1
Exhibit 10.2
FOURTH AMENDMENT
TO
AMENDED AND RESTATED CREDIT AGREEMENT
THIS FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (the
"Fourth Amendment") dated as of August 1, 1997 relates to that certain Amended
and Restated Credit Agreement dated as of September 24, 1996 (as previously
amended and as further amended, restated, supplemented or otherwise modified
from time to time, the "Credit Agreement"), among Acme Alabama, Inc., RSC
Industrial Corporation (formerly known as Acme Xxxxx Inc.), Acme Xxxxx Inc.,
Acme Rents, Inc., The Air & Pump Company and Xxxxxx Xxxxx Equipment, Inc.
(collectively, the "Borrowers"), RSC Acquisition Corp., RSC Holdings, Inc. and
Rental Service Corporation (collectively, the "Parent Guarantors"), each
financial institution identified on Annex I thereto (together with its
successors and permitted assigns pursuant to Section 12.8 thereof, a "Lender"),
the Issuing Bank and BT Commercial Corporation ("BTCC") 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").
1. DEFINITIONS. Capitalized terms used and not otherwise defined
herein have the meanings assigned to them in the Credit Agreement.
2. AMENDMENTS TO THE CREDIT AGREEMENT. As of the applicable
"Effective Date" (as defined in Section 4 below), the Credit Agreement is hereby
amended as follows:
2.1 AMENDMENTS TO SECTION 8.3. Section 8.3 of the Credit
Agreement is hereby amended to delete in their entirety each of the
Maximum Total Indebtedness Ratios set out opposite the dates June 30,
1997, September 30, 1997 and December 31, 1997 therein and to substitute
in lieu thereof "3.65x", "3.60x" and "3.60x", respectively.
2.2 AMENDMENT TO SECTION 8.5(f). Section 8.5(f) of the
Credit Agreement is hereby amended to delete in its
2
entirety the Maximum Amount of Capital Expenditures set out opposite
Fiscal Year 1997 therein and to substitute in lieu thereof "$138,000,000".
2.3 AMENDMENT TO ANNEX I. Annex I to the Credit Agreement is
hereby deleted in its entirety and new Annex I, attached hereto as Exhibit
I, is substituted in lieu thereof.
3. REPRESENTATIONS AND WARRANTIES. Each of the Borrowers hereby
represents and warrants to each Lender, the Issuing Bank and the Agent that, as
of the date hereof and as of each Effective Date and after giving effect to this
Fourth 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. EFFECTIVE DATE. The amendments described in Sections 2.1 and 2.2
above shall become effective as of June 30, 1997 and the amendment described in
Section 2.3 shall become effective as of July 8, 1997 (each an "Effective Date"
for such amendment) upon the satisfaction of each of the following conditions:
(a) The Agent shall have received counterparts hereof executed by
each Borrower, each Parent Guarantor, the Agent and the Majority Lenders
and such additional documentation as the Agent may reasonably request;
-2-
3
(b) No law, regulation, order, judgment or decree of any
Governmental Authority shall, and the Agent shall not have received any
notice that litigation is pending or threatened which is likely to,
enjoin, prohibit or restrain the consummation of the transactions
contemplated by this Fourth Amendment, except for such laws, regulations,
orders or decrees, or pending or threatened litigation that in the
aggregate could not reasonably be expected to result in a Material Adverse
Effect; and
(c) 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 date
hereof shall have been paid.
5. MISCELLANEOUS. This Fourth Amendment is a Credit Document. The
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, 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 to be in full force and effect. The
execution, delivery and effectiveness of this Fourth 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 Fourth Amendment may be executed in any number
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
THIS FOURTH AMENDMENT AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS
FOURTH 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.
-3-
4
IN WITNESS WHEREOF, the Agent, the Lenders, the Borrowers and the
Parent Guarantors have caused this Fourth Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above
written.
