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Exhibit 10.1  

 
  AMENDMENT NO. 1 TO
  STOCK PURCHASE AGREEMENT    
  

        This AMENDMENT NO. 1 TO STOCK PURCHASE AGREEMENT ("Amendment
No. 1") is entered into as of the 11th day of October, 2002 by and among JKC GROUP, INC., a New York
corporation (the "Company"), JKC ALBERTA LTD., an Alberta corporation, and  ZI CORPORATION, an Alberta
corporation ("Zi"). 

 
 

RECITALS    
  

        A.    The parties entered into a Stock Purchase Agreement dated as of August 2, 2002 (the
"Purchase Agreement") to provide for the Company's acquisition, through Exchangeco, of MagicVision Media Inc., an Ontario corporation
("MagicVision"), its 100% interest in Magic Lantern Communications Ltd., a Canadian corporation
("Lantern"), and Lantern's 100% interest in TutorBuddy Inc., a Canadian corporation, and 75% interest in Sonoptic Technologies, Inc., a
Canadian corporation (collectively, the "Lantern Group") through the purchase of all the issued and outstanding capital stock of MagicVision from Zi. 

        B.    The parties desire to amend the terms of the Purchase Agreement pursuant to this Amendment No. 1 to modify the
Company's undertaking to obtain shareholder approval for its reincorporation in Delaware (the "Delaware Reincorporation") under the name
"Magic Lantern Corporation" (the "Name Change") to retain the undertaking pertaining to the Name Change
as a closing condition and modify the undertaking pertaining to the Delaware Reincorporation as a post closing covenant. 

        C.    The parties also desire to memorialize their determinations pertaining to the Outside Closing Date, as defined in
Section 1.1 of the Purchase Agreement, and the initial grants under the Lantern Option Plan contemplated by Section 9.10 of the Purchase Agreement. 

        Accordingly,
the parties hereby agree as follows: 

 
 

AGREEMENT    
  

        1.    Definitions and Construction.    

        1.1    Definitions.    All capitalized terms used in this Amendment No. 1 and not otherwise defined herein
shall the have the respective meanings ascribed to them in the Purchase Agreement. Capitalized terms defined in this Amendment No. 1 and not otherwise defined in the Purchase Agreement shall be
added to Section 1.1 of the Purchase Agreement, together with their respective definitions herein. 

        1.2    Construction.    Unless otherwise expressly provided herein, all references herein to Sections, Schedules or
Exhibits refer to the corresponding sections, schedules or exhibits of or to the Purchase Agreement. 

        2.    Terms of Transaction.    Section 2.9 is hereby amended to
read in its entirety as follows: 

        2.9    Post Closing Transactions.    The Company shall change its name to "Magic Lantern
Corporation" or similar mutually acceptable corporate name as soon as practicable after the Closing in accordance with Section 10.2(a) (the "Name
Change") and shall reincorporate in the State of Delaware as soon as practicable after its next annual meeting of shareholders in accordance with Section 10.2(b) (the
"Delaware Reincorporation"). 

1

 

        3.    Conditions Precedent to Zi's Obligations.    Section 9.9
is hereby amended to read in its entirety as follows: 

        9.9    Name Change.    The Company shall have obtained Shareholder Approval for the Name Change. 

        4.    Post-Closing Covenants.    Section 10.2 is
hereby amended to read in its entirety as follows: 

        10.2    Name Change and Delaware Reincorporation.    (a) As soon as practicable after the Closing, the Company
shall file a certificate of amendment to its Charter with the Office of the Secretary of State of the State of New York to effect the Name Change. 

        (b)  At
its next annual meeting of shareholders, but not later than August 31, 2003, the Company shall solicit its shareholders for approval of the Delaware
Reincorporation by merger into a wholly owned subsidiary to be incorporated in the State of Delaware for that purpose (the "Reincorporating Sub"). The
Reincorporating Sub shall be the surviving corporation in the merger and shall have a Charter and Bylaws at the effective time of the Delaware Reincorporation substantially in the form of the Charter
and Bylaws of the Company as of the date hereof, except that (i) Article Ninth of the Company's Charter shall not be included in the Charter of the Reincorporating Sub and (ii) the
Charter of the Reincorporating Sub shall reflect the Name Change. The plan of merger and certificates of merger for implementing the Delaware Reincorporation shall provide for JKC Common Stock
Outstanding immediately prior to the reincorporating merger to be converted into shares of the same class of the Reincorporating Sub, which shall succeed to all of the Company's rights and obligations
as of the effective time of the Delaware Reincorporation in accordance with the Delaware General Corporation Law, including its continuing rights and obligations under the Transaction Agreements. The
Company shall use its best efforts to complete the Delaware Reincorporation within ten Business Days after obtaining shareholder approval therefor. 

