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  Exhibit 10.20    
    

 RIO TINTO AMERICA  

Kennecott
Energy & Coal

505 South Gillette Avenue

Gillette Wyoming 8271-3009

USA 

24 June
1998 

Dear
Sirs 

Facility of up to $800,000,000 with effect from 1 July 1998

We
write to offer to make available to you a new credit facility of up to $800,000,000 at anytime outstanding on the following terms: 

	a)
	this
facility will replace the existing $150,000,000 facility between the two companies.

	b)
	you
should give us written notice that you require funds not less than one day before the funds are required. Each written notice should specify the amount
to be borrowed, the day upon which the funds are to be made available, and the account into which the funds should be paid.

	c)
	interest
on borrowings will be paid by you on a quarterly basis as agreed between ourselves. Interest will be calculated on the daily average borrowings
outstanding during the quarter at a rate equal to our average commercial paper borrowing costs, plus a margin of point three zero per cent (0.30%).

	d)
	borrowings
can be repaid in whole or in part on such date or dates as may be agreed between us. Any amounts repaid will be available for redrawing. 

Please
signify your acceptance of the terms contained in this letter by signing and returning to us the enclosed copy of this letter. 

Yours
faithfully

Rio Tinto America Inc. 

			
	/s/ SIGNATURE ILLEGIBLE

  Director/Officer	 	 
	
 Agreed & Accepted:	
 	

 
	
 [SIGNATURE ILLEGIBLE]

  Signature	
 	
June 29, 1998

  Date
	
President & CEO

  Title	
 	

 

  Rio Tinto America Inc.
  100 Quentin Roosevelt Boulevard

Suite 503

Garden City

New York 11530

United States of America 

14 June
1999

Kennecott
Energy & Coal Company

505 South Gillette Avenue

Gillette

Wyoming 8271-3009

U.S.A. 

Dear
Sirs, 

 Facility of up to $800,000,000 with effect from 1 July 1998  

We
refer to the letter agreement dated 24 June 1998 between you and us whereby we agreed to make available to you a credit facility of up to $800,000,000 at any time outstanding on the terms
set out therein (the "Letter Agreement"). 

Following
our recent discussions, you and we have agreed that the rate of interest payable on borrowings under the credit facility shall be changed. With effect from 1 April 1999, the words "a
margin of point three zero per cent (0.30%)" in paragraph 1 (c) of the Letter Agreement shall be deleted and the words "a margin of two point one zero per cent (2.10%)" substituted
therefor. The Letter Agreement shall continue in full force and effect amended, with effect from 1 April 1999, as set out above. 

This
letter shall be governed and construed in accordance with the laws of the State of New York. 

We
would be grateful if you would signify your agreement with and acceptance of the terms set out in this letter by signing and returning to us the enclosed copy of this letter. 

Yours
faithfully,

RIO TINTO AMERICA INC. 

			
	/s/ [SIGNATURE ILLEGIBLE]

 Authorised Signatory	 	 

We
agree with and accept the terms set out in your letter of 14 June 1999 to us of which the above is a true copy. 

					
	Date:	 	June 28, 1999

 	 	/s/ [SIGNATURE ILLEGIBLE]

  V.P. & CFO

Kennecott Energy & Coal Company

  RIO

TINTO  

			
	 	 	Patricia A. Britton

Vice President and Chief Legal Officer

28 February
2003 

Mr. Bret
K. Clayton

President and Chief Executive Officer

Kennecott Energy and Coal Company

505 South Gillette Avenue

Caller Box 3009

Gillette WY 82717-3009

Dear
Mr. Clayton, 

I
refer to the letter agreement dated 24 June 1998, as amended with effect from 1 April 1999, between Kennecott Energy and Coal Company ("KECC") and Rio Tinto America Inc.
("RTA"), whereby RTA agreed to make available to KECC a credit facility of up to $800,000,000 at any time outstanding on the terms set forth therein (the "Letter Agreement"). 

