Document:

executed-first_amendment

                              FIRST AMENDMENT                               Dated as of March 16, 2020                                         to                                CREDIT AGREEMENT                                Dated as of July 13, 2018                                       among                                  TRUEBLUE, INC.,                                  as the Borrower,               THE SUBSIDIARIES OF THE BORROWER IDENTIFIED HEREIN,                                  as the Guarantors,                               BANK OF AMERICA, N.A.,                   as Administrative Agent, Swingline Lender and L/C Issuer,                                        and                         THE OTHER LENDERS PARTY HERETO                         PNC BANK, NATIONAL ASSOCIATION                                       and                    WELLS FARGO BANK, NATIONAL ASSOCIATION,                                as Co-Syndication Agents                          KEYBANK NATIONAL ASSOCIATION                                       and                     HSBC BANK USA, NATIONAL ASSOCIATION,                                    as Co-Agents                                    Arranged By:                               BOFA SECURITIES, INC.,                            PNC CAPITAL MARKETS LLC                                       and                          WELLS FARGO SECURITIES, LLC,                       as Joint Lead Arrangers and Joint Bookrunners    CHAR1\1713281v4 

 

                  FIRST AMENDMENT TO CREDIT AGREEMENT         This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Agreement”) is entered into as  of  March  16,  2020  (the  “First  Amendment  Effective  Date”)  among  TRUEBLUE,  INC.,  a  Washington  corporation  (the  “Borrower”),  the  Guarantors  party  hereto,  the  Lenders  party  hereto  and  BANK  OF  AMERICA, N.A., as Administrative Agent.  Capitalized terms used herein and not otherwise defined shall  have the meanings set forth in the Credit Agreement (as defined below).                                     RECITALS         WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent are parties  to that certain Credit Agreement dated as of July 13, 2018 (as amended or modified from time to time, the  “Credit Agreement”);         WHEREAS, the Borrower has requested that the Lenders agree to modify certain provisions of  the Credit Agreement; and         WHEREAS, the Lenders are willing to amend certain terms of the Credit Agreement, subject to  the terms and conditions set forth below.         NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which  are hereby acknowledged, the parties hereto agree as follows:                                    AGREEMENT         1.    Amendments to Credit Agreement.                 (a)   Section 1.01.  The following definitions in Section 1.01 of the Credit Agreement        are hereby amended to read as follows:                     “Arrangers”  means  BofA  Securities,  Inc.,  PNC  Capital  Markets  LLC  and  Wells              Fargo Securities, LLC, in their capacity as joint lead arrangers and joint bookrunners.                     “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by              the  applicable  Resolution  Authority  in  respect  of  any  liability  of  an  Affected  Financial              Institution.                     “Bail-In  Legislation”  means,  (a)  with  respect  to  any  EEA  Member  Country              implementing  Article 55  of  Directive 2014/59/EU of the  European  Parliament and  of  the              Council of the European Union, the implementing law, rule, regulation or requirement for              such  EEA  Member  Country  from  time  to  time  which  is  described  in  the  EU  Bail-In              Legislation  Schedule,  and  (b)  with  respect  to  the  United  Kingdom,  Part  I  of  the  United              Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation              or rule applicable in  the  United  Kingdom relating to  the resolution of  unsound  or failing              banks, investment firms or other financial institutions or their affiliates (other than through              liquidation, administration or other insolvency proceedings).                     “Base Rate” means for any day a fluctuating rate of interest per annum equal to              the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for              such day as publicly announced from time to time by Bank of America as its “prime rate”              and (c) the Eurodollar Rate plus 1.0%; provided that if the Base Rate shall be less than    CHAR1\1713281v4 

