Exhibit 10.1

 

EXECUTION VERSION

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as
of June 13, 2012, by and among Wesco Aircraft Hardware Corp. (“Borrower”), Wesco
Aircraft Holdings, Inc. (“Holdings”), Barclays Bank PLC, as administrative agent
and collateral agent (in such capacities, the “Agent”), and the Lenders party
hereto.  Unless otherwise specified herein, capitalized terms used in this
Amendment shall have the meanings ascribed to them in the Credit Agreement (as
hereinafter defined).

 

RECITALS

 

WHEREAS, Borrower, Holdings, the Lenders, the Agent and the other financial
institutions party thereto from time to time have entered into that certain
Credit Agreement, dated as of April 7, 2011 (as amended, restated, supplemented
or otherwise modified prior to the date hereof, the “Credit Agreement”);

 

WHEREAS, the Loan Parties have requested that the Agent and Lenders amend
certain provisions of the Credit Agreement; and

 

WHEREAS, the Agent and the Lenders have agreed to provide such amendments and
consents on the terms and subject to the conditions set forth herein.

 

NOW THEREFORE, in consideration of the mutual execution hereof and other good
and valuable consideration, the parties hereto agree as follows:

 

SECTION 1.         Amendments to Credit Agreement. Subject to the satisfaction
of the condition precedent set forth in Section 3 hereof, the Credit Agreement
is hereby amended as follows:

 

(a)         Section 1.1 of the Credit Agreement is hereby amended by
incorporating the following defined term in appropriate alphabetical order:

 

“Interfast Acquisition” means the acquisition by Holdings and/or one or more
Subsidiaries thereof of substantially all of the assets and certain liabilities
of Interfast and certain of its Subsidiaries (through the purchase of equity
interests of such Subsidiaries) pursuant to the terms of the Interfast
Acquisition Agreement.

 

“Interfast Acquisition Agreement” means the Asset Purchase Agreement by and
among Holdings, Wesco Aircraft Europe Ltd., and Interfast (and any other
respective Subsidiaries of Holdings and/or Interfast party thereto from time to
time) substantially in the form provided to the Agent and Lenders prior to the
date hereof, as the same may be amended, supplemented or modified from time to
time.

 

“Interfast” means Interfast Inc., an Ontario corporation.

 

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(b)         Section 7.2 of the Credit Agreement is hereby amended by deleting
the word “and” at the end of clause (x), deleting the period at the end of
clause (y) and replacing it with “; and” and inserting the following clause (z)
at the end thereof:

 

“(z)         intercompany loans made to a Restricted Subsidiary to the extent
constituting a permitted Investment pursuant to Section 7.8(bb).”

 

(c)         Section 7.8(f)(ii) of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

 

“(ii) other Permitted Acquisitions in an aggregate purchase price (other than
purchase price paid through the Available Amount) not to exceed in any fiscal
year an amount equal to (A) with respect to the Interfast Acquisition
CDN$134,000,000 and (B) with respect to any other Permitted Acquisition the
greater of (i) $75,000,000 and (ii) 6.5% of consolidated total assets.”

 

(d)         Section 7.8 of the Credit Agreement is hereby amended by deleting
the word “and” at the end of clause (z), deleting the period at the end of
clause (aa) and replacing it with “; and” and inserting the following clause
(bb) at the end thereof:

 

“(bb)       Investments in Restricted Subsidiaries to fund the purchase price of
any acquisition permitted pursuant to Section 7.8(f)(ii) above.”

 

SECTION 2.         Representations And Warranties Of Credit Parties.  Each Loan
Party party hereto represents and warrants that:

 

(a)         The execution, delivery and performance by such Loan Party of this
Amendment has been duly authorized by all necessary limited liability company or
corporate action and is the legal, valid and binding obligation of such Loan
Party enforceable against such Loan Party in accordance with its terms, except
as the enforcement thereof may be subject to (i) the effect of any applicable
bankruptcy, insolvency, reorganization, moratorium or similar law affecting
creditors’ rights generally and (ii) general principles of equity (regardless of
whether such enforcement is sought in a proceeding in equity or at law); and

 

(b)         Each of the representations and warranties contained in the Credit
Agreement is true and correct in all material respects on and as of the date
hereof as if made on the date hereof (except to the extent that such
representation or warranty expressly relates to an earlier date in which case
such representation or warranty shall be true and correct in all material
respects as of such date) and no Default or Event of Default shall have occurred
and be continuing under the Credit Agreement after giving effect to this
Amendment.

 

SECTION 3.         Condition Precedent To Effectiveness.  This Amendment shall
be effective upon execution and delivery of this Amendment by the Borrower,
Holdings, the Agent and the Required Lenders.

 

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SECTION 4.         Reference To And Effect Upon The Credit Agreement.

 

(a)         All terms, conditions, covenants, representations and warranties
contained in the Credit Agreement and other Loan Documents, and all rights of
each of the Agent and the Lenders and all of the Obligations, shall remain in
full force and effect, as amended pursuant to Section 1 hereof.

 

(b)         Except as expressly set forth herein, the execution, delivery and
effectiveness of this Amendment shall not directly or indirectly (i) amend,
modify or operate as a waiver of any provision of the Credit Agreement or any
other Loan Documents or any right, power or remedy of the Agent or any Lender,
or (ii) constitute a course of dealing or other basis for altering any
Obligations or any other contract or instrument.  Except as expressly set forth
herein, each of the Agents and Lenders reserves all of its rights, powers, and
remedies under the Credit Agreement, the other Loan Documents and applicable
law.

