Document:

Exhibit 10.21

 

	
CONTRATO DE CESIÓN DE LÍNEA DE CRÉDITO
    	
 
    	
ASSIGNMENT   AGREEMENT
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Entre:
    	
 
    	
By and between:
    
	
 
    	
 
    	
 
    
	
MOLINO CAÑUELAS URUGUAY S.A. una sociedad constituida y registrada bajo las leyes de la   República Oriental del Uruguay, representada en este acto por el Sr. Ricardo   L. Navilli en su carácter de Apoderado, domiciliado en General Pacheco 1070,   Ciudad de Montevideo, República Oriental del Uruguay (en adelante el “CEDEMTE”)
    	
 
    	
MOLINO CAÑUELAS URUGUAY S.A. a company incorporated and registered under the laws of   the Oriental Republic of Uruguay, represented herein by Mr. Ricardo L.   Navilli in his capacity as Attorney in fact, domiciled at General Pacheco   1070, Ciudad de Montevideo, República Oriental del Uruguay, (hereinafter   referred to as the “ASSIGNOR”);   and
    
	
 
    	
 
    	
 
    
	
BAF Latam Credit Fund B.V., representado en este acto por los firmantes que se   indican al pie del presente, domiciliada en la calle De Boelelaan 7, 1083HJ,   Amsterdam, Paises Bajos (en adelante “BAF CREDIT”   o “CESIONARIO” y conjuntamente con   el CEDENTE, las “Partes”);
    	
 
    	
BAF Latam Credit Fund B.V., represented herein by the signatories indicated   hereinbelow, domiciled at De Boelelaan 7, 1083HJ, Amsterdam, The Netherlands,   (hereinafter, indistinctly, “BAF CREDIT”   or “ASSIGNEE” and jointly with the   ASSIGNOR, the “Parties”);
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
CONSIDERANDO:
    	
 
    	
WHEREAS:
    
	
 
    	
 
    	
 
    
	
I.     Que con fecha 30 de Mayo de 2017, el CEDENTE como   MUTUANTE, y MOLINO CAÑUELAS S.A.C.I.F.I.A. como MUTUARIO (en adelante el “Deudor Cedido/Asianado”),   suscribieron un Contrato de Préstamo (el “Contrato   de Préstamo”) por la suma de USD   55.000.000,00 (Dólares Estadounidenses   CINCUENTA Y CINCO MILLONES con 00/100), cuya copia se adjunta como   Anexo I.
    	
 
    	
I.     Whereas on May 30th,   2017, the ASSIGNOR as the Lender, and MOLINO CAÑUELAS S.A.C.I.F.I.A., as   Borrower (hereinafter, the “Assigned Debtor”),   executed a Loan Agreement (the “Loan Agreement”)   for an amount of USD 55,000,000.00   (United States Dollars FIFTY FIVE MILLION with 00/100). Copy of   the Loan Agreement is included herein as Annex I.
    
	
 
    	
 
    	
 
    
	
II.    Que en relatión al Contrato de Préstamo descripto en el   párrafo precedente, con fecha 30 de Mayo de 2017, el Deudor Cedido suscribió   un Pagaré por la suma de USD 62.700.000,00   (Dólares Estadounidenses SESENTA Y DOS MILLONES SETENCIENTOS MIL con 00/100) (el   “Pagaré” y junto con el Contrato   de Prestamo, los “Documentos   Cedidos/Atribuidos”), cuya copia del Pagaré se adjunta a la   presente como Anexo II.
    	
 
    	
II.    Whereas, in relation to the Loan Agreement described in   the preceding paragraph, on May 30th,   2017, the Assigned Debtor executed a Promissory Note for the amount of USD 62,700,000.00 (Dollars SIXTY TWO MILLION SEVEN HUNDRED THOUSAND   with 00/100) (the “Promissory Note”   and, together with the Loan Agreement, the “Assigned   Documents”), which copy of the Promissory Note is included   herein as Annex II.
    
	
 
    	
 
    	
 
    
	
III.   Que al dia de la fecha, en virtud de los Documentos   Cedidos, el Deudor Cedido debe al CEDENTE la suma de USD   55.000.000,00 (Dólares Estadounidenses CINCUENTA Y CINCO MILLONES con 00/100),   sin perjuicio de los intereses, los cuales se seguirán devengando hasta que   la totalidad de las sumas adeudadas bajo los Documentos Cedidos hayan sido   abonados en su totalidad, de acuerdo a los términos de la presente;
    	
 
    	
III.   As of this date, under the Assigned Documents, the   Assigned Debtor owes ASSIGNOR the amount of USD   55,000,000.00 (United States Dollars FIFTY FIVE MILLION with 00/100),   without prejudice of the interests, which shall continue to accrue until all   sums due under the Assigned Documents are paid in full, in accordance with   the terms thereof.
    
	
 
    	
 
    	
 
    
	
IV.  Que el CEDENTE desea transferir al CESIONARIO todos ios   derechos y créditos resultantes de los Documentos Cedidos de acuerdo a lo   establecido en el presente documento (en adelante, los “Créditos   Cedidos”), y el CESIONARIO está interesado en adquirir tales   derechos, créditos y obligaciones.
    	
 
    	
IV.   Whereas the ASSIGNOR wishes to transfer to the ASSIGNEE all   rights and claims resulting from the Assigned Documents as provided therein   (hereinafter, the “Assigned Credits”),   and ASSIGNEE is interested in acquiring such rights, credits, and   obligations.
    
	
 
    	
 
    	
 
    
	
En mérito a las consideraciones precedentemente   establecidas, las Partes acuerdan celebrar el presente acuerdo de cesión (en   adelante el Acuerdo de Cesión”), sujeto   a las siguientes cláusulas y condiciones:
    	
 
    	
By virtue of the aforesaid considerations, the Parties   agree to execute this assignment agreement (hereinafter, the “Assignment Agreement”) pursuant   to the following terms and conditions:
    

 

 

	
EN CONSECUENCIA SE ACUERDA lo siguiente:
    	
 
    	
NOW IT IS HEREBY AGREED as follows:
    
	
 
    	
 
    	
 
    
	
1.    Por el presente el CEDENTE cede y transfiere al   CESIONARIO, y el CESIONARIO reconoce y acepta todos los derechos y créditos   derivados de los Documentos Cedidos de propiedad del CEDENTE. Queda   expresamente establecido que todas y cada una de las obligaciones asumidas   por el CEDENTE en virtud del Contrato de Préstamo serán soportadas y llevadas   a cabo exclusivamente por el CEDENTE y no seran transferidas al CESIONARIO.
    	
 
    	
1.    The ASSIGNOR hereby assigns and transfers to the ASSIGNEE   and the ASSIGNEE acknowledges and accepts ail rights and credits derived from   the Assigned Documents held by the ASSIGNOR. It being expressly stated that   any and all obligations assumed by ASSIGNOR under the Loan Agreement shall be   exclusively borne and performed by the ASSIGNOR and are not transferred to   the ASSIGNEE.
    
