Document:

Exhibit

 [EXECUTION VERSION]
AMENDMENT NO. 1
THIS AMENDMENT (this “Agreement”), dated as of February 26, 2018, is made among Synergy Pharmaceuticals Inc., a Delaware corporation (“Borrower”), the Subsidiary Guarantors as from time to time party hereto, the Lenders listed on the signature pages hereof under the heading “LENDERS” (each a “Lender” and, collectively, the “Lenders”), and CRG Servicing LLC, a Delaware limited liability company (“CRG Servicing”), as administrative agent and collateral agent for the Lenders (in such capacities, together with its successors and assigns, “Agent”).
The Obligors, the Lenders and Agent are parties to that certain Term Loan Agreement, dated as of September 1, 2017 (as amended, restated, modified or supplemented from time to time, the “Loan Agreement”). 
The parties hereto desire to amend the Loan Agreement on the terms and subject to the conditions set forth herein.
Accordingly, the parties hereto agree as follows:
SECTION 1.Definitions; Interpretation.
(a)    Terms Defined in Loan Agreement.  All capitalized terms used in this Agreement (including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement.
(b)    Interpretation.  The rules of interpretation set forth in Section 1.03 of the Loan Agreement shall be applicable to this Agreement and are incorporated herein by this reference.
SECTION 2.    Amendment.  Subject to Section 3, the Loan Agreement is hereby amended as follows:
(a)    The number “$300,000,000” shall be deleted and replaced with the number “$200,000,000” where it appears on the cover page and in the definition of “Commitment” in Section 1.01.
(b)    Section 1.01 shall be amended as follows:
(i)    The definition of “Loan” shall be amended by inserting, immediately following the phrase “any date of determination” therein, the phrase “(other than for purposes of Section 10.01, which shall only include the aggregate principal amount of loans advanced pursuant to Section 2.01 and not yet repaid)”.

(ii)    The definition of “Second Tranche Borrowing Milestone” shall be deleted in its entirety.
(b)    Sections 6.02(a)(i) through (iii) shall be deleted and replaced with the following:
“(i)    Borrowing Date.  Such Borrowing shall occur no later than June 30, 2018.
(ii)    Amount of Borrowing.  The amount of such Borrowing shall equal $25,000,000.”
(c)    Sections 6.02(b)(i) through (iii) shall be deleted and replaced with the following:
“(i)    Borrowing Date.  Such Borrowing shall occur no later than September 30, 2018.
(ii)    Amount of Borrowing.  The amount of such Borrowing shall equal $25,000,000.
(iii)    Prior Borrowings.  The second Borrowing shall have occurred.”
(d)    Sections 6.02(c)(i) through (iii) shall be deleted and replaced with the following:
“(i)    Borrowing Date.  Such Borrowing shall occur no later than December 31, 2018.
(ii)    Amount of Borrowing.  The amount of such Borrowing shall equal $50,000,000.
(iii)    Prior Borrowings.  The second and third Borrowings shall have occurred.”
(e)    Section 8.01(f) shall be amended by deleting the “and” at the end thereof.
(f)    Section 8.01(g) shall be amended by inserting the following immediately prior to the “.” at the end thereof:
“; and
(h)    concurrent with delivery thereof to Borrower’s Board of Directors (or any committee thereof), copies of any materials of any type delivered to Borrower’s Board of Directors (or any committee thereof) for review, consideration and assessment of the business and operations of Borrower, including, without limitation, presentations, correspondence, projections, 

