Document:

Exhibit 10.2

 

FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
 AND
 FIRST AMENDMENT TO US SECURITY AGREEMENT

 

 

This First Amendment to Third Amended and Restated Credit Agreement and First Amendment to US Security Agreement (this “Amendment”) is executed as of the 14th day of March, 2012 (the “First Amendment Effective Date”), by and among Stewart & Stevenson LLC, a Delaware limited liability company (the “Company”), Stewart & Stevenson Distributor Holdings LLC, a Delaware limited liability company (“SSDH”), Stewart & Stevenson Power Products LLC, a Delaware limited liability company (“SSPP”), Stewart & Stevenson Petroleum Services LLC, a Delaware limited liability company (“SSPS”), Stewart & Stevenson Funding Corp., a Delaware corporation (“SSC”), Stewart & Stevenson Material Handling LLC, a Delaware limited liability company formerly known as S&S Agent LLC (“SSMH”), Stewart & Stevenson Manufacturing Technologies LLC, a Delaware limited liability company (“SSMT”), EMDSI - Hunt Power, L.L.C., a Delaware limited liability company (“EMDSI”), each as a US Borrower, Stewart & Stevenson Canada Inc., a New Brunswick corporation (“SS Canada”), as a Canadian Borrower (the US Borrowers and the Canadian Borrower are together referred to herein as the “Borrowers” and each individually, a “Borrower”), the Lenders party thereto, JPMorgan Chase Bank, N.A., as the Administrative Agent (the “Administrative Agent”) and as the US Collateral Agent, JPMorgan Chase Bank, N.A., Toronto Branch, as the Canadian Administrative Agent and as the Canadian Collateral Agent, and JPMorgan Chase Bank, N.A., as the Export-Related Lender.

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers, the Lenders, the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent and the Export-Related Lender are parties to that certain Third Amended and Restated Credit Agreement dated as of December 23, 2011 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”; unless otherwise defined herein, all capitalized terms used herein which are defined in the Credit Agreement shall have the meaning given such terms in the Credit Agreement), pursuant to which the Lenders provide certain financing to the Borrowers in accordance with the terms and conditions set forth therein; and

 

WHEREAS, the Company, SSDH, SSPP, SSPS, SSC, SSMH, SSMT, EMDSI and the US Collateral Agent are parties to that certain Third Amended and Restated Pledge and Security Agreement dated as of December 23, 2011 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “US Security Agreement”), pursuant to which the US Loan Parties pledged certain assets to secure Secured Obligations; and

 

WHEREAS, the Borrowers, the Lenders party hereto, the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent and the Export-Related Lender desire to amend the Credit Agreement and the US Security Agreement as set forth herein.

 

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

 

SECTION 1                 Amendments to Credit Agreement.  In reliance on the representations, warranties, covenants and agreements contained in this Amendment, but subject to the satisfaction of each condition precedent set forth in Section 3 hereof, the Credit Agreement shall be amended effective as of the First Amendment Effective Date in the manner provided in this Section 1.

 

1.1                            Amended Definitions.  The definitions of “Canadian Fixed Asset Component”, “Canadian Fixed Asset Component Limit”, “Collateral”, “Effective Date”, “Eligible Mortgaged Real Property”, “Excluded Subsidiary”, “Fixed Asset Collateral”, “US Fixed Asset Component” and “US Fixed Asset Component Limit” contained in Section 1.1 of the Credit Agreement shall be amended and restated in their entirety to read in full as follows:

 

“Canadian Fixed Asset Component” means an amount established by the Canadian Administrative Agent prior to June 30, 2012 upon its receipt of (a) an appraisal and environmental reports of the Canadian Borrowers’ Fixed Asset Collateral and all other Collateral Documents and other documents related to the Canadian Borrowers’ Fixed Asset Collateral that are required to be  delivered to the Canadian Collateral Agent pursuant to Section 5.14, in form and substance reasonably satisfactory to the Canadian Administrative Agent and (b) the Canadian Fixed Asset Component Limit Notice, which amount shall be equal to the lesser of (i) the Canadian Fixed Asset Component Limit and (ii) seventy-five percent (75%) of the Appraised Value of the Canadian Borrowers’ Fixed Asset Collateral allocated to the Canadian Fixed Asset Component.  For purposes of clarity, the Canadian Fixed Asset Component shall be $0 as of the Effective Date. The Canadian Fixed Asset Component shall be reduced by (x) the Canadian Fixed Asset Amortization Amount applicable to the Canadian Fixed Asset Component on the first day of each month commencing on the first day of the first full month following the establishment of the Canadian Fixed Asset Amortization Amount and continuing on the first day of each month thereafter throughout the term of this Agreement and (y) the percentage of the Appraised Value of any Fixed Asset Collateral allocated to the Canadian Fixed Asset Component which (1) is the subject of a casualty event (including, without limitation, damage, destruction or condemnation) or a Permitted Fixed Asset Disposition, or (2) is no longer Eligible Equipment or Eligible Mortgaged Real Property (as applicable) less in each case the portion of such amount that has already been reduced from the Canadian Fixed Asset Component as a result of prior Canadian Fixed Asset Amortization Amount reductions, in each case such amounts being determined by the Canadian Administrative Agent in its sole discretion.

 

“Canadian Fixed Asset Component Limit” means the amount of the Fixed Asset Component Limit which a Borrower Representative designates in writing (the “Canadian Fixed Asset Component Limit Notice”) as the “Canadian Fixed Asset Component Limit” on or prior to June 30, 2012; provided, that, in no event shall (a) the Canadian Fixed Asset Component Limit exceed $15,000,000 in

 

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the aggregate or (b) the sum of the Canadian Fixed Asset Component Limit and the US Fixed Asset Component Limit exceed the Fixed Asset Component Limit.

 

“Collateral” means any and all property owned, leased or operated by a Person covered by the Collateral Documents and any and all other property of any Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of either the US Collateral Agent or the Canadian Collateral Agent, on behalf of the Agents, the Lenders, the Export-Related Lender and the Other Secured Parties to secure all or a portion of the Secured Obligations, as applicable.  For the avoidance of doubt, none of the assets or property of an Excluded Subsidiary shall constitute “Collateral” under this Agreement or the other Loan Documents.

 

“Effective Date” means December 23, 2011.

 

“Eligible Mortgaged Real Property” means the Real Property owned by a Borrower described on Schedule 3.5, and the Real Property owned by a Borrower that is described by the Borrowers to the Administrative Agent or the Canadian Administrative Agent, as the case may be, on or prior to June 30, 2012 and upon the Administrative Agent’s and the Canadian Administrative Agent’s receipt of such information Schedule 3.5 shall be deemed to be amended to include such Real Property, in each case for which each of the following statements is accurate and complete (and each Borrower by including such Real Property in the Fixed Asset Component of the US Borrowing Base or the Canadian Borrowing Base (as applicable) shall be deemed to represent and warrant to the Agents, the Issuing Bank and each Lender the accuracy and completeness of such statements):

 

(a)                               such Borrower holds good and marketable title to the Real Property;

 

(b)                              the Real Property is subject to a first priority perfected security interest in favor of the US Collateral Agent or the Canadian Collateral Agent (as applicable), subject in each case to Permitted Senior Encumbrances, securing the Secured Obligations; and

 

(c)                               the Real Property is not subject to any Lien, except for Permitted Encumbrances and Liens in favor of the US Collateral Agent or the Canadian Collateral Agent (as applicable) securing the Secured Obligations.

