Professional Documents
Culture Documents
Net
Less:income
Net loss attributable to noncontrolling
interests
Net income attributable to SPX Corporation common
shareholders
Amounts attributable to SPX Corporation common
shareholders:
Income
Income from
(loss) continuing operations,
from discontinued net of tax
operations, net of
tax
Net income
Basic
Incomeincome per share ofoperations
from continuing common stock
attributable to
SPX Corporation common shareholders
Income (loss) from discontinued operations attributable
to SPX
Net Corporation
income per sharecommon shareholders
attributable to SPX
Corporation common shareholders
Weighted-average number of common shares
outstanding basic
Diluted
Income income per shareoperations
from continuing of common stock
attributable to
SPX Corporation common shareholders
Income (loss) from discontinued operations
attributable
Net income perto share
SPX Corporation
attributablecommon
to SPX shareholders
Corporation common shareholders
Weighted-average number of common shares
outstanding diluted
Three months ended Six months ended
July 3, June 27, July 3,
2010 2009 2010
$ 1,189.70 $ 1,193.50 $ 2,275.30
0.50
8.60 (6.50) 12.20
8.60 (6.00) 12.20
1,673.00
484.10
10.40
35.20
150.40
(13.80)
(45.80)
4.20
16.30
111.30
(33.90)
77.40
(1.40)
(18.60)
(20.00)
57.40
(0.40)
$ 57.80
$ 78.30
(20.50)
$ 57.80
$ 1.58
(0.41)
$ 1.17
49.48
$ 1.57
(0.41)
$ 1.16
49.85
ASSETS
Current assets:
Cash and equivalents
Accounts receivable, net
Inventories
Other current assets
Deferred income taxes
Assets of discontinued operations
Total current assets
Property, plant and equipment:
Land
Buildings and leasehold improvements
Machinery and equipment
Accumulated depreciation
Property, plant and equipment, net
Goodwill
Intangibles, net
Deferred income taxes
Other assets
TOTAL ASSETS
Long-term debt
Other income taxes
Other long-term liabilities
Total long-term liabilities
Equity:
SPX Corporation shareholders equity:
outstanding at July 3, 2010, respectively, and 97,283,521 and 49,367,689
issued and outstanding at December 31, 2009, respectively)
Paid-in capital
Retained earnings
Accumulated other comprehensive
47,915,832 shares lossDecember 31, 2009,
at July 3, 2010 and
respectively)
Total SPX Corporation shareholders equity
Noncontrolling interests
Total equity
TOTAL LIABILITIES AND EQUITY
July 3, December 31,
2010 2009
$ 408.10 $ 522.90
1,070.60 1,046.30
543.90 560.30
174.30 121.20
52.00 56.10
5.70
2,248.90 2,312.50
37.70 39.10
238.50 250.40
699.00 712.20
975.20 1,001.70
(455.20) (455.30)
520.00 546.40
1,555.50 1,600.00
679.80 708.30
94.10 114.70
459.60 442.50
$ 5,557.90 $ 5,724.40
$ 476.90 $ 475.80
897.00 987.50
27.60 40.30
76.90 74.40
97.50 76.00
5.30
1,575.90 1,659.30
1,107.40 1,128.60
93.70 92.10
935.60 962.90
2,136.70 2,183.60
983.60 979.00
1,435.20 1,425.70
2,279.00 2,203.00
(344.90) (213.60)
(2,516.30) (2,523.30)
1,836.60 1,870.80
8.70 10.70
1,845.30 1,881.50
$ 5,557.90 $ 5,724.40
Cash flows from (used in)
operating activities:
Net
Less:income
Income (loss) from discontinued operations,
net of tax
Income from to
Adjustments continuing
reconcileoperations
income from continuing
operations to net cash from operating activities:
Special charges, net
Gain on sale of product line
Deferred and other income taxes
Depreciation and amortization
Pension and other employee benefits
Stock-based compensation
Other,
Changes net
in operating assets and liabilities, net
of effects from acquisitions and divestitures:
Accounts receivable and other assets
Inventories
Accounts payable, accrued expenses, and other
Cash spending on restructuring actions
Net cash from continuing operations
Net cash from (used in) discontinued operations
Net
Cashcash
flowsfrom operating
from (used in)activities
investing activities:
Proceeds from asset sales and other
(Increase) decrease inand
Business acquisitions restricted cash
other investments, net
of cash acquired
Capital expenditures
Net
netcash
cashused in continuing
proceeds operations
from dispositions of $7.4 and $18.8 for the six months
ended July 3, 2010 and June 27, 2009, respectively)
Net
Cashcash
flowsused in (used
from investing
in) activities
financing activities:
Borrowings under senior credit facilities
Repayments under senior credit facilities
Borrowings under trade receivables agreement
Repayments
Net borrowings under trade receivables
(repayments) agreement
under other financing
arrangements
Purchases of common
for net share stocknet of proceeds from the exercise of employee
settlements,
stock options and other
Purchase of noncontrolling interest in subsidiary
Financing feesof
distributions paid
$0.3 and $0.0 for the six months ended July 3, 2010 and
June 27, 2009, respectively)
Net cash used in continuing operations
Net cash from discontinued operations
Net cashinused
Change cashinand
financing activities
equivalents due to changes in
foreign currency exchange rates
Net change incash
Consolidated cashand
andequivalents,
equivalents beginning of
period
Consolidated cash and equivalents, end of period
Six months ended
July 3, June 27,
2010 2009
$ 99.30 $ 57.40
12.20 (20.00)
87.10 77.40
11.20 35.20
(1.40)
11.70 4.40
55.90 51.90
34.50 27.70
20.10 15.30
2.20 14.10
(139.30) 88.40
13.70 56.30
(57.40) (310.60)
(17.20) (31.80)
22.50 26.90
(2.00) 8.20
20.50 35.10
2.10 1.60
(4.90) 9.90
(58.30)
(23.60) (44.90)
(84.70) (33.40)
7.40 18.50
(77.30) (14.90)
111.00 272.00
(110.00) (200.80)
10.00 112.00
(11.00) (60.00)
0.10 (18.30)
(113.20)
(6.60) (5.60)
(3.20)
(1.00)
(25.10) (25.20)
(32.60) (42.30)
0.20
(32.60) (42.10)
(25.40) (19.50)
(114.80) (41.40)
522.90 475.90
$ 408.10 $ 434.50
Discontinued Operations
Quarter
Business Discontinued
P.S.D., Inc.