	
 
    	
 
    	
 
    
	
2.    El CESIONARIO se considerará subrogado en los derechos y   créditos del CEDENTE dentro del alcance, términos y condiciones de los   Documentos cedidos y se convierte en el titular único, pleno y exclusivo de   todos y cada uno de ios derechos y créditos derivados de dichos acuerdos   contra el Deudor cedido.
    	
 
    	
2.    The ASSIGNEE shall be considered subrogated under the   rights and credits of the ASSIGNOR within the scope, terms and conditions of   the Assigned Documents, and becomes the solely, full, and exclusive holder of   each and every right and credit derived from such agreements against the   Assigned Debtor.
    
	
 
    	
 
    	
 
    
	
3.    La cesión de los Documentos asignados será efectiva a   partir del momento en que la suma del precio de adquisición se acredite en la   cuenta bancaria del CEDENTE, de acuerdo con la Sección CUATRO del presente.   El CESIONARIO reconoce expresa e irrevocablemente y manifiesta su conformidad   que la cesión de los Documentos Asignados se hace sin ninguna responsabilidad   por el CEDENTE al CESIONARIO. Por lo tanto, el CEDENTE no será responsable en   caso de insolvencia del Deudor Cedido u otras partes en relación con los   Documentos cedidos y / o en el caso de incumplimiento y/o quiebra del Deudor   cedido para cumplir con cualquiera de sus obligaciones bajo los documentos   cedidos.
    	
 
    	
3.    The assignment of the Assigned Documents shall be   effective as of the Acquisition Price is credited in the ASSIGNOR’S bank   account, in accordance to Section FOUR hereto. The ASSIGNEE expressly   and irrevocably acknowledges and agrees that the assignment of the Assigned   Documents is made without any responsibility by the ASSIGNOR to the ASSIGNEE.   Therefore, the ASSIGNOR shall not be liable in the event of insolvency of the   Assigned Debtor or other parties in connection with the Assigned Documents   and/or in the event of Assigned Debtor’s default or Assigned Debtor’s failure   to comply with any of their obligations under the Assigned Documents.
    
	
 
    	
 
    	
 
    
	
4.    PRECIO:
    	
 
    	
4.    PRICE:
    
	
 
    	
 
    	
 
    
	
En contraprestación por la cesión de los Documentos   cedidos, el CESIONARIO pagará a CEDENTE la suma de USD   55.000.000,00 (Dólares Estadounidenses CINCUENTA Y CINCO MILLONES con 00/100)   (el “Precio de Adquisición”) mediante   transferencia bancaria y / o depósito bancario a la siguiente Cuenta del   cedente:
    	
 
    	
As payment for the assignment of the   Assigned Documents, the ASSIGNEE shall pay to ASSIGNOR the sum of USD 55,000,000.00 (United States Dollars FIFTY FIVE MILLION with   00/100) (the “Acquisition Price”)   by means of bank transfer and/or bank deposit to the following   ASSIGNOR’S Account:
    
	
 
    	
 
    	
 
    
	
Beneficiary: MOLINO CAÑUELAS URUGUAY S.A.

Beneficiary Account/IBAN: 218321

Beneficiary Bank: HSBC Bank (Uruguay) S.A.

Beneficiary Bank SWIFT code: BLICUYMM
    	
 
    	
Beneficiary:   MOLINO CAÑUELAS URUGUAY S.A.

Beneficiary   Account/IBAN: 218321

Beneficiary   Bank: HSBC Bank (Uruguay) S.A.

Beneficiary   Bank SWIFT code: BL1CUYMM
    
	
 
    	
 
    	
 
    
	
Intermediary Bank: HSBC Bank USA, New York
    	
 
    	
Intermediary   Bank: HSBC Bank USA, New York
    
	
Intermediary bank SWIFT code: MRMDUS33
    	
 
    	
Intermediary   bank SWIFT code: MRMDUS33
    
	
Intermediary bank FW/ABA code: 021001088
    	
 
    	
Intermediary   bank FW/ABA code: 021001088
    
	
Beneficiary’s Bank acc in Intermediary Bank:   713006137
    	
 
    	
Beneficiary’s   Bank acc in Intermediary Bank: 713006137
    
	
 
    	
 
    	
 
    
	
El recibo de la transferencia bancaria será prueba   suficiente de pago del Precio de Adquisición, una vez que las sumas se   acrediten en la cuenta bancaria mencionada.
    	
 
    	
The receipt of the bank transference   shall be sufficient proof of payment of the Acquisition Price, once the sums   are credited in the aforementioned bank account.
    
	
 
    	
 
    	
 
    
	
El Precio de Adquisición se pagará dentro de los 5 (cinco)   dias hábiles contados a partir de la fecha de cumplimiento del presente.
    	
 
    	
The Acquisition Price shall be paid   within 5 (five) business days counted as of the execution date hereof.
    
	
 
    	
 
    	
 
    
	
Una vez percibido el Precio de Adquisición, el CEDENTE   emitirá
    	
 
    	
Once the Acquisition Price is   collected, the ASSIGNOR
    

 

 

	
un remito al CESIONARIO informando la recepcion del Precio   de Adquisiciόn.
    	
 
    	
shall issue a note to the ASSIGNEE   informing the reception of the Acquisition Price.
    
	
 
    	
 
    	
 
    
	
5. REPRESENTACIONES Y GARANTÍAS:
    	
 
    	
5.    REPRESENTATIONS AND WARRANTIES:
    
	
 
    	
 
    	
 
    
	
5.1. Las Partes representan y garantizan lo siguiente,   según corresponda a cada una de ellas, en cada caso:
    	
 
    	
5.1. The Parties represent and   warrant the following, as applicable to each of them, in each case:
    
	
 
    	
 
    	
 
    
	
(a)   ambas Partes declaran que tienen plena capacidad juridica,   legitimación, facultades y autoridad para asumir las obligaciones previstas   en el presente Contrato de Cesiόn, y no están sujetas a ninguna   restricciόn legal, judicial o contractual relativa a la disposiciόn   de sus bienes y derechos bajo este acuerdo;
    	
 
    	
(a)   both Parties declare that they have full legal capacity,   standing, faculties and authority to assume the obligations foreseen in this   Assignment Agreement, and they are not subject to any legal, judicial or   contractual restriction regarding the disposition of their assets and rights   under this agreement;
    
	
 
    	
 
    	
 
    
	
(b)   no existen restricciones legales, judiciales, contractuales   o corporativas en relaciόn con la disposiciόn del Contrato de   Cesiόn y del reconocimiento de las obligaciones asumidas en virtud del   mismo;
    	
 
    	
(b)   there is no legal, judicial, contractual or corporate   restriction in relation to the disposition of the Assignment Agreement and   the assumption of the obligations assumed hereunder;
    
	
 
    	
 
    	
 
    
	
