Document:

exv10wxuy

 

Exhibit   U

AMENDMENT
NO. 4 TO LOAN AGREEMENT

     THIS
AMENDMENT NO. 4 TO LOAN AGREEMENT (this
“Amendment”) is
made and entered into as of November 15, 2006, with respect to that certain Loan Agreement
dated as of November 17, 2004 (as heretofore amended, restated, supplemented or otherwise modified
from time to time, the “Loan Agreement”), by and among G&K RECEIVABLES CORP., a Minnesota
corporation, as “Borrower”, G&K SERVICES, INC., a Minnesota corporation, in its capacity as the
initial “Servicer”, THREE PILLARS FUNDING LLC, a Delaware limited liability company (together with
its successors and permitted assigns, the “Lender”), and SUNTRUST CAPITAL MARKETS, INC., a
Tennessee corporation, as agent and administrator for Lender (in such capacity, together with its
successor and assigns in such capacity, the “Administrator”). Capitalized terms used and not
otherwise defined herein are used with the meanings attributed thereto in the Loan Agreement.

BACKGROUND

The parties wish to amend the Loan Agreement on the terms and subject to
the conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements herein
contained, the parties hereto agree as follows:

     1. Amendment.
The definition of “Liquidity Termination Date” in Section 1.1
of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

     “Liquidity Termination Date” means the earlier to occur of (a) November
14, 2007, as such date may be extended from time to time by the Liquidity Banks in
accordance with the Liquidity Agreement, and (b) the occurrence of an Event of
Bankruptcy with respect to Lender.

     2.
Representations. In order to induce the Administrator and the Lender to enter
into this Amendment, the Borrower hereby represents and warrants to the Administrator and the
Lender that no Significant Event or Unmatured Significant Event exists and is continuing as
of the date hereof.

     3. Effectiveness. This Amendment shall become effective and shall inure to the
benefit of the Borrower, the Servicer, the Lender, the Administrator and their respective
successors and assigns when the Administrator shall have received (a) one or more
counterparts
hereof duly executed and delivered by each of the parties hereto, and (b) payment of the
Extension Fee (under and as defined in the Fee Letter).

     4. Ratification. Except as expressly amended above, the Loan Agreement
remains unaltered and in full force and effect and is hereby ratified and confirmed.

     5. GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK
(WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF
(OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW)).

 

 

     6. Counterparts. This Amendment may be executed in any number of counterparts, each of
which when so executed shall be deemed to be an original and all of which when taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to
this Amendment by facsimile shall be effective as delivery of a manually executed counterpart of
this Amendment.

[signature pages begin on next page]

-2-

 

 

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

	 	 	 	 	 
	G&K RECEIVABLES
CORP., as Borrower	 	 
	 
	 	 	 	 
	By:

	 	/s/ Glenn L. Stolt	 	 
	Name:

	 	 

Glenn L. Stolt
	 	 
	Title:

	 	Vice President & Treasurer	 	 
	 
	 	 	 	 
	G&K SERVICES, INC., as initial Servicer	 	 
	 
	 	 	 	 
	By:

	 	/s/ Glenn L. Stolt	 	 
	Name:

	 	 

Glenn L. Stolt
	 	 
	Title:

	 	Vice President & Treasurer	 	 

-3-

 

 

	 	 	 	 	 
	THREE PILLARS FUNDING LLC, as Lender	 	 
	 
	By:

	 	/s/ Doris J. Hearn	 	 
	Name:

	 	 

Doris J. Hearn
	 	 
	Title:

	 	Vice President	 	 

-4-

 

 

	 	 	 	 	 
	SUNTRUST CAPITAL MARKETS, INC., as Administrator	 	 
	 
	By:

	 	/s/ Michael G. Maza	 	 
	Name:

	 	 

Michael G. Maza
	 	 
	Title:

	 	Managing Director	 	 

-5-exv10wxvy

 

Exhibit   V

AMENDMENT NO. 1

TO

AMENDED AND RESTATED CREDIT AGREEMENT

          THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT (“Amendment”) is
entered into as of May 30 2007, in connection with the Amended and Restated Credit Agreement dated
as of August 31, 2005 (as amended, restated or otherwise modified from time to time, the
“Credit Agreement”) by and among G&K Services,
Inc. (the “Domestic Borrower”), G&K
Services Canada Inc. (the “Canadian Borrower”, and together with the Domestic Borrower, the
“Borrowers”), the financial institutions party thereto, as lenders (the “Lenders”),
and JPMorgan Chase Bank, National Association, as Administrative Agent (the “Administrative
Agent”). Each capitalized term used herein and not defined herein shall have the meaning
ascribed thereto in the Credit Agreement.

