Document:

Form of Senior Subordinated Note

 Exhibit 10.2 
 FORM OF SENIOR SUBORDINATED NOTE 
 THE NOTE EVIDENCED HEREBY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE
904 OF REGULATION S UNDER THE SECURITIES ACT OR (3) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, AND IN EACH CASE SUBJECT TO THE COMPANY’S RIGHT PRIOR TO ANY SUCH OFFER, SALE, PLEDGE OR TRANSFER TO REQUIRE AN
OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO THE COMPANY. 
 THIS INSTRUMENT AND THE RIGHTS AND OBLIGATIONS EVIDENCED HEREBY
ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AND INTERCREDITOR AGREEMENT (THE “SUBORDINATION AGREEMENT”) DATED AS OF JUNE 6, 2007 AMONG CANYON CAPITAL ADVISORS LLC, CLEAR LAKE CAPITAL GROUP,
INTERNATIONAL TEXTILE GROUP, INC. (THE “COMPANY”) AND GENERAL ELECTRIC CAPITAL CORPORATION (“AGENT”), TO THE INDEBTEDNESS (INCLUDING INTEREST) OWED BY THE COMPANY PURSUANT TO THAT CERTAIN CREDIT AGREEMENT DATED AS OF
DECEMBER 29, 2006 AMONG THE COMPANY, AGENT AND THE LENDERS FROM TIME TO TIME PARTY THERETO, AS SUCH CREDIT AGREEMENT HAS BEEN AND HEREAFTER MAY BE AMENDED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME AND TO INDEBTEDNESS REFINANCING THE
INDEBTEDNESS UNDER THAT AGREEMENT AS CONTEMPLATED BY THE SUBORDINATION AGREEMENT; AND EACH HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT. 
 THIS NOTE HAS “ORIGINAL ISSUE DISCOUNT” WITHIN THE MEANING OF SECTION 1273 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED. PLEASE CONTACT INTERNATIONAL
TEXTILE GROUP, INC., ATTENTION: GARY L. SMITH, EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER TO OBTAIN INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT AND THE YIELD TO MATURITY. 
 INTERNATIONAL TEXTILE GROUP, INC. 
 18.00% SENIOR SUBORDINATED NOTE DUE JUNE 6, 2011 
  

			
	 No. R-[    ]
	  	June 6, 2007

				
	 $[            ]
	  	CUSIP	#: [            ]

 FOR VALUE RECEIVED, the undersigned, INTERNATIONAL TEXTILE GROUP, INC. (herein called the
“Company”), a corporation organized and existing under the laws of the State of Delaware, hereby promises to pay to the order of
[                                       
 ] (the “Payee”), or permitted successors or assigns, the principal sum of (i)
[                                        ]
DOLLARS ($[            ]) plus (ii) any PIK Interest (as defined below) not represented by a separate PIK Note (as defined below), on June 6, 2011, with interest
(computed on the basis of a 360-day year payable for the number of days actually elapsed) on the unpaid balance thereof at the rate of 18.00% per annum from the date hereof until the principal hereof shall have become due and payable,
payable quarterly in arrears on each Interest Payment Date (as defined below); provided, that if the Qualified Issuance has not occurred on or before December 6, 2008 (the “Initial Adjustment Date”), then the interest rate
applicable hereunder shall increase by 2.00% per annum on the Initial Adjustment Date, and by an additional 1.00% per annum on each six-month anniversary of the Initial Adjustment Date if, but only if, the Qualified Issuance has not
occurred on or before such respective date; provided further, that, effective on the date of the occurrence of the Qualified Issuance, the interest rate applicable hereunder shall be restored to the interest rate in effect prior to application of
the immediately preceding proviso. 
 Prior to the occurrence of the Qualified Issuance, accrued and unpaid interest shall be paid in kind
(“PIK Interest”) by adding such interest to the outstanding principal balance of this Note on the last day of each of March, June, September and December of each year (each an “Interest Payment Date”) commencing
June 30, 2007 and all of such PIK Interest shall bear interest as provided herein to the same extent as the original principal balance hereof. Effective upon and after the occurrence of the Qualified Issuance, the accrued and unpaid interest
shall be payable as follows: (i) an amount equal to the product obtained by multiplying the amount of such accrued and unpaid interest by a percentage (expressed as a decimal) obtained by dividing 9% (expressed as a decimal) by the interest
rate applicable to this Note during such period (expressed as a decimal), shall be payable in cash and (ii) the remaining accrued and unpaid interest shall be payable on each Interest Payment Date in the form of PIK Interest. After the
occurrence and during the continuance of an Event of Default, (i) at all times during which the Purchasers, collectively, constitute the Required Holders, the interest rate applicable to such amounts shall be 2.5% per annum in excess of
the rate otherwise applicable hereunder, effective automatically upon the occurrence of such Event of Default (but only so long as such Event of Default is continuing) or (ii) at all times during which the Purchasers, collectively, do not
constitute the Required Holders, then at the option of the Required Holders (or automatically while any Event of Default under Sections 12(f) or 12(g) of the Note Purchase Agreement (as defined below) exists), the interest rate applicable to such
amounts shall be 2.5% per annum in excess of the rate otherwise applicable hereunder, effective upon the occurrence of such Event of Default (but only so long as such Event of Default is continuing). 
 At the option of the Payee, the Company shall provide the Payee with one or more notes substantially in the form hereof (“PIK Notes”)
reflecting PIK Interest paid on each of such dates or provide an allonge to this Note reflecting such increase in the principal amount hereof in each case in the amount of such PIK Interest, provided that the failure to request an allonge or PIK
Note in the amount of any PIK Interest then due and owing shall not prejudice the Payee in any respect, it being understood and agreed that any such PIK Notes and allonges shall be for the sole benefit and convenience of Payee. 
  

