Document:

Exhibit 10.1

 

$75,000,000

 

AmeriPath, Inc.

 

10 1/2% Senior Subordinated Notes Due 2013

 

AMENDED AND RESTATED

PURCHASE AGREEMENT

 

February 11, 2004

 

CREDIT SUISSE FIRST BOSTON LLC

CITIGROUP GLOBAL MARKETS INC.

DEUTSCHE BANK SECURITIES INC.

WACHOVIA CAPITAL MARKETS, LLC

c/o Credit
Suisse First Boston LLC,

Eleven Madison
Avenue,

New York, New
York  10010-3629

 

Dear Sirs:

 

1.  Introductory.  AmeriPath, Inc., a Delaware corporation (the
“Company”)
and a wholly owned subsidiary of AmeriPath Holdings, Inc. (“Parent”),
proposes, subject to the terms and conditions stated herein, to issue and sell
to the several initial purchasers named in Schedule A hereto (the “Purchasers”)
$75,000,000 principal amount of its 10 1/2% Senior Subordinated Notes due 2013
(the “Offered
Securities”) to be issued as additional securities under the
indenture dated as of March 27, 2003 (the “Indenture”), among the
Company, the Guarantors (as defined in paragraph 2(e) below) and U.S. Bank
National Association, as Trustee, on a private placement basis pursuant to an
exemption under Section 4(2) of the United States Securities Act of 1933,
as amended (the “Securities Act”). 
Concurrently with the consummation of the purchase and sale of the
Offered Securities, the Company will enter into an amendment to the credit
agreement (the “Amendment and Restatement”) dated as of March 27, 2003
(as amended, the “Amended and Restated Credit Agreement”)
among itself, Parent, the guarantors named therein, Credit Suisse First Boston,
as administrative and collateral agent, and the lenders named therein.  In connection therewith, the Company hereby
agrees with the several Purchasers as follows:

 

The obligation
of the Company to sell to the several Purchasers the Offered Securities is
subject to the Company’s obtaining the requisite consents (the “Consents”)
from the lenders required to effect the Amendment and Restatement.

 

The holders of
the Offered Securities will be entitled to the benefits of a Registration
Rights Agreement among the Company, the Guarantors and the Purchasers (the “Registration Rights Agreement”), pursuant
to which the Company agrees to file a registration statement with

 

 

the Securities Exchange
Commission (the “Commission”)
registering the resale of the Offered Securities under the Securities Act.

 

2.  Representations
and Warranties of the Company. 
The Company represents and warrants to, and agrees with, the several
Purchasers that:

 

(a)  A preliminary offering
circular and an offering circular relating to the Offered Securities has been prepared
by the Company.  Such preliminary
offering circular (the “Preliminary Offering Circular”) and
offering circular (the “Offering Circular”), as supplemented as of
the date of this Agreement, together with any other document approved by the
Company for use in connection with the contemplated resale of the Offered
Securities, are hereinafter collectively referred to as the “Offering
Document”.  The Preliminary
Offering Circular as of its date did not and the Offering Circular as of the
date of this Agreement does not include any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.  The preceding sentence does
not apply to statements in or omissions from the Offering Document based upon
written information furnished to the Company by any Purchaser through Credit
Suisse First Boston LLC (the “Representative”) specifically for use
therein; it being understood and agreed that the only such information is that
described as such in Section 7(b) hereof.

 

(b)  The Company has been duly
incorporated and is an existing corporation in good standing under the laws of
the State of Delaware, with the corporate power and authority to own its
properties and conduct its business as described in the Offering Document; and
the Company is duly qualified to do business as a foreign corporation in good
standing (to the extent such qualification exists) in all other jurisdictions
in which its ownership or lease of property or the conduct of its business
requires such qualification, except where the failure to be so qualified
individually or in the aggregate would not have a material adverse effect on
the business, assets, operations, condition (financial or otherwise) or
prospects of the Company and the Subsidiaries (as defined in
paragraph 2(c) below) taken as a whole (a “Material Adverse Effect”).

 

(c)  Each of the Company’s
subsidiaries (the “Subsidiaries”) has been duly incorporated
or organized and is an existing corporation or other applicable legal entity in
good standing (to the extent such qualification exists) under the laws of the
jurisdiction of its incorporation or organization, with power and authority
(corporate and other) to own its properties and conduct its business as
described in the Offering Document; and each Subsidiary is duly qualified to do
business as a foreign corporation or other applicable legal entity in good
standing (to the extent such qualification exists) in all other jurisdictions
in which its ownership or lease of property or the conduct of its business
requires such qualification, except where the failure to be so qualified
individually or in the aggregate would not have a Material Adverse Effect; the
legal name and jurisdiction of incorporation or organization of each Subsidiary
has been set forth on Schedule B hereto; all of the issued and outstanding
capital stock (or other equity securities) of each Subsidiary has been duly
authorized and validly issued and is fully paid and nonassessable (or
equivalent); and, except as disclosed in the Offering Document or

 

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otherwise set
forth on Schedule B hereto, all of the capital stock of each Subsidiary is
owned by the Company, directly or through other Subsidiaries, free from liens,
encumbrances and defects.

 

(d)  This Agreement, the
Indenture and the Registration Rights Agreement have been (or have been or will
be on the Closing Date, as the case may be, in the case of the Guarantors) duly
authorized by the Company and, to the extent applicable, the Guarantors; this
Agreement has been duly executed and delivered by the Company; the Indenture
has been (or has been or will be on the Closing Date, as the case may be, in
the case of the Guarantors) duly executed and delivered by the Company, Parent
and the Guarantors; the Offered Securities have been duly authorized by the
Company; when the Offered Securities are delivered and paid for pursuant to
this Agreement on the Closing Date (as defined in paragraph 3 below), the
Registration Rights Agreement will have been duly executed and delivered by the
Company and the Guarantors, such Offered Securities will have been duly
executed, authenticated, issued and delivered by the Company and will conform
in all material respects to the description thereof contained in the Offering
Document; and when the Offered Securities have been issued, executed and
authenticated and delivered to and paid for by the Purchasers in accordance
with the terms of this Agreement and the Indenture, such Offered Securities and
the Registration Rights Agreement will constitute valid and legally binding
obligations of the Company and, to the extent applicable, the Guarantors,
enforceable in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights, to general equity
principles (regardless of whether considered in a proceeding at law or in
equity) and, with respect to the indemnification and contribution provisions of
this Agreement and the Registration Rights Agreement, applicable federal and
state securities laws.

 

(e)  On the Closing Date, the
guaranty (the “Guaranty”) of the Offered Securities by each Subsidiary that
is a guarantor thereof (the “Guarantors”) will have been duly authorized
by each such Guarantor, and will conform in all material respects to the
description thereof contained in the Offering Document; on the Closing Date,
the Joinder Agreement (as defined below) will have been duly authorized,
executed and delivered by each Guarantor and, upon execution and delivery
thereof, this Agreement will constitute a valid and legally binding obligation
of the Guarantors, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles (regardless of whether considered in a
proceeding at law or in equity); when the Offered Securities have been issued,
executed and authenticated in accordance with the Indenture and delivered to
and paid for by the Purchasers in accordance with the terms of this Agreement,
the Guaranty of each Guarantor will constitute a valid and legally binding
obligation of each such Guarantor enforceable in accordance with its terms,
subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting
creditors’ rights, to general equity principles (regardless of whether
considered in a proceeding at law or in equity) and, with respect to the
indemnification and contribution provisions of this Agreement and the
Registration Rights Agreement, applicable federal and state securities laws.

 

3

 

(f)  On the Closing Date, the
Amendment and Restatement will be duly authorized by the Company, the Parent
and the Guarantors; on the Closing Date, the Amendment and Restatement will
have been duly executed and delivered by the Company, the Parent and the
Guarantors; and the Amended and Restated Credit Agreement conforms in all
material respects to the description thereof in the Offering Document, and on
the Closing Date, assuming the due authorization, execution, and delivery by
the agents and lenders thereunder, the Amended and Restated Credit Agreement
will constitute the valid and legally binding obligation of each of the
Company, the Parent and the Guarantors, respectively, enforceable against each
of them in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general equity
principles (regardless of whether considered in a proceeding at law or in
equity).

 

(g)  On the Closing Date, the
Exchange Securities (as defined in the Registration Rights Agreement) will have
been duly authorized by the Company; and when the Exchange Securities are
issued, executed and authenticated in accordance with the terms of the Exchange
Offer (as defined in the Registration Rights Agreement) and the Indenture, the
Exchange Securities will constitute valid and legally binding obligations of
the Company, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general
equity principles (regardless of whether considered in a proceeding at law or
in equity).

 

(h)  On the Closing Date, the
guaranty of the Exchange Securities by each Guarantor will have been duly
authorized by each such Guarantor; and when the Exchange Securities have been
issued, executed and authenticated in accordance with the terms of the Exchange
Offer and the Indenture, the guaranty of each Guarantor will constitute a valid
and legally binding obligation of each such Guarantor, enforceable in
accordance with its terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors’ rights and to general equity principles
(regardless of whether considered in a proceeding at law or in equity).

 

(i)  Except as disclosed in the
Offering Document, there are no contracts, agreements or understandings between
the Company or any Subsidiary and any person (other than the Purchasers) that
would give rise to a valid claim against the Company, any Subsidiary or any
Purchaser for a brokerage commission, finder’s fee or other like payment in
connection with the issuance of the Offered Securities.

 

(j)  No consent, approval, authorization,
or order of, or filing with, any governmental agency or body or any court is
required for the consummation of the transactions contemplated by this
Agreement and the Registration Rights Agreement in connection with the issuance
and sale of the Offered Securities by the Company, except for the filing of the
Exchange Offer Registration Statement or the Shelf Registration Statement and
the order of the Commission declaring the Exchange Offer Registration Statement
or the Shelf Registration Statement (each as defined in the Registration Rights

 

4

 

Agreement)
effective and except as may be required under the Trust Indenture Act of 1939,
as amended (the “Trust Indenture Act”) or state securities laws.

 

(k)  The performance of the
Indenture, the execution, delivery and performance of the Guaranty, this
Agreement and the Registration Rights Agreement, and the issuance and sale of
the Offered Securities and compliance with the terms and provisions thereof
will not result in a breach or violation of any of the terms and provisions of,
or constitute a default under, (i) any statute, any rule, regulation or
order of any governmental agency or body or any court, domestic or foreign,
having jurisdiction over the Company, the Parent or any Subsidiary or any of
their properties, (ii)  assuming receipt of the Consents, any agreement or
instrument to which the Company, the Parent or any such Subsidiary is a party
or by which the Company, the Parent or any such Subsidiary is bound or to which
any of the properties of the Company, the Parent or any such Subsidiary is
subject, or (iii) the charter or by-laws of the Company, the Parent or any
such Subsidiary; and the Company has full power and authority to authorize, issue
and sell the Offered Securities as contemplated by this Agreement, except in
the case of clause (i) and (ii) for any breach or violation of or default
under any such statute, rule, regulation, order, agreement or instrument that
individually or in the aggregate wound not have a Material Adverse Effect.

 

(l)  Except as disclosed in the
Offering Document, the Company and the Subsidiaries have good and marketable
title to all real properties and all other material properties and assets owned
by them, in each case free from liens, encumbrances and defects that would
materially affect the value thereof or materially interfere with the use made
or to be made thereof by them; and, except as disclosed in the Offering
Document, the Company and the Subsidiaries hold any leased real or material
personal property under valid and enforceable leases with no exceptions that
would materially interfere with the use made or to be made thereof by them.

 

(m)  Except as would not
individually or in the aggregate have a Material Adverse Effect, the Company
and the Subsidiaries possess adequate certificates, authorities or permits
issued by appropriate governmental agencies or bodies necessary to conduct the
business now operated by them and have not received any notice of proceedings
relating to the revocation or modification of any such certificate, authority
or permit.

 

(n)  No labor dispute with the
employees of the Company or any Subsidiary exists or, to the knowledge of the
Company, is imminent that is reasonably likely to have a Material Adverse
Effect.

 

(o)  Except as would not
individually or in the aggregate have a Material Adverse Effect, the Company
and the Subsidiaries own, possess or can acquire on reasonable terms, or have
valid licenses or other legal rights to use, adequate trademarks, trade names
and other rights to inventions, know-how, patents, copyrights, confidential
information and other intellectual property (collectively, “intellectual
property  rights”) necessary to conduct the business
now operated by them, or presently used by them, and have not received any
notice of infringement of or conflict with asserted rights of others with
respect to any intellectual property rights.

 

5

 

(p)  Except as disclosed in the
Offering Document, none of the Company or any of the Subsidiaries is in
violation of any statute, any rule, regulation, decision or order of any
governmental agency or body or any court, domestic or foreign, relating to the
use, disposal or release of hazardous or toxic substances or relating to the
protection or restoration of the environment or human exposure to hazardous or
toxic substances (collectively, “environmental  laws”), owns or operates any
real property contaminated with any substance that is subject to any
environmental laws, is liable for any off-site disposal or contamination
pursuant to any environmental laws, or is subject to any claim relating to any
environmental laws, which violation, contamination, liability or claim would
individually or in the aggregate have a Material Adverse Effect; and the
Company is not aware of any pending investigation which might lead to such a
claim.

 

(q)  Except as disclosed in the
Offering Document, there are no pending actions, suits or proceedings against
or, to the Company’s knowledge, affecting the Company or any of the
Subsidiaries or any of their respective properties that, if determined
adversely to the Company or any of the Subsidiaries, would individually or in
the aggregate have a Material Adverse Effect, or would materially and adversely
affect the ability of the Company to perform its obligations under the
Indenture, this Agreement or the Registration Rights Agreement, or which
are otherwise material in the context of the sale of the Offered Securities;
and no such actions, suits or proceedings are, to the knowledge of the Company,
threatened.

 

(r)  The financial statements
included in the Offering Document present fairly in all material respects the
financial position of the Company and the Subsidiaries, on a consolidated
basis, as of the dates shown, and their results of operations and cash flows
for the periods shown, and such financial statements have been prepared in
conformity with the generally accepted accounting principles in the United
States applied on a consistent basis; and the assumptions used in preparing the
pro forma financial statements included in the Offering Document provide a
reasonable basis for presenting the significant effects directly attributable
to the transactions or events described therein, the related pro forma
adjustments give appropriate effect to those assumptions, and the pro forma
columns therein reflect the proper application of those adjustments to the
corresponding historical financial statement amounts.

 

(s)  Except as disclosed in the
Offering Document, since the date of the latest audited financial statements
included in the Offering Document there has been no material adverse change,
nor any development or event involving a prospective material adverse change, in
the business, assets, operations, condition (financial or other) or prospects
of the Company and the Subsidiaries taken as a whole, and, except as disclosed
in or contemplated by the Offering Document, there has been no dividend or
distribution of any kind declared, paid or made by the Company or any
Subsidiary on any class of capital stock.

 

(t)  The Company is not an
open-end investment company, unit investment trust or face-amount certificate
company that is or is required to be registered under Section 8 of the
United States Investment Company Act of 1940 (the “Investment Company Act”); and
the Company is not and, after giving effect to the offering and sale of the

 

6

 

Offered
Securities and the application of the proceeds thereof as described in the
Offering Document, will not be an “investment company” as defined in the
Investment Company Act.

 

(u)  Other than the Existing
Notes (as defined below), no securities of the same class (within the meaning
of Rule 144A(d)(3) under the Securities Act) as the Offered Securities are
listed on any national securities exchange registered under Section 6 of
the Exchange Act or quoted in a U.S. automated inter-dealer quotation system.

 

(v)  Assuming the accuracy of
the Purchasers’ representations and warranties contained in Section 4
below, the offer and sale of the Offered Securities by the Company to the
several Purchasers in the manner contemplated by this Agreement will be exempt
from the registration requirements of the Securities Act by reason of
Section 4(2) thereof and Regulation S and the Indenture has been
qualified under the United States Trust Indenture Act of 1939, as amended (the
“Trust
Indenture Act”); the Indenture conforms in all material respects to
the requirements of the Trust Indenture Act and the rules and regulations of
the Commission applicable to an indenture that is qualified thereunder.

