EXHIBIT 2.5
REAFFIRMATION OF
GUARANTEE AND COLLATERAL AGREEMENT
This Reaffirmation of Guarantee and Collateral Agreement dated as of
December 31, 2000 ("Reaffirmation") is made by the Borrower (as defined below)
and each of the other parties signatory hereto (collectively referred to as the
"Grantors") in favor of Bank One, NA, as Administrative Agent ("Administrative
Agent") for the Lenders (as defined in the Credit Agreement described below).
INTRODUCTION
A. IFCO Systems, N.V., a public limited liability company organized
under the laws of the Netherlands ("Holdings"), IFCO Systems North America,
Inc., a Delaware corporation, formerly known as PalEx, Inc. (the "Borrower"),
the several banks and other financial institutions or entities from time to time
parties to this Agreement (the "Lenders"), CIBC World Markets Corp. and Banc One
Capital Markets, Inc. as co-lead arrangers and co-book runners, CIBC World
Markets Corp., as syndication agent, and Bank One, NA, as administrative agent
(in such capacity, the "Administrative Agent") have entered into the Second
Amended and Restated Credit Agreement dated December 31, 2000 (the "Amended
Credit Agreement"), which amends and restates the Amended and Restated Credit
Agreement dated as of March 31, 2000, which amended and restated the Credit
Agreement dated as of March 8, 2000 (together, the "Original Credit Agreement").
B. In connection with the Original Credit Agreement, each of the
Borrower and the Grantors has executed the Guarantee and Collateral Agreement
dated as of March 8, 2000 (attached hereto as Exhibit A) in favor of the
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Administrative Agent for the ratable benefit of the Lenders (as amended,
modified, supplemented or restated from time to time, the "Guarantee and
Collateral Agreement") guaranteeing, among other things, the obligations of the
Borrower under the Credit Agreement and the other Loan Documents. It is a
condition precedent to the effectiveness of the Original Credit Agreement and
any amendments thereto that the Borrower and the Grantors shall have executed
and delivered this Reaffirmation.
THEREFORE, each of the Borrower and the Grantors hereby agrees as
follows:
Section 1. Reaffirmation of Guarantee and Collateral Agreement. Each
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of the Borrower and the Grantors hereby ratifies, confirms, and acknowledges the
obligations under the Guarantee and Collateral Agreement are, after giving
effect to the Amended Credit Agreement, in full force and effect and the
Borrower and each Grantor continues to unconditionally and irrevocably guarantee
the full and punctual payment and performance, when due, whether at stated
maturity or earlier by acceleration or otherwise, all of the Obligations (as
defined in the Guarantee and Collateral Agreement). Each of the Borrower and
the Grantors hereby acknowledges that the delivery of this Reaffirmation does
not indicate or establish an approval or consent requirement by any of the
Borrower and the Grantors under the Guarantee and Collateral
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Agreement in connection with the execution and delivery of the Amended Credit
Agreement or any of the other Loan Documents.
Section 2. Effectiveness. This Reaffirmation shall become effective
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upon each of the Borrower and the Grantors duly and validly executing this
Reaffirmation and delivering it to the Administrative Agent.
Section 3. Choice of Law. This Reaffirmation shall be governed by
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and construed and enforced in accordance with the laws of the State of New York.
Section 4. Counterparts. This Reaffirmation may be signed in any
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number of counterparts, each of which shall be an original.
EXECUTED as of the 30th day of April, 2001.
BORROWER:
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IFCO SYSTEMS NORTH AMERICA, INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇▇
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Title: Vice President
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GRANTORS:
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IFCO SYSTEMS, N.V.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇▇
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Title: Executive Vice President
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IFCO SYSTEMS VIRGINIA, INC.
IFCO SYSTEMS FLORIDA, INC.
SONOMA PACIFIC COMPANY
NEW LONDON PALLET, INC.
NLD, INC.
IFCO SYSTEMS CALIFORNIA, INC.
SOUTHERN PALLET, INC.
IFCO SYSTEMS PENNSYLVANIA, INC.
SHIPSHEWANA PALLET CO., INC.
VALLEY CRATING AND PACKAGING, INC.
▇▇▇▇▇▇▇ PALLET CO., INC.
▇▇▇▇▇▇▇▇ LUMBER COMPANY
BLACK RIVER FOREST PRODUCTS, INC.
PALEX-TEXAS, INC.
IFCO SYSTEMS IOWA, INC.
SHEFFIELD LUMBER AND PALLET
COMPANY, INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇▇
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Title: Vice President
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AZ PALLET, INC.
BROMLEY ACQUISITION COMPANY, INC.
IFCO SYSTEMS OHIO, INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇▇
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Title: Vice President
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PALLET MANAGEMENT SERVICES, INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇▇
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Title: Vice President
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PALEX-TEXAS, L.P.
By: PalEx-Texas, Inc., its General Partner
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇▇
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Title: Vice President
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IFCO ICS-CHICAGO, INC.
IFCO INDUSTRIAL CONTAINER SYSTEMS
HOLDING COMPANY
IFCO ICS-WASHINGTON, INC.
IFCO ICS-CALIFORNIA, INC.
ENVIRONMENTAL RECYCLERS OF
COLORADO, INC.
IFCO ICS-FLORIDA, INC.
IFCO ICS-MINNESOTA, INC.
IFCO ICS-GEORGIA, INC.
IFCO ICS-ILLINOIS, INC.
IFCO ICS-NORTH CAROLINA, INC.
IFCO ICS-MIAMI, INC.
CONTAINER RESOURCES CORPORATION
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
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Name: ▇▇▇▇▇ ▇▇▇▇▇▇
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Title: Vice President
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IFCO ICS-MICHIGAN, INC.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
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Name: ▇▇▇▇▇ ▇▇▇▇▇▇
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Title: Vice President
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IFCO ICS-WESTERN LLC
By: IFCO ICS-Chicago, Inc., its Manager
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
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Name: ▇▇▇▇▇ ▇▇▇▇▇▇
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Title: Vice President
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PALEX TEXAS HOLDINGS, INC.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
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Title: President
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IFCO SYSTEMS EUROPE GMBH
By: /s/ ▇▇▇▇▇▇▇ Nimtsch /s/ ▇▇▇▇ ▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ Nimtsch ▇▇▇▇ ▇▇▇▇▇▇
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Title: CFO CEO
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SCHOELLER-U.S., INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇▇
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Title: Vice President
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IFCO - U.S., L.L.C.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇▇▇▇▇
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Title: Vice President
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