FOURTH AMENDMENT
FOURTH AMENDMENT (this "Amendment"), dated as of September 24, 2004, among
SCOTSMAN HOLDINGS, INC., a Delaware corporation ("Holdings"), XXXXXXXX SCOTSMAN,
INC., a Maryland corporation (the "Borrower"), the Lenders from time to time
party to the Credit Agreement referred to below (the "Lenders"), and DEUTSCHE
BANK TRUST COMPANY AMERICAS, as Administrative Agent. All capitalized terms used
herein and not otherwise defined herein shall have the respective meanings
provided such terms in the Credit Agreement referred to below.
W I T N E S S E T H:
WHEREAS, Holdings, the Borrower, the Lenders and the Administrative Agent
are parties to a Credit Agreement, dated as of March 26, 2002 (as amended,
restated, modified and/or supplemented through, but not including, the date
hereof, the "Credit Agreement");
WHEREAS, the parties hereto wish to amend the Credit Agreement on the terms
and subject to the conditions contained herein;
NOW, THEREFORE, it is agreed:
I. Amendments to Credit Agreement.
1. On the Fourth Amendment Effective Date (as defined below) the Total
Revolving Credit Commitments shall be permanently reduced to $300,000,000, with
each Revolving Credit Lender's Revolving Credit Commitment to be reduced ratably
based on each such Revolving Credit Lender's Revolving Credit Proportionate
Share of the aggregate reduction to the Total Revolving Credit Commitments.
Schedule I to the Credit Agreement shall be deemed to be automatically adjusted
to reflect the reduction to each Revolving Credit Lender's Revolving Credit
Commitment as provided above in this Section 1.
2. Section 8.4 of the Credit Agreement is hereby amended by (i) deleting
the text "$235,000,000" set forth opposite the date "December 31, 2005"
appearing in the table contained therein and inserting the text "$175,000,000"
in lieu thereof and (ii) deleting the text "$250,000,000" set forth opposite the
date "December 31, 2006" appearing in the table therein and inserting the text
"$175,000,000" in lieu thereof.
3. Section 8.9 of the Credit Agreement is hereby amended by deleting said
Section in its entirety and inserting the following new Section 8.9 in lieu
thereof:
"8.9 Consolidated Leverage Ratio. The Credit Agreement Parties will not
permit the Consolidated Leverage Ratio at any time during a period set forth
below to be greater than the ratio set forth opposite such period below:
Period Ratio
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From June 30, 2004 through and including June 6.75:1.00
29, 2005
From June 30, 2005 through and including 6.60:1.00
September 29, 2005
From September 30, 2005 through and including 6.50:1.00
June 29, 2006
From June 30, 2006 through and including 6.40:1.00
September 29, 2006
Thereafter 6.25:1.00
II. Miscellaneous.
1. In order to induce the Lenders to enter into this Amendment, each Credit
Agreement Party hereby represents and warrants that:
(a) no Default or Event of Default exists as of the Fourth Amendment
Effective Date, both immediately before and immediately after giving effect
thereto; and
(b) all of the representations and warranties contained in the Credit
Agreement and the other Credit Documents are true and correct in all
material respects on the Fourth Amendment Effective Date both immediately
before and immediately after giving effect thereto, with the same effect as
though such representations and warranties had been made on and as of the
Fourth Amendment Effective Date (it being understood that any
representation or warranty made as of a specific date shall be true and
correct in all material respects as of such specific date).
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 "Fourth Amendment
Effective Date") when each of the following conditions shall have been
satisfied:
(i) 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, 0000 Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, XX 00000
Attention: Aditi Chawla (facsimile number 212-354-8113); and
(ii) the Borrower shall have paid to each Lender which executes and
delivers to the Administrative Agent (or its designee) a counterpart hereof
by 3:00 P.M. (New York City time) on September 24, 2004 (or, if the
Required Lenders have not executed and delivered a counterpart hereof by
such time and date on the first date on which the Required Lenders shall
have executed and delivered a counterpart hereof), a non-refundable cash
fee in an amount equal to the product of (x) 0.125% multiplied by (y) the
sum of (A) the aggregate principal amount of all Term Loans of such Lender
outstanding on the Fourth Amendment Effective Date plus (B) the Revolving
Credit Commitment of such Lender as in effect on the Fourth Amendment
Effective Date (after giving effect to the reduction to such Revolving
Credit Lender's Revolving Credit Commitment pursuant to Section I.1 of this
Amendment on such date).
