Document:

EX-10.31

 Exhibit 10.31 

CONSENT AND AMENDMENT TO 

RECEIVABLES SALE AGREEMENT 

This CONSENT AND AMENDMENT TO RECEIVABLES SALE AGREEMENT dated as of January 30, 2009 (this “Amendment”) is entered into
among SIRVA RELOCATION CREDIT, LLC, as Seller, SIRVA RELOCATION LLC (“SIRVA Relo”), EXECUTIVE RELOCATION CORPORATION (“Executive Relo”) and SIRVA GLOBAL RELOCATION, INC. (“SIRVA Global”), as
Servicers and Originators, and WELLS FARGO BANK, NATIONAL ASSOCIATION, ACTING THROUGH ITS WELLS FARGO BUSINESS CREDIT DIVISION, as Agent (in such capacity, the “Agent”) and as the sole Purchaser. 

RECITALS 
 A. The Seller,
the Servicers, the Purchasers and the Agent are parties to that certain Receivables Sale Agreement dated as of September 30, 2008 (the “Receivables Sale Agreement”). 

B. The parties wish to amend the Receivables Sale Agreement as hereinafter set forth and to provide for the consent of the Agent and the
Purchasers to certain amendments to a SIRVA Credit Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Certain Defined Terms. Capitalized terms which are
used herein without definition and that are defined in the Receivables Sale Agreement shall have the same meanings herein as in the Receivables Sale Agreement, as amended by this Amendment. 

2. Amendments to Receivables Sale Agreement. The Receivables Sale Agreement is hereby amended so that the definition of “SIRVA
Credit Agreements” in Schedule I to the Receivables Sale Agreement is hereby amended and restated to read as follows: 
 “SIRVA
Credit Agreements” means (i) the Credit Agreement dated as of May 12, 2008, as amended as of September 30, 2008, among Parent, SIRVA, Inc., the several lenders party thereto and JPMorgan Chase Bank, N.A., as administrative
agent, as further amended by the Second Amendment thereto dated as of January 30, 2009, and (ii) the Term Loan Agreement dated as of May 12, 2008, as amended as of September 30, 2008, among Parent, SIRVA, Inc., the several
lenders party thereto and Wilmington Trust Company, as administrative agent. 
 3. Limited Consent. The Agent and the Purchasers
hereby consent to the execution and delivery of an amendment to the SIRVA Credit Agreement described in clause (i) of the definition of “SIRVA Credit Agreements” in the form attached hereto as Attachment 1 (the “First Lien
Credit Agreement Amendment”), provided that (i) no compensation shall be paid by the SIRVA Entities in connection with such amendment, and (ii) such amendment becomes effective on or prior to January 30, 2009. 

 4. Representations and Warranties. With respect to the Sale Agreement, the Seller and each
Servicer, and with respect to the Purchase Agreement, the Originators hereby represent and warrant to the Agent and the Purchasers as follows: 

(i) Representations and Warranties. The representations and warranties contained in Article IV of the Receivables Sale
Agreement and Section 4 of the Purchase Agreement are true and correct as of the date hereof (except to the extent such representations and warranties relate solely to an earlier date, in which case they are true and correct as of such earlier
date). 
 (ii) Enforceability. The execution and delivery by the Seller and each Servicer of this Amendment, and the
performance by the Seller and each Servicer of this Amendment and the Receivables Sale Agreement, as amended hereby (the “Amended Agreement”), are within the corporate powers of the Seller and each Servicer and have been duly
authorized by all necessary corporate or company action on the part of the Seller and each Servicer. This Amendment and the Amended Agreement are valid and legally binding obligations of the Seller and each Servicer, enforceable in accordance with
their terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability. 

(iii) No Potential Termination Event. No Potential Termination Event that will not be cured by this Amendment becoming
effective has occurred and is continuing. 
 5. Acknowledgment by Originators. Each of SIRVA Relo, Executive Relo and SIRVA Global,
in its capacity as an Originator, acknowledges and agrees to the terms of this Amendment, including without limitation Sections 2 and 3 hereof. 

6. Effect of Amendment. Except as expressly amended and modified by this Amendment, all provisions of the Receivables Sale Agreement
shall remain in full force and effect; and the Seller and the Servicers confirm and reaffirm their obligations under the Amended Agreement and the other Transaction Documents. After this Amendment becomes effective, all references in the Receivables
Sale Agreement (or in any other Transaction Document) to “this Agreement”, “hereof’, “herein” or otherwise referring to the Receivables Sale Agreement shall be deemed to be references to the Amended Agreement. This
Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Receivables Sale Agreement other than as set forth herein. 

7. Effectiveness. This Amendment shall become effective upon the date on which all of the following occur (the “Amendment
Effective Date”): 
 (i) receipt by the Agent of counterparts of this Amendment (whether by facsimile, email
transmission or otherwise) executed by the Seller, the Servicers, the Originators, the Agent and the Purchasers and consented to by Parent, and 

(ii) receipt by the Agent of a true and correct copy of the fully executed First Lien Credit Agreement Amendment in form and
substance satisfactory to the Agent and the Purchasers. 