 

            zero, such rate shall be deemed zero for purposes of this Agreement.  The “prime rate” is              a rate set by Bank of America based upon various factors including Bank of America’s              costs and desired return, general economic conditions and other factors, and is used as a              reference  point  for  pricing  some  loans,  which  may  be  priced  at,  above,  or  below  such              announced rate.  Any change in such “prime rate” announced by Bank of America shall              take effect at the opening of business on the day specified in the public announcement of              such change.  If the Base Rate is being used as an alternate rate of interest pursuant to              Section 3.07 hereof (for the avoidance of doubt, only until any amendment has become              effective pursuant to Section 3.07), then the Base Rate shall be the greater of clauses (a)              and (b) above and shall be determined without reference to clause (c) above.                     “Consolidated  Fixed  Charge  Coverage  Ratio”  means,  as  of  any  date  of              determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently              completed  four  (4)  fiscal  quarters minus  (ii)  Restricted  Payments made  in  cash  to  any              third party (other than a Loan Party or any Subsidiary thereof), in each case, pursuant to              Section 7.06(c) – (e) (but excluding payments made by the Borrower to certain holders of              its Equity Interests in connection with share repurchases in an aggregate amount not to              exceed $300,000,000 during the term of this Agreement) during such period minus (iii)              Consolidated Capital Expenditures for such period minus (iv) income taxes paid in cash              during such  period to (b) Consolidated  Fixed  Charges for  the most  recently  completed              four (4) fiscal quarters.                      “LIBOR  Successor  Rate  Conforming  Changes”  means,  with  respect  to  any              proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate,              Interest Period, timing and frequency of determining rates and making payments of interest              and  other  technical,  administrative  or  operational  matters  as  may  be  appropriate,  in  the              discretion of the Administrative Agent, to reflect the adoption and implementation of such              LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent              in a manner substantially consistent with market practice (or, if the Administrative Agent              determines  that  adoption  of  any  portion  of  such  market  practice  is  not  administratively              feasible  or that  no market practice for the  administration  of such  LIBOR  Successor  Rate              exists,  in  such  other  manner  of  administration  as  the  Administrative  Agent  determines  is              reasonably necessary in connection with the administration of this Agreement).                     “Maturity Date” means as to the Revolving Loans, Swingline Loans and Letters of              Credit (and the related L/C Obligations), March 16, 2025; provided, however, that, in each              case,  if  such  date  is  not  a  Business  Day,  the  Maturity  Date  shall  be  the  next  preceding              Business Day.                     “Write-Down  and  Conversion  Powers”  means,  (a)  with  respect  to  any  EEA              Resolution  Authority,  the  write-down  and  conversion  powers  of  such  EEA  Resolution              Authority from time to time under the Bail-In Legislation for the applicable EEA Member              Country,  which  write-down  and  conversion  powers  are  described  in  the  EU  Bail-In              Legislation  Schedule,  and  (b)  with  respect  to  the  United  Kingdom,  any  powers  of  the              applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or              change the form of a liability of any UK Financial Institution or any contract or instrument              under which that liability arises, to convert all or part of that liability into shares, securities or              obligations  of  that  person  or  any  other  person,  to  provide  that  any  such  contract  or              instrument  is  to  have  effect  as  if  a  right  had  been  exercised  under  it  or  to  suspend  any              obligation in respect of that liability or any of the powers under that Bail-In Legislation that              are related to or ancillary to any of those powers.                                         2  CHAR1\1713281v4 

 

