Exhibit 10.1
Execution Copy
TENTH AMENDMENT TO REVOLVING CREDIT
AND TERM LOAN AGREEMENT
     THIS TENTH AMENDMENT TO REVOLVING CREDIT AND TERM LOAN AGREEMENT (this
“Amendment”) dated as of September 28, 2007, is by and among COMMERCIAL VEHICLE
GROUP, INC., a Delaware corporation (the “Company”), the SUBSIDIARY BORROWERS
parties hereto, the FOREIGN CURRENCY BORROWERS parties hereto, the BANKS parties
hereto, U.S. BANK NATIONAL ASSOCIATION, a national banking association, one of
the Banks, as administrative agent for the Banks (in such capacity, the “Agent”)
and COMERICA BANK, a Michigan banking corporation, one of the Banks, as
syndication agent for the Banks (in such capacity, the “Syndication Agent”).
     WHEREAS, the Company, the Subsidiary Borrowers, the Foreign Currency
Borrowers, certain Banks, the Agent and the Syndication Agent are parties to a
Revolving Credit and Term Loan Agreement dated as of August 10, 2004 as amended
by a First Amendment to Revolving Credit and Term Loan Agreement dated as of
September 16, 2004, by a Second Amendment to Revolving Credit and Term Loan
Agreement and Amendment to Security Agreement dated as of February 7, 2005, by a
Third Amendment to Revolving Credit and Term Loan Agreement and Amendment to
Security Agreement dated as of June 3, 2005, by a Fourth Amendment to Revolving
Credit and Term Loan Agreement dated as of June 29, 2005, by a Fifth Amendment
to Revolving Credit and Term Loan Agreement dated as of July 12, 2005, by a
Sixth Amendment to Revolving Credit and Term Loan Agreement dated as of
December 29, 2005, by a Waiver and Seventh Amendment to Revolving Credit and
Term Loan Agreement dated as of March 26, 2007, by an Eighth Amendment to
Revolving Credit and Term Loan Agreement dated as of June 26, 2007 and by an
Amendment and Waiver Letter dated August 16, 2007 (as amended, the “Loan
Agreement”);
     WHEREAS, the Company has requested that the Banks agree to various
amendments to the covenants regarding reporting, financial ratios and certain
other matters as set out in the Loan Agreement to facilitate future operations
and a Permitted Acquisition and the Banks are willing to do so on the terms and
subject to the conditions set forth in this Amendment; and
     NOW, THEREFORE, for value received, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:
     1. Certain Defined Terms. Each capitalized term used herein without being
defined herein that is defined in the Loan Agreement shall have the meaning
given to it therein.
     2. Amendments to Loan Agreement. The Loan Agreement is hereby amended as
follows:
     (a) Section 1.1 of the Loan Agreement is amended to add the following
definition of “PEKM Acquisition” in appropriate alphabetical order:

 

