Document:

Exhibit 10.2

 

June 7, 2012

 

SPX Corporation

13515 Ballantyne Corporate Place

Charlotte, North Carolina 28277

Attention:  Treasurer and Chief Financial Officer

Facsimile: 704-752-7487

 

Re:                               Amendment to Waiver

 

Ladies and Gentlemen:

 

Reference is made to that certain Waiver dated as of February 8, 2012 (the “Waiver”) by and between SPX Corporation, a Delaware corporation (the “Parent Borrower”) and Bank of America, N.A., in its capacity as administrative agent (the “Administrative Agent”) under the Credit Agreement dated as of June 30, 2011 (as amended, restated, supplemented or otherwise modified from time to time) among the Parent Borrower, the Foreign Subsidiary Borrowers from time to time parties thereto, the Lenders from time to time parties thereto, and the Administrative Agent.   Capitalized terms used in this letter agreement but not defined herein shall have the meanings given to them in the Waiver.

 

Pursuant to your request, we hereby agree with you to amend Section 3 of the Waiver in its entirety to read as follows:

 

3.             Waiver of Compliance by the Parent Borrower with Respect to the Service Solutions Entities.  Pursuant to Section 5.11(a) of the Credit Agreement, the Administrative Agent hereby waives compliance with Section 5.11(a) of the Credit Agreement by the Parent Borrower and the Guarantee and Collateral Agreement (including with respect to such Service Solutions Entities becoming Guarantors or Grantors and the Capital Stock of such Service Solutions Entities being pledged), in each case with respect to the Service Solutions Entities through and including October 2, 2012; provided that this Waiver shall become null and void upon termination or expiration of the Sale Agreement, at which time the Parent Borrower shall cause the Service Solutions Entities either to (a) comply with the provisions of Section 5.11(a) within thirty (30) days of such termination or expiration or (b) be dissolved or merged into existing Loan Parties.

 

Except as expressly modified and amended in this letter agreement, all of the terms, provisions and conditions of the Waiver shall remain unchanged and in full force and effect.

 

This letter agreement may be executed in any number of counterparts, each of which will constitute an original and all of which, when taken together, will constitute one agreement.  Any signature pages of this letter agreement transmitted by fax or PDF will have the same legal effect as an originally executed signature page. THIS LETTER AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

[THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

 

If the foregoing is in accordance with your understanding, please sign and return this letter agreement to us.

 

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
BANK   OF AMERICA, N.A.,
    
	
 
    	
as   Administrative Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mollie S. Canup
    
	
 
    	
Name:
    	
Mollie   S. Canup
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
ACCEPTED AND AGREED TO
    	
 
    
	
AS OF THE DATE FIRST ABOVE WRITTEN:
    	
 
    
	
 
    	
 
    
	
SPX CORPORATION,
    	
 
    
	
a Delaware corporation
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Patrick J. O’Leary
    	
 
    
	
Name:
    	
Patrick   J. O’Leary
    	
 
    
	
Title: [Executive Vice President,
    	
 
    
	
Treasurer and Chief Financial Officer]
    	
 
    

 

SPX Corporation

AMENDMENT TO WAIVERExhibit 10.1

 

THIRD EXHIBIT UPDATE, dated as of June 29, 2012 (the “Third Exhibit Update”), to the RECEIVABLES PURCHASE AGREEMENT, dated as of March 31, 2011, as amended through the date hereof, the “Receivables Purchase Agreement”), among (i) WORLD FUEL SERVICES, INC., a Texas corporation, WORLD FUEL SERVICES EUROPE, LTD., a company organized under the laws of England and Wales (together with its successors and assigns, “WFSE”), WORLD FUEL SERVICES (SINGAPORE) PTE LTD, a company organized under the laws of Singapore (together with its successors and assigns, “WFSS”), WORLD FUEL SERVICES TRADING DMCC, a company organized under rules and regulations of the Dubai Multi Commodities Center and the laws of Dubai (together with its successors and assigns, “WFST”), and WORLD FUEL SERVICES AVIATION LIMITED a private limited liability company organized under the laws of England and Wales (together with its successors and assigns “WFSA”; WFSI, WFSE, WFSS, WFST and WFSA, together with its and their successors and assigns, each individually, “Seller”, and also collectively, as applicable, “Seller”), (ii) WORLD FUEL SERVICES CORPORATION, a Florida corporation (together with its successors and assigns, “Parent”), and (iii) WELLS FARGO BANK, NATIONAL ASSOCIATION, a U.S. national banking association (together with its successors and permitted assigns, “Wells”).  Terms not otherwise defined herein shall have the meanings set forth in the Receivables Purchase Agreement.

 

1.             Third Exhibit Update.  Seller, Parent and Wells hereby agree to substitute Exhibit A to the Receivables Purchase Agreement with the new Exhibit A attached to this Third Exhibit Update, effective as of June 25, 2012.

 

2.             Governing Law; Consent to Jurisdiction.  This Third Exhibit Update, and the Receivables Purchase Agreement as so amended by this Third Exhibit Update, shall be interpreted in accordance with and governed by the laws of the State of New York without giving effect to conflicts of law principles that would cause the application of the law of any jurisdiction other than the laws of the State of New York.

