Exhibit 10.1

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (“Amendment”)
dated as of September 18, 2009, is made by and among TRIUMPH GROUP, INC., a
Delaware corporation (“TGI”), the other BORROWERS party hereto (together with
TGI, the “Borrowers”); the GUARANTORS party hereto (the “Guarantors”); PNC BANK,
NATIONAL ASSOCIATION, a national banking association as Administrative Agent for
the Banks under the Amended and Restated Credit Agreement referred to herein
(hereinafter referred to in such capacity as the “Administrative Agent”); BANK
OF AMERICA, N.A., in its capacity as syndication agent for the Banks under such
agreement (hereinafter referred to in such capacity as the “Syndication Agent”);
CITIZENS BANK OF PENNSYLVANIA, in its capacity as documentation agent for the
Banks under such agreement (herein referred to in such capacity as the
“Documentation Agent”) and each of MANUFACTURERS AND TRADERS TRUST COMPANY, JP
MORGAN CHASE BANK, SOVEREIGN BANK and BRANCH BANKING & TRUST COMPANY, each in
its capacity as a managing agent for the Banks (each hereinafter referred to in
such capacity as the “Managing Agent” and, together with the Administrative
Agent, the Syndication Agent and the Documentation Agent, the “Agents”); and the
BANKS party hereto (the “Banks”).

 

Reference is made to the Amended and Restated Credit Agreement dated as of
August 14, 2009, by and among the Borrowers, the Guarantors, the Banks, the
Agents (the “Credit Agreement”).  (Capitalized terms used herein not otherwise
defined shall have the meanings provided for in the Credit Agreement.)

 

The Borrowers, the Guarantors, the Banks and the Agents have agreed that the
Credit Agreement be amended as provided herein, effective as of the date hereof.

 

NOW, THEREFORE, in consideration of the foregoing and for other consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

 

1.             AMENDMENTS TO CREDIT AGREEMENT.

 

(A)           SECTION 1.1  [CERTAIN DEFINITIONS] OF THE CREDIT AGREEMENT IS
HEREBY AMENDED BY ADDING THE FOLLOWING DEFINITION THERETO:

 

Excepted Subordinated Indebtedness shall mean Subordinated Indebtedness of some
or all of the Loan Parties for which no non-Loan Party Subsidiary is liable as a
primary obligor, pledgor, surety or guarantor.

 

(B)           SECTION 7.2.1.1 [GENERAL COVENANT] OF THE CREDIT AGREEMENT IS
HEREBY AMENDED TO READ IN ITS ENTIRETY AS FOLLOWS:

 

7.2.1.1 General Covenant.

 

Other than (a) Indebtedness under the Loan Documents, (b) Indebtedness of the SP
Sub (but only the SP Sub) incurred in connection with the Receivables Facility
up to a maximum principal amount of $125,000,000.00 (or such greater amount that
may be approved in writing by

 

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the Required Banks), and (c) Excepted Subordinated Indebtedness, TGI shall not,
and shall not permit any of its Subsidiaries to, at any time create, incur,
assume or suffer to exist

 

(i) any secured Indebtedness, except, subject to Section 7.2.1.2 [Limitation on
Aggregate Amount], for Indebtedness secured by Permitted Liens; or

 

(ii) any unsecured Indebtedness, except, subject to Section 7.2.1.2 [Limitation
on Aggregate Amount], for:

 

(y) notes issued in favor of the seller as consideration for an acquisition
permitted under Section 7.2.6(ii) hereof; provided that: (A) the Indebtedness
evidenced by such notes is included in the consideration for such acquisition,
and (B) such notes are subordinated in a manner satisfactory to the
Administrative Agent; provided, further, that such notes may be repaid in
accordance with their terms at to before the Expiration Date so long as no Event
of Default or Potential Default then exists or will result from such payment,
and

 

(z) other unsecured Indebtedness; provided that (A) the Obligations under this
Agreement, the Notes and each of the other Loan Documents rank at least pari
passu in priority of payment with such unsecured Indebtedness, and (B) no Event
of Default or Potential Default then exists nor will result from incurring such
unsecured Indebtedness.