 

(w)  Neither the Company or any
of its affiliates nor any person acting on its or their behalf (i) has,
within the six-month period prior to the date hereof, offered or sold in the
United States or to any U.S. person (as such terms are defined in
Regulation S under the Securities Act) the Offered Securities or any
security of the same class or series as the Offered Securities (other than the
Existing Notes) or (ii) has offered or will offer or sell the Offered
Securities (A) in the United States by means of any form of general
solicitation or general advertising within the meaning of Rule 502(c) under
the Securities Act or (B) with respect to any securities sold in reliance
on Rule 903 of Regulation S, by means of any directed selling efforts
within the meaning of Rule 902(c) of Regulation S.  The Company has not entered and will not
enter into any contractual arrangement with respect to the distribution of the
Offered Securities except for this Agreement. 
The Company issued $275,000,000 principal amount of 10 1/2% Senior
Subordinated Notes Due 2013 under the Indenture, the terms of which are
substantially similar to the terms of the Offered Securities (the “Existing
Notes”).

 

(x)  Neither the Company or any
Subsidiary nor any agent thereof acting on their behalf has taken, and none of
them will take, any action that might cause the transactions contemplated by
this Agreement, including the issuance or sale of the Offered Securities, to
violate Regulation T, Regulation U or Regulation X of the Board
of Governors of the Federal Reserve System.

 

3.  Purchase,
Sale and Delivery of Offered Securities.  On the basis of the representations, warranties and agreements
herein contained, but subject to the terms and conditions herein set forth, the
Company agrees to sell to the Purchasers, and the Purchasers agree, severally
and not jointly, to purchase from the Company, at a purchase price of 103.88%
of the principal amount thereof plus accrued interest from October 1,
2003, to the Closing Date (as hereinafter defined) the respective principal
amounts of Offered Securities set forth opposite the names of the several Purchasers
in Schedule A hereto.

 

7

 

The Company
will deliver against payment of the purchase price the Offered Securities to be
offered and sold by the Purchasers in reliance on Regulation S (the “Regulation S Securities”) in the form
of one or more temporary global Securities in registered form without interest
coupons (the “Temporary Regulation S
Global Securities”) which will be deposited with the Trustee as
custodian for The Depository Trust Company (“DTC”)
and registered in the name of Cede & Co., as nominee for DTC.  The Company will deliver against payment of
the purchase price the Offered Securities to be purchased by each Purchaser
hereunder and to be offered and sold by each Purchaser in reliance on
Rule 144A under the Securities Act (the “144A
Securities”) in the form of one or more permanent global security in
definitive form without interest coupons (the “Restricted
Global Securities”) deposited with the Trustee as custodian for DTC
and registered in the name of Cede & Co., as nominee for DTC.  The Temporary Regulation S Global Securities
and the Restricted Global Securities shall be assigned separate CUSIP
numbers.  The Restricted Global
Securities shall include the legend regarding restrictions on transfer set
forth under “Transfer Restrictions” in the Offering Document.  Interests in any permanent global Securities
will be held only in book-entry form through DTC, except in the limited
circumstances described in the Offering Document.

 

Payment for
the Temporary Regulation S Global Securities and the 144A Securities shall
be made by the Purchasers in Federal (same day) funds by wire transfer to an
account of the Company or an account as the Company may direct at a bank
acceptable to the Representative, at the office of Cravath, Swaine &
Moore LLP at 9:30 a.m. (New York time) on February 17, 2004, or at
such other place or time not later than seven full business days thereafter as
the Representative and the Company determine, such time being herein referred
to as the “Closing Date”, against
delivery to the Trustee as custodian for DTC of (i) the Temporary
Regulation S Global Securities representing all of the Regulation S
Securities and (ii) the Restricted Global Securities representing all of
the 144A Securities.  The Temporary
Regulation S Global Securities and the Restricted Global Securities will
be made available for checking at the office of Cravath, Swaine &
Moore LLP or such other place of closing at least 24 hours prior to the
Closing Date.

 

4.  Representations by Purchasers; Resale by Purchasers.

 

(a)  Each Purchaser severally represents and
warrants to the Company that it is an “accredited investor” within the meaning
of Regulation D under the Securities Act.

 

(b)  Each Purchaser severally acknowledges that
the Offered Securities have not been registered under the Securities Act and
may not be offered or sold within the United States or to, or for the account
or benefit of, U.S. persons except in accordance with Regulation S or
pursuant to an exemption from the registration requirements of the Securities
Act.  Each Purchaser severally
represents and agrees that it has offered and sold the Offered Securities and
will offer and sell the Offered Securities (i) as part of their
distribution at any time and (ii) otherwise until 40 days after the later
of the commencement of the offering and the Closing Date, only in accordance
with Rule 144A (“Rule 144A”) or Rule 903 under the
Securities Act.  Accordingly, neither
such Purchaser nor its affiliates, nor any persons acting on its or their
behalf, have engaged or will engage in any directed selling efforts with
respect to the Offered Securities, and such Purchaser, its affiliates and all
persons acting on its or their behalf have complied and will comply with the offering
restrictions requirement of Regulation S. 
Each Purchaser severally

 

8

 

agrees that, at or prior to
confirmation of sale of the Offered Securities, other than a sale pursuant to
Rule 144A, such Purchaser will have sent to each distributor, dealer or
person receiving a selling concession, fee or other remuneration that purchases
the Offered Securities from it during the restricted period a confirmation or
notice to substantially the following effect:

 

“The Securities covered hereby have not been registered under the U.S.
Securities Act of 1933 (the “Securities Act”) and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons
(i) as part of their distribution at any time or (ii) otherwise until
40 days after the later of the date of the commencement of the offering
and the closing date, except in either case in accordance with
Regulation S (or Rule 144A if available) under the Securities
Act.  Terms used above have the meanings
given to them by Regulation S.”

 

Terms used in this subsection (b) have the meanings given to them
by Regulation S.

 

(c)  Each Purchaser severally agrees that it and
each of its affiliates has not entered and will not enter into any contractual
arrangement with respect to the distribution of the Offered Securities except
for any such arrangements with the other Purchasers or affiliates of the other
Purchasers that have been previously disclosed to the Company in writing or
with the prior written consent of the Company.

 

(d)  Each Purchaser severally agrees that it and
each of its affiliates will not offer or sell the Offered Securities by means
of  any form of general solicitation or
general advertising, within the meaning of Rule 502(c) under the
Securities Act, including, but not limited to (i) any advertisement,
article, notice or other communication published in any newspaper, magazine or
similar media or broadcast over television or radio, or (ii) any seminar
or meeting whose attendees have been invited by any general solicitation or
general advertising.  Each Purchaser
severally agrees, with respect to resales made in reliance on Rule 144A of
any of the Offered Securities, to deliver either with the confirmation of such
resale or otherwise prior to settlement of such resale a notice to the effect
that the resale of such Offered Securities has been made in reliance upon the
exemption from the registration requirements of the Securities Act provided by
Rule 144A.

 

(e)  Each of the Purchasers severally represents
and agrees that (i) it has not offered or sold, and prior to the date six
months after the date of issue of the Offered Securities will not offer or
sell, any Offered Securities to persons in the United Kingdom except to persons
whose ordinary activities involve them in acquiring, holding, managing or
disposing of investments (as principal or agent) for the purposes of their
businesses or otherwise in circumstances which have not resulted and will not
result in an offer to the public in the United Kingdom within the meaning of
the Public Offers of Securities Regulations 1995; (ii) it has complied and
will comply with all applicable provisions of the Financial Services Act 1986
with respect to anything done by it in relation to the Offered Securities in,
from or otherwise involving the United Kingdom; and (iii) it has only
issued or passed on, and will only issue or pass on, in the United Kingdom any
document received by it in connection with the issue of the Offered Securities
to a person who is of a kind described in Article 11(3) of the Financial
Services Act

 

9

 

1986 (Investment
Advertisements)(Exemptions) Order 1996 or is a person to whom such document may
otherwise lawfully be issued or passed on.

 

5.  Certain
Agreements of the Company. 
The Company agrees with the several Purchasers that:

 

(a)  The Company will advise the
Representative promptly of any proposal to amend or supplement the Offering
Document and, except as contemplated by the next sentence, will not effect such
amendment or supplementation without the Representative’s consent.  If, at any time prior to the completion of
the resale of the Offered Securities by the Purchasers any event occurs as a
result of which the Offering Document as then amended or supplemented would
include an untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or if it is necessary
at any such time to amend or supplement the Offering Document to comply with
any applicable law, the Company promptly will notify the Representative of such
event and promptly will prepare, at its own expense, an amendment or supplement
which will correct such statement or omission or effect such compliance.  Neither the Representative’s consent to, nor
the Purchasers’ delivery to offerees or investors of, any such amendment or
supplement shall constitute a waiver of any of the conditions set forth in
Section 6.

 

(b)  The Company will furnish to
the Representative copies of the Offering Document and all amendments and
supplements to such documents, in each case as soon as available and in such
quantities as the Representative requests, and the Company will furnish to the
Representative on the date hereof copies of the Offering Document.  At any time when the Company is not subject
to Section 13 or 15(d) of the Exchange Act, the Company will promptly
furnish or cause to be furnished to the Representative and, upon request, to
each of the other Purchasers and, upon request of holders of the Offered
Securities, to such holders, copies of the information required to be delivered
to holders and prospective purchasers of the Offered Securities pursuant to
Rule 144A(d)(4) under the Securities Act (or any successor provision
thereto) in order to permit compliance with Rule 144A in connection with
resales by such holders of the Offered Securities.  The Company will pay the expenses of printing and distributing to
the Purchasers all such documents.

 

(c)  The Company will arrange
for the qualification of the Offered Securities for sale and the determination
of their eligibility for investment under the laws of such states in the United
States as the Representative designates and will continue such qualifications
in effect so long as required for the resale of the Offered Securities by the
Purchasers; provided that the Company will not be required to qualify as
a foreign corporation or to file a general consent to service of process or
become subject to taxation in any such state.

 

(d)  So long as the Offered
Securities, Exchange Securities or Private Exchange Securities (as defined in
the Registration Rights Agreement) are outstanding and held by any Purchaser or
its affiliates, the Company will furnish to the Representative, as soon as

 

10

 

practicable
after the end of each fiscal year, a copy of any annual report to shareholders
for such year that is mailed to shareholders; and the Company will furnish to
the Representative such other information concerning the Company as the
Representative may reasonably request from time to time, subject to any
confidentiality arrangements reasonably requested by the Company.

 

(e)  During the period of two
years after the Closing Date, the Company will, upon request, furnish to the
Representative  and any holder of
Offered Securities a copy of the restrictions on transfer applicable to the
Securities.

 

(f)  During the period of two
years after the Closing Date, the Company will not, and will not permit any of
its affiliates (as defined in Rule 144 under the Securities Act) that are
subsidiaries of Parent to, resell any of the Offered Securities that have been
reacquired by any of them.

 

(g)  During the period of two
years after the Closing Date, the Company will not be or become, an open-end
investment company, unit investment trust or face-amount certificate company
that is or is required to be registered under Section 8 of the Investment
Company Act.

 

(h)  The Company will pay all
expenses incidental to the performance of its obligations under this Agreement,
the Indenture and the Registration Rights Agreement, including (i) the
fees and expenses of the Trustee and its professional advisers; (ii) all
expenses in connection with the execution, issue, authentication, packaging and
initial delivery of the Offered Securities and, as applicable, the Exchange
Securities, the preparation and printing of this Agreement, the Registration
Rights Agreement, the Offered Securities, the Indenture, the Offering Document
and amendments and supplements thereto, and any other document relating to the
issuance, offer, sale and delivery of the Offered Securities and, as
applicable, the Exchange Securities; (iii) the cost of qualifying the
Offered Securities for trading in The PortalSM Market (“PORTAL”)
of The Nasdaq Stock Market, Inc. and any expenses incidental thereto,
(iv) the cost of any advertising approved by the Company in connection
with the issue of the Offered Securities, (v) for any expenses (including
fees and disbursements of counsel) incurred in connection with qualification of
the Offered Securities or the Exchange Securities for sale under the laws of
such jurisdictions as the Representative designates and the printing of
memoranda relating thereto, (vi) for any fees charged by investment rating
agencies for the rating of the Offered Securities or the Exchange Securities
and (vii) for expenses incurred in distributing preliminary offering
circulars and the Offering Document (including any amendments and supplements
thereto) to the Purchasers.  The Company
will reimburse the Purchasers an amount equal to any reasonable travel and other
expenses of the officers and employees of the Company or the Subsidiaries
incurred by the Purchasers in connection with attending or hosting meetings
with prospective purchasers of the Offered Securities.

 

(i)  In connection with the
offering, until the Representative shall have notified the Company of the
completion of the resale of the Offered Securities, neither the Company nor any
of its affiliates has or will, either alone or with one or more other persons,
bid for

 

11

 

or purchase
for any account in which it or any of its affiliates has a beneficial interest
any Offered Securities or attempt to induce any person to purchase any Offered
Securities; and neither it nor any of its affiliates will make bids or
purchases for the purpose of creating actual, or apparent, active trading in,
or of raising the price of, the Offered Securities.

 

(j)  For a period of
180 days after the date of the initial offering of the Offered Securities
by the Purchasers, without the prior written consent of the Representative, the
Company will not offer, sell, contract to sell, pledge, or otherwise dispose
of, directly or indirectly, any United States dollar-denominated debt
securities issued or guaranteed by the Company and having a maturity of more
than one year from the date of issue. 
The Company will not at any time offer, sell, contract to sell, pledge
or otherwise dispose of, directly or indirectly, any securities under
circumstances where such offer, sale, pledge, contract or disposition would
cause the exemption afforded by Section 4(2) of the Securities Act to
cease to be applicable to the offer and sale of the Offered Securities.

 

6.  Conditions
of the Obligations of the Purchasers.  The obligations of the several Purchasers to purchase and pay for
the Offered Securities will be subject to the accuracy of the representations
and warranties on the part of the Company herein, to the accuracy of the
statements of officers of the Company made pursuant to the provisions hereof,
to the performance in all material respects by the Company of its obligations
hereunder and to the following additional conditions precedent:

 

(a)  The Purchasers shall have
received (i) a letter, dated February 4, 2004, of Ernst &
Young LLP in form and substance satisfactory
to the Purchasers concerning the financial and other information with respect
to the Company set forth in the offering circular dated February 4, 2004
and (ii) a letter, dated the date of this Agreement, of Ernst &
Young LLP in form and substance satisfactory to the Purchasers concerning the
financial and other information with respect to the Company set forth in the
Offering Document.

 

(b)  Subsequent to the execution
and delivery of this Agreement, there shall not have occurred (i) any
change, or any development or event involving a prospective change, in the
business, assets, operations, condition (financial or other) or prospects of
the Company and the Subsidiaries taken as a whole which, in the judgment of the
Representative, is material and adverse and makes it impractical or inadvisable
to proceed with completion of the offering or the sale of and payment for the
Offered Securities; (ii) any downgrading in the rating of any debt
securities of the Company by any “nationally recognized statistical rating
organization” (as defined for purposes of Rule 436(g) under the Securities
Act), or any public announcement that any such organization has under
surveillance or review its rating of any debt securities of the Company (other
than an announcement with positive implications of a possible upgrading, and no
implication of a possible downgrading, of such rating)  or any announcement that the Company has
been placed on negative outlook, other than the rating downgrade announced by
Moody’s Investors Service, Inc. on the date hereof; (iii) any change in
U.S. or international financial, political or economic conditions or currency
exchange rates or exchange controls as would, in the judgment of the

 

12

 

Representative,
be likely to prejudice materially the success of the proposed issue, sale or
distribution of the Offered Securities, whether in the primary market or in
respect of dealings in the secondary market; (iv) any material suspension
or material limitation of trading in securities generally on the New York
Stock Exchange or any setting of minimum prices for trading on such exchange,
or any suspension of trading of any securities of the Company on any exchange
or in the over-the-counter market; (v) any banking moratorium declared by
U.S. Federal or New York authorities; (vi) any major disruption of
settlements of securities or clearance services in the United States or
(vii) any attack on, outbreak or escalation of hostilities or act of
terrorism involving the United States, any declaration of war by Congress or
any other national or international calamity or emergency if, in the judgment
of the Representative, the effect of any such attack, outbreak, escalation,
act, declaration, calamity or emergency makes it impractical or inadvisable to
proceed with completion of the offering or sale of and payment for the Offered
Securities.

