EXHIBIT 10.45(a)
AMENDMENT NO. 1 TO THE
SENIOR SUBORDINATED CREDIT AGREEMENT
AMONG PHYSICIAN HEALTH CORPORATION, PHC HOLDING CORPORATION,
THE LENDERS PARTY THERETO, AND
PARIBAS CAPITAL FUNDING LLC, as AGENT
AMENDMENT NO. 1 (the "Amendment"), dated as of December 11, 1997, by and
among Physician Health Corporation, a Delaware corporation ("Holdings"), PHC
Holding Corporation, a Georgia corporation and wholly owned subsidiary of
Holdings (the "Borrower"), the financial institutions party to the Credit
Agreement (the "Lenders"), and Paribas Capital Funding LLC, as administrative
agent for the Lenders (in such capacity, the "Administrative Agent").
W I T N E S S E T H
- - - - - - - - - -
WHEREAS, Holdings, the Borrower, the Lenders, and the Administrative Agent
are party to a Senior Subordinated Credit Agreement, dated as of October 27,
1997 (the "Credit Agreement"). Capitalized terms defined in the Credit
Agreement and not otherwise defined herein shall have the meanings provided
therein; and
WHEREAS, the Borrower has requested, among other things, that the Credit
Agreement be amended to permit the Borrower to increase the amount available to
it under the Senior Credit Agreement from $45,000,000 to $62,500,000; and
WHEREAS, the Lenders have agreed with the Borrower to so amend the Credit
Agreement upon the terms and subject to the conditions set forth herein;
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1. Amendments to the Credit Agreement. Upon the satisfaction of
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the conditions in Section 3 of this Amendment relating to the effectiveness of
this Section 1, the Credit Agreement is hereby amended as follows:
(a) The definition of "Senior Debt" in Section 8 of the Credit Agreement
shall be deleted in its entirety and replaced with the following:
"Senior Debt" shall mean (a) all payment obligations now or hereafter
incurred pursuant to and in accordance with the terms of the Senior Credit
Agreement (including without limitation all principal, interest, (including,
without limitation, any post-petition interest on such obligations at the rate
set forth in Senior Credit Agreement, accruing whether or not granted or
permitted in connection with an event of the type referred to in Section 7.05
hereof) and Interest Rate Protection or other Hedging Agreements as defined in
the Senior Credit Agreement), premium, penalties,
fees, expenses, indemnification, reimbursements, damages and other liabilities
payable under the Senior Credit Agreement; provided, that in no event shall the
principal amount of Senior Debt (exclusive of interest rate protection
obligations) exceed the sum of (i) $52,500,000 (as such amount is reduced by
repayments of term loans to the extent that such repayments may not be
reborrowed), (ii) an amount equal to the revolving loans and commitments
therefor outstanding under the Senior Credit Agreement from time to time to the
extent they do not exceed $10,000,000, reduced by reductions of revolving
commitments to the extent such reductions are permanent and (b) Additional
Senior Credit Indebtedness. Senior Debt outstanding under the Senior Credit
Agreement shall continue to constitute Senior Debt for all purposes hereof,
notwithstanding that such Senior Debt or any claim in respect thereof may be
disallowed, avoided or subordinated pursuant to any insolvency law, the
Bankruptcy Code or any similar federal or state law for the relief of debtors or
other applicable insolvency law or equitable principles as a claim for unmatured
interest.
SECTION 2. Representations and Warranties. The Borrower hereby represents
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and warrants that (a) the execution, delivery and performance of this Amendment
have been duly authorized by all necessary corporate action on the part of the
Borrower and Holdings and this Amendment constitutes a legal, valid and binding
obligation of the Borrower and Holdings, enforceable against each in accordance
with its terms, subject to applicable bankruptcy, insolvency, moratorium or
similar laws affecting creditors' rights generally and to general principles of
equity regardless of whether enforcement is sought in a proceeding in equity or
at law and (b) except as set forth on Schedule 2(b) hereto, the representations
and warranties of the Borrower contained in Section 4 of the Credit Agreement
and of each Loan Party in the other Loan Documents to which it is a party are
true and correct as of the date hereof both before and after giving effect to
this Amendment as though made on such date, except to the extent such
representations and warranties relate to an earlier date, in which case such
representations and warranties were correct on and as of such earlier date.
SECTION 3. Condition to Effectiveness. The amendments in Section 1 hereof
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shall become effective on the date (the "Effective Date") when counterparts
hereof shall have been executed by the Required Lenders, the Administrative
Agent, Holdings and the Borrower and acknowledged by each of the Guarantors.
SECTION 4. Effect on the Credit Agreement. Except as amended hereby, the
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Credit Agreement and the other Loan Documents shall remain in full force and
effect.
SECTION 5. Counterparts. This Amendment may be executed in any number of
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counterparts and by different parties hereto in separate counterparts, each
of which when so executed and delivered shall be deemed to be an original and
all of which taken together constitute one and the same agreement.
SECTION 6. Governing Law. This Amendment shall be governed by and
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construed and enforced in accordance with the law of the State of New York.
