Document:

Exhibit 10.1

 

EXECUTION VERSION

 

THIRD
LIMITED WAIVER

TO
AMENDED AND RESTATED

CREDIT
AGREEMENT

 

THIS
THIRD LIMITED WAIVER, dated as of May 13, 2005 (the “Waiver”),
to that certain Amended and Restated Credit
Agreement, dated as of September 3, 2003, is made among MQ ASSOCIATES, INC., a
Delaware corporation (“Holdings”), MEDQUEST, INC., a Delaware
corporation (the “Borrower”), the Lenders (as defined in the Credit
Agreement defined below) identified on the signature pages hereto, and WACHOVIA
BANK, NATIONAL ASSOCIATION (“Wachovia”), as administrative agent for the
Lenders (in such capacity, the “Administrative Agent”).

 

RECITALS

 

A.            Holdings,
the Borrower, the Lenders, Chase Lincoln First Commercial Corporation, as
Syndication Agent, Wachovia and General Electric Capital Corporation, as
Co-Documentation Agents, and Wachovia as Administrative Agent, are parties to
an Amended and Restated Credit Agreement, dated as of September 3, 2003 (as
amended, supplemented, restated or otherwise modified from time to time, the “Credit
Agreement”), providing for the availability of certain credit facilities to
the Borrower upon the terms and conditions set forth therein.  Capitalized terms used herein without
definition shall have the meanings given to them in the Credit Agreement.

 

B.            Pursuant
to that certain Limited Waiver and Agreement, dated as of February 14, 2005
(the “First Waiver”), among the parties hereto, the Required Lenders (i)
temporarily waived the Specified Defaults (as defined in the First Waiver),
(ii) permanently waived the Section 6.2(c) Default (as defined in the First
Waiver) and (iii) extended the deadline for delivery of the 2005 Projections
(as defined in the First Waiver).

 

C.            Pursuant
to that certain Second Limited Waiver and Second Amendment, dated as of March
30, 2005 (the “Second Waiver”), among the parties hereto, the Required
Lenders (i) temporarily waived the Second Waiver Specified Defaults (as defined
in the Second Waiver), and (ii) extended the deadline for delivery of the 2005
Projections (as defined in the First Waiver), which projections were delivered
on May 11, 2005.

 

D.            Holdings
and the Borrower have advised the Administrative Agent and the Lenders that the
Second Waiver Specified Defaults are, or may be, continuing.

 

E.             Holdings
and the Borrower have requested that the Administrative Agent and the Lenders
agree to temporarily waive the Third Waiver Specified Defaults (as defined
below) until June 30, 2005, subject to the terms and conditions of this Waiver.

 

 

F.             The
Administrative Agent and the Lenders party to this Waiver are agreeable to the
request of Holdings and the Borrower under the circumstances referred to below
and on the terms and conditions set forth below.

 

STATEMENT
OF AGREEMENT

 

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

 

1.                             Waivers.  In reliance upon the representations,
warranties and agreements made by Holdings and the Borrower in this Waiver,
each of the Lenders and the Administrative Agent hereby temporarily (i) waives
(I) the Second Waiver Specified Defaults and
(II) one of more Defaults and/or Events of Default that may have occurred and
may be continuing, or that may occur, with respect to (y) the covenant to
deliver a copy of the unaudited consolidated balance sheet of the Borrower and
its consolidated Subsidiaries as at the end of the fiscal quarter ended March
31, 2005, and the related unaudited consolidated statements of income and cash
flows for such fiscal quarter and the portion of the fiscal year through the
end of such fiscal quarter, within 45 days after the end of such fiscal
quarter, as required by Section 6.1(b) of the Credit Agreement, and/or (z) the
failure to give notice of any such Default and/or Event of Default listed in
clause (y) or any representation or warranty made or deemed made by Holdings
and the Borrower that no such Default or Event of Default has occurred ((I) and
(II), collectively, the “Third Waiver Specified Defaults”) and
(ii) agrees that, for the purposes of Section 5(c) hereof and, solely in
connection with any borrowing of Revolving Loans or Swingline Loans or issuance
of Letters of Credit as permitted under clause (2) below, for purposes of
Section 5.2(a) of the Credit Agreement, any effect that the Accounting Matter
(as defined to in the First Waiver) has had or may have on any financial
statements or other information of Holdings, the Borrower and their
Subsidiaries previously delivered to the Administrative Agent and the Lenders
or any related representations and warranties made or deemed made by any Loan
Party in or pursuant to the Loan Documents shall be disregarded; provided
that (1) the foregoing waivers and agreements are effective only until, and
shall expire automatically (without any further action by or notice to or from
the Administrative Agent or any Lender) upon, the earliest to occur of (A) June
30, 2005, (B) delivery by the Borrower to the Administrative Agent and the Lenders
of audited financial statements for the year ending December 31, 2004 as
required by Section 6.1(a) of the Credit Agreement together with the
certificates and other information as required by Sections 6.2(a) and 6.2(b) of
the Credit Agreement, (C) the occurrence of any Default or Event of Default
(including, without limitation, the failure of the Borrower to comply with
Section 6 hereof) other than the Third Waiver Specified Defaults and (D) the requisite holders (or trustee, as may be
applicable) under any indenture, agreement or instrument evidencing
Indebtedness for borrowed money in an outstanding principal amount greater than
$2,000,000 take any action (including, without limitation, the enforcement of
performance of the terms of such indenture, agreement or instrument) with
respect to any event of default that may have occurred or may occur under such
indenture, agreement or instrument (the “Waiver Period”), and (2)
as a continuing condition to the effectiveness of such waiver and agreement,
the