Automotive(Filtration
PSD) Solutions business Q2 2009
(Filtran) Q4 2008
Dezurik Q3 2008
Actual Closing
Quarter of Sale
Q1 2010
Q4 2009
Q1 2009
Three months ended
July 3, June 27,
2010 2009
Income (loss) from discontinued operations $ 0.20 ($6.90)
Income tax benefit 8.40 0.90
Income (loss) from discontinued operations, net $ 8.60 ($6.00)
ended Six months ended
June 27, July 3, June 27,
2009 2010 2009
($6.90) $ 2.40 ($28.50)
0.90 9.80 8.50
($6.00) $ 12.20 ($20.00)
Three Six
months ended
July 3, June 27, July 3,
2010 2009 2010
Revenues $ $ 25.60 $ 1.90
Pre-tax income (loss) 0.80
Six months
ended
July 3, June 27,
2010 2009
$ 1.90 $ 47.80
(2.20)
Corporate Expense
Segment income:
Flow Technology $ 45.20 $ 48.50
Test and Measurement 23.70 13.30
Thermal Equipment and Services 48.90 27.50
Industrial Products and Services 17.70 46.60
Total segment income 135.50 135.90
2010 2009
$ 737.40 $ 790.20
444.30 403.60
746.50 711.10
347.10 448.20
$ 2,275.30 $ 2,353.10
$ 86.50 $ 98.60
37.10 19.10
80.40 48.90
37.80 95.50
241.80 262.10
(45.20) (42.50)
(26.10) (18.70)
(20.10) (15.30)
(11.20) (35.20)
$ 139.20 $ 150.40
SPECIAL CHARGES
2010 2009
$ 6.50 $ 9.80
3.30 15.80
1.20 6.80
2.00
0.20 0.80
$ 11.20 $ 35.20
Corporate
Six months ended
July 3, June 27,
2010 2009
Beginning balance $ 26.00 $ 31.50
Special charges (1) 9.20 32.80
Adjustments related to acquisition accounting 0.30 4.00
Utilization cash (17.20) (31.80)
Currency translation adjustment and other (1.20) (1.20)
Ending balance (2) $ 17.10 $ 35.30
nded
June 27,
2009
$ 31.50
32.80
4.00
(31.80)
(1.20)
$ 35.30
INVENTORIES
July 3, December 31,
2010 2009
Finished goods $ 208.10 $ 196.70
Work in process 109.80 118.10
Raw material and purchased parts 258.30 277.20
Total FIFO cost 576.20 592.00
Excess of FIFO cost over LIFO inventory value (32.30) (31.70)
Total inventories $ 543.90 $ 560.30
December 31,
2009
$ 196.70
118.10
277.20
592.00
(31.70)
$ 560.30
GOODWILL Goodwill
AND OTHER INTANGIBLE ASSETS
resulting from
December 31, business
2009 combinations
Flow Technology
Gross Goodwill $ 652.20 $ 18.00
Accumulated Impairments
Goodwill 652.20 18.00
Test & Measurement
Gross Goodwill 468.50
Accumulated Impairments (287.60)
Goodwill 180.90
Total
Gross Goodwill 2,087.60 25.30
Accumulated Impairments (487.60)
Goodwill $ 1,600.00 $ 25.30
Foreign
Currency
Translation
$ ($28.30) $ 641.90
(28.30) 641.90
(18.30) 450.20
11.30 (276.30)
(7.00) 173.90
(34.50) 588.10
(114.10)
(34.50) 474.00
351.60
(85.90)
265.70
(81.10) 2,031.80
11.30 (476.30)
$ ($69.80) $ 1,555.50
Other Intangibles
July 3, 2010
Gross Carrying Accumulated
Value Amortization
Intangible assets with determinable lives:
Patents $ 24.20 ($20.10)
Technology 93.70 (18.30)
Customer relationships 224.40 (42.40)
Other 23.00 (9.60)
365.30 (90.40)
Trademarks with indefinite lives 404.90
Total $ 770.20 ($90.40)
July 3, 2010 Gross December 31, 2009
Accumulated Net Carrying Carrying Accumulated
Carrying
Value
$ 5.20
78.50
194.40
14.50
292.60
415.70
$ 708.30
WARRANTY
Six months ended
July 3, June 27,
2010 2009
Balance at beginning of period $ 56.70 $ 58.80
Acquisitions 0.20 0.70
Provisions 12.50 9.90
Usage (16.50) (13.40)
Balance at end of period 52.90 56.00
Less: Current portion of warranty 41.40 44.80
Non-current portion of warranty $ 11.50 $ 11.20
Domestic Pension Plans
December 31,
2009 Borrowings
Term loan $ 600.00 $
Domestic revolving loan facility (1) 61.50 111.00
7.625% senior notes 500.00
7.50% senior notes 28.20
6.25% senior notes (2) 21.30
Trade receivables financing arrangement (3) 22.00 10.00
Other indebtedness (4) 46.00 9.10
Total debt 1,279.00 $ 130.10
Less: short-term debt 74.40
Less: current maturities of long-term debt 76.00
Total long-term debt $ 1,128.60
July 3,
tax (1)
2010 2009
Swaps ($2.00) ($0.20)
FX forward contracts (1.20)
FX embedded derivatives 0.80 (1.30)
Commodity contracts (1.10) 1.20
($3.50) ($0.30)
Amount of gain (loss)
tax (1)
2010 2009
Swaps ($6.20) ($1.50)
FX forward contracts (3.30)
FX embedded derivatives 2.60 (1.30)
Commodity contracts (0.90) 2.40
($7.80) ($0.40)
Amount of gain (loss)
volatility
March 1, 2010:
SPX Corporation 62.0%
S&P 500 Composite Index 30.8%
