Document:

EX-4(E)

 

EXHIBIT 4(e)

AMENDMENT NO. 3 TO LOAN AND SERVICING AGREEMENT

          This AMENDMENT NO. 3 (the “Amendment”) dated as of June 6, 2007 is by and among SWC
Receivables Funding LLC (the “Borrower”), The Sherwin-Williams Company (the
“Servicer”), CIESCO, LLC (“Ciesco”), as a Conduit Lender, Citibank, N.A.
(“Citibank”), as a Committed Lender, and Citicorp North America, Inc. (“CNAI”), as
a Managing Agent and as Program Agent.

          PRELIMINARY STATEMENTS:

          (1) The Borrower, Servicer, Ciesco, Citibank and CNAI are parties to a Loan and Servicing
Agreement, dated as of February 1, 2006 (as amended, supplemented or otherwise modified previously
and from time to time hereafter, the “Agreement”); capitalized terms defined therein being
used herein as therein defined unless otherwise defined herein.

          (2) In consideration of the mutual agreements contained herein, and for other valuable
consideration, receipt of which is hereby acknowledged, the parties hereto have agreed to amend the
Agreement as set forth herein.

          NOW, THEREFORE, the parties hereto agree as follows:

          SECTION 1. Amendment to Agreement.

          Effective as of the date hereof and subject to the satisfaction of the condition precedent set
forth in Section 2 hereof, the Agreement is hereby amended as follows:

     1.1 The definition of “Scheduled Termination Date” set forth in Section 1.01 of
the Agreement is hereby amended and restated in its entirety as follows:

     “Scheduled Termination Date” means, (i) with respect to the
Committed Lenders’ Commitments hereunder, January 30, 2008, unless such date
is extended pursuant to Section 2.01(c); provided, that if there
shall have occurred a Cash Secured Advance Commencement Date for a Lender
Group, the Scheduled Termination Date for such Term-Out Lenders shall mean
January 27, 2010 and (ii) with respect to the Conduit Lenders, January 27,
2010.

     1.2 The definition of “Termination Date” set forth in Section 1.01 of the
Agreement is hereby amended and restated in its entirety as follows:

     “Termination Date” means the earliest to occur of (i) the
earliest Scheduled Termination Date on which there are no Term Out Lenders
or Extending Lenders, (ii) January 27, 2010, (iii) the declaration or
automatic occurrence of the Termination Date pursuant to Section
7.01, and (iv) that Business Day which the Borrower designates as the

 

 

Termination Date by notice to the Program Agent at least five (5)
Business Days prior to such Business Day.

          SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of
the date hereof upon receipt by CNAI of the counterparts of this Amendment duly executed by each of
the parties hereto.

          SECTION 3. Representations and Warranties of the Borrower and the Servicer. Each of
the Borrower and the Servicer represents and warrants as to itself as follows:

     (a) No authorization, approval or other action by, and no notice to or filing with,
any governmental authority or regulatory body is required for the due execution, delivery
and performance by such Person of this Amendment or the performance by such Person of the
Agreement as amended by this Amendment;

     (b) This Amendment and the Agreement, as amended by this Amendment, constitute legal,
valid and binding obligations of such Person enforceable against such Person in accordance
with their terms;

     (c) Upon the effectiveness of this Amendment, such Person hereby reaffirms all
covenants, representations and warranties made by it in the Agreement, as amended, and
agrees that all such covenants, representations and warranties shall be deemed to have been
re-made as of the effective date of this Amendment; and

     (d) Upon the effectiveness of this Amendment, no Event of Termination, and no
Incipient Event of Termination shall have occurred and is continuing.

          SECTION 4. Reference to and the Effect on the Agreement. (a) On and after the
effective date of this Amendment, each reference in the Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein” or words of like import referring to the Agreement, and each reference to the
Agreement in any Facility Document or any other document, instrument or certificate delivered in
connection with any of the foregoing, shall mean and be a reference to the Agreement as amended
hereby.

          (b) Except as specifically amended above, the Agreement is and shall continue to be in full
force and effect and is hereby ratified and confirmed.

