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Laboratory Corp of America Holdings – ‘10-K405’ for 12/31/96 – EX-10.26

As of:  Friday, 4/11/97   ·   For:  12/31/96   ·   Accession #:  920148-97-12   ·   File #:  1-11353

Previous ‘10-K405’:  ‘10-K405’ on 3/29/96 for 12/31/95   ·   Next:  ‘10-K405/A’ on 4/29/97 for 12/31/96   ·   Latest:  ‘10-K405/A’ on 3/12/99 for 12/31/98

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  As Of                Filer                Filing    For·On·As Docs:Size

 4/11/97  Lab Corp of America Holdings      10-K405    12/31/96   10:572K

Annual Report — [x] Reg. S-K Item 405   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K405     Annual Report -- [x] Reg. S-K Item 405                80±   378K 
 3: EX-10.26    Material Contract                                     19     23K 
 4: EX-10.27    Material Contract                                     19     41K 
 5: EX-10.28    Material Contract                                     92±   350K 
 6: EX-10.32    Material Contract                                      1      7K 
 2: EX-10.5     Material Contract                                     19±    89K 
 7: EX-21.1     Subsidiaries of the Registrant                         1      5K 
 8: EX-23.1     Consent of Experts or Counsel                          1      8K 
 9: EX-24.1     Power of Attorney                                      6     23K 
10: EX-27       Financial Data Schedule (Pre-XBRL)                     2      9K

EX-10.26   —   Material Contract
Exhibit Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
2Borrower
3Administrative Agent 
EX-10.261st Page of 19TOC↑TopPreviousNext↓BottomJust 1st
 

------------------------------------------------------------------    

FIFTH WAIVER TO CREDIT AGREEMENT  

Dated as of January 27, 1997  

Among     

 LABORATORY CORPORATION OF AMERICA HOLDINGS,
as borrower,
------------

THE BANKS NAMED HEREIN,   
as Banks, and   
--------        

CREDIT SUISSE (NEW YORK BRANCH),  
as Administrative Agent   
-----------------------   

-------------------------------------------------------------------   


EX-10.262nd Page of 19TOC1stPreviousNext↓BottomJust 2nd

FIFTH WAIVER TO CREDIT AGREEMENT

        FIFTH WAIVER TO CREDIT AGREEMENT, dated as of January 27, 1997
(this  "Waiver")  among  LABORATORY CORPORATION  OF  AMERICA  HOLDINGS
(formerly  known  as NATIONAL HEALTH LABORATORIES  HOLDINGS  INC.),  a
Delaware   corporation   (the  "Borrower"),   the   banks,   financial
institutions and other institutional lenders (the "Banks")  listed  on
the  signature pages hereof, and CREDIT SUISSE (NEW YORK  BRANCH),  as
administrative  agent  (the "Administrative Agent")  for  the  Lenders
hereunder .                                                           

PRELIMINARY STATEMENTS

         The parties hereto have entered into a Credit Agreement dated
as  of  April 28, 1995 (as amended, the "Credit Agreement")  providing
for,  among  other things, the Lenders to lend to the Borrower  up  to
$1,250,000,000  on the terms and subject to the conditions  set  forth
therein.  The  Borrower  has requested that the  Banks  waive  certain
provisions  of  the  Credit  Agreement  as  set  forth  herein.   Each
capitalized  term used but not defined herein shall have  the  meaning
ascribed thereto in the Credit Agreement .                            

         NOW,  THEREFORE,  in consideration of the  premises  and  the
mutual  covenants and agreements contained herein, the parties  hereto
hereby agree as follows:                                              

 ARTICLE I

 WAIVERS

  SECTION 1. 01. Extension of Third Waiver The undersigned
Required Lenders hereby agree that the Third Waiver to Credit         
Agreement dated as of November 4, 1996 by the Required Lenders in     
favor of the Borrower (the "Third Waiver"), as extended by the Fifth  
Amendment and Fourth Waiver to Credit Agreement dated as of December  
23, 1996, shall remain in effect through March 31, 1997               
notwithstanding the settlement with the Office of Inspector General of
the U.S. Department of Health and Human Services referred to in       
Section 1.02 of the Third Waiver.                                     

  SECTION 1.02. Financial Models. The undersigned Required
Lenders hereby waive compliance by the Borrower with the covenant set 
forth in Section 5.01(1) (v) of the credit Agreement; provided that   
such covenant is complied with no later than March 31, 1997.          

ARTICLE II

REPRESENTATIONS AND WARRANTIES

         SECTION 2.01. Representations and Warranties of the Borrower.
The Borrower represents and warrants as follows :                     

         (a)  The  Borrower  is a corporation duly organized,  validly
    existing  and  in  good standing under the laws of  the  State  of
Delaware.                                                     

        (b) The execution, delivery and performance by the Borrower of
    this  Waiver  are  within  its corporate powers,  have  been  duly
    authorized  by  all  necessary  corporate  action,  and   do   not
contravene the Borrower's charter or by-laws.                 

         (c)  No authorization or approval or other action by, and  no
    notice to or filing with, any governmental authority or regulatory
    body  is  required for the due execution, delivery and performance
by the Borrower of this Waiver.                               

         (d)  This Waiver has been duly executed and delivered by  the
    Borrower.  This Waiver is the legal, valid and binding  obligation
    of  the  Borrower, enforceable against the Borrower, in accordance
    with  its  terms,  subject  to applicable bankruptcy,  insolvency,
    reorganization,   moratorium  or  similar   laws   affecting   the
    enforceability  of  creditors' rights  generally  and  by  general
principles of equity.                                         

         (e)  The representations and warranties contained in  Section
    4.01  of the Credit Agreement are correct in all material respects
    on and as of the date hereof, as though made on and as of the date
hereof.                                                       

         (f) No event has occurred and is continuing which constitutes
a Default.                                                    

 ARTICLE III

 MISCELLANEOUS

   SECTION 3.01. Governing Law. This Waiver shall be governed by,  and
   construed  in accordance with, the laws of the State of  New  York,
without regard to the conflicts of law principles thereof.      

           SECTION 3.02. Execution in counterparts. This Waiver may be
   executed  in  any number of counterparts and by any combination  of
   the   parties  hereto  in  separate  counterparts,  each  of  which
   counterparts  shall be an original and all of which taken  together
   shall  constitute  one  and  the same instrument.  Delivery  of  an
   executed  counterpart  of  a  signature  page  to  this  Waiver  by
   facsimile  shall  be effective as delivery of a  manually  executed
counterpart of this Waiver.                                     

            SECTION  3.03. Effect on the Credit Agreement.  Except  as
   expressly modified hereby, all of the terms and conditions  of  the
   Credit  Agreement  shall remain unaltered and  in  full  force  and
   effect.  This  Waiver shall become effective as of the  date  first
   above written when counterparts hereof shall have been executed  by
   the  Required Lenders. This Waiver is subject to the provisions  of
Section 8.01 of the Credit Agreement.                           

   Each  of  the undersigned has caused this Waiver to be executed  by
   its respective officer or officers thereunto duly authorized, as of
the date first written above.                                   

BORROWER:         LABORATORY CORPORATION OF AMERICA HOLDINGS    

By:/s/ WESLEY R. ELINGBURG  
          --------------------------------
   Name: Wesley R. Elingburg
         Title: Executive Vice President


EX-10.263rd Page of 19TOC1stPreviousNext↓BottomJust 3rd

ADMINISTRATIVE                                                      
AGENT:                CREDIT SUISSE FIRST BOSTON,               
       as Administrative Agent

By:/s/ KARL STUDER
            ------------------------
     Name: Karl Studer
   Title: Director

and               

       By:/s/ HEATHER RIEKENBERG
            ------------------------
            Name: Heather Riekenberg
         Title: Vice President


EX-10.264th Page of 19TOC1stPreviousNext↓BottomJust 4th

LENDERS:                 CREDIT SUISSE FIRST BOSTON               

  By:/s/ KARL STUDER
           ---------------------
       Name: Karl Studer
     Title: Director

and             

    By:/s/ RICHARD CAREY
           ---------------------
         Name: Richard Carey
     Title: Director


EX-10.265th Page of 19TOC1stPreviousNext↓BottomJust 5th

        BANK OF AMERICA ILLINOIS

      By:/s/ WENDY L. LORING
            ----------------------
           Name: Wendy L. Loring
           Title: Vice President


EX-10.266th Page of 19TOC1stPreviousNext↓BottomJust 6th

         BANQUE NATIONALE DE PARIS

      By:/s/ RICHARD L. STED
                  ----------------------------
           Name: Richard L. Sted
                  Title: Senior Vice President