 

“Excluded Subsidiary” means any Subsidiary of the Company which is not a Loan Party.  The Excluded Subsidiaries on the First Amendment Effective Date are Stewart & Stevenson Truck Holdings LLC, , a Delaware limited liability company Stewart & Stevenson de Venezuela, S.A., Transmissiones y Embragues, S.A., Stewart & Stevenson de las Americas Colombia Ltda., Stewart & Stevenson Hong Kong Limited and Stewart & Stevenson Acquisition LLC, a Delaware limited liability company.

 

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“Fixed Asset Collateral” means Collateral constituting (a) the Eligible Mortgaged Real Property described in Schedule 3.5, and the Eligible Mortgaged Real Property that is identified by the Borrowers to the Administrative Agent or the Canadian Administrative Agent, as the case may be, on or prior to June 30, 2012 and upon the Administrative Agent or the Canadian Administrative Agent’s receipt of such information Schedule 3.5 shall be deemed to be amended to include such Real Property, in each case, together with any fixtures thereon, and (b) Eligible Equipment, in each case owned by a US Borrower or a Canadian Borrower.

 

“US Fixed Asset Component” means an amount established by the Administrative Agent prior to June 30, 2012 upon its receipt of (a) an appraisal and environmental reports of the US Borrowers’ Fixed Asset Collateral and any title endorsement related to the US Borrowers’ Fixed Asset Collateral required to be delivered to the Administrative Agent pursuant to Section 5.15, in form and substance reasonably satisfactory to the Administrative Agent and (b) the US Fixed Asset Component Limit Notice, which amount shall be equal to the lesser of (x) the US Fixed Asset Component Limit and (y) seventy-five percent (75%) of the Appraised Value of the US Borrowers’ Fixed Asset Collateral allocated to the US Fixed Asset Component.  For purposes of clarity, the US Fixed Asset Component shall be $0 as of the Effective Date. The US Fixed Asset Component shall be reduced by (a) the US Fixed Asset Amortization Amount applicable to the US Fixed Asset Component on the first day of each month commencing on the first day of the first full month following the establishment of the US Fixed Asset Amortization Amount and continuing on the first day of each month thereafter throughout the term of this Agreement and (b) the percentage of the Appraised Value of any Fixed Asset Collateral allocated to the US Fixed Asset Component which (i) is the subject of a casualty event (including, without limitation, damage, destruction or condemnation) or a Permitted Fixed Asset Disposition, or (ii) is no longer Eligible Equipment or Eligible Mortgaged Real Property (as applicable) less in each case the portion of such amount that has already been reduced from the US Fixed Asset Component as a result of prior US Fixed Asset Amortization Amount reductions, in each case such amounts being determined by the Administrative Agent in its sole discretion.

 

“US Fixed Asset Component Limit” means the amount of the Fixed Asset Component Limit which a Borrower Representative designates in writing (the “US Fixed Asset Component Limit Notice”) as the “US Fixed Asset Component Limit” on or prior to June 30, 2012; provided, that, in no event shall the sum of the Canadian Fixed Asset Component Limit and the US Fixed Asset Component Limit exceed the Fixed Asset Component Limit.”

 

1.2                            New Definitions.  Section 1.1 of the Credit Agreement shall be amended to add thereto in alphabetical order definitions for the terms “First Amendment” and “First Amendment Effective Date” which shall read in full as follows:

 

“First Amendment” means that certain First Amendment to Credit Agreement dated as of March 14, 2012 among the Borrowers, the Lenders party

 

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thereto, the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent and the Export-Related Lender.

 

“First Amendment Effective Date” means March 14, 2012, the date on which the First Amendment is effective.

 

1.3                            Amendment to Section 3.15 of the Credit Agreement.  Section 3.15 of the Credit Agreement shall be amended to add the text “As of the Effective Date,” at the beginning of such Section.

 

1.4                            Amendment to Section 5.9 of the Credit Agreement.  Section 5.9 of the Credit Agreement shall be amended to delete the reference to “business interruption;” therein.

 

1.5                            Amendment to Section 5.12(b) of the Credit Agreement.  Section 5.12(b) of the Credit Agreement shall be amended and restated in its entirety to read in full as follows:

 

“(b)                        The Administrative Agent and the Canadian Administrative Agent shall have received an appraisal of the Borrowers’ owned Real Property and equipment to the extent such Real Property and equipment is to be included in the Canadian Fixed Asset Component or the US Fixed Asset Component (as applicable) from a firm(s) satisfactory to the Administrative Agent and the Canadian Administrative Agent and prepared on a basis satisfactory to the Administrative Agent and Canadian Administrative Agent, which appraisals shall include information required by applicable laws and regulations, including, without limitation, such form and substance as is required under the rules, statutes and/or policies of the Financial Institutions Reform Recovery and Enforcement Act (FIRREA) for the Real Property appraisals.  Appraisals received under this paragraph shall be used by the Administrative Agent and the Canadian Administrative Agent to establish the amount of the Canadian Fixed Asset Component or the US Fixed Asset Component (as applicable); provided that to the extent the Administrative Agent and the Canadian Administrative Agent have not received such appraisals on or prior to June 30, 2012 for a parcel of Real Property or related equipment, the Canadian Fixed Asset Component or the US Fixed Asset Component, as applicable, shall not include any amount related to such Real Property and equipment for which the appraisal was not received.”

 

1.6                            Amendment to Section 5.14 of the Credit Agreement.  Section 5.14 of the Credit Agreement shall be amended by adding the following paragraph to the end thereof:

 

“For the avoidance of doubt, no Excluded Subsidiary shall be required to comply with, and no Loan Party shall cause an Excluded Subsidiary to comply with, any of the provisions of this Section 5.14.”

 

1.7                            Amendment to Section 5.15 of the Credit Agreement.  Section 5.15 of the Credit Agreement shall be amended and restated in its entirety to read in full as follows:

 

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“Section 5.15         Post Closing Deliveries.  On or prior to June 30, 2012, the Borrowers shall deliver, or cause to be delivered, to the Administrative Agent:

 

(a)                               mortgages, deeds of trust, financing statements or other instruments, all in form and substance satisfactory to the Administrative Agent (and executed and acknowledged where necessary or appropriate for recording),  creating a valid Lien on the Real Property owned by EMDSI; and

 

