Document:

Exhibit

Exhibit 10.1

PHANTOM STOCK PLAN FOR
DIRECTORS OF
REINSURANCE GROUP OF AMERICA, INCORPORATED
AS AMENDED AND RESTATED
EFFECTIVE JANUARY 1, 2016

		
	1.
	PURPOSE

The purpose of the Phantom Stock Plan for Directors of Reinsurance Group of America, Incorporated (the “Plan”) is to encourage the highest level of director performance by members of the Board of Directors of Reinsurance Group of America, Incorporated (the “Corporation”), by providing certain outside directors with deferred compensation based on the Corporation’s success and progress.  The Plan was most recently restated effective as of January 1, 2003.  This restatement shall be effective with respect to amounts deferred on or after January 1, 2016, even if an election to defer such amounts is made prior to such date.
		
	2.
	DEFINITIONS

As used in this Plan, the following terms have the definitions set forth below.
		
	(a)
	“Account” means such term as defined in Section 7.

		
	(b)
	“Affiliate” means a Parent or Subsidiary of the Corporation or a Subsidiary of a Parent.

		
	(c)
	“Board” shall mean the Board of Directors of the Corporation.

		
	(d)
	“Common Stock” means the Corporation’s common stock, par value of $0.01 per share.

		
	(e)
	“Corporation” means such term as defined in Section 1.

		
	(f)
	“Deferral Period” means such term as defined in Section 6(b).

		
	(g)
	“Director” means a duly elected and acting member of the Board who receives Director’s Fees from the Corporation for his or her services as a member of the Board and who is not an officer or employee of the Company or any of its Affiliates.

		
	(h)
	“Director’s Fees” means the following, whether payable in cash or Common Stock:

		
	(i)
	Annual retainer fees for services as a Director (including retainers paid to Board and Committee chairs).

		
	(ii)
	Board and Committee meeting attendance fees.

		
	(iii)
	Any other form of compensation (including cash, share grants or participation units) paid to a Director for service as a member of the Board or a Committee.

		
	(i)
	“Disability” means a physical or mental condition which, in the opinion of a qualified doctor of medicine chosen by the Corporation, permanently prevents a Director from carrying out his or her duties as a member of the Board.

		
	(j)
	“Fair Market Value” means the closing price of a share of Common Stock on the New York Stock Exchange on a given date, or in the absence of market transactions on such date, the closing price on the New York Stock Exchange on the last day on which a sale occurred prior to such date.

		
	(k)
	“Parent” means any corporation (other than the Corporation or a Subsidiary) in an unbroken chain of corporations ending with the Company, if, at the time Director’s Fees are earned, each of the corporations (other than the Corporation or a Subsidiary) owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

		
	(l)
	“Participant” means a Director who has satisfied the eligibility requirements of Section 4 and who has Performance Units credited to his or her Account.

		
	(m)
	“Performance Unit” means a hypothetical share of Common Stock allocated to a Participant on the Corporation’s records based on the Fair Market Value of the Common Stock at the time of the grant.

		
	(n)
	“Plan” means such term as defined in Section 1.

		
	(o)
	“Plan Year” means the calendar year.

		
	(p)
	“Retirement” means retirement of a Participant as a Director.

		
	(q)
	“Subsidiary” means, with respect to an entity, any corporation, other than the entity, in an unbroken chain of corporations beginning with the entity if, at the time Director’s Fees are earned, each of the corporations, other than the last corporation in the unbroken chain, owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

		
	3.
	ADMINISTRATION

The Board shall administer the Plan. Questions involving eligibility, benefits or the interpretation or operation of the Plan shall be referred to the Board. All determinations of the Board, in its sole discretion, shall be conclusive. The Board may obtain such advice or assistance as it deems appropriate from persons not serving on the Board. No Board member shall participate in any decision that involves a determination of his or her personal rights or obligations under this Plan.
		
	4.
	ELIGIBILITY

Each Director who is a Participant on January 1, 2016 shall continue to be a Participant as of such date.  Each individual who becomes a Director on or after January 1, 2016 shall be eligible to participate as of the beginning of the next Plan Year.
		
	5.
	NUMBER OF PERFORMANCE UNITS

The total number of Performance Units that may be granted under this Plan shall not exceed one hundred thousand (100,000).
		
	6.
	ELECTION TO RECEIVE AND DEFER PERFORMANCE UNITS

		
	(a)
	With respect to each Plan Year, a Participant shall be eligible to receive a grant of Performance Units in lieu of all or any portion of his or her Director’s Fees by making and filing with the Board a written election by the date specified by the Corporation, which shall be no later than the December 31 prior to the first day of the Plan Year in which such Director’s Fees would otherwise be earned.  

		
	(b)
	A Participant who elects to receive a grant of Performance Units in lieu of his or her Director’s Fees for any Plan Year under Section 6(a) shall also be eligible at such time to elect to defer payment of such Performance Units (1) for a period of five (5) or seven (7) years from the last day of the calendar year in which a Performance Unit is granted or (2) to Retirement (“Deferral Period”). The Participant shall designate to receive payment of such Performance Units in a single payment or up to five (5) substantially equal annual installment payments.  With respect to each grant of Performance Units, a Participant may elect a different Deferral Period and manner of payment hereunder. A Participant who does not affirmatively elect a Deferral Period 

shall be deemed to have elected a Deferral Period until Retirement with distribution to be made in a single payment.
		