 

(c)         From and after the Effective Date, the term “Loan Documents” in the
Credit Agreement and the other Loan Documents shall include, without limitation,
this Amendment and any agreements, instruments and other documents executed
and/or delivered in connection herewith (other than, for avoidance of doubt, the
Asset Purchase Agreement).

 

SECTION 5.         Reaffirmation.  Each of Holdings and the Borrower hereby
agree that:

 

(a)         all of its obligations and liabilities under the Guarantee and
Collateral Agreement remain in full force and effect on a continuous basis after
giving effect to this Amendment; and

 

(b)         all of the Liens and security interests created and arising under
the Guarantee and Collateral Agreement remain in full force and effect on a
continuous basis, as existed prior to the giving effect to this Amendment.

 

SECTION 6.         Governing Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 7.         Headings.  Section headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purposes.

 

SECTION 8.         Counterparts.  This Amendment may be executed in any number
of counterparts (including by means of facsimile transmission or .pdf), each of
which when so executed shall be deemed an original, but all such counterparts
shall constitute one and the same instrument.

 

[signature pages follow]

 

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IN WITNESS WHEREOF, the parties hereto hereupon set their hands as of the date
first written above.

 

 

 

BORROWER:

 

 

 

WESCO AIRCRAFT HARDWARE CORP.

 

 

 

By:

/s/ Gregory A. Hann

 

Title:

CFO

 

 

 

 

 

HOLDINGS:

 

 

 

WESCO AIRCRAFT HOLDINGS, INC.

 

 

 

By:

/s/ Gregory A. Hann

 

Title:

CFO

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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BARCLAYS BANK PLC, as the Agent

 

 

 

/s/ Craig J. Malloy

 

By: Craig J. Malloy

 

Title: Director

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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Barclays Bank PLC

 

 

 

 

 

/s/ Craig J. Malloy

 

By: Craig J. Malloy

 

Title: Director

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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Baker Street CLO II Ltd.

 

By: Seix Investment Advisors LLC, as Collateral Manager

 

 

 

Mountain View CLO II Ltd.

 

By: Seix Investment Advisors LLC, as Collateral Manager

 

 

 

 

 

as Lenders

 

 

 

By:

/s/ George Goudelias

 

 

Name: George Goudelias

 

 

Title: Managing Director

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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Bank of the West

 

 

 

By:

/s/ M. Scott Nicholson

 

Title:

Vice President

 

 

M. Scott Nicholson
6/8/12

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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BANK OF AMERICAN, N.A., as Syndication Agent and as a Lender

 

 

 

By:

/s/ Joon Ko

 

Name: Joon Ko

 

 

Title: Vice President

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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CIT BANK, as a Lender

 

 

 

/s/ Darryl Johnson

 

By: Darryl Johnson

 

 

Title: Authorized Signatory

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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Citizens Bank & Trust Company

 

 

 

By: /s/ [name illegible]

 

Title: Senior Credit Manager, AVP

 

 

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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GE Capital Financial Inc.

 

 

 

By:

/s/ Dennis P. Leonard

 

Name: Dennis P. Leonard

 

 

Title: Duly Authorized Signatory

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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JPMorgan Chase Bank, N.A.

 

 

 

 

 

 

By:

/s/ Matthew H. Massie

 

 

Name:

Matthew H. Massie

 

 

Title:

Managing Director

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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KEYBANK NATIONAL ASSOCIATION

 

 

 

 

 

 

/s/ Marcel Fournier

 

 

By:

Marcel Fournier

 

 

Title:

Vice President

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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LANDMARK V CDO LIMITED

 

 

 

 

 

 

By: Aladdin Capital Management LLC, as Lender

 

 

 

 

 

By:

/s/ [name illegible]

 

 

Title:

Designated Signatory

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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Morgan Stanley Bank, N.A.

 

 

 

 

 

 

By:

 

 

 

 

/s/ Scott Taylor

 

 

 

Scott Taylor

 

 

Title:

 

 

 

 

Authorized Signatory

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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RAYMOND JAMES BANK, N.A.,

 

 

 

 

 

 

By:

/s/ [name illegible]

 

 

Title:

Vice President

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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ROYAL BANK OF CANADA

 

 

 

 

 

 

By:

/s/ Richard C Smith

 

 

Name:

Richard Smith

 

 

Title:

Authorized Signatory

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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Seaside National Bank & Trust

 

 

 

 

 

 

/s/ Thomas N. Grant

 

 

By:

Thomas N. Grant

 

 

Title:

SVP and CCO

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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SIEMENS FINANCIAL SERVICES, INC.

 

 

 

 

 

 

 

 

By:

/s/ Jordan Gerbard

 

 

Title:

Deal Manager

 

 

 

 

 

 

By:

/s/ Paul Ramseur

 

 

Title:

Paul Ramseur

 

 

 

Vice President & Head of Risk Mgt.

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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Sumitomo Mitsui Banking Corporation

 

 

 

 

 

 

By:

/s/ David W. Kee

 

 

Name:

David W. Kee

 

 

Title:

Managing Director

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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Union Bank, N.A.

 

 

 

 

 

 

/s/ David J. Stassel

 

 

By:

David J. Stassel

 

 

Title:

Vice President

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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WELLS FARGO BANK, N.A.

 

 

 

 

 

 

By:

/s/ [name illegible]

 

 

Title:

Vice President

 

[FIRST AMENDMENT TO CREDIT AGREEMENT]

 

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