Document:

wor-ex101_44.htm

Exhibit 10.1

EXECUTION VERSION

||AMENDMENT NO. 10
Dated as of January 14, 2019
to
PURCHASE AND SALE AGREEMENT
Dated as of November 30, 2000

This AMENDMENT NO. 10 (this “Amendment”), dated as of January 14, 2019, is entered into among the VARIOUS ENTITIES LISTED ON SCHEDULE I HERETO AS REMAINING ORIGINATORS (each, a “Remaining Originator”; and collectively, the “Remaining Originators”), WORTHINGTON INDUSTRIES ENGINEERED CABS, INC. (F/K/A ANGUS INDUSTRIES, INC.), a Delaware corporation, and WORTHINGTON INDUSTRIES ENGINEERED CABS, LLC (F/K/A ANGUS-PALM, LLC), a Delaware limited liability company (each, a “Released Originator”; and collectively, the “Released Originators”), AMTROL INC., a Rhode Island corporation, and WESTERMAN, INC., an Ohio corporation (each, an “Additional Originator”; and collectively, the “Additional Originators”), and WORTHINGTON RECEIVABLES CORPORATION, a Delaware corporation (the “Company”).

RECITALS

WHEREAS, the Remaining Originators, the Released Originators and the Company have entered into that certain Purchase and Sale Agreement, dated as of November 30, 2000 (as amended, supplemented or otherwise modified through the date hereof, the “Agreement”);

WHEREAS, concurrently herewith, the Company, as the Seller, the Servicer, the Administrator and PNC are entering into that certain Amendment No. 20 to the Receivables Purchase Agreement, dated as of the date hereof (the “Receivables Purchase Agreement Amendment”); 

WHEREAS, in connection with this Amendment, each of the Released Originators is being removed from the Agreement as a party thereto in the capacity of an “Originator”;

WHEREAS, in connection with this Amendment, each of the Additional Originators desires to join the Agreement as Originator thereunder on the date hereof; and

WHEREAS, the parties hereto wish to make certain changes to the Agreement as herein provided.

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

SECTION 1.Definitions.  All capitalized terms not otherwise defined herein are used as defined in the Agreement (including terms incorporated therein by reference).

SECTION 2.Amendments to Agreement. The Agreement is hereby amended as follows:

	

	
1
	
10th Amendment to the

Purchase and Sale Agreement

 

 

(a)With respect to each Additional Originator, any reference in the Agreement to the “Closing Date” or “the date hereof” shall be deemed to be a reference to “January 14, 2019”.

(b)With respect to each Additional Originator, any reference in the Agreement to the “Cut-off Date” shall be deemed to be a reference to “October 31, 2018”.

(c)The reference in Section 5.9(a) of the Agreement to “May 31, 2000” shall be deemed to be a reference to “November 30, 2018”.

(d)The Agreement is hereby amended to incorporate the changes shown on the marked pages of the Agreement attached hereto as Exhibit A.

SECTION 3.Release of Released Originators.  The parties hereto hereby agree that upon the effectiveness of this Amendment, the Released Originators shall no longer (a) be party to the Agreement or any other Transaction Document and shall no longer have any obligations or rights thereunder (other than such obligations which by their express terms survive termination of the Agreement or such other Transaction Document, as applicable) and (b) sell any Receivables or Related Rights to the Company pursuant to the Agreement or otherwise.

SECTION 4.Delegation and Assumption of Released Originators’ Obligations.  Effective immediately prior to the removal of the Released Originators as parties to the Agreement pursuant to Section 3 above, the Released Originators hereby delegate to each of the Remaining Originators and the Additional Originators, and each of the Additional Originators and the Remaining Originators, jointly and severally, hereby assumes, all of the Released Originators’ duties, obligations and liabilities that have arisen or accrued prior to the date hereof under the Agreement and each of the other Transaction Documents.

SECTION 5.Cancellation of Company Notes.  Each Released Originator represents and warrants to the other parties hereto that it (a) currently holds the Company Note made by the Company to such Released Originator (each, a “Released Originator Note”; and collectively, the “Released Originator Notes”) and (b) has not sold, pledged, assigned, or otherwise transferred any Released Originator Note or any interest therein.  Each Released Originator hereby acknowledges and agrees that as of the date hereof, all the Company’s outstanding obligations (including, without limitation, any payment obligations) under its applicable Released Originator Note have been finally and fully paid and performed.  Each of the Released Originator Notes is hereby cancelled and shall have no further force or effect.