	(c)
	Any election (or deemed election) under Section 6 with respect to a Performance Unit shall become irrevocable as of the December 31 prior to the first day of the calendar year in which such Performance Unit is granted.

		
	(d)
	In accordance with the provisions of this Section 6(d), a Participant may change the Deferral Period and/or the form of payment for Performance Units which relate to a particular year by making a re-deferral election and/or an election to have such Performance Units paid in a different form.  Any election under this Section 6(d) must comply with all of the following requirements: (1) no prior election to change the Deferral Period or form of payment may have been made with respect to the same year’s deferrals, (2) the election is made at least one year prior to the date the distribution would otherwise have begun, (3) the first payment with respect to which such election is made shall be deferred for a period of not less than 5 years from the date such payment would otherwise have been made, and (4) any election related to a payment that was otherwise to be made at a specified time may not be made less than 12 months prior to the date of the first scheduled payment.  For purposes of applying the provisions of this Section 6(d), installment payments shall be considered a single payment for purposes of applying these subsequent deferral election rules.

		
	7.
	PERFORMANCE UNITS

Performance Units shall be credited to a Performance Unit Account (the “Account”) established and maintained for a Participant. The Performance Units shall be allocated to a Participant’s Account annually on the same day the annual grant of shares is made to Directors, unless the Board approves a different allocation date. The number of Performance Units shall equal the number of full shares of Common Stock that the amount of Director’s Fees would have purchased at Fair Market Value on the allocation date. Partial Performance Units will not be allocated, and standard rounding will be applied to determine the number of full Performance Units. The Account of a Participant shall be the record of Performance Units granted to him or her under the Plan, is solely for accounting and record keeping purposes and shall not require a segregation of any Corporation assets or setting aside for or registering in the name of a Participant any Common Stock. In addition, the existence of such record and the Account shall not be deemed to create a trust of any kind or a fiduciary relationship between the Corporation and a Participant or his or her beneficiary. Each allocation of Performance Units under the Plan to a Participant and the number and value of such Performance Units as of the date of allocation shall be communicated annually to the Participant.
		
	8.
	RESTRICTIONS, PAYMENTS AND FORFEITURES

		
	(a)
	Restrictions. The Participant shall have no rights and privileges of a shareholder as to the Performance Units credited to his or her Account. Accordingly, the Participant shall have no right to receive dividends actually paid or distributed at the time declared and no right to vote on account of any allocation of Performance Units to his or her Account. In addition, no interest in the Performance Units or any Account may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of at any time.

		
	(b)
	Payment of Performance Units.

		
	(i)
	Except as otherwise provided under Section 8 herein, distribution of the Performance Units shall occur (or commence in the case of annual installments) on the date immediately following the last day of the applicable Deferral Period.  Distribution shall be made in a single payment, unless at the time of 

deferral the Participant had elected to receive the Performance Units in annual installments.  
		
	(A)
	If distribution shall be made in a single lump sum, the amount of the distribution shall equal (1) the Fair Market Value of a share of Common Stock as of the last day of the Deferral Period multiplied by the number of Performance Units credited to his or her account on such date, or (2) one share of Common Stock in lieu of cash for each Performance Unit credited to his or her account on the last day of the Deferral Period. The Board shall have the sole discretion to determine whether such distribution shall be in cash or in stock.

		
	(B)
	If distribution shall be made in annual installments, the amount of each installment shall equal (1) the Fair Market Value of a share of Common Stock as of the last day of the Deferral Period (or the applicable annual anniversary thereof), multiplied by the number of Performance Units being distributed in such installment, or (2) one share of Common Stock in lieu of cash for each Performance Unit being distributed in that installment. 

		
	(ii)
	If a Participant ceases to be a Director prior to the end of the Deferral Period, distribution of all Performance Units allocated to Participant’s Account shall be made or commence at the time and in the form of payment elected or deemed to be elected at the time of deferral.  Payment shall be made to the Participant’s beneficiary in the event of death, his or her estate in the case of Disability if there is no attorney-in-fact, or the Participant, as the case may be.  

		
	(iii)
	In all cases, for purposes of compliance with Section 409A of the Internal Revenue Code of 1986, as amended (“Code”), payment shall be deemed to be made upon the fixed date or payment event specified under subparagraph 8(b) if the payment is made (a) thirty (30) days prior to the specified fixed payment date or event; (b) a later date within the same calendar year as the specified fixed payment date or event; (c) or, if later, by the 15th day of the third calendar month following the specified fixed payment date or event.  However, in no event shall a Participant be permitted, directly or indirectly, to designate the taxable year of the payment.