(c)   la ejecuciόn y perfeccionamiento del presente   Contrato de Cesiόn y, en particular, la cesiόn y transferencia de   los Documentos cedidos a BAF CREDIT (i) no causan conflicto,   incumplimiento o violaciόn bajo (1) Cualquier disposiciόn que   regula los estatutos de las partes; (2) cualquier contrato o instrumento   por el cual las Partes estén obligadas o sujetas a cualquier compromiso;   (3) cualquier pronunciamiento judicial, medida cautelar o decreto de   cualquier tribunal, organismo gubernamental, nacional o extranjero, judicial,   administrativo o arbitral aplicable a las Partes o los Documentos Asignados o   (4) cualquier regulaciόn y / o disposiciόn legal, ya sea   nacional o extranjera, aplicable a las Partes o a los Documentos Asignados;
    	
 
    	
(c)   the execution and formalization of this Assignment   Agreement and particularly the assignment and transfer of the Assigned   Documents to BAF CREDIT (i) do not cause any conflict, default or   violation under (1) any disposition of the articles of incorporation or   by-laws of the Parties; (2) any contract or instrument by which the   Parties are obliged or subject to any commitment; (3) any judgment   order, injunction or decree of any court, governmental body, either national   or foreign, judicial, administrative or arbitral applicable to the Parties or   to the Assigned Documents or (4) any regulation and/or legal   disposition, whether national or foreign, applicable to the Parties or to the   Assigned Documents;
    
	
 
    	
 
    	
 
    
	
(d)   el CEDENTE declara que a la fecha del presente (i) Se   ha cumplido con todas y cada una de sus obligaciones bajo los Documentos   cedidos y (ii) según su conocimiento, no hay hecho de incumplimiento   respecto a los Documentos atribuidos;
    	
 
    	
(d)   the ASSIGNOR declares that as of the date hereof   (i) it has fulfilled any and all of its obligations under the Assigned   Documents and (ii) to the best of its knowledge, there is no Event of   Default under the Assigned Documents;
    
	
 
    	
 
    	
 
    
	
5.2. EI CEDENTE representa y garantiza:
    	
 
    	
5.2. The ASSIGNOR represents and warrants:
    
	
 
    	
 
    	
 
    
	
5.2.1.     Que   no se ha suscrito un acuerdo por el cual el Deudor Cedido pueda reclamar   cualquier deducciόn o compensaciόn de las sumas adeudadas en virtud   de los Documentos Atribuidos;
    	
 
    	
5.2.1.     That   no agreement has been entered into as a result of which the Assigned Debtor   could claim any deduction or set-off of sums due by the Assigned Debtor under   the Assigned Documents; and
    
	
 
    	
 
    	
 
    
	
5.2.2.     Que   si el Deudor Cedido en virtud de los Documentos Atribuidos en cualquier   momento posterior al perfeccionamiento de este Contrato de Cesiόn   transfiere por error al CEDENTE cualquiera de los montos adeudados en virtud   de los Documentos Asignados, el Cedente transferirá dichas sumas a la Cuenta   Bancaria del CESIONARIO en las siguientes 24 (Veinticuatro) horas posteriores   a su recepciόn;
    	
 
    	
5.2.2.     That   if the Assigned Debtor under the Assigned Documents at any time after the   execution of this Assignment Agreement transfers by mistake to the ASSIGNOR   any of the amounts due under the Assigned Documents, the ASSIGNOR shall   transfer said sums to the ASSIGNEE’s Bank Account within the following 24   (twenty-four) hours after reception; and
    
	
 
    	
 
    	
 
    
	
5.2.3.     Que   el Deudor Cedido y los fiadores en los Documentos Asignados no incumplan   ninguna de sus obligaciones derivadas de dichos documentos. EI CEDENTE ha   cumplido debidamente todas sus obligaciones derivadas 
    	
 
    	
5.2.3.     That   the Assigned Debtor and Sureties under the Assigned Documents are not in   Default of any of its obligations arising from the Assigned Documents. The   ASSIGNOR has duly performed all its obligations derived from such agreement   up to the date hereof;
    

 

 

	
de   dicho acuerdo hasta la fecha del presente; y
    	
 
    	
and
    
	
 
    	
 
    	
 
    
	
5.2.4.     Que todos los documentos   relacionados o en conexión con los Documentos Asignados en posesión del   CEDENTE - incluyendo el Pagaré recibido de conformidad con el Contrato de   Préstamo, respaldado a favor del CESIONARIO, sin ningún derecho o recurso del   CEDENTE -, fueron entregados por El CEDENTE al CESIONARIO.
    	
 
    	
5.2.4.     That all documents related or in   connection to the Assigned Documents in possession of the ASSIGNOR -including   the Promissory Note received pursuant to the Loan Agreement, endorsed in   favor of the ASSIGNEE, without any right, recourse or remedy from ASSIGNOR-,   were delivered by the ASSIGNOR to the ASSIGNEE; and
    
	
 
    	
 
    	
 
    
	
5.2.5.     La forma instrumental de la   asignación de los Documentos Atribuidos;
    	
 
    	
5.2.5.     the instrumental form of the   assignment of the Assigned Documents; and
    
	
 
    	
 
    	
 
    
	
5.2.6.     La legitimidad de los Documentos y   que los mismos están libremente disponibles para ellos y que no están sujetos   a ningún embargo, prohibición de cesión, o cualquier derecho de retención a   la fecha de este documento;
    	
 
    	
5.2.6.     the legitimacy of Assigned Documents   and that Assigned Documents are freely available to them, and that they are   not subject to any attachment, assignment prohibition, or any lien whatsoever   as of the date hereof; and
    
	
 
    	
 
    	
 
    
	
5.2.7.     Que no está sujeto a órdenes de   restricción para disponer de sus bienes;
    	
 
    	
5.2.7.     that it is not subject to   restraining orders to dispose of its property; and
    
	
 
    	
 
    	
 
    
	
5.2.8.     Que no le debe ninguna suma de   dinero que pueda dar lugar a la compensación o cancelación de deudas de   cualquier clase acerca de los Documentos Atribuidos;
    	
 
    	
5.2.8.     that it does not owe any sum of   money which may give place to set off or discharges of debts of any kind   whatsoever on the Assigned Documents; and
    
	
 
    	
 
    	
 
    
	
5.2.9.     La autenticidad de las firmas de   cualquier documento que acredite el origen de los Documentos Atribuidos;
    	
 
    	
5.2.9.     the authenticity of the signatures   of any document evidencing the origin of the Assigned Documents; and
    
	
 
    	
 
    	
 
    
	
5.2.10.   Que cumplirá con todas y cada una de   sus obligaciones relacionadas con los Documentos atribuidos.
    	
 
    	
5.2.10.   that it shall comply with any and   all of their obligations related to the Assigned Documents.
    
	
 
    	
 
    	
 
    
	
6.    El CESIONARIO   conviene en indemnizar y mantener al CEDENTE indemne de y contra cualquier   reclamo relacionado con cualquier obligación derivada de los Documentos   atribuidos que será realizada por el CEDENTE después de la fecha de   perfeccionamiento de este Contrato de Cesión.
    	
