet Care

	
Dr. Johnson

	
MRPI

	
             316,626

	  	  	  	  	  	  
	  	  	  	
8890

	
 Assoc. in Pet Care

	
Dr. Johnson

	
MRPI

	
             800,000

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
          2,023,274

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	
Holdbacks

	
 $       1,940,000

	  	  	  	  	  	  
	  	  	  	  	  	  	  	
 

	  	  	  	  	  	  
	  	  	  	  	  	  	
Other

	
                       -

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
 $       3,963,274

	  	  	  	  	  	  

 

 

Capital Leases in Respect of Real Estate

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
       Balance at

	  	  	  	  	  
	  	  	  	
AU

	
Hospital Name

	  	  	
6/30/2011

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	
596

	
Alderwood Companion

	  	
 $          528,708

	  	  	  	  	  	  
	  	  	  	
599

	
Five Corners

	  	  	
             315,473

	  	  	  	  	  	  
	  	  	  	
602

	
Vet Spec Center of Seattle

	  	
             305,756

	  	  	  	  	  	  
	  	  	  	
619

	
AMC of Pasadena

	  	  	
             538,940

	  	  	  	  	  	  
	  	  	  	
620

	
Ashford Vet Hospital

	  	  	
             726,936

	  	  	  	  	  	  
	  	  	  	
624

	
Tomball Veterinary Clinic

	  	
             841,078

	  	  	  	  	  	  
	  	  	  	
627

	
Saginaw

	  	  	
          1,012,999

	  	  	  	  	  	  
	  	  	  	
634

	
Animal Refferal Ctr of AZ

	  	
          3,117,905

	  	  	  	  	  	  
	  	  	  	
655

	
Desert Animal Hospital

	  	
          1,947,077

	  	  	  	  	  	  
	  	  	  	
849

	
Lawrence Animal Hospital

	  	
          3,382,234

	  	  	  	  	  	  
	  	  	  	
853

	
Valley Animal Medical Center

	  	
          5,096,221

	  	  	  	  	  	  
	  	  	  	
701

	
Blacksone Valley - HP

	  	
             428,817

	  	  	  	  	  	  
	  	  	  	
702

	
Boston Road - HP

	  	  	
          2,034,342

	  	  	  	  	  	  
	  	  	  	
710

	
Palmer - HP

	  	  	
             316,027

	  	  	  	  	  	  
	  	  	  	
712

	
South Hadley - HP

	  	  	
             533,506

	  	  	  	  	  	  
	  	  	  	
714

	
Animal Healing - HP

	  	  	
             224,405

	  	  	  	  	  	  
	  	  	  	
720

	
Animal Care Clinic - HP

	  	
             863,418

	  	  	  	  	  	  
	  	  	  	
721

	
Boulevard - HP

	  	  	
             754,271

	  	  	  	  	  	  
	  	  	  	
730

	
Darlen - HP

	  	  	
          1,391,172

	  	  	  	  	  	  
	  	  	  	
731

	
Davis - HP

	  	  	
             873,503

	  	  	  	  	  	  
	  	  	  	
735

	
Veterinary Referral - HP

	  	
          2,072,115

	  	  	  	  	  	  
	  	  	  	
736

	
Falcon Village - HP

	  	  	
          1,092,129

	  	  	  	  	  	  
	  	  	  	
738

	
Rosewell - HP

	  	  	
          1,111,472

	  	  	  	  	  	  
	  	  	  	
739

	
Windham - HP

	  	  	
             220,714

	  	  	  	  	  	  
	  	  	  	
742

	
Madison - HP

	  	  	
             905,152

	  	  	  	  	  	  
	  	  	  	
744

	
Turco - HP

	  	  	
             512,163

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	
 $    31,146,532

	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  	  	  	  

 

  

  

  

SCHEDULE 6.2

PERMITTED LIENS

	
 

Debtor

	
 

 

Secured Party

	
 

Collateral

	
 

Jurisdiction

	
 

Original File Date and Number

	
 

 

Notes

 

 

	
Pets RX, Inc.

Successor-in-interest to National PetCare Centers, Inc.

	
Lavac Enterprises, Inc.

	
No financing statement on file. Security agreement identifies collateral as the assets of VCA Wilshire Animal Hospital. Outstanding balance at 6/30/10 is $223,560.

	  	
N/A

	
N/A

	  

  

  

  

 

 

SCHEDULE 6.7: INVESTMENTS

 

Loans and Advances to Employees

	
                             

	  	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	
Employee /

	
Source of

	  	
Amount for

	
Balance at

	  	  	  
	  	  	
Description

	
Detail

	  	
Other

	
6/30/2011

	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	
Hosp A/R Employee (acct. 1110-2)

	
G/L Acct.

	  	
 $                      47,634

	
 $                      47,634

	  	  	  
	  	  	
Corp A/R Employee (acct. 1110-2)

	
G/L Acct.

	  	
                        14,736

	
                        14,736

	  	  	  
	  	  	
US Lab A/R Employee (acct. 1110-2)

	
G/L Acct.

	  	
                       187,735

	
                       187,735

	  	  	  
	  	  	
CAN Lab A/R Employee (acct. 1110-2)

	
Leadsheets

	  	
                             789

	
                             789

	  	  	  
	  	  	
Med Tech Employee Adv (acct 14120)

	
Med Tech Balance Sheet

	
                        75,000

	
                        75,000

	  	  	  
	  	  	
[**]

	
NR Rollforward (Hosp)

	
                        51,836

	
                        51,836

	  	  	  
	  	  	
[**]

	
NR Rollforward (Hosp)

	
                       136,766

	
                       136,766

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                        85,479

	
                        85,479

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                       123,719

	
                       123,719

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                        29,685

	
                        29,685

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                       319,497

	
                       319,497

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                       564,000

	
                       564,000

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                       121,374

	
                       121,374

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                        17,071

	
                        17,071

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                       113,389

	
                       113,389

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                       137,253

	
                       137,253

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                        81,187

	
                        81,187

	  	  	  
	  	  	

[**]

	
NR Rollforward (Hosp)

	
                        18,217

	
                        18,217

	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	
 $                 2,125,367

	
 $                 2,125,367

	  	  	  

 

 

[**] Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

Other Investments

	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	
Employee /

	
Source of

	  	  	
Balance at

	  	  	  
	  	  	
Description

	
Detail

	
AU

	
Comment

	
6/30/2011

	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	
ASC (LOC)

	
NR Rollforward (Corp)

	
Co. 1 001 1400-4

	
 Note receivable

	
 $                 1,227,571

	  	  	  
	  	  	
[**]

	
NR Rollforward (Corp)

	
Co. 1 001 1400-5

	
 Note receivable

	
                       512,517

	  	  	  
	  	  	
Sarah Scruggs

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-1

	
 Residency Program

	
                    50,015.63

	  	  	  
	  	  	
Stacy Dillard

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-2

	
 Residency Program

	
                    69,265.24

	  	  	  
	  	  	
Robert Brian Martin

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-3

	
 Residency Program

	
                    96,943.74

	  	  	  
	  	  	
Benjamin Bayer

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-4

	
 Residency Program

	
                    70,134.83

	  	  	  
	  	  	
Amanda Duffy

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-5

	
 Residency Program

	
                    84,274.61

	  	  	  
	  	  	
Laura Seibert

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-6

	
 Residency Program

	
                    72,577.09

	  	  	  
	  	  	
Melissa Holahan

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-7

	
 Residency Program

	
                    61,636.49

	  	  	  
	  	  	
Jerome Gagnon

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-8

	
 Residency Program

	
                    16,967.35

	  	  	  
	  	  	
Michelle (France) Rose

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-9

	
 Residency Program

	
                    18,556.29

	  	  	  
	  	  	
Brian MacKie

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-10

	
 Residency Program

	
                    16,635.39

	  	  	  
	  	  	
Anthony Acquaviva

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-11

	
 Residency Program

	
                    88,258.09

	  	  	  
	  	  	
Donna Almondia

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-12

	
 Residency Program

	
                    80,412.07

	  	  	  
	  	  	
Christie Anderson

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-13

	
 Residency Program

	
                    94,804.58

	  	  	  
	  	  	
April Durtschi

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-14

	
 Residency Program

	
                  104,211.80

	  	  	  
	  	  	
Jeanne Ficociello

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-15

	
 Residency Program

	
                  128,777.69

	  	  	  
	  	  	
Ketaki Karnik

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-16

	
 Residency Program

	
                  150,949.38

	  	  	  
	  	  	
Meredith Miller

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-17

	
 Residency Program

	
                  103,322.70

	  	  	  
	  	  	
Elizabeth Orcutt

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-18

	
 Residency Program

	
                  108,782.81

	  	  	  
	  	  	
Shanna Pace

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-19

	
 Residency Program

	
                    79,893.91

	  	  	  
	  	  	
Alix Partnow

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-20

	
 Residency Program

	
                    77,042.92

	  	  	  
	  	  	
Kerensa Rechner

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-21

	
 Residency Program

	
                    33,770.61

	  	  	  
	  	  	
Meghan Sullivan

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-22

	
 Residency Program

	
                  120,910.25

	  	  	  
	  	  	
Natalie Tabacca

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-23

	
 Residency Program

	
                  113,277.89

	  	  	  
	  	  	
Marcos Unis

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-24

	
 Residency Program

	
                    87,642.03

	  	  	  
	  	  	
William Fitzpatrick

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-25

	
 Residency Program

	
                    11,227.72

	  	  	  
	  	  	
Matthew Hamilton

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-26

	
 Residency Program

	
                    42,998.85

	  	  	  
	  	  	
Maura Carney

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-27

	
 Residency Program

	
                    44,787.90

	  	  	  
	  	  	
Jenefer Stillion

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-28

	
 Residency Program

	
                    99,478.63

	  	  	  
	  	  	
Diana Allevato

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-29

	
 Residency Program

	
                    84,876.05

	  	  	  
	  	  	
Mary Buelow

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-30

	
 Residency Program

	
                    88,953.02

	  	  	  
	  	  	
Tai Casagrande

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-31

	
 Residency Program

	
                    76,885.37

	  	  	  
	  	  	
Loren Cohen

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-32

	
 Residency Program

	
                    87,782.82

	  	  	  
	  	  	
Bill Draper

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-33

	
 Residency Program

	
                    79,857.67

	  	  	  
	  	  	
Russell Fugazzi

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-34

	
 Residency Program

	
                    82,494.34

	  	  	  
	  	  	
Jin Heo

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-35

	
 Residency Program

	
                    86,609.74

	  	  	  
	  	  	
Leilani Ireland

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-36

	
 Residency Program

	
                    84,769.93

	  	  	  
	  	  	
Shanti Jha

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-37

	
 Residency Program

	
                    99,175.96

	  	  	  
	  	  	
Amy Komitor

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-38

	
 Residency Program

	
                    45,679.59

	  	  	  
	  	  	
Holly MacLea

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-39

	
 Residency Program

	
                    95,550.27

	  	  	  
	  	  	
Jessica Markovich

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-40

	
 Residency Program

	
                    94,355.95

	  	  	  
	  	  	
Kristin (Miller) Fischer

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-41

	
 Residency Program

	
                    69,390.69

	  	  	  
	  	  	
Nora Ortinau

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-42

	
 Residency Program

	
                    72,794.81

	  	  	  
	  	  	
Andrea Peterson

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-43

	
 Residency Program

	
                    85,278.92

	  	  	  
	  	  	
Adam Porter

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-44

	
 Residency Program

	
                    94,080.02

	  	  	  
	  	  	
Lauren Talarico

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-45

	
 Residency Program

	
                    75,880.83

	  	  	  
	  	  	
Chantal Tu

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-46

	
 Residency Program

	
                    94,360.49

	  	  	  
	  	  	
Lauren Askin

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-47

	
 Residency Program

	
                    35,620.90

	  	  	  
	  	  	
Megan Brace

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-48

	
 Residency Program

	
                    37,797.50

	  	  	  
	  	  	
Justin Carlson

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-49

	
 Residency Program

	
                    42,185.57

	  	  	  
	  	  	
Katherine Crook

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-50

	
 Residency Program

	
                    35,620.90

	  	  	  
	  	  	
Beata Dubiel

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-51

	
 Residency Program

	
                    14,702.75

	  	  	  
	  	  	
Jen Hall

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-52

	
 Residency Program

	
                    38,622.78

	  	  	  
	  	  	
Amber Stiller

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-53

	
 Residency Program

	
                    40,800.51

	  	  	  
	  	  	
Jessica Timian

	
NR Rollforward (Hosp)

	
Co. 1 6000 1410-54

	
 Residency Program

	
                    42,121.09

	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	
                    5,653,893

	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	
SPS Inc. "Vetsource" - MI

	
Investment Rollforward

	
Co. 1 001 1960-2

	
Investment

	
 $                 1,116,227

	  	  	  
	  	  	
Broadway Partnership

	
Investment Rollforward

	
Co. 1 9500 1960-2

	
Investment

	
                    2,637,274

	  	  	  
	  	  	
AVC - Canada

	
Investment Rollforward

	
Co. 1 001 1960-2

	
Investment

	
                    6,131,238

	  	  	  
	  	  	
Las Vegas VRC

	
Investment Rollforward

	
Co. 1 001 1960-2

	
Investment

	
                       224,609

	  	  	  
	  	  	
Animal Specialty Center

	
Investment Rollforward

	
Co. 1 814 1960-2

	
Investment

	
                    1,077,000

	  	  	  
	  	  	
Phoenix Lab common stock

	
Other LT Assets R/F

	
Co. 1 001 1950-1

	
Investment (acq'd PCI)

	
                        37,196

	  	  	  
	  	  	
[**]

	
Leadsheet

	
Co. 3 1970-2

	
Investment

	
                       230,502

	  	  	  
	  	  	
[**]

	
Leadsheet

	
Co. 7 1970-1

	
Investment

	
                       119,654

	  	  	  
	  	  	
Antech (CAN) Lease Receivables

	
Leadsheet

	
Co. 7 1971-1

	
Investment

	
                    1,254,817

	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	
                  12,828,517

	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	
Other

	  	  	  	
                                 -

	  	  	  
	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	
 $               18,482,410

	  	  	  
	  	  	  	  	  	  	  	  	  	  

 

 

[**] Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

  

  

  

 

EXHIBIT A-1 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

FUNDING NOTICE

Reference is made to the Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC. (“Company”), VCA ANTECH, INC., (“Holdings”) and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto.

Pursuant to the applicable Section of the Credit Agreement (2.2 for Revolving Loans; 2.3 for Swing Line Loans), Company desires that Lenders make the following Loans to Company in accordance with the applicable terms and conditions of the Credit Agreement on  [mm/dd/yy] (the “Credit Date”):

	
1.           Revolving Loans

 

□Base Rate Loans:

 

□Eurodollar Rate Loans, with an initial Interest Period of ________ Month(s):

	  	
 

 

$[___,___,___]

 

 

 

$[___,___,___]

	  	  	  
	
2.           Swing Line Loans:

 

□Base Rate Loans:

 

	  	
$[___,___,___]

 

$[___,___,___]

 

	  	  	  

Company hereby certifies that:

(i) with respect to any Revolving Loan, after making any such Loan requested on such Credit Date, the Total Utilization of Revolving Commitments shall not exceed the Revolving Commitments then in effect;

               (ii) as of the Credit Date, the representations and warranties con­tained in each of the Credit Do­cuments are true, correct and complete in all material respects on and as of such Credit Date to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and war­ranties are true, correct and complete in all material respects on and as of such earlier date; provided, that, in each case, the foregoing materiality qualifier shall not be applicable to any representation and warranties that already are qualified or modified by materiality in the text thereof;

              (iii) as of such Credit Date, no event has occurred and is continuing or would result from the consummation of the borrowing contemplated hereby that would constitute an Event of Default or a Default.

 

	 	VICAR OPERATING, INC.	 
	 	 	 	 
	
Date:  [mm/dd/yy]

	
By: 

	____________________ 	 
	 	 	Name 	 
	 	 	 	 
	 	 	 	 

  

  

  

 

 

EXHIBIT A-1 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

FUNDING NOTICE

Reference is made to the Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC. (“Company”), VCA ANTECH, INC., (“Holdings”) and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto.

