Exhibit 10.1
Execution Version
SECOND AMENDMENT
THIS SECOND AMENDMENT, dated as of September 8, 2011 (this “Amendment”), amends
the Credit Agreement, dated as of November 30, 2010 (as previously amended, the
“Credit Agreement”), among ABM Industries Incorporated (the “Company”), various
financial institutions (the “Lenders”) and Bank of America, N.A., as
administrative agent (in such capacity, the “Administrative Agent”). Capitalized
terms used but not otherwise defined herein have the respective meanings
ascribed thereto in the Credit Agreement.
WHEREAS, the Company, the Lenders and the Administrative Agent have entered into
the Credit Agreement;
WHEREAS, the parties hereto desire to amend the Credit Agreement as more fully
set forth herein;
WHEREAS, the parties hereto have agreed that each of Peoples United Bank,
Comerica Bank and The Bank of New York Mellon (collectively, the “Exiting
Lenders”) shall cease to be Lenders under the Credit Agreement; and
WHEREAS, certain Lenders will be increasing the amount of their Loans and their
Commitments in an aggregate amount equal to the outstanding Loans and the
Commitments of the Exiting Lenders.
NOW, THEREFORE, the parties hereto agree as follows:
SECTION 1 Amendments. Subject to the satisfaction of the conditions precedent
set forth in Section 3, the Credit Agreement is amended as follows:
(a) Section 1 of the Credit Agreement is amended by deleting the table set forth
in the definition of “Applicable Rate” in its entirety and replacing it with the
following:

                                      Eurodollar                       Rate/IBOR
                      Rate/Letters of     Base Rate         Pricing Level  
Leverage Ratio   Credit     Loans     Non-Use Fee   1  
≥ 2.25 to 1.0
    1.75 %     0.75 %     0.300 % 2  
≥ 1.75 to 1.0 but
< 2.25 to 1.0
    1.50 %     0.50 %     0.275 % 3  
≥ 1.25 to 1.0 but
< 1.75 to 1.0
    1.25 %     0.25 %     0.250 % 4  
< 1.25 to 1.0
    1.00 %     0 %     0.225 %

(b) Section 1 of the Credit Agreement is amended by deleting definition of
“Maturity Date” in its entirety and replacing it with the following:
“Maturity Date” means (a) September 8, 2016 or (b) such earlier date upon which
the Loans and other Obligations become due in accordance with the terms hereof.

 

 

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(c) Section 1 of the Credit Agreement is amended by deleting clause (v) of the
definition of “Permitted Acquisition” in its entirety and replacing it with the
following:
(v) both before and after giving effect to such Acquisition, the Leverage Ratio
shall not be greater than 3.25 to 1.0, and
(d) Schedule 2.1 of the Credit Agreement is deleted and replaced with
Schedule 2.1 hereto.
SECTION 2 Representations and Warranties. The Company represents and warrants to
the Administrative Agent and the Lenders that, after giving effect to this
Amendment:
(a) each representation and warranty set forth in Article V of the Credit
Agreement, as amended hereby, is true and correct in all material respects as of
the Effective Date (as defined below), except to the extent that any such
representation and warranty specifically refers to an earlier date, in which
case it shall be true and correct in all material respects as of such earlier
date; and
(b) no Default exists.
SECTION 3 Effectiveness. This Amendment shall become effective as of the date
first written above (the “Effective Date”) when the Administrative Agent shall
have received:
(a) counterparts of this Amendment executed by the Borrowers, the Administrative
Agent and each of the Lenders,
(b) a Confirmation, executed by the Subsidiary Guarantors, in the form attached
hereto as Exhibit A and
(c) for the account of each Exiting Lender, (i) from the Company, all principal,
accrued interest and fees owing to such Exiting Lender (including amounts
payable pursuant to Section 3.5 of the Credit Agreement, assuming for such
purpose that the Loans of the Exiting Lender were prepaid rather than allocated
upon effectiveness of this Amendment (the “Effective Time”)) and (ii) from the
Increasing Lenders (as defined in Section 4.1), the amounts described in clause
(b) of Section 4.1.
SECTION 4 Miscellaneous.
4.1 Exiting Lenders. (a) The Borrowers and the Lenders agree that at the
Effective Time (i) the outstanding Revolving Loans (and the participations in
Letters of Credit and Swing Line Loans) of the Exiting Lenders shall be
reallocated among certain of the Lenders (the “Increasing Lenders”) to reflect
Schedule 2.1 of the Credit Agreement, as amended by this Amendment and (ii) the
Exiting Lenders shall cease to be Lenders under the Credit Agreement and the
other Loan Documents and shall have no further interests, rights or obligations
thereunder; provided that the Exiting Lenders shall continue to be entitled to
the benefits of Section 3.1 (and subject to the requirements of Section 3.1),
3.3, 3.4 and 10.5 of the Credit Agreement with respect to facts and
circumstances occurring prior to the Effective Date.