  
 2 

 8. Headings; Counterparts. Section Headings in this Amendment are for reference only and
shall not affect the construction of this Amendment. This Amendment may be executed by different parties on any number of counterparts, each of which shall constitute an original and all of which, taken together, shall constitute one and the same
agreement. 
 9. Cumulative Rights and Severability. All rights and remedies of the Purchasers and Agent hereunder shall be
cumulative and non-exclusive of any rights or remedies such Persons have under law or otherwise. Any provision hereof that is prohibited or unenforceable in any jurisdiction shall, in such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof and without affecting such provision in any other jurisdiction. 

10. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws (and not the law of
conflicts) of the State of Illinois. 
 [signature pages begin on next page] 

  
 3 

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

  

			
	SIRVA RELOCATION CREDIT, LLC, as Seller
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	President
	
	SIRVA RELOCATION LLC, as a Servicer
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer
	
	EXECUTIVE RELOCATION CORPORATION, as a Servicer
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer
	
	SIRVA GLOBAL RELOCATION, INC., as a Servicer
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer

  

					
		 	S-1	 	            Consent and Amendment

 The undersigned (i) consent and agree to the foregoing Amendment, (ii) confirm that references in the
Purchase Agreement to the Receivables Sale Agreement shall be references to such agreement as amended by the Amendment, and (iii) confirm that the Purchase Agreement is in full force and effect. 

 

			
	SIRVA RELOCATION LLC, as an Originator
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer
	
	 EXECUTIVE RELOCATION CORPORATION,

as an Originator

		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer
	
	 SIRVA GLOBAL RELOCATION, INC.,
 as
an Originator

		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer

  

					
		 	S-2	 	            Consent and Amendment

 
			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, ACTING THROUGH ITS
 WELLS FARGO BUSINESS CREDIT
DIVISION,
 as Agent and sole Purchaser

		
	By:	 	

	Title:	 	Vice President

  

					
		 	S-3	 	            Consent and Amendment

 ACKNOWLEDGEMENT AND CONSENT 

Reference is made to the Guaranty dated as of September 30, 2008, executed by the undersigned in favor of SIRVA Relocation Credit, LLC
(the “Guaranty”). The undersigned (i) consents and agrees to the foregoing Amendment, (ii) confirms that references in the Guaranty to the Receivables Sale Agreement shall be references to such agreement as amended by the
Amendment, and (iii) confirms that the Guaranty is in full force and effect. 
 IN WITNESS WHEREOF, the undersigned have executed this
Acknowledgement and Consent as of the date first above written. 
  

			
	SIRVA WORLDWIDE, INC.
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer

  

 Attachment 1 

First Lien Credit Agreement Amendment 

 SIRVA WORLDWIDE, INC., 

as Borrower, 
 and 

THE SEVERAL LENDERS 
 FROM TIME TO
TIME PARTIES HERETO 
  
  

SECOND AMENDMENT TO THE CREDIT AGREEMENT 

January             , 2009 

 SECOND AMENDMENT, dated as of January
            , 2009 (this “Second Amendment”), to the Credit Agreement, dated as of May 12, 2008 (as amended, supplemented, modified, extended or restated from time to
time, the “Credit Agreement”), among SIRVA WORLDWIDE, INC., a Delaware corporation (the “Borrower”), SIRVA, Inc., a Delaware corporation (“Holding”), the several banks and other financial
institutions from time to time parties to the Credit Agreement (the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). 

W I T N E S S E T H: 

WHEREAS, the Borrower, Holding, the Lenders and the Administrative Agent are parties to the Credit Agreement; and 

WHEREAS, the Borrower has requested that the Required Lenders agree to amend certain provisions of the Credit Agreement as set forth herein;

 NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as
follows: 
 1. Defined Terms. Unless otherwise defined herein, capitalized terms that are defined in the Credit Agreement are used
herein as therein defined. 
 2. Amendment to Subsection 1.1. Subsection 1.1 of the Credit Agreement is hereby amended by inserting
the following definition in alphabetical order therein: 
 “Pro Forma EBITDAR”: for the second, third and
fourth fiscal quarters of 2009, EBITDA for such period adjusted to exclude the following items (without duplication) of income or expense to the extent that such items are included in the calculation of EBITDA; provided, that in no event
shall the total of all adjustments made pursuant to this definition exceed $24,300,000: 
 (a) Charges in an amount not to
exceed $4,000,000 in the aggregate during the last three fiscal quarters of 2009 relating to the start-up, investment, and re-building of the sales, marketing and commercial capabilities of the Borrower and its Subsidiaries in order to build new
sales and marketing capabilities, win new customer contracts and increase moving volumes, such charges to include, without limitation, new staff, recruiting costs, salaries and benefits, specific customer initiatives, new service commercialization
initiatives, and new marketing programs, including without limitation: 
 (i) consolidating all sales and marketing
capabilities into one integrated commercial capability under a new chief commercial officer; 
 (ii) improving sales team by
hiring industry sales leaders with industry-specific sales skills; 
 (iii) hiring additional agent network managers, a
corporate sales manager and investing in the consumer channel of the Borrower’s business; 

 (vi) investing in direct selling initiatives for specific corporate customer
contract opportunities, new products and services for corporate customers, and entry into new segments; 
 (v) investing in
direct selling to the consumer through training agents’ sales people, attracting new consumer sales leads, re-building brands, and growing in regions where under represented; and 

(vi) investing in government and military relationships and programs; 

