Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

					
	 BANK OF AMERICA, N.A.

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

520 Madison Avenue
 New York, New
York 10022
	 	 CREDIT SUISSE

SECURITIES (USA) LLC

CREDIT SUISSE AG
 Eleven
Madison Avenue
 New York, New York 10010
	 	 UBS AG, STAMFORD BRANCH

677 Washington Boulevard
 Stamford,
Connecticut 06901
  
 UBS SECURITIES LLC

1285 Avenue of the Americas
 New
York, New York 10019

  
 CONFIDENTIAL 

July 23, 2015 
  

	
	Anthem, Inc.
	120 Monument Circle
	Indianapolis, Indiana 46204
	Attention:        David Kretschmer, Senior Vice President,
	                        Treasurer and Chief Investment Officer

 Project Confluence 

Commitment Letter 
 Ladies and
Gentlemen: 
 You (“you” or the “Borrower”) have advised Bank of America,
N.A. (“Bank of America”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (or its designated affiliates, “MLPFS” and, together with Bank of America, “BofAML”),
Credit Suisse AG (acting through such of its affiliates or branches as it deem appropriate, “CS”), Credit Suisse Securities (USA) LLC (“CS Securities” and, together with CS and their respective
affiliates, “Credit Suisse”), UBS Securities LLC (“UBS Securities”) and UBS AG, Stamford Branch (“UBS AG” and, together with UBS Securities, “UBS”;
BofAML, Credit Suisse and UBS, collectively, the “Commitment Parties”, “we” or “us”) that you intend to acquire (the “Acquisition”) all of the
outstanding equity interest in Cigna Corporation (the “Acquired Business”), through a merger transaction with Anthem Merger Sub Corp. (“Merger Sub”) (where the Acquired Business is the surviving
entity), and subsequent merger of the Acquired Business with the Borrower substantially concurrently with the initial merger (where the Borrower is the surviving entity), in each case, subject to and in accordance with the terms of the Agreement and
Plan of Merger (together with the schedules and exhibits thereto, the “Acquisition Agreement” ) dated as of July 23, 2015, among the Borrower, the Acquired Business and Merger Sub, and to consummate the other
Transactions (as hereinafter defined). In connection therewith, the Borrower intends to obtain (a) a 364-day senior unsecured bridge term loan credit facility (the “Bridge Facility”) in an aggregate principal amount of
up to $26,500,000,000 (as such amount may be reduced as set forth in the Bridge Term Sheet, including by the amount of any Term Facilities committed under the Term Facilities Documentation) and (b) senior unsecured term loan facilities
comprised of: 

 
(i) a tranche of senior unsecured term loans with a three year maturity in an aggregate principal amount of up to $2,000,000,000 (the “Three Year Tranche”)
and (ii) a tranche of senior unsecured term loans with a five year maturity in an aggregate principal amount of up to $2,000,000,000 (the “Five Year Tranche” and, together with the Three Year Tranche, the
“Term Facilities”; the Term Facilities, together with the Bridge Facility, the “Facilities”). The date of consummation of the Acquisition is referred to herein as the “Closing
Date.” All capitalized terms used and not otherwise defined herein shall have the same meanings as specified therefor in the Term Sheets. 

1.        Commitments.  In connection with the
foregoing, (a)(i) each of Bank of America, CS and UBS AG is pleased to advise you of its several, and not joint, commitment to provide (x) the applicable percentage set forth in Schedule I hereto (the
“Bridge Commitments”) of the full principal amount of the Bridge Facility (in such capacity, each an “Initial Bridge Lender” and collectively, the “Initial Bridge Lenders”) and
(y) the lesser of the fixed dollar amount and the applicable percentage set forth in Schedule I hereto of commitments (the “Term Commitments”) under each Term Facility (in such
capacity, each an “Initial Term Lender” and collectively, the “Initial Term Lenders”; the Initial Term Lenders, together with the Initial Bridge Lenders, the “Initial Lenders”),
(ii) Bank of America is pleased to advise you of its willingness, and you hereby appoint Bank of America, to act as the sole and exclusive administrative agent for the Bridge Facility (in such capacity, the “Bridge Administrative
Agent”) and to act as the sole and exclusive administrative agent for the Term Facilities (in such capacity, the “Term Administrative Agent” and, together with the Bridge Administrative Agent, the
“Administrative Agents”) and (iii) each of UBS AG and CS is pleased to advise you of its willingness, and you hereby appoint UBS AG and CS, to act as co-syndication agents for each of the Facilities, in each case upon
the terms set forth in this letter and in Exhibits A, B and C hereto and subject only to the conditions set forth in
Section 5 of this letter and Exhibit C hereto, as applicable (collectively, the “Term Sheets” and, together with this letter agreement, the “Commitment
Letter”), and (b) each of MLPFS, UBS Securities and CS Securities is pleased to advise you of its willingness, and you hereby engage MLPFS, UBS Securities and CS Securities, to act as an exclusive joint lead arranger and an
exclusive joint bookrunner for each of the Facilities (in such capacity, each a “Lead Arranger” and together, the “Lead Arrangers”), and in connection therewith to form (in consultation with you other
than with respect to Permitted Assignees (as defined below)) a syndicate of lenders for the Term Facilities (collectively, the “Term Lenders”) and for the Bridge Facility (collectively, the “Bridge
Lenders” and, together with the Term Lenders, the “Lenders”).  
 It is further agreed
that (i) BofAML shall have “left placement” in any offering and marketing materials for the Facilities, and shall hold the roles and responsibilities conventionally understood to be associated with such placement and (ii) the
Lead Arrangers other than BofAML will appear in any offering and marketing materials for the Facilities in the following order: Credit Suisse and UBS. You further agree that no other titles will be awarded and no compensation (other than that
expressly contemplated by this Commitment Letter and the Fee Letter (as hereinafter defined)) will be paid in order to obtain commitments in connection with any Facility unless you and we shall so agree; provided that, in connection with the
syndication of the Facilities, at any time on or prior to the 15th business day following the date of this Commitment Letter, you may (in consultation with the Lead Arrangers), appoint up to two
financial institutions reasonably acceptable to the Lead Arrangers to act as co-documentation 

  
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agents, co-managers or other similar roles (but not joint lead arrangers, joint bookrunners or co-syndication agents) for each of the Facilities (the “Additional
Agents”) in a manner and with economics determined by you and us (it being understood that, (i) each such Additional Agent (or its affiliates) shall assume at least a proportion of the commitments with respect to each Facility that
is equal to the proportion of the economics (if any) allocated to such Additional Agent (or its affiliates) with respect to such Facility and Schedule I hereto shall be automatically amended accordingly, (ii) to the extent Additional Agents are
appointed in respect of the Bridge Facility, the economics (if any) allocated to and the Bridge Commitments of the Commitment Parties party hereto on the date hereof in respect of the Bridge Facility, will be reduced ratably by the commitments of
such appointed entities upon the execution and delivery by such Additional Agent of a Joinder Agreement (as defined below) or the applicable Credit Documentation for the Bridge Facility, (iii) to the extent Additional Agents are appointed in
respect of the Term Facilities, the economics (if any) allocated to and the Term Commitments of the Commitment Parties party hereto on the date hereof in respect of the Term Facilities, will be reduced ratably by the commitments of such appointed
entities upon the execution and delivery by such Additional Agent of a Joinder Agreement or the applicable Credit Documentation for the Term Facilities and (iv) no Additional Agent shall receive greater total compensatory economics with respect
to any Facility than those individually received by each Commitment Party party hereto on the date hereof. 
 The
commitments of the Initial Lenders in respect of the Facilities and the undertaking of the Lead Arrangers to provide the services described herein are subject to the satisfaction of each of the conditions precedent set forth herein and in the Term
Sheets (it being understood that the commitments of the Initial Lenders hereunder in respect of the Facilities are subject only to the conditions set forth in Section 5 of the Commitment Letter and in Exhibit C attached to this
Commitment Letter).  

2.        Syndication.  The Lead Arrangers intend to
commence syndication of the Facilities promptly after your acceptance of the terms of this Commitment Letter and the Fee Letter and the several commitments of the Commitment Parties hereunder shall be reduced (a) in respect of the Bridge
Facility, dollar-for-dollar on a pro-rata basis as and when corresponding commitments are received from the Bridge Lenders in compliance with Section 8 hereof and (b) in respect of the Term Facilities, as determined by the Lead Arrangers
after full subscription of 71.25% of the aggregate principal amount of the Three Year Tranche in commitments in respect of the Three Year Tranche and 71.25% of the aggregate principal amount of the Five Year Tranche in commitments in respect of the
Five Year Tranche that are not committed to by the Initial Term Lenders hereunder, upon the allocation of the commitments in respect of the applicable Facility, in each case, pursuant to a Joinder Agreement or pursuant to the applicable Credit
Documentation in respect of such Facility. Until the earlier of (i) 60 days following the Closing Date and (ii) the completion of a Successful Syndication (as defined in the Fee Letter) (such date, the “Syndication
Date”), you agree to actively assist, and to use your commercially reasonable efforts to cause the Acquired Business and its subsidiaries to actively assist, the Lead Arrangers in achieving a Successful Syndication (as defined in the
Fee Letter). Such assistance shall include, in each case, subject to compliance with state and federal laws, rules and regulations: (a) subject to the limitations in the immediately succeeding paragraph, your providing and causing your advisors
to provide, and using your commercially reasonable efforts to cause the Acquired Business, its subsidiaries and their respective advisors to provide, the Lead 

  
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Arrangers and the Lenders upon reasonable request with all information reasonably deemed necessary by the Lead Arrangers to complete such syndication, including, but not
limited to, information and evaluations prepared by you, the Acquired Business and your and its advisors, or on your or its behalf, relating to the Transactions (including the Projections (as hereinafter defined)), (b) your assistance in the
preparation of a confidential information memorandum with respect to the Facilities in form and substance customary for transactions of this type and otherwise reasonably satisfactory to the Lead Arrangers (each, an “Information
Memorandum”) and other customary marketing materials to be used in connection with the syndication of the Facilities (collectively with the Term Sheets and any additional summary of terms prepared for distribution to Public Lenders (as
hereinafter defined), the “Information Materials”), (c) your using your commercially reasonable efforts to ensure that the syndication efforts of the Lead Arrangers benefit from your existing lending relationships and,
to the extent practical and appropriate, the existing banking relationships of the Acquired Business, (d) your using commercially reasonable efforts to execute and deliver one or more Joinder Agreements (as hereinafter defined) delivered to you
in respect of any Permitted Assignee (as hereinafter defined), as soon as reasonably practicable following commencement of syndication of the Bridge Facility, (e) using your commercially reasonable efforts to maintain a Public Debt Rating
(after giving effect to the Transactions but not a specific rating) of the Borrower from each of Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Financial Services LLC, a subsidiary
of The McGraw Hill Corporation (“S&P”) until the Syndication Date, and (f) your otherwise assisting the Lead Arrangers in their syndication efforts, including by making your officers and advisors, and using your
commercially reasonable efforts to make the officers and advisors of the Acquired Business, available from time to time to attend and make presentations at one or more meetings of prospective Lenders at times and places to be mutually agreed.

 For the avoidance of doubt, nothing contained in this Commitment Letter shall require you to provide any information to the
extent that the provision thereof would violate any attorney-client privilege, law, rule or regulation, or any obligation of confidentiality binding on you, the Acquired Business or your or its respective affiliates; provided that (x) in the
case of any confidentiality obligation, you shall have used commercially reasonable efforts to obtain consent to provide such information and (y) you shall notify us if any such information is being withheld as a result of any such obligation
of confidentiality (but solely if providing such notice would not violate such confidentiality obligation). 
 You further
agree to use commercially reasonable efforts to (1) deliver to one or more investment banks appointed by you to place or sell the Takeout Securities (collectively the “Investment Bank”), not later than 10 business days
prior to the Closing Date, a complete preliminary prospectus supplement, preliminary offering memorandum or preliminary private placement memorandum (collectively, an “Offering Document”) (and at no time during the 10
business day period shall the financial information in such Offering Document become stale) suitable for use in a customary offering registered under the Securities Act of 1933, as amended, or pursuant to Rule 144A thereunder relating to the Takeout
Securities, which contains all financial statements and other data required to be included therein or customarily included therein (including all audited annual financial statements, including target financial statements and all unaudited quarterly
financial statements (which shall have been reviewed by your independent accountants as provided in the procedures specified by the Public Company Accounting Oversight Board in AU 722) prepared in accordance with, or reconciled to, generally

  
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accepted accounting principles in the United States and prepared in accordance with Regulation S-X under the Securities Act of 1933, as amended) and all required pro forma financial statements
and all other data (including selected financial data) that the Securities and Exchange Commission would require in a registered offering of the applicable Takeout Securities or that would be necessary for the Investment Banks to receive customary
“comfort” (including “negative assurance” comfort) from the Borrower’s independent accountants, the Acquired Business’ independent accountants and any other applicable accountants (including, without limitation, any
relevant predecessor accountant or acquired company accountant) in connection with the applicable Takeout Securities, (2) arrange to deliver at the closing of such placement or sale (A) a customary comfort letter (which shall provide
“negative assurance” comfort) from the Borrower’s independent accountants, the Acquired Business’ independent accountants and any other applicable accountants (including, without limitation, any relevant predecessor accountant or
acquired company accountant) and (B) a customary “10b-5” legal opinion or disclosure letter from your counsel, and (3) cause the senior management and other representatives of the Borrower and, in a manner consistent with the
terms of the Acquisition Agreement, the Acquired Business, to provide access in connection with due diligence investigations and to prepare and participate in a customary “road show”. 

In order to facilitate an orderly and successful syndication of the Facilities, you agree that until the Syndication Date, the Borrower and
its subsidiaries shall not, and shall use commercially reasonable efforts to ensure that the Acquired Business and its subsidiaries shall not, issue, announce, offer, place or arrange debt or equity securities or any syndicated credit facilities of
the Borrower, the Acquired Business or their respective subsidiaries (other than (i) the Senior Notes, (ii) amendments to, or the refinancing or replacement of, your Existing Credit Agreement (including any increases in the amount thereof
up to an aggregate principal amount of such increases not to exceed $1,500,000,000), (iii) issuances of commercial paper, (iv) indebtedness permitted to be incurred by the Acquired Business and its subsidiaries pursuant to the Acquisition
Agreement, (v) indebtedness incurred in the ordinary course of business, including, without limitation, borrowings under existing credit facilities and refinancings of existing indebtedness that matures prior to the date that is 6 months after
the Syndication Date, (vi) indebtedness incurred to pay cash consideration in connection with any exercise of conversion rights by the holders of the Borrower’s 2.750% Senior Convertible Debentures due 2042, (vii) other debt in an
aggregate principal amount not to exceed in excess of $100,000,000, (viii) equity securities issued pursuant to employee stock option or purchase plans, (ix) issuances of equity to the shareholders and option holders of the Acquired
Business in connection with the Acquisition, (x) equity issued to sellers as consideration for any other acquisition by the Borrower or its subsidiaries and (xi) any other debt or equity financing agreed by the Lead Arrangers), in each
case if such issuance, announcement, offering, placement or arrangement could reasonably be expected to materially impair the primary syndication of any Facility. 

It is understood and agreed that the Lead Arrangers will manage and control all aspects of the syndication of the Facilities in consultation
with you (subject, however, to your rights to appoint Additional Agents as provided above and the proviso below), including decisions as to the selection of prospective Lenders and any titles offered to proposed Lenders, when commitments will be
accepted and the final allocations of the commitments among the Lenders; provided that the Lead Arrangers will not syndicate to any person (other than those financial institutions (and their affiliates) identified by the Lead Arrangers to you
in writing on 

  
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or prior to the date hereof and to lenders under the Existing Credit Agreement (other than a “defaulting lender” under and as defined therein, as of the date such syndication) without
your consent (such consent not to be unreasonably withheld or delayed). It is understood that no Lender participating in the Facilities will receive compensation from you in order to obtain its commitment, except on the terms contained herein and in
the Term Sheets and the Fee Letter. It is also understood and agreed that the amount and distribution of the fees among the Lenders will be at the sole and absolute discretion of the Lead Arrangers. 

Notwithstanding anything to the contrary contained in this Commitment Letter or any other agreement or undertaking concerning the Facilities,
but without limiting your obligations to assist with syndication in this Section 2, none of the foregoing obligations under the provisions of this Section 2 nor the commencement, conduct or completion of the syndication contemplated by
this Section 2 is a condition to the commitments or the funding of the Facilities on the Closing Date. 
 Notwithstanding the Lead
Arranger’s right to syndicate the Facilities and receive commitments with respect thereto, except in each as provided above with respect to the appointment by you of Additional Agents or assignments made as expressly provided in Section 8,
(i) no Initial Lender shall be relieved, released or novated from its obligations hereunder (including, subject to the satisfaction of the conditions set forth herein, its obligation to fund the Facilities on the Closing Date) in connection
with any syndication, assignment or participation of the Facilities, including its commitments in respect thereof, until after the Closing Date has occurred, (ii) no assignment or novation by an Initial Lender shall become effective as between
you and such Initial Lender with respect to all or any portion of such Initial Lender’s commitments in respect of the Facilities until the initial funding of the Facilities and (iii) unless you otherwise agree in writing, each Initial
Lender shall retain exclusive control over all rights and obligations with respect to its commitments in respect of the Facilities, including all rights with respect to consents, modifications, supplements, waivers and amendments, until after the
Closing Date has occurred. 
 3.        Information Requirements. You hereby represent and
warrant that (a) all written information, other than Projections (as defined below), forward-looking information and other information of a general economic or industry nature (the “Information”), that has been or is
hereafter made available to the Lead Arrangers or any of the Lenders by or on behalf of you or any of your representatives in connection with any aspect of the Transactions (which representation and warranty shall be to your knowledge to the extent
it relates to the Acquired Business or its subsidiaries), when taken as a whole, is and will be when furnished (with your SEC filings and those of the Acquired Business being deemed made available for purposes hereof at the time of the filing
thereof) complete and correct in all material respects and does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not materially misleading in light
of the circumstances under which such statements were made or are made, when taken as a whole (giving effect to all supplements and updates provided thereto) and (b) all financial projections concerning the Borrower, the Acquired Business and
their respective subsidiaries that have been or are hereafter made available to the Lead Arrangers or any of the Lenders by or on behalf of you or any of your representatives (the “Projections”) have been or will be prepared
in good faith based upon assumptions that were believed by the Borrower to be reasonable as of the date 

  
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such Projections are prepared and as of the date such Projection are made available to the Lead Arrangers (it being understood that the Projections are as to future events and are not to be
viewed as facts, the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections will be realized and that actual results during the
period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material). You agree that if at any time prior to the Syndication Date, you become aware that any of the
representations in the preceding sentence would be incorrect in any material respect (prior to the Closing Date, to your knowledge with respect to Information and forward looking information relating to the Acquired Business) if the Information and
Projections were being furnished, and such representations were being made, at such time, then you will promptly supplement, or cause to be supplemented, the Information and Projections so that such representations (prior to the Closing Date, to
your knowledge with respect to Information and forward looking information relating to the Acquired Business) will be correct in all material respects at such time. The accuracy of the foregoing representations and warranties, whether or not cured
or supplemented, shall not be a condition to the obligations of any of the Initial Lenders hereunder. In issuing this commitment and in arranging and syndicating the Facilities, the Commitment Parties are and will be using and relying on the
Information and the Projections without independent verification thereof. 
 You acknowledge that (a) the Lead Arrangers
on your behalf will make available Information Materials to the proposed syndicate of Lenders by posting the Information Materials on IntraLinks or another similar electronic system and (b) certain prospective Lenders (such Lenders,
“Public Lenders”; all other Lenders, “Private Lenders”) may have personnel that do not wish to receive material non-public information (within the meaning of the United States federal and state
securities laws, “MNPI”) with respect to the Borrower, the Acquired Business, their respective affiliates or any other entity, or the respective securities of any of the foregoing, and who may be engaged in investment and
other market-related activities with respect to such entities’ securities. If requested, you will assist us in preparing an additional version of the Information Materials not containing MNPI (the “Public Information
Materials”) to be distributed to prospective Public Lenders. 
 Before distribution of any Information Materials
to (a) prospective Private Lenders, you shall provide us with a customary letter authorizing the dissemination of the Information Materials and (b) prospective Public Lenders, you shall provide us with a customary letter authorizing the
dissemination of the Public Information Materials and confirming the absence of MNPI therefrom. In addition, at our request, you shall identify Public Information Materials by clearly and conspicuously marking the same as “PUBLIC”. 

You agree that the Lead Arrangers on your behalf may distribute the following documents to all prospective Lenders, unless you advise the
Lead Arrangers in writing (including by email) within a reasonable time prior to their intended distributions that such material should only be distributed to prospective Private Lenders: (a) administrative materials for prospective Lenders
such as lender meeting invitations and funding and closing memoranda, (b) notifications of changes to the terms of any Facility and (c) drafts and final versions of definitive documents with respect to the Facilities. If you advise us that
any of the foregoing items should be distributed only to Private Lenders, then the Lead Arrangers will not distribute such materials to 

  
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Public Lenders without further discussions with you. You agree that Information Materials made available to prospective Public Lenders in accordance with this Commitment Letter shall not contain
MNPI. 
 4.        Fees and Indemnities. 

(a)      You agree to pay, or cause to be paid, the fees set forth in the separate fee letter
addressed to you dated the date hereof from the Commitment Parties (the “Fee Letter”). You also agree to reimburse the Commitment Parties from time to time, upon presentation of a summary statement (in reasonable detail), for
all reasonable and documented out-of-pocket fees and expenses (including, but not limited to, the reasonable fees, disbursements and other charges of counsel which shall be limited to the reasonable and documented out-of-pocket fees and other
charges of one counsel acting collectively on behalf of the Lead Arrangers and the Administrative Agents, and, if necessary, of one regulatory counsel and one local counsel retained by the Lead Arrangers and the Administrative Agents in each
relevant regulatory field and each relevant jurisdiction, respectively (and, in the case of an actual or perceived conflict of interest where the Commitment Party affected by such conflict notifies you of the existence of such conflict and
thereafter retains its own counsel, of another firm of counsel for each such affected Commitment Party), and due diligence expenses) incurred in connection with the Facilities, the syndication thereof, the preparation of the Credit Documentation (as
hereinafter defined) therefor and the other transactions contemplated hereby, whether or not the funding of any Facility occurs or any Credit Documentation is executed and delivered or any extensions of credit are made under the Facilities. You
acknowledge that we may receive a benefit, including without limitation, a discount, credit or other accommodation, from any of such counsel based on the fees such counsel may receive on account of their relationship with us including, without
limitation, fees paid pursuant hereto. 
 (b)      You also agree to indemnify
and hold harmless each of the Commitment Parties, each other Lender and each of their affiliates and controlling persons, successors and assigns and their respective officers, directors, employees, agents, advisors and other representatives (each,
an “Indemnified Party”) from and against (and will reimburse each Indemnified Party as the same are incurred for) any and all claims, damages, losses, liabilities and expenses (including, without limitation, the reasonable
fees, disbursements and other charges of counsel (but limited, in the case of legal fees and expenses, to the reasonable and documented out-of-pocket fees and expenses of one counsel, representing all of the Indemnified Parties, taken as a whole,
and, if necessary, of a single local counsel in each relevant regulatory field and each relevant jurisdiction (which may include a single special counsel acting in multiple regulatory fields and/or jurisdictions) for all such Indemnified Parties,
taken as whole (and, in the case of an actual or perceived conflict of interest where the Indemnified Party affected by such conflict notifies you of the existence of such conflict and thereafter retains its own counsel, of another firm of counsel
for each such affected Indemnified Party))) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of any investigation, litigation or proceeding (or preparation
of a defense in connection therewith) relating to or arising out of (a) any aspect of the Transactions or any similar transaction and any of the other transactions contemplated thereby or (b) the Facilities or any use made or proposed to
be made with the proceeds thereof, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent 

  
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jurisdiction to have resulted from (x) such Indemnified Party’s gross negligence, bad faith or willful misconduct, (y) such Indemnified Party’s material breach of this
Commitment Letter, the Fee Letter or any of the Credit Documentation or (z) disputes solely among Indemnified Parties not arising from or in connection with any act or omission by the Borrower or any of its affiliates (other than any
Proceedings (as hereinafter defined) against a Commitment Party in its capacity or in fulfilling its role as an administrative agent or arranger or other similar role under any Facility). In the case of any claim, litigation, investigation or
proceeding (any of the foregoing, a “Proceeding”) to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such Proceeding is brought by you, your equity holders or creditors, the
Acquired Business or their subsidiaries, affiliates or equity holders, or an Indemnified Party, whether or not an Indemnified Party is otherwise a party thereto and whether or not any aspect of the Transactions is consummated. You also agree that no
Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to you, or your subsidiaries or affiliates or to your respective equity holders or creditors arising out of, related to or in connection with
any aspect of the Transactions, except to the extent of direct (as opposed to special, indirect, consequential or punitive) damages determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such
Indemnified Party’s gross negligence, bad faith or willful misconduct. It is further agreed that the Commitment Parties shall only have liability to you (as opposed to any other person), and that the Commitment Parties shall be severally liable
solely in respect of their respective commitments under the Facilities, on a several, and not joint, basis with any other Lender. Notwithstanding any other provision of this Commitment Letter, no party hereto and no Indemnified Party shall be liable
for any indirect, special, punitive or consequential damages in connection with its activities relating to any Facility. Notwithstanding any other provision of this Commitment Letter, no party hereto and no Indemnified Party shall be liable for any
damages arising from the use by others of information or other materials obtained through electronic telecommunications or other information transmission systems, other than for direct, actual damages resulting from the gross negligence, bad faith
or willful misconduct of such party hereto or such Indemnified Party as determined by a final, non-appealable judgment of a court of competent jurisdiction. You shall not be liable for any settlement of any Proceeding effected without your prior
written consent (which consent shall not be unreasonably withheld or delayed), but if settled with your prior written consent or if there is a final judgment in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Party
from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with this Section 4. You shall not, without the prior written consent of an Indemnified Party (which consent
shall not be unreasonably withheld), effect any settlement of any pending or threatened Proceeding against an Indemnified Party in respect of which indemnity could have been sought hereunder by such Indemnified Party unless such settlement
(i) includes an unconditional release of such Indemnified Party from all liability or claims that are the subject matter of such Proceeding and (ii) does not include any statement as to any admission of fault by or on behalf of such
Indemnified Party. 
 5.        Conditions to Financing. Each Initial Lender’s
commitment hereunder, and each of our agreements to perform the services described herein, are subject solely to satisfaction or waiver of each of the following conditions precedent: (a) at any time on or after the date of the Acquisition
Agreement, there shall not have occurred any event, change, effect, development or occurrence that has had or would reasonably be expected to have, individually or 

  
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in the aggregate, a Material Adverse Effect (as defined below) on the Acquired Business, (b) the negotiation, execution and delivery of the Credit Documentation with respect to the
Facilities consistent with this Commitment Letter and the Fee Letter and the applicable Documentation Principles, and (c) the satisfaction or waiver by the Initial Lenders of the conditions set forth on Exhibit C. For the purposes
hereof, “Material Adverse Effect” means, with respect to any Person, any event, change, effect, development or occurrence that has a material adverse effect on the business, results of operations or financial condition of
such Person and its Subsidiaries, taken as a whole; provided, however, that no event, change, effect, development or occurrence shall be deemed to constitute, nor shall any of the foregoing be taken into account in determining whether
there has been, a Material Adverse Effect, to the extent that such event, change, effect, development or occurrence results from or arises out of: (i) any changes in conditions generally affecting the healthcare, health insurance or managed
care industry or any other industry in which such Person and any of its Subsidiaries operate, except to the extent that any such changes have a materially disproportionate effect on such Person and its Subsidiaries, taken as a whole, relative to the
effect such changes have on others operating in the industries in which such Person and any of its Subsidiaries operate, (ii) any decline, in and of itself, in the market price or trading volume of the common stock of such Person or in its
credit ratings (it being understood that the foregoing shall not preclude any assertion that the facts or occurrences giving rise to or contributing to such decline that are not otherwise excluded from the definition of Material Adverse Effect
should be deemed to constitute, or be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect), (iii) any general economic or political conditions or securities, credit,
financial or other capital markets conditions, in each case in the United States or any foreign jurisdiction, except to the extent that such changes or conditions have a materially disproportionate effect on such Person and its Subsidiaries, taken
as a whole, relative to the effect such changes or conditions have on others operating in the industries in which such Person and any of its Subsidiaries operate, (iv) any failure, in and of itself, by such Person to meet any internal or
published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial or operating metrics for any period (it being understood that the foregoing shall not preclude any assertion that the facts or occurrences
giving rise to or contributing to such failure that are not otherwise excluded from the definition of Material Adverse Effect should be deemed to constitute, or be taken into account in determining whether there has been, or would reasonably be
expected to be, a Material Adverse Effect), (v) the execution and delivery of the Acquisition Agreement or the public announcement or pendency of the transactions contemplated by the Acquisition Agreement, including the impact thereof on the
relationships, contractual or otherwise, of such Person or any of its Subsidiaries with customers, providers, suppliers, partners or employees (it being understood that the foregoing shall not apply with respect to any representation or warranty
that is intended to address the consequences of the execution, delivery or performance of the Acquisition Agreement or the consummation of the transactions contemplated thereby), (vi) any change in any applicable rule, regulation, ordinance,
statute or any other law of or by any Governmental Entity after the date of the Acquisition Agreement, except to the extent that any such changes have a materially 

  
 10 

 
disproportionate effect on such Person and its Subsidiaries, taken as a whole, relative to the effect such changes have on others operating in the industries in which such Person and any of its
Subsidiaries operate, (vii) any change in GAAP or applicable statutory accounting principles (or authoritative interpretations thereof) after the date of the Acquisition Agreement, except to the extent that any such changes have a materially
disproportionate effect on such Person and its Subsidiaries, taken as a whole, relative to the effect such changes have on others operating in the industries in which such Person and any of its Subsidiaries operate, (viii) geopolitical
conditions, the outbreak or escalation of hostilities, any acts of war, sabotage or terrorism, or any escalation or worsening of any such acts of war, sabotage or terrorism threatened or underway as of the date of the Acquisition Agreement, except
to the extent that any such events have a materially disproportionate effect on such Person and its Subsidiaries, taken as a whole, relative to the effect such events have on others operating in the industries in which such Person and any of its
Subsidiaries operate, or (ix) any hurricane, earthquake, tornado, flood or other natural disaster, except to the extent that any such events have a materially disproportionate effect on such Person and its Subsidiaries, taken as a whole,
relative to the effect such events have on others operating in the industries in which such Person and any of its Subsidiaries operate. All capitalized terms used and not otherwise defined in the definition of Material Adverse Effect shall have the
same meanings as specified therefor in the Acquisition Agreement (as in effect on the date hereof). 
 Notwithstanding
anything in this Commitment Letter, the Fee Letter, the Credit Documentation or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (a) the only representations the accuracy of which
shall be a condition to the availability of any of the Facilities on the Closing Date shall be (i) such of the representations made by the Acquired Business in the Acquisition Agreement (as defined in Exhibit
A) as are material to the interests of the Lenders, but only to the extent that you have (or a subsidiary of yours has) the right to terminate your (or your affiliates’) obligations under the Acquisition Agreement as a
result of the breach of such representations in the Acquisition Agreement, or the accuracy of such representations in the Acquisition Agreement is a condition to your (or your affiliates’) obligations to consummate the Acquisition pursuant to
the Acquisition Agreement (the “Acquisition Agreement Representations”) and (ii) the Specified Representations (as hereinafter defined) and (b) the terms of the Credit Documentation shall be in a form such that they
do not impair the availability of the Facilities on the Closing Date if the conditions set forth in the immediately preceding paragraph are satisfied. For purposes hereof, “Specified Representations” means the representations
and warranties of the Borrower relating to corporate existence, corporate power and authority to enter into the Credit Documentation, due authorization, execution, delivery and enforceability of the Credit Documentation, no conflicts of the Credit
Documentation with (x) the charter documents of the Borrower or (y) the agreements governing the replacement or refinancing of the Borrower’s Existing Credit Agreement or the Borrower’s material debt securities in respect of
which the applicable governing instrument is required to be filed as an exhibit under Item 601(b)(4) of Regulation S-K to a registration statement or report of the Borrower filed with the Securities and Exchange Commission, Federal Reserve
margin regulations, the use of the proceeds of the Facilities not violating laws against sanctioned persons, the Foreign Corrupt Practices Act and the U.S.A. Patriot Act, solvency (to be defined in a manner substantially the same as set forth on
Annex I to Exhibit C attached hereto) and the Investment Company Act. This paragraph, and the provisions herein, shall be referred to as the “Limited Conditionality Provision”. 

