Document:

wcc-ex1030_8thamendto4th

                                                        EXECUTION VERSION           EIGHTH AMENDMENT TO FOURTH AMENDED AND RESTATED                     RECEIVABLES PURCHASE AGREEMENT            THIS  EIGHTH  AMENDMENT  TO  FOURTH  AMENDED  AND  RESTATED  RECEIVABLES  PURCHASE  AGREEMENT  (this  “Amendment”),  dated  as  of  December 21,  2018,  is  entered  into  among  WESCO  RECEIVABLES  CORP.  (the  “Seller”),  WESCO  DISTRIBUTION, INC. (“WESCO” or the “Servicer”), the Purchasers (each, a “Purchaser”) and  Purchaser  Agents  (each,  a  “Purchaser  Agent”)  party  hereto,  and  PNC  BANK,  NATIONAL  ASSOCIATION, as Administrator (the “Administrator”).                                    RECITALS         1.    The  Seller,  the  Servicer,  each  Purchaser,  each  Purchaser  Agent  and  the  Administrator are parties to the Fourth Amended and Restated Receivables Purchase Agreement,  dated as of September 24, 2015 (as amended through the date hereof, the “Agreement”).         2.    The parties hereto desire to amend the Agreement as hereinafter set forth.         NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of  which are hereby acknowledged, the parties agree as follows:         1.    Certain Defined Terms.  Capitalized terms that are used herein without definition  and that are defined in Exhibit I to the Agreement shall have the same meanings herein as therein  defined.         2.    Amendments to the Agreement.  The agreement is hereby amended as follows:               (a)  The last sentence of Clause (i) of Section 1 of Exhibit IV to the Agreement        is restated in its entirety with the following:                    The Seller will not (and will not permit the Servicer to) deposit or             otherwise credit, or cause or permit to be so deposited or credited, to any             Lock-Box Account cash or cash proceeds other than Collections; provided             that the Seller may permit (i) collections relating to Excluded Receivables             and  (ii)  such  other  collections  not  relating  to  Receivables  as  the             Administrator may approve in writing, in each case, to be so deposited or             credited  to  any  Lock-Box  Account  so  long  as  (x)  the  amount  of  such             collections does not exceed $15,000,000 for any calendar month and (y)             the  Administrator  has  not  requested  in  writing  that  the  Servicer  direct             obligors relating to such Excluded Receivables to cease making payments             to Lock-Box Accounts.               (a)  The  last  sentence  of  Clause  (h)  of  Section  2  of  Exhibit  IV  to  the        Agreement is restated in its entirety with the following:                    The  Servicer  will  not  deposit  or  otherwise  credit,  or  cause  or             permit to be so deposited or credited, to any  Lock-Box Account cash or    730786083 99551574  

 

