Document:

aoi_exh101.htm

EXHIBIT 10.1

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as of May 30, 2014, by and among ALLIANCE ONE INTERNATIONAL, INC., a Virginia corporation (the “Company”), INTABEX NETHERLANDS B.V., a company formed under the laws of The Netherlands and a Subsidiary of the Company (the “Dutch Borrower”; together with the Company, collectively the “Borrowers,” and each individually, a “Borrower”), ALLIANCE ONE INTERNATIONAL AG, a Swiss corporation (“Alliance AG”), the Lenders (as defined below) party hereto and DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent (together with any successor administrative agent, the “Administrative Agent”).  Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement referred to below.

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers, Alliance AG, the lenders party thereto (the “Lenders”), the Administrative Agent and others are parties to a Credit Agreement dated as of July 2, 2009 and amended and restated as of August 1, 2013 (the “Credit Agreement”);

 

WHEREAS, the Company has requested that the Lenders approve certain amendments to the Credit Agreement, in each case as herein provided; and

 

WHEREAS, the Lenders party hereto have consented to amend certain provisions of the Credit Agreement on the terms and conditions contained herein.

 

NOW, THEREFORE, it is agreed:

 

I. Amendments to the Credit Agreement.

 

1. The definition of “Consolidated EBIT” appearing in Section 1.1 of the Credit Agreement is hereby amended by deleting clause (b)(xiii) thereof and inserting the following in lieu thereof:

 

“plus (xiii) for any of the fiscal quarters ended June, 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, the amount of one time unrecovered and reserved farmer advances in Zambia, Argentina and Zimbabwe so long as not in excess of $13,000,000 in the aggregate for all such fiscal quarters, plus (xiv) for any of the fiscal quarters ended June, 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, charges related to the refund of certain payments received by the Company from Japan Tobacco International in connection with the establishment of Tanzanian farmer relationships so long as not in excess of $5,500,000 in the aggregate for all such fiscal quarters, plus (xv) for any of the fiscal quarters ended June, 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, any gains from the sale of equity in China Brasil Tabacos Exportadora Ltda. to China Tobacco Internacional do Brasil and the sale of property, plant, equipment and growers’ contracts of Alliance One Tutun A.S.  and Oryantal Tütün Paketleme Sanayi A. Ş. so long as not in excess of $22,000,000 in the aggregate for all such fiscal quarters, provided, that for the purposes of calculating Consolidated EBIT amounts included in Consolidated Net Income in clause (a) above as a result of gains of the type described in clause (e) thereof shall not include any gains that could be added back pursuant to this clause (xv) (for such purpose excluding the cap applicable to this clause (xv)), plus (xvi) for any of the fiscal quarters ended June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, the amount of a one time charge arising from an exchange loss resulting from investments in Oryantal Tütün Paketleme Sanayi A.Ş. so long as not in excess of $3,000,000 in the aggregate for all such fiscal quarters, plus (xvii) for any of the fiscal quarters ended June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, the basis in China Brasil Tabacos Exportadora Ltda. resulting from value lost due to accounting requirements in connection with the disposition of 51% of the equity interest in China Brasil Tabacos Exportadora Ltda. so long as not in excess of $7,600,000 in the aggregate for all such fiscal quarters, plus (xviii) for any of the fiscal quarters ended June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, restructuring and asset impairment related costs as a result of Oryantal Tütün Paketleme Sanayi A.Ş. so long as not in excess of $3,700,000 in the aggregate for all such fiscal quarters”.

 

 

  

  

  

 

2. Section 5.9 of the Credit Agreement is hereby amended by:

 

(i) amending the table appearing in clause (a) of said Section by deleting the final period of “January 1, 2014 and thereafter” and inserting the following in lieu thereof:

 

	
Period

	
Ratio

	
January 1, 2014 through and including March 31, 2014

	
1.85 to 1.00

	
April 1, 2014 through and including March 31, 2015

	
1.70 to 1.00

	
April 1, 2015 and thereafter

	
1.90 to 1.00

(ii) deleting the ratio in clause (b) of said Section applicable to the period from April 1, 2014 through and including June 30, 2014 and inserting in lieu thereof “7.25 to 1.00”; and

 

(iii) deleting the ratio in clause (b) of said Section applicable to the period from July 1, 2014 through and including September 30 , 2014 and inserting in lieu thereof “7.50 to 1.00”.