BORROWERS: ACME ALABAMA, INC.,
an Alabama corporation
By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------
Title: Secretary
-------------------------------------
RSC INDUSTRIAL CORPORATION,
a Delaware corporation
By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------
Title: Secretary
-------------------------------------
ACME XXXXX INC.,
a Delaware corporation
By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------
Title: Secretary
-------------------------------------
ACME RENTS, INC.,
a California corporation
By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------
Title: Secretary
-------------------------------------
THE AIR & PUMP COMPANY,
a Texas corporation
By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------
Title: Secretary
-------------------------------------
-4-
5
XXXXXX XXXXX EQUIPMENT, INC.,
a Mississippi corporation
By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------
Title: Secretary
-------------------------------------
PARENT GUARANTORS: RSC ACQUISITION CORP.,
a Delaware corporation
By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------
Title: Secretary
-------------------------------------
RSC HOLDINGS, INC.,
a Delaware corporation
By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------
Title: Secretary
-------------------------------------
RENTAL SERVICE CORPORATION,
a Delaware corporation
By: /s/ Xxxxxx X. Xxxxxx
----------------------------------------
Title: Secretary
-------------------------------------
AGENT: BT COMMERCIAL CORPORATION,
as Agent
By: /s/ Xxxxxxx Xxxxxxxx
----------------------------------------
Title: Associate
-------------------------------------
LENDERS: BANKBOSTON, N.A.
By: /s/ Xxxxxx X. Xxxxxxx
----------------------------------------
Title: Director
-------------------------------------
BT COMMERCIAL CORPORATION
By: /s/ Xxxxxxx Xxxxxxxx
----------------------------------------
Title: Associate
-------------------------------------
-5-
6
THE CIT GROUP/BUSINESS CREDIT, INC.
By: /s/ Xxxxxxx Xxxxx
----------------------------------------
Title: Assistant Vice President
-------------------------------------
CONGRESS FINANCIAL CORPORATION
(WESTERN)
By: /s/ Xxxxxx X. Xxxxxxx
----------------------------------------
Title: Vice President
-------------------------------------
DEUTSCHE FINANCIAL SERVICES
CORPORATION
By:
----------------------------------------
Title:
-------------------------------------
SUMMIT COMMERCIAL/GIBRALTAR CORP.
(formerly known as Gibraltar
Corporation of America)
By: /s/ Xxxxxx Xxxxxxxx
----------------------------------------
Title: Executive Vice President
-------------------------------------
XXXXXX FINANCIAL, INC.
By:
----------------------------------------
Title:
-------------------------------------
IBJ XXXXXXXX BUSINESS CREDIT
CORPORATION
By:
----------------------------------------
Title:
-------------------------------------
LASALLE NATIONAL BANK, N.A.
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
----------------------------------------
Title: Senior Vice President
-------------------------------------
-6-
7
MELLON BANK, N.A.
By:
----------------------------------------
Title:
-------------------------------------
NATIONAL BANK OF CANADA
By: /s/ Xxxx X. Xxxxx
----------------------------------------
Title: Vice President
-------------------------------------
NATIONSBANK OF TEXAS, N.A.
By:
----------------------------------------
Title:
-------------------------------------
SANWA BANK CALIFORNIA
By:
----------------------------------------
Title:
-------------------------------------
SUMITOMO BANK OF CALIFORNIA
By:
----------------------------------------
Title:
-------------------------------------
UNION BANK OF CALIFORNIA, N.A.
By: /s/ Xxxxxx Xxxxxxxx
----------------------------------------
Title: Assistant Vice President
-------------------------------------
-7-
8
EXHIBIT I
TO
FOURTH AMENDMENT
New Annex I to Credit Agreement
Attached.
