Document:

Exhibit
10.4

SIRVA WORLDWIDE, INC.,

THE FOREIGN SUBSIDIARY
BORROWERS PARTIES HERETO,

THE SEVERAL LENDERS

FROM TIME TO TIME PARTIES HERETO,

JPMORGAN CHASE BANK, N.A.

as administrative agent

 

and

 

J.P. MORGAN SECURITIES INC.

as sole lead arranger and sole bookrunner

 

 

 

EIGHTH AMENDMENT TO THE CREDIT
AGREEMENT

September 29, 2006

 

 

EIGHTH AMENDMENT, dated as of September 29, 2006 (this
“Eighth Amendment”), to the Credit Agreement, dated as of December 1,
2003 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among SIRVA WORLDWIDE, INC., a Delaware corporation (the “Parent
Borrower”), the Foreign Subsidiary Borrowers from time to time parties to
the Credit Agreement (together with the Parent Borrower, the “Borrowers”),
the several banks and other financial institutions from time to time parties to
the Credit Agreement (the “Lenders”), JPMORGAN CHASE BANK, N.A.
(formerly known as JPMorgan Chase Bank), as administrative agent for the
Lenders (in such capacity, the “Administrative Agent”), and the other
Agents parties thereto.

W  I
T  N  E  S  S  E  T  H:

WHEREAS, the Borrowers, the Lenders and the
Administrative Agent are parties to the Credit Agreement; and

WHEREAS, the Parent Borrower has requested that the
Administrative Agent and the Lenders agree to amend certain provisions of the
Credit Agreement as set forth herein;

NOW THEREFORE, in consideration of the premises and
the mutual covenants hereinafter set forth, the parties hereto hereby agree as
follows:

1.     Defined Terms.  Unless otherwise defined herein, capitalized
terms that are defined in the Credit Agreement are used herein as therein
defined.

2.     Amendment to Subsection 1.1 (Defined
Terms).  The definition of “Permitted
Holder” in subsection 1.1 of the Credit Agreement is hereby amended in its
entirety to read as follows:

“Permitted Holder”:  the CD&R Group, Exel plc, ValueAct
Capital Master Fund, L.P., MLF Offshore Portfolio Company, L.P., the Persons
listed on Schedule B and their Affiliates and any Management Investor; provided
that, for purposes of subsection 4.4(j), ValueAct Capital Master Fund, L.P.,
MLF Offshore Portfolio Company, L.P. and their Affiliates shall not be “Permitted
Holders”; and provided, further, that if ValueAct Capital Master
Fund, L.P. or MLF Offshore Portfolio Company, L.P., together with its
respective Affiliates, becomes the “beneficial owner” (as defined in Rules
13d-3 and 13d-5 under the Exchange Act) of shares of Voting Stock having more
than 50% of the total voting power of all outstanding shares of Holding, such
Person and its Affiliates shall not be a “Permitted Holder” if it is the “beneficial
owner”.

3.     Amendments to Subsection 4.4
(Prepayments).

(a)           Subsection
4.4(c)(iv) of the Credit Agreement is hereby amended by deleting clause (B)
thereof in its entirety and substituting in lieu thereof the following clause (B):

(B) in excess of $15,000,000 in the aggregate
(of which not more than $5,000,000 in the aggregate shall have been received
from Sale and Leaseback Transactions in respect of 

 

properties located in the United States) for
all such transactions from and after August 15, 2006 or

(b)           Subsection
4.4(c)(y) of the Credit Agreement is hereby amended by deleting clause (II)
thereof in its entirety and substituting in lieu thereof the following clause
(II):

(II) $15,000,000 (of
which not more than $5,000,000 in the aggregate shall have been received from
Sale and Leaseback Transactions in respect of properties located in the United
States) during the period from August 15, 2006 through and including the Final
Maturity Date and

4.     Amendments to Subsection 7.1 (Financial
Statements).  Subsection 7.1 of the
Credit Agreement is hereby amended by:

(a)           deleting
from paragraph (a) thereof the date “October 16, 2006” and substituting in lieu
thereof the following:  “January 31,
2007, and for the fiscal year ending December 31, 2006, June 30, 2007”;