 

(c)  The Purchasers shall have
received an opinion, dated the Closing Date, of Ropes & Gray, counsel
for the Company, in such a form as may be reasonably requested by the
Purchasers and their counsel.

 

(d)  The Purchasers shall have
received opinions, dated the Closing Date, of local counsel from such
jurisdictions and in such a form as may be reasonably requested by the
Purchasers and their counsel.

 

(e)  The Purchasers shall have
received from Cravath, Swaine & Moore LLP, counsel for the Purchasers,
such opinion or opinions, dated the Closing Date, with respect to the
incorporation of the Company, the validity of the Offered Securities, the Offering
Circular, the exemption from registration for the offer and sale of the Offered
Securities by the Company to the several Purchasers and the resales by the
several Purchasers as contemplated hereby and other related matters as the
Representative may require, and the Company shall have furnished to such
counsel such documents as they request for the purpose of enabling them to pass
upon such matters.

 

(f)  The Purchasers shall have
received a certificate, dated the Closing Date, of the President or any Vice
President and a principal financial or accounting officer of the Company in
which such officers shall state on behalf of the Company that the
representations and warranties of the Company in this Agreement are true and
correct, that the Company has complied with all agreements and satisfied all
conditions on its part to be performed or satisfied hereunder at or prior to
the Closing Date, and that, subsequent to the date of the most recent financial
statements in the Offering Document, there has been no material adverse change,
nor any development or event involving a prospective material adverse change in
the business, assets, operations, condition (financial or otherwise) or
prospects of the Company and the Subsidiaries taken as a whole, except as set
forth in or contemplated by the Offering Document or as described in such
certificate.

 

(g)  The Purchasers shall have
received a letter, dated the Closing Date, of Ernst & Young LLP, which
meets the requirements of subsection (a) of this Section,

 

13

 

except that
the specified date referred to in such subsection will be a date not more
than three days prior to the Closing Date for the purposes of this subsection.

 

(h)  Concurrently with or prior
to the issuance and sale of the Offered Securities by the Company, the Consents
shall have been obtained and the Amendment and Restatement shall be in full
force and effect and the Purchasers shall have received true and correct copies
of all documents pertaining thereto and evidence reasonably satisfactory to the
Purchasers of the effectiveness thereof. 
There shall exist at and as of the Closing Date (after giving effect to
the transactions contemplated by this Agreement and the Amended and Restated
Credit Agreement) no condition that would constitute a default (or an event
that with notice or lapse of time, or both, would constitute a default) under
the Amended and Restated Credit Agreement.

 

(i)  The Purchasers shall have
received a letter, dated the Closing Date, of Deloitte & Touche LLP in
form and substance satisfactory to the Purchasers concerning the financial and
other information for the years ended December 31, 2001 and 2000.

 

(j)  The Guarantors shall have
executed the Joinder Agreement  (the “Joinder
Agreement”) in the form attached as Exhibit A hereto and the
Purchasers shall have received copies thereof.

 

The Company will furnish the Purchasers with such conformed copies of
such opinions, certificates, letters and documents as the Purchasers reasonably
request.  The Representative may in its
sole discretion waive on behalf of the Purchasers compliance with any
conditions to the obligations of the Purchasers hereunder.

 

7.  Indemnification
and Contribution.  (a)  The Company and the Guarantors will jointly
and severally indemnify and hold harmless each Purchaser, its partners,
directors and officers and each person, if any, who controls such Purchaser
within the meaning of Section 15 of the Securities Act, against any
losses, claims, damages or liabilities, joint or several, to which such
Purchaser may become subject, under the Securities Act or the Exchange Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any breach of any of the
representations and warranties of the Company contained herein or any untrue
statement or alleged untrue statement of any material fact contained in the
Offering Document, or any amendment or supplement thereto, or any related
preliminary offering circular, or arise out of or are based upon the omission
or alleged omission to state therein a material fact necessary in order to make
the statements therein, in light of the circumstances under which they were
made, not misleading, including any losses, claims, damages or liabilities
arising out of or based upon the Company’s failure to perform its obligations
under Section 5(a) of this Agreement, and will reimburse each Purchaser
for any legal or other expenses reasonably incurred by such Purchaser in
connection with investigating or defending any such loss, claim, damage,
liability or action as such expenses are incurred; provided, however,
that neither the Company nor any Guarantor will be liable in any such case to
the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue statement or alleged untrue statement in or omission or
alleged omission from any of such documents in reliance upon and in conformity
with written information furnished to the Company by any Purchaser through the
Representative specifically for use therein, it being

 

14

 

understood and agreed that the
only such information consists of the information described as such in
subsection (b) below;  and  provided,
further that the indemnity agreement contained in this paragraph (a)
shall not inure to the benefit of any Purchaser to the extent that (i) a
copy of the Offering Circular as then amended or supplemented was not sent or
given to a person to whom the Purchaser sold the Offered Securities and
(ii) such loss, claim, damage or liability of or with respect to such
Purchaser or any affiliate, partner, director, officer or controlling person
thereof arises out of or is based upon an untrue statement or alleged untrue
statement in or omission or alleged omission from such Preliminary Offering
Circular that was corrected in the Offering Circular as then amended or
supplemented, unless such failure to deliver the Offering Circular as then
amended or supplemented was a result of non-compliance by the Company with the
provisions of Section 5(a), and so long as the Offering Circular and any
amendment or supplement thereto was provided by the Company to the Purchasers
in the requisite quantity and on a timely basis to permit delivery on or prior
to the written confirmation of the sale of such Offered Securities.

 

(b)  Each Purchaser will severally and not
jointly indemnify and hold harmless the Company and the Guarantors, its
directors and officers and each person, if any, who controls the Company within
the meaning of Section 15 of the Securities Act, against any losses,
claims, damages or liabilities to which the Company or any Guarantor may become
subject, under the Securities Act or the Exchange Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in the Offering Document, or any amendment or
supplement thereto, or any related preliminary offering circular, or arise out
of or are based upon the omission or the alleged omission to state therein a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, in each case
to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in reliance upon and
in conformity with written information furnished to the Company by such
Purchaser through the Representative specifically for use therein, and will
reimburse any legal or other expenses reasonably incurred by the Company in
connection with investigating or defending any such loss, claim, damage,
liability or action as such expenses are incurred; provided, however,
that the Purchasers shall not be liable for any losses, claims, damages or
liabilities arising out of or based upon the Company’s failure to perform its
obligations under Section 5(a) of this Agreement.  The parties agree that the only such
information furnished by any Purchaser consists of the following
information in the Offering Document furnished on behalf of each Purchaser: the
first paragraph under the caption “Plan of Distribution”.

 

(c)  Promptly after receipt by an indemnified
party under this Section of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against the
indemnifying party under subsection (a) or (b) above, notify the
indemnifying party of the commencement thereof; but the omission so to notify
the indemnifying party will not relieve it from any liability which it may have
under subsection (a) or (b) above except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure; and provided further that the failure to notify the
indemnifying party shall not relieve it from any liability that it may have to
an indemnified party otherwise than under subsection (a) or (b) above.  In case any such action is brought against
any indemnified party and it notifies the indemnifying party of the
commencement thereof, the indemnifying

 

15

 

party will be entitled to
participate therein and, to the extent that it may wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with
counsel satisfactory to such indemnified party (who shall not, except with the
consent of the indemnified party, be counsel to the indemnified party with
respect to such suit or the transactions giving rise thereto), and after notice
from the indemnifying party to such indemnified party of its election so to
assume the defense thereof, the indemnifying party will not be liable to such
indemnified party under this Section for any legal or other expenses
subsequently incurred by such indemnified party in connection with the defense
thereof other than reasonable costs of investigation.  No indemnifying party shall, without the prior written consent of
the indemnified party, which consent shall not be unreasonably withheld, effect
any settlement of any pending or threatened action in respect of which any
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party unless such settlement includes
(i) an unconditional release of such indemnified party from all liability
on any claims that are the subject matter of such action and (ii) does not
include a statement as to or an admission of fault or failure to act by or on
behalf of any indemnified party.

 

(d)  If the indemnification provided for in this
Section is unavailable or insufficient to hold harmless an indemnified
party under subsection (a) or (b) above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a
result of the losses, claims, damages or liabilities referred to in
subsection (a) or (b) above (i) in such proportion as is appropriate
to reflect the relative benefits received by the Company and the Guarantors on
the one hand and the Purchasers on the other from the offering of the Offered
Securities or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but
also the relative fault of the Company and the Guarantors on the one hand and
the Purchasers on the other in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities as well as any other
relevant equitable considerations.  The
relative benefits received by the Company and the Guarantors on the one hand
and the Purchasers on the other shall be deemed to be in the same proportion as
the total net proceeds from the offering (before deducting expenses) received
by the Company bear to the total discounts and commissions received by the
Purchasers from the Company under this Agreement.  The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Company and the Guarantors or the Purchasers and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission.  The amount paid by an indemnified party as a result of the
losses, claims, damages or liabilities referred to in the first sentence of
this subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any action or claim which is the subject of this
subsection (d).  Notwithstanding
the provisions of this subsection (d), no Purchaser shall be required to
contribute any amount in excess of the amount by which the total discounts and
commissions received by such Purchaser exceeds the amount of any damages which
such Purchaser has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission.  The Purchasers’ obligations in this
subsection (d) to contribute are several in proportion to their respective
purchase obligations and not joint.

 

16

 

(e)  The obligations of the Company and the
Guarantors under this Section shall be in addition to any liability which
the Company and the Guarantors may otherwise have and shall extend, upon the
same terms and conditions, to each person, if any, who controls any Purchaser
within the meaning of the Securities Act or the Exchange Act; and the
obligations of the Purchasers under this Section shall be in addition to
any liability which the respective Purchasers may otherwise have and shall
extend, upon the same terms and conditions, to each person, if any, who
controls the Company within the meaning of the Securities Act or the Exchange
Act.

 

8.  Default
of Purchasers.  If any
Purchaser or Purchasers default in their obligations to purchase Offered
Securities hereunder and the aggregate principal amount of the Offered
Securities that such defaulting Purchaser or Purchasers agreed but failed to
purchase does not exceed 10% of the total principal amount of the Offered
Securities, the Representative may make arrangements satisfactory to the
Company for the purchase of such Offered Securities by other persons, including
any of the Purchasers, but if no such arrangements are made by the Closing
Date, the non-defaulting Purchasers shall be obligated severally, in proportion
to their respective commitments hereunder, to purchase the Securities that such
defaulting Purchasers agreed but failed to purchase.  If any Purchaser or Purchasers so default and the aggregate
principal amount of the Offered Securities with respect to which such default
or defaults occur exceeds 10% of the total principal amount of the Offered
Securities and arrangements satisfactory to the Representative and the Company
for the purchase of such Offered Securities by other persons are not made
within 36 hours after such default, this Agreement will terminate without
liability on the part of any non-defaulting Purchaser or the Company, except as
provided in Section 9.  As used in
this Agreement, the term “Purchaser” includes any person substituted for a
Purchaser under this Section.  Nothing
herein will relieve a defaulting Purchaser from liability for its default.

 

9.  Survival
of Certain Representations and Obligations.  The respective indemnities, agreements,
representations, warranties and other statements of the Company or its officers
and of the several Purchasers set forth in or made pursuant to this Agreement
will remain in full force and effect, regardless of any investigation, or statement
as to the results thereof, made by or on behalf of any Purchaser, the Company
or any of their respective representatives, officers or directors or any
controlling person, and will survive delivery of and payment for the Offered
Securities.  If this Agreement is
terminated pursuant to Section 8 or if for any reason the purchase of the
Offered Securities by the Purchasers is not consummated, the Company shall
remain responsible for the expenses to be paid or reimbursed by it pursuant to
Section 5 and the respective obligations of the Company and the Purchasers
pursuant to Section 7 shall remain in effect.  If the purchase of the Offered Securities by the Purchasers is
not consummated for any reason other than solely because of the termination of
this Agreement pursuant to Section 8 or the occurrence of any event
specified in clause (iii), (iv), (v), (vi) or (vii) of Section 6(b),
the Company will reimburse the Purchasers for all out-of-pocket expenses
(including fees and disbursements of counsel) reasonably incurred by them in
connection with the offering of the Offered Securities.

 

10.  Notices.  All communications hereunder will be in
writing and, if sent to the Purchasers will be mailed, delivered or telegraphed
and confirmed to the Purchasers, c/o Credit Suisse First Boston LLC, Eleven
Madison Avenue, New York, NY 10010-3629, Attention: Transactions
Advisory Group, or, if sent to the Company, will be mailed, delivered or

 

17

 

telegraphed and confirmed to it
at 7289 Garden Road, Suite 200, Riviera Beach, FL 33404,
Attention: Chief Financial Officer, with a copy to Welsh, Carson,
Anderson & Stowe IX, L.P., 320 Park Avenue, Suite 2500,
New York, NY 10022, Attention: 
Paul B. Queally and D. Scott Mackesy (or to such other
addresses as the parties hereto may designate by notice given hereunder); provided,
however, that any notice to a Purchaser pursuant to Section 7 will
be mailed, delivered or telegraphed and confirmed to such Purchaser.

 

11.  Successors.  This Agreement will inure to the benefit of
and be binding upon the parties hereto and their respective successors and the
controlling persons referred to in Section 7, and no other person will
have any right or obligation hereunder, except that holders of Offered
Securities shall be entitled to enforce the agreements for their benefit
contained in the second and third sentences of Section 5(b) hereof against
the Company as if such holders were parties hereto.

 

12.  Representation
of Purchasers.  The Representative
will act for the several Purchasers in connection with this purchase, and any
action under this Agreement taken by the Representative will be binding upon
all the Purchasers.

 

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

 

14.  Applicable
Law.  This Agreement shall be
governed by, and construed in accordance with, the laws of the State of New
York.

 

The parties hereto hereby submit to the non-exclusive jurisdiction of
the Federal and state courts in the Borough of Manhattan in The City of
New York in any suit or proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby.

 

[the remainder of this page is
blank]

 

18

 

If the foregoing is in accordance with the Purchasers’ understanding of
our agreement, kindly sign and return to the Company one of the counterparts
hereof, whereupon it will become a binding agreement between the Company and
the several Purchasers in accordance with its terms.

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AMERIPATH,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DAVID L.
  REDMOND

  	
   

  
	
   

  	
   

  	
  Name: David
  L. Redmond

  
	
   

  	
   

  	
  Title:
  Executive Vice President and CFO

  

 

 

	
   

  	
  The
  foregoing Purchase Agreement is hereby

  confirmed, accepted and agreed to as of the date

  first above written.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CREDIT
  SUISSE FIRST BOSTON LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acting on
  behalf of

  itself and as the Representative

  of the several Purchasers

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/
  CRAIG CALLEN

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Craig
  Callen

  
	
   

  	
   

  	
   

  	
  Title:
  Managing Director

  

 

19

 

SCHEDULE A

 

	
  Purchaser

  	
   

  	
  Principal
  Amount of

  Offered Securities

  	
   

  
	
  Credit Suisse First Boston LLC

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
  Citigroup Global Markets Inc.

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
  Deutsche Bank Securities Inc.