SECTION 6.Joinder of Additional Originators.  Each Additional Originator hereby agree that it shall be bound by all of the terms, conditions and provisions of, and shall be deemed to be a party to (as if it were an original signatory to), the Agreement and each of the other relevant Transaction Documents.  From and after the later of the date hereof and the date that each Additional Originator has complied with all of the requirements of Section 1.7 of the Agreement, each Additional Originator shall be an Originator for all purposes of the Agreement and all other Transaction Documents.  Each Additional Originator hereby acknowledges that it has received copies of the Agreement and the other Transaction Documents and that each of the Administrator 

	

	
2
	
10th Amendment to the

Purchase and Sale Agreement

 

 

and each Purchaser Agent hereby acknowledges that this Amendment shall be deemed to satisfy the requirements of Section 1.7(b) of the Agreement.

SECTION 7.Authorization to File Financing Statements.  Upon the effectiveness of this Amendment, (a) each of the Released Originators and the Company hereby authorizes the Administrator to file (at the expense of the Company) one or more UCC-3 amendments in the form of Exhibit B hereto and (b) each of the Additional Originators and the Company hereby authorizes the Administrator to file (at the expense of the Company) one or more UCC-1 financing statements in the form of Exhibit C hereto.

SECTION 8.Miscellaneous.

8.1Representations and Warranties.

(a)Each of the Remaining Originators, the Additional Originators, the Released Originators and the Company hereby makes, with respect to itself, the following representations and warranties to the other parties hereto, the Administrator and each member of each Purchaser Group:

(i)Representations and Warranties.  The representations and warranties  contained in Article V of the Agreement of such “Originators” are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct as of such earlier date); 

(ii)Enforceability.  The execution and delivery by such Person of this Amendment, and the performance of its obligations under this Amendment and the Agreement, as amended hereby, are within its organizational powers and have been duly authorized by all necessary organizational action on its part.  This Amendment and the Agreement, as amended hereby, are its valid and legally binding obligations, enforceable in accordance with its terms; and

(iii)Termination Event.  No Purchase and Sale Termination Event or Unmatured Purchase and Sale Termination Event has occurred and is continuing.

(b)The Company hereby represents and warrants to the other parties hereto, the Administrator and each member of each Purchaser Group, with respect to itself, that:

(i)Representations and Warranties.  Its representations and warranties contained in Exhibit III of the Receivables Purchase Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date); and

	

	
3
	
10th Amendment to the

Purchase and Sale Agreement

 

 

(ii)No Default. Immediately after giving effect to this Amendment and the transactions contemplated hereby, no Termination Event or Unmatured Termination Event shall exist.

8.2Effectiveness.  This Amendment shall become effective as of the date hereof upon (a) receipt by the Company and the Administrator of counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the other parties hereto, (b) the effectiveness of the Receivables Purchase Agreement Amendment, (c) a copy of a separate Company Note in favor of each Additional Originator, duly executed by the Company, (d) confirmation of the return to the Company of the Released Originator Notes issued by the Company to each Released Originator, and the Administrator shall have received evidence that each Released Originator Note has been cancelled and (e) such other documents, instruments, agreements, certificates and lien searches reasonably requested by the Administrator prior to the date hereof.

8.3References to Agreement.  Upon the effectiveness of this Amendment, each reference in the Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Agreement as amended hereby, and each reference to the Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Agreement shall mean and be a reference to the Agreement as amended hereby.

8.4Effect on the Agreement.  Except as specifically amended above, the 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.

8.5No Waiver.  The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any party under the Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein.

8.6Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

8.7Severability.  Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction.

8.8Successors and Assigns.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

8.9Headings.  The Section headings in this Amendment are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof.

	

	
4
	
10th Amendment to the

Purchase and Sale Agreement

 

 

8.10Counterparts.  This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

	

	
5
	
10th Amendment to the

Purchase and Sale Agreement

 

 

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

 

WORTHINGTON RECEIVABLES CORPORATION

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

	

	
S-1
	
10th Amendment to the

Purchase and Sale Agreement

 

 

 REMAINING ORIGINATORS:

 

THE WORTHINGTON STEEL COMPANY,
a Delaware corporation

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

THE WORTHINGTON STEEL COMPANY,
an Ohio corporation

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

WORTHINGTON CYLINDERS CORPORATION

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

WORTHINGTON CYLINDERS WISCONSIN, LLC

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

WORTHINGTON STEEL COMPANY OF DECATUR, L.L.C.

