Exhibit 10.12(c)

 

EXECUTION COPY

 

AMENDMENT NO. 1 TO THIRD AMENDED AND
RESTATED RECEIVABLES PURCHASE AGREEMENT

 

This AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE
AGREEMENT, dated as of December 16, 2011 (this “Amendment”), is by and among
MANITOWOC FUNDING, LLC and MANITOWOC CAYMAN ISLANDS FUNDING LTD., as Sellers,
THE MANITOWOC COMPANY, INC., GARLAND COMMERCIAL RANGES LIMITED and CONVOTHERM
ELEKTROGERÄTE GMBH, as Servicers, HANNOVER FUNDING COMPANY LLC, as Purchaser,
and NORDDEUTSCHE LANDESBANK GIROZENTRALE, as Agent.

 

WHEREAS, the parties hereto are parties to that certain Third Amended and
Restated Receivables Purchase Agreement, dated as of September 27, 2011 (as
amended, restated, supplemented or otherwise modified from time to time, the
“Agreement”); and

 

WHEREAS, the parties hereto desire to amend the Agreement as set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1.                            Definitions.  Capitalized terms defined in
the Agreement and used but not otherwise defined herein shall have the meanings
assigned thereto in the Agreement.

 

SECTION 2.                            Amendments.  The Agreement is hereby
amended as follows:

 

(a)                                 Clauses (i) through (v) of the proviso of
Section 1.1(a) of the Agreement are replaced in their entirety with the
following:

 

(i)                                     (A) the Aggregate Capital would exceed
the Investment Limit or (B) solely with respect to (I) any Investment and
(II) the first Reinvestment occurring on or after each Settlement Date, the
Aggregate Capital would exceed the Net Investment Limit;

 

(ii)                                  the Purchased Assets Coverage Percentage
would exceed 100%;

 

(iii)                               solely with respect to (A) any Investment
and (B) the first Reinvestment occurring on or after each Settlement Date, the
U.S. Capital would exceed the aggregate Net Outstanding Balance of all Eligible
Receivables denominated in U.S. Dollars that are then included in the
Receivables Pool;

 

(iv)                              solely with respect to (A) any Investment and
(B) the first Reinvestment occurring on or after each Settlement Date, the CAD
Capital would exceed the aggregate Net Outstanding Balance of all Eligible

 

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Receivables denominated in Canadian Dollars that are then included in the
Receivables Pool; or

 

(v)                                 solely with respect to (A) any Investment
and (B) the first Reinvestment occurring on or after each Settlement Date, the
Euro Capital would exceed the aggregate Net Outstanding Balance of all Eligible
Receivables denominated in Euro that are then included in the Receivables Pool.

 

(b)                                 The following new defined terms and
definitions are hereby added to Exhibit I of the Agreement in appropriate
alphabetical order:

 

“Group A Obligor” means any Obligor that has a short-term rating of at least:
(a) “A-1” by S&P, or if such Obligor does not have a short-term rating from
S&P,  a rating of “AA-” or better by S&P on its long-term senior unsecured and
uncredit-enhanced debt securities, and (b) “P-1” by Moody’s, or if such Obligor
does not have a short-term rating from Moody’s, “Aa3”or better by Moody’s on its
long-term senior unsecured and uncredit-enhanced debt securities; provided that
if an Obligor is not rated by both S&P and Moody’s, then such Obligor shall be
deemed to be a Group D Obligor.

 

“Group B Obligor” means any Obligor that is not a Group A Obligor, and has a
short-term rating of at least:  (a) “A-2” by S&P, or if such Obligor does not
have a short-term rating from S&P, a rating of “A-” or better by S&P on its
long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P-2”
by Moody’s, or if such Obligor does not have a short-term rating from Moody’s,
“A3” or better by Moody’s on its long-term senior unsecured and
uncredit-enhanced debt securities; provided that if an Obligor is not rated by
both S&P and Moody’s, then such Obligor shall be deemed to be a Group D Obligor.