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     “PEKM Acquisition”: The acquisition of certain of the equity interests of
PEKM s.r.o. by a new indirect Foreign Subsidiary of the Company, CVG Czech I
s.r.o., on or about October 1, 2007.
     (b) The definition of “Ordinary Course of Business” in Section 1.1 of the
Loan Agreement is amended in its entirety to read as follows:
     “Ordinary Course of Business”: In respect of any transaction involving a
Borrower or any Subsidiary of a Borrower, the ordinary course of such Person’s
business and undertaken by such Person in good faith and not for purposes of
evading any covenant or restriction in any Loan Document.
     (c) Section 2.1(d) of the Loan Agreement is amended to delete therefrom the
dollar amount “$5,000,000” and insert in its place the dollar amount
“$10,000,000” as the limitation on Swingline Loans (subject to the other
limitations set forth therein).
     (d) Section 5.1(b) of the Loan Agreement is amended in its entirety to read
as follows:
     5.1(b) as soon as available, but not later than thirty (30) days after the
end of each fiscal quarter of each year (except 60 days after the end of each
December), a copy of the unaudited consolidated balance sheets of the Company,
the Borrowers and each of their Subsidiaries, and the related consolidated
statements of income, shareholders’ equity and cash flows as of the end of such
fiscal quarter and for the portion of the fiscal year then ended, all certified
on behalf of the Company by an appropriate Responsible Officer as being complete
and correct in all material respects and fairly presenting in all material
respects, in accordance with GAAP, the financial position and the results of
operations of the Borrowers and their Subsidiaries, subject to normal year-end
adjustments and absence of footnote disclosure.
     (e) Section 5.2(d) of the Loan Agreement is amended in its entirety to read
as follows:
     5.2(d) together with each delivery of financial statements pursuant to
subsection 5.1(a) and subsection 5.1(b) (i) a management report, in reasonable
detail, signed by a Responsible Officer of the Company, describing the
operations and financial condition of the Borrowers and their Subsidiaries for
the fiscal quarter and the portion of the fiscal year then ended (or for the
fiscal year then ended in the case of annual financial statements), and (ii) a
report setting forth in comparative form the corresponding figures for the
corresponding periods of the previous fiscal year and the corresponding figures
from the most recent projections for the current fiscal year delivered pursuant
to subsection 5.2(f) and discussing the reasons for any significant variations;
     (f) Section 5.2(f) of the Loan Agreement is amended in its entirety to read
as follows:
     5.2(f) as soon as available and in any event no later than thirty (30) days
after the last day of each fiscal year of the Company, projections of the
Company’s (and its Subsidiaries’) consolidated financial performance for the
then current fiscal year on a month by month basis;
     (g) Section 6.4 (b) of the Loan Agreement is amended in its entirety to
read as follows:

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     6.4(b) extensions of credit in the Ordinary Course of Business by (i) the
Company to any of its Subsidiaries, or (ii) any Subsidiary of the Company to the
Company or to any other Subsidiary of the Company; provided that following an
Event of Default, if requested by the Agent, the obligations of each obligor
shall be evidenced by notes, the sole originally executed copy of which shall,
at the request of the Agent, be pledged to the Agent, for the benefit of the
Agent and the Banks, and have such other terms as the Agent may reasonably
require provided further, that extensions of credit described in clauses (i) and
(ii) of this Section 6.4(b) shall be deemed to be in the Ordinary Course of
Business if the proceeds thereof are used (A) to repay or prepay Obligations in
whole or in part, (B) to repay or prepay Indebtedness allowed under
Section 6.5(n) in whole or in part, or (C) for Permitted Acquisitions;
     (h) Section 6.4(v) of the Loan Agreement is amended by deleting from clause
(ii) thereof the dollar amount “$20,000,000” and inserting in its place the
dollar amount “$40,000,000” as the cap on capital contributions to Foreign
Subsidiaries under the Loan Agreement.
     (i) Sections 6.19 and 6.20 of the Loan Agreement are amended in their
entireties to read as follows:
     Section 6.19 Total Leverage Ratio. The Borrowers shall not permit the Total
Leverage Ratio as of the last day of any fiscal quarter ending during the
following periods for the four fiscal quarter period then ended to be greater
than the ratio set forth below for such period:

      Fiscal Quarters   Maximum Total Ending   Leverage Ratio
 
   
June 30, 2007
  2.50 to 1.00
 
   
September 30, 2007
  3.75 to 1.00
 
   
December 31, 2007 through March 31, 2008
  4.75 to 1.00
 
   
June 30, 2008
  3.75 to 1.0
 
   
September 30, 2008
  2.75 to 1.0
 
   
December 31, 2008 and each fiscal quarter end thereafter
  2.50 to 1.0

     Section 6.20 Fixed Charge Coverage Ratio. The Company shall not permit its
Fixed Charge Coverage Ratio:
     (a) for the twelve months then ended measured at the end the fiscal quarter
ending June 30, 2007, to be less than 1.30 to 1.00.
     (b) for the twelve months then ended measured at the end of the fiscal
quarters ending September 30, 2007 and December 31, 2007, to be less than 1.10
to 1.00.