		
	9.
	REGULATORY COMPLIANCE AND LISTING

If the Board decides to deliver Common Stock in lieu of cash under Section 8, the issuance or delivery of any Common Stock may be postponed by the Corporation for such period as may be required to comply with any applicable requirements under the Federal securities laws, any applicable listing requirements of any national securities exchange and requirements under any other law or regulation applicable to the issuance or delivery of such shares, and the Corporation shall not be obligated to issue, purchase or deliver any Common Stock if the issuance, purchase or delivery of such shares shall constitute a violation of any provision of any law or of any regulation of any governmental authority or any national securities exchange.  If the Company is unable to deliver Common Stock after a reasonable period of time, the Board shall direct the delivery of cash under Section 8 to satisfy the distribution of Performance Units.  As a condition to receipt of Common Stock, the Participant shall execute such agreements and other documents as the Corporation may reasonably request for securities law purposes.

		
	10.
	ADJUSTMENTS

In the event of any change in the outstanding shares of Common Stock by reason of a merger, consolidation, recapitalization, reclassification, reorganization, stock split, reverse stock split, combination of shares, stock dividend or similar transaction, the Board shall proportionately adjust, in an equitable manner, the number of Performance Units held by a Participant under the Plan and the total number of Performance Units which may be granted under the Plan under Section 5.
		
	11.
	DESIGNATION OF BENEFICIARY

Each Participant may designate one or more beneficiaries to receive all payments due to such Participant hereunder upon his or her death.  Such beneficiary designation may be revoked or amended by such Participant, from time to time, by appropriate notice in writing delivered to the General Counsel of the Corporation.  In the absence of any beneficiary designation or in the event that the designated beneficiaries shall not be living at the time of death of the Participant, the account value on the date of death of the Participant shall be payable and delivered to the estate of such deceased Participant.  
		
	12.
	TERMINATION OR AMENDMENT OF PLAN

The Board may at any time terminate the Plan and may from time to time alter or amend the Plan or any part thereof (including any amendment deemed necessary to ensure that the Corporation may comply with any regulatory requirement referred to in Section 9), provided that, (a) unless otherwise required by law, the rights of a Participant with respect to Performance Units granted prior to such termination, alteration or amendment may not be impaired without the consent of such Participant and, further, that (b) to the extent the approval of the Corporation’s shareholders is required under applicable laws or regulations with respect to such alteration or amendment, such approval of the Corporation’s shareholders is appropriately obtained.
		
	13.
	MISCELLANEOUS

		
	(a)
	Nothing in the Plan shall be deemed to create any obligation on the part of the Board to nominate any Director for reelection by the Corporation’s shareholders.

		
	(b)
	Neither the adoption of this Plan by the Board nor the submission of the Plan to the Corporation’s shareholders for approval shall be construed as creating any limitations on the power or authority of the Board to adopt such other additional incentive or other compensation arrangements as the Board may deem necessary or desirable.

		
	(c)
	The Corporation shall have the right to (i) deduct from all amounts paid pursuant to the Plan any taxes required by law to be withheld with respect to such amounts, and (ii) require, within three (3) months after issuance or delivery of any Common Stock, payment by the Participant of any taxes required by law with respect to the issuance or delivery of such shares.

		
	(d)
	The shares of any Common Stock delivered under the Plan may be either authorized but unissued shares or shares which have been or may be reacquired by the Corporation, as determined from time to time by the Board.  In either case, the shares shall be fully registered and transferable without restriction.

		
	(e)
	All costs and expenses incurred in the operation and administration of this Plan will be borne by the Corporation.

		
	(f)
	No rights, interests, or benefits under this Plan may be assigned, transferred, pledged, or hypothecated in any way. Such rights, interests or benefits shall not be subject to execution, attachment, or similar process. Any attempted assignment, transfer, pledge, 

or hypothecation, or other disposition of such rights, interests, or benefits contrary to the preceding provisions, or the levy of any attachment or similar process thereupon, shall be null and void and without effect.
		
	(g)
	This Plan shall be binding upon and inure to the benefit of the successors and assigns of the Corporation, whether by way of merger, consolidation, operation of law, assignment, purchase or other acquisition of substantially all of the assets or business of the Corporation and any such successor or assign shall absolutely and unconditionally assume all of the Corporation’s obligations hereunder.

		
	(h)
	The Plan will be governed by the laws of the State of Missouri.

		
	(i)
	The payments to a Participant or his or her beneficiary hereunder shall be made from assets which shall continue, for all purposes, to be part of the general, unrestricted assets of the Corporation. No person shall have any interest in any such assets by virtue of the provisions of the Plan. The Corporation’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that any person acquires a right to receive payments from the Corporation under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Corporation. No such person shall have nor acquire any legal or equitable right, interest or claim in or to any property or assets of the Corporation.

		
	(j)
	Payments and benefits under this Plan are intended to comply with Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Plan shall be interpreted and administered to be in compliance therewith.  For purposes of Code Section 409A, a Participant’s entitlement to annual installment payments shall be treated as an entitlement to a single payment.  For purposes of this Agreement, a termination of directorship or Retirement shall only be deemed to occur if such termination constitutes a “separation from service” within the meaning of Code Section 409A.