          SECTION 5. Costs, Expenses and Taxes. The Borrower agrees to pay on demand all
reasonable costs and expenses of the Program Agent, the Managing Agents and the Lenders in
connection with the preparation, execution and delivery of this Amendment and the other instruments
and documents to be delivered hereunder, including, without limitation, the reasonable fees and
out-of-pocket expenses of counsel for the Program Agent, the Managing Agents and the Lenders with
respect thereto and with respect to advising the Program Agent, the Managing Agents and the Lenders
as to its rights and responsibilities hereunder and thereunder.

          SECTION 6. Execution in Counterparts. This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of

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which when so executed and delivered shall be deemed to be an original and all of which taken
together shall constitute but one and the same agreement.

          SECTION 7. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.

[Remainder of page intentionally left blank.]

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          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	 	SWC RECEIVABLES FUNDING LLC, as the Borrower

 	 
	 	By:  	/s/  Sean P. Hennessy
 	 
	 	 	Name:  	Sean P. Hennessy 	 
	 	 	Title:  	President 	 
	 
	 	THE SHERWIN-WILLIAMS COMPANY, as Servicer

 	 
	 	By:  	/s/  Cynthia D. Brogan
 	 
	 	 	Name:  	Cynthia D. Brogan 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 

Signature Page to Amendment No. 3

 

 

	 	 	 	 	 
	 	CITICORP NORTH AMERICA, INC., as a Managing
Agent and as Program Agent

 	 
	 	By:  	/s/  James H. Maitland
 	 
	 	 	Name:  	James H. Maitland 	 
	 	 	Title:  	Vice President 	 
	 
	 	CIESCO, LLC, as a Conduit Lender

By: Citicorp North America, Inc., as
Attorney-in-Fact

 	 
	 	By:  	/s/  James H. Maitland
 	 
	 	 	Name:  	James H. Maitland 	 
	 	 	Title:  	Vice President 	 
	 
	 	CITIBANK, N.A., as a Committed Lender

 	 
	 	By:  	/s/  James H. Maitland
 	 
	 	 	Name:  	James H. Maitland 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Amendment No. 3EX-10(A)

 

EXHIBIT 10(a)

SUMMARY OF ADJUSTED BASE SALARIES FOR

NAMED EXECUTIVE OFFICERS

     On July 17, 2007, the Compensation and Management Development Committee (the “Compensation
Committee”) of the Board of Directors of The Sherwin-Williams Company (“Sherwin-Williams”)
approved the elimination of certain perquisites and personal benefits that Sherwin-Williams
previously provided to its executive officers and approved a salary adjustment to
compensate for the elimination of these personal benefits. The Committee eliminated the
following personal benefits effective August 1, 2007: parking, annual physical, personal
liability insurance, basic financial planning, home security system and club memberships
for personal use. The 2007 base salaries of each of the executive officers named in the
Summary Compensation Table of Sherwin-Williams’ 2007 Proxy Statement were adjusted
effective July 22, 2007 in the following amounts:

	 	 	 	 	 	 	 	 	 
	Named Executive Officer	 	Increase	 	Adjusted Base Salary
	C.M. Connor, Chairman and

Chief Executive Officer
	 	$	25,000	 	 	$	1,183,522	 
	J.G. Morikis, President and

Chief Operating Officer
	 	$	25,000	 	 	$	683,356	 
	S.P. Hennessy, Senior Vice

President – Finance and Chief

Financial Officer
	 	$	25,000	 	 	$	522,157	 
	T.W. Seitz, Senior Vice

President – Strategic

Excellence Initiatives
	 	$	20,000	 	 	$	436,713	 
	L.E. Stellato, Vice President,

General Counsel and Secretary
	 	$	20,000	 	 	$	431,430EX-10.1

 

Exhibit 10.1

February 28, 2007

Michael McAndrew

Black Box Corporation of Pennsylvania

Norstan, Inc.