WITNESSETH

          WHEREAS, the Borrowers wish to amend the Credit Agreement in certain respects and the Lenders
and the Administrative Agent are willing to amend the Credit Agreement pursuant to the terms of
this Amendment;

          NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Borrowers, the Lenders and the Administrative Agent agree as follows.

          1.
Amendments to Credit Agreement. Subject to the satisfaction of the conditions
precedent set forth in Section 2 below, the Borrowers, the Lenders and the Administrative
Agent agree that the Credit Agreement is hereby amended as follows:

          1.1 Section 10.3 of the Credit Agreement is hereby amended in its entirety as follows:

Section 10.3
Net Worth. At any time, permit Net Worth to be less than the
sum of (a) $278,057,000 plus (b) thirty-five percent (35%) of Net Income
(if positive) for each fiscal year ending on or after June 29, 2007.

          1.2 Section 11.6(c) of the Credit Agreement is hereby amended in its entirety as
follows:

(c) the Domestic Borrower may pay cash dividends on its capital stock or repurchase
its capital stock at any time so long as no Default or Event of Default is then
outstanding or would result therefrom.

 

 

          2. Conditions to Effectiveness. This Amendment shall not become effective unless:

          2.1 the Administrative Agent shall have received counterparts of this Amendment executed by
each Borrower, the Administrative Agent and the Required Lenders;

          2.2 the Administrative Agent shall have received an Affirmation of Guarantees
in substantially the form attached hereto as Exhibit A.

          3. Representations and Warranties of Each Borrower. Each Borrower represents and
warrants as follows:

          3.1 Such Borrower has the legal power and authority to execute and deliver this Amendment and
the officers of such Borrower executing this Amendment have been duly authorized to execute and
deliver the same and bind such Borrower with respect to the
provisions hereof.

          3.2 This Amendment and the Credit Agreement as previously executed and as amended hereby
constitute legal, valid and binding obligations of such Borrower, enforceable against it in
accordance with their terms (except as enforceability may be limited by bankruptcy, insolvency or
similar laws affecting the enforcement of creditor’s rights generally).

          3.3 Such Borrower hereby reaffirms all covenants, representations and warranties made in
the Credit Agreement and the other Loan Documents and agrees and confirms that all such
representations and warranties are true and correct in all material respects as of the date of this
Amendment except for changes thereto reflecting events, conditions or transactions permitted or not
prohibited by the Credit Agreement or the other Loan Documents; provided, that the words
“in all material respects” in this Section 3.3 shall, as to any representation or warranty that
contains a materiality standard, operate without duplication of such standard.

          3.4 Such Borrower has caused to be conducted a thorough review of the terms of the Credit
Agreement and the other Loan Documents and such Borrower’s and its Subsidiaries’ operations since
the Closing Date and, as of the date hereof, there are no Defaults or Events of Default thereunder.

          4. Reference to the Effect on the Credit Agreement.

          4.1 Upon the effectiveness of this Amendment pursuant to Section 2 above, on and after
the date hereof, each reference in the Credit Agreement to “this Credit Agreement,” “hereunder,”
“hereof,” “herein” or words of like import shall mean and be a reference to the Credit Agreement as
modified hereby.

          4.2 Except as specifically waived or modified above, the Credit Agreement and all other
documents, instruments and agreements executed and/or delivered in connection therewith, shall
remain in full force and effect, and are hereby ratified and confirmed.

2

 

          4.3 The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power of remedy of the Administrative
Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any
other documents, instruments and agreements executed and/or delivered in connection therewith.