 
    	
6.    The ASSIGNEE agrees   to indemnify and hold the ASSIGNOR harmless from and against any claim   related to any obligation arising under the Assigned Documents which shall be   performed by the ASSIGNOR after the date of execution of this Assignment   Agreement.
    
	
 
    	
 
    	
 
    
	
7.    Este Contrato de   Cesión se regirá por las leyes del Estado de Nueva York, Estados Unidos de   América. Las controversias que surjan de, fuera de o en conexión con este   Acuerdo de Cesión, estarán sujetas a la jurisdicción exclusiva de los   Tribunales de Nueva York a la que las Partes se someten.
    	
 
    	
7.    This Assignment   Agreement shall be governed by the laws of the State of New York, United   States of America. Disputes arising under, out of or connected with this   Assignment Agreement shall be subject to the exclusive jurisdiction of the   Courts of New York to which the Parties hereby submit.
    
	
 
    	
 
    	
 
    
	
EN FE DE LO CUAL, las partes han firmado este Contrato   de Cesión en 2 (dos) copias a partir de la fecha mencionada.
    	
 
    	
IN WITNESS THEREOF, the parties hereto have executed   this Assignment Agreement in 2 (two) counter copies as of the date first   written above.
    
	
 
    	
 
    	
 
    
	
Suscripto por el CEDENTE en la Ciudad de Buenos Aires,   República Argentina y por el CESIONARIO en la Ciudad de Montevideo, República   Oriental del Uruguay, a los 30 dias del mes de Mayo de 2017
    	
 
    	
Executed by ASSIGNOR in the City of Buenos Aires,   República Argentina and by ASSIGNEE in the City of Montevideo, República   Oriental del Uruguay, on May 30th, 2017
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Por: MOLINO CAÑUELAS URUGUAY    S.A.  
    	
 
    	
BAF Latam Credit Fund B.V.
    
	
Nombre: Ricardo L. Navilli
    	
 
    	
Name:
    
	
Cargo: Apoderado
    	
 
    	
Title:Exhibit 10.1

 

JOINDER AGREEMENT

 

JOINDER AGREEMENT, dated as of September 6, 2017 (this “Agreement” or “Joinder Agreement”), by and among the New Term Loan Lenders (as defined below), the Borrower (as defined below), the Guarantors party hereto, and Wells Fargo Bank, National Association (“Wells Fargo”) as Administrative Agent and Collateral Agent.

 

RECITALS:

 

WHEREAS, reference is hereby made to the Credit Agreement, dated as of December 6, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among PRA Health Sciences, Inc. (“Holdings”), Pharmaceutical Research Associates, Inc. (the “Borrower”), the lenders or other financial institutions from time to time party thereto and Wells Fargo, as Administrative Agent, Collateral Agent, Letter of Credit Issuer and Swingline Lender (capitalized terms used but not defined herein having the meaning provided in the Credit Agreement);

 

WHEREAS, subject to the terms and conditions of the Credit Agreement, the Borrower may establish New Term Loan Commitments by, among other things, entering into one or more Joinder Agreements with New Term Loan Lenders;

 

WHEREAS, the Borrower has requested that the lenders set forth on Schedule A annexed hereto (each a “New Term Loan Lender”) provide New Term Loan Commitments in the form of an additional tranche of term loans (the “New Term Loan Commitments”) hereunder, and make Series A New Term Loans pursuant hereto (the “Series A New Term Loans”), in a single draw in an aggregate principal amount equal to $550,000,000 (the “Aggregate Incremental Term Loan Commitments”), the proceeds of which will be used, together with cash on hand of the Borrower and the Company (as defined below), to fund the acquisition by the Borrower (the “Acquisition”), directly or indirectly, of all of the outstanding equity interests of the Symphony Health Solutions Corporation (the “Company”), pursuant to the Agreement and Plan of Merger, by and among STG III, L.P., as Sellers Representative, Skyhook Merger Sub, Inc., as Merger Sub, and the Borrower, as the buyer, dated as of August 3, 2017 (together with all exhibits, annexes, schedules and disclosure letters thereto, collectively, as modified, amended, supplemented or waived, the “Acquisition Agreement”));

 

WHEREAS, as of the date hereof, the Borrower has delivered a QMA Notice to the Administrative Agent designating the Acquisition as a “Qualifying Material Acquisition” for the purposes of determining compliance with the financial covenant set forth in Section 10.7 of the Credit Agreement; and

 

WHEREAS, PNC Capital Markets LLC (“PNC Capital Markets”) has agreed to act as a joint lead arranger and sole bookrunner, and each of Wells Fargo Securities, LLC (“Wells Fargo Securities”), SunTrust Robinson Humphrey, Inc. (“SunTrust”), TD Bank N.A. (“TD”), MUFG Union Bank, N.A. (“MUFG”) and KKR Capital Markets LLC (“KKR” and, collectively with PNC Capital Markets, Wells Fargo Securities, SunTrust, TD and MUFG, the “Lead Arrangers”), has agreed to act as a joint lead arranger for the Series A New Term Loans.

 

NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

Each New Term Loan Lender party hereto hereby agrees to commit to provide its respective New Term Loan Commitment, as set forth on Schedule A annexed hereto, on the terms and subject to the conditions set forth in Section 10 below, to make Series A New Term Loans on the

 

 

Effective Date to the Borrower in an aggregate principal amount not to exceed the Aggregate Incremental Term Loan Commitments.

 

Each New Term Loan Lender (i) confirms that it has received a copy of the Credit Agreement and the other Credit Documents and the exhibits thereto, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent, any other New Term Loan Lender or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are delegated to the Administrative Agent or the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a New Term Loan Lender.

 

Subject to Section 10, each New Term Loan Lender hereby agrees that its New Term Loan Commitment and Series A New Term Loans will be made on the following terms and conditions:

 

1.                                      Terms Generally.  Other than as set forth herein, for all purposes under the Credit Agreement and the other Credit Documents, the Series A New Term Loans shall have the same terms as the Initial Term Loans, but shall be designated and treated as a different Class of Term Loans than the Initial Term Loans. The Series A New Term Loans shall rank equal in right of payment and of security with the Term Loans pursuant to Section 2.14 of the Credit Agreement.

 

2.                                      Credit Agreement Governs.  Except as set forth in this Agreement, the Series A New Term Loans shall otherwise be subject to the provisions of the Credit Agreement and the other Credit Documents.

 

3.                                      Initial Drawing.  The Series A New Term Loans shall be denominated in Dollars and shall be made in a single drawing on the Effective Date.