SECTION 7. Headings. Section headings in this Amendment are included
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herein for the convenience of reference only and shall not constitute part of
this Amendment for any other purpose.
SECTION 8. References. References herein and in the Loan Documents to the
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Credit Agreement are to the Credit Agreement as amended hereby.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.
PHYSICIAN HEALTH CORPORATION
By:/s/ Xxxxx X. Xxxxxx
---------------------------
Title:
PHC HOLDING CORPORATION
By:/s/ Xxxxx X. Xxxxxx
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Title:
PARIBAS CAPITAL FUNDING LLC
as Administrative Agent
By:/s/ Xxxxxx X. Xxxxxxx
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Title:
Each of the undersigned consents to the foregoing Amendment and hereby
confirms that its respective Guaranty shall continue to guaranty the Obligations
of the Borrower pursuant to the Credit Agreement, as amended hereby.
GUARANTORS
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0000 X. Xxxxxx Xxxxxx, #000 PHC CENTRAL FLORIDA, INC.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 PHC PHYSICIAN NETWORKS, INC.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 Xxxxxxx Xxxxx, #000 PHC ANCILLARY SERVICES, INC.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXX XXXX XXXXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 EYE CARE SERVICES OF MISSOURI, INC.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXX-XXXXXXX ACQUISITION SUBSIDIARY I,
Xxxxxxx, XX 00000 INC.,
Telephone No.: (000) 000-0000 as a Guarantor
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 PHC-ST. LOUIS ACQUISITION SUBSIDIARY
Xxxxxxx, XX 00000 I, INC.,
Telephone No.: (000) 000-0000 as a Guarantor
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 PHC-ACQUISITION SUBSIDIARY II, INC.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxx 0xx Xxxxxx, #115 TRI-COUNTY EYE CENTER, INC.,
Xxxxxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 PRIMARY CARE SPECIALIST, OF GEORGIA,
Xxxxxxx, XX 00000 INC.,
Telephone No.: (000) 000-0000 as a Guarantor
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXX XXXXXXX ACQUISITION SUBSIDIARY II,
Xxxxxxx, XX 00000 INC.,
Telephone No.: (000) 000-0000 as a Guarantor
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXX-XXXXXXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000000 Xxxxxxxxx Xxxx, Xxxxx 000 XXXX X. XXXXX, XXX.,
Xx. Xxxxx, XX 00000 as a Guarantor
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 Xxxxxxx Xxxxx, #000 DENTOFACIAL CARE CENTER, INC.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 Xxxxxxx Xxxxx, #000 XXX XXXXXXXXX ACQUISITION SUBSIDIARY
Xxxxxxx, XX 00000 I, INC.,
Telephone No.: (000) 000-0000 as a Guarantor
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 PRIMARY CARE SPECIALISTS OF CENTRAL
Atlanta, GA 30328 FLORIDA, INC.,
Telephone No.: (000) 000-0000 as a Guarantor
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 Xxxxxxx Xxxxx, #000 PHC PHYSICIAN NETWORK OF GEORGIA,
Xxxxxxx, XX 00000 INC.,
Telephone No.: (000) 000-0000 as a Guarantor
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXX XXXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
760 Kentucky PHC - WEST PLAINS, INC. D/B/A XXXX
Xxxx Xxxxxx, XX 00000 OPTOMETRY, LTD.,
Telephone No.: (000) 000-0000 as a Guarantor
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 X. Xxxxx Xxxx Xxxx, #00 INTERNACARE, INC.,
Xxxxxxxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 Xxxxxxx Xxxxx, #000 XXX - XXXXXXXX XXXXXXXX CARE, INC.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 Xxxxxxx Xxxxx, #000 XXX - XXXXXXXXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 Xxxxxxx Xxxxx, #000 XXX - XXXXXXX, INC.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
0000 Xxxxx Xxxxxxx XXXX MANAGEMENT, INC.,
Xxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 Xxxxxxx Xxxxx, #000 XXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #300 PHC XXXXXXX XX, INC.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXX XXXXXXXXXX, XXX.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 X. Xxxxxx, #0000 PHYSICIAN MANAGEMENT SERVICES OF
St. Louis, MO 63105 MISSOURI, INC.,
Telephone No.: (000) 000-0000 as a Guarantor
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 XXX XXXXXXX XXX, INC.,
Xxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
----------------------------
Title:
000 Xxxxxxx Xxxxx, #000 PHC PHYSICIAN NETWORK OF
Atlanta, GA 30328 ORLANDO, INC.,
Telephone No.: (000) 000-0000 as a Guarantor
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
000 Xxxxxxx Xxxxx, #000 X.X. XXXXX EYE CARE SERVICES,
Xxxxxxx, XX 00000 INC.,
Telephone No.: (000) 000-0000
Facsimile No.: (770) 673-1970
000 X. Xxxxxx Xxxx Xxxx XXXX XXXXX I, L.L.C.,
Xxxxxxxxx, XX 00000 as a Guarantor
Telephone No.: (000) 000-0000
Facsimile No.: (000) 000-0000
By: /s/ Xxxxx X. Xxxxxx
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Title:
