Document:

Exhibit 10.13

June 3, 2005

 

Neff
Corp.

3750 N.W. 87th Avenue

Suite 400

Miami, Florida 33178

Attention: Mark H. Irion

 

Re:                               Management Rights

 

Dear Mr. Irion:

 

DLJ Investment Partners II,
L.P. (the “Fund”) (i) owns shares of Common
Stock, par value $0.01 per share, of Neff Corp., a Delaware corporation (the “Company”), subject to the
terms and conditions of the Stockholders Agreement dated as of June 3,
2005 (the “Stockholders Agreement”) by
and among the Company, the Fund, Iron Merger Partnership, New York Life Capital
Partners II, L.P., TCW/Crescent Mezzanine Partners III, L.P. and certain
affiliated investors and (ii) is one of the holders of the 13% Senior
Subordinated Notes due June 3, 2013 (the “Notes”)
of the Company.

 

In addition to the
warranties and covenants contained in the Stockholders Agreement and in the
Purchase Agreement among the Company, the guarantors named therein and the
purchasers named therein dated as of June 3, 2005 (the “Purchase Agreement”), the Fund and the
Company confirm that the Fund has the following contractual management rights
with respect to the Company.

 

1.                                   The Fund has the right to appoint one
representative to attend and fully participate in each meeting of the Board of
Directors of the Company as a non-voting observer; provided, however,
that such representative may be excluded from any meeting or portion thereof if
the Company reasonably believes, upon advice of counsel, that such exclusion is
reasonably necessary to preserve the attorney-client privilege, to protect highly
confidential proprietary information, or in the event the Board of Directors
intends to discuss or vote upon any matter in which the Fund has a material
business or financial interest (other than by reason of interest as a holder of
securities of the Company). The Company will give the Fund written notice of
each meeting of the Board of Directors of the Company at the same time and in
the same

 

 

manner
as notice is given to the members of the Board of Directors of the Company. The
Fund will be provided with all written materials and other information
(including, without limitation, copies of minutes of meetings) given to members
of the Board of Directors of the Company in connection with such meetings at
the same time such materials and information are given to such members of the
Board of Directors. If the Company proposes to take any action by written
consent in lieu of a meeting of the Board of Directors of the Company, the
Company will give written notice thereof to the Fund promptly following the effective
date of such consent describing in reasonable detail the nature and substance
of such action.

 

2.                                      The Fund shall have the right to consult with
and advise the senior executive management team of the Company and its
subsidiaries, upon reasonable notice at reasonable times from time to time, on
all matters relating to the operation of the Company and the subsidiaries.

 

3.                                      Upon reasonable request by the Fund, a
representative of the Fund is entitled to inspect the books and records of the
Company and the facilities of the Company, and to request and receive
management accounts of the Company, including a balance sheet and profit and
loss account, and other reasonable information regarding the Company’s
financial condition and operations.

 

4.                                      The Company shall furnish to the Fund the
financial information described in the last sentence and in clause (A) of
the first sentence of Section 12(c)(i) of the Stockholders Agreement,
as in effect on the date hereof.

 

5.                                      All rights conferred on the Fund pursuant to
this letter may be transferred or assigned to any affiliate of the Fund,
provided that the Company is given written notice at the time of or within a
reasonable time after said transfer or assignment, stating the name and address
of such transferee or assignee and identifying the specific rights being
transferred or assigned, and, provided further, that such transferee or
assignee either (x) assumes the obligations of the Fund under the Stockholders
Agreement and agrees to be bound thereby or (y) is a holder of the Notes.

 

The Fund agrees that it will
hold in confidence pursuant to the terms of Section 11 of the Purchase
Agreement any confidential information obtained by the Fund pursuant to the
rights granted under this letter and will require that its representatives
agree to do the same.

 

The contractual rights
confirmed by this letter will terminate and be of no further force or effect as
of the date that the Fund, together with its affiliates, ceases to beneficially
own in the aggregate at least $10.0 million of the Notes. However, the
confidentiality obligations of the Fund and its representatives under this
letter will survive for a period of three years following the termination of
the Fund’s management rights set forth herein.

 

2

 

This letter shall be
construed and enforced in accordance with the laws of the State of New York.