 

4.                                      Applicable Margin.  The Applicable Margin for the Series A New Term Loans shall mean (a) initially, 1.00% for ABR Loans and 2.00% for LIBOR Loans and (b) as of any date of determination from and after the delivery by the Borrower to the Administrative Agent of financial statements for the period ending at least one full fiscal quarter following the Effective Date, the percentages per annum set forth in the table below, based upon the Consolidated Total Debt to Consolidated EBITDA Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 9.1(d) of the Credit Agreement:

 

	
Pricing Level
    	
 
    	
Consolidated Total
   Debt to
   Consolidated
   EBITDA Ratio
    	
 
    	
ABR Rate
    	
 
    	
Adjusted LIBOR
   Rate
    	
 
    
	
I
    	
 
    	
>   3.75x
    	
 
    	
1.00
    	
%
    	
2.00
    	
%
    
	
II
    	
 
    	
< 3.75x but >   3.00x
    	
 
    	
0.75
    	
%
    	
1.75
    	
%
    
	
III
    	
 
    	
< 3.00x but >   2.25x
    	
 
    	
0.50
    	
%
    	
1.50
    	
%
    
	
IV
    	
 
    	
< 2.25x but >   1.50x
    	
 
    	
0.25
    	
%
    	
1.25
    	
%
    
	
V
    	
 
    	
< 1.50x
    	
 
    	
0.00
    	
%
    	
1.00
    	
%
    

 

2

 

5.                                      Principal Payments.  The Borrower shall make principal payments of the Series A New Term Loans on each date set forth below (each, a “Series A New Term Loan Repayment Date”) in a principal amount equal to the applicable amount set forth below opposite such Series A New Term Loan Repayment Date. Any remaining outstanding amount of the Series A New Term Loans shall be repaid in full on December 6, 2021 (the “Series A New Term Loan Maturity Date”) or, if such date is not a Business Day, the first Business Day thereafter.

 

	
Series A New Term Loan
   Repayment Date
    	
 
    	
Series A New Term Loan
   Repayment Amount
    	
 
    
	
September 30, 2017
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
December 31, 2017
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
March 31, 2018
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
June 30, 2018
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
September 30, 2018
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
December 31, 2018
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
March 31, 2019
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
June 30, 2019
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
September 30, 2019
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
December 31, 2019
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
March 31, 2020
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
June 30, 2020
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
September 30, 2020
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
December 31, 2020
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
March 31, 2021
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
June 30, 2021
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
September 30, 2021
    	
 
    	
$
    	
3,437,500.00
    	
 
    
	
Series A New Term Loan 

Maturity Date
    	
 
    	
Remaining outstanding   amounts
    	
 
    

 

6.                                      Voluntary and Mandatory Prepayments.  Scheduled installments of principal of the Series A New Term Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the Series A New Term Loans in accordance with Sections 5.1 and 5.2 of the Credit Agreement, respectively. The Series A New Term Loans shall be treated for purposes of voluntary and mandatory prepayments (including any applicable prepayment fees and for scheduled principal payments) as a different Class of Term Loans than the Initial Term Loans. Each mandatory prepayment required by Section 5.2(a) of the Credit Agreement shall be applied pro rata among each Class of Term Loans.

 

7.                                      Upfront Fees.  The Borrower agrees to pay to the Administrative Agent for the ratable benefit of each New Term Loan Lender as of the Effective Date, an upfront fee in an amount equal to 0.30% of the aggregate principal amount of all Series A New Term Loans funded by the New Term Loan Lenders on the Effective Date (the “Upfront Fees”).  All Upfront Fees shall be payable in full on the Effective Date in immediately available funds.

 

8.                                      Notice of New Term Loan Commitments.  This Agreement represents a request by the Borrower to the Administrative Agent to establish the New Term Loan Commitments in the amount of the Aggregate Incremental Term Loan Commitments on the Effective Date pursuant to Section 2.14(a) of the Credit Agreement.

 

3

 

9.                                      New Term Loan Lenders.  To the extent not already a Lender, each New Term Loan Lender acknowledges and agrees that upon its execution of this Agreement and the making of Series A New Term Loans, such New Term Loan Lender shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Credit Documents, and shall be subject to and bound by the terms thereof, and shall perform all the obligations of and shall have all rights of a Lender thereunder.

 

10.                               Conditions to Effectiveness of this Agreement.  This Agreement, and the obligation of each New Term Loan Lender to make its respective Commitment and to fund its Series A New Term Loans hereunder, will become effective on the date (the “Effective Date”) on which each of the following conditions is satisfied:

 

a.              The Acquisition shall have been or, substantially concurrently with the borrowing of the Series A New Term Loans shall be, consummated in all material respects in accordance with the terms of the Acquisition Agreement, without giving effect to any modifications, amendments or express waivers or consents by the Borrower thereto that are materially adverse to the New Term Loan Lenders in their capacity as such without the consent of the Lead Arrangers (not to be unreasonably withheld, conditioned or delayed) (it being understood and agreed that (x) any change to the definition of “Company Material Adverse Effect” contained in the Acquisition Agreement shall be deemed to be materially adverse to the New Term Loan Lenders, (y) any change to, or consent under, the definition of “Termination Date” contained in the Acquisition Agreement which extends the Termination Date (as defined in the Acquisition Agreement as in effect on August 3, 2017) (the “Initial Termination Date”) past the date that is five business days after the Initial Termination Date, shall be deemed to be materially adverse to the Lenders and (z) any modification, amendment or express waiver or consents by the Borrower that results in an increase or reduction in the purchase price shall be deemed to not be materially adverse to the New Term Loan Lenders so long as (i) any increase in the purchase price shall not be funded with additional indebtedness and (ii) any reduction shall be allocated to reduce the Series A New Term Loans.

 

b.              Subject to the exceptions and qualifications set forth in the corresponding sections of the Company Disclosure Letter (as defined in the Acquisition Agreement), since the Latest Balance Sheet Date (as defined in the Acquisition Agreement), there has not been any event or condition that, individually or in the aggregate, has had or would reasonably be expected to have a Company Material Adverse Effect (as defined in the Acquisition Agreement).

 

c.               The Borrower shall pay (i) to the Administrative Agent, for the ratable benefit of each New Term Loan Lender, the Upfront Fees and (ii) to PNC Capital Markets, for the account of each of the Commitment Parties (as defined in that certain Commitment Letter dated as of August 3, 2017 among PNC, PNC Capital Markets and the Borrower), and for its own account, as applicable, all other fees and all reasonable out-of-pocket expenses required to be paid on the Effective Date (or substantially simultaneously therewith) to the extent invoiced at least three Business Days prior to the Effective Date (except as otherwise reasonably agreed by the Borrower). Such amounts may, at the Borrower’s option, be netted against the proceeds of the Series A New Term Loans.

 

d.              The Refinancing (as defined in Section 23 below) shall have been consummated, or shall be consummated substantially simultaneously with the borrowing of the Series A New Term Loans.