Consistent
with the foregoing amendment of Section 10.2, the forms of Charter and Bylaws of the Reincorporating Sub to be annexed as Exhibit I  and Exhibit J shall be deleted in their entirety. 

        5.    Determination of Outside Closing Date.    The Outside Closing
Date shall be no later than November 14, 2002. 

        6.    Updates to JKC Schedules.    The JKC Schedules annexed to this
Amendment No. 1 shall replace the corresponding JKC Schedules to the Purchase Agreement with the same effect as though initially included therein. 

        7.    Update to Lantern Option Schedule and
Plan.    (a) Schedule 9.10 annexed to this Amendment No. 1 shall replace the
corresponding blank Schedule 9.10 to the Purchase Agreement to reflect the Parties' determinations on initial Lantern Option grants contemplated by the Lantern Option Plan, and the form of
Lantern Option Plan annexed as Exhibit C to the Purchase Agreement shall be updated to reflect those determinations. 

        (b)  Section 7(a)
of the Lantern Option Plan in the form annexed as Exhibit C to the Purchase Agreement is hereby amended to read in its entirety as follows: 

        7.    Grant, Terms and Conditions of Options. (a) Initial Grants. In
accordance with the Acquisition agreement, Options shall be issued at the Closing to the following Grantees, exercisable for the respective number of shares of Common Stock set forth opposite their
names below ("Initial Grants") for a term of up to three years, subject to the vesting provisions of Section 7(d), at an exercise prices equal to
the closing price of the Common 

2

 

Stock on the American Stock Exchange (the "AMEX") on a trading day selected by the Company prior to mailing its definitive proxy materials relating to
the Acquisition: 

	Name of Grantee
 
	 	Shares Subject to

Initial Grant

	Harvey Gordon	 	500,000
	Dale Kearns	 	75,000
	Howard Balloch	 	250,000
	Michael R. Mackenzie	 	250,000
	Michael Lobsinger	 	250,000
	Richard Geist	 	200,000
	Richard Siskind	 	200,000

Additional
Options may be granted by the Committee at any time and from time to time prior to the termination of the Plan. Except as provided in Section 7(a), Options granted under the Plan
shall be subject to the following terms and conditions: 

        8.    Miscellaneous.    

        8.1    Binding Effect.    The terms, conditions and provisions of this Amendment No. 1 and all rights and
obligations of each Party hereunder shall inure to the benefit of and be binding upon that Party and its successors and permitted assigns. Nothing herein expressed or implied shall give or be
construed to give to any other Person any legal or equitable rights hereunder. 

        8.2    Amendment.    Neither this Amendment No. 1 nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by all the Parties. 

        8.3    Entire Agreement.    The Purchase Agreement, including the Schedules and Exhibits, each as amended hereby,
together with the confidentiality provisions of the LOI, sets forth the entire agreement and understanding of the Parties relating to the subject matter thereof and supersedes all prior and
contemporaneous agreements, negotiations and understandings between or among the Parties, both oral and written, relating to the subject matter of the Purchase Agreement. 

        8.4    Captions.    The headings and captions in this Amendment No. 1 are for convenience and identification
only and are in no way intended to define, limit or expand the scope and intent of this Amendment No. 1 or any provision hereof. 

        8.5    Counterparts.    This Amendment No. 1 may be executed in separate counterparts that together will
constitute one and the same instrument. 

3

 

        IN
WITNESS WHEREOF, the Parties have caused this Amendment No. 1 to be duly executed by the undersigned as of the date first set forth above. 

	 	 	JKC GROUP, INC.
	

 	
 	

By:	

/s/  RICHARD SISKIND      
 Richard Siskind,
 President and Chief Executive Officer
	

 	
 	
JKC ALBERTA LTD.
	

 	
 	

By:	

/s/  RICHARD SISKIND      
 Richard Siskind,
 President and Chief Executive Officer
	

 	
 	
ZI CORPORATION
	

 	
 	

By:	

/s/  MICHAEL LOBSINGER      
 Michael Lobsinger,
 Chief Executive Officer

4

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AMENDMENT NO. 1 TO STOCK PURCHASE AGREEMENT

RECITALS

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EXHIBIT 4.1    
  

AMENDMENT NO. 6 TO

AMENDED AND RESTATED CREDIT AGREEMENT  

        THIS AMENDMENT NO. 6 TO AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment
No. 6") is entered into as of October 16, 2002 by and among NATIONAL EQUIPMENT SERVICES, INC., a Delaware
corporation (the "Borrower"), each of the parties identified as a Subsidiary Guarantor on the signature pages hereto (the
"Subsidiary Guarantors"), each of the financial institutions identified as a Lender on the signature pages hereto (the
"Lenders"), and WACHOVIA BANK, NATIONAL ASSOCIATION (formerly First Union National Bank), as agent for
the Lenders (the "Agent"). Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Existing
Credit Agreement (hereinafter defined), after giving effect to this Amendment No. 6. 

