Document:

exv10w1

Exhibit 10.1

EXECUTION COPY

EXCHANGE AGREEMENT

     THIS EXCHANGE AGREEMENT (this “Agreement”) is made and entered into as of August 4,
2009 by and among Commercial Vehicle Group, Inc., a Delaware corporation (the “Company”),
the Guarantors (as defined below) and Evergreen Investment Management Company, LLC
(“Evergreen”) and T. Rowe Price Associates, Inc. (“TRP”) (together with Evergreen,
the “Holders”) of the Company’s 8% Senior Notes due 2013 (the “Notes”), which were
issued pursuant to an Indenture (the “Notes Indenture”), dated as of July 6, 2005, between
the Company, certain of the Company’s domestic subsidiaries, as guarantors (collectively, the
“Guarantors”) and U.S. Bank National Association, as trustee.

RECITALS

     WHEREAS, the Company has issued and outstanding $150.0 million aggregate principal amount of
Notes pursuant to the Notes Indenture;

     WHEREAS, the Company and the Holders have reached an agreement for the exchange of $52,190,000
aggregate principal amount of Notes held by the Holders (or certain funds and/or accounts for which
a Holder acts as investment advisor) (the “Exchanged Notes”) for units (the
“Units”) consisting of (i) $42,124,000 aggregate principal amount of 11%/13% Third Lien
Senior Secured Notes due 2013 of the Company (the “Third Lien Notes”) and (ii) 745,000
warrants (the “Warrants”) to purchase shares of the Company’s common stock, par value $0.01
per share (the “Common Stock”) with an exercise price of $0.35 per share;

     WHEREAS, the Company, as issuer, the Guarantors and U.S. Bank National Association, as trustee
(the “Trustee”) and as third lien collateral agent (the “Third Lien Collateral
Agent”), are entering into a new indenture which shall govern the Third Lien Notes, a copy of
which is attached hereto as Exhibit A (the “Third Lien Notes Indenture”), and
related collateral documents (the “Third Lien Collateral Documents”), including the related
security agreement, a copy of which is attached hereto as Exhibit B;

     WHEREAS, the Company, as issuer, and U.S. Bank National Association, as warrant agent and unit
agent, are entering into a warrant and unit agreement which shall govern the Warrants, a copy of
which is attached hereto as Exhibit C (the “Warrant and Unit Agreement”);

     WHEREAS, certain of the Holders (or certain funds and/or accounts for which a Holder acts as
investment advisor) have also agreed to lend through assignments $13.1 million in gross proceeds to
the Company in the form of a new $16.8 million principal amount second lien term loan, which will
be guaranteed by the Guarantors (the “Second Lien Term Loan”);

     WHEREAS, the Company, as borrower, the Guarantors, and Credit Suisse, as second lien
collateral agent (the “Second Lien Agent”) and lender, are entering into a new second lien
loan and security agreement which shall govern the Second Lien Term Loan, a copy of which is
attached hereto as Exhibit D (the “Second Lien Term Loan Agreement”), and related
collateral documents (the “Second Lien Collateral Documents”);

     WHEREAS, concurrently with the execution of the Second Lien Term Loan Agreement and the Third
Lien Notes Indenture, the Company, the Guarantors and Bank of America, N.A

 

 

(“Bank of America”) are entering into Amendment No. 2 (the “Credit Agreement
Amendment”) to the Loan and Security Agreement, dated as of January 7, 2009 (as amended,
modified or supplemented, the “Credit Agreement”), a copy of which is attached hereto as
Exhibit E;

     WHEREAS, concurrently with the execution of the Second Lien Term Loan Agreement and the Third
Lien Notes Indenture, Bank of America, N.A (“Bank of America”), as Agent under the Credit
Agreement and as First Lien Agent, the Second Lien Agent named therein, the Third Lien Agent named
therein and the borrowers and obligors named therein are entering into an intercreditor agreement
(the “BofA Intercreditor Agreement”), a copy of which is attached hereto as Exhibit
F; and

     WHEREAS, concurrently with the execution of the Second Lien Term Loan Agreement and the Third
Lien Notes Indenture, the Second Lien Agent named therein, the Third Lien Agent named therein and
the borrowers and obligors named therein are entering into an intercreditor agreement (the
“Junior Intercreditor Agreement” and, together with the BofA Intercreditor Agreement, the
“Intercreditor Agreements”), a copy of which is attached hereto as Exhibit G.

