Exhibit 10.4

 

DATED   15 April   2008

 

BST SAFETY TEXTILES ACQUISITION GMBH

arranged by

GOLDMAN SACHS CREDIT PARTNERS L.P.

and

UBS SECURITIES LLC

as Mandated Lead Arrangers

with

GOLDMAN SACHS CREDIT PARTNERS L.P.

acting as Priority Agent

UBS AG, STAMFORD BRANCH

acting as Second Lien Agent

and

GOLDMAN SACHS CREDIT PARTNERS L.P.

acting as Security Agent

 

 

AMENDMENT AND RESTATEMENT

AGREEMENT

relating to a €155,000,000 Term and

Revolving Facilities Agreement

and the Intercreditor Deed

 

 

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TABLE OF CONTENTS

 

          Page

1.

   DEFINITIONS AND INTERPRETATION    1

2.

   CONDITIONS TO THE AMENDMENTS    2

3.

   AMENDMENT AND RESTATEMENT OF THE CREDIT AGREEMENT AND THE INTERCREDITOR DEED
   3

4.

   MISCELLANEOUS    3

5.

   GUARANTEE    3

6.

   SECURITY    4

7.

   BORROWER ACCESSION    4

8.

   AMENDMENT FEE    4

9.

   GOVERNING LAW    4

 

SCHEDULE 1

   THE BORROWERS AND THE GUARANTORS    5

SCHEDULE 2

   CONDITIONS PRECEDENT    6

ANNEX A

   AMENDED AND RESTATED CREDIT AGREEMENT   

ANNEX B

   AMENDED AND RESTATED INTERCREDITOR DEED   

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DATED   15 April   2008

PARTIES

 

(1) BST U.S. HOLDINGS, LLC, a company duly incorporated and validly existing
under the laws of the State of Delaware having its principal place of business
at 2711 Centerville Road, Suite 400, City of Wilmington, County of New Castle,
Delaware 19808, the United States of America (the “Parent”);

 

(2) BST SAFETY TEXTILES ACQUISITION GMBH, a limited liability company duly
incorporated and validly existing under the laws of the Federal Republic of
Germany having its corporate seat in Freiburg i.Br. and which is registered in
the Commercial Register in Freiburg i.Br. under registration number HRB 702044
(the “Original Borrower”);

 

(3) THE COMPANIES listed in Schedule 1 (Borrowers and Guarantors) as revolving
borrowers (the “Revolving Borrowers”);

 

(4) THE COMPANIES listed in Schedule 1 (Borrowers and Guarantors) as guarantors
(the “Guarantors”);

 

(5) GOLDMAN SACHS CREDIT PARTNERS L.P. and UBS SECURITIES LLC as mandated lead
arrangers (the “Mandated Lead Arrangers”);

 

(6) GOLDMAN SACHS CREDIT PARTNERS L.P. acting on behalf of the Priority Lenders
and as agent of the other Priority Finance Parties (the “Priority Agent”);

 

(7) UBS AG, STAMFORD BRANCH acting on behalf of the Second Lien Lenders and as
agent of the other Second Lien Finance Parties (the “Second Lien Agent” and
together with the Priority Agent the “Agents”);

 

(8) GOLDMAN SACHS CREDIT PARTNERS L.P. as security agent for the Secured Parties
(the “Security Agent”); and

 

(9) EACH LENDER listed in the signature pages to this Agreement as a Lender.

RECITALS

 

(A) The Parties have entered into a term and revolving facility agreement dated
8 December, 2006 (as amended on 1 April 2007, 11 June 2007 and 16 November 2007)
(the “Credit Agreement”) pursuant to which the Original Lenders made Loans to
the Borrowers.

 

(B) The Parties have agreed to amend and restate the Credit Agreement and the
Intercreditor Deed on the terms of this Agreement.

OPERATIVE PROVISIONS

 

1. DEFINITIONS AND INTERPRETATION

In this Agreement:

 

  (a) “Amended and Restated Credit Agreement” means the form of amended and
restated credit agreement set out in Annex A to this Agreement;

 

  (b) “Amended and Restated Intercreditor Deed” means the form of amended and
restated intercreditor deed set out in Annex B to this Agreement;

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  (c) terms defined in the Amended and Restated Credit Agreement have the same
meanings when used in this Agreement unless the context requires otherwise;

 

  (d) the provisions of Clause 1.2 (Construction) of the Amended and Restated
Credit Agreement apply to this Agreement as though they were set out in full in
this Agreement except that references to the Amended and Restated Credit
Agreement are to be construed as references to this Agreement; and

 

  (e) the Parties intend that this Agreement shall take effect as a deed
notwithstanding that a party may execute it underhand.

