Document:

exh10-59.htm

Exhibit 10.59

 

MASTER PURCHASE ORDER AGREEMENT

This Master Purchase Order Agreement (the “Agreement”) is made as of this 28th of January 2016 by and between   “Withdraw for confidential info”(the “Buyer”) and Capital Resources Management Corp., (the “Seller”), whereby the Buyer agrees to buy and the Seller agrees to sell the commodities described in Section 1 below (the “Commodities”), on the terms and conditions stated below:

SELLER:

	
 

Company: Capital Resources Management Corp.

 

	  

BUYER:

Withdraw for confidential info

 

In consideration of the agreements contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

1.           COMMODITY –Iron Ore fine

2.           COUNTRY OF ORIGIN – North or South America

	
3.

	
PORT OF  LOADING - The Commodities shall be loaded on a vessel at the port designed by the seller

4.           PORT OF DISCHARGE

The Commodities shall be shipped to: ASWP China (the “Port of Discharge”) as designated by the buyer. Buyer shall notify Seller the specific Port of Discharge no later than 55 days prior to the date of shipment.

5.           QUANTITY AND PURCHASE ORDER TERMS

	
  

	
a.

	
Seller shall ship 200,000 Metric Tons. +/- 5% per month, no later than 60 days after the Buyer provides Seller with the Letter of Credit as provided for in Section 13(a), and thereafter no later than 60 days of each consecutive month (each, a “Shipment”) over a period of twenty-four months (24) months subject to receipt of a  Purchase Order by Buyer (each, a “Shipment”).  Annex A to this Agreement sets forth the tentative delivery schedule of the Commodities.  Each Shipment after the first Shipment is subject to Seller’s receipt and acceptance of a Purchase Order.

	
  

	 

	
  

	
b.

	
Buyer may from time to time issue purchase orders in written form (the “Purchase Order”) to Seller or otherwise purchase from Seller from time to time, the Commodities in the quantities to be shipped on the dates all as listed in Section 5(a) above.  All Purchase Orders are subject to acceptance by Seller and must be submitted to Seller no less than 60 days prior to earliest shipment date.

6.           SHIPMENT

	
  

	
The Commodities included in any Shipment to Buyer under this Agreement may be packed loose bulk.

7.           GUARANTEED SPECIFICATIONS

	
  

	
a.

	
Seller guarantees that the content of the Commodities shall be as follows (the “Specifications”):

  

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           i.       CHEMICAL COMPOSITION

	
Component

	
Percentage

	
Rejection Level

	
Fe

	
62.00%

	
<60.00 %

	
FeO

	
20.00%

	
(NO REJECTION)

	
P

	
0.05%

	
>0.070 %

	
S

	
0.04%

	
>0.06 %

	
SiO2

	
3.50%

	
>4.00 %

	
 Al2O3

	
3.00%

	
>3.50 %

	
Ti

	
0.50%

	
>0.70 %

	
Moisture

	
8.00%

	
>8.00 %

	
  

	
ii.  

	
MOISTURE (FREE MOISTURE LOSS AT 105 DEGREES CENTIGRADE) 8.00 % MAX. 

iii.           PHYSICAL SPECIFICATION:

Diameter (in millimeters “MM”)                                                      % of Total Shipment

10MM to 30MM                                                :                                90

6MM to 10MM                                                  :                                10

	
  

	
b.

	
Each guaranteed chemical level specified above shall be on a “Dry Basis Per Dry Metric Ton.”

 

	
  

	
c.

	
If there is any trace of radioactivity in the Commodities included in any Shipment to Buyer, Buyer shall be entitled to reject such Shipment and seek reimbursement from Seller for all funds paid to Seller for such Shipment.

 

	
  

	
d.

	
In the event the Fe content of the commodity is less than 60.00% or any of the other “Guaranteed Specifications” listed in the table above do not conform to the amounts set forth in Section 7(a), Buyer has the right to reject the Shipment, negotiate the price, receive a refund of any amounts advanced or paid to Seller and cancel the Letter of Credit for the affected Shipment.

 

8.           PRICE BASED ON  (CNF) COST AND FREIGHT

	
  

	
a.

	
The following is the price to be paid by Buyer for the Commodities: 3% off by PLATTS index  per dry metric ton CNF ASWP, China, subject to adjustment as provided for in this Section 8.

	
  

	
b.

	
Price Adjustments.

i.           The Base Price set forth above shall be increased by US$ 1.00 per dry metric ton for each 1% of Fe contained in the Commodity above 62.00% as set forth in the Inspection Report.

 

ii.           The base price shall be decreased by US$ 1.00 per dry metric ton for each 1% Fe below 62.00% up to 60.00%, fraction pro-rata.

 

 

iii.           For impurities. If the shipment does not meet any of the chemical specifications other than Fe provided in clause 7a(i) as finally determined in accordance with the provisions of clause 13, the base price shall be decreased as follows, fraction pro-rata:

 

          1)                      For excess of silica (sio2) at the rate of 5 (five) U.S. cents per dry metric ton for each 0.1% in excess of the guaranteed specifications listed in section 7(a)(i). of this agreement fraction pro-rata.

 

          2)                      For excess of alumina (al2o3) at the rate of 5 (five) U.S. cents per dry metric ton for each 0.1% in excess of the guaranteed specifications listed in section 7(a)(i). of this agreement, fraction pro-rata.

 

 

          3)                      For excess of phosphorus (p) at the rate of 5 (five) U.S. cents per dry metric ton for each 0.01% in excess of the guaranteed specifications listed in section 7(a)(i). of this agreement, fraction pro-rata.

 

 

  

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        4)                                For excess of sulphur (s) at the rate of 5 (five) U.S. cents per dry metric ton for each 0.01% in excess of the guaranteed specifications listed in section 7(a)(i). of this agreement %, fraction pro-rata.

 

       5)         For excess of Ti at the rate of 5 (five) U.S. cents per dry metric ton for each 0.01% in excess of the guaranteed specifications listed in section 7(a)(i). of this agreement %, fraction pro-rata.

 

       6)         All price adjustments under Sections 8(b) shall be made on a pro-rata basis by multiplying the percentage change by the dollar amount associated with each item then multiplying that amount by the number of tons of the Commodity in the Shipment.

9.           QUALITY AND WEIGHT INSPECTION AT PORT OF LOADING

	
  

	
a.