memoranda, reports, term sheets, agreements, notices, minutes, consents and any other material.”
(g)    Section 10.01 shall be amended by deleting the phrase “of at least $300,000,000” therein and replacing it with the phrase “in an amount equal to at least 200% of the aggregate outstanding principal amount of Loans (excluding PIK Loans)”.
(h)    Schedule 1 shall be amended and restated in its entirety in the form of Exhibit A.
(i)    Exhibit D shall be amended by amending and restating Annex B thereto in its entirety in the form of Exhibit B.
SECTION 3.    Conditions to Effectiveness.  The effectiveness of Section 2 shall be subject to the following conditions precedent:
(a)    The Obligors shall have paid or reimbursed Lenders for Lenders’ reasonable out of pocket costs and expenses incurred in connection with this Agreement that have been invoiced at least one Business Day prior to the date hereof, including Lenders’ reasonable out of pocket legal fees and costs, pursuant to Section 12.03(a)(i)(z) of the Loan Agreement.
(b)    The representations and warranties in Section 4 shall be true and correct on the date hereof and on the first date on which the conditions set forth in Section 3(a) shall have been satisfied.
SECTION 4.    Representations and Warranties; Reaffirmation.  Each Obligor hereby represents and warrants to Agent and each Lender as follows:
(i)    Such Obligor has full power, authority and legal right to make and perform this Agreement and the Loan Agreement, as modified by this Agreement (the “Amended Loan Agreement”).  Each of this Agreement and the Amended Loan Agreement is within such Obligor’s corporate powers and has been duly authorized by all necessary corporate and, if required, by all necessary shareholder action.  This Agreement has been duly executed and delivered by such Obligor and each of this Agreement and the Amended Loan Agreement constitutes legal, valid and binding obligations of such Obligor, enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).  Each of this Agreement and the Amended Loan Agreement (x) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any third party, except for such as have been obtained or made and are in full force and effect, (y) will not violate any applicable law or regulation or the charter, bylaws or other organizational documents of such 

Obligor and its Subsidiaries or any order of any Governmental Authority, other than any such violations that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, (z) will not violate or result in an event of default under any material indenture, agreement or other instrument binding upon such Obligor and its Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such Person.
(ii)    No Default has occurred or is continuing or will result after giving effect to this Agreement.  
(iii)    The representations and warranties made by or with respect to such Obligor in Section 7 of the Amended Loan Agreement are true in all material respects on the date hereof, except that such representations and warranties that refer to a specific earlier date were true in all material respects on such earlier date.
(iv)    There has been no Material Adverse Effect since the date of the Loan Agreement.
(b)    Each Obligor hereby ratifies, confirms, reaffirms, and acknowledges its obligations under the Loan Documents to which it is a party and agrees that the Loan Documents remain in full force and effect, undiminished by this Agreement, except as expressly provided herein.  By executing this Agreement, each Obligor acknowledges that it has read, consulted with its attorneys regarding, and understands, this Agreement.  
SECTION 5.    Governing Law; Submission To Jurisdiction; Waiver Of Jury Trial.  
(a)    Governing Law.  This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply.
(b)    Submission to Jurisdiction.  Each Obligor agrees that any suit, action or proceeding with respect to this Agreement or any other Loan Document to which it is a party or any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in Houston, Texas or in the courts of its own corporate domicile and irrevocably submits to the non-exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment.  This Section 5 is for the benefit of the Lenders only and, as a result, no Lender shall be prevented from taking proceedings in any other courts with jurisdiction.  To the extent allowed by applicable Laws, the Lenders may take concurrent proceedings in any number of jurisdictions.

(c)    Waiver of Jury Trial.  Each Obligor and each Lender hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any suit, action or proceeding arising out of or relating to this Agreement, the other Loan Documents or the transactions contemplated hereby or thereby.
SECTION 6.    Miscellaneous.
(a)    No Waiver.  Nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties.  Except as expressly stated herein, the Lenders reserve all rights, privileges and remedies under the Loan Documents (including, without limitation, all such rights, privileges and remedies with respect to any Default, Event of Default or Material Adverse Effect, whether communicated or not to the Lenders or Agent).  Except as amended hereby, the Loan Agreement and other Loan Documents remain unmodified and in full force and effect.  All references in the Loan Documents to the Loan Agreement shall be deemed to be references to the Amended Loan Agreement.    
(b)    Severability.  In case any provision of or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
(c)    Headings.  Headings and captions used in this Agreement (including the Exhibits, Schedules and Annexes hereto, if any) are included for convenience of reference only and shall not be given any substantive effect.
(d)    Integration.  This Agreement constitutes a Loan Document and, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.
(e)    Counterparts.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.
(f)    Controlling Provisions.  In the event of any inconsistencies between the provisions of this Agreement and the provisions of any other Loan Document, the provisions of this Agreement shall govern and prevail.  
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

BORROWER:

SYNERGY PHARMACEUTICALS INC.    
By /s/ Gary G. Gemignani_____________
Name: Gary G. Gemignani
Title:   EVP, Chief Financial Officer
SUBSIDIARY GUARANTORS:

SYNERGY ADVANCED PHARMACEUTICALS, INC.