(b)                              for all Real Property owned by the Borrowers on the Effective Date, which is subject to a Mortgage on the Effective Date or shall be subject to a Mortgage after the Effective Date pursuant to clause (a) above, (i) a policy or policies of flood insurance in amounts acceptable to the Administrative Agent based on all FEMA flood determinations received by the Administrative Agent after the Effective Date and issued by a nationally recognized insurance company, together with such endorsements, coinsurance, and reinsurance as may reasonably be requested by the Administrative Agent and available in the state in which the Real Property of any Borrower is located, (ii) a policy or policies of title insurance in amounts reasonably acceptable to the Administrative Agent or the Canadian Administrative Agent, as applicable, and issued by a nationally recognized insurance company, together with such endorsements, coinsurance, and reinsurance as may reasonably be requested by the Administrative Agent or the Canadian Administrative Agent, as applicable, and available in the state or province in which the Real Property of any Borrower is located, insuring the Lien created by any Mortgage as a first lien on such Real Property (subject to Permitted Encumbrances of the type described in clauses (a) to (c) and (f) of the definition thereof, subject to the provisos at the end of such definition) in such amount(s) as may be reasonably determined by Administrative Agent or the Canadian Administrative Agent, as applicable, and to the extent any and all existing title policies do not provide sufficient coverage and taking into account (x) any appraisals received by the Administrative Agent and the Canadian Administrative Agent after the Effective Date, (y) the Fixed Asset Component Limit and (z) the coverage available under all title policies provided to the Administrative Agent and the Canadian Administrative Agent, (iii) modification and/ or down date endorsement(s) to any existing title policies with respect to the modification of any deed of trust or mortgage or a new policy of title insurance in an amount reasonably acceptable to the Administrative Agent or the Canadian Administrative Agent, as applicable, in each case where the endorsement is unavailable as a result of such modification or a new policy is required by the Administrative Agent or the Canadian Administrative Agent, as applicable, due to an increase in value at the time of such modification, and (iv) such other documents, abstracts, appraisals, environmental site assessments and legal opinions as reasonably requested by the Administrative Agent or the Canadian Administrative Agent, as applicable, in each case in form and substance satisfactory to the Administrative Agent or the Canadian Administrative Agent, as applicable.

 

The Borrowers’ failure to comply with any requirement of this Section 5.15 on or before June 30, 2012 shall constitute an immediate Event of Default.”

 

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SECTION 2                 Amendments to the US Security Agreement.  In reliance on the representations, warranties, covenants and agreements contained in this Amendment, but subject to the satisfaction of each condition precedent set forth in Section 3 hereof, the US Security Agreement is hereby amended as of the First Amendment Effective Date in the manner provided in this Section 2.

 

2.1                            Amendment and Restatement of Exhibit D.  Exhibit D to the US Security Agreement is hereby deleted and amended and restated in its entirety by Exhibit D attached hereto.

 

2.2                            Amendment and Restatement of Exhibit I.  Exhibit I to the US Security Agreement is hereby deleted and amended and restated in its entirety by Exhibit I attached hereto.

 

2.3                            Amendment and Restatement of Exhibit K.  Exhibit K to the US Security Agreement is hereby deleted and amended and restated in its entirety by Exhibit K attached hereto.

 

SECTION 3                 Conditions Precedent.  The effectiveness of the amendments to the Credit Agreement contained in Section 1 hereof and the amendments to the US Security Agreement in Section 2 hereof are subject to the satisfaction of each of the following conditions precedent:

 

3.1                            Counterparts.  The Administrative Agent shall have been provided with executed counterparts of this Amendment duly executed and delivered by the Borrowers and Required Lenders.

 

3.2                            Documentation.  The Administrative Agent shall have received such documents, instruments and agreements as it may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent.

 

3.3                            No Material Adverse Effect.  No Material Adverse Effect shall have occurred with respect to any Loan Party.

 

3.4                            Representations and Warranties.  (a) The representations and warranties of each Loan Party contained in the Credit Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the First Amendment Effective Date and (b) the representations and warranties of each Loan Party contained in this Amendment shall be true and correct on and as of the First Amendment Effective Date.

 

3.5                            Absence of Defaults.  After giving effect to this Amendment, no Default or Event of Default shall exist.

 

SECTION 4                 Representations and Warranties.  In order to induce the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent, the Export-Related Lender and the Lenders to enter into this Amendment, the Borrowers hereby jointly and severally represent and warrant to the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent, the Export-Related Lender and the Lenders that:

 

4.1                            Accuracy of Representations and Warranties.  Each of the representations and warranties of each Borrower contained in the Loan Documents is true and correct in all material

 

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respects as of the date hereof (except to the extent that such representations and warranties are expressly made as of a particular date, in which event such representations and warranties were true and correct as of such date).

 

4.2                            Due Authorization, No Conflicts.  The execution, delivery and performance by the Borrowers of this Amendment are within the Borrowers’ limited liability company or corporate power have been duly authorized by all necessary limited liability company or corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not violate or constitute a default under any provision of applicable law or any material agreement binding upon the Borrowers or their Subsidiaries, or result in the creation or imposition of any Lien upon any of the assets of the Borrowers or their Subsidiaries except for Permitted Encumbrances.

 

4.3                            Validity and Binding Effect.  This Amendment constitutes the valid and binding obligations of the Borrowers enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally, and the availability of equitable remedies may be limited by equitable principles of general application.

 

4.4                            Absence of Defaults.  Neither a Default nor an Event of Default has occurred which is continuing.

 

4.5                            Inaction by Administrative Agent or Lenders.  No failure or delay on the part of Administrative Agent or Lenders to exercise any right or remedy under the Credit Agreement, any other Loan Document or applicable law shall operate as a waiver thereof, nor shall any single partial exercise of any right or remedy preclude any other or further exercise of any right or remedy, all of which are cumulative and may be exercised without notice except to the extent notice is expressly required (and has not been waived) under the Credit Agreement, the other Loan Documents and applicable law.

 

4.6                            No Defense.  No Borrower has any defense to payment, counterclaim or rights of set-off with respect to the Secured Obligations on the date hereof.

 

4.7                            Stewart & Stevenson Acquisition LLC.  The Borrowers represent and warrant that, as of the First Amendment Effective Date, Stewart & Stevenson Acquisition LLC, a Delaware limited liability company, (a) owns no Property and (b) is a wholly owned Subsidiary of the Company.

 

SECTION 5                 Miscellaneous.

 

5.1                            Reaffirmation of Loan Documents; Extension of Liens.  Any and all of the terms and provisions of the Credit Agreement and the Loan Documents shall, except as amended hereby, remain in full force and effect.  The Borrowers hereby extend the Liens securing the Secured Obligations until the Secured Obligations have been paid in full, and agree that the amendments and waivers herein contained shall in no manner affect or impair the Secured Obligations or the Liens securing payment and performance thereof, all of which are ratified and confirmed.

 

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5.2                            Parties in Interest.  All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

 

5.3                            Counterparts.  This Amendment may be executed in counterparts, and all parties need not execute the same counterpart; however, no party shall be bound by this Amendment until this Amendment has been executed by each Borrower and the Required Lenders at which time this Amendment shall be binding on, enforceable against and inure to the benefit of the Borrowers and all Lenders.  Facsimiles shall be effective as originals.