 

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(b) To facilitate the allocation described in clause (a), and satisfy the
condition precedent in Section 3(c) of this Amendment, (i) each Increasing
Lender shall transfer to the Administrative Agent an amount such that after
giving effect to such transfer, such Increasing Lender’s Applicable Percentage
will be as set forth on Schedule 2.1, and (ii) the Administrative Agent shall
apply the funds received from the Increasing Lenders pursuant to clause (i) on
behalf of the Increasing Lenders (pro rata according to the amount of the
applicable Loans each is required to purchase to achieve the allocation
described in clause (a)), to purchase from each Exiting Lender the applicable
outstanding Revolving Loans (including any Revolving Loans made at the Effective
Time), participations in Letters of Credit and Swing Line Loans.
4.2 Continuing Effectiveness, etc. As amended hereby, the Credit Agreement shall
remain in full force and effect and is hereby ratified and confirmed in all
respects. After the effectiveness of this Amendment, all references in the
Credit Agreement and the other Loan Documents to “Credit Agreement” or similar
terms shall refer to the Credit Agreement as amended hereby.
4.3 General. The provisions of Sections 10.5, 10.7, 10.14 and 10.17 of the
Credit Agreement are incorporated into this Amendment as if fully set forth
herein, mutatis mutandis.
4.4 Loan Document. This Amendment is a Loan Document.
[Signature Pages Follow]

 

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Delivered as of the day and year first above written.

            ABM INDUSTRIES INCORPORATED
      By:   /s/ Diego Anthony Scaglione         Title: VP, Treasurer   

Second Amendment

S-1

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            BANK OF AMERICA, N.A., as Administrative Agent
      By:   /s/ Fani Davidson         Title: Assistant Vice President   

Second Amendment

 

S-2

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            BANK OF AMERICA, N.A.,
as a Lender, as L/C Issuer
and as Swing Line Lender
      By:   /s/ Ronald J. Drobny         Title: Senior Vice President   

Second Amendment

 

S-3

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            JPMORGAN CHASE BANK, N.A.,
as a Lender
      By:   /s/ Keith Winzenried         Title: Credit Executive   

Second Amendment

 

S-4

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            RBS CITIZENS, N.A.,
as a Lender
      By:   /s/ Paul Darrigo         Title: SVP   

Second Amendment

 

S-5

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            THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Lender
      By:   /s/ Joanne Nasuti         Title: Vice President   

Second Amendment

 

S-6

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            WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender
      By:   /s/ Eric Frandson         Title: Director   

                  By:   /s/ Tom Molitor         Title: Director   

Second Amendment

 

S-7

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            U.S. BANK NATIONAL ASSOCIATION,
as a Lender
      By:   /s/ Michael P. Dickman         Title: Vice President   

Second Amendment

 

S-8

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            KEYBANK NATIONAL ASSOCIATION,
as a Lender
      By:   /s/ Frank J. Jancar         Title: Vice President   

Second Amendment

 

S-9

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            SOVEREIGN BANK,
as a Lender
      By:   /s/ Cameron Gateman         Title: SVP — Corporate Banking   

Second Amendment

 

S-10

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            BANK OF THE WEST,
as a Lender
      By:   /s/ Robert Kido         Title: Vice President   

Second Amendment

 

S-11

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            PEOPLE’S UNITED BANK,
as an Exiting Lender
      By:   /s/ John G. Bundschuh         Title: Senior Vice President   

Second Amendment

 

S-12

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            CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
as a Lender
      By:   /s/ Nupur Kumar         Title: Vice President   

                  By:   /s/ Sanja Gazahi         Title: Associate   

Second Amendment

 

S-13

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            COMERICA BANK,
as an Exiting Lender
      By:   /s/ Joey Powell         Title: Vice President   

Second Amendment

 

S-14

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            FIFTH THIRD BANK,
as a Lender
      By:   /s/ George B. Davis         Title: Vice President   

Second Amendment

 

S-15

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            PNC BANK, N.A.,
as a Lender
      By:   /s/ Amishi Patel         Title: Assistant Vice President   

Second Amendment

 

S-16

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            HSBC BANK USA, NATIONAL ASSOCIATION,
as a Lender
      By:   /s/ Randolph E. Cates         Title: VP, Senior Relationship
Manager   

Second Amendment

 

S-17

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            THE NORTHERN TRUST COMPANY,
as a Lender
      By:   /s/ Daniel J. Boote         Title: Senior Vice President   

Second Amendment

 

S-18

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            THE BANK OF NEW YORK MELLON,
as an Exiting Lender
      By:   /s/ Paul F. Noel         Title: Managing Director   

Second Amendment

 

S-19

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SCHEDULE 2.1
COMMITMENTS
AND APPLICABLE PERCENTAGES

                  Lender   Commitment     Applicable Percentage  
Bank of America, N.A.
  $ 125,000,000.00       19.230769231 %
 
