Document:

Exhibit 4.11

 

 

Strategic Plan   Update Actions Strengthen Financial Position and Enhance Future Dividend   Growth November 1, 2016

    

 

Prospectus and   Additional Information An amended and restated preliminary short form   prospectus containing important information relating to the securities   described in this presentation has not yet been filed with the securities   regulatory authorities in each of the provinces and territories of Canada. A   copy of the amended and restated preliminary short form prospectus is   required to be delivered to any investor that received this presentation and   expressed an interest in acquiring the securities. There will not be any sale   or any acceptance of an offer to buy the securities until a receipt for the   final short form prospectus has been issued. This presentation does not   provide full disclosure of all material facts relating to the securities   offered. Investors should read the amended and restated preliminary short   form prospectus, final short form prospectus and any amendment, for   disclosure of those facts, especially risk factors relating to the securities   offered, before making an investment decision. The issuer has filed a   registration statement (including a prospectus) with the Securities and   Exchange Commission (SEC) for the offering to which this communication   relates. These securities may not be sold nor may offers to buy be accepted   prior to the time the registration statement becomes effective. Before you   invest, you should read the prospectus in that registration statement and   other documents the issuer has filed with the SEC for more complete   information about the issuer and this offering. The issuer has also filed the   prospectus relating to the offering with each of the provincial and   territorial securities regulatory authorities in Canada. You may get any of   these documents for free by visiting EDGAR on the SEC website at www.sec.gov   or via SEDAR at www.sedar.com. Alternatively, the issuer, any underwriter or   any dealer participating in the offering will arrange to send you the   prospectus if you request it in the U.S. from TD Securities (USA) LLC (tel:   212-827-7392), 31 W 52nd Street, New York NY 10019, BMO Capital Markets   Corp., Attn: Equity Syndicate Department, 3 Times Square,25th Floor, New   York, NY 10036 (tel: 800-414-3627; email: bmoprospectus@bmo.com) or RBC   Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281-8098,   Attention: Equity Syndicate, (tel: 877-822-4089; Email:   equityprospectus@rbccm.com), or in Canada from TD Securities Inc., Attention:   Symcor, NPM (tel: 289-360-2009, email: sdcconfirms@td.com), 1625 Tech Avenue,   Mississauga ON L4W 5P5, BMO Capital Markets, Brampton Distribution Centre C/O   The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2   (tel: 905-791-3151 Ext 4312; email: torbramwarehouse@datagroup.ca) or RBC   Dominion Securities Inc., Attn: Simon Yeung, Distribution Centre, RBC   Wellington Square, 8th Floor, 180 Wellington St. W., Toronto, Ontario, M5J   0C2 (tel: 416-842-5349; E-mail: Distribution.RBCDS@rbccm.com). Additional   Information and Where to Find it: In connection with the proposed acquisition   of the outstanding common units of Columbia Pipeline Partners LP (CPPL), CPPL   will file with the SEC a proxy statement with respect to a special meeting of   its unitholders to be convened to approve the transaction. The definitive   proxy statement will be mailed to the unitholders of CPPL. INVESTORS ARE   URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY   BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE   TRANSACTION. Investors will be able to obtain these materials, when they are   available, and other documents filed with the SEC free of charge at the SEC’s   website, www.sec.gov. In addition, copies of the proxy statement, when   available, may be obtained free of charge by accessing CPPL’s website at   www.columbiapipelinepartners.com or by writing CPPL at 5151 San Felipe   Street, Suite 2500, Houston, Texas 77056, Attention: Corporate Secretary.   Investors may also read and copy any reports, statements and other   information filed by CPPL with the SEC, at the SEC public reference room at   100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at   1-800-SEC-0330 or visit the SEC’s website for further information on its   public reference room. Participants in the Merger Solicitation Columbia   Pipeline Group, Inc. (Columbia), an indirect wholly owned subsidiary of the   Company, and certain of its directors, executive officers and other members   of management and employees may be deemed to be participants in the   solicitation of proxies in respect of the transaction. Information regarding   Columbia’s directors and executive officers is available in its Current   Report on Form 8-K filed with the SEC on July 1, 2016. Other information   regarding the participants in the proxy solicitation and a description of   their direct and indirect interests, by security holdings or otherwise, will   be contained in the proxy statement and other relevant materials to be filed   with the SEC when they become available.