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

WORTHINGTON STEEL OF MICHIGAN, INC.

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

	

	
S-2
	
10th Amendment to the

Purchase and Sale Agreement

 

 

 

REMAINING ORIGINATORS:

 

WORTHINGTON CYLINDERS KANSAS, LLC

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

 

WORTHINGTON STEEL ROME, LLC

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

 

THE WORTHINGTON STEEL COMPANY, LLC

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

 

STRUCTURAL COMPOSITES INDUSTRIES LLC

 

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

	

	
S-3
	
10th Amendment to the

Purchase and Sale Agreement

 

 

RELEASED ORIGINATORS:

 

WORTHINGTON INDUSTRIES ENGINEERED CABS, INC.

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

 

WORTHINGTON INDUSTRIES ENGINEERED CABS, LLC

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

	

	
S-4
	
10th Amendment to the

Purchase and Sale Agreement

 

 

ADDITIONAL ORIGINATORS:

 

    

AMTROL INC.

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

 

WESTERMAN, INC.

By: /s/ Marcus Rogier                                                      

Name: Marcus Rogier

Title: Treasurer

 

 

 

	

	
S-5
	
10th Amendment to the

Purchase and Sale Agreement

 

 

ACKNOWLEDGED AND AGREED:

 

 

 

 

PNC BANK, NATIONAL ASSOCIATION,

as Administrator
     

By: /s/ Michael Brown                                   

Name: Michael Brown
Title: Senior Vice President

 

 

 

PNC BANK, NATIONAL ASSOCIATION,

as a Related Committed Purchaser
     

By: /s/ Michael Brown                                   
Name: Michael Brown
Title: Senior Vice President

	

	
S-6
	
10th Amendment to the

Purchase and Sale Agreement

 

 

Exhibit A

[Amendments to the Purchase and Sale Agreement]

 

	

	
Exhibit A-1
	
Purchase and Sale Agreement

 

 

Exhibit B

[UCC-3 Amendments to be filed]

 

 

	

	
Exhibit B-1
	
Purchase and Sale Agreement

 

 

Exhibit C

[UCC-1 Financing Statements to be filed]

 

 

	

	
Exhibit C-1
	
Purchase and Sale Agreementwor-ex102_45.htm

Exhibit 10.2

 

EXECUTION VERSION

 

AMENDMENT NO. 20 TO RECEIVABLES PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 20 TO RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of January 14, 2019, is entered into among WORTHINGTON RECEIVABLES CORPORATION, a Delaware corporation, as Seller (the “Seller”), WORTHINGTON INDUSTRIES, INC., an Ohio corporation, as Servicer (the “Servicer”), THE MEMBERS OF THE VARIOUS PURCHASER GROUPS FROM TIME TO TIME PARTY TO THE AGREEMENT (as defined below) (each, a “Purchaser Group” and collectively, the “Purchaser Groups”), and PNC BANK, NATIONAL ASSOCIATION, as Administrator (the “Administrator”).

RECITALS

WHEREAS, the Seller, the Servicer, each member of each of the Purchaser Groups and the Administrator are parties to the Receivables Purchase Agreement, dated as of November 30, 2000 (as amended, supplemented or otherwise modified through the date hereof, the “Agreement”); 

WHEREAS, concurrently herewith, Worthington Industries Engineered Cabs, Inc. and Worthington Industries Engineered Cabs, LLC (each, a “Released Originator” and together the “Released Originators”), the Remaining Originators, AMTROL Inc. and Westerman, Inc. (each, a “New Originator” and together the “New Originators”), and the Seller are entering into that certain Amendment No. 10 to Purchase and Sale Agreement (the “Sale Agreement Amendment”), dated as of the date hereof;

WHEREAS, concurrently herewith, the Administrator, the Servicer, the Seller and JPMorgan Chase Bank, N.A. are entering into that certain Amendment No. 2 to Blocked Account Control Agreement (the “Blocked Account Amendment”), dated as of the date hereof;

WHEREAS, concurrently herewith, each of the Released Originators are entering into a separate Assignment Agreement with the Seller (each, an “Assignment Agreement” and collectively, the “Assignment Agreements”), dated as of the date hereof;

WHEREAS, concurrently herewith, the Seller, the Servicer, the Purchaser Agents and the Administrator are entering into that certain Eleventh Amended and Restated Fee Letter (the “Fee Letter”), dated as of the date hereof; and

WHEREAS, 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 Agreement. The Agreement is hereby amended to reflect the marked pages of the Agreement attached hereto as Exhibit A.