January 2, 2009:
SPX Corporation 52.7%
S&P 500 Composite Index 26.2%
Average
dividend yield rate
1.64% 1.20%
n/a 1.20%
2.31% 1.12%
n/a 1.12%
Correlation between
total shareholder
Index
0.73
0.73
Outstanding at December 31, 2009
Granted
Vested
Forfeited
Outstanding at July 3, 2010
Weighted-Average
Unvested Restricted Stock Grant-Date Fair
and Restricted Stock Units Value
1.44 $ 51.75
0.73 48.87
(0.62) 50.51
(0.02) 49.40
1.53 50.90
Weighted-
Average Exercise
Shares Price
Options outstanding at December 31, 2009 0.88 $ 59.86
Exercised (0.06) 49.45
Forfeited
Options outstanding and exercisable at (0.01) 103.08
July 3, 2010 0.82 60.29
Weighted-
Average Exercise
Price
$ 59.86
49.45
103.08
60.29
Accumulated Other Comprehensive Loss
Foreign currency
Net unrealized translation
losses adjustment
on qualifying cash flow
hedges, net of tax benefit of $10.9 andbenefit
Pension liability adjustment, net of tax $13.0, respectively
of $269.6 and $268.0, respectively (1)
Accumulated other comprehensive loss
July 3, December 31,
2010 2009
$ 95.90 $ 254.60
(16.40) (20.70)
(424.40) (447.50)
($344.90) ($213.60)
Changes in Equity
Three months en
July 3,
2010
Revenues $ 1,189.70
Gross profit 353.20
% of revenues 29.7%
Selling, general and administrative expense 254.90
% of revenues 21.4%
Intangible amortization 6.40
Special charges, net 4.40
Other expense, net (1.80)
Interest expense, net (19.30)
Equity
Incomeearnings in joint ventures
from continuing operations before income 7.20
taxes 73.60
Income tax provision (4.20)
Income from continuing operations 69.40
(2.00)
(1.50)
3.20
(0.30)
ended
% Change
(3.30)
(2.00)
4.00
21.20
(68.20)
0.70
(8.20)
(2.50)
(7.50)
(53.10)
12.50
(6.70)
0.50
2.90
(3.30)
Quarter
Business Discontinued
P.S.D., Inc.
Automotive(Filtration
PSD) Solutions business Q2 2009
(Filtran) Q4 2008
Dezurik Q3 2008
Actual Closing
Quarter of Sale
Q1 2010
Q4 2009
Q1 2009
Three months ended
July 3, June 27,
Income 2010 2009
(loss) from discontinued operations $ 0.20 ($6.90)
Income tax benefit 8.40 0.90
Income (loss) from discontinued operations, net $ 8.60 ($6.00)
ended Six months ended
June 27, July 3, June 27,
2009 2010 2009
($6.90) $ 2.40 ($28.50)
0.90 9.80 8.50
($6.00) $ 12.20 ($20.00)
Three months ended Six mo
July 3, June 27, July 3,
2010 2009 2010
Revenues $ $ 25.60 $ 1.90
Pre-tax income (loss) 0.80
Six months ended
July 3, June 27,
2010 2009
$ 1.90 $ 47.80
(2.20)
Flow Technology
Three months ended
July 3, June 27,
2010 2009
Revenues $ 383.40 $ 396.20
Segment income 45.20 48.50
% of revenues 11.8% 12.2%
Components of segment revenue decline:
Organic decline
Foreign currency
Acquisitions
Net segment revenue decline
ended Six months ended
July 3, June 27,
% Change 2010 2009 % Change
(3.20) $ 737.40 $ 790.20 (6.70)
(6.80) 86.50 98.60 (12.30)
11.7% 12.5%
(6.00) (10.60)
(1.00) 1.70
3.80 2.20
(3.20) (6.70)
Test and Measurement
Three months ended
July 3, June 27,
2010 2009
Revenues $ 239.90 $ 207.60
Segment income 23.70 13.30
% of revenues 9.9% 6.4%
Components of segment revenue growth:
Organic growth
Foreign currency
Acquisitions
Net segment revenue growth
ended Six months ended
July 3, June 27,
% Change 2010 2009 % Change
15.60 $ 444.30 $ 403.60 10.10
78.20 37.10 19.10 94.20
8.4% 4.7%
17.80 10.10
(2.20)
15.60 10.10
Thermal Equipment and Services
Three months ended
July 3, June 27,
2010 2009
Revenues $ 393.10 $ 368.90
Segment income 48.90 27.50
% of revenues 12.4% 7.5%
Components of segment revenue growth:
Organic growth (decline)
Foreign currency
Acquisitions
Net segment revenue growth
ended Six months ended
July 3, June 27,
% Change 2010 2009 % Change
6.60 $ 746.50 $ 711.10 5.00
77.80 80.40 48.90 64.40
10.8% 6.9%
3.30 (1.80)
(2.60) (0.20)
5.90 7.00
6.60 5.00
Industrial Products and Services
Three months ended
July 3, June 27,
2010 2009
Revenues $ 173.30 $ 220.80
Segment income 17.70 46.60
% of revenues 10.2% 21.1%
Components of segment revenue decline:
Organic decline
Foreign currency
Acquisitions
Net segment revenue decline
ended Six months ended
July 3, June 27,
% Change 2010 2009 % Change
(21.50) $ 347.10 $ 448.20 (22.60)
(62.00) 37.80 95.50 (60.40)
