Exhibit 10.1

 

 

 

AMENDMENT NO. 4 TO AMENDED AND RESTATED

CREDIT AGREEMENT, CONSENT AND WAIVER

 

                This AMENDMENT NO. 4 TO AMENDED AND RESTATED CREDIT AGREEMENT,
CONSENT AND WAIVER (this “Amendment No. 4”), dated as of August 30, 2004 is made
among GENCORP INC., an Ohio corporation (the “Borrower”), DEUTSCHE BANK TRUST
COMPANY AMERICAS, for itself, as a Lender and as Administrative Agent for the
Lenders (the “Administrative Agent”), and the other Lenders signatory to the
hereinafter defined Credit Agreement.

RECITALS

A.            The Administrative Agent, the Lenders and the Borrower are party
to that certain Amended and Restated Credit Agreement dated as of December 28,
2000 and amended and restated as of October 2, 2002 (as amended by that certain
Amendment No. 1 to Amended and Restated Credit Agreement and Limited Waiver and
Consent dated as of July 29, 2003 (“Amendment No. 1”), that certain Amendment
No. 2 to Amended and Restated Credit Agreement dated as of August 25, 2003
(“Amendment No. 2”), and that certain Amendment No. 3 to Amended and Restated
Credit Agreement and Limited Waiver dated as of December 31, 2003) (collectively
with Amendment No. 1, Amendment No. 2 and Amendment No. 3 (“Amendment No. 3”),
and as further amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”).

B.            On and subject to the terms and conditions hereof, the
Administrative Agent, the Lenders and the Borrower wish to amend or waive
certain provisions of the Credit Agreement as set forth herein, all subject to
the express terms and conditions specified in this Amendment No. 4.

C.            This Amendment No. 4 shall constitute a Loan Document and these
Recitals shall be construed as part of this Amendment No. 4; capitalized terms
used herein without definition are so used as defined in the Credit Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual covenants
hereinafter contained, the parties hereto agree as follows:

1.             Amendments to Credit Agreement.  On the Amendment Effective Date
(as hereinafter defined), the Credit Agreement is hereby amended as follows:

(A)           SECTION 1.1 OF THE CREDIT AGREEMENT SHALL BE AMENDED BY INSERTING
THE FOLLOWING DEFINITIONS IN THE APPLICABLE ALPHABETICAL ORDER:

““Automotive Business” means the business of the Borrower and certain of its
Subsidiaries of manufacturing, selling, and development and design activities
with respect to automobile and other wheeled vehicle components, including
without limitation, sealing systems, glass encapsulation products, modular
systems, and anti-vibration components, except that such term shall not include
the activities expressly excluded therefrom in the Automotive Sale Agreement or
the assets, liabilities or

 

 

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operations of the Excluded Subsidiaries (as defined in the Automotive Sale
Agreement).

“Automotive Business Sale” means the sale by the Borrower to the Automotive
Buyer of (i) all of the Capital Stock of GDX Automotive Inc., Penn International
Inc., GenCorp Canada Inc. and certain other Subsidiaries of the Borrower, and
(ii) the assets related to the Automotive Business, all pursuant to the
Automotive Sale Agreement.

“Automotive Buyer” means GDX Holdings LLC, a Delaware limited liability
corporation, or such Subsidiaries or Affiliates of GDX Holdings LLC as may be
designated by GDX Holdings LLC pursuant to the Automotive Sale Agreement.

“Automotive Sale Agreement” means the Stock and Asset Purchase Agreement, dated
as of July 16, 2004 by and between the Automotive Buyer and the Borrower, as the
same may be amended, supplemented or otherwise modified from time to time in
accordance with the terms hereof and thereof.

 

“Automotive Sale Closing Date” means the date on which the Automotive Business
Sale shall have been consummated in accordance with the terms of the Automotive
Sale Documents.

“Automotive Sale Documents” means the Automotive Sale Agreement, the Transaction
Documents (as defined in the Automotive Sale Agreement) and any material
agreement, document, instrument and certificate executed and/or delivered on or
after the date hereof pursuant to the terms thereof.

(B)           THE DEFINITION OF “CONSOLIDATED ADJUSTED EBITDA” CONTAINED IN
SECTION 1.1 OF THE CREDIT AGREEMENT SHALL BE AMENDED BY INSERTING THE FOLLOWING
SENTENCE IMMEDIATELY PRIOR TO THE LAST SENTENCE THEREOF:

“In addition, with respect to the calculation of the Leverage Ratio only, for
any four-quarter period ending on or prior to the date that is the one-year
anniversary date of the Automotive Sale Closing Date but after May 31, 2004,
Consolidated Adjusted EBITDA shall be calculated on a pro forma basis assuming
the consummation of the Automotive Business Sale as of the first day of such
four-quarter period.”

 

(C)           THE DEFINITION OF “EXCESS CASH FLOW” CONTAINED IN SECTION 1.1 OF
THE CREDIT AGREEMENT SHALL BE AMENDED BY INSERTING THE FOLLOWING SENTENCE
IMMEDIATELY AFTER THE LAST SENTENCE THEREOF:

“Notwithstanding anything in this definition to the contrary, Net Sale Proceeds
of the Automotive Business Sale retained by the Borrower

 

2

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pursuant to Section 4.4(d) shall not be included in determining Excess Cash Flow
for so long as the Borrower retains such Net Sale Proceeds in accordance with
said Section.”