(b) Legacy costs and specific expenses that are not required to manage the business going forward in an amount not to exceed
$10,600,000 in the aggregate during the last three fiscal quarters of 2009, including legacy pension expenses and IT contracts for legacy systems (replacing main frame computers and migrating to a server based environment will eliminate need for two
long-term IT support contracts with Affiliated Computer Systems, Inc. and Covansys Corporation); 
 (c) Charges and expenses
in an amount not to exceed $5,900,000 in the aggregate during the last three fiscal quarters of 2009 relating to the implementation of operating cost reduction and productivity enhancement measures, including redundant costs that to be eliminated
upon implementation of such measures, including without limitation, direct staffing reductions as a result of implementation of new IT systems (including the installation of new client finance technology and the consolidation to one operating
platform in the Borrower’s relocation business), developing new processes, implementation of the “SIRVA Improvement Process”, installing an efficient purchasing program, streamlining order entry and revenue processing systems in the
Borrower’s moving business and other productivity programs; 
 (d) Restructuring charges not to exceed $6,400,000 in the
aggregate during the last three fiscal quarters of 2009, including without limitation, expenses relating to the relocation of certain administrative functions to Fort Wayne, Indiana, performance incentive programs and other restructuring programs;
and 
 (e) Non-cash expenses and charges other than those described in clause (h) of the definition of
“EBITDA” and any other extraordinary, unusual or non-recurring gains or losses or charges or credits, including severance expense, facility closing costs, certain legal expenses and related charges, amendments to credit facilities and
other expenses or charges all as approved by the Borrower’s Board of Directors; provided that in no event shall the amount excluded pursuant to this clause (e), together with the amounts excluded pursuant to clauses (a) through
(d) of “Pro Forma EBITDA” exceed $24,300,000. 
 3. Amendment to Subsection 1.1, Definition of “Consolidated Senior
Indebtedness”. The definition of “Consolidated Senior Indebtedness” in Subsection 1.1 of the Credit Agreement is hereby amended by inserting the phrase “and expressly excluding, for the avoidance of doubt, all Second Lien
Obligations” at the end of such definition immediately prior to the “.” therein. 

  
 2 

 4. Amendment to Subsection 1.1, Definition of “ECF Percentage”. The definition
of “ECF Percentage” in Subsection 1.1 of the Credit Agreement is hereby amended by deleting the reference to “5.0” therein and substituting in its place a reference to “2.5”. 

5. Amendment to Subsection 4.1(c). Subsection 4.1(c) of the Credit Agreement is hereby amended by deleting such subsection in its
entirety and substituting the following in its place: 
 “If all or a portion of (i) the principal amount of any Loan,
(ii) any interest payable thereon or (iii) any commitment fee, letter of credit commission, letter of credit fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise),
the aggregate outstanding amount of the Loans and such overdue amount shall bear interest at a rate per annum which is (i) in the case of the Loans, the rate that would otherwise be applicable thereto pursuant to the relevant foregoing
provisions of this subsection plus 2.00%, (ii) in the case of interest, the rate that would be otherwise applicable to principal of the related Loan pursuant to the relevant foregoing provisions of this subsection (other than clause
(i) above) plus 2.00% and (iii) in the case of fees, commissions or other amounts, the rate described in paragraph (b) of this subsection for ABR Loans that are Revolving Credit Loans plus 2.00%, in each case from the date of such
non-payment until such overdue amount is paid in full (as well after as before judgment).” 
 6. Amendment to Subsection 8.1(a).
Subsection 8.1(a) of the Credit Agreement is hereby amended by deleting the first row of the table set forth in Subsection 8.1(a). 
 7.
Amendment to Subsection 8.1(b). Subsection 8.1(b) of the Credit Agreement is hereby amended by deleting the first row of the table set forth in Subsection 8.1(b). 

8. Amendment to Subsection 8.1(c). Subsection 8.1(c) of the Credit Agreement is hereby amended by inserting the following language at
the end thereof prior to the “.”: “and commencing with the month ending January 31, 2009, and ending on March 31, 2009, Average Availability for such month to be less than $35,000,000”. 

9. Amendment to Subsection 8.1(d). Subsection 8.1(d) of the Credit Agreement is hereby amended by deleting such subsection in its
entirety and substituting in lieu thereof the following: 
 “Permit Pro Forma EBITDAR for (i) the fiscal quarter of the Borrower
ending June 30, 2009 to be less than $5,000,000, (ii) the two consecutive fiscal quarters of the Borrower ending September 30, 2009 to be less than $16,000,000, or (iii) the three consecutive fiscal quarters of the Borrower
ending December 31, 2009 to be less than $21,000,000.” 
 10. Conditions to Effectiveness of this Second Amendment. This
Second Amendment shall become effective upon the date (the “Second Amendment Effective Date”) when the Administrative Agent shall have received: 

(a) counterparts of this Second Amendment, duly executed and delivered by the Borrower and the Required Lenders; 

  
 3 

 (b) an executed Acknowledgment and Confirmation, substantially in the form of Exhibit A hereto,
from an authorized officer of each Loan Party (other than the Borrower); and 
 (c) all expenses required to be paid on or before the Second
Amendment Effective Date for which invoices have been presented. 
 11. Representations and Warranties; Acknowledgements. 

