Document:

Exhibit 10.12(c)

 

AMENDMENT
NO. 8 TO AMENDED AND

RESTATED RECEIVABLES PURCHASE AGREEMENT

 

This AMENDMENT NO. 8 TO AMENDED AND RESTATED
RECEIVABLES PURCHASE AGREEMENT, dated as of February [    ],
2010 (this “Amendment”), is by and among MANITOWOC FUNDING, LLC, as
Seller, THE MANITOWOC COMPANY, INC., as Servicer, HANNOVER FUNDING COMPANY LLC,
as Purchaser, and NORDDEUTSCHE LANDESBANK GIROZENTRALE, as Agent.

 

WHEREAS, the parties hereto are parties to
that certain Amended and Restated Receivables Purchase Agreement, dated as of December 21,
2006 (as amended, restated, supplemented or otherwise modified from time to
time, the “Agreement”); and

 

WHEREAS, the parties hereto desire to amend
the Agreement as set forth herein;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto hereby agree as follows:

 

SECTION 1.                                Definitions. 
Capitalized terms defined in the Agreement and used but not otherwise
defined herein shall have the meanings assigned thereto in the Agreement.

 

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

 

(a)                                  The definition of “Credit Agreement”
set forth in Exhibit I to the Agreement is amended by replacing the
date “June 12, 2009” where it appears therein with the date “January 21,
2010”.

 

(b)                                 Clause (s) of Exhibit IV to the Agreement is
replaced in its entirety with the following:

 

(s)                                  Financial
Covenants.

 

(i)                                     Maximum
Consolidated Total Leverage Ratio.  The Servicer will cause the Consolidated
Total Leverage Ratio at all times during the fiscal quarters of the Servicer
set forth below to be less than the ratio set forth opposite such fiscal
quarter below:

 

	
  Fiscal
  Quarter Ending

  	
   

  	
  Ratio

  
	
   

  	
   

  	
   

  
	
  June 30, 2009

  	
   

  	
  5.25:1.00

  
	
  September 30, 2009

  	
   

  	
  6.625:1.00

  
	
  December 31, 2009

  	
   

  	
  7.125:1.00

  
	
  March 31, 2010

  	
   

  	
  7.80:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2010

  	
   

  	
  7.80:1.00

  
	
  September 30, 2010

  	
   

  	
  7.25:1.00

  
	
  December 31, 2010

  	
   

  	
  6.625:1.00

  
	
  March 31, 2011

  	
   

  	
  6.50:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2011

  	
   

  	
  6.375:1.00

  
	
  September 30, 2011

  	
   

  	
  6.25:1.00

  
	
  December 31, 2011

  	
   

  	
  5.75:1.00

  
	
  March 31, 2012

  	
   

  	
  5.75:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2012

  	
   

  	
  5.25:1.00

  
	
  September 30, 2012

  	
   

  	
  4.75:1.00

  
	
  December 31, 2012

  	
   

  	
  4.50:1.00

  
	
  March 31, 2013

  	
   

  	
  4.50:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2013

  	
   

  	
  4.25:1.00

  
	
  September 30, 2013

  	
   

  	
  3.75:1.00

  
	
  December 31, 2013,

  	
   

  	
  3.50:1.00

  
	
  and thereafter

  	
   

  	
   

  

 

 

(ii)                                  Maximum Consolidated Senior Secured
Leverage Ratio.
The Servicer will cause the Consolidated Senior Secured Leverage Ratio at all
times during the fiscal quarters of the Servicer set forth below to be less
than the ratio set forth opposite such fiscal quarter below:

 

	
  Fiscal
  Quarter Ending

  	
   

  	
  Ratio

  
	
   

  	
   

  	
   

  
	
  December 31, 2010

  	
   

  	
  5.00:1.00

  
	
  March 31, 2011

  	
   

  	
  5.00:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2011

  	
   

  	
  5.00:1.00

  
	
  September 30, 2011

  	
   

  	
  5.00:1.00

  
	
  December 31, 2011

  	
   

  	
  4.25:1.00

  
	
  March 31, 2012

  	
   

  	
  4.25:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2012

  	
   

  	
  4.00:1.00

  
	
  September 30, 2012

  	
   

  	
  3.75:1.00

  
	
  December 31, 2012

  	
   