 

(D)           SECTION 4.4(D) OF THE CREDIT AGREEMENT SHALL BE AMENDED BY
INSERTING THE FOLLOWING PROVISIONS IMMEDIATELY FOLLOWING THE LAST SENTENCE OF
SUCH SUBSECTION:

“Furthermore, notwithstanding anything to the contrary in this Section 4.4(d),
upon receipt thereof, subject to the provisions of this subsection, an amount
equal to 100% of the Net Sale Proceeds of the Automotive Business Sale shall be
made available to the Borrower and applied, in part, on the date of receipt
thereof, as follows: (A) the Borrower shall repay, pro rata, the outstanding
Revolving Loans (without a permanent reduction of the Revolving Commitments)
pursuant to Section 4.5(a), and (B) the Borrower shall deposit $70,000,000 of
such Net Sale Proceeds (the “Retained Amount”) into a designated account of the
Borrower at a domestic office of one of the Lenders (the “Retained Proceeds
Account”), which Retained Amount shall be used solely to prepay the Loans in
accordance with the second to last sentence of this Section 4.4(d) and shall not
otherwise be withdrawn from the Retained Proceeds Account by the Borrower except
as provided in the last sentence hereof.  Amounts held in the Retained Proceeds
Account shall be pledged to the Lenders and held as cash collateral on behalf of
all of the Lenders by the Lender with which the Retained Proceeds Account is
established (and such Lender shall act as collateral sub-agent for the
Collateral Agent in accordance with this Agreement).  The Retained Amount shall
be invested solely in Cash and Cash Equivalents.  On or prior to March 1, 2005
(the “Pay-Down Date”), the Borrower shall be required to apply an amount equal
to 100% of the Net Sale Proceeds of the Automotive Business Sale to repay, on a
pro rata basis, first, the Term Loans and second, the Revolving Loans, all in
accordance with the terms and procedures set forth in this Section 4.4(d). 
Notwithstanding anything in this Agreement to the contrary, including, without
limitation Section 12.1(a), amounts held in the Retained Proceeds Account shall
not be released from such account, other than strictly in accordance with the
immediately preceding sentence hereof, except as follows:  (i) with respect to
$20,000,000 or less of the Retained Amount, such amount may be released on or
prior to the Pay-Down Date for any purpose with the consent of 75% of the
Lenders (other than Defaulting Lenders), and (ii) with respect to more than
$20,000,000 of the Retained Amount, such amount may be released on or prior to
the Pay-Down Date for any purpose with the consent of 100% of the Lenders (other
than Defaulting Lenders).”

(E)           SECTION 5.1 OF THE CREDIT AGREEMENT SHALL BE AMENDED BY INSERTING
THE FOLLOWING PARAGRAPH IMMEDIATELY AFTER THE FINAL PARAGRAPH THEREOF:

 

 

3

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“Notwithstanding anything in this Agreement to the contrary, on or prior to the
Pay-Down Date and subject to the terms of Section 4.4(d) relating thereto, the
Borrower hereby agrees and acknowledges that at any time as the Borrower shall
have $50,000,000 or more of aggregate cash or liquid investments on hand
(including, without limitation, cash or investments held in the Retained
Proceeds Account), the Borrower shall not request a Borrowing of any Revolving
Loan hereunder and the Revolving Lenders shall not be obligated to make any such
Revolving Loan to the Borrower; provided however that the Borrower may request
the issuance of Letters of Credit in accordance with the terms of this
Agreement, and provided further however that the Borrower may on the Pay-Down
Date request a Borrowing of Revolving Loans hereunder in order to comply with
the second to last sentence of Section 4.4(d), so long as such Borrowing is in
compliance in all respects with this Agreement and so long as the amount of such
requested Borrowing does not exceed the amount of Revolving Loans repaid by the
Borrower from the Net Sale Proceeds of the Automotive Business Sale pursuant to
Section 4.4(d)(A).  At any such time, prior to the Pay-Down Date, that the
Borrower shall request a Borrowing of any Revolving Loan, the Borrower shall be
required, in connection with such request, to represent and warrant to the
Administrative Agent and the Lenders that the Borrower has on hand less than
$50,000,000 of aggregate cash and liquid investments and is otherwise in
compliance with this provision.  Further, notwithstanding anything in this
Agreement to the contrary, including, without limitation Section 12.1(a), this
paragraph may not be amended, modified or waived without the consent of the
Required Lenders and the consent of 100% of the Revolving Lenders (other than,
in each case, Defaulting Lenders).”

(F)            SECTION 8.7(K) OF THE CREDIT AGREEMENT SHALL BE AMENDED BY
INSERTING THE FOLLOWING PROVISIONS IMMEDIATELY FOLLOWING THE LAST SENTENCE OF
SUCH SUBSECTION:

“Furthermore, notwithstanding anything in this Agreement to the contrary,
including, without limitation Section 12.1(a), none of the Borrower or any of
its Subsidiaries shall be permitted to consummate any Permitted Acquisition
involving total consideration given and Indebtedness assumed in connection with
such Permitted Acquisition in excess of $50,000,000 (or the Dollar Equivalent
thereof), without the consent of 100% of the Lenders (other than Defaulting
Lenders).”