 

(c)           Section 7.2.1.2 [Limitation in Aggregate Amount] of the Credit
Agreement is hereby amended to read in its entirety as follows:

 

7.2.1.2 Limitation on Aggregate Amount.

 

The sum of the outstanding principal amount of (A) all Indebtedness (other than
Indebtedness hereunder and Excepted Subordinated Indebtedness) of Subsidiaries
(other than the SP Sub), including Guaranties (other than the Guaranty and
Suretyship Agreement executed in connection herewith, unsecured Guaranties
constituting Excepted Subordinated Indebtedness and unsecured Guaranties by Loan
Parties of unsecured Indebtedness of TGI ), plus (B) secured Indebtedness of TGI
shall not at any time exceed 20% of Consolidated Net Worth as of each quarter
end, and with respect to any determinations of this covenant within a fiscal
quarter as of the end of the immediately preceding fiscal quarter.

 

(d)           Section 7.2.20 [Repayment of Convertible Notes; Repayment of Other
Subordinated Indebtedness] of the Credit Agreement is hereby amended by
replacing the second paragraph of that section in its entirety with the
following:

 

No Loan Party shall repay other Subordinated indebtedness (other than the
Convertible Notes as addressed in the immediately preceding paragraph and except
to the extent permitted by Section 7.2.1.1(ii)(y)), without the written consent
of the Required Lenders.

 

2.             EFFECTIVENESS OF THIS AMENDMENT.  THIS AMENDMENT SHALL BE
EFFECTIVE ON THE DATE UPON WHICH THIS AMENDMENT SHALL HAVE BEEN EXECUTED BY EACH
OF THE BORROWERS, EACH OF THE GUARANTORS AND EACH OF THE REQUIRED BANKS.

 

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3.             MISCELLANEOUS.

 

(A)           ALL OF THE TERMS, CONDITIONS, PROVISIONS AND COVENANTS IN THE
NOTES, THE CREDIT AGREEMENT, THE LOAN DOCUMENTS, AND ALL OTHER DOCUMENTS
DELIVERED TO THE BANKS AND THE ADMINISTRATIVE AGENT IN CONNECTION WITH ANY OF
THE FOREGOING DOCUMENTS AND OBLIGATIONS SECURED THEREBY SHALL REMAIN UNALTERED
AND IN FULL FORCE AND EFFECT EXCEPT AS MODIFIED BY THIS AMENDMENT AND ARE HEREBY
RATIFIED AND CONFIRMED.

 

(B)           THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA.

 

(C)           THE BORROWERS SHALL REIMBURSE THE ADMINISTRATIVE AGENT FOR ALL
EXPENSES FOR WHICH THE ADMINISTRATIVE AGENT IS ENTITLED TO BE REIMBURSED,
INCLUDING THE FEES OF COUNSEL FOR THE ADMINISTRATIVE AGENT IN CONNECTION WITH
THIS AMENDMENT.

 

(D)           EACH AND EVERY ONE OF THE TERMS AND PROVISIONS OF THIS AMENDMENT
SHALL BE BINDING UPON AND SHALL INURE TO THE BENEFIT OF THE BORROWERS, THE BANKS
AND THE ADMINISTRATIVE AGENT AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS.

 

(E)           THIS AMENDMENT MAY BE EXECUTED IN ONE OR MORE COUNTERPARTS, EACH
OF WHICH SHALL BE DEEMED TO BE AN ORIGINAL AS AGAINST ANY PARTY WHOSE SIGNATURE
APPEARS THEREON, AND ALL OF WHICH SHALL CONSTITUTE BUT ONE AND THE SAME
INSTRUMENT.

 

(F)            THE EXECUTION AND DELIVERY OF THIS AMENDMENT SHALL NOT BE
CONSTRUED TO ESTABLISH A COURSE OF CONDUCT OR IMPLY THAT ANY OTHER, FUTURE OR
FURTHER WAIVERS, CONSENTS OR FORBEARANCE SHALL BE CONSIDERED, PROVIDED OR AGREED
TO.

 

(G)           EACH BORROWER REPRESENTS AND WARRANTS THAT THERE EXISTS NO EVENT
OF DEFAULT OR POTENTIAL DEFAULT.

 

(H)           EACH BORROWER REPRESENTS AND WARRANTS THAT ALL OF THE PERSONS
REQUIRED TO BE “LOAN PARTIES” ARE IN FACT LOAN PARTIES, HAVE BECOME PARTIES TO
CREDIT AGREEMENT AND/OR THE GUARANTY AND SURETYSHIP AGREEMENT BY EXECUTING AND
DELIVERING TO THE ADMINISTRATIVE AGENT, ACTING ON BEHALF OF THE BANKS, THE
DOCUMENTS REQUIRED BY THE CREDIT AGREEMENT, AND HAVE EXECUTED THIS AMENDMENT AS
OF THE DATE HEREOF.