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     (c) for the twelve months then ended measured at the end of the fiscal
quarter ending March 31, 2008, to be less than 1.00 to 1.00.
     (d) for the twelve months then ended measured at the end of the fiscal
quarter ending June 30, 2008, to be less than 1.10 to 1.00.
     (e) for the twelve month then ended measured at the end of the fiscal
quarter ending September 30, 2008 and at the end of each fiscal quarter
thereafter, to be less than 1.30 to 1.00.
     (j) Exhibit 1.1(G) to the Credit Agreement is amended to read as 1.1(G)
attached hereto.
     (k) Each of Schedules 4.2 and 6.5 to the Loan Agreement are hereby replaced
in their entireties with Schedules 4.2 and 6.5 attached hereto.
     3. Amendments to the Security Agreement. The Security Agreement is amended
to add thereto a pledge by each of the Company and CVG European Holdings, LLC of
65% of its Equity Interest in CVG Global S.a.r.l. By its signature on this
Amendment each of the Company and CVG European Holdings, LLC hereby pledges to
the Secured Parties 65% of the issued and outstanding Equity Interest of CVG
Global S.a.r.l. and Schedule 1 to the Security Agreement is amended to add the
following thereto:

                          Holder of   Issuer of       Stock   Equity   Equity  
  Equity   Equity   Interest   Certificate   Interest   Interest     Interest  
Interest   Pledged   Number   Issued   Authorized   Par Value
Commercial Vehicle Group, Inc.
  CVG Global S.a.r.l.   58.5 shares   Not applicable   90 shares   100 shares  
152 Euros per share
 
                       
CVG European Holdings, LLC
  CVG Global S.a.r.l.   6.5 shares   Not applicable   10 shares   100 shares  
152 Euros per share

     4. Conditions to Effectiveness of this Amendment. This Amendment shall be
effective as of the date set forth above (the “Effective Date”), once the Agent
has received sufficient counterparts of this Amendment as required by the Agent,
duly executed by the Borrowers and the Required Banks, and the following
conditions are satisfied or waived:

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     (a) After giving effect to this Amendment, the representations and
warranties of the Borrowers in Article IV of the Loan Agreement and Section 7 of
the Security Agreement shall be true and correct in all material respects as
though made on the date hereof, except to the extent such representations and
warranties by their terms are made as of a specific date and except for changes
that are permitted by the terms of the Loan Agreement.
     (b) After giving effect to this Amendment, no Event of Default and no
Default shall have occurred and be continuing.
     (c) The Agent shall have received from the Borrower for the benefit of the
Banks an amendment fee of $100,000.
     5. Acknowledgments. The Borrowers and the Banks acknowledge that, as
amended hereby, the Loan Agreement remains in full force and effect with respect
to the Borrowers and the Banks, and that each reference to the Loan Agreement in
the Loan Documents shall refer to the Loan Agreement, as amended hereby. The
Borrowers confirm and acknowledge that they will continue to comply with the
covenants set out in the Loan Agreement and the other Loan Documents, as amended
hereby, and that their representations and warranties set out in the Loan
Agreement and the other Loan Documents, as amended hereby, are true and correct
in all material respects as of the date of this Amendment, except to the extent
such representations and warranties by their terms are made as of a specific
date and except for changes that are permitted by the terms of the Loan
Agreement (as amended hereby). The Borrowers represent and warrant that (i) the
execution, delivery and performance of this Amendment and is within their
corporate powers and have been duly authorized by all necessary corporate
action; (ii) this Amendment has been duly executed and delivered by the
Borrowers and constitute the legal, valid and binding obligations of the
Borrowers, enforceable against the Borrowers in accordance with their terms
(subject to limitations as to enforceability which might result from bankruptcy,
insolvency, or other similar laws affecting creditors’ rights generally and
general principles of equity); and (iii) after giving effect to this Amendment
no Events of Default or Default exist and are continuing.
     6. General.
     (a) The Company agrees to reimburse the Agent and the Syndication Agent
within 10 days of demand for all reasonable out-of-pocket expenses paid or
incurred by the Agent and the Syndication Agent including filing and recording
costs and fees and expenses of outside counsel to the Agent and outside counsel
to the Syndication Agent (determined on the basis of such counsels’ generally
applicable rates, which may be higher than the rates such counsel charges the
Agent or the Syndication Agent in certain matters) in the preparation,
negotiation and execution of this Amendment and any documents related thereto
(collectively, the “Amendment Documents”), and to pay and save the Banks
harmless from all liability for any stamp or other taxes which may be payable
with respect to the execution or delivery of this Amendment and the Amendment
Documents, which obligations of the Company shall survive any termination of the
Loan Agreement.