(G)           SECTION 8.11(I) OF THE CREDIT AGREEMENT SHALL BE AMENDED BY
INSERTING THE PHRASE “OR THE AUTOMOTIVE SALE DOCUMENTS” IMMEDIATELY FOLLOWING
THE PHRASE “THE OTS ACQUISITION DOCUMENTS”.

(H)           SECTION 9.3 OF THE CREDIT AGREEMENT SHALL BE AMENDED BY DELETING
THE FIRST THREE FISCAL QUARTERS AFTER (BUT NOT INCLUDING) MAY 31, 2004 AND THE
RATIOS IMMEDIATELY SET FORTH OPPOSITE SUCH FISCAL QUARTERS UNDER THE HEADING
“ARC ACQUISITION RATIO” AND SUBSTITUTING THE FOLLOWING IN LIEU THEREOF:

 

 

4

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“Fiscal Quarter

 

ARC Acquisition

Ratio

AUGUST 31, 2004

 

2.25 TO 1.00

NOVEMBER 30, 2004

 

1.50 TO 1.00

FEBRUARY 28, 2005

 

1.65 TO 1.00

 

(I)            SECTION 9.4 OF THE CREDIT AGREEMENT SHALL BE AMENDED BY DELETING
THE FIRST THREE FISCAL QUARTERS AFTER (BUT NOT INCLUDING) MAY 31, 2004 AND THE
RATIOS IMMEDIATELY SET FORTH OPPOSITE SUCH FISCAL QUARTERS UNDER THE HEADING
“ARC ACQUISITION RATIO” AND SUBSTITUTING THE FOLLOWING IN LIEU THEREOF:

“Fiscal Quarter

 

ARC Acquisition

Ratio

AUGUST 31, 2004

 

7.00 TO 1.00

NOVEMBER 30, 2004

 

8.25 TO 1.00

FEBRUARY 28, 2005

 

8.25 TO 1.00

 

(J)            SECTION 9.5 OF THE CREDIT AGREEMENT SHALL BE AMENDED BY DELETING
ALL OF THE TABLE SET FORTH THEREIN AND SUBSTITUTING THE FOLLOWING IN LIEU
THEREOF:

“Fiscal Quarter

 

Ratio

AUGUST 31, 2004

 

0.90 TO 1.00

NOVEMBER 30, 2004

 

0.65 TO 1.00

FEBRUARY 28, 2005

 

0.65 TO 1.00

MAY 31, 2005 AND THEREAFTER

 

1.05 TO 1.00

 

                2.             Consents and Waivers.  (a) The Lenders hereby (i)
consent to the Automotive Business Sale and the release of all Collateral
associated therewith (including, without limitation, pledged intercompany notes
relating to the Automotive Business), notwithstanding the terms of the Credit
Agreement, (ii) agree to the release of GDX Automotive Inc. and Penn
International Inc. as Subsidiary Guarantors under the Subsidiary Guaranty in
connection therewith and (iii) agree to the release of the security interests in
the equity of GDX Automotive Inc., Penn International Inc., GenCorp Canada Inc.,
GenCorp GmbH and any other Subsidiaries being sold pursuant to the Automotive
Sale Documents, all in accordance with the terms and conditions of the
Automotive Sale Documents.  In furtherance of the foregoing, each of the Lenders
authorizes the Administrative Agent to execute and deliver on behalf of the
Lenders, and take such actions on behalf of the Lenders, as may be necessary or
desirable to release all security interests, mortgages and liens created or
purported to be created by the Loan Documents with respect to Collateral
relating to the Automotive Business or the released Subsidiary Guarantors, or to
otherwise modify or amend any of the Security Documents to reflect the
Automotive Business Sale, the release of GDX Automotive Inc. and Penn
International Inc. as Subsidiary Guarantors or the release of security interests
in the equity of GDX Automotive Inc., Penn International Inc.,

 

 

5

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GenCorp Canada Inc., GenCorp GmbH and any other Subsidiaries being sold pursuant
to the Automotive Sale Documents.

 

                (b)           The Majority Lenders of each of the Term A
Facility, the New Term B Facility and the Revolving Facility hereby waive
compliance by the Borrower with respect to Section 4.4(d) of the Credit
Agreement in connection with the application of the Net Sale Proceeds of the
Automotive Business Sale on the Automotive Sale Closing Date.

 

                (c)           The Required Lenders hereby waive any Event of
Default or Unmatured Event of Default arising under Section 10.1(c) of the
Credit Agreement solely out of the Borrower’s breach of Section 9.2 of the
Credit Agreement as a result of the Borrower’s failure to maintain the minimum
Consolidated Net Worth for the Fiscal Quarters commencing May 31, 2004 through
and including February 28, 2006 (but solely as to such Fiscal Quarters).