 

3. Section 6.3(i) of the Credit Agreement is hereby amended by amending and restating said section as follows:

 

“(i) Guaranty Obligations for Indebtedness of China Brasil Tabacos Exportadora Ltda permitted under clauses (a) and (b) above, to the extent such Guaranty Obligations would be permitted if China Brasil Tabacos Exportadora Ltda. were a Foreign Subsidiary, so long as the aggregate principal amount of all of such Guaranty Obligations pursuant to this clause (i) does not at any time exceed $200,000,000 at any one time outstanding.”

 

 

  

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II. Miscellaneous Provisions.

 

1. In order to induce the Administrative Agent and the Lenders to enter into this First Amendment, each Credit Party hereby represents and warrants that (i) no Default or Event of Default exists as of the First Amendment Effective Date (as defined below), both immediately before and after giving effect to this First Amendment on such date, (ii) all of the representations and warranties contained in the Credit Agreement and in the other Credit Documents are true and correct in all material respects on the First Amendment Effective Date, both immediately before and after giving effect to this First Amendment on such date, with the same effect as though such representations and warranties had been made on and as of the First Amendment Effective Date or, to the extent such representations and warranties expressly relate to an earlier date, on and as of such earlier date, (iii) the execution, delivery and performance of this First Amendment has been duly authorized by all necessary action on the part of each Credit Party, has been duly executed and delivered by each Credit Party and constitutes a legal, valid and binding obligation of each Credit Party, enforceable against each of them in accordance with its terms, except to the extent that the enforceability hereof may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and (iv) the execution and delivery hereof by each Credit Party and the performance and observance by each Credit Party of the provisions hereof do not violate or conflict with (A) any organizational document of any Credit Party or (B) any Requirement of Law applicable to such Credit Party or result in a breach of any provision of or constitute a default under any Contractual Obligation of any Credit Party.

 

2. The Credit Parties acknowledge and agree and hereby represent and warrant that (x) the Credit Agreement (as modified hereby) and each other Credit Document, and all Credit Party Obligations and Liens thereunder, are valid and enforceable against the Credit Parties in every respect and all of the terms and conditions thereof are legally binding upon the Credit Parties, in each case all without offset, counterclaims or defenses of any kind and (y) the perfected status and priority of each Lien and security interest created under any Credit Document remains in full force and effect in accordance with the requirements of the Credit Agreement and the other Credit Documents on a continuous basis, unimpaired, uninterrupted and undischarged, in each case as of the First Amendment Effective Date, both immediately before and immediately after giving effect to this First Amendment on such date.

 

3. This First Amendment is limited precisely as written and, except as expressly set forth herein, shall not constitute or be deemed to constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document and shall not prejudice any right or rights that the Administrative Agent or the Lenders may have now or in the future under or in connection with the Credit Agreement or any other Credit Document.

 

 

  

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4. This First Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the Company and the Administrative Agent.

 

5. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAW OF THE STATE OF NEW YORK.

 

6. This First Amendment shall become effective as of March 31, 2014 (the “First Amendment Effective Date”) when each of the following conditions shall have been satisfied:

 

(i) the Company shall have paid to the Administrative Agent for the benefit of each Lender which has executed and delivered a counterpart hereof as provided in following clause (ii) on or prior to 5:00 p.m. on May 30, 2014, an amendment fee as set forth in the fee letter between the Company and the Administrative Agent dated May 19, 2014 and delivered in connection with this First Amendment;

 

(ii) the Borrowers, Alliance AG, and the Lenders constituting the Required Lenders and the Administrative Agent shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention:  Casey Ferber (facsimile number:  212-354-8113 / e-mail address: casey.ferber@whitecase.com); and

 

(iii) the Borrower shall have paid to the Administrative Agent all fees, costs and expenses (including, without limitation, legal fees and expenses of White and Case LLP) payable to the Administrative Agent to the extent due under the Credit Agreement and the Work Fee Letter between the Company and the Administrative Agent dated May 19, 2014 and delivered in connection with this First Amendment.