6.        Confidentiality and Other Obligations. This Commitment Letter and the Fee Letter and
the contents hereof and thereof are confidential and, may not be disclosed in whole or in part to any person or entity without our prior written consent (such approval not to be unreasonably withheld or delayed) except (i) on a confidential and
need-to-know basis, to your 

  
 11 

 
affiliates and your and your affiliates’ directors, officers, employees, accountants, attorneys and other professional advisors in connection with the Transactions, (ii) following
your acceptance of the provisions hereof and your return of an executed counterpart of this Commitment Letter to the Lead Arrangers as provided below, you may disclose this Commitment Letter and the contents hereof (but not the Fee Letter or the
contents thereof) in any confidential information memorandum relating to either of the Facilities, in any syndication or other marketing materials in connection with such Facility or in connection with any public filing relating to the Transactions,
(iii) following your acceptance of the provisions hereof and your return of an executed counterpart of this Commitment Letter to the Lead Arrangers as provided below, you may file a copy or any portion of this Commitment Letter (but not the Fee
Letter) in any public record in which it is required by law to be filed, (iv) you may disclose, on a confidential basis, the existence and contents of this Commitment Letter, including Exhibits A and B (but not the
Fee Letter) to any rating agency or any prospective Lenders to the extent necessary to satisfy your obligations or the conditions hereunder or in connection with the appointment of an Additional Agent as provided above, (v) pursuant to the
order of any court or administrative agency in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, compulsory legal process or to the extent requested or required by governmental and/or regulatory
authorities, in each case based on the reasonable advice of your legal counsel (in which case your agree, to the extent practicable and not prohibited by applicable law, to inform us promptly thereof prior to such disclosure), (vi) you may
disclose the aggregate fee amounts contained in the Fee Letter in financial statements or as part of Projections, pro forma information or a generic disclosure of aggregate sources and uses related to fee amounts related to the Transactions to the
extent customary or required in offering and marketing materials for either of the Facilities or in any public filing relating to the Transactions (which in the case of such public filing may indicate the existence of the Fee Letter), (vii) in
connection with the exercise of any remedy or enforcement of any right under this Commitment Letter and the Fee Letter, and (viii) this Commitment Letter and the Fee Letter (redacted in a manner reasonably satisfactory to us) may be disclosed
to the Acquired Business, their respective subsidiaries and their officers, directors, employees, affiliates, independent auditors (but only with respect to this Commitment Letter), legal counsel and other legal advisors on a confidential and
need-to-know basis in connection with their consideration of the Transactions. Notwithstanding the foregoing, following your acceptance hereof, this Commitment Letter (but not the Fee Letter) may be filed with the Securities Exchange Commission, and
thereafter the foregoing restrictions on the disclosure of the Commitment Letter shall no longer apply. 
 Each
Commitment Party shall use all information provided to them by or on behalf of you hereunder or in connection with the Acquisition or the related Transactions solely for the purpose of providing the services which are the subject of this Commitment
Letter and otherwise in connection with the Transactions and shall treat confidentially all such information and shall not disclose such information; provided, however, that nothing herein shall prevent the Commitment
Parties or their respective affiliates from disclosing any such information (i) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or
compulsory legal process (in which case the Commitment Parties agree to inform you promptly thereof prior to such disclosure to the extent not prohibited by law, rule or regulation (except with respect to any audit or examination conducted by bank
accountants or any governmental agency, bank or securities regulatory or self-regulatory authority exercising examination or regulatory authority)), 

  
 12 

 
(ii) upon the request or demand of any regulatory authority having jurisdiction over the Commitment Parties or any of their respective affiliates (in each case such Commitment Party
agrees to inform you promptly thereof prior to disclosure to the extent not prohibited by law, rule or regulation), (iii) to the extent that such information becomes publicly available other than by reason of disclosure in violation of this
agreement by the Commitment Parties or any of their respective affiliates, (iv) to the Commitment Parties’ affiliates and their and their affiliates’ respective, directors, officers, employees, legal counsel, independent auditors and
other experts or agents who need to know such information in connection with the Transactions and are informed of the confidential nature of such information and who are either subject to customary confidentiality obligations of employment or
professional practice, or who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph); provided that the Commitment Parties shall be responsible for their controlled affiliates’
compliance in keeping such information confidential, (v) for purposes of establishing a “due diligence” defense, (vi) to the extent that such information is received by the Commitment Parties from a third party that is not to any
of the Commitment Parties’ knowledge subject to confidentiality obligations to you or any of your controlled affiliates, (vii) to the extent that such information is independently developed by the Commitment Parties, (viii) to actual
or prospective, direct or indirect counterparties (or their advisors) to any swap or derivative transaction relating to the Borrower, the Acquired Business or any of their respective subsidiaries or any of their respective obligations or
(ix) to potential Lenders, participants or assignees; provided, that the disclosure of any such information pursuant to clauses (viii) and (ix) above shall be made subject to the acknowledgment and acceptance by such
recipient that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and each Commitment Party, including, without limitation, as set
forth in any confidential information memorandum or other marketing materials) in accordance with the standard syndication processes of the Commitment Parties (which shall in any event be no less protective than customary market standards for
dissemination of such type of information), in the event of any electronic access through Syndtrak, another website or similar electronic system or platform, which shall in any event require “click through” or other affirmative action on
the part of the recipient to access such confidential information and acknowledge its confidentiality obligations in respect thereof. This paragraph shall terminate on the second anniversary of the date hereof. 

You acknowledge that the Commitment Parties or their affiliates may be providing financing or other services to parties whose interests may
conflict with yours. The Commitment Parties agree that they will not furnish confidential information obtained from you to any of their other customers and will treat confidential information relating to the Borrower, the Acquired Business and their
respective affiliates with the same degree of care as they treat their own confidential information and otherwise subject to the immediately preceding paragraph. The Commitment Parties further advise you that they will not make available to you
confidential information that they have obtained or may obtain from any other customer. 
 In connection with all aspects of each
transaction contemplated by this Commitment Letter, you acknowledge and agree, and acknowledge your affiliates’ understanding, that: (i) each of the Facilities and any related arranging or other services described in this Commitment Letter
is an arm’s-length commercial transaction between you and your affiliates, on the one hand, and the Commitment Parties, on the other hand, (ii) the 

  
 13 

 
Commitment Parties have not provided any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby and you have consulted your own legal, accounting,
regulatory and tax advisors to the extent you have deemed appropriate, (iii) you are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated hereby, (iv) in connection with each
transaction contemplated hereby and the process leading to such transaction, each of the Commitment Parties has been, is, and will be acting solely as a principal and has not been, is not, and will not be acting as an advisor, agent or fiduciary,
for you or any of your affiliates, equity holders, creditors or employees or any other party, (v) the Commitment Parties have not assumed and will not assume an advisory, agency or fiduciary responsibility in your or your affiliates’ favor
with respect to any of the transactions contemplated hereby or the process leading thereto (irrespective of whether any of the Commitment Parties has advised or is currently advising you or your affiliates on other matters) and the Commitment
Parties have no obligation to you or your affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth in this Commitment Letter and (vi) the Commitment Parties and their respective affiliates may
be engaged in a broad range of transactions that involve interests that differ from yours and those of your affiliates, and the Commitment Parties have no obligation to disclose any of such interests to you or your affiliates. To the fullest extent
permitted by law, you hereby waive and release any claims that you may have against the Commitment Parties with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated by this
Commitment Letter. 
 The Commitment Parties hereby notify you that pursuant to the requirements of the USA PATRIOT Act,
Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “U.S.A. Patriot Act”), each of them is required to obtain, verify and record information that identifies the Borrower, which information includes the
Borrower’s name and address and other information that will allow the Commitment Parties, as applicable, to identify the Borrower in accordance with the U.S.A. Patriot Act, and that such information may be shared with Lenders.

 7.        Survival of Obligations.  The provisions of Sections 2, 3, 4,
6 and 8 shall remain in full force and effect regardless of whether any Credit Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or any commitment or undertaking of the Commitment Parties
hereunder; provided that the provisions of Sections 2 and 3 shall not survive if the commitments and undertakings of the Commitment Parties are terminated prior to the effectiveness of the Facilities; provided,
further that (i) if the Bridge Facility closes and the Credit Documentation with respect to the Bridge Facility shall be executed and delivered, the provisions Sections 2 and 3 shall survive only until the Syndication Date, and
(ii) if a Facility closes and the Credit Documentation in respect of such Facility shall be executed and delivered, the provisions under Section 4, to the extent covered in such Credit Documentation, and the second paragraph of
Section 6 shall be superseded and deemed replaced with respect to the commitments relating to such Facility by the terms of such Credit Documentation governing such matters. You may ratably terminate each Initial Lender’s commitments
hereunder at any time subject to the provisions of the preceding sentence. 

8.        Miscellaneous.  Each of the parties hereto agrees that each of this
Commitment Letter and the Fee Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent transfer, fraudulent conveyance, reorganization and 

  
 14 

 
other similar laws relating to or affecting creditors’ rights generally) with respect to the subject matter contained herein, including the good faith negotiation of the Credit
Documentation by the parties hereto in a manner consistent with this Commitment Letter; it being acknowledged and agreed that the funding of the Facilities is subject only to the applicable conditions precedent set forth in Section 5 hereof or
Exhibit C. 
 This Commitment Letter and the Fee Letter may be executed in multiple counterparts and by different
parties hereto in separate counterparts, all of which, taken together, shall constitute an original. Delivery of an executed counterpart of a signature page to this Commitment Letter or the Fee Letter by facsimile or other electronic transmission
(e.g., a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart thereof or hereof. Headings are for convenience of reference only and shall not affect the construction of, or be taken into consideration
when interpreting, this Commitment Letter or the Fee Letter. 
 This Commitment Letter and the Fee Letter shall be governed
by, and construed in accordance with, the laws of the State of New York. Each party hereto hereby irrevocably waives any and all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising
out of or relating to this Commitment Letter, the Fee Letter, the Transactions and the other transactions contemplated hereby or thereby or the actions of the Commitment Parties in the negotiation, performance or enforcement hereof or thereof;
provided, however, that (a) the interpretation of the definition of “Material Adverse Effect” (and whether or not a “Material Adverse Effect” has occurred or would reasonably be expected to
occur), (b) the determination of the accuracy of any Acquisition Agreement Representations and whether as a result of any inaccuracy of any Acquisition Agreement Representation there has been a failure of a condition precedent to your (or your
affiliates’) obligation to consummate the Acquisition or such failure gives you the right to terminate your (or your affiliates’) obligations under the Acquisition Agreement and (c) the determination of whether the Acquisition has
been consummated in accordance with the terms of the Acquisition Agreement shall, in each case, be governed by, and construed and interpreted in accordance with, the internal laws and judicial decisions of the State of Delaware applicable to
agreements executed and performed entirely within such State without giving effect to any choice or conflict of laws provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of any
jurisdiction other than the State of Delaware. 
 Each party hereto hereby irrevocably and unconditionally submits to the
exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City in respect of any suit, action or proceeding arising out of or relating to the provisions of
this Commitment Letter, the Fee Letter, the Transactions and the other transactions contemplated hereby or thereby and irrevocably agrees that all claims in respect of any such suit, action or proceeding may be heard and determined in any such
court. The parties hereto agree that service of any process, summons, notice or document by registered mail addressed to you shall be effective service of process against you for any suit, action or proceeding relating to any such dispute. Each
party hereto waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceedings brought in any such court, and any claim that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum. A final judgment in any such suit, action or proceeding brought in any such 

  
 15 

 
court may be enforced in any other courts to whose jurisdiction you are or may be subject by suit upon judgment. 

This Commitment Letter, together with the Fee Letter, embodies the entire agreement and understanding among the parties hereto and your
affiliates with respect to the Facilities and supersedes all prior agreements and understandings relating to the subject matter hereof. No party has been authorized by the Commitment Parties to make any oral or written statements that are
inconsistent with this Commitment Letter. Neither this Commitment Letter (including the attachments hereto) nor the Fee Letter may be amended or any term or provision hereof or thereof waived or modified except by an instrument in writing signed by
each of the parties hereto. 
 This Commitment Letter may not be assigned by you without our prior written consent (and any
purported assignment without such consent will be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties
hereto (and the Indemnified Parties). Each Initial Lender may assign all or a portion of its commitment hereunder only to one or more prospective Lenders that are (i) those financial institutions (and their affiliates) identified by the Lead
Arrangers to you in writing on or prior to the date hereof, (ii) approved by you in writing (such approval not be unreasonably withheld or delayed), (iii) lenders under the Existing Credit Agreement (as defined in
Exhibit B) (other than a “defaulting lender” under and as defined therein, as of the date of such assignment) or (iv) Additional Agents (such Lenders described in clauses (i), (ii),
(iii) and (iv) each, a “Permitted Assignee”), whereupon such Initial Lender shall be released from the portion of its commitment hereunder so assigned; provided that no such assignment shall relieve
such Initial Lender of its obligations hereunder, except to the extent such assignment is evidenced by a customary joinder agreement (a “Joinder Agreement”) pursuant to which such Permitted Assignee agrees to become party to
this agreement and extend commitments directly to you on the terms set forth herein, and which shall not add any conditions to the availability of any Facility or change the terms of any Facility or change compensation in connection therewith except
as set forth in the Commitment Letter and the Fee Letter and which shall otherwise be reasonably satisfactory to you and us. The Joinder Agreements will include a provision allowing you, at your expense, to replace any such additional Lender party
thereto that has (or is controlled by or under common control with any person or entity that has) been deemed insolvent or become subject to a bankruptcy, insolvency, receivership, conservatorship or other similar proceeding, or that refuses to
execute, or materially delays in executing, the Credit Documentation governing a given Facility agreed with the Lead Arrangers, with another financial institution selected by you in consultation with the Lead Arrangers. 

Subject to Section 2 hereof, any and all obligations of, and services to be provided by the Commitment Parties hereunder
(including, without limitation, the Initial Lenders’ commitments) may be performed and any and all rights of the Commitment Parties hereunder may be exercised by or through any of its respective affiliates or branches and, in connection with
such performance or exercise, the Commitment Parties may exchange with such affiliates or branches information concerning you and your affiliates that may be the subject of the transactions contemplated hereby and, to the extent so employed, such
affiliates and branches shall be entitled to the benefits afforded to the Commitment Parties hereunder; provided, that 

  
 16 

 
with respect to the commitments, any assignments thereof to an affiliate or branch will not relieve an Initial Lender making such assignment from any of its obligations hereunder unless and until
such affiliate or branch shall have funded the portion of the commitment so assigned on the Closing Date. 
 Please indicate
your acceptance of the terms of the Facilities set forth in this Commitment Letter and the Fee Letter by returning to us executed counterparts of this Commitment Letter and the Fee Letter, not later than 5:00 p.m. (New York City time) on
July 24, 2015 whereupon the undertakings of the parties with respect to the Facilities shall become effective to the extent and in the manner provided hereby. This offer shall terminate with respect to the Facilities if not so accepted by you
at or prior to that time. Thereafter, all commitments and undertakings of each Commitment Party hereunder will expire on the earliest of (a) the funding of the Facilities, (b) with respect to the Term Commitments, the execution and
delivery of the Term Facilities Documentation by each of the parties thereto, and the effectiveness of the commitments thereunder, and with respect to the Bridge Commitments, the execution and delivery of the Bridge Facility Documentation by each of
the parties thereto, and the effectiveness of the commitments thereunder, (c) the date that the Acquisition Agreement is terminated in accordance with its terms, (d) receipt by the Commitment Parties of written notice from the Borrower of
its election to terminate all commitments under the Facilities in full, (e) the closing of the Acquisition without the use of the Term Facilities or the Bridge Facility and (f) January 31, 2017 (the “Commitment Termination
Date”); provided, that if the Termination Date (as defined in the Acquisition Agreement, as in on effect on the date hereof) is extended to a date not later than April 30, 2017 pursuant to
Section 7.1(b) of the Acquisition Agreement (as in effect on the date hereof), the Commitment Termination Date shall be, upon written notice of such extension to the Lead Arrangers from the Borrower, automatically extended to such date.

 [The remainder of this page intentionally left blank.] 

  
 17 

 We are pleased to have the opportunity to work with you in connection with this important
financing. 
  
  

			
	Very truly yours,
	
	BANK OF AMERICA, N.A.
		
	By:	 	
	/s/ Joseph L. Corah
	Name:	 	Joseph L. Corah
	Title:	 	Director
	
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
		
	By:	 	
	/s/ Peter Hall
	Name:	 	Peter Hall
	Title:	 	Managing Director

  
 [Signature Page to
Project Confluence Commitment Letter] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
		
	By:	 	
	/s/ Christopher Day 
	Name:	 	Christopher Day
	Title:	 	Authorized Signatory
		
	By:	 	
	/s/ Karim Rahimtoola
	Name:	 	Karim Rahimtoola
	Title:	 	Authorized Signatory
	
	CREDIT SUISSE SECURITIES (USA) LLC
		
	By:	 	
	/s/ SoVonna Day Goins
	Name:	 	SoVonna Day-Goins
	Title:	 	Authorized Signatory

  
 [Signature Page to
Project Confluence Commitment Letter] 

 
			
	UBS AG, STAMFORD BRANCH
		
	By:	 	
	/s/ Francisco Pinto-Leite
	Name: 	 	Francisco Pinto-Leite
	Title:	 	Managing Director
		
	By:	 	
	/s/ Michael Lawton
	Name:	 	Michael Lawton
	Title:	 	Leveraged Capital Markets
		 	Executive Director
	
	UBS SECURITIES LLC
		
	By:	 	
	/s/ Francisco Pinto-Leite
	Name:	 	Francisco Pinto-Leite
	Title:	 	Managing Director
		
	By:	 	
	/s/ Michael Lawton
	Name:	 	Michael Lawton
	Title:	 	Leveraged Capital Markets

  
 [Signature Page to
Project Confluence Commitment Letter] 

 Accepted and agreed to as of the date first written above: 

 

			
	ANTHEM, INC.
		
	By:	 	
	/s/ Wayne S. DeVeydt
	Name: 	 	Wayne S. DeVeydt
	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Signature Page to
Project Confluence Commitment Letter] 

 SCHEDULE 1 

 

					
	Initial Bridge Lender    	  	Commitment Percentage    	  	 
			
	
      Bank of America, N.A.           
 
	  	  35%    	  	
			
	       Credit Suisse
AG            
	  	  35%    	  	
			
	
      UBS AG, Stamford Branch          
  
	  	  30%    	  	
	 	  	 	  	 
	     Total        
	  	  100%    	  	

  

											
	Initial Term Lender	    	Three Year Tranche	    	Five Year Tranche
	 	    	Commitment
Amount	    	Commitment
Percentage	    	Commitment
Amount	    	Commitment
Percentage	 	 
						
	 Bank of America, N.A.
	    	$200,000,000	    	10%	    	$200,000,000	    	10%	 	
						
	 Credit Suisse AG
	    	$200,000,000	    	10%	    	$200,000,000	    	10%	 	
						
	 UBS AG,

Stamford Branch
	    	$175,000,000	    	8.75%	    	$175,000,000	    	8.75%	 	 
	 Total
	    	$575,000,000	    	28.75%	    	$575,000,000	    	28.75%	 	

 EXHIBIT A 

SUMMARY OF TERMS AND CONDITIONS 

BRIDGE FACILITY 
 Capitalized terms not otherwise
defined herein have the same meanings as specified therefor in the Commitment Letter to which this Exhibit A is attached. 
  

			
	Borrower:	 	Anthem, Inc. (the “Borrower”).
		
	Guarantor:	 	The Acquired Business shall become a guarantor of the Bridge Facility not later than 10 business days following the Closing Date if the Acquired Business is not merged into the Borrower on or prior to such date (with the Borrower as
the surviving entity and successor obligor under the Acquired Business’s debt securities). In addition, if at any time the Acquired Business provides a guarantee of the Borrower’s existing senior unsecured notes, the Acquired Business
shall concurrently become a guarantor.
		
	Transactions:	 	The Borrower intends to acquire (the “Acquisition”) all of the outstanding equity interests in Cigna Corporation (the “Acquired Business”) through a merger transaction with Anthem
Merger Sub Corp. (“Merger Sub”) (where the Acquired Business is the surviving entity) and subsequent merger of the Acquired Business into the Borrower substantially concurrently with the initial merger (where the Borrower is
the surviving entity), in each case, subject to and in accordance with the terms of the Agreement and Plan of Merger (together with the schedules and exhibits thereto, the “Acquisition Agreement”), dated as of July 24, 2015,
among the Borrower, the Acquired Business and Merger Sub for an aggregate cash consideration set forth in the Acquisition Agreement as in effect on the date hereof (the “Acquisition Cash Consideration”) and common stock of
the Borrower as set forth in the Acquisition Agreement as in effect on the date hereof (the “Acquisition Stock Consideration” and, together with the Acquisition Cash Consideration, the “Acquisition
Consideration”). In connection with the Acquisition, the Borrower may (a) obtain the 364-day senior unsecured bridge term loan credit facility described below under the caption “Bridge Facility”, (b) obtain the senior
unsecured term loan facilities described in Exhibit B, (c) issue common or preferred equity or equity-linked securities (including, without limitation, debt or preferred equity securities convertible to common stock) in a public
offering or private placement (collectively, the “Takeout Equity”), (d) issue senior unsecured notes of the Borrower in a public offering or private placement (the “Senior Notes”, and, together with
the Takeout Equity, the “Takeout Securities”) and (e) pay the fees and expenses incurred in connection with the Transactions (as defined below) (the

  
 Exhibit A-1 

			
		 	“Transaction Costs”). The transactions described in this paragraph are collectively referred to herein as the “Transactions”.
		
	Administrative Agent:	 	Bank of America, N.A. (“Bank of America”) will act as sole and exclusive administrative agent (the “Bridge Administrative Agent”) for the Lenders under the Bridge Facility.
		
	Co-Syndication Agents:	 	Credit Suisse AG (acting through such of its affiliates or branches as it deems appropriate, “CS”) and UBS AG, Stamford Branch (“UBS AG”) will act as sole and exclusive syndication
agents for the Bridge Facility (the “Syndication Agent”).
		
	Joint Lead Arrangers and Joint Bookrunners:	 	  
 Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse
Securities (USA) LLC and UBS Securities LLC will act as exclusive joint lead arrangers and exclusive joint bookrunners for the Bridge Facility (each a “Lead Arranger” and together, the “Lead
Arrangers”).

		
	Lenders:	 	Bank of America, CS and UBS AG, Permitted Assignees and other banks, financial institutions and institutional lenders selected by the Lead Arrangers with the consent of the Borrower (not to be unreasonably withheld or delayed) for
such financial institutions and lenders not otherwise previously identified by the Lead Arrangers to the Borrower in writing (collectively, the “Bridge Lenders”).
		
	Bridge Facility:	 	A senior unsecured bridge term loan credit facility in an aggregate principal amount in U.S. dollars of up to $26,500,000,000 (the “Bridge Facility”), less all reductions applicable pursuant to the
“Mandatory Prepayments and Commitment Reductions” and “Optional Prepayments and Commitment Reductions” sections below.
		
	Purpose:	 	The proceeds of the borrowings under the Bridge Facility shall be used by the Borrower to pay a portion of (i) the Acquisition Cash Consideration and (ii) the Transaction Costs.
		
	Availability:	 	The Bridge Facility shall be available in a single draw on the Closing Date.
		
	Interest Rates and Fees:	 	As set forth in Annex I hereto.
		
	 Calculation of
 Interest and Fees:
	 	  
 Other than calculations in respect of interest at the Base Rate (which
shall be made on the basis of actual number of days elapsed in a 365/366 day year), all calculations of interest and fees shall be

  
 Exhibit A-2 

			
		 	made on the basis of actual number of days elapsed in a 360-day year.
		
	Cost and Yield Protection:	 	Customary for transactions and facilities of this type, including, without limitation, in respect of breakage or redeployment costs, changes in capital adequacy, liquidity and capital requirements or their interpretation (including
pursuant to Dodd-Frank or Basel III), illegality, unavailability and clear of withholding or other taxes (it being understood that in connection with capital adequacy and capital requirements and their interpretation, as well as other similar
yield projection provisions, each Lender will agree to treat the Borrower no worse than similarly situated borrowers).
		
	Maturity:	 	The Bridge Facility will mature on the date that is 364 days after the Closing Date (the “Bridge Maturity Date”).
		
	Scheduled Amortization:	 	None.
		
	Mandatory Prepayments and Commitment Reductions:	 	  
 On or prior to the Closing Date, the aggregate commitments in respect
of the Bridge Facility under the Commitment Letter or under the Credit Documentation (as applicable) shall be automatically and permanently reduced, and after the Closing Date, the aggregate loans under the Bridge Facility shall be prepaid, in each
case, dollar-for-dollar, by the following amounts:

		
		 	(a) 100% of the net cash proceeds (other than proceeds from (i) any casualty or condemnation event, (ii) any intercompany transfer, (iii) any ordinary course sale-leaseback transaction, (iv) dispositions by regulated insurance
subsidiaries to the extent that, notwithstanding the use of commercially reasonable efforts by the Borrower and such subsidiaries, regulatory approvals required for the upstreaming of the proceeds to the Borrower cannot be obtained, or (v) other
dispositions not to exceed $50,000,000 in any single transaction or series of related transactions) of all non-ordinary course asset sales or other dispositions of property by the Borrower and its subsidiaries (including proceeds from the sale of
stock of any subsidiary of the Borrower) other than net cash proceeds of any non-ordinary course sale or other disposition that are reinvested in assets to be used in the Borrower’s and/or its subsidiaries’ business within 180 days of
receipt of such proceeds;
		
		 	(b) 100% of the net cash proceeds received from any incurrence of debt for borrowed money (including, without limitation, the Senior Notes (including into escrow) and the Term Facilities (such reduction to occur automatically upon
the effectiveness of the Term Facilities Documentation (as defined in Exhibit B)) other

  
 Exhibit A-3 

			
		 	than (i) any intercompany debt of the Borrower or any of its subsidiaries, (ii) issuances of commercial paper in the ordinary course of business, (iii) any debt of the Borrower or any of its subsidiaries incurred (x) in the ordinary
course, (y) to pay Transaction costs, including any fees under the Fee Letter or the Commitment Letter or (z) otherwise (other than to fund any portion of the Acquisition Cash Consideration), in each case, subject to pro forma compliance with the
financial covenant under the Existing Credit Agreement (as defined in Exhibit B), (iv) other incurrences of debt not to exceed $100,000,000 in the aggregate at any time outstanding, (v) indebtedness under the Existing Credit Agreement
and any replacement, refinancing or increase thereof to the extent the aggregate net cash proceeds at any time received and then outstanding does not exceed $3,500,000,000 and (vi) borrowings under existing credit facilities and refinancings of
existing indebtedness; and
		
		 	(c) 100% of the net cash proceeds received from any issuance of equity (including any securities convertible into equity) (in a public offering or private placement) (including, without limitation, any Takeout Equity) by the
Borrower in a capital raising transaction, subject to exceptions for employee stock option or purchase plans, issuances of equity to the shareholders and option holders of the Acquired Business in connection with the Acquisition, equity issued to
sellers as consideration for any other acquisition by the Borrower or its subsidiaries and other equity issuances to be agreed upon.
		
	Optional Prepayments and Commitment Reductions:	 	  
 The Bridge Facility may be prepaid at any time in whole or in part
without premium or penalty, upon written notice, at the option of the Borrower, except that any prepayment of LIBOR advances other than at the end of the applicable interest periods therefor shall be made with reimbursement for any funding losses
and redeployment costs of the Lenders resulting therefrom. Prior to the Closing Date, the commitments under the Bridge Facility (including pursuant to this Commitment Letter) may be reduced permanently or terminated, in whole or in part, by the
Borrower at any time without penalty (other than any customary LIBOR breakage costs associated with any LIBOR borrowing requests that have not been funded as of the date of such commitment reduction).

		
	 Conditions Precedent
 to Borrowing on the

Closing Date:
	 	  
  

The borrowing under the Bridge Facility on the Closing Date will be subject solely to the conditions precedent set forth in Section
5

  
 Exhibit A-4 

			
		 	of the Commitment Letter and Exhibit C to the Commitment Letter.
		
	Bridge Facility Documentation:	 	  
 The definitive documentation for the Bridge Facility (the
“Bridge Facility Documentation”) will be based on the Bridge Documentation Principles (as defined below) and will contain only those conditions to borrowing, representations, warranties, covenants and events of default
expressly set forth in this Exhibit A and will otherwise be subject to the Limited Conditionality Provision.

		
		 	As used herein, “Bridge Documentation Principles” shall mean documentation and definitions, as applicable, that are substantially identical to the Existing Credit Agreement referred to below (the
“Documentation Precedent”) and the related agreements executed and/or delivered in connection with the Documentation Precedent, with changes and modifications that (i) reflect the terms of this Exhibit A (taking into account
the exercise of any “flex” provisions in the Fee Letter) and that the Bridge Facility is a “bridge loan” facility, (ii) are necessary to reflect the operational and strategic requirements of the Borrower and its subsidiaries
(after giving effect to the Transactions) in light of their size, total assets, geographic locations, industry (and risks and trends associated therewith), businesses, business practices, operations, financial accounting and the Projections, (iii)
reflect operational, agency, assignment and related provisions not specifically set forth herein that are customarily included in credit agreements with respect to which the Bridge Administrative Agent acts as administrative agent, (iv) reflect
changes in law or accounting standards or cure mistakes or defects and (v) are otherwise mutually agreed upon by the Borrower and the Lead Arrangers.
		