 

2. CONDITIONS TO THE AMENDMENTS

 

2.1 Initial conditions

The amendments contained in this Agreement shall only be effective upon receipt
by the Agents of all of the documents and other evidence listed in Schedule 2
(Conditions Precedent). The Agents shall notify the Parent and the Lenders
promptly upon satisfactory receipt with such date of notification being the
“Effective Date”.

 

2.2 Further conditions

Each Obligor confirms that on the date of this Agreement and as of the Effective
Date:

 

  (a) no Default or Event of Default is continuing;

 

  (b) all the Repeating Representations are true;

 

  (c) that the Realignment Information Package is in compliance with Clause
25.4(b) of the Amended and Restated Credit Agreement and is not misleading in
any material respect;

 

  (d) that the documents and evidence delivered to the Agents in respect of
paragraph 3 of Schedule 2 (Conditions Precedent):

 

  (i) comprise all of the material credit documents (including any amendments to
them) to which ASCI or any Subsidiary of ASCI may be party and are true,
accurate and complete copies of such credit documents; and

 

  (ii) the terms of such credit documents do not require any payment (whether in
cash or kind) to be paid by any member of BST Group (both before and after the
Realignment Completion Date and including Narricot (or its successor or
entities)) to the financiers under or in connection with those documents;

 

  (e) that the documents and evidence delivered to the Agents in respect of the
implementation of Steps 1 to 4 in respect of paragraph 5 of Schedule 2
(Conditions Precedent) comprise all of the documents necessary to implement
Steps 1 to 4 and are true, accurate and complete copies of such documents; and

 

  (f) the group structure chart delivered to the Agents in respect of paragraph
9 of Schedule 2 (Conditions Precedent) shows each member of the BST Group after
the Realignment Completion Date and is true, complete and accurate in all
material respects.

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3. AMENDMENT AND RESTATEMENT OF THE CREDIT AGREEMENT AND THE INTERCREDITOR DEED

The Parties agree that with effect from the Effective Date, the Credit Agreement
and the Intercreditor Deed shall be amended and restated in the form of the
Amended and Restated Credit Agreement and the Amended and Restated Intercreditor
Deed respectively.

 

4. MISCELLANEOUS

 

4.1 The provisions of Clauses 41 (Counterparts) and 43 (Enforcement) of the
Amended and Restated Credit Agreement apply to this Agreement as though they
were set out in full in this Agreement except that references to the Amended and
Restated Credit Agreement are to be construed as references to this Agreement.

 

4.2 This Agreement is a Finance Document.

 

4.3 Except as otherwise provided in this Agreement, the Finance Documents remain
in full force and effect.

 

4.4 Except to the extent expressly waived in this Agreement, no waiver is given
by this Agreement, and the Lenders expressly reserve all their rights and
remedies in respect of any breach of, or other Default under, the Finance
Documents.

 

4.5 This Agreement only takes effect upon execution by all the Parties stated in
the signature pages to this Agreement.

 

4.6 With effect from the date that the Majority Lenders have consented to the
terms of this Agreement, the references to “14 April 2008” in paragraphs 5(a)
and 6(a)(ii) of the Waiver Letter shall be replaced by “15 April 2008”.

 

4.7 Except in relation to the waivers granted pursuant to paragraph 2 and except
in respect of paragraph 12 of the Waiver Letter, the Waiver Letter and each
amendment thereof shall terminate with effect from the Effective Date.

 

5. GUARANTEE

On the Effective Date, each Obligor:

 

  (a) confirms its acceptance of the Credit Agreement and the Intercreditor Deed
(as amended by this Agreement);

 

  (b) agrees that it is bound as an Obligor by the terms of the Credit Agreement
and the Intercreditor Deed (as amended by this Agreement); and

 

  (c) (if a Guarantor) confirms that its guarantee:

 

  (i) continues in full force and effect on the terms of the Credit Agreement as
amended and any Accession Letter applicable to that Guarantor; and

 

  (ii) extends to the obligations of the Obligors under the Finance Documents
(including the Credit Agreement as amended by this Agreement),

in each case, subject to any limitations set out in Clauses 23.10 (Guarantee
Limitations applicable to German Guarantors), 23.11 (Guarantee Limitations
applicable to U.S. Obligors), 23.12 (Guarantee Limitations applicable to Czech

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Guarantors) and 23.13 (Guarantee Limitations applicable to Romanian Guarantors)
of the Amended and Restated Credit Agreement or as so amended and any relevant
Accession Letter applicable to that Guarantor.