            (b)   Section 1.01.  The following definitions are hereby added to Section 1.01 of the        Credit Agreement in the appropriate alphabetical order to read as follows:                     “Affected Financial Institution” means (a) any EEA Financial Institution or (b)              any UK Financial Institution.                     “BHC  Act  Affiliate”  of  a  party  means  an  “affiliate”  (as  such  term  is  defined              under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.                     “Covered Entity” means any of the following:  (a) a “covered entity” as that term              is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered              bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b);              or (c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12              C.F.R. § 382.2(b).                     “Covered Party” has the meaning specified in Section 11.23.                      “Default Right” has the meaning assigned to that term in, and shall be interpreted              in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.                     “LIBOR Successor Rate” has the meaning specified in Section 3.07.                     “QFC”  has  the  meaning  assigned  to  the  term  “qualified  financial  contract”  in,              and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).                     “QFC Credit Support” has the meaning specified in Section 11.23.                     “Relevant  Governmental  Body” means  the  Federal  Reserve  Board  and/or  the              Federal Reserve Bank of New York, or a committee officially endorsed or convened by              the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose              of recommending a benchmark rate to replace LIBOR in loan agreements similar to this              Agreement.                     “Resolution Authority” means an EEA Resolution Authority or, with respect to              any UK Financial Institution, a UK Resolution Authority.                     “SOFR” with  respect  to  any  day  means  the  secured  overnight  financing  rate              published for such day by the Federal Reserve Bank of New York, as the administrator of              the  benchmark  (or  a  successor  administrator)  on  the  Federal  Reserve  Bank  of  New              York’s  website  (or  any  successor  source)  and,  in  each  case,  that  has  been  selected  or              recommended by the Relevant Governmental Body.                     “SOFR-Based Rate” means SOFR or Term SOFR.                     “Supported QFC” has the meaning specified in Section 11.23.                     “Term  SOFR” means  the  forward-looking  term  rate  for  any  period  that  is              approximately (as determined by the Administrative Agent) as long as any of the Interest              Period options set forth in the definition of “Interest Period” and that is based on SOFR              and that has been selected or recommended by the Relevant Governmental Body, in each                                         3  CHAR1\1713281v4 

 

            case as published on an information service as selected by the Administrative Agent from              time to time in its reasonable discretion.                     “UK  Financial  Institution”  means  any  BRRD  Undertaking  (as  such  term  is              defined  under  the  PRA  Rulebook (as  amended  from  time to time)  promulgated  by  the              United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6              of  the  FCA  Handbook  (as  amended  from  time  to  time)  promulgated  by  the  United              Kingdom  Financial  Conduct  Authority,  which  includes  certain  credit  institutions  and              investment firms, and certain affiliates of such credit institutions or investment firms.                     “UK  Resolution  Authority”  means  the  Bank  of  England  or  any  other  public              administrative  authority  having  responsibility  for  the  resolution  of  any  UK  Financial              Institution.                     “U.S. Special Resolution Regimes” has the meaning specified in Section 11.23.               (c)   Section  1.02.   A  new  clause  (d)  is  hereby  added  to  Section  1.02  of  the  Credit        Agreement to read as follows:                     (d)   Any reference herein to a merger, transfer, consolidation, amalgamation,              assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a              division of or by a limited liability company, or an allocation of assets to a series of a              limited liability company (or the unwinding of such a division or allocation), as if it were              a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer,              or similar term, as applicable, to, of or with a separate Person.  Any division of a limited              liability company shall constitute a separate Person hereunder (and each division of any              limited liability company that is a Subsidiary, joint venture or any other like term shall              also constitute such a Person or entity).               (d)   Section 1.05.  Section 1.05 of the Credit Agreement is hereby amended to replace        the  text  “comparable  or  successor  rate  thereto”  with  the  text  “rate  that  is  an  alternative  or        replacement  for  or  successor  to  any  of  such  rates  (including,  without  limitation,  any  LIBOR        Successor  Rate)  or  the  effect  of  any  of  the  foregoing,  or  of  any  LIBOR  Successor  Rate        Conforming Changes implemented pursuant to Section 3.07 hereof”.               (e)   Section  3.07.   Section  3.07  of  the  Credit  Agreement  is  hereby  amended  in  its        entirety to read as follows:                       3.07  Successor LIBOR.                    Notwithstanding  anything to  the  contrary  in  this  Agreement or any  other  Loan              Documents  (including  Section  11.01  hereof),  if  the  Administrative  Agent  determines              (which  determination  shall  be  conclusive  absent  manifest  error),  or  the  Borrower  or              Required  Lenders  notify  the  Administrative  Agent  (with,  in  the  case  of  the  Required              Lenders, a copy to Borrower) that the Borrower or Required Lenders (as applicable) have              determined, that:                           (i)   adequate  and  reasonable  means  do  not  exist  for  ascertaining                    LIBOR for any requested Interest Period because the LIBOR Screen Rate is not                    available or published on a current basis and such circumstances are unlikely to                    be temporary; or                                          4  CHAR1\1713281v4 

 