		
	14.
	EFFECTIVE DATE

The restated Plan shall become effective as of January 1, 2016, or such later date as the Board may determine.
IN WITNESS WHEREOF, the Corporation has executed this Plan restatement on the date and year first above-written.
REINSURANCE GROUP OF AMERICA, INCORPORATED

By: /s/ A. Greig Woodring
     A. Greig Woodring
President and Chief Executive Officer
ATTEST:

By: /s/ William L. Hutton
     William L. Hutton, Secretary

Amended and Restated Plan Approved: September 21, 2015 (effective January 1, 2016)Exhibit

Exhibit 10.5

AMENDMENT TO THIRD FORBEARANCE AGREEMENT
This AMENDMENT TO THIRD FORBEARANCE AGREEMENT (this "Amendment"), dated as of October 30, 2015, is by and between Essex Crane Rental Corp., a Delaware corporation ("Borrower"), Essex Holdings, LLC, a Delaware limited liability company ("Parent"; together with Borrower, collectively, "Loan Parties"), and Wells Fargo Capital Finance, LLC, in its capacity as agent under the Credit Agreement defined below ("Agent"), and all Lenders under such Credit Agreement.
R E C I T A L S:
WHEREAS, Agent, Lenders, Borrower, and Parent have entered into certain financing arrangements pursuant to that certain Fourth Amended and Restated Credit Agreement dated as of May 13, 2014 (as amended, supplemented, extended, renewed, restated, replaced, or otherwise modified, the "Credit Agreement");
WHEREAS, Agent, Lenders, and Borrower entered into that certain Forbearance Agreement dated as of August 20, 2015, pursuant to which Agent and Lenders agreed to forbear from exercising certain of their rights and remedies and provide certain further Loans and other financial accommodations to Borrower solely for the period and on the terms and conditions specified therein, and which forbearance period expired as of September 11, 2015;
WHEREAS, Agent, Lenders, and Borrower have entered into that certain Second Forbearance Agreement dated as of September 15, 2015 (as amended, the "Second Forbearance Agreement"), pursuant to which Agent and Lenders agreed to forbear, until not later than October 2, 2015, from exercising certain of their rights and remedies as a result of the occurrence and continuance of the "Existing Defaults" (as defined in the Second Forbearance Agreement) and provide certain further Loans and other financial accommodations to Borrower solely during the "Forbearance Period" (as defined in the Second Forbearance Agreement), subject to the terms and conditions of the Second Forbearance Agreement;
WHEREAS, Agent, Lenders, and Loan Parties have entered into that certain Third Forbearance Agreement dated as of October 7, 2015 (as amended hereby, the "Third Forbearance Agreement"), pursuant to which Agent and Lenders agreed to forbear, until not later than November 13, 2015, from exercising certain of their rights and remedies as a result of the occurrence and continuance of the Existing Defaults and provide certain further Loans and other financial accommodations to Borrower solely during the Forbearance Period, subject to the terms and conditions of the Third Forbearance Agreement;
WHEREAS, Loan Parties have requested that, subject to the terms and conditions of this Amendment, Agent and Lenders agree to amend the Third Forbearance Agreement in certain respects as set forth herein; and
WHEREAS, subject to the terms and conditions contained in this Amendment, Agent and Lenders are willing to agree to amend the Third Forbearance Agreement in certain respects solely on the terms and conditions specified herein.
NOW, THEREFORE, in consideration of the foregoing, and the respective agreements, warranties, and covenants contained herein, the parties hereto agree as follows:
SECTION 1. DEFINITIONS
1.1    Interpretation.  All capitalized terms used herein (including the recitals hereto) will have the respective meanings ascribed thereto in the Third Forbearance Agreement or, if not defined therein, in the Credit Agreement unless otherwise defined herein. The foregoing recitals, together with all exhibits attached hereto, are incorporated by this reference and made a part of this Amendment. Unless otherwise provided herein, all section and exhibit references herein are to the corresponding sections and exhibits of this Amendment.
SECTION 2. ACKNOWLEDGMENTS
2.1.    Acknowledgment of Obligations.  Each Loan Party hereby acknowledges, confirms, and agrees that as of the close of business on October 6, 2015: (a) Borrower is indebted to the Revolving Lenders in respect of the Revolving Loans in the principal amount of $120,527,586.97, (b) Borrower is indebted to the Term Lenders in respect of the Term Loan in the principal amount of $30,000,000.00 plus $690,173.40 in PIK interest, and (c) Borrower is indebted to Issuing Bank in respect of the Letter of Credit Usage in the principal amount of $24,630.00.  Each Loan Party hereby acknowledges, confirms, and agrees that all such Obligations (of which not less than $32,083,561.00 constituted an Overadvance as of the close of business on October 6, 2015, calculated using Collateral values reported by Borrower as of August 31, 2015 (the "Initial Overadvance"), together with interest accrued and accruing thereon, and all fees, costs, expenses, and other charges now or hereafter payable to Agent or Lenders, in 