RECITALS  

        WHEREAS, the Borrower, the Subsidiary Guarantors, the Lenders and the Agent are party to that certain Amended and
Restated Credit Agreement dated as of August 6, 1999, as amended, supplemented or otherwise modified to date (the "Existing Credit Agreement"); 

        WHEREAS, the Borrower has informed the Lenders that it anticipates being in violation of certain of its financial covenants for the fiscal
quarter ended September 30, 2002 and the succeeding two fiscal quarters and has requested that the Lenders amend those financial covenants to avoid causing an Event of Default under the
Existing Credit Agreement; and 

        WHEREAS, the Lenders are willing to amend such covenants, subject to the terms and conditions contained herein; 

        NOW, THEREFORE, in consideration of the agreements herein contained, the parties hereby agree as follows: 

PART I

DEFINITIONS  

        SUBPART
1.1.    Certain Definitions.    The following terms used in this Amendment No. 6, including its
preamble and recitals, have the following meanings: 

        "Amended Credit Agreement" means the Existing Credit Agreement as amended hereby. 

        "Amendment No. 6 Effective Date" is defined in Subpart 3.1. 

        SUBPART
1.2.    Other Definitions.    Unless otherwise defined herein or the context otherwise requires, terms used in
this Amendment No. 6, including its preamble and recitals, have the meanings provided in the Existing Credit Agreement. 

PART II

AMENDMENTS TO EXISTING CREDIT AGREEMENT  

        Effective on (and subject to the occurrence of) the Amendment No. 6 Effective Date, the Existing Credit Agreement is hereby amended in accordance with this  Part II. Except as so amended, the Existing Credit Agreement and all other Credit Documents shall continue in full force and effect. 

        SUBPART
2.1.    Amendments to
Section 1.1.    Section 1.1 of the Existing Credit Agreement is hereby amended as follows: 

        A.    The
table in the definition of "Applicable Percentage" is hereby deleted in its entirety and replaced with the following table: 

	Tier

Level
	 	Total Debt

Leverage Ratio
	 	Applicable

Percentage for

Eurodollar Loans
	 	Applicable

Percentage for

Base Rate Loans
	 	Applicable

Percentage for

Unused Line Fees
	 
	1	 	34.50 to 1.00	 	3.75	%	2.50	%	0.50	%
	2	 	34.00 to 1.00 but

<4.50 to 1.00	 	3.50	%	2.25	%	0.50	%
	3	 	33.50 to 1.00 but

<4.00 to 1.00	 	3.25	%	2.00	%	0.50	%
	4	 	<3.50 to 1.00	 	3.00	%	1.75	%	0.50	%

          B.    The
definition of "Borrowing Base" is hereby deleted in its entirety and replaced with the following: 

        "Borrowing Base" means, as of any day, an amount equal to the sum of (1) eighty percent (80%) of the aggregate face amount of
Eligible Accounts Receivable, plus (2) fifty percent (50%) of the net book value (determined at the lower of cost or market) of Eligible Parts
and Supplies Inventory, plus (3) eighty percent (80%) of the Orderly Liquidation Value of the Serialized Eligible Rental Equipment,  plus
(4) fifty-six percent (56%) of the net book value of the Non-Serialized Eligible Rental Equipment,
plus (5) eighty percent (80%) of the Delivered Cost of Eligible Equipment Held For Resale, in each case as set forth in the most recent Borrowing
Base Certificate delivered to the Agent and the Lenders in accordance with the terms of Section 7.1(d), plus (6) an amount equal to
(a) from October 1, 2002 through October 30, 2002, $25,000,000, (b) from October 31, 2002 through December 30, 2002, $20,000,000, (c) from
December 31, 2002 through March 30, 2003, $15,000,000, and (d) thereafter, $-0- (provided, that the foregoing amounts shall be reduced by an amount equal to fifty
percent (50%) of the amount by which the Net Cash Proceeds received for any Material Asset Disposition exceed the value included in the calculation of the most recently delivered Borrowing Base
associated with the
assets being disposed of), minus (7) an amount equal to the accrued and unpaid interest on the Senior Subordinated Notes,  minus (8) reserves
established by the Agent from time to time in its reasonable discretion. Notwithstanding the foregoing to the contrary, the
advance rate on the Non-Serialized Eligible Rental Equipment shall be readjusted periodically based on each new Equipment Appraisal thereof to equal the product (calculated as a
percentage) of (x) the ratio of (1) the Orderly Liquidation Value of the Non-Serialized Eligible Rental Equipment to (2) the net book value of the
Non-Serialized Eligible Rental Equipment multiplied by (y) eighty percent (80%). For the purposes of this definition, "Material Asset
Disposition" means an Asset Disposition the Net Cash Proceeds of which are in excess of $10,000,000. 