1000 Park Drive

Lawrence, PA 15055

	 	Re:  	 	SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of January 24, 2005, as
amended by First Amendment to the Second Amended and Restated Credit Agreement dated as
of February 17, 2005 and Second Amendment to the Second Amended and Restated Credit
Agreement dated as of March 28, 2006, as the same may be or have been further amended
from time to time (the “Credit Agreement”) entered into by and among BLACK BOX
CORPORATION OF PENNSYLVANIA, a Delaware corporation (“BBCPA”), and NORSTAN,
INC., a Minnesota corporation (“Norstan” — BBCPA and Norstan are sometimes
individually referred to herein as a “Borrower” and collectively as the
“Borrowers”), BLACK BOX CORPORATION, a Delaware corporation (the
“Parent”), the guarantors parties hereto from time to time (together with the
Parent, the “Guarantors”), the Lenders parties hereto from time to time and
CITIZENS BANK OF PENNSYLVANIA, a banking association organized and existing under the
laws of the Commonwealth of Pennsylvania, as administrative agent for the Lenders
parties hereunder (in such capacity, together with the successors in such capacity, the
“Agent”)

Dear Mr. McAndrew:

     Reference is made to the Credit Agreement. Terms in this letter that are not defined in this
letter shall have the meanings given to those terms in the Credit Agreement, unless the
circumstances clearly require otherwise.

     You have advised that the Borrowers may not deliver the unaudited consolidated statements of
income, cash flows and changes in stockholders’ equity of the Parent and its consolidated
Subsidiaries for the fiscal quarter of the Parent and its consolidated Subsidiaries for the period
ended December 30, 2006 and the associated Compliance Certificate within 60 days of the end of the
fiscal quarter of the Borrowers ended December 30, 2006, as required by Sections 6.01(b), 6.01(c)
and 6.01(d) of the Credit Agreement. In addition, you have advised that the Parent has not filed
its Quarterly Report on Form 10-Q for its fiscal quarter ended December 30, 2006 (the “Form 10-Q”)
with the Securities and Exchange Commission on a timely basis. Accordingly, Potential Defaults may
have occurred and Events of Default may occur under the Credit Agreement (collectively, the
“Defaults”).

     Subject to the terms and conditions of this letter agreement and provided that the Borrowers
deliver such third quarter financial statements and the Form 10-Q to the Lenders on or prior to May
28, 2007, the Lenders agree to waive the Defaults.

 

 

     The Borrowers represent and warrant that: (i) subject to the last sentence of this paragraph,
all of the representations and warranties contained in the Credit Agreement, the Notes and the
other Loan Documents are true and correct, as if made on the date hereof, (ii) after giving effect
to the terms of this letter agreement, no Event of Default or Potential Default exists on and as of
the date hereof and the Borrowers are in compliance with all of the terms of the Credit Agreement,
the Notes and the other Loan Documents, and (iii) the Borrowers are authorized to execute and
deliver this letter agreement. The Lenders have been advised by the Parent that, as a result of
the Parent’s ongoing review of its stock option practices, the Parent may need to restate its
historical financial statements to record additional non-cash compensation expense related to stock
option grants and to make other related adjustments. Accordingly, the financial statements,
certificates, documents and other information previously delivered or to be delivered to the
Lenders may not be accurate and complete in all material respects with respect to these potential
adjustments.

     Except as specifically amended hereby, each of the Credit Agreement and the Loan Documents
shall remain in full force and effect in the form in which it existed on the date hereof prior to
giving effect to the terms of this letter agreement and the Borrowers ratify and affirm each of the
Credit Agreement and the Loan Documents in its respective entirety (subject to the amendments
specifically provided for herein).

     Nothing contained in this letter shall be construed to impair the security of the Agent or the
Lenders or their successors and assigns under the Credit Agreement or any of the other Loan
Documents nor affect or impair any rights or powers that the Agent or the Lenders may have under
the Credit Agreement or the other Loan Documents for the recovery of the indebtedness of the
Borrowers to the Lenders in case of non-fulfillment of the terms, provisions and covenants
contained in this letter or the terms, rights, powers and covenants of the Credit Agreement and the
other Loan Documents not modified by this letter. All rights, powers and remedies of the Agent and
the Lenders under any other agreement now or at any time hereafter in force between the Agent, the
Lenders and the Borrowers shall be cumulative and not alternative and shall be in addition to all
rights, powers and remedies given to the Agent and the Lenders by law.