     NOW, THEREFORE, in consideration of the premises and the representations, warranties,
covenants and agreements herein contained and intending to be legally bound hereby, the Company and
the Holders hereby agree as follows:

ARTICLE I

EXCHANGE OF NOTES AND RELATED MATTERS

     Section 1.1 Exchange of Exchanged Notes. Subject to the terms and conditions
set forth in this Agreement, each Holder hereby agrees, on its behalf and on behalf of certain
funds and/or accounts for which such Holder acts as investment advisor, to exchange (the
“Exchange”) at the Closing (as defined below) the principal amount of the Exchanged Notes
held by such Holder (or certain funds and/or accounts for which such Holder acts as investment
advisor), as set forth opposite such Holder’s name on Schedule I hereto, for Units
consisting of (i) the principal amount of Third Lien Notes set forth opposite such Holder’s name on
Schedule I hereto and (ii) the number of Warrants set forth opposite such Holder’s name on
Schedule I hereto. Upon the surrender of the Exchanged Notes in exchange for the Units,
all then outstanding principal amount of such Exchanged Notes, together with all interest accrued
thereon up to and including the Closing Date (as defined below), shall be deemed satisfied and such
Exchanged Notes shall be cancelled. Each Holder waives all rights to receive the interest payment
scheduled for January 1, 2010 on its Exchanged Notes. Following the Closing, the Exchanged Notes
exchanged pursuant to this Agreement shall cease to accrue interest. The principal amount of the
Third Lien Notes to be issued shall be rounded to the nearest $1,000. The Units, the Third Lien
Notes and the Warrants that are issued to Holders in exchange for the Exchanged Notes are
collectively referred to herein as the “New Securities.”

     Section 1.2 Second Lien Term Loan. As a condition to participating in the
Exchange, each Holder hereby agrees to fund the Second Lien Term Loan in the amounts set forth
opposite such Holder’s name on Schedule I hereto. The Second Lien Term Loan shall be
completed pursuant to the Second Lien Term Loan Agreement.

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ARTICLE II

CLOSING DATE; DELIVERY

     Section 2.1 Closing. The closing of the Exchange described in Section
1.1 shall take place at the offices of Kirkland & Ellis LLP, 300 North LaSalle, Chicago, IL
60654 at 10:00 a.m., Chicago time, as soon as practicable after the satisfaction or waiver of the
conditions set forth in Articles V and VI hereof, or at such other time and place as the Company
and the Holders mutually agree upon orally or in writing (which time and place are designated as
the “Closing” and which day is referred to herein as the “Closing Date”).

     Section 2.2 Delivery. At the Closing, (a) the Company shall deliver to The
Depository Trust Company (“DTC”) or its custodian one or more global certificates
representing the Units, the Third Lien Notes and the Warrants being issued in the Exchange, and (b)
each Holder shall effect by book entry, in accordance with the applicable procedures of DTC and the
terms of the indenture governing the Notes, the delivery to the Company (or to its designee which
may be the Trustee for the benefit of the Company), the Exchanged Notes held by such Holder (or
certain funds and/or accounts for which such Holder acts as investment advisor) as set forth
opposite such Holder’s name on Schedule I and such Exchanged Notes shall be cancelled or
the amount outstanding under global certificates representing the Notes shall be decreased by the
respective amounts of Exchanged Notes delivered.

     Section 2.3 Consummation of Closing. All acts, deliveries and confirmations
comprising the Closing, regardless of chronological sequence, shall be deemed to occur
contemporaneously and simultaneously upon the occurrence of the last act, delivery or confirmation
of the Closing and none of such acts, deliveries or confirmations shall be effective unless and
until the last of same shall have occurred.