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     (b) This Amendment may be executed in as many counterparts (including via
facsimile or electronic PDF transmission) as may be deemed necessary or
convenient, and by the different parties hereto on separate counterparts, each
of which, when so executed, shall be deemed an original but all such
counterparts shall constitute but one and the same instrument.
     (c) Any provision of this Amendment which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting the validity or enforceability of such provisions in any
other jurisdiction.
     (d) The validity, construction and enforceability of this Amendment shall
be governed by the internal laws of the State of New York, without giving effect
to conflict of laws principles thereof, but giving effect to federal laws of the
United States applicable to national banks.
     (e) This Amendment and the Amendment Documents shall be binding upon the
Borrowers, the Banks, the Agent, the Syndication Agent and their respective
permitted successors and assigns, and shall inure to the benefit of the
Borrowers, the Banks, the Agent, the Syndication Agent and the successors and
permitted assigns of the Banks, the Agent and the Syndication Agent.
[the remainder of this page intentionally left blank]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the day and year first above written.

            COMMERCIAL VEHICLE GROUP, INC.
      By   /s/ Chad M. Utrup         Title CFO           

Address:
6530 Campus Way
New Albany, Ohio 43054
Fax: (614) 289-5371
Attention: Jeff Vogel

            SPRAGUE DEVICES, INC. (formerly COMMERCIAL VEHICLE SYSTEMS, INC.)
      By   /s/ Chad M. Utrup         Title CFO                NATIONAL SEATING
COMPANY
      By   /s/ Chad M. Utrup         Title CFO                TRIM SYSTEMS
OPERATING CORP.
      By   /s/ Chad M. Utrup         Title CFO                CVS HOLDINGS, INC.
      By   /s/ Chad M. Utrup         Title CFO           

[Signature Page 1 to Tenth Amendment]

 

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            TRIM SYSTEMS, INC.
      By   /s/ Chad M. Utrup         Title CFO                MAYFLOWER VEHICLE
SYSTEMS, LLC
      By   /s/ Chad M. Utrup         Title CFO                CVG MANAGEMENT
CORPORATION
      By   /s/ Chad M. Utrup         Title CFO                MONONA CORPORATION
      By   /s/ Chad M. Utrup         Title CFO                MONONA WIRE
CORPORATION
      By   /s/ Chad M. Utrup         Title CFO                MONONA
(MEXICO) HOLDINGS, LLC
      By   /s/ Chad M. Utrup         Title CFO           

[Signature Page 2 to Tenth Amendment]

 

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            CABARRUS PLASTICS, INC.
      By   /s/ Chad M. Utrup         Title CFO           

            CVG EUROPEAN HOLDINGS, LLC
      By   /s/ Chad M. Utrup         Title CFO            

[Signature Page 3 to Tenth Amendment]

 