 

(i)            The Loan Parties hereby represent and warrant to the
Administrative Agent and the Banks that after giving effect to this Amendment,
(1) the representations and warranties of the Loan Parties contained in the
Credit Agreement and the other Loan Documents are true and correct on and as of
the date hereof with the same force and effect as though made by the Loan
Parties on such date, except to the extent that any such representation or
warranty expressly relates solely to a previous date, and (2) the Loan Parties
are in compliance with all terms, conditions, provisions, and covenants
contained in the Credit Agreement, as amended hereby, and the other Loan
Documents.  This Amendment has been duly executed by an authorized officer of
each Loan Party.  The execution, delivery, and performance of this Amendment
have been duly authorized by all necessary corporate action, require no
governmental approval, and will neither contravene, conflict with, nor result in
the breach of any Law, charter, articles, or certificate of incorporation or
organization, bylaws, operating agreement or other agreement governing or
binding upon any of the Loan Parties or any of their property.

 

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[SIGNATURE PAGE 1 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be
executed by their respective officers thereunto duly authorized as of the day
and year first above written.

 

 

BORROWERS:

 

 

 

TRIUMPH GROUP, INC.

 

 

 

 

 

By:

 

 

Name: M. David Kornblatt

 

Title: Executive Vice President & CFO

 

 

 

 

 

TRIUMPH LOGISTICS - UK, LIMITED

 

TRIUMPH AVIATION SERVICES ASIA, Ltd.

 

PLACAS TERMODINAMICAS, S.A. de C.V.

 

TRIUMPH CONTROLS - UK, Ltd.

 

TRIUMPH ACTUATION & MOTION CONTROL
SYSTEMS - UK, Ltd.

 

TRIUMPH CONTROLS - GERMANY GmbH

 

TRIUMPH GROUP MEXICO S. de R.L. de C.V.

 

 

 

 

 

By:

 

 

Name: Richard C. Ill

 

Title: Director

 

 

 

 

 

TRIUMPH CONTROLS (EUROPE) SAS

 

 

 

 

 

By:

 

 

Name: Richard C. Ill

 

Title: President

 

 

 

 

 

CONSTRUCTIONS BREVETEES D’ALFORTVILLE SAS

 

 

 

 

 

By:

 

 

Name: Pierre Vauterin

 

Title: President

 

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[SIGNATURE PAGE 2 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

PNC BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent

 

 

 

 

 

By:

 

 

Name: Brian T. Vesey

 

Title: Vice President

 

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[SIGNATURE PAGE 3 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

BANK OF AMERICA, N.A., individually and as Syndication Agent

 

 

 

 

 

By:

 

 

Name: Mary K. Giermek

 

Title: Senior Vice President

 

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[SIGNATURE PAGE 4 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

CITIZENS BANK OF PENNSYLVANIA, individually and as Documentation Agent

 

 

 

 

 

By:

 

 

Name:  Carol Castle

 

Title:  Senior Vice President

 

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[SIGNATURE PAGE 5 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

MANUFACTURERS AND TRADERS TRUST COMPANY, individually and as Managing Agent

 

 

 

 

 

By:

 

 

Name: Tracey E. Sawyer - Calhoun

 

Title: Vice President

 

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[SIGNATURE PAGE 6 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

JP MORGAN CHASE BANK, N.A., individually and as Managing Agent

 

 

 

 

 

By:

 

 

Name:  Deborah R. Winkler

 

Title:  Vice President

 

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[SIGNATURE PAGE 7 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

SOVEREIGN BANK individually and as Managing Agent

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

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[SIGNATURE PAGE 8 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

BRANCH BANKING AND TRUST COMPANY, individually and as Managing Agent

 

 

 

 

 

By:

 

 

Name: Roberts A. Bass

 

Title: Senior Vice President

 

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[SIGNATURE PAGE 9 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

TRISTATE CAPITAL BANK

 

 

 

 

 

By:

 

 

Name:  Timothy A. Merriman

 

Title:  Senior Vice President

 

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[SIGNATURE PAGE 10 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