    

 

Forward Looking   Information and Non-GAAP Measures This presentation includes certain forward   looking information, including future oriented financial information or   financial outlook, which is intended to help current and potential investors   understand management’s assessment of our future plans and financial outlook,   and our future prospects overall. Statements that are forward-looking are   based on certain assumptions and on what we know and expect today and   generally include words like anticipate, expect, believe, may, will, should,   estimate or other similar words. Forward-looking statements do not guarantee   future performance. Actual events and results could be significantly   different because of assumptions, risks or uncertainties related to our   business or events that happen after the date of this presentation. Our   forward-looking information in this presentation includes statements related   to: future dividend growth, the completion of the transactions contemplated   by our agreements to sell our U.S. Northeast power assets and our agreement   to acquire all of the outstanding common units of CPPL, our agreement with   the underwriters in respect of the common share offering, the future growth   of our Mexican natural gas pipeline business, our successful integration of   Columbia and the successful completion of our Common Share Offering. Our   forward looking information is based on certain key assumptions and is   subject to risks and uncertainties, including but not limited to: our ability   to successfully implement our strategic initiatives and whether they will   yield the expected benefits including the expected benefits of the   acquisition of Columbia and the expected growth of our Mexican natural gas   pipeline business, that the conditions to the closing of the Common Share   offering will occur in a timely manner, or at all, timing and completion of   our planned asset sales, the operating performance of our pipeline and energy   assets, economic and competitive conditions in North America and globally,   the availability and price of energy commodities and changes in market   commodity prices, the amount of capacity sold and rates achieved in our   pipeline businesses, the amount of capacity payments and revenues we receive   from our energy business, regulatory decisions and outcomes, outcomes of   legal proceedings, including arbitration and insurance claims, performance of   our counterparties, changes in the political environment, changes in   environmental and other laws and regulations, construction and completion of   capital projects, labour, equipment and material costs, access to capital   markets, interest, inflation and foreign exchange rates, weather, cyber   security and technological developments. You can read more about these risks   and others in our Quarterly Report to shareholders dated November 1, 2016 and   2015 Annual Report filed with Canadian securities regulators and the SEC and   available at www.transcanada.com. As actual results could vary significantly   from the forward-looking information, you should not put undue reliance on   forward-looking information and should not use future-oriented information or   financial outlooks for anything other than their intended purpose. We do not   update our forward-looking statements due to new information or future   events, unless we are required to by law. This presentation contains   reference to certain financial measures (non-GAAP measures) that do not have   any standardized meaning as prescribed by U.S. generally accepted accounting   principles (GAAP) and therefore may not be comparable to similar measures   presented by other entities. These non-GAAP measures may include Comparable   Earnings, Comparable Earnings per Share, Earnings Before Interest, Taxes,   Depreciation and Amortization (EBITDA), Comparable Funds Generated from   Operations and Comparable Distributable Cash Flow (DCF). Reconciliations to   the most closely related GAAP measures are included in this presentation and   in our Quarterly Report to shareholders dated November 1, 2016 filed with   Canadian securities regulators and the SEC and available at   www.transcanada.com.

    

 

Presenters Russ   Girling, President and Chief Executive Officer Don Marchand, EVP, Corporate   Development and CFO 4

    

 

Strategic Plan   Update Highlights Third Quarter Results Reflect Strong Operating Performance   Net loss attributable to common shares of $135 million or $0.17 per share includes   $656 million after-tax goodwill impairment charge related to the U.S.   Northeast Power business Comparable earnings of $622 million or $0.78 per   share Comparable funds generated from operations of $1.4 billion Expect to   Realize ~US$3.7 Billion from Monetization of U.S. Northeast Power Business   Proceeds to repay a portion of the US$6.9 billion senior unsecured asset   bridge term loan credit facilities (Columbia bridge loan facilities) used to   partially finance the Columbia acquisition Maintaining Full Ownership   Interest in Mexico US$3.8 billion of projects targeted to enter service by   the end of 2018 Annual EBITDA expected to increase to approximately US$575   million from US$181 million in 2015 Reached Agreement to Acquire Columbia   Pipeline Partners LP Common Units for US$17.00 per Unit US$915 million   acquisition subject to unitholder approval and other customary closing   conditions Financing Plan Issuing ~$3.2 billion of common shares under a   bought deal plus a 10 per cent over-allotment option Proceeds to repay a   portion of the Columbia bridge loan facilities following decision to maintain   current ownership interest in Mexico 5 Actions Expected to be Accretive to   Earnings Per Share, Strengthen Financial Position and Support 10 Per Cent   Annual Dividend Growth Through 2020