 

                (d)           The Required Lenders hereby acknowledge that, in
connection with the Automotive Business Sale, the Borrower has transferred from
Penn International Inc. to the Borrower certain shares in the capital of GDX
Automotive B.V. which are currently pledged to the Administrative Agent, on
behalf of the Secured Parties, by Penn International.  The Borrower hereby
agrees that if (i) the Automotive Business Sale has not been consummated and/or
(ii) GDX Automotive B.V. has not been dissolved by the Borrower, in each case by
December 31, 2004, the Borrower shall take such actions as shall be deemed
necessary by the Administrative Agent to grant the Administrative Agent for the
benefit of the Secured Parties a perfected Lien (subject only to Permitted
Liens) in such shares in the capital of GDX Automotive B.V. pursuant to and to
the full extent required by the Security Documents and the Credit Agreement.

 

                3.             Representations and Warranties.  As of the date
hereof, the Borrower hereby represents and warrants to the Administrative Agent
and the Lenders as follows:

 

(a)           After giving effect to this Amendment No. 4 (i) no Unmatured Event
of Default or Event of Default shall have occurred or be continuing and (ii) the
representations and warranties of the Borrower contained in the Loan Documents
shall each be true and correct in all material respects at and as of the date
hereof to the same extent as though made on and as of such date, except to the
extent such representations and warranties expressly relate to an earlier date
in which event such representation and warranties shall be true and correct as
of such specified date.

 

(b)           The execution, delivery and performance, as the case may be, by
the Borrower of this Amendment No. 4 and the other Loan Documents and
transactions contemplated hereby are within the Borrower’s corporate powers,
have been duly authorized by all necessary corporate action (including, without
limitation, all necessary shareholder approvals) of the Borrower, shall have
received all necessary governmental approvals, and do not and will not
contravene or conflict with any provision of law applicable to the Borrower, the
certificate or articles of incorporation or bylaws of the Borrower, or any
order, judgment or decree of any court or other agency of government or any
contractual obligation binding upon the Borrower.  No authorization or approval
or other action by, and no notice to or filing or registration with, any
governmental

 

6

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authority or other Person is required in connection with the execution, delivery
and performance of this Amendment No. 4 or the transactions contemplated herein,
other than those obtained and in full force and effect.

 

(c)           Each of this Amendment No. 4, the Credit Agreement and any other
Loan Document is the legal, valid and binding obligation of the Borrower
enforceable against the Borrower in accordance with its respective terms, except
to the extent enforceability is limited by bankruptcy, insolvency or similar
laws affecting the rights of creditors generally or by application of general
principles of equity.

 

(d)           On the Amendment Effective Date, each of the Borrower and the
Subsidiary Guarantors is a duly organized and validly existing entity in good
standing in its jurisdiction of incorporation or formation.

 

4.             Conditions.  This Amendment No. 4 shall become effective on the
date (the “Amendment Effective Date”); provided, that the Administrative Agent
shall have received:

 

(a)           counterparts of this Amendment No. 4 duly executed by the
Borrower, the Subsidiary Guarantors, the Administrative Agent and the percentage
of Lenders required by the Credit Agreement;

(b)           duly executed originals of a certificate of the Chief Executive
Officer or Chief Financial Officer of the Borrower and each other Credit Party,
dated as of the date hereof, stating that (A) since November 30, 2003 (i) no
event or condition has occurred or is existing which could reasonably be
expected to have a Material Adverse Effect; (ii) no litigation has been
commenced which, if successful, would have a Material Adverse Effect or could
challenge any of the transactions contemplated by the Credit Agreement and the
other Loan Documents; (iii) there have been no Restricted Payments made by the
Borrower or any of its Subsidiaries other than in accordance with the Credit
Agreement; and (iv) except as described in this Amendment No. 4, there has been
no material increase in liabilities, liquidated or contingent, and no material
decrease in assets of the Borrower or any of its Subsidiaries, and (B) all
necessary governmental (domestic and foreign) and third party approvals in
connection with the Credit Agreement and the transactions contemplated by this
Amendment No. 4 have been obtained and remain in effect;

 

(c)           without setoff, deduction or counterclaim, on account of each
Lender that has executed and delivered (including delivery of way of facsimile)
a copy of this Amendment No. 4 to the attention of Kay McNab at Winston & Strawn
LLP, 35 West Wacker Drive, Chicago, Illinois 60601, telecopy number
312-558-5700, at or prior to 12:00 noon (New York City time) on August 30, 2004
(the “Delivery Date”), from the Borrower a non-refundable amendment fee (the
“Amendment Fee”) in an amount equal to 0.25% of the sum of such Lender’s
Revolving Commitment, Term A Loans and New Term B Loans as of the Delivery Date;
and

(d)           from the Borrower all fees and expenses of legal counsel due and
payable pursuant to Section 12.4 of the Credit Agreement (to the extent then
invoiced).

 

7

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5.             Affirmation of Subsidiary Guarantors.  By its signature set forth
below, each Subsidiary Guarantor hereby confirms to the Administrative Agent and
the Lenders that, after giving effect to this Amendment No. 4 and the
transactions contemplated hereby, including, without limitation, the release of
GDX Automotive Inc. and Penn International Inc. as Subsidiary Guarantors under
the Subsidiary Guaranty, the Subsidiary Guaranty of such Subsidiary Guarantor
and each other Loan Document to which such Subsidiary Guarantor is a party
continues in full force and effect and is the legal, valid and binding
obligation of such Subsidiary Guarantor, enforceable against such Subsidiary
Guarantor in accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, or similar laws affecting the enforcement
of creditors’ rights generally or by equitable principles relating to
enforceability.