By /s/ Gary G. Gemignani
  Name: Gary G. Gemignani
  Title:   EVP, Chief Financial Officer

Exhibit B-1

ADMINISTRATIVE AGENT:

CRG SERVICING LLC

By /s/ Nathan Hukill
Name:  Nathan Hukill
Title:    Authorized Signatory

LENDERS:

CRG PARTNERS III L.P. 
By CRG PARTNERS III GP L.P., its General Partner
By CRG PARTNERS III GP LLC, its General Partner

By /s/ Nathan Hukill
Nathan Hukill
Authorized Signatory

CRG PARTNERS III – PARALLEL FUND “A” L.P. 
By CRG PARTNERS III – PARALLEL FUND “A” GP L.P., its General Partner
By CRG PARTNERS III – PARALLEL FUND “A” GP LLC, its General Partner

By /s/ Nathan Hukill
Nathan Hukill
Authorized Signatory

CRG PARTNERS III PARALLEL FUND “B” (CAYMAN) L.P.
By CRG PARTNERS III (CAYMAN) GP L.P., its General Partner
By CRG PARTNERS III (CAYMAN) GP LLC, its General Partner

By /s/ Nathan Hukill
Nathan Hukill
Authorized Signatory

Witness:    /s/ Nicole Neeson

Name:    Nicole Neeson

Exhibit B-2

CRG PARTNERS III (CAYMAN) LEV AIV L.P. 
By CRG PARTNERS III (CAYMAN) GP L.P., its General Partner
By CRG PARTNERS III (CAYMAN) GP LLC, its General Partner

By /s/ Nathan Hukill
Nathan Hukill
Authorized Signatory

Witness:    /s/ Nicole Neeson

Name:    Nicole Neeson

CRG PARTNERS III (CAYMAN) UNLEV AIV I L.P. 
By CRG PARTNERS III (CAYMAN) GP L.P., its General Partner
By CRG PARTNERS III (CAYMAN) GP LLC, its General Partner

By /s/ Nathan Hukill
Nathan Hukill
Authorized Signatory

Witness:    /s/ Nicole Neeson

Name:    Nicole Neeson

Exhibit B-3Exhibit

Exhibit 10.7(b)
EXECUTION COPY

AMENDMENT NO. 1 TO SIXTH AMENDED AND RESTATED 
RECEIVABLES PURCHASE AGREEMENT

This AMENDMENT NO. 1 TO SIXTH AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT, dated as of March 6, 2017 (this “Amendment”), is by and among MANITOWOC CAYMAN ISLANDS FUNDING LTD., as the Seller, WELBILT, INC. (f/k/a Manitowoc Foodservice, Inc.) (“Manitowoc”), GARLAND COMMERCIAL RANGES LIMITED, CONVOTHERM-ELEKTROGERÄTE GMBH, MANITOWOC DEUTSCHLAND GMBH, MANITOWOC FOODSERVICE UK LIMITED and MANITOWOC FOODSERVICE ASIA PACIFIC PRIVATE LIMITED, as Servicers (the “Servicers”), and WELLS FARGO BANK, N.A., as Purchaser (the “Purchaser”) and as Agent (the “Agent”). 
WHEREAS, the parties hereto are parties to that certain Sixth Amended and Restated Receivables Purchase Agreement, dated as of March 3, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”);
WHEREAS, effective as of the date hereof, Manitowoc Foodservice, Inc., a Delaware limited liability company, amended its name from “Manitowoc Foodservice, Inc.” to “Welbilt, Inc.” (such name change, the “Subject Name Change”); and
WHEREAS, in connection with the Subject Name Change, the parties hereto wish to modify the Agreement upon the terms hereof.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.    Definitions.  Capitalized terms defined in the Agreement and used but not otherwise defined herein shall have the meanings assigned thereto in the Agreement.
SECTION 2.    Notice; Consent.
(a)    Notice.  Manitowoc hereby provides notice of its intent to perform the Subject Name Change on the date hereof and requests that each of the parties hereto acknowledge and consent to the Subject Name Change effective as of the date hereof.
(b)    Consent.  Subject to terms and conditions set forth in this Amendment, each of the parties hereto hereby: (i) acknowledges such notice set forth in clause (a) above, (ii) consents to the Subject Name Change on the date hereof and (iii) waives any notice requirement with respect to the Subject Name Change set forth in the Agreement or any other Transaction Document.
SECTION 3.    Amendment.  To reflect the occurrence of the Subject Name Change, each reference to “Manitowoc Foodservice, Inc.” (however defined or referenced) in the Agreement and in any related document or agreement shall be deemed to be a reference to “Welbilt, Inc.”.