    

 

Comparable   Distributable Cash Flow* ($Millions) Financial Highlights – Three Months   ended September 30 (Non-GAAP) 0.62 0.78 1,148 1,411 953 1,025 Comparable   Earnings per Share* (Dollars) Comparable Funds Generated from Operations*   ($Millions) 6 *Comparable Earnings per Share, Comparable Funds Generated from   Operations and Comparable Distributable Cash Flow are non-GAAP measures. See   the non-GAAP measures slide at the front of this presentation for more   information. 2015 2016 2015 2016 2015 2016

    

 

Monetization of   U.S. Northeast Power Business Expect to realize ~US$3.7 billion for business   Entered agreements to sell Ravenswood, Ironwood, Ocean State Power and Kibby   Wind to Helix Generation, LLC, an affiliate of LS Power Equity Advisors for   US$2.2 billion and TC Hydro to Great River Hydro, LLC, an affiliate of   ArcLight Capital Partners, LLC. for US$1.065 billion Remainder attributable   to power marketing business which is expected to be realized going forward   Proceeds to repay a portion of Columbia bridge loan facilities Expected to   result in a ~$1.1 billion after-tax net loss including goodwill impairment   Sales expected to close in first half of 2017, subject to regulatory and   other approvals and will include closing adjustments Exiting U.S. Merchant   Power Business; Expected to Increase Predictability and Stability of EBITDA   Asset Generating Capacity (MW) Type of Fuel TC Hydro 583 Hydro Kibby Wind 132   Wind Ravenswood 2,480 Natural Gas and Oil Ironwood 778 Natural Gas Ocean   State Power 560 Natural Gas Total 4,533 7

    

 

Mexico Natural   Gas Pipeline Business Guadalajara and Tamazunchale in-service US$3.8 billion   being invested in five new pipelines which are expected to enter service by   the end of 2018 Underpinned by 25-year, U.S. dollar contracts with Comisión   Federal de Electricidad (CFE) US$1.4 billion Topolobampo and Mazatlan   projects substantially complete Once completed, portfolio is expected to   generate annual EBITDA of approximately US$575 million up from US$181 million   in 2015 More compelling to maintain ownership interest and access capital   markets Maximizes short- and long-term value Retain future growth   opportunities Simple corporate structure 8 Accretive to Earnings Per Share

    

 

Master Limited   Partnership Strategic Review Entered into agreement to acquire the   outstanding common units of Columbia Pipeline Partners LP (CPPL) for cash at   a price of US$17.00 per common unit US$915 million acquisition subject to unitholder   approval Expect acquisition to close in first quarter 2017 Results in 100 per   cent ownership of Columbia’s core assets, is expected to be accretive to   earnings per share and simplifies corporate structure TransCanada Corporation   (TSX, NYSE:TRP) TC PipeLines, LP (NYSE:TCP) Columbia Pipeline Partners LP   (NYSE:CPPL) CPPL Public Unit Holders 46.5% Indirect Ownership TCP Public Unit   Holders 53.5% 72.9%* 27.1%* Indirect Ownership *As of September 30, 2016 9   Acquiring outstanding common units TC PipeLines, LP Remains a Core Element of   TransCanada’s Strategy

    

 

Columbia   Pipeline Integration Transformational acquisition created one of North   America’s largest regulated natural gas transmission businesses and provides   a new platform for growth CPPL acquisition increases ownership in principal   Columbia assets to 100 per cent Significant progress made in integrating   Columbia’s operations Expect to realize targeted US$250 million of annualized   benefits associated with acquisition Advancing US$7.7 billion portfolio of   growth initiatives and modernization investments Illustrates the   configuration of TransCanada’s natural gas pipeline network 10 Incumbent   Position in North America’s Most Prolific, Low Cost Natural Gas Basins

    

 

$25 Billion   Visible Near-Term Capital Program Illustrates the configuration of   TransCanada’s near-term projects Project Estimated Capital Cost* Expected   In-Service Date* Topolobampo US1.0 2017 Mazatlan US0.4 2016 Canadian Mainline   0.7 2016-2017 NGTL System 5.4 2016-2020 Tula US0.5 2017 Columbia US7.7   2016-2020 Villa de Reyes US0.6 2018 Sur de Texas US1.3 2018 Grand Rapids 0.9   2017 Northern Courier 1.0 2017 Napanee 1.1 2018 Bruce Power Life Extension   1.2 2016-2020 Total Canadian Equivalent (1.31 exchange rate) CAD25.4 *   TransCanada share in billions of dollars. Certain projects are subject to   various conditions including corporate and regulatory approvals. 11 Expected   to Generate Significant Growth in Earnings and Cash Flow *Map to be updated