 

7. This First Amendment constitutes a “Credit Document” for purposes of the Credit Agreement and the other Credit Documents.  No provision of this First Amendment may be amended, modified, waived or supplemented, except as provided in Section 9.1 of the Credit Agreement.

 

8. By executing and delivering a copy hereof, each Credit Party hereby agrees that all Credit Party Obligations of the Credit Parties shall be fully guaranteed pursuant to the Guarantees and shall be fully secured pursuant to the Credit Documents, in each case in accordance with the respective terms and provisions thereof and that this First Amendment does not in any manner constitute a novation of any Credit Party Obligations under any of the Credit Documents.

 

 

  

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9. From and after the First Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby.

 

10. Upon the occurrence of the First Amendment Effective Date, the Required Lenders hereby waive any Event of Default that may have occurred prior to the effectiveness of this First Amendment with respect to Sections 5.9(a) and (b) of the Credit Agreement for the Calculation Period ended March 31, 2014.

 

[SIGNATURE PAGES TO FOLLOW]

 

 

  

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IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this First Amendment as of the date first written above.

 

COMPANY:

 

ALLIANCE ONE INTERNATIONAL, INC.

By:            /s/ Joel Thomas                                                                

Name:     Joel Thomas

	
  

	
Title:

	
Executive Vice President – Chief Financial Officer

By:             /s/ B. Lynne Finney 

Name:      B. Lynne Finney

Title:        Assistant Treasurer

DUTCH BORROWER:

 

INTABEX NETHERLANDS B.V.

By:            /s/ Joel Thomas                                                                

Name:     Joel Thomas

	
  

	
Title:

	
Power of Attorney

By:             /s/ B. Lynne Finney 

Name:      B. Lynne Finney

Title:        Power of Attorney

FOREIGN GUARANTOR:

 

ALLIANCE ONE INTERNATIONAL AG

By:            /s/ Joel Thomas                                                                

Name:     Joel Thomas

	
  

	
Title:

	
Authorized Signatory

 

  

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DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Administrative Agent, as Swingline Lender, as Issuing Lender and as a Lender

By:             /s/ Dusdan Lazarov 

Name:      Dusdan Lazarov                                                               

Title:        Director                                                                                       

 

By:             /s/ Michael Shannon 

Name:      Michael Shannon                                                                        

Title:       Vice President                

 

 

  

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SIGNATURE PAGE TO THE FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG ALLIANCE ONE INTERNATIONAL, INC., INTABEX NETHERLANDS B.V., ALLIANCE ONE INTERNATIONAL AG, VARIOUS LENDERS AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT

Name of Institution:

CREDIT SUISSE AG

CAYMAN ISLANDS BRANCH                                                                

By:       /s/ Bill O’Daly 

Name:  Bill O’Daly

Title:  Authorized Signatory

By:       /s/ Michael D’Onofrio 

Name:  Michael D’Onofrio

Title:    Authorized Signatory

 

  

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SIGNATURE PAGE TO THE FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG ALLIANCE ONE INTERNATIONAL, INC., INTABEX NETHERLANDS B.V., ALLIANCE ONE INTERNATIONAL AG, VARIOUS LENDERS AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT

Name of Institution:

NATIXIS, New York Branch

By:        /s/ Alisa Trani 

Name:  Alisa Trani

Title:    Director

By:       /s/ Stephen A. Jendras 

Name:  Stephen A. Jendras

Title:    Managing Director

 

  

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SIGNATURE PAGE TO THE FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG ALLIANCE ONE INTERNATIONAL, INC., INTABEX NETHERLANDS B.V., ALLIANCE ONE INTERNATIONAL AG, VARIOUS LENDERS AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT

Name of Institution:

ING Belgium, Brussels, Geneva branch

By:       /s/ Serge Stolitza 

Name:  Serge Stolitza

Title:    Group Head – Soft Desk

By:       /s/ Nicolas Marques 

Name:  Nicolas Marques

Title:    Head of Credit Administration

  

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SIGNATURE PAGE TO THE FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG ALLIANCE ONE INTERNATIONAL, INC., INTABEX NETHERLANDS B.V., ALLIANCE ONE INTERNATIONAL AG, VARIOUS LENDERS AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT

Name of Institution:

Goldman Sachs Bank USA                                                                

By:       /s/ Michelle Latzoni 

Name:  Michelle Latzoni

Title:    Authorized Signatory

11EX-4.1

 Exhibit 4.1 

Amendment No. 3 to Third Amended and Restated Credit Agreement 

This amendment dated as of May 5, 2014 (“Amendment”) to the Agreement, as defined below, is entered into by and among Astronics
Corporation (“Borrower”), each of the lenders under the Agreement, i.e., HSBC Bank USA, National Association, Bank of America, N.A. and Manufacturers and Traders Trust Company (collectively, the “Lenders”) and HSBC Bank USA,
National Association, as agent for the Lenders under the Agreement (“Agent”), and as the Swingline Lender and Issuing Bank. Terms used herein and not otherwise defined are used with their defined meanings from the Agreement. 

Recitals 
 A.
Borrower, the Agent and the Lenders are the present parties to a Third Amended and Restated Credit Agreement dated as of July 18, 2013, as amended pursuant to Amendment No. 1 to Third Amended and Restated Credit Agreement dated as of
December 31, 2013 and Amendment No. 2 to Third Amended and Restated Credit Agreement dated as of February 28, 2014 (the “Agreement”). 

B. On or about February 28, 2014 (the “EADS Acquisition Closing Date”), Borrower’s Subsidiary, Astronics Test Systems Inc.
(“ATS”) acquired substantially all of the assets of the EADS North America Test and Systems division of EADS North America Inc. (the “EADS Acquisition”). 

C. In connection with the EADS Acquisition, EADS North America, Inc. (“EADS”) assigned to ATS and ATS assumed from EADS that certain
Lease Agreement dated as of May 21, 2002 between RII (CA) QRS 15-2, Inc. and EADS, as amended, with respect to certain premises located in Irvine, California (the “Irvine Lease”). 

D. Borrower has requested that the Irvine Lease and certain similar leases be treated as operating leases rather than capital leases for
purposes of the Agreement. 
 E. The Lenders and the Agent are agreeable to the foregoing to the extent set forth in this Amendment. 

F. The Borrower and each of the Guarantors will benefit from the changes to the Agreement set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth herein, and of the loans or other extensions of
credit heretofore, now or hereafter made by the Lenders to, or for the benefit of, the Borrower and its Subsidiaries, the parties hereto agree as follows: 

Conditions Precedent to this Amendment. This Amendment shall be effective as of the date first written above once the following
conditions precedent are satisfied: 
 Amendment Documentation. The Agent shall have received: six (6) originals of this
Amendment executed by all parties hereto. 
 No Default. As of the date hereof, after giving effect hereto, no Default or
Event of Default shall have occurred and be continuing. 
 Representations and Warranties. The representations and warranties
contained in the Agreement shall be true, correct and complete as of the date hereof as though made on such date, except to the extent such representations and warranties are expressly limited to a specific date. 

  
 1 

 Amendments. The Agreement is amended as follows: 

Article I entitled “Definitions” is amended effective as of the EADS Acquisition Closing Date, by adding the following new
definitions of “Acquired Operating Lease” and “Irvine Lease” in the appropriate alphabetical order: 

“Acquired Operating Lease” - The Irvine Lease and any other lease of the Borrower or a Subsidiary that
results from a Permitted Acquisition that would be characterized as an operating lease under GAAP if the Borrower or its Subsidiary were then entering into such lease, as lessee, but which is not permitted under GAAP to be re-classified as an
operating lease following such Permitted Acquisition because of the historical classification of such lease as a capital lease. 

“Irvine Lease” - That certain Lease Agreement dated as of May 21, 2002, between RII (CA) QRS 15-2, Inc., a Delaware corporation, as landlord, and EADS North America, Inc., a Delaware corporation (as successor-in-interest), as tenant, as amended by that certain First Amendment to Lease Agreement dated as of
July 12, 2007 and that certain Second Amendment to Lease Agreement, Release and Consent dated as of February 28, 2014, and assigned by EADS North America, Inc. to and assumed by ATS, as tenant, pursuant to an Assignment and Assumption of
Lease dated as of February 28, 2014, with respect to certain premises located in Irvine, California as those premises are more particularly described in such Irvine Lease. 