               
JPMorgan Chase Bank, National Association
  $ 90,000,000.00       13.846153846 %
 
               
RBS Citizens, N.A.
  $ 65,000,000.00       10.000000000 %
 
               
The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch
  $ 65,000,000.00       10.000000000 %
 
               
Wells Fargo Bank, National Association
  $ 60,000,000.00       9.230769231 %
 
               
US Bank, National Association
  $ 50,000,000.00       7.692307692 %
 
               
KeyBank National Association
  $ 37,500,000.00       5.769230769 %
 
               
Sovereign Bank
  $ 37,500,000.00       5.769230769 %
 
               
Bank of the West
  $ 20,000,000.00       3.076923077 %
 
               
HSBC Bank USA, National Association
  $ 20,000,000.00       3.076923077 %
 
               
PNC Bank, N.A.
  $ 25,000,000.00       3.846153846 %
 
               
Credit Suisse AG, Cayman Islands Branch
  $ 15,000,000.00       2.307692308 %
 
               
Fifth Third Bank
  $ 25,000,000.00       3.846153846 %
 
               
The Northern Trust Company
  $ 15,000,000.00       2.307692308 %
 
                             
Total
  $ 650,000,000.00       100.000000000 %              

 

 

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Exhibit A
CONFIRMATION
Dated as of September 8, 2011
To: Bank of America, N.A., individually and as Administrative Agent, and the
other financial institutions party to the Credit Agreement referred to below
Please refer to (a) the Credit Agreement, dated as of November 30, 2010 (as
previously amended, the “Credit Agreement”), among ABM Industries Incorporated
(the “Company”), various financial institutions (the “Lenders”) and Bank of
America, N.A., as administrative agent (in such capacity, the “Administrative
Agent”); (b) the Subsidiary Guaranties (as defined in the Credit Agreement) and
(c) the Second Amendment to the Credit Agreement, dated as of the date hereof
(the “Second Amendment”).
Each of the undersigned hereby confirms to the Administrative Agent and the
Lenders that, after giving effect to the Second Amendment and the transactions
contemplated thereby, the Subsidiary Guaranties continue in full force and
effect and are the legal, valid and binding obligation of such undersigned,
enforceable against such undersigned in accordance with their terms.
[Signatures begin on next page]

 

 

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            ABM JANITORIAL SERVICES, INC.
ABM JANITORIAL SERVICES — MID-ATLANTIC, INC.
ABM JANITORIAL SERVICES — NORTH CENTRAL, INC.
ABM JANITORIAL SERVICES — NORTHEAST, INC.
ABM JANITORIAL SERVICES — NORTHWEST, INC.
ABM JANITORIAL SERVICES — SOUTH CENTRAL, INC.
ABM JANITORIAL SERVICES — SOUTHEAST, LLC
AMERICAN PUBLIC SERVICES
ABM SERVICES, INC.
DIVERSCO, INC.
ONESOURCE FACILITY SERVICES, LLC
ONESOURCE HOLDINGS, LLC
SM NEWCO CORP.
SERVALL SERVICES INC.
ABM FACILITY SERVICES, INC.
ABM SHARED SERVICES, INC.
ABM SECURITY SERVICES, INC.
AMPCO-M
AMPCO SYSTEM PARKING
ABM ELECTRICAL, INC.
ABM ELECTRICAL NETWORK, INC.
LINC BUILDING & ENERGY SOLUTIONS, INC.
LINC INTERNATIONAL, INC.
THE LINC GROUP, LLC
CET ELECTRICAL TESTING LLC
FERGUSON-WILLIAMS, LLC
GREENHOMES AMERICA, LLC
GREENHOMES AMERICA, LP
GREENHOMES MULTI-FAMILY SERVICES, LLC
GREENHOMES PERFORMANCE SERVICES, LLC
HOME PERFORMANCE ENTERPRISES, LLC
KEY ELECTRIC, INC.
LINC FACILITY SERVICES EGYPT, LLC
LINC FACILITY SERVICES IRAQ, LLC
LINC FACILITY SERVICES KUWAIT, LLC
LINC FACILITY SERVICES ME, LLC
LINC FACILITY SERVICES UAE, LLC
LINC GOVERNMENT SERVICES AFGHANISTAN BRANCH, LLC
LINC GOVERNMENT SERVICES, LLC
LINC HEALTH, LLC
LINC HEALTH, INC.
LINC INTERNATIONAL, INC.
LINC MECHANICAL, LLC
LINC NETWORK, LLC
LINC SERVICES, LLC
LINC SERVICES MID-ATLANTIC LLC
LINC WESTERN AIR, LP
MET ELECTRICAL TESTING LLC
PRO MECHANICAL SERVICES, INC.
REEP, INC.
SUNDOWN LIGHTING, INC.
      By:   /s/ Diego Anthony Scaglione         Title: Treasurer