Document:

Unassociated Document

 

Exhibit 10.3

COMMERCIAL PLEDGE AGREEMENT

	
Principal

	
Loan Date

	
Maturity

	
Loan No

	
Call / Coll

	
Account

	
Officer

	
Initials

	
$2,000,000.00

	
06-30-2012

	
06-30-2013

	
260024914

	
4A / 54

	  	
EJD

	  
	
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.

Any item above containing “ * * * “ has been omitted due to text length limitations

	
Borrower:

	
Premier Financial Bancorp, Inc.

(TIN: 61-1206757)

2883 Fifth Avenue

Huntington, WV  25702

	  	
Lender:

	
FIRST GUARANTY BANK

Walker Banking Center

29815 Walker S Rd

Walker, LA 70785

(226) 664-5549

THIS COMMERCIAL PLEDGE AGREEMENT dated June 30, 2012, is made and executed between PREMIER FINANCIAL BANCORP, INC. ("Grantor") and FIRST GUARANTY BANK ("Lender").

 

GRANT OF SECURITY INTEREST. For valuable consideration, Grantor grants to Lender a continuing security interest in the Collateral to secure the Indebtedness and agrees that Lender shall have the rights stated in this Agreement with respect to the Collateral, in addition to all other rights which Lender may have by law.

 

COLLATERAL DESCRIPTION. The word "Collateral" as used in this Agreement means individually, collectively and interchangeably Grantor's present and future rights, title and interest in and to the following described investment property, together with any and all present and future additions thereto, substitutions therefor, and replacements thereof, together with any and all present and future certificates and/or instruments evidencing any Stock and further together with all Income and Proceeds as described herein:

 

2,500 Shares of PREMIER BANK, INC. Stock, STOCK #2

 

CROSS-COLLATERALIZATION. In addition to the Note, this Agreement secures all obligations, debts and liabilities, plus interest thereon, of Grantor to Lender, or any one or more of them, as well as all claims by Lender against Grantor or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Grantor may be liable individually or jointly with others, whether obligated as guarantor, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise unenforceable. (Initial Here)

 

DELIVERY OF COLLATERAL. Contemporaneous with the execution of this Agreement, Grantor has delivered or will deliver to Lender or Lender's designated agent the above described Collateral, including without limitation, any and all certificates and instruments evidencing Grantor's Stock subject to this Agreement, appropriately endorsed in blank, together with irrevocable stock or bond powers also endorsed in blank. As long as this Agreement remains in effect, Grantor further agrees to immediately deliver to Lender, or Lender's designated agent, any and all additions to or substitutions or replacements for the Collateral, including without limitation any and all future certificates representing Stock subject to this Agreement that are subsequently issued in Grantor's favor or that Grantor otherwise holds or owns. In the event that Grantor is unable to deliver any of the Collateral to Lender or Lender's designated agent at the time this Agreement is executed, or should Grantor ever withdraw or obtain temporary possession of any of the Collateral while this Agreement remains in effect, either under a trust receipt or otherwise, Grantor unconditionally agrees to deliver immediately to Lender the Collateral or, alternatively, such substitute or replacement collateral security as may then be satisfactory to Lender.

 

CONTINUING SECURITY INTEREST TO SECURE PRESENT AND FUTURE INDEBTEDNESS. Grantor affirms that Grantor has granted a continuing security interest in the Collateral In favor of Lender to secure any and all present and future Indebtedness of Grantor in favor of Lender, as may be outstanding from time to time set forth above, in principal, interest, costs, expenses, reasonable attorneys' fees and other fees and charges, with the continuing preferences and priorities provided under applicable Louisiana law. Grantor agrees that all such additional loans and Indebtedness will be secured under this Agreement without the necessity that Grantor (or any of them) agree or consent to such a result at the time such additional loans are made and Indebtedness incurred, without the further necessity that the note or notes evidencing such additional loans or Indebtedness refer to the fact that such notes are secured by this Agreement. Grantor further agrees Grantor may not subsequently have a change of mind and insist that any such additional loans or Indebtedness not be secured by this Agreement unless Lender specifically agrees to such a request in writing.

 

DURATION OF AGREEMENT. This Agreement shall remain in full force and effect until such time as this Agreement and the security interests created hereby are terminated and cancelled by Lender under a written cancellation instrument in favor of Grantor.

 

ADDITIONAL COLLATERAL. In the event that any of the Collateral should at any time decline in value or become unsatisfactory to Lender for any reason, Grantor agrees to immediately provide Lender with such additional collateral security as may then be acceptable to Lender.

 

GRANTOR'S OBLIGATIONS TO DELIVER STOCK CERTIFICATES, DIVIDENDS, DISTRIBUTIONS, ETC. In the event that Grantor should ever receive any: (A) certificates or instruments representing any of the Stock, including without limitation, any certificates or instruments representing a stock dividend, or Stock issued in connection with any increase or reduction of capital, reclassification, merger, consolidation, sale of assets, combination of shares, stock split, spin-off, or split-off; (B) options, warrants or rights, whether as an addition to, or in substitution of, or exchange for, any of the Stock, or otherwise; (C) non-cash dividends or other distributions payable in property, including securities issued by third parties other than the issuer(s) of the Stock; or (E) proceeds or payments, whether in cash or otherwise, derived or to be derived from the sale, transfer, assignment, delivery or other distribution of the Stock; then Grantor shall accept the same as Lender's agent, in trust for and on behalf of Lender, and Grantor shall deliver them forthwith to Lender in the exact form received, with Grantor's endorsement in blank, when necessary, or with irrevocable stock or bond powers duly executed by Grantor in blank, with the same to be held in pledge by Lender, subject to the terms and conditions of this Agreement, as collateral security for repayment of the Indebtedness, as heretofore stated.

 

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. Grantor represents and warrants to Lender that:

 

Ownership. Grantor at all times will continue to be the legal and lawful owner of the Collateral free and clear of all security interests, liens, Encumbrances and claims of others except as disclosed to and accepted by Lender in writing prior to execution of this Agreement.

 

Right to Pledge. Grantor has the right, power and authority to enter into this Agreement and to grant a continuing security interest in the Collateral in favor of Lender.

 

Authorization. Grantor's execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Grantor and do not conflict with, result In a violation of, or constitute a default under (1) any provision of (a) Grantor's articles of incorporation or organization, or bylaws, or (b) any agreement or other instrument binding upon Grantor or (2) any law, governmental regulation, court decree, or order applicable to Grantor or to Grantor's properties.

 

Perfection of Security Interest. Upon delivery of the Collateral to Lender, including without limitation delivery of the certificates and/or instruments evidencing and representing the Stock, this Agreement shall create a valid first lien upon, and perfect a security interest in the Collateral subject to no prior security interest, lien, charge, individually, collectively and interchangeably any and all presently existing and/or future mortgages, liens, privileges and other contractual and/or statutory security interests and rights, of every nature and kind, whether in admiralty, at law, or in equity, that now and/or in the future may affect the Collateral or any part or parts thereof. or other agreement purporting to grant to any third party a security interest in the Collateral.

  

  

  

 

Exhibit 10.3

COMMERCIAL PLEDGE AGREEMENT

(Continued)

	
Loan No. 260024914

	  	
Page 2

 

Notice to Obligors. Upon request by Lender, Grantor immediately will notify individual obligors under Grantor's Collateral or Rights, advising such obligors of the fact that their obligations have been collaterally assigned and pledged to Lender. In the event that Grantor should fail to provide such notices for any reason upon Lender's request, Grantor agrees that Lender may forward appropriate notices to such obligors either in Lender's name or in Grantor's name.

 

Authority; Binding Effect. Grantor has the full right, power and authority to enter into this Agreement and to grant a security interest in the Collateral to Lender. This Agreement is binding upon Grantor as well as Grantor's successors and assigns, and is legally enforceable in accordance with its terms. The foregoing representations and warranties, and all other representations and warranties contained in this Agreement are and shall be continuing in nature and shall remain in full force and effect until such time as this Agreement is terminated or cancelled as provided herein.

 

Valid Issuance of Stock. All of the Stock have been duly and validly issued and are fully paid and nonassessable.

 

Ownership of Stock. Unless otherwise previously disclosed to Lender in writing, the shares of Stock subject to this Agreement constitute all shares owned by of Grantor of the issued and outstanding shares of the capital stock of the corporation or corporations listed above.

 

Free Transferability of Stock. Unless otherwise previously disclosed to Lender in writing, all of the shares of Stock are freely transferable and subject to sale without being subject to limitations, restriction, stock legends, or prohibitive covenants under any agreements, or otherwise under which Grantor or the issuer of any such Stock may be bound or obligated.

 

Stock Dividend; Stock Split. In order to prevent Lender's collateral position from becoming diluted by any stock dividends or stock splits, Grantor agrees to notify Lender immediately when knowledge of any such transaction or transactions becomes known, and to deliver all of the stock certificates to Lender for pledging within five (5) days of receipt of the stock dividend and/or stock split together with appropriately executed stock powers.

 

No Further Assignment. Grantor has not, and shall not, sell, assign, transfer, encumber or otherwise dispose of any of Grantor's rights in the Collateral except as provided in this Agreement.

 

No Defaults. There are no defaults existing under the Collateral, and there are no offsets or counterclaims to the same. Grantor will strictly and promptly perform each of the terms, conditions, covenants and agreements, if any, contained in the Collateral which are to be performed by Grantor.

 

No Violation. The execution and delivery of this Agreement will not violate any law or agreement governing Grantor or to which Grantor is a party, and its certificate or articles of incorporation and bylaws do not prohibit any term or condition of this Agreement.

 

Financing Statements. Grantor authorizes Lender to file a UCC financing statement, or alternatively, a copy of this Agreement to perfect Lender's security interest. At Lender's request, Grantor additionally agrees to sign all other documents that are necessary to perfect, protect, and continue Lender's security interest in the Property. Grantor will pay all filing fees, continuation fees, termination fees, title transfer fees, and other fees and costs involved. Grantor irrevocably appoints Lender to execute documents necessary to transfer title if there is a default. Lender may file a carbon, photographic, facsimile or other reproduction copy of this Agreement as a UCC financing statement. Lender may also file a carbon, photographic, facsimile or other reproduction copy of Grantor's UCC financing statement. If Grantor changes Grantor's name or address, or the name or address of any person granting a security interest under this Agreement changes, Grantor will promptly notify the Lender of such change.

 

LENDER'S RIGHTS AND OBLIGATIONS WITH RESPECT TO THE COLLATERAL. Lender shall have the following rights in addition to all other rights Lender may have by law:

 

Maintenance and Protection of Collateral. Lender may, but shall not be obligated to, take such steps as it deems necessary or desirable to protect, maintain, insure, store, or care for the Collateral, including paying of any liens or claims against the Collateral. This may include such things as hiring other people, such as attorneys, appraisers or other experts. Lender may charge Grantor for any cost incurred in so doing. When applicable law provides more than one method of perfection of Lender's security interest, Lender may choose the method(s) to be used. Lender may also require Grantor to notify, or Lender may notify, third parties of the fact that the Collateral has been pledged to Lender. If the Collateral consists of stock, bonds or other investment property for which no certificate has been issued, Grantor agrees, at Lender's request, either to request issuance of an appropriate certificate or to give instructions on Lender's forms to the issuer, transfer agent, mutual fund company, or broker, as the case may be, to record on its books or records Lender's security interest in the Collateral. Grantor also agrees to execute any additional documents, including but not limited to, a control agreement, necessary to perfect Lender's security interest as Lender may desire.