10.9% 21.3%
(21.90) (22.90)
(0.20)
0.60 0.30
(21.50) (22.60)
Corporate and Other Expenses
Three months ended
July 3, June 27,
2010 2009
Total consolidated revenues $ 1,189.70 $ 1,193.50
Corporate expense 22.50 19.20
% of revenues 1.9% 1.6%
Stock-based compensation expense 8.20 6.10
Pension and postretirement expense 12.90 9.80
ended Six months ended
July 3, June 27,
% Change 2010 2009 % Change
(0.30) $ 2,275.30 $ 2,353.10 (3.30)
17.20 45.20 42.50 6.40
2.0% 1.8%
34.40 20.10 15.30 31.40
31.60 26.10 18.70 39.60
Cash Flow
Continuing operations:
Cash flows from operating activities
Cash flows used in investing activities
Cash flows used in financing activities
Cash flows
Change fromand
in cash discontinued operations
equivalents due to changes in
foreign currency exchange rates
Net change in cash and equivalents `
Six months ended
July 3, June 27,
2010 2009
$ 22.50 $ 26.90
(84.70) (33.40)
(32.60) (42.30)
5.40 26.90
(25.40) (19.50)
($114.80) ($41.40)
Borrowings
December 31,
2009 Borrowings
Term loan $ 600.00 $
Domestic revolving loan facility (1) 61.50 111.00
7.625% senior notes 500.00
7.50% senior notes 28.20
6.25% senior notes (2) 21.30
Trade receivables financing arrangement (3) 22.00 10.00
Other indebtedness (4) 46.00 9.10
Total debt 1,279.00 $ 130.10
Less: short-term debt 74.40
Less: current maturities of long-term debt 76.00
Total long-term debt $ 1,128.60
July 3,
July 3, 2010
Current Noncurrent
Assets Assets
FX forward contracts $ 3.10 $
FX embedded derivatives 4.60
July 3, 2010 December 3
Current Current Noncurrent
ARTICLE I DEFINITIONS 1
Section 1.1. Defined Terms 1
Section 1.2. Classification of Loans and Borrowings 30
Section 1.3. Terms Generally 30
Section 1.4. Accounting Terms; GAAP 31
Section 1.5. Exchange Rates 31
Section 1.6. Currency Conversion 31
Section 1.7. Times of Day 32
Section 1.8.
ARTICLE II THE Face Amount 32
CREDITS 32
Section 2.1. Commitments; Incremental Facilities 32
Section 2.2. Loans and Borrowings 33
Section 2.3. Requests for Borrowings 34
Section 2.4. Swingline Loans 35
Section 2.5. Letters of Credit 36
Section 2.6. Foreign Credit Instruments 41
Section 2.7. Funding of Borrowings 59
Section 2.8. Interest Elections 59
Section 2.9. Termination and Reduction of Commitments 61
Section 2.10. Evidence of Debt 61
Section 2.11. Repayment of Loans 62
Section 2.12. Prepayment of Loans 63
Section 2.13. Certain Payment Application Matters 64
Section 2.14. Fees 65
Section 2.15. Interest 66
Section 2.16. Alternate Rate of Interest 67
Section 2.17. Increased Costs 68
Section 2.18. Break Funding Payments 69
Section 2.19. Taxes
Payments Generally; Pro Rata Treatment; Sharing of 69
Section 2.20. Set-offs 72
Section 2.21. Mitigation Obligations; Replacement of Lenders 73
Section 2.22. Change in Law 74
Section 2.23. Foreign Subsidiary Borrowers
ARTICLE III REPRESENTATIONS 75
AND WARRANTIES 76
Section 3.1. Organization; Powers 76
Section 3.2. Authorization; Enforceability 76
Section 3.3. Governmental Approvals; No Conflicts 76
Section 3.4. Financial Condition; No Material Adverse Change 77
Section 3.5. Properties 77
Section 3.6. Litigation and Environmental Matters 77
Section 3.7. Compliance with Laws and Agreements 78
Section 3.8. Investment Company Status 78
Section 3.9. Taxes 78
Section 3.10. ERISA 78
Section 3.11. Disclosure
Section 3.12. Subsidiaries
Section 3.13. Labor Matters
Section 3.14. Solvency
Section 3.15. Senior Indebtedness
Section 3.16. Security Documents
ARTICLE IV CONDITIONS
Section 4.1. Effective Date
Section 4.2. Each Credit Event
ARTICLE V AFFIRMATIVE
COVENANTS
Section 5.1. Financial Statements and Other Information
Section 5.2. Notices of Material Events
Section 5.3. Information Regarding Collateral
Section 5.4. Existence; Conduct of Business
Section 5.5. Payment of Obligations
Section 5.6. Maintenance of Properties
Section 5.7. Insurance
Section 5.8. Books and Records; Inspection and Audit Rights
Section 5.9. Compliance withand
Use of Proceeds Laws and Contractual
Letters Obligations
of Credit and Foreign
Section 5.10. Credit Instruments
Section 5.11. Additional Collateral
Section 5.12. Further Assurances
Section 5.13.