(a) No Default. No Default or Event of Default shall have occurred and be continuing on the Second Amendment Effective Date after giving
effect to the transactions contemplated herein. 
 (b) Representations and Warranties. Each of the representations and warranties made
by the Borrower and each other Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of the Second Amendment Effective Date as if made on and as of such date, except to the extent such
representations and warranties expressly relate to a particular date, in which case such representations and warranties were true and correct in all material respects as of such date. 

12. Payment of Expenses. The Borrower agrees to pay or reimburse the Administrative Agent and the Lenders for all of their reasonable
out-of-pocket costs and expenses incurred in connection with this Second Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of
counsel to the Administrative Agent and the Lenders. 
 13. Continuing Effect of the Loan Documents. This Second Amendment shall not
constitute an amendment or waiver of any provision of the Credit Agreement or any other Loan Document not expressly referred to herein and shall not be construed as an amendment, waiver or consent to any further or future action on the part of the
Borrower or the other Loan Parties that would require an amendment, waiver or consent of the Lenders or Administrative Agent. Except as expressly amended hereby, the provisions of the Credit Agreement and the other Loan Documents are and shall
remain in full force and effect. Any reference to the “Credit Agreement” in the Loan Documents or any related documents shall be deemed to be a reference to the Credit Agreement as amended by this Second Amendment. 

14. Counterparts. This Second Amendment may be executed by one or more of the parties hereto on any number of separate counterparts
(including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 15.
Severability. Any provision of this Second Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

16. Integration. This Second Amendment and the other Loan Documents represent the agreement of the Borrower and the other Loan Parties,
the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly
set forth or referred to herein or in the other Loan Documents. 

  
 4 

 17. RELEASE. AS CONSIDERATION FOR THE EXECUTION BY THE LENDERS AND THE ADMINISTRATIVE
AGENT OF THIS SECOND AMENDMENT, THE BORROWER AND EACH OF THE OTHER LOAN PARTIES HEREBY ACKNOWLEDGE THAT THE OBLIGATIONS ARE ABSOLUTE AND UNCONDITIONAL WITHOUT ANY RIGHT OF RESCISSION, SETOFF, COUNTERCLAIM, DEFENSE, OFFSET, CROSS-COMPLAINT, CLAIM OR
DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE OBLIGATIONS. THE BORROWER AND EACH OF THE OTHER LOAN PARTIES HEREBY VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER
DISCHARGE EACH LENDER AND ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS, AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”). FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES
WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ARISING BY REASON OF ANY MATTER, CAUSE OR THING OCCURRING ON OR PRIOR TO THE SECOND AMENDMENT EFFECTIVE
DATE, WHICH SUCH PERSONS MAY HAVE AGAINST THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY “LOANS” MADE ON OR PRIOR
TO THE SECOND AMENDMENT EFFECTIVE DATE, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER
THE CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS SECOND AMENDMENT. 
 18. GOVERNING LAW. THIS
SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 5 

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

			
	SIRVA WORLDWIDE, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 The undersigned Lender agrees to all of the foregoing provisions of the Second Amendment to the
Credit Agreement, dated as of May 12, 2008 (as amended, supplemented, modified, extended or restated from time to time, the “Credit Agreement”), among SIRVA Worldwide, Inc., a Delaware corporation, SIRVA, Inc., a Delaware
corporation, the several banks and other financial institutions from time to time parties to the Credit Agreement (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”). 
  

	
	   

	(Name of Lender)

 Dated as of January         , 2009 

 EXHIBIT A 

[FORM OF] 
 ACKNOWLEDGMENT AND
CONFIRMATION 
 1. Reference is made to the Second Amendment, dated as of January         , 2009
(the “Second Amendment”), to the Credit Agreement, dated as of May 12, 2008 (as amended, supplemented, modified, extended or restated from time to time, the “Credit Agreement”), among SIRVA Worldwide, Inc., a
Delaware corporation, SIRVA, Inc., a Delaware corporation, the several banks and other financial institutions from time to time parties to the Credit Agreement (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent
for the Lenders. Unless otherwise defined herein, capitalized terms that are defined in the Credit Agreement are used herein as therein defined. 

2. Each of the parties hereto hereby consents to the transactions contemplated by the Second Amendment. 

3. THIS ACKNOWLEDGMENT AND CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. 
 4. This Acknowledgment and Confirmation may be executed by one or more of the parties hereto on any number of separate
counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgment and Confirmation to be duly executed and delivered by their proper and
duly authorized officers as of the day and year first above written. 
  

			
	SIRVA, INC.
	NORTH AMERICAN VAN LINES, INC.
		
	By:	 	  

	Name:	 	Eryk J. Spytek
	Title:	 	Secretary

 
 A FIVE STAR FORWARDING, INC. 

A RELOCATION SOLUTIONS MANAGEMENT 

    COMPANY 
 A THREE RIVERS FORWARDING, INC.

 ALASKA USA VAN LINES, INC. 
 ALLIED FREIGHT FORWARDING, INC.

 ALLIED INTERNATIONAL N.A., INC. 
 ALLIED TRANSPORTATION
FORWARDING, INC. 
 ALLIED VAN LINES, INC. 
 ALLIED VAN LINES
TERMINAL COMPANY 
 AMERICAS QUALITY VAN LINES, INC. 
 A.V.L.
TRANSPORTATION, INC. 
 ALLIED ALLIANCE FORWARDING, INC. 

