Exhibit 10.1
WAIVER AND SEVENTH AMENDMENT TO REVOLVING CREDIT
AND TERM LOAN AGREEMENT
     THIS WAIVER AND SEVENTH AMENDMENT TO REVOLVING CREDIT AND TERM LOAN
AGREEMENT (this “Amendment”) dated as of March 26, 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 and by a
Sixth Amendment to Revolving Credit and Term Loan Agreement dated as of
December 29, 2005 (as amended, the “Loan Agreement”);
     WHEREAS, the Company has requested that the Banks agree to certain waivers
and amendments in connection with the Company and certain of its Subsidiaries
entering into swap agreements and other agreements designed to provide
protection against fluctuations in interest or currency exchange rates 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. Waivers. The Required Lenders hereby waive any Default or Events of
Default that have occurred as a result of the Borrowers’ and their Subsidiaries’
breach of the Loan Agreement as a result of entering into Rate Contracts (as
defined in the Loan Agreement after giving effect to this Amendment), including
without limitation (i) breaching Sections 6.4, 6.5 and 6.9 as a result of
incurring such obligations, (ii) the Borrowers’ failure to satisfy the condition
that no Default or Event of Default shall have occurred and be continuing (a) at
the time of requesting any Loan or a continuation of a Eurocurrency Rate Advance
and (b) consummating a Permitted Acquisition, in each case insofar as the
Defaults or Events of Default described herein had occurred and were continuing
at the time thereof, (iii) the Borrowers’ and

 

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the Guarantors’ failure to provide written notice required pursuant to
Section 5.3(a) of the Loan Agreement with respect to the Defaults and Events of
Default described in this paragraph and (iv) the Borrowers’ failure to
accurately describe the Defaults and Events of Default to the extent required in
compliance certificates or borrowing base certificates.
     3. Amendments to Loan Agreement. The Loan Agreement is hereby amended as
follows:
     (a) The definition of “Rate Contract” contained in Section 1.1 of the Loan
Agreement is hereby amended in its entirety to read as follows:
     “Rate Contracts”: Swap agreements (as such term is defined in Section 101
of the Bankruptcy Code) and any other agreements or arrangements designed to
provide protection against fluctuations in interest or currency exchange rates
(i) with respect to the Obligations, provided that such agreements have been
designated as a Rate Contract by the relevant Rate Protection Provider by
written notice to the Agent or (ii) with respect to agreements designed to
provide protection against fluctuations in currency exchange rates, which are
unsecured and are entered into for non-speculative purposes. The designation of
any Rate Contract shall not create in favor of any Bank or any Rate Protection
Provider thereto any rights in connection with the management or release of any
collateral or of the obligations of any guarantor.
     (b) Section 6.9(b) of the Loan Agreement is amended in its entirety to read
as follows:
     “(b) Rate Contracts entered into in the Ordinary Course of Business;”
     4. Conditions to Effectiveness of this Amendment. This Amendment shall be
effective as of March 26, 2007 (the “Effective Date”), provided the Agent shall
have received sufficient counterparts of this Amendment as required by the
Agent, duly executed by the Borrowers and all of the Banks, and the following
conditions are satisfied or waived:
     (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.
     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

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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. 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.
     (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 and the
New Notes 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

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Banks, the Agent, the Syndication Agent and the successors and permitted assigns
of the Banks, the Agent and the Syndication Agent.
[remainder of 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 to Waiver and Seventh 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           

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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           

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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           

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

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            COMERICA BANK
      By /s/ Matthew T. Breight       Title Vice President
      Address:
Comerica Tower
500 Woodward Avenue
Detroit, Michigan 48226
Fax: 313-222-3389
Attention: Matthew T. Breight     

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            ASSOCIATED BANK, N.A.
      By       Title
      Address:
401 E. Kilbourn Avenue
Suite 400
Milwaukee, WI 53202
Fax: 414-283-2300
Attention: Daniel Holzhauer
E-mail: Daniel.holzhauer@associatedbank.com     

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            CITIZENS BANK OF PENNSYLVANIA
      By /s/ Clifford A. Mull       Title Vice President
      Address:
525 William Penn Place
Room 2910
Pittsburgh, PA 15219-1729
Fax: 412-552-6306
Attention: Clifford A. Mull
E-mail: Clifford.mull@citzensbank.com     

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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: 248-729-8190
Attention: Kenneth M. Blackwell
E-mail: kenneth.blackwell@nationalcity.com     

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            SUNTRUST BANK
      By /s/ Michael Lapresi       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     

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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     

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

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            LASALLE BANK NATIONAL ASSOCIATION
      By /s/ Steven P. Shepard       Title Senior Vice President
      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    

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