        C.    The
definition of "Serialized Eligible Rental Equipment" is hereby deleted in its entirety and replaced with the following: 

        "Serialized Eligible Rental Equipment" means Eligible Rental Equipment marked with and identifiable by serial number. 

        D.    The
following new definitions are hereby added in appropriate alphabetical order: 

        "Availability" means the excess of (i) the lesser of (A) the Revolving Committed Amount and (B) the Borrowing Base  over (ii) the sum of (A) the
aggregate amount of Revolving Loans outstanding plus
(B) the aggregate amount of Swingline Loans outstanding plus (C) the LOC Obligations plus
(D) the aggregate amount of the Term Loan outstanding. 

        "KPI Report" means a monthly report prepared by the Borrower setting forth the utilization and rental revenue trends for the top six
(6) equipment category classes of the Consolidated Parties, on a consolidated basis and by Operating Region, for such month. 

        "September 2002 Projections" means the financial projections of the Consolidated Parties for the period from June 30, 2002
through December 31, 2003 prepared by the Borrower and delivered to the Agent in September, 2002. 

        "Serialized Rental Equipment" means Rental Equipment marked with and identifiable by serial number. 

        SUBPART
2.2.    Amendment to
Section 2.1.    Section 2.1(a) of the Existing Credit Agreement is hereby amended by deleting the words
"FIVE HUNDRED FIFTY MILLION DOLLARS ($550,000,000)" and replacing them with the words "FOUR HUNDRED EIGHTY MILLION DOLLARS
($480,000,000)". 

        SUBPART
2.3.    Amendments to
Section 7.1.    Section 7.1 of the Existing Credit Agreement is hereby amended as follows; 

        A.    Section 7.1(b)(ii) of
the Existing Credit Agreement is hereby amended by deleting the words "(other than the last month of each fiscal quarter)". 

        B.    A
new Section 7.1(m) is hereby added to the Existing Credit Agreement which shall read as follows: 

        (m)    MD&A.    Within forty-five days after the close of each fiscal quarter of the Consolidated Parties,
a "Management Discussion and Analysis" comparing the actual operating results of the Consolidated Parties for such fiscal quarter to the September 2002 Projections. 

        C.    A
new Section 7.1(n) is hereby added to the Existing Credit Agreement which shall read as follows: 

        (n)    P&L.    Within thirty days after the close of each fiscal month of the Consolidated Parties, consolidated and
consolidating (by Operating Region) profit and loss statements and, with respect to the statements delivered following the end of each fiscal quarter of the Consolidated Parties only, comparing actual
results for the fiscal quarter then ended to the quarterly results set forth in the September 2002 Projections. 

        D.    A
new Section 7.1(o) is hereby added to the Existing Credit Agreement which shall read as follows: 

        (o)    KPI Reports.    Within thirty days after the close of each fiscal month of the Consolidated Parties, a KPI
Report for such month, in form and substance satisfactory to the Agent. 

        E.    Section 7.1(m) of the Existing Credit Agreement shall become  Section 7.1(p). 

        SUBPART
2.4.    Amendment to
Section 7.10.    Section 7.10 of the Existing Credit Agreement is hereby amended by adding a new  Section 7.10(e)
 at the end thereof which shall read as follows: 

        (e)  The
Credit Parties will, on or before the 30th day after the end of each month (as of the last day of such month), deliver to the Agent an Equipment
Appraisal of the Orderly Liquidation Value of the Serialized Rental Equipment. All Equipment Appraisals conducted pursuant to this  Section 7.10(e) shall be at the Credit Parties' expense.

        SUBPART
2.5.    Amendments to
Section 7.11.    Section 7.11 of the Existing Credit Agreement is hereby amended as follows: 

        A.    Section 7.11(b) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following: 

        (b)    Total Debt Leverage Ratio.    The Total Debt Leverage Ratio, as of the last day of each fiscal quarter of the
Consolidated Parties, shall be less than or equal to (i) 4.25 to 1.00 for the fiscal quarters ending December 31, 2001, March 31, 2002 and June 30, 2002, (ii) 4.50
to 1.00 for the fiscal quarter ending September 30, 2002, (iii) 4.75 to 1.00 for the fiscal quarter ending December 31, 2002 and (iv) 4.50 to 1.00 for the fiscal quarters
ending March 31, 2003 and thereafter. 