ARTICLE VI Post-Closing Obligations
NEGATIVE COVENANTS
Section 6.1. Financial Condition Covenants
Section 6.2. Indebtedness
Section 6.3. Liens
Section 6.4. Fundamental Changes
Investments, Loans, Advances, Guarantees and
Section 6.5. Acquisitions
Section 6.6. Disposition of Assets
Section 6.7. Sale and Leaseback Transactions
Section 6.8. Restricted of
Payments Payments
Certain Indebtedness; Certain Derivative
Section 6.9. Transactions.
Section 6.10. Transactions with Affiliates
Section 6.11. Restrictive Agreements
Section 6.12.
ARTICLE VII Amendment of Material Documents, etc
EVENTS OF DEFAULT
ARTICLE VIII THE
AGENTS
Section 8.1. Appointment and Authority
Section 8.2. Rights as a Lender
Section 8.3. Exculpatory Provisions
Section 8.4. Reliance by the Agents
Section 8.5. Delegation of Duties
Section 8.6. Resignation of Agents
Section 8.7. Non-Reliance on Agents and Other Lenders
Section 8.8. No Other Duties; Etc
78
79
79
79
79
79
80
80
81
82
82
84
84
85
85
85
85
85
86
86
86
88
88
88
88
89
91
93
94
96
97
97
98
99
99
100
101
103
103
104
104
105
105
106
107
107
Section 8.9. Administrative Agent May File Proofs of Claim 108
Section 8.10.
ARTICLE IX Collateral and Guaranty Matters 108
MISCELLANEOUS 109
Section 9.1. Notices 109
Section 9.2. Waivers; Amendments 110
Section 9.3. Expenses;
SuccessorsIndemnity; Damage
and Assigns; Waiver and
Participations 113
Section 9.4. Assignments 114
Section 9.5. Survival 119
Section 9.6. Counterparts; Integration 119
Section 9.7. Severability 119
Section 9.8. Right of Setoff
Governing Law; Jurisdiction; Consent to Service of 119
Section 9.9. Process 120
Section 9.10. Headings 120
Section 9.11. Confidentiality 120
Section 9.12. WAIVER OF JURY TRIAL 121
Section 9.13. Release of Collateral. 121
Section 9.14. Judgment Currency 122
Section 9.15. USA Patriot Act Notice 123
Section 9.16. No Advisory or Fiduciary Responsibility 123
Section 9.17. Waiver of Notice of Termination 123
vis-à-vis
Consolidated
Pricing Leverage
Tier Ratio
<
1 1.0 to 1.0
2 > 1.0 to 1.0 but < 1.5 to 1.0
3 > 1.5 to 1.0 but < 2.0 to 1.0
4 > 2.0 to 1.0 but < 3.0 to 1.0
5 > 3.0 to 1.0
Domestic
Revolving
Commitment
Fee
0.175%
0.20%
0.25%
0.30%
0.35%
Global
Revolving Letter of
Commitment Credit
Fee Fee
0.175% 0.875%
0.20% 1.00%
0.25% 1.25%
0.30% 1.50%
0.35% 1.75%
Foreign Foreign
Credit Credit
Commitment Instrument
Fee Fee
0.175% 0.65625%
0.20% 0.75%
0.25% 0.9375%
0.30% 1.125%
0.35% 1.3125%
LIBO Rate
Loans ABR Loans
0.875% 0.00%
1.00% 0.00%
1.25% 0.25%
1.50% 0.50%
1.75% 0.75%
prima facie
Principal Amortizati
on
Payment Dates Payment
Balance of Term
Term Loan Maturity Date Loan
Commitments
Domestic
Revolving
Lender Commitments
Bank of America,
Deutsche Bank AGN.A.
New $ 6,950,617.28
York Branch
Deutsche Bank AG $ 27,826,086.96
Deutschlandgeschaft Branch $ -
JP Morgan Chase Bank, N.A. $ 17,787,976.38
Citibank NA $ 15,918,411.16
Scotiabanc, Inc. $ -
The Bank of
Dresdner Nova
Bank AGScotia
New York Branch and Grand Cayman $ 25,260,869.57
Branch
The Bank of Tokyo- Mitsubishi UFJ, Ltd. New York $ 20,869,565.22
Branch $ 18,478,260.87
Calyon New York Branch $ 18,478,260.87
CommerzBank
CommerzBank AG AG,New York and Grand Cayman Branches $ 18,478,260.87
Grosskundencenter Region Mitte $ -
Mizuho Corporate Bank, Ltd. $ 17,608,695.65
Applicable Global Revolving
Percentages Commitments
1.737654321% $ 38,032,474.50
6.956521739% $ 13,913,043.48
0.000000000% $ -
4.446994096% $ 22,907,675.79
3.979602791% $ 21,972,893.18
0.000000000% $ -
6.315217391% $ 12,630,434.78
5.217391304% $ 10,434,782.61
4.619565217% $ 9,239,130.43
4.619565217% $ 9,239,130.43
4.619565217% $ 9,239,130.43
0.000000000% $ -
4.402173913% $ -
Applicable Term Loan Applicable
Revolving
Lender Commitments
Sumitomo Mitsui Banking Corporation $ 17,608,695.65
SunTrust Robinson Humphrey, Inc. $ 11,739,130.43
DNB Norbank ASa New York Branch $ 11,739,130.43
The Governor and Company of the Bank of Ireland $ 11,739,130.43
Comerica Bank $ 8,695,652.17
HSBC Bank USA, National Association $ 8,695,652.17
Landesbank Baden Wurttemberg $ 8,695,652.17
UBS Loan Finance LLC $ 8,695,652.17