ALLIED CONTINENTAL FORWARDING, INC. 
 ALLIED DOMESTIC FORWARDING,
INC. 
 ALLIED INTERMODAL FORWARDING, INC. 
 ALLIED INTERSTATE
TRANSPORTATION, INC. 
 ALLIED TRANSCONTINENTAL FORWARDING, INC. 

ALLIED VAN LINES, INC. OF INDIANA 
 ANAHEIM MOVING SYSTEMS, INC.

 CARTWRIGHT MOVING & STORAGE CO., INC. 
 CARTWRIGHT
VAN LINES, INC. 
 CITY STORAGE & TRANSFER, INC. 
 CMS
HOLDING, LLC 
 DJK RESIDENTIAL LLC 
 EXECUTIVE RELOCATION
CORPORATION 
 FEDERAL TRAFFIC SERVICE, INC. 
 FLEET INSURANCE
MANAGEMENT, INC. 
 FRONTRUNNER WORLDWIDE, INC. 
 GLOBAL VAN
LINES, INC. 

 GLOBAL WORLDWIDE, INC. 

GREAT FALLS NORTH AMERICAN, INC. 
 LYON VAN LINES, INC. 

LYON WORLDWIDE SHIPPING, INC. 
 MANUFACTURING SUPPORT SERVICES,
L.L.C. 
 MERIDIAN MOBILITY RESOURCES, INC. 
 MOVE MANAGEMENT
SERVICES, INC. 
 NACAL, INC. 
 NAVL LLC: 

NA (UK) GP CORPORATION 
 NORTH AMERICAN INTERNATIONAL 

HOLDING CORPORATION 
 NORAM FORWARDING, INC. 

NORTH AMERICAN FORWARDING, INC. 
 NORTH AMERICAN INTERNATIONAL
N.A. INC. (formerly known as StorEverything, Inc.) 
 NORTH AMERICAN LOGISTICS, LTD. 

NORTH AMERICAN VAN LINES OF TEXAS, INC. 
 RELOCATION RISK
SOLUTIONS, LLC 
 RS ACQUISITION, LLC 
 RS ACQUISITION HOLDING,
LLC 
 SIRVA CONTAINER LINES, INC. 
 SIRVA MLS, INC. 

SIRVA SETTLEMENT OF ALABAMA, LLC 
 SIRVA FREIGHT FORWARDING, INC.

 SIRVA GLOBAL RELOCATION, INC. 
 SIRVA IMAGING SOLUTIONS, INC.

 SIRVA RELOCATION LLC 
 SIRVA RELOCATION PROPERTIES, LLC 

SIRVA SETTLEMENT, INC. (formerly known as SIRVA Title Agency, Inc.) 

TRIDENT TRANSPORT INTERNATIONAL, INC. 

 

  

			
	By:	 	  

	Name:	 	Douglas V. Gathany 
	Title:	 	Treasurer

 Acknowledgement re: Second Amendment to Credit AgreementEX-10.32

 Exhibit 10.32 

AMENDMENT TO 

RECEIVABLES SALE AGREEMENT 

This AMENDMENT TO RECEIVABLES SALE AGREEMENT dated as of May 31, 2009 (this “Amendment”) is entered into among SIRVA
RELOCATION CREDIT, LLC, as Seller, SIRVA RELOCATION LLC (“SIRVA Relo”), EXECUTIVE RELOCATION CORPORATION (“Executive Relo”) and SIRVA GLOBAL RELOCATION, INC. (“SIRVA Global”), as Servicers and
Originators, and WELLS FARGO BANK, NATIONAL ASSOCIATION, ACTING THROUGH ITS WELLS FARGO BUSINESS CREDIT DIVISION, as Agent (in such capacity, the “Agent”) and as the sole Purchaser. 

RECITALS 
 A. The Seller,
the Servicers, the Purchasers and the Agent are parties to that certain Receivables Sale Agreement dated as of September 30, 2008, as amended as of January 30, 2009 (the “Receivables Sale Agreement”). 

B. The parties wish to amend the Receivables Sale Agreement as hereinafter set forth. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows: 
 1. Certain Defined Terms. Capitalized terms which are used herein without definition and that are defined in the
Receivables Sale Agreement shall have the same meanings herein as in the Receivables Sale Agreement, as amended by this Amendment. 
 2.
Amendments to Receivables Sale Agreement. 
 (i) Clause (c) of Section 1.1 of the Receivables Sale Agreement is amended to
read in its entirety as follows: 
     “(c) Incremental Purchases. In order to request an
Incremental Purchase from a Purchaser, the Seller must provide to the Agent an irrevocable written request (including by telecopier or other facsimile communication) substantially in the form of the Daily Report (an “Incremental Purchase
Request”), by 12:00 noon (Chicago time) on the Weekly Reporting Date preceding the requested date (the “Purchase Date”) of such Purchase, specifying the requested Purchase Date (which must be a Weekly Settlement Date) and
the requested amount (the “Purchase Amount”) of such Purchase, which must be in a minimum amount of $100,000 and multiples thereof (or, if less, an amount equal to the Maximum Incremental Purchase Amount). All Incremental Purchases
must be requested ratably from all Purchasers. The Agent shall promptly notify the Purchasers of the contents of such request. Subject to Section 7.2 and the other terms and conditions hereof, each Purchaser shall transfer the applicable
Purchaser’s Purchase Limit Percentage of the requested Purchase Amount to the Agent by no later than 2:00 p.m. (Chicago time) on the Purchase Date. The Agent shall promptly transfer to the Seller Account the proceeds of any Incremental Purchase
delivered to the Agent.” 