 

4

 

e.               The Lead Arrangers shall have received (i) the audited combined balance sheets of the Company and its combined subsidiaries as at December 31, 2015 and December 31, 2016, and the related audited combined statements of income and cash flows of the Company and its combined subsidiaries for the years ended December 31, 2015 and December 31, 2016, and (ii) the unaudited interim combined balance sheets of the Company and its subsidiaries for the fiscal quarter ended June 30, 2017 and for each subsequent fiscal quarter ended at least 60 days before the Effective Date, and the related unaudited combined statements of income, cash flows and stockholders’ equity of the Company and their combined subsidiaries for the fiscal quarter ended June 30, 2017 and for each subsequent fiscal quarter ended at least 60 days before the Effective Date.

 

f.                The Lead Arrangers shall have received a pro forma consolidated or combined balance sheet and related pro forma statement of income of the Borrower as of and for the 12-month period ending on the last day of the most recently completed four-fiscal quarter period ended at least 60 days prior to the Effective Date (or 90 days prior to the Effective Date in case such four fiscal quarter period is the end of the Company’s fiscal year), prepared after giving effect to the Transactions (as defined in Section 23 below) as if the Transactions had occurred as of such dates (in the case of such balance sheet) or at the beginning of such period (in the case of such income statement), which need not be prepared in compliance with Regulation S-X of the Securities Act of 1933, as amended, or include adjustments for purchase accounting (including adjustments of the type contemplated by Financial Accounting Standards Board Accounting Standards Codification 805, Business Combinations (formerly SFAS 141R)).

 

g.               The Administrative Agent and the Lead Arrangers shall have received at least three Business Days prior to the Effective Date all documentation and other information about the Company and its subsidiaries that will become Guarantors as shall have been reasonably requested in writing by the Administrative Agent or the Lead Arrangers at least ten calendar days prior to the Effective Date and as required by U.S. regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act.

 

h.              The Administrative Agent and PNC Capital Markets shall each have received the executed legal opinions, in customary form, of (i) Simpson Thacher & Bartlett LLP, special New York, Delaware and California counsel to the Credit Parties and (ii) McGuireWoods LLP, special Virginia counsel to the Credit Parties. The Borrower, the other Credit Parties and the Administrative Agent hereby instruct such counsel to deliver such legal opinions.

 

i.                  The Administrative Agent and PNC Capital Markets shall each have received each of the following (each of which shall be in full force and effect):

 

(i)             a counterpart of this Agreement duly executed and delivered by each of the Borrower, each Guarantor and each New Term Loan Lender;

 

(ii)          a supplement to the Guarantee duly executed and delivered by the Company and the subsidiaries of the Company and the Borrower that will become Guarantors under the Guarantee (the “New Guarantors”);

 

(iii)       a supplement to the Security Agreement duly executed and delivered by the New Guarantors that will become grantors under the Security Agreement;

 

5

 

(iv)      a supplement to the Pledge Agreement duly executed and delivered by the New Guarantors that will become grantors under the Pledge Agreement; and

 

(v)         all other documents and instruments required to create or perfect the Administrative Agent’s security interest in the Collateral duly executed and delivered by the New Guarantors and, if applicable, in proper form for filing,

 

and all documents and instruments required to create or perfect the Collateral Agent’s security interest in the Collateral shall have been executed and delivered by the New Guarantors and, if applicable, be in proper form for filing; provided that, to the extent any security interest in any Collateral is not or cannot be provided and/or perfected on the Effective Date (other than (1) the pledge and perfection of the security interest in the certificated equity interests of the Company and each of its wholly owned material U.S. restricted subsidiaries (to the extent required to be pledged by the Credit Agreement or the first lien security documents) (provided that, to the extent the Borrower has used commercially reasonable efforts to procure the delivery thereof prior to the Effective Date, certificated equity interests of the Company and its subsidiaries will only be required to be delivered and/or perfected on the Effective Date pursuant to the terms set forth above if such certificated equity interests are received from the Company; provided, further, that any such certificated equity interests not received from the Company on the Effective Date shall be delivered within five business days after the Effective Date (or such later date as may be agreed by the Lead Arrangers) and (2) in other assets with respect to which a lien may be perfected by the filing of a financing statement under the Uniform Commercial Code) after the Borrower’s use of commercially reasonable efforts to do so or without undue burden or expense, then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to the availability of the Series A New Term Loans on the Effective Date but instead shall be required to be delivered and/or perfected after the Effective Date pursuant to arrangements and timing to be mutually agreed by the Borrower and the Lead Arrangers (but in any event, not later than 90 days after the Effective Date or such longer period as may be agreed by the Administrative Agent in its sole discretion and the Borrower acting reasonably).

 

j.                 Each of the Administrative Agent and PNC Capital Markets shall have received each of the following, each properly executed by an authorized officer of the applicable signing Credit Party, dated as of the Effective Date:

 

(i)             a certificate of each Credit Party (other than the Borrower) executed by an Authorized Officer of each such Credit Party and (x) attaching the documents set forth in clause (ii)(y) below and (y) certifying no change since December 6, 2016 to (A) the Charter Documents (as defined in that certain Joint Closing Certificate dated December 6, 2016 executed by Michael J. Bonello and Timothy McClain (the “Joint Closing Certificate”)) for such Certificate Party, (B) the Governing Documents (as defined in the Joint Closing Certificate) for such Certificate Party or (C) the list of duly elected and qualified officers set forth on Exhibit D to the Joint Closing Certificate for such Certificate Party;

 

(ii)          a certificate of the Borrower and each New Guarantor (collectively, the “Certificate Parties”), substantially in the form of Exhibit F to the Credit Agreement, with appropriate insertions, executed by an Authorized Officer of each such Certificate Party and attaching the following documents:

 

6

 

(w)       a copy of the resolutions, in form and substance reasonably satisfactory to the Administrative Agent, of the board of directors, general partner or other managers of each Certificate Party (or a duly authorized committee thereof) authorizing, among other matters, (A) the execution, delivery and performance of this Joinder Agreement and the other Credit Documents required to be delivered hereunder and (B) in the case of the Borrower, the extensions of credit contemplated hereunder;

 

(x)         the Certificate of Incorporation and By-Laws, Certificate of Formation and Operating Agreement, Certificate of Limited Partnership and Partnership Agreement or other comparable organizational documents, as applicable, of each Certificate Party;

 

(y)         a certificate of good standing from the applicable secretary of state of the state of incorporation or formation of each Certificate Party; and

 

(z)          the signatures and incumbency certificates of the Authorized Officers of each Certificate Party executing this Joinder Agreement and/or the other Credit Documents required to be delivered hereunder;

 

(iii)       a solvency certificate certified by a senior authorized financial officer of the Borrower, in the form attached as Exhibit 1 hereto; and

 

(iv)      a certificate executed by an Authorized Officer of the Borrower certifying that the Aggregate Incremental Term Loan Commitments do not exceed the Maximum Incremental Facilities Amount, as set forth in clause (a) of Section 2.14 of the Credit Agreement.

 

k.              On the Effective Date, each of the Company Representations and the Specified Representations (each as defined in Section 23 below) shall be true and correct in all material respects (provided that any such Specified Representations which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects).

 

l.                  The Borrower shall have previously delivered to the Administrative Agent a Notice of Borrowing in accordance with Section 7.2 of the Credit Agreement.

