Document:

exh_101.htm

EXHIBIT 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT dated as of April 29, 2015 (this “Agreement”) is entered into among SP Plus Corporation (the “Company”), the Guarantors, the Lenders party hereto and Bank of America, N.A., as Administrative Agent, Swing Line Lender and an Issuing Lender.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).

RECITALS

WHEREAS, the Company, the Lenders, Bank of America, N.A., as Administrative Agent, Swing Line Lender and an Issuing Lender, and Wells Fargo Bank, N.A., as an Issuing Lender, have entered into that certain Amended and Restated Credit Agreement dated as of February 20, 2015 (as amended or modified from time to time, the “Credit Agreement”);

WHEREAS, the Company has requested that the Lenders amend the Credit Agreement as set forth below;

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. Amendment.  Clause (iv) in the definition of “Change of Control” in Section 1.1 of the Credit Agreement is hereby amended to read as follows:

(iv) during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Company cease to be composed of individuals (a) who were members of that board or equivalent governing body on the first day of such period, (b) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (a) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (c) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (a) and (b) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body.

2.           Conditions Precedent.  This Agreement shall be effective upon receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Company, the Guarantors, the Required Lenders and Bank of America, N.A., as Administrative Agent.

3.           Miscellaneous.

	 	
(a)

	
The Credit Agreement and the other Loan Documents and the obligations of the Company and the Guarantors thereunder, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Agreement shall constitute a Loan Document.

(b)           Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the Loan Documents.

	 	
(c)

	
The Company and the Guarantors hereby represent and warrant as follows:

  

  

  

(i)           The Company and each Guarantor has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

(ii)           This Agreement has been duly executed and delivered by the Company and each Guarantor and constitutes each such Person’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

(iii)           No consent, approval, exemption, authorization or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by the Company or any Guarantor of this Agreement.

	 	
(d)

	
The Company and each Guarantor represent and warrant to the Lenders that after giving effect to this Agreement (i) the representations and warranties of the Company and the Guarantors set forth in Article IX of the Credit Agreement and in each other Loan Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date) and (ii) no event has occurred and is continuing which constitutes an Unmatured Event of Default or an Event of Default.

	 	
(e)

	
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Agreement by telecopy or electronic mail shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(f)           THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS.

[remainder of page intentionally left blank]

  

2

  

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

COMPANY:                                           SP PLUS CORPORATION,

a Delaware corporation

By:      /s/ Vance Johnston

Name: Vance Johnston

Title:  Executive Vice President, Chief Financial Officer and Treasurer

	
GUARANTORS:

	
STANDARD AUTO PARK, INC., an Illinois corporation

APCOA LASALLE PARKING COMPANY, LLC,

a Louisiana limited liability company

By:      /s/ Vance Johnston

Name: Vance Johnston

	
  

	
Title:

	
Treasurer of each of the foregoing

SP PLUS LOGISTICS, INC.,

a Delaware corporation

By:       /s/ Vance Johnston

Name:  Vance Johnston

Title:    Senior Vice President and Treasurer

SP PLUS PROPERTY MANAGEMENT, INC.,

a Delaware corporation

By:       /s/ Vance Johnston

Name:  Vance Johnston

Title:    Vice President and Treasurer

SP PLUS SECURITY SERVICES, INC.,

a Delaware corporation

By:       /s/ Vance Johnston

Name:  Robert N. Sacks

Title:    Executive Vice President, General Counsel and Secretary

[Signature Pages Continue]

 

  

  

  