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            FOREIGN CURRENCY BORROWERS:

COMMERCIAL VEHICLE SYSTEMS LIMITED
      By   /s/ Chad M. Utrup         Title CFO                KAB SEATING
LIMITED
      By   /s/ Chad M. Utrup         Title CFO                BOSTROM LIMITED
      By   /s/ Chad M. Utrup         Title CFO                BOSTROM
INTERNATIONAL LIMITED
      By   /s/ Chad M. Utrup         Title CFO                CVS HOLDINGS
LIMITED
      By   /s/ Chad M. Utrup         Title CFO           

[Signature Page 4 to Tenth Amendment]

 

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            U.S. BANK NATIONAL ASSOCIATION
      By   /s/ Richard A. Clemmerson         Title Assistant Vice President
      In its individual corporate capacity and as Agent
Address:
800 Nicollet Mall
Minneapolis, MN 55402
Fax: 612-303-2258
Attention: Richard A. Clemmerson 

[Signature Page 5 to Tenth Amendment]

 

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            COMERICA BANK
      By   /s/ Illegible         Title Vice President              Address:
Comerica Tower
500 Woodward Avenue
Detroit, Michigan 48226
Fax: 313-222-3389
Attention: Timothy J. Campbell 

[Signature Page 6 to Tenth Amendment]

 

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            ASSOCIATED BANK, N.A.
      By   /s/ Illegible         Title Assistant Vice President
      Address:
401 E. Kilbourn Avenue
Suite 400
Milwaukee, WI 53202
Fax: 414-283-2300
Attention: Viktor Gottlieb
E-mail: viktor.gottlieb@associatedbank.com 

[Signature Page 7 to Tenth Amendment]

 

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            CITIZENS BANK OF PENNSYLVANIA
      By   /s/ Illegible         Title Vice President
      Address:
525 William Penn Place
Room 2910
Pittsburgh, PA 15219-1729
Fax: 412-552-6307 

[Signature Page 8 to Tenth Amendment]

 

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            NATIONAL CITY BANK OF THE MIDWEST
      By   /s/ Kenneth M. Blackwell         Title Vice President
      Address:
755 West Big Beaver Road; Locator R-J40-25C
Troy, Michigan 48084
Fax: 248-729-8820
Attention: Kenneth M. Blackwell
E-mail: Kenneth.blackwell@nationalcity.com 

[Signature Page 9 to Tenth Amendment]

 

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            SUNTRUST BANK
      By   /s/ William C. Humphries         Title Managing Director
      Address:
303 Peachtree Street
10th Floor, MC 1928
Atlanta, GA 30308
Fax: 404-658-5989
Attention: William Humphries, Managing Director
E-mail: William.Humphries@suntrust.com 

[Signature Page 10 to Tenth Amendment]

 

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            PNC BANK, NATIONAL ASSOCIATION
      By   /s/ Illegible         Title Vice President
      Address:
201 East Fifth Street
Cincinnati, OH 45202
Fax: 513-651-8951
Attention: Jeff Stein
E-Mail: jeffrey.stein@pncbank.com 

[Signature Page 11 to Tenth Amendment]

 

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            KEYBANK NATIONAL ASSOCIATION
      By   /s/ Roger D. Campbell         Title SVP
      Address:
88 East Broad Street, 2nd Floor
Columbus, Ohio 43215
Fax: 614-460-3469
Attention: Roger D. Campbell
e-mail: Roger_campbell@keybank.com 

[Signature Page 12 to Tenth Amendment]

 

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            LASALLE BANK NATIONAL ASSOCIATION
      By   /s/ Ted Lape         Title SVP
      Address:
LaSalle Bank N.A.
One Columbus
10 W. Broad St., Suite 2250
Columbus, OH 43215-3418
Attention: Steven P. Shepard, Senior V.P.
Fax: 614-225-1631 

[Signature Page 13 to Tenth Amendment]