 

6. SECURITY

 

6.1 Confirmation

On the Effective Date, each Obligor confirms that:

 

  (a) any Transaction Security created by it under the Transaction Security
Documents extends to the obligations of the Obligors under the Finance Documents
(including the Credit Agreement and the Intercreditor Deed as amended by this
Agreement) subject to any limitations set out in the Transaction Security
Documents;

 

  (b) the obligations of the Obligors arising under the Credit Agreement and the
Intercreditor Deed as amended by this Agreement are included in the Secured
Obligations (as defined in the Transaction Security Documents) subject to any
limitations set out in the Transaction Security Documents; and

 

  (c) the Transaction Security created under the Transaction Security Documents
continues in full force and effect on the terms of the respective Transaction
Security Documents.

 

6.2 No New Security Interest

No part of this Agreement is intended to or will create a registrable security
interest.

 

7. BORROWER ACCESSION

For the purpose of clause 30.2(a)(i) of the Credit Agreement and with effect
from the date that the other conditions of Clause 30.2 (Additional Borrowers) of
the Amended and Restated Credit Agreement have been satisfied or waived, each
Lender consents to the addition of ITG Automotive Safety UK Ltd, BST Safety
Textiles LLC (renamed or to be renamed ITG Automotive Safety Textiles LLC) and
Automotive Safety Components International, Inc. (renamed or to be renamed ITG
Automotive Safety Components International, Inc.) as Borrowers under the
Revolving Facility.

 

8. AMENDMENT FEE

Within three Business Days of all the Parties having executed this Agreement,
the Parent must pay the Agents (for the account of each Lender in the proportion
that all the Commitments of that Lender bears to the Total Commitments) an
amendment fee of 0.25 per cent. of the Total Commitments.

 

9. GOVERNING LAW

This Agreement is governed by English law.

This Agreement has been duly executed as a deed and delivered on the date stated
at the beginning of this Agreement.

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SIGNATURES

 

THE PARENT   BST U.S. HOLDINGS, LLC   Signed and executed as a Deed   By:  

/s/

    By:  

/s/

    THE ORIGINAL BORROWER   BST SAFETY TEXTILES ACQUISITION GMBH   Signed and
executed as a Deed   By:  

/s/

    By:  

/s/

    THE REVOLVING BORROWERS   BST SAFETY TEXTILES ACQUISITION GMBH   Signed and
executed as a Deed   By:  

/s/

    By:  

/s/

   

BST SAFETY TEXTILES GMBH (RENAMED OR TO BE RENAMED ITG AUTOMOTIVE

SAFETY TEXTILES GMBH)

Signed and executed as a Deed   By:  

/s/

    By:  

/s/

   

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NARRICOT INDUSTRIES L.P.       Signed and executed as a Deed       By:  

/s/

      By:  

/s/

      THE GUARANTORS       THE PARENT       BST U.S. HOLDINGS, LLC       Signed
and executed as a Deed       By:  

/s/

      By:  

/s/

      BST SAFETY TEXTILES ACQUISITION GMBH    Signed and executed as a Deed   
   By:  

/s/

      By:  

/s/

      BST SAFETY TEXTILES GMBH       Signed and executed as a Deed       By:  

/s/

      By:  

/s/

      BST BREITGEWEBE INTERNATIONAL GMBH    Signed and executed as a Deed      
By:  

/s/

      By:  

/s/

     

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BST BREITGEWEBE VERWALTUNGS GMBH   Signed and executed as a Deed     By:  

/s/

    By:  

/s/

    NARRICOT INDUSTRIES MANAGEMENT CORP.   Signed and executed as a Deed     By:
 

/s/

    By:  

/s/

    NARRICOT INDUSTRIES L.P.     Signed and executed as a Deed     By:  

/s/

    By:  

/s/

    BST SAFETY TEXTILES LLC     Signed and executed as a Deed     By:  