        B.    Section 7.11(c) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following: 

        (c)    Senior Debt Leverage Ratio.    The Senior Debt Leverage Ratio, as of the last day of each fiscal quarter of the
Consolidated Parties, shall be less than or equal to (i) 3.00 to 1.00 for the fiscal quarters ending December 31, 2001, March 31, 2002, June 30, 2002, September 30,
2002, and December 31, 2002 and (ii) 2.75 to 1.00 for the fiscal quarters ending March 31, 2003 and thereafter. 

        C.    Section 7.11(d) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following: 

        (d)    Consolidated Net Worth.    At all times Consolidated Net Worth shall be greater than or equal to
(i) $50,000,000 for the fiscal quarter ending September 30, 2002, (ii) $39,000,000 for the fiscal quarter
ending December 31, 2002 and (iii) $35,000,000 for the fiscal quarters ending March 31, 2003 and thereafter. 

        D.    Section 7.11(e) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following: 

        (e)    Fixed Charge Coverage Ratio.    The Fixed Charge Coverage Ratio, as of the last day of each fiscal quarter of
the Consolidated Parties, shall be greater than or equal to 1.75 to 1.00. 

        E.    Section 7.11(f) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following: 

        (f)    Interest-Rental Expense Coverage Ratio.    The Interest-Rental Expense Coverage Ratio, as of the last day of
each fiscal quarter of the Consolidated Parties, shall be greater than or equal to 1.75 to 1.00. 

        F.    Section 7.11(g) of the Existing Credit Agreement is hereby deleted in its entirety and replaced with the following: 

        (g)    Consolidated Net Capital Expenditures.    Consolidated Net Capital Expenditures shall not exceed $40,000,000 in
the aggregate during any fiscal year of the Borrower, with no more than $15,000,000 in the aggregate in any fiscal quarter of the Borrower. 

        SUBPART
2.6.    Amendment to
Section 7.17.    Section 7.17 of the Existing Credit Agreement is hereby amended by adding the following
new paragraph at the end thereof: 

        Notwithstanding
anything in Section 7.17 or Section 3.16 to the contrary, if
at any time Availability is less than $10,000,000, then the Agent shall instruct any depository bank with which the Borrower has a Blocked Account Agreement to sweep funds daily into the Wachovia
Account, or such other account as the Agent shall designate in writing. Further, the Borrower shall, upon instruction from the Agent, enter into a Blocked Account Agreement with any other financial
institution with which the Borrower maintains any funds and the Agent shall instruct such institution to sweep funds daily into the Wachovia Account, or such other account as the Agent 

shall designate in writing. For the avoidance of doubt, the giving of any such instructions by the Agent shall constitute a "Cash Management Event" for the purposes of Section 3.16. 

        SUBPART
2.7.    Amendment to Section 8.8.    Section 8.8
of the Existing Credit Agreement is hereby amended by adding a new clause (c) at the end thereof which shall read as follows: 

        or
(c) make any scheduled payments of principal or interest on the Subordinated Debt unless Availability, on a Pro Forma Basis after giving effect to any such payments, would be
greater than (i) $12,500,000 for any period on or prior to November 15, 2002 and (ii) $50,000,000 for any period after November 15, 2002. 

        SUBPART
2.8    Global Amendment.    All references in the Credit Documents to "First Union" or to "First Union
National Bank" shall be amended to refer to "Wachovia" or to "Wachovia Bank, National Association", respectively. 

PART III

CONDITIONS TO EFFECTIVENESS  

        SUBPART
3.1.    Amendment No. 6 Effective Date.    This Amendment No. 6 shall be and become effective as
of the date hereof (the "Amendment No. 6 Effective Date") when all of the conditions set forth in this  Part III shall have been satisfied, and
thereafter this Amendment No. 6 shall be known, and may be referred to, as
"Amendment No. 6". 

        SUBPART
3.2.    Execution of Counterparts of Amendment.    The Agent shall have received executed counterparts of this
Amendment No. 6, which collectively shall have been duly executed on behalf of the Borrower, the Subsidiary Guarantors and the Required Lenders. 

        SUBPART
3.3.    Prepayment of Outstanding Term Loans.    The Agent shall have received a prepayment from the Borrower
in immediately available funds in an amount necessary to reduce the aggregate principal amount of the Term Loans outstanding to $70,000,000. 