 

On behalf of the Company,
please indicate your agreement to the terms set forth in this letter by
executing and returning the duplicate copy of the letter.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DLJ INVESTMENT PARTNERS II, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  DLJ
  Investment Partners II, Inc.,

  as managing general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles W. Harper

  	
   

  
	
   

  	
   

  	
  Name:

  	
  CHARLES W. HARPER

  	
   

  
	
   

  	
   

  	
  Title:

  	
  DIRECTOR

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted
  and Agreed this 3rd day of 

  	
   

  
	
   

  	
  June,
  2005

  	
   

  	
   

  
	
   

  	
   

  
	
  NEFF
  CORP.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
								

 

VCOC Letter

 

 

This letter shall be construed and enforced in accordance with the laws
of the State of New York.

 

On behalf of the Company, please indicate your agreement to the terms
set forth in this letter by executing and returning the duplicate copy of the
letter.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DLJ INVESTMENT PARTNERS II, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  DLJ
  Investment Partners II, Inc.,

  as managing general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted
  and Agreed this 3rd day of

  	
   

  
	
   

  	
  June,
  2005

  	
   

  	
   

  
	
   

  	
   

  
	
  NEFF
  CORP.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Mark Irion

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Mark Irion

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Secretary

  	
   

  	
   

  
										

 

DLJ VCOC Letter

 

 

July 8, 2005

 

Neff Corp.

Neff Rental LLC

Neff Finance Corp.

3750 N.W. 87th Avenue

Suite 400

Miami, Florida 33178

Attention:  Mark H. Irion

 

Re:                               Management Rights

 

Dear Mr. Irion:

 

DLJ Investment
Partners II, L.P. (the “Fund”) (i) owns
shares of  Common Stock, par value $0.01
per share, of Neff Corp., a Delaware corporation (the “Company”),
subject to the terms and conditions of the Stockholders Agreement dated as of June 3,
2005 (the “Stockholders Agreement”) by and among
the Company, the Fund, Iron Merger Partnership, New York Life Capital Partners
II, L.P., TCW/Crescent Mezzanine Partners III, L.P. and certain affiliated
investors and (ii) is one of the holders of the 13% Senior Subordinated
Notes due June 3, 2013 (the “Notes”) of
Neff Rental LLC (“Neff Rental”) and Neff Finance
Corp. (“Finance Corp.”).

 

In addition to
the warranties and covenants contained in the Stockholders Agreement and in the
Purchase Agreement among Neff Rental, Finance Corp., the guarantors named
therein and the purchasers named therein dated as of June 3, 2005 (the “Purchase Agreement”), the Fund and the Company confirm that
the Fund has the following contractual management rights with respect to the Company
and its subsidiaries.

 

1.                                       The
Fund has the right to appoint one representative to attend and fully
participate in each meeting of the Board of Directors of each of the Company
and Finance Corp., and in each meeting of the Board of Managers of Neff Rental,
in each case as a non-voting observer; provided, however, that
such representative may be excluded from any meeting or portion thereof if the
Company, Neff Rental or Finance Corp., as applicable, reasonably believes, upon
advice of counsel, that such exclusion is reasonably necessary to preserve the

 

 

attorney-client privilege,
to protect highly confidential proprietary information, or in the event that
the relevant  Board of Directors or Board
of Managers intends to discuss or vote upon any matter in which the Fund has a
material business or financial interest (other than by reason of interest as a
holder of securities of the Company, Neff Rental or Finance Corp.).  The Company, Neff Rental or Finance Corp., as
applicable, will give the Fund written notice of each meeting of the relevant
Board of Directors or Board of Managers at the same time and in the same manner
as notice is given to the respective members of such Board of Directors or
Board of Managers.  The Fund will be
provided with all written materials and other information (including, without
limitation, copies of minutes of meetings) given to the members of the relevant
Board of Directors or Board of Managers in connection with such meetings at the
same time such materials and information are given to the respective members of
such Board of Directors or Board of Managers. 
If any of the Company, Neff Rental or Finance Corp. proposes to take any
action by written consent in lieu of a meeting of the relevant Board of Directors
or Board of Managers, the Company, Neff Rental or Finance Corp., as
applicable,  will give written notice
thereof to the Fund promptly following the effective date of such consent
describing in reasonable detail the nature and substance of such action.

 

2.                                       The
Fund shall have the right to consult with and advise the senior executive
management team of the Company and its subsidiaries, upon reasonable notice at
reasonable times from time to time, on all matters relating to the operation of
the Company and the subsidiaries.