723214191 12412603

SECTION 4.    Representations and Warranties.  On the date hereof, the Seller and each of the Servicers hereby represents and warrants (as to itself) to the Purchaser and the Agent as follows:
(a)    after giving effect to this Amendment, no event or condition has occurred and is continuing which constitutes a Termination Event or Unmatured Termination Event;
(b)    after giving effect to this Amendment, the representations and warranties of such Person set forth in the Agreement and each of the other Transaction Documents are true and correct as of the date hereof, as though made on and as of such date (except to the extent such representations and warranties relate solely to an earlier date and then as of such earlier date); 
(c)    this Amendment constitutes the valid and binding obligation of such Person, enforceable against such Person in accordance with its terms; 
(d)    Manitowoc’s jurisdiction of organization is the State of Delaware and Manitowoc has not merged or consolidated with any other Person or other than changing its name, made any change to its identity or company structure, in each case, in connection with the Subject Name Change; and
(e)    the Subject Name Change has become effective as of the date hereof under the laws of the State of Delaware.
SECTION 5.    Effect of Amendment.
(a)    All provisions of the Agreement, as expressly amended and modified by this Amendment, shall remain in full force and effect.  On and after the Effective Date, all references in the Agreement (or in any other Transaction Document) to “this Agreement,” “hereof,” “herein” or words of similar effect referring to the Agreement shall be deemed to be references to the Agreement as amended by this Amendment.  This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Agreement other than as set forth herein.
(b)    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Purchaser pursuant to any Transaction Document or any other instrument, document or agreement executed and/or delivered in connection therewith, nor constitute a waiver of any provision contained therein.
SECTION 6.    Effectiveness.  This Amendment shall be effective, as of the date hereof (the “Effective Date”), upon receipt by the Agent of the following (in each case, in form and substance reasonably satisfactory to the Agent):
(a)    counterparts of this Amendment duly executed by each of the parties hereto; and
(b)    such other agreements, documents, officer certificates and instruments as the Agent shall request.

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723214191 12412603

SECTION 7.    GOVERNING LAW.  THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF).
SECTION 8.    Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  This Amendment may be executed by facsimile or delivery of a “.pdf” copy of an executed counterpart hereof.
SECTION 9.    Severability. Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction.
SECTION 10.    No Party Deem Drafter.  Each of the parties hereto hereby agrees that no party hereto shall be deemed to be the drafter of this Amendment.
SECTION 11.    Headings.  The captions and headings of this Amendment are for convenience of reference only and shall not affect the interpretation of this Amendment, the Agreement or any provision hereof or thereof.
SECTION 12.    Certain Covenants Regarding Post-Closing Conditions.  
(a)    Organic Documents.  On or within ten (10) days following the date hereof, Manitowoc shall deliver (or cause to be delivered) to the Purchaser and the Agent the amended articles of incorporation or other organizational document of Manitowoc reflecting the Subject Name Change (including all amendments and modifications thereto) duly certified by the Secretary of State (or similar official) of the State of Delaware.
(b)    Good Standing.  On or within ten (10) days following the date hereof, Manitowoc shall deliver (or cause to be delivered) to the Purchaser and the Agent a good standing certificate for Manitowoc issued by the Secretary of State (or similar official) of the State of Delaware.
(c)    Secretary Certificate.  On or within ten (10) days following the date hereof, Manitowoc shall deliver (or cause to be delivered) to the Purchaser and the Agent a certificate of the Secretary or Assistant Secretary of Manitowoc certifying the names and true signatures of its officers authorized to sign this Amendment and the other Transaction Documents to which it is a party.
[Signature pages follow]