Pursuant to the applicable Section of the Credit Agreement (2.2 for Revolving Loans; 2.3 for Swing Line Loans), Company desires that Lenders make the following Loans to Company in accordance with the applicable terms and conditions of the Credit Agreement on  [mm/dd/yy] (the “Credit Date”):

	
1.           Revolving Loans

 

□Base Rate Loans:

 

□Eurodollar Rate Loans, with an initial Interest Period of ________ Month(s):

	  	
 

 

$[___,___,___]

 

 

 

$[___,___,___]

	  	  	  
	
2.           Swing Line Loans:

 

□Base Rate Loans:

 

	  	
$[___,___,___]

 

$[___,___,___]

 

	  	  	  

Company hereby certifies that:

(i) with respect to any Revolving Loan, after making any such Loan requested on such Credit Date, the Total Utilization of Revolving Commitments shall not exceed the Revolving Commitments then in effect;

(ii)           as of the Credit Date, the representations and warranties con­tained in each of the Credit Do­cuments are true, correct and complete in all material respects on and as of such Credit Date to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and war­ranties are true, correct and complete in all material respects on and as of such earlier date; provided, that, in each case, the foregoing materiality qualifier shall not be applicable to any representation and warranties that already are qualified or modified by materiality in the text thereof;

(iii)           as of such Credit Date, no event has occurred and is continuing or would result from the consummation of the borrowing contemplated hereby that would constitute an Event of Default or a Default.

	
Date: [mm/dd/yy]

	
VICAR OPERATING, INC.

By: ___________________________________

       Name:

       Title:

A-1-1

| LA\2291779.3||

  

  

  

EXHIBIT A-2 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

CONVERSION/CONTINUATION NOTICE

Reference is made to the Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC. (“Company”), VCA ANTECH, INC., (“Holdings”) and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto.

Pursuant to Section 2.8 of the Credit Agreement, Company desires to convert or to continue the following Loans, each such conversion and/or continuation to be effective as of [mm/dd/yy]:

1.  Term Loans:

	
$[___,___,___]

	  	
Eurodollar Rate Loans to be continued

	  	
Initial Interest Period of  _______ month(s)

	  	  	  	  	  
	
$[___,___,___]

	  	
Base Rate Loans to be converted to Eurodollar Rate Loans

	  	
Initial Interest Period of _______ month(s)

	  	  	  	  	  
	
$[___,___,___]

	  	
Eurodollar Rate Loans to be converted to Base Rate Loans

	  	  
	  	  	  	  	  

 

 

2.   Revolving Loans:

	
$[___,___,___]

	  	
Eurodollar Rate Loans to be continued

	  	
Initial Interest Period of _______ month(s)

	  	  	  	  	  
	
$[___,___,___]

	  	
Base Rate Loans to be converted to Eurodollar Rate Loans

	  	
Initial Interest Period of _______ month(s)

	  	  	  	  	  
	
$[___,___,___]

	  	
Eurodollar Rate Loans to be converted to Base Rate Loans

	  	  
	  	  	  	  	  

EXHIBIT A-2-1

  

  

  

Company hereby certifies that as of the date hereof, no event has occurred and is continuing or would result from the consummation of the conversion and/or continuation contemplated hereby that would constitute an Event of Default or a Default.

	
Date: [mm/dd/yy]

	
VICAR OPERATING, INC.

By: __________________________

       Name:

       Title:

 

 

EXHIBIT A-2-2

  

  

  

EXHIBIT A-3 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

ISSUANCE NOTICE

 

Reference is made to the Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC. (“Company”), VCA ANTECH, INC., (“Holdings”) and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto.

 

Pursuant to Section 2.23 of the Credit Agreement, Company desires a Letter of Credit to be issued in accordance with the terms and conditions of the Credit Agreement on [mm/dd/yy] (the “Credit Date”) in an aggregate face amount of $[___,___,___].

 

Attached hereto for each such Letter of Credit are the following:

 

(a) the stated amount of such Letter of Credit;

 

(b) the name and address of the beneficiary;

 

(c) the expiration date; and

 

(d) either (i) the verbatim text of such proposed Letter of Credit, or (ii) a description of the proposed terms and conditions of such Letter of Credit, including a precise description of any documents to be presented by the beneficiary which, if presented by the beneficiary prior to the expiration date of such Letter of Credit, would require the Issuing Lender to make payment under such Letter of Credit.

 

Company hereby certifies that:

 

(i) after issuing such Letter of Credit requested on the Credit Date, the Total Utilization of Revolving Commitments shall not exceed the Revolving Commitments then in effect;

 

(ii) as of the Credit Date, the representations and warranties contained in each of the Credit Documents are true, correct and complete in all material respects on and as of such Credit Date to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties are true, correct and complete in all

 

1

EXHIBIT A-3-1

  

  

  

material respects on and as of such earlier date; provided, that, in each case, the foregoing materiality qualifier shall not be applicable to any representation and warranties that already are qualified or modified by materiality in the text thereof;

 

(iii) as of such Credit Date, no event has occurred and is continuing or would result from the consummation of the issuance contemplated hereby that would constitute an Event of Default or a Default.

 

	
Date: [mm/dd/yy]

	
VICAR OPERATING, INC.

By: __________________________

       Name:

       Title:

EXHIBIT A-3-2

  

  

  

EXHIBIT B-1 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

TERM LOAN NOTE

$[1][___,___,___] [2][mm/dd/yy]

FOR VALUE RECEIVED, VICAR OPERATING, INC., a Delaware corporation (“Company”), promises to pay [NAME OF LENDER] (“Payee”) or its registered assigns the principal amount of [1][DOLLARS] ($[___,___,___][1]) in the installments referred to below.

Company also promises to pay interest on the unpaid principal amount hereof, from the date hereof until paid in full, at the rates and at the times which shall be determined in accordance with the provisions of that certain Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC. (“Company”), VCA ANTECH, INC., (“Holdings”) and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the “Administrative Agent”), Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto.

Company shall make principal payments on this Note as set forth in Section 2.11 of the Credit Agreement.

This Note is one of the “Term Notes” in respect of the [Tranche A Term Loans] [New Term Loans for the Series of which the New Term Loan evidenced by this Note is a part] and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more complete statement of the terms and conditions under which the [New] Term Loan evidenced hereby was made and is to be repaid.

All payments of principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day  funds at the Principal Office of Administrative Agent or at such other place as shall be designated in writing for such purpose in accordance with the terms of the Credit Agreement.  Unless and until an Assignment Agreement effecting the assignment or transfer of this Note shall have been accepted by Administrative

  

[1]           Lender’s Tranche A/New Term Loan Commitment

 

  

[2]           Date of Issuance

 

EXHIBIT B-1-1

  

  

  

Agent and recorded in the Register, Company, each Agent and Lenders shall be entitled to deem and treat Payee as the owner and holder of this Note and the Loan evidenced hereby.  Payee hereby agrees, by its acceptance hereof, that before disposing of this Note or any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or otherwise affect the obligations of Company hereunder with respect to payments of principal of or interest on this Note.

This Note is subject to mandatory prepayment and to prepayment at the option of Company, each as provided in the Credit Agreement.

THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF COMPANY AND PAYEE HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF.

Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement.

The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement.

This Note is subject to restrictions on transfer or assignment as provided in the Credit Agreement.

EXHIBIT B-1-2

  

  

  

IN WITNESS WHEREOF, Company has caused this Note to be duly executed and delivered by its officer thereunto duly authorized as of the date and at the place first written above.

VICAR OPERATING, INC.

By: ______________________________

       Name:

       Title:

EXHIBIT B-1-3

  

  

  

EXHIBIT B-2 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

REVOLVING LOAN NOTE

$[1][___,___,___] [2][mm/dd/yy]

FOR VALUE RECEIVED, VICAR OPERATING, INC., a Delaware corporation (“Company”), promises to pay [NAME OF LENDER] (“Payee”) or its registered assigns, on or before August 19, 2016, the lesser of (a) [1][DOLLARS] ($[1][___,___,___]) and (b) the unpaid principal amount of all advances made by Payee to Company as Revolving Loans under the Credit Agreement referred to below.

Company also promises to pay interest on the unpaid principal amount hereof, from the date hereof until paid in full, at the rates and at the times which shall be determined in accordance with the provisions of that certain Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC. (“Company”), VCA ANTECH, INC., (“Holdings”) and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the “Administrative Agent”), Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto.

This Note is one of the “Revolving Loan Notes” and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more complete statement of the terms and conditions under which the Loans evidenced hereby were made and are to be repaid.

All payments of principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal Office of Administrative Agent or at such other place as shall be designated in writing for such purpose in accordance with the terms of the Credit Agreement.  Unless and until an Assignment Agreement effecting the assignment or transfer of this Note shall have been accepted by Administrative Agent and recorded in the Register, Company, each Agent and Lenders shall be entitled to deem and treat Payee as the owner and holder of this Note and the Loans evidenced hereby.  Payee

  

[1]           Lender’s Revolving Commitment

 

  

[2]           Date of Issuance

 

EXHIBIT B-2-1

  

  

  

hereby agrees, by its acceptance hereof, that before disposing of this Note or any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or otherwise affect the obligations of Company hereunder with respect to payments of principal of or interest on this Note.

This Note is subject to mandatory prepayment and to prepayment at the option of Company, each as provided in the Credit Agreement.

THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF COMPANY AND PAYEE HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK  (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement.

The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement.

This Note is subject to restrictions on transfer or assignment as provided in the Credit Agreement.

EXHIBIT B-2-2

  

  

  

IN WITNESS WHEREOF, Company has caused this Note to be duly executed and delivered by its officer thereunto duly authorized as of the date and at the place first written above.

VICAR OPERATING, INC.

By: _____________________________

       Name:

       Title:

EXHIBIT B-2-3

  

  

  

TRANSACTIONS

ON

REVOLVING LOAN NOTE

	
 

 

 

 

Date

	
 

 

Type of

Loan Made

 This Date

	
 

 

Amount of

Loan Made

  This Date

	
 

 

Amount of

Principal Paid

   This Date

	
 

Outstanding

Principal

Balance

   This Date

	
 

 

 

Notation

Made By

	  	  	  	  	  	  

EXHIBIT B-2-4

  

  

  

EXHIBIT B-3 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

SWING LINE NOTE

$10,000,000  [1] [mm/dd/yy]

FOR VALUE RECEIVED, VICAR OPERATING, INC., a Delaware corporation (“Company”), promises to pay to WELLS FARGO BANK, NATIONAL ASSOCIATION, as Swing Line Lender (“Payee”), on or before August 19, 2016, the lesser of (a) TEN MILLION DOLLARS ($10,000,000) and (b) the unpaid principal amount of all advances made by Payee to Company as Swing Line Loans under the Credit Agreement referred to below.

Company also promises to pay interest on the unpaid principal amount hereof, from the date hereof until paid in full, at the rates and at the times which shall be determined in accordance with the provisions of that certain Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC. (“Company”), VCA ANTECH, INC., (“Holdings”) and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the “Administrative Agent”), Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto.

This Note is the “Swing Line Note” and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more complete statement of the terms and conditions under which the Swing Line Loans evidenced hereby were made and are to be repaid.

All payments of principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal Office of Swing Line Lender or at such other place as shall be designated in writing for such purpose in accordance with the terms of the Credit Agreement.

This Note is subject to mandatory prepayment and to prepayment at the option of Company, each as provided in the Credit Agreement.

  

[1]           Date of Issuance

 

EXHIBIT B-3-1

  

  

  

THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF COMPANY AND PAYEE HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK  (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement.

The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement.

This Note is subject to restrictions on transfer or assignment as provided in the Credit Agreement.

EXHIBIT B-3-2

  

  

  

IN WITNESS WHEREOF, Company has caused this Note to be duly executed and delivered by its officer thereunto duly authorized as of the date and at the place first written above.

VICAR OPERATING, INC.

By:_______________________________

      Name:

      Title:

EXHIBIT B-3-3

  

  

  

TRANSACTIONS

ON

SWING LINE NOTE

	
 

 

 

 

Date

	
 

 

Amount of

Loan Made

  This Date

	
 

 

Amount of

Principal Paid

   This Date

	
 

Outstanding

Principal

Balance

   This Date

	
 

 

 

Notation

Made By

	  	  	  	  	  

  

  

  

EXHIBIT C TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

COMPLIANCE CERTIFICATE

THE UNDERSIGNED HEREBY CERTIFIES AS FOLLOWS:

1.  I am the Chief Financial Officer of VCA ANTECH, INC. (“Holdings”) and VICAR OPERATING, INC. (“Company”).

2.  I have reviewed the terms of that certain Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC., VCA ANTECH, INC., and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto, and I have made, or have caused to be made under my supervision, a review in reasonable detail of the transactions and condition of Company and its Subsidiaries during the accounting period covered by the attached financial statements.

3.  The examination described in paragraph 2 above did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes an Event of Default or Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth in a separate attachment, if any, to this Certificate, describing in detail, the nature of the condition or event, the period during which it has existed and the action which Company has taken, is taking, or proposes to take with respect to each such condition or event.

The foregoing certifications, together with the computations set forth in the Annex A hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered [mm/dd/yy] pursuant to Section 5.1(d) of the Credit Agreement.

VCA ANTECH, INC.

VICAR OPERATING, INC.

 By: ______________________________

                        Name:

 Title:  Chief Financial Officer

  

  

  

ANNEX A TO

COMPLIANCE CERTIFICATE

FOR THE FISCAL [QUARTER] [YEAR] ENDING [mm/dd/yy].

1.  Consolidated Adjusted EBITDA:                                                                           (i) - (ii) = $[___,___,___]

(i)           (a)           Consolidated Net Income: $[___,___,___]

(b)           Consolidated Interest Expense: $[___,___,___]

(c)           provisions for taxes based on income: $[___,___,___]

(d)           total depreciation expense: $[___,___,___]

	 	
(e)

	
total amortization expense: 

	
$[___,___,___]

	
  

	
(f)

	
non-cash stock based compensation

reducing Consolidated Net Income: $[___,___,___]

	
  

	
(g)

	
other non-Cash items, including write-offs of

	
  

	
assets, reducing Consolidated Net Income3:$[___,___,___]

	
  

	
(h)

	
to the extent deducted in calculating

Consolidated Net Income, Transaction

Costs: $[___,___,___]

	
  

	
(ii)

	
other non-Cash items increasing

Consolidated Net Income4: $[___,___,___]

2.  Consolidated Fixed Charges: (i) + (ii) + (iii) + (iv) =$[___,___,___]

(i)           Consolidated Cash Interest Expense: $[___,___,___]

(ii)            scheduled payments of principal (other than the

principal payment due on the Tranche A Term Loan

  

	
3

	
Excluding any such non-Cash item to the extent that it represents an accrual or reserve for potential Cash items in any future period or amortization of a prepaid Cash item that was paid in a prior period but, notwithstanding anything to the contrary herein, including without limitation, reserves for lease expense and other charges and expenses related to the closure of hospitals to the extent not paid in cash.

  

	
4

	
Excluding any such non-Cash item to the extent that it represents the reversal of an accrual or reserve for potential Cash items in any prior period.