	Representations and Warranties:	 	  
 Subject to the Bridge Documentation Principles, substantially similar
to the Existing Credit Agreement (including with respect to exceptions, baskets and materiality qualifiers) with such modifications as may be agreed among the parties and limited to the following: (i) organization, powers, (ii) authorization, (iii)
enforceability, (iv) governmental approvals, (v) financial statements, (vi) no material adverse change, (vii) properties, (viii) litigation, (ix) federal reserve regulation, (x) investment company act, (xi) use of proceeds, (xii) tax returns, (xiii)
no material misstatements, (xiv) employee benefit plans, (xv) environmental matters, (xvi) compliance with laws and contracts, (xvii) use of proceeds in violation of laws against sanctioned persons, FCPA, PATRIOT Act and (xviii) solvency (to be
defined in a manner

  
 Exhibit A-5 

					
		 	substantially the same as set forth on Annex I to Exhibit C attached hereto).
		
	Covenants:	 	Subject to the Bridge Documentation Principles, those affirmative, negative and financial covenants substantially similar to the Existing Credit Agreement (including with respect to exceptions, baskets and materiality
qualifiers) with such modifications as may be agreed among the parties, or otherwise noted below, and limited to the following:
			
		 	(a)	  	Affirmative Covenants: (i) existence, business and properties; compliance with laws, (ii) insurance, (iii) obligations and taxes, (iv) financial statements, reports, etc., (v) litigation and other notices, (vi) maintaining records,
access to properties and inspections, (vii) use of proceeds and (viii) use of proceeds in violation of laws against sanctioned persons and FCPA.
			
		 	(b)	  	Negative Covenants: Restrictions on (i) liens, (ii) mergers, consolidation and sale of all or substantially all assets, (iii) changes in corporate structure and (iv) ERISA compliance.
			
		 	(c)	  	Financial Covenant:
			
		 		  	 Maximum Debt to Total Capitalization Ratio as of the last day of each fiscal quarter of not more than 60%; provided, that for purposes of any
calculation of this financial covenant prior to the Closing Date, debt incurred prior to the Closing Date to finance the Acquisition (and the proceeds thereof) shall be excluded from such calculation if such debt either (i) in the case of debt
securities issued pursuant to a registered public offering or a private placement for resale pursuant to Rule 144A, such debt reduces the commitments under the Bridge Facility and is subject to a “special mandatory redemption” provision
(or other similar provision that requires the repayment of such debt in the event the Acquisition Agreement is terminated or the Acquisition is abandoned prior to consummation) or (ii) in the case of other debt, the Borrower shall have delivered a
compliance certificate, including a certification that (1) the proceeds of such debt are intended to fund the Acquisition, (2) promptly following the incurrence thereof, such debt shall have reduced (either mandatorily or by the Borrower’s
voluntary election) the commitments

  
 Exhibit A-6 

					
		 		  	 under the Bridge Facility and (3)(A) the Borrower shall promptly repay such debt in the event the Acquisition Agreement is terminated or the Acquisition is
abandoned prior to consummation or (B) such debt is commercial paper with a maturity of not more than six months from the date of its incurrence.

		
	Events of Default:	 	Subject to the Bridge Documentation Principles, substantially similar to the Existing Credit Agreement (including with respect to exceptions, baskets, grace periods and materiality qualifiers) with such modifications as
may be agreed among the parties and limited to the following: (i) inaccuracy of representations in any material respects, (ii) nonpayment of principal, interest, fees or other amounts when due, (iii) failure to perform or observe covenants set forth
in the Credit Documentation in respect of the Bridge Facility, (iv) cross defaults to other material indebtedness, (v) bankruptcy and insolvency defaults, (vi) material monetary judgments and (vii) change of control.
		
	Assignments and Participations:	 	  
 Prior to the funding thereof, the Bridge Lenders will be
permitted to assign commitments on terms substantially consistent with Section 8 of the Commitment Letter. From and after the funding thereof, the Bridge Lenders will be permitted to assign loans under the Bridge Facility in minimum amounts to be
agreed upon with the consent of the Borrower (not to be unreasonably withheld, and such consent not to be required (x) during the continuance of a payment or bankruptcy event of default or (y) in connection with an assignment to a Bridge Lender, an
affiliate of a Bridge Lender or an approved fund). The Borrower shall be deemed to have consented to any assignment if it shall have failed to respond to a request for consent within ten business days. All assignments shall require the consent of
the Bridge Administrative Agent. The Bridge Lenders will be permitted to sell participations in loans and commitments without restriction. Voting rights of participants shall be limited to customary significant matters such as changes in amount,
rate and maturity date. An assignment fee in the amount of $3,500 will be charged to the assigning lender with respect to each assignment unless waived by the Bridge Administrative Agent.

		
	Waivers and Amendments:	 	Amendments and waivers of the provisions of the Credit Documentation will require the approval of Lenders holding advances and commitments representing more than 50% of the aggregate advances and commitments under the
Bridge Facility (the “Required Lenders”), except that the consent of each Lender

  
 Exhibit A-7 

			
		 	directly affected thereby will be required with respect to customary matters, including, among other things, (i) increases in commitment amount of such Lender, (ii) reductions of principal, interest, or fees payable to such Lender
and (iii) extensions of scheduled maturities or times for payment of the loans or commitments of such Lender.
		
	Indemnification:	 	Subject to the limitations set forth in Section 4 of the Commitment Letter to which this Exhibit A is attached, the Borrower will indemnify and hold harmless the Bridge Administrative Agent, each Lead Arranger, each
Lender and each of their affiliates and their officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against all losses, liabilities, claims, damages or expenses arising out of or relating
to the Transactions, the Bridge Facility, the Borrower’s use of loan proceeds or the commitments, including, but not limited to, reasonable and documented out-of pocket attorneys’ fees and settlement costs, except, in each case, to the
extent such losses, liabilities, claims, damages or expenses resulted from such Indemnified Party’s gross negligence, bad faith or willful misconduct. This indemnification shall survive and continue for the benefit of all such persons or
entities, regardless of whether or not the Closing Date occurs.
		
	Governing Law:	 	New York.
		
	Expenses:	 	Subject to the limitations set forth in Section 4 of the Commitment Letter to which this Exhibit A is attached, the Borrower will pay all reasonable and documented out-of-pocket costs and expenses associated with the
preparation, due diligence, administration, syndication and enforcement of all Credit Documentation, including, without limitation, the legal fees and expenses of the Bridge Administrative Agent’s counsel, regardless of whether or not the
Closing Date occurs. The Borrower will also pay the reasonable and documented out-of-pocket expenses of each Lender in connection with the enforcement of any of the Credit Documentation related to the Bridge Facility following a default or event of
default thereunder; provided that the Borrower shall not be liable for the fees, disbursements and charges of more than one primary counsel for the Lenders taken as a whole and, if necessary, one separate firm for the Lenders taken as a whole in
each relevant regulatory field and each relevant jurisdiction with respect to the same matter (unless there shall exist an actual or perceived conflict of interest among the Lenders, in which case, one or more additional firms shall be permitted
after notice to the Borrower to the extent necessary to eliminate such conflict).

  
 Exhibit A-8 

			
	 Counsel to the Bridge Administrative
 Agent and
Lead Arrangers:
	 	 Latham & Watkins LLP.
		
	Miscellaneous:	 	Each of the parties shall (i) waive its right to a trial by jury and (ii) submit to exclusive New York jurisdiction.

  
 Exhibit A-9 

 ANNEX I 

TO EXHIBIT A 
  

			
	Interest Rates:	 	The interest rates per annum applicable to the Bridge Facility will be, at the option of the Borrower (i) LIBOR (calculated on a 360-day basis) plus the Applicable LIBOR Margin (as hereinafter defined) or (ii) the Base Rate
(calculated on a 365/366-day basis) plus the Applicable Base Rate Margin (as hereinafter defined).
		
		 	The Borrower may select interest periods of one, two, three or six months (and, if agreed to by all relevant Lenders, twelve months) for LIBOR advances. Interest shall be payable at the end of the selected interest period, but no
less frequently than quarterly.
		
		 	“LIBOR” and “Base Rate” will have meanings customary and appropriate for financings of this type (and in any event shall not be less than 0.00%).
		
	Default Interest:	 	Automatically upon the occurrence of a payment event of default, the amount of principal, interest and other amounts overdue shall bear interest at a default rate of interest equal to an additional 2% per annum over the rate
otherwise applicable and such interest will be payable on demand and in the case of overdue interest and other amounts, 2% in excess of the interest rate applicable to the principal on which such interest accrued.

 Applicable LIBOR Margin: 
  

									
	  	 	Pricing Level I	 	Pricing Level II	 	Pricing Level III	 	Pricing Level IV
	Ratings	 	3A-/A3	 	BBB+/Baa1	 	BBB/Baa2	 	£BBB-/Baa3
	Closing Date through 89 days following the Closing Date	 	100.0 bps	 	112.5 bps	 	125.0 bps	 	137.5 bps
	 90th day

following the Closing Date through 179th
 day following the
Closing Date
	 	125.0 bps	 	137.5 bps	 	150.0 bps	 	162.5 bps
	 180th day

following the Closing Date through 269th
 day following the
Closing Date    
	 	150.0 bps	 	162.5 bps	 	175.0 bps	 	187.5 bps

  
 Annex A-I-1 

									
	  	 	Pricing Level I	 	Pricing Level II	 	Pricing Level III	 	Pricing Level IV
	Ratings	 	3A-/A3	 	BBB+/Baa1	 	BBB/Baa2	 	£BBB-/Baa3
	From the 270th day following the Closing Date	 	175.0 bps	 	187.5 bps	 	200.0 bps	 	212.5 bps

 The foregoing pricing shall be based on the senior, unsecured non-credit enhanced long-term indebtedness for borrowed money of
the Borrower issued by either Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Financial Services LLC (“S&P”) (collectively, the “Public Debt
Rating”). If (a) each of the Public Debt Ratings falls within a different pricing level, then the pricing level shall be set based on the higher of such pricing levels; provided that if there is a split in Public Debt Ratings of
more than one level, the pricing level that is one level lower than the pricing level of the higher Public Debt Rating shall apply, (b) if the Borrower has only one Public Debt Rating, the pricing level shall be set based upon such single
Public Debt Rating and (c) if the Borrower does not have any Public Debt Rating, pricing level IV shall apply. 
  

			
	 Applicable Base
  Rate Margin:
	 	  
 The greater of (i) 0% and (ii) the Applicable LIBOR Margin minus
1.00%.

		
	Duration Fees:	 	The Borrower will pay a fee (the “Duration Fee”), for the ratable benefit of the Lenders, in an amount equal to (i) 0.50% of the aggregate principal amount of the loans under the Bridge Facility outstanding
on the date which is 90 days after the Closing Date, due and payable in cash on such 90th day (or if such day is not a business day, the next business day); (ii) 0.75% of the aggregate principal amount of the loans under the Bridge Facility
outstanding on the date which is 180 days after the Closing Date, due and payable in cash on such 180th day (or if such day is not a business day, the next business day); and (iii) 1.00% of the aggregate principal amount of the loans under the
Bridge Facility outstanding on the date which is 270 days after the Closing Date, due and payable in cash on such 270th day (or if such day is not a business day, the next business day).

  
 Annex A-I-2 

 EXHIBIT B 

SUMMARY OF TERMS AND CONDITIONS 

TERM FACILITIES 
 Capitalized
terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this Exhibit B is attached. 
  

			
	Borrower:	 	Anthem, Inc. (the “Borrower”).
		
	Guarantor:	 	The Acquired Business shall become a guarantor of the Term Facilities not later than 10 business days following the Closing Date if the Acquired Business is not merged into the Borrower on or prior to such date (with the Borrower as
the surviving entity and successor obligor under the Acquired Business’s debt securities). In addition, if at any time the Acquired Business provides a guarantee of the Borrower’s existing senior unsecured notes, the Acquired Business
shall concurrently become a guarantor.
		
	Transactions:	 	 The Borrower intends to acquire (the “Acquisition”) all of the outstanding equity interests in Cigna Corporation (the
“Acquired Business”) through a merger transaction with Anthem Merger Sub Corp. (“Merger Sub”) (where the Acquired Business is the surviving entity) and subsequent merger of the Acquired Business into
the Borrower substantially concurrently with the initial merger (where the Borrower is the surviving entity), in each case, subject to and in accordance with the terms of the Agreement and Plan of Merger (together with the schedules and exhibits
thereto, the “Acquisition Agreement”), dated as of July 24, 2015, among the Borrower, the Acquired Business and Merger Sub for an aggregate cash consideration set forth in the Acquisition Agreement as in effect on the date
hereof (the “Acquisition Cash Consideration”) and common stock of the Borrower as set forth in the Acquisition Agreement as in effect on the date hereof (the “Acquisition Stock Consideration” and,
together with the Acquisition Cash Consideration, the “Acquisition Consideration”). In connection with the Acquisition, the Borrower may (a) obtain the 364-day senior unsecured bridge term loan credit facility described in
Exhibit A, (b) obtain the senior unsecured term loan facilities described under the caption “Term Facilities” (the “Term Facilities”), (c) issue common or preferred equity or equity-linked securities
(including, without limitation, debt or preferred equity securities convertible to common stock) in a public offering or private placement (collectively, the “Takeout Equity”), (d) issue senior unsecured notes of the Borrower
in a public offering or private placement (the “Senior Notes”, and, together with the Takeout Equity, the “Takeout Securities”) and (e) pay the fees
and

  
 Exhibit B-1 

			
		 	 expenses incurred in connection with the Transactions (as defined below) (the “Transaction Costs”). The transactions described in this
paragraph are collectively referred to herein as the “Transactions”.

		
	Administrative Agent:	 	Bank of America, N.A. (“Bank of America”) will act as sole and exclusive administrative agent (the “Term Administrative Agent”) for the Lenders under the Term Facilities.
		
	Co-Syndication Agents:	 	 Credit Suisse AG (acting through such of its affiliates or branches as it deems appropriate, “CS”) and UBS AG, Stamford Branch
(“UBS AG”) will act as sole and exclusive syndication agents for the Term Facilities.

		
	Joint Lead Arrangers and Joint Bookrunners:	 	  
 Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Credit Suisse Securities (USA) LLC and UBS Securities LLC will act as exclusive joint lead arrangers and exclusive joint bookrunners for the Term Facilities (each a “Lead Arranger” and together, the “Lead
Arrangers”).

		
	Lenders:	 	 Bank of America, CS and UBS AG, Permitted Assignees and other banks, financial institutions and institutional lenders selected by the Lead Arrangers with the
consent of the Borrower (not to be unreasonably withheld or delayed) for such institutions and lenders not previously identified to the Borrower by the Lead Arrangers in writing.

		
	Term Facilities:	 	 Senior unsecured term loan credit facilities in an aggregate principal amount in U.S. dollars of up to $4,000,000,000 (the “Term
Facilities”) comprised of two tranches: (a) a tranche of up to $2,000,000,000 with a three-year term (the “Three Year Tranche”) and (b) a tranche up to $2,000,000,000 with a five-year term (the “Five
Year Tranche”).

		
	Purpose:	 	 The proceeds of the borrowings under the Term Facilities shall be used by the Borrower to pay a portion of (i) the Acquisition Cash Consideration and (ii) the
Transaction Costs.

		
	Availability:	 	 The Term Facilities shall be available in a single draw on the concurrent funding thereof.

		
	Interest Rates and Fees:	 	 As set forth in Annex I hereto.

		
	 Calculation of
 Interest and Fees:
	 	  
 Other than calculations in respect of interest at the
Base Rate (which shall be made on the basis of actual number of days elapsed in a 365/366 day year), all calculations of interest and fees shall be

  
 Exhibit B-2 

			
		 	 made on the basis of actual number of days elapsed in a 360-day year.

		
	Cost and Yield Protection:	 	 Customary for transactions and facilities of this type, including, without limitation, in respect of breakage or redeployment costs, changes in capital
adequacy, liquidity and capital requirements or their interpretation (including pursuant to Dodd-Frank or Basel III), illegality, unavailability and clear of withholding or other taxes (it being understood that in connection with capital adequacy
and capital requirements and their interpretation, as well as other similar yield projection provisions, each Lender will agree to treat the Borrower no worse than similarly situated borrowers).

		
	Maturity:	 	 The Three Year Tranche will mature on the third anniversary of the Effective Date (the “Three Year Tranche Maturity
Date”).

		
		 	 The Five Year Tranche will mature on the fifth anniversary of the Effective Date (the “Five Year Tranche Maturity Date”).

		
	Scheduled Amortization:	 	 Loans under the Three Year Tranche will not be subject to quarterly amortization and shall be payable in full on the Three Year Tranche Maturity
Date.

		
		 	 Loans under the Five Year Tranche will be subject to quarterly amortization of principal equal to 2.5% of the original aggregate principal amount thereof, with
the balance payable on the Five Year Tranche Maturity Date.

		
	Mandatory Prepayments and Commitment Reductions:	 	  
 None.

		
	Optional Prepayments and Commitment Reductions:	 	  
 The Term Facilities may be prepaid at any time in whole or in part
without premium or penalty, upon written notice, at the option of the Borrower, except that any prepayment of LIBOR advances other than at the end of the applicable interest periods therefor shall be made with reimbursement for any funding losses
and redeployment costs of the Lenders resulting therefrom. Prior to the funding thereof, the commitments under the Term Facilities may be reduced permanently or terminated in whole or in part by the Borrower at any time without penalty (other than
any customary LIBOR breakage costs associated with any LIBOR borrowing requests that have not been funded as of the date of such commitment reduction). Optional prepayments or commitment reductions may be allocated between the Three Year tranche and
the Five Year Tranche as determined by the Borrower.

  
 Exhibit B-3 

			
	 Effective Date and the Conditions Precedent
 to
the Effective Date:
	 	  
 The date (“Effective Date”) on
which the Term Facilities Documentation (as defined below) is fully executed and delivered by the parties thereto. The occurrence of the Effective Date will be subject solely to the conditions precedent as reasonably agreed between the Term
Administrative Agent, the initial Term Lenders and the Borrower as set forth in the Term Facilities Documentation; provided that such conditions shall be a subset of (and no more onerous in any respect than) the conditions referred to below
under the heading “Conditions Precedent to Borrowing”.

		
	 Conditions Precedent
 to Borrowing:
	 	  
 The concurrent borrowing under the Term Facilities will be subject
solely to the conditions precedent set forth in Section 5 of the Commitment Letter and Exhibit C to the Commitment Letter.

	Term Facilities Documentation:	 	  
 The definitive documentation for the Term Facilities (the
“Term Facilities Documentation” and, together with the Bridge Facility Documentation, the “Credit Documentation”) will be based on the Term Documentation Principles (as defined below) and will contain
only those conditions to borrowing, representations, warranties, covenants and events of default expressly set forth in this Exhibit B and will otherwise be subject to the Limited Conditionality Provision.

		
		 	As used herein, “Term Documentation Principles” shall mean documentation and definitions, as applicable, that are substantially identical to the Existing Credit Agreement referred to below (the
“Documentation Precedent”) and the related agreements executed and/or delivered in connection with the Documentation Precedent, with changes and modifications that (i) reflect the terms of this Exhibit B and that the
Term Facilities are “term loan” facilities, (ii) are necessary to reflect the operational and strategic requirements of the Borrower and its subsidiaries (after giving effect to the Transactions) in light of their size, total assets,
geographic locations, industry (and risks and trends associated therewith), businesses, business practices, operations, financial accounting and the Projections, (iii) reflect operational, agency, assignment and related provisions not specifically
set forth herein that are customarily included in credit agreements with respect to which the Term Administrative Agent acts as administrative agent, (iv) reflect changes in law or accounting standards or cure mistakes or defects and (v) are
otherwise mutually agreed upon by the Borrower and the Lead Arrangers.

  
 Exhibit B-4 

					
	 Representations and
 Warranties:
	 	  
 Subject to the Term Documentation Principles, substantially
similar to that certain credit agreement, dated September 30, 2010, by and among the Borrower, Bank of America N.A., as administrative agent, and the lenders and others parties thereto from time to time (as amended, restated, refinanced,
increased or otherwise modified from time to time prior to the execution of the Credit Documentation, the “Existing Credit Agreement”) (including with respect to exceptions, baskets and materiality qualifiers) with such
modifications as may be agreed among the parties and limited to the following: (i) organization, powers, (ii) authorization, (iii) enforceability, (iv) governmental approvals, (v) financial statements, (vi) no material adverse change, (vii)
properties, (viii) litigation, (ix) federal reserve regulation, (x) investment company act, (xi) use of proceeds, (xii) tax returns, (xiii) no material misstatements, (xiv) employee benefit plans, (xv) environmental matters, (xvi) compliance with
laws and contracts, (xvii) use of proceeds in violation of laws against sanctioned persons, FCPA, PATRIOT Act and (xviii) solvency (to be defined in a manner substantially the same as set forth on Annex I to Exhibit C attached hereto).

		
	Covenants:	 	Subject to the Term Documentation Principles, those affirmative, negative and financial covenants substantially similar to the Existing Credit Agreement (including with respect to exceptions, baskets and materiality
qualifiers) with such modifications as may be agreed among the parties, or otherwise noted below, and limited to the following:
			
		 	(a)	  	Affirmative Covenants: (i) existence, business and properties; compliance with laws, (ii) insurance, (iii) obligations and taxes, (iv) financial statements, reports, etc., (v) litigation and other notices, (vi) maintaining records,
access to properties and inspections, (vii) use of proceeds and (viii) use of proceeds in violation of laws against sanctioned persons and FCPA.
			
		 	(b)	  	Negative Covenants: Restrictions on (i) liens, (ii) mergers, consolidation and sale of all or substantially all assets, (iii) changes in corporate structure and (iv) ERISA compliance.
			
		 	(c)	  	Financial Covenant:
			
		 		  	 Maximum Debt to Total Capitalization Ratio as of the last day of each fiscal quarter of not more than 50%; provided, that for purposes of any calculation of
this financial covenant prior to the Closing Date,

  
 Exhibit B-5 

					
		 		  	 debt incurred prior to the Closing Date to finance the Acquisition (and the proceeds thereof) shall be excluded from such calculation if such debt either
(i) in the case of debt securities issued pursuant to a registered public offering or a private placement for resale pursuant to Rule 144A, such debt reduces the commitments under the Bridge Facility and is subject to a “special mandatory
redemption” provision (or other similar provision that requires the repayment of such debt in the event the Acquisition Agreement is terminated or the Acquisition is abandoned prior to consummation) or (ii) in the case of other debt, the
Borrower shall have delivered a compliance certificate, including a certification that (1) the proceeds of such debt are intended to fund the Acquisition, (2) promptly following the incurrence thereof, such debt shall have reduced (either
mandatorily or by the Borrower’s voluntary election) the commitments under the Bridge Facility and (3)(A) the Borrower shall promptly repay such debt in the event the Acquisition Agreement is terminated or the Acquisition is abandoned prior to
consummation or (B) such debt is commercial paper with a maturity of not more than six months from the date of its incurrence. Notwithstanding the foregoing, the Borrower shall be permitted to increase the Maximum Debt to Total Capitalization Ratio
to (x) 60% for any fiscal quarter in which the Acquisition occurs and for the three consecutive fiscal quarters immediately thereafter and (y) 55% for the following four consecutive fiscal quarters (after which time the Maximum Debt to Total
Capitalization Ratio shall be reduced to 50%).

		
	Events of Default:	 	Subject to the Term Documentation Principles, substantially similar to the Existing Credit Agreement (including with respect to exceptions, baskets, grace periods and materiality qualifiers) with such modifications as
may be agreed among the parties and limited to the following: (i) inaccuracy of representations in any material respects, (ii) nonpayment of principal, interest, fees or other amounts when due, (iii) failure to perform or observe covenants set forth
in the Credit Documentation in respect of the Term Facilities, (iv) cross defaults to other material indebtedness, (v) bankruptcy and insolvency defaults, (vi) material monetary judgments and (vii) change of control.

  
 Exhibit B-6 

			
	Assignments and Participations:	 	  
 Prior to the funding thereof, the Lenders will be permitted to assign
commitments on terms substantially consistent with Section 8 of the Commitment Letter. From and after the funding thereof, the Lenders will be permitted to assign loans under the Term Facilities in minimum amounts to be agreed upon with the consent
of the Borrower (not to be unreasonably withheld, and such consent not to be required (x) during the continuance of a payment or bankruptcy event of default or (y) in connection with an assignment to a Lender, an affiliate of a Lender or an approved
fund). The Borrower shall be deemed to have consented to any assignment if it shall have failed to respond to a request for consent within ten business days. All assignments shall require the consent of the Term Administrative Agent. The Lenders
will be permitted to sell participations in loans and commitments without restriction. Voting rights of participants shall be limited to customary significant matters such as changes in amount, rate and maturity date. An assignment fee in the amount
of $3,500 will be charged to the assigning lender with respect to each assignment unless waived by the Term Administrative Agent.

		
	Waivers and Amendments:	 	Amendments and waivers of the provisions of the Credit Documentation will require the approval of Lenders holding advances and commitments representing more than 50% of the aggregate advances and commitments under the Term
Facilities (the “Required Lenders”), except that the consent of each Lender directly affected thereby will be required with respect to customary matters, including, among other things, (i) increases in commitment amount of
such Lender, (ii) reductions of principal, interest, or fees payable to such Lender and (iii) extensions of scheduled maturities or times for payment of the loans or commitments of such Lender. An extension by a Lender of the maturity of its loans
under a Term Facility consented to by Required Lenders will not in addition require the consent of non-extending Lenders.
		
	Indemnification:	 	Subject to the limitations set forth in Section 4 of the Commitment Letter to which this Exhibit B is attached, the Borrower will indemnify and hold harmless the Term Administrative Agent, each Lead Arranger, each
Lender and each of their affiliates and their officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against all losses, liabilities, claims, damages or expenses arising out of or relating
to the Transactions, the Term Facilities, the Borrower’s use of loan proceeds or the commitments, including, but not limited to, reasonable and documented out-of pocket attorneys’ fees and settlement costs, except, in each case, to the
extent such losses,

  
 Exhibit B-7 

			
		 	liabilities, claims, damages or expenses resulted from such Indemnified Party’s gross negligence, bad faith or willful misconduct. This indemnification shall survive and continue for the benefit of all such persons or entities
regardless of whether or not the funding of the Term Facilities occurs.
		
	Governing Law:	 	New York.
		
	Expenses:	 	Subject to the limitations set forth in Section 4 of the Commitment Letter to which this Exhibit B is attached, the Borrower will pay all reasonable and documented out-of-pocket costs and expenses associated with the
preparation, due diligence, administration, syndication and enforcement of all Credit Documentation, including, without limitation, the legal fees and expenses of the Term Administrative Agent’s counsel, regardless of whether or not the funding
of the Term Facilities occurs. The Borrower will also pay the reasonable and documented out-of-pocket expenses of each Lender in connection with the enforcement of any of the Credit Documentation related to the Term Facilities following a default or
event of default thereunder; provided that the Borrower shall not be liable for the fees, disbursements and charges of more than one primary counsel for the Lenders taken as a whole and, if necessary, one separate firm for the Lenders
taken as a whole in each relevant regulatory field and each relevant jurisdiction with respect to the same matter (unless there shall exist an actual or perceived conflict of interest among the Lenders, in which case, one or more additional firms
shall be permitted after notice to the Borrower to the extent necessary to eliminate such conflict).
		
	 Counsel to the Term Administrative Agent
 and
Lead Arrangers:
	 	Latham & Watkins LLP.
		
	Miscellaneous:	 	Each of the parties shall (i) waive its right to a trial by jury and (ii) submit to exclusive New York jurisdiction.

  
 Exhibit B-8 

 ANNEX I 

TO EXHIBIT B 
  

			
	Interest Rates:	 	The interest rates per annum applicable to the Term Facilities will be, at the option of the Borrower (i) LIBOR (calculated on a 360-day basis) plus the Applicable LIBOR Margin (as hereinafter defined) or (ii) the Base Rate
(calculated on a 365/366-day basis) plus the Applicable Base Rate Margin (as hereinafter defined).
		
		 	The Borrower may select interest periods of one, two, three or six months (and, if agreed to by all relevant Lenders, twelve months) for LIBOR advances. Interest shall be payable at the end of the selected interest period, but no
less frequently than quarterly.
		
		 	“LIBOR” and “Base Rate” will have meanings customary and appropriate for financings of this type (and in any event shall not be less than 0.00%).
		
	Default Interest:	 	Automatically upon the occurrence of a payment event of default, the amount of principal, interest and other amounts overdue shall bear interest at a default rate of interest equal to an additional 2% per annum over the rate
otherwise applicable and such interest will be payable on demand and in the case of overdue interest and other amounts, 2% in excess of the interest rate applicable to the principal on which such interest accrued.

 Applicable LIBOR Margin: 
  

											
	  	 	Pricing
Level I	 	
Pricing Level    
 II
	 	 Pricing Level

III
	 	 Pricing Level

IV
	 	 Pricing Level

V

	Ratings	 	3A/A2	 	A-/A3	 	BBB+/Baa1	 	BBB/Baa2	 	£BBB-/Baa3
	Three Year Tranche	 	75 bps	 	87.5 bps	 	100 bps	 	112.5 bps	 	125 bps
	 Five Year

Tranche
	 	87.5 bps	 	100 bps	 	112.5 bps	 	125 bps	 	137.5 bps

 The foregoing pricing shall be based on the senior, unsecured non-credit enhanced long-term indebtedness for borrowed money of
the Borrower issued by either Moody’s Investors Service, Inc. (“Moody’s”) or Standard & Poor’s Financial Services LLC (“S&P”) (collectively, the “Public Debt
Rating”). If (a) each of the Public Debt Ratings falls within a different pricing level, then the pricing level shall be set based on the higher of such pricing levels; provided that if there is a split in Public Debt Ratings of
more than one level, the pricing level that is one level lower than the pricing level of the higher Public Debt Rating shall apply, (b) if the Borrower has only one Public Debt Rating, the pricing level shall be set based upon such single
Public Debt Rating and (c) if the Borrower does not have any Public Debt Rating, pricing level V shall apply. Applicable Base 

  
 Annex B-I-1 

			
	Rate Margin:	 	The greater of (i) 0% and (ii) the Applicable LIBOR Margin minus 1.00%.

  
 Annex B-I-2 

 EXHIBIT C 

PROJECT CONFLUENCE 
 CONDITIONS
PRECEDENT TO CLOSING 
 Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment
Letter to which this Exhibit C is attached. 
 The initial borrowing under the Facilities will be subject to the following
additional conditions precedent (subject to the Limited Conditionality Provision): 

(i)        The Acquisition shall be consummated in accordance with the Acquisition
Agreement substantially concurrently with or prior to the closing of the Facilities and the Acquisition Agreement shall not have been amended or modified, and no condition shall have been waived or consent granted (other than waivers by the Acquired
Business), in any respect that is materially adverse to the Lenders or the Lead Arrangers (in each case, in their capacities as such) without the Lead Arrangers’ prior written consent (such consent not to be unreasonably withheld, delayed or
conditioned); provided that (i) increases in purchase price, if funded with common equity or other equity in a form reasonably satisfactory to the Lead Arrangers shall not be deemed to be materially adverse to the interests of the
Lenders and the Lead Arrangers and shall not require the consent of the Lead Arrangers to the extent funded by such equity only; and (ii) decreases in purchase price shall not be deemed to be materially adverse to the interests of the Lenders
or the Lead Arrangers and shall not require the consent of the Lead Arrangers if such purchase price reduction shall reduce dollar-for-dollar the commitments in respect of the Bridge Facility. 

