SECOND AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AND SECURITY AGREEMENT
SECOND AMENDMENT TO
SECOND AMENDED AND RESTATED TERM LOAN AND SECURITY AGREEMENT
SECOND AMENDED AND RESTATED TERM LOAN AND SECURITY AGREEMENT
THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED TERM LOAN AND SECURITY AGREEMENT (this “Amendment”) dated as of June 30, 2017, by and among THE PRIVATEBANK AND TRUST COMPANY, an Illinois banking corporation (together with its successors and assigns, “Administrative Agent”) in its capacity as administrative agent for the Lenders (as defined below), the Lenders, the Affiliates of Diversicare Healthcare Services, Inc. identified on the signature pages as “Original Borrower” (individually and collectively, “Original Borrower”), and DIVERSICARE OF SELMA, LLC, a Delaware limited liability company (“New Opco”), and DIVERSICARE SELMA PROPERTY, LLC, a Delaware limited liability company (“New Propco”; New Propco together with New Opco are hereinafter referred to, individually and collectively, as “New Borrower”). New Borrower and Original Borrower are hereinafter referred to individually and collectively as, “Borrower”.
WHEREAS, Original Borrower, Administrative Agent, and the financial institutions signatories thereto (the “Lenders”) are parties to that certain Second Amended and Restated Term Loan and Security Agreement dated as of February 26, 2016 (as the same has been, and may hereafter be, amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”; all capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Loan Agreement as amended by this Amendment); and
WHEREAS, Borrower, Administrative Agent and Lenders desire to amend the Loan Agreement as provided in and subject to the terms and conditions of this Amendment.
NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto (intending to be legally bound) hereby agree as follows:
1.Consent. Subject to the satisfaction of the conditions set forth in Section 7 below and in reliance upon the representations and warranties set forth in Section 6 below, Administrative Agent and the Lenders hereby consent to the disbursement of One Million Five Hundred Thousand and no/100 Dollars ($1,500,000.00) from the Acquisition Loan to Borrowers, to be used by New Borrower to acquire that certain skilled nursing facility located at 000 Xxxx Xxxxx, Xxxxx, Xxxxxxx 00000, known as “Park Place Nursing & Rehabilitation Center” and defined herein as the Selma Acquisition.
2. Joinder and Assumption. From and after the date hereof, New Borrower hereby absolutely and unconditionally (i) joins as and becomes a party to the Loan Agreement as a Borrower thereunder and to each Financing Agreement to which Original Borrower is a party, (ii) assumes, as a joint and several obligor thereunder, all of the obligations, liabilities and indemnities of a Borrower under the Loan Agreement and all other Financing Agreements, (iii) covenants and agrees to be bound by and adhere to all of the terms, covenants, waivers, releases, agreements and conditions of or respecting a Borrower with respect to the Loan Agreement and the other Financing Agreements and all of the representations and warranties contained in the Loan Agreement and the other Financing Agreements with respect to a Borrower, and (iv) collaterally assigns and transfers to Administrative Agent (for the benefit of Lenders and itself) and hereby grants to Administrative Agent (for the benefit of Lenders and itself) a continuing first-priority security interest in all of New Borrower’s now owned and existing and hereafter acquired and arising Collateral, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of all of the Liabilities, subject to any applicable Intercreditor Agreements. New Borrower hereby authorizes Administrative Agent to file at any time uniform commercial code financing statements in such jurisdictions and offices as Administrative Agent deems necessary in connection with the perfection of a security interest in all of New Borrower’s now owned or hereafter arising or acquired Collateral, including, without limitation, Accounts and Deposit Accounts of New Borrower, and all proceeds and products thereof. From and after the date hereof, any reference to the term “Borrower” in the Loan Agreement and the Financing Agreements shall also include New Borrower.
3. Supplementation of Certain Disclosure Schedules. In connection with the joinder of New Borrower to the Loan Agreement, Schedule 1.1(a) (Borrowers), Schedule 1.1(b) (Propco Borrowers), Schedule 1.1(c) (Affiliated Revolving Borrowers), Schedule 1.1(d) (Facilities, Locations, Real Property, Operators, Owners, Leases), Schedule 7.8 (Names), Schedule 7.12 (Organizational Chart), and Schedule 7.33 (Capitalization) of the Loan Agreement shall be supplemented from and after the date of this Amendment as set forth on the applicable and respective schedules attached hereto and made a part hereof so that such schedules shall reflect the matters intended to be shown thereon as of the date of this Amendment.
4. Amendments to Loan Agreement. Subject to the satisfaction of the conditions set forth in Section 7 below and in reliance upon the representations and warranties set forth in Section 6 below, Borrower, Administrative Agent and Lenders hereby amend the Loan Agreement as follows:
(a) The following definitions shall be inserted in correct alphabetical order in Section 1.1 of the Loan Agreement:
“Second Amendment Effective Date” shall mean June 30, 2017.
“Selma Acquisition” means the sale/purchase transaction intended to be consummated on the Second Amendment Effective Date pursuant to and in accordance with the Selma Acquisition Documents.
“Selma Acquisition Agreement” means that certain Asset Purchase Agreement dated as of June 8, 2017 by and among the Sellers (as defined therein) and New Opco, as amended by the First Amendment dated as of June 19, 2017.
“Selma Acquisition Documents” means, collectively, the Selma Acquisition Agreement, and any and all of the other material documents, instruments and agreements executed or delivered in connection therewith, in each case as the same may be amended or modified in conformity with Section 9.16 of this Agreement.
(b) Section 1.1 of the Loan Agreement shall be amended by amending and restating the following definitions therein in their entirety to read as follows:
“Maximum Facility” means an amount equal to $77,969,996.
“Maximum Term Loan Facility” means an amount equal to $65,469,996.
(c) Subsection (d) of the definition of “Change of Control” in Section 1.1 of the Loan Agreement shall be amended and restated in its entirety to read as follows:
(d) Diversicare Holding shall at any time after the Closing Date have control and voting power over less than all of the issued and outstanding Stock of Diversicare Kansas, LLC, Diversicare of Glasgow, LLC, Diversicare of Xxxxxx, LLC and Diversicare of Selma, LLC,
(d) The definition of “Libor Base Rate” contained in Section 1.1 of the Loan Agreement is hereby amended by deleting the last sentence at the end of such definition.
(e) The definition of “Restricted Agreements” in Section 1.1 of the Loan Agreement shall be amended to add “the Selma Acquisition Documents” immediately following “the Clinton Acquisition Documents,” therein.