U.S. BANK NATIONAL ASSOCIATION

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

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[SIGNATURE PAGE 11 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

TORONTO DOMINION (NEW YORK) LLC

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

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[SIGNATURE PAGE 12 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

FIRST COMMONWEALTH BANK

 

 

 

 

 

By:

 

 

Name:

 

 

Title:

 

 

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[SIGNATURE PAGE 13 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

NATIONAL CITY BANK

 

 

 

 

 

By:

 

 

Name:  Brian V. Ciaverella

 

Title:  Vice President

 

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[SIGNATURE PAGE 14 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

ACCEPTED AND AGREED BY

 

GUARANTORS AS FOLLOWS:

 

 

 

NU-TECH BRANDS, INC.

 

TRIUMPH BRANDS, INC.

 

TRIUMPH GROUP ACQUISITION CORP.

 

 

 

 

 

By:

 

 

Name:  M. David Kornblatt

 

Title: President and Treasurer of each of the above named companies

 

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[SIGNATURE PAGE 15 OF 15 TO THE
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

 

 

 

GUARANTORS (cont.):

 

 

 

KILROY STEEL, INC.

 

KILROY STRUCTURAL STEEL CO.

 

TRIUMPH METALS COMPANY

 

TRIUMPH STRUCTURES - EAST TEXAS, INC.

 

TRIUMPH PRECISION, INC.

 

TRIUMPH INSULATION SYSTEMS, LLC

 

THE MEXMIL HOLDING COMPANY LLC

 

TRIUMPH STRUCTURES - LONG ISLAND, LLC

 

TRIUMPH INVESTMENT HOLDINGS, INC.

 

TRIUMPH INSTRUMENTS - BURBANK, INC.

 

AIRFRAME SPARES AND LOGISTICS, LLC

 

MEXMIL CHINA, LLC

 

TRIUMPH GROUP HOLDINGS - MEXICO, LLC

 

TRIUMPH GROUP INVESTMENT - MEXICO, LLC

 

TRIUMPH AEROSPACE SYSTEMS - NEWPORT NEWS, INC.

 

TRIUMPH ACCESSORY SERVICES - GRAND PRAIRIE, INC.

 

TRIUMPH FABRICATIONS - FORTH WORTH, INC.

 

CBA ACQUISITION, LLC

 

TRIUMPH FABRICATIONS - HOT SPRINGS, INC.

 

TRIUMPH PROCESSING, INC.

 

TRIUMPH ACTUATION SYSTEMS - VALENCIA, INC.

 

TRIUMPH ACTUATION SYSTEMS, LLC

 

TRIUMPH ACTUATION SYSTEMS - CONNECTICUT, LLC

 

HT PARTS, L.L.C.

 

LAMAR ELECTRO-AIR CORPORATION

 

TRIUMPH AEROSPACE SYSTEMS - WICHITA, INC.

 

TRIUMPH STRUCTURES - KANSAS CITY, INC.

 

THE TRIUMPH GROUP OPERATIONS, INC.

 

TRIUMPH AEROSPACE SYSTEMS GROUP, INC.

 

TRIUMPH AFTERMARKET SERVICES GROUP, INC.

 

TRIUMPH AIRBORNE STRUCTURES, INC.

 

TRIUMPH AVIATIONS INC.

 

TRIUMPH FABRICATIONS - SAN DIEGO, INC.

 

TRIUMPH COMPOSITE SYSTEMS, INC.

 

TRIUMPH CONTROLS, LLC

 

TRIUMPH ENGINEERED SOLUTIONS, INC.

 

TRIUMPH ENGINEERING SERVICES, INC.

 

TRIUMPH GEAR SYSTEMS, INC.

 

TRIUMPH GEAR SYSTEMS - MACOMB, INC.

 

TRIUMPH GROUP ACQUISITION HOLDINGS, INC.

 

TRIUMPH INSTRUMENTS, INC.

 

TRIUMPH PRECISION CASTINGS CO.

 

TRIUMPH STRUCTURES - LOS ANGELES, INC.

 

TRIUMPH THERMAL SYSTEMS, INC.

 

TRIUMPH TURBINE SERVICES, INC.

 

TRIUMPH STRUCTURES - WICHITA, INC.

 

TRIUMPH INTERIORS, LLC

 

 

 

 

 

By:

 

 

Name: M. David Kornblatt

 

Title: Vice President and Treasurer of each of the above named companies

 

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