(b)           deleting
from paragraph (b) thereof the words “but for the quarterly periods ending
March 31, 2005, June 30, 2005 and September 30, 2005, not later than May 15,
2006, for the quarterly periods ending March 31, 2006, and June 30, 2006, not
later than November 15, 2006, and for the quarterly period ending September 30,
2006, not later than December 15, 2006” and substituting in lieu thereof the
following:

and not later than April
6, 2007 for the period of four consecutive fiscal quarters of Holding ending
December 31, 2006, but for the quarterly periods ending March 31, 2005, June
30, 2005 and September 30, 2005, not later than May 15, 2006, for the quarterly
periods ending March 31, 2006, and June 30, 2006, not later than December 31,
2006, and for the quarterly period ending September 30, 2006, not later than
January 31, 2007

(c)           deleting
from paragraph (c) thereof the date “October 16, 2006” and substituting in lieu
thereof the following:  “January 31,
2007, and for the fiscal year ending December 31, 2006, June 30, 2007”; and

(d)           deleting
from paragraph (d) thereof the words “but for the quarterly periods ending
March 31, 2005, June 30, 2005 and September 30, 2005, not later than May 15,
2006, for the quarterly periods ending March 31, 2006, and June 30, 2006, not
later than November 15, 2006, and for the quarterly period ending September 30,
2006, not later than December 15, 2006” and substituting in lieu thereof the
following:

and not later than April
6, 2007 for the period of four consecutive fiscal quarters of the Parent
Borrower ending December 31, 2006, but for the quarterly periods ending March
31, 2005, June 30, 2005 and September 30, 2005, not later than May 15, 2006,
for the quarterly periods ending March 31, 2006, and June 30, 2006, not later
than December 31, 2006, and for the quarterly period ending September 30, 2006,
not later than January 31, 2007

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5.     Amendments to Subsection 7.2
(Certificates; Other Information).

(a)           Subsection
7.2(g) of the Credit Agreement is hereby amended in its entirety to read as
follows:

(g)           not later than 30 days after the end
of each fiscal month of Holding, ending on or after August 31, 2006, a
reporting package outlining key metrics and operating performance by segment
for such fiscal month, in form and substance reasonably satisfactory to the
Administrative Agent, and, with respect to any such monthly package delivered
prior to June 30, 2007, within 10 Business Days after the delivery thereof,
participate in a monthly conference call with the Administrative Agent and the
Lenders to discuss the contents of such package; and

(b)           Subsection
7.2(h)(ii) of the Credit Agreement is hereby amended by deleting the date “November
30, 2006” and substituting in lieu thereof the date “January 15, 2007.”

6.     Amendment to Subsection 8.12 (Sale and
Leasebacks).  Subsection 8.12(b)(ii)
of the Credit Agreement is hereby amended by deleting clause (A) thereof in its
entirety and substituting in lieu thereof the following clause (A):

(A) $30,000,000 (of which
(x) not more than $15,000,000 shall have been received during the period from
August 15, 2006 through and including the Final Maturity Date and (y) not more
than $5,000,000 shall have been received during the period from August 15,
2006 through and including the Final Maturity Date from Sale and Leaseback
Transactions in respect of properties located in the United States),

7.     Conditions to Effectiveness of this
Eighth Amendment.  This Eighth
Amendment shall become effective upon the date (the “Eighth Amendment
Effective Date”) when the Administrative Agent shall have received (i)
counterparts of this Eighth Amendment, duly executed and delivered by the
Borrowers and Administrative Agent, (ii) executed Lender Addenda, or facsimile
transmissions thereof, substantially in the form of Exhibit A hereto, from the
Required Lenders under the Credit Agreement, (iii) an executed Acknowledgment
and Confirmation, substantially in the form of Exhibit B hereto, from an
authorized officer of each of Holding and each Guarantor, and (iv) all fees
required to be paid on or before the Eighth Amendment Effective Date, and all
expenses required to be paid on or before the Eighth Amendment Effective Date
for which invoices have been presented.

8.     Representations and Warranties.

(a)           No
Default.  No Default or Event of
Default shall have occurred and be continuing on the Eighth Amendment Effective
Date after giving effect to the transactions contemplated herein.

(b)           Representations
and Warranties.  Each of the
representations and warranties made by Holding and the Loan Parties in or
pursuant to the Loan Documents shall be true and correct in all material
respects on and as of the Eighth Amendment Effective Date (after giving effect
hereto) as if made on and as of such date, except to the extent such
representations and 

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warranties expressly relate to a particular date, in which case such
representations and warranties were true and correct in all material respects
as of such date.