(ii)       The Lead Arrangers shall have received for each of the Borrower and the
Acquired Business (a) U.S. GAAP audited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows for the three most recent fiscal years ended at least 90 days prior to the Closing Date and
(b) U.S. GAAP unaudited consolidated balance sheets and related statements of income, stockholders’ equity (to the extent available) and cash flows for each subsequent fiscal quarter ended at least 45 days before the Closing Date, which
financial statements shall meet in all material respects the requirements of Regulation S-X under the Securities Act of 1933, as amended, and all other accounting rules and regulations of the SEC promulgated thereunder applicable to a registration
statement under such Act on Form S-3, provided that the Borrower’s and the Acquired Business’s public filing of any required financial statements with the SEC shall constitute delivery of such financial statements to the Lead Arrangers.
The Lead Arrangers acknowledge receipt of (i) the annual audited financial statements of the Borrower and the Acquired Business for the fiscal years ended December 31, 2012, December 31, 2013 and December 31, 2014 and
(ii) the unaudited consolidated balance sheets and related statements of income and cash flows of each of the Acquired Business and the Borrower for the fiscal quarter ended March 31, 2015. 

  
 Exhibit C-1 

 (iii)     The Lead Arrangers shall have received pro
forma consolidated balance sheet of the Borrower as of the last day of the most recently completed fiscal year or fiscal quarter, as applicable, for which financial statements have been delivered pursuant to paragraph (ii) above and pro forma
consolidated income statement for the most recently completed fiscal year and for the most recently completed fiscal quarter, if applicable, for which financial statements have been delivered pursuant to paragraph (ii) above, in each case
prepared after giving effect to the Transactions as if the Transactions had occurred as of the last day of the applicable fiscal year or fiscal quarter (in the case of such balance sheet) or at the beginning of the applicable fiscal year or fiscal
quarter (in the case of such income statement), which pro forma financial statements shall meet in all material respects the requirements of Regulation S-X under the Securities Act of 1933, as amended, and all other accounting rules and regulations
of the SEC promulgated thereunder applicable to a registration statement under such Act on Form S-3. 

(iv)     (A) The Administrative Agents shall have received customary legal opinions, corporate
organizational documents, good standing certificates, resolutions and other customary closing certificates, and a customary borrowing notice and (B) the Acquisition Agreement Representations shall be true and correct and the Specified
Representations shall be true and correct in all material respects (or if qualified by materiality, in all respects) as of the Closing Date. 

(v)      The Administrative Agents shall have received a solvency certificate from the chief
financial officer or other authorized financial officer of the Borrower in the form attached as Annex I hereto. 

(vi)     The Lead Arrangers, the Administrative Agents and the Lenders shall have received all fees
and invoiced expenses required to be paid on or prior to the Closing Date pursuant to the Fee Letter or Commitment Letter, (solely with respect to expenses) to the extent invoiced at least 2 business days prior to the Closing Date. 

(vii)    The Lead Arrangers shall have received at least three business days prior to the Closing Date,
to the extent requested in writing at least ten business days prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including, without limitation, the PATRIOT Act. 
 (viii)   With respect to the Term
Facilities, commitments shall have been received from Lenders under the Term Facilities (other than the Initial Term Lenders) in an aggregate amount not less than 71.25% of the aggregate principal amount of the Term Facilities and the aggregate
principal amount of the Term Facilities shall not be less than $3,000,000,000. 

  
 Exhibit C-2 

 ANNEX I 

TO EXHIBIT C 
 FORM OF 

SOLVENCY CERTIFICATE 

[            ], 201[    ] 

This Solvency Certificate is delivered pursuant to Section [    ] of the Credit Agreement dated as of
[            ], 201[    ], among [            ] (the “Credit Agreement’). Capitalized terms used
herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
 The undersigned hereby
certifies, solely in his capacity as an officer of the Borrower and not in his individual capacity, as follows: 
 1. I am
the [Chief Financial Officer] of the Borrower. I am familiar with the Transactions and have reviewed the Credit Agreement, financial statements referred to in Section [    ] of the Credit Agreement and such documents and made
such investigation as I deemed relevant for the purposes of this Solvency Certificate. 
 2. As of the date hereof,
immediately prior to the consummation of the [Transactions] (on a pro forma basis giving effect to the [Acquisition] and the incurrence of indebtedness under the [Facilities]), on and as of such date (i) the fair value of the assets of the
Borrower and its subsidiaries on a consolidated basis, at a fair valuation on a going concern basis, will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of the Borrower and its subsidiaries on a consolidated basis;
(ii) the present fair saleable value of the property of the Borrower and its subsidiaries on a consolidated and going concern basis will be greater than the amount that will be required to pay the probable liability of the Borrower and its
subsidiaries on a consolidated basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured in the ordinary course of business; (iii) the Borrower and
its subsidiaries on a consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured in the ordinary course of business; and (iv) the
Borrower and its subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following the Closing
Date. 
 This Solvency Certificate is being delivered by the undersigned officer only in his capacity as [Chief Financial Officer] of the
Borrower and not individually and the undersigned shall have no personal liability to the Administrative Agent or the Lenders with respect thereto. 

 IN WITNESS WHEREOF, the undersigned has executed this Solvency Certificate on the date first
written above. 
  

			
	 [ ● ]
  
	 	
		
	 By:	 	
		
	Name:	 	
	Title:	 	            [Chief Financial Officer]Exhibit 10.1

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

Execution Version

 

	
JEFFERIES FINANCE LLC
    	
BARCLAYS
    
	
520 Madison Avenue
    	
745 Seventh Avenue
    
	
New York, New York 10022
    	
New York, New York 10019
    

 

June 29, 2015

 

CONFIDENTIAL

 

COMMITMENT LETTER

 

AMAG Pharmaceuticals, Inc.
 1100 Winter Street
 Waltham, MA 02451

 

Attention:  Frank E. Thomas, President and Chief Operating Officer

 

Re:                             Acquisition of CBR Acquisition Holdings Corp.

 

Ladies and Gentlemen:

 

You have advised Jefferies Finance LLC (“Jefferies Finance”) and Barclays Bank PLC (“Barclays”; Jefferies Finance and Barclays are referred to herein as the “Joint Lead Arrangers”, and are referred to, together with the Initial Lenders (as defined below), as “we” or “us”) that AMAG Pharmaceuticals, Inc., a Delaware corporation (the “Acquiror” or “you”), intends to acquire (the “Acquisition”) all of the issued and outstanding capital stock of CBR Acquisition Holdings Corp., a Delaware corporation (the “Target” and, together with its subsidiaries, the “Acquired Business”), from CBR Holdco, LLC, a Delaware limited liability company (the “Seller”), and to refinance (together with any applicable prepayment premium or fee, with the commitments thereunder being terminated, and all guarantees and security in respect thereof being terminated and released following repayment) substantially all of the existing indebtedness (the “Refinanced Debt”) of you and the Acquired Business (the “Refinancing”), other than indebtedness permitted to be outstanding under the Definitive Debt Documents (as defined herein), which shall include, among other things, (i)  the Acquiror’s 2.50% Convertible Senior Notes due 2019 in the original principal amount of $200.0 million (the “2019 Notes”) and (ii) indebtedness of the Acquired Business permitted to be incurred and remain outstanding under the Acquisition Agreement, which shall, in each case, remain outstanding immediately following the Closing Date (collectively, the “Surviving Debt”).  Capitalized terms used but not defined herein and defined in any exhibit hereto have the meanings assigned to them in such exhibit.  As used herein, the term “Closing Date” means the date of the consummation of the acquisition and the first extension of credit under the Facilities (as defined herein).

 

You have advised us that the total purchase price due on the Closing Date for the Acquisition (the “Purchase Price”), the Refinancing, and fees, commissions and expenses related to the Acquisition and

 

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

the Refinancing, in each case payable by you or your affiliates on the Closing Date, is anticipated to be financed from the following sources:

 

(i)                                     a $350.0 million senior secured first lien term loan facility, having the terms set forth in Exhibit A hereto (the “Term Loan Facility”; the Term Loan Facility, together with any Incremental Facilities (as defined herein), are collectively referred to as the “Senior Credit Facilities”);

 

(ii)                                  the issuance and sale (the “Notes Offering”) of senior unsecured notes (the “Notes”) yielding gross proceeds of $450.0 million (or, if the offering of the Notes is not consummated prior to, or concurrently with, the Acquisition, the drawdown of senior unsecured increasing rate loans in an aggregate principal amount equal to (A) $450.0 million less (B) the gross cash proceeds received in respect of the issuance of the Notes (whether in escrow or otherwise) (the “Bridge Loans”) under a senior unsecured bridge loan facility having the terms set forth in Exhibits B and C hereto (the “Bridge Loan Facility” and, together with the Term Loan Facility, the “Facilities”) yielding gross proceeds of $450.0 million); and

 

(iii)                               cash on hand of the Acquiror and its subsidiaries, including the amount of the net cash proceeds (“New Equity Proceeds”) of the issuance of common equity or equity-linked securities of the Acquiror received by the Acquiror after the date hereof (the amounts described in this clause (iii), the “Balance Sheet Cash Contribution”) so long as the cash on hand of the Acquiror and its subsidiaries on the Closing Date after giving pro forma effect to the Transactions is not less than $75.0 million.

 

The transactions described in clauses (i)  and (ii) above are referred to as the “Debt Financing”; the Debt Financing, together with the Acquisition and the Refinancing and the payment of all related fees, commissions and expenses payable on the Closing Date by you or your affiliates, are collectively referred to as the “Transactions.” You and your subsidiaries (including the Target and its subsidiaries) are referred to herein as the “Company.” As used in this Commitment Letter and the other Debt Financing Letters (as defined below), the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”

 

1.                                      The Commitments.

 

In connection with the foregoing, (i) Jefferies Finance (either directly or through one of its affiliates) hereby severally and not jointly commits to provide 65.0% of each of the Facilities and (ii) Barclays hereby severally and not jointly commits to provide 35.0% of each of the Facilities (each of Jefferies Finance and Barclays, in such capacity, an “Initial Lender”), provided that the commitments of the Initial Lenders shall be several and not joint.

 

The commitments described in this Section 1 are collectively referred to herein as the “Commitments.”  The several obligations of each Initial Lender to the Borrower to fund the Facilities on the Closing Date are, in each case, on the terms and subject only to the conditions set forth in (i) this letter (including the exhibits, schedules and annexes hereto, collectively, this “Commitment Letter”) and (ii) the fee letter, dated as of the date hereof (the “Fee Letter” and, together with the Commitment Letter, the “Debt Financing Letters”), among you, Jefferies Finance and Barclays.  Notwithstanding anything to the contrary in any Debt Financing Letter, but subject to the Documentation Principles (as defined in Exhibit A hereto), the terms of this Commitment Letter are intended as an outline of the material provisions and

 

2

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

terms of the Facilities, but do not include all of the terms that will be contained in the definitive documents relating to the Debt Financing, which shall be prepared by our counsel (collectively, the “Definitive Debt Documents”); provided that there shall be no closing condition contained in the Definitive Debt Documents that is not specifically set forth in Section 3 hereof, on Exhibit A or B to this Commitment Letter under the headings “Conditions Precedent to Initial Borrowing” and “Conditions”, respectively, or on Exhibit D to this Commitment Letter.  No party hereto has been authorized by us to make any oral or written statements or representations that are inconsistent with the Debt Financing Letters.

 

2.                                      Titles and Roles.  As consideration for the Commitments, you hereby appoint (a) Jefferies Finance and Barclays, and Jefferies Finance and Barclays hereby agree to act, as joint bookrunners and as joint lead arrangers for the Facilities (each of Jefferies and Barclays Capital, in such capacity, a “Joint Lead Arranger”) and (b) Jefferies Finance to act, and Jefferies Finance hereby agrees to act, as sole administrative agent and sole collateral agent for the Term Loan Facility and as sole administrative agent for the Bridge Loan Facility.  It is understood and agreed that no other titles shall be awarded and no compensation (other than that expressly contemplated by the Debt Financing Letters) shall be paid in connection with the Facilities, unless mutually agreed.  You further agree that Jefferies Finance shall have “left” placement in any and all marketing materials or other documentation used in connection with each of the Facilities and shall hold the leading role and responsibilities customarily associated with such “left” placement.

 

In addition, pursuant to an engagement letter satisfactory to the Joint Lead Arrangers (the “Engagement Letter”) between you and one or more banking or investment banking institutions of national prominence acceptable to us (collectively, the “Financial Institutions”) entered into on or prior to the date hereof, you have engaged the Financial Institutions to act as joint underwriters, joint initial purchasers and/or joint placement agents in connection with any public offering or private placement of any Notes, equity securities or equity-linked securities.

 

3.                                      Conditions Precedent.  The closing of the Facilities and the making of the initial loans under the Facilities on the Closing Date are conditioned upon (and solely upon) the satisfaction or waiver by us of each of the following conditions: (i) since the date hereof, no Company Material Adverse Effect (as defined below) shall have occurred, and no event shall have occurred that, individually or in the aggregate, with or without notice or the lapse of time, would reasonably be expected to result in a Company Material Adverse Effect; (ii) the other conditions expressly set forth in Exhibit A and Exhibit B under the heading “Conditions Precedent to Initial Borrowing”; and (iii) the other conditions expressly set forth in Exhibit D to this Commitment Letter.

 

For purposes hereof, “Company Material Adverse Effect” means any change, effect, event, occurrence, state of facts or development that, individually or in the aggregate, is, or would reasonably be expected to have or result in, a material adverse effect on the business, assets, results of operations or financial condition of the Acquired Business taken as a whole; provided, however, that any such change, effect, event, occurrence, state of facts or development, to the extent resulting from or arising in connection with the following, shall not be deemed in themselves, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, a Company Material Adverse Effect: any change, effect, event, occurrence, state of facts or development attributable to (i) the announcement or pendency of the transactions contemplated by the Acquisition Agreement; (ii) conditions affecting the industry in which the Acquired Business participates,

 

3

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

the economy as a whole or the capital markets in general (including currency fluctuations) or the markets in which the Acquired Business operates; (iii)  the taking of any action required by the Acquisition Agreement; (iv) any change in, or proposed or potential change in, applicable laws or the interpretation thereof; (v) any change in GAAP or other accounting requirements or principles or the interpretation thereof; (vi) the failure of the Acquired Business to meet or achieve the results set forth in any projection or forecast (provided, that this clause (vi) shall not prevent a determination that any change or effect underlying such failure to meet projections or forecasts has resulted in a Company Material Adverse Effect (to the extent such change or effect is not otherwise excluded from this definition of Company Material Adverse Effect)); (vii) the commencement, continuation or escalation of a war, material armed hostilities or other material international or national calamity or act of terrorism; or (viii) earthquakes, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural disasters, weather conditions and other force majeure events in the U.S. or any other country or region in the world; provided that, in the case of clauses (ii), (iv), (vii) and (viii) above, if such change, effect, event, occurrence, state of facts or development disproportionately affects the Acquired Business as compared to other persons or businesses that operate in the industry in which the Acquired Business operates, then the disproportionate aspect of such change, effect, event, occurrence, state of facts or development may be taken into account in determining whether a Company Material Adverse Effect has or will occur.

 

Notwithstanding anything in the Debt Financing Letters, the Definitive Debt Documents or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (i) the only representations and warranties the accuracy of which shall be a condition to the availability of the Facilities and the making of the initial loans on the Closing Date shall be (A) such of the representations and warranties with respect to the Acquired Business in the Acquisition Agreement as are material to the interests of the Lenders or the Joint Lead Arrangers, but only to the extent that you have (or your applicable affiliate has) the right to terminate your (or its) obligations under the Acquisition Agreement or decline to consummate the Acquisition as a result of a breach of such representations and warranties (as determined without giving effect to any waiver, amendment, consent or other modification thereto) (collectively, the “Specified Acquisition Agreement Representations”) and (B) the Specified Representations (as defined below) and (ii) the terms of the Definitive Debt Documents and closing deliverables shall be in a form such that they do not impair availability of the Facilities and the making of the initial loans on the Closing Date if the conditions expressly set forth in the first paragraph of this Section 3 are satisfied or waived by us (it being understood that, to the extent any lien or security interest on or in any Collateral (other than to the extent that a lien on such Collateral may be perfected (x) by the filing of a financing statement under the Uniform Commercial Code or (y) by the delivery of stock certificates of the Borrower and its subsidiaries (which stock certificates shall be delivered on the Closing Date, provided that if after using commercially reasonable efforts such stock certificates cannot be delivered on the Closing Date, then such stock certificates must be delivered within five (5) Business Days after the Closing Date, as such period may be extended by the Administrative Agent in its sole discretion) which are required to be delivered under Exhibit A to this Commitment Letter) or is not or cannot be perfected on the Closing Date after your use of commercially reasonable efforts to do so, neither the perfection of such Collateral nor, in the case of real estate Collateral, the delivery of any related title policies, surveys, title insurance documents, endorsements or similar documentation shall constitute a condition precedent to the availability of the Facilities and the making of the initial loans on the Closing Date, but shall be required to be perfected within 90 days after the Closing Date (subject to extensions by the Administrative Agent, in its sole discretion).  For purposes hereof, “Specified Representations” means the representations and warranties of the Loan Parties set forth in the Definitive Debt Documents relating to corporate or other organizational existence of the Borrower and Guarantors,

 

4

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

organizational power and authority (as to execution, delivery and performance of the applicable Definitive Debt Documents) of the Borrower and Guarantors, the due authorization, execution, delivery and enforceability of the applicable Definitive Debt Documents, solvency of the Borrower and its subsidiaries (which representation shall be consistent with the representation contained in Exhibit E hereto), no conflicts resulting from the entering into and performance of the Definitive Debt Documents with charter documents of the Borrower and Guarantors, Federal Reserve margin regulations, the Patriot Act, FCPA, OFAC, the Investment Company Act and, subject to permitted liens and the limitations set forth in the prior sentence, the creation, validity, perfection and priority of security interests in the Collateral (subject, in each case, to certain customary exceptions to be set forth in the Definitive Debt Documents and consistent with the Documentation Principles).  This paragraph shall be referred to herein as the “Certain Funds Provision”.

 

4.                                      Syndication.

 

(a)                                 Each Joint Lead Arranger reserves the right, at any time after the date hereof and prior to or after execution of the Definitive Debt Documents, to syndicate all or part of its (or its affiliated Initial Lender’s) Commitments to a syndicate of banks, financial institutions and other entities identified by the Joint Lead Arrangers in consultation with you and subject to your consent (which shall not be unreasonably withheld or delayed) (collectively with the Initial Lenders, the “Lenders”); provided that the Joint Lead Arrangers will not syndicate to (i) certain banks, financial institutions and other lenders or competitors of the Borrower or the Target that have been specified to us by you or in writing prior to the date hereof and (ii) any of the affiliates of such persons listed in clause (i) that are either (x) identified in writing by you prior to the Closing Date or (y) clearly identifiable on the basis of such affiliates’ names (the parties described in clauses (i) and (ii) above, collectively, “Disqualified Persons”); provided that the Borrower, upon reasonable notice to the Joint Lead Arrangers after the date hereof, shall be permitted to supplement in writing by name the list of persons that are Disqualified Persons to the extent such supplemented person becomes (x) a competitor of, or is or becomes an affiliate of, a competitor of the Borrower or the Target or their respective subsidiaries or (y) an affiliate of a Disqualified Person, which supplement shall be in the form of a list provided to the Administrative Agent, the Joint Lead Arrangers and the Lenders and become effective two business days after delivery to the Administrative Agent, the Joint Lead Arrangers and the Lenders, but which shall not apply retroactively to disqualify any parties that have previously acquired an assignment or participation interest in the either of the Facilities; provided further that any bona fide debt fund or investment vehicle (other than a bona fide debt fund or investment vehicle that is separately identified under clause (i) above) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit and securities in the ordinary course of business shall not be considered to be a competitor or an affiliate of a competitor; provided further that notwithstanding our right to syndicate the Commitments, (i) no Initial Lender shall be relieved, released or novated from its several obligation to fund a portion of the Facilities on the Closing Date in connection with any syndication, assignment or participation of either of the Facilities, including our respective Commitments in respect thereof, until after the Closing Date has occurred, (ii) no assignment or novation by us shall become effective as between us and you with respect to all or any portion of our respective Commitments until the initial funding of the Facilities and (iii) we shall retain exclusive control over the rights and obligations with respect to our respective Commitments in respect of the Facilities, including all rights with respect to consents, modifications, supplements and amendments, until the Closing Date has occurred, in each case, unless you and we agree in writing.  The Joint Lead Arrangers will exclusively manage all aspects of any such syndication in consultation with you, including decisions as to the selection of prospective Lenders to be approached, when they will be

 

5

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

approached, when their commitments will be accepted, which prospective Lenders will participate, the allocation of the commitments among the Lenders, and the amount and distribution of fees.  Notwithstanding anything to the contrary contained in this Section 4, this Commitment Letter or the other Debt Financing Letters or any other letter agreement or undertaking concerning the financing of the Transactions to the contrary, unless otherwise expressly set forth on Exhibit D hereto, your obligations to assist in syndication efforts as provided herein (including the obtaining of the ratings referenced herein) shall not constitute a condition to the Commitments hereunder or the funding of the Facilities on the Closing Date, and the Commitments hereunder are not conditioned upon the syndication of or receipt of commitments in respect of the Facilities and in no event shall the commencement or successful completion of syndication of the Facilities constitute a condition to the availability of the Facilities and the making of the initial loans on the Closing Date.

 

(b)                                 We intend to commence our syndication efforts promptly upon your execution of this Commitment Letter and you agree to use commercially reasonable efforts to assist us until the date that is the earlier of (i) 60 days after the Closing Date and (ii) the date on which a Successful Syndication (as defined in the Fee Letter) is achieved but in no event shall such date be earlier than the Closing Date (such earlier date referred to in clause (i) and (ii), the “Syndication Date”).  Such assistance shall include:

 

(i)                                     your using commercially reasonable efforts to ensure that our syndication efforts benefit from your existing lending and investment banking relationships and, to the extent reasonably requested by you, existing lending and investment banking relationships of the Acquired Business to the extent reasonably practical and appropriate,

 

(ii)                                  your providing direct contact between appropriate members of your senior management, representatives and non-legal advisors, on the one hand, and the proposed Lenders, on the other hand (and (x) prior to the consummation of the Acquisition, your using commercially reasonable efforts (subject to the limitations on your rights set forth in the Acquisition Agreement, but including exercising your rights thereunder) to cause, and (y) thereafter, your causing, direct contact between appropriate members of senior management of the Acquired Business, on the one hand, and the proposed Lenders, on the other hand),

 

(iii)                               your assistance (and (x) prior to the consummation of the Acquisition, your using commercially reasonable efforts to cause, and (y) thereafter, your causing, the Acquired Business to assist) in the preparation of one or more customary confidential information memoranda (each, a “Confidential Information Memorandum”) and other customary marketing materials to be used in connection with the syndication of our Commitments (together with all Confidential Information Memoranda, the “Materials”), by providing such information and other customary materials as we may reasonably request in connection with the preparation of such Confidential Information Memoranda, including, in the case of information concerning the Acquired Business, by requiring the furnishing of information required to be furnished under the Acquisition Agreement, but subject to the limitations on your rights thereunder,

 

(iv)                              your using commercially reasonable efforts to obtain prior to the launch of primary syndication of the Facilities a monitored public corporate rating and a monitored public corporate family rating for the Borrower (after giving pro forma effect to the Transactions) from each of Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc. (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”), respectively, and monitored public facility ratings from

 

6

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

each of S&P and Moody’s for each of the Term Loan Facility, the Notes and, if reasonably requested by the Joint Lead Arrangers, the Bridge Loan Facility (but, for the avoidance of doubt, not any specific rating in either such case), and

 

(v)                                 your hosting, with us, of meetings with prospective Lenders at such times and in such places as mutually agreed (including one general “bank meeting” and a reasonable number of “one on one” meetings), in each case to the extent reasonably requested by us and at such times and places as you and we, acting reasonably, may agree and, to the extent we request that senior management or appropriate representatives of the Acquired Business attend such meetings, you shall use your commercially reasonably efforts to cause them so to attend (without violation of the Acquisition Agreement, but including by exercising your rights thereunder).

 

(c)                                  You agree, at our request, to assist in the preparation of a version of any Materials consisting exclusively of information and documentation that is either (i) publicly available or (ii) not material with respect to you, the Target, or any of your or their respective subsidiaries for purposes of United States federal and state securities laws (such information and Materials, “Public Information”).  In addition, you agree that, unless specifically labeled “Private — Contains Non-Public Information,” no Materials disseminated to potential Lenders in connection with the syndication of the Facilities, whether through an Internet website, electronically, in presentations, at meetings or otherwise, will contain any Material Non-Public Information (as defined below).  Any information and documentation that is not Public Information is referred to herein as “Material Non-Public Information.” It is understood that in connection with your assistance described above, authorization letters will be included in any information package and presentation whereby you authorize the distribution of such information to prospective Lenders, it being understood that (x) the authorization letter for Public Information shall contain a representation by you to the Lenders that the Public Information does not include any such Material Non-Public Information and each letter shall contain a customary “10b-5” representation and (y) each such information package and presentation shall exculpate you, the Target, your and their respective affiliates and us and our respective affiliates with respect to any liability related to the use of the contents of such information package and presentation or any related marketing material by the recipients thereof.  You acknowledge and agree that the following documents contain and shall contain solely Public Information (unless you notify us promptly that any such document contains Material Non-Public Information): (i) draft and final Definitive Debt Documents with respect to the Facilities, (ii) customary administrative materials prepared by us for prospective Lenders (including a lender meeting invitation, Lender allocations, if any, and funding and closing memoranda), and (iii) term sheets and notification of changes in the terms of the Facilities.  You agreed to identify Public Information by clearly and conspicuously marking the same as “PUBLIC”.

 

(d)                                 You agree that all Materials and Information (as defined below) (including draft and execution versions of the Definitive Debt Documents and draft or final offering materials relating to contemporaneous securities issuances by the Company) may be disseminated for syndication purposes in accordance with our standard syndication practices (including through hard copy and via one or more internet sites (including an IntraLinks, SyndTrak or similar workspace), e-mail or other electronic transmissions).  Without limiting the foregoing, you authorize, and will use commercially reasonable efforts to maintain the contractual undertakings from the Acquired Business to authorize, the use of your and (subject to the limitations thereon set forth in the Acquisition Agreement) its logos in connection with any such dissemination.  You further agree that, at our expense, we may place advertisements in financial and other newspapers and periodicals or on a home page or similar place for dissemination of information

 

7

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

on the Internet or worldwide web as we may choose, and circulate similar promotional materials, after the closing of the Transactions in the form of a “tombstone” or otherwise, containing information customarily included in such advertisements and materials, including (i) the names of the Acquiror, the Target and your and its respective affiliates (or any of them), (ii) our and our respective affiliates’ titles and roles in connection with the Transactions, and (iii) the amount, type and closing date of such Transactions, but subject to the limitations on disclosure of confidential information set forth in Section 9 hereof.

 

Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter, (i) none of the foregoing requirements of this Section 4 shall constitute a condition to the commitments hereunder or the funding of the Facilities on the Closing Date and (ii) neither the commencement nor the completion of the syndication of the Facilities shall constitute a condition precedent to the Closing Date or delay or interfere in any way with the negotiation of the Facilities and/or the funding thereof.

 

5.                                      Information.  You represent and warrant with respect to the Acquiror, the Target and your and its respective subsidiaries (provided that, with respect to information relating to the Target and its subsidiaries, such representation and warranty is to your knowledge) that:

 

(a)                                 all written information (excluding, for this purpose, all immaterial information) and data other than the Projections (as defined below), forward-looking information and information of a general economic or industry-specific nature (the “Information”) that has been or will be made available to us by or on behalf of you or any of your representatives with respect to the Acquiror, the Target or your or its respective subsidiaries in connection with the Transactions does not and will not, when taken as a whole, when furnished or on the Closing Date, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not materially misleading, taken as a whole, in light of the circumstances under which such statements are made, and

 

(b)                                 all projections, forecasts and other forward-looking information that have been or will be made available to us by you or on your behalf with respect to you, the Acquired Business or any of your or its respective subsidiaries (collectively, the “Projections”) have been or will be prepared in good faith based upon assumptions that are believed by you to be reasonable at the time made (it being understood that any such Projections are not to be viewed as facts, are not a guarantee of financial performance and are subject to uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections will be realized, that actual results may differ and that such differences may be material).

 

You agree that, if at any time prior to the later of the Closing Date and the Syndication Date, you become aware that any of the representations and warranties in the preceding sentence would be incorrect in any material respect if the Information or Projections were then being furnished and such representations and warranties were then being made, you shall, at such time, supplement promptly such Information and/or Projections, as the case may be, in order that such representations and warranties (and with respect to the Target and its subsidiaries prior to the Closing Date, to your knowledge) will be correct in all material respects under those circumstances (and any such supplementation shall cure any breach of such representation and warranty).

 

You shall be solely responsible for Information, including the contents of all Materials.  We (i) will be relying on Information and data provided by or on behalf of you and the Acquired Business or any of your or its representatives or otherwise available from generally recognized public sources,

 

8

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

without having independently verified the accuracy or completeness of the same, (ii) do not assume responsibility for the accuracy or completeness of any such Information and data and (iii) will not make an appraisal of your assets or liabilities or the assets or liabilities of the Acquired Business.

 

6.                                      Clear Market.  You agree that, from the date hereof until the Syndication Date, you and your subsidiaries will not, and you will use commercially reasonable efforts not to permit the Acquired Business to, directly or indirectly, (i) syndicate, place, sell or issue, (ii) attempt or offer to syndicate, place, sell or issue, (iii) announce or authorize the announcement of the syndication, placement, sale or issuance of, or (iv) engage in discussions concerning the syndication, placement, offering, sale or issuance of, any debt facility, debt security or convertible or equity-linked security or obligation (but excluding common equity and preferred stock not redeemable at the option of the holder thereof) of you, the Target or any of your or its respective subsidiaries (other than (x) the Debt Financing contemplated hereby and the financings contemplated by the Engagement Letter, (y) letters of credit, capital leases, purchase money indebtedness, equipment financings and, in the case of the Acquired Business, drawings under its revolving credit facility, in each case in the ordinary course of business, and (z) in the case of the Target and its subsidiaries, indebtedness permitted to be incurred prior to the Closing Date under the Acquisition Agreement), including any renewals or refinancings of any existing debt facility, without our prior written consent.

 

7.                                      Fees and Expenses.  As consideration for the Commitment and our other undertakings hereunder, you hereby agree to pay or cause to be paid to us and Jefferies for our respective accounts the fees, expenses and other amounts set forth in the Debt Financing Letters on the terms and conditions set forth therein.