Following
recent discussions, KECC and RTA have agreed the rate of interest payable on borrowings under the credit facility shall be changed. Accordingly, with effect from 1 October 2002, the
words "a margin of two point one zero percent (2.10%)" shall be deleted from the Letter Agreement, and the words "a margin of three point six zero percent (3.60%)" substituted therefore. The Letter
Agreement shall continue in full force and effect, as amended, with effect from 1 October 2002, as set forth above. 

This
amending letter agreement shall be governed and construed in accordance with the laws of the state of New York. 

I
would be grateful if you would signify your agreement with and acceptance of the terms set forth in this amending letter agreement by signing at page two of the enclosed duplicate copy and returning
the same to me. 

Regards, 

			
	/s/ Patricia A. Britton

  Patricia A. Britton	 	 

Kennecott
Energy and Coal Company agrees with and accepts the terms set forth above in this amending letter agreement with respect to amendment of the 24 June 1998 credit facility between
Kennecott Energy and Coal Company and Rio Tinto America Inc. 

							
	
 DATED:	
 	
3/3/03

 	
 	
KENNECOTT ENERGY AND COAL COMPANY
	

 	
 	
 	
 	
By:	
 	
/s/ BRET K. CLAYTON

  BRET K. CLAYTON
	 	 	 	 	Its:	 	President and Chief Executive Officer

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Exhibit 10.20EXHIBIT 10.1

 

FIRST AMENDMENT TO FORBEARANCE AGREEMENT

 

THIS FIRST AMENDMENT TO FORBEARANCE
AGREEMENT, dated as of June 16, 2009 (this “Amendment”), is entered
into among TRUE TEMPER CORPORATION, a Delaware corporation (“Holdings”),
TRUE TEMPER SPORTS, INC., a Delaware corporation (the “Borrower”), TRUE
TEMPER SPORTS-PRC HOLDINGS, INC., a Delaware corporation (together with
Holdings and the Borrower, the “Loan Parties”), CREDIT SUISSE, as
administrative agent and collateral agent (in such capacities, the “Agent”),
and the LENDERS (collectively, the “Lenders”) from time to time party to
that certain AMENDED AND RESTATED CREDIT AGREEMENT, dated as of March 27,
2006 (amending and restating that certain Credit Agreement, dated as of March 15,
2004) (as otherwise amended, restated, supplemented, waived or otherwise
modified from time to time, the “First Lien Credit Agreement”).  All capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to such terms in the
Existing Forbearance Agreement (as defined herein).

 

WITNESSETH:

 

WHEREAS, the parties hereto entered into that
certain Forbearance Agreement, dated as of March 16, 2009 (the “Existing
Forbearance Agreement”, and as amended by this Amendment and as the same
may be further amended, supplemented, amended and restated or otherwise
modified from time to time, the “Forbearance Agreement”).

 

WHEREAS, pursuant to the Existing Forbearance
Agreement, the Agent and the Lenders agreed to forbear during the Forbearance
Period from exercising their rights and remedies arising solely in connection
with the Specified Defaults in exchange for certain consideration described
therein.

 

WHEREAS, the Borrower has requested that the
Agent and the Lenders, and the Agent and the Lenders have agreed to, extend the
Forbearance Period for 30 days, and in connection therewith the parties hereto
have agreed to amend the Existing Forbearance Agreement as set forth herein.

 

NOW, THEREFORE, in consideration of the
premises contained herein and for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

A.            Amendments to the Existing Forbearance Agreement.

 

(i)            Section C of the Existing
Forbearance Agreement is hereby amended by:

 

(1)           deleting “provided,
that the Loan Parties can make payments to the Sponsor or any Sponsor Related
Parties for the reimbursement for expenses up to $5,000 in the aggregate during
the Forbearance Period” in subsection (v)(c); and

 

(2)           deleting the date “June 16, 2009” in
subsection (vi) and inserting in lieu thereof the date “July 16, 2009”.