    

 

Issuing ~$3.2   Billion of Common Shares Under Bought Deal Proceeds to be used to repay a   portion of the Columbia bridge loan facilities following decision to maintain   full ownership interest in Mexico Over-allotment option for up to 10 per cent   Numerous Other Levers Available to Fund Growth $2.3 billion of cash and cash   equivalents on hand as of September 30, 2016 Strong and growing internally   generated cash flow Access to capital markets including: Senior debt   Preferred shares and hybrid securities Dividend Reinvestment Plan and ATM, if   appropriate $175 million or 39 per cent of third quarter 2016 dividends   reinvested in common shares Portfolio management including dropdowns to TC   PipeLines, LP Funding Near-Term Growth 12 Well Positioned to Fund Near-Term   Capital Program

    

 

Dividend Growth   Outlook Through 2020 10% CAGR 7% CAGR Supported by Expected Growth in   Earnings and Cash Flow 13 0.80 2.26 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09   '10 '11 '12 '13 '14 '15 '16 '17E '18E '19E '20E

    

 

Key Takeaways   Monetization of U.S. Northeast Power business increases stability and   predictability of EBITDA Maintaining current interest in Mexican natural gas   pipelines business maximizes value and maintains simple corporate structure   Acquisition of CPPL common units increases ownership in principal Columbia   assets and further simplifies corporate structure Actions expected to be   accretive to earnings per share Supports 10 per cent expected annual dividend   growth through 2020 Builds on Track Record of Delivering Shareholder Value 14

    

 

Strong   Financial Position ‘A’ grade credit rating Numerous levers available to fund   future growth Track Record of Delivering Long-Term Shareholder Value 15%   average annual return since 2000 Visible Growth Portfolio $25.4 billion to   2020 Additional opportunity set includes over $45 billion of medium to   longer-term projects Attractive, Growing Dividend 3.7% yield at current price   10% expected CAGR through 2020 Value Proposition Actions Strengthen Financial   Position and Enhance Future Dividend Growth

    

 

Strategic Plan   Update Actions Strengthen Financial Position and Enhance Future Dividend   Growth November 1, 2016

    

 

Appendix –   Reconciliation of Non-GAAP Measures 17 *Comparable Earnings and Comparable   Earnings per Share are non-GAAP measures. See the non-GAAP measures slide at   the front of this presentation for more information. 2016 2015 Net   (Loss)/Income Attributable to Common Shares (135) 402 Specific items (net of   tax): Ravenswood goodwill impairment 656 - Acquisition related costs -   Columbia 67 - Keystone XL income tax recoveries (28) - Keystone XL asset   costs 9 - Restructuring costs - 6 U.S. Northeast Power business monetization   3 - Risk management activities 50 32 Comparable Earnings* 622 440 Net   (Loss)/Income Per Common Share ($0.17) $0.57 Specific items (net of tax):   Ravenswood goodwill impairment 0.82 - Acquisition related costs - Columbia   0.09 - Keystone XL income tax recoveries (0.03) - Keystone XL asset costs   0.01 - Restructuring costs - 0.01 U.S. Northeast Power business monetization   - - Risk management activities 0.06 0.04 Comparable Earnings Per Common   Share* $0.78 $0.62 Average Common Shares Outstanding (millions) 797 709 Three   months ended September 30

    

 

Appendix –   Reconciliation of Non-GAAP Measures continued 18 *Funds Generated from   Operations, Comparable Funds Generated from Operations and Comparable   Distributable Cash Flow are non-GAAP measures. See the non-GAAP measures   slide at the front of this presentation for more information. 2016 2015 Net   Cash Provided by Operations 1,183 1,247 Increase/(decrease) in operating   working capital 110 (107) Funds Generated from Operations* 1,293 1,140   Specific items: Acquisition related costs - Columbia 99 - Keystone XL asset   costs 14 - Restructuring costs - 8 U.S. Northeast Power business monetization   5 - Current income taxes - - Comparable Funds Generated from Operations*   1,411 1,148 Dividends on preferred shares (28) (23) Distributions paid to   non-controlling interests (77) (60) Distributions received in excess of   equity earnings 30 111 Maintenance capital expenditures including equity   investments (311) (223) Comparable Distributable Cash Flow* 1,025 953 Three   months ended September 30evhc_Ex_10-1

		
			Exhibit 10.1
		

		
			SIXTH AMENDMENT
		

		
			SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Sixth Amendment”), dated as of July 25, 2016 among Envision Healthcare Corporation (the “Borrower”), the several banks and financial institutions party hereto that constitute the Required Lenders and Deutsche Bank AG New York Branch, as Administrative Agent (the “Administrative Agent”).  Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided to such terms in the Credit Agreement referred to below (as amended by this Sixth Amendment).
		