  

EXHIBIT C-2

  

Maturity Date and on any New Term Loan Maturity Date)

on Consolidated Total Debt:                                                                            $[___,___,___]

(iii)           Consolidated Capital Expenditures5: $[___,___,___]

(iv)           provisions for current cash taxes based on income:$[___,___,___]

3.  Consolidated Net Income: (i) - (ii) = $[___,___,___]

	
  

	
(i)

	
the net income (or loss) of Company and its Subsid­iaries

on a consolidated basis for such period taken as a single

accounting period determined in conformity with GAAP:$[___,___,___]

	
  

	
(ii) 

	
(a)

	
the income of any Person

(other than a Subsidiary of Company)

in which any other Person

(other than Company or any of its Subsidiaries)

has a joint interest, except to the extent of

the amount of dividends or other distributions

actually paid to Company or

any of its Subsidiaries by such Person: $[___,___,___]

	
  

	
(b)

	
the income (or plus the loss) of any Person accrued

prior to the date it becomes a Subsidiary of

Company or is merged into or consolidated

with Company or any of its Sub­sidi­aries or that

Person’s assets are acquired by Company

or any of its Subsid­iar­ies: $[___,___,___]

	
  

	
 (c)

	
the income of any Subsidi­ary of Company

to the extent that the declaration or payment

of dividends or similar distributions by that

Subsidi­ary of that income is not at the time

permitted by operation of the terms of its charter

  

	
5

	
For any period, the aggregate of the expenditures of Company and its Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in “purchase of property and equipment” or similar items reflected in the consolidated statement of cash flows of Company and its Subsidiaries excluding any acquisition of assets that constitutes a Permitted Acquisition; provided, however, that notwithstanding any of the foregoing to the contrary, Consolidated Capital Expenditures shall include expenditures of Company and its Subsidiaries with respect to assets constituting a fee interest in real property acquired by Company or its Subsidiaries other than in connection with a Permitted Acquisition.

 

EXHIBIT C-3

  

  

  

or any agreement, instrument, judgment, decree,

order, statute, rule or governmental regulation

applicable to that Subsidiary: $[___,___,___]

EXHIBIT C-4

  

  

  

	
  

	
(d)

	
any after-tax gains (or plus any after-tax losses)

	
  

	
attributable to Asset Sales or returned surplus assets

of any Pension Plan: $[___,___,___]

	
  

	
(e)

	
to the extent not included in clauses (ii)(a) 

through (d) above, any net extra­ordinary

gains (or plus any net extraordinary losses):$[___,___,___]

4.  Fixed Charge Coverage Ratio: (i)/(ii) =

	
  

	
(i)

	
Consolidated Adjusted EBITDA

for the four-Fiscal Quarter period then ended:$[___,___,___]

	
  

	
(ii)

	
Consolidated Fixed Charges

for such four-Fiscal Quarter period: $[___,___,___]

Actual: _.__:1.00

Required: 1.20:1.00

5.  Leverage Ratio: (i)/(ii) =

(i)            Consolidated Total Debt $[___,___,___]

	
  

	
(ii) 

	
Consolidated Adjusted EBITDA

for the four-Fiscal Quarter period then ended: $[___,___,___]

Actual: _.__:1.00

Required: 3.00:1.00

EXHIBIT C-5

  

  

  

EXHIBIT D TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

[Reserved]

EXHIBIT D-1

  

  

  

EXHIBIT E TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

ASSIGNMENT AGREEMENT

This ASSIGNMENT AGREEMENT (this “Agreement”), dated as of the Effective Date as set forth on Schedule I annexed hereto (the “Effective Date”), by and between the parties signatory hereto and designated as Assignor (“Assignor”) and Assignee (“Assignee”).

RECITALS:

WHEREAS, Assignor is party to that certain Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC. (“Company”), VCA ANTECH, INC., (“Holdings”) and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto; and

WHEREAS, Assignor desires to sell and assign to Assignee, and Assignee desires to purchase and assume from Assignor, certain rights and obligations of Assignor under the Credit Agreement.

 

 

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

Section 1.  Assignment and Assumption.  (a) Subject to the terms and conditions hereof, as of the Effective Date, Assignor sells and assigns to Assignee, without recourse, representation or warranty (except as expressly set forth herein), and Assignee purchases and assumes from Assignor, the percentage interest specified on Schedule I, which is determined as a percentage of the aggregate amount of all Tranche A Term Loans, New Term Loans, Revolving Commitments and outstanding Revolving Loans, in all of the rights and obligations with respect to the Tranche A Term Loans, New Term Loans, Revolving Commitments and outstanding Revolving Loans arising under the Credit Agreement and the other Credit Documents (the “Assigned Share”).

(b)           Upon the occurrence of the Effective Date:  the Assignee shall have the rights and obligations of a “Lender” to the extent of the Assigned Share and shall thereafter be a party to the Credit Agreement and a “Lender” for all purposes of the Credit Documents; Assignor shall, to the extent of the Assigned Share, relinquish its rights (other than any rights which survive the termination of the Credit Agreement under Section 10.8 thereof) and be

EXHIBIT E-1

  

  

  

  

  

released from its obligations under the Credit Agreement; and the Commitments shall be modified to reflect the Comm­itments of Assignee and the remaining Comm­itments of Assignor, if any.

(c)           From and after the Effective Date, Administrative Agent shall make all payments under the Credit Agreement in respect of the Assigned Share (i) in the case of any interest and fees that shall have accrued prior to the Settlement Date, to Assignor, and (ii) in all other cases, to Assignee; provided, Assignor and Assignee shall make payments directly to each other to the extent necessary to effect any appropriate adjustments in any amounts distributed to Assignor and/or Assignee by Administrative Agent under the Credit Do­cuments in respect of the Assigned Share in the event that, for any reason whatsoever, the payment of the applicable consideration for this Assignment (the “Purchase Price”) occurs on a date other than the Settlement Date as set forth on Schedule I annexed hereto (the “Settlement Date”).

Section 2. Effective Date.  Notwithstanding anything herein to the contrary, the Effective Date shall not be deemed to have occurred until each of the following conditions are satisfied, as determined in the reasonable judgment of each of Assignor, Assignee and Administrative Agent: the execution of a counterpart hereof by each of Assignor and Assignee (and, if applicable, any consents thereto required pursuant to Section 10.6(c)(ii) of the Credit Agreement other than any such consent deemed to have been given pursuant to such section); the payment of the Purchase Price on the Settlement Date; if applicable, the receipt by Administrative Agent of the processing and recordation fee referred to in Section 10.6 of the Credit Agreement; in the event Assignee is a Non-US Lender, the delivery by Assignee to Administrative Agent of such forms, certificates or other evidence with respect to United States federal income tax withholding matters as Assignee may be required to deliver to Administrative Agent pursuant to Section 2.19(c) of the Credit Agreement; the receipt by Administrative Agent of originals or telefacsimiles (or in a .pdf or .tif file or similar electronic transmission) of executed counterparts hereof (including any consents thereto required pursuant to Section 10.6(c)(ii) of the Credit Agreement other than any such consent deemed to have been given pursuant to such section); and the recordation by Administrative Agent in the Register of the pertinent information regarding this Assignment pursuant to Section 10.6 of the Credit Agreement.

Section 3. Certain Representations, Warranties and Agreements.  Assignor represents and warrants to Assignee that Assignor is the legal and beneficial owner of the Assigned Share, free and clear of any adverse claim.

(a) Assignee represents and warrants to Assignor that (i) Assignee is an Eligible Assignee and that it has experience and expertise in the making or purchasing of loans such as the Loans; (ii) it has acquired the Assigned Share for its own account in the ordinary course of its business and without a view to distribution of the Loans within the meaning of the Securities Act or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of Section 10.6 of the Credit Agreement, the disposition of the Assigned Share or any interests therein shall at all times remain within its exclusive control); (iii) it has received, reviewed and approved a copy of the Credit Agreement (including all Appendices,

EXHIBIT E-2

  

  

  

 

Schedules and Exhibits thereto); and (iv) it has received from Assignor such financial information regarding Company and its Subsidiaries as is available to Assignor and as Assignee has requested, that it has made its own independent investigation of the financial condition and affairs of Company and its Subsidiaries in connection with the assignment evidenced by this Agreement, and that it has made and shall continue to make its own appraisal of the creditworthiness of Company and its Subsidiaries.  Assignor shall have no duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Assignee or to provide Assignee with any other credit or other informa­tion with respect thereto, whether coming into its possession before the making of the initial Loans or at any time or times thereafter, and Assignor shall not have any responsibility with respect to the accuracy of or the completeness of any information provided to Assignee.

(b)           Each party to this Agreement represents and warrants to the other party hereto that it has full power and authority to enter into this Agreement and to perform its obligations hereunder in accordance with the provisions hereof, that this Agreement has been duly authorized, executed and delivered by such party and that this Agreement constitutes a legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general principles of equity.

(c)           Assignor shall not be responsible to Assignee for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency of any of the Credit Documents or for any representations, warranties, recitals or statements made therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certifi­cates or any other documents furnished or made by Assignor to Assignee or by or on behalf of Company or any of its Subsidiaries to Assignor or Assignee in connection with the Credit Documents and the transactions contemplated thereby or for the financial condition or business affairs of Company or any other Person liable for the payment of any Obligations, nor shall Assignor be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Credit Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of any Event of Default or Default.

Section 4.  Miscellaneous.  Assignor and Assignee each agrees from time to time, upon request of such other party, to take such additional actions and to execute and deliver such additional documents and instruments as such other party may reasonably request to effect the transactions contemplated by, and to carry out the intent of, this Agreement.  Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated, except by an instrument in writing signed by the party (including, if applicable, any party required to evidence its consent to or acceptance of this Agreement) against whom enforcement of such change, waiver, discharge or termination is sought.  Any notice or other communication herein required or permitted to be given shall be given pursuant to Section 10.1 of the Credit Agreement, and all for purposes thereof, the notice address of Assignor and Assignee shall be the addresses as set forth on Schedule I hereof.  In case any provision in or obligation under this Agreement shall be 

EXHIBIT E-3

  

  

  

 

invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.  This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns.  This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF.

[Remainder of page intentionally left blank]

EXHIBIT E-4

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused their respective officers thereunto duly authorized to execute and deliver this Agreement as of the Effective Date.

	  	
[NAME OF ASSIGNOR],

Assignor

 

 

By: ____________________________

       Name:

       Title:

 

	  	
[NAME OF ASSIGNEE],

Assignee

 

 

By: ____________________________

       Name:

       Title:

 

	  	
[*Consented to as of the Effective Date:

 

VICAR OPERATING, INC.,

as Company

 

 

By: ____________________________

       Name:

       Title:

 

*Only if required pursuant to Section 10.6(c)(ii) of the Credit Agreement.]

	  	
[*Consented to as of the Effective Date:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

 

 

By: ____________________________

       Name:

       Title:

 

*Only if required pursuant to Section 10.6(c)(ii) of the Credit Agreement.]

	  	  	  	  	  

EXHIBIT E-5

  

  

  

SCHEDULE I TO

ASSIGNMENT AGREEMENT

1.  Effective Date:                                           [mm/dd/yy]

2.  Settlement Date:                                           [mm/dd/yy]

3.  Assigned Share:

	  	
 

Percentage

	
 

Principal Amount

	
Tranche A Term Loans:

	
__._____%

	
$

	
New Term Loans (Series [__]):

	
__._____%

	
$

	
Revolving Commitments:

	
__._____%

	
$

	  	  	  

EXHIBIT E-6

  

  

  

1.  Notice and Wire Instructions:

	  	
 

[NAME OF ASSIGNOR]

 

Notices:

 

_________________________

_________________________

_________________________

Attention:

Telecopier:

 

 

with a copy to:

_________________________

_________________________

_________________________

Attention:

Telecopier:

 

 

Wire Instructions:

	  	
 

[NAME OF ASSIGNEE]

 

Notices:

 

_________________________

_________________________

_________________________

Attention:

Telecopier:

 

 

with a copy to:

_________________________

_________________________

_________________________

Attention:

Telecopier:

 

 

Wire Instructions:

 

EXHIBIT E-7

  

  

  

EXHIBIT F TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

CERTIFICATE RE NON-BANK STATUS

Reference is made to the Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC., VCA ANTECH, INC., and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto.  Pursuant to Section 2.19(c) of the Credit Agreement, the undersigned hereby certifies that it is not a “bank” or other Person described in Section 881(c)(3) of the Internal Revenue Code of 1986, as amended.

[NAME OF LENDER]

By: ____________________________

       Title:

EXHIBIT F-1

  

  

  

EXHIBIT G-1 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

CLOSING DATE CERTIFICATE

August 19, 2010

THE UNDERSIGNED HEREBY CERTIFY AS FOLLOWS:

1.  We are, respectively, the chief executive officer and the chief financial officer of VCA ANTECH, INC., a Delaware corporation (“Holdings”), and VICAR OPERATING, INC., a  Delaware corporation (“Company”).

2.  Pursuant to Sections 2.1 and 2.2 of the Credit and Guaranty Agreement, dated as of August 19, 2010 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC., VCA ANTECH, INC., and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A., as Syndication Agent and the other agents party thereto, Company requests that Lenders make the following Loans to Company on the Closing Date in accordance with Section 2.4 of the Credit Agreement:

	
(a)  

	
Term Loans:$[___,___,___]

(b)           Revolving Loans:                                                                           $[___,___,___]

3.  We have reviewed the terms of Sections 3 and 4 of the Credit Agreement and the definitions and provisions contained in such Credit Agreement relating thereto, and in our opinion we have made, or have caused to be made under our supervision, such examination or investigation as is necessary to enable us to express an informed opinion as to the matters referred to herein.

4. Based upon our review and examination described in paragraph (3) above, we certify, on behalf of Company, that as of the date hereof:

(a) with respect to any Revolving Loan, after making any such Loan requested on the Closing Date, the Total Utilization of Revolving Commitments shall not exceed the Revolving Commitments then in effect;

(b)           as of the Closing Date, the representations and warranties con­tained in each of the Credit Do­cuments are true, correct and complete in all respects on and as of the Closing Date to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and war­ranties are true, correct and complete in all respects on and as of such earlier date; provided, that, in each case, the foregoing materiality qualifier shall not be applicable to any representation and warranties that already are qualified or 

EXHIBIT G-1-1

  

  

  

 

 

modified by materiality in the text thereof;

(c)           as of the Closing Date, no injunc­tion or other restraining order shall have been issued and no hearing to cause an injunction or other restraining order to be issued shall be pending or noticed with respect to any action, suit or proceed­ing seeking to enjoin or other­wise prevent the consum­mation of, or to recover any damages or obtain relief as a result of, the borrowing contemplated hereby; and

(d)           as of the Closing Date, no event has occurred and is continuing or would result from the consummation of the borrowing contemplated hereby that would constitute an Event of Default or a Default.

3. Each Credit Party has requested Akin Gump Strauss Hauer Feld LLP to deliver to Agents and Lenders on the Closing Date favorable written opinions setting forth such matters as Administrative Agent may reasonably request.

4. Company has previously delivered to Administrative Agent, true, complete and correct copies of (a) the Historical Financial Statements, (b) pro forma consolidated financial statements of Holdings and its Subsidiaries as of the last day of and for the four-quarter period most recently ended prior to the Closing Date for which financial statements are available, giving pro forma effect to the financings and the other transactions contemplated by the Credit Documents to occur on or prior to the Closing Date, which pro forma financial statements were prepared in accordance with Regulation S-X under the Securities Act and all other rules and regulations of the Securities and Exchange Commission under the Securities Act, and including other adjustments reasonably acceptable to Administrative Agent, and (c) the Projections.

[Remainder of page intentionally left blank]

EXHIBIT G-1-2

  

  

  

The foregoing certifications are made and delivered as of the date first written above.

 ______________________

Title: Chief Executive Officer

 ______________________

Title: Chief Financial Officer

EXHIBIT G-1-3

  

  

  

EXHIBIT G-2 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

SOLVENCY CERTIFICATE

August 19, 2010

 

1.           I am the chief financial officer of VCA ANTECH, INC., a Delaware corporation (“Holdings”), and VICAR OPERATING, INC., a  Delaware corporation (“Company”).

2.           Reference is made to the Credit and Guaranty Agreement, dated as of August 19, 2010 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC., VCA ANTECH, INC., and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A., as Syndication Agent and the other agents party thereto.

3.  I have reviewed the terms of Section 3.1(g) of the Credit Agreement and the definitions and provisions contained in the Credit Agreement relating thereto and, in my opinion, have made, or have caused to be made under my supervision, such examination or investigation as is necessary to enable me to express an informed opinion as to the matters referred to herein.

 

4.  Based upon my review and examination described in paragraph 3 above, I certify that as of the date hereof, after giving effect to the consummation of the financings and the other transactions contemplated by the Credit Documents, each Credit Party is Solvent.