 

Income and Proceeds from the Collateral.  Where it is necessary for Lender to enforce performance, payment and delivery of any such Income and Proceeds from the Obligor therefor, Grantor unconditionally agrees that Lender may compromise or take such other actions, either in Grantor's name or in Lender's name as Lender may deem appropriate, within Lender's sole judgment, with regard to performance, collection and payment of the same, without affecting the obligations and liabilities of Grantor under this Agreement or any Indebtedness secured by this Agreement. In order to further permit the foregoing, Grantor agrees that Lender shall have the additional irrevocable rights, coupled with an interest, to: (1) receive, open and dispose of all mail addressed to Grantor pertaining to any of the Collateral; (2) notify the postal authorities to change the address and delivery of mail addressed to Grantor pertaining to any of the Collateral to such address as Lender may designate; and (3) endorse Grantor's name on any and all notes, acceptances, checks, drafts, money orders or other instruments of payment of such Income and Proceeds that may come into Lender's possession, and to deposit or otherwise collect the same, applying such funds to the unpaid balance of the Indebtedness in the manner provided below.

 

In the event that Grantor should, for any reason, receive any Income and Proceeds subject to this Agreement, and Grantor should deposit such funds into one or more of Grantor's deposit accounts, no matter where located, Lender shall have the additional right following any Event of Default under this Agreement, to attach any and all of Grantor's deposit accounts in which such funds may have been deposited, whether or not any such funds were commingled with other funds of Grantor, and whether or not any such funds then remain on deposit in such an account or accounts. To this end, Grantor additionally collaterally assigns and pledges to Lender and grants to Lender a continuing security interest in and to any and all of Grantor's present and future rights, title and interest in and to any and all funds that Grantor may now or in the future maintain on deposit with banks, savings and loan associations and other financial institutions, as well as money market accounts with other types of entities, in which Grantor at any time may deposit any such Income and Proceeds.

 

Application of Cash. At Lender's option, Lender may apply any cash, whether included in the Collateral or received as Income and Proceeds or through liquidation, sale, or retirement, of the Collateral, to the satisfaction of the Indebtedness or such portion thereof as Lender shall choose, whether or not matured. Lender may alternatively and at its sole option and election hold such cash as additional "cash collateral" to secure the Indebtedness.

 

Transactions with Others. Lender may (1) extend time for payment or other performance, (2) grant a renewal or change in terms or conditions, or (3) compromise, compound or release any obligation, with any one or more Obligors, endorsers, or Guarantors of the Indebtedness as Lender deems advisable, without obtaining the prior written consent of Grantor, and no such act or failure to act shall affect Lender's rights against Grantor or the Collateral.

  

  

  

 

Exhibit 10.3

COMMERCIAL PLEDGE AGREEMENT

(Continued)

	
Loan No. 25962264

	  	
Page 3

 

Perfection of Security Interest. Grantor agrees to take whatever actions are requested by Lender to perfect and continue Lender's security interest in the Collateral. Upon request of Lender, Grantor will deliver to Lender any and all of the documents evidencing or constituting the Collateral, and Grantor will note Lender's interest upon any and all chattel paper and instruments if not delivered to Lender for possession by Lender. When applicable law provides more than one method of perfection of Lender's security interest, Lender may choose the method(s) to be used. Upon Lender's request, Grantor will sign and deliver any writings necessary to perfect Lender's security interest. If the Collateral consists of investment property for which no certificate has been issued, Grantor agrees, at Lender's option, either to request issuance of an appropriate certificate or to execute appropriate instructions on Lender's forms instructing the Issuer, transfer agent, mutual fund company, or broker, as the case may be, to record on its books or records, by book-entry, initial transaction statement, registered by pledge, or otherwise, Lender's security interest in the Collateral.

 

All Collateral Secures Indebtedness. All Collateral shall be security for the Indebtedness, whether the Collateral is located at one or more offices or branches of Lender. This will be the case whether or not the office or branch where Grantor obtained Grantor's loan knows about the Collateral or relies upon the Collateral as security.

 

Collection of Collateral. Lender at Lender's option may, but need not, collect the Income and Proceeds directly from the Obligors. Grantor authorizes and directs the Obligors, if Lender decides to collect the Income and Proceeds, to pay and deliver to Lender all Income and Proceeds from the Collateral and to accept Lender's receipt for the payments.

 

LENDER'S EXPENDITURES. Grantor recognizes and agrees that Lender may incur certain expenses in connection with Lender's exercise of rights under this Agreement. If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or if Grantor fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Grantor's failure to discharge or pay when due any amounts Grantor is required to discharge or pay under this Agreement or any Related Documents, Lender on Grantor's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, Encumbrances and other claims, at any time levied or placed on the Collateral and paying all costs for insuring, maintaining and preserving the Collateral, including without limitation, the purchase of insurance protecting only Lender's interest in the Collateral. Lender may further take such other action or actions and incur such additional expenditures as Lender may deem to be necessary and proper to cure or rectify any actions or inactions on Grantor's part as may be required under this Agreement. Nothing under this Agreement or otherwise shall obligate Lender to take any such actions or to incur any such additional expenditures on Grantor's behalf, or as making Lender in any way responsible or liable for any loss, damage, or injury to the Collateral, to Grantor, or to any other person or persons, resulting from Lender's election not to lake such actions or to incur such additional expenses. In addition, Lender's election to take any such actions or to incur such additional expenditures shall not constitute a waiver or forbearance by Lender of any Event of Default under this Agreement. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity. The Agreement also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default.

 

LIMITATIONS ON OBLIGATIONS OF LENDER. Lender shall use ordinary reasonable care in the physical preservation and custody of the Collateral in Lender's possession, but shall have no other obligation to protect the Collateral or its value. In particular, but without limitation, Lender shall have no responsibility for (A) any depreciation in value of the Collateral or for the collection or protection of any Income and Proceeds from the Collateral, (B) preservation of rights against parties to the Collateral or against third persons, (C) ascertaining any maturities, calls, conversions, exchanges, offers, tenders, or similar matters relating to any of the Collateral, or (D) informing Grantor about any of the above, whether or not Lender has or is deemed to have knowledge of such matters. Except as provided above, Lender shall have no liability for depreciation or deterioration of the Collateral.

 

EVENTS OF DEFAULT. The following actions or inactions or both shall constitute Events of Default under this Agreement:

 

Default Under Loan Agreement. If an Event of Default occurs or exists under the terms of Grantor's Loan Agreement in favor of Lender. Default Under the Note. Should Grantor default in the payment of principal or interest under the Note or any of the Indebtedness.

 

Default Under this Agreement. Should Grantor violate, or fail to comply fully with any of the terms and conditions of, or default under this Agreement,

 

Default Under other Agreements. Should any default occur or exist under any Related Document which directly or indirectly secures repayment of any of the Indebtedness.

 

Other Defaults in Favor of Lender. Grantor or any guarantor defaults under any other loan, extension of credit, security right, instrument, document, or agreement, or obligation in favor of Lender.

 

Insolvency. Should the suspension, failure or insolvency, however evidenced, of Grantor or any Guarantor occur or exist.

 

Readjustment of Indebtedness. Should proceedings for readjustment of indebtedness, reorganization, composition or extension under any insolvency law be brought by or against Grantor or any Guarantor.

 

Assignment for Benefit of Creditors. Should Grantor or any Guarantor file proceedings for a respite or make a general assignment for the benefit of creditors.

 

Receivership. Should a receiver of all or any part of Grantor's property, or the property of any Guarantor, be applied for or appointed.

 

Dissolution Proceedings. Proceedings for the dissolution or appointment of a liquidator of Grantor or any guarantor are commenced.

 

False Statements. Any warranty, representation or statement made or furnished to Lender by Grantor or on Grantor's behalf, the Note, is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.

 

Insecurity. Lender in good faith believes itself insecure with regard to repayment of the Indebtedness.

 

RIGHTS AND REMEDIES ON DEFAULT. If an Event of Default occurs under this Agreement, at any time thereafter, Lender may exercise any one or more of the following rights and remedies:

 

Accelerate Indebtedness. Lender, at its sole option, may accelerate the maturity and declare and demand immediate payment in full of any and all Indebtedness secured hereby in principal, interest, costs, expenses, attorneys' fees and other fees and charges.

 

Collect the Collateral. Collect any of the Collateral and, at Lender's option retain possession thereof while suing on the Indebtedness.

 

Sell the Collateral. Sell the Collateral, at Lender's discretion, as a unit or In parcels, at one or more public or private sales, or through any exchange or broker, at such prices and on such terms as Lender may deem best, for cash or on credit or future delivery, without assumption of any credit risk, without any further demand or notice upon Grantor for performance, without appraisal, without the intervention of any court and without any formalities other than those provided herein. For purposes of selling the Collateral, Lender has been and is hereby made and constituted the agent of Grantor, such agency being coupled with an interest. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Lender shall give or mail to Grantor, and other persons as required by law, notice at least ten (10) days in advance of the time and place of any public sale, or of the time after which any private sale may be made. Grantor agrees that any requirement of reasonable notice as to Grantor is satisfied if Lender mails notice by ordinary mail addressed to Grantor at the last address Grantor has given Lender in writing. If a public sale is held, there shall be sufficient compliance with all requirements of notice to the public by a single publication in any newspaper of general circulation in the parish or county where the Collateral is located, setting forth the time and place of sale and a brief description of the property to be sold. Lender may be a purchaser at any public sale. Grantor agrees that any such sale shall be conclusively deemed to be conducted in a commercially reasonable manner if it is made consistent with the standard of similar sales of collateral by commercial banks in Walker, Louisiana,

 

  

  

  

 

Exhibit 10.3

COMMERCIAL PLEDGE AGREEMENT

(Continued)

	
Loan No. 260024914

	  	
Page 4

 

Sale of Stock. Grantor recognizes that Lender may not be able to effect a public sale on all or any part of the Stock, and Lender may be compelled or deem it best to resort to one or more private sales to a restricted group of purchasers, who may be obligated to agree, among other things, to acquire the Stock for their own account for investment purposes only and not with a view of distribution or resale. Grantor acknowledges that any private sale of the Stock may be at prices and on terms less favorable than those of public sales, and Grantor unconditionally agrees that such private sales shall be deemed to have been made in a commercially reasonable manner, and that Lender has no obligation to delay the sale of any Stock to permit the issuer(s) to register it for sale under the Securities Act of 1933, as amended (the "Securities Act") or to qualify such Stock under the "Blue Sky" laws of any state. Grantor additionally agrees to use Grantor's best efforts to cause any issuer, transfer agent, or registrar of the Stock to take all such actions and execute all such documents as may be necessary or appropriate, upon request by Lender, (1) to remove any restrictive legends placed on the Stock that are not legally required, 2) to effect any sale or sales of the Stock in accordance with Rule 144 and other applicable rules of the Securities Act, and/or (3) to effect any sale or other disposition of the Stock at any lawful public or private sale or other disposition.