                        (ii)   the administrator of the LIBOR Screen Rate or a Governmental                    Authority having jurisdiction over the Administrative Agent has made a public                    statement  identifying  a  specific date  after  which  LIBOR  or  the  LIBOR  Screen                    Rate shall no longer be made available, or used for determining the interest rate                    of  loans;  provided  that,  at  the  time  of  such  statement,  there  is  no  successor                    administrator that is satisfactory to the Administrative Agent, that will continue                    to  provide  LIBOR  after  such  specific  date  (such  specific  date,  the  “Scheduled                    Unavailability Date”), or                           (iii)  syndicated  loans  currently  being  executed,  or  that  include                    language similar to that contained in this Section, are being executed or amended                    (as applicable) to incorporate or adopt a new benchmark interest rate to replace                    LIBOR,                      then, reasonably promptly after such determination by the Administrative Agent              or receipt by the Administrative Agent of such notice, as applicable, the Administrative              Agent and the Borrower may amend this Agreement to replace LIBOR with (x) one or              more  SOFR-Based  Rates  or  (y)  another  alternate  benchmark  rate  giving  due              consideration to any evolving or then existing convention for similar Dollar denominated              syndicated credit facilities for such alternative benchmarks and, in each case, including              any  mathematical  or  other  adjustments  to  such  benchmark  giving  due  consideration  to              any  evolving  or  then  existing  convention  for  similar  Dollar  denominated  syndicated              credit  facilities  for  such benchmarks, which  adjustment or method  for calculating  such              adjustment shall be published on an information service as selected by the Administrative              Agent  from  time  to  time  in  its  reasonable  discretion  and  may  be  periodically  updated               (the  “Adjustment;”  and  any  such  proposed  rate,  a  “LIBOR  Successor  Rate”),  and  any              such  amendment  shall  become  effective  at  5:00  p.m.  (New  York  time)  on  the  fifth              Business  Day  after  the  Administrative  Agent  shall  have  posted  such  proposed              amendment  to  all  Lenders  and  the  Borrower  unless,  prior  to  such  time,  Lenders              comprising  the  Required  Lenders  have  delivered  to  the  Administrative  Agent  written              notice that such Required Lenders (A) in the case of an amendment to replace LIBOR              with  a  rate  described  in  clause  (x),  object  to  the  Adjustment;  or  (B)  in  the  case  of  an              amendment  to  replace  LIBOR  with  a  rate  described  in  clause  (y),  object  to  such              amendment;  provided  that  for  the  avoidance  of  doubt,  in  the  case  of  clause  (A),  the              Required Lenders shall not be entitled to object to any SOFR-Based Rate contained in              any  such  amendment.   Such  LIBOR  Successor  Rate  shall  be  applied  in  a  manner              consistent with market practice; provided that to the extent such market practice is not              administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall              be applied in a manner as otherwise reasonably determined by the Administrative Agent.                      If no LIBOR Successor Rate has been determined and the circumstances under              clause (i) above exist or the Scheduled Unavailability Date has occurred (as applicable),              the  Administrative  Agent  will  promptly  so  notify  the  Borrower  and  each  Lender.               Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans              shall  be  suspended,  (to  the  extent  of  the  affected  Eurodollar  Rate  Loans  or  Interest              Periods),  and  (y)  the  Eurodollar  Rate  component  shall  no  longer  be  utilized  in              determining the Base Rate.  Upon receipt of such notice, the Borrower may revoke any              pending  request  for  a  Borrowing  of,  conversion  to  or  continuation  of  Eurodollar  Rate              Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing              that, will  be  deemed to have  converted  such request into  a  request for  a  Borrowing  of              Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein.                                         5  CHAR1\1713281v4 

 