(f) Section 2.1 of the Loan Agreement shall be amended by amending and restating the first and second sentence therein in their entirety to read as follows:
On the terms and subject to the conditions set forth in this Agreement, and provided there does not then exist a Default or an Event of Default, each Lender with a Term Loan Commitment, severally and for itself alone, agrees to make in Dollars such Lender’s Pro Rata Share of a term loan (the “Term Loan”) (i) in one advance to the Borrower on the Closing Date in the aggregate amount of (x) the Maximum Term Loan Facility (as defined as of the Closing Date) minus (y) the outstanding aggregate principal amount of the “Term Loan” (as defined in the Original Term Loan Agreement) on the date hereof and (ii) in one advance to the Borrower on the Second Amendment Effective Date in the aggregate amount of $7,500,000. (w) As of the Closing Date, the outstanding aggregate principal amount of the “Term Loan” (as defined in the Original Term Loan Agreement) is equal to Forty-Two Million Two Hundred Twenty-Four Thousand Nine Hundred Ninety-Nine and 82/100 Dollars ($42,224,999.82), (x) immediately after giving effect to such advance on the Closing Date, the outstanding aggregate principal amount of the “Term Loan” (as defined in this Agreement) is equal to $60,000,000, (y) as of the Second Amendment Effective Date, the outstanding aggregate principal amount of the “Term Loan” (as defined in this Agreement) is equal to $57,969,996 and (z) immediately after giving effect to such advance on the Second Amendment Effective Date, the outstanding aggregate principal amount of the “Term Loan” (as defined in this Agreement) is equal to the Maximum Term Loan Facility.
(g) Section 2.1(b) of the Loan Agreement shall be amended by amending and restating the amortization schedule set forth therein as follows:
Year 1: | $1,610,000 ($134,167/month) |
Year 2 (on or prior to June 1, 2017): | $1,680,000 ($140,000/month) |
Year 2 (on and after July 1, 2017): | $1,830,000 ($152,500/month) |
Year 3: | $1,920,000 ($160,000/month) |
Year 4: | $2,010,000 ($167,500/month) |
Year 5: | $2,110,000 ($175,833/month) |
(h) Section 2.16 of the Loan Agreement shall be amended and restated in its entirety to read as follows:
2.16 Closing Fee. On the Closing Date, the Borrower shall pay to the Administrative Agent a one-time closing fee pursuant to a Fee Letter in immediately available funds, which fee shall be nonrefundable and deemed fully earned as of such date (“Closing Date Closing Fee”). On the Second Amendment Effective Date, the Borrower shall pay to the Administrative Agent a one-time closing fee pursuant to a Fee Letter in immediately available funds, which fee shall be nonrefundable and deemed fully earned as of such date (“Second Amendment Closing Fee”; and together with the Closing Date Closing Fee, collectively, the “Closing Fee”).
(i) Section 9.3 of the Loan Agreement shall be amended to add “, the Selma Acquisition” immediately following “the Clinton Acquisition” therein.
(j) Section 9.7 of the Loan Agreement shall be amended by adding a new subsection (f) therein immediately following subsection (e) to read as follows:
(f) to finance the consummation of the Selma Acquisition.
(k) Annex A (Lenders, Pro Rata Shares/Dollar Allocations, and Notice Information) to the Loan Agreement shall be amended and restated and replaced with Annex A attached hereto.
5. No Other Amendments. Borrower acknowledges and expressly agrees that this Amendment is limited to the extent expressly set forth herein and shall not constitute a modification or amendment of the Loan Agreement or any other Financing Agreements or a course of dealing at variance with the terms or conditions of the Loan Agreement or any other Financing Agreements (other than as expressly set forth in this Amendment and the other instruments, agreements, certificates and documents required to be executed and delivered in connection herewith, including those identified in Sections 7(c), (d), (e), (f), (g), (p), (q), (t), (ee), (ff), (gg), (hh) and (ii)).
6. Representations and Warranties. In order to induce Administrative Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Administrative Agent and Lenders (which representations and warranties shall survive the execution and delivery hereof), both before and after giving effect to this Amendment that:
(a) Each of the representations and warranties of each Borrower (including Original Borrower and New Borrower) contained in the Loan Agreement and the other Financing Agreements to which Borrower is a party are true and correct in all material respects (without duplication of any materiality carve out already provided therein) on and as of the date hereof, in each case as if made on and as of such date, other than representations and warranties that expressly relate solely to an earlier date (in which case such representations and warranties were true and correct on and as of such earlier date); the principal place of business and chief executive office for New Borrower is as set forth on Schedule 1.1(a) (as revised pursuant to Section 3 hereof);
(b) Borrower has the corporate or limited liability company (as applicable) power and authority (i) to enter into the Loan Agreement as amended by this Amendment and (ii) to do all acts and things as are required or contemplated hereunder to be done, observed and performed by Borrower;
(c) This Amendment has been duly authorized, validly executed and delivered by one or more Duly Authorized Officers of Borrower, and each of this Amendment, the Loan Agreement as amended hereby, and each of the other Financing Agreements to which Borrower is a party, constitutes the legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms, subject to bankruptcy, insolvency or other similar laws affecting the enforcement of creditor’s rights and remedies generally;
(d) The execution and delivery of this Amendment and performance by Borrower under this Amendment, the Loan Agreement and each of the other Financing Agreements to which Borrower is a party do not and will not require the consent or approval of any regulatory authority or governmental authority or agency having jurisdiction over Borrower that has not already been obtained, nor be in contravention of or in conflict with the organizational documents of Borrower, or any provision of any statute, judgment, order, indenture, instrument, agreement, or undertaking, to which Borrower is party or by which Borrower’s respective assets or properties are bound; and
(e) No Default or Event of Default will result after giving effect to this Amendment, and no event has occurred that has had or could reasonably be expected to have a Material Adverse Effect after giving effect to this Amendment.
(f) Borrower has delivered true, correct and complete copies of the fully-signed Selma Acquisition Documents to the Administrative Agent on or prior to the Second Amendment Effective Date. On the Second Amendment Effective Date and concurrently with the making of the transactions completed hereunder, the Selma Acquisition will have been consummated in accordance with the terms of the Selma Acquisition Documents and in accordance in all material respects with all applicable laws. As of the Second Amendment Effective Date, to the Borrower’s knowledge, the Seller (as defined in the Selma Acquisition Documents) is not in default or breach of or under the Selma Acquisition Documents to which Seller is a party. All consents and approvals of, and filings and registrations with, and all other actions by, any Governmental Authority and (except where the failure to obtain or make the same could not reasonably be expected to have an adverse effect on the Selma Acquisition or any portion thereof or a Material Adverse Effect) to the best of Borrower’s knowledge each other Person required in order to make or consummate the Selma Acquisition have been obtained, given, filed or taken, or shall be obtained, given, filed or taken as soon as reasonably practicable following the Second Amendment Effective Date, and are or will be in full force and effect.