        SUBPART
3.4.    Amendment Fee.    The Borrower shall have paid a fee to the Agent in connection with this Amendment
No. 6 in an amount equal to 0.375% multiplied by the sum of (a) the aggregate Revolving Commitments as of the date hereof plus
(b) the aggregate principal amount of the Term Loans outstanding as of the date hereof (in each case, after giving effect to this Amendment No. 6) for the account of each Lender pro rata
according to such Lender's aggregate Revolving Commitment and outstanding Term Loans as of the date hereof (in each case, after giving effect to this Amendment No. 6);  provided, however, that such fee shall be payable only to those Lenders that shall have returned
executed signature pages to this Amendment no later than 5:00 p.m. on Thursday, October 10, 2002, as directed by the Agent. 

        SUBPART
3.5.    Payment of Fees and Expenses.    The Agent shall have received all fees owing to it under the Credit
Agreement, the other Credit Documents and this Amendment No. 6, including those fees pursuant to that certain letter dated September 12, 2002 from the Agent to the Borrower. 

        SUBPART
3.6.    Other Documents.    The Agent shall have received such other documents as the Agent or counsel to the
Agent may reasonably request. 

PART IV

MISCELLANEOUS  

        SUBPART
4.1.    Cross-References.    References in this Amendment No. 6 to any Part or Subpart are, unless
otherwise specified, to such Part or Subpart of this Amendment No. 6. 

        SUBPART
4.2.    Instrument Pursuant to Existing Credit Agreement.    This Amendment No. 6 is a Credit Document
executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the
Existing Credit Agreement. 

        SUBPART
4.3.    References in Other Credit Documents.    At such time as this Amendment No. 6 shall become
effective pursuant to the terms of Subpart 3.1, all references in the Credit Documents to the "Credit Agreement" shall be deemed to refer to the
Amended Credit Agreement. 

        SUBPART
4.4.    Representations and Warranties.    Each Credit Party hereby represents and warrants that: 

        (a)  (i) it
has the requisite power and authority to execute, deliver and perform this Amendment No. 6, (ii) it is duly authorized to, and has been
authorized by all necessary action, to execute, deliver and perform this Amendment No. 6, (iii) this Amendment No. 6 has been duly executed and delivered by such Credit Party and
constitutes such Credit Party's legal, valid and binding obligations, enforceable in
accordance with its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors' rights generally and (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity) and (iv) the execution,
delivery and performance by it of this Amendment No. 6 will not violate or breach the terms of, or result in a default under, the indentures for the Senior Subordinated Notes or any other
material contracts of the Borrower or any of its Subsidiaries; 

        (b)  the
representations and warranties contained in Section 6 of the Credit Agreement are, subject to the limitations set forth therein, true and correct in all
material respects on and as of the Amendment No. 6 Effective Date, both before and after giving effect to this Amendment No.6, as though made on and as of such date; 

        (c)  no
Default or Event of Default exists under the Credit Agreement on and as of the Amendment No. 6 Effective Date, either before (other than a potential violation
of certain of the financial covenants in Section 7.11 of the Existing Credit Agreement (the "Covenant Default")) or after giving effect to this
Amendment No. 6.; and 

        (d)  no
consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in
connection with the execution, delivery or performance by such Credit Party of this Amendment No. 6. 

        SUBPART
4.5.    No Other Changes.    Except as expressly modified and amended in this Amendment No. 6, all the
terms, provisions and conditions of the Credit Documents shall remain unchanged. 

        SUBPART
4.6.    Severability.    Any provision of this Amendment No. 6 held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

        SUBPART
4.7.    Counterparts.    This Amendment No. 6 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. Delivery of executed counterparts of this Amendment
No. 6 by telecopy shall be effective as an original and shall constitute a representation that an original shall be delivered. 

        SUBPART
4.8.    Entirety.    This Amendment No. 6, the Amended Credit Agreement and the other Credit Documents
embody the entire agreement between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof. These Credit Documents represent the
final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. 

        SUBPART
4.9.    Governing Law.    THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AMENDMENT NO. 6 SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 

        SUBPART
4.10.    Successors and Assigns.    This Amendment No. 6 shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. 

        SUBPART
4.11    Waiver; Ratification and Reaffirmation.    The Lenders hereby waive the Covenant Default, if any
exists on the Amendment No. 6 Effective Date. Each Credit Party hereby ratifies the Credit Documents to which it is a party and acknowledges and reaffirms (a) that it is bound by all
terms of such Credit Documents (as amended hereby) applicable to it and (b) that it is responsible for the observance and full performance of its respective Obligations under such Credit
Documents. 

[remainder
of page intentionally left blank] 

        IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment No. 6 to be duly executed and delivered by their proper and duly authorized officer as of
the day and year first above written. 