 

3.                                       Upon
reasonable request by the Fund, a representative of the Fund is entitled to
inspect the books and records of the Company, Neff Rental and Finance Corp. and
the facilities of the Company, Neff Rental and Finance Corp., and to request
and receive management accounts of the Company, Neff Rental and Finance Corp.,
including a balance sheet and profit and loss account, and other reasonable
information regarding the Company’s, Neff Rental’s and Finance Corp.’s
financial condition and operations.

 

4.                                       The
Company shall furnish to the Fund the financial information described in the
last sentence and in clause (A) of the first sentence of Section 12(c)(i) of
the Stockholders Agreement, as in effect on the date hereof.

 

5.                                       All
rights conferred on the Fund pursuant to this letter may be transferred or
assigned to any affiliate of the Fund, provided that the Company, Neff Rental
and Finance Corp. are given written notice at the time of or within a
reasonable time after said transfer or assignment, stating the name and address
of such transferee or assignee and identifying the specific rights being transferred
or assigned, and, provided further, that such transferee or assignee either (x)
assumes the obligations of the Fund under the Stockholders Agreement and agrees
to be bound thereby or (y) is a holder of the Notes.

 

2

 

The Fund
agrees that it will hold in confidence pursuant to the terms of Section 11
of the Purchase Agreement any confidential information obtained by the Fund
pursuant to the rights granted under this letter and will require that its
representatives agree to do the same.

 

The
contractual rights confirmed by this letter will terminate and be of no further
force or effect as of the date that the Fund, together with its affiliates,
ceases to beneficially own in the aggregate at least $10.0 million of the
Notes.  However, the confidentiality
obligations of the Fund and its representatives under this letter will survive
for a period of three years following the termination of the Fund’s management
rights set forth herein.

 

This letter agreement
supersedes and replaces in its entirety that certain letter agreement regarding
management rights between the Fund and the Company, dated June 3, 2005.

 

[signature page follows]

 

3

 

This letter
shall be construed and enforced in accordance with the laws of the State of New
York.

 

On behalf of
the Company, Neff Rental and Finance Corp., please indicate your agreement to
the terms set forth in this letter by executing and returning the duplicate
copy of the letter.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DLJ
  INVESTMENT PARTNERS II, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  DLJ
  Investment Partners II, Inc.,

  
	
   

  	
   

  	
  as managing
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  
	
   

  
	
  Accepted and Agreed
  this 8th day of

  
	
  July,
  2005

  
	
   

  
	
  NEFF CORP.

  
	
   

  	
   

  
	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
  NEFF RENTAL
  LLC

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
  NEFF CORP.

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:EXHIBIT 10.14

 

 

July 8, 2005

 

Neff Corp.

Neff Rental LLC

Neff Finance Corp.

3750 N.W. 87th Avenue

Suite 400

Miami, Florida 33178

Attention:  Mark H. Irion

 

Re:          Management Rights

 

Dear Mr. Irion:

 

TCW/Crescent Mezzanine Partners III, L.P. (“TCW MP III”) and TCW/Crescent Mezzanine
Partners III Netherlands (“TCW MP III
Netherlands”) (i) own shares of 
Common Stock, par value $0.01 per share, of Neff Corp., a Delaware
corporation (the “Company”),
subject to the terms and conditions of the Stockholders Agreement dated as of June 3,
2005 (the “Stockholders Agreement”)
by and among the Company, TCW MP III, TCW MP III Netherlands, Iron Merger
Partnership, New York Life Capital Partners II, L.P., DLJ Investment Partners
II, L.P. and certain affiliated investors and (ii) are holders of the 13%
Senior Subordinated Notes due June 3, 2013 (the “Notes”) of Neff Rental LLC (“Neff Rental”) and Neff Finance Corp. (“Finance Corp.”).

 

In addition to the warranties and covenants
contained in the Stockholders Agreement and in the Purchase Agreement among
Neff Rental, Finance Corp., the guarantors named therein and the purchasers
named therein dated as of June 3, 2005 (the “Purchase Agreement”), TCW MP III, TCW MP III Netherlands and
the Company confirm that each of TCW MP III and TCW MP III Netherlands have the
following contractual management rights with respect to the Company and its
subsidiaries.