          5. Costs and Expenses. The Borrowers jointly and severally agree to pay all reasonable
costs, fees and out-of-pocket expenses (including reasonable attorneys’ fees and expenses charged
to the Administrative Agent) incurred by the Administrative Agent in connection with the
preparation, arrangement, execution and enforcement of this Amendment.

          6. Governing Law. THIS AMENDMENT SHALL BE GOVERNED IN ACCORDANCE WITH THE INTERNAL
LAWS, AS OPPOSED TO THE CONFLICTS OF LAW PROVISIONS, OF THE STATE OF NEW YORK.

          7. Headings. Section headings in this Amendment are included herein for convenience
of reference only and shall not constitute a part of this Amendment
for any other purpose.

          8. Counterparts. This Amendment may be executed in any number of counterparts, all
of which taken together shall constitute one agreement, and any of the parties hereto may execute
this Amendment by signing any such counterpart. A facsimile signature page hereto sent to the
Administrative Agent or the Administrative Agent’s counsel shall be effective as a counterpart
signature provided each party executing such a facsimile counterpart agrees, if requested, to
deliver originals thereof to the Administrative Agent.

          9. No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Amendment, the Credit Agreement and the other Loan Documents.
In the event an ambiguity or question of intent or interpretation arises, this Amendment, the
Credit Agreement and the other Loan Documents shall be construed as if drafted jointly by the
parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any provisions of this Amendment, the Credit Agreement or any of the
other Loan Documents.

The remainder of this page is intentionally blank.

3

 

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

	 	 	 	 	 	 	 	 	 
	 	 	DOMESTIC BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	G&K SERVICES, INC., as Domestic Borrower	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Glenn L. Stolt	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Glenn L. Stolt	 	 
	 

	 	 	 	Title:
	 	Vice President & Treasurer	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	CANADIAN BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	G&K SERVICES CANADA INC., as Canadian	 	 
	 	 	Borrower	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Glenn L. Stolt	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Glenn L. Stolt	 	 
	 

	 	 	 	Title:
	 	Vice President & Treasurer	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, NATIONAL	 	 
	 	 	ASSOCIATION, as Administrative Agent and	 	 
	 	 	Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Suzanne Ergastolo	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Suzanne Ergastolo	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL	 	 
	 	 	ASSOCIATION, as
Syndication Agent and Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Michael J. McGroarty	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Michael J. McGroarty	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,	 	 
	 	 	as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Charles R. Dickerson	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Charles R. Dickerson	 	 
	 

	 	 	 	Title:
	 	Managing Director	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	HARRIS, N.A., as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Kathleen J. Collins	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Kathleen J. Collins	 	 
	 

	 	 	 	Title:
	 	Director	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	SUNTRUST BANK, as Lender	 	 
	 
	 	 	By:	 	/s/ William Humphries	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	William Humphries	 	 
	 

	 	 	 	Title:
	 	 Managing Director	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	BANK OF TOKYO-MITSUBISHI UFJ, LTD.,	 	 
	 	 	Chicago Branch, as Lender              	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Matthew A. Ross	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Matthew A. Ross	 	 
	 

	 	 	 	Title:
	 	Vice President & Manager	 	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,	 	 
	 	 	as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Peter I. Bystol	 	 
	 	 	 	 	 	 	  
	 

	 	 	 	Name:
	 	Peter I. Bystol	 	 
	 

	 	 	 	Title:
	 	Assistant Vice President	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	COMERICA BANK, as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Timothy O’Rourke	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Timothy O’Rourke	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	THE NORTHERN TRUST COMPANY, as Lender	 	 
	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	REGIONS BANK, 

as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: 	 	/s/ Jay Ingram	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Jay Ingram	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL	 	 
	 	 	ASSOCIATION, as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ John G. Taylor	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	John G. Taylor	 	 
	 

	 	 	 	Title:
	 	Director	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

	 	 	 	 	 	 	 	 	 
	 	 	BANK HAPOALIM B.M., as Lender	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Marc Bosc	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Marc Bosc	 	 
	 

	 	 	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Lenroy Hackett	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Lenroy Hackett	 	 
	 