 

5.4                            COMPLETE AGREEMENT.  THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

5.5                            Headings.  The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof.

 

5.6                            No Implied Waivers.  No failure or delay on the part of the Lenders in exercising, and no course of dealing with respect to, any right, power or privilege under this Amendment, the Credit Agreement or any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Amendment, the Credit Agreement or any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

 

5.7                            Review and Construction of Documents.  Each Borrower hereby acknowledges, and represents and warrants to the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent, the Export-Related Lender and the Lenders, that (a) such Borrower has had the opportunity to consult with legal counsel of its own choice and have been afforded an opportunity to review this Amendment with its legal counsel, (b) such Borrower has reviewed this Amendment and fully understands the effects thereof and all terms and provisions contained herein, (c) such Borrower has executed this Amendment of its own free will and volition, and (d) this Amendment shall be construed as if jointly drafted by the Borrowers and the Lenders.  The recitals contained in this Amendment shall be construed to be part of the operative terms and provisions of this Amendment.

 

5.8                            Arms-Length/Good Faith.  This Amendment has been negotiated at arms-length and in good faith by the parties hereto.

 

5.9                            Interpretation.  Wherever the context hereof shall so require, the singular shall include the plural, the masculine gender shall include the feminine gender and the neuter and vice versa.

 

5.10                    Severability.  In case any one or more of the provisions contained in this Amendment shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision hereof, and this

 

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Amendment shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.

 

5.11                    Further Assurances.  Each Borrower agrees to execute, acknowledge, deliver, file and record such further certificates, instruments and documents, and to do all other acts and things, as may be requested by the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent, the Export-Related Lender or the Lenders as necessary or advisable to carry out the intents and purposes of this Amendment.

 

5.12                    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

5.13                    Governing Law.  This Amendment and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the laws of the State of New York, but giving effect to federal laws applicable to national banks.

 

5.14                    Effectiveness.  This Amendment shall be effective automatically and without necessity of any further action by any Borrower, Administrative Agent or Lenders when counterparts hereof have been executed by each Borrower and the Required Lenders, and all conditions to the effectiveness hereof set forth herein have been satisfied.

 

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers on the date and year first above written.

 

	
THE   BORROWERS:
    	
STEWART & STEVENSON   LLC,
    
	
 
    	
a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert L. Hargrave
    
	
 
    	
Name:
    	
Robert L. Hargrave
    
	
 
    	
Title:
    	
Vice Chairman
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
STEWART & STEVENSON   DISTRIBUTOR HOLDINGS LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
By:
    	
Stewart &   Stevenson LLC,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert L. Hargrave
    
	
 
    	
Name:
    	
Robert L. Hargrave
    
	
 
    	
Title:
    	
Vice Chairman
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
STEWART & STEVENSON   POWER PRODUCTS LLC,   a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
By:
    	
Stewart &   Stevenson LLC,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert L. Hargrave
    
	
 
    	
Name:
    	
Robert L. Hargrave
    
	
 
    	
Title:
    	
Vice Chairman
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
STEWART &   STEVENSON PETROLEUM SERVICES LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
By:
    	
Stewart &   Stevenson LLC,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert L. Hargrave
    
	
 
    	
Name:
    	
Robert L. Hargrave
    
	
 
    	
Title:
    	
Vice Chairman
    

 

Signature Page to First Amendment to Credit Agreement – Stewart & Stevenson

 

 

	
 
    	
STEWART & STEVENSON   FUNDING CORP.,
    
	
 
    	
a Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert L. Hargrave
    
	
 
    	
Name:
    	
Robert L. Hargrave
    
	
 
    	
Title:
    	
Vice Chairman
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
STEWART & STEVENSON   MATERIAL HANDLING LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
By:
    	
Stewart &   Stevenson LLC,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert L. Hargrave
    
	
 
    	
Name:
    	
Robert L. Hargrave
    
	
 
    	
Title:
    	
Vice Chairman
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
STEWART & STEVENSON   MANUFACTURING TECHNOLOGIES LLC, a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
By:
    	
Stewart &   Stevenson LLC,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert L. Hargrave
    
	
 
    	
Name:
    	
Robert L. Hargrave
    
	
 
    	
Title:
    	
Vice Chairman
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
EMDSI - HUNT POWER, L.L.C., a Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
By:
    	
Stewart &   Stevenson LLC,
    
	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert L. Hargrave
    
	
 
    	
Name:
    	
Robert L. Hargrave
    
	
 
    	
Title:
    	
Vice Chairman
    

 

Signature Page to First Amendment to Credit Agreement – Stewart & Stevenson

 

 

	
 
    	
STEWART & STEVENSON   CANADA, INC.,
    
	
 
    	
a New Brunswick corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert L. Hargrave
    
	
 
    	
Name:
    	
Robert L. Hargrave
    
	
 
    	
Title:
    	
President
    

 

Signature Page to First Amendment to Credit Agreement – Stewart & Stevenson

 

 

	
THE US   ADMINISTRATIVE AGENT, THE US COLLATERAL AGENT, THE ISSUING BANK, THE SWINGLINE   LENDER AND A US LENDER:
    	
 
    	
 
    
	
 
    	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
 
    	
individually, as   a US Lender, as the Administrative Agent, the US Collateral Agent, the   Issuing Bank and the Swingline Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Christy L. West
    
	
 
    	
 
    	
 
    	
Christy L. West
    
	
 
    	
 
    	
 
    	
Authorized Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
JPMORGAN   CHASE BANK, N.A., TORNTO BRANCH,   individually as a Canadian Lender, as the Canadian Administrative Agent and   the Canadian Collateral Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
JPMORGAN   CHASE BANK, N.A., as the Export-Related Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Randall Mascorro
    
	
 
    	
 
    	
 
    	
Authorized Officer
    

 

Signature Page to First Amendment to Credit Agreement – Stewart & Stevenson

 

 

	
 
    	
 
    	
WELLS FARGO   BANK, NATIONAL ASSOCIATION, as a US Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Kevin S. Fong
    
	
 
    	
 
    	
Name:
    	
Kevin S. Fong
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
WELLS   FARGO CAPITAL FINANCE CORPORATION CANADA, as a Canadian   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Domenic Cosentino
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

Signature Page to First Amendment to Credit Agreement – Stewart & Stevenson

 

 

 

	
 
    	
SUNTRUST BANK,   as a US Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SUNTRUST BANK,   as a Canadian Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to First Amendment to Credit Agreement – Stewart & Stevenson

 

 

	
 
    	
PNC BANK, NATIONAL ASSOCIATION,   as a US Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
David Holland
    
	
 
    	
Title:
    	
VP, Portfolio Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PNC BANK, NATIONAL ASSOCIATION,   as a Canadian Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
David Holland
    
	
 
    	
Title:
    	
VP, Portfolio Manager
    

 

Signature Page to First Amendment to Credit Agreement – Stewart & Stevenson

 

 

	
 
    	
U.S. BANK NATIONAL ASSOCIATION,   as a US Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
Matthew Kasper
    
	
 
    	
Title:
    	
Portfolio Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
U.S. BANK NATIONAL ASSOCIATION   CANADA BRANCH, as a Canadian Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to First Amendment to Credit Agreement – Stewart & Stevenson

 

 

	
 
    	
CITY   NATIONAL BANK, as a US Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CITY   NATIONAL BANK, as a Canadian Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to First Amendment to Credit Agreement – Stewart & Stevenson

 

 

	
 