 - 2 - 

 Notwithstanding any other provision contained in this Note, the aggregate interest rate per annum charged
with respect to this Note (including, without limitation, all charges and fees deemed to be interest pursuant to applicable law), shall not exceed the maximum rate per annum permitted by applicable law. In the event that the aggregate interest rate
per annum payable with respect to this Note (including, without limitation, all charges and fees deemed to be interest under applicable laws) exceeds the maximum legal rate, (i) the Company shall only pay interest at the maximum permitted rate,
(ii) the Company shall continue to make such interest payments at the maximum permitted rate until all such interest payments and other charges and fees payable hereunder (in the absence of such legal limitations) have been paid in full,
(iii) any interest in excess of the maximum permitted rate received by the Payee shall, at the Payee’s option, be applied to a prepayment of the principal amount of this Note or refunded to the Company, and (iv) neither the Company
nor any other Person shall have any right of action against the holder of this Note for any damages or penalties arising out of the payment or collection of any such excess interest. In determining whether the interest contracted for, charged, or
received with respect to this Note exceeds the maximum permitted rate, such holder of the Note may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than
interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of this Note. 
 Payments of principal of and interest on (except as otherwise provided herein) this Note are to be made in lawful money of the United States of America
at the address shown in the register maintained by the Company for such purpose or at such other place as the Payee shall have designated pursuant to Section 15.1 of the Note Purchase Agreement referred to below. 
 This Note is one of the 18.00% Senior Subordinated Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement,
dated as of June 6, 2007 (as from time to time amended, modified, restated or otherwise supplemented, the “Note Purchase Agreement”; capitalized terms used but not otherwise defined herein shall have the meaning given such
terms in the Note Purchase Agreement), among the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, (a) to have agreed to the
confidentiality provisions set forth in Section 20 of the Note Purchase Agreement, (b) to have made the representations set forth in the Section 7 of the Note Purchase Agreement and (c) to have represented to the Company that it
is not an ITG Competitor. 
 This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for
registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be
issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for
all other purposes, and the Company will not be affected by any notice to the contrary. This Note may be transferred or assigned only in accordance with the terms of the Note Purchase Agreement. 
  

 - 3 - 

 This Note is subject to optional and mandatory prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not otherwise. 
 Amendments and modifications of this Note may be made
only in the manner provided in the Note Purchase Agreement. 
 If an Event of Default, as defined in the Note Purchase Agreement, occurs and
is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price and with the effect provided in the Note Purchase Agreement. 
 THIS NOTE AND THE NOTE PURCHASE AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE
LAW OF THE STATE OF NEW YORK INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS THEREOF, BUT OTHERWISE WITHOUT REFERENCE TO THE CHOICE-OF-LAW PRINCIPLES OF THE LAW THEREOF. 
  

			
	INTERNATIONAL TEXTILE GROUP, INC.
		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

  

 - 4 -Amendment No. 6 to Credit Agreement

 Exhibit 10.3 
 AMENDMENT NO. 6 TO CREDIT AGREEMENT 
 This AMENDMENT NO. 6 TO CREDIT AGREEMENT (this
“Amendment”) is entered into as of April 30, 2007 by and among INTERNATIONAL TEXTILE GROUP, INC., a Delaware corporation, the other Borrowers and Credit Parties signatory hereto, GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware
corporation, for itself and as Agent, and the other Lenders signatory 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).