 

1.             TCW MP III and TCW MP III
Netherlands shall each have the right to appoint one representative to attend
and fully participate in each meeting of the Board of Directors of each of the
Company and Finance Corp., and in each meeting of the Board of  Managers of Neff Rental, in each case as a
non-voting observer; provided, however, that both TCW MP III

 

 

and TCW  MP III Netherlands agrees to appoint one individual
to act as joint representative (the “Representative”)
for both TCW MP III and TCW MP III Netherlands and that the Representative may
be excluded from any meeting or portion thereof if the Company, Neff Rental or
Finance Corp., as applicable, reasonably believes, upon advice of counsel, that
such exclusion is reasonably necessary to preserve the attorney-client
privilege, to protect highly confidential proprietary information, or in the
event that the relevant Board of Directors or Board of Managers intends to
discuss or vote upon any matter in which TCW MP III and TCW MP III Netherlands
have a material business or financial interest (other than by reason of
interest as a holder of securities of the Company, Neff Rental or Finance
Corp.); provided, further, that under no circumstances shall more
than one person act as Representative and attend meetings of the Board of
Directors of the Company and Finance Corp and meetings of the Board of Managers
of Neff Rental.  The Company, Neff Rental
or Finance Corp., as applicable, will give the Representative written notice of
each meeting of the relevant Board of Directors or Board of Managers at the
same time and in the same manner as notice is given to the respective members
of such Board of Directors or Board of Managers.  The Representative will be provided with all
written materials and other information (including, without limitation, copies
of minutes of meetings) given to members of the relevant Board of Directors or
Board of Managers in connection with such meetings at the same time such
materials and information are given to the respective members of such Board of
Directors or Board of Managers.  If any
of the Company, Finance Corp. or Neff Rental proposes to take any action by written
consent in lieu of a meeting of the relevant Board of Directors or Board of
Managers, the Company, Neff Rental or Finance Corp., as applicable, will give
written notice thereof to the Representative promptly following the effective
date of such consent describing in reasonable detail the nature and substance
of such action.

 

2.             TCW MP III and TCW MP III
Netherlands shall each have the right to consult with and advise the senior
executive management team of the Company and its subsidiaries, upon reasonable
notice at reasonable times from time to time, on all matters relating to the
operation of the Company and the subsidiaries.

 

3.             Upon reasonable request by either
TCW MP III or TCW MP III Netherlands, a representative of TCW MP III or TCW MP
III Netherlands, as the case may be, is entitled to inspect the books and
records of the Company, Neff Rental and Finance Corp. and the facilities of the
Company, Neff Rental and Finance Corp., and to request and receive management
accounts of the Company, Neff Rental and Finance Corp., including a balance
sheet and profit and loss account, and other reasonable information regarding
the Company’s, Neff Rental’s and Finance Corp.’s financial condition and
operations.

 

4.             The Company shall furnish to each
of TCW MP III and TCW MP III Netherlands the financial information described in
the last sentence and in clause (A) of the first sentence of Section 12(c)(i) of
the Stockholders Agreement, as in effect on the date hereof.

 

2

 

5.             All rights conferred on TCW MP III
and TCW MP III Netherlands pursuant to this letter may be transferred or
assigned to any affiliate of TCW MP III or TCW MP III Netherlands, provided
that the Company, Neff Rental and Finance Corp. are given written notice at the
time of or within a reasonable time after said transfer or assignment, stating
the name and address of such transferee or assignee and identifying the
specific rights being transferred or assigned, and, provided further, that such
transferee or assignee either (x) assumes the obligations of TCW MP III or TCW
MP III Netherlands, respectively, under the Stockholders Agreement and agrees
to be bound thereby or (y) is a holder of the Notes.

 

TCW MP III and TCW MP III Netherlands agree
that they will hold in confidence pursuant to the terms of Section 11 of
the Purchase Agreement any confidential information obtained by them pursuant
to the rights granted under this letter and will require that their representatives
agree to do the same.

 

The contractual rights confirmed by this
letter will terminate and be of no further force or effect as of the date that
TCW MP III and TCW MP III Netherlands, together with their affiliates, ceases
to beneficially own in the aggregate at least $10.0 million of the Notes.  However, the confidentiality obligations of
TCW MP III and TCW MP III Netherlands and their representatives under this
letter will survive for a period of three years following the termination of
TCW MP III’s and TCW MP III Netherlands’ management rights set forth herein.

 

This letter agreement supersedes and replaces
in its entirety that certain letter agreement regarding management rights among
TCW MP III, TCW MP III Netherlands and the Company, dated June 3, 2005.

 

[signature page follows]

 

3

 

This letter
shall be construed and enforced in accordance with the laws of the State of New
York.