 

8.                                      Indemnification and Waivers.  You agree to indemnify and hold harmless the Joint Lead Arrangers, the Lenders and our and their respective affiliates (including, in the case of Jefferies Finance, Jefferies LLC) and subsidiaries and each director, officer, trustee, shareholders employee, advisor, agent, affiliate, successor, assign, attorney in fact, partner, representative and controlling person of each of the foregoing (each an “Indemnified Person”) from and against any and all actions, suits, investigation, inquiry, claims, actual losses, damages, liabilities or proceedings of any kind or nature whatsoever which may be incurred by or asserted against or involve any such Indemnified Person as a result of or arising out of or in any way related to or resulting from the Debt Financing Letters, the Debt Financing, the Facilities, the use of proceeds thereof, the Transactions or the other transactions contemplated hereby or thereby (regardless of whether any such Indemnified Person is a party thereto and regardless of whether such matter is initiated by a third party or otherwise) (any of the foregoing, a “Proceeding”), and you agree to reimburse each Indemnified Person within 30 days after written demand therefor (which request shall include reasonably detailed backup documentation) for any reasonable and documented legal or other out-of-pocket expenses incurred in connection with investigating, defending, preparing to defend or participating in any such Proceeding (limited, in the case of legal fees and expenses, to one firm of primary counsel to such Indemnified Persons taken as a whole (and one or more firms of additional counsel as a result of any actual or reasonably perceived conflicts of interest for each class of similarly situated Indemnified Persons) and any reasonably necessary local counsel in each applicable jurisdiction);  provided, however, that no Indemnified Person will be indemnified for any such cost, expense or liability (a) to the extent determined by a final non-appealable judgment of a court of competent jurisdiction to have resulted from (i) the gross negligence, bad faith or willful misconduct of such Indemnified Person or its affiliates or (ii) a material breach of such Indemnified Person’s or its affiliate’s obligations under the Debt Financing Letters or (b) to the extent arising out of any dispute among Indemnified Persons (other

 

9

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

than a dispute involving claims against any Indemnified Person in its capacity as administrative agent or arranger or any other agent or co-agent (if any) designated with respect to either Facility) that a court of competent jurisdiction has determined in a final non-appealable decision did not result from actions or omissions of the Acquiror, the Target or their respective direct or indirect parents, controlling persons or subsidiaries.  In the case of any Proceeding to which the indemnity in this paragraph applies, such indemnity and reimbursement obligations shall be effective, whether or not such Proceeding is brought by you, the Target, any of your or their respective affiliates, securityholders or creditors, an Indemnified Person or any other person, or an Indemnified Person is otherwise a party thereto and whether or not any aspect of the Debt Financing Letters, the Debt Financing or any of the Transactions is consummated.

 

Notwithstanding any other provision of this Commitment Letter, (i) no Indemnified Person shall be liable for any damages arising from the use by others of information or other materials obtained through internet, electronic, telecommunications or other information transmission systems, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any of such Indemnified Person’s affiliates or any of its or their respective officers, directors, employees, agents, advisors or other representatives, in each case who are involved in or aware of the Transactions as determined by a final, non-appealable judgment of a court of competent jurisdiction and (ii) without in any way limiting the indemnification obligations set forth above, none of us, you, the Target or any Indemnified Person shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) in connection with this Commitment Letter, the Fee Letter, the Transactions (including the Facilities and the use of proceeds thereunder), or with respect to any activities related to the Facilities, including the preparation of the Debt Financing Letters and the Definitive Debt Documents; provided, that nothing contained in the preceding clause (ii) shall limit your indemnification obligations set forth herein to the extent that such indirect, special, punitive or consequential damages are included in any third party claim in connection with which such Indemnified Person is entitled to indemnification hereunder.

 

You shall not be liable for any settlement of any Proceeding effected without your written consent (which consent shall not be unreasonably withheld or delayed), but if settled with your written consent or if there is a judgment by a court of competent jurisdiction in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the other provisions of this Section 8.

 

You shall not, without the prior written consent of the affected Indemnified Person (which consent shall not be unreasonably withheld or delayed, it being understood that an Indemnified Person may withhold consent to a settlement that does not satisfy the criteria in clauses (i) and (ii) below), effect any settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such Indemnified Person unless such settlement (i) includes an unconditional release of such Indemnified Person in form and substance reasonably satisfactory to such Indemnified Person from all liability or claims that are the subject matter of such proceedings and (ii) does not include any statement as to or any admission of fault, culpability, wrong doing or a failure to act by or on behalf of any Indemnified Person.  Notwithstanding the foregoing, each Indemnified Person shall be obligated to refund and/or return promptly any and all amounts paid by you or on your behalf under this paragraph to such Indemnified Person for any such losses, claims, damages, liabilities and expenses to the extent such Indemnified Person is not entitled to payment of such amounts in accordance with the terms hereof.

 

10

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

9.                                      Confidentiality.  This Commitment Letter and the Fee Letter are each delivered to you on the understanding that neither this Commitment Letter, any other Debt Financing Letter nor any of their terms or substance will be disclosed, directly or indirectly, to any other person or entity except (a) this Commitment Letter (but not the Fee Letter) may be disclosed as required by the rules and regulations of the Securities and Exchange Commission (the “SEC”) in connection with any filings with the SEC in connection with the Transactions (in which case you agree to inform us promptly thereof), (b) pursuant to the order of any court or administrative agency in any pending legal or administrative proceeding, or as otherwise required by applicable law or compulsory legal process (and in either such case you agree to inform us promptly thereof and to cooperate with us in securing a protective order in respect thereof to the extent lawfully permitted to do so), (c) to you and your officers, directors, employees, stockholders, affiliates, agents, attorneys, accountants and advisors on a confidential and need to know basis and only in connection with the Transactions, (d) the Term Sheets may be disclosed to rating agencies in connection with their review of the Facilities and the Notes Offering or the Borrower, (e) the information contained in this Commitment Letter (but not that contained in the Fee Letter) may be disclosed in any Confidential Information Memorandum and any offering materials for the Notes Offering or in connection with the syndication of the Facilities, (f) this Commitment Letter (but not the Fee Letter) may be disclosed to the Target, the Seller, their direct and indirect equity holders and their respective officers, directors, employees, attorneys, accountants, agents and advisors, in each case on a confidential basis and only in connection with the Transactions, (g) to the extent portions thereof have been redacted in a manner reasonably agreed by us, you may disclose the Fee Letter and the contents thereof to the Target, the Seller and their respective officers, directors, employees, attorneys, accountants and advisors, in each case on a confidential basis and only in connection with the Transactions, and (h) after the Closing Date, you may disclose to the Acquired Business’s auditors the Fee Letter and the contents thereof for customary accounting purposes, including accounting for deferred financing costs.  You may also disclose, on a confidential basis, the aggregate amount of fees (including original issue discount) payable under the Fee Letter as part of a generic disclosure regarding sources and uses (but without disclosing any specific fees or “flex” or other economic terms set forth therein) in connection with the syndication of the Facilities.

 

We and our respective affiliates shall use all non-public information received by us and them from you, the Target or your or its respective subsidiaries and representatives in connection with the Transactions solely for the purposes of providing the services contemplated by the Debt Financing Letters and shall treat confidentially all such non-public information; provided, however, that nothing herein shall prevent us from disclosing any such information (a) on a customary basis, to Moody’s and S&P in connection with obtaining ratings in connection with the Transactions (including ratings in connection with the Notes), (b) to any Lenders or participants or prospective Lenders or participants (other than persons who have, on the date of disclosure, effectively been designated as Disqualified Persons) and to any direct or indirect contractual counterparty to any credit default swap or similar derivative product (other than Disqualified Persons), (c) in any legal, judicial, administrative proceeding or other compulsory process or otherwise as required by applicable law, rule or regulations (in which case we will promptly notify you, in advance, to the extent practicable and permitted by law, rule or regulation, except in connection with any request as part of any regulatory audit or examinations conducted by accountants or any governmental regulatory authority exercising examination or regulatory authority), (d) upon the request or demand of any governmental or regulatory authority (including any self-regulatory authority) having jurisdiction over us or upon the good faith determination by counsel that such information should be disclosed in light of ongoing oversight or review by any governmental or regulatory authority (including any self-regulatory authority) having jurisdiction over us (in which case we shall, to the extent practicable and permitted by law, rule or regulation, except with respect to any audit or examination

 

11

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

conducted by accountants or any governmental regulatory authority exercising examination or regulatory authority, promptly notify you, in advance, to the extent lawfully permitted to do so), (e) to our respective officers, directors, employees, legal counsel, independent auditors, professionals and other experts or agents working on the Transactions (collectively, “Representatives”) and who are informed of the confidential nature of such information and are or have been advised of their obligation to keep information of this type confidential, (f) to any of our respective affiliates or Representatives of our respective affiliates (provided that any such affiliate or Representative is advised of its obligation to retain such information as confidential) solely in connection with the Transactions, (g) to the extent any such information is or becomes publicly available other than by reason of improper disclosure by us, our respective affiliates or our respective Representatives in breach of this Commitment Letter, (h) to the extent that any such information is independently developed by us, any of our respective affiliates or any of our respective Representatives, (i) to the extent that such information is received by us or our affiliates from a third party that is not to our or our respective affiliates’ knowledge subject to confidentiality obligations to you and (j) to establish a “due diligence” defense, if applicable; provided that the disclosure of any such information to any Lenders or prospective Lenders or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such Lenders or prospective Lenders or participant or prospective participant that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and us, including, without limitation, as agreed in any confidential information memorandum or other marketing materials) in accordance with our standard syndication processes or customary market standards for dissemination of such type of information.  Our obligations under this paragraph shall terminate two years from the date hereof.

 

Notwithstanding anything herein to the contrary, you and we (and any of your and our respective employees, respective representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by the Debt Financing Letters and all materials of any kind (including opinions or other tax analyses) that are provided to you or us relating to such tax treatment and tax structure, except that (i) tax treatment and tax structure shall not include the identity of any existing or future party (or any affiliate of such party) to any Debt Financing Letter, and (ii) neither you nor we shall disclose any information relating to such tax treatment and tax structure to the extent nondisclosure is reasonably necessary in order to comply with applicable securities laws.  For this purpose, the tax treatment of the transactions contemplated by the Debt Financing Letters is the purported or claimed U.S. federal income tax treatment of such transactions and the tax structure of such transactions is any fact that may be relevant to understanding the purported or claimed U.S. federal income tax treatment of such transactions.

 

10.                               Conflicts of Interest; Absence of Fiduciary Relationship.  You acknowledge and agree that:

 

(a)                                 each of us and/or our respective affiliates and subsidiaries, including, in the case of Jefferies Finance, Jefferies Group LLC and its affiliates (each, a “Commitment Party Group”), in our and their capacities as principal or agent, are involved in a wide range of commercial banking and investment banking activities globally (including investment advisory, asset management, research, securities issuance, trading, and brokerage) from which conflicting interests or duties may arise and, therefore, conflicts may arise between (i) our interests and duties hereunder and (ii) the duties or interests or other duties or interests of another member of our respective Commitment Party Group,

 

12

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

(b)                                 we and any other member of a Commitment Party Group may, at any time, (i) provide services to any other person, (ii) engage in any transaction (on our or its own account or otherwise) with respect to you or any member of the same group as you or (iii) act in relation to any matter for any other person whose interests may be adverse to you or any member of your group (a “Third Party”), and may retain for our or its own benefit any related remuneration or profit, notwithstanding that a conflict of interest exists or may arise and/or any member of a Commitment Party Group is in possession or has come or comes into possession (whether before, during or after the consummation of the transactions contemplated hereunder) of information confidential to you; provided that such confidential information shall not be used by us or any other member of a Commitment Party Group in performing services or providing advice to any Third Party.  You accept that permanent or ad hoc arrangements/information barriers may be used between and within our divisions or divisions of other members of a Commitment Party Group for this purpose and that locating directors, officers or employees in separate workplaces is not necessary for such purpose,

 

(c)                                  information that is held elsewhere within us or a member of any Commitment Party Group, but of which none of the individual directors, officers or employees having primary responsibility for the consummation of the transactions contemplated by this Commitment Letter actually has knowledge (or can properly obtain knowledge without breach of internal procedures), shall not for any purpose be taken into account in determining our responsibilities to you hereunder,

 

(d)                                 neither we nor any other member of a Commitment Party Group shall have any duty to disclose to you, or utilize for your benefit, any non-public information acquired in the course of providing services to any other person, engaging in any transaction (on our or its own account or otherwise) or otherwise carrying on our or its business,

 

(e)                                  (i) neither we nor any of our respective affiliates have assumed any advisory responsibility or any other obligation in favor of the Acquiror, the Target or any of its or their affiliates except the obligations expressly provided for under the Debt Financing Letters, except for the advisory services of Jefferies LLC, (ii) we and our respective affiliates, on the one hand, and the Acquiror and its affiliates, on the other hand, have an arm’s-length business relationship that does not directly or indirectly give rise to, nor does the Acquiror or any of its affiliates rely on, any fiduciary duty on the part of us or any of our respective affiliates and (iii) we are (and are affiliated with) full service financial firms and as such may effect from time to time transactions for our own account or the account of customers, and hold long or short positions in debt, equity-linked or equity securities or loans of companies that may be the subject of the transactions contemplated by this Commitment Letter (and, in particular, we and any other member of a Commitment Party Group may at any time hold debt or equity securities for our or its own account in the Company).  With respect to any securities and/or financial instruments so held by us, any of our respective affiliates or any of our respective customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of such rights, in its sole discretion.  You hereby waive and release, to the fullest extent permitted by law, any claims you have, or may have, with respect to (i) any breach or alleged breach of fiduciary duty (and agree that we shall have no liability (whether direct or indirect) to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of you, including your stockholders, employees or creditors) and (ii) any conflict of interest arising from such transactions, activities, investments or holdings, or arising from our failure or the failure of any of our respective affiliates to bring such transactions, activities, investments or holdings to your attention, and

 

13

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

(f)                                   neither we nor any of our respective affiliates are advising you as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.  You shall consult with your own advisors concerning such matters and shall be responsible for making your own independent investigation and appraisal of the transactions contemplated by the Debt Financing Letters, and neither we nor our respective affiliates shall have responsibility or liability to you with respect thereto.  Any review by us, or on our behalf, of the Company, the Transactions, the other transactions contemplated by the Debt Financing Letters or other matters relating to such transactions will be performed solely for our benefit and shall not be on behalf of you or any of your affiliates.

 

11.                               Choice of Law; Jurisdiction; Waivers.  The Debt Financing Letters, and any claim, controversy or dispute arising under or related to the Debt Financing Letters (whether in contract or tort), shall be governed by, and construed in accordance with, the laws of the State of New York; provided, however, that the interpretation of any provisions of the Acquisition Agreement referred to in this Commitment Letter, including the determination of the accuracy of the Specified Acquisition Agreement Representations and the definition of “Company Material Adverse Effect” shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.  To the fullest extent permitted by applicable law, each of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of any New York State court or federal court sitting in the County of New York and the Borough of Manhattan in respect of any claim, suit, action or proceeding arising out of or relating to the provisions of any Debt Financing Letter and irrevocably agrees that all claims in respect of any such claim, suit, action or proceeding may be heard and determined in any such court (provided that suit for the recognition or enforcement of any judgment obtained in any such New York State or Federal court may be brought in any other court of competent jurisdiction) and that service of process therein may be made by certified mail, postage prepaid, to its address set forth above and further agree that a final judgment in any such suit, action or proceeding shall be conclusive and many be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  You and we hereby waive, to the fullest extent permitted by applicable law, any objection that you or we may now or hereafter have to the laying of venue of any such claim, suit, action or proceeding brought in any such court, and any claim that any such claim, suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  You and we hereby waive, to the fullest extent permitted by applicable law, any right to trial by jury with respect to any claim, suit, action or proceeding (whether based upon contract, tort or otherwise) arising out of or relating to the Debt Financing Letters, any of the Transactions or any of the other transactions contemplated hereby or thereby.  The provisions of this Section 11 are intended to be effective upon the execution of this Commitment Letter without any further action by you or us, and the introduction of a true copy of this Commitment Letter into evidence shall be conclusive and final evidence as to such matters.

 

12.                               Miscellaneous.

 

(a)                                 This Commitment Letter may be executed in one or more counterparts, each of which will be deemed an original, but all of which taken together will constitute one and the same instrument.  Delivery of an executed signature page of this Commitment Letter by facsimile, PDF or other electronic transmission will be effective as delivery of a manually executed counterpart hereof.

 

(b)                                 You may not assign any of your rights, or be relieved of any of your obligations, under this Commitment Letter without our prior written consent, which may be given or withheld in our

 

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[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

reasonable discretion (and any purported assignment without such consent, at our sole option, shall be null and void) except that you may assign your rights hereunder without our prior written consent (x) to any of your subsidiaries that is a domestic “shell” company controlled by you that consummates or intends to consummate the Acquisition, so long as (i) you remain liable for all of your obligations under each of the Debt Financing Letters, (ii) each other Debt Financing Letter is contemporaneously assigned to the applicable assignee and (iii) such assignee agrees to be obligated on each Debt Financing Letter pursuant to documentation reasonably satisfactory to us and (y) in connection with any other assignment that occurs as a matter of law pursuant to, or otherwise substantially simultaneously with, the Acquisition at the closing of the Acquisition in accordance with the Acquisition Agreement.  We may at any time and from time to time assign all or any portion of our Commitments hereunder to one or more of our respective affiliates (provided that, unless you otherwise consent in writing to such assignment, we will remain liable for our obligations hereunder until the funding of the Facilities) or, subject to Sections 2 and 4 hereof, to one or more Lenders.  Any and all obligations of, and services to be provided by, us hereunder (including our respective Commitments) may be performed, and any and all of our rights hereunder may be exercised, by or through any of our respective affiliates or branches and we reserve the right to allocate, in whole or in part, to our respective affiliates or branches certain fees payable to us in such manner as we and our respective affiliates may agree in our and their sole discretion.  You further acknowledge that we may share with any of our respective affiliates, and such affiliates may share with us, any information relating to the Transactions, you or the Acquired Business (and your and their respective affiliates), or any of the matters contemplated in the Debt Financing Letters.

 

(c)                                  This Commitment Letter has been and is made solely for the benefit of you, us and the Indemnified Persons and your, our and their respective successors and assigns, and nothing in this Commitment Letter, expressed or implied, is intended to confer or does confer on any other person or entity any rights or remedies under or by reason of this Commitment Letter or your and our agreements contained herein.

 

(d)                                 The Debt Financing Letters set forth the entire understanding of the parties hereto as to the scope of the Commitments and our obligations hereunder and thereunder.  The Debt Financing Letters supersede all prior understandings and proposals, whether written or oral, between us and you relating to any financing or the transactions contemplated hereby and thereby.

 

(e)                                  You agree that we or any of our respective affiliates may disclose information about the Transactions to market data collectors and similar service providers to the financing community.

 

(f)                                   We hereby notify you that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT Act”), each of us and each of the Lenders may be required to obtain, verify and record information that identifies the Borrower and the Guarantors, which information may include their names, addresses, tax identification numbers and other information that will allow each of us and the Lenders to identify the Borrower and the Guarantors in accordance with the PATRIOT Act.  This notice is given in accordance with the requirements of the PATRIOT Act and is effective for each of us and the Lenders.

 

13.                               Amendment; Waiver.  This Commitment Letter may not be modified or amended except in a writing duly executed by the parties hereto.  No waiver by any party of any breach of, or any provision of, this Commitment Letter shall be deemed a waiver of any similar or any other breach or

 

15

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

provision of this Commitment Letter at the same or any prior or subsequent time.  To be effective, a waiver must be set forth in writing signed by the waiving party.

 

14.                               Surviving Provisions.  Notwithstanding anything to the contrary in this Commitment Letter, except as set forth in the immediately succeeding sentence: (i) Sections 6 to and including 15 hereof shall survive the expiration or termination of this Commitment Letter, regardless of whether the Definitive Debt Documents have been executed and delivered or the Transactions consummated, and (ii) Sections 2, 4 and 6 to and including 13 hereof shall survive execution and delivery of the Definitive Debt Documents and the consummation of the Transactions.  Upon execution and delivery of the Definitive Debt Documents, except as otherwise provided in the immediately preceding sentence, the provisions of this Commitment Letter shall be superseded in their entirety by those set forth in the Definitive Debt Documents.

 

15.                               Acceptance, Expiration and Termination; Reduction.  Please indicate your acceptance of the terms of the Debt Financing Letters by returning to us executed counterparts of the Debt Financing Letters not later than 5:00 p.m., New York City time, on June 29, 2015 (the “Deadline”).  The Debt Financing Letters are conditioned upon your contemporaneous execution and delivery to us, and the contemporaneous receipt by us, of executed counterparts of each Debt Financing Letter on or prior to the Deadline.  This Commitment Letter will expire at such time in the event that you have not returned such executed counterparts to us by such time.  Thereafter, except with respect to any provision that expressly survives pursuant to Section 14, this Commitment Letter (but not the Fee Letter) will terminate automatically on the earliest of (i) the date that is five business days after the valid termination of the Acquisition Agreement prior to the closing of the Acquisition, (ii) the closing of the Acquisition (unless the Initial Lenders have failed to fund in breach of their obligations hereunder), and (iii) 5:00 p.m., New York City time, on the earlier of (x) the Outside Date, as defined in the Acquisition Agreement and (y) October 26, 2015.  You may terminate this Commitment Letter and the Initial Purchasers’ Commitments hereunder in full, or reduce such Commitments on a pro rata basis between the Initial Lenders, at any time, subject to the terms of this Section 14  and the Fee Letter; provided, however, that no such reduction of Commitments hereunder prior to the Closing Date may reduce the aggregate Commitments (pro rata between the Initial Lenders) to less than $600,000,000, so long as (I) the aggregate Commitments under the Term Loan Facility equal an amount that is either at least $250,000,000 or zero and (II) the aggregate Commitments under the Bridge Loan Facility equal an amount that is either at least $300,000,000 or zero.  In addition, (x) our Commitments hereunder to provide Bridge Loans shall automatically be reduced, on a dollar-for-dollar basis, by the aggregate gross proceeds from the issuance or sale of the Notes upon the closing thereof (whether in escrow or otherwise) and (y) receipt of New Equity Proceeds on or prior to the Closing Date will reduce the Commitments (pro rata between the Initial Lenders) on a dollar-for-dollar basis until the aggregate Commitments are equal to $600,000,000, allocated at your discretion, but subject to clauses (I) and (II) of the proviso to the preceding sentence.

 

Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement with respect to the subject matter contained herein, including an agreement to negotiate in good faith the Loan Documents by the parties hereto in a manner consistent with this Commitment Letter, it being acknowledged and agreed that the commitments provided hereunder by the Commitment Parties are subject only to the conditions precedent set forth in Section 3 hereof, including the execution and delivery of the Loan Documents (which shall be negotiated in good faith as required by the Documentation Principles).

 

16

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

[Signature Pages Follow.]

 

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[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

We are pleased to have the opportunity to work with you in connection with this important financing.

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
JEFFERIES FINANCE LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Brian Buoye
    
	
 
    	
 
    	
Name:
    	
Brian Buoye
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

[Signature Page to Commitment Letter]

 

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
BARCLAYS   BANK PLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeremy Hazan
    
	
 
    	
 
    	
Name:
    	
Jeremy Hazan
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

[Signature Page to Commitment Letter]

 

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

Accepted and agreed to as of the 
 date first above written:

 

	
AMAG PHARMACEUTICALS, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Frank E. Thomas
    	
 
    
	
 
    	
Name:
    	
Frank E. Thomas
    	
 
    
	
 
    	
Title:
    	
Chief Operating Officer
    	
 
    

 

[Signature Page to Commitment Letter]

 

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

EXHIBIT A TO COMMITMENT LETTER

 

SUMMARY OF TERMS OF SENIOR CREDIT FACILITIES

 

Set forth below is a summary of the principal terms of the Senior Credit Facilities and the documentation related thereto.  Capitalized terms used and not otherwise defined in this Exhibit A have the meanings set forth elsewhere in this Commitment Letter.

 

	
I.                                        Parties
    	
 
    
	
 
    	
 
    
	
Borrower
    	
AMAG   Pharmaceuticals, Inc. (the “Borrower”).
    
	
 
    	
 
    
	
Guarantors
    	
Each of the direct and indirect wholly-owned subsidiaries of the   Borrower (other than (i) any foreign subsidiary (defined to include any   subsidiary that is a “controlled foreign corporation” within the meaning of   section 957 of the United States Tax Code of 1986, as amended (a “CFC”)), (ii) any   direct or indirect U.S. subsidiary of a direct or indirect foreign subsidiary   of the Borrower, (iii) any U.S. subsidiary if it has no material assets   other than equity interests of one or more foreign subsidiaries,   (iv) immaterial subsidiaries (to be defined in a mutually acceptable   manner as to individual and aggregate revenues or assets excluded),   (v) captive insurance companies, (vi) not-for profit subsidiaries,   (vii) special purpose entities reasonably satisfactory to the   Administrative Agent, (viii) in the case of any hedging obligations, any   subsidiary that is not an “Eligible Contract Participant” as defined in the   Commodity Exchange Act, (ix) other subsidiaries to the extent a   guarantee by any such subsidiary is not permitted by law, regulation or   contract existing on the Closing Date or on the date any such subsidiary is   acquired or organized (as long as, in the case of an acquisition of a   subsidiary, such prohibition in respect of such contract did not arise as   part of or in contemplation of such acquisition), in each case to the extent,   and so long as, such law, regulation or contract prohibits such subsidiary   from becoming a guarantor, (x) any subsidiary acquired pursuant to a   permitted acquisition or investment that is subject to indebtedness permitted   to be assumed pursuant to the Loan Documents and any subsidiary thereof that   guarantees such indebtedness, in each case to the extent, and so long as,   such indebtedness prohibits such subsidiary from becoming a guarantor,   (xi) any subsidiary where the Administrative Agent and the Borrower   agree that the cost or burden of obtaining a
    

 

Exhibit A-1

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
guarantee by such subsidiary would be excessive in light of the   practical benefit to the Lenders afforded thereby, (xii) unrestricted   subsidiaries, (xiii) any Massachusetts securities corporation, if the   granting of a guarantee by such corporation would result in adverse tax or   other consequences to the Borrower or such subsidiary and (xiv) other   exceptions to be mutually agreed upon, in each case so long as such person   does not guarantee any indebtedness of the Borrower or any other Loan Party)   (collectively, the “Guarantors;”   the Borrower and the Guarantors, collectively, the “Credit Parties”).
    
	
 
    	
 
    
	
Joint Lead Arrangers and   Bookrunners
    	
Jefferies Finance LLC (“Jefferies   Finance”) and Barclays Bank PLC (“Barclays”;   Jefferies Finance and Barclays, in such capacity, the “Joint Lead Arrangers”). The Joint Lead Arrangers will perform   the duties customarily associated with such role
    
	
 
    	
 
    
	
Administrative Agent
    	
Jefferies Finance and/or one or more of its designees (in such   capacity, the “Administrative   Agent”). The Administrative Agent will perform the duties   customarily associated with such role. Any such designee that is not an   affiliate of Jefferies Finance will be subject to the approval of the   Borrower, which approval may not be unreasonably withheld, delayed or conditioned.
    
	
 
    	
 
    
	
Collateral Agent
    	
Jefferies Finance and/or one or more of its designees (in such   capacity, the “Collateral   Agent”). The Collateral Agent will perform the duties   customarily associated with such role. Any such designee that is not an affiliate   of Jefferies Finance will be subject to the approval of the Borrower, which   approval may not be unreasonably withheld, delayed or conditioned.
    
	
 
    	
 
    
	
Lenders
    	
A syndicate of banks, financial institutions and other institutions   (including the Initial Lenders) other than Disqualified Persons   (collectively, the “Lenders”)   identified by the Joint Lead Arrangers and reasonably acceptable to the   Borrower.
    
	
 
    	
 
    
	
Closing Date
    	
The date, on or before the date on which the Commitments are   terminated in accordance with Section 15 of the Commitment   Letter, on which the Acquisition is consummated and the initial funding of   the Loans occurs (the “Closing Date”).
    

 

Exhibit A-2

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
Loan Documents
    	
The definitive documentation governing or evidencing the Senior Credit   Facilities (collectively, the “Loan   Documents”) (a) shall be consistent with the Commitment   Letter and the Fee Letter, will contain only those conditions to borrowing,   mandatory prepayments, representations, warranties, covenants and events of   default referred to in this Commitment Letter (subject to modification in   accordance with the “market flex” provisions of the Fee Letter) and   consistent with loan documentation terms customary and usual for facilities   and transactions of this type (but in no event including any conditions to   borrowing not set forth in the Commitment Letter (including this Summary of   Terms and Exhibits B and D hereto)), and (b) shall be   negotiated in good faith by the Borrower and the Joint Lead Arrangers giving   due regard to (i) the terms set forth in certain precedent loan   documents to be mutually agreed by the Borrower and the Joint Lead Arrangers,   (ii) the differences in the business of the borrower under such   precedent documentation on one hand, and the Borrower and its subsidiaries,   on the other hand, (iii) the operational and strategic requirements of   the Borrower and its subsidiaries in light of their size, industries,   businesses and business practices, operations, financial accounting, matters   disclosed in the Acquisition Agreement and the Projections delivered to the   Joint Lead Arrangers prior to the date of the Commitment Letter,   (iv) certain baskets, thresholds and exceptions will be adjusted in   light of the EBITDA and total assets of the Borrower and its restricted   subsidiaries, and (v) the prevailing market conditions at the time of   syndication of the Facilities. This paragraph and the provisions herein are   referred to as the “Documentation Principles”.
    
	
 
    	
 
    
	
II.                                   Senior Credit Facilities
    	
 
    
	
 
    	
 
    
	
Term Loan Facility
    	
A 6-year senior   secured first lien term loan facility in an aggregate principal amount equal   to $350.0 million (the “Term   Loan Facility”; the loans thereunder, the “Term Loans” or the   “Loans”).

 

The full amount   of the Term Loan Facility (other than any Incremental Term Loans) shall be   drawn in a single drawing on the Closing Date.  Amounts borrowed under the Term Loan   Facility that are repaid or prepaid may not be reborrowed.
    

 

Exhibit A-3

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
Final Maturity and Amortization   of Term Loan Facility
    	
 
    	
The Term Loan   Facility will mature on the date that is six years after the Closing Date and   will amortize at an annual rate of [***]% in equal quarterly installments of   [***]% of the original principal amount of the Term Loan Facility, with the   balance payable on the sixth anniversary of the Closing Date.  The first installment shall be due and   payable on the last day of the first full fiscal quarter following the   Closing Date.

 

Notwithstanding   any of the foregoing, the Loan Documents shall provide the right for   individual Lenders under the Term Loan Facility to agree to extend the   maturity date of the outstanding Term Loans (which may include, among other   things, an increase in the interest rate payable with respect to such   extended Term Loans, with such extension not subject to any financial test or   “most favored nation” pricing provision) upon the request of the Borrower and   without the consent of any other Lender pursuant to customary procedures to   be agreed; it being understood that each Lender under the applicable tranche   or tranches that are being extended shall have the opportunity to participate   in such extension on the same terms and conditions as each other Lender in   such tranche or tranches; provided,   further that it is understood   that no existing Lender will have any obligation to commit to any such   extension.  The terms of the extended   Term Loans shall be substantially similar to the Term Loans except for   interest rates, fees, amortization (so long as, prior to the final stated   maturity of the Term Loans, the amortization of such extended Term Loans does   not exceed equal quarterly installments in an aggregate annual amount equal   to [***]% of the original principal amount of the extended Term Loans), final   maturity date, provisions requiring optional and mandatory prepayments to be   directed first to the non-extended Term Loans prior to being applied to   extended Term Loans and certain other provisions to be agreed, provided that   the extended Term Loans shall not benefit from Guarantees or Collateral that   do not also benefit the existing Term Loans, and further provided that other   terms of the extended Term Loans may differ from the Term Loans to the extent   such differences do not apply until after the final stated maturity of the   Term Loans.