Article I entitled “Definitions” is further amended effective as of the EADS Acquisition Closing Date by deleting the
present definitions of “Capital Lease” and “Operating Lease” and replacing them with the following definition: 

“Capital Lease” - As applied to any Person, means any lease of any property (whether real, personal or mixed)
by that Person as Lessee that in conformity with GAAP should be accounted for as a capital lease on the balance sheet of that Person; provided however, any Acquired Operating Lease will be an Operating Lease and not a Capital Lease for all purposes
of this Agreement, without regard to how such Acquired Operating Lease is classified under GAAP. All financial calculations, including, without limitation, the amount of Consolidated EBITDA, Consolidated Net Income and Consolidated Interest Expense,
will be adjusted to reflect such treatment of each Acquired Operating Lease as an Operating Lease and compliance with any covenant set forth in this Agreement will be similarly determined on the basis that each Acquired Operating Lease is an
Operating Lease, and not a Capital Lease, and does not create any Capital Lease Obligations or Capitalized Lease Obligations. 

“Operating Lease” - As applied to any Person means any lease of any property (whether real, personal or
mixed) by that Person as lessee that, in conformity with GAAP is not accounted for as a Capital Lease on the balance sheet of that Person except as otherwise provided in the definition of Capital Lease. 

  
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 Reaffirmations. 

The Borrower hereby acknowledges and reaffirms the execution and delivery of its Second Amended and Restated General Security Agreement dated
as of July 18, 2013 and as supplemented prior to the date hereof (collectively, the “Borrower Security Agreement”), and agrees that the Borrower Security Agreement shall continue in full force and effect and continue to secure the
“Obligations” as defined therein, including all indebtedness to the Agent, the Lenders and the Issuing Bank arising under or in connection with the Agreement, as amended hereby, and any renewal, extension or modification thereof, and the
documents executed in connection therewith. The Borrower further acknowledges and reaffirms the authorization of any financing statements filed against the Borrower in connection with the Borrower Security Agreement and acknowledges, reaffirms,
ratifies and agrees that the filing of such financing statement or financing statements shall continue in full force and effect and continue to perfect the Agent’s security interest in any and all collateral described therein granted to the
Agent, for the benefit of the Agent and the Lenders, by the Borrower under the Borrower Security Agreement or otherwise. 
 Each of the
Guarantors hereby acknowledges and reaffirms the execution and delivery of the Second Amended and Restated Continuing Absolute and Unconditional Guaranty dated as of July 18, 2013 as supplemented and reaffirmed prior to the date hereof
(collectively, the “Guaranty”) and the Second Amended and Restated General Security Agreement dated as of July 18, 2013 as supplemented prior to the date hereof (collectively, the “Guarantor Security Agreement”), and agrees
that such Guaranty and the Guarantor Security Agreement shall continue in full force and effect and continue to guarantee or secure, as applicable, all “Obligations” as defined therein, including all indebtedness of the Borrower to the
Agent, the Lenders and the Issuing Bank arising under or in connection with the Agreement, as amended hereby, and any renewal, extension or modification thereof, and the documents executed in connection therewith. Each Guarantor further acknowledges
and reaffirms the authorization of any financing statements filed against such Guarantor in connection with the Guarantor Security Agreement and acknowledges, reaffirms, ratifies and agrees that the filing of such financing statement or financing
statements shall continue in full force and effect and continue to perfect the Agent’s security interest in any and all collateral described therein granted to the Agent by such Guarantor under the General Security Agreement or otherwise. 

Luminescent Systems, Inc. (“LSI”) hereby acknowledges and reaffirms the execution and delivery of the following mortgage documents
(the “Mortgage Documents”): 
 a. An Agency Mortgage and Security Agreement (Acquisition Loan) dated as of October 1, 1999
and recorded in the Erie County Clerk’s Office October 27, 1999 in Liber 12860 of Mortgages at page 2304 (“1999 Acquisition Mortgage”); 

b. An Agency Mortgage and Security Agreement (Building Loan) dated as of October 1, 1999 and recorded in Erie County Clerk’s Office
October 27, 1999 in Liber 12860 of Mortgages at page 2343 (“1999 Building Mortgage”); 
 c. An Agency Mortgage and Security
Agreement (Indirect Loan) dated as of October 1, 1999 and recorded in the Erie County Clerk’s Office October 27, 1999 in Liber 12860 of Mortgages at page 2380 (“1999 Indirect Mortgage”); 

d. Assignment of Mortgage and First Modification of Agency Mortgage and Security Agreement, each dated as of January 22, 2009 by which
the 1999 Acquisition Mortgage, the 1999 Building Mortgage and the 1999 Indirect Mortgage were assigned by HSBC Bank USA, National Association to the Agent. 