 

2

 

Borrower agrees
that the aggregate amount of all borrowings of Revolving Loans and/or Swingline
Loans (excluding any Revolving Loans to the extent the proceeds thereof are
used to refund outstanding Swingline Loans) made, together with the aggregate
amount of all Letters of Credit issued, during the period from the Effective
Date (as defined below) until the expiration of the Waiver Period, will not
exceed the aggregate amount at any time outstanding of the Revolving Loans
and/or Swingline Loans outstanding, together with the aggregate amount of all
Letters of Credit issued, on March 23, 2005 plus $5,000,000; provided, further,
that the limited duration of this Waiver shall not be taken into consideration
when determining whether, at any time during the Waiver Period, a Default has
occurred under the Credit Agreement.

 

2.                             Excess
Cash.  If as of the close of any
Business Day during the Waiver Period, the aggregate cash on-hand of the
Borrower and all other Group Members exceeds $8.5
million, the Borrower shall promptly pay to the Administrative Agent in
reduction of outstanding Revolving Loans all such amounts in excess of $8.5
million; provided, however, that such repayments shall not
permanently reduce the Revolving Commitment or the aggregate amount of
Revolving Loans and/or Swingline Loans, together with the aggregate amount of
all Letters of Credit issued, permitted to be outstanding pursuant to the terms
of Section 2(a) of this Waiver; provided, further, that the
Administrative Agent and the Borrower shall use commercially reasonable efforts
to minimize any loss or expense payable by the Borrower under Section 2.20 of
the Credit Agreement as a result of the making of a prepayment of Eurodollar
Loans on a day that is not the last day of an Interest Period with respect
thereto (it being understood and agreed that such
efforts may include the deposit by the Borrower of amounts required to be
repaid pursuant to this Section 3 into a segregated account as determined by
the Administrative Agent, and applied to repay Eurodollar Loans as and when the
applicable Interest Periods expire).

 

3.                             Limitations.  Notwithstanding anything in the Credit
Agreement to the contrary, during the Waiver Period, the Borrower:

 

(a)           shall
not, with respect to any Eurodollar Loan, permit the Interest Period to end
beyond one month after the borrowing or conversion date thereof;

 

(b)           shall
not permit to be extended any Incremental Term Loans;

 

(c)           agrees
that clauses (x) and (y) of the first proviso to Section 2.11(d) of the Credit
Agreement shall not apply;

 

(d)           shall
not permit any Restricted Payment to be made other than (i) dividends to
Holdings to permit Holdings to pay corporate overhead expenses incurred in the
ordinary course of business not to exceed $25,000 in the aggregate and pay any
taxes that are due and payable by Holdings and the Borrower as part of a
consolidated group and (ii) Restricted Payments otherwise permitted under
Sections 7.6(a) and (d) of the Credit Agreement; and

 

3

 

(e)           shall
not permit to be made any Investments of the type permitted under Section
7.7(g) of the Credit Agreement other than such Investments listed on Schedule
4(e) hereto (which Investments shall be permitted under Section 7.7(g)
regardless of whether they comply with the requirements set forth in clauses
(iii) and (viii) of such Section 7.7(g)).