 

The Administrative Agent and Borrower shall   be permitted to effect such amendments to the Loan Documents as may be   necessary or appropriate to give 
    

 

Exhibit A-4

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
effect to the foregoing, including   conforming amendments (which may be in the form of an amendment and   restatement), without the consent of any Lender, other than the Lenders   agreeing to extend such extended Term Loans.
    
	
 
    	
 
    
	
Incremental Credit Facilities
    	
The Borrower   shall have the right to increase the size of or incur additional loans under   the Term Loan Facility and/or establish revolving credit commitments under a   revolving credit facility (a “Revolving   Credit Facility”) (including, at   the Borrower’s election and with the Administrative Agent’s approval,   subfacilities for swing line loans and letters of credit) (such new   commitments, (x) with respect to the Term Loan Facility, “Incremental Term Loan   Commitments” and such new loans, “Incremental Term Loans” and (y) with   respect to any such Revolving Credit Facility, “Incremental Revolving Commitments” and such   new loans, “Incremental Revolving   Credit Loans”; each of the Incremental Term Loans and   Incremental Revolving Commitments may hereinafter be referred to as the “Incremental Facility”),   at any time after the Closing Date, from willing existing Lenders and/or   Additional Lenders (as defined below); in an aggregate principal amount not   to exceed the sum of (A) $225.0 million, less the aggregate   principal amount of all Incremental Equivalent Debt (as defined below) issued   and/or incurred in reliance on this clause (A) plus (B) the   aggregate amount of all voluntary prepayments and voluntary commitment   reductions of the Senior Credit Facilities (with respect to any Revolving   Credit Facility, to the extent accompanied by a permanent reduction of the   revolving commitments) (other than to the extent such voluntary prepayment is   funded with proceeds of indebtedness) plus (C) an unlimited   additional amount at any time so long as the First Lien Net Leverage Ratio   (as defined below), on a pro forma basis after giving effect to such   Incremental Facility and any acquisition consummated in connection therewith,   and all other appropriate pro forma adjustments under the Loan Documents   ((1) assuming all Incremental Revolving Commitments incurred on such   date were fully drawn and (2) without netting the cash proceeds of any   borrowing under the Incremental Facility being incurred), does not exceed the   First Lien Net Leverage Ratio on the Closing Date (the amount under clauses   (A), (B) and (C), the “Available   Incremental Amount”); 
    

 

Exhibit A-5

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
provided, that,
    
	
 
    	
 
    
	
 
    	
(i) no   event of default shall have occurred and be continuing, or would immediately   result after giving effect to, such Incremental Term Loan   Commitments, Incremental Revolving Commitments and the proposed   Incremental Term Loans and Incremental Revolving Credit Loans, as applicable   (subject to customary “SunGard” limitations to the extent the proceeds of any   Incremental Facility are being used to finance a permitted acquisition),
    
	
 
    	
 
    
	
 
    	
(ii) any   Incremental Facility shall have a maturity date no earlier than the original   maturity date of the Term Loan Facility, any Revolving Credit Facility or   Incremental Revolving Commitments will not have any mandatory commitment   reductions prior to the original maturity date of the Term Loan Facility, and   any Incremental Term Loans and shall have a weighted average life to maturity   no shorter than the weighted average life to maturity of the Term Loan   Facility,
    
	
 
    	
 
    
	
 
    	
(iii) in   connection with any Incremental Term Loans incurred within 18 months   following the Closing Date, the initial yield (to be defined to include all   applicable margin, LIBOR floor, upfront fees, original issue discount or   similar yield-related discounts (equating upfront fees and original issue   discount or similar yield-related discounts to interest based upon an assumed   four year average life to maturity, or, if shorter, the average life to   maturity of the related Incremental Term Loans), but excluding any customary   underwriting, arrangement or similar fees in connection therewith that are   not paid to all of the Lenders providing the Incremental Term Loans) of the   Incremental Term Loans shall be no greater than [***]% per annum higher than the yield applicable   to the existing Term Loan Facility (or, if such initial yield on the   Incremental Term Loans exceeds the yield on the existing Term Loan Facility,   then the interest rate margin for the existing Term Loan Facility shall   automatically be increased to equal such initial yield on the Incremental   Term Loans, less [***]%), it being agreed that any increase in yield to the   existing Term Loan Facility required due to the application of an Adjusted   LIBOR or Base Rate floor on any Incremental Term Loan shall be effected   solely through an increase in (or implementation of, as applicable) any   Adjusted LIBOR or Base Rate floor 
    

 

Exhibit A-6

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
applicable to   the existing Term Loan Facility),
    
	
 
    	
 
    
	
 
    	
(iv) the   representations and warranties of the Credit Parties set forth in the Loan   Documents shall be true and correct in all material respects (without   duplication of any materiality qualifiers set forth therein) immediately   prior to, and immediately after giving effect to, the establishment of such   Incremental Facility (although any representations and warranties which   expressly relate to a given date or period shall be required to be true and   correct in all material respects (without duplication of any materiality   qualifiers set forth therein) as of the respective date or for the respective   period, as the case may be) (subject to customary “SunGard” limitations to   the extent the proceeds of any Incremental Facility are being used to finance   a permitted acquisition),
    
	
 
    	
 
    
	
 
    	
(v) any   Incremental Revolving Commitment will be documented solely as an   establishment of the Revolving Credit Facility or increase to the commitments   with respect to the Revolving Credit Facility, without any change in terms   except as set forth above and except for provisions reasonably satisfactory   to the Administrative Agent and customary for revolving credit facilities,   including, without limitation (x) customary provisions relating to borrowing   procedures and requirements, which must be satisfactory to the Borrower, the   Administrative Agent and each Lender or Additional Lender providing such   Incremental Revolving Credit Facility, (y) customary differences with   respect to assignments and (z) customary voting and approval rights of   any letter of credit issuer or swing line lender,
    
	
 
    	
 
    
	
 
    	
(vi) the   Incremental Facilities will have the same guarantees as, and be secured on a pari passu basis by the same collateral   securing, the Term Loan Facility; and
    
	
 
    	
 
    
	
 
    	
(vii)         except as otherwise required in   clauses (i) through (vi), all other terms of such Incremental Facility,   if not consistent with the terms of the existing Term Loan Facility or   Revolving Facility, as applicable, will be as agreed between the Borrower and   the lenders providing such Incremental Facility; provided that such Incremental Facility shall have   covenants and defaults no more restrictive (excluding pricing, optional   prepayment or redemption terms, call protections and premiums) than those under   the Term Loan Facility (except for covenants
    

 

Exhibit A-7

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
or other   provisions applicable only to periods after the latest final maturity date of   the Term Facilities existing at the time of such incurrence of Incremental   Facilities), unless otherwise mutually agreed by the Borrower and the   Administrative Agent.
    
	
 
    	
 
    
	
 
    	
The Borrower may   seek Incremental Term Loan Commitments and Incremental Revolving Commitments   from existing Lenders (each of which shall be entitled to agree or decline to   participate in its sole discretion) and additional banks, financial   institutions and other institutional lenders or investors who will become   Lenders in connection therewith (“Additional Lenders”); provided that the Administrative Agent shall have consent rights (not to be   unreasonably withheld or delayed) with respect to such Additional Lender, if   such consent would be required under the heading “Assignments and Participations”   for an assignment of loans or commitments, as applicable, to such Additional   Lender.

 

For purposes of   this Summary of Terms, unless the context otherwise   requires, Incremental Term Loans (and extended Term Loans, as referred   to above) shall constitute “Term Loans”. Incremental Term Loans will   participate pro rata (or on a basis less than pro rata) in mandatory   prepayments of the Term Loans, but Incremental Revolving Facilities will not   be required to be prepaid in connection with any mandatory prepayment prior   to the repayment or prepayment in full of the Term Facility and all   Incremental Term Facilities.

 

“First Lien Net Leverage Ratio”   shall be calculated in the same manner as the Total Net Leverage Ratio, as   described below under “Incremental Equivalent Debt”, excluding from the   numerator of such ratio any consolidated funded indebtedness of the Borrower   that is (a) unsecured or (b) secured by a lien ranking junior to   the liens of the Loan Documents.
    
	
 
    	
 
    
	
Incremental Equivalent   Debt:
    	
In addition, the Borrower may, in lieu of adding Incremental Term   Facilities, utilize any part of the Available Incremental Amount at any time   by issuing or incurring Incremental Equivalent Debt (as defined below); provided that (i) the final   maturity date of any such Incremental Equivalent Debt shall not be earlier   than the ninety-first day following the latest maturity date
    

 

Exhibit A-8

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
of the then outstanding Term Loan Facility and any outstanding   Incremental Term Facility, (ii) the terms of such Incremental Equivalent   Debt shall not provide for any scheduled repayment, mandatory redemption,   sinking fund obligations or other payments of principal prior to the latest   maturity date of the then outstanding Term Loan Facility and any outstanding   Incremental Term Facility, other than customary offers to purchase upon a   change of control, asset sale or casualty or condemnation event and customary   acceleration rights upon an event of default, (iii) there shall be no   borrowers or guarantors in respect of such Incremental Equivalent Debt that   are not the Borrower or a Guarantor, (iv) any secured Incremental   Equivalent Debt shall (x) be subject to an intercreditor agreement on   terms reasonably acceptable to the Administrative Agent and (y) not be   secured by any property or assets of, the Borrower or any restricted  subsidiary other than Collateral, and   (v) the terms and conditions of such Incremental Equivalent Debt   (excluding pricing, interest rate margins, fees, discounts, rate floors and   optional prepayment or redemption terms) shall not (taken as a whole) be   materially more favorable (as determined in good faith by the board of directors   of the Borrower) to the lenders or noteholders providing such Incremental   Equivalent Debt, than those applicable to the Senior Credit Facilities   (except for covenants or other provisions applicable only to periods after   the latest final maturity date of the Senior Credit Facilities existing at   the time of such incurrence of Incremental Equivalent Debt).
    
	
 
    	
 
    
	
 
    	
“Incremental Equivalent Debt”   means indebtedness, in an amount not to exceed the then Available Incremental   Amount, incurred by the Borrower consisting of the issuance of first lien,   junior lien or unsecured notes or junior lien or unsecured loans, in each   case in respect of the issuance of notes, issued in a public offering,   Rule 144A or other private placement or bridge financing in lieu of the   foregoing, in each case subject to the provisions hereof applicable to   Incremental Facilities and customary conditions to be agreed (except, to the   extent such Incremental Equivalent Debt will be used to finance a permitted   acquisition or other acquisition permitted under the Loan Documents, the   condition that there be no event of default may be limited solely to payment   and bankruptcy events of default); provided that   (i) in determining amounts available under clause (C) of the
    

 

Exhibit A-9

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
Available Incremental Amount, the reference to the First Lien Net   Leverage Ratio test therein shall be supplanted, in the case of Incremental   Equivalent Debt (A) that is secured by a lien on Collateral ranking   lower than pari passu with to the lien on Collateral securing the Senior   Credit Facilities, by a test that the pro forma Total Secured Net Leverage   Ratio shall not be greater than the Total Secured Net Leverage Ratio on the   Closing Date and, (B) that is unsecured, by a test that the pro forma Total   Net Leverage Ratio shall not be greater than the Total Net Leverage Ratio on   the Closing Date and (ii) Incremental Equivalent Debt shall not be   subject to the requirement set forth in clause (iii) of proviso in the first paragraph under “Incremental Credit Facilities”,   above.
    
	
 
    	
 
    
	
 
    	
“Total Net Leverage Ratio”   means as of any date of determination, the ratio of (a) consolidated   funded indebtedness of the Borrower and its restricted subsidiaries as of   such date (net of up to $50.0 million of domestic unrestricted cash and cash   equivalents and domestic cash and cash equivalents restricted in favor of the   Collateral Agent), to (b) Consolidated Adjusted EBITDA of the Borrower   and its restricted subsidiaries for the most recently ended four-fiscal   quarter period for which financial statements have been delivered, calculated   on a pro forma basis.  “Consolidated   funded indebtedness” will include obligations for borrowed money, obligations   evidenced by bonds, notes and similar instruments and capital lease and   purchase money debt, and guarantees in respect of any of the foregoing, but   will exclude (i) undrawn letters of credit, (ii) obligations that   may be paid entirely in qualified stock at the option of the payor and   (iii) the earnout obligations in respect of the 2014 Lumara Health   acquisition (the “Lumara   Earnout”) permitted acquisitions and investments, so long as   such Lumara Earnout or earnout obligations, as the case may be, are not due   and owing but unpaid.
    
	
 
    	
 
    
	
 
    	
“Consolidated Adjusted EBITDA”   will be defined in accordance with the Documentation Principles and will   include add backs to net income to be agreed upon (with certain customary   limitations to be agreed upon), including add backs for taxes, interest   expense (including hedging), commitment and similar fees, depreciation and   amortization, non-cash charges, deductions, losses and expenses,   extraordinary, unusual or nonrecurring losses
    

 

Exhibit A-10

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
and expenses   (determined in accordance with GAAP), proceeds of business interruption   insurance, transaction fees and expenses, fees and expenses incurred in   connection with license arrangements, acquisitions and other investments,   whether or not consummated and without a dollar or percentage cap, restricted   payments, dispositions not in the ordinary course of business and issuances   of or amendments to debt or equity, in each case whether or not consummated,   non-recurring or unusual costs and expenses (including integration costs,   facility closure expenses, and severance costs), without a dollar or   percentage cap, all gains and losses on sales of assets outside the ordinary   course of business, restructuring and similar charges, severance, relocation   costs, integration and new product development costs, board of directors fees   and expenses, expenses, charges and losses due to the effects of purchase   accounting, unrealized currency translation gains or losses, and (x) pro   forma “run rate” cost savings, operating expense reductions and synergies   related to the Transactions that are reasonably identifiable, factually   supportable and projected by the Borrower in good faith to be reasonably   expected to be realized within 18 months after the Closing Date (not to   exceed 20% of Consolidated Adjusted EBITDA (before giving effect to this   clause (x) or clause (y) below) when aggregated to amounts added   back or adjusted pursuant to clause (y)) and (y) pro forma “run rate”   cost savings, operating expense reductions and synergies related to   acquisitions, dispositions and other specified transactions (including, for   the avoidance of doubt, acquisitions occurring prior to the Closing Date),   restructurings, cost savings initiatives and other restructuring initiatives   that are reasonably identifiable and projected by the Borrower in good faith   to be reasonably expected to be realized within 18 months after such   acquisition, disposition or other specified transaction, restructuring, cost   savings initiative or other initiative (not to exceed 20% of Consolidated   EBITDA (before giving effect to this clause (y) and the foregoing clause   (x)) when aggregated to amounts added back or adjusted pursuant to clause   (x), and other add backs to be agreed upon. Notwithstanding the foregoing,   Consolidated Adjusted EBITDA for periods prior to the Closing Date will be   fixed at amounts to be agreed (subject to pro forma adjustment for subsequent   transactions).
    

 

Exhibit A-11

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
“Total   Secured Net Leverage Ratio” shall be calculated in the same   manner as the Total Net Leverage Ratio, excluding from the numerator of such   ratio any consolidated funded indebtedness that is not secured by a lien.
    
	
 
    	
 
    	
 
    
	
Use of   Proceeds
    	
 
    	
The proceeds of the   Term Loans borrowed on the Closing Date, will be used to finance, in part,   the Acquisition, the Refinancing of the Refinanced Debt of the Acquiror and   the Acquired Business and to pay fees and expenses in connection with the   foregoing.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The proceeds of any   Incremental Facility will be used by the Borrower for general corporate   purposes and other legal purposes of the Borrower and its restricted   subsidiaries (including, without limitation, acquisitions permitted under the   Loan Documents, other permitted investments, capital expenditures,   refinancing of indebtedness and permitted restricted payments and   distributions).
    
	
 
    	
 
    	
 
    
	
III.                              Certain   Payment Provisions
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Fees   and Interest Rates
    	
 
    	
As set forth on Annex A-I hereto.
    
	
 
    	
 
    	
 
    
	
Optional   Prepayments
    	
 
    	
Optional prepayments of   borrowings under the Term Loan Facility will be permitted at any time, in   minimum principal amounts to be agreed upon, without premium or penalty   (subject (i) to reimbursement of the Lenders’ redeployment costs in the   case of a prepayment of Adjusted LIBOR Loans other than on the last day of   the relevant interest period and (ii) to payments of an amount provided   below under the caption “Soft Call on Term Loans”). Voluntary prepayments of   the Term Loans shall be applied to remaining scheduled amortization payments   as directed by the Borrower (or, in absence of such direction, in direct   order of maturity).
    
	
 
    	
 
    	
 
    
	
Mandatory Prepayments and Commitment Reductions
    	
 
    	
The following amounts   will be applied to prepay the Term Loans:
    
	
 
    
	
 
    	
 
    	
·                  100% of the net cash proceeds of   any incurrence of indebtedness after the Closing Date (other than   indebtedness permitted under the Loan Documents) by the Borrower or any of   its restricted subsidiaries (with additional exceptions to be agreed upon);
    

 

Exhibit A-12

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
·                 within five business days after the   receipt thereof, 100% of the net cash proceeds in excess of a threshold per   fiscal year to be mutually and reasonably agreed of any non-ordinary course   sale or other disposition of assets by the Borrower or any of its restricted   subsidiaries (including (i) as a result of casualty or condemnation and   (ii) any sale of the equity interests in any subsidiary of the Borrower   (other than a sale by an unrestricted subsidiary), but with exceptions for   sales of inventory and other ordinary course dispositions, obsolete, surplus   or worn-out property, property no longer useful in the business, and the   repayment of any indebtedness secured by a permitted lien on the asset   subject to the prepayment event) subject to exceptions to be agreed and subject   to the right to reinvest 100% of such proceeds, if such proceeds are   reinvested in assets used or useful in the business (other than working   capital, except for short term capital assets), permitted acquisitions or   other investments, or to pay consideration under license arrangements, or   committed to be reinvested within 12 months and, if so committed to be   reinvested, so long as such reinvestment is actually completed within 180   days thereafter; and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                  50% of “excess cash flow” (to be   defined in a manner consistent with the Documentation Principles) for each   fiscal year of the Borrower (commencing with the first full fiscal year   ending after the Closing Date), with step-downs to 25% and 0% if the First Lien Net Leverage   Ratio as of the last day of such fiscal year does not exceed levels to be   agreed, less, in each case, the aggregate amount of voluntary prepayments   (including assignments of Term Loans to the Borrower, in an amount equal to   the purchase price thereof paid by the Borrower) made during the relevant   fiscal year or, at the option of the Borrower (and without counting such   amounts against the subsequent fiscal year’s excess cash flow prepayment),   after year-end and prior to the time such excess cash flow prepayment is due,   of (i) the Term Loan Facility and (ii) any Revolving Credit   Facility to the extent, in the case of this clause (ii), that such   prepayments are accompanied by a corresponding reduction in the commitments   under the Revolving Credit Facility and, in the case of both
    

 

Exhibit A-13

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
clauses (i) and   (ii) above, other than prepayments funded with the proceeds of long-term   indebtedness (which, in the case of loans prepaid at a discount to par, will   be limited to the actual amount of cash paid to lenders in connection with   such prepayment (as opposed to the face amount of the loans so prepaid)) and   (ii) excess cash flow shall be reduced for, among other things, cash used   for capital expenditures and licensing, permitted acquisitions and   investments, earn-outs to the extent earned and/or paid during such fiscal   year (without counting such amounts against a subsequent fiscal year),   consideration paid under licensing arrangements, and restricted payments (in   each case, to the extent financed with internally generated cash (to be   defined in a manner consistent with the Documentation Principles)).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Prepayments from   foreign restricted subsidiaries’ excess cash flow and asset sale proceeds (to   the extent otherwise required) will be limited under the Loan Documents to   the extent (x) the repatriation of funds to fund such prepayments is   prohibited, restricted or delayed by applicable laws or (y) repatriation   of funds to fund such prepayment would result in material adverse tax   consequences.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
All mandatory   prepayments are subject to permissibility under (a) local law (e.g.,   financial assistance, corporate benefit, restrictions on upstreaming of cash   intra-group and the fiduciary and statutory duties of the directors of the   relevant restricted subsidiaries) and (b) organizational document   restrictions (including as a result of minority ownership). The   non-application of any such mandatory prepayment amounts as a result of the   foregoing provisions will not constitute a default or an event of default and   such amounts shall be available for working capital purposes of the Borrower   and its restricted subsidiaries. The Borrower will undertake to use   commercially reasonable efforts to overcome or eliminate any such restriction   and/or minimize any such costs of prepayment and/or use the other cash   resources of the Borrower and its restricted subsidiaries (subject to the   considerations above) to make the relevant payment. Notwithstanding the   foregoing, any prepayments made after application of the above provision   shall be net of any costs, expenses or taxes incurred by the Borrower and its   restricted subsidiaries or any of its affiliates or 
    

 

Exhibit A-14

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
equity partners and   arising as a result of compliance with the preceding sentence.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
All such mandatory   prepayments shall be applied without premium or penalty (except for breakage   costs, if any, and premiums, if any described below) and shall be applied to   unpaid installments of principal of the Term Loan Facility in direct order of   maturity.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Any Lender may elect to   decline all or a portion of any such mandatory prepayment of the Term Loans   held by such Lender, in which case such prepayment (or portion thereof) shall   be retained by the Borrower (such amount, the “Declined   Amount”).
    
	
 
    	
 
    	
 
    
	
Soft Call on Term Loans
    	
 
    	
The Borrower shall pay   a prepayment premium in connection with any Repricing Event (as defined   below) with respect to all or any portion of the Term Loans that occurs on or   before the date that is [***] after the Closing Date, in an amount not to   exceed [***]% of the principal amount of the Term Loans subject to such   Repricing Event (the “Prepayment Premium”).   The term “Repricing Event” shall mean   (i) any prepayment or repayment of Term Loans with the proceeds of, or   any conversion of Term Loans into, any new or replacement tranche of term   loans bearing interest at an “effective” interest rate less than the   “effective” interest rate applicable to the Term Loans (as such comparative   rates are determined by the Administrative Agent) and (ii) any amendment   to the Term Loan Facility the primary purpose of which is to reduce the   “effective” interest rate applicable to the Term Loans (in each case, with   original issue discount and upfront fees, which shall be deemed to constitute   like amounts of original issue discount, being equated to interest margins in   a manner consistent with generally accepted financial practice based on an   assumed four-year life to maturity), including any mandatory assignment in   connection therewith with respect to each Lender that refuses to consent to   such amendment; provided that such Prepayment   Premium shall not apply if such prepayment, repayment or amendment is in connection   with a “change of control” transaction or any transformative acquisition. If   such prepayment is made after the date that is six months after the Closing   Date, there shall be no Prepayment Premium.
    

 

Exhibit A-15

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
IV.                               Collateral   and Guarantees
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Collateral
    	
 
    	
Subject to the   limitations set forth below in this section and limitations on “excluded   hedging obligations” to be agreed, and subject to the Certain Funds   Provision, the obligations of each Credit Party in respect of the Senior   Credit Facilities and any interest rate hedging obligations of the Borrower   owed to a Lender, the Administrative Agent, a Joint Lead Arranger or their respective   affiliates or to an entity that was a Lender, the Administrative Agent, a   Joint Lead Arranger or one of their respective affiliates at the time of such   transaction (“Secured Hedging Obligations”)   will be secured by the following: a perfected first priority security   interest (subject to permitted priority liens and other mutually agreed   exceptions consistent with the Documentation Principles) in substantially all   of its tangible and intangible assets, including intellectual property, real   property, licenses, permits, intercompany indebtedness, all of the capital   stock of each Credit Party (other than the Borrower) and 65% of the voting   stock (and 100% of the non-voting stock) of each first-tier foreign   subsidiary of a Credit Party (other than immaterial foreign subsidiaries)   (the items described above, but excluding the Excluded Assets (as defined   below), collectively, the “Collateral”),   except that the Credit Parties shall not be obligated to provide a security   interest or perfect the Collateral Agent’s security interests in those assets   as to which the Collateral Agent reasonably determines the costs of obtaining   a security interest are excessive in relation to the value of the security   afforded thereby.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notwithstanding   anything to the contrary, the Collateral shall exclude the following:   (i) any fee-owned real property with a value of less than $2.0 million   (as reasonably determined by the Borrower) and any leasehold interests (it   being understood that there shall be no requirement to obtain landlord   waivers, estoppels, collateral access letters or similar third-party   agreements or consents); (ii) motor vehicles, aircraft and other assets   subject to certificates of title; (iii) any lease, license or other similar   agreement or any property subject to a purchase money security interest or   similar arrangement to the extent that a grant of a security interest therein   would violate or invalidate such lease, license or similar agreement or   purchase money arrangement or applicable laws or create a right of   termination in favor of any other party thereto (other than the Borrower or a   Guarantor) after giving effect to the applicable anti-assignment 
    

 

Exhibit A-16

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
provisions of the   Uniform Commercial Code and other applicable laws, other than proceeds and   receivables thereof, the assignment of which is expressly deemed effective   under the Uniform Commercial Code and other applicable laws notwithstanding   such prohibition; (iv) any intent to use trademark applications;   (v) letter of credit rights and commercial tort claims with a value   below an amount to be agreed; (vi) any governmental licenses or state or   local franchises, charters and authorizations, to the extent security   interests in such licenses, franchises, charters or authorizations are   prohibited or restricted thereby, (vii) any controlled substances or   prescription drugs to the extent the grant of a security interest therein   would violate applicable laws, (viii) (A) margin stock, and   (B) equity interests in any non-wholly owned subsidiaries, but only to   the extent that (x) the organizational documents or other agreements   with other equity holders of such non-wholly owned subsidiaries do not permit   or restrict the pledge of such equity interests, or (y) the pledge of   such equity interests (including any exercise of remedies) would result in a   change of control, repurchase obligation or other adverse consequence to the   Borrower or a subsidiary and (ix) assets in circumstances where the cost   of obtaining a security interest in such assets, including, without   limitation, the cost of title insurance, surveys or flood insurance (if   necessary) would be excessive in light of the practical benefit to the   Lenders afforded thereby as reasonably determined by the Borrower and the   Administrative Agent (the foregoing described in clauses (i) through   (ix) are collectively, the “Excluded Assets”).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
All the above-described   pledges, security interests and mortgages shall be created on terms to be set   forth in the Loan Documents. Notwithstanding the foregoing, no actions in any   non-U.S. jurisdiction or required by the laws of any non-U.S. jurisdiction   shall be required in order to create any security interests in assets located   or titled outside of the U.S. or to perfect such security interests,   including any intellectual property registered in any non-U.S. jurisdiction   (it being understood that there shall be no security agreements or pledge   agreements governed under the laws of any non-U.S. jurisdiction).
    
	
 
    	
 
    	
 
    
	
Guarantees
    	
 
    	
The Guarantors will   unconditionally, and jointly and severally, guarantee the obligations of each   Credit Party in respect of the Senior Credit Facilities and the Secured 
    

 

Exhibit A-17

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
Hedging Obligations   (the “Guarantees”). Such   Guarantees will be in form consistent with the Documentation Principles. All   Guarantees shall be guarantees of payment and performance, and not of   collection.
    
	
 
    	
 
    	
 
    
	
V.                                    Other Provisions
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Representations   and Warranties
    	
 
    	
Consistent with the   Documentation Principles and limited to the following (to be applicable to   the Borrower and its restricted subsidiaries): organizational existence,   status and powers; due authorization, execution, delivery and enforceability   of Loan Documents; no conflicts with law, organizational documents or   material agreements; financial statements and projections; no material   adverse effect after the Closing Date (and no Company Material Adverse Effect   on the Closing Date); ownership of properties; intellectual property; equity   interests and subsidiaries; litigation and compliance with laws and   governmental approvals; healthcare matters; federal reserve regulations; the   Patriot Act; OFAC; FCPA; the Investment Company Act of 1940, as amended, and   other laws restricting incurrence of debt; use of proceeds; taxes; accuracy   of disclosure; solvency of the Borrower and its subsidiaries at closing (such   representation and warranty to contain a definition of solvency consistent   with the solvency certificate in the form attached as Exhibit E);   labor matters; employee benefit plans and ERISA; environmental matters;   insurance; security documents and creation, validity, perfection and priority   of security interests in the Collateral (subject to permitted liens); status   of the Senior Credit Facilities as senior debt; and anti-terrorism laws,   money laundering activities and dealing with embargoed persons; subject in   the case of each of the foregoing representations and warranties, to   customary exceptions, qualifications and baskets, including for materiality   to be agreed consistent with the Documentation Principles.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The representations and   warranties will be required to be made in connection with each extension of   credit under the Loan Documents (including the extension of credit on the   Closing Date, subject to the Certain Funds Provision), but subject to clause   (iv) under “Incremental Credit Facilities”, above, in respect of   Incremental Facilities.
    

 

Exhibit A-18

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
Conditions Precedent to Initial Borrowing
    	
 
    	
Subject to the Certain   Funds Provision, the initial borrowings on the Closing Date will be subject   only to the conditions precedent set forth in Section 3 of the   Commitment Letter and Exhibit D to the Commitment Letter.
    
	
 
    	
 
    	
 
    
	
Conditions Precedent to all Borrowings (except   on the Closing Date)
    	
 
    	
Except with respect to   borrowings and other credit extensions on the Closing Date and except as   otherwise provided above under “Incremental Credit Facilities”, each   borrowing and each other extension of credit under the Loan Documents shall   be subject only to the following conditions precedent: (i) delivery of   notice of borrowing or request for issuance of letter of credit;   (ii) accuracy of representations and warranties in all material respects   (provided, that any representation and warranty that is qualified as to   “materiality,” “material adverse effect” or similar language shall be true   and correct in all respects (after giving effect to any such qualification   therein) and any representations and warranties which expressly relate to a   given date or period shall be required to be true and correct in all material   respects (without duplication of any materiality qualifiers set forth   therein) as of the respective date or for the respective period, as the case   may be)); and (iii) the absence of defaults or events of default at the   time of, or immediately after giving effect to the making of, such extension   of credit.
    