  
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 LSI agrees that each of the Mortgage Documents shall continue in full force and effect and continue to secure the
“Obligations” as defined therein, up to the amount set forth in such Mortgage Documents, including, without limitation, indebtedness arising under or in connection with the “Term Loan” under the Agreement. 

Each of LSI and the Borrower hereby acknowledges and reaffirms the execution and delivery of the following documents to which they are a
party (each as defined in the Reaffirmation Agreement dated as of July 18, 2013 by the Borrower and LSI, DME and Astronics Advanced: 
  

	 	a.	1998 Reimbursement Agreement; 

  

	 	b.	1998 Collateral Documents; 

  

	 	c.	1998 Guaranty; 

  

	 	d.	1999 Reimbursement Agreement; 

  

	 	e.	1999 Collateral Documents; 

  

	 	f.	1999 Mortgages; 

  

	 	g.	2007 Reimbursement Agreement; 

  

	 	h.	2007 Collateral Documents; 

  

	 	i.	2007 Mortgages; 

  

	 	j.	Astronics Guaranties. 

 Each of LSI and the Borrower further agrees and acknowledges that the 1998 Collateral
Documents, the 1999 Collateral Documents and the 2007 Collateral Documents shall continue in full force and effect and secure the “Obligations” under the 1998 Reimbursement Agreement, the 1999 Reimbursement Agreement and the 2007
Reimbursement Agreement, as applicable, and any renewal, extension or modification thereof, and the documents executed in connection therewith. 
 The
Borrower further agrees and acknowledges that the Astronics Guaranties continue in full force and effect and guarantee the “Obligations” under the 1998 Reimbursement Agreement, the 1999 Reimbursement Agreement and the 2007 Reimbursement
Agreement, as applicable, and any renewal, extension or modification thereof, and the documents executed in connection therewith. 

Other. 
 This
Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same
agreement. This Amendment, to the extent signed and delivered by means of a facsimile machine or e-mail scanned image, shall be treated in all manner and respects as an original agreement or instrument and
shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall
re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or e-mail scanned image to deliver a
signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or by e-mail as a defense to the formation of a contract and each
party forever waives such defense. 

  
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 This Amendment shall be governed by and construed under the internal laws of the State of New
York, as the same may be in effect from time to time, without regard to principles of conflicts of law. 
 Borrower shall take such other
and further acts, and deliver to the Agent and the Lenders such other and further documents and agreements, as the Agent shall reasonably request in connection with the transactions contemplated hereby. 

[Signature Page Follows] 

  
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 The Borrower, the Agent and the Lenders have caused this Amendment to be duly executed as of the
date shown at the beginning of this Amendment. 
  

			
	ASTRONICS CORPORATION
		
	By:	 	  

		 	David C. Burney
		 	Vice President - Finance

 Consented to, and Agreed, as of the date of this Amendment by the following Guarantors: 

 

			
	ASTRONICS ADVANCED ELECTRONIC SYSTEMS CORP.
	LUMINESCENT SYSTEMS, INC.
	D M E CORPORATION
	BALLARD TECHNOLOGY, INC.
	MAX-VIZ, INC.
	ASTRONICS AEROSAT CORPORATION
	PECO, INC.
	ASTRONICS TEST SYSTEMS INC.
		
	By:	 	  

		 	David C. Burney, Treasurer
	
	HSBC BANK USA, NATIONAL ASSOCIATION as Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	HSBC BANK USA, NATIONAL ASSOCIATION as a Lender, Swingline Lender and Issuing Bank
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 6 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	MANUFACTURERS AND TRADERS TRUST COMPANY, as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 7

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