     Section 2.4 No Transfer of Exchange Notes Prior to the Closing. Each Holder
agrees that during the term of this Agreement, it shall not sell, assign, pledge transfer or
otherwise dispose of, nor permit the sale, assignment pledge, transfer or other disposition (each,
a “Transfer”), of any beneficial ownership interest in the Exchanged Notes it beneficially
owns other than to exchange them pursuant to the Exchange; provided, however, that Holders may
Transfer Exchanged Notes to any of its affiliates that agrees in writing prior to such Transfer to
be bound by the obligations of such Holder under this Agreement.

     Section 2.5 No Transfer of Exchanged Notes After the Closing; No Further Ownership
Rights in the Exchanged Notes. Upon consummation of the Closing, all Exchanged Notes (or
interests therein) exchanged pursuant to this Agreement shall cease to be transferable and there
shall be no further registration of any transfer of any such Exchanged Notes or interests therein.
From and after the Closing, the Holders shall cease to have any rights with respect to such
Exchanged Notes, including any payments of accrued and unpaid interest, except as otherwise
provided for herein or by applicable law.

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ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     The Company and the Guarantors, jointly and severally, represent and warrant to each of the
Holders as follows:

     Section 3.1 Organization and Standing of the Company. The Company is a
corporation duly organized, validly existing and in good standing under the laws of its state of
incorporation and has all requisite corporate power and authority to own and operate its
properties, and to enter into this Agreement and perform its obligations hereunder. The Company is
duly qualified to do business and is in good standing in all jurisdictions wherein such
qualification is necessary and where failure so to qualify would have a material adverse effect on
the business, properties, operations, financial condition or results of operations of the Company
and its subsidiaries, taken as a whole (a “Material Adverse Effect”).

     Section 3.2 Organization and Standing of the Guarantors. Each of the
Guarantors is a corporation or limited liability company duly organized or formed, validly existing
and in good standing under the laws of its state of incorporation and has all requisite corporate
or limited liability company power and authority to own and operate its properties, and to enter
into this Agreement and perform its obligations hereunder. Each of the Guarantors is duly
qualified to do business and is in good standing in all jurisdictions wherein such qualification is
necessary and where failure so to qualify would have a Material Adverse Effect.

     Section 3.3 Exchange Agreement and Other Transaction Documents. This
Agreement, the Third Lien Notes Indenture, the Warrant and Unit Agreement, the Intercreditor
Agreements and the Third Lien Collateral Documents and the other agreements and instruments
contemplated hereby and thereby have been duly and validly authorized by the Company and the
Guarantors (to the extent a party thereto), this Agreement has been duly executed and delivered by
the Company and the Guarantors and this Agreement is, and the Third Lien Notes Indenture, the
Warrant and Unit Agreement, the Intercreditor Agreements and the Third Lien Collateral Documents,
when executed and delivered by the Company and the Guarantors (to the extent a party thereto), will
be, valid and binding obligations of the Company and the Guarantors (to the extent a party
thereto), enforceable in accordance with their respective terms, subject as to enforceability to
general principles of equity and to bankruptcy, insolvency, moratorium and other similar laws
affecting the enforcement of creditors’ rights generally, and except that the enforceability of any
indemnification or contribution provisions thereof may be limited under applicable securities laws
or the public policies underlying such laws.

     Section 3.4 Third Lien Notes, Guarantees and Warrants. The Third Lien Notes
have been duly and validly authorized by the Company, and when the Third Lien Notes are executed by
the Company and authenticated and delivered in exchange for Exchanged Notes pursuant to this
Agreement and the Third Lien Notes Indenture at the Closing, the Third Lien Notes will be valid and
binding obligations of the Company, enforceable in accordance with their terms, subject as to
enforceability to general principles of equity and to bankruptcy, insolvency, moratorium and other
similar laws affecting the enforcement of creditors’ rights generally. The guarantees of the Third
Lien Notes (the “Guarantees”) by each of the Guarantors have been duly and validly
authorized by each Guarantor, and when the Third Lien Notes are issued and

