SEC Contract Filing

Filing Date: 2020-03-17

Document Content:
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<DIV><FONT size="1" style="font-size:1pt;color:white"> FIRST AMENDMENT Dated as of March 16, 2020 to CREDIT AGREEMENT Dated as of July 13, 2018 among TRUEBLUE, INC., as the Borrower, THE SUBSIDIARIES OF THE BORROWER IDENTIFIED HEREIN, as the Guarantors, BANK OF AMERICA, N.A., as Administrative Agent, Swingline Lender and L/C Issuer, and THE OTHER LENDERS PARTY HERETO PNC BANK, NATIONAL ASSOCIATION and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Co-Syndication Agents KEYBANK NATIONAL ASSOCIATION and HSBC BANK USA, NATIONAL ASSOCIATION, as Co-Agents Arranged By: BOFA SECURITIES, INC., PNC CAPITAL MARKETS LLC and WELLS FARGO SECURITIES, LLC, as Joint Lead Arrangers and Joint Bookrunners CHAR1\1713281v4 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> FIRST AMENDMENT TO CREDIT AGREEMENT This FIRST AMENDMENT TO CREDIT AGREEMENT (this &#8220;Agreement&#8221;) is entered into as of March 16, 2020 (the &#8220;First Amendment Effective Date&#8221;) among TRUEBLUE, INC., a Washington corporation (the &#8220;Borrower&#8221;), the Guarantors party hereto, the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement (as defined below). RECITALS WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as of July 13, 2018 (as amended or modified from time to time, the &#8220;Credit Agreement&#8221;); WHEREAS, the Borrower has requested that the Lenders agree to modify certain provisions of the Credit Agreement; and WHEREAS, the Lenders are willing to amend certain terms of the Credit Agreement, subject to the terms and conditions set forth below. NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: AGREEMENT 1. Amendments to Credit Agreement. (a) Section 1.01. The following definitions in Section 1.01 of the Credit Agreement are hereby amended to read as follows: &#8220;Arrangers&#8221; means BofA Securities, Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC, in their capacity as joint lead arrangers and joint bookrunners. &#8220;Bail-In Action&#8221; means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. &#8220;Bail-In Legislation&#8221; means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). &#8220;Base Rate&#8221; means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its &#8220;prime rate&#8221; and (c) the Eurodollar Rate plus 1.0%; provided that if the Base Rate shall be less than CHAR1\1713281v4 </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> zero, such rate shall be deemed zero for purposes of this Agreement. The &#8220;prime rate&#8221; is a rate set by Bank of America based upon various factors including Bank of America&#8217;s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such &#8220;prime rate&#8221; announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. If the Base Rate is being used as an alternate rate of interest pursuant to Section 3.07 hereof (for the avoidance of doubt, only until any amendment has become effective pursuant to Section 3.07), then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. &#8220;Consolidated Fixed Charge Coverage Ratio&#8221; means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four (4) fiscal quarters minus (ii) Restricted Payments made in cash to any third party (other than a Loan Party or any Subsidiary thereof), in each case, pursuant to Section 7.06(c) &#8211; (e) (but excluding payments made by the Borrower to certain holders of its Equity Interests in connection with share repurchas