UBS Limited $ -
US Bank National Association $ 8,695,652.17
WestLB AG New York Branch $ 8,695,652.17
Zurich Verisicherung AG $ -
DBS Bank Ltd $ 13,043,478.26
North Fork Bank, a Division of Capital One, N.A. $ 17,777,777.78
TD BankNorth, NA $ 6,956,521.74
Applicable Global Revolving Applicable
Commitments Percentages
$ 22,010,869.57 2.934782609%
$ 22,010,869.57 2.934782609%
$ 22,010,869.57 2.934782609%
$ 22,010,869.57 2.934782609%
$ 16,304,347.83 2.173913043%
$ 16,304,347.83 2.173913043%
$ 16,304,347.83 2.173913043%
$ 16,304,347.83 2.173913043%
$ - 0.000000000%
$ 16,304,347.83 2.173913043%
$ 16,304,347.83 2.173913043%
$ - 0.000000000%
$ 16,304,347.83 2.173913043%
$ 22,222,222.22 2.962962963%
$ 13,043,478.26 1.739130435%
Domestic
Revolving
Lender
Nordea Bank Finland Plc., New York and Grand Commitments
Cayman Braches $ 6,086,956.52
IntesaSanpaolo S.p.A. $ 4,347,826.09
Bank of China, New York Branch $ 6,521,739.13
The Bank of New York $ 8,888,888.89
PNC Bank, National Association $ 5,217,391.30
Mega International Commercial Bank $ 5,217,391.30
Taiwan Business Bank $ 3,913,043.48
Bank of Taiwan $ 3,913,043.48
Taiwan Cooperative Bank $ 3,913,043.48
Chang Hwa Commercial Bank Ltd., New York Branch $ 2,608,695.65
National Bank of Egypt, New York Branch $ 4,444,444.44
First Commercial Bank New York Agency $ 2,608,695.65
Bank of Hawaii $ 4,444,444.44
Applicable Global Revolving
Percentages Commitments
1.521739130% $ 3,043,478.26
1.086956522% $ 2,173,913.04
1.630434783% $ -
2.222222222% $ -
1.304347826% $ -
1.304347826% $ -
0.978260870% $ -
0.978260870% $ -
0.978260870% $ -
0.652173913% $ -
1.111111111% $ -
0.652173913% $ -
1.111111111% $ -
Applicable Term Loan Applicable
Revolving
Lender
E Sun Commercial Commitments
Bank, Ltd. Los Angeles Branch $ 2,608,695.65
Taipei Fubon Commercial Bank Co., Ltd. $ 2,608,695.65
Bank of Communications Co., Ltd. New York Branch $ 2,222,222.22
Total $ 400,000,000.00
Applicable Global Revolving Applicable
Commitments Percentages
$ 3,260,869.57 0.434782609%
$ 3,260,869.57 0.434782609%
$ 2,777,777.78 0.370370370%
$ 750,000,000.00 100.000000000%
Foreign
Credit
Lender
Bank Commitments
of America, N.A. $ 81,038,043.48
Deutsche Bank AG New York Branch $ -
Deutsche
JP Bank AG Deutschlandgeschaft Branch $ 66,086,956.52
Morgan Chase Bank, N.A.
Citibank $ 64,434,782.61
NA $ 59,994,565.22
Scotiabanc, Inc.
The $ -
Bank of Nova Scotia
Dresdner $ 59,994,565.22
Bank AG New York Branch and Grand Cayman Branch
The $ 49,565,217.39
Bank of Tokyo- Mitsubishi UFJ, Ltd. New York Branch
Calyon $ 43,885,869.57
New York Branch
CommerzBank $ 43,885,869.57
AG New York and Grand Cayman Branches $ -
CommerzBank
Mizuho AG, Grosskundencenter Region Mitte $ 43,885,869.57
Corporate
Sumitomo Bank, Ltd. $ 27,880,434.78
Mitsui Banking Corporation
SunTrust $ 27,880,434.78
Robinson Humphrey, Inc.
DNB $ 27,880,434.78
Norbank ASa New York Branch
The $ 27,880,434.78
Governor and Company of the Bank of Ireland
Comerica $ 27,880,434.78
Bank
HSBC $ 20,652,173.91
Bank USA, National Association
Landesbank $ 20,652,173.91
Baden Wurttemberg
UBS $ 20,652,173.91
Loan Finance LLC
UBS $ -
Limited $ 20,652,173.91
Foreign
Credit
Instrument
Applicable Issuing
Percentage Commitments
8.530320366% $ 475,000,000.00
0.000000000% $ -
6.956521739% $ 475,000,000.00
6.782608696% $ -
6.315217391% $ -
0.000000000% $ -
6.315217391% $ -
5.217391304% $ -
4.619565217% $ -
4.619565217% $ -
0.000000000% $ -
4.619565217% $ -
2.934782609% $ -
2.934782609% $ -
2.934782609% $ -
2.934782609% $ -
2.934782609% $ -
2.173913043% $ -
2.173913043% $ -
2.173913043% $ -
0.000000000% $ -
2.173913043% $ -
Applicable
Percentages
50.000000000%
0.000000000%
50.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
Foreign
Credit
Lender
US Commitments
Bank National Association
WestLB $ 20,652,173.91
AG New York Branch
Zurich $ 20,652,173.91
Versicherung AG
DBS $ 50,000,000.00
Bank Ltd
North $ 20,652,173.91
Fork Bank, a Division of Capital One, N.A.
TD $ -
BankNorth, NA
Nordea $ 16,521,739.13
Bank Finland Plc., New York and Grand Cayman Braches
IntesaSanpaolo $ 14,456,521.74
S.p.A.