7. Conditions Precedent to Effectiveness of this Amendment. The joinder contained in Section 2 and the amendments contained in Sections 3 and 4 of this Amendment shall become effective on the date hereof as long as each of the following conditions precedent is satisfied as determined by Administrative Agent:
(a) all of the representations and warranties of Borrower under Section 6 hereof, which are made as of the date hereof, are true and correct;
(b) receipt by Administrative Agent of duly executed signature pages to this Amendment from Borrower and Lenders;
(c) receipt by Administrative Agent of duly executed signature pages to the modifications to promissory notes dated as of the date hereof by Borrower in favor of each Lender;
(d) Administrative Agent shall have received a duly executed Reaffirmation of Second Amended and Restated Guaranty in the form attached hereto;
(e) receipt by Administrative Agent of duly executed signature pages to the First Amendment to and Reaffirmation of Second Amended and Restated Pledge Agreement dated as of the date hereof, among Diversicare Holding Company, LLC, New Opco and Administrative Agent (the “Diversicare Holding Company Pledge Agreement Amendment”), in form and substance reasonably acceptable to Administrative Agent;
(f) receipt by Administrative Agent of duly executed signature pages to the First Amendment to and Reaffirmation of Second Amended and Restated Pledge Agreement dated as of the date hereof, among Diversicare Property Co., LLC, New Propco and Administrative Agent (the “Diversicare Property Co. Pledge Agreement Amendment”), in form and substance reasonably acceptable to Administrative Agent;
(g) receipt by Administrative Agent of a duly executed Reaffirmation of Pledge Agreements in the form attached hereto;
(h) receipt by Administrative Agent of copies of resolutions of the governing body of New Borrower authorizing the execution, delivery and performance by New Borrower of the Loan Agreement, as amended by this Amendment, and each of the other instruments, agreements and documents entered into in connection with this Amendment to which New Borrower is a party (including with respect to the security interest and equity pledge provided in favor of Administrative Agent), certified by a Duly Authorized Officer of New Borrower;
(i) receipt by Administrative Agent of copies of resolutions of the governing body of Original Borrower authorizing the execution, delivery and performance by Original Borrower of this Amendment and each of the other instruments, agreements and documents entered into in connection with this Amendment to which Original Borrower is a party, certified by a Duly Authorized Officer of Original Borrower;
(j) receipt by Administrative Agent of UCC tax, lien, pending suit, bankruptcy and judgment searches on New Borrower, each as of a recent date, the results of which must be in form and substance acceptable to Administrative Agent;
(k) receipt by Administrative Agent of good standing certificates for New Borrower from the Delaware Secretary of State and certificates of authorization for New Borrower from the Secretary of State of the State of Alabama (as of a recent date);
(l) receipt by Administrative Agent of an opinion of Xxxx Xxxxx & Xxxx, PLC, the legal counsel to Borrower and Guarantor, in form and substance reasonably satisfactory to Administrative Agent;
(m) receipt by Administrative Agent of a certified copy of New Borrower’s certificate of formation, certified by the Delaware Secretary of State (as of a recent date);
(n) receipt by Administrative Agent of a true, correct and complete copy of the operating agreement of New Borrower, certified by a Duly Authorized Officer of New Borrower;
(o) UCC Financing Statements, as requested by Administrative Agent, naming New Borrower as debtor and Administrative Agent as secured party with respect to the Collateral, together with such UCC termination statements necessary to release all Liens (other than Permitted Liens) in any of the Collateral except Administrative Agent, and other documents as Administrative Agent deems necessary or appropriate, shall have been filed in all jurisdictions that Administrative Agent deems necessary or advisable;
(p) receipt of a duly executed Second Amendment to the Blocked Account Agreement, in form and substance reasonably acceptable to Administrative Agent;
(q) receipt by Administrative Agent of duly executed signature pages to that certain fee letter dated as of the date hereof, by Borrower in favor of Administrative Agent, and receipt by Administrative Agent in immediately available funds of all fees payable thereunder;
(r) receipt of certificates from Borrower’s insurance carriers evidencing Administrative Agent as additional insured with respect to New Borrower’s general liability insurance;
(s) receipt by Administrative Agent of a true, correct and complete copy of the Management Agreement between New Opco and Manager available as of the date hereof, certified by a Duly Authorized Officer of New Borrower;
(t) receipt by Administrative Agent of duly executed signature pages to the First Amendment to Amended and Restated Assignment and Subordination of Management Agreements dated as of the date hereof, among Manager, New Opco and Administrative Agent, in form and substance reasonably acceptable to Administrative Agent;
(u) receipt by Administrative Agent of a true, correct and complete copy of the Lease for the Property between New Opco and New Propco available as of the date hereof, and certified by a Duly Authorized Officer of New Borrower;
(v) receipt by Administrative Agent of a true, correct and complete copy of the fully executed Selma Acquisition Documents, together with all applicable amendments thereto;
(w) the closing of the transaction contemplated by the Selma Acquisition Documents (including all material conditions precedent thereto, including, without limitation, the obtaining of any and all consents and approvals) shall occur in accordance with its terms concurrently with the transactions contemplated by this Amendment;
(x) receipt by Administrative Agent of a duly signed and completed perfection certificate with respect to New Borrower;
(y) UCC Financing Statement naming Diversicare Holding Company, LLC as debtor and Administrative Agent as secured party with respect to the equity of New Opco pledged pursuant to the Diversicare Holding Company Pledge Agreement Amendment shall have been filed in all jurisdictions that Administrative Agent deems necessary or advisable (including the Delaware Secretary of State);
(z) UCC Financing Statement naming Diversicare Property Co., LLC as debtor and Administrative Agent as secured party with respect to the equity of New Propco pledged pursuant to the Diversicare Property Co. Pledge Agreement Amendment shall have been filed in all jurisdictions that Administrative Agent deems necessary or advisable (including the Delaware Secretary of State);
(aa) receipt by Administrative Agent of copies of resolutions of the governing body of Diversicare Holding Company, LLC authorizing the execution, delivery and performance by Diversicare Holding Company, LLC of the Diversicare Holding Company Pledge Agreement Amendment, certified by a Duly Authorized Officer of Diversicare Holding Company, LLC;
(bb) receipt by Administrative Agent of copies of resolutions of the governing body of Diversicare Property Co., LLC authorizing the execution, delivery and performance by Diversicare Property Co., LLC of the Diversicare Property Co. Pledge Agreement Amendment, certified by a Duly Authorized Officer of Diversicare Property Co., LLC;