Exhibit 10.5

each case in accordance with the terms of the Loan Documents, are unconditionally owing by each Loan Party, without offset, defense, or counterclaim of any kind, nature, or description whatsoever.
2.2.    Acknowledgment of Security Interests.  Each Loan Party hereby acknowledges, confirms, and agrees that Agent has, and will continue to have, valid, enforceable, and perfected first-priority continuing Liens upon and security interests in the Collateral heretofore granted to Agent, for the benefit of Agent and Lenders, pursuant to the Guaranty and Security Agreement and the other Loan Documents or otherwise granted to or held by Agent, for the benefit of Agent and Lenders.
2.3.    Binding Effect of Documents.  Each Loan Party hereby acknowledges, confirms and agrees that: (a) this Amendment constitutes a Loan Document; (b) each of the Credit Agreement, the Third Forbearance Agreement, and the other Loan Documents to which it is a party has been duly executed and delivered to Agent by such Loan Party, and each is and will remain in full force and effect as of the date hereof except as modified pursuant hereto; (c) the agreements and obligations of such Loan Party contained in such documents and in this Amendment constitute legal, valid, and binding Obligations, enforceable in accordance with their respective terms, and such Loan Party has no valid defense to the enforcement of such Obligations; (d) Agent and Lenders are and will be entitled to the rights, remedies, and benefits provided for under the Credit Agreement and the other Loan Documents and applicable law; and (e) during the Forbearance Period, such Loan Party shall comply with all limitations, restrictions, or prohibitions that would otherwise be effective or applicable under the Credit Agreement or any of the other Loan Documents during the continuance of any Event of Default, and except to the extent expressly provided otherwise in this Amendment, any right or action of such Loan Party set forth in the Credit Agreement or the other Loan Documents that is conditioned on the absence of any Event of Default may not be exercised or taken as a result of the Existing Defaults.
2.4.    Acknowledgment of Default.  Each Loan Party hereby acknowledges and agrees that the Existing Defaults have occurred and are continuing (or are expected to occur and be continuing), each of which constitutes (or will constitute) an Event of Default and entitles Agent and Lenders to exercise their respective rights and remedies under the Credit Agreement and the other Loan Documents, applicable law, or otherwise.  Each Loan Party represents and warrants that as of the date hereof, no Events of Default exist other than the Existing Defaults.  Each Loan Party hereby acknowledges and agrees that Agent and Lenders have the exercisable right to declare the Obligations to be immediately due and payable under the terms of the Credit Agreement and the other Loan Documents based on the Existing Defaults, subject to the terms of Section 3.2 of the Third Forbearance Agreement. Each Loan Party acknowledges and agrees that, subject to the terms of the Third Forbearance Agreement, Revolving Lenders are no longer obligated to make any further Revolving Loans as a result of the Existing Defaults.
SECTION 3. CERTAIN AMENDMENTS, AGREEMENTS, AND COVENANTS
3.1.    Amendments to the Third Forbearance Agreement. In reliance upon the representations, warranties, and covenants of Borrower and Parent contained herein, and subject to the terms and conditions of this Amendment and any documents or instruments executed in connection herewith, effective as of the date hereof, the Third Forbearance Agreement is hereby amended as follows:
(a)The definition of "Forbearance Period" set forth in Section 1.2(b) of the Third Forbearance Agreement is hereby amended by deleting the reference to "November 13, 2015" contained in subsection (i) thereof and replacing such reference with "November 20, 2015".
(b)Section 4.9 of the Third Forbearance Agreement is hereby amended by: (1) deleting the reference to "October 30, 2015" therein and replacing such reference with "November 6, 2015"; and, (2) deleting the reference to "November 6, 2015" therein and replacing such reference with "November 9, 2015."
(c)The Budget attached at Exhibit A to the Third Forbearance Agreement (Budget) is hereby deemed supplemented by the one (1) week period set forth at Exhibit A hereto.
(d)Exhibit B attached to the Third Forbearance Agreement (Existing Defaults) is hereby amended and restated in its entirety as set forth at Exhibit B hereto.
3.2.    No Waivers; Reservation of Rights.
(a)Agent and Lenders have not waived, are not by this Amendment waiving, and have no intention of waiving, any Events of Default which may be continuing on the date hereof or any Events of Default which may occur after the date hereof (whether the same or similar to the Existing Defaults or otherwise), and Agent and Lenders have not agreed to forbear 