	
BORROWER:	
 	
NATIONAL EQUIPMENT SERVICES, INC.
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	
SUBSIDIARY

GUARANTORS:	
 	
NES EQUIPMENT SERVICES CORPORATION
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	

 	
 	
REBEL STUDIO RENTALS, INC.
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	

 	
 	
NES SHORING ACQUISITION, INC.
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	

 	
 	
NES MANAGEMENT SERVICE CORPORATION
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	

 	
 	
NES PARTNERS, INC.
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	

 	
 	
NES COMPANIES, L.P.
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	

 	
 	
FALCONITE REBUILD CENTER, INC.
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	

 	
 	
NES INDIANA PARTNERS, INC.
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	

 	
 	
NES EQUIPMENT RENTAL, L.P.
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	

 	
 	
NES TRAFFIC SAFETY, L.P.
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	

 	
 	
NES EQUIPMENT SERVICES, INC. OF CANADA
	

 	
 	

By:	

/s/  MICHAEL D. MILLIGAN      

	 	 	Name:	Michael D. Milligan

	 	 	Title:	Senior Vice President

	
AGENT AND LENDERS:	
 	
WACHOVIA BANK, NATIONAL ASSOCIATION

(formerly First Union National Bank), as Agent and as a Lender
	

 	
 	

By:	

/s/  ERIC BUTLER      

	 	 	Name:	Eric Butler

	 	 	Title:	Managing Director

	

 	
 	
COMERICA BANK, as a Lender
	

 	
 	

By:	

/s/  LISA DAVIDSON MCKINNON      

	 	 	Name:	Lisa Davidson McKinnon

	 	 	Title:	Vice President

	

 	
 	
THE CIT GROUP/BUSINESS CREDIT, INC., as a Lender
	

 	
 	

By:	

/s/  JOHN F. BOHAN      

	 	 	Name:	John F. Bohan

	 	 	Title:	Vice President

	

 	
 	
AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, as a Lender
	

 	
 	

By:	

/s/  JAY S. LEWIS      

	 	 	Name:	Jay S. Lewis

	 	 	Title:	Officer

	

 	
 	
US BANK, NATIONAL ASSOCIATION, as a Lender
	

 	
 	

By:	

/s/  DARYL HAGSTROM      

	 	 	Name:	Daryl Hagstrom

	 	 	Title:	Vice President

	

 	
 	
TRANSAMERICA BUSINESS CAPITAL CORPORATION,

as a Lender
	

 	
 	

By:	

/s/  ARI KAPLAN      

	 	 	Name:	Ari Kaplan

	 	 	Title:	Vice President

	

 	
 	
MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC.,

as a Lender
	

 	
 	

By:	

/s/  JASON DEEGAN      

	 	 	Name:	Jason Deegan

	 	 	Title:	AVP

	

 	
 	
PNC BANK, NATIONAL ASSOCIATION, as a Lender
	

 	
 	

By:	

/s/  S.B. WINICEK      

	 	 	Name:	S.B. Winicek

	 	 	Title:	Vice President

	

 	
 	
COMPASS BANK, as a Lender
	

 	
 	

By:	

/s/  ARLENE STACKHOUSE      

	 	 	Name:	Arlene Stackhouse

	 	 	Title:	Senior Vice President

	

 	
 	
FLEET NATIONAL BANK, as a Lender
	

 	
 	

By:	

/s/  WILLIAM R. TOMMINS      

	 	 	Name:	William R. Tommins

	 	 	Title:	Senior Vice President

	

 	
 	
LASALLE BANK NATIONAL ASSOCIATION, as a Lender
	

 	
 	

By:	

/s/  DAVID A. CHAIHA      

	 	 	Name:	David A. Chaiha

	 	 	Title:	Vice President

	

 	
 	
CITICORP DEL-LEASE, INC., as a Lender
	

 	
 	

By:	

/s/  NEIL MARIN      

	 	 	Name:	Neil Marin

	 	 	Title:	Vice President

	

 	
 	
KEY CORPORATE CAPITAL INC., as a Lender
	

 	
 	

By:	

/s/  BRUCE F. SOWALSKIE      

	 	 	Name:	Bruce F. Sowalskie

	 	 	Title:	Vice President

	

 	
 	
THE PROVIDENT BANK, as a Lender
	

 	
 	

By:	

/s/  STEVE TOWVELKE      

	 	 	Name:	Steve Towvelke

	 	 	Title:	Senior Vice President

	

 	
 	
HARRIS TRUST AND SAVINGS BANK, as a Lender
	

 	
 	

By:	

/s/  RONALD V. REDD      

	 	 	Name:	Ronald V. Redd

	 	 	Title:	Vice President

	

 	
 	
CITIZENS BUSINESS CREDIT CORPORATION,

a Division of Citizens Leasing Corporation, as a Lender
	

 	
 	

By:	

/s/  LEVI K. SCHATZ      

	 	 	Name:	Levi K. Schatz

	 	 	Title:	Vice President

	

 	
 	
ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG, as a Lender
	

 	
 	

By:	

/s/  JOHN FAY      

	 	 	Name:	John Fay

	 	 	Title:	Vice President

	

 	
 	

By:	

/s/  JOHN S. RENNION      

	 	 	Name:	John S. Rennion

	 	 	Title:	Managing Director

	

 	
 	
MIZUHO CORPORATE BANK, LTD.