    	
FROST   NATIONAL BANK, as a US Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
FROST   NATIONAL BANK, as a Canadian Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Signature Page to First Amendment to Credit Agreement – Stewart & Stevenson

 

 

EXHIBIT D

 

GRANTOR’S INFORMATION AND COLLATERAL LOCATIONS

 

(Attached)

 

D - 1

 

EXHIBIT I

 

FIXTURES

 

(Attached)

 

I - 1

 

EXHIBIT K

 

OFFICES IN WHICH FINANCING STATEMENTS HAVE BEEN FILED

 

(Attached)

 

K- 1Exhibit 10.3

 

SECOND AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

 

This Second Amendment to Third Amended and Restated Credit Agreement (this “Amendment”) is executed as of the 29th day of June, 2012 (the “Second Amendment Effective Date”), by and among Stewart & Stevenson LLC, a Delaware limited liability company (the “Company”), Stewart & Stevenson Distributor Holdings LLC, a Delaware limited liability company (“SSDH”), Stewart & Stevenson Power Products LLC, a Delaware limited liability company (“SSPP”), Stewart & Stevenson Petroleum Services LLC, a Delaware limited liability company (“SSPS”), Stewart & Stevenson Funding Corp., a Delaware corporation (“SSC”), Stewart & Stevenson Material Handling LLC, a Delaware limited liability company formerly known as S&S Agent LLC (“SSMH”), Stewart & Stevenson Manufacturing Technologies LLC, a Delaware limited liability company (“SSMT”), EMDSI - Hunt Power, L.L.C., a Delaware limited liability company (“EMDSI”), each as a US Borrower, Stewart & Stevenson Canada Inc., a New Brunswick corporation (“SS Canada”), as a Canadian Borrower (the US Borrowers and the Canadian Borrower are together referred to herein as the “Borrowers” and each individually, a “Borrower”), the Lenders party thereto, JPMorgan Chase Bank, N.A., as the Administrative Agent (the “Administrative Agent”) and as the US Collateral Agent, JPMorgan Chase Bank, N.A., Toronto Branch, as the Canadian Administrative Agent and as the Canadian Collateral Agent, and JPMorgan Chase Bank, N.A., as the Export-Related Lender.

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers, the Lenders, the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent and the Export-Related Lender are parties to that certain Third Amended and Restated Credit Agreement dated as of December 23, 2011, as amended by that First Amendment dated as of March 14, 2012 (as may be further amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”; unless otherwise defined herein, all capitalized terms used herein which are defined in the Credit Agreement shall have the meaning given such terms in the Credit Agreement), pursuant to which the Lenders provide certain financing to the Borrowers in accordance with the terms and conditions set forth therein; and

 

WHEREAS, the Borrowers, the Lenders party hereto, the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent and the Export-Related Lender desire to amend the Credit Agreement as set forth herein.

 

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

 

SECTION 1                 Amendments to Credit Agreement.  In reliance on the representations, warranties, covenants and agreements contained in this Amendment, but subject to the satisfaction of each condition precedent set forth in Section 2 hereof, the Credit Agreement shall be amended effective as of the Second Amendment Effective Date in the manner provided in this Section 1.

 

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1.1                            Amended Definitions.  The definitions of “Fixed Asset Collateral”, “US Fixed Asset Component” and “US Fixed Asset Component Limit” contained in Section 1.1 of the Credit Agreement shall be amended and restated in their entirety to read in full as follows:

 

	
“Canadian Fixed Asset Component Limit”   means the amount of the Fixed Asset Component Limit which a Borrower   Representative designates in writing (the “Canadian   Fixed Asset Component Limit Notice”) as the “Canadian Fixed Asset   Component Limit” on or prior to June 30, 2012; provided, that, in no   event shall (a) the Canadian Fixed Asset Component Limit exceed $15,000,000   in the aggregate or (b) the sum of the Canadian Fixed Asset Component Limit   and the US Fixed Asset Component Limit exceed the Fixed Asset Component   Limit. As of June 30, 2012, Borrower Representative Canada has notified the   Canadian Administrative Agent that the Canadian Fixed Asset Component Limit   is $0, and such notice shall be deemed to be the Canadian Fixed Asset   Component Limit Notice.

 

“Fixed Asset Collateral” means   Collateral constituting (a) the Eligible Mortgaged Real Property described on   Schedule 3.5, and (b) Eligible Equipment, in each case owned by a US   Borrower or a Canadian Borrower.

 

“US Fixed Asset Amortization Amount”   means the monthly amortization amount, which shall be calculated and   established by the Administrative Agent upon the Administrative Agent’s   establishment of the US Fixed Asset Component and shall be in an amount equal   to 1/120th of the US Fixed Asset Component established   by the Administrative Agent on or prior to July 31, 2012.  The Administrative Agent, in its Permitted   Discretion, reserves the right to decrease the US Fixed Asset Amortization   Amount (a) upon the consummation of dispositions of Eligible Equipment or   Eligible Mortgaged Real Property owned by any US Borrower and (b) at such   time as any equipment or Real Property which was previously Eligible   Equipment or Eligible Mortgaged Real Property (as applicable) ceases to be   Eligible Equipment or Eligible Mortgaged Real Property hereunder, by the   applicable percentage of the Appraised Value of the Property so disposed of   or the equipment or Real Property which has ceased to be Eligible Equipment   or Eligible Mortgaged Real Property hereunder, as applicable; provided,   that any such reduction shall be in connection with a corresponding reduction   of the US Fixed Asset Component.

 

“US Fixed Asset Component” means   $39,202,500 as of the Second Amendment Effective Date (the “Initial US Fixed Asset Component”),   which amount may be increased by the Administrative Agent on or prior to July   31, 2012 based upon its receipt of an appraisal and environmental reports of   the US Borrowers’ Specified Real Property and any title endorsement related   to the US Borrowers’ Specified Real Property required to be delivered to the   Administrative Agent pursuant to Section 5.15, in form and substance   reasonably satisfactory to the Administrative Agent, by an amount equal to   seventy-five percent (75%) of the Appraised Value of the US Borrowers’   Specified Real Property; provided that in no event shall the US Fixed   Asset Component exceed the Fixed Asset Component Limit.  The US Fixed Asset Component shall be   reduced by (a) the US Fixed Asset
    

 

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Amortization Amount applicable to the US Fixed Asset   Component on the first day of each month commencing on August 1, 2012 and   continuing on the first day of each month thereafter throughout the term of   this Agreement and (b) the percentage of the Appraised Value of any Fixed   Asset Collateral allocated to the US Fixed Asset Component which (i) is the   subject of a casualty event (including, without limitation, damage,   destruction or condemnation) or a Permitted Fixed Asset Disposition, or (ii) is   no longer Eligible Equipment or Eligible Mortgaged Real Property (as   applicable) less in each case the portion of such amount that has already   been reduced from the US Fixed Asset Component as a result of prior US Fixed   Asset Amortization Amount reductions, in each case such amounts being   determined by the Administrative Agent in its sole discretion.