 

[Remainder of page intentionally left blank]

EXHIBIT G-2-1

  

  

  

The foregoing certifications are made and delivered as of  the date first written above.

 ______________________

Title: Chief Financial Officer

EXHIBIT G-2-2

  

  

  

EXHIBIT G-3 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

2011 EFFECTIVE DATE CERTIFICATE

August 16, 2011

THE UNDERSIGNED HEREBY CERTIFY AS FOLLOWS:

2.  We are, respectively, the chief executive officer and the chief financial officer of VCA ANTECH, INC., a Delaware corporation (“Holdings”), and VICAR OPERATING, INC., a  Delaware corporation (“Company”).

3.  Pursuant to Sections 2.1 and 2.2 of the Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC., VCA ANTECH, INC., and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto, Company requests that Lenders make the following Loans to Company on the 2011 Effective Date in accordance with Sections 2.1, 2.2 and 2.4 of the Credit Agreement:

	
(b)  

	
Additional Term Loans:$[___,___,___]

(b)           Revolving Loans:                                                                           $[___,___,___]

5.  We have reviewed the terms of Sections 3 and 4 of the Credit Agreement and the definitions and provisions contained in such Credit Agreement relating thereto, and in our opinion we have made, or have caused to be made under our supervision, such examination or investigation as is necessary to enable us to express an informed opinion as to the matters referred to herein.

6. Based upon our review and examination described in paragraph (3) above, we certify, on behalf of Company, that as of the date hereof:

(a) with respect to any Revolving Loan, after making any such Loan requested on the 2011 Effective Date, the Total Utilization of Revolving Commitments shall not exceed the Revolving Commitments then in effect;

(b)           as of the 2011 Effective Date, the representations and warranties con­tained in each of the Credit Do­cuments are true, correct and complete in all respects on and as of the 2011 Effective Date to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and war­ranties are true, correct and complete in all

EXHIBIT G-3-

  

  

  

respects on and as of such earlier date; provided, that, in each case, the foregoing

EXHIBIT G-3-1

  

  

  

materiality qualifier shall not be applicable to any representation and warranties that already are qualified or modified by materiality in the text thereof;

(c)           as of the 2011 Effective Date, no injunc­tion or other restraining order shall have been issued and no hearing to cause an injunction or other restraining order to be issued shall be pending or noticed with respect to any action, suit or proceed­ing seeking to enjoin or other­wise prevent the consum­mation of, or to recover any damages or obtain relief as a result of, the borrowing contemplated hereby; and

(d)           as of the 2011 Effective Date, no event has occurred and is continuing or would result from the consummation of the borrowing contemplated hereby that would constitute an Event of Default or a Default.

3. Each Credit Party has requested Akin Gump Strauss Hauer Feld LLP to deliver to Agents and Lenders on the 2011 Effective Date favorable written opinions setting forth such matters as Administrative Agent may reasonably request.

[Remainder of page intentionally left blank]

EXHIBIT G-3-2

  

  

  

The foregoing certifications are made and delivered as of the date first written above.

 ______________________

Title: Chief Executive Officer

 ______________________

Title: Chief Financial Officer

EXHIBIT G-3-3

  

  

  

EXHIBIT G-4 TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

2011 EFFECTIVE DATE SOLVENCY CERTIFICATE

August 16, 2011

 

1.           I am the chief financial officer of VCA ANTECH, INC., a Delaware corporation (“Holdings”), and VICAR OPERATING, INC., a  Delaware corporation (“Company”).

2.           Reference is made to the Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC., VCA ANTECH, INC., and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto.

3.  I have reviewed the terms of Section 3.3(f) of the Credit Agreement and the definitions and provisions contained in the Credit Agreement relating thereto and, in my opinion, have made, or have caused to be made under my supervision, such examination or investigation as is necessary to enable me to express an informed opinion as to the matters referred to herein.

 

4.  Based upon my review and examination described in paragraph 3 above, I certify that as of the date hereof, after giving effect to the consummation of the financings and the other transactions contemplated by the Credit Documents, each Credit Party is Solvent.

 

[Remainder of page intentionally left blank]

EXHIBIT G-4-1

  

  

  

The foregoing certifications are made and delivered as of  the date first written above.

 ______________________

Title: Chief Financial Officer

EXHIBIT G-4-2

  

  

  

EXHIBIT H TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

COUNTERPART AGREEMENT

This COUNTERPART AGREEMENT, dated [mm/dd/yy] (this “Counterpart Agreement”) is delivered pursuant to that certain Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among VICAR OPERATING, INC. (“Company”), VCA ANTECH, INC., (“Holdings”) and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, “Administrative Agent”), Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto.

Section 1.  Pursuant to Section 5.10 of the Credit Agreement, the undersigned hereby:

(a) agrees that this Counterpart Agreement may be attached to the Credit Agreement and that by the execution and delivery hereof, the undersigned becomes a Guarantor under the Credit Agreement and agrees to be bound by all of the terms thereof;

(b) represents and warrants that each of the representations and warranties set forth in the Credit Agreement and each other Credit Document and applicable to the undersigned is true and correct both before and after giving effect to this Counterpart Agreement, except to the extent that any such representation and warranty relates solely to any earlier date, in which case such representation and warranty is true and correct as of such earlier date; provided, that, in each case, the foregoing materiality qualifier shall not be applicable to any representation and warranties that already are qualified or modified by materiality in the text thereof;

(c) agrees, subject to the provisions of Section 7.2 of the Credit Agreement, to irrevocably and unconditionally guaranty the due and punctual payment in full of all Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)) and in accordance with Section 7 of the Credit Agreement; and

(d) (i) agrees that this counterpart may be attached to the Pledge and Security Agreement, dated as of August 19, 2010 (as it may be amended, supplemented or otherwise modified from time to time, the “Pledge and Security Agreement”) among Company, each of the other Guarantors party thereto and the Collateral Agent (as such term is defined in the Credit Agreement), (ii) agrees that the undersigned will comply with all the terms and conditions of the Pledge and Security Agreement as if it were an original signatory thereto, (iii) in accordance with the Pledge and Security Agreement, grants to Collateral Agent a security interest in all of the undersigned’s right, title and interest in and to all “Collateral” (as such term is defined in the

EXHIBIT H-1

  

  

  

 

Pledge and Security Agreement, it being understood for the avoidance of doubt that Section 1.4 of the Pledge and Security Agreement excludes certain assets from the definition of “Collateral” to the extent set forth in such section, including, among other such excluded assets, the outstanding capital stock of any Controlled Foreign Corporation in excess of 65% of the voting power of all classes of capital stock of such Controlled Foreign Corporation entitled to vote to the extent set forth in such section) of the undersigned, in each case whether now or hereafter existing or in which the undersigned now has or hereafter acquires an interest and wherever the same may be located and (iv) delivers to Collateral Agent supplements with respect to information relating to the undersigned to all schedules attached to the Pledge and Security Agreement.  All such Collateral shall be deemed to be part of the “Collateral” and hereafter subject to each of the terms and conditions of the Pledge and Security Agreement.

Section 2.  The undersigned agrees from time to time, upon request of Administrative Agent, to take such additional actions and to execute and deliver such additional documents and instruments as Administrative Agent  may request to effect the transactions contemplated by, and to carry out the intent of, this Agreement.  Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated, except by an instrument in writing signed by the party (including, if applicable, any party required to evidence its consent to or acceptance of this Agreement) against whom enforcement of such change, waiver, discharge or termination is sought.  Any notice or other communication herein required or permitted to be given shall be given in pursuant to Section 10.1 of the Credit Agreement, and all for purposes thereof, the notice address of the undersigned shall be the address as set forth on the signature page hereof.  In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF.

EXHIBIT H-2

  

  

  

IN WITNESS WHEREOF, the undersigned has caused this Counterpart Agreement to be duly executed and delivered by its duly authorized officer as of the date above first written.

[NAME OF SUBSIDIARY]

By:______________________

      Name:

      Title:

Address for Notices:

 ______________________

 ______________________

 ______________________

Attention:

Telecopier

with a copy to:

 ______________________

 ______________________

 ______________________

Attention:

Telecopier

ACKNOWLEDGED AND ACCEPTED,

as of the date above first written:

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

By: ______________________

      Name:

      Title:

EXHIBIT H-3

  

  

  

EXHIBIT I TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

 

 

[Reserved]

EXHIBIT I-1

  

  

  

 EXHIBIT J TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS

AND LEASES AND FIXTURE FILING

(_________________________)

by and from

[______________________________________],

a [_______________],

“Mortgagor”

to

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Collateral Agent,

“Mortgagee”

Dated as of ____________, 201[__]

THE SECURED PARTY (MORTGAGEE) DESIRES THIS FIXTURE FILING

TO BE INDEXED AGAINST THE RECORD OWNER OF THE REAL ESTATE

DESCRIBED HEREIN

PREPARED BY, RECORDING REQUESTED BY,

AND WHEN RECORDED MAIL TO:

Latham & Watkins LLP

885 Third Avenue

New York, New York  10022

Attention:  Tamara Katz, Esq.

 

 

EXHIBIT J-1

  

  

  

MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF

RENTS AND LEASES AND FIXTURE FILING

This MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING dated as of ___________, 201[__] (this “Mortgage”), by and from [____________________________________], a [_________________] corporation (“Mortgagor”), having an address at 12401 West Olympic Blvd., Los Angeles, California 90064 to WELLS FARGO BANK, NATIONAL ASSOCIATION as collateral agent for Lenders and Lender Counterparties (in such capacity as collateral agent, “Mortgagee”), having an address at 333 South Grand Avenue, 9th Floor, Los Angeles, California 90071.

RECITALS:

WHEREAS, Mortgagor is a party to that certain Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011, by and among VICAR OPERATING, INC., a Delaware corporation (“Company”), VCA ANTECH, INC., a Delaware corporation (“Holdings”), CERTAIN SUBSIDIARIES OF COMPANY, as Guarantors (the “Guarantors”), the Lenders party thereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto, (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein but not otherwise defined shall have the meanings set forth for such terms in the Credit Agreement);

WHEREAS, subject to the terms and conditions of the Credit Agreement, Mortgagor may enter into one or more Hedge Agreements and one or more Specified Cash Management Arrangements with one or more Lender Counterparties; and

WHEREAS, in consideration of the extensions of credit and other accommodations of Lenders and Lender Counterparties as set forth in the Credit Agreement, the Hedge Agreements and the Specified Cash Management Arrangements, respectively, Mortgagor has agreed, subject to the terms and conditions hereof and of each other Credit Document and each of the Hedge Agreements and Specified Cash Management Arrangements, to secure Mortgagor’s obligations under the Credit Documents, the Hedge Agreements and the Specified Cash Management Arrangements as set forth herein.

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, Mortgagee and Mortgagor agree as follows:

SECTION 1.                                DEFINITIONS

1.1.           Definitions.   Capitalized terms used herein (including the recitals hereto) not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.  In addition, as used herein, the following terms shall have the following meanings:

EXHIBIT J-2

  

  

  

 

“Indebtedness” means all obligations and liabilities of every nature of Mortgagor now or hereafter existing under or arising out of or in connection with the Credit Agreement and the other Credit Documents and any Hedge Agreement and any Specified Cash Management Arrangement, in each case together with all extensions or renewals thereof, whether for principal, interest (including interest that, but for the filing of a petition in bankruptcy with respect to Company, would accrue on such obligations, whether or not a claim is allowed against Company for such interest in the related bankruptcy proceeding), payments for early termination of Hedge Agreements, fees, expenses, indemnities or otherwise, whether voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from Mortgagor, any Lender or Lender Counterparty as a preference, fraudulent transfer or otherwise, and all obligations of every nature of Mortgagor now or hereafter existing under this Mortgage.  The Credit Agreement contains a revolving credit facility which permits Company to borrow certain principal amounts, repay all or a portion of such principal amounts, and reborrow the amounts previously paid to the Mortgagee or Lenders, all upon satisfaction of certain conditions stated in the Credit Agreement.  This Mortgage secures all advances and re-advances under the revolving credit feature of the Credit Agreement.

THIS MORTGAGE SHALL CONTINUE TO SECURE THE ENTIRE INDEBTEDNESS UP TO A MAXIMUM PRINCIPAL AMOUNT OF _________________________________ ($_________________), UNTIL THE ENTIRE INDEBTEDNESS IS PAID IN FULL.

“Mortgaged Property” means all of Mortgagor’s interest in the real properties generally identified on Schedule 1 attached hereto and incorporated herein by this reference and more particularly described in Exhibits A-1 and A-2 attached hereto and incorporated herein by this reference, together with any greater estate therein as hereafter may be acquired by Mortgagor (the “Land”);  all improvements now owned or hereafter acquired by Mortgagor, now or at any time situated, placed or constructed upon the Land (the “Improvements”);  all materials, supplies, equipment, apparatus and other items of personal property now owned or hereafter acquired by Mortgagor and now or hereafter attached to, installed in or used in connection with any of the Improvements or the Land, and water, gas, electrical, telephone, storm and sanitary sewer facilities and all other utilities whether or not situated in easements (the “Fixtures”); all leases, licenses, concessions, occupancy agreements or other agreements (written or oral, now or at any time in effect) which grant to any Person (other than Mortgagor) a possessory interest in, or the right to use, all or any part of the Mortgaged Property, together with all related security and other deposits (the “Leases”);  all of the rents, revenues, royalties, income, proceeds, profits, security and other types of deposits, and other benefits paid or payable by parties to the Leases for using, leasing, licensing possessing, operating from, residing in, selling or otherwise enjoying the Mortgaged Property (the “Rents”), all other agreements, such as construction contracts, architects’ agreements, engineers’ contracts, utility contracts, maintenance agreements,

EXHIBIT J-3

  

  

  

management agreements, service contracts, listing agreements, guaranties, warranties, permits, licenses, certificates and entitlements in any way relating to the construction, use, occupancy, operation, maintenance, enjoyment or ownership of the Mortgaged Property (the “Property Agreements”); all rights, privileges, tenements, hereditaments, rights-of-way, easements, appendages and appurtenances appertaining to the foregoing; all property tax refunds (the “Tax Refunds”); all accessions, replacements and substitutions for any of the foregoing and all proceeds thereof (the “Proceeds”); all insurance policies, unearned premiums therefor and proceeds from such policies covering any of the above property now or hereafter acquired by Mortgagor (the “Insurance”); and all of Mortgagor’s right, title and interest in and to any awards, damages, remunerations, reimbursements, settlements or compensation heretofore made or hereafter to be made by any governmental authority pertaining to the Land, Improvements or Fixtures (the “Condemnation Awards”).  As used in this Mortgage, the term “Mortgaged Property” shall mean all or, where the context permits or requires, any portion of the above or any interest therein.

“Obligations” means all of the agreements, covenants, conditions, warranties, representations and other obligations of Mortgagor (including, without limitation, the obligation to repay the Indebtedness) under the Credit Agreement, any other Credit Documents or any of the Hedge Agreements or any of the Specified Cash Management Arrangements.

“UCC” means the Uniform Commercial Code of New York or, if the creation, perfection and enforcement of any security interest herein granted is governed by the laws of a state other than New York, then, as to the matter in question, the Uniform Commercial Code in effect in that state.

1.2.           Interpretation.   References to “Sections” shall be to Sections of this Mortgage unless otherwise specifically provided.  Section headings in this Mortgage are included herein for convenience of reference only and shall not constitute a part of this Mortgage for any other purpose or be given any substantive effect.  The rules of construction set forth in Section 1.3 of the Credit Agreement shall be applicable to this Mortgage mutatis mutandis.  If any conflict or inconsistency exists between this Mortgage and the Credit Agreement, the Credit Agreement shall govern.

SECTION 2.                                GRANT

To secure the full and timely payment of the Indebtedness and the full and timely performance of the Obligations, Mortgagor MORTGAGES, GRANTS, BARGAINS, ASSIGNS, SELLS and CONVEYS, to Mortgagee the Mortgaged Property, subject, however, to the Permitted Liens, TO HAVE AND TO HOLD the Mortgaged Property to Mortgagee, and Mortgagor does hereby bind itself, its successors and assigns to WARRANT AND FOREVER DEFEND the title to the Mortgaged Property unto Mortgagee.

