Exhibit 10.4
THIRD AMENDMENT
TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
(this "Third Amendment") dated as of September 29, 1998 relates to that certain
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Second Amended and Restated Credit Agreement dated as of December 2, 1997 (as
previously amended and as further amended, restated, supplemented or otherwise
modified from time to time, the "Credit Agreement"), among RSC Alabama, Inc.,
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RSC Center, Inc. (formerly known as The Air & Pump Company), RSC Xxxxx Inc., RSC
Industrial Corporation, RSC Rents, Inc. and Xxxxxx Xxxxx Equipment, Inc.
(collectively, the "Borrowers"), RSC Acquisition Corp., RSC Holdings, Inc. and
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Rental Service Corporation (collectively, the "Parent Guarantors"), each
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financial institution identified on Annex I thereto (together with its
successors and permitted assigns pursuant to Section 12.8 thereof, a "Lender"),
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Bankers Trust Company, as Issuing Bank, and BT Commercial Corporation, acting as
agent for the Lenders and the Issuing Bank (in such capacity, together with any
successor agent appointed pursuant to Section 11.8 thereof, the "Agent").
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1. DEFINITIONS. Capitalized terms used and not otherwise defined
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herein have the meanings assigned to them in the Credit Agreement.
2. AMENDMENTS TO THE CREDIT AGREEMENT. Upon the "Amendment
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Effective Date" (as defined in Section 4 below), the Credit Agreement is hereby
amended as follows:
2.1 AMENDMENT TO SECTION 8.2. Section 8.2 of the Credit
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Agreement is hereby amended to delete in its entirety the Minimum Ratio of
"2.1x" set out opposite the December 31, 1998 Quarterly Determination Date
in the table therein and to substitute in lieu thereof a Minimum Ratio of
"2.0x".
2.2 AMENDMENTS TO SECTION 8.3. Section 8.3 of the Credit
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Agreement is hereby amended to delete in its entirety (i) the Maximum Ratio
of "4.0x" set out opposite the September 30, 1998 Quarterly Determination
Date in the table therein and to substitute in lieu thereof a Maximum Ratio
of "4.5x" and (ii) the Maximum Ratio of "3.8x" set out opposite the
December 31, 1998 Quarterly Determination Date in the table therein and to
substitute in lieu thereof a Maximum Ratio of "4.3x".
2.3 AMENDMENT TO SECTION 8.5(F). Section 8.5(f) of the Credit
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Agreement is hereby amended to delete in its entirety the Maximum Amount of
"$220,000,000" set out opposite the 1998 Fiscal Year in the table therein
and to substitute in lieu thereof a Maximum Amount of "$285,000,000".
3. REPRESENTATIONS AND WARRANTIES. Each of the Credit Parties
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hereby represents and warrants to each Lender, the Issuing Bank and the Agent
that, as of the Amendment Effective Date (after giving effect to this Third
Amendment):
(a) Each of the representations and warranties contained in the Credit
Agreement and the other Credit Documents are true and correct on and as of
such dates, as if then made, other than representations and warranties that
relate solely to an earlier date;
(b) No Default or Event of Default shall have occurred and is
continuing;
(c) No change, occurrence, event or development or event involving a
prospective change that is reasonably likely to have a Material Adverse
Effect shall have occurred and be continuing; and
(d) No Change of Control has occurred.
4. AMENDMENT EFFECTIVE DATE. This Third Amendment shall become
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effective as of the date first written above (the "Amendment Effective Date")
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upon the satisfaction of each of the following conditions:
(a) the Agent shall have received each of the following documents, in
each case in form and substance reasonably satisfactory to the Agent:
(i) counterparts hereof executed by each Borrower, each Parent
Guarantor, the Agent and the Majority Lenders;
(ii) a certificate of the chief executive officer or a Financial
Officer of each Credit Party executed and delivered on behalf of such
Credit Party certifying that all conditions precedent to the
effectiveness of this Third Amendment (other than conditions within
the control of the Agent and the Lenders) have been met (or,
concurrently with the Amendment Effective Date, will be met), all
representations and warranties made in this Third Amendment are true
and correct and (after giving effect to this Third Amendment) no
Default or Event of Default has occurred and is continuing; and
(iii) such additional documentation as the Agent may reasonably
request.