                                                                                            cash  proceeds  other  than  Collections;  provided  that  the  Servicer  may             permit (i) collections relating to Excluded Receivables and (ii) such other             collections not relating to Receivables as the Administrator may approve             in writing, in each  case, to be so deposited or credited to any Lock-Box             Account  so  long  as  (x)  the  amount  of  such  collections  does  not  exceed             $15,000,000  for  any  calendar  month  and  (y)  the  Administrator  has  not             requested  in  writing  that  the  Servicer  direct  obligors  relating  to  such             Excluded Receivables to cease making payments to Lock-Box Accounts.         3.    Representations  and  Warranties.   The  Seller  and  the  Servicer  hereby  represent  and warrant to each of the parties hereto as follows:               (a)   Representations  and  Warranties.  The  representations  and  warranties        contained in Exhibit III of the Agreement, as amended hereby, are true and correct as of        the date hereof.               (b)   No  Default.  Both  before  and  immediately  after  giving  effect  to  this        Amendment  and  the  transactions  contemplated  hereby,  no  Termination  Event  or        Unmatured Termination Event exists or shall exist.         4.    Effect of Amendment.  All provisions of the Agreement, as expressly amended and  modified by this Amendment shall remain in full force and effect.  As of and after the Effective  Time,  all  references  in  the  Agreement  (or  in  any  other  Transaction  Document)  to  “this  Agreement”, “hereof”,  “herein” or words of similar effect  referring to the Agreement  shall be  deemed to be references to the Agreement as amended by this Amendment.  This Amendment  shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision  of the Agreement other than as set forth herein.         5.    Effectiveness.   This  Amendment  shall  become  effective  as  of  the  time  (the  “Effective Time”) at which the Administrator has executed this Amendment and receives each of  the  following,  in  each  case  form  and  substance  satisfactory  to  the  Administrator  in  its  sole  discretion: (A) counterparts of this Amendment executed by each of the other parties hereto and  (B)  such  other  agreements,  documents,  instruments  and  opinions  as  the  Administrator  may  request.         6.    Counterparts.  This Amendment may be executed in any number of counterparts  and  by  different  parties  on  separate  counterparts,  each  of  which  when  so  executed  shall  be  deemed to be an original and all of which when taken together shall constitute but one and the  same instrument.         7.    Governing Law; Jurisdiction.                  7.1   THIS AMENDMENT SHALL BE A CONTRACT MADE UNDER AND        GOVERNED  BY  THE  INTERNAL  LAWS  OF  THE  STATE  OF  NEW  YORK        (INCLUDING  FOR  SUCH  PURPOSE  SECTIONS  5-1401  AND  5-1402  OF  THE        GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).                                          2                                         730786083 99551574  

 

                                                                                             7.2   ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS        AMENDMENT  MAY BE  BROUGHT  IN  THE  COURTS  OF  THE  STATE  OF  NEW        YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW        YORK; AND, BY EXECUTION AND DELIVERY OF THIS AMENDMENT, EACH        OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS        PROPERTY,  TO  THE  NON-EXCLUSIVE  JURISDICTION  OF  THOSE  COURTS.         EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM        EXTENT  PERMITTED  BY  LAW,  ANY  OBJECTION,  INCLUDING  ANY        OBJECTION  TO  THE  LAYING  OF  VENUE  OR  BASED  ON  THE  GROUNDS  OF        FORUM  NON  CONVENIENS,  THAT  IT  MAY NOW  OR  HEREAFTER  HAVE  TO        THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN        RESPECT  OF  THIS  AMENDMENT  OR  ANY  DOCUMENT  RELATED  HERETO.        EACH  OF  THE  PARTIES  HERETO  WAIVES  PERSONAL  SERVICE  OF  ANY        SUMMONS,  COMPLAINT  OR  OTHER  PROCESS,  WHICH  SERVICE  MAY BE        MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW.          8.    Section  Headings.   The  various  headings  of  this  Amendment  are  included  for  convenience  only  and  shall  not  affect  the  meaning  or  interpretation  of  this  Amendment,  the  Agreement or any provision hereof or thereof.                    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]                                             3                                         730786083 99551574  

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                                     LIBERTY STREET FUNDING LLC, as a Conduit                                      Purchaser                                                                                                                                                        By:   __________________________________                                       Name: __________________________________gáää=^K=oìëëç                                        Title:  __________________________________sáÅÉ=mêÉëáÇÉåí                                                                                                                                                          THE BANK OF NOVA SCOTIA, as a Committed                                      Purchaser                                                                                                                                                        By:   __________________________________                                       Name: __________________________________                                       Title:  __________________________________                                                                                                                                                         THE BANK OF NOVA SCOTIA, as Purchaser                                      Agent for The Bank of Nova Scotia and Liberty                                      Street Funding LLC                                                                                                                  By:   __________________________________                                       Name: __________________________________                                       Title:  __________________________________                                                                                                                      S-6                       Eighth Amendment to                                                                    Fourth A&R RPA  730786083 99551574agreementforsaleofintere