6. The amendment fee described in proceeding Section II.5(ii) shall not be
subject to counterclaim or set-off, or be otherwise affected by, any claim
or dispute relating to any other matter.
7. At all times on and after the Fourth 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.
* * *
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized officers as of the day and year
first above written.
Name of Institution:SCOTSMAN HOLDINGS, INC.
By:Xxxx X. Xxxx
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Name:Xxxx X. Xxxx
Title:Vice President
Name of Institution:XXXXXXXX SCOTSMAN, INC.
By:Xxxxx X. Xxxxxx
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Name:Xxxxx X. Xxxxxx
Title:Vice President
Name of Institution:DEUTSCHE BANK TRUST COMPANY
AMERICAS, Individually and as
Administrative Agent
By:Xxxx X. Xxxx
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Name:Xxxx X. Xxxx
Title:Managing Director
Name of Institution:NATIONAL CITY BUSINESS CREDIT, INC.
By:Xxxxx X. Xxxxxxx
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Name:Xxxxx X. Xxxxxxx
Title:Director
Name of Institution:PROVIDENT BANK
By:Xxxxxx X. Xxxxx
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Name:Xxxxxx X. Xxxxx
Title:Credit Officer
Name of Institution:PEOPLE'S BANK
By:Xxxxxxx X. XxXxxx
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Name:Xxxxxxx X. XxXxxx
Title:Vice President
Name of Institution:PNC BANK, National Association
By:Xxxxx X. Xxxxxxxxxxx
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Name:Xxxxx X. Xxxxxxxxxxx
Title:Vice President
Name of Institution:CONGRESS FINANCIAL CORPORATION
By:Xxxxx X'Xxxxxxx
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Name:Xxxxx X'Xxxxxxx
Title:Assistant Vice President
Name of Institution:TORONTO DOMINION (NEW YORK), INC.
By:Xxxx Xxxxxx
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Name:Xxxx Xxxxxx
Title:Vice President
Name of Institution:Galaxy CLO 1999-I, Ltd.
By AIG Global Investment Corp.,
Its Investment Adviser
By:W. Xxxxxxx Xxxxxx
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Name:W. Xxxxxxx Xxxxxx
Title:Vice President
Name of Institution:SIEMENS FINANCIAL SERVICES,
By:Xxxxx Xxxxxx
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Name:Xxxxx Xxxxxx
Title:Vice President - Credit
Name of Institution:Allstate Life Insurance Company
By:Xxxxxx X. Xxxxxx
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Name:Xxxxxx X. Xxxxxx
Title:Authorized Signatory
By:Xxxxxxx X. Xxxxx
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Name:Xxxxxxx X. Xxxxx
Title:Authorized Signatory
Name of Institution:AIMCO CLO Series 2001-A
By:Xxxxxx X. Xxxxxx
Name:Xxxxxx X. Xxxxxx
Title:Authorized Signatory
By:Xxxxxxx X. Xxxxx
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Name:Xxxxxxx X. Xxxxx
Title:Authorized Signatory
Name of Institution:Lasalle Business Credit, LLC
By: Xxxx Xxxxxxx
Name:Xxxx Xxxxxxx
Title:SVP
Name of Institution:COMERICA BANK
By:Xxxxxxx Xxxxx
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Name:Xxxxxxx Xxxxx
Title:Vice President
Name of Institution:Inner Harbor CBO 2001-1 LTD
X. Xxxx Price Associates, Inc. as
Collateral Manager
By:Xxxxxxx Xxxxxx
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Name:Xxxxxxx Xxxxxx
Title:Vice President
Name of Institution:Transamerica Business Capital
Corporation
By:Xxxxx X. Xxxxxxx
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Name:Xxxxx X. Xxxxxxx
Title:Duly Authorized Signatory
Name of Institution:Katonah I and II, LTD
By:Xxxxx Xxxxxxxx
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Name:Xxxxx Xxxxxxxx
Title:Principal & COO
Name of Institution:Katonah III, LTD
By:Xxxxx Xxxxxxxx
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Name:Xxxxx Xxxxxxxx
Title:Principal & COO
Name of Institution:Katonah IV, LTD
By:Xxxxx Xxxxxxxx
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Name:Xxxxx Xxxxxxxx
Title:Principal & COO
Name of Institution:MANUFACTURERS AND TRADERS TRUST
COMPANY, a NY
banking corporation and
successor-by-merger to Allfirst Bank,
its successors and assigns
By:Xxxxxxx X. Xxxxx, XX
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Name:Xxxxxxx X. Xxxxx, XX
Title:Bank Officer
Name of Institution:GMAC COMMERCIAL FINANCE LLC, successor
by
merger to GMAC BUSINESS CREDIT, LLC
By:Xxxxxx X. XxXxxxxx
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Name:Xxxxxx X. XxXxxxxx
Title:Director
Name of Institution:BLACK DIAMOND CLO 1999-1 LTD
By:Xxxxx Xxxx
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Name:Xxxxx Xxxx
Title:Director
Name of Institution:BLACK DIAMOND CLO 2000-1 LTD
By:Xxxxx Xxxx
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Name:Xxxxx Xxxx
Title:Director
Name of Institution:TRS 1 LLC
By:Xxxxxx Xxxxxxxx
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Name:Xxxxxx Xxxxxxxx
Title:Vice President
Name of Institution:DIAMOND SPRINGS TRADING LLC
By:Xxxxxxxx X. Xxxxxxx
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Name:Xxxxxxxx X. Xxxxxxx
Title:Assistant Vice President
Name of Institution:HARBOUR TOWN FUNDING LLC
By:Xxxxxxxx X. Xxxxxxx
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Name:Xxxxxxxx X. Xxxxxxx
Title:Assistant Vice President
Name of Institution:KZH CRESCENT-3 LLC
By:Xxxxxx Xxxxxxx
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Name:Xxxxxx Xxxxxxx
Title:Authorized Agent
Name of Institution:KZH SOLEIL LLC
By:Xxxxxx Xxxxxxx
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Name:Xxxxxx Xxxxxxx
Title:Authorized Agent
Name of Institution:KZH SOLEIL-2 LLC
By:Xxxxxx Xxxxxxx
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Name:Xxxxxx Xxxxxxx
Title:Authorized Agent
Name of Institution:FIRST 2004-1 CLO LTD
By:TCW Advisors, Inc., its Collateral
Manager
By:Xxxxxxx X. Xxxxx
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Name:Xxxxxxx X. Xxxxx
Title:Senior Vice President
By:Xxxxxxxx X. Xxxxxx
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Name:Xxxxxxxx X. Xxxxxx
Title:Managing Director
Name of Institution:VELOCITY CLO, LTD
By:TCW Advisors, Inc., its Collateral
Manager
By:Xxxxxxx X. Xxxxx
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Name:Xxxxxxx X. Xxxxx
Title:Senior Vice President
By:Xxxxxxxx X. Xxxxxx
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Name:Xxxxxxxx X. Xxxxxx
Title:Managing Director
Name of Institution:LOAN FUNDING I LLC, a wholly owned
subsidiary of Citibank
By:TCW Advisors, Inc., as portfolio
manager of Loan Funding I LLC
By:Xxxxxxx X. Xxxxx
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Name:Xxxxxxx X. Xxxxx
Title:Senior Vice President
By:Xxxxxxxx X. Xxxxxx
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Name:Xxxxxxxx X. Xxxxxx
Title:Managing Director
Name of Institution:CELERITY CLO LTD
By:TCW Advisors, Inc., as Agent
By:Xxxxxxx X. Xxxxx
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Name:Xxxxxxx X. Xxxxx
Title:Senior Vice President
By:Xxxxxxxx X. Xxxxxx
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Name:Xxxxxxxx X. Xxxxxx
Title:Managing Director