Exhibit 10.5

with respect to any of their rights or remedies concerning any Events of Default (other than, during the Forbearance Period, the Existing Defaults to the extent expressly set forth in the Third Forbearance Agreement) occurring at any time.
(b)Subject to Section 3.2 of the Third Forbearance Agreement (solely with respect to the Existing Defaults), Agent and Lenders reserve the right, in their discretion, to exercise any or all of their rights and remedies under the Credit Agreement and the other Loan Documents as a result of any other Events of Default occurring at any time.  Agent and Lenders have not waived any of such rights or remedies, and nothing in this Amendment, and no delay on their part in exercising any such rights or remedies, may or will be construed as a waiver of any such rights or remedies.
3.3.    Additional Events of Default.  The parties hereto acknowledge, confirm, and agree that any misrepresentation by any Loan Party, or any failure of any Loan Party to comply with the covenants, conditions, and agreements contained in this Amendment or in the Third Forbearance Agreement will constitute an immediate Event of Default under this Amendment, the Third Forbearance Agreement, and each of the other Loan Documents. Notwithstanding the existence of the Forbearance Period, in the event that any Person, other than Agent or Lenders, at any time exercises for any reason (including, without limitation, by reason of any Existing Defaults, any other present or future Event of Default, or otherwise) any of its rights or remedies against any Loan Party or any other obligor providing credit support for the Obligations, or against any Loan Party's or such other obligor's properties or assets, in each case, of the type that would constitute an Event of Default under the terms and provisions of the Credit Agreement and the other Loan Documents, then such occurrence shall also be deemed to constitute an immediate Event of Default hereunder and under the Credit Agreement and the other Loan Documents.
SECTION 4. REPRESENTATIONS AND WARRANTIES
Each Loan Party hereby represents, warrants, and covenants as follows:
4.1.    Representations in the Credit Agreement and the Other Loan Documents.  Each of the representations and warranties made by or on behalf of any Loan Party to Agent or any Lender in the Credit Agreement or any of the other Loan Documents was true and correct in all material respects when made, and is, except (a) for the Existing Defaults (or the facts and circumstances resulting therein), (b) to the extent updated by amended and restated disclosure schedules provided to Agent and certified by an officer of Borrower, or (c) to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date, true and correct in all material respects on and as of the date of this Amendment with the same full force and effect as if each of such representations and warranties had been made by such Loan Party on the date hereof and in this Amendment; provided, that all such foregoing materiality modifiers shall not apply in respect of those representations and warranties that by their terms are subject to conditions of materiality under the Credit Agreement.
4.2.    Binding Effect of Documents.  This Amendment has been duly authorized, executed, and delivered to Agent and Lenders by each Loan Party, is enforceable in accordance with its terms, and is in full force and effect.
4.3.    No Conflict.  The execution, delivery, and performance of this Amendment by Loan Parties will not violate any requirement of law or contractual obligation of any Loan Party where any such violation could individually or in the aggregate reasonably be expected to have a Material Adverse Effect and will not result in, or require, the creation or imposition of any Lien on any of their properties or revenues (other than Lien of Agent or Permitted Liens).
SECTION 5. CONDITIONS TO EFFECTIVENESS OF CERTAIN PROVISIONS OF THIS AMENDMENT
Unless otherwise specified herein, the terms and provisions of this Amendment will be effective immediately upon satisfaction or existence of all of the following conditions:
(a)Agent's receipt of this Amendment, duly authorized, executed, and delivered by all Lenders and all Loan Parties;
(b)Borrower's reimbursement of all costs and expenses of Agent and Lenders reimbursable pursuant to the terms of the Loan Documents, incurred and invoiced on or prior to the closing date of this Amendment;
(c)Agent's receipt from Parent of a duly executed and delivered Consent and Reaffirmation in the form as attached as Exhibit C;

Exhibit 10.5

(d)Agent's receipt from each Loan Party of evidence of their respective corporate authority to execute, deliver, and perform their respective obligations under this Amendment and all other agreements and documents executed in connection therewith; and
(e)No Default or Event of Default (other than the Existing Defaults) shall have occurred and be continuing.
SECTION 6. MISCELLANEOUS
6.1.    Continuing Effect of Loan Documents.  Except as modified pursuant hereto, no other changes or modifications to the Third Forbearance Agreement, the Credit Agreement, or any other Loan Document are intended or implied by this Amendment and in all other respects the Third Forbearance Agreement, the Credit Agreement and the other Loan Documents hereby are ratified and confirmed by all parties hereto as of the date hereof.  To the extent of any conflict between the terms of this Amendment and the Third Forbearance Agreement, the terms of this Amendment will govern and control.
6.2.    Costs and Expenses.  Borrower reaffirms and acknowledges its obligations to pay Lender Group Expenses pursuant to Section 2.5 of the Credit Agreement, including, without limitation, all fees, costs, and expenses incurred by Agent in connection with the preparation, negotiation, execution, delivery, or enforcement of this Amendment.
6.3.    Further Assurances.  At Borrower's expense, the parties hereto will execute and deliver such additional documents and take such further action as may be necessary or reasonably requested by Agent to effectuate the provisions and purposes of this Amendment.
6.4.    Successors and Assigns; No Third-Party Beneficiaries.  This Amendment will be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.  No Person other than the parties hereto, and in the case of Section 6.6 and Section 6.7 hereof, the Releasees, shall have any rights hereunder or be entitled to rely on this Amendment, and all third-party beneficiary rights (other than the rights of the Releasees under Section 6.6 and Section 6.7 hereof) are hereby expressly disclaimed.
6.5.    Survival of Representations, Warranties and Covenants.  All representations, warranties, covenants, and releases of Loan Parties made in this Amendment or any other document furnished in connection with this Amendment will survive the execution and delivery of this Amendment and the Forbearance Period, and no investigation by Agent or any Lender, or any closing, will affect the representations and warranties or the right of Agent and Lenders to rely upon them.
6.6.    Release.
(a)In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Loan Party, on behalf of itself and its successors and assigns, and its present and former members, managers, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, legal representatives, and other representatives (Loan Parties and all such other Persons being hereinafter referred to collectively as the "Releasing Parties" and individually as a "Releasing Party"), hereby absolutely, unconditionally, and irrevocably releases, remises, and forever discharges Agent, each Lender, and each of their respective successors and assigns, and their respective present and former shareholders, members, managers, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, legal representatives, and other representatives (Agent, Lenders, and all such other Persons being hereinafter referred to collectively as the "Releasees" and individually as a "Releasee"), of and from any and all demands, actions, causes of action, suits, damages, and any and all other claims, counterclaims, defenses, rights of set‐off, demands, and liabilities whatsoever (individually, a "Claim" and collectively, "Claims") of every kind and nature, known or unknown, suspected or unsuspected, at law or in equity, which any Releasing Party or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have, or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause, or thing whatsoever which arises at any time on or prior to the date of this Amendment for or on account of, in relation to, or in any way in connection with this Amendment, the Third Forbearance Agreement, the Credit Agreement, any of the other Loan Documents, or any of the transactions hereunder or thereunder.
(b)Each Loan Party understands, acknowledges, and agrees that the release set forth above may be pleaded as a full and complete defense to any Claim and may be used as a basis for an injunction against any action, suit, or other proceeding which may be instituted, prosecuted, or attempted in breach of the provisions of such release.
(c)Each Loan Party agrees that no fact, event, circumstance, evidence, or transaction which could now be asserted or which may hereafter be discovered will affect in any manner the final, absolute, and unconditional nature of the release set forth above.