		
			W I T N E S S E T H  :
		

		
			WHEREAS, the Borrower, the Lenders from time to time party thereto and the Administrative Agent are parties to a Credit Agreement, dated as of May 25, 2011 (as amended, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”); and 
		

		
			WHEREAS, Holdings has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with AmSurg Corp., a Tennessee corporation (“AmSurg”), and New Amethyst Corp., a Delaware corporation and a wholly owned subsidiary of AmSurg, pursuant to which AmSurg and Holdings will combine in an all stock merger of equals; and
		

		
			WHEREAS, the Borrower has requested that certain provisions of the Credit Agreement be amended as set forth herein; and
		

		
			WHEREAS, the Lenders party to this Sixth Amendment (which constitute the Required Lenders) are willing to effect the amendments described herein on the terms and subject to the conditions of this Sixth Amendment.
		

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

		
			SECTION 1.     Amendment to Credit Agreement.  Subject to the satisfaction of the conditions set forth in Section Three hereof:
		

		
			a.     Subsection 1.1 of the Credit Agreement is hereby amended as follows:
		

		
			i.     by adding the following new definitions, to appear in proper alphabetical order:
		

		
			“2016 Merger Agreement”: that certain Agreement and Plan of Merger among Holdings, AmSurg Corp., a Tennessee corporation, and New Amethyst Corp., a Delaware corporation and a wholly owned subsidiary of AmSurg Corp., pursuant to which AmSurg Corp. and Holdings will combine in an all stock merger of equals.
		

		
			“2016 Mergers”: the consummation of Mergers (as defined in the Merger Agreement) and all other transactions relating to any of the foregoing (including payment of fees and expenses related thereto).
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			 
		

		
			“Acknowledging Party”: as defined in Subsection 11.21.
		

		
			“Acknowledging Lender”: as defined in Subsection 11.21.
		

		
			“Bail-In Action”: the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
		

		
			“Bail-In Legislation”: with respect to any EEA Member Country implementing Article 55 of the Bank Recovery and Resolution Directive, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
		

		
			“Bank Recovery and Resolution Directive”: Directive 2014/59/EU of the European Parliament and of the Council of the European Union.
		

		
			“Covered Liability”: as defined in Subsection 11.21.
		

		
			“EEA Financial Institution”: (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition and is subject to the supervision of an EEA Resolution Authority, or (c) any institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision of an EEA Resolution Authority with its parent. 
		

		
			“EEA Member Country”: any of the member states of the European Union, Iceland, Liechtenstein and Norway.
		

		
			“EEA Resolution Authority”: any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
		

		
			“EU Bail-In Legislation Schedule”: the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 
		

		
			“Excluded Liability”: any liability that is excluded under the Bail-In Legislation from the scope of any Bail-In Action including, without limitation, any liability excluded pursuant to Article 44 of the Bank Recovery and Resolution Directive.
		

		
			“LCA Election”:  as defined in Subsection 1.2(i).
		

		
			“LCA Test Date”:  as defined in Subsection 1.2(i).
		

		
			“Limited Condition Acquisition”:  any acquisition by one or more of the Borrower and its Restricted Subsidiaries of any assets, business or Person permitted by this Agreement whose consummation is not conditioned on the availability of, or on obtaining, third party financing.  In addition, for purposes of this Agreement, the 2016 Mergers shall be deemed to be a Limited Condition Acquisition. 
		

		
			
		

		
			

		 

		

			-2-

		

 

		

		
			“Sixth Amendment”:  the Sixth Amendment to the Credit Agreement, dated as of the Sixth Amendment Effective Date, among the Borrower, the several banks and financial institutions party thereto and the Administrative Agent.
		