 

4.                             Representations
and Warranties.  In order to induce
the Administrative Agent and the Lenders to enter into this Waiver, each of
Holdings and the Borrower hereby represents and warrants to the Administrative
Agent and the Lenders as of the date hereof that:

 

(a)           this
Waiver has been duly executed and delivered by it and constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or at law);

 

(b)           after
giving effect to this Waiver, no Default or Event or Default has occurred and
is continuing;

 

(c)           after
giving effect to this Waiver, each of the representations and warranties made
by any Loan Party in or pursuant to the Loan Documents is true and correct in
all material respects on and as of the date hereof as if made on and as of the
date hereof, except to the extent such representations and warranties expressly
relate to an earlier date (in which case such representations and warranties
shall be true and correct in all material respects as of such earlier date);
and

 

(d)           at
all times Indebtedness incurred pursuant to the Credit Agreement constituted, and
continues to constitute, indebtedness not prohibited to be incurred pursuant to
Section 3.3 of the Senior Subordinated Note Indenture.

 

5.                             Conditions
of Effectiveness.  This Waiver shall
become effective as of the date (the “Effective Date”) that (i) the
Administrative Agent shall have received executed counterparts hereof from each
of Holdings, the Borrower and the Required Lenders and an acknowledgment and
consent hereto from each of the Subsidiary Guarantors in form and substance
reasonably satisfactory to the Administrative Agent, and (ii) the Borrower
shall have paid all fees and expenses due and owing to Morgan, Lewis &
Bockius LLP, counsel to the Administrative Agent, and FTI Consulting, financial
advisors to the Administrative Agent.

 

6.                             Post
Effective Date Delivery.  On or
before May 31, 2005 (or such later date as the Administrative Agent may
determine in its sole discretion), consistent with the requirements of Section
5.2(b) of the Guarantee and Collateral Agreement, the Borrower shall furnish to
the Administrative Agent and the Lenders statements and schedules (and such
other reports in connection therewith) identifying and describing the assets
and property of the Borrower and each other Grantor to the extent such
statements and

 

4

 

schedules (and
such other reports in connection therewith) would reflect any changes from
the  statements, schedules and reports
previously delivered to the Administrative Agent and the Lenders.

 

7.                             Additional
Covenants.  The Borrower (a) shall
not classify any item of Indebtedness other than Indebtedness incurred pursuant
to the Credit Agreement (to the extent applicable) in the nature of
Indebtedness incurred pursuant to Section 3.3(b) of the Senior Subordinated
Note Indenture if such classification or reclassification would render the
Indebtedness incurred under the Credit Agreement prohibited pursuant to Section
3.3 of the Senior Subordinated Note Indenture and (b) shall be deemed to have
classified or reclassified, as the case may be, such amount of Indebtedness
incurred under the Credit Agreement required in order to comply with, or
continue to comply with, Section 3.3 of such indenture.

 

8.                             Effect
of Waiver.  Each of Holdings and the
Borrower understands that the waivers set forth in Section 2 hereof is
temporary in effect and that upon the expiration of the Waiver Period, without
any further action by or notice to or from the Administrative Agent or any
Lender, the Administrative Agent and the Lenders shall have all of the rights
and remedies provided to them under the Credit Agreement, the other Loan
Documents, applicable law or otherwise as though no waivers had been granted
hereunder.  Except as expressly set forth
herein, this Waiver shall not, by implication or otherwise, limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of the
Lenders, the Administrative Agent, the Borrower, Holdings or any other Loan
Party under the Credit Agreement or any other Loan Document, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan
Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. 
Nothing herein shall be deemed to entitle the Borrower, Holdings or any
other Loan Party, or constitute an express or implied agreement by the
Administrative Agent or the Lenders,  to
a consent to, or a waiver, amendment, modification or other change of, any of
the terms, conditions, obligations, covenants or agreements contained in the
Credit Agreement or any other Loan Document in similar or different
circumstances.  This Waiver shall
constitute a “Loan Document” for all purposes of the Credit Agreement and the
other Loan Documents.