 

Registration of Stock. If Lender shall elect to exercise Lender's right to sell or otherwise dispose of all or any of the Stock at public or private sale, and if, in the opinion of Lender's counsel, it is necessary to have the Stock or any portion thereof registered under the provisions of the Securities Act, Grantor unconditionally agrees and covenants to use Grantor's best efforts to cause: (1) the issuer(s) of the Stock, its directors and officers, to take all action necessary to register the Stock or the portion of the Stock to be disposed of, under the provisions of the Securities Act, at Grantor's expense; (2) the registration statement relating to the Stock to become effective and to remain so for not less than one (1) year from the date of the first public offering of the Stock or that portion of the Stock to be disposed of, and to make all amendments thereto and to the related prospectus, which, in the opinion of Lender and Lender's counsel, may be necessary or advisable, all in conformity with requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto; (3) the issuer(s) of the Stock to comply with the provisions of the "Blue Sky" laws of any jurisdiction that the Lender shall designate; and (4) the issuer(s) of the Stock to make available to its security holders, as soon as practical (but in no event later than sixteen (16) months after the effective date of such registration statement), an earning statement (which need not be audited) covering a period of at least twelve (12) months beginning with the first month after the effective date of any such registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act. Grantor acknowledges that a breach of any of the covenants contained in this section of the Agreement may cause irreparable injury to Lender, and that Lender will have no adequate remedy at law with respect to any such breach, and, as a consequence, that Grantor's covenants as set forth in this Agreement are enforceable against Grantor. Grantor hereby waives, to the extent such waiver is enforceable under law, and Grantor shall not assert, any defenses against an action for specific performance of such covenants, except for a defense that Grantor is not in default under any of Grantor's Indebtedness in favor of Lender.

 

Rights and Remedies with Respect to Investment Property, Financial Assets and Related Collateral. In addition to other rights and remedies granted under this Agreement and under applicable law, Lender may exercise any or all of the following rights and remedies: (1) register with any issuer or broker or other securities intermediary any of the Collateral consisting of investment property or financial assets (collectively herein, "investment property") in Lender's sole name or in the name of Lender's broker, agent or nominee; (2) cause any issuer, broker or other securities intermediary to deliver to Lender any of the Collateral consisting of securities, or investment property capable of being delivered; (3) enter into a control agreement or power of attorney with any issuer or securities intermediary with respect to any Collateral consisting of investment property, on such terms as Lender may deem appropriate, in its sole discretion, including without limitation, an agreement granting to Lender any of the rights provided hereunder without further notice to or consent by Grantor; (4) execute any such control agreement on Grantor's behalf and in Grantor's name, and hereby irrevocably appoints Lender as agent and attorney-in-fact, coupled with an interest, for the purpose of executing such control agreement on Grantor's behalf; (5) exercise any and all rights of Lender under any such control agreement or power of attorney; (6) exercise any voting, conversion, registration, purchase, option, or other rights with respect to any Collateral; (7) collect, with or without legal action, and issue receipts concerning any notes, checks, drafts, remittances or distributions that are paid or payable with respect to any Collateral consisting of investment property. Any control agreement entered with respect to any investment property shall contain the following provisions, at Lender's discretion. Lender shall be authorized to instruct the issuer, broker or other securities intermediary to take or to refrain from taking such actions with respect to the investment property as Lender may instruct, without further notice to or consent by Grantor. Such actions may include without limitation the issuance of entitlement orders, account instructions, general trading or buy or sell orders, transfer and redemption orders, and stop loss orders. Lender shall be further entitled to instruct the issuer, broker or securities intermediary to sell or to liquidate any investment property, or to pay the cash surrender or account termination value with respect to any and all investment property, and to deliver all such payments and liquidation proceeds to Lender. Any such control agreement shall contain such authorizations as are necessary to place Lender in "control" of such investment collateral, as contemplated under the provisions of the Uniform Commercial Code, and shall fully authorize Lender to issue "entitlement orders" concerning the transfer, redemption, liquidation or disposition of investment collateral, in conformance with the provisions of the Uniform Commercial Code.

 

Lender's Right to Vote Stock. Immediately and without further notice, upon the occurrence of any Event of Default under this Agreement, whether or not the Stock may have previously been registered in the name of Lender or in the name of Lender's nominee, Lender or its nominee shall have the right to exercise all voting rights with respect to the Stock. Lender or its nominee shall have the further right to exercise any and all additional corporate rights and all other conversion, exchange, or subscription rights, privileges and/or options with regard thereto, including, without limitation, the right to exchange any and all shares of Stock upon the merger, consolidation, reorganization, recapitalization or other readjustment of the issuer(s) thereof, or upon the exercise by any such issuer(s) of any rights, privileges or options pertaining thereto. Lender or its nominee shall have the additional right to deliver the Stock to any committee, depository, transfer agent, registrar or other designated agency upon such terms and conditions as Lender may determine, all without liability except to account for property actually received by Lender. Lender shall have no duty to exercise any of the foregoing rights, privileges or options and shall not be responsible for any failure to do so or delay in doing so. Lender may by written notice to Grantor, relinquish, either partially or completely in accordance with any terms or conditions Lender may set forth in such notice, any or all voting rights Lender may acquire pursuant to this Agreement.

 

Foreclosure. Maintain a judicial suit for foreclosure and sale of the Collateral.

 

Specific Performance. Lender may, in addition to or in lieu of the foregoing remedies, in Lender's sole discretion, commence an appropriate action against Grantor seeking specific performance of any covenant contained in this Agreement or in aid of the execution or enforcement of any power in this Agreement granted.

 

Transfer Title. Effect transfer of title upon sale of all or part of the Collateral. For this purpose, Grantor irrevocably appoints Lender as Grantor's attorney-in-fact to execute endorsements, assignments and instruments in the name of Grantor and each of them (if more than one) as shall be necessary or reasonable.

 

Other Rights and Remedies. Have and exercise any or all of the rights and remedies of a secured creditor under the provisions of the Louisiana Commercial Laws (La. R.S. 10: 9-101, at seq.), at law, in equity, or otherwise.

 

Application of Proceeds and Payments. Any and all proceeds, interest, profits, and Income and Proceeds that Lender actually receives and collects, whether resulting from the public or private sale of the Collateral and/or collection or exercise of any of Lender's rights provided hereunder, shall be applied first to reimburse Lender for its costs of collecting the same (including, but not limited to, any attorneys' fees incurred by Lender and Lender's court costs, whether or not there is a lawsuit, including any fees on appeal incurred by Lender in connection with the collection or sale of the Collateral), with the balance being applied to principal, interest, costs, expenses, attorneys' fees and other fees and charges under the Indebtedness, in such order and with such preferences and priorities as Lender shall determine within its sole discretion.

 

Election of Remedies. Except as may be prohibited by applicable law, all of Lender's rights and remedies, whether evidenced by this Agreement, the Related Documents, or by any other writing, shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Grantor under this Agreement, after Grantor's failure to perform, shall not affect Lender's right to declare a default and exercise its remedies. Nothing under this Agreement or otherwise shall be construed so as to limit or restrict the rights and remedies available to Lender following an Event of Default, or in any way to limit or restrict the rights and ability of Lender to proceed directly against Grantor and/or against any other co-maker, guarantor, surety or endorser and/or to proceed against any other collateral directly or indirectly securing the Indebtedness.

 

  

  

  

 

(Exhibit 10.3

COMMERCIAL PLEDGE AGREEMENT

(Continued)

	
Loan No. 260024914

	  	
Page 5

 

PROTECTION OF LENDER'S SECURITY RIGHTS. Grantor agrees to appear in and to defend all actions or proceedings purporting to affect Lender's security rights and interests granted under this Agreement. In the event that Lender elects to defend any such action or proceeding, Grantor agrees to reimburse Lender for Lender's costs associated therewith, including without limitation, Lender's attorneys' fees, which additional costs and expenses shall be secured by this Agreement.

 

INDEMNIFICATION OF LENDER. Grantor agrees to indemnify, to defend and to save and hold Lender harmless from any and all claims, suits, obligations, damages, losses, costs, expenses (including without limitation, Lender's reasonable attorneys' fees), demands, liabilities, penalties, fines and forfeitures of any nature whatsoever which may be asserted against or incurred by Lender, arising out of or in any manner occasioned by this Agreement or the rights and remedies granted to Lender hereunder. The foregoing indemnity provision shall survive the cancellation of this Agreement as to all matters arising or accruing prior to such cancellation, and the foregoing indemnity provision shall further survive in the event that Lender elects to exercise any of the remedies as provided under this Agreement following any Event of Default hereunder.

 

ADDITIONAL OBLIGATIONS OF GRANTOR. Grantor shall have the following additional obligations under this Agreement:

 

Additional Collateral. In the event that any of the Collateral should at any time decline in value or become unsatisfactory to Lender for any reason, Grantor agrees to immediately provide Lender with such additional collateral security as may then be acceptable to Lender.

 

No Sale or Encumbrance. As long as this Agreement remains in effect, Grantor unconditionally agrees not to sell, option, assign, pledge, or create or permit to exist any lien or security interest in or against any of the Collateral in favor of any person other than Lender.

 

No Settlement or Compromise of Rights. Grantor will not, without the prior written consent of Lender, compromise, settle, adjust or extend payment under any of Grantor's Collateral.

 

No Consent to Issuance of Additional Stock. Grantor will not, without the prior written approval of Lender, consent to, or approve of, the issuance of any additional shares of any class of capital stock of the issuer(s) of the Stock, or any securities convertible voluntarily by the holder thereof, or automatically upon the occurrence or non-occurrence of any event or condition into, or exchangeable for, any such shares, or any warrants, options, rights or other commitments entitling any person to purchase or otherwise acquire any such shares.

 

Additional Pledge Agreement; Effect. Grantor acknowledges and agrees that Grantor may, from time to time, one or more times, enter into additional pledge and security agreements with Lender under which Grantor may undertake to pledge or grant to Lender a security interest in the same Collateral. Grantor further acknowledges and agrees that the execution of such additional agreements, including any such agreements now in effect, will not have the effect of cancelling, novating or otherwise modifying this Agreement; it being Grantor's full intent and agreement that all such pledge agreements (including this Agreement) shall be cumulative in nature and shall remain in full force and effect until expressly cancelled by Lender under a written cancellation instrument delivered to Grantor.

 

Additional Documents. Grantor agrees, at any time, from time to time, one or more times, upon written request by Lender, to execute and deliver such further documents and do such further acts and things as Lender may reasonably request, within Lender's sole discretion, to effect the purposes of this Agreement.

 

Notification of Lender. Grantor will promptly deliver to Lender all written notices, and will promptly give Lender written notice of any other notices received by Grantor with respect to the Collateral.

 

EFFECT OF WAIVERS. Grantor has waived, and/or does by these presents waive, presentment for payment, protest, notice of protest and notice of nonpayment under all of the Indebtedness secured by this Agreement. Grantor has further waived, and/or does by these presents waive, all pleas of division and discussion, and all similar rights with regard to the Indebtedness, and agrees that Grantor shall remain liable, together with any and all Guarantors of the Indebtedness, on a "solidary" or "joint and several" basis. Grantor further agrees that discharge or release of any party who is, may, or will be liable to Lender under any of the Indebtedness, or the release of the Collateral or any other collateral directly or indirectly securing repayment of the same, shall not have the effect of releasing or otherwise diminishing or reducing the actual or potential liability of Grantor and/or any other party or parties guaranteeing payment of the Indebtedness, who shall remain liable to Lender, and/or remain liable to Lender, and/or of releasing any Collateral or other collateral that is not expressly released by Lender.

