Exhibit 10.3
TERMINATION AND RELEASE AGREEMENT
TERMINATION AND RELEASE AGREEMENT, dated as of December 20,
1996 (this "Agreement"), among Unilab Corporation (the "Borrower"), a Delaware
corporation, the financial institutions listed on the signature pages hereto
(the "Lenders") and Banque Paribas, as the agent (the "Agent") and the
collateral agent (the "Collateral Agent"). All capitalized terms used herein and
not otherwise defined shall have the respective meanings provided such terms in
the Credit Agreement referred to below.
W I T N E S S E T H :
WHEREAS, the Borrower, the Lenders listed on the signature
pages thereto and the Agent are parties to a Credit Agreement, dated as of March
14, 1996 (as modified, supplemented and amended to the date hereof, the "Credit
Agreement") pursuant to which certain loans were available and certain letters
of credit were issued to the Borrower;
WHEREAS, in connection with the Credit Agreement, the Borrower
entered into the Security Agreement, dated as of March 14, 1996 (as modified,
supplemented and amended to the date hereof, the "Security Agreement") in favor
of and for the benefit of, inter alia, the Collateral Agent;
WHEREAS, (a) no loans were made pursuant to the Credit
Agreement and the Borrower has paid all accrued and unpaid fees and all other
amounts owing under the Credit Agreement and (b) all Commitments under the
Credit Agreement are being terminated hereunder;
WHEREAS, in connection with the payments and termination of
Commitments referred to in the immediately preceding paragraph, the Borrower has
requested Banque Paribas, as Agent and as Collateral Agent, to enter into this
Agreement, and Banque Paribas in each such capacity has agreed to enter into
this Agreement;
NOW, THEREFORE, the parties hereto hereby agree as follows:
1. Repayment and Termination of Commitments. The Agent hereby
acknowledges receipt of $27,582.76 (DOLLARS) in full payment of all amounts due
and owing to the Agent and/or the Lenders under the Credit Agreement, the Notes
issued pursuant thereto and all related documents and termination of all the
Commitments under the Credit Agreement. Notwithstanding anything to the contrary
contained in the preceding sentence, all indemnity and expense obligations
contained in the Credit Agreement shall survive the termination of the Credit
Agreement to the extent provided therein.
2. Release of Liens. (a) The Security Agreement is hereby
terminated and the Collateral Agent hereby (i) releases, assigns, transfers and
delivers to the Borrower without recourse and without representation or
warranty, all of the Collateral (as defined in the Security Agreement) and (ii)
delivers UCC-3 termination statements to be filed in the jurisdictions set forth
on Schedule A hereto. Notwithstanding anything to the contrary contained in the
preceding sentence, all indemnity and expense obligations contained in the
Security Agreement shall survive the termination of the Security Agreement and
the release of the security interests created thereunder if, and to the extent,
set forth therein.
3. Further Assurances. From time to time, upon request by the
Borrower, the Agent shall, without further consideration other than
reimbursement for any reasonable and necessary costs and expenses, execute,
deliver and acknowledge all such further documents, agreements, certificates and
instruments and do such further acts (together with all such acts regarding such
further documents, "Further Acts") as the Borrower may reasonably require to
more effectively evidence or effectuate the transactions contemplated by this
Agreement, including, but not limited to, the termination of the Credit
Agreement, the release and termination of the Security Agreement and the release
and discharge of all security interests and all other rights and interests that
the Agent, the Collateral Agent, the Issuing Bank or the Lenders has or may have
had in the Collateral (as defined in the Security Agreement), unless such
requested Further Act (i) would expose the Agent or an officer of the Agent to
personal liability or (ii) would be contrary to applicable law.
4. Miscellaneous. This Agreement may not be amended, modified
or waived except in a writing signed by the party against whom enforcement of
such amendment, modification or waiver is sought. THIS AGREEMENT SHALL BE
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which, when taken together, shall constitute
one and the same instrument.
5. Effectiveness. This Agreement shall become effective when
(i) all parties hereto shall have executed and delivered a counterpart hereof
(including by way of facsimile transmission) and (ii) the Borrower shall have
paid all amounts due and owing to White & Case for fees and disbursements under
the Credit Agreement.
IN WITNESS WHEREOF, the undersigned have entered into this
Agreement as of the day and year first above written.
UNILAB CORPORATION
By_____________________________________
Title:
BANQUE PARIBAS,
as Agent and Collateral Agent
By_____________________________________
Title:
By_____________________________________
Title:
SCHEDULE A
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Index of UCC-3 Terminations
Banque Paribas/Unilab
1104101-0054
________________________________________________________________________________
DEBTOR JURISDICTION
____________________________________ __________________________________________
Unilab Corp. Alameda Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Butte Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Contra Costa Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Fresno Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Imperial Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Xxxx Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Kings Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Kitsap Co., WA
18448 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Los Angeles Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Marin Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Mendecino Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Merced Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Xxxxxx Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Monterey, Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Napa Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Placer Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Riverside Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Sacramento, CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Xxx Xxxx Xxxxxx Xx., XX
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. San Bernadino, CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. San Xxxxxxx Co., CA
18448 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. San Francisco Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. San Diego Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. San Mateo Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Santa Xxxxxxx Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Santa Xxxxx Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
-2-
____________________________________ __________________________________________
Unilab Corp. Xxxxx Xxxx Xx., XX
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Sec. of State, NV
18448 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Sec. of State, CA
18448 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Sec. of State, WA
18448 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Sec. of State, NJ
18448 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Sec. of State, DE
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Shasta Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Xxxxxx Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Sonoma Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Stanislaus Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Tulare Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Ventura Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
Unilab Corp. Washoe Co., NV
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
-3-
____________________________________ __________________________________________
Unilab Corp. Yolo Co., CA
00000 Xxxxxx Xxxxxx
Xxxxxxx, XX 00000
____________________________________ __________________________________________
-4-