EXHIBIT J-4

  

  

  

SECTION 3.                                WARRANTIES, REPRESENTATIONS AND COVENANTS

3.1.           Title.   Mortgagor represents and warrants to Mortgagee that (i) Mortgagor owns the Mortgaged Property free and clear of any liens, claims or interests, except the Permitted Liens, and (ii) this Mortgage creates valid, enforceable first priority liens and security interests against the Mortgaged Property, subject to Permitted Liens.

3.2.           First Lien Status.   Subject to Permitted Liens, Mortgagor shall preserve and protect the first lien and security interest status of this Mortgage and the other Credit Documents.  If any lien or security interest other than a Permitted Lien is asserted against the Mortgaged Property, Mortgagor shall promptly, and at its expense, (i) give Mortgagee a detailed written notice of such lien or security interest (including origin, amount and other terms), and (ii) at Mortgagor’s election, pay the underlying claim in full or take such other action so as to cause it to be released or contest the same in compliance with the requirements of the Credit Agreement.

3.3.           Payment and Performance.  Mortgagor shall pay the Indebtedness when due under the Credit Documents and shall perform the Obligations in full when they are required to be performed as required under the Credit Documents.

3.4.           Replacement of Fixtures.   Mortgagor shall not, without the prior written consent of Mortgagee and subject to the provisions of the Credit Agreement, permit any of the Fixtures to be removed at any time from the Land or Improvements, unless the removed item is removed temporarily for maintenance and repair or, if removed permanently, is obsolete and is replaced by an article of equal or better suitability and value, owned by Mortgagor subject to the liens and security interests of this Mortgage and the other Credit Documents, and free and clear of any other lien or security interest except such as may be permitted under the Credit Agreement or first approved in writing by Mortgagee.

3.5.           Inspection.  Mortgagor shall permit Mortgagee, and Mortgagee’s agents, representatives and employees, upon reasonable prior notice to Mortgagor, and subject to the provisions of the Credit Agreement, to inspect the Mortgaged Property and all books and records of Mortgagor located thereon and to conduct such environmental and engineering studies as Mortgagee may require; provided, such inspections and studies shall not materially interfere with the use and operation of the Mortgaged Property.

3.6.           Covenants Running with the Land.   All Obligations contained in this Mortgage are intended by Mortgagor and Mortgagee to be, and shall be construed as, covenants running with the Mortgaged Property.  As used herein, “Mortgagor” shall refer to the party named in the first paragraph of this Mortgage and to any subsequent owner of all or any portion of the Mortgaged Property.  All Persons who may have or acquire an interest in the Mortgaged Property shall be deemed to have notice of, and be bound by, the terms of the Credit Agreement and the other Credit Documents; however, no such party shall be entitled to any rights thereunder without the prior written consent of Mortgagee.  In addition, all of the covenants of Mortgagor in any Credit Document party thereto are incorporated herein by reference and, together with covenants in this Section, shall be covenants running with the land.

EXHIBIT J-5

  

  

  

 

3.7.           Condemnation Awards and Insurance Proceeds.   Subject to the provisions of the Credit Agreement, Mortgagor (i) assigns all awards and compensation to which it is entitled for any condemnation or other taking, or any purchase in lieu thereof, to Mortgagee and authorizes Mortgagee to collect and receive such awards and compensation and to give proper receipts and acquittances therefor, subject to the terms of the Credit Agreement, (ii) assigns to Mortgagee all proceeds of any insurance policies insuring against loss or damage to the Mortgaged Property, (iii) authorizes Mortgagee to collect and receive such proceeds and authorizes and directs the issuer of each of such insurance policies to make payment for all such losses directly to Mortgagee, instead of to Mortgagor and Mortgagee jointly.

3.8.           Change in Tax Law.  Upon the enactment of or change in (including, without limitation, a change in interpretation of) any applicable law (i) deducting or allowing Mortgagor to deduct from the value of the Mortgaged Property for the purpose of taxation any lien or security interest thereon or (ii) subjecting Mortgagee or any of the Lenders to any tax or changing the basis of taxation of mortgages, deeds of trust, or other liens or debts secured thereby, or the manner of collection of such taxes, in each such case, so as to affect this Mortgage, the Indebtedness or Mortgagee, and the result is to increase the taxes imposed upon or the cost to Mortgagee of maintaining the Indebtedness, or to reduce the amount of any payments receivable hereunder, then, and in any such event, Mortgagor shall, on demand, pay to Mortgagee and the Lenders additional amounts to compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful, or taxable to Mortgagee, or would constitute usury or render the Indebtedness wholly or partially usurious under applicable law, then Mortgagor shall pay or reimburse Mortgagee or the Lenders for payment of the lawful and non usurious portion thereof.

3.9.           Mortgage Tax.  Mortgagor shall (i) pay when due any tax imposed upon it or upon Mortgagee or any Lender pursuant to the tax law of the state in which the Mortgaged Property is located in connection with the execution, delivery and recordation of this Mortgage and any of the other Credit Documents, and (ii) execute and cause to be filed any form required to be executed and filed in connection therewith.

 

 

3.10.           Reduction Of Secured Amount.  In the event that the amount secured by this Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Mortgagor or Company repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property.  So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage.  Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

EXHIBIT J-6

  

  

  

 

SECTION 4.                                DEFAULT AND FORECLOSURE

4.1.           Remedies.   If an Event of Default exists, Mortgagee may at Mortgagee’s election, exercise any or all of the following rights, remedies and recourses (which are in addition to all rights and remedies available under the Credit Agreement and the Pledge and Security Agreement):  (i) declare the Indebtedness to be immediately due and payable, pursuant to and in accordance with the Credit Agreement without further notice, presentment, protest, notice of intent to accelerate, notice of acceleration, demand or action of any nature whatsoever (each of which hereby is expressly waived by Mortgagor), whereupon the same shall become immediately due and payable; (ii) enter the Mortgaged Property and take exclusive possession thereof and of all books, records and accounts relating thereto or located thereon (iii); if Mortgagor remains in possession of the Mortgaged Property after an Event of Default and without Mortgagee’s prior written consent, Mortgagee may invoke any legal remedies to dispossess Mortgagor; (iv) hold, lease, develop, manage, operate or otherwise use the Mortgaged Property upon such terms and conditions as Mortgagee may deem reasonable under the circumstances (making such repairs, alterations, additions and improvements and taking other actions, from time to time, as Mortgagee deems necessary or desirable), and apply all Rents and other amounts collected by Mortgagee in connection therewith in accordance with the provisions hereof; and (v) institute proceedings for the complete foreclosure of this Mortgage, either by judicial action or by power of sale, in which case the Mortgaged Property may be sold for cash or credit in one or more parcels.  With respect to any notices required or permitted under the UCC, Mortgagor agrees that ten (10) days’ prior written notice shall be deemed commercially reasonable.  At any such sale by virtue of any judicial proceedings, power of sale, or any other legal right, remedy or recourse, the title to and right of possession of any such property shall pass to the purchaser thereof, and to the fullest extent permitted by law, Mortgagor shall be completely and irrevocably divested of all of its right, title, interest, claim, equity, equity of redemption, and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against Mortgagor, and against all other Persons claiming or to claim the property sold or any part thereof, by, through or under Mortgagor.  Mortgagee may be a purchaser at such sale and if Mortgagee is the highest bidder, Mortgagee may credit the portion of the purchase price that would be distributed to Mortgagee against the Indebtedness in lieu of paying cash.  In the event this Mortgage is foreclosed by judicial action, appraisement of the Mortgaged Property is waived and Mortgagee may make application to a court of competent jurisdiction for, and obtain from such court as a matter of strict right and without notice to Mortgagor or regard to the adequacy of the Mortgaged Property for the repayment of the Indebtedness, the appointment of a receiver of the Mortgaged Property, and Mortgagor irrevocably consents to such appointment.  Any such receiver shall have all the usual powers and duties of receivers in similar cases, including the full power to rent, maintain and otherwise operate the Mortgaged Property upon such terms as may be approved by the court, and shall apply such Rents in accordance with the provisions hereof; and/or exercise all other rights, remedies and recourses granted under the Credit Documents or otherwise available at law or in equity. 

4.2.           Separate Sales.   The Mortgaged Property may be sold in one or more parcels and in such manner and order as Mortgagee in its sole discretion may elect; the right of sale arising out of any Event of Default shall not be exhausted by any one or more sales.

EXHIBIT J-7

  

  

  

 

4.3.           Remedies Cumulative, Concurrent and Nonexclusive.   Mortgagee shall have all rights, remedies and recourses granted in the Credit Documents and available at law or equity (including the UCC), which rights (i) shall be cumulated and concurrent, (ii) may be pursued separately, successively or concurrently against Mortgagor or others obligated under the Credit Documents, or against the Mortgaged Property, or against any one or more of them, at the sole discretion of Mortgagee, (iii) may be exercised as often as occasion therefor shall arise, and the exercise or failure to exercise any of them shall not be construed as a waiver or release thereof or of any other right, remedy or recourse, and (iv) are intended to be, and shall be, nonexclusive.  No action by Mortgagee in the enforcement of any rights, remedies or recourses under the Credit Documents or otherwise at law or equity shall be deemed to cure any Event of Default.

4.4.           Release of and Resort to Collateral.   Mortgagee may release, regardless of consideration and without the necessity for any notice to or consent by the holder of any subordinate lien on the Mortgaged Property, any part of the Mortgaged Property without, as to the remainder, in any way impairing, affecting, subordinating or releasing the lien or security interest created in or evidenced by the Credit Documents or their status as a first and prior lien and security interest in and to the Mortgaged Property.  For payment of the Indebtedness, Mortgagee may resort to any other security in such order and manner as Mortgagee may elect.

4.5.           Waiver of Redemption, Notice and Marshalling of Assets.   To the fullest extent permitted by law, Mortgagor hereby irrevocably and unconditionally waives and releases all benefit that might accrue to Mortgagor by virtue of any present or future statute of limitations or law or judicial decision exempting the Mortgaged Property from attachment, levy or sale on execution or providing for any stay of execution, exemption from civil process, redemption or extension of time for payment,  all notices of any Event of Default or of Mortgagee’s election to exercise or the actual exercise of any right, remedy or recourse provided for under the Credit Documents, and  any right to a marshalling of assets or a sale in inverse order of alienation.

4.6.           Discontinuance of Proceedings.   If Mortgagee shall have proceeded to invoke any right, remedy or recourse permitted under the Credit Documents and shall thereafter elect to discontinue or abandon it for any reason, Mortgagee shall have the unqualified right to do so and, in such an event, Mortgagor and Mortgagee shall be restored to their former positions with respect to the Indebtedness, the Obligations, the Credit Documents, the Mortgaged Property and otherwise, and the rights, remedies, recourses and powers of Mortgagee shall continue as if the right, remedy or recourse had never been invoked, but no such discontinuance or abandonment shall waive any Event of Default which may then exist or the right of Mortgagee thereafter to exercise any right, remedy or recourse under the Credit Documents for such Event of Default.

4.7.           Application of Proceeds.   The proceeds of any sale of, and the Rents and other amounts generated by the holding, leasing, management, operation or other use of the Mortgaged Property, shall be applied by Mortgagee (or the receiver, if one is appointed) in the following order unless otherwise required by applicable law:  first, to the payment of the actual out of pocket costs and expenses of taking possession of the Mortgaged Property and of holding, using, leasing, repairing, improving and selling the same, including, without limitation  receiver’s fees

EXHIBIT J-8

  

  

  

and expenses, including the repayment of the amounts evidenced by any receiver’s certificates,  court costs, reasonable attorneys’ and accountants’ fees and expenses, and costs of advertisement; and second, as provided in Section 2.14 of the Credit Agreement.

4.8.           Occupancy After Foreclosure.   Any sale of the Mortgaged Property or any part thereof will divest all right, title and interest of Mortgagor in and to the property sold.  Subject to applicable law, any purchaser at a foreclosure sale will receive immediate possession of the property purchased.  If Mortgagor retains possession of such property or any part thereof subsequent to such sale, Mortgagor will be considered a tenant at sufferance of the purchaser, and will, if Mortgagor remains in possession after demand to remove, be subject to eviction and removal, forcible or otherwise, with or without process of law.

4.9.           Additional Advances and Disbursements; Costs of Enforcement.   If any Event of Default exists, Mortgagee shall have the right, but not the obligation, to cure such Event of Default in the name and on behalf of Mortgagor.  All sums advanced and expenses incurred at any time by Mortgagee under this Section, or otherwise under this Mortgage or any of the other Credit Documents or applicable law, shall bear interest from the date that such sum is advanced or expense incurred, to and including the date of reimbursement, computed at the rate or rates at which interest is then computed on the Indebtedness, and all such sums, together with interest thereon, shall be secured by this Mortgage.  Mortgagor shall pay all reasonable out of pocket expenses (including reasonable attorneys’ fees and expenses) of or incidental to the perfection and enforcement of this Mortgage and the other Credit Documents, or the enforcement, compromise or settlement of the Indebtedness or any claim under this Mortgage and the other Credit Documents, and for the curing thereof, or for defending or asserting the rights and claims of Mortgagee in respect thereof, by litigation or otherwise.

4.10.           No Mortgagee in Possession.   Neither the enforcement of any of the remedies under this Section, the assignment of the Rents and Leases under Section 5, the security interests under Section 6, nor any other remedies afforded to Mortgagee under the Credit Documents, at law or in equity shall cause Mortgagee to be deemed or construed to be a mortgagee in possession of the Mortgaged Property, to obligate Mortgagee to lease the Mortgaged Property or attempt to do so, or to take any action, incur any expense, or perform or discharge any obligation, duty or liability whatsoever under any of the Leases or otherwise.

4.11.           Waiver of Stay, Moratorium and Similar Rights.   Mortgagor agrees, to the full extent that it may lawfully do so, that it will not at any time insist upon or plead or in any way take advantage of any stay, marshalling of assets, extension, redemption or moratorium law now or hereafter in force and effect so as to prevent or hinder the enforcement of the provisions of this Mortgage or the Indebtedness secured hereby, or any agreement between Mortgagor and Mortgagee or any rights or remedies of Mortgagee.

SECTION 5.                                ASSIGNMENT OF RENTS AND LEASES

5.1.           Assignment.   In furtherance of and in addition to the assignment made by

EXHIBIT J-9

  

  

  

 

Mortgagor herein, Mortgagor hereby absolutely and unconditionally assigns, sells, transfers and conveys to Mortgagee all of its right, title and interest in and to all Leases, whether now existing or hereafter entered into, and all of its right, title and interest in and to all Rents.  This assignment is an absolute assignment and not an assignment for additional security only.  So long as no Event of Default shall have occurred and be continuing, Mortgagor shall have a revocable license from Mortgagee to exercise all rights extended to the landlord under the Leases, including the right to receive and collect all Rents and to otherwise use the same.  The foregoing license is granted subject to the conditional limitation that no Event of Default shall have occurred and be continuing.  Upon the occurrence and during the continuance of an Event of Default, whether or not legal proceedings have commenced, and without regard to waste, adequacy of security for the Obligations or solvency of Mortgagor, the license herein granted shall automatically expire and terminate, without notice by Mortgagee (any such notice being hereby expressly waived by Mortgagor).

5.2.           Perfection Upon Recordation.   Mortgagor acknowledges that Mortgagee has taken all actions necessary to obtain, and that upon recordation of this Mortgage, Mortgagee shall have, to the extent permitted under applicable law and subject to Permitted Liens, a valid and fully perfected, first priority, present assignment of the Rents arising out of the Leases and all security for such Leases.  Mortgagor acknowledges and agrees that upon recordation of this Mortgage, Mortgagee’s interest in the Rents shall be deemed to be fully perfected, “choate” and enforced as to Mortgagor and all third parties, including, without limitation, any subsequently appointed trustee in any case under Title 11 of the United States Code (the “Bankruptcy Code”), without the necessity of commencing a foreclosure action with respect to this Mortgage, making formal demand for the Rents, obtaining the appointment of a receiver or taking any other affirmative action.

