Contract
AMENDMENT,
dated as of June 22, 2005 (this “Amendment”),
among
UNITED RENTALS, INC. (“Holdings”),
UNITED RENTALS (NORTH AMERICA), INC. (the “U.S.
Borrower”),
UNITED RENTALS OF CANADA, INC. (“UR
Canada”),
UNITED RENTALS OF NOVA SCOTIA (NO. 1), ULC (“UR
Nova Scotia (No. 1)”
and,
together with the U.S. Borrower and UR Canada, the “Borrowers”),
the
lenders party hereto, JPMORGAN CHASE BANK, N.A., as U.S. administrative agent
(in such capacity, the “U.S.
Administrative Agent”),
and
JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as Canadian administrative agent
(in
such capacity, the “Canadian
Administrative Agent”
and,
together with the U.S. Administrative Agent, the “Administrative
Agents”).
A. Reference
is made to the Amended and Restated Credit Agreement dated as of
February 13, 2004 (as previously amended, and as further amended,
supplemented or otherwise modified from time to time, the “Credit
Agreement”),
among
Holdings, the Borrowers, the lenders party thereto, and the Administrative
Agents. Capitalized terms used but not otherwise defined herein have the
meanings assigned to them in the Credit Agreement.
B. Holdings
and the Borrowers have requested that the Required Lenders amend and waive
certain provisions of the Credit Agreement. The Required Lenders are willing
to
agree to such amendment and waiver on the terms and subject to the conditions
of
this Amendment.
Accordingly,
in consideration of the mutual agreements herein contained and other good
and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto hereby agree as follows:
SECTION 1.
Amendments
to Section 5.01 of the Credit Agreement.
Section 5.01 is amended as follows:
(a)
Clause (a) is hereby amended by deleting the words “180 days after the end of
Fiscal Year 2004” appearing in sub-clause (i) of the proviso thereof and
substituting in lieu thereof the words “December 31, 2005”.
(b)
Clause (b) is hereby amended by deleting the proviso at the end thereof and
substituting in lieu thereof the following:
;
provided,
that,
(i) with respect to each of the Fiscal Quarters ended March 31,
2005,
June 30, 2005 and September 30, 2005, the certificate from a Financial Officer
required to be delivered pursuant to the foregoing provisions of this
clause (b) may be qualified to the effect that it is subject to any
changes
that may result from the SEC Inquiry and (ii) as soon as available
but no
later than December 31, 2005, such financial statements shall be delivered,
together with the certificate from a Financial Officer described in the
foregoing provisions of this clause (b), without the qualification
described in (i) above;
SECTION 2.
Amendment
of Waiver of the Credit Agreement.
Section 4 of the Amendment and Waiver dated as of March 21, 2005,
to the
Credit Agreement is amended by deleting the words “Fiscal Year 2004, or
unaudited financial statements for the Fiscal Quarter ending March 31, 2005,
or
to file its report on 10-K for Fiscal Year 2004 or its report on 10-Q for
the
Fiscal Quarter, ending March 31, 2005” appearing in clause (b) thereof and
substituting in lieu thereof the following:
Fiscal
Year 2004, or unaudited financial statements for the Fiscal Quarters ending
March 31, 2005, June 30, 2005 or September 30, 2005 or to file its report
on
10-K for Fiscal Year 2004 or its report on 10-Q for the Fiscal Quarter ending
March 31, 2005, June 30, 2005 or September 30, 2005
SECTION
3. Representations
and Warranties.
Each of
Holdings and the Borrowers hereby represents and warrants to and agrees with
each Lender and the Administrative Agents that:
(a)
The
representations and warranties set forth in Article III of the Credit
Agreement are true and correct in all material respects with the same effect
as
if made on the Amendment Effective Date (as defined below), except to the
extent
such representations and warranties expressly relate to an earlier date,
in
which case such representations and warranties are true and correct as of
such
earlier date.
(b)
As of
the Amendment Effective Date, no Default has occurred and is
continuing.
SECTION 4.
Conditions
to Effectiveness.
This
Amendment shall become effective as of the date of the satisfaction in full
of
the following conditions precedent (the “Amendment
Effective Date”):
(a)
The
U.S. Administrative Agent shall have received duly executed counterparts
hereof
that, when taken together, bear the authorized signatures of Holdings, the
Borrowers and the Required Lenders.
(b)
The
U.S. Administrative Agent shall have received all other amounts due and payable
under the Credit Agreement on or prior to the Amendment Effective Date,
including, to the extent invoiced, all reasonable out-of-pocket costs and
expenses of the Administrative Agents (including, without limitation, the
reasonable fees, charges and disbursements of Cravath, Swaine & ▇▇▇▇▇ LLP,
counsel for the Administrative Agents).
SECTION 5.
Credit
Agreement.
Except
as specifically stated herein, the Credit Agreement shall continue in full
force
and effect in accordance with the provisions thereof.
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SECTION 6.
Applicable
Law.
THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF
THE STATE OF NEW YORK.
SECTION 7.
Counterparts.
This
Amendment may be executed in any number of counterparts, each of which shall
be
an original but all of which, when taken together, shall constitute but one
instrument. Delivery of an executed counterpart of a signature page of this
Amendment by telecopy shall be effective as delivery of a manually executed
counterpart of this Amendment.
SECTION 8.
Expenses.
Holdings
and the Borrowers agree to reimburse the Administrative Agents for their
out-of-pocket expenses in connection with this Amendment, including the
reasonable fees, charges and disbursements of Cravath, Swaine & ▇▇▇▇▇ LLP,
counsel for the Administrative Agents.
[SIGNATURES
ON FOLLOWING PAGE]
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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective authorized officers as of the date first above
written.
UNITED
RENTALS, INC.,
by __________________________________________
Name:
Title:
UNITED
RENTALS (NORTH AMERICA), INC.,
by __________________________________________
Name:
Title:
UNITED
RENTALS OF CANADA, INC.,
by __________________________________________
Name:
Title:
UNITED
RENTALS OF NOVA SCOTIA
(NO.
1),
ULC,
by __________________________________________
Name:
Title:
JPMORGAN
CHASE BANK, N.A., individually and
as
U.S.
Administrative Agent,
by __________________________________________
Name:
Title:
JPMORGAN
CHASE BANK, N.A., TORONTO BRANCH, individually and
as
Canadian Administrative Agent,
by __________________________________________
Name:
Title:
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SIGNATURE
PAGE TO AMENDMENT DATED AS OF JUNE 22, 2005, TO THE
AMENDED AND
RESTATED CREDIT AGREEMENT DATED AS OF FEBRUARY 13, 2004,
AS
AMENDED, AMONG UNITED RENTALS, INC., UNITED RENTALS (NORTH AMERICA),
INC.,
UNITED RENTALS OF CANADA, INC., UNITED RENTALS OF NOVA SCOTIA (NO.
1),
ULC, THE LENDERS PARTY HERETO, JPMORGAN CHASE BANK, N.A., AS U.S.
ADMINISTRATIVE AGENT, AND JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,
AS A
CANADIAN ADMINISTRATIVE AGENT
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