                  Notwithstanding anything else herein, any definition of LIBOR Successor Rate              shall  provide  that  in  no  event  shall  such  LIBOR  Successor  Rate  be  less  than  zero  for              purposes of this Agreement.                     In  connection  with  the  implementation  of  a  LIBOR  Successor  Rate,  the              Administrative  Agent  will  have  the  right  to  make  LIBOR  Successor  Rate  Conforming              Changes from time to time and, notwithstanding anything to the contrary herein or in any              other  Loan  Document,  any  amendments  implementing  such  LIBOR  Successor  Rate              Conforming Changes will become effective without any further action or consent of any              other party to this Agreement.               (f)   Section  5.23.   Section  5.23  of  the  Credit  Agreement  is  hereby  amended  by        replacing all instances of the text “EEA Financial Institution” with the text “Affected Financial        Institution”.                (g)   Section 11.20.  Section 11.20 of the Credit Agreement is hereby amended by (i)        replacing all instances of the text “EEA Financial Institution” with the text “Affected Financial        Institution”; (ii) replacing all instances of the text “an EEA Resolution Authority” and “any EEA        Resolution Authority” with the text “the applicable Resolution Authority”; and (iii) replacing the        text “Solely to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a        party  to  this  Agreement  and  notwithstanding”  in  the  first  sentence  with  the  text        “Notwithstanding”.              (h)   Section 11.23.  A new Section 11.23 is hereby added to the Credit Agreement to        read as follows:                     11.23  Acknowledgement Regarding Any Supported QFCs.                    To the extent that the Loan Documents provide support, through a guarantee or              otherwise,  for  any  Swap Contract  or  any  other  agreement  or  instrument  that  is  a  QFC              (such  support,  “QFC  Credit  Support”,  and  each  such  QFC,  a  “Supported  QFC”),  the              parties  acknowledge  and  agree  as  follows  with  respect  to  the  resolution  power  of  the              Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title              II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the              regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of              such  Supported  QFC  and  QFC  Credit  Support  (with  the  provisions  below  applicable              notwithstanding that the Loan Documents and any Supported QFC may in fact be stated              to be governed by the laws of the State of New York and/or of the United States or any              other state of the United States):                     In the event a Covered Entity that is party to a Supported QFC (each, a “Covered              Party”)  becomes  subject  to  a  proceeding  under  a  U.S.  Special  Resolution  Regime,  the              transfer of such  Supported  QFC and  the  benefit  of  such  QFC  Credit  Support (and  any              interest and obligation in or under such Supported QFC and such QFC Credit Support,              and any rights in property securing such Supported QFC or such QFC Credit Support)              from such  Covered  Party will  be effective to the same extent as the  transfer would  be              effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC              Credit Support (and any such interest, obligation and rights in property) were governed              by the laws of the United States or a state of the United States.  In the event a Covered              Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a              U.S. Special Resolution Regime, Default Rights under the Loan Documents that might                                         6  CHAR1\1713281v4 

 

