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WILLIAMS SCOTSMAN INC
·
8-K
Apr 21, 8:58 AM ET
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WILLIAMS SCOTSMAN INC 8-K
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Contents
10
1. Section 3.1(a) of the Credit Agreement is hereby amended by deleting the text “$20,000,000” appearing immediately following the text “Credit Obligations to exceed” in clause (i) of said Section and inserting the text “$40,000,000” in lieu thereof.
2. Section 8.2(o) of the Credit Agreement is hereby amended by deleting said Section in its entirety and inserting the following new Section 8.2(o) in lieu thereof:
“(o) Liens granted by Holdings and/or the Borrower to secure the performance of, and reimbursement obligations with respect to, bid, performance, payment, surety, indemnity, or other similar bonds arising in the ordinary course of business (collectively, “Surety Bonds”) and in favor of the provider of any such Surety Bond (any such provider, a “Surety”), so long as the obligations so secured are outstanding under Section 8.3(f) and the book value of the assets securing such obligations does not exceed at any time $75,000,000 in the aggregate; provided, that (i) such Liens shall extend only to the assets, interests and other property described in Schedule XV and (ii) nothing herein shall permit Holdings, the Borrower or any of its Subsidiaries to deposit funds due or to become due under any contract for which any Surety has issued a Surety Bond into any account over which the Borrower (or the Collateral Agent) does not have unilateral control or into any trust account for the benefit of any Surety and any such action by Holdings, the Borrower or any of its Subsidiaries shall be deemed to be an immediate Event of Default; and”.
3. Section 8.3(f) of the Credit Agreement is hereby amended by deleting the text $50,000,000 appearing in said Section and inserting the text “$100,000,000” in lieu thereof.
1. In order to induce the Lenders to enter into this Amendment, each Credit Agreement Party hereby represents and warrants that:
2. This Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document.
3. This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.
4. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
5. This Amendment shall become effective on the date (the “Fifth Amendment Effective Date”) when each Credit Agreement Party and the Required Lenders shall have signed a counterpart hereof (whether the same or different counter parts) and shall have delivered (including by way of facsimile transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: Aditi Chawla (facsimile number 212-354-8113).
6. At all times on and after the Fifth Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement after giving effect to this Amendment. It is agreed that this Amendment shall constitute a Credit Document for all purposes under the Credit Agreement and the other Credit Documents.
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