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
  Wachovia Capital Markets, LLC.

  	
   

  	
  $

  	
  18,750,000

  	
   

  
	
  Total

  	
   

  	
  $

  	
  75,000,000

  	
   

  

 

 

SCHEDULE B

List of Subsidiaries

 

	
  Name of Subsidiary

  	
   

  	
  Jurisdiction
  of

  Organization

  	
   

  	
  Form

  of Organization

  	
   

  	
  Holders of
  Outstanding

  Capital Stock/

  Equity Interests

  	
   

  	
  Foreign

  Qualifications

  
	
  3-Gen Diagnostic
  Laboratories, Inc.

  	
   

  	
  Utah

  	
   

  	
  corporation

  	
   

  	
  Strigen,
  Inc.

  	
   

  	
  None

  
	
  A. Bernard Ackerman, M.D.,
  Dermatopathology, P.C.

  	
   

  	
  New
  York

  	
   

  	
  professional
  corporation

  	
   

  	
  Leslie B. Rosen, M.D. (Nominee)

  	
   

  	
  None

  
	
  AmeriPath 5.01(a)
  Corporation

  	
   

  	
  Texas

  	
   

  	
  non-profit
  corporation

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  None

  
	
  AmeriPath Cincinnati, Inc.

  	
   

  	
  Ohio

  	
   

  	
  corporation

  	
   

  	
  AmeriPath
  Ohio Trust

  	
   

  	
  None

  
	
  AmeriPath Cleveland, Inc.

  	
   

  	
  Ohio

  	
   

  	
  corporation

  	
   

  	
  AmeriPath
  Ohio Trust

  	
   

  	
  None

  
	
  AmeriPath Consolidated
  Labs, Inc.

  	
   

  	
  Florida

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  AmeriPath Consulting
  Pathology Services, P.A.

  	
   

  	
  North
  Carolina

  	
   

  	
  professional
  association

  	
   

  	
  Dianne
  Dookham, M.D. (Nominee)

  	
   

  	
  None

  
	
  AmeriPath Florida, LLC

  	
   

  	
  Delaware

  	
   

  	
  limited
  liability company

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  Florida;  New York

  
	
  AmeriPath Indemnity, Ltd.

  	
   

  	
  Cayman
  Islands

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  AmeriPath Indiana, LLC

  	
   

  	
  Indiana

  	
   

  	
  limited
  liability company

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  AmeriPath Indianapolis,
  LLC

  	
   

  	
  Indiana

  	
   

  	
  professional
  corporation

  	
   

  	
  AmeriPath  Indianapolis Trust (Sole Member)

  	
   

  	
  None

  
	
  AmeriPath Kentucky, Inc.

  	
   

  	
  Kentucky

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  AmeriPath Lubbock 5.01(a)
  Corporation

  	
   

  	
  Texas

  	
   

  	
  non-profit
  corporation

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  None

  
	
  AmeriPath Marketing USA,
  Inc.

  	
   

  	
  Florida

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  AmeriPath Michigan, Inc.

  	
   

  	
  Michigan

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  AmeriPath Milwaukee, S.C.

  	
   

  	
  Wisconsin

  	
   

  	
  service
  corporation

  	
   

  	
  Gerald
  A. Hanson, M.D. (Nominee)

  	
   

  	
  None

  
	
  AmeriPath Mississippi,
  Inc.

  	
   

  	
  Mississippi

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  AmeriPath New England,
  Inc.

  	
   

  	
  Delaware

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  Massachusetts

  
	
  AmeriPath New York, LLC

  	
   

  	
  Delaware

  	
   

  	
  limited
  liability company

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  New
  York

  
	
  AmeriPath North Carolina,
  Inc.

  	
   

  	
  North
  Carolina

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  

 

 

	
  Name of Subsidiary

  	
   

  	
  Jurisdiction
  of

  Organization

  	
   

  	
  Form

  of Organization

  	
   

  	
  Holders of
  Outstanding

  Capital Stock/

  Equity Interests

  	
   

  	
  Foreign

  Qualifications

  
	
  AmeriPath Ohio, Inc.

  	
   

  	
  Delaware

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  AmeriPath PAT 5.01(a)
  Corporation

  	
   

  	
  Texas

  	
   

  	
  non-profit
  corporation

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  None

  
	
  AmeriPath PCC, Inc.

  	
   

  	
  Ohio

  	
   

  	
  corporation

  	
   

  	
  AmeriPath
  Ohio Trust

  	
   

  	
  None

  
	
  AmeriPath Pennsylvania,
  LLC

  	
   

  	
  Pennsylvania

  	
   

  	
  limited
  liability company

  	
   

  	
  AmeriPath,
  Inc. (Sole Member)

  	
   

  	
  None

  
	
  AmeriPath Philadelphia,
  Inc.

  	
   

  	
  New
  Jersey

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  Pennsylvania

  
	
  AmeriPath Pittsburgh, P.C.

  	
   

  	
  Pennsylvania

  	
   

  	
  professional
  corporation

  	
   

  	
  Alan Levin, M.D. (Nominee)

  	
   

  	
  None

  
	
  AmeriPath San Antonio
  5.01(a) Corporation

  	
   

  	
  Texas

  	
   

  	
  non-profit
  corporation

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  None

  
	
  AmeriPath SC, Inc.

  	
   

  	
  South
  Carolina

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  AmeriPath Severance
  5.01(a) Corporation

  	
   

  	
  Texas

  	
   

  	
  non-profit
  corporation

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  None

  
	
  AmeriPath Texas, LP

  	
   

  	
  Delaware

  	
   

  	
  limited
  partnership

  	
   

  	
  AmeriPath,
  LLC  (1% General Partner)  API No. 2, LLC  (99% Limited
  Partner)

  	
   

  	
  Texas

  
	
  AmeriPath Youngstown Labs,
  Inc.

  	
   

  	
  Ohio

  	
   

  	
  corporation

  	
   

  	
  AmeriPath
  Ohio, Inc.

  	
   

  	
  None

  
	
  AmeriPath Youngstown, Inc.

  	
   

  	
  Ohio

  	
   

  	
  corporation

  	
   

  	
  AmeriPath
  Ohio Trust

  	
   

  	
  None

  
	
  AmeriPath, LLC

  	
   

  	
  Delaware

  	
   

  	
  limited
  liability company

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  Texas

  
	
  AmeriPath Wisconsin, LLC

  	
   

  	
  Wisconsin

  	
   

  	
  limited
  liability company

  	
   

  	
  AmeriPath,
  Inc. (Sole Member)

  	
   

  	
  None

  
	
  Anatomic Pathology
  Services, Inc.

  	
   

  	
  Oklahoma

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  API No. 2., LLC

  	
   

  	
  Delaware

  	
   

  	
  limited
  liability company

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  None

  
	
  Arizona Pathology Group,
  Inc.

  	
   

  	
  Arizona

  	
   

  	
  corporation

  	
   

  	
  Strigen,
  Inc.

  	
   

  	
  None

  
	
  Arlington Pathology
  Association 5.01(a) Corporation

  	
   

  	
  Texas

  	
   

  	
  non-profit
  corporation

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  None

  
	
  Colorado Diagnostic  Laboratory, LLC

  	
   

  	
  Colorado

  	
   

  	
  limited
  liability company

  	
   

  	
  Colorado
  Pathology Consultants, P.C.

  	
   

  	
  None

  
	
  Colorado Pathology  Consultants, P.C.

  	
   

  	
  Colorado

  	
   

  	
  professional
  corporation

  	
   

  	
  Donald
  Heinig, M.D. (Nominee)

  	
   

  	
  None

  

 

 

	
  Name of Subsidiary

  	
   

  	
  Jurisdiction
  of

  Organization

  	
   

  	
  Form

  of Organization

  	
   

  	
  Holders of
  Outstanding

  Capital Stock/

  Equity Interests

  	
   

  	
  Foreign

  Qualifications

  
	
  Columbus Pathology
  Associates

  	
   

  	
  Mississippi

  	
   

  	
  general
  partnership

  	
   

  	
  CPA I, Inc. 
  (50% General Partner)  CPA II,
  Inc.  (50% General Partner)

  	
   

  	
  None

  
	
  Consulting Pathologists of
  Pennsylvania, P.C.

  	
   

  	
  Pennsylvania

  	
   

  	
  professional
  corporation

  	
   

  	
  Alan Levin, M.D. (Nominee)

  	
   

  	
  None

  
	
  CPA I, Inc.

  	
   

  	
  Tennessee

  	
   

  	
  corporation

  	
   

  	
  PCA of Columbus, Inc.

  	
   

  	
  None

  
	
  CPA II, Inc.

  	
   

  	
  Tennessee

  	
   

  	
  corporation

  	
   

  	
  PCA
  of Columbus, Inc.

  	
   

  	
  None

  
	
  Dermatopathology of
  Wisconsin, S.C.

  	
   

  	
  Wisconsin

  	
   

  	
  service
  corporation

  	
   

  	
  Kraig
  S. Lerud, M.D. (Nominee)

  	
   

  	
  None

  
	
  Dermatopathology Services,
  Inc.

  	
   

  	
  Alabama

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  DFW 5.01(a) Corporation

  	
   

  	
  Texas

  	
   

  	
  non-profit
  corporation

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  None

  
	
  Diagnostic Pathology
  Management Services, LLC

  	
   

  	
  Oklahoma

  	
   

  	
  limited
  liability company

  	
   

  	
  AmeriPath,
  Inc. (Sole Member)

  	
   

  	
  None

  
	
  Diagnostic Pathology
  Services, P.C.

  	
   

  	
  Oklahoma

  	
   

  	
  professional
  corporation

  	
   

  	
  Tommy
  L. Hewett, M.D. (Nominee)

  	
   

  	
  None

  
	
  Institute for
  Dermatopathology, P.C.

  	
   

  	
  Pennsylvania

  	
   

  	
  professional
  corporation

  	
   

  	
  Richard
  A. Jacoby, M.D. (50%; Nominee) 
  Waine L. Johnson, M.D. (50%; Nominee)

  	
   

  	
  None

  
	
  J.J. Humes, M.D. and
  Associates/AmeriPath, P.C.

  	
   

  	
  Michigan

  	
   

  	
  professional
  corporation

  	
   

  	
  Alan Levin, M.D. (Nominee)

  	
   

  	
  None

  
	
  Jeffrey R. Light, M.D.,
  Inc.

  	
   

  	
  California

  	
   

  	
  corporation

  	
   

  	
  Si Nguyen, M.D. (Nominee)

  	
   

  	
  None

  
	
  Kailash B. Sharma, M.D.,
  Inc.

  	
   

  	
  Georgia

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  Kilpatrick Pathology, P.A.

  	
   

  	
  North
  Carolina

  	
   

  	
  professional
  association

  	
   

  	
  Timothy
  M. Kilpatrick, M.D. (Nominee)

  	
   

  	
  None

  
	
  NAPA 5.01(a) Corporation

  	
   

  	
  Texas

  	
   

  	
  non-profit
  corporation

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  None

  

 

 

	
  Name of Subsidiary

  	
   

  	
  Jurisdiction
  of Organization

  	
   

  	
  Form of
  Organization

  	
   

  	
  Holders of
  Outstanding

  Capital Stock/

  Equity Interests

  	
   

  	
  Foreign
  Qualifications

  
	
  Nuclear Medicine and  Pathology Associates

  	
   

  	
  Georgia

  	
   

  	
  general
  partnership

  	
   

  	
  Kailash
  B. Sharma, M.D., Inc.  (1/3 general
  partner)  Peter G. Klacsmann, M.D., Inc.  (1/3 general partner)  Sharon G. Daspit,  M.D., Inc.  (1/3 general partner)

  	
   

  	
  None

  
	
  Ocmulgee Medical Pathology
  Association, Inc.

  	
   

  	
  Georgia

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  O’Quinn Medical Pathology
  Association, LLC

  	
   

  	
  Georgia

  	
   

  	
  limited
  liability company

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  Palms of Pasadena
  Pathology, Inc.

  	
   

  	
  Florida

  	
   

  	
  corporation

  	
   

  	
  Martin
  W. Lewis, M.D., (Nominee)

  	
   

  	
  None

  
	
  PCA of Columbus, Inc.

  	
   

  	
  Tennessee

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  Mississippi

  
	
  PCA of Denver, Inc.

  	
   

  	
  Tennessee

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  Colorado

  
	
  PCA of Los Gatos, Inc.

  	
   

  	
  Tennessee

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  California

  
	
  PCA of Memphis, Inc.

  	
   

  	
  Tennessee

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  PCA of Nashville, Inc.

  	
   

  	
  Tennessee

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  West
  Virginia

  
	
  PCA of St. Louis II, Inc.

  	
   

  	
  Tennessee

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  Missouri

  
	
  PCA Southeast II, Inc.

  	
   

  	
  Tennessee

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  Georgia;  Mississippi

  
	
  Peter G. Klacsmann, M.D.,
  Inc.

  	
   

  	
  Georgia

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  Regional Pathology  Consultants, LLC

  	
   

  	
  Utah

  	
   

  	
  limited
  liability company

  	
   

  	
  Strigen,
  Inc.  (Sole Member)

  	
   

  	
  None

  
	
  Rocky Mountain Pathology,
  L.L.C.

  	
   

  	
  Utah

  	
   

  	
  limited
  liability company

  	
   

  	
  Strigen,
  Inc.

  	
   

  	
  None

  
	
  Sharon G. Daspit, M.D.,
  Inc.

  	
   

  	
  Georgia

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  Shoals Pathology
  Associates, Inc.

  	
   

  	
  Alabama

  	
   

  	
  corporation

  	
   

  	
  AmeriPath,
  Inc.

  	
   

  	
  None

  
	
  Simpson Pathology 5.01(a)
  Corporation

  	
   

  	
  Texas

  	
   

  	
  non-profit
  corporation

  	
   

  	
  AmeriPath,
  Inc.  (Sole Member)

  	
   

  	
  None

  
	
  Southwest Diagnostic
  Laboratories, P.C.

  	
   

  	
  Colorado

  	
   

  	
  professional
  corporation

  	
   

  	
  David
  Miller, M.D. (Nominee)

  	
   

  	
  None

  

 

 

	
  Name of Subsidiary

  	
   

  	
  Jurisdiction
  of Organization

  	
   

  	
  Form of
  Organization

  	
   

  	
  Holders of
  Outstanding

  Capital Stock/

  Equity Interests

  	
   

  	
  Foreign
  Qualifications

  
	
  Strigen, Inc.

  	
   

  	
  Utah

  	
   

  	
  corporation

  	
   

  	
  AmeriPath, Inc.

  	
   

  	
  None

  
	
  TID Acquisition Corp.

  	
   

  	
  Delaware

  	
   

  	
  corporation

  	
   

  	
  AmeriPath, Inc.

  	
   

  	
  Pennsylvania

  
	
  Tulsa Diagnostics, P.C.

  	
   

  	
  Oklahoma

  	
   

  	
  professional corporation

  	
   

  	
  Tommy L. Hewett, M.D.
  (Nominee)

  	
   

  	
  None

  
	
  TXAR 5.01(a) Corporation

  	
   

  	
  Texas

  	
   

  	
  non-profit corporation

  	
   

  	
  AmeriPath, Inc.  (Sole Member)

  	
   

  	
  None

  

 

 

EXHIBIT A

 

[TO BE SIGNED BY EACH GUARANTOR]

 

Joinder Agreement

 

The undersigned hereby agrees to be bound by the terms of the Amended
and Restated Purchase Agreement dated February 11, 2004, between
AmeriPath, Inc., a Delaware corporation and the Purchasers (as defined
therein).  The undersigned hereby also agrees
that all references to “Guarantors” in the Purchase Agreement shall include the
undersigned and the undersigned shall be bound by all provisions of the
Purchase Agreement containing such references. 
For the avoidance of doubt, such obligations of the undersigned shall
include, but not be limited to, the obligations enumerated in Section 7(a)
of the Purchase Agreement

 

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name of Company

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:Exhibit 10.2

 

$75,000,000

 

AmeriPath,
Inc.