(cc) receipt by Administrative Agent of copies of resolutions of the governing body of Guarantor authorizing the execution, delivery and performance by Guarantor of the Guaranty Reaffirmation, certified by a Duly Authorized Officer of Guarantor;
(dd) receipt by Administrative Agent of copies of the supplemented Schedule 1.1(a) (Borrowers), Schedule 1.1(b) (Propco Borrowers), Schedule 1.1(c) (Affiliated Revolving Borrowers), Schedule 1.1(d) (Facilities, Locations, Real Property, Operators, Owners, Leases), Schedule 7.8 (Names), Schedule 7.12 (Organizational Chart), and Schedule 7.33 (Capitalization) of the Loan Agreement;
(ee) receipt by Administrative Agent of duly executed amendments to the Mortgages of each Original Borrower, as applicable;
(ff) receipt by Administrative Agent of duly executed Mortgage by New Propco;
(gg) receipt by Administrative Agent of duly executed amendments to those Assignments of Rents and Leases by each Original Borrower, as applicable;
(hh) receipt by Administrative Agent of a duly executed Assignment of Rents and Leases by New Propco;
(ii) receipt by Administrative Agent of a duly executed Second Amendment and Joinder to Environmental Indemnity Agreement by New Borrower;
(jj) receipt by Administrative Agent of tract searches for the Property of each Original Borrower, the form and results of which shall be satisfactory to the Administrative Agent in its sole and absolute determination;
(kk) receipt by Administrative Agent of a title insurance policy in the form of ALTA Form Mortgagee Title Insurance Policy which shall be issued by an insurer (reasonably acceptable to the Administrative Agent) in favor of the Administrative Agent for the Property of New Propco. Each title insurance policy shall contain such endorsements as deemed appropriate by the Administrative Agent that are available in the applicable state. Copies of all documents of record concerning the Property of New Propco as identified on the commitment for the ALTA Policy referred to above;
(ll) receipt by Administrative Agent of a Phase I environmental report of the Property of New Propco addressed to Administrative Agent prepared by an environmental audit firm reasonably acceptable to the Administrative Agent, the form and results of which shall be satisfactory to the Administrative Agent in its sole and absolute determination;
(mm) receipt by Administrative Agent of an ALTA plat of survey which shall be prepared on the Property of New Propco;
(nn) receipt by Administrative Agent of a flood insurance policy, if applicable, concerning the Property of New Propco, reasonably satisfactory to the Administrative Agent, if required by the Flood Disaster Protection Act of 1973;
(oo) receipt by Administrative Agent of an Appraisal prepared by an independent appraiser of the Property of New Propco engaged by Administrative Agent, which appraisal shall satisfy the requirements of the FIRREA, if applicable, and shall evidence compliance with the supervisory loan-to-value limits set forth in the Federal Deposit Insurance Corporation Improvement Act of 1991 (including a combined loan-to-value ratio on a “stabilized value” not to exceed 75%). Such appraisal (and the results thereof) shall be satisfactory to the Administrative Agent in its sole and absolute determination;
(pp) receipt by Administrative Agent of a Property Condition Report for the parcel of Property related to New Propco, the form, substance and results of which shall be satisfactory to the Administrative Agent in its sole and absolute determination; and
(qq) receipt by Administrative Agent of such other certificates, schedules, exhibits, documents, opinions, affidavits, instruments, reaffirmations, amendments, or consents Administrative Agent may reasonably require, if any.
1. Reaffirmation; References to Loan Agreement; Additional Agreements and Covenants; Etc.
(a) Borrower acknowledges and agrees that all of Borrower’s obligations and Liabilities under the Loan Agreement and the other Financing Agreements, as amended hereby, are and shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment. The first priority perfected security interests and Liens and rights in the Collateral securing payment of the Liabilities are hereby ratified and confirmed by Borrower in all respects.
(b) Upon the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Loan Agreement, as amended by this Amendment.
(c) The failure by Administrative Agent, at any time or times hereafter, to require strict performance by any Borrower of any provision or term of the Loan Agreement, this Amendment or any of the Financing Agreements shall not waive, affect or diminish any right of Administrative Agent hereafter to demand strict compliance and performance herewith or therewith. Any suspension or waiver by Administrative Agent of a breach of this Amendment or any Event of Default under or pursuant to the Loan Agreement shall not, except as expressly set forth in a writing signed by Administrative Agent, suspend, waive or affect any other breach of this Amendment or any Event of Default under or pursuant to the Loan Agreement, whether the same is prior or subsequent thereto and whether of the same or of a different kind or character. None of the undertakings, agreements, warranties, covenants and representations of any Borrower contained in this Amendment, shall be deemed to have been suspended or waived by Administrative Agent unless such suspension or waiver is (i) in writing and signed by Administrative Agent (and, if applicable, the Required Lenders) and (ii) delivered to Borrower by Administrative Agent or its counsel.
(d) In no event shall Administrative Agent’s execution and delivery of this Amendment establish a course of dealing among Administrative Agent, any Borrower, pledgor or Guarantor or any other obligor, or in any other way obligate Administrative Agent to hereafter provide any amendments or modifications or, if at any time applicable, consents or waivers with respect to the Loan Agreement or any other Financing Agreement. The terms and provisions of this Amendment shall be limited precisely as written and shall not be deemed (x) to be a consent to any amendment or modification of any other term or condition of the Loan Agreement or of any of the Financing Agreements (except as expressly provided herein or in any of the other instruments, agreements, certificates and documents required to be executed and delivered in connection herewith, including those identified in Sections 7(c), (d), (e), (f), (g), (p), (q), (t), (ee), (ff), (gg), (hh) and (ii); or (y) to prejudice any right or remedy which Administrative Agent may now have under or in connection with the Loan Agreement or any of the other Financing Agreements. In the event an ambiguity or question of intent or interpretation arises, this Amendment shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Amendment.
(e) Except as expressly provided herein (or in any of the other instruments, agreements, certificates and documents required to be executed and delivered in connection herewith, including those identified in Sections 7(c), (d), (e), (f), (g), (p), (q), (t), (ee), (ff), (gg), (hh) and (ii), the Loan Agreement and all of the other Financing Agreements shall remain unaltered, and the Loan Agreement and all of the other Financing Agreements shall remain in full force and effect and are hereby ratified and confirmed in all respects.