 

11.                               Compliance with Terms of Incremental Facilities. The Borrower hereby represents that, in accordance with Section 2.14(a), as at the date of the Acquisition Agreement, (i) no Event of Default existed under Sections 11.1(a) or 11.1(e) under the Credit Agreement and (ii) Holdings shall have been in compliance, after giving Pro Forma Effect to the incurrence of the Series A New Term Loans, with the financial covenants set forth in Sections 10.7 and 10.8 of the Credit Agreement.

 

12.                               Notice.  For purposes of the Credit Agreement, the initial notice address of each New Term Loan Lender separately identified to the Administrative Agent.

 

13.                               Tax Forms.  For each relevant New Term Loan Lender, delivered herewith to the Administrative Agent are such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such New Term Loan Lender may be required to deliver to the Administrative Agent pursuant to Section 5.4(e) of the Credit Agreement.

 

14.                               Recordation of the Series A New Term Loans.  Upon execution and delivery hereof and the funding of the Series A New Term Loans, the Administrative Agent will record the Series A New Term Loans made by each New Term Loan Lender in the Register.

 

7

 

15.                               Amendment, Modification and Waiver.  This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto.

 

16.                               Entire Agreement.  This Agreement, the Credit Agreement and the other Credit Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.

 

17.                               GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

18.                               Severability.  Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable.

 

19.                               Counterparts.  This Agreement may be executed in counterparts (including by facsimile or other electronic transmission), each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.

 

20.                               WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

21.                               Credit Document.  On and after the Effective Date, this Agreement shall constitute a “Credit Document” for all purposes of the Credit Agreement and the other Credit Documents (it being understood that for the avoidance of doubt this Agreement may be amended or waived solely by the parties hereto as set forth in Section 15 above).

 

22.                               Effect of Agreement. Except as expressly set forth herein, (i) this Agreement 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 or any other Agent, in each case under the Credit Agreement or any other Credit Document, and (ii) 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 provision of either such agreement or any other Credit Document. Each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Credit Document is hereby ratified and re-affirmed in all respects and shall continue in full force and effect. Each Credit Party reaffirms its obligations under the Credit Documents to which it is party and the validity of the guarantees and Liens granted by it pursuant to the Guarantee and the Security Documents. From and after the Effective Date, all references to the Credit Agreement in any Credit Document and all references in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit Agreement as modified by this Agreement. Each of the Credit Parties hereby consents to this Agreement and confirms that all

 

8

 

obligations of such Credit Party under the Credit Documents to which such Credit Party is a party shall continue to apply to the Credit Agreement as modified hereby.

 

23.                               Definitions. In this Agreement, the following terms shall have the meanings ascribed to them below:

 

“Company Representations” means the representations and warranties made by the Company with respect to the Company, its subsidiaries and their respective businesses in the Acquisition Agreement as are material to the interests of New Term Loan Lenders, but only to the extent that the Borrower (or one of its affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the Acquisition Agreement (or otherwise decline to consummate the Acquisition without any liability) as a result of a breach of such representations and warranties in the Acquisition Agreement.

 

“Existing Credit Facility” means the Revolving Credit, Term Loan and Security Agreement, dated as of June 15, 2016 among the Company, certain of its affiliates, the lenders referred to therein, PNC Bank, National Association, as agent for the lenders, and the other parties from time to time party thereto, as amended, supplemented or otherwise modified from time to time prior to the date hereof.

 

“Refinancing” means the repayment in full, in connection with the other Transactions, of the principal, accrued and unpaid interest, fees, premium, if any, and other amounts, other than contingent obligations not then due and payable and that by their terms survive the termination of the Existing Credit Facility, under the Existing Credit Facility, and the termination of all commitments to extend credit under the Existing Credit Facility and the termination and/or release of any security interests and guarantees in connection therewith.

 

“Specified Representations” means the representations and warranties made by the Borrower set forth in (a) Sections 8.1, 8.2 (as related to the borrowing under, guaranteeing under, granting of security interests in the Collateral to, and performance of, this Joinder Agreement and the other Credit Documents delivered in connection therewith), 8.3(c) (as related to the borrowing under, guaranteeing under, granting of security interests in the Collateral to, and performance of, this Joinder Agreement and the other Credit Documents delivered in connection therewith and after giving effect to the Acquisition), 8.5, 8.7, 8.17 (with respect to the Transactions), 8.18 and 8.19 of the Credit Agreement, (b) Sections 3.2(a) and 3.2(b) of the Security Agreement and (c) Section 5(d) of the Pledge Agreement.

 

“Transactions” means the Acquisition, the borrowing of the Series A New Term Loans on the Effective Date, the Refinancing and the payment of related fees and expenses.

 

24.                               Real Property. In the event that any asset that constitutes a fee interest in real property is intended to be pledged as Collateral, the parties agree that, prior to the acceptance and recordation of any Lien or Mortgage in respect thereof, Bank of America, N.A. will be allowed to complete flood due diligence on said real property to its satisfaction; provided, that it is understood by the parties that this Section 24 is not deemed to be an amendment to Section 9.14 of the Credit Agreement.

 

[Signature pages follow]

 

9

 

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Joinder Agreement as of the date first set forth above.

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION, as a New Term Loan Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Dawn Kondrat
    
	
 
    	
 
    	
Name:
    	
Dawn Kondrat
    
	
 
    	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as a New Term Loan Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christine Gardiner
    
	
 
    	
 
    	
Name:
    	
Christine Gardiner
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SUNTRUST   BANK, as a   New Term Loan Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Katherine Bass
    
	
 
    	
 
    	
Name:
    	
Katherine Bass
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
TD   BANK N.A., as   a New Term Loan Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Alan Garson
    
	
 
    	
 
    	
Name:
    	
Alan Garson
    
	
 
    	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MUFG   UNION BANK, N.A.,   as a New Term Loan Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Teuta Ghilaga
    
	
 
    	
 
    	
Name:
    	
Teuta Ghilaga
    
	
 
    	
 
    	
Title:
    	
Director
    

 

[Signature Page to Joinder Agreement]

 

 

	
 
    	
BANK   OF AMERICA, N.A.,   as a New Term Loan Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ H. Hope Walker
    
	
 
    	
 
    	
Name:
    	
H. Hope Walker
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SUMITOMO   MITSUI BANKING CORPORATION, as a New Term Loan Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James D. Weinstein
    
	
 
    	
 
    	
Name:
    	
James D. Weinstein
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
CITIZENS   BANK, N.A.,   as a New Term Loan Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Prasanna Manyem
    
	
 
    	
 
    	
Name:
    	
Prasanna Manyem
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
FIFTH   THIRD BANK,   as a New Term Loan Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Tamara M. Dowd
    
	
 
    	
 
    	
Name:
    	
Tamara M. Dowd
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
BBVA   COMPASS BANK,   as a New Term Loan Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jose A. Rosado
    
	
 
    	
 
    	
Name:
    	