		
			“Write-Down and Conversion Powers”: with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
		

		
			ii.     by amending and restating the definition of “Change of Control” as follows:
		

		
			““Change of Control”: (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Closing Date), shall be the “beneficial owner” of (A) so long as Holdings is a Subsidiary of any Parent Entity, shares of Voting Stock having more than 35.0% of the total voting power of all outstanding shares of such Parent Entity (other than a Parent Entity that is a Subsidiary of another Parent Entity) and (B) if Holdings is not a Subsidiary of any Parent Entity, shares of Voting Stock having more than 35.0% of the total voting power of all outstanding shares of Holdings; (ii) the Continuing Directors shall cease to constitute a majority of the members of the Board of Directors of Holdings; or (iii) a “Change of Control” as defined in the Senior ABL Facility Agreement or the Senior Notes Indenture (or any indenture or agreement governing Refinancing Indebtedness in respect of the Senior Notes, in each case relating to Indebtedness in an aggregate principal amount equal to or greater than $50.0 million). Notwithstanding anything to the contrary in the foregoing, neither the Transaction nor the 2016 Mergers and other transactions contemplated by the 2016 Merger Agreement shall constitute or give rise to a Change of Control.”
		

		
			 
		

		
			iii.     by amending and restating the definition of “Federal Funds Effective Rate” as follows:
		

		
			““Federal Funds Effective Rate”:  for any day, the rate calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time, and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate. If the Federal Funds Effective Rate is less than zero, it shall be deemed zero for purposes of this Agreement.”
		

		
			iv.     by deleting in its entirety the definition of “Permitted Holders” and each reference to such definition therein.
		

		
			b.     Subsection 1.2 of the Credit Agreement is hereby amended as follows:
		

		
			i.     by inserting the following as new clause (h) thereof:
		

		
			“(h)     In connection with any action being taken in connection with a Limited Condition Acquisition, for purposes of determining compliance with any provision of this Agreement which requires that no Default or Event of Default, as applicable, has occurred, is continuing or would result from any such action, as applicable, such condition shall, at the option of the Borrower, be deemed satisfied, so long as no Default or Event of Default, as applicable, exists on the date the definitive agreements for such 
		

		
			
		

		
			

		 

		

			-3-

		

 

		

		
			Limited Condition Acquisition are entered into.  For the avoidance of doubt, if the Borrower has exercised its option under the first sentence of this clause (h), and any Default or Event of Default occurs following the date the definitive agreements for the applicable Limited Condition Acquisition were entered into and prior to the consummation of such Limited Condition Acquisition, any such Default or Event of Default shall be deemed to not have occurred or be continuing for purposes of determining whether any action being taken in connection with such Limited Condition Acquisition is permitted hereunder.”
		

		
			ii.     by inserting the following as new clause (i) thereof:
		

		
			“(i)     In connection with any action being taken in connection with a Limited Condition Acquisition, for purposes of:
		

		
			(a)     determining compliance with any provision of this Agreement which requires the calculation of the Consolidated Coverage Ratio, the Consolidated First-Lien Net Leverage Ratio or the Consolidated Net Leverage Ratio; or 
		

		
			(b)     testing baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated Total Assets);
		

		
			in each case, at the option of the Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition Acquisition, an “LCA Election”), the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date the definitive agreements for such Limited Condition Acquisition are entered into (the “LCA Test Date”), and if, after giving pro forma effect to the Limited Condition Acquisition and the other transactions to be entered into in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent four consecutive fiscal quarters ending prior to the LCA Test Date for which consolidated financial statements of the Borrower (or, as applicable, any Parent Entity) are available, the Borrower could have taken such action on the relevant LCA Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with.  For the avoidance of doubt, if the Borrower has made an LCA Election and any of the ratios or baskets for which compliance was determined or tested as of the LCA Test Date in connection with any action taken with respect to such Limited Condition Acquisition are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in exchange rates or in Consolidated EBITDA or Consolidated Total Assets of the Borrower or the Person subject to such Limited Condition Acquisition, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations.  If the Borrower has made an LCA Election for any Limited Condition Acquisition, then in connection with any subsequent calculation of any ratio or basket availability with respect to the Incurrence of Indebtedness or Liens, or the making of Restricted Payments, Asset Dispositions, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of the Borrower or the designation of an Unrestricted Subsidiary on or following the relevant LCA Test Date and prior to the earlier of the date on which such Limited Condition Acquisition is consummated or the definitive agreement for such Limited Condition Acquisition is terminated or expires without consummation of such Limited Condition 
		

		
			
		

		
			

		 

		

			-4-

		

 

		

		
			Acquisition, any such ratio or basket shall be calculated on a pro forma basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) have been consummated.”
		