Exhibit 10.5

6.7.    Covenant Not to Sue.  Each Loan Party hereby absolutely, unconditionally and irrevocably covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding, or otherwise) any Releasee on the basis of any Claim released, remised, and discharged by any Releasing Party pursuant to Section 6.6 above.  If any Releasing Party violates the foregoing covenant, each Loan Party, for itself and its successors and assigns, and its present and former members, managers, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, legal representatives, and other representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys' fees and costs incurred by any Releasee as a result of such violation.

6.8.    Severability.  Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable will not impair or invalidate the remainder of this Amendment.

6.9.    Reviewed by Attorneys.  Each Loan Party represents and warrants to Agent and Lenders that it (a) understands fully the terms of this Amendment and the consequences of the execution and delivery of this Amendment; (b) has been afforded an opportunity to discuss this Amendment with, and have this Amendment reviewed by, such attorneys and other persons as any Loan Party may wish; and (c) has entered into this Amendment and executed and delivered all documents in connection herewith of its own free will and accord and without threat, duress, or other coercion of any kind by any Person.  The parties hereto acknowledge and agree that neither this Amendment nor the other documents executed pursuant hereto will be construed more favorably in favor of one than the other based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation and preparation of this Amendment and the other documents executed pursuant hereto or in connection herewith.

6.10.    Disgorgement.  If Agent or any Lender is, for any reason, compelled by a court or other tribunal of competent jurisdiction to surrender or disgorge any payment, interest, or other consideration described hereunder to any person because the same is determined to be void or voidable as a preference, fraudulent conveyance, impermissible set-off or for any other reason, such indebtedness or part thereof intended to be satisfied by virtue of such payment, interest, or other consideration will be revived and continue as if such payment, interest, or other consideration had not been received by Agent or such Lender, and Loan Parties will be liable to, and will indemnify, defend, and hold Agent or such Lender harmless for, the amount of such payment or interest surrendered or disgorged.  The provisions of this Section will survive repayment of the Obligations or any termination of the Credit Agreement or any other Loan Document.

6.11.    Tolling of Statute of Limitations.  Each and every statute of limitations or other applicable law, rule, or regulation governing the time by which Agent must commence legal proceedings or otherwise take any action against any Loan Party with respect to any breach or default that exists on or prior to the expiration or termination of the Forbearance Period and arises under or in respect of the Credit Agreement or any other Loan Document shall be tolled during the Forbearance Period.  Each Loan Party agrees, to the fullest extent permitted by law, not to include such period of time as a defense (whether equitable or legal) to any legal proceeding or other action by Agent in the exercise of its rights or remedies referred to in the immediately preceding sentence.

6.12.    Relationship.  Each Loan Party agrees that the relationship between it, on one hand, and Agent and Lenders, on the other hand, is that of creditor and debtor and not that of partners or joint venturers.  This Amendment does not constitute a partnership agreement or any other association among the parties.  Each Loan Party acknowledges that Agent and each Lender has acted at all times only as a creditor to it within the normal and usual scope of the activities normally undertaken by a creditor and in no event has Agent or any Lender attempted to exercise any control over it or its business or affairs.  Each Loan Party further acknowledges that Agent and each Lender has not taken or failed to take any action under or in connection with its respective rights under the Credit Agreement or any of the other Loan Documents that in any way, or to any extent, has interfered with or adversely affected its ownership of Collateral.

