{"id":41358,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/waiver-of-mandatory-prepayment-provisions-of-credit-agreement.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"waiver-of-mandatory-prepayment-provisions-of-credit-agreement","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/waiver-of-mandatory-prepayment-provisions-of-credit-agreement.html","title":{"rendered":"Waiver – Of Mandatory Prepayment Provisions of Credit Agreement – SPX Corp."},"content":{"rendered":"

WAIVER<\/p>\n

THIS WAIVER (this “Waiver<\/u>“), dated as of February 8, 2012, is by and
\namong SPX Corporation, a Delaware corporation (the “Parent Borrower<\/u>“),
\nthe Foreign Subsidiary Borrowers, the Subsidiary Guarantors, the undersigned
\nLenders, and Bank of America, N.A., in its capacity as Administrative Agent
\nunder the Credit Agreement referenced below.<\/p>\n

RECITALS<\/p>\n

WHEREAS, senior credit facilities have been established in favor of the
\nParent Borrower and the Foreign Subsidiary Borrowers pursuant to the terms and
\nconditions of that Credit Agreement, dated as of June 30, 2011 (as amended,
\nrestated, supplemented or otherwise modified from time to time, the “Credit
\nAgreement<\/u>“), among the Parent Borrower, the Foreign Subsidiary Borrowers
\nfrom time to time parties thereto, the Lenders from time to time parties
\nthereto, Bank of America, N.A., as administrative agent (in such capacity, the
\n“Administrative Agent<\/u>“) and Deutsche Bank AG Deutschlandgesch 164ft Branch,
\nas foreign trade facility agent;<\/p>\n

WHEREAS, on January 23, 2012, the Parent Borrower entered into a definitive
\nagreement (as amended, supplemented or otherwise modified from time to time, the
\n“Sale Agreement<\/u>“) with Robert Bosch GmbH (the “Buyer<\/u>“), pursuant
\nto which the Parent Borrower has agreed to sell its Service Solutions business
\n(the “Sale<\/u>“) to the Buyer for a cash price equal to U.S $1.15 billion
\n(subject to purchase price adjustments specified therein);<\/p>\n

WHEREAS, the terms of Section 2.12(b) of the Credit Agreement require
\nprepayment of the Loans in an amount equal to the Net Proceeds from the Sale in
\nthe event that such Net Proceeds are not reinvested within a 360-day period;\n<\/p>\n

WHEREAS, the Parent Borrower has requested waiver of, and the Lenders (by act
\nof the Required Lenders party hereto) have agreed to waive, compliance with
\nSection 2.12(b) of the Credit Agreement by the Parent Borrower solely with
\nrespect to the Net Proceeds of the Sale subject to the terms and conditions set
\nforth in this Waiver;<\/p>\n

NOW, THEREFORE, the Administrative Agent, the Loan Parties and the Lenders
\n(by act of the Required Lenders party hereto) agree as follows:<\/p>\n

1. Introductory Paragraph and Recitals<\/u>. The above introductory
\nparagraph and recitals of this Release are incorporated herein by reference as
\nif fully set forth herein.<\/p>\n

2. Definitions<\/u>. Capitalized terms used herein and not otherwise
\ndefined herein shall have the meanings provided in the Credit Agreement.<\/p>\n

3. Waiver<\/u>. The Lenders (by act of the Required Lenders party hereto)
\nhereby waive compliance by the Loan Parties with the mandatory prepayment
\nprovisions of Section 2.12(b) of the Credit Agreement solely with respect to the
\nNet Proceeds of the Sale; provided<\/u> that at least $325 million of the Net
\nProceeds of the Sale shall be used to repay Loans under the Credit Agreement as
\nfollows: (a) to repay the outstanding principal amount of the Incremental Term
\nLoan X in full ($300 million as of the date hereof) and (b) to repay at least
\n$25 million of the Incremental Term Loan A, in each case in immediately
\navailable funds on the date no later than ten Business Days after receipt of the
\nNet Proceeds of the Sale. The Net Proceeds of the Sale remaining after the
\nrepayment of at least $325 million of Loans under the Credit Agreement as
\nprovided above may be used in the discretion of the Loan Parties,<\/p>\n

\n

<\/p>\n

including without limitation for cash dividends and share repurchases in
\naccordance with Section 6.8 of the Credit Agreement. This Waiver is limited
\nsolely to the specific waiver described above, and nothing contained in this
\nAgreement shall be deemed to constitute a waiver of Section 2.12(b) of the
\nCredit Agreement in the future or any other rights or remedies the
\nAdministrative Agent or any Lender may have under the Credit Agreement or any
\nother Loan Document or under applicable law.<\/p>\n