3.Representations and Warranties. The Seller and the Servicer each hereby represents and warrants to the Administrator and each member of the various Purchaser Groups from time to time party to the Agreement as follows:

(a)Representations and Warranties. Its representations and warranties contained in Exhibit III of the Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date);

(b)Enforceability.  The execution and delivery by each of the Seller and the Servicer of this Amendment, and the performance of each of its obligations under this Amendment and the Agreement, as amended hereby, are within each of its corporate powers and have been duly authorized by all necessary corporate action on each of its parts.  This Amendment and the Agreement, as amended hereby, are each of the Seller’s and the Servicer’s valid and legally binding obligations, enforceable in accordance with its terms; and

(c)No Default. Immediately after giving effect to this Amendment and the transactions contemplated hereby, no Termination Event or Unmatured Termination Event exists or shall exist.

(d)Borrowing Base.  Immediately after giving effect to this Amendment, the Sale Agreement Amendment and the Assignment Agreements, the Aggregate Investment plus the Total Reserves on the date hereof will not exceed the Net Receivables Pool Balance on the date hereof.

4.Consent.  Each of the parties hereto hereby (i) consents to the execution, delivery and performance of the Sale Agreement Amendment, the Blocked Account Amendment, each Assignment Agreement and each of the other documents, instruments and agreements referenced in Section 6 of this Amendment and (ii) waives any notice requirement set forth in the Agreement or any other Transaction Document as a prerequisite or condition precedent to the effectiveness of any such document, instrument or agreement.

5.Effect of Amendment. All provisions of the Agreement, including as expressly amended and modified by this Amendment, shall remain in full force and effect and are hereby ratified. After this Amendment becomes effective, 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.

6.Effectiveness. This Amendment shall become effective as of the date hereof upon (a) receipt by the Administrator of counterparts of: (i) this Amendment, (ii) the Sale Agreement Amendment, (iii) the Fee Letter, (iv) the Blocked Account Amendment, (v) each Assignment Agreement, (vi) a pro forma Information Package prepared after giving effect to the Assignment 

 

			
	

	
2
	
 

 

 

Agreements and the joinders pursuant to the Sale Agreement Amendment, (vii) standard corporate and enforceability opinions (covering no-conflicts with material agreements) and a perfected security interest opinion with respect to each New Originator and (viii) such other documents, instruments and agreements reasonably requested by the Administrator prior to the date hereof and (b) payment of the “Structuring Fee” (under and as defined in the Fee Letter) in accordance with the terms of the Fee Letter. 

7.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.

8.Severability.  Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction.

9.Governing Law.  This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York (without regard to any otherwise applicable principles of conflicts of law other than Sections 5-1401 and 5-1402 of the New York General Obligations Law).

10.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
	
 

 

 

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

WORTHINGTON RECEIVABLES
CORPORATION, as Seller

By: /s/ Marcus Rogier                                                
Name: Marcus Rogier
Title: Treasurer

WORTHINGTON INDUSTRIES, INC.,
as Servicer

By: /s/ Marcus Rogier                                                
Name: Marcus Rogier
Title: Treasurer

			
	

	
S-1
	
Amendment No. 20 to Receivables

Purchase Agreement (Worthington)

 

 

PNC BANK, NATIONAL ASSOCIATION,

as Administrator
     

By: /s/ Michael Brown                                               
Name: Michael Brown
Title: Senior Vice President

 

 

PNC BANK, NATIONAL ASSOCIATION,

as a Purchaser Agent and a Related Committed Purchaser
     

By: /s/ Michael Brown                                               
Name: Michael Brown
Title: Senior Vice President

			
	

	
S-2
	
Amendment No. 20 to Receivables

Purchase Agreement (Worthington)

 

 

Exhibit A

 

[Amendments to the Receivables Purchase Agreement]

			
	

	
Exhibit A
	
Amendment No. 20 to Receivables

Purchase Agreement (Worthington)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]