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executed by the Company and authenticated and delivered in exchange for Exchanged Notes
pursuant to this Agreement and the Third Lien Notes Indenture at the Closing, the Guarantee of each
Guarantor with respect to the Third Lien Notes will be a valid and binding obligation of such
Guarantor, enforceable in accordance with its terms, subject as to enforceability to general
principles of equity and to bankruptcy, insolvency, moratorium and other similar laws affecting the
enforcement of creditors’ rights generally. The Warrants have been duly and validly authorized by
the Company, and when the Warrants are executed by the Company and countersigned and delivered in
exchange for Exchanged Notes pursuant to this Agreement and the Warrant and Unit Agreement at the
Closing, the Warrants will be, valid and binding obligations of the Company, enforceable in
accordance with their terms, subject as to enforceability to general principles of equity and to
bankruptcy, insolvency, moratorium and other similar laws affecting the enforcement of creditors’
rights generally.

     Section 3.5 Title to Properties; Priority of Liens. The Company and each
Guarantor has good and marketable title to (or valid leasehold interests in) all of its material
real estate and all of its material personal property, in each case free of Liens except Permitted
Liens (as such terms are defined in the Third Lien Notes Indenture) and minor defects in title that
do not interfere with its ability to conduct its business as currently conducted or to utilize such
property for its intended purposes. To the extent required by the Third Lien Notes Indenture and
the Third Lien Collateral Documents and except for post-closing liens to the extent expressly
permitted to be obtained after the Closing Date as identified in a schedule to the Second Lien Term
Loan and the Third Lien Collateral Documents, all Liens of Third Lien Collateral Agent in the
Collateral will be duly perfected, valid and enforceable third priority Liens, subject only to
Permitted Liens and minor defects in title that do not interfere with the ability of each of the
Company and the Guarantors to conduct its business as currently conducted or to utilize such
property for its intended purposes; provided, however, that for registered United States
trademarks, United States trademark applications, United States patents, United States patent
applications, and registered United States copyrights, the security interest will be perfected upon
filing, to the extent perfection of a security interest can be accomplished by such a filing, of
the Trademark Security Agreement with the United States Patent and Trademark Office, the Patent
Security Agreement with the United States Patent and Trademark Office, or the Copyright Security
Agreement with the United States Copyright Office, and such perfected security interest is
enforceable as such against any and all creditors of and purchasers from Obligors in the United
States.

     Section 3.6 Guarantors. On and as of the Closing, all of the Company’s
subsidiaries that have guaranteed the Credit Agreement and the Second Lien Term Loan will execute
the Third Lien Note Indenture as guarantors.

     Section 3.7 Non-Contravention. The execution and delivery by the Company of
this Agreement and the other documents contemplated by this Agreement and the other transactions
contemplated by this Agreement, the Third Lien Notes Indenture, the Warrant and Unit Agreement, the
Intercreditor Agreements and the Third Lien Collateral Documents and each other agreement
contemplated hereby to which the Holders are a party, do not and will not (i) result in any
violation of any terms of the charter or by-laws of the Company; (ii) (assuming completion of the
Credit Agreement Amendment) conflict with or result in a breach by the Company or any of the terms
or provisions of, or constitute a default under, any indenture,

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mortgage, deed of trust or other material agreement or instrument to which the Company is a
party or by which the Company or any of its properties or assets is bound or affected or (iii)
violate or contravene any applicable law, rule or regulation or any applicable decree, judgment or
order of any government or political subdivision thereof, whether federal, state, local or foreign,
or any agency or instrumentality of any such government or political subdivision thereof (a
“Governmental Body”) or court having jurisdiction over the Company or any of its properties
or assets, except, in the case of (ii) and (iii), as would not have a Material Adverse Effect.

     Section 3.8 Consents. No consent, approval, authorization, or order of, or
filing with, any governmental agency or body or any court is required for the consummation of the
transactions contemplated by this Agreement, the Third Lien Notes Indenture, the Warrant and Unit
Agreement, the Intercreditor Agreements and the Third Lien Collateral Documents in connection with
the issuance and sale of the Third Lien Notes by the Company or the issuance of the Guarantees by
the Guarantors, except for (i) as have been obtained, (ii) as may be necessary to perfect security
interests granted pursuant to the Third Lien Collateral Documents or (iii) as may be required under
applicable state securities laws.