/s/

    By:  

/s/

    BST SAFETY TEXTILES SP. ZO.O     Signed and executed as a Deed     By:  

/s/

    By:  

/s/

   

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Lender   IKB DEUTSCHE INDUSTRIEBANK AG, LONDON BRANCH   Signed and executed as a
Deed:     By:  

/s/ K. McGill

     

Name: K. McGill

Title: Director

    By:  

/s/ D. Ardron

     

Name: D. Ardron

Title: Director

    GE Corporate Finance Bank SAS   Signed and executed as a Deed:     By:  

/s/ Nicole Gates

     

Name: Nicole Gates

Title: Authorized Signatory

    By:  

/s/ Galina Markova

     

Name: Galina Markova

Title: Authorized Signatory

    SunTrust Bank   Signed and executed as a Deed:     By:  

/s/ William Humphries

     

Name: William Humphries

Title: Managing Director

   

 

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Landesbank Baden-Württemberg   Signed and executed as a Deed:     By:  

/s/ Gabriele Eisenmann

     

Name: Gabriele Eisenmann

Title: Assistant Vice President

    By:  

/s/ Raphael Denger

     

Name: Raphael Denger

Title:

    The CIT Group/Business Credit, Inc.   Signed and executed as a Deed:     By:
 

/s/ Jang Kim

     

Name: Jang Kim

Title: Vice President

    Alie Street Investments 18 Limited   Signed and executed as a Deed:     By:
 

/s/ Sudhir Jain

     

Name: Sudhir Jain

Title: Director

    By:  

/s/ Mark Smith

     

Name: Mark Smith

Title: Director

    Alie Street Investments Limited   Signed and executed as a Deed:     By:  

/s/ Sudhir Jain

     

Name: Sudhir Jain

Title: Director

    By:  

/s/ Mark Smith

     

Name: Mark Smith

Title: Director

   

 

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ARES EURO CLO I B.V.   Signed and executed as a Deed:     By:  

/s/ Miles Alexander

     

Name: Miles Alexander

Title: Director

    Bacchus 2006-1-PLC & Bacchus 2007-1 PLC   Signed and executed as a Deed:    
By:  

/s/ Jonathan Lavinier

     

Name: Jonathan Lavinier

Title: Manager

    By:  

/s/ Daniel Gooch

     

Name: Daniel Gooch

Title: Manager

    CIFC International   Signed and executed as a Deed:     By:  

/s/ Jennifer Billings

     

Name: Jennifer Billings

Title: Investment Executive

    Coltrane CLO Plc   Signed and executed as a Deed:     By:  

/s/ Richard Heis

     

Name: Richard Heis

Title: Receiver

   

Richard Heis is authorized to act as an insolvency practitioner by the ICAEW

Ray Jackson is authorized to act as an insolvency practitioner by the IPA

The Receivers act as agent for Coltrane CLO Plc and contract without personal
liability

 

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GOLDMAN SACHS ASSET MANAGEMENT CLO,

PUBLIC LIMITED COMPANY

  By:  

Goldman Sachs Asset Manager, L.P.,

as Manager

    Signed and executed as a Deed:     By:  

/s/ Sandra L. Stulberger

     

Name: Sandra L. Stulberger

Title: Authorized Signatory

    Highlander Euro CDO II B.V.   Signed and executed as a Deed:     By:  

/s/ Mark K. Okada

     

Name: Mark K. Okada

Title: Executive Vice President, Strand Advisors, Inc., General Partner of

          Highland Capital Management, L.P.

  Highlander Euro CDO III B.V.   Signed and executed as a Deed:     By:  

/s/ Mark K. Okada

     

Name: Mark K. Okada

Title: Executive Vice President, Strand Advisors, Inc., General Partner of

          Highland Capital Management, L.P.

  Highlander Euro CDO IV B.V.   Signed and executed as a Deed:     By:  

/s/ Mark K. Okada

     

Name: Mark K. Okada

Title: Executive Vice President, Strand Advisors, Inc., General Partner of

          Highland Capital Management, L.P.