Name of Institution:FIRST 2004-II CLO LTD
By:TCW Advisors, Inc., its Collateral
Manager
By:Xxxxxxx X. Xxxxx
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Name:Xxxxxxx X. Xxxxx
Title:Senior Vice President
By:Xxxxxxxx X. Xxxxxx
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Name:Xxxxxxxx X. Xxxxxx
Title:Managing Director
Name of Institution:C-SQUARED CDO LTD
By:TCW Advisors, Inc., its Portfolio
Manager
By:Xxxxxxx X. Xxxxx
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Name:Xxxxxxx X. Xxxxx
Title:Senior Vice President
Name of Institution:CSAM Funding I
By:Xxxxx Xxxxxx
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Name:Xxxxx Xxxxxx
Title:Authorized Signatory
Name of Institution:First Dominion Funding II
By:Xxxxx Xxxxxx
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Name:Xxxxx Xxxxxx
Title:Authorized Signatory
Name of Institution:CSAM Funding II
By:Xxxxx Xxxxxx
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Name:Xxxxx Xxxxxx
Title:Authorized Signatory
Name of Institution:First Dominion Funding I
By:Xxxxx Xxxxxx
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Name:Xxxxx Xxxxxx
Title:Authorized Signatory
Name of Institution:First Dominion Funding III
By:Xxxxx Xxxxxx
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Name:Xxxxx Xxxxxx
Title:Authorized Signatory
Name of Institution:OAK HILL SECURITIES FUND, L.P.
By: Oak Hill Securities GenPar, LP
its General Partner
By:Oak Hill Securities MGP, Inc.
its General Partner
By:Xxxxx X. Xxxxx
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Name:Xxxxx X. Xxxxx
Title:Vice President
Name of Institution:OAK HILL SECURITIES FUND II, L.P.
By: Oak Hill Securities GenPar, LP
its General Partner
By:Oak Hill Securities MGP, Inc.
its General Partner
By:Xxxxx X. Xxxxx
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Name:Xxxxx X. Xxxxx
Title:Vice President
Name of Institution:OAK HILL CREDIT PARTNERS I, LTD
By: Oak Hill CLO Management I LLC
As Investment Manager
By:Xxxxx X. Xxxxx
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Name:Xxxxx X. Xxxxx
Title:Vice President
Title:
Name of Institution:OAK HILL CREDIT PARTNERS II, LTD
By: Oak Hill CLO Management II LLC
As Investment Manager
By:Xxxxx X. Xxxxx
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Name:Xxxxx X. Xxxxx
Title:Vice President
Name of Institution:OAK HILL CREDIT PARTNERS III, LTD
By: Oak Hill CLO Management III LLC
As Investment Manager
By:Xxxxx X. Xxxxx
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Name:Xxxxx X. Xxxxx
Title:Vice President
Name of Institution:SANKATY ADVISORS, LLC AS COLLATERAL MANAGER
FOR CASTLE HILL II-INGOTS LTD AS TERM LENDER
By:Xxxxxxx Xxxxxxx
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Name:Xxxxxxx Xxxxxxx
Title:Senior Vice President
Name of Institution:SANKATY ADVISORS, LLC AS COLLATERAL MANAGER
FOR XXXXX POINT II CBO 2000-1 LTD AS TERM
LENDER
By:Xxxxxxx Xxxxxxx
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Name:Xxxxxxx Xxxxxxx
Title:Senior Vice President
Name of Institution:SANKATY ADVISORS, LLC AS COLLATERAL MANAGER
FOR RACE POINT CLO LTD AS TERM LENDER
By:Xxxxxxx Xxxxxxx
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Name:Xxxxxxx Xxxxxxx
Title:Senior Vice President
Name of Institution:SANKATY ADVISORS, LLC AS COLLATERAL MANAGER
FOR CASTLE HILL I-INGOTS LTD AS TERM LENDER
By:Xxxxxxx Xxxxxxx
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Name:Xxxxxxx Xxxxxxx
Title:Senior Vice President
Name of Institution:SANKATY ADVISORS, LLC AS COLLATERAL MANAGER