	
Seller and Buyer appoint China Certification & Inspection (Group) Co., Ltd (“CCIC”) (the “Inspector”) to inspect, weigh, sample and analyze the Commodity to determine its ore composition and the percentage of free moisture content.  The inspection shall occur at the Port of Loading. The Inspector shall provide Seller and Buyer with an inspection report certifying the weight, mineral composition and moisture content of the Commodity (the “Inspection Report”).  The Seller and Buyer, or their representatives shall have the opportunity to be present at the time of inspection. Except as noted in the CIQ (as hereinafter defined), the findings included in the Inspection Report shall be binding on the Parties.  Seller agrees to pay for the Inspection Report.

	
  

	
b.

	
Weighing at Port of Loading is the basis for the Provisional Payment (as hereinafter defined) while weighing certificate at Port of Discharge shall be the amount included in the CIQ which shall be final for calculating the Final Payment (as hereinafter defined) and resolution of claims, if any.

10.           QUALITY INSPECTION AT PORT OF DISCHARGE

	
  

	
a.

	
The Buyer shall, at Buyer's expense, make application for an Entry Exit Inspection with the China Inspection and Quarantine (“CIQ”) offices to confirm the weight, mineral composition and moisture content of the Commodity.  Seller may, if necessary, send its own representative to witness the CIQ inspection at the Port of Discharge.

	
  

	
b.

	
The CIQ shall take a sample from the Shipment under this Agreement and divide it into three parts, one for the Buyer, one to be sent to the Seller and one to be kept under seal by the CIQ office for analysis by a third party if a dispute arises.

	
  

	
c.

	
The CIQ shall analyze the sample of the Shipment and Buyer shall forward the CIQ certificate to Seller within 50 days after completion of discharge of the Shipment at the Port of Discharge. The CIQ certificates shall show the percentage of chemical contents, the percentage of free moisture loss at 105 degrees centigrade and weight.  The CIQ's analysis shall be final except as otherwise provided for in Section 10(d).

	
  

	
d.

	
If the difference of mineral content between the Inspection Report and the CIQ is more than 0.25%, the difference in moisture content between the Inspection Report and the CIQ is more than 0.5% or if there exists any other difference between these reports in respect of any other chemical contents, then the mean average difference shall be final. If an Inspection Report is not performed at the Port of Discharge, a Certificate of Weight at the Port of Loading will be used as the basis for determination of weight at the Port of Discharge.

11.           ADVISE OF SHIPMENT AND SHIPMENT TERMS

	
  

	
a.

	
Seller shall upon completion of loading, advise Buyer of the shipment details, within five working days, by e-mail or fax mentioning the contract number, name of the vessel, name of the commodity, quantity, seal number, invoice number and value, gross and net dry weight and date of Bill of Lading.

  

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b.

	
Shipment Terms.

Seller shall load the Commodities on a vessel at the Port of Loading and pay when due, all shipping costs related to the Commodities. Seller shall use reasonable efforts to arrange for the master of the vessel to give Buyer Four (4) notices of the estimated time of arrival of the vessel at the Port of Discharge. The first notice to be given at least seven (7) days and the second notice to be given five (5) days prior to the estimated time of arrival of the vessel. The third and the fourth notices to be given forty eight (48) hours and twenty four (24) hours respectively prior to the vessel's estimated time of arrival.

 

c.      Demurrage:

 

Seller shall be responsible for demurrage charges at the Port of Loading. Buyer shall be responsible for demurrage as per charter party agreement.

12.           INSURANCE AND PERFORMANCE BOND

a.           Insurance.  Insurance is to be covered by the Seller covering all risks from the time the Shipment is mined until it is loaded on the vessel at the Port of Loading.

 

b.           Performance Bond.  Unless waived in writing by Buyer, Seller shall obtain and thereafter at all times until completion of each Shipment maintain a separate performance bond, or other collateral acceptable by the Buyer on each Shipment (the "Bond") each in an amount equal to two percent (2%) of the total value of the Shipment and in no event less than the amount of the Provisional Invoice (as hereinafter defined) and each in a form satisfactory to Buyer.  The surety providing such Bond must be licensed authorized and admitted to do business in the United States and must be acceptable to Buyer.  The cost of the premium for such Bond shall be paid by the Seller.

13.           PAYMENT

a.           General Terms of Letter of Credit.  Payment for the Commodities shall be in the form of a Letter of Credit (“LOC”) in an amount calculated as provided for in Section 13(d)(i) (the “Provisional Invoice”).  The LOC shall be in favor of the Seller, irrevocable, non-transferable, divisible by Seller’s bank, valid for 75 days after the date of its issuance and, with respect to the first Shipment, shall be issued within 5 business days after Buyer receives Seller’s Bond and Buyer has completed its due diligence on Seller.  Buyer shall have a period of 60 days to conduct its due diligence which shall include, but not be limited to Buyer’s inspection, examination and investigation of the mine that produces the Commodities, legal documentation establishing Seller’s right mine and sell the Commodities, and the vendors Seller intends to use to mine, process and ship the Commodities (“Buyer’s Due Diligence”).  If the event Buyer is not satisfied with any of the foregoing, in Buyer’s sole discretion, Buyer may terminate this Agreement. .  An LOC shall be issued for each subsequent Shipment no later than 30 days prior to the date of shipment. All charges outside of the issuing bank will be paid by Seller. All charges outside of the issuing bank as a result of changes required by Buyer to correct or amend an LOC as a result of any discrepancies between the terms of such LOC as set forth in this Agreement and the LOC delivered by Buyer under this Agreement will be paid by Buyer. All changes or discrepancies due to causes resulting from the acts of the Seller shall be borne by the Seller.

	
  

	
b.

	
Provisional Payment.  As a Provisional Payment, 95% of the LOC shall be paid to Seller against receipt of the Provisional Payment Documents provided for in Section 13(d).

 

	
  

	
c.

	
Final Payment.  As Final Payment, 5% of the LOC shall be paid to Seller against receipt by Buyer’s bank of the Final Payment Documents provided for in Section 13(e).

	
  

	
d.

	
Provisional Payment Documents.  The Provisional Payment Documents include the following documents:

	
  

	
i.

	
Provisional Invoice for each Shipment which shall be in an amount equal to the Price per ton set forth in Section 8(a) multiplied by the number of dry metric tons indentified in the Inspection Report related to the Shipment (the “Provisional Payment”).  The Provisional Invoice shall indicate the Letter of Credit number, name of carrying vessel and Bill of Lading number (three copies).  The Bill of Lading must show weight in WMT and net dry metric ton;

	
  

	
ii.