2. Release.
(a) In consideration of, among other things, the consent and amendments provided for herein, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, Borrower and Guarantor (on behalf of themselves and their respective subsidiaries, Affiliates, successors and assigns), and, to the extent permitted by applicable law and the same is claimed by right of, through or under the above, for their past, present and future employees, directors, members, managers, partners, agents, representatives, officers, directors, and equity holders (all collectively, with Borrower and Guarantor, the “Releasing Parties”), do hereby unconditionally, irrevocably, fully, and forever remise, satisfy, acquit, release and discharge Administrative Agent and Lenders and each of Administrative Agent’s and Lender’s past, present and future officers, directors, agents, employees, attorneys, parent, shareholders, successors, assigns, subsidiaries and Affiliates and all other persons and entities to whom Administrative Agent or Lenders would be liable if such persons or entities were found in any way to be liable to any of the Releasing Parties (collectively, the “Lender Parties”), of and from any and all manner of action and actions, cause and causes of action, claims, cross-claims, charges, demands, counterclaims, suits, proceedings, disputes, debts, dues, sums of money, accounts, bonds, covenants, contracts, controversies, damages, judgments, liabilities, damages, costs, expenses, executions, liens, claims of liens, claims of costs, penalties, attorneys’ fees, or any other compensation, recovery or relief on account of any liability, obligation, demand, proceedings or cause of action of whatever nature, whether in law, equity or otherwise (including, without limitation, those arising under 11 U.S.C. §§ 541-550 and interest or other carrying costs, penalties, legal, accounting and other professional fees and expenses, and incidental, consequential and punitive damages payable to third parties), whether known or unknown, fixed or contingent, joint and/or several, secured or unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing, heretofore existing or which may have heretofore accrued against any or all of Lender Parties, whether held in a personal or representative capacity, that the Releasing Parties (or any of them) have or may have against the Lender Parties or any of them (whether directly or indirectly) and which are based on any act, fact, event, action or omission or any other matter, condition, cause or thing occurring at or from any time prior to and including the date hereof in any way, directly or indirectly arising out of, connected with or relating to this Amendment, the Loan Agreement or any other Financing Agreement and the transactions contemplated hereby and thereby, the Collateral or the Liabilities, and all other agreements, certificates, instruments and other documents and statements (whether written or oral) related to any of the foregoing, other than any applicable good faith claim as to which a final determination is made in a judicial proceeding (in which Administrative Agent and any of the Released Parties have had an opportunity to be heard) which determination includes a specific finding that Administrative Agent acted in a grossly negligent manner or with actual willful misconduct or illegal activity. Borrower and Guarantor each acknowledges that Administrative Agent and Lenders are specifically relying upon the representations, warranties and agreements contained herein and that such representations, warranties and agreements constitute a material inducement to Administrative Agent and Lenders in entering into this Amendment.
(b) Borrower and Guarantor each understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.
(c) To the furthest extent permitted by law, Borrower and Guarantor each hereby knowingly, voluntarily, intentionally and expressly waives and relinquishes any and all rights and benefits that it respectively may have as against Lender Parties under any law, rule or regulation of any jurisdiction that would or could have the effect of limiting the extent to which a general release extends to claims which a Lender Party or Releasing Party does not know or suspect to exist as of the date hereof. Borrower and Guarantor each hereby acknowledges that the waiver set forth in the prior sentence was separately bargained for and that such waiver is an essential term and condition of this Amendment (and without which the joinder in Section 2 and the amendments in Sections 3 and 4 hereof would not have been agreed to by Administrative Agent and Lenders).
3. Costs and Expenses. Without limiting the obligation of Borrower to reimburse Administrative Agent for all costs, fees, disbursements and expenses incurred by Administrative Agent as specified in the Loan Agreement, Borrower agrees to and shall pay on demand all reasonable costs, fees, disbursements and expenses of Administrative Agent in connection with the preparation, negotiation, revision, execution and delivery of this Amendment and the other agreements, amendments, modifications, reaffirmations, instruments and documents contemplated hereby, including, without limitation, reasonable attorneys’ fees and out-of-pocket expenses. All obligations provided herein shall survive any termination of this Amendment and the Loan Agreement as amended hereby.
4. Financing Agreement. This Amendment shall constitute a Financing Agreement.
5. Titles. Titles and section headings herein shall be without substantive meaning and are provided solely for the convenience of the parties.
6. Severability; Etc. Whenever possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Amendment. The parties hereto have participated jointly in the negotiation and drafting of this Amendment. In the event an ambiguity or question of intent or interpretation arises, this Amendment shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Amendment.
7. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, no Borrower may assign any of its respective rights or obligations under this Amendment without the prior written consent of Administrative Agent.
8. Further Assurances. Borrower shall, at its own cost and expense, cause to be promptly and duly taken, executed, acknowledged and delivered all such further acts, certificates, instruments, reaffirmations, amendments, documents and assurances as may from time to time be necessary or as Administrative Agent may from time to time reasonably request in order to more fully carry out the intent and purposes of this Amendment or any of the other instruments, agreements, certificates and documents required to be executed and delivered in connection herewith, including those identified in Sections 7(c), (d), (e), (f), (g), (p), (q), (t), (ee), (ff), (gg), (hh) and (ii).
9. Counterparts; Faxes. This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. A signature hereto sent or delivered by facsimile or other electronic transmission shall be as legally binding and enforceable as a signed original for all purposes.
10. Governing Law. This Amendment shall be governed by and construed and enforced in accordance with the internal laws of the State of Illinois, without regard to conflict of law principles that would require the application of any other laws.
[Signature Pages Follow]
IN WITNESS WHEREOF, the parties hereto have duly executed this Second Amendment to Second Amended and Restated Term Loan and Security Agreement as of the day and year first above written.