FOR RACE POINT II CLO LTD AS TERM LENDER
By:Xxxxxxx Xxxxxxx
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Name:Xxxxxxx Xxxxxxx
Title:Senior Vice President
Name of Institution:SANKATY ADVISORS, LLC AS COLLATERAL MANAGER
FOR CASTLE HILL III CLO LTD AS TERM LENDER
By:Xxxxxxx Xxxxxxx
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Name:Xxxxxxx Xxxxxxx
Title:Senior Vice President
Name of Institution:Blackrock Limited Duration Income Fund
Magnetite Asset Investors LLC
Magnetite Asset Investors III LLC
Magnetite IV CLO, LTD
By:Xxx Xxxxxxx
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Name:Xxx Xxxxxxx
Title:Authorized Signatory
Name of Institution:BEAR XXXXXXX INVESTMENT PRODUCTS
By:Xxxxxxxx Xxxxx
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Name:Xxxxxxxx Xxxxx
Title:Authorized Signatory
Name of Institution:Gallatin Funding I Ltd
By:Bear Xxxxxxx Asset Management Inc
as its Collateral Manager
By:Xxxxxxxx Xxxx
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Name:Xxxxxxxx Xxxx
Title:Vice President
Name of Institution:Grayston CLO 2001-01 LTD
By:Bear Xxxxxxx Asset Management Inc
as its Collateral Manager
By:Xxxxxxxx Xxxx
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Name:Xxxxxxxx Xxxx
Title:Vice President
Name of Institution:Xxxxxxx Business Credit Corp
By:Xxxxxx X. Xxxxxxxxxx
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Name:Xxxxxx X. Xxxxxxxxxx
Title:Duly Authorized Signatory
Name of Institution:ORIX FINANCIAL SERVICES, INC
By:Xxxxxxxxxxx X. Xxxxx
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Name:Xxxxxxxxxxx X. Xxxxx
Title:Authorized Representative
Name of Institution:CIBC Inc
By:Xxxx X. Xxxxx
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Name:Xxxx X. Xxxxx
Title:Executive Director
Name of Institution:The CIT Group/Business Credit Inc
By:Xxxx Xxxxxxx
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Name:Xxxx Xxxxxxx
Title:Vice President
Name of Institution:Senior Debt Portfolio
By:Boston Management and Research as
Investment Advisor
By:Xxxxxxx X. Xxxxxxx
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Name:Xxxxxxx X. Xxxxxxx
Title:Vice President
Name of Institution:Xxxxx Xxxxx Senior Income Trust
By:Xxxxx Xxxxx Management as Investment
Advisor
By:Xxxxxxx X. Xxxxxxx
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Name:Xxxxxxx X. Xxxxxxx
Title:Vice President
Name of Institution:Xxxxxxx & Co
By:Boston Management and Research as
Investment Advisor
Name:Xxxxxxx X. Xxxxxxx
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Title:Xxxxxxx X. Xxxxxxx
Vice President
Name of Institution:Big Sky Senior Loan Fund, LTD
By:Xxxxx Xxxxx Management as Investment
Advisor
By:Xxxxxxx X. Xxxxxxx
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Name:Xxxxxxx X. Xxxxxxx
Title:Vice President
Name of Institution:Big Sky III Senior Loan Fund, LTD
By:Xxxxx Xxxxx Management as Investment
Advisor
By:Xxxxxxx X. Xxxxxxx
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Name:Xxxxxxx X. Xxxxxxx
Title:Vice President
Name of Institution:Xxxxx Xxxxx Senior Floating-Rate Trust
By:Xxxxx Xxxxx Management as Investment
Advisor
By:Xxxxxxx X. Xxxxxxx
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Name:Xxxxxxx X. Xxxxxxx
Title:Vice President
Name of Institution:Fleet Capital Corporation
By:Xxxxx X. Xxxxxxxx
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Title:Vice President
Name of Institution:Bank of America, N.A.
By:Xxxxx X. Xxxxxxxx
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Name:Xxxxx X. Xxxxxxxx
Title:Vice President