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723214191 12412603

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed, as of the date first above written.
	
			
	 
	MANITOWOC CAYMAN ISLANDS FUNDING LTD., as the Seller

	 
	 
	 

	 
	By:
	/s/ Joel H. Horn

	 
	Name:
	Joel H. Horn

	 
	Title:
	Vice President and Secretary

	
			
	723214191 12412603
	S-1
	Amendment No. 1 to Sixth Amended and Restated Receivables Purchase Agreement

	
			
	 
	WELBILT, INC., as a Servicer

	 
	 
	 

	 
	By:
	/s/ Joel H. Horn

	 
	Name:
	Joel H. Horn

	 
	Title:
	Senior Vice President, General
Counsel and Secretary

	
			
	723214191 12412603
	S-2
	Amendment No. 1 to Sixth Amended and Restated Receivables Purchase Agreement

	
			
	 
	GARLAND COMMERCIAL RANGES LIMITED, as a Servicer

	 
	 
	 

	 
	By:
	/s/ Joel H. Horn

	 
	Name:
	Joel H. Horn

	 
	Title:
	Vice President and Secretary

	
			
	723214191 12412603
	S-3
	Amendment No. 1 to Sixth Amended and Restated Receivables Purchase Agreement

	
			
	 
	CONVOTHERM-ELEKTROGERÄTE GMBH, as a Servicer

	 
	 
	 

	 
	By:
	/s/ Ralf Klein

	 
	Name:
	Ralf Klein

	 
	Title:
	MD

	
			
	723214191 12412603
	S-4
	Amendment No. 1 to Sixth Amended and Restated Receivables Purchase Agreement

	
			
	 
	MANITOWOC DEUTSCHLAND GMBH, as a Servicer

	 
	 
	 

	 
	By:
	/s/ Ralf Klein

	 
	Name:
	Ralf Klein

	 
	Title:
	MD

	
			
	723214191 12412603
	S-5
	Amendment No. 1 to Sixth Amended and Restated Receivables Purchase Agreement

	
			
	 
	MANITOWOC FOODSERVICE UK LIMITED, as a Servicer

	 
	 
	 

	 
	By:
	/s/ Adrian Gray

	 
	Name:
	Adrian Gray

	 
	Title:
	Director

	
			
	723214191 12412603
	S-6
	Amendment No. 1 to Sixth Amended and Restated Receivables Purchase Agreement

	
			
	 
	MANITOWOC FOODSERVICE ASIA PACIFIC PRIVATE LIMITED, as a Servicer

	 
	 
	 

	 
	By:
	/s/ Leonard Lam Teek Yeow

	 
	Name:
	Leonard Lam Teek Yeow

	 
	Title:
	Director

	
			
	723214191 12412603
	S-7
	Amendment No. 1 to Sixth Amended and Restated Receivables Purchase Agreement

	
			
	 
	WELLS FARGO BANK, N.A., 
as Agent

	 
	 
	 

	 
	By:
	/s/ Patrick McConnell

	 
	Name:
	Patrick McConnell

	 
	Title:
	Director

	 
	 
	 

	 
	 
	 

	 
	WELLS FARGO BANK, N.A., 
as Purchaser

	 
	 
	 

	 
	By:
	/s/ Patrick McConnell

	 
	Name:
	Patrick McConnell

	 
	Title:
	Director

	 
	 
	 

	 
	 
	 

	
			
	723214191 12412603
	S-8
	Amendment No. 1 to Sixth Amended and Restated Receivables Purchase Agreement

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