SEC Contract Filing

Filing Date: 2022-05-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>wor-ex103_26.htm
<DESCRIPTION>EX-10.3 PERFORMANCE GUARANTY
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wor-ex103_26.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">EXECUTION VERSION </p>
<p style="margin-bottom:18pt;text-align:center;margin-top:0pt;text-indent:0%;font-weight:bold;text-transform:uppercase;font-family:Times New Roman;font-size:12pt;font-style:normal;font-variant: normal;"><font style="text-decoration:none;">PERFORMANCE gUARANTY </font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This PERFORMANCE GUARANTY (as amended, supplemented or otherwise modified from time to time, this &#8220;<font style="text-decoration:underline;">Performance Guaranty</font>&#8221;), dated as of May 19, 2022, is made by <font style="font-size:11pt;">WORTHINGTON INDUSTRIES, INC.</font>, an Ohio corporation (together with its successors and permitted assigns, the &#8220;<font style="text-decoration:underline;">Performance Guarantor</font>&#8221;), in favor of PNC BANK, NATIONAL ASSOCIATION, as administrator (together with its successors and assigns in such capacity, the &#8220;<font style="text-decoration:underline;">Administrator</font>&#8221;), for the benefit of the Administrator and the other Secured Parties under the Receivables Financing Agreement defined below.&nbsp;&nbsp;Capitalized terms used, but not otherwise defined herein shall have the respective meanings assigned thereto in the Receivables Financing Agreement referred to below or, if not defined therein, the respective meanings assigned thereto in the Sale Agreement referred to below.</p>
<p style="text-align:center;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PRELIMINARY STATEMENTS:</p>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1)</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;">Concurrently herewith, Worthington Receivables Company, LLC, a Delaware limited liability company (the &#8220;<font style="text-decoration:underline;">SPV</font>&#8221;), as buyer, the Performance Guarantor, as servicer (in such capacity, the &#8220;<font style="text-decoration:underline;">Initial Servicer</font>&#8221; and any successor or assign thereof, the &#8220;<font style="text-decoration:underline;">Successor Servicer</font>&#8221; and together with the Initial Servicer, the &#8220;<font style="text-decoration:underline;">Servicer</font>&#8221;), and the various entities from time to time party thereto as Originators (collectively, the &#8220;<font style="text-decoration:underline;">Originators</font>&#8221;), are entering into that certain Purchase and Sale Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<font style="text-decoration:underline;">Sale Agreement</font>&#8221;).&nbsp;&nbsp;Pursuant to the Sale Agreement, the Originators will from time to time sell or contribute Receivables and Related Rights to the SPV.</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(</font><font style="font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</font><font style="font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;">Concurrently herewith, the SPV, as borrower, the Servicer, the Persons from time to time party thereto as Lenders, PNC Capital Markets LLC, as Structuring Agent, and the Administrator are entering into that certain Receivables Financing Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the &#8220;<font style="text-decoration:underline;">Receivables Financing Agreement</font>&#8221;), pursuant to which (i) the Lenders may from time to time make Loans to the SPV, (ii) the SPV has granted to the Administrator (on behalf of the Secured Parties) a security interest in the Receivables and Related Security and (iii) the Servicer will service the Pool Receivables.</p></td></tr>