 

Grantor additionally agrees that Lender's acceptance of payments other than in accordance with the terms of any agreement, or agreements governing repayment of the Indebtedness, or Lender's subsequent agreement to extend or modify such repayment terms, shall likewise not have the effect of releasing Grantor, and/or any other party or parties guaranteeing payment of the Indebtedness, from their respective obligations to Lender, and/or of releasing any of the Collateral or other collateral directly or indirectly securing repayment of the Indebtedness. In addition, no course of dealing between Grantor and Lender, nor any failure or delay on the part of Lender to exercise any of the rights and remedies granted to Lender under this Agreement, or under any other agreement or agreements by and between Grantor and Lender, shall have the effect of waiving any of Lender's rights and remedies. Any partial exercise of any rights and remedies granted to Lender shall furthermore not constitute a waiver of any of Lender's other rights and remedies, it being Grantor's intent and agreement that Lender's rights and remedies shall be cumulative in nature. Grantor further agrees that, upon the occurrence of any Event of Default under this Agreement, any waiver or forbearance on the part of Lender to pursue the rights and remedies available to Lender, shall be binding upon Lender only to the extent that Lender specifically agrees to any such waiver or forbearance in writing. A waiver or forbearance as to one Event of Default shall not constitute a waiver or forbearance as to any other Event of Default. None of the warranties, conditions, provisions and terms contained in this Agreement or any other agreement, document, or instrument now or hereafter executed by Grantor and delivered to Lender, shall be deemed to have been waived by any act or knowledge of Lender, Lender's agents, officers or employees; but only by an instrument in writing specifying such waiver, signed by a duly authorized officer of Lender and delivered to Grantor.

 

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement:

 

Amendments. No amendment, modification, consent or waiver of any provision of this Agreement, and no consent to any departure by Grantor therefrom, shall be effective unless the same shall be in writing signed by a duly authorized officer of Lender, and then shall be effective only as to the specific instance and for the specific purpose for which given.

 

Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement.

 

Governing Law. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Louisiana without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Louisiana.

 

Assignment of Indebtedness; Transfer of Collateral. Grantor hereby recognizes and agrees that Lender may assign all or any portion of the Indebtedness to one or more third party creditors. Such transfers may include, but are not limited to, sales of participation interests in the Indebtedness. Grantor specifically agrees and consents to all such transfers and assignments and further waives any subsequent notice of such transfers or assignments as may be provided under applicable Louisiana law. Grantor additionally agrees that any and all of Grantor's other and future, extensions of credit, liabilities and obligations in favor of such a third party assignee will be secured by the Collateral. Grantor further agrees that Lender may transfer all or any portion of the Collateral to such a third party assignee, in which case Lender will be fully released from any and all of Lender's obligations and responsibilities to Grantor with regard to the transferred Collateral. Any third party creditor to whom the Collateral is transferred will acquire all of Lender's rights and powers with respect to the transferred Collateral, with Lender retaining all powers and rights with regard to any of the Collateral which is not transferred to another party.

 

 

  

  

  

 

Exhibit 10.3

COMMERCIAL PLEDGE AGREEMENT

(Continued)

	
Loan No. 260024914

	  	
Page 6

 

Notices. To give Grantor any notice required under this Agreement, Lender may hand deliver or mail the notice to Grantor at Grantor's last address in Lender's records. If there is more than one Grantor under this Agreement, notice to a single Grantor shall be considered as notice to all Grantors. To give Lender any notice under this Agreement, Grantor (or any Grantor) shall mail the notice to Lender by registered or certified mail at the address specified in this Agreement, or at any other address that Lender may have given to Grantor (or any Grantor) by written notice as provided in this section. All notices required or permitted under this Agreement must be in writing and will be considered as given on the day it is delivered by hand or deposited in the U.S. Mail as provided herein.

 

Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereof, such provision shall be fully severable. This Agreement shall be construed and enforceable as if the illegal, invalid or unenforceable provision had never comprised a part of it, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. Furthermore, in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement, a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and legal, valid and enforceable.

 

Successors and Assigns Bound; Solidary Liability. Subject to any limitations set forth herein on transfer of the Collateral, this Agreement shall be binding upon and inure to the benefit of the parties, and their successors and assigns. In the event that there is more than one Grantor under this Agreement, all of the agreements and obligations made and/or incurred by any Grantor under this Agreement shall be on a "solidary" or "joint and several" basis.

 

Survival of Representations and Warranties. All representations, warranties, and agreements made by Grantor in this Agreement shall survive the execution and delivery of this Agreement, shall be continuing in nature, and shall survive the termination of this Agreement.

 

DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically staled to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Louisiana Commercial Laws (La. R.S. 10: 9-101, at seq.):

 

Agreement. The word "Agreement" means this Commercial Pledge Agreement, as this Commercial Pledge Agreement may be amended or modified from time to time, together with all exhibits and schedules attached or to be attached to this Commercial Pledge Agreement from time to time.

 

Borrower. The word "Borrower" means PREMIER FINANCIAL BANCORP, INC. and includes all co-signers and co-makers signing the Note and all their successors and assigns.

 

Collateral. The word "Collateral" means all of Grantor's right, title and interest in and to all the Collateral as described in the Collateral Description section of this Agreement.

 

Default. The word "Default" means the Default set forth in this Agreement in the section titled "Default".

 

Encumbrance. The word "Encumbrance" means individually, collectively and interchangeably any and all presently existing and/or future mortgages, liens, privileges and other contractual and/or statutory security interests and rights, of every nature and kind, whether in admiralty, at law, or in equity, that now and/or in the future may affect the Collateral or any part or parts thereof.

 

Event of Default. The words "Event of Default" mean any of the events of default set forth in this Agreement in the default section of this Agreement.

 

Grantor. The word "Grantor" means PREMIER FINANCIAL BANCORP, INC.

 

Income and Proceeds. The words "Income and Proceeds" mean (1) any and all of Grantor's present and future options, warrants and rights accruing from, or arising out of, or in any way connected with the Collateral, including without limitation, Grantor's rights to exercise or enforce such options, warrants or rights; (2) any and all of Grantor's present and future rights, title and interest in and to any and all dividends and other distributions, of every type and description, to be paid or payable under, or on account of, or attributable to the Collateral, including without limitation, Grantor's rights to receive and to collect such dividends and other distributions and Grantor's rights to enforce performance, collection and payment thereof; (3) any and all of Grantor's present and future rights, title and interest in and to all interest, income, profits and other benefits and distributions, of every type and description, derived or to be derived from the Collateral, including without limitation, Grantor's rights to receive such interest, income, profits, benefits and other distributions and Grantor's rights to enforce performance, collection and payment thereof; (4) all general intangibles in any way related to the Collateral; and (5) any and all of Grantor's present and future rights, title and interest in and to any and all proceeds, of every type and description, derived or to be derived from the sale, transfer, assignment or other distribution of the Collateral, including the right to receive such proceeds and Grantor's rights to enforce performance, collection and payment thereof.

 

Indebtedness. The word "Indebtedness" means the indebtedness evidenced by the Note or Related Documents, in principal, interest, costs, expenses and attorneys' fees and all other fees and charges together with all other indebtedness and costs and expenses for which Grantor is responsible under this Agreement or under any of the Related Documents. Specifically, without limitation, Indebtedness includes all amounts that may be indirectly secured by the Cross-Collateralization provision of this Agreement.

 

Lender. The word "Lender" means FIRST GUARANTY BANK, its successors and assigns, and any subsequent holder or holders of the Note or any interest therein.

 

Note. The word "Note" means the Note executed by PREMIER FINANCIAL BANCORP, INC. in the principal amount of $2,000,000.00 dated June 30, 2011, together with all renewals, extensions, modifications, refinancings, consolidations and substitutions of and for the note or credit agreement.

 

Obligor. The word "Obligor" means without limitation any and all persons obligated to pay money or to perform some other act under the Collateral.

 

Property. The word "Property" means all of Grantor's right, title and interest in and to all the Property as described in the "Collateral Description" section of this Agreement.

 

Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

 

Rights. The word "Rights" means any and all of Grantor's additional rights granted and pledged to Lender as provided under this Agreement.

 

Stocks. The word "Stocks" means individually, collectively and interchangeably Grantor's stock, and other securities subject to pledge under this Agreement, together with any and all additions thereto, substitutions therefor or replacements thereof.

 

GRANTOR HAS READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS COMMERCIAL PLEDGE AGREEMENT AND AGREES TO ITS TERMS. THIS AGREEMENT IS DATED JUNE 30, 2012.

 

GRANTOR:

 

 

PREMIER FINANCIAL BANCORP, INC.

 

By:  /s/ Robert W. Walker                                                                                     

 

     ROBERT W. WALKER, President & CEO of PREMIER FINANCIAL BANCORP, INC.

 

  

  

  

 

Exhibit 10.3

COMMERCIAL PLEDGE AGREEMENT

(Continued)

	
Loan No. 260024914

	  	
Page 7

 

 

LENDER:

 

 

FIRST GUARANTY BANK

 

By:  /s/ Eric J. Dosch                                                                           

 

     ERIC J. DOSCH, Loan OfficerFOURTH AMENDMENT TO REVOLVING CREDIT AGREEMENT AND WAIVER

 

            This FOURTH AMENDMENT TO REVOLVING
CREDIT AGREEMENT AND WAIVER is dated as of June 29, 2012  (this “Amendment”)
by and among AMSURG CORP., a Tennessee corporation (the “Borrower”),
each of the “Lenders” party to the Credit Agreement defined below (the “Lenders”)
and SUNTRUST BANK, in its capacity as administrative agent for the Lenders (the
“Administrative Agent”). 

 

WHEREAS,
the Borrower, certain of the Lenders and the Administrative Agent are parties
to that certain Revolving Credit Agreement dated as of May 28, 2010, as amended
from time to time prior to the date hereof, among the Borrower, the Lenders
party thereto and the Administrative Agent (as so amended, the “Credit
Agreement”; capitalized terms used herein and not
otherwise defined herein shall have the respective definitions given them in
the Credit Agreement); 

 

WHEREAS,
the Borrower failed to comply with the requirements of Section 5.10 of the
Credit Agreement following the creation of (i) AmSurg UK Limited, a Wholly
Owned Subsidiary of the Borrower and (ii) AmSurg UK (London) Limited, a Wholly
Owned Subsidiary of AmSurg UK Limited, resulting in an Event of Default under
Section 8.1 of the Credit Agreement (the “Specified Default”);  

 

WHEREAS,
the Borrower has requested (i) an increase in the Aggregate Revolving
Commitments in the amount of $25,000,000, (ii) that the Administrative Agent
and the Lenders waive the Specified Default and (iii) certain other amendments
to the Credit Agreement, each on the terms and conditions more particularly set
forth below; and 

 

WHEREAS,
the Administrative Agent and the Lenders are willing to waive the Specified
Default, increase the Aggregate Revolving Commitments and amend certain
provisions of the Credit Agreement, but only on the terms and conditions
contained in this Amendment.

 

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

 

Section 1.  Specific Amendments and Waiver.   

 

(a)        Section 1.1 of the Credit Agreement is hereby amended
by adding the following new definitions in the appropriate alphabetical order:

 

“Domestic Subsidiary” means any
Subsidiary of the Borrower that is not a Foreign Subsidiary.

 

“Foreign Pledge Agreement” shall
mean any pledge, hypothecation, charge or similar agreement, in form and
substance satisfactory to Administrative Agent, whereby the Borrower and each
of its presently existing and hereafter acquired Wholly Owned Subsidiaries that
are Domestic Subsidiaries pledge and grant to

 

1

 

 

 

 the Collateral
Agent a first priority perfected Lien in the Borrower's and each such Wholly
Owned Subsidiary's presently existing and hereafter acquired right title, and
interest in and to any Foreign Subsidiary.