	 	 	 	Title:
	 	First Vice President	 	 

Signature Page to

Amendment No. 1 to Amended and Restated Credit Agreement

 

 

EXHIBIT A

AFFIRMATION OF GUARANTEES

ATTACHED

 

 

AFFIRMATION OF GUARANTEES

          Reference is hereby made to the Amended and Restated Credit Agreement, dated as of August 31,
2005 (as the same may be amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement’’), by and among G&K Services, Inc., G&K Services Canada Inc., the
lenders from time to time party thereto, Wells Fargo Bank, National Association, as Syndication
Agent, and JPMorgan Chase Bank, National Association, as Administrative Agent. Each capitalized
term used herein and not defined herein shall have the meaning ascribed thereto in the Credit
Agreement.

          Each
of the undersigned hereby acknowledges receipt of a copy of Amendment No. 1 to Amended
and Restated Credit Agreement dated as of May 30, 2007. Each of the Material Domestic Subsidiaries
party hereto affirms the terms and conditions of the Amended and Restated Domestic Borrower
Guaranty Agreement (the “Domestic Guaranty”) and each of the Material Canadian Subsidiaries
party hereto affirms the terms and conditions of the Amended and Restated Canadian Subsidiary
Guaranty Agreement (the “Canadian  Guaranty”). The Borrower, each Material
Domestic Subsidiary party hereto and each Material Canadian Subsidiary party hereto also affirms
the terms and conditions of all of the other Loan Documents executed by it and acknowledges and
agrees that the Domestic Guaranty, the Canadian Guaranty and all other Loan Documents to which it
is a party remain in full force and effect and are hereby reaffirmed, ratified and confirmed. Each
reference to the “Credit Agreement” set forth in the Domestic Guaranty, the Canadian Guaranty and
the other Loan Documents shall be a reference to the Credit Agreement as the same may from time to
time hereafter be amended, modified, supplemented or restated.

The remainder of this page is intentionally blank.

 

 

	 	 	 	 	 
	Dated: May 31, 2007	 	 
	 
	 	 	 	 
	G&K SERVICES, INC.	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Glenn L. Stolt
 

Glenn L. Stolt
	 	 
	Title:

	 	Vice President & Treasurer	 	 
	 
	 	 	 	 
	ALL RENTAL GARMENT CO. OF	 	 
	ROCKFORD, INC.	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Glenn L. Stolt
 

Glenn L. Stolt
	 	 
	Title:

	 	Vice President & Treasurer	 	 
	 
	 	 	 	 
	G&K SERVICES LUG, LLC	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Glenn L. Stolt
 

Glenn L. Stolt
	 	 
	Title:

	 	Vice President & Treasurer	 	 
	 
	 	 	 	 
	RENTAL UNIFORM COMPANY, INC.	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Glenn L. Stolt
 

Glenn L. Stolt
	 	 
	Title:

	 	Vice President & Treasurer	 	 
	 
	 	 	 	 
	3075964 NOVA SCOTIA COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ Glenn L. Stolt
 

	 	 
	Name:

	 	Glenn L. Stolt	 	 
	Title:

	 	Vice President & Treasurer	 	 
	 
	 	 	 	 
	G&K SERVICES, CO.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Glenn L. Stolt
 

	 	 
	Name:

	 	Glenn L. Stolt	 	 
	Title:

	 	Vice President & Treasurer	 	 
	 
	 	 	 	 
	KEEFER LAUNDRY LTD.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Glenn L. Stolt
 

	 	 
	Name:

	 	Glenn L. Stolt	 	 
	Title:

	 	Vice President & Treasurer	 	 
	 
	 	 	 	 
	G&K LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 
	By:

	 	/s/ Glenn L. Stolt
 

	 	 
	Name:

	 	Glenn L. Stolt	 	 
	Title:

	 	Vice President & Treasurer	 	 
	 
	 	 	 	 
	LES SERVICES G&K (QUEBEC) INC.	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Glenn L. Stolt
 

Glenn L. Stolt
	 	 
	Title:

	 	Vice President & Treasurer	 	 

Signature Page to Affirmation of Guarantees

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