 

“US Fixed Asset Component Limit” means   the amount of the Fixed Asset Component Limit which a Borrower Representative   designates in writing (the “US Fixed   Asset Component Limit Notice”) as the “US Fixed Asset   Component Limit” on or prior to June 30, 2012; provided, that, in no   event shall the sum of the Canadian Fixed Asset Component Limit and the US   Fixed Asset Component Limit exceed the Fixed Asset Component Limit. As of   June 30, 2012, Borrower Representative US has notified the Administrative   Agent that the US Fixed Asset Component Limit is $50,000,000, and such notice   shall be deemed to be the US Fixed Asset Component Limit Notice.
    

 

1.2                            New Definitions.  Section 1.1 of the Credit Agreement shall be amended to add thereto in alphabetical order definitions for the terms “Second Amendment” and “Second Amendment Effective Date” which shall read in full as follows:

 

	
“Initial US Fixed Asset Component” has   the meaning assigned to such term in the definition of “US Fixed Asset   Component”.

 

“Second Amendment” means that certain   Second Amendment to Credit Agreement dated as of June 29, 2012 among the   Borrowers, the Lenders party thereto, the Administrative Agent, the US   Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral   Agent and the Export-Related Lender.

 

“Second Amendment Effective Date”   means June 29, 2012, the date on which the Second Amendment is effective.

 

“Specified Real Property” means,   collectively, the Real Property owned by the US Borrowers as of the Second   Amendment Effective Date located at (a) 11120 West Hwy. 80 East, Odessa, TX,   (b) 1140/1133 First Ave. and 1130-1140 Destrehan Ave., Harvey, LA, (c) 1218   East Highway, Vernal, UT and (d) 6530 Agnes, Corpus Christi, TX.
    

 

1.3                            Amendment to Section 2.28 of the Credit Agreement.  Section 2.28 of the Credit Agreement shall be amended and restated in its entirety to read in full as follows:

 

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“Section 2.28  Fixed   Asset Component. Upon receipt of the Canadian Fixed Asset   Component Limit Notice, the Canadian Administrative Agent shall distribute   the Canadian Fixed Asset Component Limit Notice to the Canadian Revolving   Lenders. Upon receipt of the US Fixed Asset Component Limit Notice, the   Administrative Agent shall distribute the US Fixed Asset Component Limit   Notice to the US Revolving Lenders.  On   or prior to July 31, 2012, the Administrative Agent shall establish the US   Fixed Asset Component and the US Fixed Asset Amortization Amount and shall   provide written notice of such amounts to the Borrower Representatives and   the US Revolving Lenders.”
    

 

1.4                            Amendment to Section 5.12(b) of the Credit Agreement.  Section 5.12(b) of the Credit Agreement shall be amended and restated in its entirety to read in full as follows:

 

	
“(b)                        The   Administrative Agent and the Canadian Administrative Agent shall have   received an appraisal of the Borrowers’ owned Real Property and equipment to   the extent such Real Property and equipment is to be included in the Canadian   Fixed Asset Component or the US Fixed Asset Component (as applicable) from a   firm(s) satisfactory to the Administrative Agent and the Canadian   Administrative Agent and prepared on a basis satisfactory to the   Administrative Agent and Canadian Administrative Agent, which appraisals   shall include information required by applicable laws and regulations,   including, without limitation, such form and substance as is required under   the rules, statutes and/or policies of the Financial Institutions Reform   Recovery and Enforcement Act (FIRREA) for the Real Property appraisals.  Appraisals received under this paragraph   shall be used by the Administrative Agent and the Canadian Administrative   Agent to establish the amount of the Canadian Fixed Asset Component or the US   Fixed Asset Component (as applicable); provided that to the extent the   Administrative Agent and the Canadian Administrative Agent have not received   such appraisals on or prior to June 30, 2012 (or July 31, 2012 for a parcel   of Specified Real Property) for a parcel of Real Property (other than the   Specified Real Property) or related equipment, the Canadian Fixed Asset   Component or the US Fixed Asset Component, as applicable, shall not include   any amount related to such Real Property and equipment for which the   appraisal was not received.”
    

 

1.5                            Amendment to Section 5.15 of the Credit Agreement.  Section 5.15 of the Credit Agreement shall be amended and restated in its entirety to read in full as follows:

 

	
“Section 5.15         Post Closing Deliveries.

 

(a)  On or prior to June 30, 2012, the Borrowers   shall deliver, or cause to be delivered, to the Administrative Agent for all   Real Property (other than the Specified Real Property) owned by the Borrowers   on the Effective Date, which is subject to a Mortgage on the Effective Date,   (i) a policy or policies of flood insurance in amounts acceptable to the   Administrative Agent based on all FEMA flood determinations received by the   Administrative Agent after the Effective Date and issued by a nationally   recognized insurance company, together with such endorsements, coinsurance,   and reinsurance as may reasonably be requested by the
    

 

4

 

	
Administrative Agent and available in the state in   which such Real Property of any Borrower is located, (ii) a policy or   policies of title insurance in amounts reasonably acceptable to the   Administrative Agent or the Canadian Administrative Agent, as applicable, and   issued by a nationally recognized insurance company, together with such   endorsements, coinsurance, and reinsurance as may reasonably be requested by   the Administrative Agent or the Canadian Administrative Agent, as applicable,   and available in the state or province in which the Real Property of any   Borrower is located, insuring the Lien created by any Mortgage as a first   lien on such Real Property (subject to Permitted Encumbrances of the type   described in clauses (a) to (c) and (f) of the definition thereof, subject to   the provisos at the end of such definition) in such amount(s) as may be   reasonably determined by Administrative Agent or the Canadian Administrative   Agent, as applicable, and to the extent any and all existing title policies   do not provide sufficient coverage and taking into account (x) any appraisals   received by the Administrative Agent and the Canadian Administrative Agent   after the Effective Date, (y) the Fixed Asset Component Limit and (z) the   coverage available under all title policies provided to the Administrative   Agent and the Canadian Administrative Agent, (iii) modification and/ or down   date endorsement(s) to any existing title policies with respect to the   modification of any deed of trust or mortgage or a new policy of title   insurance in an amount reasonably acceptable to the Administrative Agent or   the Canadian Administrative Agent, as applicable, in each case where the   endorsement is unavailable as a result of such modification or a new policy   is required by the Administrative Agent or the Canadian Administrative Agent,   as applicable, due to an increase in value at the time of such modification,   and (iv) such other documents, abstracts, appraisals, environmental site   assessments and legal opinions as reasonably requested by the Administrative   Agent or the Canadian Administrative Agent, as applicable, in each case in   form and substance satisfactory to the Administrative Agent or the Canadian   Administrative Agent, as applicable.