 

101⁄2%
Senior Subordinated Notes Due 2013

 

REGISTRATION RIGHTS AGREEMENT

 

February 17, 2004

 

CREDIT SUISSE FIRST BOSTON LLC

CITIGROUP GLOBAL MARKETS INC.

DEUTSCHE BANK SECURITIES INC.

WACHOVIA CAPITAL MARKETS, LLC

c/o Credit Suisse First Boston
LLC,

Eleven Madison Avenue,

New York, New York  10010-3629

 

Dear Sirs:

 

AmeriPath, Inc., a Delaware corporation (the
“Company”), proposes to issue and
sell to Credit Suisse First Boston LLC, Citigroup Global Markets Inc., Deutsche
Bank Securities Inc. and Wachovia Capital Markets, LLC (collectively, the “Initial Purchasers”), upon the terms set
forth in an Amended and Restated Purchase Agreement dated as of
February 11, 2004 (the “Purchase
Agreement”), $75,000,000 aggregate principal amount of its 101⁄2%
Senior Subordinated Notes Due 2013 (the “Initial
Securities”) to be guaranteed (the “Guaranties”) by each of the subsidiaries of the Company listed
in Schedule I hereto (the “Guarantors”).  The Initial Securities will be issued as
additional securities under the Indenture dated as of March 27, 2003 (the
“Indenture”), among the Company,
the Guarantors and U.S. Bank National Association, as trustee (the “Trustee”). 
As an inducement to the Initial Purchasers to enter into the Purchase
Agreement, the Company and the Guarantors have agreed to enter into this
Agreement.  Accordingly, the Company and
the Guarantors agree with the Initial Purchasers, for the benefit of the
Initial Purchasers and the holders of the Securities (as defined below)
(collectively the “Holders”), as
follows:

 

1.     Registered Exchange Offer. 
Unless not permitted by applicable law (after the Company has complied
with the ultimate paragraph of this Section 1), the Company shall prepare
and, not later than 90 days (such 90th day being a “Filing Deadline”) after the date on which
the Initial Purchasers purchase the Initial Securities pursuant to the Purchase
Agreement (the “Closing Date”),
file with the Securities and Exchange Commission (the “Commission”) a registration statement (the
“Exchange Offer Registration Statement”)
on an appropriate form under the Securities Act of 1933, as amended (the “Securities Act”), with respect to a
proposed offer (the “Registered Exchange
Offer”) to the Holders of Transfer Restricted Securities (as defined
in Section 6 hereof), who are not prohibited by any law or policy of the
Commission from participating in the Registered Exchange Offer, to issue and
deliver to such Holders, in exchange for the Initial Securities, a like aggregate
principal amount of debt securities of the Company issued under the Indenture,
identical in all material respects to the Initial Securities (except that the
Exchange Securities will not contain terms with respect to transfer
restrictions

 

 

and Additional Interest) and registered under the Securities Act (the “Exchange Securities”).  The Company shall use its reasonable best
efforts to (i) cause such Exchange Offer Registration Statement to become
effective under the Securities Act within 210 days after the Closing Date
(such 210th day being an “Effectiveness
Deadline”) and (ii) keep the Exchange Offer Registration
Statement effective for not less than 30 days (or longer, if required by
applicable law) after the date notice of the Registered Exchange Offer is
mailed to the Holders (such period being called the “Exchange Offer Registration Period”).

 

If the Company commences the Registered
Exchange Offer, the Company (i) will be entitled to consummate the
Registered Exchange Offer 30 days after such commencement (provided
that the Company has accepted all the Initial Securities theretofore validly
tendered in accordance with the terms of the Registered Exchange Offer) and
(ii) will be required to consummate the Registered Exchange Offer no later
than 40 days after the date on which the Exchange Offer Registration
Statement is declared effective (such 40th day being the “Consummation Deadline”).

 

Following the declaration of the
effectiveness of the Exchange Offer Registration Statement, the Company shall
as soon as practicable commence the Registered Exchange Offer, it being the
objective of such Registered Exchange Offer to enable each Holder of Transfer
Restricted Securities electing to exchange the Initial Securities for Exchange
Securities (assuming that such Holder is not an affiliate of the Company within
the meaning of the Securities Act, acquires the Exchange Securities in the
ordinary course of such Holder’s business and has no arrangements with any
person to participate in the distribution of the Exchange Securities and is not
prohibited by any law or policy of the Commission from participating in the
Registered Exchange Offer) to trade such Exchange Securities from and after
their receipt without any limitations or restrictions under the Securities Act
and without material restrictions under the securities laws of the several
states of the United States.

 

The Company acknowledges that, pursuant to
current interpretations by the Commission’s staff of Section 5 of the
Securities Act, in the absence of an applicable exemption therefrom,
(i) each Holder which is a broker-dealer electing to exchange Initial
Securities, acquired for its own account as a result of market making
activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is required to deliver
a prospectus containing the information set forth in (a) Annex A hereto on
the cover, (b) Annex B hereto in the “Exchange Offer Procedures”
section and the “Purpose of the Exchange Offer” section and (c) Annex C
hereto in the “Plan of Distribution” section of such prospectus in
connection with a sale of any such Exchange Securities received by such
Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an
Initial Purchaser that elects to sell Securities (as defined below) acquired in
exchange for Initial Securities constituting any portion of an unsold
allotment, is required to deliver a prospectus containing the information
required by Items 507 or 508 of Regulation S-K under the Securities
Act, as applicable, in connection with such sale.

 

The Company shall use its reasonable best
efforts to keep the Exchange Offer Registration Statement effective and to
amend and supplement the prospectus contained therein, in order to permit such
prospectus to be lawfully delivered by all persons subject to the prospectus
delivery requirements of the Securities Act for such period of time as such
persons must comply with such requirements in order to resell the Exchange
Securities; provided,

 

2

 

however,
that (i) in the case where such prospectus and any amendment or supplement
thereto must be delivered by an Exchanging Dealer or an Initial Purchaser, such
period shall be the lesser of 180 days and the date on which all
Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities
held by them (unless such period is extended pursuant to Section 3(j)
below) and (ii) the Company shall make such prospectus and any amendment
or supplement thereto available to any broker-dealer for use in connection with
any resale of any Exchange Securities for a period of not less than 180-days
after the consummation of the Registered Exchange Offer.

 

If, upon consummation of the Registered
Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it
as part of its initial distribution, the Company, simultaneously with the
delivery of the Exchange Securities pursuant to the Registered Exchange Offer,
shall issue and deliver to such Initial Purchaser upon the written request of
such Initial Purchaser, in exchange (the “Private
Exchange”) for the Initial Securities held by such Initial
Purchaser, a like principal amount of debt securities of the Company issued
under the Indenture and identical in all material respects to the Initial
Securities (the “Private Exchange Securities”).  The Initial Securities, the Exchange
Securities and the Private Exchange Securities are herein collectively called
the “Securities”.

 

In connection with the Registered Exchange
Offer, the Company shall:

 

(a)   mail to each Holder a copy of
the prospectus forming part of the Exchange Offer Registration Statement,
together with an appropriate letter of transmittal and related documents,
provided that the Company shall only be required to mail such prospectus to
Holders of which the Company is aware after due inquiry;

 

(b)   keep the Registered Exchange
Offer open for not less than 30 days (or longer, if required by applicable
law) after the date notice thereof is mailed to the Holders;

 

(c)   utilize the services of a
depositary for the Registered Exchange Offer with an address in the Borough of
Manhattan, The City of New York, which may be the Trustee or an affiliate of
the Trustee;

 

(d)   permit Holders to withdraw
tendered Securities at any time prior to the close of business, New York time,
on the last business day on which the Registered Exchange Offer shall remain
open; and

 

(e)   otherwise comply in all
material respects with all applicable laws.

 

As soon as practicable after the close of the
Registered Exchange Offer or the Private Exchange, as the case may be, the
Company shall:

 

(x) accept for exchange
all the Securities validly tendered and not withdrawn pursuant to the
Registered Exchange Offer and the Private Exchange;

 

(y) deliver to the Trustee
for cancelation all the Initial Securities so accepted for exchange; and

 

3

 

(z) cause the Trustee to
authenticate and deliver promptly to each Holder of the Initial Securities,
Exchange Securities or Private Exchange Securities, as the case may be, equal
in principal amount to the Initial Securities of such Holder so accepted for
exchange.

 

The Indenture provides that the Exchange
Securities will not be subject to the transfer restrictions set forth in the
Indenture and that all the Securities will vote and consent together on all
matters as one class and that none of the Securities will have the right to
vote or consent as a class separate from one another on any matter.

 

Interest on each Exchange Security and Private
Exchange Security issued pursuant to the Registered Exchange Offer and in the
Private Exchange will accrue from the last interest payment date on which
interest was paid on the Initial Securities surrendered in exchange therefor
or, if no interest has been paid on the Initial Securities, from the date of
original issue of the Initial Securities.

 

Each Holder participating in the Registered
Exchange Offer shall be required to represent to the Company that at the time
of the consummation of the Registered Exchange Offer (i) any Exchange
Securities received by such Holder will be acquired in the ordinary course of
business, (ii) such Holder will have no arrangements or understanding with any
person to participate in the distribution of the Securities or the Exchange
Securities within the meaning of the Securities Act, (iii) such Holder is not
an “affiliate”, as defined in Rule 405 of the Securities Act, of the
Company or if it is an affiliate, such Holder will comply with the registration
and prospectus delivery requirements of the Securities Act to the extent
applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged
in, and does not intend to engage in, the distribution of the Exchange
Securities and (v) if such Holder is a broker-dealer, that it will receive
Exchange Securities for its own account in exchange for Initial Securities that
were acquired as a result of market-making activities or other trading
activities and that it will be required to acknowledge that it will deliver a prospectus
in connection with any resale of such Exchange Securities.

 

Notwithstanding any other provisions hereof,
the Company will ensure that (i) any Exchange Offer Registration Statement
and any amendment thereto and any prospectus forming part thereof and any
supplement thereto complies in all material respects with the Securities Act
and the rules and regulations thereunder, (ii) any Exchange Offer
Registration Statement and any amendment thereto does not, when it becomes
effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) any prospectus forming part of any
Exchange Offer Registration Statement, and any supplement to such prospectus,
does not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.

 

If following the date hereof there has been
announced a change in Commission policy with respect to exchange offers that in
the reasonable opinion of counsel to the Company raises a substantial question
as to whether the Registered Exchange Offer is permitted by applicable federal
law, the Company will seek a no-action letter or other favorable decision from
the Commission allowing the Company to consummate the Registered Exchange
Offer.  The

 

4

 

Company will pursue the
issuance of such a decision to the Commission staff level.  In connection with the foregoing, the
Company will take all such other actions as may be requested by the Commission
or otherwise required in connection with the issuance of such decision,
including without limitation (i) participating in telephonic conferences
with the Commission, (ii) delivering to the Commission staff an analysis
prepared by counsel to the Company setting forth the legal bases, if any, upon
which such counsel has concluded that the Registered Exchange Offer should be
permitted and (iii) diligently pursuing a resolution (which need not be
favorable) by the Commission staff.

 

2.     Shelf Registration. 
If, (i) because of any change in law or in applicable interpretations
thereof by the staff of the Commission, the Company is not permitted to effect
a Registered Exchange Offer, as contemplated by Section 1 hereof,
(ii) the Registered Exchange Offer is not consummated by the 250th day
after the Closing Date, (iii) any Initial Purchaser so requests with
respect to the Initial Securities (or the Private Exchange Securities) not
eligible to be exchanged for Exchange Securities in the Registered Exchange
Offer and held by it following consummation of the Registered Exchange Offer or
(iv) any Holder (other than an Exchanging Dealer) is not eligible to
participate in the Registered Exchange Offer or, in the case of any Holder
(other than an Exchanging Dealer) that participates in the Registered Exchange
Offer, such Holder does not receive freely tradeable Exchange Securities on the
date of the exchange and any such Holder so requests, the Company shall take
the following actions (the date on which any of the conditions described in the
foregoing clauses (i) through (iv) occur, including in the case of clauses
(iii) or (iv) the receipt of the required notice, being a “Trigger Date”):

 

(a)   The Company shall promptly (but in no event more
than 45 days after the Trigger Date (such 45th day being a “Filing Deadline”)) file with the Commission
and thereafter use its reasonable best efforts to cause to be declared
effective no later than (1) in the case of clause (i) above, 210 days
after the Closing Date and (2) in the case of clause (ii), (iii) and
(iv) above, 75 days after the applicable Trigger Date (such 210th day or 75th
day, as the case may be, being an “Effectiveness
Deadline”) a registration statement (the “Shelf Registration Statement” and, together with the Exchange
Offer Registration Statement, a “Registration
Statement”) on an appropriate form under the Securities Act relating
to the offer and sale of the Transfer Restricted Securities by the Holders
thereof from time to time in accordance with the methods of distribution set
forth in the Shelf Registration Statement and Rule 415 under the Securities Act
(hereinafter, the “Shelf Registration”);
provided, however, that no Holder (other than an Initial
Purchaser) shall be entitled to have the Securities held by it covered by such
Shelf Registration Statement unless such Holder agrees in writing to be bound
by all the provisions of this Agreement applicable to such Holder (with the
Initial Purchasers’ agreement thereto being evidenced by their execution of
this Agreement).

 

(b)   Subject to Section 3(j), the Company shall keep
the Shelf Registration Statement continuously effective in order to permit the
prospectus included therein to be lawfully delivered by the Holders of the
relevant Securities, for a period of two years (or for such longer period if
extended pursuant to Section 3(j) below) from the date of its
effectiveness or such shorter period that will terminate when all the
Securities covered by the Shelf Registration Statement (i) have been sold
pursuant thereto or (ii) are no longer

 

5

 

restricted securities (as
defined in Rule 144 under the Securities Act, or any successor rule
thereof).

 

(c)   Notwithstanding any other provisions of this
Agreement to the contrary, the Company shall cause the Shelf Registration
Statement and the related prospectus and any amendment or supplement thereto,
as of the effective date of the Shelf Registration Statement, amendment or
supplement, (i) to comply in all material respects with the applicable
requirements of the Securities Act and the rules and regulations of the
Commission and (ii) not to contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading; it being understood that the Company shall not
be so responsible for information provided by or on behalf of Holders of
Securities.

 

3.     Registration Procedures. 
In connection with any Shelf Registration contemplated by Section 2
hereof and, to the extent applicable, any Registered Exchange Offer
contemplated by Section 1 hereof, the following provisions shall apply:

 

(a)   The Company shall (i) if requested in writing,
furnish to each Initial Purchaser, prior to the filing thereof with the
Commission, a copy of the Registration Statement and each amendment thereof and
each supplement, if any, to the prospectus included therein and, in the event
that an Initial Purchaser (with respect to any portion of an unsold allotment
from the original offering) is participating in the Registered Exchange Offer
or the Shelf Registration Statement, the Company shall use its reasonable best
efforts to reflect in each such document, when so filed with the Commission,
such comments as such Initial Purchaser reasonably may propose; (ii) include
the information set forth in Annex A hereto on the cover, in Annex B hereto in
the “Exchange Offer Procedures” section and the “Purpose of the Exchange
Offer” section and in Annex C hereto in the “Plan of Distribution”
section of the prospectus forming a part of the Exchange Offer
Registration Statement and include the information set forth in Annex D hereto
in the Letter of Transmittal delivered pursuant to the Registered Exchange
Offer; (iii) if requested by an Initial Purchaser, include the information
required by Items 507 or 508 of Regulation S-K under the Securities Act, as
applicable, in the prospectus forming a part of the Exchange Offer Registration
Statement; (iv) include within the prospectus contained in the Exchange Offer
Registration Statement a section entitled “Plan of Distribution”
reasonably acceptable to the Initial Purchasers, which shall contain a summary
statement of the positions taken or policies made by the staff of the Commission
with respect to the potential “underwriter” status of any broker-dealer that is
the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”))
of Exchange Securities received by such broker-dealer in the Registered
Exchange Offer (a “Participating
Broker-Dealer”), whether such positions or policies have been
publicly disseminated by the staff of the Commission or such positions or
policies, in the reasonable judgment of the Initial Purchasers based upon
advice of counsel (which may be in-house counsel), represent the prevailing
views of the staff of the Commission; and (v) in the case of a Shelf
Registration Statement, include the names of the Holders who propose to sell
Securities pursuant to the Shelf Registration Statement as selling security
holders.