 (ii) Section 1.3(b) of the Receivables Sale Agreement is amended to read in its entirety as
follows: 
 “(b) The Seller shall pay to the Agent for the account of each Purchaser a non-use fee computed at the
Non-Use Fee Rate on the average daily unused portion of such Purchaser’s Purchase Limit. Such non-use fee shall accrue from the Closing Date to the Termination Date and shall be due and payable for each Discount Period in arrears on the Weekly
Settlement Date of the second week of each Two Week Period and on the Termination Date.” 
 (iii) Clauses (a) through (d) of
Section 1.8 of the Receivables Sale Agreement are amended to read in their entirety as follows: 
 “Section 1.8 Allocations and
Distributions. 
 (a) Accounts. On or prior to the Closing Date, the Seller, the Servicers, the Agent and LaSalle
shall have entered into a Control Agreement, in form and substance satisfactory to the Agent, with respect to the LaSalle Collection Account and the Agent shall have exclusive control of, and a valid, perfected and first priority security interest
in the LaSalle Collection Account. On the Closing Date, the Servicers shall inform each Included Employer and each Origination Home Closing Agent that an undivided interest in the Receivables and Related Assets have been assigned to the Agent on
behalf of the Purchasers. On or prior to the Closing Date the Servicers shall have given written directions to each then Included Employer and each Origination Home Closing Agent, to remit all amounts due in respect of the Receivables to the Agent
Collection Account; provided that if the Seller or a Servicer shall receive any Collections, it shall remit such Collections to the Agent Collection Account within three Business Days of such receipt. Withdrawals, payments and transfers of
funds from any Collection Account shall be made only at the direction of Wells Fargo Bank or (so long as permitted by the Agent, which permission may be withdrawn at any time without prior notice to the Master Servicer) the Master Servicer for
application in accordance with this Agreement. The amounts held in (i) the LaSalle Collection Account may be transferred to an Investment Account and (ii) the Agent Collection Account may be transferred to an Investment Account, and, in
each case invested and reinvested by the Agent at the discretion of, and in investments selected by, the Agent. 
 (b)
Business Day Payments. On each Business Day other than a Weekly Settlement Date, unless the Termination Date shall have occurred, (i) the Available Funds from Eligible Receivables in the Collection Account shall be transferred to the
Purchasers to reduce the Investments ratably to the extent of the Principal Distribution Amounts and (ii) if so directed by the Master Servicer (unless and until the Agent withdraws its authorization of the Master Servicer to give such
directions which the Agent may withdraw at any time at the Agent’s discretion without prior notice to the Master Servicer), the Available Funds from Nonincluded Receivables in the Collection Account shall be transferred to the Originators in
reduction of amounts owing to the Originators under the Subordinated Notes (subject to the Originators being required to return all or a portion of such amounts on a subsequent Weekly Settlement Date to the extent required under clauses (c) or
(d) of this Section 1.8). 

  
 2 

 (c) Weekly Settlement Date in First Week of Each Two Week Period. On the
Weekly Settlement Date in the first week of each Two Week Period, unless the Termination Date shall have occurred, Available Funds, first from the Collection Account and second from the Investment Account, shall be applied to the
extent required to make payments ratably to the Purchasers in an amount, if any, necessary to reduce the Investments so that the Aggregate Investment does not exceed the Adjusted Net Receivables Balance. If after application of such Available Funds,
the Aggregate Investment exceeds the Adjusted Net Receivables Balance, the Originators shall pay such excess to the Purchasers to reduce the Investments to the extent of any Available Funds transferred to the Originators under Section 1.8(b) on
any Business Day since the previous Weekly Settlement Date. 
 (d) Weekly Settlement Date in Second Week of Each Two Week
Period. On the Weekly Settlement Date in the second week of each Two Week Period, unless the Termination Date shall have occurred, Available Funds in the Collection Account and the Investment Account received in the preceding Two Week Period
(and not including Available Funds received since the end of the preceding Two Week Period) (but including, to the extent such Available Funds are not sufficient to pay in full the amounts owing under clauses (i) through (v) below, any
Available Funds transferred to the Originators under Section 1.8(b) on any Business Day since the Weekly Settlement Date in the second week of the previous Two Week Period (which the Originators agree to so repay for this purpose)) shall be
applied as follows: 
 (i) first, to the Agent until all amounts then due and payable to the Agent under the
Transaction Documents shall have been paid in full; 
 (ii) second, ratably to the Purchasers until all Principal
Distribution Amounts, Discount and fees previously accrued but not yet paid shall have been paid in full; 
 (iii)
third, ratably to the Purchasers until all other amounts then due and payable to the Purchasers under the Transaction Documents shall have been paid in full; 

(iv) fourth, ratably to the Non-Renewing Purchasers until all amounts then due and payable to the Non-Renewing
Purchasers under the Transaction Documents shall have been paid in full; 
 (v) fifth, to any other Person (other
than the Servicers and the Originators) to whom any amounts are then due and payable under the Transaction Documents until all such amounts shall have been paid in full; 

  
 3 

 (vi) sixth, ratably to the Servicers until all amounts then due and
payable to the Servicers under the Transaction Documents shall have been paid in full; 
 (vii) seventh, ratably to
the Originators until any amounts then due and payable under the Subordinated Notes shall have been paid in full; and 

(viii) eighth, to the Seller.” 