5.3.           Bankruptcy Provisions.  Without limitation of the absolute nature of the assignment of the Rents hereunder, Mortgagor and Mortgagee agree that (i) this Mortgage shall constitute a “security agreement” for purposes of Section 552(b) of the Bankruptcy Code, (ii) the security interest created by this Mortgage extends to property of Mortgagor acquired before the commencement of a case in bankruptcy and to all amounts paid as Rents, and (iii) such security interest shall extend to all Rents acquired by the estate after the commencement of any case in bankruptcy.

5.4.           No Merger of Estates.   So long as any part of the Indebtedness or the Obligations secured hereby remain unpaid and undischarged, the fee and leasehold estates to the Mortgaged Property shall not merge, but shall remain separate and distinct, notwithstanding the union of such estates either in Mortgagor, Mortgagee, any tenant or any third party by purchase or otherwise.

SECTION 6.                                SECURITY AGREEMENT

6.1.           Security Interest.   This Mortgage constitutes a “security agreement” on personal property within the meaning of the UCC and other applicable law and with respect to the

EXHIBIT J-10

  

  

  

Fixtures, Leases, Rents, Property Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards.  To this end, Mortgagor grants to Mortgagee a first and prior security interest in the Fixtures, Leases, Rents, Property Agreements, Tax Refunds, Proceeds, Insurance, Condemnation Awards to secure the payment of the Indebtedness and performance of the Obligations, and agrees that Mortgagee shall have all the rights and remedies of a secured party under the UCC with respect to such property.  Any notice of sale, disposition or other intended action by Mortgagee with respect to the Fixtures, Leases, Rents, Property Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards sent to Mortgagor at least ten (10) days prior to any action under the UCC shall constitute reasonable notice to Mortgagor.

6.2.           Financing Statements.   Mortgagor shall execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements and such further assurances as Mortgagee may, from time to time, reasonably consider necessary to create, perfect and preserve Mortgagee’s security interest hereunder and Mortgagee may cause such statements and assurances to be recorded and filed, at such times and places as may be required or permitted by law to so create, perfect and preserve such security interest.  Mortgagor’s chief executive office is at the address set forth in Appendix B of the Credit Agreement.

6.3.           Fixture Filing.   This Mortgage shall also constitute a “fixture filing” for the purposes of the UCC against all of the Mortgaged Property which is or is to become fixtures.  Information concerning the security interest herein granted may be obtained at the addresses of Debtor (Mortgagor) and Secured Party (Mortgagee) as set forth in the first paragraph of this Mortgage.

SECTION 7.                                ATTORNEY-IN-FACT

Mortgagor hereby irrevocably appoints Mortgagee and its successors and assigns, as its attorney-in-fact, which agency is coupled with an interest and with full power of substitution, (i) to execute and/or record any notices of completion, cessation of labor or any other notices that Mortgagee deems appropriate to protect Mortgagee’s interest, if Mortgagor shall fail to do so within ten (10) days after written request by Mortgagee, (ii) upon the issuance of a deed pursuant to the foreclosure of this Mortgage or the delivery of a deed in lieu of foreclosure, to execute all instruments of assignment, conveyance or further assurance with respect to the Leases, Rents, Fixtures, Property Agreements, Tax Refunds, Proceeds, Insurance and Condemnation Awards in favor of the grantee of any such deed and as may be necessary or desirable for such purpose, (iii) to prepare, execute and file or record financing statements, continuation statements, applications for registration and like papers necessary to create, perfect or preserve Mortgagee’s security interests and rights in or to any of the Mortgaged Property and (iv) while any Event of Default exists, to perform any obligation of Mortgagor hereunder; provided, (a) Mortgagee shall not under any circumstances be obligated to perform any obligation of Mortgagor; (b) any sums advanced by Mortgagee in such performance shall be added to and included in the Indebtedness and shall bear interest at the rate or rates at which interest is then computed on the Indebtedness; (c) Mortgagee as such attorney-in-fact shall only be accountable for such funds as are actually received by Mortgagee; and (d) Mortgagee shall not be liable to Mortgagor or any other person

EXHIBIT J-11

  

  

  

or entity for any failure to take any action which it is empowered to take under this Section.

SECTION 8.                                MORTGAGEE AS AGENT

Mortgagee has been appointed to act as Mortgagee hereunder by Lenders and, by their acceptance of the benefits hereof, Lender Counterparties.  Mortgagee shall be obligated, and shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including the release or substitution of Mortgaged Property), solely in accordance with this Mortgage and the Credit Agreement; provided, Mortgagee shall exercise, or refrain from exercising, any remedies provided for herein in accordance with the instructions of (i) Requisite Lenders, or (ii) after payment in full of all Obligations under the Credit Agreement and the other Credit Documents, the holders of a majority of the aggregate notional amount (or, with respect to any Hedge Agreement that has been terminated in accordance with its terms, the amount then due and payable (exclusive of expenses and similar payments but including any early termination payments then due) under such Hedge Agreement) under all Hedge Agreements (Requisite Lenders or, if applicable, such holders being referred to herein as “Requisite Obligees”).  In furtherance of the foregoing provisions of this Section, each Lender Counterparty, by its acceptance of the benefits hereof, agrees that it shall have no right individually to realize upon any of the Mortgaged Property, it being understood and agreed by such Lender Counterparty that all rights and remedies hereunder may be exercised solely by Mortgagee for the benefit of Lenders and Lender Counterparties in accordance with the terms of this Section.  Mortgagee shall at all times be the same Person that is Collateral Agent under the Credit Agreement.  Written notice of resignation by Collateral Agent pursuant to terms of the Credit Agreement shall also constitute notice of resignation as Mortgagee under this Mortgage; removal of Collateral Agent pursuant to the terms of the Credit Agreement shall also constitute removal as Mortgagee under this Mortgage; and appointment of a successor Collateral Agent pursuant to the terms of the Credit Agreement shall also constitute appointment of a successor Mortgagee under this Mortgage.  Upon the acceptance of any appointment as Collateral Agent under the terms of the Credit Agreement by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Mortgagee under this Mortgage, and the retiring or removed Mortgagee under this Mortgage shall promptly (i) transfer to such successor Mortgagee all sums, securities and other items of Mortgaged Property held hereunder, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Mortgagee under this Mortgage, and (ii) execute and deliver to such successor Mortgagee such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Mortgagee of the security interests created hereunder, whereupon such retiring or removed Mortgagee shall be discharged from its duties and obligations under this Mortgage.  After any retiring or removed Collateral Agent’s resignation or removal hereunder as Mortgagee, the provisions of this Mortgage shall inure to its benefit as to any actions taken or omitted to be taken by it under this Mortgage while it was Mortgagee hereunder.

EXHIBIT J-12

  

  

  

 

SECTION 9.                                LOCAL LAW PROVISIONS

9.1.           Inconsistencies.  In the event of any inconsistencies between this Article 9 and any other terms and provisions of this Mortgage, the terms and provisions of this Article 9 shall control and be binding.

9.2.           Local Law Provisions.

[TO BE PROVIDED BY LOCAL COUNSEL]

SECTION 10.                                  MISCELLANEOUS

Any notice required or permitted to be given under this Mortgage shall be given in accordance with Section 10.1 of the Credit Agreement.  No failure or delay on the part of Mortgagee in the exercise of any power, right or privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege.  All rights and remedies existing under this Mortgage and the other Credit Documents are cumulative to, and not exclusive of, any rights or remedies otherwise available.  In case any provision in or obligation under this Mortgage shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.  Subject to the provisions of the Credit Agreement, all covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.  This Mortgage shall be binding upon and inure to the benefit of Mortgagee and Mortgagor and their respective successors and assigns.  Mortgagor shall not, without the prior written consent of Mortgagee, assign any rights, duties or obligations hereunder.  Upon payment in full of the Indebtedness and performance in full of the Obligations (other than inchoate indemnification obligations with respect to claims, losses or liabilities which have not yet arisen and are not yet due and payable), Mortgagee, at Mortgagor’s expense, shall release the liens and security interests created by this Mortgage or reconvey the Mortgaged Property to Mortgagor.  This Mortgage and the other Credit Documents embody the entire agreement and understanding between Mortgagee and Mortgagor and supersede all prior agreements and understandings between such parties relating to the subject matter hereof and thereof.  Accordingly, the Credit Documents may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.  There are no unwritten oral agreements between the parties. 

SECTION 11.                                  MULTI SITE COLLATERAL

If (a) the real property shall consist of one or more parcels, whether or not contiguous and

EXHIBIT J-13

  

  

  

 

whether or not located in the same county or city, or (b) in addition to this Mortgage, Mortgagee shall now or hereafter hold or be the mortgagee or beneficiary of one or more additional mortgages, liens, deeds of trust or other security (directly or indirectly) securing the Indebtedness upon other property in the State in which the real property is located (whether or not such property is owned by Mortgagor or by others) or (c) both the circumstances described in clauses (a) and (b) shall be true, then to the fullest extent permitted by law, Mortgagee may, at its election, commence or consolidate in a single trustee’s sale or foreclosure action all trustee’s sale or foreclosure proceedings against all such collateral securing the Indebtedness (including the Mortgaged Property), which action may be brought or consolidated in the courts of, or sale conducted in, any county or city in which any of such collateral is located.  Mortgagor acknowledges that the right to maintain a consolidated trustee’s sale or foreclosure action is a specific inducement to Mortgagee to extend the Indebtedness, and Mortgagor expressly and irrevocably waives any objections to the commencement or consolidation of the foreclosure proceedings in a single action and any objections to the laying of venue or based on the grounds of forum non conveniens which it may now or hereafter have.  Mortgagor further agrees that if Mortgagee shall be prosecuting one or more foreclosures or other proceedings against a portion of the Mortgaged Property or against any collateral other than the Mortgaged Property, which collateral directly or indirectly secures the Indebtedness, or if Mortgagee shall have obtained a judgment of foreclosure and sale or similar judgment against such collateral (or, in the case of a trustee’s sale, shall have met the statutory requirements therefor with respect to such collateral), then, whether or not such proceedings are being maintained or judgments were obtained in or outside the State in which the real property are located, Mortgagee may commence or continue any trustee’s sale or foreclosure proceedings and exercise its other remedies granted in this Mortgage against all or any part of the Mortgaged Property and Mortgagor waives any objections to the commencement or continuation of a foreclosure of this Mortgage or exercise of any other remedies hereunder based on such other proceedings or judgments, and waives any right to seek to dismiss, stay, remove, transfer or consolidate either any action under this Mortgage or such other proceedings on such basis.  The commencement or continuation of proceedings to sell the Mortgaged Property in a trustee’s sale, to foreclose this Mortgage or the exercise of any other rights hereunder or the recovery of any judgment by Mortgagee or the occurrence of any sale by the Mortgagee in any such proceedings shall not prejudice, limit or preclude Mortgagee’s right to commence or continue one or more trustee’s sales, foreclosure or other proceedings or obtain a judgment against (or, in the case of a trustee’s sale, to meet the statutory requirements for, any such sale of) any other collateral (either in or outside the State in which the real property is located) which directly or indirectly secures the Indebtedness, and Mortgagor expressly waives any objections to the commencement of, continuation of, or entry of a judgment in such other sales or proceedings or exercise of any remedies in such sales or proceedings based upon any action or judgment connected to this Mortgagee, and Mortgagor also waives any right to seek to dismiss, stay, remove, transfer or consolidate either such other sales or proceedings or any sale or action under this Mortgage on such basis.  It is expressly understood and agreed that to the fullest extent permitted by law, Mortgagee may, at its election, cause the sale of all collateral which is the subject of a single trustee’s sale or foreclosure action at either a single sale or at multiple sales conducted simultaneously and take such other measures as are appropriate in order to effect the agreement of the parties to dispose of and administer all collateral securing the Indebtedness

EXHIBIT J-14

  

  

  

 

(directly or indirectly) in the most economical and least time consuming manner.

THE PROVISIONS OF THIS MORTGAGE REGARDING THE CREATION, PERFECTION AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS HEREIN GRANTED SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE IN WHICH THE MORTGAGED PROPERTY IS LOCATED.  ALL OTHER PROVISIONS OF THIS MORTGAGE AND THE RIGHTS AND OBLIGATIONS OF MORTGAGOR AND MORTGAGEE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF

SIGNATURES APPEAR ON FOLLOWING PAGE

EXHIBIT J-15

  

  

  

 

 

IN WITNESS WHEREOF, the undersigned, by its duly elected officer and pursuant to proper has duly executed, sealed, acknowledged and delivered this instrument as of the day and year first above written.

Mortgagor:

[________________________], a                                                                           [____________________]

By:           ________________________

Name:

Title:

By:           ________________________

Name:

Title:

 

 

EXHIBIT J-16

  

  

  

State of _________                                           )

County of __________                                                      )

Multi-State Corporate Acknowledgment:   On _______________, before me, the under¬signed officer, personally appeared ____________ and ________________ personally known and acknowledged them¬selves to me (or proved to me on the basis of satisfactory evidence) to be the _______________________________________________________________________, respectively of _________________________, a ______________ ___________ (hereinafter, the “Corporation”) and that as such officer, being duly authorized to do so pursuant to its bylaws or a resolution of its board of directors, executed, subscribed and acknowledged the foregoing instru¬ment for the purposes therein contained, by signing the name of the Corporation by themselves in their authorized capacities as such officers as their free and voluntary act and deed and the free and voluntary act and deed of said Corporation.

[To the extent this instrument was executed in the State of New York, the following is the prescribed New York statutory form of acknowledgment and is supplemental to the foregoing acknowledgment:  On _____________ before me, the undersigned, a Notary Public in and for said State, personally appeared ______________ and _________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he / she / they executed the same in his / her / their capacity(ies), and that by his / her / their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.]

Witness my hand and official seal.

___________________________

Notary Public

My commission expires:

 

 

EXHIBIT A TO

MORTGAGE

Legal Descriptions of Premises: (See attached)

EXHIBIT J-17

  

  

  

EXHIBIT A TO

MORTGAGE

Legal Descriptions of Premises: (See attached)

EXHIBIT J-18

  

  

  

EXHIBIT K TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

FORM OF PERMITTED SELLER NOTE

MANDATORY PROVISIONS

“Senior Agent” shall mean the Administrative Agent for the Lenders under the Senior Credit Agreement, and its successors in such capacity, or if there is then no acting Administrative Agent under the Senior Credit Agreement, persons holding a majority in principal amount of the Senior Debt outstanding thereunder.

“Senior Credit Agreement” shall mean the Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified), by and among VICAR OPERATING, INC. (“Company”), VCA ANTECH, INC., and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as Co-Syndication Agents and the other agents party thereto, together with any credit agreement or similar document from time to time executed by the Company to evidence any Refinancing (as defined in the definition of Senior Indebtedness) or successive Refinancings.

“Senior Indebtedness” shall mean (i) all Obligations (as defined in the Senior Credit Agreement) now or hereafter incurred pursuant to and in accordance with the terms of the Senior Debt Documents, (ii) any other Indebtedness which is not, by its terms, expressly subordinated in right of payment to this Note including, in the case of the amounts described in clause (i) and (ii) any principal, prepayment charges, interest (including, without limitation, interest accruing after the filing of a petition initiating any proceeding under the Bankruptcy Code, whether or not allowed as a claim in such proceeding) indemnities or reimbursement of fees, expenses or other amounts, and (iii) any indebtedness incurred for the purpose of refinancing, restructuring, extending or renewing (collectively, “Refinancing”) the obligations of the Company under the Senior Credit Agreement as set forth in clauses (i) and (ii) above.

“Senior Debt Documents” shall mean the Senior Credit Agreement and all other documents and instruments delivered or filed in connection with the creation or incurrence of any Senior Indebtedness (including, without limitation, the guaranty agreements executed and delivered by the subsidiaries of the Company in respect of the Obligations under the Senior Credit Agreement or obligations under any other Senior Indebtedness).

“Senior Lenders” shall mean the financial institutions party to the Senior Credit Agreement as “Lenders” from time to time.