6.13.    No Effect on Rights Under Subordination and Intercreditor Agreements.  Agent's and Lenders' agreement to forbear pursuant to Section 3.2 of the Third Forbearance Agreement shall not extend to any of their respective rights or remedies under any subordination, intercreditor, or similar agreement to which Agent or any Lender is party, it being understood that the Existing Defaults shall at all times constitute Events of Default for purposes of any and all such agreements notwithstanding such agreement to forbear in Section 3.2 of the Third Forbearance Agreement, and Agent and Lenders shall at all times be permitted to enforce all rights and remedies in respect thereof (including, without limitation, blocking payments to any holders of subordinated obligations in accordance with the terms of such agreements).

6.14.    Governing Law: Consent to Jurisdiction and Venue.  EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THE CREDIT AGREEMENT AND ANY OF THE OTHER LOAN DOCUMENTS, THIS AMENDMENT, THE THIRD FORBEARANCE AGREEMENT, THE CREDIT AGREEMENT, AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER WILL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS, WITHOUT 

Exhibit 10.5

REGARD TO CONFLICTS OF LAWS PRINCIPLES.  EACH LOAN PARTY HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN COOK COUNTY, ILLINOIS WILL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN IT AND AGENT OR ANY LENDER PERTAINING TO THIS AMENDMENT OR THE CREDIT AGREEMENT OR THE OTHER LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AMENDMENT OR THE CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; AND FURTHER PROVIDED, THAT NOTHING IN THIS AMENDMENT WILL BE DEEMED OR OPERATE TO PRECLUDE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF AGENT.  EACH LOAN PARTY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH LOAN PARTY HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE, OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.  EACH LOAN PARTY HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO IT AT THE ADDRESS SET FORTH IN THE CREDIT AGREEMENT AND THAT SERVICE SO MADE WILL BE DEEMED COMPLETED UPON THE EARLIER OF ITS ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER THE SAME HAS BEEN POSTED.

6.15.    Mutual Waiver of Jury Trial.  THE PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN AGENT OR ANY LENDER AND ANY LOAN PARTY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AMENDMENT OR THE CREDIT AGREEMENT OR THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED THERETO.

6.16.    Counterparts.  This Amendment may be executed and delivered via facsimile or email (in .pdf format) transmission with the same force and effect as if an original were executed, and may be executed in any number of counterparts, but all of such counterparts will together constitute but one and the same agreement.

[Signature Pages Follow]

Exhibit 10.5

IN WITNESS WHEREOF, this Agreement is executed and delivered as of the day and year first above written.

	
			
	 
	 
	ESSEX CRANE RENTAL CORP.,

	 
	 
	As Borrower

	 
	 
	 

	 
	By:
	/s/ Kory Glen

	 
	Name:
	Kory Glen

	 
	Title:
	Chief Financial Officer

	 
	 
	 

	 
	 
	ESSEX HOLDINGS, LLC,

	 
	 
	As Guarantor and a Loan Party

	 
	 
	 

	 
	By:
	/s/ Kory Glen

	 
	Name:
	Kory Glen

	 
	Title:
	Chief Financial Officer

	 
	 
	 

	 
	 
	WELLS FARGO CAPITAL FINANCE, LLC,

	 
	 
	As Agent and Lender

	 
	 
	 

	 
	By:
	/s/ Laura Nickas

	 
	Name:
	Laura Nickas

	 
	Title:
	Authorized Signatory

	 
	 
	 

	 
	 
	PNC BANK, NATIONAL ASSOCIATION,

	 
	 
	As a Lender

	 
	 
	 

	 
	By:
	/s/ James Simpson

	 
	Name:
	James Simpson

	 
	Title:
	Vice President

	 
	 
	 

	 
	 
	ALOSTAR BANK OF COMMERCE,

	 
	 
	As a Lender

	 
	 
	 

	 
	By:
	/s/ Daryn Veney

	 
	Name:
	Daryn Veney

	 
	Title:
	Vice President

	 
	 
	 

	 
	 
	KAYNE SENIOR CREDIT FUND (QP), L.P.,

	 
	 
	As a Lender

	 
	 
	 

	 
	By:
	/s/ Albert M. Ricchio

	 
	Name:
	Albert M. Ricchio

	 
	Title:
	Managing Partner

	 
	 
	 

Exhibit 10.5

	
			
	 
	 
	KAYNE SENIOR CREDIT FUND, L.P.,

	 
	 
	As a Lender

	 
	 
	 

	 
	By:
	/s/ Albert M. Ricchio

	 
	Name:
	Albert M. Ricchio

	 
	Title:
	Managing Partner

	 
	 
	 

	 
	 
	1492 CAPITAL, LLC,

	 
	 
	As a Lender

	 
	 
	 

	 
	By:
	/s/ Thomas A. Shanklin

	 
	Name:
	Thomas A. Shanklin

	 
	Title:
	Authorized Signatory

	 
	 
	 

	 
	 
	MEDLEY CAPITAL CORPORATION,

	 
	 
	As a Lender

	 
	 
	 

	 
	By:
	/s/ Richard T. Allorto

	 
	Name:
	Richard T. Allorto

	 
	Title:
	Chief Financial Officer

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