(iv) Section 3.3 of the Receivables Sale Agreement is amended to read in its entirety as follows: 

“Section 3.3 Reports. On each Business Day, the Master Servicer shall deliver to the Agent a report reflecting
information as of the close of business on the next preceding Business Day (each a “Daily Report”), containing the information described on Exhibit C-1 (with such modifications or additional information as requested by the Agent).
The Agent may from time to time waive the requirement for the delivery of Daily Report, provided that any such waiver shall not affect the Agent’s right to require at any time the resumption of the delivery of Daily Reports by the Master
Servicer. On or before each Weekly Reporting Date, the Master Servicer shall deliver to the Agent a report reflecting information as of the close of business on the next preceding Business Day (each a “Weekly Report”), containing
the information described on Exhibit C-2 (with such modifications or additional information as requested by the Agent). On or before the Weekly Reporting Date in the second week of each Two Week Period, and at such other times (following reasonable
written notice from the Agent) covering such other periods as is requested by the Agent, the Master Servicer shall deliver to the Agent a report reflecting information as of the close of business of the Servicer for the immediately preceding Two
Week Period or such other preceding period as is requested (each a “Two Week Report”), containing the information described on Exhibit C-3 (with such modifications or additional information as reasonably requested by the Agent). On
or before the last day of each calendar quarter, the Master Servicer shall deliver to the Agent a report detailing all Receivables by type and Obligor, including current notice information for each Obligor.” 

(v) Section 3.5 of the Receivables Sale Agreement is amended to read in its entirety as follows: 

“Section 3.5 Servicer Fee. On the Weekly Settlement Date in the second week of each Two Week Period, the Seller
shall pay to the Master Servicer a fee (for the account of itself and the Subservicer) for the immediately preceding Discount Period as compensation for its services (the “Servicer Fee”) equal to (a) at all times the Seller or
an Affiliate of any SIRVA Entity is the Master Servicer, a rate equal to 0.60% per annum of the Receivables Balance as of the first day of such preceding Discount Period, and (b) at all times any other Person is the Master Servicer, a
reasonable amount agreed upon by the Agent and the new 

  
 4 

 Servicer on an arm’s-length basis reflecting rates and terms prevailing in the market at
such time. The Master Servicer may only collect the Servicer Fee to the extent funds are available for the purpose under Section 1.8. The Seller shall be obligated to reimburse any such payment pursuant to Section 1.4 or 1.8.” 

(vi) Sections 3.8, 4.1(i) and 8.7 of the Receivables Sale Agreement are hereby amended by replacing the references therein to the
“Bi-Monthly Report” to the “Two Week Report”. 
 (vii) Schedule I to the Receivables Sale Agreement is hereby amended by
deleting therefrom the definitions of “Bi-Monthly Report”, “Bi-Monthly Reporting Date” and “Bi-Monthly Settlement Date”. The following definitions in Schedule I to the Receivables Sale Agreement are hereby amended and
restated to read as follows: 
 ““Discount Period” means, with respect to the Weekly Settlement Date in
the second week of a Two Week Period or the Termination Date, the period from and including the preceding Weekly Settlement Date in the second week of the preceding Two Week Period (or if none, the date that the first Incremental Purchase is made
hereunder) to but not including such Weekly Settlement Date or Termination Date, as applicable. 
 “Payment
Date” means a Weekly Settlement Date and after a Termination Event, any other Business Day on which Available Funds are on deposit in a Collection Account. 

“Principal Distribution Amount” means, with respect to any Business Day, the sum of (i) 90% of Available
Funds from Eligible Receivables deposited in the Collection Accounts since the immediately preceding Payment Date, to the extent such funds represent the payment on, or return of, principal on the Receivables, plus (ii) all amounts required to
be paid by the Seller pursuant to Section 1.4 but not yet paid. 
 “Weekly Reporting Date” means
Tuesday of each week or, if such day is not a Business Day, the immediately preceding Business Day, or such other day as the Agent may approve. 

“Weekly Settlement Date” means the Thursday of each week or if such day is not a Business Day, the immediately
preceding Business Day, or such other day as the Agent may approve.” 
 Schedule I to the Receivables Sale Agreement is hereby further
amended by adding the following definitions in the appropriate alphabetical positions: 
 “Nonincluded
Receivable” means a Receivable not included in the Eligible Receivables Balance. 
 “Two Week
Period” means each period of two consecutive calendar weeks, commencing with the Two Week Period beginning May 31, 2009. 

“Two Week Report” is defined in Section 3.3. 

  
 5 

 (viii) Exhibit C-3 is hereby amended by replacing “Bi-Monthly” therein with “Two
Week”. 
 3. Additional Field Audit. The Agent may (at the expense of the Master Servicer) have an independent public accounting
firm conduct an audit of the Records and/or make test verifications of the Receivables and Collections within 60 days of the date of this Amendment. 