9.     Payment of Expenses.  The Parent Borrower agrees to pay or
reimburse the Administrative Agent for all of its reasonable out-of-pocket
costs and expenses incurred in connection with this Eighth Amendment, any other
documents prepared in connection herewith and the transactions contemplated hereby,
including, without limitation, the reasonable fees and disbursements of counsel
to the Administrative Agent.

10.   Continuing Effect of the Loan Documents.  This Eighth Amendment shall not constitute an
amendment or waiver of any provision of the Credit Agreement or any other Loan
Document not expressly referred to herein and shall not be construed as an
amendment, waiver or consent to any further or future action on the part of
Holding or the Loan Parties that would require an amendment, waiver or consent
of the Lenders or Administrative Agent. 
Except as expressly amended hereby, the provisions of the Credit
Agreement and the other Loan Documents are and shall remain in full force and
effect.  Any reference to the “Credit
Agreement” in the Loan Documents or any related documents shall be deemed to be
a reference to the Credit Agreement as amended by this Eighth Amendment.

11.   Counterparts.  This Eighth Amendment may be executed by one
or more of the parties hereto on any number of separate counterparts (including
by facsimile), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.

12.   Severability.  Any provision of this Eighth Amendment which
is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

13.   Integration.  This Eighth Amendment and the other Loan
Documents represent the agreement of Holding, the Loan Parties, the
Administrative Agent and the Lenders with respect to the subject matter hereof,
and there are no promises, undertakings, representations or warranties by the
Administrative Agent or any Lender relative to the subject matter hereof not
expressly set forth or referred to herein or in the other Loan Documents.

14.   GOVERNING LAW.  THIS EIGHTH AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS EIGHTH AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

[THE REMAINDER OF THIS
PAGE IS INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the
parties hereto have caused this Eighth Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year
first above written.

	
  

  	
   

  	
  

  	
  SIRVA WORLDWIDE, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eryk J. Spytek

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Eryk J. Spytek

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   SVP, General Counsel &
  Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  SIRVA, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eryk J. Spytek

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Eryk J. Spytek

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   SVP, General Counsel &
  Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ALLIED ARTHUR PIERRE N.V.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eryk J. Spytek

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Eryk J. Spytek

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  ALNAV PLATINUM COMPANY (as successor to 

  ALNAV Platinum Group Inc.)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eryk J. Spytek

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Eryk J. Spytek

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  PICKFORDS AUSTRALIA PTY. LTD.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Michael Filipovic

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Michael Filipovic

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  SIRVA UK LIMITED (formerly known as Pickfords 

  Limited)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eryk J. Spytek

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Eryk J. Spytek

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Director

  

 

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  JPMORGAN CHASE BANK, N.A. (formerly known as
  JPMorgan Chase Bank), as Administrative Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Kathryn A. Duncan

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Kathryn A. Duncan

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   Managing Director

  

 

 

 

 6EXHIBIT 10.9

CS FINANCING CORPORATION

SUBSCRIPTION AGREEMENT

AND

LETTER OF INVESTMENT INTENT

Board
of Directors

CS Financing Corporation

The undersigned, Capital Solutions
Management, L.P., intending to be legally bound, hereby irrevocably subscribes
for, offers and agrees to purchase a certain number of shares of common stock,
par value $.01 per share (the “Shares”), of CS Financing Corporation, a
Delaware corporation (the “Company”), at a per share purchase price to be
calculated by the Company, in its sole discretion, upon the terms and
conditions set forth herein.

The undersigned, to induce the Company to
accept this offer, acknowledges, warrants and represents to the Company as
follows:

1.                                       Subscription
Amount.   The undersigned
acknowledges that it will purchase sufficient shares from the Company, at a
purchase price to be determined by the Company, in its sole discretion, to fund
the Company’s ordinary and reasonable working capital requirements until
December 31, 2006.

2.                                       Payment.  The undersigned acknowledges and agrees that it
will tender payment for the Shares upon demand by the Company.

3.                                       Termination.  The undersigned’s obligations hereunder shall
terminate on December 31, 2006.

IN
WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first above
written.

	
  COMPANY:

  
	
   

  
	
  CS FINANCING CORPORATION

  
	
   

  
	
  By:

  	
  /s/ Timothy R. Redpath

  	
   

  
	
  Its: 

  	
  CEO

  	
   

  
	
   

  
	
   

  
	
  CAPITAL SOLUTIONS MANAGEMENT, L.P.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Michael W. Bozora

  	
   

  
	
  Its:

  	
  Managing Partner

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