 

3.             Execution in Counterparts.  This Third Exhibit Update may be executed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Third Exhibit Update by PDF copy, telefacsimile or other electronic means shall have the same force and effect as the delivery of an original executed counterpart of this Third Exhibit Update.

 

 

IN WITNESS WHEREOF each Seller, Wells and Parent have caused this Third Exhibit Update to be executed by their respective officers thereunto duly authorized as of the date first above written.

 

	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Purchaser
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Barbara Van Meerten
    
	
 
    	
 
    	
Name:   Barbara Van Meerten
    
	
 
    	
 
    	
Title:   Director
    

 

2

 

	
 
    	
WORLD   FUEL SERVICES, INC.,
    
	
 
    	
as a Seller
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Adrienne B. Urban
    
	
 
    	
 
    	
Name:   Adrienne B. Urban
    
	
 
    	
 
    	
Title:   Vice President, Treasurer
    

 

3

 

	
 
    	
WORLD   FUEL SERVICES EUROPE, LTD.,
    
	
 
    	
as a Seller
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Adrienne B. Urban
    
	
 
    	
 
    	
Name:   Adrienne B. Urban
    
	
 
    	
 
    	
Title:   Director
    

 

4

 

	
 
    	
WORLD   FUEL SERVICES (SINGAPORE) PTE LTD,
    
	
 
    	
as a Seller
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Francis Lee
    
	
 
    	
 
    	
Name:   Francis Lee
    
	
 
    	
 
    	
Title:   Managing Director
    

 

5

 

	
 
    	
WORLD   FUEL SERVICES TRADING DMCC,
    
	
 
    	
as a Seller
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Timothy R. Bingham
    
	
 
    	
 
    	
Name:   Timothy R. Bingham
    
	
 
    	
 
    	
Title:   Director & General Manager
    

 

6

 

	
 
    	
WORLD   FUEL SERVICES AVIATION LIMITED,
    
	
 
    	
as a Seller
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Anthony Key
    
	
 
    	
 
    	
Name:   Anthony Miles Key
    
	
 
    	
 
    	
Title:   Vice President, Finance
    

 

7

 

	
 
    	
WORLD   FUEL SERVICES CORPORATION,
    
	
 
    	
as Parent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Adrienne B. Urban
    
	
 
    	
 
    	
Name:   Adrienne B. Urban
    
	
 
    	
 
    	
Title:   Vice President, Treasurer
    

 

8

 

EXHIBIT A
  List of Account Debtors*

 

	
APL Co. Pte Ltd
    	
 
    	
Purchase   Limit (Aggregate) until 6/30/12: 
    	
 
    	
$12,310,000
    
	
 
    	
 
    	
Purchase   Limit (Aggregate) on and following 6/30/12:
    	
 
    	
$0
    
	
 
    	
 
    	
Maximum   Invoice Terms:
    	
 
    	
30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
BHP Billiton Marketing AG
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$7,200,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Cathay Pacific Airways Ltd.
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$9,500,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Deutsche Lufthansa AG (parent)

Austrian Airlines AG (subsidiary)

Lufthansa Cargo AG (subsidiary)

Swiss International Airlines AG (subsidiary)

Deutsche Lufthansa Aktiengessellschaft   (subsidiary)
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$8,700,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Edelweiss Air AG
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$300,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Kawasaki Kisen Kaisha Ltd.   (parent)

K Line Pte Ltd (subsidiary)

K Line Global Bulk (subsidiary)
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$12,150,000

40   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Nippon Yusen Kaisha (NYK)

NYK Global Bulk (subsidiary)
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$9,540,000

40   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Noble Group Ltd. (parent)

Noble Chartering, Inc. (subsidiary)
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$6,100,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
NYK Trading Corporation
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$6,210,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Singapore Airlines Ltd. (parent)

Singapore Airlines Cargo Pte   Ltd. (subsidiary)

SilkAir (Singapore) Private Limited (subsidiary)
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$6,500,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Vale International, S.A.
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$9,500,000

30   days
    

 

D-3-1

 

	
Federal Express Corporation
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$4,500,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
DHL Express (USA) Inc.
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$4,000,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
DLA Contract # SP0600-09-D-1012
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$50,000,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
DLA Contract # SP0600-10-D-0051
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$50,000,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
DLA Contract # SP0600-11-D-1013
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$50,000,000

30   days
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
DLA Contract # SP0600-12-D-1002
    	
 
    	
Purchase   Limit (Aggregate):

Maximum   Invoice Terms:
    	
 
    	
$50,000,000

30   days
    

 

* Each Purchase Limit reflects the aggregate Purchase Limit for the applicable parent and its subsidiaries, if any, that are listed beneath such parent on this Exhibit A. Pursuant to Section 1.18(a) of this Agreement, in order to be an Eligible Receivable, the Receivable must be evidenced by an invoice or other documentation delivered to the Account Debtor (or a subsidiary of an Account Debtor, of which such Account Debtor directly owns more than 50% of the voting share capital and which is listed on this Exhibit A), which by its terms is due and payable by the Due Date, provided that the Due Date with respect to the Receivable is no greater than the number of days after the Purchase Date than the number of days designated as the “Maximum Invoice Term” for each Account Debtor set forth on this Exhibit A.

 

D-3-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]