 

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King’s Cross Asset Funding 18 Sarl   Signed and executed as a Deed:     By:  

/s/

     

Name:

Title: Authorized Signatory

    By:  

/s/ Daniel Hodgson

     

Name: Daniel Hodgson

Title: Authorized Signatory

   

Sankaty Advisors, LLC as Collateral

Manager for Nash Point CLO,

Limited, as Collateral Manager

  Signed and executed as a Deed:     By:  

/s/ Alan K. Halfenger

     

Name: Alan K. Halfenger

Title: Chief Compliance Officer

          Assistant Secretary

    Nash Point II CLO   By:  

Sankaty Advisors LLC,

as Collateral Manager

    Signed and executed as a Deed:     By:  

/s/ Alan K. Halfenger

     

Name: Alan K. Halfenger

Title: Chief Compliance Officer

          Assistant Secretary

   

 

 

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Sankaty Advisors, LLC as Collateral

Manager for Race Point III CLO,

Limited as Term Lender

  Signed and executed as a Deed:     By:  

/s/ Alan K. Halfenger

     

Name: Alan K. Halfenger

Title: Chief Compliance Officer

          Assistant Secretary

    CYPRESSTREE CLAIF FUNDING LLC   Signed and executed as a Deed:     By:  

/s/ Tara E. Kenny

     

Name: Tara E. Kenny

Title: Assistant Vice President

    Highland Credit Strategies Fund   Signed and executed as a Deed:     By:  

/s/

     

Name:

Title:

    By:  

/s/ M. Jason Blackburn

     

Name: M. Jason Blackburn

Title: Treasurer

    Highland Distressed Opportunities, Inc.   Signed and executed as a Deed:    
By:  

/s/

     

Name:

Title:

    By:  

/s/ M. Jason Blackburn

     

Name: M. Jason Blackburn

Title: Treasurer

   

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King’s Cross Asset Funding 12 Sarl   Signed and executed as a Deed:     By:  

/s/

     

Name:

Title: Authorized Signatory

    By:  

/s/ Ruben Autie

     

Name: Ruben Autie

Title: Authorized Signatory

    MARATHON FINANCING I B.V.    

By: Marathon Asset Management LC

Its: Portfolio Manager and Authorized Signatory

  Signed and executed as a Deed:     By:  

/s/ Louis T. Hanover

     

Name: Louis T. Hanover

Title: Authorized Signatory

    Sandler Capital Structure Opportunities Master Fund, Ltd.    

By: Sandler Capital Management, its Investment Manager

By: SERF Corp., a general partner

  Signed and executed as a Deed:     By:  

/s/ Moira Mitchell

     

Name: Moira Mitchell

Title: President

    HARBOUR TOWN FUNDING LLC   Signed and executed as a Deed:     By:  

/s/ Tara E. Kenny

     

Name: Tara E. Kenny

Title: Assistant Vice President

   

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LONG LANE MASTER TRUST IV   Signed and executed as a Deed:     By:  

/s/ Tara E. Kenny

     

Name: Tara E. Kenny

Title: Assistant Vice President

   

Sankaty Advisors, LLC as Collateral Manager

for Prospect Funding I, LLC as Term Lender

 

Signed and executed as a Deed:

  By:  

/s/ Alan K. Halfenger

     

Name: Alan K. Halfenger

Title: Chief Compliance Officer

          Assistant Secretary

   

THE MANDATED LEAD ARRANGERS

 

GOLDMAN SACHS CREDIT PARTNERS L.P.

  Signed and executed as a Deed:     By:  

/s/

     

Name:

Title:

    UBS SECURITIES LLC   Signed and executed as a Deed:     By:  

/s/ Mary E. Evans

     

Name: Mary E. Evans

Title: Associate Director

    By:  

/s/ David B. Julie

     

Name: David B. Julie

Title: Associate Director

   

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THE PRIORITY AGENT  

GOLDMAN SACHS CREDIT PARTNERS L.P. (FOR AND ON BEHALF OF THE

PRIORITY LENDERS)

  Signed and executed as a Deed:     By:  

/s/

     

Name:

Title:

   

THE SECOND LIEN AGENT (FOR AND ON BEHALF OF THE SECOND LIEN LENDERS)

UBS AG, STAMFORD BRANCH

Signed and executed as a Deed:     By:  

/s/ Mary E. Evans

     

Name: Mary E. Evans

Title: Associate Director

    By:  

/s/ David B. Julie

     

Name: David B. Julie

Title: Director

   

THE SECURITY AGENT

 

GOLDMAN SACHS CREDIT PARTNERS L.P.

  Signed and executed as a Deed:     By:  

/s/

     

Name:

Title: