The Greenbrier Companies 2010 Annual Report

EX-10.12 3 v57129exv10w12.htm EX-10.12 exv10w12
Exhibit 10.12
September 8, 2010
The Greenbrier Companies, Inc.
One Centerpointe Drive, Suite 200
Lake Oswego, OR 97035
Re:   Sixth Amendment to Amended and Restated Credit Agreement, dated as of November 7, 2006 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among The Greenbrier Companies, Inc., an Oregon corporation (the “Company”), the Subsidiary Guarantors party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as U.S. Administrative Agent.
Ladies and Gentlemen:
The parties hereto agree that:
     (i) Section 7.01(f) of the Credit Agreement is hereby amended to read as follows:
     (f) (i) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business and (ii) security interests on rail cars (the “transferred rail cars”) that are transferred to the Company and its Subsidiaries by customers as consideration for the future delivery by the Company and its Subsidiaries to such customer of (1) existing rail car assets, (2) to-be-refurbished rail car assets or (2) to-be-constructed rail car assets so long as in either case (x) no Default exists or would result from the creation of such security interests, (y) such security interests (A) secure only the performance obligations of the Company and its Subsidiaries to deliver such rail car assets upon completion of construction, (B) extend to no property of the Company and its Subsidiaries other than the transferred rail cars, (C) are released upon completion of performance by the Company and its Subsidiaries and (z) the transferred rail cars shall not be included in the U.S. Borrowing Base while they are subject to such security interests.
     (ii) Section 9.10(b) of the Credit Agreement is hereby amended to read as follows:
     (b) to subordinate any Lien on any property granted to or held by such Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by clause (ii) of Section 7.01(f) or Section 7.01(i);
This letter agreement is a Loan Document. All references in the Credit Agreement and the other Loan Documents to the “Credit Agreement” shall be deemed to refer to the Credit Agreement as amended hereby.
Except as modified hereby, all of the terms and provisions of the Credit Agreement and the other Loan Documents shall remain in full force and effect.
This letter agreement shall become effective upon (i) the execution hereof by the Loan Parties, the Required Lenders and the Administrative Agent and (ii) the Administrative Agent’s receipt of an amendment fee on behalf of each Lender executing this letter agreement in an amount equal to 0.05% of such Lender’s Commitment.

 


 

This letter agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of executed counterparts of this Agreement by telecopy or pdf shall be effective as an original.
[The remainder of this page is intentionally left blank.]

 


 

This letter agreement shall be governed by and construed in accordance with the laws of the State of Oregon.
         
  Sincerely,

BANK OF AMERICA, N.A., as U.S. Administrative Agent
 
 
  By   /s/ Tiffany Shin    
  Name:   Tiffany Shin   
  Title:   Assistant Vice President   
THE GREENBRIER COMPANIES, INC.
SIXTH AMENDMENT

 


 

         
ACCEPTED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:
             
BORROWER:   THE GREENBRIER COMPANIES, INC.,
    an Oregon corporation
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Executive Vice President    
 
           
SUBSIDIARY   GUNDERSON LLC,
GUARANTORS:   an Oregon limited liability company
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Executive Vice President    
 
    GREENBRIER LEASING COMPANY LLC,
    an Oregon limited liability company
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Executive Vice President    
 
           
    GREENBRIER RAILCAR, LLC,
    an Oregon limited liability company
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Vice President    
 
           
    AUTOSTACK COMPANY, LLC,
    an Oregon limited liability company
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Vice President    
 
           
    GUNDERSON RAIL SERVICES LLC,
    an Oregon limited liability company
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Vice President    
THE GREENBRIER COMPANIES, INC.
SIXTH AMENDMENT

 


 

             
    GUNDERSON MARINE LLC,
    an Oregon limited liability company
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Vice President    
 
           
    GREENBRIER-CONCARRIL, LLC,
    a Delaware limited liability company
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Vice President    
 
           
    GREENBRIER LEASING LIMITED PARTNER, LLC,
    a Delaware limited liability company
    By: Greenbrier Leasing Company LLC, Sole Member
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Executive Vice President    
 
           
    GREENBRIER MANAGEMENT SERVICES, LLC,
    a Delaware limited liability company
    By: Greenbrier Leasing Company LLC, Sole Member
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Executive Vice President    
 
           
    BRANDON RAILROAD LLC,
    an Oregon limited liability company
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Vice President    
 
           
    MERIDIAN RAIL HOLDINGS CORP.,
    an Oregon corporation
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Vice President    
 
           
    MERIDIAN RAIL ACQUISITION CORP.,
    an Oregon corporation
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Vice President    
 
           
THE GREENBRIER COMPANIES, INC.
SIXTH AMENDMENT

 


 

             
    MERIDIAN RAIL MEXICO CITY CORP.,
    an Oregon corporation
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Vice President    
 
           
    GUNDERSON SPECIALTY PRODUCTS, LLC,
    a Delaware limited liability company
    By: Gunderson LLC, Sole Member
 
           
 
  By:
Name
  /s/ Mark J. Rittenbaum
 
Mark J. Rittenbaum
   
 
  Title:   Executive Vice President    
THE GREENBRIER COMPANIES, INC.
SIXTH AMENDMENT

 


 

ACCEPTED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:
             
LENDERS:   BANK OF AMERICA, N.A.,
    as a U.S. Lender and as U.S. L/C Issuer and U.S. Swing
    Line Lender
 
           
 
  By
Name:
  /s/ Chris Swindell
 
 Chris Swindell
   
 
  Title:   SVP    
 
           
    UNION BANK OF CALIFORNIA, N.A.,
    U.S. Lender
 
           
 
  By
Name:
  /s/ Stephen Sloan
 
 Stephen Sloan
   
 
  Title:   Vice President    
 
           
    U.S. BANK NATIONAL ASSOCIATION,
    U.S. Lender
 
           
 
  By
Name:
  /s/ Richard J. Ameny Jr.
 
 Richard J. Ameny, Jr.
   
 
  Title:   Vice President    
 
           
    KEYBANK NATIONAL ASSOCIATION,
    U.S. Lender
 
           
 
  By  
 
 
   
 
  Name:  
 
 
   
 
  Title:  
 
 
   
 
     
 
 
   
    BRANCH BANKING & TRUST COMPANY,
    U.S. Lender
 
           
 
  By
Name:
  /s/ Robert M. Searson
 
 Robert M. Searson
   
 
  Title:   Sr. Vice President    
                 
    CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK, U.S. Lender
   
 
               
 
  By   /s/ Brian Bolotin   /s/ Charles Moran    
             
 
  Name:   Brian Bolotin        Charles Moran    
 
  Title:   Managing Director        Director    
THE GREENBRIER COMPANIES, INC.
SIXTH AMENDMENT

 


 

             
    CRÉDIT INDUSTRIEL et COMMERCIAL, NEW YORK BRANCH,
    U.S. Lender
 
           
 
  By        
 
  Name:  
 
 
   
 
  Title:  
 
 
   
 
     
 
 
   
 
           
    COMERICA BANK,
    U.S. Lender
 
           
 
  By:
Name:
  /s/ Fatima Arshad
 
 Fatima Arshad
   
 
  Title:   Vice President    
 
           
    SOVEREIGN BANK,
    U.S. Lender
 
           
 
  By:        
 
  Name:  
 
 
   
 
  Title:  
 
 
   
 
     
 
 
   
 
           
    DVB BANK SE (formerly known as DVB Bank AG),
    U.S. Lender
 
           
 
  By:
Name:
  /s/ M. Neuland
 
 M. Neuland
   
 
  Title:   SVP    
 
           
 
  By:
Name:
  /s/ Eberhart
 
 Eberhart
   
 
  Title:   VP    
 
           
    BANK OF THE WEST,
    U.S. Lender
 
           
 
  By:
Name:
  /s/ Brett German
 
Brett German
   
 
  Title:   Vice President    
THE GREENBRIER COMPANIES, INC.
SIXTH AMENDMENT