BORROWER: ORIGINAL BORROWER: | ||
DIVERSICARE XXXXX XXXX, LLC | ||
DIVERSICARE BRIARCLIFF, LLC | ||
DIVERSICARE XXXXXXX, LLC | ||
DIVERSICARE HARTFORD, LLC | ||
DIVERSICARE WINDSOR HOUSE, LLC | ||
DIVERSICARE HILLCREST, LLC | ||
DIVERSICARE LAMPASAS, LLC | ||
DIVERSICARE YORKTOWN, LLC | ||
DIVERSICARE CLINTON, LLC | ||
BY: | Diversicare Leasing Corp., its sole member | |
By: | /s/ Xxxxx X. XxXxxxxx, Xx. | |
Name: Xxxxx X. XxXxxxxx, Xx. | ||
Its: Executive Vice President & Chief Financial Officer | ||
DIVERSICARE OF CHANUTE, LLC | ||
DIVERSICARE OF COUNCIL GROVE, LLC | ||
DIVERSICARE OF HAYSVILLE, LLC | ||
DIVERSICARE OF SEDGWICK, LLC | ||
DIVERSICARE OF XXXXXXXXXX, LLC | ||
DIVERSICARE OF XXXXXX, LLC | ||
BY: | Diversicare Kansas, LLC, its sole member | |
By: | /s/ Xxxxx X. XxXxxxxx, Xx. | |
Name: Xxxxx X. XxXxxxxx, Xx. | ||
Its: Executive Vice President & Chief Financial Officer | ||
DIVERSICARE PROPERTY CO., LLC | ||
By: | /s/ Xxxxx X. XxXxxxxx, Xx. | |
Name: Xxxxx X. XxXxxxxx, Xx. | ||
Its: Executive Vice President & Chief Financial Officer | ||
DIVERSICARE XXXXX XXXX PROPERTY, LLC | ||
DIVERSICARE BRIARCLIFF PROPERTY, LLC | ||
DIVERSICARE CHANUTE PROPERTY, LLC | ||
DIVERSICARE XXXXXXX PROPERTY, LLC | ||
DIVERSICARE COUNCIL GROVE PROPERTY, LLC | ||
DIVERSICARE HAYSVILLE PROPERTY, LLC | ||
DIVERSICARE HARTFORD PROPERTY, LLC | ||
DIVERSICARE HILLCREST PROPERTY, LLC | ||
DIVERSICARE LAMPASAS PROPERTY, LLC | ||
DIVERSICARE XXXXXX PROPERTY, LLC | ||
DIVERSICARE SEDGWICK PROPERTY, LLC | ||
DIVERSICARE WINDSOR HOUSE PROPERTY, LLC | ||
DIVERSICARE YORKTOWN PROPERTY, LLC | ||
DIVERSICARE GLASGOW PROPERTY, LLC | ||
DIVERSICARE XXXXXXXXXX PROPERTY, LLC | ||
DIVERSICARE CLINTON PROPERTY, LLC | ||
DIVERSICARE XXXXXX PROPERTY, LLC | ||
BY: | Diversicare Property Co., LLC, its sole member | |
By: | /s/ Xxxxx X. XxXxxxxx, Xx. | |
Name: Xxxxx X. XxXxxxxx, Xx. | ||
Its: Executive Vice President & Chief Financial Officer | ||
DIVERSICARE OF GLASGOW, LLC | ||
DIVERSICARE OF XXXXXX, LLC | ||
BY: | Diversicare Holding Company, LLC, its sole member | |
By: | /s/ Xxxxx X. XxXxxxxx, Xx. | |
Name: Xxxxx X. XxXxxxxx, Xx. | ||
Its: Executive Vice President & Chief Financial Officer | ||
NEW BORROWER:
DIVERSICARE OF SELMA, LLC
By: | DIVERSICARE HOLDING COMPANY, LLC, its sole member |
By:_ /s/ Xxxxx X. XxXxxxxx, Xx._______________
Name: Xxxxx X. XxXxxxxx, Xx.
Its: | Executive Vice President & Chief |
Financial Officer
DIVERSICARE SELMA PROPERTY, LLC
By: | DIVERSICARE PROPERTY CO., LLC, its sole member |
By:_ /s/ Xxxxx X. XxXxxxxx, Xx._______________
Name: Xxxxx X. XxXxxxxx, Xx.
Its: | Executive Vice President & Chief |
Financial Officer
Acknowledged and Agreed: | ||
/s/ Xxxxx X. Xxxx | ||
Name: | Xxxxx X. Xxxx | |
Its: | President and Chief Executive Officer | |
ADMINISTRATIVE AGENT:
THE PRIVATEBANK AND TRUST COMPANY, in its capacity as administrative agent
By:_/s/ Xxxx X. Panos______________________
Name: Xxxx X. Xxxxx
Its: Managing Director
LENDER:
THE PRIVATEBANK AND TRUST COMPANY
By:_/s/ Xxxx X. Panos_____________________
Name: Xxxx X. Xxxxx
Its: Managing Director
LENDER:
BANKERS TRUST COMPANY
By:_/s/ Xxx X. Doll______________________
Name: Xxx X. Xxxx
Its: Vice President
LENDER:
BOKF, NA D/B/A BANK OF OKLAHOMA
By:_/s/ Ky Chaffin________________________
Name: Xx Xxxxxxx
Its: Senior Vice President
LENDER:
CIT BANK, N.A.
By:_/s/ Xxxxxx Shuster____________________
Name: Xxxxxx Xxxxxxx
Its: Director
LENDER: | |
OPUS BANK, a California commercial bank | |
By: | /s/ Xxxxx Boba |
Name: Xxxxx Boba | |
Its: SVP, Healthcare Banking | |
LENDER: | |
FRANKLIN SYNERGY BANK | |
By: | /s/ Xxxx Xxxxxxxx |
Name: Xxxx Xxxxxxxx | |
Its: Senior Vice President | |
REAFFIRMATION OF SECOND AMENDED AND RESTATED GUARANTY
Dated as of June 30, 2017
The undersigned (“Guarantor”) hereby (i) confirms and agrees with The PrivateBank and Trust Company, an Illinois banking corporation in its capacity as administrative agent (together with its successors and assigns, “Administrative Agent”) that Guarantor’s Second Amended and Restated Guaranty dated as of February 26, 2016 made in favor of Administrative Agent (as amended or modified, “Guaranty”), remains in full force and effect and is hereby ratified and confirmed in all respects, including with regard to the Second Amended and Restated Term Loan and Security Agreement dated as of February 26, 2016, as amended prior to the date hereof and as further amended by the foregoing Second Amendment to Second Amended and Restated Term Loan and Security Agreement (“Amendment”), and each reference to the term “Borrower” in the Guaranty shall also include New Borrower (as defined in the Amendment) and each reference to the “Loan Agreement” shall refer to the Loan Agreement as amended by the Amendment; (ii) represents and warrants to Administrative Agent, which representations and warranties shall survive the execution and delivery hereof, that Guarantor’s representations and warranties contained in the Guaranty are true and correct as of the date hereof, with the same effect as though made on the date hereof, except to the extent that such representations expressly related solely to an earlier date, in which case such representations were true and correct on and as of such earlier date (and except for the representations in Section 10(b) thereof which were true and correct on and as of the date when made); (iii) agrees and acknowledges that such ratification and confirmation is not a condition to the continued effectiveness of the Amendment or the Guaranty; and (iv) agrees that neither such ratification and confirmation, nor Administrative Agent’s solicitation of such ratification and confirmation, constitutes a course of dealing giving rise to any obligation or condition requiring a similar or any other ratification or confirmation from the undersigned with respect to subsequent amendments or modifications, if any, to the Loan Agreement, as amended by the Amendment or any other Financing Agreement (as defined in the Loan Agreement, as amended by the Amendment). The execution, delivery and effectiveness of this instrument shall not operate as a waiver of any right, power or remedy of Administrative Agent under or pursuant to the Guaranty. Guarantor acknowledges and agrees that Guarantor has received and reviewed a fully-executed copy of the Amendment (and any other instrument, document or agreement executed or delivered in connection therewith) and understands the contents thereof. A signature hereto sent or delivered by facsimile or other electronic transmission shall be as legally binding and enforceable as a signed original for all purposes. This instrument shall be governed by and construed and enforced in accordance with the internal laws of the State of Illinois, without regard to conflict of law principles that would require the application of any other laws.
[Signature Page Follows]
IN WITNESS WHEREOF, the undersigned has duly executed this Reaffirmation of Second Amended and Restated Guaranty on and as of the date above.