 

9.                             Releases.  For purposes of this Section, the following
terms shall have the following definitions:

 

“Related
Parties” shall mean,  with respect to
any released party, such party’s parents, subsidiaries, affiliates, successors,
assigns, predecessors, officers, directors, employees, agents, representatives,
attorneys, accountants and shareholders, if any.

 

“Claims”
shall mean  any and all claims, losses,
debts, liabilities, demands, obligations, promises, acts, omissions,
agreements, costs, expenses,

 

5

 

damages,
injuries, suits, actions, causes of action, including without limitation, any
and all rights of setoff, recoupment or counterclaim of any kind or nature whatsoever,
in law or in equity, known or unknown, suspected or unsuspected, contingent or
fixed.

 

Excluding only the
continuing obligations of the Lenders and the Administrative Agent from and
after the Effective Date under the express terms of the Credit Agreement, the
Loan Documents and this Waiver, Holdings, the Borrower and each Guarantor
hereby release, acquit and forever discharge the Lenders and the Agents, and
each of them, and their respective Related Parties, of and from any and all
Claims arising out of, related or in any way connected with any action or
failure to act, prior to the Effective Date, in response to or otherwise in
connection with the events or circumstances arising under or otherwise related
to the Credit Agreement, the Loan Documents or any Defaults occurring under the
Credit Agreement or the Loan Documents.

 

10.                           Governing
Law.  THIS WAIVER SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

11.                           Severability.  Any provision of this Waiver that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

12.                           Successors
and Assigns.  This Waiver shall be
binding upon, inure to the benefit of and be enforceable by the respective
successors and assigns of the parties hereto.

 

13.                           Construction.  The headings of the various sections and
subsections of this Waiver have been inserted for convenience only and shall
not in any way affect the meaning or construction of any of the provisions
hereof.

 

14.                           Counterparts.  This Waiver may be executed by one or more of
the parties to this Waiver on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of an executed signature page of this Waiver by facsimile
transmission shall be effective as delivery of a manually executed counterpart
hereof.

 

[Signature
pages follow]

 

6

 

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

 

 

	
   

  	
  MEDQUEST, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JOHN HAGGERTY

  
	
   

  	
   

  	
  Name: John Haggerty

  
	
   

  	
   

  	
  Title: Interim Chief Financial
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MQ ASSOCIATES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JOHN HAGGERTY

  
	
   

  	
   

  	
  Name: John Haggerty

  
	
   

  	
   

  	
  Title: Interim Chief Financial
  Officer

  

 

(signatures
continued on following pages)

 

Signature
Page to

Third Limited Waiver

 

 

	
   

  	
  WACHOVIA BANK, NATIONAL

  
	
   

  	
  ASSOCIATION, as
  Administrative Agent

  and as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ C. MARK HEDRICK

  	
   

  
	
   

  	
   

  	
  Name: C. Mark Hedrick

  
	
   

  	
   

  	
  Title: Director

  

 

Signature
Page to

Third Limited Waiver

 

 

	
   

  	
  CHASE LINCOLN FIRST
  COMMERCIAL

  
	
   

  	
  CORPORATION, as a
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DAWN LEE LUM

  	
   

  
	
   

  	
   

  	
  Name: Dawn Lee Lum

  
	
   

  	
   

  	
  Title: Director

  

 

Signature
Page to

Third Limited Waiver

 

 

	
   

  	
  GENERAL ELECTRIC
  CAPITAL

  CORPORATION, as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BRENT A. SHEPHERD

  	
   

  
	
   

  	
   

  	
  Name: Brent A. Shepherd

  
	
   

  	
   

  	
  Title: Duly Authorized
  Signatory

  

 

Signature
Page to

Third Limited Waiver

 

 

	
   

  	
  UBS AG, STAMFORD
  BRANCH,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RICHARD L. TAVROW

  	
   

  
	
   

  	
   

  	
  Name: Richard L. Tavrow

  
	
   

  	
   

  	
  Title:
  Director Banking Products

  Services, US

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MARIE A. HADDAD

  	
   

  
	
   

  	
   

  	
  Name: Marie A. Haddad

  
	
   

  	
   

  	
  Title:
  Associate Director Banking Products

  Services, US

  
	
   

  	
   

  

 

Signature Page to

Third Limited Waiver

 

 

	
   

  	
  FOOTHILL INCOME TRUST
  L.P.,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  
	
   

  	
  By: FIT GP, LLC, its
  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MIKE BOHANNON