  	
  3.50:1.00

  
	
  March 31, 2013

  	
   

  	
  3.25:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2013

  	
   

  	
  3.25:1.00

  
	
  September 30, 2013

  	
   

  	
  3.25:1.00

  
	
  December 31, 2013,

  	
   

  	
  3.00:1.00

  
	
  and thereafter

  	
   

  	
   

  

 

2

 

(iii)                               Minimum Consolidated Interest Coverage
Ratio.  The Servicer will not permit the Consolidated
Interest Coverage Ratio for any fiscal quarter of the Servicer set forth below
to be less than or equal to the ratio set forth opposite such fiscal quarter
below:

 

	
  Fiscal
  Quarter Ending

  	
   

  	
  Ratio

  
	
   

  	
   

  	
   

  
	
  June 30, 2009

  	
   

  	
  2.75:1.00

  
	
  September 30, 2009

  	
   

  	
  2.25:1.00

  
	
  December 31, 2009

  	
   

  	
  1.875:1.00

  
	
  March 31, 2010

  	
   

  	
  1.75:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2010

  	
   

  	
  1.75:1.00

  
	
  September 30, 2010

  	
   

  	
  1.80:1.00

  
	
  December 31, 2010

  	
   

  	
  1.85:1.00

  
	
  March 31, 2011

  	
   

  	
  2.00:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2011

  	
   

  	
  2.00:1.00

  
	
  September 30, 2011

  	
   

  	
  2.125:1.00

  
	
  December 31, 2011

  	
   

  	
  2.25:1.00

  
	
  March 31, 2012

  	
   

  	
  2.375:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2012

  	
   

  	
  2.50:1.00

  
	
  September 30, 2012

  	
   

  	
  2.50:1.00

  
	
  December 31, 2012

  	
   

  	
  2.75:1.00

  
	
  March 31, 2013

  	
   

  	
  2.75:1.00

  
	
   

  	
   

  	
   

  
	
  June 30, 2013,

  	
   

  	
  3.00:1.00

  
	
  and thereafter

  	
   

  	
   

  

 

SECTION 3.                              Representations
and Warranties.  On the date
hereof, each of the Seller and Manitowoc hereby represents and warrants (as to
itself) to the Purchaser and the Agent as follows:

 

(a)                                  after giving
effect to this Amendment, no event or condition has occurred and is continuing
which constitutes a Termination Event or Unmatured Termination Event;

 

(b)                                 after giving
effect to this Amendment, the representations and warranties of such Person set
forth in the Agreement and each of the other Transaction Document are true and
correct as of the date hereof, as though made on and as of such date (except to
the extent such representations and warranties relate solely to an earlier date
and then as of such earlier date); and

 

(c)                                  this Amendment
constitutes the valid and binding obligation of such Person, enforceable
against such Person in accordance with its terms.

 

SECTION 4.                                Effectiveness. 
This Amendment shall be effective, as of the date hereof, upon receipt
by the Agent of the following (in each case, in form and substance reasonably
satisfactory to the Agent):

 

3

 

(a)                                  counterparts of
this Amendment duly executed by each of the parties hereto;

 

(b)                                 an executed
copy of a letter from JPMorgan Chase Bank, N.A. to Manitowoc confirming that
the transactions contemplated by the Transaction Documents constitute a “Permitted
Securitization” under the Credit Agreement; and

 

(c)                                  such other
agreements, documents, lien searches, officer certificates and instruments as
the Agent shall request.

 

SECTION 5.                              Miscellaneous.  The Agreement, as amended hereby, remains in
full force and effect.  Any reference to
the Agreement from and after the date hereof shall be deemed to refer to the
Agreement as amended hereby, unless otherwise expressly stated.  This Amendment may be executed in any number
of counterparts and by the different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which then taken together shall constitute one and the same Amendment.  This Amendment may be executed by facsimile
or delivery of a “.pdf” copy of an executed counterpart hereof.  This Amendment shall be governed by, and
construed in accordance with, the internal laws of the State of New York
(including Sections 5-1401 and 5-1402 of the General Obligations Law of the
State of New York, but without regard to any other conflict of laws provisions
thereof) and the obligations, rights and remedies of the parties under this
Amendment shall be determined in accordance with such laws.