            otherwise  apply  to  such  Supported  QFC  or  any  QFC  Credit  Support  that  may  be              exercised against such Covered Party are permitted to be exercised to no greater extent              than such Default Rights could be exercised under the U.S. Special Resolution Regime if              the Supported QFC and the Loan Documents were governed by the laws of the United              States or a state of the United States.  Without limitation of the foregoing, it is understood              and  agreed  that rights  and remedies  of  the  parties  with  respect to  a Defaulting  Lender              shall in no event affect the rights of any Covered Party with respect to a Supported QFC              or any QFC Credit Support.               (i)   Schedule  11.02.  Schedule  11.02  (Certain  Addresses  for  Notices) to the  Credit        Agreement is hereby amended to read in the form attached hereto.          2.    Effectiveness; Condition Precedent.  This Agreement shall be effective upon satisfaction  of the following conditions precedent:               (a)   Receipt  by  the  Administrative  Agent  of  counterparts  of  this  Agreement  duly        executed  by  the  Borrower,  the  Guarantors,  the  Required  Lenders,  the  Lenders  extending  their        Commitments, the Swingline Lender and the L/C Issuer;               (b)   Receipt  by  the  Administrative  Agent  of  the  following,  in  form  and  substance        satisfactory to the Administrative Agent: (i) a certificate from a Responsible Officer of each Loan        Party  certifying  that  there have been  no changes  to  the  Organization  Documents  of such  Loan        Party  since  the  Closing  Date;  (ii)  such  certificates  of  resolutions  or  other  action,  incumbency        certificates  and/or  other  certificates  of  Responsible  Officers  of  each  Loan  Party  as  the        Administrative  Agent  may  require  evidencing  the  identity,  authority  and  capacity  of  each        Responsible  Officer  thereof  authorized  to  act  as  a  Responsible  Officer  in  connection  with  this        Agreement, the Credit Agreement and the other Loan Documents to which such Person is a party;        and (iii) such documents and certifications as the Administrative Agent may reasonably require to        evidence  that  each  Loan  Party  is  duly  organized  or  formed,  and  is  validly  existing,  in  good        standing  and  qualified  to  engage  in  business in  its  state  of  organization  or  formation  (it  being        understood that such certificate may be delivered on a post-closing basis for Job Rooster, Inc.);               (c)    Upon the reasonable request of any Lender made at least five (5) days prior to        the First Amendment Effective Date, the Borrower shall have provided to such Lender, and such        Lender shall be reasonably satisfied with, the documentation and other information so requested        in  connection  with  applicable  “know  your  customer”  and  anti-money-laundering  rules  and        regulations, including, without limitation, the PATRIOT Act;               (d)   If  the  Borrower  qualifies  as  a  “legal  entity  customer”  under  the  Beneficial        Ownership Regulation, it shall deliver, to each Lender that so requests, a Beneficial Ownership        Certification in relation to the Borrower;               (e)   The  Administrative  Agent  shall  have  received  from  the  Borrower  all  fees        required to be paid on or before the First Amendment Effective Date; and               (f)   The  Borrower  shall  have  paid  all  reasonable  out-of-pocket  costs  and  expenses        due and payable to the Administrative Agent on the date hereof, including without limitation, the        reasonable, documented fees and out-of-pocket costs and expenses of Moore & Van Allen PLLC        as counsel to the Administrative Agent to the extent invoiced at least two (2) Business Days prior        to the First Amendment Effective Date.                                          7  CHAR1\1713281v4 

 

      3.    Reaffirmation.  The Loan Parties acknowledge and confirm (a) that the Administrative  Agent,  for  the  benefit  of  the  holder  of  the  Obligations,  has  a  valid  and  enforceable  perfected  security  interest in the Collateral, which security interest is prior to all Liens other than Permitted Liens, (b) that  the Borrower’s obligation to repay the outstanding principal amount of the Loans and reimburse the L/C  Issuer for any drawing on a Letter of Credit and the Guarantors’ Obligations under the Loan Documents  are unconditional and not subject to any offsets, defenses or counterclaims, and (c) by entering into this  Agreement, the Administrative Agent and the Lenders do not waive or release any term or condition of  the Credit Agreement or any of the other Loan Documents or any of their rights or remedies under such  Loan Documents or applicable law or any of the obligations of any Loan Party thereunder.         4.    Ratification of Credit Agreement.  The term “Credit Agreement” as used in each of the  Loan Documents shall hereafter mean the Credit Agreement as amended and modified by this Agreement.   Except  as  herein specifically  agreed, the  Credit  Agreement, as amended by this  Agreement, is  hereby  ratified and confirmed and shall remain in full force and effect according to its terms.  The Loan Parties  acknowledge and consent to the modifications set forth herein and agree that this Agreement does not  impair, reduce or limit any of their obligations under the Loan Documents (including, without limitation,  the indemnity obligations set forth therein) and that, after the date hereof, this Agreement shall constitute  a Loan Document.  Notwithstanding anything herein to the contrary and without limiting the foregoing,  each Guarantor reaffirms its guaranty obligations set forth in the Credit Agreement.           5.    Authority/Enforceability.  Each of the Loan Parties represents and warrants as follows:               (a)   It  has  taken  all  necessary  action  to  authorize  the  execution,  delivery  and        performance of this Agreement.               (b)   This  Agreement  has  been  duly  executed  and  delivered  by  such  Person  and        constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its        terms, except  as such  enforceability  may  be  subject to  (i)  Debtor  Relief  Laws and  (ii)  general        principles of equity (regardless of whether such enforceability is considered in a proceeding at        law or in equity).               (c)   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 Person of this Agreement.               (d)   The  execution  and  delivery  of  this  Agreement  does  not  (i)  contravene  any        provision of its Organization Documents or (ii) violate any Laws applicable to it except as could        not reasonably be expected to have a Material Adverse Effect.         6.    Representations.   The  Loan  Parties  represent  and  warrant  to  the  Administrative  Agent  and the Lenders that (a) the representations and warranties of the Loan Parties set forth in Article V of the  Credit  Agreement  and  any  other  Loan  Document  are  true  and  correct  in  all  material  respects  (or,  if  qualified by materiality or Material Adverse Effect, in all respects) on and as of the date hereof, except to  the extent that such representations and warranties specifically refer to a certain date, in which case they  are true and correct in all material respects (or, if qualified by materiality or Material Adverse Effect, in  all respects) as of such date and (b) no Default exists.           7.    Counterparts/Telecopy.   This  Agreement  may  be  executed  in  counterparts  (and  by  different  parties  hereto  in  different  counterparts),  each  of  which  shall  constitute  an  original,  but all  of  which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a                                          8  CHAR1\1713281v4 