 

(b)  On or prior to July 31, 2012, the Borrowers   shall deliver, or cause to be delivered, to the Administrative Agent (i)   mortgages, deeds of trust, financing statements or other instruments, all in   form and substance satisfactory to the Administrative Agent (and executed and   acknowledged where necessary or appropriate for recording), creating a valid   Lien on the Real Property owned by EMDSI; and (ii) for all Specified Real   Property, which is subject to a Mortgage on the Effective Date or shall be   subject to a Mortgage after the Effective Date pursuant to clause (i) above,   (1) a policy or policies of flood insurance in amounts acceptable to the   Administrative Agent based on all FEMA flood determinations received by the   Administrative Agent after the Effective Date and issued by a nationally   recognized insurance company, together with such endorsements, coinsurance,   and reinsurance as may reasonably be requested by the Administrative Agent   and available in the state in which the Specified Real Property of any   Borrower is located, (2) a policy or policies of title insurance in amounts   reasonably acceptable to the Administrative Agent and issued by a nationally   recognized insurance company, together with such endorsements, coinsurance,   and reinsurance as may reasonably be requested by the Administrative Agent   and available in the state or province in which the Specified Real Property   of any Borrower is located, insuring the Lien created by any Mortgage
    

 

5

 

	
as a first lien on such   Real Property (subject to Permitted Encumbrances of the type described in   clauses (a) to (c) and (f) of the definition thereof, subject to the provisos   at the end of such definition) in such amount(s) as may be reasonably   determined by Administrative Agent, and to the extent any and all existing   title policies do not provide sufficient coverage, taking into account (x)   any appraisals received by the Administrative Agent and the Canadian   Administrative Agent after the Effective Date, (y) the Fixed Asset Component   Limit and (z) the coverage available under all title policies provided to the   Administrative Agent and the Canadian Administrative Agent, (3) modification   and/ or down date endorsement(s) to any existing title policies with respect   to the modification of any deed of trust or mortgage or a new policy of title   insurance in an amount reasonably acceptable to the Administrative Agent, in   each case where the endorsement is unavailable as a result of such   modification or a new policy is required by the Administrative Agent, due to   an increase in value at the time of such modification, and (4) such other documents,   abstracts, appraisals, environmental site assessments and legal opinions as   reasonably requested by the Administrative Agent, in each case in form and   substance satisfactory to the Administrative Agent.

 

(c)                               The   Borrowers’ failure to comply with any requirement of this Section 5.15   on or before the dates specified in clause (a) and clause (b)   of this Section 5.15 shall constitute an immediate Event of Default.”
    

 

SECTION 2                 Conditions Precedent.  The effectiveness of the amendments to the Credit Agreement contained in Section 1 hereof are subject to the satisfaction of each of the following conditions precedent:

 

2.1                            Counterparts.  The Administrative Agent shall have been provided with executed counterparts of this Amendment duly executed and delivered by the Borrowers and Required Lenders.

 

2.2                            Documentation. The Administrative Agent shall have received such documents, instruments and agreements as it may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent.

 

2.3                            No Material Adverse Effect.  No Material Adverse Effect shall have occurred with respect to any Loan Party.

 

2.4                            Representations and Warranties.  (a) The representations and warranties of each Loan Party contained in the Credit Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the Second Amendment Effective Date and (b) the representations and warranties of each Loan Party contained in this Amendment shall be true and correct on and as of the Second Amendment Effective Date.

 

2.5                            Absence of Defaults.  After giving effect to this Amendment, no Default or Event of Default shall exist.

 

SECTION 3                 Representations and Warranties.  In order to induce the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent,

 

6

 

the Export-Related Lender and the Lenders to enter into this Amendment, the Borrowers hereby jointly and severally represent and warrant to the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent, the Export-Related Lender and the Lenders that:

 

3.1                            Accuracy of Representations and Warranties.  Each of the representations and warranties of each Borrower contained in the Loan Documents is true and correct in all material respects as of the date hereof (except to the extent that such representations and warranties are expressly made as of a particular date, in which event such representations and warranties were true and correct as of such date).

 

3.2                            Due Authorization, No Conflicts.  The execution, delivery and performance by the Borrowers of this Amendment are within the Borrowers’ limited liability company or corporate power, have been duly authorized by all necessary limited liability company or corporate action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not violate or constitute a default under any provision of applicable law or any material agreement binding upon the Borrowers or their Subsidiaries, or result in the creation or imposition of any Lien upon any of the assets of the Borrowers or their Subsidiaries except for Permitted Encumbrances.

 

3.3                            Validity and Binding Effect.  This Amendment constitutes the valid and binding obligations of the Borrowers enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally, and the availability of equitable remedies may be limited by equitable principles of general application.

 

3.4                            Absence of Defaults.  Neither a Default nor an Event of Default has occurred which is continuing.

 

3.5                            Inaction by Administrative Agent or Lenders.  No failure or delay on the part of the Administrative Agent or the Lenders to exercise any right or remedy under the Credit Agreement, any other Loan Document or applicable law shall operate as a waiver thereof, nor shall any single partial exercise of any right or remedy preclude any other or further exercise of any right or remedy, all of which are cumulative and may be exercised without notice except to the extent notice is expressly required (and has not been waived) under the Credit Agreement, the other Loan Documents and applicable law.

 

3.6                            No Defense.  No Borrower has any defense to payment, counterclaim or rights of set-off with respect to the Secured Obligations on the date hereof.

 

SECTION 4                 Miscellaneous.

 

4.1                            Reaffirmation of Loan Documents; Extension of Liens.  Any and all of the terms and provisions of the Credit Agreement and the other Loan Documents shall, except as amended hereby, remain in full force and effect.  The Borrowers hereby extend the Liens securing the Secured Obligations until the Secured Obligations have been paid in full, and agree that the amendments and waivers herein contained shall in no manner affect or impair the Secured

 

7

 

Obligations or the Liens securing payment and performance thereof, all of which are ratified and confirmed.

 

4.2                            Parties in Interest.  All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

 

4.3                            Counterparts.  This Amendment may be executed in counterparts, and all parties need not execute the same counterpart; however, no party shall be bound by this Amendment until this Amendment has been executed by each Borrower and the Required Lenders at which time this Amendment shall be binding on, enforceable against and inure to the benefit of the Borrowers and all Lenders.  Counterparts delivered by facsimile or other electronic transmission shall be effective as originals.

 

4.4                            COMPLETE AGREEMENT.  THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

4.5                            Headings.  The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only and shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof.

 

4.6                            No Implied Waivers.  No failure or delay on the part of the Lenders in exercising, and no course of dealing with respect to, any right, power or privilege under this Amendment, the Credit Agreement or any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Amendment, the Credit Agreement or any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

 

4.7                            Review and Construction of Documents.  Each Borrower hereby acknowledges, and represents and warrants to the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent, the Export-Related Lender and the Lenders, that (a) such Borrower has had the opportunity to consult with legal counsel of its own choice and have been afforded an opportunity to review this Amendment with its legal counsel, (b) such Borrower has reviewed this Amendment and fully understands the effects thereof and all terms and provisions contained herein, (c) such Borrower has executed this Amendment of its own free will and volition, and (d) this Amendment shall be construed as if jointly drafted by the Borrowers and the Lenders.  The recitals contained in this Amendment shall be construed to be part of the operative terms and provisions of this Amendment.

 

4.8                            Arms-Length/Good Faith.  This Amendment has been negotiated at arms-length and in good faith by the parties hereto.

 

4.9                            Interpretation.  Wherever the context hereof shall so require, the singular shall include the plural, the masculine gender shall include the feminine gender and the neuter and vice versa.

 

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4.10                    Severability.  In case any one or more of the provisions contained in this Amendment shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision hereof, and this Amendment shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.