 

6.             Successors and Assigns.  This Amendment No. 4 shall be binding on
and shall inure to the benefit of the Borrower, the Administrative Agent, the
Lenders and their respective successors and assigns; provided that the Borrower
may not assign its rights, obligations, duties or other interests hereunder
without the prior written consent of the Administrative Agent and the Lenders. 
The terms and provisions of this Amendment No. 4 are for the purpose of defining
the relative rights and obligations of the Borrower, the Administrative Agent
and the Lenders with respect to the transactions contemplated hereby and there
shall be no third party beneficiaries of any of the terms and provisions of this
Amendment No. 4.

 

                7.             Entire Agreement.  This Amendment No. 4, the
Credit Agreement (as amended hereby) and the other Loan Documents constitute the
entire agreement of the parties with respect to the subject matter hereof.

 

                8.             Incorporation of Credit Agreement.  The
provisions contained in Sections 12.4, 12.9 and 12.10 of the Credit Agreement
are incorporated herein by reference to the same extent as if reproduced herein
in their entirety with respect to this Amendment No. 4.

 

                9.             Amendment; Waiver.  The parties hereto agree and
acknowledge that nothing contained in this Amendment No. 4 in any manner or
respect limits or terminates any of the provisions of the Credit Agreement or
any of the other Loan Documents other than as amended as expressly set forth
herein or waived as expressly set forth herein, and further agree and
acknowledge that the Credit Agreement (as amended hereby) and each of the other
Loan Documents remain and continue in full force and effect and are hereby
ratified and confirmed.  Except as expressly set forth in this Amendment No. 4,
the execution, delivery and effectiveness of this Amendment No. 4 shall not
operate as a waiver of any rights, power or remedy of the Lenders or the
Administrative Agent under the Credit Agreement or any other Loan Document, nor
constitute a waiver of any provision of the Credit Agreement or any other Loan
Document.  No delay on the part of any Lender or the Administrative Agent in
exercising any of their respective rights, remedies, powers and privileges under
the Credit Agreement or any of the Loan Documents or partial or single exercise
thereof, shall constitute a waiver thereof.  On and after the Amendment
Effective Date, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein” or words of like import, and each reference to
the Credit Agreement in the Loan Documents and all other documents delivered in
connection with the Credit Agreement shall mean and be a reference to the Credit
Agreement, as amended hereby.

 

 

8

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                10.           Captions.  Section captions used in this Amendment
No. 4 are for convenience only, and shall not affect the construction of this
Amendment No. 4.

 

                11.           Severability.  Whenever possible each provision of
this Amendment No. 4 shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Amendment No. 4 shall
be prohibited by or invalid under such law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Amendment No. 4.

 

                12.           Counterparts.  This Amendment No. 4 may be
executed in any number of counterparts and by the different parties on separate
counterparts, and each such counterpart shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same
instrument.  Delivery of an executed counterpart of a signature page to this
Amendment No. 4 by telecopy shall be effective as delivery of a manually
executed counterpart of this Amendment No. 4.

 

 

[signature pages immediately follow]

 

 

 

9

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IN WITNESS WHEREOF, this Amendment No. 4 has been duly executed as of the date
first written above.

 

 

 

 

 

 

GENCORP INC.

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ TERRY L. HALL

 

 

 

 

 

 

 

 

Name:

TERRY L. HALL

 

 

 

 

 

 

 

Title:

Chairman, President and Chief

 

 

 

 

 

 

 

 

Executive Officer

 

 

 

 

 

 

 

 

 

 

 

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AEROJET-GENERAL CORPORATION,

 

 

 

 

 

 

as Subsidiary Guarantor

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ YASMIN R. SEYAL

 

 

 

 

 

 

 

 

Name:

YASMIN R. SEYAL

 

 

 

 

 

 

 

Title:

Treasurer

 

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AEROJET ORDNANCE TENNESSEE, INC., as Subsidiary Guarantor

 

 

 

By:

/s/ DALE G. ADAMS

 

Name:

DALE G. ADAMS

 

Title:

President

 

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GENCORP PROPERTY INC.,

as Subsidiary Guarantor

 

 

 

By

/s/ TERRY L. HALL

 

Name:

TERRY L. HALL

 

Title:

President

 

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PENN INTERNATIONAL INC.,

as Subsidiary Guarantor

 

 

 

By:

/s/ TERRY L. HALL

 

Name:

TERRY L. HALL

 

Title:

President

 

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GDX LLC, as Subsidiary Guarantor

 

 

 

By:

/s/ TERRY L. HALL

 

Name:

TERRY L. HALL

 

Title:

President

 

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AEROJET FINE CHEMICALS LLC,

as Subsidiary Guarantor

 

 

 

By:

/s/ YASMIN R. SEYAL

 

Name:

YASMIN R. SEYAL

 

Title:

Treasurer

 

 

 

 

 

 

 

AEROJET INVESTMENTS LTD.,

as Subsidiary Guarantor

 

 

 

By:

/s/ FRANK V. FOGARTY

 

Name:

FRANK V. FOGARTY

 

Title:

Vice President,

 

Chief Financial Officer and

 

Treasurer

 