EXHIBIT K-1

  

  

  

Section [   ]

Subordination.

­[__](a) Agreement to Subordinate.  The Company and, by its acceptance hereof, each Holder agrees that the indebtedness of the Company evidenced by this Note, whether for principal, interest or any other amount payable under or in respect hereof and all rights or claims arising out of or associated with such Indebtedness (the “Subordinated Obligations”), shall be junior and subordinate in right of payment to the prior payment in full in cash of all Senior Indebtedness, in accordance with the provisions of this Section [  ].  Each holder of Senior Indebtedness shall be deemed to have acquired Senior Indebtedness in reliance upon the agreements of the Company and the holder of this Note contained in this Section [  ].  The provisions of this Section [  ] shall be reinstated if at any time any payment of any of the Senior Indebtedness is rescinded or must otherwise be returned by any holder of Senior Indebtedness or any representative of such holder upon the insolvency, bankruptcy or reorganization of the Company.  Any provision of this Note to the contrary notwithstanding (other than the provision contained in Section [  ]), the Company shall not make, and no Holder shall accept, any payment or prepayment of principal, or prepayment of other amounts due thereunder, of any kind whatsoever (including without limitation by distribution of assets, set off, exchange or any other manner) with respect to the Subordinated Obligations at any time when any of the Senior Indebtedness remains outstanding unless permitted by the terms of the Senior Credit Agreement.  Holder may receive regularly scheduled payments of principal and interest in respect of the Subordinated Obligations in accordance with the terms of this Note except to the extent and at the times prohibited or restricted by the provisions of this Section [  ].  In no event shall the Holder commence any action or proceeding to contest the provisions of this Section [  ] or the priority of the Liens (as defined in the Senior Credit Agreement) granted to the holders of the Senior Indebtedness by the Company.  No Holder shall take, accept or receive any collateral security from the Company for the payment of the Subordinated Obligations.

[__](b) Liquidation. Dissolution. Bankruptcy.  In the event of any insolvency, bankruptcy, dissolution, winding up, liquidation, arrangement, reorganization, marshalling of assets or liabilities, composition, assignment for the benefit of creditors or other similar proceedings relating to the Company, its debts, its property or its operations, whether voluntary or involuntary, including, without limitation the filing of any petition or the taking of any action to commence any of the foregoing (which, in the case of action by a third party, is not dismissed within 60 days) (a “Bankruptcy Event”), all Senior Indebtedness shall first be paid in full in cash or other immediately available funds before Holder shall be entitled to receive or retain any payment or distribution of assets of the Company with respect to any Subordinated Obligations.  In the event of any such Bankruptcy Event, any payment or distribution of assets to which Holder would be entitled if the Subordinated Obligations were not subordinated to the Senior Indebtedness in accordance with this Section [  ], whether in cash, property, securities or otherwise, shall be paid or delivered by the debtor, custodian, trustee or agent or other Person making such payment or distribution, or by the Holder if received by it, directly to the Senior Agent on behalf of the holders of the Senior Indebtedness for application to the payment of the

EXHIBIT K-2

  

  

  

 

Senior Indebtedness remaining unpaid, to the extent necessary to make payment in full in cash or other immediately available funds of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to or for the holders of the Senior Indebtedness.

[__](c)                      No Payments with Respect to Subordinated Obligations in Certain Circumstances.

[(i)]           In circumstances in which Section [  ](b) is not applicable, no payment of any nature (including, without limitation, any distribution of assets) in respect of the Subordinated Obligations (including, without limitation, pursuant to any judgment with respect thereto or on account of the purchase or redemption or other acquisition of Subordinated Obligations, by set off, prepayment exchange or other manner) shall be made by or on behalf of the Company if, at the time of such payment:

[(A)]           a default in the payment when due (whether at the maturity thereof, or upon acceleration of maturity or otherwise and without giving effect to any applicable grace periods) of all or any portion of the Senior Indebtedness (whether of principal, interest or any other amount with respect thereto) shall have occurred, and such default shall not have been cured or waived in accordance with the terms of the Senior Debt Documents; or

[(B)]           subject to the last sentence of this Section [  ](c), (x) the Company shall have received notice from the Senior Agent of the occurrence of one or more Events of Default (as defined in the Senior Credit Agreement) in respect of the Senior Indebtedness (other than payment defaults described in Section [  ](c)(i)(A) above), (y) any such Event of Default shall not have been cured or waived in accordance with the terms of the Senior Debt Documents, and (z) 360 days shall not have elapsed since the date such notice was received.

The Company shall give prompt written notice to the Holder of (i) any default in respect of Senior Obligations referred to in Section [__](c)(i)(A) and (ii) any notice of the type described in Section [__](c)(i)(B) from the Senior Agent.

The Company may resume payments (and may make any payments missed due to the application of Section [  ](c)(i)) in respect of the Subordinated Obligations or any judgment with respect thereto:

[(1)]           in the case of a default referred to in clause (A) of this Section [  ](c)(i), upon a cure or waiver thereof in accordance with the terms of the Senior Debt Documents; or

[(2)]           in the case of an Event of Default or Events of Default referred to in clause (B) of this Section [  ](c)(i), upon the earlier to occur of (1) the cure or waiver of all such Events of Default in accordance with the terms of the Senior Debt Documents, or (2) the expiration of such period of 360 days.

EXHIBIT K-3

  

  

  

[(ii)] Following any acceleration of the maturity of any Senior Indebtedness and as long as such acceleration shall continue unrescinded and unannulled, such Senior Indebtedness shall first be paid in full in cash before any payment is made on account of or applied on the Subordinated Obligations.

[__](d)                      When Distribution Must Be Paid Over.  In the event that Holder shall receive any payment or distribution of assets that Holder is not entitled to receive or retain under the provisions of this Note, Holder shall hold any amount so received in trust for the holders of Senior Indebtedness, shall segregate such assets from other assets held by Holder and shall forthwith turn over such payment or distribution (without liability for interest thereon) to the Senior Agent on behalf of the holders of Senior Indebtedness in the form received (with any necessary endorsement) to be applied to Senior Indebtedness.

[__](e)                      Exercise of Remedies.  So long as any Senior Indebtedness is outstanding (including any loans, any letters of credit, any commitments to lend or any lender guarantees), Holder (solely in its capacity as a holder of this Note) shall not exercise any rights or remedies with respect to an Event of Default under this Note, including, without limitation, any action (1) to demand or sue for collection of amounts payable hereunder, (2) to accelerate the principal of this Note, or (3) to commence or join with any other creditor (other than the holder of a majority in principal amount of the Senior Indebtedness) in commencing any proceeding in connection with or premised on the occurrence of a Bankruptcy Event prior to the earlier of:

(A)           the payment in full in cash or other immediately available funds of all Senior Indebtedness;

(B)           the initiation of a proceeding (other than a proceeding prohibited by clause (3) of this Section [  ](e)) in connection with or premised upon the occurrence of a Bankruptcy Event;

(C)           the expiration of 360 days immediately following the receipt by the Senior Agent of notice of the occurrence of such Event of Default from the Holder; and

(D) the acceleration of the maturity of the Obligations under the Senior Credit Agreement;

provided, however, that if, with respect to (B) and (D) above, such proceeding or acceleration, respectively, is rescinded, or with respect to (C) above, during such 180-day period such Event of Default has been cured or waived, the prohibition against taking the actions described in this section [  ](e) shall automatically be reinstated as of the date of the rescission, cure or waiver, as applicable.  In all events, unless an event described in clause (A), (B) or (D) above has occurred and not been rescinded, the Holder shall give thirty (30) days prior written notice to the Senior Agent before taking any action described in this Section [  ](e), which notice shall describe with specificity the action that the Holder in good faith intends to take.

EXHIBIT K-4

  

  

  

[__](f)                      Acceleration of Payment of Note.  If this Note is declared due and payable prior to its maturity date, no direct or indirect payment that is due solely by reason of such declaration shall be made, nor shall application be made of any distribution of assets of the Company (whether by set off or in any other manner, including, without limitation, from or by way of collateral) to the payment, purchase or other acquisition or retirement of this Note, unless, in either case, (i) all amounts due or to become due on or in respect of the Senior Indebtedness shall have been previously paid in full in cash, (ii) all commitments to lend under Senior Indebtedness shall have been terminated, (iii) all letters of credit issued pursuant to the Senior Debt Documents shall have been cancelled or otherwise terminated, (iv) all guarantees constituting Senior Indebtedness shall have been terminated and (v) all lender guarantees constituting Senior Indebtedness shall have been permanently reduced to zero.

[__](g)                      Proceedings Against Company.  So long as any Senior Indebtedness is outstanding (including any loans, any commitments to lend, any letters of credit or any lender guarantees), Holder (solely in its capacity as a holder of this Note) shall not commence any bankruptcy, insolvency, reorganization or other similar proceeding against Company.

[__](h)                      Amending Senior Indebtedness.  Any holder of Senior Indebtedness may, at any time and from time to time, without the consent of or notice to Holder (i) modify or amend the terms of the Senior Indebtedness, (ii) sell, exchange, release, fail to perfect a lien on or a security interest in or otherwise in any manner deal with or apply any property pledged or mortgaged to secure, or otherwise securing, Senior Indebtedness, (iii) release any guarantor or any other person liable in any manner for the Senior Indebtedness, (iv) exercise or refrain from exercising any rights against Company or any other person, (v) apply any sums by whomever paid or however realized to Senior Indebtedness or (vi) take any other action that might be deemed to impair in any way the rights of the holder of this Note.  Any and all of such actions may be taken by the holders of Senior Indebtedness without incurring responsibility to Holder and without impairing or releasing the obligations of Holder to the holders of Senior Indebtedness.

[__](i)                      Certain Rights in Bankruptcy.  Holder hereby irrevocably authorizes and empowers each holder of Senior Indebtedness (and its representative or representatives) to demand, sue for, collect and receive all payments and distributions under the terms of this Note, to file and prove all claims (including claims in bankruptcy) relating to this Note, to exercise any right to vote arising with respect to this Note and any claims hereunder in any bankruptcy, insolvency or similar proceeding and take any and all other actions in the name of Holder (solely in its capacity as a holder of this Note), as such holder of Senior Indebtedness determines to be necessary or appropriate.

[__](j)                      Subrogation.  No payment or distribution to any holder of Senior Indebtedness pursuant to the provisions of this Note shall entitle Holder to exercise any right of subrogation in respect thereof until (i)(1) all Senior Indebtedness shall have been paid in full in cash, (2) all commitments to lend under Senior Indebtedness shall have been terminated, (3) all letters of credit issued pursuant to the Senior Debt Documents shall have been cancelled or otherwise terminated, (4) all guarantees constituting Senior Indebtedness shall have been terminated and (5) all lender guarantees constituting Senior Indebtedness shall have been permanently reduced to zero or (ii) all holders of Senior Indebtedness have consented in writing to the taking of such action.

EXHIBIT K-5

  

  

  

 

[__](k)                      Relative Rights.  The provisions of this Section [  ] are for the benefit of the holders of Senior Indebtedness (and their successors and assigns) and shall be enforceable by them directly against Holder.  Holder acknowledges and agrees that any breach of the provisions of this Section [  ] will cause irreparable harm for which the payment of monetary damages may be inadequate.  For this reason, Holder agrees that, in addition to any remedies at law or equity to which a holder of the Senior Indebtedness may be entitled, a holder of the Senior Indebtedness will be entitled to an injunction or other equitable relief to prevent breaches of the provisions of this Section [  ] and/or to compel specific performance of such provisions.  The provisions of this Section [  ] shall continue to be effective or be reinstated, as the case may be, if at any time any payment of Senior Indebtedness is rescinded or must otherwise be returned by any holder of Senior Indebtedness upon the occurrence of a Bankruptcy Event or otherwise, all as though such payment had not been made.  The provisions of this Section [  ] are not intended to impair and shall not impair as between Company and Holder, the obligation of Company, which is absolute and unconditional, to pay Holder all amounts owing under this Note.

[__](l)                      Reliance on Orders and Decrees.  Subject to the provisions of Section [  ](d) hereof, upon any payment or distribution of assets of Company, whether in cash, property, securities or otherwise, Holder shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which any insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other Person making such payment or distribution, delivered to Holder for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Section [  ].

Section [  ]

Right of Set-Off.  Anything in this Note to the contrary notwithstanding, nothing in this Note shall preclude the Company from timely exercising such Company’s right pursuant to Section ______ of the Purchase Agreement to set-off indemnification claims against this Note and/or interest payments under this Note.]

Section [  ]

Amendment.  So long as any Senior Indebtedness (including any letter of credit or lender guarantee) is outstanding or there is a commitment to lend any Senior Indebtedness

EXHIBIT K-6

  

  

  

(including any commitment under the Senior Debt Documents) the terms of this Note may be amended only with the consent of the Senior Agent.  Subject to the foregoing, without the consent of the Senior Agent hereof, this Note may be amended by the Company and the Holder to cure any ambiguity, defect or inconsistency that does not affect the subordination provisions hereof or the rights of the Senior Lenders.

*     *     *

Events of Default.

Permitted Seller Notes shall not cross-default to the Senior Credit Agreement or any of the other Senior Debt Documents or the Senior Indebtedness.

Prepayment.

Permitted Seller Notes shall not permit any voluntary or mandatory prepayment.

 [Remainder of page intentionally left blank]

EXHIBIT K-7

  

  

  

EXHIBIT L TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

JOINDER AGREEMENT

THIS JOINDER AGREEMENT, dated as of [__________ __, 201_] (this “Agreement”), by and among [NEW LENDERS] (each a “Lender” and collectively the “Lenders”), VICAR OPERATING, INC., a Delaware corporation (“Company”), VCA ANTECH, INC., as a Guarantor (“Holdings”), and CERTAIN SUBSIDIARIES OF COMPANY, as Guarantors (“Subsidiaries”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent.

RECITALS:

WHEREAS, reference is hereby made to the Amended and Restated Credit and Guaranty Agreement, dated as of August 16, 2011 (as it may be amended, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among Company, Holdings and certain Subsidiaries of Company, as Guarantors, the Lenders party thereto from time to time, Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Issuing Bank and Swing Line Lender, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Syndication Agents and the other agents party thereto; and

WHEREAS, subject to the terms and conditions of the Credit Agreement, Company may obtain [New Term Loan Commitments][New Revolving Loan Commitments] by entering into one or more Joinder Agreements with the [New Term Loan Lenders][New Revolving Lenders].

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

Each Lender party hereto hereby agrees to commit to provide its respective Commitment as set forth on Schedule A annexed hereto, on the terms and subject to the conditions set forth below:

Each Lender (i) confirms that it has received a copy of the Credit Agreement and the other Credit 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 Joinder Agreement (this “Agreement”); (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 to take such action as agent on its

EXHIBIT L-1

  

  

  

behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are delegated to Administrative 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 Lender hereby agrees to make its Commitment on the following terms and conditions[***************]:

	
1.

	
[Applicable Margin.  The Applicable Margin for each Series [__] New Term Loan shall mean, as of any date of determination, a percentage per annum as set forth below corresponding to the Leverage Ratio as of the last day of the fiscal quarter or fiscal year for which financial statements have been delivered pursuant to Section 5.1, in each case as set forth below:]

	
 

Series [__] New Term Loans

	
 

Leverage Ratio

	
 

Applicable Margin for Eurodollar

Rate Loans

	
 

Applicable Margin for Base Rate Loans

	
 

____:____

	
 

                     %

	
 

                     %

	
2.

	
[Principal Payments.  Subject to Section 3 of this Agreement, Company shall make principal payments on the Series [__] New Term Loans in Installments on the dates and in the amounts set forth below:]

	
3.

	
[Voluntary and Mandatory Prepayments.  Scheduled Installments of principal of the [Series [__]] New Term Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the [Series [__]] New Term Loans in accordance with Sections 2.12, 2.13 and 2.14 of the Credit Agreement respectively.]

	
4.

	
[Prepayment Fees.  Borrower agrees to pay to each Lender the following prepayment fees, if any: [__________].]