Jose A. Rosado
    
	
 
    	
 
    	
Title:
    	
Senior Vice President
    

 

[Signature Page to Joinder Agreement]

 

 

	
 
    	
CAPITAL   BANK CORPORATION,   as a New Term Loan Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Todd Warrick
    
	
 
    	
 
    	
Name:
    	
Todd Warrick
    
	
 
    	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
KEYBANK   NATIONAL ASSOCIATION, as a New Term Loan Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Douglas Gardner
    
	
 
    	
 
    	
Name:
    	
Douglas Gardner
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
PRA   HEALTH SCIENCES, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PHARMACEUTICAL   RESEARCH ASSOCIATES, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
PRA   HOLDINGS, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    

 

[Signature Page to Joinder Agreement]

 

 

	
 
    	
PRA   INTERNATIONAL, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PRA   HEALTH HOLDCO, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
NEXTRIALS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PRA   EARLY DEVELOPMENT RESEARCH, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CRI   NEWCO, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    

 

[Signature Page to Joinder Agreement]

 

 

	
 
    	
CRI   WORLDWIDE, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
LIFETREE   CLINICAL RESEARCH, LC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CRI   INTERNATIONAL, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CLINSTAR   LLC
    
	
 
    	
 
    
	
 
    	
By: Pharmaceutical Research Associates, Inc., its managing   member 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PHARMACEUTICAL RESEARCH   ASSOCIATES EASTERN EUROPE, LLC
    
	
 
    	
 
    
	
 
    	
By: ClinStar, LLC, its managing member 
    
	
 
    	
 
    
	
 
    	
By: Pharmaceutical Research Associates, Inc., its managing   member 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    

 

[Signature Page to Joinder Agreement]

 

 

	
 
    	
PHARMACEUTICAL   RESEARCH ASSOCIATES CIS, LLC
    
	
 
    	
 
    
	
 
    	
By: Pharmaceutical Research Associates Eastern Europe, LLC, its   managing member 
    
	
 
    	
 
    
	
 
    	
By: ClinStar, LLC, its managing member 
    
	
 
    	
 
    
	
 
    	
By: Pharmaceutical Research Associates, Inc., its managing   member 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
RPS   GLOBAL HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
By: PRA Holdings, Inc., its managing member 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
RPS   PARENT HOLDING LLC
    
	
 
    	
 
    
	
 
    	
By: RPS Global Holdings, LLC, its managing member 
    
	
 
    	
 
    
	
 
    	
By: PRA Holdings, Inc., its managing member 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    

 

[Signature Page to Joinder Agreement]

 

 

	
 
    	
ROY   RPS HOLDINGS LLC
    
	
 
    	
 
    
	
 
    	
By: RPS Parent Holding LLC, its managing member 
    
	
 
    	
 
    
	
 
    	
By: RPS Global Holdings, LLC, its managing member 
    
	
 
    	
 
    
	
 
    	
By: PRA Holdings, Inc., is managing member 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
RESEARCH   PHARMACEUTICAL SERVICES, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SYMPHONY HEALTH SOLUTIONS   CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    

 

[Signature Page to Joinder Agreement]

 

 

	
 
    	
SOURCE HEALTHCARE ANALYTICS,   LLC
    
	
 
    	
 
    
	
 
    	
By: Symphony Health   Solutions Corporation, its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PARALLEL 6, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles H. Munn, Jr.
    
	
 
    	
 
    	
Name: Charles H. Munn, Jr.
    
	
 
    	
 
    	
Title: EVP, Secretary and General Counsel
    

 

[Signature Page to Joinder Agreement]

 

 

	
 
    	
Consented to by:
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and Collateral Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christine Gardiner
    
	
 
    	
 
    	
Name:
    	
Christine Gardiner
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to Joinder Agreement]

 

 

SCHEDULE A
 TO JOINDER AGREEMENT

 

	
Name of New Term Loan Lender
    	
 
    	
Commitment Amount
    	
 
    
	
PNC Bank, National Association
    	
 
    	
$
    	
75,000,000
    	
 
    
	
Wells Fargo Bank, National Association
    	
 
    	
$
    	
60,000,000
    	
 
    
	
SunTrust Bank
    	
 
    	
$
    	
55,000,000
    	
 
    
	
MUFG Union Bank, N.A.
    	
 
    	
$
    	
55,000,000
    	
 
    
	
TD Bank N.A.
    	
 
    	
$
    	
55,000,000
    	
 
    
	
Bank of America, N.A.
    	
 
    	
$
    	
50,000,000
    	
 
    
	
Sumitomo Mitsui Banking Corporation
    	
 
    	
$
    	
50,000,000
    	
 
    
	
Citizens Bank, N.A.
    	
 
    	
$
    	
40,000,000
    	
 
    
	
Fifth Third Bank
    	
 
    	
$
    	
40,000,000
    	
 
    
	
BBVA Compass Bank
    	
 
    	
$
    	
40,000,000
    	
 
    
	
Capital Bank Corporation
    	
 
    	
$
    	
20,000,000
    	
 
    
	
KeyBank National Association
    	
 
    	
$
    	
10,000,000
    	
 
    
	
Total: 
    	
 
    	
$
    	
550,000,000
    	
 
    

 

 

EXHIBIT 1
 TO JOINDER AGREEMENT

 

Form of Solvency Certificate

 

Date:           

 

Reference is made to the Joinder Agreement, dated as of September 6, 2017 (the “Joinder Agreement”), among the New Term Loan Lenders party thereto, Pharmaceutical Research Associates, Inc. (the “Borrower”), and Wells Fargo Bank, National Association, as Administrative Agent, relating to that certain Credit Agreement, dated as of December 6, 2016 (the “Credit Agreement”), among PRA Health Sciences, Inc., the Borrower, the lenders or other financial institutions from time to time party thereto and Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Letter of Credit Issuer and Swingline Lender.

 

Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Joinder Agreement or the Credit Agreement, as applicable. This certificate (the “Certificate”) is furnished pursuant to Section 10(j)(iii) of the Joinder Agreement.

 

Solely in my capacity as a financial executive officer of the Borrower and not individually (and without personal liability), I hereby certify, that as of the date hereof, after giving effect to the consummation of the transactions in connection with the Series A New Term Loans:

 

1.              The sum of the liabilities (including contingent liabilities) of the Borrower and its Restricted Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of the Borrower and its Restricted Subsidiaries, on a consolidated basis.

 

2.              The fair value of the property of the Borrower and its Restricted Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of the Borrower and its Restricted Subsidiaries, on a consolidated basis.

 

3.              The capital of the Borrower and its Restricted Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof.

 

4.              The Borrower and its Restricted Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).

 

For purposes of this Certificate, the amount of any contingent liability has been computed as the amount that, in light of all of the facts and circumstances existing as of the date hereof, represents the amount that would reasonably be expected to become an actual or matured liability.

 

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

 

[Signature page follows]

 

 

	
 
    	
PHARMACEUTICAL   RESEARCH ASSOCIATES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:

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