EX-10.267th Page of 19TOC1stPreviousNext↓BottomJust 7th

                 BAYERISCHE LANDESBANK GROZENTRALE

             By:/s/ WILFRIED FREUDENBERGER
                     -------------------------------
                  Name: Wilfried Freudenberger
                     Title: Executive Vice President
                       and General Manager

and             

     By:/s/ PETER OBERMANN
                      --------------------------------
          Name: Peter Obermann
                  Title: Senior Vice President
                            Manager Lending Division


EX-10.268th Page of 19TOC1stPreviousNext↓BottomJust 8th

        THE CHASE MANHATTAN BANK

   By:/s/SCOTT S. WARD
                    ------------------------------
         Name: Scott S. Ward
           Title: Vice President


EX-10.269th Page of 19TOC1stPreviousNext↓BottomJust 9th

                    CREDIT LYONNAIS CAYMAN ISLAND BRANCH

      By:/s/FARBOUD TAVANGAR
                  ----------------------------
            Name: Farboud Tavangar
                 Title: Authorized Signature


EX-10.2610th Page of 19TOC1stPreviousNext↓BottomJust 10th

                DEUTSCHE BANK AG NEW YORK BRANCH
                and/or CAYMAN ISLANDS BRANCH

    By:/s/ WOLF A. KLUGE
                     -------------------------------
         Name: Wolf A. Kluge
           Title: Vice President

and             

         By:/s/ JAN PETER HARTMANN
                     -------------------------------
              Name: Jan Peter Hartmann
                     Title: Assistant Vice President


EX-10.2611th Page of 19TOC1stPreviousNext↓BottomJust 11th

         FIRST UNION NATIONAL BANK

      By:/s/JOSEPH H. TOWELL
                  ----------------------------
             Name: Joseph H. Towell:
                  Title: Senior Vice President


EX-10.2612th Page of 19TOC1stPreviousNext↓BottomJust 12th

                     THE FUJI BANK, LTD. (NEW YORK BRANCH)

        By:/s/MASANOBU KOBAYASHI
                       ---------------------------------
              Name: Masanobu Kobayashi
                       Title: Vice President and Manager


EX-10.2613th Page of 19TOC1stPreviousNext↓BottomJust 13th

 NATIONSBANK, N.A.

By:             
                 -------------------------
Name :  
Title : 


EX-10.2614th Page of 19TOC1stPreviousNext↓BottomJust 14th

SOCIETE GENERALE

      By:/s/ GEORG L. PETERS
               -------------------------
           Name: Georg L. Peters
           Title: Vice President


EX-10.2615th Page of 19TOC1stPreviousNext↓BottomJust 15th

SUMITOMO BANK   

         By:/s/ YOSHINORI KAWAMURA
                --------------------------
              Name: Yoshinori Kawamura
                  Title: Joint General Manager


EX-10.2616th Page of 19TOC1stPreviousNext↓BottomJust 16th

      SWISS BANK CORPORATION
  By:/s/ HANNO HUBER
                          ------------------------------------
       Name: Hanno Huber
               Title: Associate Director
                                 Corporate Clients Switzerland

and             

       By:/s/ GUIDO W. SCHULER
                          ------------------------------------
            Name: Guido W. Schuler
               Title: Executive Director
                                 Corporate Clients Switzerland


EX-10.2617th Page of 19TOC1stPreviousNext↓BottomJust 17th

              WACHOVIA BANK OF GEORGIA, N.A.

             By:/s/ J. CALVIN RATCLIFF JR.
                       ---------------------------------
                  Name: J. Calvin Ratcliff Jr.
           Title: Vice President


EX-10.2618th Page of 19TOC1stPreviousNext↓BottomJust 18th

       WESTDEUTSCHE LANDESBANK

     By:/s/ DONALD F. WOLF
                --------------------------
          Name: Donald F. Wolf
           Title: Vice President

and             

        By:/s/ CATHERINE RUHLAND
                --------------------------
             Name: Catherine Ruhland
           Title: Vice President


EX-10.26Last Page of 19TOC1stPreviousNext↓BottomJust 19th

       COMMERZBANK AKTIENGESELLSCHAFT,
Atlanta Agency          

By:/s/ A. BREMER
                  ----------------------------
     Name: A. Bremer
                  Title: Senior Vice President

and           

   By:/s/ E. KAGERER
                   ---------------------------
        Name: E. Kagerer
             Title: Vice President

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘10-K405’ Filing    Date First  Last      Other Filings
Filed on:4/11/978-K,  S-3/A
3/31/97210-Q,  NT 10-K
1/27/9712
For Period End:12/31/9610-K405/A,  NT 10-K
12/23/962
11/4/962
4/28/9528-K
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