 

“Foreign Subsidiary” means any
direct or indirect Subsidiary of the Borrower that is organized under the laws
of a jurisdiction other than the United States of America, any State thereof or
the District of Columbia.

 

“Fourth Amendment” means that
certain Fourth Amendment to Revolving Credit Agreement and Waiver dated as of
June 29, 2012 by and among the Borrower, the Lenders party thereto and the
Administrative Agent.

 

“Fourth Amendment Effective Date”
means June 29, 2012.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years
obtained by dividing: (a) the sum of the products obtained by multiplying (i)
the amount of each then remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity, in
respect thereof, by (ii) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment;
by (b) the then outstanding principal amount of such Indebtedness. 

 

(b)        Section 1.1 of the Credit Agreement is hereby amended
by deleting the defined term “Acquisition Approval Letter” in its
entirety.  

 

(c)        Section 1.1 of the Credit Agreement is hereby further amended
by deleting the defined terms “Acquisition Information Package”, “Aggregate
Revolving Commitments”, “Applicable Margin”, “Debt Basket Amount”,
“EBITDA”, “Maturity Date” and “Swing Line Commitment” in
their entirety and substituting in lieu thereof the following:

 

“Acquisition Information Package”
shall mean information delivered by Borrower to Administrative Agent and
Lenders pursuant to Section 7.13 in the form of Exhibit F.

 

“Aggregate Revolving Commitments”
shall mean the sum of the Revolving Commitments of all Lenders at any time
outstanding.  As of the Fourth Amendment Effective Date, the Aggregate
Revolving Commitments equal $475,000,000.

 

“Applicable Margin” means, as of
any date, with respect to the Letter of Credit Fee, the Commitment Fee and all
Revolving Loans outstanding on such date, a percentage per annum determined by
reference to the applicable Leverage Ratio in effect on such date in accordance
with the table set forth immediately below, provided, that a change in
the Applicable Margin resulting from a change in the 

 

2

 

 

 

Leverage Ratio
shall be effective on the second Business Day after which the Borrower delivers
the financial statements required by Section 5.1(a) or Section 5.1(b)
and the Compliance Certificate required by Section 5.1(c); provided
further, that if at any time the Borrower shall have failed to deliver such
financial statements and such Compliance Certificate when so required, the
Applicable Margin shall be at Level IV as set forth immediately below until
such time as such financial statements and Compliance Certificate are
delivered, at which time the Applicable Margin shall be determined as provided
above.  Notwithstanding the foregoing, the Applicable Margin in effect for the
period from the Fourth Amendment Effective Date until the date a change in the
Applicable Margin becomes effective as provided above following delivery of
financial statements and the Compliance Certificate after the Fourth Amendment
Effective Date shall be at Pricing Level III as set forth below.

 

	
   

  Pricing
  Level

  	
   

  Leverage
  Ratio

   

  	
   

  Applicable
  Margin for Eurodollar Loans

   

  	
   

  Applicable
  Margin for Base Rate Loans

  	
   

  Commitment
  Fees

  	
   

  Letter of
  Credit Fees

  
	
   

  I

  	
  Less than
  1.50:1.00

  	
   

  1.50%

  	
   

  0.50%

  	
   

  0.20%

  	
   

  1.50%

  
	
   

  II

  	
  Less than
  2.25:1.00 but greater than or equal to 1.50:1.00

   

  	
   

   

  1.75%

  	
   

   

  0.75%

  	
   

   

  0.25%

  	
   

   

  1.75%

  
	
   

  III

  	
  Less than
  3.00:1.00 but greater than or equal to 2.25:1.00

   

  	
   

   

  2.00%

  	
   

   

  1.00%

  	
   

   

  0.30%

  	
   

   

  2.00%

  
	
   

  IV

  	
  Greater than
  or equal to 3.00:1.00

   

  	
   

  2.25%

  	
   

  1.25%

  	
   

  0.40%

  	
   

  2.25%

  

 

“Debt Basket Amount” means Indebtedness of the
Borrower or its Subsidiaries not to exceed an aggregate principal amount of
$50,000,000, which total permitted amount shall be increased each calendar year
during the term of this Agreement by $5,000,000, and for clarity, the total
Debt Basket Amount shall not exceed: (i) for the period from the Fourth
Amendment Effective Date through June 30, 2013, $50,000,000; (ii) for the
period from July 1, 2013 through June 30, 2014, $55,000,000; and (iii) for the
period from July 1, 2014 through June 30, 2015, $60,000,000; (iv) for the
period from July 1, 2015 through June 30, 2016, $65,000,000 and (v) for the
period from July 1, 2016 through the Maturity Date, $70,000,000.

 

3

 

 

 

“EBITDA”
means, for the Borrower and its Subsidiaries on a consolidated basis for any
period, an amount equal to the sum of Consolidated Net Income for such period
plus, without duplication, and to the extent deducted in computing Consolidated Net
Income for such period, the sum of (a) income taxes, (b) Consolidated Interest
Expense, (c) depreciation and amortization expense, in each case determined on
a consolidated basis in accordance with GAAP; (d) to the extent applicable,
stock option compensation costs applicable under (and calculated in accordance
with) FASB ASC 718; (e) all non-cash charges for such period taken for the
impairment of goodwill in accordance with FASB ASC 350, but excluding any
non-cash charge that will result in a cash charge in a future period; and (f)
all documented fees and expenses actually paid in connection with the First
Amendment and the NSC Acquisition in an aggregate amount not to exceed
$10,000,000; provided, however, that, (i) to the extent included
in Consolidated Net Income, there shall be excluded in determining EBITDA for
any period any gain or loss resulting from changes or adjustments in the fair
value of earn-outs or other contingent consideration in accordance with FASB
ASC 805-30-35; (ii) with respect to any Person that became a Subsidiary of, or
was merged with or consolidated into, the Borrower or any Wholly Owned
Subsidiary during such period, “EBITDA” shall also include the EBITDA of such
Person during such period and prior to the date of such acquisition, merger or
consolidation; and (iii) with respect to any Person that ceased to be a
Subsidiary, or was the subject of a Disposition during any measurement period,
“EBITDA” shall not include the EBITDA of such Person for such measurement
period, such calculations under this proviso to be detailed with supporting
documentation and measured to the Administrative Agent’s reasonable
satisfaction.

 

“Maturity Date” shall mean the earliest of (i) June 28, 2017 (ii) the
date on which the Revolving Commitments are terminated pursuant to Section
2.8, or (iii) the date on which all amounts outstanding under this Agreement
have been declared or have automatically become due and payable. 

 

“Swingline Commitment” shall mean the
commitment of the Swingline Lender to make Swingline Loans in an aggregate
principal amount at any time outstanding not to exceed $20,000,000.

 

(d)       Section 2.23 of the Credit Agreement is hereby amended
by deleting subsection (a) in its entirety and substituting in lieu
thereof the following:

 

“(a)      From and after the Fourth
Amendment Effective Date, the Borrower may, upon at least 10 days’ written notice
to the Administrative Agent (who shall promptly provide a copy of such notice
to each Lender), from time to time propose to increase the Aggregate Revolving
Commitments by an aggregate amount not to exceed $150,000,000 (the amount of
any such increase, the “Additional Commitment Amount”); provided,  however,
that each Additional Commitment Amount
shall be in a principal amount of not less than $10,000,000 or a larger
multiple of $5,000,000.  Each Lender shall have the

 

4

 

 

 

right for a period
of 10 days following receipt of such notice, to elect by written notice to the
Borrower and the Administrative Agent to increase its Revolving Commitment by a
principal amount equal to its Pro Rata Share of the Additional Commitment
Amount.  Any Lender who does not respond within such 10 day period shall be
deemed to have elected not to increase its Revolving Commitment.  No Lender (or
any successor thereto) shall have any obligation to increase its Revolving
Commitment or its other obligations under this Agreement and the other Loan
Documents, and any decision by a Lender to increase its Revolving Commitment
shall be made in its sole discretion independently from any other Lender.”

 

(e)        Section 5.10 of the Credit Agreement is hereby amended
by deleting such Section in its entirety and substituting in lieu thereof the
following:

 

“Section 5.10.  Additional
Subsidiaries. 

 

(a)        (i)
If any additional Wholly Owned Subsidiary that is a Domestic Subsidiary is
acquired or formed by Borrower, the Borrower shall within fifteen (15) Business
Days after such Wholly Owned Subsidiary is acquired or formed: (i) if such
Wholly Owned Subsidiary is a corporation, execute a stock pledge agreement in
substantially the same form as the Stock Pledge Agreement (or enter into an
amendment or joinder to the Stock Pledge Agreement) pledging to the Collateral
Agent all of the stock or other evidence of ownership interest it presently
holds and acquires in such Wholly Owned Subsidiary, and the Borrower shall
deliver along with such Stock Pledge Agreement, joinder or amendment the
securities described therein, and a stock power, all of which shall be in form
and substance satisfactory to Collateral Agent, (ii) if such Wholly Owned
Subsidiary is not a corporation, execute such security agreements as are reasonably
satisfactory to the Collateral Agent pledging to the Collateral Agent all of
the ownership interest the Borrower holds and acquires in such Wholly Owned
Subsidiary, including, without limitation, all presently existing and hereafter
arising right, title, and interest in and to distributions, payments, general
intangibles, accounts, and other tangible and intangible property and (iii)
cause such Wholly Owned Subsidiary to execute a Subsidiary Guarantee Agreement
and an Indemnity and Contribution Agreement (or appropriate amendments or
joinders to the existing Subsidiary Guarantee Agreement and Indemnity and
Contribution Agreement), all of which shall be in form and substance
satisfactory to Collateral Agent. The Collateral Agent is hereby authorized to
file such UCC financing statements necessary to perfect the security interests
described herein, all without the necessity of Borrower’s execution thereof.

 

(ii) If any
Domestic Subsidiary (other than a Wholly Owned Subsidiary) is acquired or
formed by a Wholly Owned Subsidiary that is a Domestic Subsidiary or the
Borrower, the applicable Wholly Owned Subsidiary or Borrower, as applicable,
within fifteen (15) Business Days after such Subsidiary is acquired or formed,
shall, subject to the Release Provision, execute a Pledge Agreement, pledging
its interest in such Subsidiary, and in the event such Subsidiary is not a
corporation, execute such security agreements as are reasonably satisfactory to
the Collateral Agent pledging to the 

 

5

 

 

 

Collateral
Agent the ownership interest that the Borrower or such applicable Wholly Owned
Subsidiary holds and acquires in such Subsidiary, all of which shall be in form
and substance satisfactory to Collateral Agent. The Collateral Agent is hereby
authorized to file such UCC financing statements necessary to perfect the
security interest described herein, all without the necessity of Borrower’s or
such Wholly Owned Subsidiary’s execution thereof.