                  AGREEMENT     FOR PURCHASE AND                    SALE OF INTEREST IN AIRCRAFT        This  Agreement for  Purchase  and  Sale  of  Interest  in  Aircraft, effective as  of December 31, 2018 (the  “Agreement”)  is  by  and  between National  Education  Loan Network, Inc. (“Purchaser”) and Union Financial Services, Inc. (“Seller”).                                RECITALS        WHEREAS, the Purchaser and the Seller own jointly, as tenants in common, that certain Cessna Citation XLS model aircraft, Serial No. 560-5597 U.S. Registration No. N711LV (the “Aircraft”); and        WHEREAS, the Seller wishes to sell seventeen and one-half percent (17.5%) of its ownership in the Aircraft (the “Interest”) to the Purchaser, and the Purchaser wishes to purchase the Interest from the Seller, such that, subject to the terms and conditions set forth herein, upon closing of the transactions herein, the parties shall be joint registered owners of the Aircraft, as tenants in common;        NOW, THEREFORE, in consideration of the mutual covenants and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:                                ARTICLE I                   DEFINITIONS AND INTERPRETATION  1.1   Definitions        As used herein, the following terms shall have the following meanings:        “Lien”  shall  mean  any  mortgage,  lien,  pledge,  charge,  security  interest  or encumbrance of any kind.        “Person” shall mean any individual, corporation, company, voluntary association, partnership,  trust,  unincorporated  organization  or  government  (or  any  agency, instrumentality or political subdivision thereof).  1.2   Interpretation        Unless  the  context  of  this  Agreement  requires  otherwise,  the  following  rules  of interpretation shall apply to this Agreement:        (a)   the singular shall include the plural, and the plural shall include the singular;        (b)   the words “hereof”, “herein”, “hereby”, “hereto” and similar words refer to this entire Agreement and not to any particular Article or Section of this Agreement; and 

 

      (c)   a  reference  to  any  Person  shall  include  such  Person’s  successors  and permitted assigns under any agreement, instrument, contract or other document.                                ARTICLE II                         PURCHASE OF    INTEREST  2.1   Purchase of Interest        Subject to the terms and conditions set forth herein, at the Closing (as defined in Section 2.2 below), the Seller agrees to sell to the Purchaser, and the Purchaser agrees to purchase from the Seller, the Interest at a price (the “Purchase Price”) equal to the sum of $717,500.  2.2   Closing        The  consummation  of  the  transactions  contemplated  by  this  Agreement  (the “Closing”) shall be held on such date as the Purchaser and the Seller may mutually agree.                               ARTICLE III                  REPRESENTATIONS AND WARRANTIES  3.1   Mutual Representations.  Each party represents and warrants to the other party that:        (a)   This Agreement has been duly executed and delivered by each party and is the  legal,  valid  and  binding  obligation  of  the party,  enforceable  against  the party in accordance with its terms, subject to the effect of applicable bankruptcy, insolvency or similar laws affecting creditors’ rights and remedies generally.        (b)   No consent, approval or authorization of any third party is required for the consummation by each party of the transactions contemplated by this Agreement which has not been received.        (c)   Neither party has retained or involved any finder or broker in connection with the purchase of the Interest, and has incurred no obligation, contingent or otherwise, for  brokerage  or  finder’s  fees  or  agent’s commissions  or  other  similar  payment  in connection with the transactions contemplated by this Agreement.  3.2   Seller’s  Additional  Representations. The  Seller further  represents  to  the Purchaser that:     (a) it has, and on the Closing Date will have, good and marketable title to the Interest,       free and clear of all Liens, equities and claims of any nature, and the Seller has full       right, power and authority to sell, assign, transfer and deliver the Interest to the       Purchaser; and,                                      2 

 