 

4.11                    Further Assurances.  Each Borrower agrees to execute, acknowledge, deliver, file and record such further certificates, instruments and documents, and to do all other acts and things, as may be requested by the Administrative Agent, the US Collateral Agent, the Canadian Administrative Agent, the Canadian Collateral Agent, the Export-Related Lender or the Lenders as necessary or advisable to carry out the intents and purposes of this Amendment.

 

4.12                    WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

4.13                    Governing Law.  This Amendment and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the laws of the State of New York, but giving effect to federal laws applicable to national banks.

 

4.14                    Effectiveness.  This Amendment shall be effective automatically and without necessity of any further action by any Borrower, the Administrative Agent or the Lenders when counterparts hereof have been executed by each Borrower and the Required Lenders, and all conditions to the effectiveness hereof set forth herein have been satisfied.

 

 

[Signature Pages Follow]

 

9

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers on the date and year first above written.

 

	
THE   BORROWERS:
    	
 
    	
STEWART & STEVENSON LLC,
    
	
 
    	
 
    	
a Delaware limited liability company
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John B. Simmons
    
	
 
    	
 
    	
Name:
    	
John B. Simmons
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
STEWART & STEVENSON   DISTRIBUTOR HOLDINGS LLC, a Delaware limited liability company
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Stewart & Stevenson   LLC,
    
	
 
    	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John B. Simmons
    
	
 
    	
 
    	
Name:
    	
John B. Simmons
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
STEWART & STEVENSON POWER   PRODUCTS LLC, a   Delaware limited liability company
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Stewart & Stevenson   LLC,
    
	
 
    	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John B. Simmons
    
	
 
    	
 
    	
Name:
    	
John B. Simmons
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
STEWART   & STEVENSON PETROLEUM SERVICES LLC, a Delaware limited liability company
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Stewart & Stevenson   LLC,
    
	
 
    	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ John B. Simmons
    
	
 
    	
 
    	
Name:
    	
 John B. Simmons
    
	
 
    	
 
    	
Title:
    	
 Chief Financial Officer
    

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT –

STEWART & STEVENSON]

 

 

	
 
    	
 
    	
STEWART & STEVENSON FUNDING   CORP.,
    
	
 
    	
 
    	
a Delaware corporation
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John B. Simmons
    
	
 
    	
 
    	
Name:
    	
John B. Simmons
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
STEWART & STEVENSON   MATERIAL HANDLING LLC, a Delaware limited liability company
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Stewart & Stevenson   LLC,
    
	
 
    	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John B. Simmons
    
	
 
    	
 
    	
Name:
    	
John B. Simmons
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
STEWART & STEVENSON   MANUFACTURING TECHNOLOGIES LLC, a Delaware limited liability company
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Stewart & Stevenson   LLC,
    
	
 
    	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John B. Simmons
    
	
 
    	
 
    	
Name:
    	
John B. Simmons
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
EMDSI -   HUNT POWER, L.L.C.,   a Delaware limited liability company
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Stewart & Stevenson   LLC,
    
	
 
    	
 
    	
 
    	
its sole member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John B. Simmons
    
	
 
    	
 
    	
Name:
    	
John B. Simmons
    
	
 
    	
 
    	
Title:
    	
Chief Financial Officer
    

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT –

STEWART & STEVENSON]

 

 

	
 
    	
 
    	
STEWART & STEVENSON CANADA,   INC.,
    
	
 
    	
 
    	
a New Brunswick corporation
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Robert L. Hargrave
    
	
 
    	
 
    	
Name:
    	
Robert L. Hargrave
    
	
 
    	
 
    	
Title:
    	
President
    

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT –

STEWART & STEVENSON]

 

 

	
 
    	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
 
    	
individually, as   a US Lender, as the Administrative Agent, the US Collateral Agent, the   Issuing Bank and the Swingline Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Christy L. West
    
	
 
    	
 
    	
 
    	
Christy L. West
    
	
 
    	
 
    	
 
    	
Authorized Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
JPMORGAN   CHASE BANK, N.A., TORNTO BRANCH,   individually as a Canadian Lender, as the Canadian Administrative Agent and   the Canadian Collateral Agent
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Agostino A.   Marchetti
    
	
 
    	
 
    	
Name:
    	
Agostino A. Marchetti
    
	
 
    	
 
    	
Title:
    	
SVP
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
JPMORGAN   CHASE BANK, N.A., as the Export-Related Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Agostino A.   Marchetti
    
	
 
    	
 
    	
 
    	
Randall Mascorro
    
	
 
    	
 
    	
 
    	
Authorized Officer
    

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT –

STEWART & STEVENSON]

 

 

	
 
    	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as a US Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Kevin S. Fong
    
	
 
    	
 
    	
Name:
    	
Kevin S. Fong
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
WELLS   FARGO CAPITAL FINANCE CORPORATION CANADA, as a Canadian   Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Domenic Cosentino
    
	
 
    	
 
    	
Name:
    	
Domenic Cosentino
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT –

STEWART & STEVENSON]

 

 

	
 
    	
 
    	
SUNTRUST BANK,   as a US Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
SUNTRUST BANK,   as a Canadian Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT –

STEWART & STEVENSON]

 

 

	
 
    	
 
    	
PNC BANK, NATIONAL ASSOCIATION,   as a US Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Brad Higgins
    
	
 
    	
 
    	
Name:
    	
Brad Higgins
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PNC BANK, NATIONAL ASSOCIATION,   as a Canadian Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Assistant Vice   President
    
	
 
    	
 
    	
Name:
    	
Mike Danby
    
	
 
    	
 
    	
Title:
    	
Assistant Vice   President
    

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT –

STEWART & STEVENSON]

 

 

	
 
    	
 
    	
U.S. BANK NATIONAL ASSOCIATION,   as a US Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Matthew Kasper
    
	
 
    	
 
    	
Name:
    	
Matthew Kasper
    
	
 
    	
 
    	
Title:
    	
Portfolio Manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
U.S. BANK NATIONAL ASSOCIATION   CANADA BRANCH, as a Canadian Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Joseph Rauhala
    
	
 
    	
 
    	
Name:
    	
Joseph Rauhala
    
	
 
    	
 
    	
Title:
    	
Principal Officer
    

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT –

STEWART & STEVENSON]

 

 

	
 
    	
 
    	
CITY NATIONAL BANK,   as a US Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Robert Yasuda
    
	
 
    	
 
    	
Name:
    	
Robert Yasuda
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
CITY NATIONAL BANK,   as a Canadian Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Robert Yasuda
    
	
 
    	
 
    	
Name:
    	
Robert Yasuda
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT –

STEWART & STEVENSON]

 

 

	
 
    	
 
    	
FROST NATIONAL BANK,   as a US Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Steve Turner
    
	
 
    	
 
    	
Name:
    	
Steve Turner
    
	
 
    	
 
    	
Title:
    	
SVP
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
FROST   NATIONAL BANK, as a Canadian Lender
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Steve Turner
    
	
 
    	
 
    	
Name:
    	
Steve Turner
    
	
 
    	
 
    	
Title:
    	
SVP
    

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT –

STEWART & STEVENSON]

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