 

“Group C Obligor” means any Obligor that is neither a Group A Obligor nor a
Group B Obligor, and has a short-term rating of at least:  (a) “A-3” by S&P, or
if such Obligor does not have a short-term rating from S&P, a rating of “BBB-”
or better by S&P on its long-term senior unsecured and uncredit-enhanced debt
securities, and (b) “P-3” by Moody’s, or if such Obligor does not have a
short-term rating from Moody’s, “Baa3” or better by Moody’s on its long-term
senior unsecured and uncredit-enhanced debt securities; provided that if an
Obligor is not rated by both S&P and Moody’s, then such Obligor shall be deemed
to be a Group D Obligor.

 

“Group D Obligor” means any Obligor that is not a Group A Obligor, nor a Group B
Obligor, nor a Group C Obligor.

 

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“Special Term Receivable” means, as of any date of determination, any Receivable
(i) the Obligor of which is set forth on Schedule VI to this Agreement,
(ii) then due more than sixty (60) days but not more than three hundred sixty
(360) days thereafter and (iii) which was created on or prior to December 31,
2011.

 

(c)                                  The definition of “Concentration
Percentage” set forth in Exhibit I of the Agreement is replaced in its entirety
with the following:

 

“Concentration Percentage” means, on any day, (I) for any Obligor that is not a
Special Obligor: (a) for any Group A Obligor, a percentage equal to forty
percent (40%), or any other percentage as agreed by the Servicer and the Agent
in writing, (b) for all Group B Obligors, a percentage equal to four (4) times
the Base Concentration Limit, (c) for all Group C Obligors, a percentage equal
to two (2) times the Base Concentration Limit and (d) for all Group D Obligors,
a percentage equal to the Base Concentration Limit and (II) for any Special
Obligor, the Special Obligor Concentration Percentage for such Obligor.

 

(d)                                 Clause (xvi) of the definition of “Eligible
Receivables” set forth in Exhibit I of the Agreement is replaced in its entirety
with the following:

 

(xvi) which are neither Defaulted Receivables nor Delinquent Receivables;

 

(e)                                  The definition of “Net Eligible Pool” set
forth in Exhibit I of the Agreement is replaced in its entirety with the
following:

 

“Net Eligible Pool” means, on any date of calculation, a set, determined by the
Servicers, of Eligible Receivables (or portions thereof) then in the Receivables
Pool, provided that such set has (a) no Excess Concentrations and (b) other than
Special Term Receivables, no Receivables then due more than sixty (60) days
thereafter.

 

(f)                                   The definition of “Net Eligible Pool
Balance” set forth in Exhibit I of the Agreement is replaced in its entirety
with the following:

 

“Net Eligible Pool Balance” means, at any time, (a) the sum of the Net
Outstanding Balances of the Receivables in the Net Eligible Pool, minus (b) the
sum of (i) Eligible Unapplied Cash and Credits, (ii) the amount by which (A) the
sum of the Net Outstanding Balances of the Receivables in the Net Eligible Pool
having due dates that have been adjusted and that have been outstanding for more
than ninety (90) days from their original due dates, exceeds (B) an amount equal
to five percent (5%) of the Net Outstanding Balances of the Receivables in the
Net Eligible Pool, (iii) the amount by which (A) the sum of the Net Outstanding
Balances of the Receivables in the Net Eligible Pool for which the Obligors are
Governmental Authorities (excluding the United

 

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States Federal Government), exceeds (B) an amount equal to five percent (5%) of
the Net Outstanding Balances of the Receivables in the Net Eligible Pool and
(iv) the amount by which (A) the sum of the Net Outstanding Balances of the
Special Term Receivables, exceeds (B) an amount equal to five percent (5%) of
the Net Outstanding Balances of the Receivables in the Net Eligible Pool.