 R E C I T A L S: 
 WHEREAS,
Borrowers, the other Credit Parties, the Agent and the Lenders entered into that certain Credit Agreement dated as of December 29, 2006 (as amended, supplemented, restated or otherwise modified from time to time, the “Credit
Agreement”); and 
 WHEREAS, the parties to the Credit Agreement have agreed to a limited waiver and amendment to the Credit
Agreement as set forth herein; 
 NOW, THEREFORE, in consideration of the premises contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1 Amendment to
Section 4.14. Section 4.14 of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 
 “Mandatory Investments. On or prior to the dates indicated in the table below, ITG shall obtain, and shall contribute the same to US Borrowers to be used for purposes permitted by this Agreement, not less
than the following amounts in gross cash proceeds from the issuance of Stock and Stock Equivalents to WLR and other Persons: 
  

				
	 Date
	  	Equity Contribution
	 March 2, 2007
	  	$	50,000,000
	 May 31, 2007
	  	$	50,000,000

 Notwithstanding the foregoing, Agent and Lenders acknowledge and agree that ITG
shall not be required to make the $50,000,000 minimum equity contribution due on or prior to May 31, 2007 if ITG shall have consummated the issuance of Subordinated Indebtedness in the initial principal amount of at least $80,000,000 on or
prior to May 31, 2007; provided, however, that in the event ITG has not consummated such an issuance on or prior to May 31, 2007, the $50,000,000 minimum equity contribution shall be immediately due and payable on
May 31, 2007.” 
 2 Representations and Warranties. In order to induce Agent and the Lenders to enter into this
Amendment, each Borrower and each other Credit Party represents and warrants to Agent and each Lender (which representations and warranties shall survive the execution and delivery of this Amendment), that: 
  

 (a) the execution, delivery and performance by each Credit Party of this Amendment has
been duly authorized by all necessary corporate and partnership action and this Amendment is a legal, valid and binding obligation of such Credit Party enforceable against such Credit Party in accordance with its terms; and 
 (b) upon the effectiveness of this Amendment, all of the representations and warranties contained in the Credit Agreement and in the
other Loan Documents (other than those which speak expressly only as of an earlier date) are true and correct in all material respects on and as of the date of the effectiveness of this Amendment after giving effect to this Amendment and the
transactions contemplated hereby. 
 3     Miscellaneous. 
 3.1     Effect; Ratification. 
 (a) Except as specifically set forth above, the Credit Agreement and the other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed. 
 (b) The execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of Agent or any Lender under the Credit Agreement or any other Loan Document, nor constitute amendment of any provision of the Credit Agreement or any other Loan Document, except as specifically set forth herein.
Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit
Agreement as amended hereby. 
 (c) Each Credit Party acknowledges and agrees that the amendments and waivers set forth
herein are effective solely for the purposes set forth herein and that the execution and delivery by Agent of this Amendment shall not be deemed (i) except as expressly provided in this Amendment, to be a consent to any amendment, waiver or
modification of any term or condition of the Credit Agreement or of any other Loan Document, (ii) to create a course of dealing or otherwise obligate Agent or Lenders to forbear, waive, consent or execute similar amendments under the same or
similar circumstances in the future, or (iii) to amend, prejudice, relinquish or impair any right of Agent or Lenders to receive any indemnity or similar payment from any Person or entity as a result of any matter arising from or relating to
this Amendment. 
 3.2 Counterparts and Signatures by Fax. This Amendment may be executed in any number of counterparts, each
such counterpart constituting an original but all together one and the same instrument. Any party delivering an executed counterpart of this Amendment by fax shall also deliver an original executed counterpart, but the failure to do so shall not
affect the validity, enforceability or binding effect of this Amendment. 
 3.3 Severability. In case any provision in or
obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such 

  

 2 

 
provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
 3.4 Loan Document. This Amendment shall constitute a Loan Document. 
 3.5 GOVERNING LAW. THIS WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL, IN ALL RESPECTS, INCLUDING MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE AND ANY APPLICABLE LAWS OF THE UNITED STATES OF
AMERICA. 
 [Signature Pages Follows] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

  

			
	 BORROWERS:
  
 INTERNATIONAL TEXTILE GROUP, INC.
 ITG HOLDINGS, INC.
 BURLINGTON INDUSTRIES LLC
 CONE JACQUARDS LLC
 CONE DENIM LLC
 CARLISLE FINISHING LLC