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(b) All Fees, and all Expenses as to which the Credit Parties have
received an invoice, in each case which are payable on or before the
Amendment Effective Date shall have been paid.
5. MISCELLANEOUS. This Third Amendment is a Credit Document. The
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headings herein are for convenience of reference only and shall not alter or
otherwise affect the meaning hereof. Except to the extent specifically amended
or modified hereby for the periods specified herein, the provisions of the
Credit Agreement shall not be amended, modified, impaired or otherwise affected
hereby and the Credit Agreement and all of the Obligations are hereby confirmed
in full force and effect. The execution, delivery and effectiveness of this
Third Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of the Agent, any Lender or the Issuing
Bank under any of the Credit Documents, nor constitute a waiver of any provision
of any of the Credit Documents.
6. COUNTERPARTS. This Third Amendment may be executed in any number
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of counterparts and by the different parties hereto in separate counterparts,
each of which when so executed and delivered shall be an original, but all of
which shall together constitute one and the same instrument.
7. GOVERNING LAW. THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF
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THIS THIRD AMENDMENT AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS
THIRD AMENDMENT, WHETHER SOUNDING IN CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL
BE GOVERNED BY THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICTS OF LAWS PROVISIONS
OTHER THAN THOSE CONTAINED IN NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401)
AND DECISIONS OF THE STATE OF NEW YORK.
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IN WITNESS WHEREOF, the Agent, the Lenders, the Borrowers and the
Parent Guarantors have caused this Third Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above
written.
BORROWERS: RSC ALABAMA, INC.
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RSC CENTER, INC.
RSC XXXXX INC.
RSC INDUSTRIAL CORPORATION
RSC RENTS, INC.
XXXXXX XXXXX EQUIPMENT, INC.
By: /s/ Xxxxxx X. Xxxxxx
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Name: Xxxxxx X. Xxxxxx
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Title: Secretary
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(for each of the above listed Borrowers)
PARENT GUARANTORS: RSC ACQUISITION CORP.
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RSC HOLDINGS, INC.
RENTAL SERVICE CORPORATION
By: /s/ Xxxxxx X. Xxxxxx
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Name: Xxxxxx X. Xxxxxx
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Title: Secretary
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(for each of the above listed Parent Guarantors)
AGENT: BT COMMERCIAL CORPORATION,
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as Agent and as a Revolving Credit Lender
By: /s/ Xxxxxxx Xxxxxxxx
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Name: Xxxxxxx Xxxxxxxx
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Title: Associate
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REVOLVING CREDIT LENDERS: BANKBOSTON, N.A.
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By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
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THE BANK OF NOVA SCOTIA
By: /s/ Xxxx Xxxxx
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Name: Xxxx Xxxxx
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Title: Senior Relationship Manager
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BANK ONE, ARIZONA, NA
By: /s/ Xxxxxx Xxxxxxxx
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Name: Xxxxxx Xxxxxxxx
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Title: Vice President
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BANQUE PARIBAS
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
BAY VIEW BANK
By: /s/ Xxxxxx Xxxxx
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Name: Xxxxxx Xxxxx
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Title: Assistant Vice President
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BAY VIEW FINANCIAL CORPORATION
By: /s/ Xxxxxx Xxxxx
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Name: Xxxxxx Xxxxx
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Title: Assistant Vice President
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BNY FINANCIAL CORPORATION
By: /s/ Xxxx Xxxxxxx
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Name: Xxxx Xxxxxxx
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Title: Vice President
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THE CIT GROUP/BUSINESS CREDIT, INC.
By: /s/ Xxxxxxx Xxxxx
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Name: Xxxxxxx Xxxxx
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Title: Assistant Vice President
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COMERICA BANK
By: /s/ Xxxx X. Xxxxxxx
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Name: Xxxx X. Xxxxxxx
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Title: Account Officer
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CONGRESS FINANCIAL CORPORATION (WESTERN)
By: /s/ X. X. Xxxxxxxx
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Name: X. X. Xxxxxxxx
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Title: __________________________________________
CORESTATES BANK, N.A.