(formerly The Fuji Bank, Limited), as a Lender
	

 	
 	

By:	

/s/  NOBUCKI KOIKE      

	 	 	Name:	Nobucki Koike

	 	 	Title:	Senior Vice President

	

 	
 	
NATIONAL CITY BANK, as a Lender
	

 	
 	

By:	

/s/  ANDREW PERNSTEINER      

	 	 	Name:	Andrew Pernsteiner

	 	 	Title:	Account Officer

	

 	
 	
GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender
	

 	
 	

By:	

/s/  W. JEROME MCDERMOTT      

	 	 	Name:	W. Jerome McDermott

	 	 	Title:	Duly Authorized Signatory

	

 	
 	
UNION BANK OF CALIFORNIA, N.A., as a Lender
	

 	
 	

By:	

/s/  J. SCOTT JESSUN      

	 	 	Name:	J. Scott Jessun

	 	 	Title:	Vice President

	

 	
 	
REGIONS BANK, as a Lender
	

 	
 	

By:	

/s/  TAMMY M. FOSHEE      

	 	 	Name:	Tammy M. Foshee

	 	 	Title:	Assistant Vice President

	

 	
 	
DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender
	

 	
 	

By:	

/s/  PHILIP N. SALIBA      

	 	 	Name:	Philip N. Saliba

	 	 	Title:	Vice President

	

 	
 	
DEUTSCHE FINANCIAL SERVICE CORPORATION, as a Lender
	

 	
 	

By:	

/s/  J. KINFREOU      

	 	 	Name:	J. Kinfreou

	 	 	Title:	VP

	

 	
 	
DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES, as a Lender
	

 	
 	

By:	

/s/  THOMAS R. BRADY      

	 	 	Name:	Thomas R. Brady

	 	 	Title:	Director

	

 	
 	

By:	

/s/  JAMES M. GALLAGHER      

	 	 	Name:	James M. Gallagher

	 	 	Title:	Director

	

 	
 	
ALLFIRST BANK, as a Lender
	

 	
 	

By:	

/s/  MARK X. FIDATI      

	 	 	Name:	Mark X. Fidati

	 	 	Title:	Vice President

	

 	
 	
WASHINGTON MUTUAL BANK

(formerly Dime Commercial Corp.), as a Lender
	

 	
 	

By:	

/s/  DEBORAH E. SAFFIE      

	 	 	Name:	Deborah E. Saffie

	 	 	Title:	Vice President

	

 	
 	
SOVEREIGN BANK, as a Lender
	

 	
 	

By:	

/s/  ROBERT E. COOK      

	 	 	Name:	Robert E. Cook

	 	 	Title:	Vice President

	

 	
 	
GMAC COMMERCIAL CREDIT LLC, as a Lender
	

 	
 	

By:	

/s/  DAVID J. KANTES      

	 	 	Name:	David J. Kantes

	 	 	Title:	President, Special Assets Division

	

 	
 	
HARBOUR TOWN FUNDING TRUST, as a Lender
	

 	
 	

By:	

/s/  DIANA L. MUSHILL      

	 	 	Name:	Diana L. Mushill

	 	 	Title:	Authorized Agent

	

 	
 	
SANKATY ADVISORS, LLC as Collateral Manager for 

RACE POINT CLO, LIMITED, as Term Lender
	

 	
 	

By:	

/s/  DIANE J. EXTER      

	 	 	Name:	Diane J. Exter

	 	 	Title:	Managing Director, Portfolio Manager

	

 	
 	
SANKATY HIGH YIELD PARTNERS III, L.P.
	

 	
 	

By:	

/s/  DIANE J. EXTER      

	 	 	Name:	Diane J. Exter

	 	 	Title:	Managing Director, Portfolio Manager

	

 	
 	
SANKATY ADVISORS, LLC as Collateral Manager for 

GREAT POINT CLO 1999-1, LTD., as Term Lender
	

 	
 	

By:	

/s/  DIANE J. EXTER      

	 	 	Name:	Diane J. Exter

	 	 	Title:	Managing Director, Portfolio Manager

QuickLinks

EXHIBIT 4.1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]