 

signature page of this Agreement by fax transmission or e-mail transmission (e.g., “pdf” or “tif”) shall be  effective as delivery of a manually executed counterpart of this Agreement.         8.    GOVERNING  LAW.  THIS  AGREEMENT  AND  THE  RIGHTS  AND  OBLIGATIONS  OF  THE  PARTIES  HEREUNDER  SHALL  BE  GOVERNED  BY,  AND  CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.                          [remainder of page intentionally left blank]                                          9  CHAR1\1713281v4 

 

 

 

 

 

ADMINISTRATIVE  AGENT:                  BANK OF AMERICA, N.A.,                          as Administrative Agent                            By:                          Name: Aamir Saleem                          Title: Vice President                                                                       TRUEBLUE, INC.                                                   FIRST AMENDMENT TO CREDIT AGREEMENT 

 

 

 

 

                KEYBANK NATIONAL ASSOCIATION,  as a Lender   By:________________________________  Name:  Joseph M Murry  Title: Senior Vice President                                              TRUEBLUE, INC.                           FIRST AMENDMENT TO CREDIT AGREEMENT 

 

 

                                 Schedule 11.02                           CERTAIN ADDRESSES FOR NOTICES   If to any Loan Party, in care of the Borrower at:         TrueBlue, Inc.        1015 A Street        Tacoma, Washington 98402        Attn: Todd N. Gilman, Deputy General Counsel        Fax No. (253) 502-5792   With copies to:          K&L Gates LLP        300 South Tryon Street        Suite 1000        Charlotte, North Carolina 28202        Attn:  Christine D. Hoke        Fax No. (704) 353-3195   If to the Administrative Agent and/or Swingline Lender:   For payments and Requests for Credit Extensions:         Bank of America, N.A.         Gateway Village-900 Building        900 W. Trade Street        Charlotte, NC 28255        Attention: Katrina Burton        Telephone: (980) 386-0987        Fax: (704) 719-8950        Email: kburton2@bofa.com         Wire Instructions:               Bank of America, N.A. (New York)        ABA#: 026009593        Account Name: Wire Clearing Acct for Syn Loans - LIQ        Account No.: 1366072250600       Ref: TrueBlue Inc.   For all other Notices as Administrative Agent:         Bank of America, N.A.         Mail Code: CA5-705-04-09        555 California Street, 4th Floor        San Francisco, CA 94104        Attention:  Aamir Saleem        Telephone: (415) 436-2769        Fax: (415) 503-5089        Email: aamir.saleem@bofa.com    CHAR1\1713281v4 

 

If to the L/C Issuer:         Bank of America, N.A.         Mail Code: PA6-580-02-30        1 Fleet Way         Scranton, PA, 18507       Attention: Mike Grizzanti        Telephone: (570) 496-9621        Fax: (800) 755-8743        Email:  michael.a.grizzanti@bofa.com    CHAR1\1713281v4mmac_Ex10_1

		
			EXHIBIT 10.1

		

		
			SECOND AMENDMENT TO TAX BENEFIT RIGHTS AGREEMENT
		

		
			 
		

		
			THIS SECOND AMENDMENT TO TAX BENEFIT RIGHTS AGREEMENT (this “Second Amendment”) is made as of the 12th day of March, 2020, by and between MMA CAPITAL HOLDINGS, INC., a Delaware corporation (f/k/a MMA Capital Management, LLC, a Delaware limited liability company) (the “Company”), and BROADRIDGE CORPORATE ISSUERS SOLUTIONS, INC. (the “Rights Agent”).
		