		
	By:	 	/s/ Karyl P. McClusky
	 Name:
 Title:
	 	 Karyl P. McClusky
 Vice President and Treasurer of
each of the entities listed above

  

			
	 AUTOMOTIVE SAFETY COMPONENTS
 INTERNATIONAL, INC.
 SAFETY COMPONENTS FABRIC
 TECHNOLOGIES, INC.
 AUTOMOTIVE SAFETY COMPONENTS
 INTERNATIONAL LIMITED

		
	By:	 	/s/ Stephen B. Duerk
	 Name:
 Title:
	 	 Stephen B. Duerk
 President of each of the entities
listed above

  

 [Signature Page to Amendment No. 6 to Credit Agreement] 

			
	 OTHER CREDIT PARTIES:
  
 APPAREL FABRICS PROPERTIES, INC.
 BURLINGTON APPAREL SERVICES
COMPANY
 BURLINGTON INDUSTRIES V, LLC
 BWW CT, INC.
 CLIFFSIDE DENIM LLC
 CONE ADMINISTRATIVE AND SALES LLC
 CONE INTERNATIONAL HOLDINGS II, INC.
 INTERNATIONAL TEXTILE GROUP

ACQUISITION GROUP LLC
 BI PROPERTIES I, INC.

BURLINGTON INTERNATIONAL SERVICES
 COMPANY

BURLINGTON INDUSTRIES IV, LLC
 BURLINGTON WORLDWIDE INC.
 BILLC ACQUISITION LLC
 CONE DENIM WHITE OAK LLC
 CONE INTERNATIONAL HOLDINGS, INC.
 CONE ACQUISITION LLC
 WLR CONE MILLS IP, INC.

		
	By:	 	/s/ Karyl P. McClusky
	 Name:
 Title:
	 	 Karyl P. McClusky
 Vice President and Treasurer of
each of the entities listed above

  

			
	 VALENTEC WELLS, LLC
 ASCI HOLDINGS GERMANY
(DE), INC.
 ASCI HOLDINGS ASIA PACIFIC (DE), LLC
 ASCI HOLDINGS
CZECH (DE), INC.
 ASCI HOLDINGS U.K. (DE), INC.
 ASCI HOLDINGS
MEXICO (DE), INC.

		
	By:	 	/s/ Stephen B. Duerk
	 Name:
 Title:
	 	 Stephen B. Duerk
 President of each of the entities
listed above

  

 [Signature Page to Amendment No. 6 to Credit Agreement] 

			
	AUTOMOTIVE SAFETY COMPONENTS
	INTERNATIONAL GMBH & CO. KG
		
	By:	 	/s/
	Name:	 	  
	Title:	 	  

  

			
	AUTOMOTIVE SAFETY COMPONENTS
	INTERNATIONAL VERWALTUNGS GMBH
		
	By:	 	/s/
	Name:	 	  
	Title:	 	  

  

 [Signature Page to Amendment No. 6 to Credit Agreement] 

			
	AGENT AND LENDERS:
	
	GENERAL ELECTRIC CAPITAL CORPORATION,
	as the Agent and a Lender
		
	By:	 	/s/
	Title:	 	Its Duly Authorized Signatory

  

 [Signature Page to Amendment No. 6 to Credit Agreement] 

			
	UBS LOAN FINANCE LLC, as a Lender
		
	By:	 	/s/ Richard L. Tavrow
	Name:	 	Richard L. Tavrow
	Title:	 	Director

  

			
	By:	 	/s/ Irja R. Otsa
	Name:	 	Irja R. Otsa
	Title:	 	Director

  

 [Signature Page to Amendment No. 6 to Credit Agreement] 

			
	WACHOVIA BANK, NATIONAL
	ASSOCIATION, as a Lender
		
	By:	 	/s/
	Name:	 	
	Title:	 	

  

 [Signature Page to Amendment No. 6 to Credit Agreement] 

			
	THE CIT GROUP/COMMERCIAL SERVICES,
	INC., as a Lender
		
	By:	 	/s/
	Name:	 	
	Title:	 	

  

 [Signature Page to Amendment No. 6 to Credit Agreement] 

			
	BANK OF AMERICA, NA, as a Lender
		
	By:	 	/s/
	 Name:
 Title:
	 	

  

 [Signature Page to Amendment No. 6 to Credit Agreement] 

			
	WELLS FARGO FOOTHILL LLC, as a Lender
		
	By:	 	/s/
	 Name:
 Title:
	 	

  

 [Signature Page to Amendment No. 6 to Credit Agreement]

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