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GDX AUTOMOTIVE INC.,

as Subsidiary Guarantor

 

 

 

By:

/s/ YASMIN R. SEYAL

 

Name:

YASMIN R. SEYAL

 

Title:

Treasurer

 

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RKO GENERAL, INC.,

 

as Subsidiary Guarantor

 

 

 

 

 

By:

/s/ TERRY L. HALL

 

 

Name:

TERRY L. HALL

 

 

Title:

President

 

 

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DEUTSCHE BANK TRUST COMPANY AMERICAS as Lender, Administrative Agent and Facing
Agent

 

 

 

By:

/s/ MARGUERITE SUTTON

 

Name:

MARGUERITE SUTTON

 

Title:

Vice President

 

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BANK ONE, NA,

as Lender

 

 

 

By:

/s/ STEPHEN C. PRICE

 

Name:

STEPHEN C. PRICE

 

Title:

Managing Director

 

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ABN AMRO BANK N.V.,

as Lender

 

 

 

By:

/s/ TERRANCE J. WARD

 

Name:

TERRANCE J. WARD

 

Title:

Senior Vice President

 

 

 

By:

/s/ PETER J. HALLAN

 

Name:

 

 

Title:

Vice President

 

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THE BANK OF NEW YORK,

as Lender

 

 

 

By:

/s/ LISA Y. BROWN

 

Name:

LISA Y. BROWN

 

Title:

Managing Director

 

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THE BANK OF NOVA SCOTIA,

as Lender

 

 

 

By:

/s/ MARK SPARROW

 

Name:

MARK SPARROW

 

Title:

Director

 

--------------------------------------------------------------------------------

 

 

 

 

NATIONAL CITY BANK,

as Lender

 

 

 

By:

/s/ KENNETH M. BLACKWELL

 

Name:

KENNETH M. BLACKWELL

 

Title:

Vice President

 

--------------------------------------------------------------------------------

 

 

 

 

THE NORTHERN TRUST COMPANY,

as Lender

 

 

 

By:

/s/ JOHN P. BRAZZALE

 

Name:

JOHN P. BRAZZALE

 

Title:

Vice President

 

--------------------------------------------------------------------------------

 

 

 

 

WELLS FARGO BANK, N.A.,

as Lender

 

 

 

 

 

 

By:

/s/ GREGORY J. MELLOR

 

Name:

GREGORY J. MELLOR

 

Title:

Vice President

 

 

--------------------------------------------------------------------------------

 

 

 

 

WACHOVIA BANK, N.A.,

as Lender

 

 

 

 

By:

/s/ ROBERT G. MCGILL JR.

 

Name:

ROBERT G. MCGILL JR.

 

Title:

Director

 

 

--------------------------------------------------------------------------------

 

 

 

 

ING CAPITAL LLC,

as Lender

 

 

 

By:

/s/ DAVID SCOTT ORNER

 

Name:

DAVID SCOTT ORNER

 

Title:

Vice President

 

 

--------------------------------------------------------------------------------

 

 

 

 

AMMC CDO II, LIMITED,

as Lender

 

 

 

BY: 

American Money Management Corp.,

 

As Collateral Manager

 

 

 

 

 

 

 

 

 

By:

/s/ DAVID P. MEYER

 

Name:

DAVID P. MEYER

 

Title:

Vice President

 

 

--------------------------------------------------------------------------------

 

 

 

 

VENTURE CDO 2002, LIMITED,

as Lender

 

 

 

By: 

Its Investment Advisor, MJX Asset

 

Management, LLC

 

 

 

 

 

 

By:

/s/ Atha Baugh

 

Name:

Atha Baugh

 

Title:

Director

 

 

--------------------------------------------------------------------------------

 

 

 

 

VENTURE CDO, LIMITED,

as Lender

 

 

 

By: 

Its Investment Advisor, MJX Asset

 

Management, LLC

 

 

By:

/s/ Atha Baugh

 

Name:

Atha Baugh

 

Title:

Director

 

--------------------------------------------------------------------------------

 

 

 

 

FRANKLIN CLO I LTD,

as Lender

 

 

 

 

 

 

 

 

 

By:

/s/ TYLER CHAN

 

Name:

TYLER CHAN

 

Title:

Vice President

 

--------------------------------------------------------------------------------

 

 

 

 

FRANKLIN CLO II LTD,

as Lender

 

 

 

By:

/s/ TYLER CHAN

 

Name:

TYLER CHAN

 

Title:

Vice President

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

FRANKLIN CLO III LTD,

as Lender

 

 

 

By:

/s/ TYLER CHAN

 

Name:

TYLER CHAN

 

Title:

Vice President

 

--------------------------------------------------------------------------------

 

 

 

 

FRANKLIN CLO IV LIMITED,

as Lender

 

 

 

By:

/s/ TYLER CHAN

 

Name:

TYLER CHAN

 

Title:

Vice President

 

 

 

 

 

 

 

FRANKLIN FLOAT RATE TRUST,

as Lender

 

 

 

 

 

 

By:

/s/ TYLER CHAN

 

Name:

TYLER CHAN

 

Title:

Vice President

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

FRANKLIN FLOATING DAILY,

as Lender

 

 

 

By:

/s/ TYLER CHAN

 

Name:

TYLER CHAN

 

Title:

Vice President

 

--------------------------------------------------------------------------------

 

 

 

 

CHAMPLAIN CLO, LTD,

as Lender

 

 

 

BY: 

INVESCO Senior Secured Management, Inc.