  	
   

  
	
   

  	
   

  	
  Name: Mike Bohannon

  
	
   

  	
   

  	
  Title: Managing Member

  

 

Signature
Page to

Third Limited Waiver

 

 

ACKNOWLEDGMENT AND CONSENT

 

Pursuant to Section 5 of the Limited Waiver and Third
Amendment to Amended and Restated Credit Agreement, dated as of May 13, 2005
among MQ Associates, Inc., a Delaware corporation (“Holdings”),
MedQuest, Inc., a Delaware corporation (the “Borrower”), the Lenders
identified on the signature pages thereto, and Wachovia Bank, National
Association (“Wachovia”), as administrative agent for the Lenders (the “Waiver”),
to which this acknowledgment is attached, each of the undersigned hereby
acknowledges receipt of a copy of and consents to the execution and delivery by
Holdings and the Borrower of the Waiver. 
Each of the undersigned further confirms and agrees that, after giving
effect to the Waiver, each Loan Document to which it is a party shall continue
in full force and effect in accordance with its terms. Capitalized terms used
herein without definition shall have the meanings given to them in the Amended
and Restated Credit Agreement dated September 3, 2003 among Holdings, the
Borrower, the Lenders, JPMorgan Chase Bank, as Syndication Agent, Wachovia and
General Electric Capital Corporation, as Co-Documentation Agents, and
Wachovia, as Administrative Agent.

 

[Remainder of this
page intentionally left blank.]

 

Acknowledgement
to

Third Limited Waiver

 

7

 

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

 

	
  ANDERSON DIAGNOSTIC
  IMAGING, INC.

  	
   

  	
  MOBILE OPEN MRI, INC.

  
	
  ASHEVILLE OPEN MRI,
  INC.

  	
   

  	
  MRI & IMAGING OF
  WISCONSIN, INC.

  
	
  BIOIMAGING AT
  CHARLOTTE, INC.

  	
   

  	
  NORTHEAST COLUMBIA
  DIAGNOSTIC IMAGING, INC.

  
	
  BIOIMAGING OF COOL
  SPRINGS, INC.

  	
   

  	
  OCCUPATIONAL SOLUTIONS,
  INC.

  
	
  BIOIMAGING AT HARDING,
  INC.

  	
   

  	
  OPEN MRI OF GEORGIA,
  INC.

  
	
  CABARRUS DIAGNOSTIC
  IMAGING, INC.

  	
   

  	
  OPEN MRI & IMAGING
  OF GEORGIA, INC.

  
	
  CAPE FEAR DIAGNOSTIC
  IMAGING, INC.

  	
   

  	
  OPEN MRI & IMAGING
  OF RICHMOND, INC.

  
	
  CAROLINA IMAGING, INC.
  OF FAYETTEVILLE

  	
   

  	
  PALMETTO IMAGING, INC.

  
	
  CAROLINAS DIAGNOSTIC
  IMAGING, INC.

  	
   

  	
  PHOENIX DIAGNOSTIC
  IMAGING, INC.

  
	
  CHAPEL HILL DIAGNOSTIC
  IMAGING, INC.

  	
   

  	
  PIEDMONT IMAGING, INC.
  (FORSYTH)

  
	
  CHATTANOOGA DIAGNOSTIC
  IMAGING, INC.

  	
   

  	
  PIEDMONT IMAGING, INC.
  (SPARTANBURG)

  
	
  DOTHAN DIAGNOSTIC
  IMAGING, INC.

  	
   

  	
  SOUTH CAROLINA
  DIAGNOSTIC IMAGING, INC.

  
	
  FLORIDA DIAGNOSTIC
  IMAGING CENTER, INC.

  	
   

  	
  SUN VIEW HOLDINGS, INC.

  
	
  GROVE DIAGNOSTIC
  IMAGING CENTER, INC.

  	
   

  	
  TEXAS IMAGING SERVICES
  OF EL PASO, INC.

  
	
  ILLINOIS DIAGNOSTIC
  IMAGING, INC.

  	
   

  	
  TRIAD IMAGING, INC.

  
	
  IMAGING SERVICES OF
  ALABAMA, INC.

  	
   

  	
  TYSON’S CORNER DIAGNOSTIC
  IMAGING, INC.

  
	
  KANSAS DIAGNOSTIC
  IMAGING, INC.

