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Actionable news in ESSX: Essex Rental Corporation,

Essex Rental: Item 1.01. Entry Into A Material Definitive Agreement

The following excerpt is from the company's SEC filing.

On August 20, 2015, Essex Crane Rental Corp. ("Essex Crane"), a wholly-owned subsidiary of Essex Rental Corp., entered into a Forbearance Agreement (the "Forbearance Agreement") by and among Essex Crane, Wells Fargo Capital Finance LLC, as Administrative Agent and itself as a lender, PNC Bank, National Association, Alostar Bank of Commerce, Kayne Senior Credit Fund (QP) L.P., Kayne Senior Credit Fund L.P., 1492 Capital LLC, and Medley Capital Corporation as lenders. In connection with the Forbearance Agreement, Essex Holdings, LLC ("Holdings") executed a Consent and Reaffirmation of its guaranty obligations to the Agent and Lenders, which is an exhibit to the Forbearance Agreement. The Forbearance Agreement and the Consent and Reaffirmation are the direct result of the previously disclosed events of default under the Essex Crane Fourth Amended and Restated Credit Agreement (the “Essex Crane Revolving Credit Facility”).

Under the terms of the Forbearance Agreement, Essex Crane is permitted to request additional revolving loans under the Essex Crane Revolving Credit Facility through the period ended September 11, 2015. In exchange, Essex Crane is subject to additional reporting and documentation requirements, including the submission of a thirteen week cash flow forecast. The complete description of all terms and conditions...


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