 

6

 

(b)   The Company shall give written notice to the Initial
Purchasers, the Holders of the Securities (but in the case of a Shelf
Registration, only to such Holders as are named as selling securityholders in
the prospectus forming part of the Shelf Registration Statement) and any
Participating Broker-Dealer from whom the Company has received prior written
notice that it will be a Participating Broker-Dealer in the Registered Exchange
Offer (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by
an instruction to suspend the use of the prospectus until the requisite changes
have been made (any such period of suspension, the “Suspension Period”)):

 

(i)    when the Registration
Statement or any amendment thereto has been filed with the Commission and when
the Registration Statement or any post-effective amendment thereto has become
effective;

 

(ii)   of any request by the
Commission for amendments or supplements to the Registration Statement or the
prospectus included therein or for additional information;

 

(iii)  of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings for that purpose;

 

(iv)  of the receipt by the Company or
its legal counsel of any notification with respect to the suspension of the
qualification of the Securities for sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose; and

 

(v)   of the happening of any event
that requires the Company to make changes in the Registration Statement or the
prospectus in order that the Registration Statement or the prospectus do not
contain an untrue statement of a material fact nor omit to state a material
fact required to be stated therein or necessary to make the statements therein
(in the case of the prospectus, in light of the circumstances under which they
were made) not misleading.

 

(c)   The Company shall make reasonable efforts to obtain
the withdrawal at the earliest possible time, of any order suspending the
effectiveness of the Registration Statement.

 

(d)   The Company shall furnish to each Holder of
Securities included within the coverage of the Shelf Registration, without
charge, at least one copy of the Shelf Registration Statement and any
post-effective amendment thereto, including financial statements and schedules,
and, if the Holder so requests in writing, all exhibits thereto (including
those, if any, incorporated by reference).

 

(e)   The Company shall deliver to each Exchanging Dealer
and each Initial Purchaser, and to any other Holder who so requests in writing,
without charge, at least one copy of the Exchange Offer Registration Statement
and any post-effective amendment thereto, including financial statements and
schedules, and, if any Initial

 

7

 

Purchaser or any such Holder
requests in writing, all exhibits thereto (including those incorporated by
reference).

 

(f)    The Company shall, during the Shelf Registration
Period, deliver to each Holder of Securities included within the coverage of
the Shelf Registration, without charge, as many copies of the prospectus
(including each preliminary prospectus) included in the Shelf Registration
Statement and any amendment or supplement thereto as such person may reasonably
request in writing.  The Company
consents, subject to the provisions of this Agreement, to the use of the prospectus
or any amendment or supplement thereto by each of the selling Holders of the
Securities in connection with the offering and sale of the Securities covered
by the prospectus, or any amendment or supplement thereto, included in the
Shelf Registration Statement.

 

(g)   The Company shall deliver to each Initial Purchaser,
any Exchanging Dealer, any Participating Broker-Dealer and such other persons
required to deliver a prospectus following the Registered Exchange Offer,
without charge, as many copies of the final prospectus included in the Exchange
Offer Registration Statement and any amendment or supplement thereto as such
persons may reasonably request in writing. 
The Company consents, subject to the provisions of this Agreement, to
the use of the prospectus or any amendment or supplement thereto by any Initial
Purchaser, if necessary, any Participating Broker-Dealer and such other persons
required to deliver a prospectus following the Registered Exchange Offer in
connection with the offering and sale of the Exchange Securities covered by the
prospectus, or any amendment or supplement thereto, included in such Exchange
Offer Registration Statement.

 

(h)   Prior to any public offering of the Securities
pursuant to any Registration Statement the Company shall use its reasonable
best efforts to register or qualify or cooperate with the Holders of the
Securities included therein and their respective counsel in connection with the
registration or qualification of the Securities for offer and sale under the
securities or “blue sky” laws of such states of the United States as any Holder
of the Securities reasonably requests in writing and do any and all other acts
or things reasonably necessary to enable the offer and sale in such
jurisdictions of the Securities covered by such Registration Statement; provided,
however, that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction where it is not then so qualified
or (ii) take any action which would subject it to general service of
process or to taxation in any jurisdiction where it is not then so subject.

 

(i)    The Company shall cooperate with the Holders of the
Securities to facilitate the timely preparation and delivery of certificates
representing the Securities to be sold pursuant to any Registration Statement
free of any restrictive legends and in such denominations and registered in
such names as the Holders may request a reasonable period of time prior to
sales of the Securities pursuant to such Registration Statement.

 

(j)    Upon the occurrence of any event contemplated by
paragraphs (ii) through (v) of Section 3(b) above during the period
for which the Company is required to maintain an effective Registration
Statement, the Company shall promptly prepare and file a post-effective
amendment to the Registration Statement or a supplement to the related

 

8

 

prospectus and any other
required document so that, as thereafter delivered to Holders of the Securities
or purchasers of Securities, the prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.  If the Company notifies the Initial
Purchasers, the Holders of the Securities and any known Participating
Broker-Dealer in accordance with paragraphs (ii) through (v) of
Section 3(b) above to suspend the use of the prospectus until the
requisite changes to the prospectus have been made  as the case may be, then the Initial Purchasers, the Holders of
the Securities and any such Participating Broker-Dealers shall suspend use of
such prospectus (and shall discard or destroy all copies of such prospectus in
its possession, other than file copies), and the period of effectiveness of the
Shelf Registration Statement provided for in Section 2(b) above and the
Exchange Offer Registration Statement provided for in Section 1 above
shall each be extended by the number of days from and including the date of the
giving of such notice to and including the date when the Initial Purchasers,
the Holders of the Securities and any known Participating Broker-Dealer shall
have received such amended or supplemented prospectus pursuant to this
Section 3(j).  Notwithstanding the
foregoing, the Company shall not be required to amend or supplement a
Registration Statement, any related prospectus or any document incorporated
therein by reference for a period not to exceed an aggregate of 60 days in any
calendar year if (i) an event occurs and is continuing as a result of
which the Shelf Registration would, in the Company’s good faith judgment,
contain an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading and
(ii) (A) the Company determines in its good faith judgment that the
disclosure of such event at such time would have a material adverse effect on
the business, operations or prospects of the Company or (B) the disclosure
otherwise relates to a pending material business transaction that has not yet
been publicly disclosed.

 

(k)   Not later than the effective date of the applicable
Registration Statement, the Company will provide a CUSIP number for the Initial
Securities, the Exchange Securities or the Private Exchange Securities, as the
case may be, and provide the applicable trustee with printed certificates for
the Initial Securities, the Exchange Securities or the Private Exchange
Securities, as the case may be, in a form eligible for deposit with The
Depository Trust Company.

 

(l)    The Company will comply with all rules and
regulations of the Commission to the extent and so long as they are applicable
to the Registered Exchange Offer or the Shelf Registration and will make
generally available to its security holders (or otherwise provide in accordance
with Section 11(a) of the Securities Act) an earnings statement satisfying
the provisions of Section 11(a) of the Securities Act, no later than 45
days after the end of a 12-month period (or 90 days, if such period is a fiscal
year) beginning with the first month of the Company’s first fiscal quarter
commencing after the effective date of the Registration Statement, which
statement shall cover such 12-month period.

 

(m)  The Company may require each Holder of Securities to
be sold pursuant to the Shelf Registration Statement to furnish to the Company
such information regarding the

 

9

 

Holder and the distribution of
the Securities as the Company may from time to time reasonably require for
inclusion in the Shelf Registration Statement, and the Company may exclude from
such registration the Securities of any Holder that fails to furnish such
information within a reasonable time after receiving such request.

 

(n)   The Company shall enter into such customary
agreements (including, if requested, an underwriting agreement in customary
form) and take all such other action, if any, as the Holders of a majority of
the Securities to be included in the Shelf Registration Statement shall
reasonably request in order to facilitate the disposition of the Securities
pursuant to any Shelf Registration.

 

(o)   In the case of any Shelf Registration, the Company
shall (i) make reasonably available for inspection by the Holders of the
Securities, any underwriter participating in any disposition pursuant to the
Shelf Registration Statement and any attorney, accountant or other agent
retained by the Holders of the Securities or any such underwriter all relevant
financial and other records, pertinent corporate documents and properties of
the Company and (ii) cause the Company’s officers, directors, employees,
accountants and auditors to supply all relevant information reasonably
requested by the Holders of the Securities or any such underwriter, attorney,
accountant or agent in connection with the Shelf Registration Statement, in
each case, as shall be reasonably necessary to enable such persons, to conduct
a reasonable investigation within the meaning of Section 11 of the
Securities Act; provided, however, that the foregoing inspection
and information gathering shall be coordinated on behalf of the Initial
Purchasers by you and on behalf of the other parties, by one counsel designated
by and on behalf of such other parties as described in Section 4
hereof.  All such information shall be
kept confidential by the recipients pursuant to a customary confidentiality
agreement to be entered into by such recipient prior to releasing any such
information.

 

(p)   In the case of any Shelf Registration, the Company,
if requested by any Holder of Securities covered thereby, shall cause
(i) its counsel to deliver an opinion and updates thereof relating to the
Securities in customary form addressed to such Holders and the managing
underwriters, if any, thereof and dated, in the case of the initial opinion,
the effective date of such Shelf Registration Statement, which opinions shall
cover matters customarily addressed in opinions requested by underwriters in
connection with underwritten offerings; (ii) its officers to execute and
deliver all customary documents and certificates and updates thereof reasonably
requested by any underwriters of the applicable Securities and (iii) its
independent public accountants to provide to the selling Holders of the
applicable Securities and any managing underwriter therefor a comfort letter in
customary form and covering matters of the type customarily covered in comfort
letters in connection with primary underwritten offerings, subject to receipt
of appropriate documentation as contemplated, and only if permitted, by
Statement of Auditing Standards No. 72.

 

(q)   In the case of the Registered Exchange Offer, if
requested by any Initial Purchaser, the Company shall cause (i) its
counsel to deliver to such Initial Purchaser a signed opinion, in customary
form, in connection with the preparation of a Registration Statement and (ii)
its independent public accountants to deliver to such Initial Purchaser a

 

10

 

comfort letter, in customary
form, meeting the requirements as to the substance thereof as set forth in
Section 6(a) of the Purchase Agreement, with appropriate date changes.

 

(r)    If a Registered Exchange Offer or a Private
Exchange is to be consummated, upon delivery of the Initial Securities by
Holders to the Company (or to such other Person as directed by the Company) in
exchange for the Exchange Securities or the Private Exchange Securities, as the
case may be, the Company shall mark, or caused to be marked, on the Initial
Securities so exchanged that such Initial Securities are being canceled in
exchange for the Exchange Securities or the Private Exchange Securities, as the
case may be; in no event shall the Initial Securities be marked as paid or
otherwise satisfied.

 

(s)   The Company will use its reasonable best efforts to
confirm that the ratings of the Initial Securities will apply to the Securities
covered by a Registration Statement, if so requested by Holders of a majority
in aggregate principal amount of Securities covered by such Registration
Statement, or by the managing underwriters, if any.

 

(t)    In the event that any broker-dealer registered
under the Exchange Act shall underwrite any Securities or participate as a
member of an underwriting syndicate or selling group or “assist in the
distribution” (within the meaning of the Conduct Rules (the “Rules”) of the National Association of
Securities Dealers, Inc. (“NASD”))
thereof, whether as a Holder of such Securities or as an underwriter, a
placement or sales agent or a broker or dealer in respect thereof, or
otherwise, the Company will assist such broker-dealer in complying with the
requirements of such Rules, including, without limitation, by (i) if such
Rules, including Rule 2720, shall so require, engaging a “qualified
independent underwriter” (as defined in Rule 2720) to participate in the
preparation of the Registration Statement relating to such Securities, to
exercise usual standards of due diligence in respect thereto and, if any
portion of the offering contemplated by such Registration Statement is an
underwritten offering or is made through a placement or sales agent, to
recommend the yield of such Securities, (ii) indemnifying any such qualified
independent underwriter to the extent of the indemnification of underwriters
provided in Section 5 hereof and (iii) providing such information to such
broker-dealer as may be required in order for such broker-dealer to comply with
the requirements of the Rules.

 

(u)   The Company shall use its reasonable best efforts to
take all other steps necessary to effect the registration of the Securities
covered by a Registration Statement contemplated hereby.

 

4.     Registration Expenses.

 

(a)   All expenses incident to the
Company’s performance of and compliance with this Agreement (other than any
underwriting discounts or commissions or other such customary selling expenses)
will be borne by the Company, regardless of whether a Registration Statement is
ever filed or becomes effective, including without limitation;

 

(i)    all registration and filing
fees and expenses;

 

11

 

(ii)   all fees and expenses of
compliance with federal securities and state “blue sky” or securities laws;

 

(iii)  all expenses of printing
(including printing certificates for the Securities to be issued in the
Registered Exchange Offer and the Private Exchange and printing of
Prospectuses), messenger and delivery services and telephone;

 

(iv)  all fees and disbursements of
counsel for the Company;

 

(v)   all application and filing fees
in connection with listing the Exchange Securities on a national securities
exchange or automated quotation system pursuant to the requirements hereof; and

 

(vi)  all fees and disbursements of
independent certified public accountants of the Company (including the expenses
of any special audit and comfort letters required by or incident to such
performance).

 

The Company will bear its internal expenses
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expenses of any annual
audit and the fees and expenses of any person, including special experts,
retained by the Company.

 

(b)   In connection with any Registration
Statement required by this Agreement, the Company will reimburse the Initial
Purchasers and the Holders of Transfer Restricted Securities who are tendering
Initial Securities in the Registered Exchange Offer or selling or reselling
Securities pursuant to the “Plan of Distribution” contained in the Exchange
Offer Registration Statement or the Shelf Registration Statement, as
applicable, for the reasonable fees and disbursements not to exceed $25,000 of
not more than one counsel, who shall be Cravath, Swaine & Moore, LLP unless
another firm shall be chosen by the Holders of a majority in principal amount
of the Transfer Restricted Securities for whose benefit such Registration
Statement is being prepared.