STANDARD PARKING CORPORATION IL,

a Delaware corporation

CENTRAL PARKING SYSTEM OF ALABAMA, INC.,

an Alabama corporation

ALLRIGHT CORPORATION,

a Delaware corporation

CPC PROPCO, LLC,

a Delaware limited liability company

CPS FINANCE, LLC,

a Delaware limited liability company

KINNEY SYSTEM, INC.,

a Delaware corporation

CENTRAL PARKING SYSTEM OF INDIANA, INC.,

an Indiana corporation

CPS AIRPORT DEVELOPMENT, L.L.C.,

a Louisiana limited liability company

11 EAST FRANKLIN STREET BUSINESS TRUST,

a trust organized under the laws of the State of Maryland

301 EAST SARATOGA STREET BUSINESS TRUST,

a trust organized under the laws of the State of Maryland

305 GUILFORD AVENUE BUSINESS TRUST,

a trust organized under the laws of the State of Maryland

NATIONAL GARAGES, INCORPORATED,

a Michigan corporation

CENTRAL PARKING CORPORATION,

a Tennessee corporation

CENTRAL PARKING SYSTEM, INC.,

a Tennessee corporation

CENTRAL PARKING SYSTEM–AIRPORT SERVICES, INC.,

a Tennessee corporation

CENTRAL PARKING SYSTEM OF CONNECTICUT, INC.,

a Tennessee corporation

CENTRAL PARKING SYSTEM OF FLORIDA, INC.,

a Tennessee corporation

CENTRAL PARKING SYSTEM OF GEORGIA, INC.,

a Tennessee corporation

CENTRAL PARKING SYSTEM OF LOUISIANA, LLC,

a Tennessee limited liability company

CENTRAL PARKING SYSTEM OF MARYLAND, INC.,

a Tennessee corporation

CENTRAL PARKING SYSTEM OF MISSISSIPPI, LLC,

a Tennessee limited liability company

CENTRAL PARKING SYSTEM OF MISSOURI, LLC,

a Tennessee limited liability company

By:       /s/ Vance Johnston

Name:  Vance Johnston

	
  

	
Title:

	
Executive Vice President, Chief Financial Officer and Treasurer of each of the foregoing

[Signature Pages Continue]

 

  

  

  

CENTRAL PARKING SYSTEM OF NEW JERSEY, LLC,

a Tennessee limited liability company

CENTRAL PARKING SYSTEM OF NEW YORK, INC.,

a Tennessee corporation

CENTRAL PARKING SYSTEM OF NORTH CAROLINA, INC.,

a Tennessee corporation

CENTRAL PARKING SYSTEM OF PUERTO RICO,

a Tennessee corporation

CENTRAL PARKING SYSTEM OF WASHINGTON, INC.,

a Tennessee corporation

CENTRAL PARKING SYSTEM REALTY OF NEW YORK, INC.,

a Tennessee corporation

CPS OF THE NORTHEAST, INC.,

a Tennessee corporation

CENTRAL PARKING SYSTEM OF VIRGINIA, INC.,

a Washington District of Columbia corporation

UNIVERSAL PARKING, INC.,

an Arizona corporation

KCPC HOLDINGS, INC.,

a Delaware corporation

KCPC INTERMEDIATE HOLDINGS, INC.,

a Delaware corporation

By:      /s/ Vance Johnston

Name: Vance Johnston

	
  

	
Title:

	
Executive Vice President, Chief Financial Officer and Treasurer of each of the foregoing

	
  

	
USA PARKING SYSTEM, INC.,

	
  

	
a Tennessee corporation

By:      /s/ Vance Johnston                                                      

Name: Vance Johnston

	
  

	
Title:

	
Executive Vice President and Chief Financial Officer

 

  

  

  

ADMINISTRATIVE

AGENT:                                                 BANK OF AMERICA, N.A.,

as Administrative Agent

By:           /s/ Roberto Salazar

Name:           Roberto Salazar

Title:           Vice President

 

 

 

 

  

  

  

LENDERS:                                             BANK OF AMERICA, N.A.,

as a Lender

By:           /s/ Brian Halbane

Name:      Brian Halbane

Title:        Vice President

 

 

 

  

  

  

WELLS FARGO BANK, N.A.,

as a Lender

By:           /s/ Peg Laughli

Name:      Peg Laughli

Title:        SVP

 

 

 

 

 

 

  

  

  

U.S. BANK NATIONAL ASSOCIATION,

as a Lender

By:           /s/ Mark Utlaut

Name:      Mark Utlaut

Title:        Senior Vice President

 

 

 

 

 

  

  

  

FIRST HAWAIIAN BANK,

as a Lender

By:           /s/ Derek Chang

Name:      Derek Chang

Title:        Vice President

 

 

 

 

 

 

  

  

  

BMO HARRIS BANK N.A.,

as a Lender

By:           /s/ Philip McCaulay

Name:      Philip McCaulay

Title:        Vice President

 

 

 

 

 

  

  

  

JPMORGAN CHASE BANK, N.A.,

as a Lender

By:           /s/ Allan DeRozen

Name:      Allan DeRozen

Title:        Authorized Signor

 

 

 

 

 

  

  

  

KEYBANK NATIONAL ASSOCIATION,

as a Lender

By:           /s/ Meghan Starr

Name:      Meghan Starr

Title:        Vice President

 

 

 

  

  

  