  	
   

  	
  VIENNA DIAGNOSTIC
  IMAGING, INC.

  
	
  LEXINGTON OPEN MRI,
  INC.

  	
   

  	
  VIRGINIA DIAGNOSTIC
  IMAGING, INC.

  
	
  MECKLENBURG DIAGNOSTIC
  IMAGING, INC.

  	
   

  	
  WILLIAM S. WITT, INC.

  
	
  MEDQUEST ASSOCIATES,
  INC.

  	
   

  	
  WISCONSIN DIAGNOSTIC
  IMAGING, INC.

  
	
  MISSOURI IMAGING, INC.

  	
   

  	
   

  
	
  On behalf of each of
  the entities listed above:

  	
   

  	
  On behalf of each of
  the entities listed above:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ JOHN HAGGERTY

  	
   

  	
   

  	
  By:

  	
  /s/ JOHN HAGGERTY

  	
   

  
	
   

  	
  Name: John Haggerty

  	
   

  	
   

  	
  Name: John Haggerty

  
	
   

  	
  Title: Interim Chief Financial
  Officer

  	
   

  	
   

  	
  Title: Interim Chief Financial
  Officer

  
							

 

Acknowledgement to

Third Limited Waiver

 

 

	
  ATHENS MRI, LLC

  	
   

  	
  MEDICAL SCHEDULING OF
  MISSOURI, LLC

  
	
  BIRMINGHAM DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  MIDTOWN DIAGNOSTIC
  IMAGING, LLC

  
	
  BRIDGETON MRI AND IMAGING
  CENTER, LLC

  	
   

  	
  MONTGOMERY OPEN MRI,
  LLC

  
	
  BRUNSWICK DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  OPEN MRI & IMAGING
  OF CONYERS, LLC

  
	
  BUCKHEAD DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  OPEN MRI & IMAGING
  OF ALBANY, LLC

  
	
  CAPE FEAR MOBILE
  IMAGING, LLC

  	
   

  	
  OPEN MRI & IMAGING
  OF ATHENS, LLC

  
	
  CAPE IMAGING, L.L.C.

  	
   

  	
  OPEN MRI & IMAGING
  OF DOUGLASVILLE, LLC

  
	
  CAROLINA MEDICAL
  IMAGING, LLC

  	
   

  	
  OPEN MRI OF ATLANTA,
  LLC

  
	
  CLAYTON OPEN MRI, LLC

  	
   

  	
  OPEN MRI OF CENTRAL
  GEORGIA, LLC

  
	
  COASTAL IMAGING, LLC

  	
   

  	
  OPEN MRI & IMAGING
  OF DEKALB, LLC

  
	
  CUMMING DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  OPEN MRI & IMAGING
  OF NORTH FULTON, LLC

  
	
  DIAGNOSTIC IMAGING OF
  ATLANTA, LLC

  	
   

  	
  OPEN MRI & IMAGING
  OF MACON, LLC

  
	
  DIAGNOSTIC IMAGING OF
  GEORGIA, LLC

  	
   

  	
  OPEN MRI & IMAGING
  OF N.E. GEORGIA, LLC

  
	
  DIAGNOSTIC IMAGING OF
  HIRAM, LLC

  	
   

  	
  OPEN MRI AND IMAGING OF
  SNELLVILLE, LLC

  
	
  DIAGNOSTIC IMAGING OF
  MARIETTA, LLC

  	
   

  	
  OPEN MRI OF
  SIMPSONVILLE, LLC

  
	
  DULUTH DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  OPEN MRI & IMAGING
  OF RICHMOND, LLC

  
	
  DULUTH CT CENTER, LLC

  	
   

  	
  RICHMOND WEST END
  DIAGNOSTIC IMAGING, LLC

  
	
  DURHAM DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  SIMPSONVILLE OPEN MRI,
  LLC

  
	
  EAST COOPER DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  ST. PETERS MRI &
  IMAGING CENTER, LLC

  
	
  FARMFIELD DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  TOWN & COUNTRY OPEN
  MRI, LLC

  
	
  FORT MILL DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  TRICOM DIAGNOSTIC
  IMAGING, LLC

  
	
  HAPEVILLE DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  WEST ASHLEY DIAGNOSTIC
  IMAGING, LLC

  
	