 

5.     Indemnification.

 

(a)   The Company will indemnify and
hold harmless each Holder of the Securities, any Participating Broker-Dealer
and each person, if any, who controls such Holder or such Participating
Broker-Dealer within the meaning of the Securities Act or the Exchange Act
(each Holder, any Participating Broker-Dealer and such controlling persons are
referred to collectively as the “Indemnified
Parties”) from and against any losses, claims, damages or
liabilities, joint or several, or any actions in respect thereof (including,
but not limited to, any losses, claims, damages, liabilities or actions
relating to purchases and sales of the Securities) to which each Indemnified
Party may become subject under the Securities Act, the Exchange Act or
otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in a Registration Statement or prospectus or in
any amendment or supplement thereto or in any preliminary prospectus relating
to a Shelf Registration, or arise out of, or are based upon, the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein in light of the circumstances in
which they were made not misleading, and 

 

12

 

shall reimburse, as incurred, the Indemnified
Parties for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage,
liability or action in respect thereof; provided, however, that
(i) the Company shall not be liable in any such case to the extent that such
loss, claim, damage or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to a Shelf Registration in reliance
upon and in conformity with written information pertaining to such Holder and
furnished to the Company by or on behalf of such Holder specifically for
inclusion therein, (ii) with respect to any untrue statement or omission or
alleged untrue statement or omission made in any preliminary prospectus relating
to a Shelf Registration Statement, the indemnity agreement contained in this
subsection (a) shall not inure to the benefit of any Holder or
Participating Broker-Dealer from whom the person asserting any such losses,
claims, damages or liabilities purchased the Securities concerned, to the
extent that a prospectus relating to such Securities was required to be
delivered by such Holder or Participating Broker-Dealer under the Securities
Act in connection with such purchase and any such loss, claim, damage or
liability of such Holder or Participating Broker-Dealer results from the fact
that there was not sent or given to such person, at or prior to the written
confirmation of the sale of such Securities to such person, a copy of the final
prospectus if the Company had previously furnished copies thereof to such
Holder or Participating Broker-Dealer and (iii) the Company shall not be
liable in any such case to the extent such loss, claim, damage or liability
directly results from any prospectus delivered by any Holder or Participating
Broker-Dealer during a Suspension Period, but only if such Holder or
Participating Broker-Dealer received proper notice of such Suspension Period as
required by this Agreement; provided further, however,
that this indemnity agreement will be in addition to any liability which the
Company may otherwise have to such Indemnified Party.  The Company shall also indemnify underwriters, their officers and
directors and each person who controls such underwriters within the meaning of
the Securities Act or the Exchange Act to the same extent as provided above
with respect to the indemnification of the Holders of the Securities if
requested by such Holders.

 

(b)   Each Holder of the Securities,
severally and not jointly, will indemnify and hold harmless the Company, its
officers and directors and each person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act from and against any
losses, claims, damages or liabilities or any actions in respect thereof, to
which the Company, its officers and directors or any such controlling person
may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such losses, claims, damages, liabilities or actions arise out of or
are based upon any untrue statement or alleged untrue statement of a material
fact contained in a Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus relating to a Shelf
Registration, or arise out of or are based upon the omission or alleged
omission to state therein a material fact necessary to make the statements
therein not misleading, but in each case only to the extent that the untrue
statement or omission or alleged untrue statement or omission was made in reliance
upon and in conformity with written information pertaining to such Holder and
furnished to the Company by or on behalf of such Holder specifically for
inclusion therein; and, subject to the limitation set forth immediately
preceding this clause, shall reimburse, as incurred, the Company for any legal
or other expenses reasonably incurred by the Company or any such controlling
person in connection with investigating or defending any loss, claim, damage,
liability or action in respect thereof. 
This

 

13

 

indemnity agreement will be in addition to any liability which such
Holder may otherwise have to the Company or any of its controlling persons.

 

(c)   Promptly after receipt by an
indemnified party under this Section 5 of notice of the commencement of
any action or proceeding (including a governmental investigation), such
indemnified party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section 5, notify in writing the
indemnifying party of the commencement thereof; but the failure to notify the
indemnifying party will not, in any event, relieve it from any liability that
it may have under subsection (a) or (b) above except to the extent that it
has been materially prejudiced (through the forfeiture of substantive rights or
defenses or otherwise) by such failure; and provided further that the failure
to notify the indemnifying party shall not relieve it from any liability that
it may have to an indemnified party otherwise than under subsection (a) or
(b) above.  In case any such action is
brought against any indemnified party, and it notifies the indemnifying party
of the commencement thereof, the indemnifying party will be entitled to
participate therein and, to the extent that it may wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the indemnified
party in connection with such suit or the transactions giving rise to such
suit), and after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof the indemnifying party will
not be liable to such indemnified party under this Section 5 for any legal
or other expenses, other than reasonable costs of investigation, subsequently
incurred by such indemnified party in connection with the defense thereof.  No indemnifying party shall, without the
prior written consent of the indemnified party, which consent shall not be
unreasonably withheld or delayed, effect any settlement of any pending or
threatened action in respect of which any indemnified party is or could have
been a party and indemnity could have been sought hereunder by such indemnified
party unless such settlement (i) includes an unconditional release of such
indemnified party from all liability on any claims that are the subject matter
of such action, and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified
party.

 

(d)   If the indemnification provided
for in this Section 5 is unavailable or insufficient to hold harmless an
indemnified party under subsections (a) or (b) above, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party
as a result of the losses, claims, damages or liabilities (or actions in
respect thereof) referred to in subsection (a) or (b) above in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party or parties on the one hand and the indemnified party on the other in
connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities (or actions in respect thereof) as well as any
other relevant equitable considerations. 
The relative fault of the parties shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company on the one hand or such Holder
or such other indemnified party, as the case may be, on the other, and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. 
The amount paid by an indemnified party as a result of the losses,
claims, damages or liabilities referred to in the first sentence of this
subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any action or claim which is the subject of this
subsection (d).  Notwithstanding
any

 

14

 

other provision of this Section 5(d),
the Holders of the Securities shall not be required to contribute any amount in
excess of the amount by which the net proceeds received by such Holders from
the sale of the Securities pursuant to a Registration Statement exceeds the
amount of damages which such Holders have otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission.  No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation.  For
purposes of this paragraph (d), each person, if any, who controls such
indemnified party within the meaning of the Securities Act or the Exchange Act
shall have the same rights to contribution as such indemnified party and each
director and officer and each person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as the Company.

 

(e)   The agreements contained in
this Section 5 shall survive the sale of the Securities pursuant to a
Registration Statement and shall remain in full force and effect, regardless of
any termination or cancelation of this Agreement or any investigation made by
or on behalf of any indemnified party.

 

6.     Additional Interest Under Certain
Circumstances.

 

(a)   Additional interest (the “Additional Interest”) with respect to the
Securities shall be assessed, subject to Section 6(b) hereof, as follows
if any of the following events occur (each such event in clauses (i) through
(iv) below being herein called a “Registration
Default”):

 

(i)    any Registration Statement
required by this Agreement is not filed with the Commission on or prior to the
applicable Filing Deadline;

 

(ii)   any Registration Statement
required by this Agreement is not declared effective by the Commission on or
prior to the applicable Effectiveness Deadline;

 

(iii)  the Registered Exchange Offer
has not been consummated on or prior to the Consummation Deadline; or

 

(iv)  any Registration Statement
required by this Agreement has been declared effective by the Commission but
(A) such Registration Statement thereafter ceases to be effective or (B) such
Registration Statement or the related prospectus ceases to be usable in
connection with resales of Transfer Restricted Securities during the periods
specified herein because either (1) any event occurs as a result of which the
related prospectus forming part of such Registration Statement would include
any untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein in the light of the circumstances
under which they were made not misleading, or (2) it shall be necessary to
amend such Registration Statement or supplement the related prospectus, to
comply with the Securities Act or the Exchange Act or the respective rules
thereunder.

 

15

 

Each of the foregoing will constitute a
Registration Default whatever the reason for any such event and whether it is
voluntary or involuntary or is beyond the control of the Company or pursuant to
operation of law or as a result of any action or inaction by the Commission.

 

Additional Interest shall accrue on the
Securities over and above the interest set forth in the title of the Securities
from and including the date on which any such Registration Default shall occur
to but excluding the date on which all such Registration Defaults have been
cured, at a rate of 0.25% per annum (the “Additional
Interest Rate”) for the first 90-day period immediately following
the occurrence of such Registration Default. 
The Additional Interest Rate shall increase by an additional 0.25% per
annum with respect to each subsequent 90-day period until all Registration
Defaults have been cured, up to a maximum Additional Interest Rate of 1.0% per
annum.  Notwithstanding any provisions
herein to the contrary, if a Registered Exchange Offer has been consummated,
Additional Interest shall not accrue on any Security that is no longer a
Transfer Restricted Security.

 

(b)   A Registration Default referred
to in Section 6(a)(iv) hereof shall be deemed not to have occurred and be
continuing in relation to a Shelf Registration Statement or the related
prospectus if (i) such Registration Default has occurred solely as a result of
(x) the filing of a post-effective amendment to such Shelf Registration
Statement to incorporate annual audited financial information with respect to
the Company where such post-effective amendment is not yet effective and needs
to be declared effective to permit Holders to use the related prospectus or (y)
other material events, with respect to the Company that would need to be described
in such Shelf Registration Statement or the related prospectus and (ii) in the
case of clause (y), the Company is proceeding promptly and in good faith to
amend or supplement such Shelf Registration Statement and related prospectus to
describe such events; provided, however, that in any case if such
Registration Default occurs for a continuous period in excess of 60 days,
Additional Interest shall be payable in accordance with the above paragraph
from the day such Registration Default occurs until such Registration Default
is cured or until the Company is no longer required pursuant to this Agreement
to keep such Registration Statement or related prospectus in effect.

 

(c)   Any amounts of Additional
Interest due pursuant to Section 6(a) will be payable in cash on the
regular interest payment dates with respect to the Securities.  The amount of Additional Interest will be
determined by multiplying the applicable Additional Interest Rate by the
principal amount of the Securities and further multiplied by a fraction, the
numerator of which is the number of days such Additional Interest Rate was
applicable during such period (determined on the basis of a 360-day year
comprised of twelve 30-day months), and the denominator of which is 360.

 

(d)   “Transfer Restricted Securities” means each Security until (i)
the date on which such Security has been exchanged by a person other than a
broker-dealer for a freely transferable Exchange Security in the Registered
Exchange Offer, (ii) following the exchange by a broker-dealer in the
Registered Exchange Offer of an Initial Security for an Exchange Security, the
date on which such Exchange Security is sold to a purchaser who receives from
such broker-dealer on or prior to the date of such sale a copy of the prospectus
contained in the Exchange Offer Registration Statement, (iii) the date on which
such Security has been effectively registered under the Securities Act and
disposed of in accordance with the Shelf Registration Statement or

 

16

 

(iv) the date on which such Security is distributed to the public
pursuant to Rule 144 under the Securities Act or is saleable pursuant to Rule
144(k) under the Securities Act.

 

7.     Rules 144 and 144A. 
The Company shall use its reasonable best efforts to file the reports
required to be filed by it under the Securities Act and the Exchange Act in a
timely manner and, if at any time the Company is not required to file such
reports, it will, upon the written request of any Holder of Securities, make
publicly available other information so long as necessary to permit sales of
their securities pursuant to Rules 144 and 144A.  The Company covenants that it will take such further action as
any Holder of Securities may reasonably request in writing, all to the extent
required from time to time to enable such Holder to sell Securities without
registration under the Securities Act within the limitation of the exemptions
provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)).
 The Company will provide a copy of this
Agreement to prospective purchasers of Initial Securities identified to the
Company by the Initial Purchasers upon request.  If the Company ceases to be a reporting company under the
Exchange Act, upon the request of any Holder of Initial Securities, the Company
shall deliver to such Holder a written statement as to whether it has complied
with such requirements.  Notwithstanding
the foregoing, nothing in this Section 7 shall be deemed to require the
Company to register any of its securities pursuant to the Exchange Act.

 

8.     Underwritten Registrations. 
If any of the Transfer Restricted Securities covered by any Shelf
Registration are to be sold in an underwritten offering, the investment banker
or investment bankers and manager or managers that will administer the offering
(“Managing Underwriters”) will be
selected by the Holders of a majority in aggregate principal amount of such
Transfer Restricted Securities to be included in such offering and reasonably
acceptable to the Company.

 

No person may participate in any underwritten
registration hereunder unless such person (i) agrees to sell such person’s
Transfer Restricted Securities on the basis reasonably provided in any
underwriting arrangements approved by the persons entitled hereunder to approve
such arrangements and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements.

 

9.     Miscellaneous.

 

(a)   Remedies.  The Company acknowledges and agrees that any
failure by the Company to comply with its obligations under Section 1 and
2 hereof may result in material irreparable injury to the Initial Purchasers or
the Holders for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchasers or any Holder may obtain such
relief as may be required to specifically enforce the Company’s obligations
under Sections 1 and 2 hereof.  The
Company further agrees to waive the defense in any action for specific
performance that a remedy at law would be adequate.  Notwithstanding the foregoing, the Additional Interest is
intended to constitute the sole monetary damages that a Holder may collect as a
result of any Registration Default.

 

17

 

(b)   No Inconsistent Agreements.  The Company will not on or after the date of
this Agreement enter into any agreement with respect to its securities that is
inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof.  The rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders
of the Company’s securities under any agreement in effect on the date hereof.

 

(c)   Amendments and Waivers.  The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, except by the Company and the written
consent of the Holders of a majority in principal amount of the Securities
affected by such amendment, modification, supplement, waiver or consents.  Without the consent of the Holder of each
Security, however, no modification may change the provisions relating to the
payment of Additional Interest.

 

(d)   Notices.  All notices and other communications
provided for or permitted hereunder shall be made in writing by hand delivery,
first-class mail, facsimile transmission, or air courier which guarantees
overnight delivery:

 

(1)  if to a Holder
of the Securities, at the most current address given by such Holder to the
Company.

 

(2)  if to the Initial Purchasers:

 

Credit Suisse First Boston LLC

Eleven Madison Avenue

New York, NY 10010-3629

Fax No.:  (212) 325-8278

Attention:  Transactions Advisory Group

 

with a copy to:

 

Cravath, Swaine & Moore LLP

825 Eighth Avenue

Worldwide Plaza

New York, NY 10019-7475

Fax No.:  (212) 474-3700

Attention: George A.
Stephanakis, Esq.

 

18

 

(3) if to the Company:

 

AmeriPath, Inc.

7289 Garden Road

Suite 200

Riviera Beach, FL 33404

Fax No.:  (561) 845-0129

Attention:  Chief Financial Officer

 

with copies to:

 

Welsh, Carson, Anderson &
Stowe IX, L.P.

320 Park Avenue

Suite 2500

New York, NY 10022

Fax No.:  (212) 893-9566

Attention:  Paul B. Queally

D. Scott Mackesy

and

 

Ropes & Gray LLP

45 Rockefeller Plaza

New York, NY 10111

Fax No.:  (212) 841-5725

Attention:  Steven Rutkovsky, Esq.

 

All such notices and communications shall be
deemed to have been duly given as follows: 
at the time delivered by hand, if personally delivered; three business
days after being deposited in the mail, postage prepaid, if mailed; when
receipt is acknowledged by recipient’s facsimile machine operator, if sent by
facsimile transmission; and on the day delivered, if sent by overnight air
courier guaranteeing next day delivery.

 

(e)   Third Party Beneficiaries.  The Holders shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the Initial Purchasers, on the other hand, and shall have the right
to enforce such agreements directly to the extent they may deem such
enforcement necessary or advisable to protect their rights or the rights of
Holders hereunder.

 

(f)    Successors and Assigns.  This Agreement shall be binding upon the
Company and its successors and assigns.

 

(g)   Counterparts.  This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

 

(h)   Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

 

19

 

(i)    Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

(j)    Severability.  If any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

 

(k)   Securities Held by the Company.  Whenever the consent or approval of Holders
of a specified percentage of principal amount of Securities is required
hereunder, Securities held by the Company or its affiliates (other than
subsequent Holders of Securities if such subsequent Holders are deemed to be
affiliates solely by reason of their holdings of such Securities) shall not be
counted in determining whether such consent or approval was given by the
Holders of such required percentage.

 

(l)    Submission to Jurisdiction; Waiver of
Immunities.  Each of the
parties hereto hereby submits to the non-exclusive jurisdiction of the Federal
and state courts in the Borough of Manhattan in The City of New York in any
suit or proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.  To
the extent that any such party may acquire any immunity from jurisdiction of
any court or from any legal process (whether through service of notice,
attachment prior to judgment, attachment in aid of execution, execution or
otherwise) with respect to itself or its property, it hereby irrevocably waives
such immunity in respect of this Agreement, to the fullest extent permitted by
law.

 

20

 

If the foregoing is in accordance with your
understanding of our agreement, please sign and return to the Company a
counterpart hereof, whereupon this instrument, along with all counterparts,
will become a binding agreement among the several Initial Purchasers, the
Company and the Guarantors in accordance with its terms.