By: /s/ Xxxxxxx X. Xxxxxxx
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Name: Xxxxxxx X. Xxxxxxx
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Title: Vice President
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DEUTSCHE FINANCIAL SERVICES CORPORATION
By: /s/ Xxxxx Xxxxx
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Name: Xxxxx Xxxxx
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Title: Manager
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FLEET CAPITAL CORPORATION
By: /s/ Xxxxxxx X. Xxx Xxxxxxxxxx
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Name: Xxxxxxx X. Xxx Xxxxxxxxxx
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Title: Senior Vice President
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IBJ XXXXXXXX BUSINESS CREDIT CORPORATION
By: /s/ Xxxx X. Xxxxxx
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Name: Xxxx X. Xxxxxx
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Title: Vice President
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ISRAEL DISCOUNT BANK
By: /s/ Xxxxxx Xxxxxxxx
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Name: Xxxxxx Xxxxxxxx
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Title: First Vice President
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By: /s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
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Title: Vice President
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KEY CORPORATE CAPITAL INC.
By: /s/ J. Xxxx Xxxxxxxx
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Name: J. Xxxx Xxxxxxxx
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Title: Assistant Vice President
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LASALLE NATIONAL BANK, N.A.
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
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Name: Xxxxxxxxxxx X. Xxxxxxxx
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Title: Senior Vice President
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THE LONG TERM CREDIT BANK OF JAPAN,
LTD., LOS ANGELES AGENCY
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
MELLON BANK, N.A.
By: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
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Title: Vice President
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NATIONAL BANK OF CANADA
By: /s/ X. X. XxXxxxxxx
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Name: X. X. XxXxxxxxx
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Title: Vice President
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By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
NATIONSBANK, N.A.
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
SANWA BANK CALIFORNIA
By: /s/ Xxxx X. Price
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Name: Xxxx X. Price
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Title: Vice President
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SUMITOMO BANK OF CALIFORNIA
By: /s/ Xxx X. Xxxxxxx
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Name: Xxx X. Xxxxxxx
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Title: Vice President
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SUMMIT COMMERCIAL/GIBRALTAR CORP.
(formerly known as Gibraltar Corporation of
America)
By: /s/ Xxxxxx Xxxxxxxx
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Name: Xxxxxx Xxxxxxxx
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Title: Executive Vice President
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UNION BANK OF CALIFORNIA, N.A.
By: /s/ Xxxx Xxxxx
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Name: Xxxx Xxxxx
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Title: Assistant Vice President
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U.S. BANK NATIONAL ASSOCIATION
By: /s/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
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Title: Assistant Vice President
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TERM LOAN LENDERS: ARES LEVERAGED INVESTMENT
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FUND L.P.
By: Ares Management, L.P.
Its general partner
By: Ares Operating Member LLC,
Its general partner
By: /s/ Xxxxx X. Xxxxx
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Name: Xxxxx X. Xxxxx
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Title: Vice President
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BANKERS TRUST COMPANY
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
CYPRESSTREE INVESTMENT MANAGEMENT COMPANY, INC.,
as Attorney-in-Fact and on behalf of First All
American Financial Life Insurance Company
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
CYPRESSTREE INVESTMENT PARTNERS I, LIMITED
By: CypressTree Investment Management
Company, Inc., as Portfolio Manager
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
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FIRST DOMINION FUNDING I
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
KZH-ING-2 CORPORATION
By: /s/ Xxxxxxxx Xxxxxx
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Name: Xxxxxxxx Xxxxxx
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Title: Authorized Agent
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XXX CAPITAL FUNDING LP
By: Highland Capital Management, L.P.,
as Collateral Manager
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
PAMCO CAYMAN LTD.
By: Highland Capital Management, L.P.,
as Collateral Manager
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
PARIBAS CAPITAL FUNDING LLC
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
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CRESCENT/MACH I PARTNERS, L.P.
By: TCW Asset Management Company,
its Investment Manager
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
TCW LEVERAGED INCOME TRUST, L.P.
By: TCW Advisers (Bermuda), Ltd.,
as General Partner
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
By: TCW Investment Management Company,
as Investment Adviser
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
TORONTO DOMINION (TEXAS), INC.
By: _____________________________________________
Name: ___________________________________________
Title: __________________________________________
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