 

On behalf of
the Company, Neff Rental and Finance Corp., please indicate your agreement to
the terms set forth in this letter by executing and returning the duplicate
copy of the letter.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TCW/CRESCENT
  MEZZANINE PARTNERS

  III, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  TCW/Crescent Mezzanine Management III,

  L.L.C., its Investment Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TCW Asset Management Company, its Sub-

  Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TCW/
  CRESCENT MEZZANINE PARTNERS

  III NETHERLANDS, L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TCW/Crescent Mezzanine Management III,

  L.L.C., its Investment Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TCW Asset Management Company, its Sub-

  Advisor

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
  Accepted and Agreed this 8th day of

  
	
  July, 2005

  
	
   

  	
   

  	
   

  
	
  NEFF CORP.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NEFF RENTAL LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NEFF FINANCE CORP.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

 

June 3,
2005

 

Neff Corp.

3750 N.W. 87th Avenue

Suite 400

Miami, Florida 33178

Attention: Mark H. Irion

 

Re:          Management Rights

 

Dear Mr. Irion:

 

TCW/Crescent Mezzanine Partners III, L.P. (“TCW
MP III”) and TCW/Crescent
Mezzanine Partners III Netherlands (“TCW  MP III Netherlands”) (i) own shares
of Common Stock, par value $0.01 per share, of Neff Corp., a Delaware
corporation (the “Company”), subject
to the terms and conditions of the Stockholders Agreement dated as of June 3,
2005 (the “Stockholders Agreement”) by
and among the Company, TCW MP III, TCW MP III Netherlands, Iron Merger
Partnership, New York Life Capital Partners II, L.P., DLJ Investment Partners
II, L.P. and certain affiliated investors and (ii) are holders of the 13%
Senior Subordinated Notes due June 3, 2013 (the “Notes”)
of the Company.

 

In addition to the warranties and covenants contained in the
Stockholders Agreement and in the Purchase Agreement among the Company, the
guarantors named therein and the purchasers named therein dated as of June 3,
2005 (the “Purchase Agreement”), TCW
MP III, TCW MP III Netherlands and the Company confirm that each of TCW MP III
and TCW MP III Netherlands have the following contractual management rights
with respect to the Company.

 

1.             TCW MP III and TCW
MP III Netherlands shall each have the right to appoint one representative to
attend and fully participate in each meeting of the Board of Directors of the
Company as a non-voting observer; provided, however, that both
TCW MP III and TCW MP III Netherlands agrees to appoint one individual to act
as joint representative (the “Representative”)
for both TCW MP III and TCW MP III Netherlands and that the
Representative may be excluded from any meeting or portion thereof if the
Company reasonably believes, upon advice of counsel, that such exclusion is
reasonably necessary to preserve the attorney-client

 

 

privilege, to protect highly
confidential proprietary information, or in the event the Board of Directors
intends to discuss or vote upon any matter in which TCW MP III and TCW MP III
Netherlands have a material business or financial interest (other than by
reason of interest as a holder of securities of the Company); provided, further,
that under no circumstances shall more than one person act as Representative
and attend meetings of the Board of Directors of the Company. The Company will
give the Representative written notice of each meeting of the Board of
Directors of the Company at the same time and in the same manner as notice is
given to the members of the Board of Directors of the Company. The
Representative will be provided with all written materials and other
information (including, without limitation, copies of minutes of meetings)
given to members of the Board of Directors of the Company in connection with
such meetings at the same time such materials and information are given to such
members of the Board of Directors. If the Company proposes to take any action
by written consent in lieu of a meeting of the Board of Directors of the Company,
the Company will give written notice thereof to the Representative promptly
following the effective date of such consent describing in reasonable detail
the nature and substance of such action.

 

2.             TCW MP III and TCW MP III
Netherlands shall each have the right to consult with and advise the senior
executive management team of the Company and its subsidiaries, upon reasonable
notice at reasonable times from time to time, on all matters relating to the operation
of the Company and the subsidiaries.

 

3.             Upon reasonable request by either
TCW MP III or TCW MP III Netherlands, a representative of TCW MP III or TCW MP
III Netherlands, as the case may be, is entitled to inspect the books and
records of the Company and the facilities of the Company, and to request and
receive management accounts of the Company, including a balance sheet and
profit and loss account, and other reasonable information regarding the Company’s
financial condition and operations.

 

4.             The Company shall furnish to each
of TCW MP III and TCW MP III Netherlands the financial information described in
the last sentence and in clause (A) of the first sentence of Section 12(c)(i) of
the Stockholders Agreement, as in effect on the date hereof.