[Insert other additional prepayment provisions with respect to New Term Loans]

  

	
[***************]

	
Insert completed items 1-7 as applicable, with respect to New Term Loans with such modifications as may be agreed to by the parties hereto to the extent consistent with Section 2.24 of the Credit Agreement.

 

EXHIBIT L-2

  

  

  

	
5.

	
Other Fees.  Borrower agrees to pay each [New Term Loan Lender] [New Revolving Lender] a fee in respect of its [New Term Loan] [New Revolving Commitment] as follows: [__].

	
6.

	
[Proposed Borrowing.  This Agreement represents Borrower’s request to borrow Series [__] New Term Loans from the Lenders as follows (the “Proposed Borrowing”):

	
  

	
a.

	
Business Day of Proposed Borrowing:  ___________, ____

	
  

	
b.

	
Amount of Proposed Borrowing:  $___________________

	
  

	
c.

	
Interest rate option:

	
  

	


	
a.  Base Rate Loan(s)

    b.  Eurodollar Rate Loans

     with an initial Interest

     Period of ____ month(s)]

	
7.

	
New Lenders.  Each Lender that is not already a Lender under the Credit Agreement acknowledges and agrees that upon its execution of this Agreement and the making of [Series [__] New Term Loans][New Revolving Loans] that such Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Credit 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. [***************]

	
8.

	
Credit Agreement Governs.  Except as set forth in this Agreement, [Series [__] New Term Loans][New Revolving Loans] shall otherwise be subject to the provisions of the Credit Agreement and the other Credit Documents.

	
9.

	
Company’s Certifications.  By its execution of this Agreement, the undersigned officer, to the best of his or her knowledge, and Company hereby certify that:

	
  

	
i.

	
The representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true and correct in all material respects on and as of such earlier date; provided, that, in each case, the foregoing materiality qualifier shall not be applicable to any representation and warranties that already are qualified or modified by materiality in the text thereof;

  

[***************]  Insert bracketed language if the lending institution is not already a Lender.

 

EXHIBIT L-3

  

  

  

	
  

	
ii.

	
No event has occurred and is continuing or would result from the consummation of the Proposed Borrowing contemplated hereby that would constitute a Default or an Event of Default; and

	
  

	
iii.

	
Company has performed in all material respects all agreements and satisfied all conditions which the Credit Agreement provides shall be performed or satisfied by it on or before the date hereof.

	
10.

	
Company Covenants.  By its execution of this Agreement, Company hereby covenants that:

	
  

	
i.

	
Company shall deliver or cause to be delivered the following legal opinions and documents: [___________], together with all other legal opinions and other documents reasonably requested by Administrative Agent in connection with this Agreement; and

	
  

	
ii.

	
Set forth on the attached Officers’ Certificate are the calculations (in reasonable detail) demonstrating compliance with the financial tests described in Section 6.8 of the Credit Agreement on a pro-forma basis, giving effect to the [Series [  ] New Term Loans][New Revolving Loans].

	
11.

	
Eligible Assignee.  By its execution of this Agreement, each Lender represents and warrants that it is an Eligible Assignee.

	
12.

	
Notice.  For purposes of the Credit Agreement, the initial notice address of each Lender shall be as set forth below its signature below.

	
13.

	
Non-US Lenders.  For each Lender that is a Non-US Lender, delivered herewith to Administrative Agent are such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such Lender may be required to deliver to Administrative Agent pursuant to Section 2.19(c) of the Credit Agreement.

	
14.

	
Recordation of the New Loans.  Upon execution and delivery hereof, Administrative Agent will record the [Series [__] New Term Loans][New Revolving Loans] made by the Lenders in the Register.

	
15.

	
Amendment, Modification and Waiver.  This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto.

	
16.

	
Entire Agreement.  This Agreement, the Credit Agreement and  the other Credit Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings,

EXHIBIT L-4

  

  

  

both written and verbal, among the parties or any of them with respect to the subject matter hereof.

	
17.

	
GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

	
18.

	
Severability.  Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.  If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable.

	
19.

	
Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.

EXHIBIT L-5

  

  

  

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Joinder Agreement as of [_____________, ______].

 

[NAME OF LENDER]

By:______________________________

Name:

Title:

Notice Address:

 

 

 

 

 

 

Attention:

Telephone:

Facsimile:

VICAR OPERATING, INC.

By: __________________________

Name:

Title:

VCA ANTECH, INC.

By: __________________________

Name:

Title:

[NAME OF SUBSIDIARY]

By: __________________________

Name:

Title:

EXHIBIT L-6

  

  

  

Consented to by:

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Administrative Agent

By:           _____________________________

Name:

Title:

EXHIBIT L-7

  

  

  

                                                                                                                         SCHEDULE A

                                                                                                                         TO JOINDER AGREEMENT

	
 

Name of Lender

	
 

Type of Commitment

	
 

Amount

	
 

[___________________]

	
 

[New Term Loan Commitment][New Revolving Loan Commitment]

	
 

$_________________

	  	  	  
	  	  	
 

Total: $_________________

 

 

EXHIBIT L-8exhibit_101-vca.htm

  

Exhibit 10.1

VCA ANTECH, INC.

12401 West Olympic Boulevard

Los Angeles, California 90064-1022

August 18, 2011

Josh Drake

C/o VCA Antech, Inc.

12401 West Olympic Boulevard

Los Angeles, California 90064-1022

Dear Josh:

This letter agreement between you and VCA Antech, Inc. (“VCA Antech”) sets forth our agreement regarding certain employment terms as set forth herein on the date signed by you below, to be effective on the later to occur of (i) the date on which the Compensation Committee (the “Compensation Committee”) of the Board of Directors of VCA Antech approved this Agreement; or (ii) the date first set forth above.

 

1. Termination of Employment Other than for Cause.

 

1.1 If your employment with VCA Antech is terminated by VCA Antech other than for “Cause” (as defined herein) or as a result of your death or Disability (as provided herein), then:

 

1.1.1 VCA Antech shall provide you (or your estate, if applicable) (i) on the date of your termination, a lump sum payment equal to all accrued and unpaid salary and other compensation payable to you by VCA Antech and all accrued and unpaid vacation and sick pay payable to you by VCA Antech with respect to services rendered by you to VCA Antech through the date of termination; and (ii) an amount equal to the amount you would have earned as a base salary during the one (1) year following such date had your employment not been terminated, reduced by the fixed and determinable amount of any payments to be made to you during the one-year period following your termination under any long-term disability insurance policy maintained by VCA Antech for your benefit, and payable in equal monthly installments; and

 

1.1.2 all stock options and stock appreciation rights that have been granted to you by VCA Antech, and that would have vested during the one (1) year following the date of your termination solely as a result of your continued service to VCA Antech, will continue to vest during the course of the one (1) year period immediately following the date of your termination and to become exercisable in accordance with the terms and conditions applicable to such equity award; and

 

1.1.3 all restricted stock and restricted stock units that have been granted to you by VCA Antech, and that would have vested during the one (1) year following the date of your termination solely as a result of your continued service to VCA Antech, will vest upon the date

 

  

  

  

of your termination and, in the case of restricted stock units, will become payable in accordance with the terms and conditions applicable to such equity award; and

 

1.1.4 VCA Antech shall continue to provide you coverage under the Company Benefit Plans (as defined herein, and to the extent permitted by applicable law and the terms of each Company Benefit Plan) for the one-year period immediately following your termination.

 

1.2 For purposes of this Amended Agreement, “Cause” means (i) your conviction (including any plea of guilty or no contest) of (x) any felony involving the embezzlement, theft or misappropriation of monies or other property, of VCA Antech or otherwise; or (y) any crime of moral turpitude; (ii) gross misconduct in the performance of your duties; (iii) the failure by you to follow or comply with the policies and procedures of VCA Antech or the written directives of the Board of Directors of VCA Antech; or (iv) the repeated failure by you to render full and proper services as required by the terms of your employment.

 

1.3 For purposes of this Amended Agreement, “Company Benefit Plans” means all operative officer benefit and welfare plans of VCA Antech then in effect, including, to the extent then in effect, group life, medical, disability and other insurance plans, all on the same basis generally applicable to the executives of VCA Antech; provided, however, that nothing contained in this Agreement will, in any manner whatsoever, directly or indirectly, require or otherwise prohibit VCA Antech from amending, modifying, curtailing, discontinuing, or otherwise terminating any Company Benefit Plan at any time (whether before or after the date of your termination) except that VCA Antech will at all times before the date of your termination and during the one-year period following your termination maintain medical insurance covering you and your dependents with benefits at least as favorable as those provided by VCA Antech to its executives as of the date of termination.

 

1.4 If you suffer a physical or mental impairment that results in your being unable to perform your duties to VCA Antech, then the board of directors of VCA Antech shall select a qualified physician to examine you and review your physical and mental capacity.  If such physician determines in good faith that such physical or mental impairment can be expected to result in death or to last for a continuous period of not less than six months and renders you incapable of performing your duties to VCA Antech or the duties of any substantially similar position of employment, then unless you first resume the performance of services to VCA Antech to the satisfaction of the board of directors of VCA Antech, your employment will be terminated for “Disability” effective on the first to occur of (i) the date that is 26 weeks after the date of such physician’s written opinion, or (ii) the date that is 29 months after the last day on which you provided services to VCA Antech.

 

2. Change in Control.

 

2.1 Upon the occurrence of a Change in Control, then

 

2.1.1 The provisions of Sections 1.1.1 and 1.1.3 hereof shall remain in full force and effect.

 

2.1.2 Notwithstanding the provisions of any other agreement to the contrary, if (a) your employment with the Company or its successor is terminated on or before the one (1)

 

  

  

  

year anniversary of the date of occurrence of a Change in Control (i) by the Company or its successor other than for Cause, or (ii) as a result of Executive’s death or disability, or (b) your employment with the Company or its successor is terminated on or after the one (1) year anniversary of the date of occurrence of a Change in Control by you, then notwithstanding the provisions of any other agreement to the contrary, all stock options and stock appreciation rights that have been granted to you by VCA Antech and that would have vested at any time after the date of your termination solely as a result of your continued service to VCA Antech, will immediately vest and become exercisable on the date of termination and, notwithstanding any other agreement to the contrary, each option or stock appreciation right will remain exercisable for the full term of such award; and

 

2.1.3 Notwithstanding the provisions of any other agreement to the contrary, all restricted stock and restricted stock units that have been granted to you by VCA Antech, and that would have vested at any time after the date of occurrence of the Change in Control solely as a result of your continued service to VCA Antech, will vest on the earlier of (a) the date that is one (1) year after the date of occurrence of the Change in Control, provided that you continue to provide service to VCA Antech or its successor through such date, (b) the date of your termination of employment with the Company or its successor by the Company or its successor other than for Cause or as a result of Executive’s death or disability, and (c) the vesting date otherwise provided in the award agreement; and

 

2.1.4 At the request of VCA Antech, you shall continue to serve in the employment of VCA Antech for a period of up to 180 days following the date of the Change In Control.  If VCA Antech requests you to perform such services, you will be compensated at your then current base salary from and after the date of termination for the period that you actually provide services to VCA Antech.

 

2.2 For purposes of this Section 2, a “Change in Control” of VCA Antech will be deemed to have occurred if:

 

2.2.1 there shall be consummated (x) any consolidation or merger of VCA Antech into or with another person (as such term is used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) pursuant to which shares of VCA Antech’s common stock would be converted into cash, securities or other property, other than any consolidation or merger of VCA Antech in which the persons who were stockholders of VCA Antech immediately prior to the consummation of such consolidation or merger are the beneficial owners (within the meaning of Rule 13d-3 under the Exchange Act), immediately following the consummation of such consolidation or merger, of 62.5% or more of the combined voting power of the then outstanding voting securities of the person surviving or resulting from such consolidation or merger, or (y) any sale, lease or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of VCA Antech; or

 

2.2.2 the stockholders of VCA Antech approve any plan or proposal for the liquidation or dissolution of the company.

 

  

  

  

3. Non-Solicitation; Non-Competition.

 

3.1 Non-Solicitation.  For so long as you are employed by VCA Antech, and continuing for one (1) year thereafter, you shall not, without the prior written consent of VCA Antech and Antech Diagnostics (VCA Antech’s laboratory division), directly or indirectly: (i) (x) solicit or endeavor to entice away from Antech Diagnostics or any of its subsidiaries or affiliates, any person or entity who is employed by, or serves as an agent or key consultant of, Antech Diagnostics, or any of its subsidiaries or affiliates, or (y) solicit any person or entity who during the then most recent twelve (12) month period, was employed by or served as an agent or key consultant of Antech Diagnostics or any of its subsidiaries or affiliates, or (ii) endeavor to entice away from Antech Diagnostics or any of its subsidiaries or affiliates or solicit with respect to services then being rendered or planned, proposed or contemplated to be rendered by Antech Diagnostics or any such subsidiary or affiliate, any persons or entity who is, or was within the then most recent twelve (12) month period, a customer or client (or reasonably anticipated, to your general knowledge or the public, to become a customer or client) of Antech Diagnostics or any of its subsidiaries or affiliates (“Customers”).  For purposes of this Section 3(A), ownership of securities having no more than one percent of the outstanding voting power of any entity which is listed on any national securities exchange or traded actively in the national over-the-counter market shall not be deemed in violation of this Section 3(A), so long as you have no other connection or relationship with such entity.

 

3.2 Non-Competition.  For so long as you are employed by VCA Antech to provide services for Antech Diagnostics and continuing for one (1) year thereafter, you shall not, directly or indirectly, within the United States or Canada, as a sole proprietor, member of a partnership, stockholder, or investor, officer or director of a corporation, or as an employee, associate, consultant or agent of any person, partnership, corporation or other business organization or entity other than VCA Antech or any of its subsidiaries or affiliates render any service to or in any way be affiliated with a competitor (or become a competitor) of Antech Diagnostics in any area in which Antech Diagnostics operates, including without limitation veterinary diagnostics testing, veterinary telemedicine and veterinary diagnostic and marketing communications for animal hospitals.  For purposes of this Section 3(B), ownership of securities having no more than one percent of the outstanding voting power of any entity which is listed on any national securities exchange or traded actively in the national over-the-counter market shall not be deemed in violation of this Section 3(B), so long as you have no other connection or relationship with such entity.

 

3.3 Consideration; Reasonableness of Covenants.  The severance provided in as set forth in this Agreement constitutes consideration to you for entering into this Agreement and agreeing to the restrictive covenants set forth herein, and in connection therewith, the monthly installments of the payments provided for in clause (ii) of Section 1.1.1 hereof, as well as the provision of any benefit provided hereunder, may be suspended for any period in which you are not in compliance with the restrictive covenants set forth herein.  You acknowledge and agree that (a) the restrictive covenants are reasonable in scope and duration, and necessary to protect the legitimate interests of VCA Antech and Antech Diagnostics, (b) VCA Antech has been materially induced to enter into this Agreement and to make the payments provided for hereunder by and in reliance on your compliance with the restrictive covenants contained therein, and (c) irreparable harm and damage will be done to VCA Antech and Antech Diagnostics if you compete with Antech Diagnostics in any way which is prohibited by the restrictive covenants.

 

  

  

  

4. Miscellaneous. This Agreement is effective as of the date hereof.  This Agreement contains the entire understanding of the parties to it relating to the subject matter hereof and cannot be changed or terminated except in writing signed by both you and VCA Antech.  This Agreement has been made and entered into in the State of California and will be construed in accordance with the laws of the State of California without regard to the conflict of laws principles thereof.  This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same instrument.  This Agreement and all obligations and benefits hereunder will bind and inure to the benefit of you and VCA Antech, and our respective affiliates, and their respective successors and assigns.  No amendment or waiver of any term of this Agreement will be effective unless made in writing.

 

  

  

  

If the foregoing correctly reflects our understanding and agreement, please execute this Agreement in the space provided below.

 

VCA Antech, Inc.

 

 

By:         /s/ Robert L. Antin

Robert L. Antin

Chief Executive Officer

Acknowledged and Agreed:

/s/ Josh Drake

Josh Drake

 

Date: August 18, 2011

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]