 

(b)        If
(i) any Foreign Subsidiary is acquired or formed by the Borrower or a Wholly
Owned Subsidiary that is a Domestic Subsidiary and (ii) at the time of
acquisition or formation of such Foreign Subsidiary or at any time thereafter,
the aggregate amount of Investments made by the Borrower or its Subsidiaries in
Foreign Subsidiaries exceeds $1,000,000 (the date on which the aggregate of
such Investments exceeds $1,000,000, the “Trigger Date”), the Borrower
shall, or shall cause such Wholly Owned Subsidiary, within thirty (30) days
after the Trigger Date (or such longer period (not to exceed 90 days after the
Trigger Date) as the Administrative Agent may agree) to execute a Foreign
Pledge Agreement pledging to the Collateral Agent sixty-five percent (65%) of
the total voting Capital Stock of such Foreign Subsidiary and one hundred percent
(100%) of the non-voting Capital Stock of such Foreign Subsidiary owned by the
Borrower or such Wholly Owned Subsidiary as security for the Obligations, and
deliver the original stock or other equity certificates evidencing such pledged
Capital Stock, together with appropriate stock powers or other endorsements
executed in blank, and provide to the Collateral Agent, all of which shall be
in form and substance satisfactory to Collateral Agent.  The Collateral Agent
is hereby authorized to file such UCC financing statements, if applicable, to
the extent necessary to perfect the Liens described herein.

 

(c)        In
connection with the acquisition or formation of any Wholly Owned Subsidiary or
other Subsidiary referenced in clauses (a) and (b) above, the Borrower shall
also cause the Collateral Agent to receive simultaneously with the
documentation referenced above the resolution of the respective Person
executing such documentation and an opinion letter issued by Borrower’s legal
counsel regarding such matters as may be reasonably required by the Collateral
Agent.

 

(d)       In
connection with the acquisition or formation of any Subsidiary referenced in
clauses (a) and/or (b) immediately above, the Borrower shall cause the
acquisition and formation of such Subsidiaries to be in compliance with all
applicable Health Care Laws.

 

(e)        Notwithstanding
the requirements set forth in clause (a) of this Section 5.10,
neither the Borrower nor any Subsidiary shall be required to pledge or cause to
be pledged to the Collateral Agent any Equity Interests acquired by the
Borrower or its Subsidiaries after the Closing Date if the issuer of such
Equity Interests does not, directly or indirectly, own, operate or manage a
surgery center; provided, that, in no event shall the aggregate fair market
value of all Equity Interests owned by the Borrower or its Subsidiaries in
which the Collateral Agent does not have a perfected Lien exceed ten percent
(10%) of the Borrower’s consolidated total assets, determined by reference to
the 

 

6

 

 

 

consolidated
financial statements of the Borrower and its Subsidiaries most recently
delivered pursuant to Section 5.1(a). 

 

(f)        Section 7.1 of the Credit Agreement is hereby amended
by deleting clause (f) of such Section in its entirety and substituting in lieu
thereof the following new clause (f):

 

“(f)      Private
Placement Indebtedness, including refundings, refinancings and replacements
thereof, and amendments or modifications to the Private Placement Documents; provided,
however, that the aggregate principal amount of such Private Placement
Indebtedness shall not at any time exceed $125,000,000 and all Guarantees
thereof by Subsidiaries of the Borrower that have also guaranteed the
Obligations; provided, further, that, Private Placement Indebtedness resulting
from any such refunding, refinancing, replacement, amendment and/or
modification, or any permitted increase in the principal amount thereof, shall
have (i) a final maturity date equal to or later than the date that is six (6)
months after the Maturity Date and (ii) a Weighted Average Life to Maturity
equal to or greater than the Weighted Average Life to Maturity of the Private
Placement Indebtedness determined on and as of the Fourth Amendment Effective
Date; and”

 

(g)        Section 7.4 of the Credit Agreement is hereby amended
by adding the following at the end of such Section:

 

“Notwithstanding anything to the contrary in this Section 7.4
or otherwise, the Borrower will not, and will not permit any of its Domestic
Subsidiaries to, make any Investment in any Foreign Subsidiary if such
Investment, when taken together with all other Investments of the Borrower or
its Domestic Subsidiaries in Foreign Subsidiaries, would exceed $15,000,000.  

 

In determining the aggregate amount of Investments at any
particular time: (a) the amount of any Investment represented by a Guarantee
shall be taken at not less than the principal amount of the obligations
guaranteed and still outstanding or, if not so stated or determinable, the
maximum reasonably anticipated liability in respect thereof (assuming such
Person is required to perform thereunder) as determined by such Person in good
faith; (b) there shall be included as an Investment all interest accrued with
respect to Indebtedness constituting an Investment unless and until such
interest is paid; (c) there shall be deducted in respect of each such
Investment any amount received as a return of capital (but only by repurchase,
redemption, retirement, repayment, liquidating dividend or liquidating
distribution); and (d) there shall not be deducted in respect of any Investment
any amounts received as earnings on such Investment, whether as dividends,
interest or otherwise, except that accrued interest included as provided in the
foregoing clause (b) may be deducted when paid.  Further, the amount of any
Investment shall be the original cost of such Investment plus the cost of all
additions thereto, without any adjustments for increases or decreases in value,
forgiveness or conversion to equity of Indebtedness, or write‐ups, write‐downs
or write‐offs with respect to such Investment (but subject to any
applicable adjustment as provided in the preceding sentence).”

 

7

 

 

 

(h)        Section 7.13 of the Credit
Agreement is hereby amended by deleting such Section in its entirety and
substituting in lieu thereof the following:

 

“Section 7.13.  Acquisitions.

 

The Borrower
will not, and will not permit any Subsidiary to, make any Acquisition unless
such Acquisition satisfies all of the following conditions:

 

(i)                
(x) at the time of such
Acquisition and immediately after giving effect thereto, no Default or Event of
Default shall have occurred and be continuing and (y) immediately after giving
effect to such Acquisition, the Borrower is in compliance on a Pro Forma Basis
with the financial covenants set forth in Article VI recomputed as of
the last day of the most recently ended Fiscal Quarter for which financial
statements are available (and the Borrower shall be deemed to have represented
and warranted to the Administrative Agent and the Lenders, at the time of
consummation of such Acquisition, that the foregoing clauses (x) and (y) are
true and correct);

 

(ii)              
at least five (5) Business Days
before any Acquisition for a total consideration (including cash, stock,
personal property, debt assumed, contingent consideration and other property)
equal to or in excess of $30,000,000, the Borrower delivers to Administrative
Agent and Lenders the Acquisition Information Package; and

 

(iii)            
the Borrower shall deliver to
Administrative Agent the documentation and agreements required by Section 5.10
herein within the time period required under Section 5.10.” 

 

(i)         The Credit Agreement is hereby amended by deleting
Exhibit E attached thereto in its entirety. 

 

(j)         The Credit Agreement is hereby amended by deleting
Exhibit F attached thereto in its entirety and substituting in lieu thereof Exhibit
A attached hereto.

 

(k)        The Credit Agreement is hereby amended by deleting
Schedule 1.1(b) attached thereto in its entirety and substituting in lieu
thereof Exhibit B attached hereto.

 

(k)        Subject to the terms and conditions set forth herein,
and in reliance upon the representations and warranties of the Borrower made
herein, the Administrative Agent and the Lenders hereby waive the Specified
Default.  The foregoing waiver is a one-time waiver and is limited to the
extent specifically set forth above and no other terms, covenants or provisions
of the Credit Agreement or any other Loan Document are intended to be affected
hereby, all of which remain in full force and effect.  The Borrower
acknowledges and agrees that the foregoing waiver shall not waive (or be deemed
to be or constitute a waiver of) any other covenant, term or provision in the
Credit Agreement or hinder, restrict or otherwise modify the rights and
remedies of the Lenders, the Administrative Agent or the Collateral Agent
following the occurrence of any 

 

8

 

 

 

other present or future Default or Event of Default
(whether or not related to the Specified Default) under the Credit Agreement or
any other Loan Document.

 

Section 2.  Release of Guarantor.  Subject to the terms and conditions set
forth herein, and in reliance upon the representations and warranties of the
Borrower made herein, the Administrative Agent and the Lenders hereby release
AmSurg New Port Richey Anesthesia, LLC from any and all liabilities and other
obligations under the Subsidiary Guarantee Agreement.

 

Section 3.  Conditions Precedent.  The effectiveness of this Amendment is subject to the truth and
accuracy of the representations set forth in Section 4 below and receipt by the
Administrative Agent of each of the following, each of which shall be in form
and substance satisfactory to Administrative Agent:

 

(i)         This Amendment duly executed by the
Borrower, each of the Lenders and the Administrative Agent;

 

(ii)        A Reaffirmation of Obligations Under Loan
Documents (the “Reaffirmation”) duly executed by the Borrower and each
other Loan Party, in the form of Exhibit C attached hereto;

 

(iii)       A duly executed Note payable to any Lender
requesting delivery of a Note in the face amount of its Revolving Commitment
after giving effect to this Amendment;

 

(iv)       A
certificate, dated as of the Fourth Amendment Effective Date, signed by the
Secretary and a Responsible Officer of each Loan Party (together with
certifications as to incumbency and signatures of such officers) with
appropriate insertions and deletions, certifying that: (A) attached
thereto are copies of resolutions adopted by of the board of directors (or
equivalent thereof) of (x) the Borrower, approving the execution, delivery and
performance of this Amendment and the other documents to be executed in
connection herewith and authorizing the incurrence of the additional
Obligations contemplated hereby and such additional Obligations are entitled to
benefits of the Security Documents and other Loan Documents and (y) each other
Loan Party, stating that such additional Obligations are entitled to benefits
of the Security Documents and other Loan Documents; (B) no consents,
approvals, authorizations, registrations, filings or orders are required to be
made or obtained under any Requirement of Law or Material Contract of any Loan
Party in connection with the execution, delivery, performance, validity and
enforceability of this Amendment or any of the transactions contemplated
hereby, except those which have been made or obtained and are in full force and
effect (with all applicable waiting periods, if any, having expired); and (C)
except for the Specified Default, no Default or Event of Default exists
immediately before giving effect to amendments provided for herein and no
Default or Event of Default will result immediately after giving effect to
amendments and waiver provided for herein;

 

(v)        A favorable
opinion of Bass Berry & Sims PLC, counsel to the Borrower and the other
Loan Parties, addressed to the Administrative Agent and the Lenders and
covering 

 

9

 

 

 

such
matters relating to the Loan Parties, this Amendment and the transactions
contemplated hereby, in form and substance satisfactory to the Administrative
Agent and its counsel;

 

(vi)       A duly
executed copy of an amendment to the Intercreditor Agreement in form and
substance satisfactory to the Administrative Agent and its counsel;

 

(vii)      A duly
executed copy of an amendment to the Note Purchase Agreement in form and
substance satisfactory to the Administrative Agent and its counsel;

 

(viii)     The payment
of all fees and expenses contemplated by (i) that certain engagement letter
dated June 7, 2012 among SunTrust Robinson Humphrey, Inc., SunTrust Bank and
the Borrower and (ii) Section 5 hereof; and

 

(ix)       Such other
documents, instruments, agreements, certifications and opinions as the
Administrative Agent, on behalf of the Lenders, may reasonably request.

 

Section 4.  Representations.  The Borrower represents
and warrants to the Administrative Agent and the Lenders that:

 

(a)  Authorization.  Each of
the Borrower and the other Loan Parties have the right and power, and have
taken all necessary action to authorize them, to execute and deliver this
Amendment and the Reaffirmation and to perform their respective obligations
hereunder and under the Credit Agreement, as amended by this Amendment, and the
other Loan Documents to which they are a party in accordance with their
respective terms.  This Amendment has been duly executed and delivered by a
duly authorized officer of the Borrower and the Loan Parties and each of this
Amendment and the Credit Agreement, as amended by this Amendment, is a legal,
valid and binding obligation of the Borrower enforceable against the Borrower
in accordance with its respective terms.