		
			c.     The Credit Agreement is hereby amended by inserting the following new Subsection 11.21:
		

		
			“11.21    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary herein or in any other Loan Document, the Borrower, each Lender party to the Sixth Amendment or who becomes party to this Agreement after the Sixth Amendment Effective Date (each an “Acknowledging Lender”), and Deutsche Bank AG New York Branch, in its capacity as the Administrative Agent and the Collateral Agent, solely on its own behalf and not in any other capacity (the Borrower, the Acknowledging Lenders and Deutsche Bank AG New York Branch (in such capacity and solely on its own behalf), an “Acknowledging Party”), acknowledges that any liability of any Acknowledging Lender that is an EEA Financial Institution arising hereunder or under any other Loan Document, to the extent such liability is unsecured, to such Acknowledging Party (all such liabilities other than any Excluded Liability, the “Covered Liabilities”), may be subject to Write-down and Conversion Powers and agrees and consents to, and acknowledges and agrees to be bound by:
		

		
			(a)          the application of Write-Down and Conversion Powers to any Covered Liability arising hereunder or under any other Loan Document which may be payable to it by any party hereto that is an EEA Financial Institution; and
		

		
			(b)          the effects of any Bail-in Action on any such Covered Liability, including, if applicable:
		

		
			(i)       a reduction in full or in part or cancellation of any such Covered Liability;
		

		
			(ii)      a conversion of all, or a portion of, such Covered Liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such Covered Liability under this Agreement or any other Loan Document; or
		

		
			(iii)     the variation of the terms of such Covered Liability in connection with the exercise of Write-down and Conversion Powers. 
		

		
			Notwithstanding anything to the contrary herein, nothing contained in this Subsection 11.21 shall (i) modify or otherwise alter the rights or obligations under this Agreement (including those rights and obligations set forth in Subsection 11.7 of or to any Person other than an Acknowledging Party) or any other Loan Document of any Person party hereto (other than an Acknowledging Party to the extent set forth in this Subsection 11.21) or with respect to any liability that is not a Covered Liability or (ii) modify, amend or otherwise alter those provisions of this Agreement and the Loan Documents that may not be amended without the written consent of all the Lenders, all adversely affected Lenders or any Agent or Other Representative not party to the Sixth Amendment. 
		

		
			SECTION 2.      Subsequent Amendment to Credit Agreement Subject to the satisfaction of the conditions set forth in Sections Three and Four hereof. 
		

		
			
		

		
			

		 

		

			-5-

		

 

		

		
			 
		

		
			(a)      Subsection 1.1 of the Credit Agreement is hereby by amending and restating the definition of “Maximum Incremental Facilities Amount” as follows:
		

		
			““Maximum Incremental Facilities Amount”:  at any date of determination, the sum of (i) $1.3 billion plus (ii) an additional amount if, after giving effect to the Incurrence of such additional amount (or, after giving pro forma effect to the Incurrence of the entire committed amount of such additional amount), the Consolidated First-Lien Net Leverage Ratio shall not exceed 4.00 to 1.00 (as set forth in an officer’s certificate of a Responsible Officer of the Borrower delivered to the Administrative Agent at the time of such Incurrence, together with calculations demonstrating compliance with such ratio) (it being understood that (A) if pro forma effect is given to the entire committed amount of any such additional amount, such committed amount may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance with this clause, (B) for purposes of calculating the Consolidated First-Lien Net Leverage Ratio, any additional amount Incurred pursuant to this clause (ii) shall be treated as if such amount is Consolidated First-Lien Net Indebtedness, regardless of whether such amount is actually secured and (C) the 2013 Supplemental Term Loans shall not reduce borrowing capacity under the foregoing clause (i)).”
		

		
			(b)      Subsection 8.1(b)(i) of the Credit Agreement is hereby amended by replacing “$1,590.0 million” with “$2,270.0 million” and “$450.0 million” with “$1,000.0 million”.
		

		
			SECTION 3.      Conditions to Effectiveness relating to Initial Credit Agreement Amendments.  This Sixth Amendment relating to the amendments set forth in Section 1 above shall become effective on the date (the “Sixth Amendment Effective Date”) when each of the following conditions shall have been satisfied:
		

		
			a.     the Borrower, the Lenders constituting Required Lenders and the Administrative Agent shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to Cahill Gordon & Reindel LLP, 80 Pine Street, New York, NY 10005 (email address:  Envision-Amendment6@cahill.com); and
		

		
			b.     the Administrative Agent, for the ratable benefit of each Lender party hereto who shall have submitted its signature page to the email address listed in clause (a) at or prior to 12:00 p.m., New York time on Thursday, July 21, 2016, shall have received a consent fee equal to 0.125% of the aggregate principal amount of the Term Loans held by such Lender as of the Sixth Amendment Effective Date, with such payment to be earned by, and payable to, each such Lender on the Sixth Amendment Effective Date.
		