 

5.             All rights conferred on TCW MP III
and TCW MP III Netherlands pursuant to this letter may be transferred or
assigned to any affiliate of TCW MP III or TCW MP III Netherlands, provided
that the Company is given written notice at the time of or within a reasonable
time after said transfer or assignment, stating the name and address of such
transferee or assignee and identifying the specific rights being transferred or
assigned, and, provided further, that such transferee or assignee either (x)
assumes the obligations of TCW MP III or TCW MP III Netherlands, respectively,
under the Stockholders Agreement and agrees to be bound thereby or (y) is a
holder of the Notes.

 

2

 

TCW MP III and TCW MP III Netherlands agree that they will hold in
confidence pursuant to the terms of Section 11 of the Purchase Agreement
any confidential information obtained by them pursuant to the rights granted
under this letter and will require that their representatives agree to do the
same.

 

The contractual rights confirmed by this letter will terminate and be
of no further force or effect as of the date that TCW MP III and TCW MP III
Netherlands, together with their affiliates, ceases to beneficially own in the
aggregate at least $10.0 million of the Notes. However, the confidentiality
obligations of TCW MP III and TCW MP III Netherlands and their representatives
under this letter will survive for a period of three years following the
termination of TCW MP III’s and TCW MP III Netherlands’ management rights set
forth herein.

 

3

 

This
letter shall be construed and enforced in accordance with the laws of the State
of New York

 

On
behalf of the Company, please indicate your agreement to the terms set forth in
this letter by executing and returning the duplicate copy of the letter.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TCW/CRESCENT MEZZANINE PARTNERS III,

  L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  TCW/Crescent
  Mezzanine Management III,

  L.L.C., its Investment Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  TCW
  Asset Management Company, its Sub-

  Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jean-Marc
  Chapus

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jean-Marc Chapus

  	
   

  
	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted
  and Agreed this 3rd day of

  	
   

  
	
   

  	
  June,
  2005

  	
   

  	
   

  
	
   

  	
   

  
	
  NEFF
  CORP.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
								

 

Mezzanine Partners III VCOC Letter

 

 

This
letter shall be construed and enforced in accordance with the laws of the State
of New York.

 

On
behalf of the Company, please indicate your agreement to the terms set forth in
this letter by executing and returning the duplicate copy of the letter.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TCW/CRESCENT MEZZANINE PARTNERS III,

  L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  TCW/Crescent
  Mezzanine Management III,

  L.L.C., its Investment Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  TCW
  Asset Management Company, its Sub-

  Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted
  and Agreed this 3rd day of

  	
   

  
	
   

  	
  June 
  2005

  	
   

  	
   

  
	
   

  	
   

  
	
  NEFF
  CORP.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Mark
  Irion

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Mark
  Irion

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Secretary

  	
   

  	
   

  
									

 

Mezzanine Partners III VCOC Letter

 

 

This
letter shall be construed and enforced in accordance with the laws of the
State of New York.

 

On
behalf of the Company, please indicate your agreement to the terms set forth in
this letter by executing and returning the duplicate copy of the letter.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TCW/CRESCENT MEZZANINE PARTNERS III

  NETHERLANDS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  TCW/Crescent
  Mezzanine Management III,

  L.L.C., its Investment Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  TCW
  Asset Management Company, its Sub-

  Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jean-Marc Chapus

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Jean-Marc Chapus

  	
   

  
	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted
  and Agreed this 3rd day of

  	
   

  
	
   

  	
  June,
  2005

  	
   

  	
   

  
	
   

  	
   

  
	
  NEFF
  CORP.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
									

 

Mezzanine Partners III Netherlands VCOC Letter

 

 

This
letter shall be construed and enforced in accordance with the laws of the State
of New York.

 

On
behalf of the Company, please indicate your agreement to the terms set forth in
this letter by executing and returning the duplicate copy of the letter.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TCW/CRESCENT MEZZANINE PARTNERS III

  NETHERLANDS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  TCW/Crescent
  Mezzanine Management III,

  L.L.C., its Investment Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  TCW
  Asset Management Company, its Sub-

  Advisor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted
  and Agreed this 3rd day of 

  	
   

  
	
   

  	
  June,
  2005

  	
   

  	
   

  
	
   

  	
   

  
	
  NEFF
  CORP.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Mark
  Irion

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Mark Irion

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Secretary

  	
   

  	
   

  
									

 

Mezzanine Partners II Netherlands VCOC Letter

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}]]