 

(b) Compliance with Laws.  The
execution and delivery by the Borrower and the other Loan Parties of this
Amendment and the Reaffirmation and the performance by the Borrower of this
Amendment and the Credit Agreement, as amended by this Amendment, in accordance
with their respective terms, do not and will not, by the passage of time, the
giving of notice or otherwise: (i) require any consent or approval of,
registration or filing with, or any action by, any Governmental Authority or
any other Person or violate any Requirements of Law applicable to the Loan
Parties or any judgment, order or ruling of any Governmental Authority;
(ii) violate or result in a default under any Material Contract binding on
the Loan Parties or any of their assets or give rise to a right thereunder to
require any payment to be made by the Loan Parties; or (iii) result in the
creation or imposition of any Lien on any asset of the Loan Parties.

 

(c) Reaffirmation.  As of the
date of this Amendment and immediately after giving effect to this Amendment,
all representations and warranties of each Loan Party set forth in the Loan
Documents is true and correct in all material respects (except to the extent
that any 

 

10

 

 

 

such
representation or warranty expressly relates to a specified earlier date, in
which case such representation or warranty shall be true and correct as of such
earlier date).

 

(d)  No Default.  As of the
date hereof (except for the Specified Default) and immediately after giving
effect to this Amendment, no Default or Event of Default shall exist.

 

(e)  No Impairment of Liens. 
The execution, delivery, performance and effectiveness of this Amendment will
not: (a) impair the validity, effectiveness or priority of the Liens granted
pursuant to any Loan Document, and such Liens continue unimpaired with the same
priority to secure repayment of all of the applicable Obligations, whether
heretofore or hereafter incurred, and (b) require that any new filings be made
or other action taken to perfect or to maintain the perfection of such Liens.

 

(f)  No Material Adverse Effect. 
Since the date of the most recent financial
statements of the Borrower described in Section 5.1(a) of the Credit
Agreement, there has been no change which has had or
could reasonably be expected to have a Material Adverse Effect.

 

(g)  Loan Parties.  Schedule
1 attached hereto sets forth a true, correct and complete list of all of
the Loan Parties as of the date hereof and the tax identification number of
each Loan Party.

 

(h)  Foreign Subsidiaries.  As
of the date hereof, (i) there are no Foreign Subsidiaries other AmSurg UK
Limited and AmSurg UK (London) Limited and (ii) the aggregate Investments made
in AmSurg UK Limited and AmSurg UK (London) Limited do not exceed $1,000,000.  

 

Section
5.  Payment of Fees and Expenses.  The Borrower agrees to pay or
reimburse the Administrative Agent for its reasonable out-of-pocket fees, costs
and expenses incurred in connection with the preparation, negotiation,
execution and delivery of this Amendment and the other documents and agreements
executed and delivered in connection herewith. 

 

Section 6.   Release.  In consideration of the
amendments and waiver contained herein, the Borrower hereby waives and releases
each of the Lenders, the Administrative Agent and the Issuing Bank from any and
all claims and defenses, known or unknown as of the date hereof, with respect
to the Credit Agreement and the other Loan Documents and the transactions
contemplated thereby.

 

Section 7.  Effect; Ratification.   

 

(a)        Except
as expressly herein amended, the terms and conditions of the Credit Agreement
and the other Loan Documents remain unchanged and continue to be in full force
and effect.  The amendments and waiver contained herein shall be deemed to have
prospective application only, unless otherwise specifically stated herein.  The
Credit Agreement is hereby ratified and confirmed in all respects.  Each reference to the Credit Agreement in any of the Loan 

 

11

 

 

 

Documents (including the Credit Agreement) shall be deemed
to be a reference to the Credit Agreement, as amended by this Amendment.  

 

(b)        Nothing contained  herein
shall be deemed to constitute a waiver of compliance with any term or condition
contained in the Credit Agreement or any of the other Loan Documents, or
constitute a course of conduct or dealing among the parties.  The
Administrative Agent and the Lenders reserve all rights, privileges and
remedies under the Loan Documents.  

 

(c)        Nothing in this Amendment is intended, or shall be
construed, to constitute a novation or an accord and satisfaction of any of the
Obligations or to modify, affect or impair the perfection, priority or
continuation of the security interests in, security titles to or other Liens on
any collateral (including the Collateral) securing the Obligations.

 

(d)       This Amendment constitutes the entire agreement and
understanding among the parties hereto with respect to the subject matter
hereof and supersedes any and all prior agreements and understandings, oral or
written, relating to the subject matter hereof.

 

(e)        This Amendment may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of
which when so executed and delivered shall be deemed to be an original, but all
of which when taken together shall constitute a single instrument.  Delivery of
an executed counterpart of a signature page of this Amendment by facsimile
transmission or by email in Adobe “.pdf” format shall be effective as delivery
of a manually executed counterpart hereof.

 

Section 8.  Further Assurances.  The Borrower agrees
to, and to cause any Loan Party to, take all further actions and execute such
other documents and instruments as the Administrative Agent may from time to
time reasonably request to carry out the transactions contemplated by this
Amendment, the Loan Documents and all other agreements executed and delivered
in connection herewith. 

 

Section
9.  Effect of Increase of Aggregate Revolving Commitments.  The
Administrative Agent and the Lenders agree that the Revolving Commitment of each of the Lenders immediately prior to the
effectiveness of this Amendment shall be reallocated among the Lenders such
that, immediately after the effectiveness of this Amendment in accordance with
its terms, the Revolving Commitment of each Lender shall be as set forth on Exhibit
B attached hereto.  In order to effect such reallocations, assignments
shall be deemed to be made among the Lenders in such amounts as may be
necessary, and with the same force and effect as if such assignments were
evidenced by the applicable Assignments and Acceptances (but without the
payment of any related assignment fee), and no other documents or instruments
shall be required to be executed in connection with such assignments (all of
which such requirements are hereby waived).  Further, to effect the foregoing,
each Lender agrees to make cash settlements in respect of any outstanding
Revolving Loans, either directly or through the Administrative Agent, as the
Administrative Agent may direct or approve, such that after giving effect to
this Amendment, each Lender holds Revolving Loans equal to its Pro Rata Share
(based on the Revolving Commitment of each Lender as set forth on Exhibit B
attached hereto).

 

12

 

 

 

Section 10.   Miscellaneous. 
This Amendment shall be governed by, and
construed in accordance with, the internal laws of the State of TENNESSEE
without regard to conflict of laws principles thereof.  This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective permitted successors and
assigns.  

 

Section 11.  Severability.  In case any provision of or
obligation under this Amendment shall be invalid, illegal or unenforceable in
any jurisdiction, the validity, legality and enforceability of the remaining
provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby. 

 

 

[Signature Pages Follow]

 

13

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment
to Revolving Credit Agreement and Waiver to be duly executed by their
respective authorized officers as of the day and year first above written.

	
   

  	
  BORROWER: 

  
	
   

  	
  AMSURG CORP

  
	
   

  	
  By:

  	
  /s/ Claire M. Gulmi

  
	
   

  	
  Title:

  	
  Executive Vice President, Chief

  
	
   

  	
   

  	
  Financial Officer and Secretary

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  SUNTRUST BANK

  
	
   

  	
  As Administrative Agent, as Issuing
  Bank, and as a Lender

  
	
   

  	
  By:

  	
  /s/ Dana Dhaliwal

  
	
   

  	
  Title:

  	
  Director

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  REGIONS BANK

  
	
   

  	
  By:

  	
  /s/ Vince Abler

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
  By:

  	
  /s/ H. Hope Walker

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
  By:

  	
  /s/ Dana Smith

  
	
   

  	
  Title:

  	
  Authorized Officer

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  US BANK NATIONAL ASSOCIATION

  
	
   

  	
  By:

  	
  /s/ Clifford S. Chaitman

  
	
   

  	
  Title:

  	
  Assistant Vice
  President

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  BRANCH BANKING AND TRUST COMPANY

  
	
   

  	
  By:

  	
  /s/ R. Andrew Beam

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  FIFTH THIRD BANK, N.A..

  
	
   

  	
  By:

  	
  /s/ John Stringfield

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  KEYBANK NATIONAL ASSOCIATION.

  
	
   

  	
  By:

  	
  /s/ Sukanya V. Raj

  
	
   

  	
  Title:

  	
  Vice President and
  Portfolio Manager

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  UNION BANK, N.A.

  
	
   

  	
  By:

  	
  /s/ Sarah Willett

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  WELLS FARGO BANK, N.A.

  
	
   

  	
  By:

  	
  /s/ Michael C. Bash

  
	
   

  	
  Title:

  	
  Officer

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  CITIBANK, N.A.

  
	
   

  	
  By:

  	
  /s/ Zafar Khan

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  FIRST TENNESSEE BANK NATIONAL
  ASSOCIATION

  
	
   

  	
  By:

  	
  /s/ Cathy Wind

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  COMPASS BANK

  
	
   

  	
  By:

  	
  /s/ Kara Van Duzee

  
	
   

  	
  Title:

  	
  Senior Vice President

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  SYNOVUS BANK

  
	
   

  	
  By:

  	
  /s/ Anne Lovette

  
	
   

  	
  Title:

  	
  Senior
  Relationship Manager

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  CADENCE BANK, N.A.

  
	
   

  	
  By:

  	
  /s/ William Crawford

  
	
   

  	
  Title:

  	
  EVP

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  GOLDMAN SACHS BANK USA

  
	
   

  	
  By:

  	
  /s/ Mark Walton

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

 

 

	
   

  	
  LENDER: 

  
	
   

  	
  AVENUE BANK

  
	
   

  	
  By:

  	
  /s/ Carol S. Situs

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  

 

 

 

 

 

 

 

 

 

Signature page to Fourth Amendment to
Revolving Credit Agreement and Waiver

 

 

 

Schedule 1

 

Loan Parties

 

	
  Loan Party

  	
  Tax Identification Number

  
	
  AmSurg
  Corp.

  	
  62-1493316

  
	
  AmSurg
  Holdings, Inc. 

  	
  62-1595888

  
	
  AmSurg
  EC Topeka, Inc.

  	
  62-1512093

  
	
  AmSurg
  EC St. Thomas, Inc.

  	
  62-1511996

  
	
  AmSurg
  EC Beaumont, Inc.

  	
  62-1524208

  
	
  AmSurg
  KEC, Inc.

  	
  62-1510489

  
	
  AmSurg
  EC Santa Fe, Inc.

  	
  62-1523398

  
	
  AmSurg
  EC Washington, Inc.

  	
  62-1506354

  
	
  AmSurg
  Torrance, Inc.

  	
  62-1545685

  
	
  AmSurg
  Abilene, Inc.

  	
  62-1555413

  
	
  AmSurg
  Suncoast, Inc.

  	
  62-1555677

  
	
  AmSurg
  Lorain, Inc.

  	
  62-1595307

  
	
  AmSurg
  La Jolla, Inc.

  	
  62-1625304

  
	
  AmSurg
  Hillmont, Inc.

  	
  62-1632685

  
	
  AmSurg
  Palmetto, Inc.

  	
  62-1647404

  
	
  AmSurg
  Northwest Florida, Inc.

  	
  62-1519549

  
	
  AmSurg
  Ocala, Inc.

  	
  62-1650493

  
	
  AmSurg
  Maryville, Inc.