 

(g)                                  Section 2(b)(iv) of Exhibit II of the
Agreement is replaced in its entirety with the following:

 

(iv)                              without limiting the foregoing or
Section 1.1(a):

 

A.                                    (I) the Aggregate Capital will not exceed
the Investment Limit and (II) solely with respect to (x) any Investment and
(y) the first Reinvestment occurring on or after each Settlement Date, the
Aggregate Capital would exceed the Net Investment Limit;

 

B.                                    the Purchased Assets Coverage Percentage
will not exceed 100%;

 

C.                                    solely with respect to (A) any Investment
and (B) the first Reinvestment occurring on or after each Settlement Date, the
U.S. Capital will not exceed the aggregate Net Outstanding Balance of all
Eligible Receivables denominated in U.S. Dollars that are then included in the
Receivables Pool;

 

D.                                    solely with respect to (A) any Investment
and (B) the first Reinvestment occurring on or after each Settlement Date, the
CAD Capital will not exceed the aggregate Net Outstanding Balance of all
Eligible Receivables denominated in Canadian Dollars that are then included in
the Receivables Pool; and

 

E.                                     solely with respect to (A) any Investment
and (B) the first Reinvestment occurring on or after each Settlement Date, the
Euro Capital will not exceed the aggregate Net Outstanding Balance of all
Eligible Receivables denominated in Euro that are then included in the
Receivables Pool;

 

(h)                                 Schedule V of the Agreement is replaced in
its entirety with Exhibit I attached hereto.

 

(i)                                     New Schedule VI in the form of
Exhibit II attached hereto is added to the Agreement immediately following
existing Schedule V.

 

SECTION 3.                            Representations and Warranties.  On the
date hereof, each of the Sellers and Servicers hereby represents and warrants
(as to itself) to the Purchaser and the Agent as follows:

 

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(a)                                 after giving effect to this Amendment, no
event or condition has occurred and is continuing which constitutes a
Termination Event or Unmatured Termination Event;

 

(b)                                 after giving effect to this Amendment, the
representations and warranties of such Person set forth in the Agreement and
each of the other Transaction Documents are true and correct as of the date
hereof, as though made on and as of such date (except to the extent such
representations and warranties relate solely to an earlier date and then as of
such earlier date); and

 

(c)                                  this Amendment constitutes the valid and
binding obligation of such Person, enforceable against such Person in accordance
with its terms.

 

SECTION 4.                            Effectiveness.  This Amendment shall be
effective, as of the date hereof, upon receipt by the Agent of the following (in
each case, in form and substance reasonably satisfactory to the Agent):

 

(a)                                 counterparts of this Amendment duly executed
by each of the parties hereto;

 

(b)                                 an executed copy of a letter from JPMorgan
Chase Bank, N.A. to Manitowoc confirming that the transactions contemplated by
the Transaction Documents constitute a “Permitted Securitization” under the
Credit Agreement; and

 

(c)                                  such other agreements, documents, officer
certificates and instruments as the Agent shall request.

 

SECTION 5.                            Miscellaneous.  The Agreement, as amended
hereby, remains in full force and effect.  Any reference to the Agreement from
and after the date hereof shall be deemed to refer to the Agreement as amended
hereby, unless otherwise expressly stated.  This Amendment may be executed in
any number of counterparts and by the different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which then taken together shall constitute one and the same
Amendment.  This Amendment may be executed by facsimile or delivery of a “.pdf”
copy of an executed counterpart hereof.  This Amendment shall be governed by,
and construed in accordance with, the internal laws of the State of New York
(including Sections 5-1401 and 5-1402 of the General Obligations Law of the
State of New York, but without regard to any other conflict of laws provisions
thereof) and the obligations, rights and remedies of the parties under this
Amendment shall be determined in accordance with such laws.

 

[Signature pages follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed, as of the date first above written.