4. Representations and Warranties. With respect to the Sale Agreement, the Seller and each Servicer, and with respect to the Purchase
Agreement, the Originators hereby represent and warrant to the Agent and the Purchasers as follows: 
 (i) Representations
and Warranties. The representations and warranties contained in Article IV of the Receivables Sale Agreement and Section 4 of the Purchase Agreement are true and correct as of the date hereof (except to the extent such representations and
warranties relate solely to an earlier date, in which case they are true and correct as of such earlier date). 
 (ii)
Enforceability. The execution and delivery by the Seller and each Servicer of this Amendment, and the performance by the Seller and each Servicer of this Amendment and the Receivables Sale Agreement, as amended hereby (the “Amended
Agreement”), are within the corporate powers of the Seller and each Servicer and have been duly authorized by all necessary corporate or company action on the part of the Seller and each Servicer. This Amendment and the Amended Agreement
are valid and legally binding obligations of the Seller and each Servicer, enforceable in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally or by equitable principles relating to enforceability. 
 (iii) No Potential Termination
Event. No Potential Termination Event that will not be cured by this Amendment becoming effective has occurred and is continuing. 
 5.
Acknowledgment by Originators. Each of SIRVA Relo, Executive Relo and SIRVA Global, in its capacity as an Originator, acknowledges and agrees to the terms of this Amendment, including without limitation Sections 2 and 3 hereof,
and agrees to repay to the Agent any amounts required to be repaid under Section 1.8(c) and (d) of the Receivables Sale Agreement, as amended by this Amendment, and each Originator agrees that any failure to so repay any such amounts shall
constitute a default under the Purchase Agreement and a Termination Event under the Receivables Sale Agreement, as amended by this Amendment. 

6. Effect of Amendment. Except as expressly amended and modified by this Amendment, all provisions of the Receivables Sale Agreement
shall remain in full force and effect; and the Seller and the Servicers confirm and reaffirm their obligations under the Amended Agreement and the other Transaction Documents. After this Amendment becomes effective, all references in the Receivables
Sale Agreement (or in any other Transaction Document) to “this Agreement”, “hereof”, “herein” or otherwise referring to the Receivables Sale Agreement shall be deemed to be references to the Amended Agreement. This
Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Receivables Sale Agreement other than as set forth herein. 

  
 6 

 7. Effectiveness. This Amendment shall become effective as of May 31, 2009 (the
“Amendment Effective Date”), provided that the Agent shall have received counterparts of this Amendment (whether by facsimile, email transmission or otherwise) executed by the Seller, the Servicers, the Originators, the Agent and
the Purchasers and consented to by Parent, no later than June 5, 2009. 
 8. Headings; Counterparts. Section Headings in this
Amendment are for reference only and shall not affect the construction of this Amendment. This Amendment may be executed by different parties on any number of counterparts, each of which shall constitute an original and all of which, taken together,
shall constitute one and the same agreement. 
 9. Cumulative Rights and Severability. All rights and remedies of the Purchasers and
Agent hereunder shall be cumulative and non-exclusive of any rights or remedies such Persons have under law or otherwise. Any provision hereof that is prohibited or unenforceable in any jurisdiction shall, in such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and without affecting such provision in any other jurisdiction. 

10. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws (and not the law of
conflicts) of the State of Illinois. 
 [signature pages begin on next page] 

  
 7 

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

  

			
	SIRVA RELOCATION CREDIT, LLC, as Seller
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	President
	
	SIRVA RELOCATION LLC, as a Servicer
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer
	
	EXECUTIVE RELOCATION CORPORATION, as a Servicer
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer
	
	SIRVA GLOBAL RELOCATION, INC., as a Servicer
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer

  

					
		 	S-1	 	             Amendment

 The undersigned (i) consent and agree to the foregoing Amendment, (ii) confirm that references in the
Purchase Agreement to the Receivables Sale Agreement shall be references to such agreement as amended by the Amendment, and (iii) confirm that the Purchase Agreement is in full force and effect. 

 

			
	SIRVA RELOCATION LLC, as an Originator
		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer
	
	 EXECUTIVE RELOCATION CORPORATION,

as an Originator

		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer
	
	 SIRVA GLOBAL RELOCATION, INC.,
 as
an Originator

		
	By:	 	 /s/ Douglas V. Gathany

	Title:	 	Treasurer

  

					
		 	S-2	 	             Amendment

 
			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, ACTING THROUGH ITS
 WELLS FARGO BUSINESS CREDIT
DIVISION,
 as Agent and sole Purchaser

		
	By:	 	/s/ Jennifer Daily
	Title:	 	Vice President

  

					
		 	S-3	 	             Amendment

 ACKNOWLEDGEMENT AND CONSENT 

Reference is made to the Guaranty dated as of September 30, 2008, executed by the undersigned in favor of SIRVA Relocation Credit, LLC
(the “Guaranty”). The undersigned (i) consents and agrees to the foregoing Amendment, (ii) confirms that references in the Guaranty to the Receivables Sale Agreement shall be references to such agreement as amended by the
Amendment, and (iii) confirms that the Guaranty is in full force and effect. 
 IN WITNESS WHEREOF, the undersigned have executed this
Acknowledgement and Consent as of the date first above written. 
  

			
	SIRVA WORLDWIDE, INC.
		
	By:	 	/s/ Douglas V. Gathany
	Title:	 	Senior Vice President, Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00232-of-00352.parquet"}]]