     If the foregoing accurately sets forth our understanding with respect to the matters contained
herein, please accept this letter agreement by signing where indicated below. This letter
agreement shall not be enforceable against the Lenders and shall not act as a modification to any
of the terms of the Credit Agreement until such time as it has been accepted by the Borrowers and
each of the parties set forth below as provided below.

	 	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	CITIZENS BANK OF PENNSYLVANIA
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Debra McAllonis
	 

	 	 	 	 
	 

	 	Title:
	 	Senior Vice President

 

 

Agreed to and accepted,

intending to be legally bound

hereby, this 28th day of

February, 2007.

	 	 	 	 
	Borrowers:
	 
	 	 
	BLACK BOX CORPORATION OF PENNSYLVANIA
	 
	 	 
	By:

	 	/s/ Michael McAndrew
	 

	 	 
	Title:

	 	Secretary and Treasurer
	 
	 	 
	 
	 	 
	NORSTAN, INC.
	 
	 	 
	By:

	 	/s/ Michael McAndrew
	 

	 	 
	Title:

	 	CFO, Secretary and Treasurer
	 
	 	 
	 
	 	 
	GUARANTORS:
	 
	 	 
	BLACK BOX CORPORATION and

each of the DOMESTIC SUBSIDIARIES

listed on Annex C to the Credit Agreement
	 
	 	 
	By:

	 	/s/ Michael McAndrew
	 

	 	 
	Title:

	 	Secretary
	 
	 	 
	 
	 	 
	LENDERS:
	 
	 	 
	WACHOVIA BANK, NATIONAL ASSOCIATION
	 
	 	 
	By:

	 	/s/ [Illegible Signature]
	 

	 	 
	Title:

	 	Vice President
	 
	 	 
	 
	 	 
	BANK OF AMERICA, N.A., successor by merger to

Fleet National Bank
	 
	 	 
	By:

	 	/s/ Sandra Gueirieri
	 

	 	 
	Title:

	 	Vice President

SIGNATURES CONTINUED ON THE NEXT PAGE

 

 

	 	 	 	 
	NATIONAL CITY BANK OF PENNSYLVANIA
	 
	 	 
	By:

	 	/s/ Emil Kwaczala
	 

	 	 
	Title:

	 	Vice President
	 
	 	 
	 
	 	 
	US BANK
	 
	 	 
	By:

	 	/s/ Frances W. Josephic
	 

	 	 
	Title:

	 	Vice President
	 
	 	 
	 
	 	 
	KEYBANK NATIONAL ASSOCIATION
	 
	 	 
	By:

	 	/s/ David A. Wild
	 

	 	 
	Title:

	 	Vice President
	 
	 	 
	 
	 	 
	MELLON BANK, N.A.
	 
	 	 
	By:

	 	/s/ Daniel J. Lenckos
	 

	 	 
	Title:

	 	First Vice President
	 
	 	 
	 
	 	 
	FIFTH THIRD BANK
	 
	 	 
	By:

	 	/s/ James Janovsky
	 

	 	 
	Title:

	 	Vice President
	 
	 	 
	 
	 	 
	COMERICA BANK
	 
	 	 
	By:

	 	/s/ Erica Krzeminski
	 

	 	 
	Title:

	 	Account Officer
	 
	 	 
	 
	 	 
	PEOPLE’S BANK
	 
	 	 
	By:

	 	/s/ George Paik
	 

	 	 
	Title:

	 	Vice President
	 
	 	 
	 
	 	 
	PNC BANK, NATIONAL ASSOCIATION
	 
	 	 
	By:

	 	/s/ Thomas A. Majeski
	 

	 	 
	Title:

	 	Vice President

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