 

 

MANITOWOC FUNDING, LLC,

 

as a Seller

 

 

 

 

 

 

 

By:

 

 

Name:

Maurice D. Jones

 

Title:

Vice President and Secretary

 

Amendment No. 1 to Third Amended and
Restated Receivables Purchase Agreement

 

S-1

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MANITOWOC CAYMAN ISLANDS FUNDING LTD., as a Seller

 

 

 

 

 

 

 

By:

 

 

Name:

Maurice D. Jones

 

Title:

Vice President and Secretary

 

Amendment No. 1 to Third Amended and
Restated Receivables Purchase Agreement

 

S-2

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THE MANITOWOC COMPANY, INC.,

 

as a Servicer

 

 

 

 

 

 

 

By:

 

 

Name:

Maurice D. Jones

 

Title:

Senior Vice President, General Counsel and Secretary

 

Amendment No. 1 to Third Amended and
Restated Receivables Purchase Agreement

 

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GARLAND COMMERCIAL RANGES LIMITED, as a Servicer

 

 

 

 

 

 

 

By:

 

 

Name:

Maurice D. Jones

 

Title:

Vice President and Secretary

 

Amendment No. 1 to Third Amended and
Restated Receivables Purchase Agreement

 

 

S-4

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CONVOTHERM ELEKTROGERÄTE GMBH,

 

as a Servicer

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

Amendment No. 1 to Third Amended and
Restated Receivables Purchase Agreement

 

S-5

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NORDDEUTSCHE LANDESBANK GIROZENTRALE, as Agent

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

 

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

Amendment No. 1 to Third Amended and
Restated Receivables Purchase Agreement

 

S-6

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HANNOVER FUNDING COMPANY LLC,

 

as Purchaser

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

Amendment No. 1 to Third Amended and
Restated Receivables Purchase Agreement

 

S-7

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EXHIBIT I

 

SCHEDULE V

SPECIAL OBLIGORS

 

Special Obligor

 

Special Obligor Concentration Percentage

 

 

 

 

 

Wal-Mart Stores, Inc.

 

7.5

%

H&E Equipment Services, Inc.

 

6.0

%

Costco Wholesale Corporation

 

7.5

%

PepsiCo, Inc.

 

7.5

%

 

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EXHIBIT II

 

SCHEDULE VI

SPECIAL TERM RECEIVABLE OBLIGORS

 

Action Sales

ADE Restaurant Services

ARIZONA RESTAURANT SUPPLY

Ashland Equipment Co

Associated Food Eq & Supply

ATLANTA FIXTURE & SALES CO

B&G Restaurant Supply

Bintz

BIRMINGHAM RESTAURANT SUPPLY (BRESCO)

Boxer-Northwest Co

BUDGET RESTAURANT SUPPLY

BUFFALO HOTEL SUPPLY

C&T DESIGN EQUIPMENT

CULINEX

CURTIS RESTAURANT EQUIPMENT

DURAY

DYKES RESTAURANT SUPPLY

FELLERS FIXTURES

GENERAL HOTEL

Grady’s

J&E RESTAURANT SUPPLIES

JOHNNIE’S RESTAURANT

Johnson Lancaster & Assoc

KESSENICHS LTD

KIRBY RESTAURANT SUPPLY

Lafayette Restaurant Supply

LOUIS WOHL & SONS

Louisiana FoodService

Manning Brothers

MISSION REST SUPPLY

Muckenthaler Inc

Myers Restaurant Supply

NATIONAL RESTAURANT SUPPLY CO

Norvell Fixture & Equip

OSWALT RESTAURANT SUPPLY

PIONEER DISTRIBUTING CO

 

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Preferred Foodservice Design Supply

RESCO

RW SMITH

SAM TELL COMPANIES

Serv-U

SESSION FIXTURE COMPANY

SUNFLOWER RESTAURANT SUPPLY

SUPREME FIXTURE

TEXAS METAL EQUIP CO

THOMPSON & LITTLE

Trident Foodservice Equip

 

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