		
			SECTION 4.      Conditions to Effectiveness relating to Subsequent Credit Agreement Amendments.  This Sixth Amendment relating to the amendments set forth in Section 2 above shall become effective on the date when each of the following conditions shall have been satisfied:
		

		
			a.     the Sixth Amendment Effective Date shall have occurred; and
		

		
			b.     the Mergers (as defined in the Merger Agreement) shall have been consummated, or shall be substantially concurrently consummated, in all material respects in accordance with the terms of the Merger Agreement.
		

		
			
		

		
			

		 

		

			-6-

		

 

		

		
			SECTION 5.     Representations and Warranties; No Default.  In order to induce the Lenders party hereto and the Administrative Agent to enter into this Sixth Amendment, the Borrower represents and warrants to each of such Lenders and the Administrative Agent that on and as of the date hereof after giving effect to this Sixth Amendment, (i) no Default or Event of Default exists; (ii) the representations and warranties of each Loan Party contained in Section 5 of the Credit Agreement and in the other Loan Documents are true and correct in all material respects on and as of the date hereof except to the extent that such representations and warranties relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date; (iii) the execution, delivery and performance of this Sixth Amendment has been duly authorized by all necessary corporate action on the part of the Borrower, has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except to the extent that the enforceability hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and (iv) the execution and delivery hereof by the Borrower and the performance and observance by the Borrower of the provisions hereof do not violate or conflict with (A) any Organizational Document of the Borrower or (B) any Requirement of Law applicable to the Borrower or result in a breach of any provision of any Contractual Obligation of the Borrower, in each case, in any respect that would reasonably be expected to have a Material Adverse Effect.
		

		
			SECTION 6.      Reference to and Effect on the Credit Agreement and the Notes.  On and after the effectiveness of this Sixth Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes and each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Sixth Amendment.  The Credit Agreement, the Notes and each of the other Loan Documents, as specifically amended by this Sixth Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  The execution, delivery and effectiveness of this Sixth Amendment shall not, except as expressly provided herein, operate as an amendment or waiver of any right, power or remedy of any Lender or any Agent under any of the Loan Documents, nor constitute an amendment or waiver of any provision of any of the Loan Documents.  The Borrower hereby expressly acknowledges the terms of this Sixth Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Sixth Amendment and the transactions contemplated hereby and (ii) its grant of Liens on the Collateral to secure the Secured Obligations pursuant to the Security Documents.
		

		
			SECTION 7.      Execution in Counterparts.  This Sixth Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which, when taken together, shall constitute a single contract.  Delivery of an executed counterpart of this Sixth Amendment by facsimile transmission or electronic photocopy (i.e., “pdf”) shall be effective as delivery of a manually executed counterpart of this Sixth Amendment.
		

		
			SECTION 8.      Governing Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SIXTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.
		

		
			 
		

		
			 
		

		
			

		 

		

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

			
					
						 

					
					
						ENVISION HEALTHCARE CORPORATION

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Steve W. Ratton

				
	
					
						 

					
					
						Name:

					
					
						Steve W. Ratton

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President & Treasurer

				

		
			 
		

		
			
		

		

		 

		

			[Amendment No. 6 to Envision Term Loan Credit Agreement]

		

 

	
					
						

					
						 

					
					
						DEUTSCHE BANK AG NEW YORK BRANCH, 

				
	
					
						 

					
					
						as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Peter Cucchiara

				
	
					
						 

					
					
						 

					
					
						Name:    Peter Cucchiara

				
	
					
						 

					
					
						 

					
					
						Title:   Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:  

					
					
						/s/ Benjamin Souh

				
	
					
						 

					
					
						 

					
					
						Name:    Benjamin Souh

				
	
					
						 

					
					
						 

					
					
						Title:   Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			[Amendment No. 6 to Envision Term Loan Credit Agreement]

		

 

		

		
			[Lender signature pages on file with the Administrative Agent]
		

		
			 
		

		
			 
		

		 

		

			[Amendment No. 6 to Envision Term Loan Credit Agreement]

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