DIVERSICARE HEALTHCARE SERVICES, INC. (F/K/A ADVOCAT INC.)
By: /s/ Xxxxx X. Xxxx
Name: Xxxxx X. Xxxx
Its: President and Chief Executive Officer
REAFFIRMATION OF PLEDGE AGREEMENTS
Dated as of June 30, 2017
For good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the undersigned, respectively and as applicable hereby (a) confirms and agrees with The PrivateBank and Trust Company, an Illinois banking corporation in its capacity as administrative agent (together with its successors and assigns, “Administrative Agent”), that (i) Second Amended and Restated Pledge Agreement by and between Diversicare Management Services Co. and Administrative Agent dated as of February 26, 2016, (ii) Second Amended and Restated Pledge Agreement by and between Advocat Finance, Inc. and Administrative Agent dated as of February 26, 2016, (iii) Second Amended and Restated Pledge Agreement by and between Diversicare Leasing Corp. and Administrative Agent dated as of February 26, 2016, (iv) Second Amended and Restated Pledge Agreement by and between Senior Care Florida Leasing Corp. and Administrative Agent dated as of February 26, 2016, (v) Amended and Restated Pledge Agreement by and between Diversicare Leasing Company II, LLC and Administrative Agent dated as of February 26, 2016, (vi) Amended and Restated Pledge Agreement by and between Diversicare Kansas, LLC and Administrative Agent dated as of February 26, 2016, (vii) Second Amended and Restated Pledge Agreement by and between Diversicare Healthcare Services, Inc. (f/k/a Advocat Inc.) and Administrative Agent dated as of February 26, 2016 and (viii) Pledge Agreement by and between Diversicare Leasing Company III, LLC and Administrative Agent dated as of October 1, 2016 and effective as of October 3, 2016 (the foregoing, as the same may be amended, restated, supplemented or otherwise modified from time to time, individually, “Pledge Agreement” and, collectively, “Pledge Agreements”), each remains in full force and effect and is hereby ratified and confirmed in all respects, including with regard to the Second Amended and Restated Term Loan and Security Agreement dated as of February 26, 2016 by and among those certain affiliates of Diversicare Healthcare Services, Inc. that are signatories thereto as borrowers, Administrative Agent and the Lenders, as the same has been amended prior to the date hereof and as amended by the foregoing Second Amendment to Third Amended and Restated Term Loan and Security Agreement dated of even date herewith (“Amendment”), and each reference to the term “Borrower” in each Pledge Agreement shall also include New Borrower (as defined in the Amendment) and each reference to the “Loan Agreement” shall refer to the Loan Agreement as amended by the Amendment, and all of the undersigned’s respective liabilities and obligations under and pursuant to the respective Pledge Agreement, as modified by the Amendment (if and as applicable), are and shall be valid and enforceable and shall not be impaired or limited in any way by the execution, delivery or effectiveness of the Amendment; (b) acknowledges and agrees that each Pledge Agreement is hereby amended to include Diversicare of Selma, LLC, a Delaware limited liability company, and Diversicare Selma Property, LLC, a Delaware limited liability company, as an additional “Borrower” thereunder for all purposes; (c) represents and warrants to Administrative Agent and Lenders, which representations and warranties shall survive the execution and delivery hereof, that each of the undersigned’s representations and warranties contained in the Pledge Agreement are true and correct as of the date hereof, with the same effect as though made on the date hereof, except to the extent that such representations expressly related solely to an earlier date, in which case such representations were true and correct on and as of such earlier date, each of the undersigned has the full right, authority and power to enter into this Reaffirmation and this Reaffirmation constitutes the legal, valid and binding obligation of each of the undersigned, enforceable against each of the undersigned in accordance with its terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar law affecting creditor’s rights generally and general principles of equity; (d) agrees and acknowledges that such ratification and confirmation is not a condition to the continued effectiveness of the Amendment or the Pledge Agreement; and (e) agrees that neither such ratification and confirmation, nor the solicitation of such ratification and confirmation by Administrative Agent and Lenders, constitutes a course of dealing giving rise to any obligation or condition requiring a similar or any other ratification or confirmation from the undersigned with respect to subsequent amendments or modifications, if any, to the Loan Agreement, as amended by the Amendment or any other Financing Agreement (as defined in the Loan Agreement). The execution, delivery and effectiveness of this instrument shall not operate as a waiver of any right, power or remedy of Administrative Agent or Lenders under the Pledge Agreements. Each of the undersigned acknowledges and agrees that it has received and reviewed a fully-executed copy of the Amendment and understands the contents thereof. A signature hereto sent or delivered by facsimile or other electronic transmission shall be as legally binding and enforceable as a signed original for all purposes. Illinois law shall govern the construction, interpretation and enforcement of this instrument.
[Signature Pages Follows]
IN WITNESS WHEREOF, each of the undersigned has duly executed this Reaffirmation of Pledge Agreements on and as of the date above.