 

[Signature pages follow]

 

4

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed, as of the date first above written.

 

	
   

  	
  MANITOWOC
  FUNDING, LLC, as Seller

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Amendment No. 8 to Amended and
Restated Receivables Purchase Agreement

 

S-1

 

	
   

  	
  THE
  MANITOWOC COMPANY, INC., as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Amendment No. 8 to Amended and
Restated Receivables Purchase Agreement

 

S-2

 

	
   

  	
  NORDDEUTSCHE
  LANDESBANK GIROZENTRALE, as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Amendment No. 8 to Amended and
Restated Receivables Purchase Agreement

 

S-3

 

	
   

  	
  HANNOVER
  FUNDING COMPANY LLC, as Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

Amendment No. 8 to Amended and
Restated Receivables Purchase Agreement

 

S-4exh10-1_123109.htm

Exhibit 10.1

  

Change in Director Compensation

  

Non-employee directors of PNM Resources, Inc. (the “Company”) receive their annual retainer in the form of cash and stock-based compensation as determined by the Company’s Board of Directors.   At the December 2009 Board meeting, the Board approved increasing the 2010 annual retainer for non-employee directors
from the 2009 annual retainer reported in the Company’s 2009 Proxy Statement by increasing the amount of time-vested restricted stock rights from 2,500 to 4,000.  No other changes were made to the amount of stock options, amount of annual cash retainer, or meeting and chair fees.  Thus, except as described below for Mr. Sterba (who retires as the Company’s Chief Executive Officer (“CEO”) effective March 1, 2010), the 2010 annual retainer for non-employee directors is
as follows:

 

	
Annual Retainer:
	  	
$35,000, 1,000 stock options* and 4,000 restricted stock rights*

	  	  	  
	
Annual Committee Chair Fee:
	  	
$  5,000 paid in quarterly installments (in addition to meeting attendance fees), except that the Annual Audit and Ethics Committee Chair Fee is $10,000

	  	  	  
	
Attendance Fees:

(no attendance fee for teleconference meetings less than 1 hour in duration)
	  	
$    1,750  per Board meeting

$    1,500 per Board Committee meeting

 

* Stock options and restricted stock rights granted under the Company’s Omnibus Performance Equity Plan (“PEP”) each vest in three equal annual installments beginning on the first anniversary of the grant date.  These awards are typically made at the annual meeting of directors, unless the meeting occurs during
a black-out period for trading in the Company’s securities as specified in the Company’s Insider Trading Policy.  As set forth under the Company’s Stock Option Grant Policy, under those circumstances, the Board will either (a) schedule a special meeting after the expiration of the black-out period, (b) make awards pursuant to a unanimous written consent executed after the expiration of the black-out period, or (c) pre-approve the equity awards with an effective date after the expiration
of the black-out period.  The date of the awards is the date on which the Board approves the awards, unless (i) the approval date is a non-trading day, in which case the date is the immediately preceding trading date or (ii) in the case of pre-approval during a black-out period, in which case the grant date is the first trading date after the expiration of the black-out period.  The exercise price of the stock option is equal to the closing price of the common stock on the New York Stock Exchange
on the date of the grant.   The PEP prohibits option re-pricing.

  

Directors are also reimbursed for any Board-related expenses, such as travel expenses incurred to attend Board and Board committee meetings and director educational programs.

While employed as CEO, Mr. Sterba receives no additional compensation for serving as a director or as the Chairman of the Board and is only reimbursed for any travel related expenses to Board meetings.  As reported in a Current Report on Form 8-K filed February 19, 2010, in February 2010, the Board asked Mr. Sterba
to continue to serve as Chairman following his retirement as CEO.  In his role as Chairman, Mr. Sterba will, among other things, provide support on strategic and public policy issues to the Company.  He will also continue to serve as the Chairman of the First Choice Power board of managers and as a PNMR representative on the board of Optim Energy, LLC and as its Chairman.  As compensation, Mr. Sterba will receive a separate annual retainer of $250,000.    Mr.
Sterba will not receive any separate Board attendance fees but is eligible to receive the annual equity award of 1,000 stock options and 4,000 restricted stock rights typically made at the annual meeting of directors.  In addition, Mr. Sterba will be reimbursed for any Board-related expenses, such as travel expenses incurred to attend Board meetings.

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