Bank $ 10,326,086.96
of China, New York Branch
The $ 10,326,086.96
Bank of New York
PNC $ -
Bank, National Association
Mega $ 8,260,869.57
International Commercial Bank
Taiwan $ 8,260,869.57
Business Bank
Bank $ 6,195,652.17
of Taiwan
Taiwan $ 6,195,652.17
Cooperative Bank
Chang $ 6,195,652.17
Hwa Commercial Bank Ltd., New York Branch
National $ 4,130,434.78
Bank of Egypt, New York Branch
First $ -
Commercial Bank New York Agency
Bank $ 4,130,434.78
Eof Hawaii
Sun $ -
Commercial Bank, Ltd. Los Angeles Branch
Taipei $ 4,130,434.78
Fubon Commercial Bank Co., Ltd.
Bank $ 4,130,434.78
of Communications Co., Ltd. New York Branch $ -
Total $ 950,000,000.00
Foreign
Credit
Instrument
Applicable Issuing
Percentage Commitments
2.173913043% $ -
2.173913043% $ -
5.263157895% $ -
2.173913043% $ -
0.000000000% $ -
1.739130435% $ -
1.521739130% $ -
1.086956522% $ -
1.086956522% $ -
0.000000000% $ -
0.869565217% $ -
0.869565217% $ -
0.652173913% $ -
0.652173913% $ -
0.652173913% $ -
0.434782609% $ -
0.000000000% $ -
0.434782609% $ -
0.000000000% $ -
0.434782609% $ -
0.434782609% $ -
0.000000000% $ -
100.000000000% $ 950,000,000.00
Applicable
Percentages
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
0.000000000%
100.000000000%
JP
MORGAN CHASE BANK AS ISSUING LENDER
SPX Raymond
Corporation Leasing Corporation
SPX Ameritech
Corporation Credit Corporation
SPX Cupertino
Corporation National Bank c/o Greater Bay Capital
SPX Cupertino
Corporation National Bank c/o Greater Bay Capital
SPX Cupertino
Corporation National Bank c/o Greater Bay Capital
SPX Toyota
Corporation Motor Credit Corporation
SPX Ameritech
Corporation Credit Corporation
SPX IBM
Corporation Credit Corporation
Number
Original:
July 26, 2002 (21997349)
Continuation:
March 28, 2007 (2007 1151405)
Original:
October 10, 2002 (22558405)
Original:
October 10, 2002 (22558413)
Original:
October 31, 2002 (22755803)
Original:
October 30, 2002 (22860868)
Original:
January 13, 2003 (30091788)
December 27,
2002 (30128861)
Amendment:
April 11, 2003
Collateral
property, deposit accounts, letter of credit rights, and supporting
obligations.
Directional S/N 24446 1-Exide Battery S/N RAF 137983 1-Exide Charger S/N
AF66142
hardware expansion, Meridian Mail Upgrade, Option 61 upgrades, Carrier
Remote.
A12R01096; 1-TCM Forklift, Model FCG15 S/N A12R01097; 1-TCM Forklift, Model
FCG15F9, S/N A12R01098; 1-TCM Forklift Model FCG15F9, S/N A12R01099
Forklift, Model FCG25F9, S/N A12W03049; 1-TCM Forklift Model FCG25F9, S/N
A12W03050; 1-TCM Forklift, Model FCG36N7T, S/N A28U00244.
4-TCM Forklifts FCG25 s/n A12W3005, A12W3040,
A12W3042, A12W3043
1
New Toyota 6HBW20 S/N 17938
Mail Upgrade, Option 61 Upgrade, Meridian 1 Opt. 61 Upgrade, Network Voice
Proc., Software, adds, and all related peripherals.
IBM
Equipment Type 2105 3584 7040
attachments financed by or leased to Lessee by Lessor under Master Lease
Agreement number
Debtor Secured Creditor
SPX Ameritech
Corporation Credit Corporation
SPX NMHG
Corporation Financial Services, Inc.
SPX Toyota
Corporation Motor Credit Corporation
SPX Calyon
Corporation New York Branch, as Agent
SPX Toyota
Corporation Motor Credit Corporation
SPX LaSalle
Corporation National Leasing Corporation
SPX GE
Corporation Capital
Date Filed and Filing
Number
(restated
collateral description) (30958515)
Original:
April 14, 2003 (30966815)
April 21,
2003 (31024184)
April 9,
2003 (31043606)
(collateral
change) (51862144)
June 9,
2003 (31805947)
July 28,
2003 (31941619)
August 22.
2003 (32189465)
Collateral
293.00
Mail Upgrade, Option 61 Upgrade, Software/Hardware Update, Meridian 1,
Network Voice Processor, ADDS Meridian 1 Option 61.
accessions, additions, replacements and substitutions thereto and therefore
and all proceeds, including insurance proceeds, thereof.
1/Used
Clark HWD30 S/N 1094-9361 1/New Exide Battery Cart E-BT-24-24FM #030703-1.
Receivables (as such terms are defined in the Receivables Purchase
Agreement).
Toyota 68PU15 S/N 71061 1/New Exide Battery 12-E125-15 S/N RBD-178060 1/New
Exide Charger WG3-12-1050 S/N AK72644
Corporation, as lessee, together with all accessions, substitutions and
replacements therefor, and proceeds (including insurance proceeds) thereof.
IR3300I copier system, 2 Canon IR2000 copier systems, 3 Canon IR2010F copier
systems, 1 Canon IR1060 copier system, 3 Canon IR2050P fax machines.