  IMAGING CENTER OF
  CENTRAL GEORGIA, LLC

  	
   

  	
  WEST PACES DIAGNOSTIC
  IMAGING, LLC

  
	
  JACKSONVILLE DIAGNOSTIC
  IMAGING, LLC

  	
   

  	
  WOODSTOCK DIAGNOSTIC
  IMAGING, LLC

  
	
  KIRKWOOD MRI AND
  IMAGING CENTER, LLC

  	
   

  	
   

  
	
  On behalf of each of
  the entities listed above:

  	
   

  	
  On behalf of each of
  the entities listed above:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ JOHN HAGGERTY

  	
   

  	
   

  	
  By:

  	
  /s/ JOHN HAGGERTY

  	
   

  
	
   

  	
  Name: John Haggerty

  	
   

  	
   

  	
  Name: John Haggerty

  
	
   

  	
  Title: Interim Chief Financial
  Officer

  	
   

  	
   

  	
  Title: Interim Chief Financial
  Officer

  
							

 

Acknowledgement
to

Third Limited Waiver

 

 

	
   

  	
  OPEN MRI OF MYRTLE
  BEACH, LLC

  
	
   

  	
  OPEN MRI & IMAGING
  OF FLORENCE, LLC

  
	
   

  	
   

  
	
   

  	
  By: Palmetto Imaging,
  Inc., as sole member of each

  of the entities listed above

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JOHN HAGGERTY

  	
   

  
	
   

  	
   

  	
  Name: John Haggerty

  
	
   

  	
   

  	
  Title: Interim Chief Financial
  Officer

  

 

Acknowledgement to

Third Limited Waiver

 

 

SCHEDULE
4(e) TO

SECOND
LIMITED WAIVER AND SECOND AMENDMENT

 

Acquisition
of East Cobb Open MRI, which is located at 1199 Johnson Ferry Road, Suite 200
in Marietta, Georgia, for an aggregate amount not to exceed $850,000.Exhibit 10.1

 

 

1414 RADCLIFFE STREET, SUITE 300

BRISTOL, PA 19007

215.633.1900 TEL /215.633.4423 FAX

WWW.SDI.COM

 

 

May 10,
2005

 

 

Mr. Philip
Flynt

6655
Chelsea Gardens Way

Cumming,
GA  30040

 

Dear
Philip,

 

I
have outlined the offer for employment at SDI below.

 

Summary
of Offer

 

	
  Start Date:

  	
   

  	
  Monday, May 9, 2005

  
	
   

  	
   

  	
   

  
	
  Position:

  	
   

  	
  Vice President, Chief Financial Officer and Treasurer

  
	
   

  	
   

  	
   

  
	
  Salary:

  	
   

  	
  $180,000.00
  per year paid in regular bi-weekly installments.

  
	
   

  	
   

  	
   

  
	
  Target Bonus:

  	
   

  	
  Thirty
  percent (30%) of salary based upon a combination of mutually agreed
  individual goals and corporate performance parameters. The normal
  distribution is in the March 2006 timeframe.

  
	
   

  	
   

  	
   

  
	
  Benefits Package:

  	
   

  	
  As
  delivered.

  
	
   

  	
   

  	
   

  
	
  Severance:

  	
   

  	
  Six
  (6) months except in the event employment is terminated for cause.

  
	
   

  	
   

  	
   

  
	
  Perquisites:

  	
   

  	
  Temporary
  living allowance to aid in your move decision.

  
	
   

  	
   

  	
   

  
	
  Travel:

  	
   

  	
  Paid
  for by company for 6 months.

  

 

	
  StoreLogicSM

  	
   

  	
  StoreBuilderSM

  	
   

  	
  In-Plant
  Store®

  

 

 

Philip,
we are very excited about your joining our team. While we have some challenges
that require your immediate attention, I believe that with your talent and
support, we will continue to grow a very prosperous business.

 

 

	
  Sincerely,

  
	
   

  
	
   

  
	
  /s/Donald
  C. Woodring

  	
   

  
	
   

  
	
  Donald
  C. Woodring

  
	
   

  
	
  DCW/sam

  
	
   

  
	
   

  
	
  Accepted
  by:

  
	
   

  
	
   

  
	
  /s/
  Philip D. Flynt

  	
   

  
	
   

  
	
  on
  this 10th day of May, 2005

  
			

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]