4. Representations and Warranties; No Default or Event of Default<\/u>. The
\nParent Borrower hereby represents and warrants that (a) the Sale is permitted
\nunder the Credit Agreement, (b) the representations and warranties of the Parent
\nBorrower and the other Loan Parties set forth in the Loan Documents are true and
\ncorrect in all material respects on and as of the date hereof and (c)
\nimmediately before and immediately after giving effect to this Waiver, there
\nexists no Default or Event of Default under the Credit Agreement. The Parent
\nBorrower acknowledges and agrees that any representation or warranty made in
\nthis Waiver that is false or misleading in any material respect shall be deemed
\nto constitute, and shall be, an Event of Default under clause (c) of Article VII
\n(Events of Default) of the Credit Agreement.<\/p>\n

5. Effectiveness<\/u>. This Waiver shall be effective upon receipt of
\nexecuted counterparts hereto from each Loan Party, the Administrative Agent and
\nRequired Lenders.<\/p>\n

6. Counterparts<\/u>. This Waiver may be executed in any number of
\ncounterparts, each of which will constitute an original and all of which, when
\ntaken together, will constitute one agreement. Any signature pages of this
\nWaiver transmitted by fax or PDF will have the same legal effect as an
\noriginally executed signature page.<\/p>\n

7. Full Force and Effect<\/u>. Except as expressly waived or modified
\nhereby, all of the terms and provisions of the Credit Agreement and the other
\nLoan Documents (including schedules and exhibits thereto) shall remain in full
\nforce and effect.<\/p>\n

8. Expenses<\/u>. The Parent Borrower agrees to pay all reasonable
\nout-of-pocket costs and expenses of the Administrative Agent in connection with
\nthe preparation, execution and delivery of this Waiver, including the reasonable
\nfees and expenses of Moore & Van Allen, PLLC.<\/p>\n

9. GOVERNING LAW<\/u>. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
\nAND GOVERNED BY THE LAW OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND
\n5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).<\/p>\n

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]<\/p>\n

\n

<\/p>\n

The Administrative Agent, the undersigned Lenders and Loan Parties have
\ncaused a counterpart of this Waiver to be duly executed and delivered as of the
\ndate first above written.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

PARENT BORROWER:<\/p>\n<\/td>\n

\n

SPX CORPORATION,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a Delaware corporation<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Executive Vice President, Secretary and General Counsel<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

FOREIGN SUBSIDIARY<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

BORROWERS:<\/p>\n<\/td>\n

\n

SPX COOLING TECHNOLOGIES GmbH,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a limited liability company formed in Germany<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Andre Sombecki<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Andre Sombecki<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Managing Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Robert Bartels<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Robert Bartels<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Managing Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

BALCKE-D “RR GmbH,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a limited liability company formed in Germany<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Andre Sombecki<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Andre Sombecki<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Managing Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Robert Bartels<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Robert Bartels<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Managing Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

SPX FLOW TECHNOLOGY CRAWLEY LIMITED,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a company incorporated in England and Wales<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

SPX CLYDE UK LIMITED,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a company incorporated in England and Wales<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/p>\n

SUBSIDIARY<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

GUARANTORS:<\/p>\n<\/td>\n

\n

THE MARLEY-WYLAIN COMPANY,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a Delaware corporation<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Thomas Blashill<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Thomas Blashill<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

President<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

WAUKESHA ELECTRIC SYSTEMS, INC.,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a Wisconsin corporation<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Vice President and Secretary<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

MCT SERVICES LLC,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a Delaware limited liability company<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Drew Ladau<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Drew Ladau<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

President<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

SPX HEAT TRANSFER INC.,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a Delaware corporation<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Vice President and Secretary<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

SPX FLOW TECHNOLOGY USA, INC.,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a Delaware corporation<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Executive Vice President and Secretary<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

SPX FLOW TECHNOLOGY SYSTEMS, INC.,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a Delaware corporation<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Vice President and Secretary<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

SPX COOLING TECHNOLOGIES, INC.,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a Delaware corporation<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Executive Vice President and Secretary<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\n

THE MARLEY COMPANY LLC,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a Delaware limited liability company<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Executive Vice President and Secretary<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

JOHNSTON BALLANTYNE HOLDINGS LIMITED,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

a company incorporated in England and Wales<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Kevin Lilly<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n\n\n\n\n\n\n\n\n\n\n
<\/p>\n

ADMINISTRATIVE<\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

AGENT:<\/p>\n<\/td>\n

\n

BANK OF AMERICA, N.A.,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

as Administrative Agent<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Mollie S. Canup<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Name:<\/p>\n<\/td>\n

\n

Mollie S. Canup<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

Title:<\/p>\n<\/td>\n

\n

Vice President<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8906],"corporate_contracts_industries":[9454],"corporate_contracts_types":[9561,9560],"class_list":["post-41358","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-spx-corp","corporate_contracts_industries-manufacturing__industrial","corporate_contracts_types-finance__credit","corporate_contracts_types-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41358"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41358"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41358"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}