	
 
    	
 
    	
 
    
	
Affirmative Covenants
    	
 
    	
Consistent with the   Documentation Principles and limited to the following (to be applicable to   the Borrower and its restricted subsidiaries): delivery of annual and, for   the first three quarters of each fiscal year, quarterly financial statements   (and in connection with the annual financial statements, an annual audit   opinion from a nationally recognized auditor that is not subject to any   qualification as to “going concern” other than with respect to any upcoming   maturity date under the Senior Credit Facilities or other permitted   indebtedness, or any qualification as to the scope of the audit), annual and   quarterly MD&A, final accountants’ letters, annual projections within 60   days after year end, quarterly compliance certificates and other information   reasonably requested by the Administrative Agent; notices of default,   litigation and other events that, in each case, would result in a material   adverse effect; existence; maintenance of business and properties;   maintenance of insurance; payment and performance of obligations and taxes;   employee benefits and ERISA; maintaining books and records; access to 
    

 

Exhibit A-19

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
properties; use of   proceeds; compliance with laws; healthcare and regulatory matters; additional   collateral and additional guarantors; inspection rights; further assurances;   information regarding Collateral, including as to security; at the request of   the Administrative Agent, holding quarterly lender conference calls   (including Q&A); and using commercially reasonable efforts (including, in   all events, applying to maintain each credit rating and paying all usual and   customary fees and expenses to each of S&P and Moody’s with respect to   each credit rating) to maintain ratings (subject to an exclusion to be   mutually agreed for non-performance by Moody’s or S&P, as the case may   be), in each case, without regard to the level of such ratings; subject, in   the case of each of the foregoing covenants, to customary exceptions,   qualifications and baskets to be agreed consistent with the Documentation   Principles.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
If such financial   statements of the Borrower described in the paragraph above are filed with   the Securities and Exchange Commission on EDGAR or in such other manner as   make them publicly available, the obligation to deliver such information   shall be satisfied by such public filings and notice thereof to the   Administrative Agent.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notwithstanding   anything to the contrary, there will be no minimum hedging requirement for   interest rate or foreign exchange hedging.
    
	
 
    	
 
    	
 
    
	
Negative   Covenants
    	
 
    	
Consistent with the   Documentation Principles and limited to the following (to be applicable to   the Borrower and its restricted subsidiaries): indebtedness (including   mandatorily redeemable equity interests, guarantees and other contingent   obligations), but permitting (i) unlimited pari passu indebtedness,   junior secured indebtedness and unsecured indebtedness, so long as the First   Lien Net Leverage Ratio, Senior Secured Net Leverage Ratio, or Total Net   Leverage Ratio, respectively, does not exceed the respective ratio on the   Closing Date after giving effect to the Transactions, subject, in each case,   to certain other conditions to be mutually agreed (“Ratio   Debt”) and (ii) a general debt basket in an amount to be   agreed, subject to certain other conditions to be mutually agreed; liens   (subject to permitted liens to be agreed, but permitting liens that secure   permitted secured Ratio Debt); sale and leaseback transactions; investments   (including acquisitions, loans, advances, etc.), with
    

 

Exhibit A-20

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
exceptions to include (x) reorganizations and   other activities related to tax planning and reorganization, so long as,   after giving effect thereto, the guarantees of the Senior Credit Facilities   and security interest of the Lenders in the Collateral, taken as a whole, are   not impaired in any material respect; investments funded with proceeds of   qualified equity or contributions paid in qualified equity that are not   otherwise applied and (y) a general investment basket in an amount to be   agreed; asset sales; mergers, acquisitions, consolidations, liquidations and   dissolutions; dividends and other payments in respect of equity interests and   other restricted payments; transactions with affiliates; prepayments,   redemptions and repurchases of other indebtedness; adverse modifications of   organizational documents, documents related to the Acquisition and debt   instruments; limitations on certain restrictions on subsidiaries; limitations   on issuance of disqualified capital stock; limitations on business   activities; fundamental changes; limitations on accounting changes; changes   in fiscal year; use of proceeds; further negative pledges; and anti-terrorism   laws, money-laundering activities and dealing with embargoed persons. The   foregoing covenants will contain additional limitations on transactions   between Credit Parties and non-Credit Parties, in accordance with the   Documentation Principles.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The negative covenants will be subject, in the case   of each of the foregoing covenants to customary exceptions, qualifications   and “baskets” consistent with the Documentation Principles, including,   without limitation an available amount basket (the “Available   Amount Basket”) that will consist of, without duplication,   (a) a “starter” amount to be agreed (the “Starter   Basket”) plus (b) retained excess cash flow   (excluding excess cash flow retained by reason of a reduction in prepayment   amounts because of voluntary prepayments of debt or because of limitations on   prepayments of excess cash flow of foreign restricted subsidiaries), plus   (c) Declined Amounts, plus, (d) the net cash proceeds of   equity issuances and capital contributions (other than disqualified capital   stock and contributions in respect thereof), plus (e) the net   cash proceeds of sales of investments made with the Available Amount Basket, plus   (f) returns, profits, distributions and similar amounts received in cash   or cash equivalents on investments made with the Available Amount Basket up   to a maximum of the amount of such original investment 
    

 

Exhibit A-21

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
plus (g) debt and   disqualified stock issued after the Closing Date which have been exchanged   for or converted into qualified equity of the Borrower. Subject to terms and   conditions to be agreed consistent with Documentation Principles, the   Available Amount Basket may be used for investments (including permitted   acquisitions of entities that do not become guarantors and assets that are   not then owned by Loan Parties) or dividends, payments in respect of equity   and other restricted payments, including payments on unsecured second lien or   junior debt; provided, that no event of   default under the Loan Documents shall exist or immediately result therefrom   and, solely in the case of dividends, payments on equity and other restricted   payments, including payments on junior debt, in each case, to the extent not   made with the Starter Basket or with the net cash proceeds of equity   issuances and capital contributions of or with respect to qualified capital   stock (which do not increase the Available Amount Basket), the Total Net   Leverage Ratio, determined on a pro forma basis after giving effect to such   restricted payment, and the incurrence of any indebtedness incurred to   finance the same, is less than or equal to the Total Net Leverage Ratio on   the Closing Date after giving effect to the Transactions.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Borrower or any restricted subsidiary will be   permitted to dispose or sell any of its assets on an unlimited basis for fair   market value so long as (a) no Event of Default shall have occurred and   be continuing at the time of, or result from, such disposition or sale,   (b) at least 75% of the consideration therefor consists of cash (subject   to customary exceptions to the cash consideration requirement to be set forth   in the Loan Documents, including a basket in an amount to be agreed for   non-cash consideration that may be designated as cash consideration) and   (c) the net proceeds of such asset sale shall be subject to the terms   set forth in the section entitled “Mandatory Prepayments and Commitment   Reductions” hereof (subject to the reinvestment rights set forth therein).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Loan Documents will permit acquisitions by the   Borrower and its Restricted Subsidiaries subject only to the following terms:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)                                     no   event of default shall have occurred 
    

 

Exhibit A-22

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
and be continuing on   the date that the agreement for such acquisition is executed, and no payment   or bankruptcy event of default shall have occurred and be continuing on the   date such acquisition is consummated;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)                                  compliance   with the line of business covenant;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iii)                               the   acquired entity and its subsidiaries shall become restricted subsidiaries and   Guarantors, and the assets acquired shall become subject to the liens of the   Loan Documents, to the extent required in accordance with the limitations set   forth under “Guarantors” and “Collateral”, above, subject to a cap to be   agreed (plus, without duplication, the Available Amount Basket and the net   cash proceeds of equity issuances and capital contributions (other than   disqualified capital stock and contributions in respect thereof)), for   entities that do not become Guarantors and assets that are not owned by Loan   Parties;
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iv)                              such   acquisition shall not be “hostile” and, unless approved in a court-ordered   sale, shall have been recommended by the board of directors (or similar body)   of the target; and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(v)                                 unless   financed with the net cash proceeds of equity issuances and capital   contributions (and/or purchased using the capital stock of the Borrower) (in   each case other than disqualified capital stock and contributions in respect   thereof) and not involving any incurrence of debt other than ordinary course   debt permitted under an unlimited basket or a basket subject to a dollar cap,   after giving effect to such acquisition on a pro forma basis, the   Total Net Leverage Ratio shall be no greater than the Total Net Leverage   Ratio on the Closing Date after giving effect to the Transactions.
    
	
 
    	
 
    	
 
    
	
Refinancing Facilities
    	
 
    	
The Loan Documents will permit the Borrower to   refinance in whole or in part on a dollar-for-dollar basis the Loans under   the Term Loan Facility (including loans under any Incremental Term Facility)   and/or Loans and commitments under any Revolving Credit Facility (and any   loans or commitments under any Incremental 
    

 

Exhibit A-23

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
Revolving Facility) with new term credit facilities   (each a Refinancing Term Facility”)   or with new revolving facilities (each, a “Refinancing   Revolving Facility” and, together with each Refinancing Term   Facility, the “Refinancing Facilities”)   under the Loan Documents with the consent of the Borrower and the   Administrative Agent; provided that (a) none of the Refinancing   Facilities (i) matures prior to the final maturity date of the loans   being refinanced (or, in the case of a Refinancing Facility that is secured   on a junior basis, or that is unsecured, prior to the date which is 91 days   after the longest then-applicable maturity date of then outstanding loans and   revolving credit commitments), and (ii) with respect to Refinancing   Facilities consisting of term loans only, has a shorter weighted average life   to maturity of the loans being refinanced, (b) with respect to   Refinancing Facilities consisting of revolving loans and commitments,   (i) has no mandatory commitment reductions prior to the maturity date of   any earlier maturing Revolving Credit Facility and (ii) all borrowings,   prepayments and commitment reductions (other than at final maturity) shall be   ratable among the Revolving Credit Facility and all other revolving tranches,   (c) any secured Refinancing Facility: (i) shall be subject an   intercreditor agreement (a “Pari Passu Intercreditor   Agreement”) (the primary terms of which will either be   attached as an exhibit to the Loan Documents or that is reasonably acceptable   to the Administrative Agent) governing the relationship between such secured   Refinancing Facility and the facilities under the Loan Documents,   (ii) shall not be secured by any assets that do not also constitute   Collateral under the Loan Documents and (iii) may not be secured   pursuant to security documentation that is more restrictive to the Borrower than   the Loan Documents; (d) there are no direct or indirect obligors or   guarantors in respect of the Refinancing Facilities that are not a Credit   Party, (e) the principal amount of the Refinancing Facility does not   exceed the principal amount of the debt being refinanced (together with   accrued and unpaid interest thereon, any prepayment premiums applicable   thereto and reasonable fees and expenses incurred in connection therewith),   (f) there shall be no more than a number of revolving facilities to be   mutually agreed outstanding at any one time; provided   that drawings, repayments, repayments and commitment reductions thereunder   shall be made on a pro rata basis as between 
    

 

Exhibit A-24

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
such revolving facilities, (g) the proceeds of   any Refinancing Facility shall be applied, substantially concurrently with   the incurrence thereof, to the pro rata repayment of the outstanding loans   under the facility (and to the permanent reduction in commitments of any   Revolving Credit Facility) being so refinanced, and (h) the other terms   and conditions of the Refinancing Facility (excluding pricing and optional   prepayment or redemption terms) are substantially identical to, or less favorable   to, investors providing the Refinancing Facility than those applicable to the   Loan and/or commitments being refinanced (except for covenants or other terms   applicable only to periods after the latest final maturity date of the Loans   or commitments (or, in the case of a Refinancing Facility that is secured on   a junior basis, or that is unsecured, prior to the date which is 91 days   after the longest then applicable maturity date) existing at the time of such   refinancing), in each case as certified by the chief financial officer of the   Borrower in good faith prior to such incurrence or issuance.
    
	
 
    	
 
    	
 
    
	
Financial Covenant
    	
 
    	
None.
    
	
 
    	
 
    	
 
    
	
Events of Default
    	
 
    	
Consistent with the Documentation Principles and   limited to the following (to be applicable to the Borrower and its restricted   subsidiaries): nonpayment of principal when due; nonpayment of interest, fees   or other amounts after a three business days grace period; inaccuracy of   representations and warranties in any material respect; failure to perform   negative covenants or customary specified affirmative covenants, and failure   to perform other covenants subject to a 30-day cure period after notice from   the Administrative Agent; cross-default and cross-acceleration to other   material indebtedness; bankruptcy and insolvency events; material final   judgments (after giving effect to insurance and indemnification by   non-affiliates); ERISA events (subject to a material adverse effect   limitation); actual or asserted invalidity or impairment of guarantees,   security documents, or any other Loan Documents (including the failure of any   lien on any portion of the Collateral to remain perfected with the priority   required under the Loan Documents); and a “Change of Control” (to be defined   in a manner consistent with the Documentation Principles); subject to   customary threshold, notice and grace period provisions, and other exceptions   to be mutually and reasonably agreed consistent with the 
    

 

Exhibit A-25

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
Documentation Principles.
    
	
 
    	
 
    	
 
    
	
Voting
    	
 
    	
Amendments and waivers with respect to the Loan   Documents will require the approval of Lenders (that are not defaulting   Lenders) holding not less than a majority of the aggregate principal amount   of the Loans (including, to the extent applicable, participations by Lenders   in Letters of Credit and Swing Line Loans and unused commitments) under the   Loan Documents (the “Required Lenders”),   except that (i) the consent of each Lender directly and adversely   affected thereby shall be required with respect to (a) reductions in the   amount or extensions of the final maturity of the Loans of such Lender,   (b) reductions in the rate of interest (other than a waiver of default   interest) or any fee or other amount payable or extensions of any due date   thereof with respect to the Loans of such Lender, or (c) increases in   the amount or extensions of the expiration date of such Lender’s commitment,   and (ii) the consent of 100% of the Lenders shall be required with   respect to (a) reductions of any of the voting percentages or pro rata   provisions (other than as contemplated herein in connection with Incremental   Facilities and Refinancing Facilities), (b) releases of all or   substantially all of the value of the guarantees of the Guarantors or of all   or substantially all of the Collateral (other than in connection with   permitted asset sales or other disposition) or (c) assignments by any   Credit Party of its rights or obligations under the Senior Credit Facilities.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
In addition, if the Administrative Agent and the   Borrower shall have jointly identified an obvious error or any error or   omission of a technical nature in the Loan Documents, then the Administrative   Agent and the Borrower shall be permitted to amend such provision without any   further action or consent of any other party.
    
	
 
    	
 
    	
 
    
	
Unrestricted Subsidiaries
    	
 
    	
The Loan Documents will contain provisions pursuant   to which, subject to limitations to be agreed (including on investments,   loans, advances to, and other guarantees and other investments in,   unrestricted subsidiaries and transactions with affiliates), the Borrower   will be permitted to designate any existing or subsequently acquired or   organized subsidiary as an “unrestricted subsidiary” and subsequently   re-designate any such unrestricted subsidiary as a restricted subsidiary; provided, that (a) no event of default shall have   occurred 
    

 

Exhibit A-26

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
and be continuing or would result from any such   designation or re-designation, (b) the designation of any unrestricted   subsidiary as a restricted subsidiary shall constitute the incurrence at the   time of designation of any indebtedness or liens of such subsidiary existing   at such time, (c) the fair market value of such subsidiary at the time   it is designated as an “unrestricted subsidiary” shall be treated as an   investment by the Borrower at such time, (d) the Total Net Leverage   Ratio, after giving effect to any such designation or re-designation, shall   be no greater than the pro forma Total Net Leverage Ratio as of the Closing   Date and (e) no restricted subsidiary shall be designated as an   unrestricted subsidiary if it is a restricted subsidiary under the Notes or   the Bridge Loan Facility (and any unrestricted subsidiary under the Notes or   the Bridge Loan Facility that is subsequently designated as a restricted   subsidiary shall be designated as a restricted subsidiary under the Senior   Credit Facilities); provided, further, that no restricted subsidiary may be   re-designated as an unrestricted subsidiary if such subsidiary had previously   been designated as an unrestricted subsidiary. With limited exceptions to be   agreed, unrestricted subsidiaries will not be subject to the representations   and warranties, affirmative or negative covenants or event of default provisions   of the Loan Documents and results of operations and indebtedness of   unrestricted subsidiaries will not be taken into account for purposes of   determining any financial ratio or covenant contained in the Loan Documents.
    
	
 
    	
 
    	
 
    
	
Assignments and Participations
    	
 
    	
The Lenders shall be permitted to assign and sell   participations in their loans and commitments (in each case, other than to   Disqualified Persons), subject, in the case of assignments, to the consent of   (x) the Administrative Agent (not to be unreasonably withheld, delayed   or conditioned) and (y) other than assignments to another Lender, an   affiliate of a Lender or an “approved fund” (to be defined in the Loan   Documents) and so long as no payment or bankruptcy event of default has occurred   and is then continuing, the Borrower (which consent shall not be unreasonably   withheld, delayed or conditioned; provided that   (A) the Borrower shall be deemed to have consented to such assignment if   the Borrower has not otherwise rejected in writing such assignment within ten   (10) business days of the date on which consent to such assignment is   requested of the Borrower in writing, (B) participations in the Senior 
    

 

Exhibit A-27

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
Credit Facilities shall not be granted, and   interests in the Senior Credit Facilities shall not be assigned, to the   Borrower or any of its subsidiaries (except as set forth below) or any   natural person, and (C) the consent of the Borrower will always be   required for assignments or participations to Disqualified Persons. In the   case of partial assignments (other than to another Lender, an affiliate of a   Lender or an approved fund), the minimum assignment amount shall be $1.0 million.   Assignments will be made by novation and will not be required to be pro rata among different facilities. The Administrative   Agent shall receive an administrative fee of $3,500 in connection with each   assignment unless otherwise agreed by the Administrative Agent.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Participants shall have no greater benefit than the   related Lender with respect to tax gross ups, yield protection and increased   cost provisions, except to the extent incurred as a result of a change in the   law occurring after the date of the participation, and will be subject to   customary limitations on voting rights (as mutually agreed).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Pledges of Loans in accordance with applicable law   shall be permitted on customary terms. Promissory notes shall be issued under   the Senior Credit Facilities only upon request.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Loan Documents shall contain customary   provisions for replacing non-consenting Lenders in connection with amendments   and waivers requiring the consent of all Lenders or of all Lenders directly   affected thereby so long as Lenders holding at least a majority of the   aggregate principal amount of the Loans and commitments shall have consented   thereto. The Loan Documents shall contain customary provisions for replacing   defaulting lenders and lenders requesting indemnities, gross ups or increased   costs.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
In addition, the Loan Documents shall provide that   the Term Loans may be purchased by the Borrower and its restricted   subsidiaries on a non-pro rata basis through Dutch auctions open to all   Lenders on a pro rata basis in accordance with customary procedures; provided that (i) any such Term Loans acquired by the   Borrower shall be retired and cancelled immediately upon acquisition thereof,   (ii) the Term Loans may not be purchased with the proceeds of revolving   loans under the Loan 
    

 

Exhibit A-28

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
Documents, (iii) no event of default shall   exist or result therefrom, and (iv) any such Term Loans acquired by the   Borrower shall not be deemed to increase EBITDA.
    
	
 
    	
 
    	
 
    
	
Defaulting Lenders
    	
 
    	
The Loan Documents shall contain customary   provisions relating to “defaulting” Lenders consistent with the Documentation   Principles, including provisions relating to the suspension of voting rights   and of rights to receive certain fees, and termination or assignment of   commitments or Loans of such Lenders.
    
	
 
    	
 
    	
 
    
	
Cost and Yield Protection
    	
 
    	
Each holder of Loans will receive cost and interest   rate protection customary for facilities and transactions of this type,   including compensation in respect of prepayments of LIBOR loans, taxes   (including gross-up provisions for withholding taxes imposed by any   governmental authority and taxes associated with all gross-up payments, but   subject to customary exclusions), changes in capital requirements, guidelines   or policies or their interpretation or application after the Closing Date   (including, for the avoidance of doubt (and regardless of the date adopted or   enacted), with respect to (x) the Dodd-Frank Wall Street Reform and   Consumer Protection Act and the rules and regulations with respect   thereto and (y) all requests, rules, guidelines and directions   promulgated by the Bank for International Settlements, the Basel Committee on   Banking Supervision (or any similar or successor agency, or the United States   or foreign regulatory authorities, in each case, pursuant to Basel III)),   illegality, change in circumstances, reserves and other provisions reasonably   deemed necessary by the Administrative Agent to provide customary protection   for U.S. and non-U.S. financial institutions and other lenders, subject to,   in the case of each of the foregoing, the right to replace lenders claiming   such cost and interest rate protection, customary notice and tolling   provisions, mitigation requirements, certification requirements and other   exceptions to be mutually and reasonably agreed upon.
    
	
 
    	
 
    	
 
    
	
Expenses
    	
 
    	
If the Transactions are consummated and the Closing   Date occurs, the Borrower shall pay (i) all reasonable and documented   out-of-pocket expenses of the Administrative Agent, the Collateral Agent and   the Joint Lead Arrangers associated with the syndication of the Term Loan   Facility and the preparation, negotiation, execution, delivery, filing and   administration of the Loan 
    

 

Exhibit A-29

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
Documents and, with respect to the Administrative   Agent and the Collateral Agent, any amendment or waiver with respect thereto   (including the reasonable and documented fees, disbursements and other   charges of external counsel and the charges of IntraLinks, SyndTrak or a   similar service and (ii) all reasonable and documented out-of-pocket   expenses of the Administrative Agent, the Collateral Agent, any other agent   appointed in respect of the Senior Credit Facilities and the Lenders   (including the reasonable and documented fees, disbursements and other   charges of external counsel) in connection with the enforcement of, or   protection and preservation of rights under, the Loan Documents; provided, that, in each case, the charges of counsel for   the Administrative Agent, the Collateral Agent, any other agent appointed in   respect of the Senior Credit Facilities and the Lenders shall be limited to   one primary transactional counsel, one local counsel in each relevant   jurisdiction, and one or more additional counsel if one or more actual or   potential conflicts of interest arise for each class of similarly situated   persons. For avoidance of doubt, prior to the Closing Date, the Borrower’s   expense reimbursement obligations shall be governed by the Fee Letter and not   by this paragraph. All expenses due under this paragraph shall be paid   (a) on the Closing Date, to the extent required under Exhibit D   hereto, or, (b) otherwise, within 30 days of a written demand therefor,   together with reasonably detailed backup documentation supporting such   reimbursement request.
    
	
 
    	
 
    	
 
    
	
Indemnification
    	
 
    	
The Loan Documents will contain customary   indemnities (as reasonably determined by the Joint Lead Arrangers) for   (i) the Joint Lead Arrangers, the Collateral Agent, the Administrative   Agent and the Lenders, (ii) each affiliate of any of the foregoing   persons and (iii) each of the respective officers, directors, partners,   trustees, employees, affiliates, shareholders, advisors, successors, assigns,   agents, attorneys-in-fact and controlling persons of each of the foregoing   persons referred to in clauses (i) and (ii) above (the persons   identified in clauses (i), (ii) and (iii) above, collectively, the   “Indemnified Persons”) (other than   (a) as a result of such Indemnified Person’s or its affiliate’s bad   faith, gross negligence or willful misconduct as determined by a court of   competent jurisdiction in a final and non-appealable ruling, (b) a   material breach of such Indemnified Person’s or its affiliate’s obligations   under the Loan Documents as 
    

 

Exhibit A-30

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
determined by a court of competent jurisdiction in a   final and non-appealable ruling or (c) as a result of a claim that does   not result from an act or omission by the Borrower or any of its subsidiaries   or affiliates and that is brought by an Indemnified Person against any other   Indemnified Person (other than claims against Jefferies Finance, Barclays or   any of their respective affiliates in their capacity as or in fulfilling   their role as Administrative Agent, Collateral Agent, Joint Lead Arranger or   any similar role under the Senior Credit Facilities), provided   that the obligations of the Credit Parties to reimburse the Indemnified   Persons for legal fees and expenses shall be limited to one firm of primary   counsel to such Indemnified Persons taken as a whole (and one or more firm of   additional counsel as a result of any actual or potential conflicts of   interest and any firm of special counsel and local counsel in each applicable   jurisdiction); provided further that the   Borrower shall have no obligation to reimburse any Indemnified Person for   fees and expenses unless such Indemnified Person provides an undertaking in   which such Indemnified Person agrees to refund and return any and all amounts   paid by the Borrower to such Indemnified Person to the extent any of the   foregoing items described in clauses (a) through (c) occurs. Each   Indemnified Person shall be obligated to refund and return promptly any and   all amounts paid by the Borrower or any of its affiliates under this   paragraph to such Indemnified Person for any such fees, expenses or damages   to the extent such Indemnified Person is not entitled to payment of such   amounts in accordance with the terms hereof.
    
	
 
    	
 
    	
 
    
	
Governing Law and Forum
    	
 
    	
State   of New York.
    
	
 
    	
 
    	
 
    
	
Counsel to the Joint Lead   Arrangers, the Collateral Agent and the Administrative Agent
    	
 
    	
Jones Day
    

 

* * *

 

Exhibit A-31

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

ANNEX A TO EXHIBIT A
 TO COMMITMENT LETTER

 

Interest and Certain Fees

 

	
Interest Rate Options
    	
 
    	
The Borrower may elect that the Loans comprising   each borrowing bear interest at a rate per annum   equal to:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)                                     the Base Rate   plus the Applicable Margin; or
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)                                  Adjusted LIBOR plus   the Applicable Margin.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Borrower may elect interest periods of 1, 3 or 6   months for Adjusted LIBOR Loans (as defined below).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
As used herein:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
“Applicable Margin”   means (i) [***]%, in the case of Base Rate Loans, and (ii) [***]%,   in the case of Adjusted LIBOR Loans.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
“Base Rate”   means the highest of (i) the “U.S. Prime Lending Rate” as published in The Wall Street Journal (the “Prime   Rate”), (ii) the federal funds effective rate from time   to time, plus [***]% and (iii) the Adjusted LIBOR Rate for a   one-month interest period plus [***]%.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
“Adjusted LIBOR”   means the higher of (i) the rate per annum (adjusted   for statutory reserve requirements for Eurocurrency liabilities) at which   Eurodollar deposits are offered in the interbank Eurodollar market for the   applicable interest period, as quoted on Reuters Screen LIBOR01 Page (or   any successor page or service) and (ii) [***]%.
    
	
 
    	
 
    	
 
    
	
Interest Payment Dates
    	
 
    	
With respect to Loans bearing interest based upon   the Base Rate (“Base Rate Loans”),   quarterly in arrears on the last day of each calendar quarter and on the   applicable maturity date.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
With respect to Loans bearing interest based upon   the Adjusted LIBOR Rate (“Adjusted LIBOR Loans”),   on the last day of each relevant interest period and, in the case of any   interest period longer than three months, on each successive date three   months after the first day of such interest period and on the applicable   maturity date.
    

 

Annex A-1

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
Upfront Fees; Original   Issue Discount
    	
 
    	
The Term Loans will be issued on the Closing Date at   a price of [***]% of their principal amount. For purposes of the Debt   Financing Letters, all calculations of interest and fees, however, will be   calculated on the basis of their full stated principal amount.   Notwithstanding the foregoing, at the sole discretion of the Joint Lead   Arrangers, in lieu of original issue discount on the Term Loans, the Borrower   shall pay an equivalent amount of upfront fees on the Closing Date.
    
	
 
    	
 
    	
 
    
	
Default Rate
    	
 
    	
Upon the occurrence and during the continuance of a   payment or bankruptcy event of default, all overdue principal, overdue   interest, overdue fees and other overdue amounts outstanding under the Term   Loan Facility shall bear interest at [***]% above the otherwise applicable   rate and shall be payable on demand.
    
	
 
    	
 
    	
 
    
	
Rate and Fee Basis
    	
 
    	
All per annum rates   shall be calculated on the basis of a year of 360 days (or 365/366 days, in   the case of Base Rate Loans, the interest rate payable on which is then based   on the Prime Rate) for the actual number of days elapsed (including the first   day but excluding the last day).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
* * *
    

 

Annex A-2

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

EXHIBIT B TO COMMITMENT LETTER

 

SUMMARY OF TERMS OF THE BRIDGE LOAN FACILITY

 

Set forth below is a summary of certain of the terms of the Bridge Loan Facility and the documentation related thereto.  Capitalized terms used and not otherwise defined in this Exhibit B have the meanings set forth elsewhere in this Commitment Letter.

 

	
I.                                        Parties
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Borrower
    	
 
    	
The Borrower (as defined in Exhibit A)   under the Senior Credit Facilities (the “Borrower”).
    
	
 
    	
 
    	
 
    
	
Guarantors
    	
 
    	
Each of the Guarantors (as defined in Exhibit A)   under the Senior Credit Facilities (collectively, the “Guarantors;”   the Borrower and the Guarantors, collectively, the “Credit   Parties”).
    
	
 
    	
 
    	
 
    
	
Joint Lead Arrangers and   Bookrunners
    	
 
    	
Jefferies Finance LLC (“Jefferies   Finance”) and Barclays Bank PLC (“Barclays”;   Jefferies Finance and Barclays, in such capacity, the “Joint   Lead Arrangers”). The Joint Lead Arrangers will perform the   duties customarily associated with such role.
    
	
 
    	
 
    	
 
    
	
Administrative Agent
    	
 
    	
Jefferies Finance and/or one or more of its   designees (in such capacity, the “Administrative Agent”).   The Administrative Agent will perform the duties customarily associated with   such role. Any such designee that is not an affiliate of Jefferies Finance   will be subject to the approval of the Borrower, which approval may not be   unreasonably withheld, delayed or conditioned.
    
	
 
    	
 
    	
 
    
	
Lenders
    	
 
    	
A syndicate of banks, financial institutions and   other entities, other than Disqualified Persons (collectively, the “Lenders”) identified by the Joint   Lead Arrangers and reasonably acceptable to the Borrower.
    
	
 
    	
 
    	
 
    
	
Closing Date
    	
 
    	
The date, on or before the date on which the   Commitments are terminated in accordance with Section 15 of this   Commitment Letter, on which the Acquisition is consummated (the “Closing Date”).
    
	
 
    	
 
    	
 
    
	
Bridge Loan Documents
    	
 
    	
The definitive documentation governing or evidencing   the Bridge Loans, the Extended Term Loans and the Exchange Notes (collectively,   the “Bridge Loan Documents”).
    

 

Exhibit B-1

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
II.                                   Bridge Loan Facility
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Bridge Loans
    	
 
    	
An aggregate principal amount of $450.0 million of senior   unsecured increasing rate bridge loans (the “Bridge   Loans”) less the gross cash proceeds available on the Closing   Date from the issuance of the Notes and subject to reduction in accordance   with Section 15 of the Commitment Letter.
    
	
 
    	
 
    	
 
    
	
Use of Proceeds
    	
 
    	
To finance, in part, the Acquisition and the   Refinancing of the Refinanced Debt and to pay fees and expenses in connection   with the foregoing.
    
	
 
    	
 
    	
 
    
	
Maturity
    	
 
    	
One year from the initial funding date of the Bridge   Loans (the “Bridge Loan Maturity Date”).
    