Debtor Secured Creditor
SPX Toyota
Corporation Motor Credit Corporation
SPX American
Corporation Packaging Capital
Number
October 10,
2003 (32649989)
October 16,
2003 (32705062)
October 16,
2003 (32710377)
December 1,
2003 (3313669)
December 30,
2003 (33416172)
December 30,
2003 (33416214)
December 30,
2003 (33416255)
December 30,
2003 (33416289)
December 30,
2003 (33416339)
December 30,
2003 (33416347)
December 30,
2003 (33416438)
December 30,
2003 (33416453)
Original:
January 5, 2004 (40012973)
Original:
January 7, 2004 (40034480)
January 27,
2004 (40439002)
February 20,
2004 (40466161)
Collateral
Toyota 7FBEU15 s/n 10770, 107502/New Exide Batteries 18-E85-17 s/n
RBI-194727, RBI 1947262/New Exide Chargers WG3-18-680B s/n BG83377, BG83310.
One
Lantech Q-1000 Stretch Wrapper with options
1
Crown SP3000 1A228898 2 Crown SP3000 1A228899.
Altigen
telephone Model: AltiTouch 390
Order dated as of September 5, 2003 between K-Lift and Debtor (b) Floor
Scrubber; and (c) all proceeds thereof
Order dated as of April 11, 2003 between K-Lift and Debtor (b) Motoman
Robot; and (c) all proceeds thereof
Order dated as of May 12, 2003 between The Robot Company and Debtor (b) Fanuc
S-10 Robot; and (c) all proceeds thereof
Order dated as of July 3, 2003 between ABB Inc and Debtor (b) ABB
Robots; and (c) all proceeds thereof
Order dated as of May 16, 2003 between Yamazen USA Inc and Debtor (b) Machining
Center; and (c) all proceeds thereof
Order dated as of May 16, 2003 between Mazak Corporation and Debtor (b) Mazak
Cariaxis 630-5M and Demo Integrex 300 IISY; and (c) all proceeds thereof
Aftermarket Services and Debtor (b) 775 CMM; and (c) all proceeds
thereof
Order dated as of May 16, 2003 between RimRock Corp and Debtor (b) Motoman
Robot; and (c) all proceeds thereof
Equipment
description: Mexico Altisys, model: Altisys
Equipment
description: Mexico Altisys, model: Altisys
Equipment; Toshiba 7550 Copier, Toshiba 3550
Copier Serial: FB712821, PG732495
and replacements thereto and thereof, now or hereafter installed in, affixed
to, or used in conjunction therewith
Debtor
SPX
Corporation
SPX
Corporation
SPX
Corporation
SPX
Corporation
SPX
Corporation
SFX
Corporation
SFX
Corporation
SFX
Corporation
SPX
Corporation
SPX
Corporation
SPX
Corporation
SPX
Corporation
Secured Creditor
Lasalle
National Leasing Corporation
Lasalle
National Leasing Corporation
Lasalle
National Leasing Corporation
Lasalle
National Leasing Corporation
Lasalle
National Leasing Corporation
Lasalle
National Leasing Corporation
Lasalle
National Leasing Corporation
FPC
Funding II LLC
Dell
Financial Services
Key
Equipment Finance, a division of Key Corporate Capital Inc.
Key
Equipment Finance a division of Key Corporate Capital Inc.
IOS
Capital
Date Filed and Filing
Number
March 2,
2004 (40591935)
April 8,
2004 (40993172)
April 8,
2004 (40993321)
April 8,
2004 (40993826)
April 8,
2004 (40993875)
April 8,
2004 (40994006)
April 8,
2004 (40994055)
April 12,
2004 (41016312)
May 4,
2004 (41239856)
June 1,
2004 (41497348)
June 1,
2004 (41497363)
June 21,
2004 (41817792)
Collateral
proceeds, other proceeds and payments due and to become due arising from or relating
to said equipment.
2004, executed pursuant to that certain Master Lease Agreement dated as of June 27,
2003.
Order dated as of June 11, 2003 between Radyne Corporation and Debtor (b) Radyne
Induction Annealing System; and (c) all proceeds thereof
Midwest Technology Inc, and ABB Inc and Debtor (b) Robotic Die Spray
System, ABB Robot and Robotic Deburring,; and (c) all proceeds thereof
Interim Rental Agreement dated March 17, 2004 executed pursuant to that
certain Master Lease Agreement dated as of June 27, 2003.
schedule No. Vance-1 Dated as of March 31, 2004, executed pursuant
to that certain Master Lease Agreement dated as of June 27, 2003.
2007, between Mazak and Debtor (b) Mazak CNC machines; and (c) all
proceeds thereof
Used
Mazak CNC Machines
IBM NV M42 8/2.4 40GB 256MB XP100 IBM 256MB PC2100 DDR DIMM100 CDW Installing
Custome PC Image 11+
computer equipment and peripherals referenced in that certain promissory note
30456720-0704 dated April 14 2004 (the Note).
a security interest under the UCC or to enter into any transaction other than
a true lease transaction.]
a security interest under the UCC or to enter into any transaction other than
a true lease transaction.]
Equipment
leased under Product Schedule No/Agreement 3614810
Debtor Secured Creditor
Number
2 Konica 7145 Digital Copier Systems with Finishers and LCT bases
The Global Vertical Coordinate Measuring Machine s/n:09046413 leased
pursuant to that Schedule No.
Debtor
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
SPX Corporation
Date Filed and Filing
Secured Creditor Number
America
P.S.D., Inc. US Bancorp
Number
2005 and 503111 dated December 6, 2005 and 503331 dated December 8,
2005.
2-TCM Forklifts, Model FCG25, S/N A47M00773 & A47M008611-TCM
Forklift, Model FCG36, S/N A28X00176
2006 and 519877 dated April 21, 2006 and 711731 dated April 7,
2006.
Number
Number
Page