THE PRIVATEBANK AND TRUST COMPANY,

as a Lender

By:           /s/ Chris O’Hara

Name:      Chris O’Hara

Title:        Managing Director

 

 

 

 

  

  

  

PNC BANK, NATIONAL ASSOCIATION,

as a Lender

By:           /s/ Patrick Flaherty

Name:      Patrick Flaherty

Title:        Vice President

 

 

 

 

 

  

  

  

ASSOCIATED BANK, NATIONAL ASSOCIATION,

as a Lender

By:           /s/ Craig Thessin

Name:      Craig Thessin

Title:        Senior Vice President

 

 

 

 

 

 

  

  

  

THE NORTHERN TRUST COMPANY,

as a Lender

By:           /s/ Brittany Mondane

Name:      Brittany Mondane

Title:        Second Vice PresidentEX-10.3.4

 Exhibit 10.3.4 

AMENDMENT NO. 4 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

THIS AMENDMENT NO. 4 TO THIRD AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (“Amendment No. 4”) is dated as of
April 29, 2015 by and between DORMAN PRODUCTS, INC. (formally known as R & B, Inc.), a Pennsylvania corporation (the “Borrower”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (the “Bank”) for
itself and as agent hereunder (the “Agent”). 
 WHEREAS, the Borrower and the Bank are parties to a Third Amended and Restated
Credit Agreement dated as of July 24, 2006, as amended December 24, 2007, April 19, 2010 and December 20, 2012 (collectively, the “Credit Agreement”); and 

WHEREAS, the Borrower has requested certain modifications to the Credit Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto, intending to be legally bound, hereby agree
that the Credit Agreement shall be amended as follows, effective on the date first above written: 
 1. Revolving Credit Termination
Date. The definition of “Revolving Credit Termination Date” in Section 1.01 of the Credit Agreement is hereby amended to read in its entirety as follows: 
  

	 	(a)	“‘Revolving Credit Termination Date’ means June 30, 2017; or such other date to which the Revolving Credit Facilities have been extended in the sole discretion of the Bank(s) or on which they
have been terminated in accordance with the terms of this Agreement.” 

 2. Applicable Margin. The following chart
shall be substituted for the chart at the end of Section 4.01 of the Credit Agreement: 

					
	 Consolidated Funded

Debt/Consolidated EBITDA
	 	 Applicable Margin
	 	 Unused Fee

	 < 0.5x
	 	65 bps	 	0%
	 > = 0.5<1.5
	 	105 bps	 	.20%
	 > =1.51<2.0x
	 	155 bps	 	.20%
	 > 2.01x+
	 	250 bps	 	.20%

 3. Conditions Precedent. As a condition precedent to effectiveness of this Amendment No. 4, the
Agent must receive (a) an original copy of this Amendment No. 4 executed by the Borrower, (b) an original executed Officer’s Certificate in the form attached hereto as Exhibit A, and (c) an original executed Secretary’s
Certificate in the form attached hereto as Exhibit B. 
 4. Costs. The Borrower shall pay (as and when incurred) all costs, expenses
and fees (including, without limitation, any attorneys’ fees) associated with the Credit Agreement and this Amendment No. 4. 
 5.
Capitalized Terms. All capitalized terms used in this Amendment No. 4, unless otherwise defined herein, shall have the meanings ascribed thereto in the Credit Agreement. 

6. Representations and Covenants. The Borrower certifies that all representations and warranties contained in the Loan Documents,
including without limitation the exhibits thereto, as amended by this Amendment No. 4, are true, correct and complete on and as of the date hereof, and that all covenants and agreements made in the Loan Documents have been complied with and
fulfilled, and that no Default or Event of Default is in existence on the date hereof. 
 7. Ratification. Other than as specifically
set forth herein, the Borrower hereby ratifies and confirms the Loan Documents and all instruments and agreements relating 

 
thereto, and confirms that (a) all of the foregoing remain in full force and effect, (b) each of the foregoing is enforceable against the Borrower in accordance with its terms, and
(c) in furtherance and not limitation of the foregoing, the security interests granted pursuant to the Loan Documents and any other security agreement, surety agreement, mortgage, assignment or other collateral agreement, remain in full force
and effect and secure all liabilities and obligations of the Borrower to the Bank(s) under the Credit Agreement, as amended hereby, or otherwise. 