   (b) it has disclosed to the Purchaser all material facts relating to the Seller’s ownership       of the Interest.  No representation or warranty contained in this Agreement and no       written information provided to the Purchaser by the Seller contains any  untrue       statement of a material fact or omits to state a material fact necessary in order to       make the statements herein or therein, in the light of the circumstances under which       they were made, not misleading.                               ARTICLE IV                         CONDITIONS PRECEDENT        All obligations of each party under this Agreement are subject to the fulfillment by the other party, on or prior to the Closing Date, of each of the following conditions, any of which may be waived by the first party in writing:        (a)   Each  party’s representations  and  warranties  contained  in  this  Agreement shall  be  true  and  correct  on  and  as  of  the  Closing  Date  as  if  such  representations  and warranties were made on and as of such date; and        (b)   Each  party shall  have  performed  and  complied  with  all  agreements  and conditions required by this Agreement to be performed or complied with by such party on or prior to the Closing Date.                                ARTICLE V                             MISCELLANEOUS  5.1   Indemnity        (a) Each party agrees to indemnify, defend and hold harmless the other party from and  against  any  and  all  losses,  liabilities,  damages,  deficiencies,  costs  or  expenses, including  attorney  fees,  disbursements  or  other  charges,  based  upon,  arising  out  of,  or otherwise in respect of any inaccuracy in or any breach of any representation, warranty, covenant or undertaking of the first party contained in this Agreement, provided that the liability of a party for indemnification under this Agreement shall not exceed the other party’s actual damages  5.2   Entire Agreement        This  Agreement  supersedes  all  prior  discussions  and  agreements  between  the parties with respect to the subject matter hereof, and contains the sole and entire agreement between the parties hereto with respect to the subject matter hereof.  5.3   No Waiver        Any term or condition of this Agreement may be waived at any time by the party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth                                     3 

 

in a written instrument duly executed by or on behalf of the party waiving such term or condition.  No waiver by any party of any term or condition of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion.  All remedies, either under this Agreement or by law or otherwise afforded, will be cumulative and not alternative.  No failure on the part of the Seller or the Purchaser to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude  any other or further  exercise thereof or the exercise of any other right, power or privilege.  5.4   Binding Agreement        This Agreement shall be binding upon, and inure to the benefit of, the successors and permitted assigns of the Seller and the Purchaser.  It is not the intention of the parties to confer third party beneficiary rights upon any other Person.  5.5   Assignment        No  party  to  this  Agreement  may  assign  any  of  such  party’s  rights  under  this Agreement without the prior written consent of the other party hereto.  5.6   Expenses        Each  party  to  this  Agreement  shall  pay  such  party’s  own  expenses  and  costs incidental to the purchase and sale of the Interest.  5.7   Notice        All  notices  and  other  communications  provided  for  herein  (including,  without limitation, any modifications of, or waivers or consents under, this Agreement) shall be given or made by email delivered to the other party at the email address provided below in the section titled “Address for Notices”.  5.8   Counterparts        This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Agreement by signing any such counterpart.  Executed signature pages hereto may be delivered by fax or email transmission.  5.9   Amendment        No provision of this Agreement shall be waived, amended or modified except by an instrument in writing duly executed by the Seller and the Purchaser.                                      4 

 

5.10  Applicable Law        This Agreement shall be governed by, and construed in accordance with, the laws of the State of Nebraska, without giving effect to any conflicts of laws principles thereof which would result in the application of the laws of another jurisdiction.  5.11  Severability        If any one or more of the provisions contained in this Agreement, or any application thereof, shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability  of  the  remaining  provisions  contained  herein  and  all  other  applications thereof shall not in any way be affected or impaired thereby.                    [Remainder of Page Intentionally Left Blank]                                      5 

 

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement for Sale of Interest in Aircraft as of the date first above written.   SELLER: UNION FINANCIAL SERVICES, INC.  BY: __________              ______________________       Michael S. Dunlap, President Address for Notices: Union Financial Services, Inc. Attn: Michael S. Dunlap 121 South 13th Street, Suite 100 Lincoln, Nebraska 68508  PURCHASER: NATIONAL EDUCATION LOAN NETWORK, INC.  BY: ________________________________       William J. Munn, Secretary  Address for Notices: National Education Loan Network, Inc. Attn: Terry J. Heimes 121 South 13th Street, Suite 100 Lincoln, Nebraska 68508                                      6

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