9
ANNEX I
LENDERS AND COMMITMENT AMOUNTS
AS OF JULY 8, 1997
Name and Address of Lender Commitment
---------------------------------------- ----------
BankBoston, N.A. $ 15,000,000.00
Domestic and Eurodollar Lending Offices:
000 Xxxxxxx Xxxxxx
Xxxxxx, XX 00000
Attention: Xxxxxxxxx Xxxxxxx
Telecopier No: 000-000-0000
BT Commercial Corporation $ 30,000,000.00
Domestic and Eurodollar Lending Offices:
00 Xxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxxx Xxxxxx
Telecopier No: 000-000-0000
The CIT Group/Business Credit, Inc. $ 26,500,000.00
Domestic and Eurodollar Lending Offices:
000 Xxxxx Xxxxx Xxxxxx
Xxx Xxxxxxx XX 00000
Attention: Xxxxxx Xxxxx
Telecopier No: 000-000-0000
Congress Financial Corporation (Western) $ 20,000,000.00
Domestic and Eurodollar Lending Offices:
000 Xxxxx Xxxx Xxxxxx, Xxxxx 0000
Xxxxxxxx XX 00000
Attention: Xxxxx Xxxxxxx
Telecopier No: 000-000-0000
10
Deutsche Financial Services Corporation $ 22,500,000.00
Domestic and Eurodollar Lending Offices:
0000 Xxx Xxxxx Xxxx, Xxxxx 000
Xx. Xxxxx, Xxxxxxxx 00000
Attention: Xxxx Xxxxxx
Telecopier No: 000-000-0000
Summit Commercial/Gibraltar Corp. (formerly
known as Gibraltar Corporation of America) $ 13,500,000.00
Domestic and Eurodollar Lending Offices:
000 Xxxxx Xxxxxx - Xxxxx 00
Xxx Xxxx XX 00000
Attention: Xxxxx Xxxxxxxx
Telecopier No: 000-000-0000
Xxxxxx Financial, Inc. $ 17,500,000.00
Domestic and Eurodollar Lending Offices:
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000
Attention: Xxxxxx X. Xxxxxxxx
Telecopier No. 212-880-2060
IBJ Xxxxxxxx Business Credit Corporation $ 20,000,000.00
Domestic and Eurodollar Lending Offices:
Xxx Xxxxx Xxxxxx
Xxx Xxxx XX 00000
Attention: Xxxxxx X. Xxxxx
Telecopier No: 000-000-0000
-2-
11
LaSalle National Bank, N.A. $ 25,000,000.00
Domestic and Eurodollar Lending Offices:
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxxxxxxx Xxxxxxxx
Telecopier No: 312-750-6450
Mellon Bank, N.A. $ 17,500,000.00
Domestic and Eurodollar Lending Offices:
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Attention: Xxxxxxx X. Xxxxxxxxxx
Telecopier No: 000-000-0000
National Bank of Canada $ 15,000,000.00
Domestic and Eurodollar Lending Offices:
000 X. Xxxxxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxx, XX 00000
Attention: Xxxxxx Xxxxxxxx
Telecopier No: 000-000-0000
NationsBank of Texas, N.A. $ 25,000,000.00
Domestic and Eurodollar Lending Offices:
000 Xxxx Xxxxxx, 0xx Xxxxx
Xxxxxx, Xxxxx 00000
Attention: Xxxx X. Xxxxx Xxxxxxxxxx
Telecopier No: 000-000-0000
-3-
12
Sanwa Bank California $ 20,000,000.00
Domestic and Eurodollar Lending Offices:
000 Xxxxx Xxxxxxxx Xxxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxxx X. Xxxxx
Telecopier No: 000-000-0000
Sumitomo Bank of California $ 15,000,000.00
Domestic and Eurodollar Lending Offices:
000 Xxxx Xxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxxxx X. Xxx Xxxxxxxxxx
Telecopier No: 000-000-0000
Union Bank of California, N.A. $ 17,500,000.00
Domestic and Eurodollar Lending Offices:
Commercial Finance Division
00 Xxxxx Xxxx Xxxxxx
Xxxxx 000
Xxxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxxx X. Xxxxxxxx
Telecopier No: 000-000-0000
Total Commitments: $300,000,000.00
-4-