	
 
    	
 
    	
 
    
	
Rollover
    	
 
    	
If the Bridge Loans are not repaid in full on or   prior to the Bridge Loan Maturity Date and the Borrower has paid the Rollover   Fee (as defined in the Fee Letter), and provided that no Conversion Default   (as defined below) has occurred and is continuing, the Bridge Loans shall be   automatically converted on the Bridge Loan Maturity Date into senior   unsecured term loans due on the seventh anniversary of the Bridge Loan   Maturity Date (or such earlier date as may be specified in Exhibit C   hereto) (the “Extended Term Loans”) in an   aggregate principal amount equal to the aggregate principal amount of Bridge   Loans so converted. The Extended Term Loans will have the terms set forth in Exhibit C   to this Commitment Letter.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Under certain circumstances to be determined by the   Joint Lead Arrangers, Extended Term Loans may be exchanged by the holders   thereof for exchange notes (“Exchange Notes”),   which will have the terms set forth in Exhibit C to this   Commitment Letter. The Exchange Notes will be issued under an indenture that   will have the terms set forth in Exhibit C to this Commitment   Letter. In connection with each such exchange, if requested by any Lender   that is a Lender as of the Closing Date (each, an “Senior   Secured Initial Bridge Lender”), the Borrower shall   (i) deliver to the Lender that is receiving Exchange Notes, and to such   other Lenders as such Senior Secured Initial Bridge Lender requests, an   offering memorandum of the type customarily utilized in a Rule 144A   offering of high yield securities covering the resale of such Exchange Notes   by such Lenders, in such form and substance as reasonably acceptable to the   Borrower and such Senior Secured Initial Bridge Lender, and keep such   offering memorandum updated in a manner as would be required 
    

 

Exhibit B-2

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
pursuant to a customary Rule 144A securities   purchase agreement, (ii) execute an exchange agreement containing   provisions customary in Rule 144A securities purchase agreements   (including indemnification provisions) and a registration rights agreement   customary in Rule 144A offerings, in each case, if requested by such   Senior Secured Initial Bridge Lender, (iii) deliver or cause to be delivered   such opinions and accountants’ comfort letters addressed to the Senior   Secured Initial Bridge Lender and such certificates as the Senior Secured   Initial Bridge Lender may reasonably request in form and substance   satisfactory to the Senior Secured Initial Bridge Lender and (iv) take   such other actions, and cause its advisors, auditors and counsel to take such   actions, as reasonably requested by the Senior Secured Initial Bridge Lender   in connection with issuances or resales of Exchange Notes, including   providing such information regarding the business and operations of the   Borrower and its subsidiaries as is reasonably requested by any prospective   holder of Exchange Notes and customarily provided in due diligence   investigations in connection with purchases or resales of securities.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
“Conversion Default”   shall mean a bankruptcy event of default with respect to the Borrower under   the Bridge Loan Facility.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Extended Term Loans will be governed by the   provisions of the Bridge Loan Documents and will have the same terms as the   Bridge Loans except as expressly set forth in Exhibit C to this   Commitment Letter.
    
	
 
    	
 
    	
 
    
	
III.                              Certain   Payment Provisions
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Interest
    	
 
    	
The Bridge Loans will bear interest at a rate per annum equal to the higher of (i) three month   LIBOR, adjusted quarterly, and (ii) [***]%, in either case, plus   a spread of [***]% (the “Rate”).   The Rate will increase by (i) [***] basis points upon the [***] of the   Closing Date, plus (ii) an additional [***] basis points upon each   subsequent [***] following the initial [***] of the Closing Date.   Notwithstanding the foregoing, interest on the Bridge Loans (excluding   default interest, if any) shall not exceed the Total Cap (as defined in the   Fee Letter). Interest will be payable quarterly in arrears, on the Bridge   Loan Maturity Date and on the date of any prepayment of the Bridge Loans. For   amounts outstanding after the Bridge Loan Maturity Date, interest will be   payable on demand at the default rate.
    

 

Exhibit B-3

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
Default Rate
    	
 
    	
Overdue principal, interest, fees and other amounts   under the Bridge Loan Facilities shall bear interest at the applicable   interest rate plus [***]% per annum.
    
	
 
    	
 
    	
 
    
	
Optional Repayment
    	
 
    	
The Bridge Loans may be repaid, in whole or in part,   on a pro rata basis, at the option of the Borrower at any time (other than   any time at which a Demand Failure Event (as defined in the Fee Letter) shall   have occurred and be continuing) upon five business days’ prior written   notice, at a price equal to 100% of the principal amount thereof, plus   all accrued and unpaid interest and fees to the date of repayment.
    
	
 
    	
 
    	
 
    
	
Mandatory Repayment
    	
 
    	
The Borrower will repay the Bridge Loans with the   net cash proceeds from:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i) any direct or indirect public offering or   private placement of Notes or any other issuance or sale of (x) debt   securities or equity securities of the Borrower or (y) debt securities   of any of its subsidiaries,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii) the incurrence of any other indebtedness   for borrowed money (other than Loans under the Term Loan Facility as in   effect on the Closing Date and certain other limited exceptions to be   mutually agreed upon) by the Borrower or any of its restricted subsidiaries,   and
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(iii) any non-ordinary course sale or other   non-ordinary course disposition of assets by the Borrower or any of its   restricted subsidiaries (including (x) as a result of casualty or   condemnation and (y) any sale of the equity interests in any subsidiary   of the Borrower), subject to the required prior prepayment of any Loans   outstanding under the Senior Credit Facilities, in each case, at 100% of the   principal amount of the Bridge Loans repaid, plus all accrued and unpaid   interest and fees on the principal amount repaid to the date of the   repayment,

 

in the case of any such prepayments pursuant to the   foregoing clauses (i), (ii) or (iii) above, with exceptions and   baskets usual and customary for financings of this type and in any event not   less favorable to the Borrower than those applicable to the Senior Credit   Facilities.
    
	
 
    	
 
    	
 
    
	
Change of Control
    	
 
    	
Each holder of the Bridge Loans will be entitled to   require the Borrower, and the Borrower shall offer, to repay the Bridge Loans   held by such holder, at a price of 100% of the principal amount thereof, plus   all accrued and unpaid interest on the 
    

 

Exhibit B-4

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
principal amount repaid to the date of repayment,   upon the occurrence of a “change of control” (to be defined in the Bridge   Loan Documents in a manner satisfactory to the Joint Lead Arrangers, subject   to the Documentation Principles).
    
	
 
    	
 
    	
 
    
	
IV.                               Collateral   and Guarantees
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Collateral
    	
 
    	
None.
    
	
 
    	
 
    	
 
    
	
Guarantees
    	
 
    	
The Guarantors will unconditionally, and jointly and   severally, guarantee the obligations of the Borrower in respect of the Bridge   Loans (the “Guarantees”). Such   Guarantees will be in form and substance satisfactory to the Administrative   Agent and the Joint Lead Arrangers. All Guarantees shall be guarantees of   payment and performance, and not of collection. The Guarantees will   automatically be released on terms and conditions customary for public   high-yield financings.
    
	
 
    	
 
    	
 
    
	
V.                                    Other Provisions
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Conditions Precedent
    	
 
    	
Subject to the Certain Funds Provision, the   incurrence of the Bridge Loans under the Bridge Loan Facility on the Closing   Date will be subject only to the applicable conditions precedent set forth in   Section 3 of the Commitment Letter and Exhibit D to   the Commitment Letter.
    
	
 
    	
 
    	
 
    
	
Representations and Warranties
    	
 
    	
Customary for facilities and transactions of this   type (as reasonably determined by the Joint Lead Arrangers) (including those   specified under the caption “Representations and Warranties” in Exhibit A   to this Commitment Letter), with such changes and additions as are mutually   agreed to be appropriate in connection with the Bridge Loans.
    
	
 
    	
 
    	
 
    
	
Covenants
    	
 
    	
The Bridge Loan Facility will contain such   affirmative and negative covenants applicable to the Borrower and its   restricted subsidiaries usual and customary for publicly traded high yield   securities with such changes and additions as are mutually agreed to be   appropriate in connection with the Bridge Loans (it being understood that   (x) there shall be no financial maintenance covenants under the Bridge   Loan Documents and (y) such covenants will under no circumstances be   more restrictive than the analogous covenants included in the Senior Credit   Facilities).
    
	
 
    	
 
    	
 
    
	
Events of Default; Remedies
    	
 
    	
Customary for facilities and transactions of this   type (as reasonably determined by the Joint Lead Arrangers) (in certain   cases, subject to customary and appropriate grace and cure periods and   materiality thresholds to be mutually agreed upon) 
    

 

Exhibit B-5

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
(including those specified under the caption “Events   of Default” in Exhibit A to this Commitment Letter), with such   changes and additions as are appropriate in connection with the Bridge Loans;   provided that the cross-default to the   Senior Credit Facilities shall only be to (i) payment, bankruptcy and   other specified events of default to be mutually agreed upon and   (ii) other events of default under the Senior Credit Facilities that   have not been cured within 90 days; provided that   failure to comply with any obligation under Section 3 in the Fee Letter   shall not be an Event of Default (but failure to pay any amount that becomes   due as a result of such failure (such as increased interest amounts,   conversion fees, etc.) shall constitute a payment Event of Default).
    
	
 
    	
 
    	
 
    
	
Voting
    	
 
    	
Amendments and waivers with respect to the Bridge   Loan Documents will require the approval of Lenders holding not less than a   majority of the aggregate principal amount of the Bridge Loans, Extended Term   Loans or Exchange Notes, as the case may be (the “Required   Lenders”), except that (i) the consent of each Lender   directly affected thereby shall be required with respect to   (a) reductions in the amount or extensions of the final maturity of any   Bridge Loan, Extended Term Loan or Exchange Note, as the case may be, or the   reduction of the non-call period for any Exchange Note, as applicable,   (b) reductions in the rate of interest (other than a waiver of default   interest) or any fee (including any prepayment fee) or other amount payable   or extensions of any due date thereof, (c) increases in the amount or   extensions of the expiration date of any Lender’s commitment or   (d) modifications to the assignment provisions of the Bridge Loan   Documents that further restrict assignments thereunder and (ii) the   consent of 100% of the Lenders shall be required with respect to   (a) reductions of any of the voting percentages or the pro rata   provisions, (b) releases of all or substantially all of the value of the   guarantees of the Guarantors or (c) alterations of (or additions to) the   restrictions on the ability of Lenders to exchange Extended Term Loans for   Exchange Notes, (d)  modification of the rights to exchange Extended   Term Loans into Exchange Notes or (e) assignments by any Credit Party of   its rights or obligations under the Bridge Loan Facility.
    
	
 
    	
 
    	
 
    
	
Transferability
    	
 
    	
Each holder of Bridge Loans will be free to   (x) sell or transfer all or any part of its Bridge Loans to any third   party with the consent of the Administrative Agent (not to be unreasonably   withheld) in compliance with applicable law (provided that such holder shall   give prompt written notice to the Administrative Agent and the Borrower of   any such sale or 
    

 

Exhibit B-6

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
 
    	
transfer), (y) sell participations in all or a   portion of the Bridge Loans (subject to customary voting restrictions), and (z) pledge   any or all of the Bridge Loans in accordance with applicable law.
    
	
 
    	
 
    	
 
    
	
Cost and Yield Protection
    	
 
    	
Substantially similar to those contained in the Loan   Documents.
    
	
 
    	
 
    	
 
    
	
Expenses
    	
 
    	
Substantially similar to those contained in the Loan   Documents.
    
	
 
    	
 
    	
 
    
	
Indemnification
    	
 
    	
Substantially similar to those contained in the Loan   Documents.
    
	
 
    	
 
    	
 
    
	
Governing Law and Forum
    	
 
    	
State of New York.
    
	
 
    	
 
    	
 
    
	
Counsel to the Joint Lead   Arrangers and the Administrative Agent
    	
 
    	
Jones Day
    

 

Exhibit B-7

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

EXHIBIT C TO COMMITMENT LETTER

 

SUMMARY OF TERMS OF EXTENDED TERM LOANS
 AND EXCHANGE NOTES

 

Set forth below is a summary of certain of the terms of the Extended Term Loans and the Exchange Notes and the documentation related thereto.  Capitalized terms used and not otherwise defined in this Exhibit C have the meanings set forth elsewhere in this Commitment Letter.

 

Term Loans

 

On the Bridge Loan Maturity Date, so long as no Conversion Default has occurred and is continuing, the outstanding Bridge Loans will be converted automatically into Extended Term Loans.  The Extended Term Loans will be governed by the provisions of the Bridge Loan Documents and, except as expressly set forth below, will have the same terms as the Bridge Loans.

 

	
Maturity
    	
The Extended Term Loans will mature on the seventh   anniversary of the Bridge Loan Maturity Date.
    
	
 
    	
 
    
	
Interest Rate
    	
The Extended Term Loans will bear interest at a rate   per annum (the “Interest   Rate”) equal to the Total Cap.
    
	
 
    	
 
    
	
 
    	
Overdue principal, interest, fees and other amounts   shall bear interest at the applicable interest rate plus [***]% per annum.
    

 

Exhibit C-1

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

Exchange Notes

 

At any time on or after the Bridge Loan Maturity Date, upon five or more business days’ prior notice, the Extended Term Loans may, at the option of any Lender, be exchanged for a principal amount of Exchange Notes equal to 100% of the aggregate principal amount of the Extended Term Loans so exchanged (plus any accrued interest thereon not required to be paid in cash), provided that the Borrower may defer the first issuance of Exchange Notes until such time as the Borrower shall have received requests to issue an aggregate of at least $100.0 million in aggregate principal amount of Exchange Notes.  The Borrower will issue Exchange Notes under an indenture (the “Indenture”) that complies with the Trust Indenture Act of 1939, as amended.  The Borrower will appoint a trustee acceptable to the Lenders.

 

	
Maturity Date
    	
The Exchange Notes will mature on the seventh anniversary of the   Bridge Loan Maturity Date.
    
	
 
    	
 
    
	
Interest Rate
    	
Each Exchange Note will bear interest at a rate per annum   equal to the Total Cap.
    
	
 
    	
 
    
	
 
    	
Interest will be payable semi-annually in arrears. Default interest   will be payable on demand.
    
	
 
    	
 
    
	
 
    	
Overdue principal, interest, fees and other amounts shall bear   interest at the applicable interest rate plus [***]% per annum.
    
	
 
    	
 
    
	
Transferability
    	
If the Extended Term Loans are converted to Exchange Notes, the   Borrower, upon request by any holder of such Exchange Notes or the   Administrative Agent, shall be required to use its commercially reasonable   efforts to make such Exchange Notes DTC-eligible.
    
	
 
    	
 
    
	
Optional Redemption
    	
Exchange Notes will be non-callable until the second anniversary of   the Bridge Loan Maturity Date (subject to (x) a 35% “equity clawback”   provision customary for publicly traded high yield debt securities and   (y) redemption at a make-whole price based on U.S. Treasury notes with   maturity closest to such second anniversary plus [***] basis points).   Thereafter, each Exchange Note will be callable at par plus accrued interest   plus a premium equal to [***] of the coupon on such Exchange Note, which   premium shall decline to [***]% and [***]% on each subsequent anniversary of the   Bridge Loan Maturity Date and to zero on the date that is the fifth   anniversary of the Bridge Loan Maturity Date.
    
	
 
    	
 
    
	
Defeasance Provisions
    	
Customary for publicly traded high yield debt securities.
    
	
 
    	
 
    
	
Modification
    	
Customary for publicly traded high yield debt securities.
    
	
 
    	
 
    
	
Change of Control
    	
The Borrower will be required to offer to repurchase the Exchange   Notes following the occurrence of a “change of 
    

 

Exhibit C-2

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

	
 
    	
control” (to be defined in a manner customary for publicly traded high   yield debt securities and not to include any “continuing director” component)   at [***]% of the outstanding principal amount thereof.
    
	
 
    	
 
    
	
Registration Rights
    	
None.
    
	
 
    	
 
    
	
Covenants
    	
Customary for publicly traded high yield debt securities.
    
	
 
    	
 
    
	
Events of Default
    	
Customary for publicly traded high yield debt securities.
    

 

Exhibit C-3

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

EXHIBIT D TO COMMITMENT LETTER

 

CLOSING CONDITIONS

 

Capitalized terms used but not defined in this Exhibit D have the meanings assigned to them elsewhere in this Commitment Letter.  The closing of the Facilities and the making of the initial loans thereunder are conditioned upon satisfaction of the conditions precedent contained in Section 3 of this Commitment Letter, the other conditions expressly set forth in this Commitment Letter, in Exhibits A and B under “Conditions Precedent to Initial Borrowing” and “Conditions Precedent”, respectively, and those identified below.  For purposes of this Exhibit D, references to “we”, “us” or “our” means the Joint Lead Arrangers and their respective affiliates.

 

GENERAL CONDITIONS

 

1.                                      Concurrent Transactions.  The Borrower and the Guarantors shall have executed and delivered to the Administrative Agent the Definitive Debt Documents related to (x) the Term Loan Facility and (y) the Bridge Loan Facility (or substantially contemporaneously with the Transactions, the Borrower shall have received not less than $450.0 million in gross cash proceeds from the issuance of the Notes or New Equity Proceeds (excluding New Equity Proceeds included in the Balance Sheet Cash Contribution)), in each case, which shall be prepared by our counsel and consistent with the Debt Financing Letters and the Documentation Principles; provided that this condition is subject to the Certain Funds Provision.  The Borrower shall have received additional New Equity Proceeds not constituting part of the Balance Sheet Cash Contribution in an amount not less than the aggregate reduction of the Facilities pursuant to Section 15 of the Commitment Letter.  With respect to the Senior Credit Facilities, the Collateral Agent, for the benefit of the Lenders under the Senior Credit Facilities and the other secured parties thereunder, shall have been granted perfected first priority security interests in all assets of the Credit Parties to the extent described in Exhibit A to this Commitment Letter under the caption “Collateral”, pursuant to security documents in form and substance consistent with the Documentation Principles; provided that this condition is subject to the Certain Funds Provision.

 

2.                                      Acquisition.  The Transactions (including the Acquisition) shall have been consummated in accordance with the Acquisition Agreement or will be consummated concurrently with or immediately following the borrowing of the Term Loans and the Bridge Loans (or the issuance of the Notes or equity or equity-linked securities in lieu of the Bridge Loans)  (including, without limitation, the payment by the Borrower of all amounts due on the Closing Date in connection with the Transactions with the proceeds of the Term Loans, the Bridge Loans (or Notes or equity or equity-linked securities, as applicable) and the Balance Sheet Cash Contribution), and the Target and each of its subsidiaries shall have become, or will contemporaneously on the Closing Date become, wholly-owned subsidiaries of Borrower.  The executed Stock Purchase Agreement, dated as of the date hereof (as may be amended, modified, supplemented, waived or the subject of any consent in accordance with the terms of this Commitment Letter and together with the annexes, schedules, exhibits and attachments thereto, the “Acquisition Agreement”), among you, the Target and the Seller shall not have been amended, modified, supplemented, waived or been the subject of any consent in any manner materially adverse to the Lenders or the Joint Lead Arrangers (in each case in their capacities as such) without the consent of the Joint Lead Arrangers, not to be unreasonably withheld, delayed or conditioned (it being understood and agreed that (1) any decrease in the amount of consideration required to consummate the Acquisition shall not be deemed to be adverse to the interests of the Lenders and the Joint Lead Arrangers so long as (a) any such decrease is utilized to

 

Exhibit D-1

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

reduce each of the Facilities and the Balance Sheet Cash Contribution on a pro rata basis, (2) any change to the definition of “Company Material Adverse Effect” in a manner favorable to the Target shall be deemed to be adverse to the interests of the Lenders and the Joint Lead Arrangers, (3) any modifications to any of the provisions relating to the Administrative Agent’s, the Collateral Agent’s, the Joint Lead Arrangers’ or any Lender’s liability, jurisdiction or status as a third party beneficiary under the Acquisition Agreement shall be deemed to be adverse to the interests of the Lenders and the Joint Lead Arrangers).

 

3.                                      Refinancing of Existing Debt.  Concurrently with or immediately following the consummation of the Acquisition, the Refinancing shall have been (or shall be) consummated, all commitments relating to refinanced debt shall have been terminated, and all liens or security interests related thereto shall have been (or immediately following the initial funding of the Facilities will be) terminated or released or arrangements for such termination or release shall have been made.  Immediately after giving effect to the Transactions, the Company shall have outstanding no outstanding indebtedness for borrowed money or preferred stock (or direct or indirect guarantee or other credit support in respect thereof) other than the Facilities (or Notes issued in lieu of the Bridge Loan Facility) and the Surviving Debt.

 

4.                                      Financial Information.  The Joint Lead Arrangers shall have received (A) audited consolidated balance sheets of the Acquiror as of December 31, 2012, 2013 and 2014 and related audited consolidated statements of operations and cash flows of the Acquiror for the fiscal years ended December 31, 2012, 2013 and 2014 (it being understood that the Joint Lead Arrangers acknowledge receipt of such audited financial statements) and audited consolidated balance sheets of the Target as of December 31, 2013 and 2014 and related audited consolidated statements of operations and cash flows of Target for the fiscal years ended December 31, 2013 and 2014 (it being understood that the Joint Lead Arrangers acknowledge receipt of such audited financial statements), (B) unaudited consolidated balance sheets and related statements of operations and cash flows of the Acquiror and the Target for each interim quarterly period subsequent to December 31, 2014 (but only if such period is one of the first three fiscal quarters of a fiscal year) ended at least 45 days prior to the Closing Date (it being understood that the Joint Lead Arrangers acknowledge receipt of such unaudited financial statements of the Acquiror and the Target for the fiscal quarter ended March 31, 2015) and (C) a pro forma consolidated balance sheet and related pro forma consolidated statement of operations (but not a pro forma statement of cash flows) of the Borrower (after giving effect to the Acquisition and the other Transactions) as of and for the four fiscal quarter period ending on the last day of the most recently completed four fiscal quarter period ended at least 120 days prior to the Closing Date (if such period is a fiscal year) or at least 45 days prior to the Closing Date (if such period is one of the first three fiscal quarters of a fiscal year), prepared after giving effect to the Acquisition and other Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of the statement of operations).

 

5.                                      Information; Cooperation; Marketing Period.  The Joint Lead Arrangers shall have been afforded a period prior to the Closing Date (the “Marketing Period”) of at least 15 consecutive Business Days (as defined in the Acquisition Agreement) (ending on the business day no later than the business day immediately prior to the Closing Date) following the earlier of (x) delivery of a Confidential Information Memorandum with respect to the Senior Credit Facilities and (y) delivery of the information required to be delivered under Section 4 of the Commitment Letter necessary for inclusion in a Confidential Information Memorandum with respect to the Senior Credit Facilities (the “Required Bank Information”), provided, that (i) Friday, July 3, 2015 shall not be considered a Business Day for purposes

 

Exhibit D-2

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

of calculating such Marketing Period and (ii) if such 15 consecutive Business Day period shall not have ended prior to August 22, 2015, then such period shall not commence prior to September 8, 2015.  If the Borrower shall in good faith reasonably believe that it has delivered the Required Bank Information, it may deliver to the Joint Lead Arrangers written notice to that effect (stating when it believes it completed the applicable delivery), in which case the Required Bank Information shall be deemed to have been delivered on the date of the applicable notice, unless the Joint Lead Arrangers in good faith reasonably believe that the Borrower has not completed delivery of the Required Bank Information, and, within 3 business days after their receipt of such notice from the Borrower, the Joint Lead Arrangers deliver a written notice to the Borrower to that effect (stating with reasonable specificity the Required Bank Information that has not been delivered).

 

6.                                      Prior Marketing of Permanent Instruments.  With respect to the Bridge Loan Facility, we shall be satisfied that the Company has used its commercially reasonable efforts to cause the Notes to be issued and sold prior to the Closing Date, which efforts shall include (a) delivery to the Financial Institutions as soon as reasonably practicable and in any event prior to the Required Marketing Period, a complete (as reasonably determined by us) preliminary offering memorandum (the “Preliminary Offering Memorandum”) usable in a customary high-yield road show relating to a Rule 144A offering of the Notes, containing all financial statements and other financial data (including selected financial data) to be included therein (including all audited financial statements, all unaudited financial statements (each of which shall have undergone a SAS 100 review) and all appropriate pro forma financial statements) prepared in accordance with, or reconciled to, generally accepted accounting principles in the United States, in each case, of the type and form customarily included in preliminary offering memoranda for transactions of this type (other than for the avoidance of doubt (i) financial statements and data required by Rules 3-09, 3-10 or 3-16 of Regulation S-X, (ii) segment financial data, although customary qualitative disclosure with respect to clauses (i) and (ii), to the extent applicable, will be provided or (iii) information regarding compensation discussion and analysis as required by Item 402 of Regulation S-K) (collectively, the “Required Information”); provided the condition described in clause (a) will also be deemed satisfied if the Notes are offered on a registered basis and the Company has delivered a preliminary prospectus with respect to an offering of the Notes (the “Preliminary Prospectus”) containing the information that is customarily included in a preliminary prospectus for transactions of this type and required in a registered offering of Notes on a Form S-1 registration statement (including all audited financial statements, all unaudited financial statements (each of which shall have undergone a SAS 100 review) and all appropriate pro forma financial statements), but excluding information that would not customarily be included in a preliminary prospectus of a first-time issuer of Notes and (b) the participation of senior management and representatives of the Company and the Target in the road show.  The Financial Institutions shall have been offered a period of not less than 15 consecutive business days after delivery of such complete printed Preliminary Offering Memorandum to seek to place the Notes (ending on the business day no later than the Business Day immediately prior to the Closing Date) (such period, the “Required Marketing Period”), provided that (i) Friday, July 3, 2015 shall not be considered a Business Day for purposes of calculating such Required Marketing Period and (ii) if such 15 consecutive Business Day period shall not have ended prior to August 22, 2015, then such period shall not commence prior to September 8, 2015.

 

Notwithstanding the foregoing, the Required Marketing Period shall be deemed not to have commenced, if prior to the completion of such period, (A) the Company auditor shall have withdrawn its audit opinion with respect to any year end audited financial statements set forth in the Preliminary Offering Memorandum, (B) the financial statements included in the Preliminary Offering Memorandum

 

Exhibit D-3

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

would be required to be updated under Rule 3-12 of Regulation S-X in order to be sufficiently current on any day during such period to permit a registration statement using such financial statements to be declared effective by SEC on the last day of such period, in which case the Required Marketing Period shall not be deemed to commence until the receipt of updated financial information that would be required under Rule 3-12 of Regulation S-X to permit a registration statement using such financial statements to be declared effective by the SEC on the last day of such new period, or (C) the Company shall have publicly announced any intention to restate any material financial information included in the Preliminary Offering Memorandum or that any such restatement is under consideration, in which case the Required Marketing Period shall be deemed not to commence unless and until such restatement has been completed or the Company has determined that no restatement shall be required.

 

7.                                      Comfort Letter.  With respect to the Bridge Loan Facility, the independent accountants that have audited the financial statements contained in the Preliminary Offering Memorandum relating to the issuance of the Notes shall make available and have delivered to the Financial Institutions, (i) no later than the delivery to the Financial Institutions of the Preliminary Offering Memorandum in accordance with preceding paragraph, in a form they are prepared to execute, a draft in customary form for Rule 144A offerings of securities like the Notes (including, without limitation, the items included in the “circle-up” and the degree of comfort provided with respect thereto), of a comfort letter prepared in accordance with the requirements of SAS 72 covering the financial statements and other data included and incorporated by reference in the Preliminary Offering Memorandum (the “Comfort Letter”), (ii) no later than reasonably promptly after the pricing of the Notes Offering (but in any event not later than the calendar day immediately following the pricing of the Notes Offering), an executed copy of the Comfort Letter dated the date of the pricing of the Notes Offering and (iii) on the date of consummation of the issuance of the Notes Offering, a “bring down” comfort letter in customary form for Rule 144A offerings of securities like the Notes; provided that the foregoing condition will also be deemed satisfied if (x) the Notes are offered on a registered basis and (y) such accountants have delivered draft, executed and bring down comfort letters in respect of the Preliminary Prospectus in customary form for registered offerings of securities like the Notes within the timeframes described in clauses (i), (ii) and (iii) respectively.

 

8.                                      Payments; Obligations.  All costs, fees, expenses (including reasonable and documented legal fees and out-of-pocket expenses and recording taxes and fees) and other compensation and amounts payable on the Closing Date to us, the Lenders or any of our or their respective affiliates pursuant to the Commitment Letter or the Fee Letter, shall have been (or concurrently with the initial funding of the Facilities will be) paid to the extent due and payable in accordance with the terms, respectively, thereof and invoiced at least 2 business days (unless otherwise reasonably agreed by the Borrower) prior to the Closing Date.  The Debt Financing Letters shall be in full force and effect.

 

9.                                      Customary Closing Documents.  Delivery of the following customary documents, consistent with the Documentation Principles: customary lien, litigation and tax searches with respect to the Borrower and the Guarantors, customary legal opinions, corporate records and documents from public officials and customary officers’ certificates and payoff letters with respect to the Refinanced Debt shall have been delivered.  In addition, you shall have delivered (a) at least three business days prior to the Closing Date, all documentation and other information about the Borrower and the Guarantors required by U.S. regulatory authorities under applicable “know- your-customer” and anti-money laundering rules and regulations, including the Patriot Act as has been reasonably been requested in writing at least ten days prior to the Closing Date by the Joint Lead Arrangers and (b) a certificate from the chief financial officer of the Borrower in the form attached as Exhibit E.

 

Exhibit D-4

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS 

AMENDED.

 

10.                               Accuracy of Representations and Warranties.  The Specified Representations shall be true and correct in all material respects (provided, that any representation and warranty that is qualified as to “materiality,” “material adverse effect” or similar language shall be true and correct in all respects (after giving effect to any such qualification therein)) and the Specified Acquisition Agreement Representations shall be true and correct except for any and all breaches of such Specified Acquisition Agreement Representations that do not give rise, individually or in the aggregate, to the right to terminate your (or any of your applicable affiliates’) obligations under the Acquisition Agreement or decline to consummate the Acquisition as a result of any such breaches of the Specified Acquisition Agreement Representations (as determined without giving effect to any waiver, amendment or other modification thereto).

 

Exhibit D-5

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

EXHIBIT E TO COMMITMENT LETTER

 

SOLVENCY CERTIFICATE

 

[BORROWER]

 

[     ], 20[ ]

 

Pursuant to Section [_] of the Credit Agreement, dated as of the date hereof (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among [                  ], the undersigned [chief accounting officer][other officer with equivalent duties] of the Borrower hereby certifies as of the date hereof, solely on behalf of the Borrower and not in his or her individual capacity and without assuming any personal liability whatsoever, that:

 

I am familiar with the finances, properties, businesses and assets of the Borrower and its Subsidiaries and the Target and its Subsidiaries.(1)  I have reviewed the Loan Documents and such other documentation and information and have made such investigation and inquiries as I have deemed necessary and prudent therefor.  I have also reviewed the consolidated financial statements of the Borrower and its Subsidiaries and the Target and its Subsidiaries, including projected financial statements and forecasts relating to statements of operations and cash flow statements of the Borrower and its Subsidiaries and the Target and its Subsidiaries, respectively.

 

On the Closing Date, after giving effect to the Transactions, the Borrower and its Subsidiaries (on a consolidated basis) (a) have property with fair value greater than the total amount of their debts and liabilities, contingent (it being understood that the amount of contingent liabilities at any time shall be computed as the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability), subordinated or otherwise, (b) have assets with present fair salable value not less than the amount that will be required to pay their liability on their debts as they become absolute and matured, (c) will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as they become absolute and matured and (d) are not engaged in business or a transaction, and are not about to engage in business or a transaction, for which their property would constitute an unreasonably small capital.

 

All capitalized terms used but not defined in this certificate shall have the meanings set forth in the Credit Agreement.

 

IN WITNESS WHEREOF, I have executed this Certificate as of the date first written above.

 

	
 
    	
AMAG   PHARMACEUTICALS, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
Frank E. Thomas
    
	
 
    	
Title:
    	
President and Chief   Operating Officer
    

 

(1)  Subsidiaries” to be defined in a manner consistent with the Documentation Principles.

 

Exhibit E-1

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED.  ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

Exhibit D-2

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