8. Miscellaneous. Article XIII of the Credit Agreement is incorporated herein by this reference and shall apply to this Amendment
No. 4. Execution of this Amendment No. 4 shall not constitute an agreement by the Agent or the Bank(s) to execute any other amendment or modification of the Credit Agreement. References to the Credit Agreement in any document relating
thereto shall be deemed to include this Amendment No. 4. This Amendment No. 4 may be executed in counterparts. 

 IN WITNESS WHEREOF, the Borrower, the Agent, and the Bank have caused this Amendment No. 4
to be duly executed and delivered as of the day and year first above written. 
  

					
	 WELLS FARGO BANK,

    NATIONAL ASSOCIATION,

    for itself and as Agent

		
	By:		/s/ Matthew Siefer

 
					
			Name:		Matthew Siefer

 
					
			Title:		Senior Vice President

  
  

													
	ATTEST:		 DORMAN PRODUCTS, INC.
 (formerly
known as R & B, Inc.)

					
	By:		/s/ Thomas J. Knoblauch				By:		/s/ Matthew S. Kohnke
			Name:		Thomas J. Knoblauch						Name:		Matthew S. Kohnke
			Title:		General Counsel						Title:		Chief Financial Officer

 [Corporate Seal] 

 EXHIBIT A 

OFFICER’S CERTIFICATE 

Pursuant to Amendment No. 4 to the Third Amended and Restated 

Credit Agreement 
 The
undersigned,                                     ,
                                         
            of Dorman Products, Inc. (the “Company”), in such capacity and on behalf of such Company, hereby certifies, pursuant to Amendment No. 4 (“Amendment
No. 4”) to the Third Amended and Restated Credit Agreement dated as of July 24, 2006, as amended December 24, 2007, April 19, 2010, December 20, 2012 and the date hereof (collectively, the “Credit
Agreement”), between Dorman Products, Inc. and Wells Fargo Bank, National Association (successor by merger to Wachovia Bank, National Association) that: 

(1) no Event of Default has occurred and is continuing; 

(2) there has been no material adverse change in the Company’s business, operations, properties or condition, financial or otherwise,
since July 24, 2006; and 
 (3) all representations, warranties and covenants made by the Company in the Credit Agreement and/or
Amendment No. 4 are true and correct in all material respects, and all conditions precedent to the Banks’ obligations there under, have been satisfied or waived by the Bank(s) in writing. 

All capitalized terms herein shall have the meaning set forth in the Credit Agreement, unless defined herein. 

													
							
	Dated:    	 	 	 	, 2015	 		 	By:	 	 	 	 
		 		 		 		 		 	Name:	 	 
		 		 		 		 		 	Title:	 	 

  

 EXHIBIT B 

SECRETARY’S CERTIFICATE – DORMAN PRODUCTS, INC. 

Pursuant to Amendment No. 4 to Third Amended and Restated 

Credit Agreement 
 The
undersigned,
                                        ,
                                 of Dorman Products, Inc. (“Company”),
in such capacity and on behalf of such Company, hereby certifies, pursuant to Amendment No. 4 (“Amendment No. 4”) to the Third Amended and Restated Credit Agreement dated as of July 24, 2006, as amended December 24,
2007, April 19, 2010, December 20, 2012 and the date hereof (collectively, the “Credit Agreement”), between the Company and Wells Fargo Bank, National Association (successor by merger to Wachovia Bank, National
Association), that (i) the copies of items (1), (2) and (4) below as delivered pursuant to a Secretary’s Certificate dated July 24, 2006 and (ii) attached items (3) and (5) below are true and correct copies of
the following and are in full force and effect and have not been amended, altered, or repealed as of the date hereof except as shown in such attachments: 

(1) certificate of incorporation, as certified by the Secretary of State of the state of incorporation, of the Company; 

(2) good standing certificates with respect to the Company from the Secretary of State of the state in which the Company is incorporated or
formed, and in each state in which the Company is required to qualify to do business, except such states where the failure to so qualify would have no material adverse effect on the financial condition of the Company; 

(3) the bylaws of the Company; 

(4) the names, incumbency and signatures of the officers of the Company authorized to execute and deliver Amendment No. 4, upon which the
Bank(s) may conclusively rely until it shall receive a further certificate of the Company amending the prior certificate; and 
 (5)
resolutions of the Board of Directors of the Company, authorizing the execution and delivery of Amendment No. 4 and all documents related thereto. 

													
							
	Dated:    	 	 	 	, 2015	 		 	By:	 	 	 	 
		 		 		 		 		 	Name:	 	 
		 		 		 		 		 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]