		
			 
		

		
			WHEREAS, the Company and the Rights Agent are parties to that certain Tax Benefit Rights Agreement dated as of May 5, 2015, as amended by that certain First Amendment thereto dated January 1, 2019 (the “Agreement”), adopted by the Company for the purpose of protecting its net operating losses and certain other tax benefits; 
		

		
			 
		

		
			WHEREAS, Section 27 of the Agreement provides, among other things, that, prior to the Distribution Date (as defined in the Agreement), the Company and the Rights Agent may from time to time supplement or amend the Agreement in any respect without the approval of any holders of Rights (as defined in the Agreement);
		

		
			 
		

		
			WHEREAS, no Distribution Date has occurred on or prior to the date hereof; and
		

		
			 
		

		
			WHEREAS, the Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders to amend the Agreement as set forth herein.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:
		

		
			 
		

			
	
			
				 1.
			

			
	
			
			Definitions.  Capitalized terms not otherwise defined herein shall have the meanings given them in the Agreement.

			
	
			
				 2.
			

			
	
			
			Specific Amendment.  Section 7 of the Agreement is hereby amended as follows:  Clause (a)(i) shall be amended and restated in its entirety to read as follows:  “(i) the Close of Business on May 5, 2023 (the “Final Expiration Date”),” and

			
	
			
				 3.
			

			
	
			
			Effective Date.  This Second Amendment is effective as of the date first set forth above.

			
	
			
				 4.
			

			
	
			
			Miscellaneous.  

			
	
			
				 (a)
			Except as amended hereby, the Agreement shall remain in full force and effect.  If any conflict exists between the provisions in this Amendment and the Agreement, this Amendment shall control.  The Agreement, as amended by this Amendment, constitutes the entire agreement of the parties hereto with respect to the subject matter of this Amendment, and contains all of the covenants and agreements of the parties hereto with respect thereto.  This Amendment may not be altered, changed or amended except in accordance with the provisions set forth in the Agreement for an amendment thereto.  This Amendment shall be binding upon and inure to the 

		 

	benefit of the parties hereto and their respective permitted successors and assigns.  All section headings of this Amendment are inserted solely as a matter of convenience and for reference, and are not a substantive part of this Amendment.

			
	
			
				 (b)
			This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State.

			
	
			
				 (c)
			This Amendment may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.

			
	
			
				 (d)
			By their execution of this Amendment, the undersigned Members hereby confirm that they are duly authorized to execute this Amendment and any necessary requisite approval has been obtained with respect to this Amendment and all matters set forth herein.

		
			(Signatures appear on following page)
		

		
			 
		

		
			
		

		
			

		 

		

		
			IN WITNESS WHEREOF, the proper officers of the Company have duly executed this Second Amendment effective as of the date and year first above written.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ATTEST:

					
					
						MMA CAPITAL HOLDINGS, INC.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ J Brooks Martin

					
					
						By:

					
					
						/s/ Gary A. Mentesana

				
	
					
						 

					
					
						Name:

					
					
						J Brooks Martin

					
					
						 

					
					
						Name:

					
					
						Gary A. Mentesana

				
	
					
						 

					
					
						Title:

					
					
						Secretary

					
					
						 

					
					
						Title:

					
					
						President

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ATTEST:

					
					
						BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Patricia Herzog

					
					
						By:

					
					
						/s/ John P. Dunn

				
	
					
						 

					
					
						Name:

					
					
						Patricia Herzog

					
					
						 

					
					
						Name:

					
					
						John P. Dunn

				
	
					
						 

					
					
						Title:

					
					
						Sr Contracts Administrator

					
					
						 

					
					
						Title:

					
					
						Vice President

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