  	
  62-1586143

  
	
  AmSurg
  Miami, Inc.

  	
  62-1598504

  
	
  AmSurg
  Burbank, Inc.

  	
  62-1619548

  
	
  AmSurg
  Melbourne, Inc.

  	
  62-1625312

  

 

 

 

 

 

	

  AmSurg
  El Paso, Inc.

  	
  62-1711537

  
	
  AmSurg
  Crystal River, Inc.

  	
  62-1666189

  
	
  AmSurg
  Abilene Eye, Inc.

  	
  62-1692556

  
	
  AmSurg
  Inglewood, Inc.

  	
  62-1814134

  
	
  AmSurg
  Glendale, Inc.

  	
  62-1807967

  
	
  AmSurg
  San Antonio TX, Inc.

  	
  20-0075736

  
	
  AmSurg
  San Luis Obispo CA, Inc.

  	
  20-1965555

  
	
  AmSurg
  Temecula CA, Inc.

  	
  20-0095263

  
	
  AmSurg
  Escondido CA, Inc.

  	
  20-1626979

  
	
  AmSurg
  Scranton PA, Inc.

  	
  20-2853308

  
	
  AmSurg
  Arcadia CA Inc.

  	
  20-4483684

  
	
  AmSurg
  Main Line PA, Inc.

  	
  20-5408469

  
	
  AmSurg
  Oakland CA, Inc.

  	
  20-5645841

  
	
  AmSurg
  Lancaster PA, Inc. 

  	
  20-5988960

  
	
  AmSurg
  Pottsville PA, Inc.

  	
  26-0303835

  
	
  AmSurg
  Glendora CA, Inc.

  	
  20-5732564

  
	
  AmSurg
  Kissimmee FL, Inc.

  	
  62-1567628

  
	
  AmSurg
  Altamonte Springs FL., Inc.

  	
  26-0289067

  
	
  AmSurg
  New Port Richey FL, Inc.

  	
  62-1612176

  
	
  AmSurg
  Naples, Inc.

  	
  62-1659906

  
	
  AmSurg
  EC Centennial, Inc.

  	
  62-1511980

  
	
  Illinois
  NSC, Inc. 

  	
  20-2393903

  
	
  NSC
  Healthcare, Inc.  

  	
  84-1209756

  

 

 

 

 

 

	
  AmSurg
  Anesthesia Management Services, LLC 

  	
  27-1174941

  
	
  NSC RBO
  West, LLC

  	
  26-3816052

  
	
  NSC RBO
  East, LLC

  	
  27-3205481

  
	
  Long
  Beach NSC, LLC

  	
  20-1048768

  
	
  Torrance
  NSC, LLC

  	
  20-1048801

  
	
  DAVIS
  NSC, LLC

  	
  20-5451784

  
	
  FULLERTON
  NSC, LLC

  	
  20-3435683

  
	
  San
  Antonio NSC, LLC

  	
  20-0322582

  
	
  Austin
  NSC, LLC

  	
  20-4942934

  
	
  Twin
  Falls NSC, LLC

  	
  20-8086602

  
	
  Ardmore
  NSC, LLC

  	
  26-1651465

  
	
  KENWOOD
  NSC, LLC

  	
  26-3055899

  
	
  Towson
  NSC, LLC

  	
  20-0314129

  
	
  NSC West
  Palm, LLC

  	
  76-0740666

  
	
  Tampa
  Bay NSC, LLC

  	
  20-3447384

  
	
  CORAL
  SPRINGS NSC, LLC

  	
  26-1649639

  
	
  WESTON
  NSC, LLC

  	
  26-3435641

  
	
  Wilton
  NSC, LLC  

  	
  26-1653853

  
	
  Austin
  NSC, L.P. 

  	
  20-4943017

  

 

 

 

EXHIBIT A

 

EXHIBIT
F

 

[form
of]

ACQUISITION INFORMATION PACKAGE

Pursuant to Section
7.13 of the Credit Agreement, AmSurg Corp. (the “Borrower”) shall
deliver to SunTrust Bank, as Administrative Agent (with enough copies for each
of the Lenders) the following information in connection with any Acquisition:

(1)        the total consideration given in connection
with any Acquisition in the following format:

(a)        Cash:   $                       

(b)        Stock: $                        

(c)        Contingent
Consideration: $                

(d)       Personal
Property: $                 

(e)        Other
Property: [identify type and value]

                                                                                      

                                                                                      

                                                                                      

    TOTAL:      $                       

(2)        summary financial information relating to
the interest or entity to be acquired, including percentage interest being
acquired and operating forecasts,

(3)        (a) the Acquisition Pro Forma duly
certified by the chief financial officer of the Borrower and (b) calculations
of the chief financial officer of the Borrower demonstrating compliance on a
Pro Forma Basis with the financial covenants contained in Article VI and
Section 7.13 of the Credit Agreement after such Acquisition is
completed.

As used herein, the “Credit Agreement” means
that certain Revolving Credit Agreement dated as of May 28, 2010 among
Borrower, SunTrust Bank, as Administrative Agent and a Lender, and the Lenders
party thereto, as the same may be amended, restated, supplemented or otherwise
modified from time to time in accordance with its terms.

 

 

 

EXHIBIT
B

 

 

SCHEDULE 1.1(b)

 

REVOLVING COMMITMENTS

 

 

	
   Lender

   	
   Revolving Commitment

   
	
  SunTrust Bank

  	
  $50,000,000

  
	
  Regions Bank

  	
  $50,000,000

  
	
  Bank of America, N.A.

  	
  $45,000,000

  
	
  JPMorgan Chase Bank, N.A.

  	
  $39,000,000

  
	
  US Bank National Association

  	
  $32,500,000

  
	
  Branch Banking and Trust
  Company

  	
  $30,000,000

  
	
  Fifth Third Bank, N.A.

  	
  $27,500,000

  
	
  KeyBank National Association

  	
  $27,500,000

  
	
  Union Bank, N.A.

  	
  $27,500,000

  
	
  Wells Fargo Bank, N.A.

  	
  $27,500,000

  
	
  Citibank, N.A.

  	
  $27,100,000

  
	
  First Tennessee Bank National
  Association

  	
  $25,000,000

  
	
  Compass Bank

  	
  $24,000,000

  
	
  Synovus Bank

  	
  $20,000,000

  
	
  Cadence Bank, N.A.

  	
  $10,000,000

  
	
  Goldman Sachs Bank USA

  	
  $7,000,000

  
	
  Avenue Bank

  	
  $5,400,000

  
	
  Total:

  	
  $475,000,000

  

 

 

 

 

 

 

EXHIBIT
C

 

REAFFIRMATION OF OBLIGATIONS
UNDER LOAN DOCUMENTS

 

            Reference
is hereby made to that certain Revolving Credit Agreement dated as of May 28,
2010, among AmSurg Corp. (the “Borrower”), the Lenders party thereto and
SunTrust Bank, as Administrative Agent (as previously amended and as further
amended by the Fourth Amendment defined below, the “Credit Agreement”;
capitalized terms used herein and not defined herein have the meanings ascribed
to such terms in the Credit Agreement).

 

Each
of the undersigned Loan Parties hereby: (i) agrees that (A) the amendments
and waiver contained in the Fourth Amendment
to Revolving Credit Agreement and Waiver dated as of the date hereof (the “Fourth
Amendment”) shall not in any way affect the validity and/or enforceability
of any Loan Document, or reduce, impair or discharge the obligations of such
Person thereunder and (B) nothing in the Fourth
Amendment is intended, or shall be construed, to constitute a novation or an
accord and satisfaction of any of the Obligations or to modify, affect or
impair the perfection, priority or continuation of the security interests in,
security titles to or other Liens on any collateral (including the Collateral)
securing the Obligations; (ii) reaffirms its continuing obligations
owing to the Administrative Agent and the Lenders under each of the other Loan
Documents to which such Person is a party; and (iii) confirms that the liens
and security interests created by the Loan Documents continue to secure the
Obligations.

 

Each
of the undersigned Loan Parties (other than the Borrower) hereby represents and
warrants to the Administrative Agent and the Lenders that each of the
representations and warranties applicable to such Loan Party made by the
Borrower in Section 4 of the Fourth Amendment are true and correct.

 

            This Reaffirmation shall be construed in
accordance with and be governed by the law of the State of Tennessee.

 

 

[Signature page follows]

 

 

 

IN WITNESS WHEREOF, each of the undersigned has duly
executed and delivered this Reaffirmation of Obligations under Loan Documents
as of June ___, 2012.

 

	
   

  	
  AMSURG CORP.

   

   

  By: 
  _______________________________

          Name:  

          Title:  

   

  
	
   

  	
  AmSurg Holdings, Inc. 

  AmSurg Anesthesia Management Services,
  LLC 

  AmSurg EC Topeka, Inc.

  AmSurg EC St. Thomas, Inc.

  AmSurg EC Beaumont, Inc.

  AmSurg KEC, Inc.

  AmSurg EC Santa Fe, Inc.

  AmSurg EC Washington, Inc.

  AmSurg Torrance, Inc.

  AmSurg Abilene, Inc.

  AmSurg Suncoast, Inc.

  AmSurg Lorain, Inc.

  AmSurg La Jolla, Inc.

  AmSurg Hillmont, Inc.

  AmSurg Palmetto, Inc.

  AmSurg Northwest Florida, Inc.

  AmSurg Ocala, Inc.

  AmSurg Maryville, Inc.

  AmSurg Miami, Inc.

  AmSurg Burbank, Inc.

  AmSurg Melbourne, Inc.

  AmSurg El Paso, Inc.

  AmSurg Crystal River, Inc.

  AmSurg Abilene Eye, Inc.

  AmSurg Inglewood, Inc.

  AmSurg Glendale, Inc.

  AmSurg San Antonio TX, Inc.

  AmSurg San Luis Obispo CA, Inc.

  AmSurg Temecula CA, Inc.

  AmSurg Escondido CA, Inc.

  AmSurg Scranton PA, Inc.

  AmSurg Arcadia CA Inc.

  AmSurg Main Line PA, Inc.

  AmSurg Oakland CA, Inc.

  

 

 

 

 

 

	
   

  	
  AmSurg Lancaster PA, Inc.

  AmSurg Pottsville PA, Inc.

  AmSurg Glendora CA, Inc.

  AmSurg Kissimmee FL, Inc.

  AmSurg Altamonte Springs FL., Inc.

  AmSurg New Port Richey FL, Inc.

  AmSurg EC Centennial, Inc.

  AmSurg Naples, Inc.

  Illinois NSC, Inc.

  NSC Healthcare, Inc.  

  NSC RBO West, LLC

  NSC RBO East, LLC

  Long Beach NSC, LLC

  Torrance NSC, LLC

  Davis NSC, LLC

  Fullerton NSC, LLC

  San Antonio NSC, LLC

  Austin NSC, LLC

  Twin Falls NSC, LLC

  Ardmore NSC, LLC

  Kenwood NSC, LLC

  Towson NSC, LLC

  Wilton NSC, LLC

  NSC West Palm, LLC

  Tampa Bay NSC, LLC

  Coral Springs NSC, LLC

  Weston NSC, LLC

   

   

  By: 
  _______________________________

          Name:  
  

          Title:   

  
	
   

  	
   

  Austin NSC, L.P.

   

  By:  Austin NSC, LLC, its general
  partner

   

  By: 
  _______________________________

          Name:  
  

          Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}]]