 

	
   

  	
   

  	
  VERY TRULY YOURS,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AMERIPATH, INC.,

  
	
   

  	
   

  	
   

  

 

	
   

  	
  by

  	
   

  
	
   

  	
   

  	
  /s/ DAVID L. REDMOND

  	
   

  
	
   

  	
   

  	
  Name: David
  L. Redmond

  
	
   

  	
   

  	
  Title:
  Executive Vice President and CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3-GEN DIAGNOSTIC LABORATORIES, INC.

  (a Utah corporation)

  
	
   

  	
   

  	
  AMERIPATH 5.01(a) CORPORATION

  (a Texas not-for-profit corporation)

  
	
   

  	
   

  	
  AMERIPATH CINCINNATI, INC.

  (an Ohio corporation)

  
	
   

  	
   

  	
  AMERIPATH CLEVELAND, INC.

  (an Ohio corporation)

  
	
   

  	
   

  	
  AMERIPATH CONSOLIDATED LABS, INC.

  (a Florida corporation)

  
	
   

  	
   

  	
  AMERIPATH KENTUCKY, INC.

  (a Kentucky corporation)

  
	
   

  	
   

  	
  AMERIPATH LUBBOCK 5.01(a) CORPORATION

  (a Texas not-for-profit corporation)

  
	
   

  	
   

  	
  AMERIPATH MARKETING USA, INC.

  (a Florida corporation)

  
	
   

  	
   

  	
  AMERIPATH MICHIGAN, INC.

  (a Michigan corporation)

  
	
   

  	
   

  	
  AMERIPATH MISSISSIPPI, INC.

  (a Mississippi corporation)

  
	
   

  	
   

  	
  AMERIPATH NEW ENGLAND, INC.

  (a Delaware corporation)

  
	
   

  	
   

  	
  AMERIPATH NORTH CAROLINA, INC.

  (a North Carolina corporation)

  

 

21

 

	
   

  	
   

  	
  AMERIPATH OHIO, INC.

  (a Delaware corporation)

  
	
   

  	
   

  	
  AMERIPATH PAT 5.01(a) CORPORATION

  (a Texas not-for-profit corporation)

  
	
   

  	
   

  	
  AMERIPATH PCC, INC.

  (an Ohio corporation)

  
	
   

  	
   

  	
  AMERIPATH PHILADELPHIA, INC.

  (a New Jersey corporation)

  
	
   

  	
   

  	
  AMERIPATH SC, INC.

  (a South Carolina corporation)

  
	
   

  	
   

  	
  AMERIPATH SEVERANCE 5.01(a) CORPORATION

  (a Texas not-for-profit corporation)

  
	
   

  	
   

  	
  AMERIPATH YOUNGSTOWN LABS, INC.

  (an Ohio corporation)

  
	
   

  	
   

  	
  AMERIPATH YOUNGSTOWN, INC.

  (an Ohio corporation)

  
	
   

  	
   

  	
  ANATOMIC PATHOLOGY SERVICES, INC.

  (an Oklahoma corporation)

  
	
   

  	
   

  	
  ARIZONA PATHOLOGY GROUP, INC.

  (an Arizona corporation)

  
	
   

  	
   

  	
  ARLINGTON PATHOLOGY ASSOCIATION 5.01(a) CORPORATION

  (a Texas not-for-profit corporation)

  
	
   

  	
   

  	
  CPA I, INC.

  (a Tennessee corporation)

  
	
   

  	
   

  	
  CPA II, INC.

  (a Tennessee corporation)

  
	
   

  	
   

  	
  DERMATOPATHOLOGY SERVICES, INC.

  (an Alabama corporation)

  
	
   

  	
   

  	
  DFW 5.01(a) CORPORATION

  (a Texas not-for-profit corporation)

  
	
   

  	
   

  	
  KAILASH B. SHARMA, M.D., INC.

  (a Georgia corporation)

  
	
   

  	
   

  	
  NAPA 5.01(a) CORPORATION

  (a Texas not-for-profit corporation)

  
	
   

  	
   

  	
  OCMULGEE MEDICAL PATHOLOGY ASSOCIATION, INC.

  (a Georgia corporation)

  
	
   

  	
   

  	
  PCA OF COLUMBUS, INC.

  (a Tennessee corporation)

  

 

22

 

	
   

  	
   

  	
  PCA OF DENVER, INC.

  (a Tennessee corporation)

  
	
   

  	
   

  	
  PCA OF LOS GATOS, INC.

  (a Tennessee corporation)

  
	
   

  	
   

  	
  PCA OF MEMPHIS, INC.

  (a Tennessee corporation)

  
	
   

  	
   

  	
  PCA OF NASHVILLE, INC.

  (a Tennessee corporation)

  
	
   

  	
   

  	
  PCA OF ST. LOUIS II, INC.

  (a Tennessee corporation)

  
	
   

  	
   

  	
  PCA SOUTHEAST II, INC.

  (a Tennessee corporation)

  
	
   

  	
   

  	
  PETER G. KLACSMANN, M.D., INC.

  (a Georgia corporation)

  
	
   

  	
   

  	
  SHARON G. DASPIT, M.D., INC.

  (a Georgia corporation)

  
	
   

  	
   

  	
  SHOALS PATHOLOGY ASSOCIATES, INC.

  (an Alabama corporation)

  
	
   

  	
   

  	
  SIMPSON PATHOLOGY 5.01(a) CORPORATION

  (a Texas not-for-profit corporation)

  
	
   

  	
   

  	
  STRIGEN, INC.

  (a Utah corporation)

  
	
   

  	
   

  	
  TID ACQUISITION CORP.

  (a Delaware corporation)

  
	
   

  	
   

  	
  TXAR 5.01(a) CORPORATION

  (a Texas not-for-profit corporation)

  
	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
  By:

  	
  /s/ DAVID L. REDMOND

  	
   

  
	
   

  	
   

  	
   

  	
  Name: David L. Redmond

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

23

 

	
   

  	
   

  	
  AMERIPATH FLORIDA, LLC

  (a Delaware limited liability company)

  
	
   

  	
   

  	
  AMERIPATH INDIANA, LLC

  (an Indiana limited liability company)

  
	
   

  	
   

  	
  AMERIPATH NEW YORK, LLC

  (a Delaware limited liability company)

  
	
   

  	
   

  	
  AMERIPATH PENNSYLVANIA, LLC

  (a Pennsylvania limited liability company)

  
	
   

  	
   

  	
  AMERIPATH WISCONSIN, LLC

  (a Wisconsin limited liability company)

  
	
   

  	
   

  	
  DIAGNOSTIC PATHOLOGY MANAGEMENT

  SERVICES, LLC

  (an Oklahoma limited liability company)

  
	
   

  	
   

  	
  O’QUINN MEDICAL PATHOLOGY

  ASSOCIATION, LLC

  (a Georgia limited liability company)

  

 

 

	
   

  	
   

  	
  By:

  	
  AmeriPath, Inc.,

  
	
   

  	
   

  	
   

  	
  its Managing Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ DAVID L. REDMOND

  	
   

  
	
   

  	
   

  	
   

  	
  Name: David L. Redmond

  
	
   

  	
   

  	
   

  	
  Title: Executive Vice President and CFO

  

 

24

 

	
   

  	
   

  	
  AMERIPATH, LLC

  (a Delaware limited liability company)

  
	
   

  	
   

  	
  API NO. 2, LLC

  (a Delaware limited liability company)

  
	
   

  	
   

  	
  ROCKY MOUNTAIN PATHOLOGY, L.L.C.

  (a Utah limited liability company)

  

 

	
   

  	
   

  	
  By:

  	
  /s/ DAVID L. REDMOND

  	
   

  
	
   

  	
   

  	
   

  	
  Name: David L. Redmond

  
	
   

  	
   

  	
   

  	
  Title: Sole Manager

  

 

25

 

	
   

  	
   

  	
  REGIONAL PATHOLOGY CONSULTANTS, LLC

  (a Utah limited liability company)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Strigen, Inc.,

  
	
   

  	
   

  	
   

  	
  its Managing Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ DAVID L. REDMOND

  	
   

  
	
   

  	
   

  	
   

  	
  Name: David L. Redmond

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

26

 

	
   

  	
   

  	
  AMERIPATH TEXAS, LP

  (a Delaware limited partnership)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  AmeriPath, LLC,

  
	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ DAVID L. REDMOND

  	
   

  
	
   

  	
   

  	
   

  	
  Name: David L. Redmond

  
	
   

  	
   

  	
   

  	
  Title: Sole Manager

  

 

27

 

	
   

  	
   

  	
  COLUMBUS PATHOLOGY ASSOCIATES

  (a Mississippi general partnership)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  CPA I, Inc.,

  
	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ DAVID L. REDMOND

  	
   

  
	
   

  	
   

  	
   

  	
  Name: David L. Redmond

  
	
   

  	
   

  	
   

  	
  Title: Executive Vice President and CFO

  

 

28

 

	
   

  	
   

  	
  NUCLEAR MEDICINE AND PATHOLOGY ASSOCIATES

  (a Georgia general partnership)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Peter G. Klacsmann, M.D., Inc.,

  
	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ DAVID L. REDMOND

  	
   

  
	
   

  	
   

  	
   

  	
  Name: David L. Redmond

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

29

 

	
  The foregoing Registration Rights Agreement
  is hereby confirmed and accepted as of the date first above written.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CREDIT SUISSE FIRST BOSTON LLC,

  as representative for the Initial Purchasers,

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

	
  By:

  	
  /s/ CRAIG CALLEN

  	
   

  
	
   

  	
  Name: Craig Callen

  
	
   

  	
  Title: Managing Director

  

 

30

 

ANNEX A

 

Each broker-dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities.  The Letter of Transmittal states that by so
acknowledging and by delivering a prospectus, a broker-dealer will not be
deemed to admit that it is an “underwriter” within the meaning of the
Securities Act.  This Prospectus, as it
may be amended or supplemented from time to time, may be used by a broker-dealer
in connection with resales of Exchange Securities received in exchange for
Initial Securities where such Initial Securities were acquired by such
broker-dealer as a result of market-making activities or other trading
activities.  The Company has agreed
that, for a period of 180 days after the Expiration Date (as defined herein),
it will make this Prospectus available to any broker-dealer for use in
connection with any such resale.  See
“Plan of Distribution.”

 

 

ANNEX B

 

Each broker-dealer that receives Exchange
Securities for its own account in exchange for Initial Securities, where such
Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities, must acknowledge that it
will deliver a prospectus in connection with any resale of such Exchange
Securities.  See “Plan of Distribution.”

 

 

ANNEX C

 

PLAN OF DISTRIBUTION

 

Each broker-dealer that receives Exchange
Securities for its own account pursuant to the Exchange Offer must acknowledge that
it will deliver a prospectus in connection with any resale of such Exchange
Securities.  This Prospectus, as it may
be amended or supplemented from time to time, may be used by a broker-dealer in
connection with resales of Exchange Securities received in exchange for Initial
Securities where such Initial Securities were acquired as a result of
market-making activities or other trading activities.  The Company has agreed that, for a period of 180 days after the Expiration
Date, it will make this prospectus, as amended or supplemented, available to
any broker-dealer for use in connection with any such resale.  In addition, until  , 200 , all dealers effecting transactions in the Exchange
Securities may be required to deliver a prospectus.(1)

 

The Company will not receive any proceeds
from any sale of Exchange Securities by broker-dealers.  Exchange Securities received by
broker-dealers for their own account pursuant to the Exchange Offer may be sold
from time to time in one or more transactions in the over-the-counter market,
in negotiated transactions, through the writing of options on the Exchange
Securities or a combination of such methods of resale, at market prices
prevailing at the time of resale, at prices related to such prevailing market
prices or negotiated prices.  Any such
resale may be made directly to purchasers or to or through brokers or dealers
who may receive compensation in the form of commissions or concessions from any
such broker-dealer or the purchasers of any such Exchange Securities.  Any broker-dealer that resells Exchange
Securities that were received by it for its own account pursuant to the
Exchange Offer and any broker or dealer that participates in a distribution of
such Exchange Securities may be deemed to be an “underwriter” within the
meaning of the Securities Act and any profit on any such resale of Exchange
Securities and any commission or concessions received by any such persons may
be deemed to be underwriting compensation under the Securities Act.  The Letter of Transmittal states that, by
acknowledging that it will deliver and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an “underwriter” within
the meaning of the Securities Act.

 

For a period of 180 days after the Expiration
Date the Company will promptly send additional copies of this Prospectus and
any amendment or supplement to this Prospectus to any broker-dealer that
requests such documents in the Letter of Transmittal.  The Company has agreed to pay all expenses incident to the Exchange
Offer (including the expenses of one counsel for the Holders of the Securities)
other than commissions or concessions of any brokers or dealers and will
indemnify the Holders of the Securities (including any broker-dealers) against
certain liabilities, including liabilities under the Securities Act.

 

In
addition, the legend required by Item 502(e) of Regulation S-K will appear
on the inside front cover page of the Exchange Offer prospectus below the Table
of Contents.

 

 

o            CHECK HERE IF YOU ARE A
BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10
COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

 

Name:

Address:

 

If the undersigned is not a broker-dealer,
the undersigned represents that it is not engaged in, and does not intend to
engage in, a distribution of Exchange Securities.  If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Initial Securities that were
acquired as a result of market-making activities or other trading activities,
it acknowledges that it will deliver a prospectus in connection with any resale
of such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an “underwriter”
within the meaning of the Securities Act.

 

 

Subsidiary Guarantors

 

 

Name of Entity

3-Gen Diagnostic Laboratories, Inc.

AmeriPath
5.01(a) Corporation

AmeriPath
Cincinnati, Inc.

AmeriPath
Cleveland, Inc.

AmeriPath Consolidated Labs, Inc.

AmeriPath
Florida, LLC

AmeriPath
Indiana, LLC

AmeriPath
Kentucky, Inc.

AmeriPath
Lubbock 5.01(a) Corporation

AmeriPath
Marketing USA, Inc.

AmeriPath
Michigan, Inc.

AmeriPath
Mississippi, Inc.

AmeriPath
New England, Inc.

AmeriPath
New York, LLC

AmeriPath
North Carolina, Inc.

AmeriPath
Ohio, Inc.

AmeriPath
PAT 5.01(a) Corporation

AmeriPath
PCC, Inc.

AmeriPath
Pennsylvania, LLC

AmeriPath
Philadelphia, Inc.

 

 

Name of Entity

AmeriPath
SC, Inc.

AmeriPath Severance 5.01(a) Corporation

AmeriPath
Texas, LP

AmeriPath
Youngstown Labs, Inc.

AmeriPath
Youngstown, Inc.

AmeriPath,
LLC

AmeriPath
Wisconsin, LLC

Anatomic
Pathology Services, Inc.

API
No. 2., LLC

Arizona Pathology Group, Inc.

Arlington
Pathology Association 5.01(a) Corporation

Columbus
Pathology Associates

CPA
I, Inc.

CPA
II, Inc.

Dermatopathology
Services, Inc.

DFW
5.01(a) Corporation

Diagnostic
Pathology Management Services, LLC

Kailash B. Sharma, M.D., Inc.

NAPA
5.01(a) Corporation

Nuclear Medicine and Pathology Associates

Ocmulgee
Medical Pathology Association, Inc.

O’Quinn Medical Pathology Association, LLC

 

 

Name of Entity

PCA
of Columbus, Inc.

PCA
of Denver, Inc.

PCA
of Los Gatos, Inc.

PCA
of Memphis, Inc.

PCA
of Nashville, Inc.

PCA
of St. Louis II, Inc.

PCA
Southeast II, Inc.

Peter G. Klacsmann, M.D., Inc.

Regional
Pathology Consultants, LLC

Rocky Mountain Pathology, L.L.C.

Sharon G. Daspit, M.D., Inc.

Shoals
Pathology Associates, Inc.

Simpson
Pathology 5.01(a) Corporation

Strigen, Inc.

TID
Acquisition Corporation

TXAR
5.01(a) Corporation

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