DIVERSICARE MANAGEMENT SERVICES CO., a Tennessee corporation
By: _/s/ Xxxxx X. XxXxxxxx, Xx. __________
Xxxxx X. XxXxxxxx, Xx., Executive Vice President & Chief Financial Officer
ADVOCAT FINANCE INC., a Delaware corporation
By: _/s/ Xxxxx X. XxXxxxxx, Xx.__________
Xxxxx X. XxXxxxxx, Xx., Executive Vice President & Chief Financial Officer
DIVERSICARE LEASING CORP.,
a Tennessee corporation
a Tennessee corporation
By: _/s/ Xxxxx X. XxXxxxxx, Xx.__________
Xxxxx X. XxXxxxxx, Xx., Executive Vice President & Chief Financial Officer
SENIOR CARE FLORIDA LEASING, LLC, a Delaware limited liability company
By: Diversicare Leasing Corp., its sole member
By:_ /s/ Xxxxx X. XxXxxxxx, Xx.__________
Xxxxx X. XxXxxxxx, Xx.,
Executive Vice President & Chief Financial Officer
DIVERSICARE LEASING COMPANY II, LLC, a Delaware limited liability company
By:_ /s/ Xxxxx X. XxXxxxxx, Xx.____________
Xxxxx X. XxXxxxxx, Xx., Executive Vice President & Chief Financial Officer
DIVERSICARE KANSAS, LLC, a Delaware limited liability company
By: DIVERSICARE HOLDING COMPANY, LLC, its sole member
By: DIVERSICARE HOLDING COMPANY, LLC, its sole member
By:_ /s/ Xxxxx X. XxXxxxxx, Xx.___________
Xxxxx X. XxXxxxxx, Xx., Executive Vice President & Chief Financial Officer
DIVERSICARE LEASING COMPANY III, LLC,
a Delaware limited liability company
a Delaware limited liability company
By:_ /s/ Xxxxx X. XxXxxxxx, Xx.___________
Xxxxx X. XxXxxxxx, Xx., Executive Vice President & Chief Financial Officer
By:_/s/ Xxxxx X. Gill_____________________
Xxxxx X. Xxxx, President & Chief Executive Officer
SUPPLEMENTAL SCHEDULE 1.1(a)
to Second Amended and Restated Term Loan and Security Agreement
(Second Amendment)
to Second Amended and Restated Term Loan and Security Agreement
(Second Amendment)
BORROWERS
Name | State of Formation | Principal Place of Business and Chief Executive Office | Organizational Number |
Diversicare of Selma, LLC | Delaware | 0000 Xxxxxxxx Xxxxxxxxx Xxxxxxxxx, XX 00000 | 6323833 |
Diversicare Selma Property, LLC | Delaware | 0000 Xxxxxxxx Xxxxxxxxx Xxxxxxxxx, XX 00000 | 6323836 |
SUPPLEMENTAL SCHEDULE 1.1(b)
to Second Amended and Restated Term Loan and Security Agreement
(Second Amendment)
to Second Amended and Restated Term Loan and Security Agreement
(Second Amendment)
PROPCO BORROWERS
Name | State of Formation | Principal Place of Business and Chief Executive Office | Organizational Number |
Diversicare Selma Property, LLC | Delaware | 0000 Xxxxxxxx Xxxxxxxxx Xxxxxxxxx, XX 00000 | 6323836 |
SUPPLEMENTAL SCHEDULE 1.1(c)
to Second Amended and Restated Term Loan and Security Agreement
(Second Amendment)
to Second Amended and Restated Term Loan and Security Agreement
(Second Amendment)
AFFILIATED REVOLVING BORROWERS
Name | State of Formation | Principal Place of Business and Chief Executive Office | Organizational Number |
Diversicare of Selma, LLC | Delaware | 0000 Xxxxxxxx Xxxxxxxxx Xxxxxxxxx, XX 00000 | 6323833 |
Diversicare Selma Property, LLC | Delaware | 0000 Xxxxxxxx Xxxxxxxxx Xxxxxxxxx, XX 00000 | 6323836 |
SUPPLEMENTAL SCHEDULE 1.1(d)
to Second Amended and Restated Term Loan and Security Agreement
(Second Amendment)
(Second Amendment)
FACILITIES; LOCATIONS; REAL PROPERTY; OPERATORS; OWNERS; LEASES
Facility Name | Real Property/ Location Address | Owner / Lessor | Operator / Lessee | Lease Expiration Date and Options to Extend |
Park Place | 000 Xxxx Xxxxx Xxxxx, XX 00000 | Diversicare Selma Property, LLC | Diversicare of Selma, LLC | June 30, 2027; two 5-year renewals |
SUPPLEMENTAL SCHEDULE 7.8
to Second Amended and Restated Term Loan and Security Agreement
(Second Amendment)
(Second Amendment)
OTHER NAMES
Diversicare of Selma, LLC does business in the State of Alabama as “Park Place.”
SUPPLEMENTAL SCHEDULE 7.12
to Second Amended and Restated Term Loan and Security Agreement
(Second Amendment)
(Second Amendment)
ORGANIZATIONAL CHART
See attached.
SUPPLEMENTAL SCHEDULE 7.33
to Second Amended and Restated Term Loan and Security Agreement
(Second Amendment)
(Second Amendment)
CAPITALIZATION
Borrower | Number of Authorized Stock/LLC Interests | Holder of Equity Securities | Ownership Percentage |
Diversicare of Selma, LLC | N/A | Diversicare Holding Company, LLC | 100% |
Diversicare Selma Property, LLC | N/A | Diversicare Property Co., LLC | 100% |
ANNEX A
LENDERS, PRO RATA SHARES/DOLLAR ALLOCATIONS, AND NOTICE INFORMATION
Lender | Contact Information | Pro Rata Shares |
The PrivateBank and Trust Company | 000 Xxxxx XxXxxxx Xxxxxx Xxxxxxx, XX 00000 Attn.: Xxxx X. Xxxxx Managing Director Tel.: (000) 000-0000 Fax: (312) 683-0446 Dollar Allocations: Term Loan Commitment: $22,914,498.60 Acquisition Loan Commitment: $4,375,000.00 | Term Loan Commitment: 35.000000000% Acquisition Loan Commitment: 35.000000000% |
CIT Bank, N.A. | 00 Xxxx 00xx Xxxxxx Xxx Xxxx, XX 00000 Xxxx.: Xx Xxxxxxx, Director Tel.: (000) 000-0000 Dollar Allocations: Term Loan Commitment: $13,093.999.20 Acquisition Loan Commitment: $2,500,000 | Term Loan Commitment: 20.000000000% Acquisition Loan Commitment: 20.000000000% |
Bankers Trust Company | 000 0xx Xxxxxx Xxx Xxxxxx, XX 00000-0000 Attn.: Xxx X. Xxxx Vice President Tel.: (000) 000-0000 Fax: (515) 245-5216 Dollar Allocations: Term Loan Commitment: $9,820,499.40 Acquisition Loan Commitment: $1,875,000 | Term Loan Commitment: 15.000000000% Acquisition Loan Commitment: 15.000000000% |
BOKF, NA d/b/a Bank of Oklahoma | Xxx Xxxxxxxx Xxxxxx, Xxxxx 0XX Xxxxx, XX 00000 Xxxx.: Ky Chaffin Senior Vice President Tel.: (918) 588-6866 Fax: (000) 000-0000 Dollar Allocations: Term Loan Commitment: $6,546,996.60 Acquisition Loan Commitment: $1,250,000 | Term Loan Commitment: 10.000000000% Acquisition Loan Commitment: 10.000000000% |
Opus Bank | 00000 XxxXxxxxx Xxxx. 00xx Xxxxx Xxxxxx, XX 00000 Xxxx.: Xxxxx Boba, SVP, Healthcare Banking Tel.: (949) 251-8123 Fax: (000) 000-0000 Dollar Allocations: Term Loan Commitment: $6,546,996.60 Acquisition Loan Commitment: $1,250,000 | Term Loan Commitment: 10.000000000% Acquisition Loan Commitment: 10.000000000% |
Franklin Synergy Bank | 000 Xxxxxxxx Xxx. Xxxxxxxx, XX 00000 Xxxx.: Xxxx Xxxxxxxx, Senior Vice President Tel.: (000) 000-0000 Fax: (000) 000-0000 Dollar Allocations: Term Loan Commitment: $6,546,996.60 Acquisition Loan Commitment: $1,250,000 | Term Loan Commitment: 10.000000000% Acquisition Loan Commitment: 10.000000000% |
DM3\4647768.4