 

As Collateral Manager

 

 

 

 

 

 

 

 

 

By:

/s/ GREGORY STOECKLE

 

Name:

GREGORY STOECKLE

 

Title:

Authorized Signatory

 

--------------------------------------------------------------------------------

 

 

 

 

AIM FLOATING RATE FUND

as Lender

 

 

 

BY:

 INVESCO Senior Secured Management, Inc.

 

As Sub-Adviser

 

 

 

By:

/s/ GREGORY STOECKLE

 

Name:

GREGORY STOECKLE

 

Title:

Authorized Signatory

 

--------------------------------------------------------------------------------

 

 

 

 

AVALON CAPITAL LTD.

as Lender

 

 

 

BY: 

INVESCO Senior Secured Management, Inc.

 

As Portfolio Advisor

 

 

 

By:

/s/ GREGORY STOECKLE

 

Name:

GREGORY STOECKLE

 

Title:

Authorized Signatory

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

AVALON CAPITAL LTD. 2

as Lender

 

 

 

BY:

INVESCO Senior Secured Management, Inc.

 

As Portfolio Advisor

 

 

 

By:

/s/ GREGORY STOECKLE

 

Name:

GREGORY STOECKLE

 

Title:

Authorized Signatory

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

INVESCO CBO 2000-I LTD.

as Lender

 

 

 

BY: 

INVESCO Senior Secured Management, Inc.

 

As Portfolio Advisor

 

 

 

 

 

 

 

 

 

By:

/s/ GREGORY STOECKLE

 

Name:

GREGORY STOECKLE

 

Title:

Authorized Signatory

 

 

--------------------------------------------------------------------------------

 

 

 

 

CHARTER VIEW PORTFOLIO

as Lender

 

 

 

BY:

INVESCO Senior Secured Management, Inc.

 

As Investment Advisor

 

 

 

By:

/s/ GREGORY STOECKLE

 

Name:

GREGORY STOECKLE

 

Title:

Authorized Signatory

 

 

 

 

--------------------------------------------------------------------------------

 

 

 

 

DIVERSIFIED CREDIT PORTFOLIO LTD.

as Lender

 

 

 

BY:

INVESCO Senior Secured Management, Inc.

 

As Investment Advisor

 

 

 

 

 

 

By:

/s/ GREGORY STOECKLE

 

Name:

GREGORY STOECKLE

 

Title:

Authorized Signatory

 

--------------------------------------------------------------------------------

 

 

 

 

INVESCO EUROPEAN CDO I.S.A.

as Lender

 

 

 

BY: 

INVESCO Senior Secured Management, Inc.

 

As Collateral Manager

 

 

 

By:

/s/ GREGORY STOECKLE

 

Name:

GREGORY STOECKLE

 

Title:

Authorized Signatory

 

--------------------------------------------------------------------------------

 

 

 

 

SARATOGA CLO I, LIMITED

as Lender

 

 

 

BY: 

INVESCO Senior Secured Management, Inc.

 

As Asset Manager

 

 

 

By:

/s/ GREGORY STOECKLE

 

Name:

GREGORY STOECKLE

 

Title:

Authorized Signatory

 

 

--------------------------------------------------------------------------------

 

 

 

SEQUILS-LIBERTY, LTD.

 

 

as Lender

 

 

 

 

 

 

 

 

BY:

INVESCO Senior Secured Management, Inc.

 

 

 

As Collateral Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ GREGORY STOECKLE

 

 

 

Name:

GREGORY STOECKLE

 

 

 

Title:

Authorized Signatory

 

--------------------------------------------------------------------------------

 

 

 

HARBOURVIEW CLO IV, LTD.,

 

 

as Lender

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ BILL CAMBELL

 

 

Name:

BILL CAMBELL

 

 

Title:

Manager

 

--------------------------------------------------------------------------------

 

 

 

HARBOURVIEW CLO V, LTD.,

 

 

as Lender

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ BILL CAMBELL

 

 

Name:

BILL CAMBELL

 

 

Title:

Manager

 

--------------------------------------------------------------------------------

 

 

 

OPPENHEIMER SENIOR FLOATING RATE FUND,

 

 

as Lender

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ BILL CAMBELL

 

 

Name:

BILL CAMBELL

 

 

Title:

Manager

 

--------------------------------------------------------------------------------

 

 

 

PACIFICA PARTNERS I, L.P.,

 

 

as Lender

 

 

 

 

 

 

 

By:  Imperial Credit Asset Management as its

 

 

Investment Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ DEAN KAWAI

 

 

Name:

DEAN KAWAI

 

 

Title:

Senior Vice President

 

--------------------------------------------------------------------------------

 

 

 

PROMETHEUS INVESTMENT FUNDING NO. 2 LTD.,

 

 

 

 

 

 

 

By:  HVB Credit Advisors LLC

 

 

as Lender

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ IRV ROA

 

 

Name:

IRV ROA

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

JAMES T. LI

 

 

Name:

JAMES T. LI

 

 

Title:

Associate Director

 