 

(ii)           Section F of the Existing
Forbearance Agreement is hereby amended by:

 

 

(1)           Deleting subsection (3) thereof in
its entirety and replacing it with the following:

 

The
Borrower shall not permit the net revenues for the periods set forth below to
be less than the amounts set forth opposite such period below:

 

	
  Period

  	
   

  	
  Net Revenues

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  March through
  May 2009

  	
   

  	
  $

  	
  18,500,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  June 2009

  	
   

  	
  $

  	
  8,000,000

  	
   

  

 

(2)           Adding the following as
subsection 12 thereto:

 

“During the Forbearance
Period the Loan Parties shall use their best efforts to develop with the
Lenders a restructuring term sheet acceptable to the Lenders.”

 

B.            Effectiveness of Amendment. 
This Amendment shall become effective as of the date hereof (the “Effective
Date”) upon the execution and delivery of counterparts of this Amendment
duly executed by each of the Loan Parties, the Agent and each of the Revolving
Credit Lenders and Required Lenders.

 

1)             Representations and
Warranties.  Each Loan
Party hereby represents and warrants to the Lenders that (i) all of the
representations and warranties set forth in the Existing Forbearance Agreement
are true and correct in all material respects as of the date hereof and (ii) no
Forbearance Termination Event has occurred.

 

C.            Continuing Effect; No Other Amendments. 
Except as expressly provided herein, all of the terms and provisions of
the Existing Forbearance Agreement are and shall remain in full force and
effect, and no other amendment or waiver with respect thereto is hereby given.

 

D.            Release.  In partial
consideration of the Agent and the Lenders’ willingness to enter into this
Amendment, each of the Loan Parties hereby releases the Lenders, the Agent and
the Lenders’ and the Agent’s officers, affiliates, employees, representatives,
agents, financial advisors, counsel and directors from any and all actions,
causes of action, claims, demands, damages and liabilities of whatever kind or
nature, in law or in equity, now known or unknown, suspected or unsuspected to
the extent that any of the foregoing arises from any action or failure to act
in connection with the Loan Documents on or prior to the date hereof.

 

E.             Counterparts/Telecopy.  This
Amendment may be executed in any number of counterparts by the parties hereto,
each of which when so executed and delivered shall be an original, but all of
which shall constitute one and the same instrument.  Delivery of executed counterparts by telecopy
or electronic mail shall be effective as an original.

 

2

 

F.             GOVERNING LAW.  THIS
AMENDMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO CONFLICTS OF LAWS.

 

G.            Entirety.  This
Amendment and the other Loan Documents embody the entire agreement between the
parties and supersede all prior agreements and understandings, if any, relating
to the subject matter hereof.  This
Agreement, together with the other Loan Documents represent the final agreement
between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements of the parties.  There are no oral agreements between the
parties.  In the event there is a
conflict between this Amendment and the other Loan Documents, this Amendment
shall control.

 

H.            Acknowledgment of Guarantors. 
The Guarantors acknowledge and consent to all of the terms and
conditions of this Amendment and agree that this Amendment and any documents
executed in connection herewith do not operate to reduce or discharge the
Guarantors’ obligations under the First Lien Credit Agreement or the other Loan
Documents.

 

I.              Severability of Provisions. 
Each provision of this Amendment shall be severable from every other
provision of this Amendment for the purpose of determining the legal
enforceability of any specific provision.

 

J.             Successors and Assigns.  This
Amendment shall be binding upon and inure to the benefit of each of the parties
and their respective successors and assigns.

 

K.            Loan Document.  This
Amendment is a Loan Document for all purposes.

 

[SIGNATURE
PAGES FOLLOW]

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to the Existing Forbearance Agreement to be duly executed and
delivered as of the date first above written.

 

 

	
   

  	
  TRUE
  TEMPER CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TRUE
  TEMPER SPORTS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TRUE
  TEMPER SPORTS — PRC HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
   

  	
  CREDIT
  SUISSE, CAYMAN ISLANDS BRANCH

  
	
   

  	
  as
  Administrative Agent, Collateral Agent and

  
	
   

  	
  Revolving
  Credit Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
   

  	
  LENDER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

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