	
Complete set of "Clean on Board" Ocean Bill of Lading notifying applicant listing Buyer as the shipper and with consignee marked blank in (3 originals and 3 copies);

  

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iii.

	
The Inspection Report issued by China Certification & Inspection (Group) Co., Ltd (“CCIC”)  which shall include a certificate of quality which meets or exceeds the Guaranteed Specifications and non-radioactivity as provided for in Section 7 of this Agreement showing the actual test results of chemical composition and moisture content of the Shipment at the Port of Loading (3 originals and 3 copies);

	
  

	
iv.

	
Certificate of Weight report issued by the Inspector, China Certification & Inspection (Group) Co., Ltd (“CCIC”) certifying the actual net dry weight of the Shipment at the Port of Loading (3 originals and 3 copies);

	
  

	
v.

	
Beneficiary’s certificate certifying that one set of documents have been sent to Buyer by fax or e-mail within three (3) working days after date of the Bill of Lading (3 originals and 3 copies); and

	
  

	
vi.

	
Certificate of Origin in 3 (three) originals and 3 (three) copies issued by Chilean Ministry of Commerce or Mining detailing name of commodity, loaded quantity, and name of carrying vessel.

	
  

	
e.

	
Final Payment Documents.   Buyer shall make final payment for the Shipment calculated on the basis of the final out turn weight and quality as reflected in the CIQ at the Port of Discharge against the following documents (the “Final Payment Documents”):

	
  

	
i.

	
Seller’s final invoice in one original and two copies showing the balance base on the CIQ result due after deducting the amount of the Provisional Payment (the “Final Payment”), name of carrying vessel, contract number and Bill of Lading number.

	
  

	
ii.

	
One copy of certificate of weight at the Port of Discharge issued by the CIQ.

	
  

	
iii   One copy of certificate of quality at the Port of Discharge issued by the CIQ.

14 .           FORCE MAJEURE

	
  

	
If a Party is delayed or prevented from performing any of their respective obligations while this Agreement is in effect because of acts of nature, strikes, lockouts, labor troubles, inability to procure materials, failure of power, governmental restrictions or reasons of a like nature not the fault of the party delayed in performing such obligation, then the period of such delays shall be deemed added to the time herein provided for the performance of any such obligation and the defaulting party shall not be liable for losses or damages caused by such delays. Provided, however, that, this Section shall not apply to the payment of any sums of money required to be paid by Buyer hereunder or any completed Shipments shall be deemed to have occurred when the Letter of Credit issued by the Buyer has been drawn down at the counter of the issuing bank.

15.           DISPUTE RESOLUTION AND ARBITRATION

	
  

	
a.

	
Each of the Parties shall make every reasonable commercial effort to resolve any dispute which may arise under or in connection with this Agreement (including a dispute regarding the existence, validity, interpretation or termination of this Agreement or the consequence of its nullity) through consultation, and the consultation starts promptly at the time when a Party provides the other Party with a written notice requesting such consultation.

	
  

	
b.

	
If the dispute is not resolved within three (3) months from the issuance of the written notice, any Party may submit the dispute to arbitration by the American Arbitration Association (“AAA”) in Broward County, Florida in accordance with its Commercial Arbitration Rules in effect at the time of application for arbitration.

	
  

	
c.

	
The arbitration tribunal shall consist of three (3) arbitrators. The Seller shall select one (1) arbitrator and the Buyer shall select one (1) arbitrator. The third arbitrator, who shall be the presiding arbitrator, shall be appointed by the two arbitrators selected by the Parties and shall be a national of a country of any of the Parties.  If either Party fails to select an arbitrator, or if the two arbitrators selected by the Parties fail to agree on the choice of the third arbitrator, a designated official of the AAA shall have the right to appoint the third arbitrator.

  

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d.

	
The arbitration proceedings shall be conducted in both the English and Spanish language.  In the event of any arbitration or litigation arising out of, in connection with, or related to the Agreement, the prevailing party shall be entitled to receive from the non-prevailing party all reasonable fees and expenses of counsel for the prevailing party.

	
  

	
e.

	
The arbitral award made by AAA shall be final and binding upon the Parties.

	
  

	
f.

	
The Parties hereby agree to exclude any right of appeal to any court which might otherwise have jurisdiction in this matter and acknowledge that the award shall be enforceable in any country which is a signatory to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.

	
  

	
g.

	
During the conducting of any arbitration proceedings pursuant to this Section, this Agreement shall remain in full force and effect in all respects except for the matter under arbitration and the Parties shall continue to perform their obligations hereunder, except for those obligations involved in the matter under dispute, and to exercise their rights hereunder.

16.           TERMINATION

In the event a Party breaches any term or condition of this Agreement (subject to the following cure periods), the non-breaching Party may terminate this Agreement or a Shipment.  Any termination of this Agreement shall only be effective if, after receiving written notice from the non-breaching Party of the breach, the Party in breach shall fail to cure such breach within five (5) days after receiving such notice.  In no event shall the non-breaching Party by exercising its right under this section be precluded by the exercise of such termination right from pursuing, subject to the terms of this Agreement and applicable law, any cause of action or other claim it may then or at any time thereafter have in respect of any breach or default by the Party that breached this Agreement.

17.           MISCELLANEOUS

	
  

	
a.

	
Assignment.  Seller shall not assign this Agreement, or any part thereof, to any other person, firm or other entity without the prior written consent of Buyer, and notwithstanding such permitted assignment, delegation or subcontracting, Seller shall not be released from its duties and obligations hereunder.  Buyer may assign this Agreement to a subsidiary or affiliated company.

	
  

	
b.

	
Notice.  Except as otherwise specifically provided in this Agreement, all notices or designations required or permitted hereunder shall be in writing and shall be delivered personally, sent by first class, registered or certified mail, return receipt requested, postage prepaid, or by facsimile or email sent to the addresses set forth above or at such other addresses as the parties may designate in writing.  Notices shall be deemed given upon personal delivery or the date the notice is deposited in the mail or confirmation of the facsimile or email is received.

	
  

	
c.

	
Headings.  Section headings have been inserted in this Agreement as a matter of convenience of reference only.  Such headings are not a part of this Agreement and shall not be used in the interpretation of any provisions of this Agreement.

	
  

	
d.

	
Entire Agreement; Modifications.  This Agreement including any appendices constitutes the entire agreement between the parties hereto and supersedes all prior agreements, understandings and commitments.  No amendments or modification of this Agreement shall be effected unless made in writing and signed by both Buyer and Seller.

	
  

	
e.

	
Brokers Commission.  Each of the parties represents and warrants to the other that such party has dealt with no broker or finder in connection with any of the transactions contemplated by this Agreement, and, insofar as such party knows, no broker or other person is entitled to any commission or finder's fee (“Commission”) in connection with any of these transactions.  Each of the parties hereby agree to indemnify and hold the other harmless against and from all claims, demands, causes of action, judgments, losses, damages, costs or expenses, including attorneys fees and liabilities which may be asserted or recovered for fees, commissions or other compensation claimed to be due to any broker, finder or intermediary in connection with the purchase and sale of the Commodities included in a Shipment and arising from such party's dealings or alleged dealings.  The provisions of this Section shall survive completion of a Shipment and shall not be limited or eliminated by any provision terminating this Agreement.

  

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f.

	
Confidential Information and Non-Circumvention.

(i)  For purposes of this Agreement, the term "Confidential Information" shall mean any information disclosed by to either one of the Parties by the other or their agents, officers, employees, contractors or subcontractors as a consequence of or through the exchange of information between the Parties as described in this Agreement, which information is of value to its owner and is treated as confidential. Confidential Information shall include but shall not be limited to, prices charged and paid by the Parties, names of customers and suppliers, cost information and the terms and conditions of this Agreement. The Parties have disclosed and may disclose to the other certain Confidential Information. The Parties hereby agree that the recipient of the Confidential Information shall use such information solely in connection with the performance of its obligations under this Agreement, that the Confidential Information shall be kept confidential, and that neither Party shall disclose any of the Confidential Information in any manner whatsoever except as authorized by a written agreement or written consent of the Party that disclosed the Confidential Information. Notwithstanding the foregoing, a Party may only disclose the Confidential Information of the other Party to its employees, directors, consultants or advisors with a need to know such information, provided each person agrees to comply with the terms and conditions of this Agreement.

 

(ii)  During the term of this Agreement and for a period of five (5) years thereafter, Seller hereby further agrees that Seller shall not, directly or indirectly, as an owner, officer, director, employee or agent, do any of the following: (i) reveal the name of, contract with, solicit, persuade, interfere with or endeavor to entice away from Buyer or any of its affiliates or subsidiaries, any of Buyer’s customers, including those customers who purchase the Commodities from Buyer to be procured by Buyer under this Agreement (collectively, the “Customer”); (ii) otherwise enter into any agreement with the Customer (or any person or entity affiliated with Customer) with respect to the sale and purchase of the Commodities; or (iii) market, sell or distribute any of the Commodities in (or which may be shipped into) the Peoples Republic of China.  In addition to, and not in limitation of the other provisions hereof, Seller shall not at any time in any manner interfere with, disturb, disrupt, decrease or otherwise jeopardize the relationship between Buyer and the Customer or do or permit to be done anything which may tend to take away or diminish the trade, business or good will of Buyer with the Customer or give to any person the benefit or advantage of Buyer’s relationship with the Customer.

 

(iii)  During the term of this Agreement and for a period of five (5) years thereafter, Buyer hereby further agrees that Buyer shall not, directly or indirectly, as an owner, officer, director, employee or agent, do any of the following: (i) reveal the name of, contract with, solicit, persuade, interfere with or endeavor to entice away from Seller or any of its affiliates or subsidiaries, any of Seller’s suppliers, including those suppliers who sold the Commodities which are part of this Agreement unless Buyer has a preexisting relationship with such party (collectively, the “Suppliers”); or (ii) otherwise enter into any agreement with the Suppliers (or any person or entity affiliated with Suppliers) with respect to the sale and purchase of the Commodities.  In addition to, and not in limitation of the other provisions hereof, Buyer shall not at any time in any manner interfere with, disturb, disrupt, decrease or otherwise jeopardize the relationship between Seller and the Suppliers or do or permit to be done anything which may tend to take away or diminish the trade, business or good will of Seller with the Suppliers or give to any person the benefit or advantage of Seller’s relationship with the Suppliers.

	
  

	
g.

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

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

	  	
Seller: Capital Resource Management Corp

 

 

By: /s/ Capital Resource Management Corp

(signature and seal)

 

Buyer: Withdraw for confidential info

 

 

By: /s/ Buyer

(signature and seal)

 

  

- 7 -Exhibit 10.1

 

EXECUTION VERSION

 

FOURTH AMENDMENT AND WAIVER

 

This FOURTH AMENDMENT AND WAIVER (this “Amendment”) dated as of February 10, 2016 is by and among HANGER, INC., a Delaware corporation (“Borrower”), the Guarantors identified on the signature pages hereto, the Lenders identified on the signature pages hereto and BANK OF AMERICA, N.A., in its capacity as Agent (in such capacity, the “Agent”).

 

RECITALS

 

WHEREAS, the Borrower, the Lenders and the Agent are parties to the Credit Agreement dated as of June 17, 2013, as amended by the First Amendment and Waiver dated as of June 19, 2015, the Second Amendment and Waiver dated as of September 11, 2015 and the Third Amendment and Waiver dated as of November 13, 2015 (as further amended, modified, supplemented, increased and extended from time to time, the “Credit Agreement”);

 

WHEREAS, the Borrower has requested a waiver of certain Events of Default that have occurred or are anticipated to occur under the Credit Agreement, and the Lenders have agreed to the requested waiver on the terms and conditions set forth herein.

 

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

 

1.                                      Defined Terms.  Capitalized terms defined in the Credit Agreement and used herein without other definition shall have the meanings ascribed to such terms in the Credit Agreement.

 

2.                                      Estoppel, Acknowledgement and Reaffirmation.  Each of the Loan Parties acknowledges and confirms that as of the date hereof (a) the aggregate outstanding principal amount of the Term A Loans is $199,687,500 and (b) the Total Revolving Usage is $136,300,000, each of which amounts constitutes a valid and subsisting obligation of the Loan Parties to the Lenders that is not subject to any credits, offsets, defenses, claims, counterclaims or adjustments of any kind (it being understood that the undrawn portion of the Stated Amount of outstanding Letters of Credit included in the Total Revolving Usage, if any, constitutes a contingent obligation for so long as the Loan Parties are not required to cash collateralize such obligation in accordance with the Credit Agreement).  Each of the Loan Parties hereby acknowledges its obligations under the respective Loan Documents to which it is a party, reaffirms that each of the Liens created and granted in or pursuant to the Collateral Documents is valid and subsisting and agrees that this Amendment shall in no manner impair or otherwise adversely affect such obligations or Liens, except as explicitly set forth herein.

 

3.                                      Statement of Defaults.  The following Events of Default exist or are anticipated to occur:

 

3.1                               Existing Financial Information Events of Default. The Borrower has failed to timely deliver the Financial Information (as defined in the First Amendment and Waiver) and the September 30, 2015 Financial Information (as defined in the Third Amendment and Waiver), in each case, on or before December 18, 2015, as required by Section 4.2(b) of the Third Amendment and Waiver, each of which constitutes an Event of Default under Section 4.2(b) of the Third Amendment and Waiver and Section 9.01(c) of the Credit Agreement (the “Existing Financial Information Events of Default”).

 

 

3.2                               Anticipated Financial Information Events of Default. The Borrower has notified the Agent that it anticipates failing to timely deliver the following (the “December 31, 2015 Financial Information”): (i) the financial information and other materials required to be delivered pursuant to Section 7.01(a) of the Credit Agreement for the fiscal year ending December 31, 2015, (ii) the certificate of the Independent Auditor required to be delivered pursuant to Section 7.02(a) of the Credit Agreement and (iii) a Compliance Certificate pursuant to Section 7.02(b) for the fiscal year ending December 31, 2015, which failures would each constitute an Event of Default under Section 9.01(d) of the Credit Agreement following notice to the Borrower by the Agent or any Lender and the expiration of the applicable cure period (individually and collectively, the “Anticipated December 31, 2015 Financial Information Events of Default” and together with the Existing Financial Information Events of Default, the “Financial Information Events of Default”).

 

4.                                      Waiver of Events of Default.

 

4.1                               Subject to the terms and conditions set forth herein, the Lenders waive the Financial Information Events of Default.

 

4.2                               It is acknowledged and agreed that:

 

(a)                                 The waiver set forth in Section 4.1 is a one-time waiver limited exclusively to the Financial Information Events of Default and shall not be construed to be a waiver of, or in any way obligate the Lenders to waive, any other Default or Event of Default that may have occurred or that may occur after the date hereof;

 

(b)                                 On or before May 16, 2016, the Borrower shall deliver the Financial Information, the September 30, 2015 Financial Information and the December 31, 2015 Financial Information to the Agent for distribution to the Lenders, and any failure to deliver any of the Financial Information, the September 30, 2015 Financial Information or the December 31, 2015 Financial Information on or before May 16, 2016 shall constitute a new and immediate Event of Default under the Credit Agreement without regard to any otherwise applicable notice, cure or grace period; and

 

(c)                               The execution and delivery by the Borrower of that certain Fifth Supplemental Indenture dated on or about December 11, 2015 did not violate the covenant set forth in Section 8.16 of the Credit Agreement.

 

5.                                      Additional Restrictions and Provisions Pending Certain Occurrences.  Notwithstanding anything in the Credit Agreement or the other Loan Documents to the contrary:

 

5.1                               Until such time as: (a) the Borrower shall have delivered to the Agent, for distribution to the Lenders, the Financial Information, the September 30, 2015 Financial Information and the December 31, 2015 Financial Information, (b) the Financial Information shall demonstrate that the Loan Parties would have been in compliance with Sections 8.09 and 8.10 of the Credit Agreement for the fiscal quarters ended September 30, 2014, December 31, 2014, March 31, 2015 and June 30, 2015 if the amendment to the definition of Consolidated EBITDA set forth in the First Amendment and Waiver had been effective as of the last day of such fiscal quarters (regardless of whether such amendment to such definition actually was effective at such time), (c) the September 30, 2015 Financial Information shall demonstrate the correctness of the representation set forth in Section 5 of the Third Amendment and Waiver, and (d) the Borrower shall have delivered to the Agent, for distribution to the Lenders, Projections (in form and with detail reasonably satisfactory to the Agent) prepared on a quarterly basis for each fiscal quarter remaining during the term of the Credit Agreement demonstrating that (assuming the Projections will be realized) the Borrower will be in compliance with Sections 8.09 and 8.10 of the Credit Agreement as of the end of each fiscal quarter remaining during the term of the Credit Agreement, the following restrictions and provisions in addition to those set forth in the Credit Agreement shall apply:

 

 

(a)                                 No Credit Extension shall be permitted without the written consent of the Required Lenders unless, after giving effect to such Credit Extension, the Total Revolving Usage would be less than or equal to $138,000,000;

 

(b)                                 The Borrower and its Subsidiaries shall not create, incur, assume or suffer to exist any Lien after June 19, 2015 in reliance on Section 8.01(m) of the Credit Agreement securing Indebtedness or other obligations of the Borrower and its Subsidiaries exceeding in the aggregate, at any time, $15,000,000;

 

(c)                                  The aggregate value of all assets disposed of by the Borrower and its Subsidiaries after June 19, 2015 pursuant to Section 8.02(j) of the Credit Agreement shall not exceed $5,000,000, except that assets may be disposed of pursuant to Section 8.02(j) in respect of the Dosteon and CARES businesses, whether pursuant to the plans to dispose of such businesses as described in the Borrower’s Current Report on Form 8-K filed with the SEC on November 7, 2014 or otherwise, without reducing the availability under the foregoing $5,000,000 basket;

 

(d)                                 The aggregate principal amount of Investments by the Borrower and its Subsidiaries after June 19, 2015 pursuant to Section 8.04(e)(iii) of the Credit Agreement shall not exceed $5,000,000;

 

(e)                                  No Acquisition shall be permitted after June 19, 2015 (other than any Acquisition to which only Loan Parties are parties);

 

(f)                                   The Borrower and its Subsidiaries shall not make any Investment after June 19, 2015 in reliance on Section 8.04(j) of the Credit Agreement;

 

(g)                                  The Borrower and its Subsidiaries shall not make any Investment after June 19, 2015 in reliance on Section 8.04(m) of the Credit Agreement;

 

(h)                                 The aggregate principal amount of Investments by the Borrower and its Subsidiaries after June 19, 2015 pursuant to Section 8.04(n) of the Credit Agreement shall not exceed $5,000,000;

 

(i)                                     The Borrower and its Subsidiaries shall not create, incur, assume, suffer to exist or otherwise become directly or indirectly liable with respect to any Indebtedness after June 19, 2015 in reliance on Section 8.05(i) of the Credit Agreement;

 

(j)                                    The Borrower and its Subsidiaries shall not create, incur, assume, suffer to exist or otherwise become directly or indirectly liable with respect to any Indebtedness after June 19, 2015 in reliance on Section 8.05(l) of the Credit Agreement;

 

(k)                                 Foreign Subsidiaries shall not create, incur, assume, suffer to exist or otherwise become directly or indirectly liable with respect to any Indebtedness after June 19, 2015 in reliance on Section 8.05(o) of the Credit Agreement;

 

(l)                                     The Borrower and its Subsidiaries shall not create, incur, assume, suffer to exist or otherwise become directly or indirectly liable with respect to any Indebtedness after June 19, 2015 in reliance on Section 8.05(p) of the Credit Agreement, exceeding in the aggregate, at any time, $15,000,000;

 

 

(m)                             The Borrower and its Subsidiaries shall not declare or make any Restricted Payment after June 19, 2015 in reliance on Section 8.08(a)(v) of the Credit Agreement;

 

(n)                                 The Borrower and its Subsidiaries shall not declare or make any Restricted Payment after June 19, 2015 in reliance on Section 8.08(a)(vi) of the Credit Agreement;

 

(o)                                 The Borrower and its Subsidiaries shall not declare or make any Restricted Payment after June 19, 2015 in reliance on Section 8.08(b) of the Credit Agreement; and

 

(p)                                 Commencing on February 12, 2016 and continuing on or before the tenth (10th) Business Day of each calendar month thereafter, the Borrower shall prepare and deliver to the Agent for distribution to the Lenders, consolidated forecasts of cash flows for the Borrower and its Subsidiaries for at least the thirteen (13) weeks following each such delivery date in form and detail substantially consistent with the forecasts provided by the Borrower to the Lenders most recently prior to the date hereof, together with reports reconciling actual cash flows for the Borrower and its Subsidiaries with the previously-delivered weekly forecasts of cash flows for each calendar week that includes one or more Business Days that occurred during the preceding calendar month (but excluding any calendar week covered by a previous reconciliation report hereunder), in each case in form and detail substantially consistent with the form of the report provided by the Borrower to the Lenders most recently prior to the date hereof, and any failure to deliver any such forecast or reconciliation report shall constitute a new and immediate Event of Default under the Credit Agreement without regard to any otherwise applicable notice, cure or grace period.

 

5.2                               Commencing on the Fourth Amendment Effective Date (as defined below), the Applicable Rate with respect to Base Rate Loans and LIBOR Rate Loans shall be increased, in each case, by 1.00% from the amounts that would otherwise apply in the absence of this Section 5.2 until such time as (a) the Consolidated Leverage Ratio for the Borrower’s most recently ended fiscal quarter shall be less than or equal to 4.00:1.00, (b) the Borrower shall have delivered to the Agent, for distribution to the Lenders, the Financial Information, the September 30, 2015 Financial Information and the December 31, 2015 Financial Information, (c) the Financial Information shall demonstrate that the Loan Parties would have been in compliance with Sections 8.09 and 8.10 of the Credit Agreement for the fiscal quarters ended September 30, 2014, December 31, 2014, March 31, 2015 and June 30, 2015 if the amendment to the definition of Consolidated EBITDA set forth in the First Amendment and Waiver had been effective as of the last day of such fiscal quarters (regardless of whether such amendment to such definition actually was effective at such time), (d) the September 30, 2015 Financial Information shall demonstrate the correctness of the representation set forth in Section 5 of the Third Amendment and Waiver, and (e) the Borrower shall have delivered to the Agent, for distribution to the Lenders, Projections (in form and with detail reasonably satisfactory to the Agent) prepared on a quarterly basis for each fiscal quarter remaining during the term of the Credit Agreement demonstrating that (assuming the Projections will be realized) the Borrower will be in compliance with Sections 8.09 and 8.10 of the Credit Agreement as of the end of each fiscal quarter remaining during the term of the Credit Agreement.

 

This Section 5 of this Amendment shall supersede and replace Section 6 of the Third Amendment and Waiver.

 

6.                                      Amendments to Credit Agreement.  The Credit Agreement is amended as follows:

 

(a)                                 The following new definition is added to Section 1.01 of the Credit Agreement in the appropriate alphabetical order:

 

“Fourth Amendment and Waiver” means the Fourth Amendment and Waiver to this Agreement dated as of February 10, 2016.

 

 

(b)                                 Clause (e) of the definition of “Consolidated EBITDA” in Section 1.01 is amended to read as follows:

 

(e) any extraordinary, unusual or non-recurring expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on sales of assets outside of the ordinary course of business and loss on early retirement of debt); provided that (i) the aggregate amount of professional fees and expenses (excluding the aggregate amount of professional fees and expenses reimbursed by the Loan Parties in accordance with the Second Amendment and Waiver, which are not subject to the limitation set forth in this proviso) that may be added back pursuant to this clause (e) for any period of four consecutive fiscal quarters shall not exceed (A) for the period of four consecutive fiscal quarters ending on (1) or prior to December 31, 2015, $22,000,000, (2) March 31, 2016, $25,300,000, (3) June 30, 2016, $28,400,000, (4) September 30, 2016, $24,400,000, (5) December 31, 2016, $18,000,000, and (B) for any period of four consecutive fiscal quarters ending thereafter, 10.0% of Consolidated EBITDA for such period (calculated without giving effect to any add back of professional fees and expenses pursuant to this clause (e)) and (ii) this clause (e) may not be used to add back the write-down of current assets;

 

(c)                                  Section 8.09 of the Credit Agreement is amended and restated in its entirety to read as follows:

 

8.09                        Consolidated Leverage Ratio.

 

The Borrower will not permit the Consolidated Leverage Ratio to exceed (i) 4.35:1.00 as of the end of the fiscal quarter of the Borrower ending on March 31, 2016, (ii)  4.50:1.00 as of the end of the fiscal quarter of the Borrower ending on June 30, 2016, (ii) 4.20:1.00 for the fiscal quarter of Borrower ending on September 30, 2016; (iii) 4.10:1.00 for the fiscal quarter of the Borrower ending on December 31, 2016; and (iv) 4.00:1.00 as of the end of any fiscal quarter of the Borrower thereafter.

 

(d)                                 Section 9.01(c) of the Credit Agreement is amended and restated in its entirety to read as follows:

 

(c)                                  Specific Defaults.  The Borrower fails to perform or observe any term, covenant or agreement contained in Section 7.03(a), 7.04 (with respect to the Borrower), 7.11, the First Amendment and Waiver, the Second Amendment and Waiver, the Third Amendment and Waiver or the Fourth Amendment and Waiver; or

 

7.                                      Agent Financial Advisor.  Notwithstanding anything to the contrary contained in Section 8 of the Second Amendment and Waiver or in Section 9 of the Third Amendment and Waiver, the Agent shall be entitled to prompt reimbursement from the Loan Parties for fees and expenses incurred by the Agent in connection with services performed or expenses incurred by the Agent Financial Advisor (as defined in Section 8 of the Second Amendment and Waiver) from and after February 10, 2016 to the extent that, in the absence of any Event of Default (after giving effect to this Amendment), such fees and expenses do not exceed $100,000 in aggregate.

 

 

8.                                      Waiver Fee.  In consideration of the Lenders’ agreements set forth herein, the Borrower agrees to pay to the Agent, for the account of each Consenting Lender (defined below), a waiver fee (the “Fourth Amendment Waiver Fee”) in an amount equal to forty five (45) basis points (0.45%) of the outstanding principal amount of the Term A Loan held by such Consenting Lender plus the amount of such Lender’s Revolving Commitments.  The Waiver Fee shall be fully-earned, payable and non-refundable as of the Fourth Amendment Effective Date (defined below).  As used herein, “Consenting Lender” means a Lender that executes and delivers to the Agent a signature page to this Amendment on or prior to 12:00 p.m. Central time on February 10, 2016 (or, as to any Lender, such later time or date as may be agreed by the Agent and the Borrower).

 

9.                                      Effectiveness; Conditions Precedent.  This Amendment shall become effective as of the date hereof (the “Fourth Amendment Effective Date”) when, and only when, each of the following conditions shall have been satisfied or waived, in the sole discretion of the Agent and the Lenders:

 

(a)                                 The Agent shall have received counterparts of this Amendment duly executed by each of the Loan Parties and each of the Required Lenders;

 

(b)                                 The Agent shall have received the Fourth Amendment Waiver Fee;

 

(c)                                  The Loan Parties shall have paid all reasonable fees, costs and expenses of the Agent (including, without limitation, fees, costs and expenses of counsel and of the Agent Financial Advisor) incurred in connection with this Amendment, to the extent invoiced to the Borrower at least one Business Day prior to the Fourth Amendment Effective Date; and

 

(d)                                 The Agent shall have received such other documents, instruments and certificates as the Agent or any Lender may reasonably request.

 

10.                               Incorporation of Amendment.  Except as specifically modified herein, the terms of the Loan Documents shall remain in full force and effect.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent under the Loan Documents, or constitute a waiver or amendment of any provision of the Loan Documents, except as expressly set forth herein.  This Amendment shall constitute a Loan Document.

 

11.                               Representations and Warranties.  The Loan Parties hereby represent and warrant to the Agent and the Lenders as follows as of the Fourth Amendment Effective Date:

 

(a)                                 Each Loan Party has the corporate or other legal entity power and authority to execute, deliver and perform its obligations under this Amendment.

 

(b)                                 The execution, delivery and performance by each Loan Party of this Amendment have been duly authorized by all necessary corporate or other legal entity action.

 

(c)                                  This Amendment has been duly executed and delivered by such Loan Party.

 

(d)                                 This Amendment constitutes a legal, valid and binding obligation of each Loan Party enforceable against such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally or by equity principles relating to enforceability.

 

 

(e)                                  The execution, delivery and performance by each Loan Party of this Amendment does not and will not (i) contravene the terms of any of such Person’s Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, any document evidencing any material Contractual Obligation to which such Person is a party or any order, injunction, writ or decree of any Governmental Authority to which such Person or its property is subject or (iii) violate any Requirement of Law.

 

(f)                                   No approval, consent, exemption, authorization or other action by, or notice to, or filing with, any court Governmental Authority or any other Person (except those that have been obtained and remain in effect and disclosure filings that are required to be made with the SEC) is necessary or required to be made or obtained by any Loan Party in connection with the execution, delivery or performance by, or enforcement against, such Loan Party of this Amendment.

 

(g)                                  After giving effect to this Amendment, (i) the representations and warranties of the Loan Parties contained in the Loan Documents are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of the date hereof except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, and (ii) no Default has occurred and is continuing.

 

(h)                                 The Liens held by the Agent in the Collateral continue to be valid, binding and enforceable perfected Liens in accordance with the Collateral Documents that secure the Obligations subject only to the Permitted Liens.

 

If any representation and warranty set forth in this Section 11 is incorrect on and as of the date hereof then such incorrect representation and warranty shall constitute a new and immediate Event of Default without regard to any otherwise applicable notice, cure or grace period.

 

12.                               Release.  In consideration of the Agent’s and the Required Lenders’ willingness to enter into this Amendment, each of the Loan Parties hereby releases and forever discharges the Agent, the Lenders and each of the Agent’s and the Lenders’ predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives, and affiliates (hereinafter all of the above collectively referred to as the “Lender Group”), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, in each case to the extent arising in connection with the Loan Documents or any of the negotiations, activities, events or circumstances arising out of or related to the Loan Documents through the date of this Amendment, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which each of the Loan Parties may have or claim to have against any of the Lender Group.

 

13.                               No Third Party Beneficiaries.  This Amendment and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and their respective successors and assigns.  No other Person shall have or be entitled to assert rights or benefits under this Amendment.

 

14.                               Entirety.  This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.  This Amendment and the other Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.

 

 

15.                               Counterparts; Electronic Delivery.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart.  Delivery of an executed counterpart of this Amendment by facsimile or other electronic means shall be effective as an original.

 

16.                               No Actions, Claim.  As of the date hereof, each Loan Party hereby acknowledges and confirms that it has no actual knowledge of any actions, causes of action, claims, demands, damages or liabilities of whatever kind or nature, in law or in equity, against any of the Lender Group arising from any action by such Persons or failure of such Persons to act under the Loan Documents on or prior to the date hereof.

 

17.                               Governing Law.  This Amendment 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

 

18.                               Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 11.15 and 11.16 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

 

19.                               Further Assurances.  Each of the Loan Parties agrees to execute and deliver, or to cause to be executed and delivered, all such instruments that are consistent with the terms of this Amendment as may reasonably be requested by the Agent to effectuate the intent and purposes, and to carry out the terms, of this Amendment.

 

20.                               Miscellaneous.

 

(a)                                 Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

(b)                                 Wherever possible, each provision of this Amendment shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment.

 

(c)                                  Except as otherwise provided in this Amendment, if any provision contained in this Amendment is in conflict with, or inconsistent with, any provision in the Loan Documents, the provision contained in this Amendment shall govern and control.

 

[Signature Pages Follow]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

	
BORROWER:
    	
HANGER, INC., a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Paul A. Severt
    	
 
    
	
 
    	
Name:
    	
Paul A. Severt
    	
 
    
	
 
    	
Title:
    	
Vice President,   Treasurer and Assistant Secretary
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
GUARANTORS:
    	
ACCELERATED CARE PLUS   CORP., a Delaware corporation
    
	
 
    	
ACCELERATED CARE PLUS   LEASING, INC., a Delaware corporation
    
	
 
    	
ADVANCED PROSTHETICS OF   AMERICA, INC., a Florida corporation
    
	
 
    	
CREATIVE   ORTHOTICS & PROSTHETICS, INC., a New York corporation
    
	
 
    	
DIBELLO’S DYNAMIC   ORTHOTICS AND PROSTHETICS, INC.,
    
	
 
    	
a Texas corporation
    
	
 
    	
DOSTEON CO   HOLDING, INC., a Colorado corporation
    
	
 
    	
DOSTEON SOLUTIONS, LLC,   a Maryland limited liability company
    
	
 
    	
EAST COAST   ORTHOTICS, INC., a Florida corporation
    
	
 
    	
EUGENE   TEUFEL & SON ORTHOTICS & PROSTHETICS, INC.,
    
	
 
    	
a Pennsylvania   corporation
    
	
 
    	
FAITH   PROSTHETIC-ORTHOTIC SERVICES, INC.,
    
	
 
    	
a North Carolina   corporation
    
	
 
    	
GENESIS MEDICAL GROUP,   LLC, an Oregon limited liability company
    
	
 
    	
GREAT PLAINS   ORTHOTICS & PROSTHETICS, INC., an Iowa corporation
    
	
 
    	
HANGER   PROSTHETICS & ORTHOTICS, INC., a Delaware corporation
    
	
 
    	
HANGER   PROSTHETICS & ORTHOTICS EAST, INC.,
    
	
 
    	
a Delaware corporation
    
	
 
    	
HANGER   PROSTHETICS & ORTHOTICS WEST, INC.,
    
	
 
    	
a California   corporation
    
	
 
    	
INNOVATIVE   NEUROTRONICS, INC., a Delaware corporation
    
	
 
    	
LIBERTY HEALTH   SERVICES, LLC, a Delaware limited liability company
    
	
 
    	
LINKIA, LLC, a Maryland   limited liability company
    
	
 
    	
MK   PROSTHETIC & ORHTOTIC SERVICES, INC., a Texas corporation
    
	
 
    	
NASCOTT, INC., a   Delaware corporation
    
	
 
    	
OPNET, INC., a   Nevada corporation
    
	
 
    	
ORPRO, INC., a   California corporation
    
	
 
    	
ORTHO-MEDICAL   PRODUCTS, INC., a New York corporation
    
	
 
    	
ORTHOTIC &   PROSTHETIC TECHNOLOGIES, INC., a Texas corporation
    
	
 
    	
RAINIER SURGICAL   INCORPORATED, a Washington corporation
    
	
 
    	
SCOPE   ORTHOTICS & PROSTHETICS, INC., a California corporation
    
	
 
    	
SOUTHERN PROSTHETIC   SUPPLY, INC., a Georgia corporation
    
	
 
    	
TEAM   POST-OP, INC., a California corporation
    
	
 
    	
THE BRACE SHOP   PROSTHETIC ORTHOTIC CENTERS, INC.,
    
	
 
    	
an Ohio corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Paul A. Severt
    	
 
    
	
 
    	
Name: 
    	
Paul A. Severt
    
	
 
    	
Title:
    	
Assistant Secretary of   each of the foregoing Guarantors
    

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
AGENT:
    	
BANK OF AMERICA, N.A.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christine Trotter
    	
 
    
	
 
    	
Name: Christine Trotter
    
	
 
    	
Title: Assistant Vice   President
    

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
ASSOCIATED BANK,   NATIONAL ASSOCIATION
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Goody
    
	
 
    	
Name:
    	
James A. Goody
    
	
 
    	
Title:
    	
Vice President
    
				

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
BANK OF AMERICA, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Suzanne B. Smith
    
	
 
    	
Name:
    	
Suzanne B. Smith
    
	
 
    	
Title:
    	
Senior Vice President
    
				

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
BOKF, NA dba Bank of   Texas
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Gary K. Whitt
    
	
 
    	
Name:
    	
Gary K. Whitt
    
	
 
    	
Title:
    	
Senior Vice President
    
				

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
BRANCH BANKING AND   TRUST COMPANY
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Sarah Bryson
    
	
 
    	
Name:
    	
Sarah Bryson
    
	
 
    	
Title:
    	
Senior Vice President
    
				

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
COMPASS BANK
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kevin Wisel
    
	
 
    	
Name:
    	
Kevin Wisel
    
	
 
    	
Title:
    	
Senior Vice President
    
				

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
FIFTH THIRD BANK
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jennifer Camp
    
	
 
    	
Name:
    	
Jennifer Camp
    
	
 
    	
Title:
    	
Vice President
    
				

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
REGIONS BANK
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mike Zingraf
    
	
 
    	
Name:
    	
Mike Zingraf
    
	
 
    	
Title:
    	
Senior Vice President
    

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
ROYAL BANK OF CANADA
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Amy Promaine 
    
	
 
    	
Name:
    	
Amy Promaine 
    
	
 
    	
Title: 
    	
Authorized Signature
    

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
SUMITOMO MITSUI BANKING   CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ David W. Kee
    
	
 
    	
Name:
    	
David W. Kee
    
	
 
    	
Title:
    	
Managing Director
    

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
SUNTRUST BANK
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jared Cohen
    
	
 
    	
Name:
    	
Jared Cohen
    
	
 
    	
Title:
    	
Vice President
    

 

Hanger, Inc.

Fourth Amendment and Waiver

 

 

	
LENDERS:
    	
WELLS FARGO BANK,   NATIONAL ASSOCIATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kirk Tesch
    
	
 
    	
Name:
    	
Kirk Tesch
    
	
 
    	
Title:
    	
Managing Director
    

 

Hanger, Inc.

Fourth Amendment and Waiver

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