--------------------------------------------------------------------------------

 

 

 

PROMETHEUS INVESTMENT FUNDING NO. 1 LTD.,

 

 

 

 

 

 

 

By:  HVB Credit Advisors LLC

 

 

as Lender

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ IRV ROA

 

 

Name:

IRV ROA

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

THOMAS L. MOWAT

 

 

Name:

THOMAS L. MOWAT

 

 

Title:

Director

 

--------------------------------------------------------------------------------

 

 

 

STANFIELD CLO, LTD.,

 

 

as Lender

 

 

 

 

 

 

 

By:  Stanfield Capital Partners LLC as its

 

 

Collateral Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ CHRISTOPHER E. JANSEN

 

 

Name:

CHRISTOPHER E. JANSEN

 

 

Title:

Managing Partner

 

--------------------------------------------------------------------------------

 

 

 

WINDSOR LOAN FUNDING, LIMITED,

 

 

as Lender

 

 

 

 

 

 

 

By:  Stanfield Capital Partners LLC as its

 

 

Investment Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ CHRISTOPHER E. JANSEN

 

 

Name:

CHRISTOPHER E. JANSEN

 

 

Title:

Managing Partner

 

--------------------------------------------------------------------------------

 

 

 

STANFIELD ARBITRAGE CDO, LTD.,

 

 

as Lender

 

 

 

 

 

 

 

By:  Stanfield Capital Partners LLC as its

 

 

Collateral Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ CHRISTOPHER E. JANSEN

 

 

Name:

CHRISTOPHER E. JANSEN

 

 

Title:

Managing Partner

 

--------------------------------------------------------------------------------

 

 

 

STANFIELD QUATTRO CLO, LTD.,

 

 

as Lender

 

 

 

 

 

 

 

By:  Stanfield Capital Partners LLC as its

 

 

Collateral Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ CHRISTOPHER E. JANSEN

 

 

Name:

CHRISTOPHER E. JANSEN

 

 

Title:

Managing Partner

 

--------------------------------------------------------------------------------

 

 

 

HAMILTON CDO, LTD.,

 

 

as Lender

 

 

 

 

 

 

 

By:  Stanfield Capital Partners LLC as its

 

 

Collateral Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ CHRISTOPHER E. JANSEN

 

 

Name:

CHRISTOPHER E. JANSEN

 

 

Title:

Managing Partner

 

--------------------------------------------------------------------------------

 

 

 

AURUM CLO 2002-1 LTD.,

 

 

as Lender

 

 

 

 

 

 

 

By:  Columbia Management Advisor, Inc. (f/k/a

 

 

Stein Roe & Farnham Incorporated),

 

 

As Investment Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ THOMAS R. BOUCHARD

 

 

Name:

THOMAS R. BOUCHARD

 

 

Title:

V.P.

 

--------------------------------------------------------------------------------

 

 

 

SRF 2000 INC.

 

 

as Lender

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ DIANA M. HIMES

 

 

Name:

DIANA M. HIMES

 

 

Title:

Assistant Vice President

 

--------------------------------------------------------------------------------

 

 

 

C-SQUARED CDO LTD.

 

 

as Lender

 

 

 

 

 

 

 

By:  TCW Advisors, Inc. as its

 

 

Portfolio Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ G. STEVEN KALIN

 

 

Name:

G. STEVEN KALIN

 

 

Title:

Senior Vice President

 

--------------------------------------------------------------------------------

 

 

 

CELERITY CLO LIMITED

 

 

as Lender

 

 

 

 

 

 

 

By:  TCW Advisors, Inc.,

 

 

As Agent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ G. STEVEN KALIN

 

 

Name:

G. STEVEN KALIN

 

 

Title:

Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ RICHARD F. KURTH

 

 

Name:

RICHARD F. KURTH

 

 

Title:

Senior Vice President

 

--------------------------------------------------------------------------------

 

 

 

KZH CRESCENT-2 LLC,

 

 

as Lender

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ DORIAN HERRERA

 

 

Name:

DORIAN HERRERA

 

 

Title:

Authorized Agent

 

--------------------------------------------------------------------------------

 

 

 

KZH CRESCENT-3 LLC,

 

 

as Lender

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ DORIAN HERRERA

 

 

Name:

DORIAN HERRERA

 

 

Title:

Authorized Agent

 

--------------------------------------------------------------------------------

 

 

 

TCW SELECT LOAN FUND, LIMITED

 

 

as Lender

 

 

 

 

 

 

 

By:  TCW Advisors, Inc, as its

 

 

Collateral Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ G. STEVEN KALIN

 

 

Name:

G. STEVEN KALIN

 

 

Title:

Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ RICHARD F. KURTH

 

 

Name:

RICHARD F. KURTH

 

 

Title:

Senior Vice President

 

--------------------------------------------------------------------------------

 

 

 

FIRST 2004-1 CLO, LTD.

 

 

as Lender

 

 

 

 

 

 

 

By:  TCW Advisors, Inc.,

 

 

its Collateral Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ G. STEVEN KALIN

 

 

Name:

G. STEVEN KALIN

 

 

Title:

Senior Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ RICHARD F. KURTH

 

 

Name:

RICHARD F. KURTH

 

 

Title:

Senior Vice President

 

--------------------------------------------------------------------------------