     Section 3.9 Capitalization. The authorized capital stock of the Company is
(a) 30,000,000 shares of Common Stock and (b) 5,000,000 shares of preferred stock, par value $0.01
per share (the “Preferred Stock”). All of the outstanding capital stock of the Company has
been duly authorized and validly issued and is fully paid and nonassessable. As of July 23, 2009,
there were: (a) 21,746,681 shares of Common Stock outstanding and (b) there were no shares of
Preferred Stock outstanding. As of July 23, 2009, the Company had outstanding options entitling
the holders to purchase or acquire 686,209 shares of Common Stock and 1,270,209 shares of Common
Stock reserved for future grants under the Company’s equity incentive plan. The Company has no
shares of Common Stock reserved for issuance except for the shares of Common Stock referenced in
the preceding sentence and the Warrant Shares (as defined below). Each of the Company and the
Guarantors has good title to the capital stock of its subsidiaries, subject to liens granted under
the Credit Agreement, the Second Lien Term Loan Agreement, the Second Lien Collateral Documents and
the Third Lien Collateral Documents and other liens permitted under the Credit Agreement, the
Second Lien Term Loan Agreement and the Third Lien Notes Indenture, and all such capital stock is
duly issued, fully paid and non-assessable, to the extent applicable.

     Section 3.10 Warrant Shares. A sufficient number of shares of Common Stock
(the “Warrant Shares”) have been duly authorized and reserved for issuance upon exercise of
the Warrants. Upon exercise in accordance with the Warrants, the Warrant Shares will be validly
issued, fully paid and nonassessable.

     Section 3.11 Financial Statements. The consolidated balance sheets, and
related statements of income, cash flow and shareholder’s equity, included in the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2008, are prepared in accordance with
generally accepted accounting principles in effect in the United States from time to time, and
fairly present in all material respects the financial positions and results of operations of the
Company and its subsidiaries at the dates and for the periods indicated. Since December 31, 2008,
there has been no change in the condition (financial or otherwise) of the Company and its

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subsidiaries, taken as a whole, that could reasonably be expected to have a Material Adverse
Effect.

     Section 3.12 Exchange Act Reports. The Company’s annual report on Form 10-K
for the fiscal year ended December 31, 2008, and all other reports filed pursuant to Section 13(a)
or 15(d) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”),
since the end of such fiscal year, when they were filed with the Securities and Exchange Commission
(the “Commission”) conformed in all material respects to the requirements of the Exchange
Act, and none of such documents contained any untrue statement of a material fact or omitted to
state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

     Section 3.13 Intellectual Property. Each of the Company and the Guarantors
owns or has the lawful right to use all intellectual property necessary for the conduct of its
business to the knowledge of the Company without infringing or misappropriating any intellectual
property rights of others except to the extent that such failure to own or have such rights to use
or any conflict would not reasonably be expected to result in a Material Adverse Effect. There is
no pending or, to the Company’s knowledge, threatened, claim or assertion (whether in writing, by
suit or otherwise) that the Company’s or any Guarantor’s ownership, use, marketing, sale or
distribution of any inventory, equipment, intellectual property or other property violates another
Person’s intellectual property with respect to any of the Company or the Guarantors or any of their
property (including any intellectual property that could reasonably be expected to have a Material
Adverse Effect).

     Section 3.14 Governmental Approvals. Each of the Company and the Guarantors
has, is in compliance with, and is in good standing with respect to, all authorizations, consents,
approvals, licenses and exemptions of, registrations and filings with, and required reports to, all
Governmental Bodies (“Governmental Approvals”) necessary to conduct its business and to
own, lease and operate its properties except to the extent the failure to have such Governmental
Approval would not reasonably be expected to result in a Material Adverse Effect.

     Section 3.15 Compliance with Environmental Laws. Neither the Company nor any
Guarantor has received any Environmental Notice which would reasonably be expected to result in a
material liability to the Company or the Guarantors. Neither the Company nor any guarantor has any
contingent liability with respect to any Environmental Release, environmental pollution or
hazardous material on any real estate now or previously owned, leased or operated by it where such
liability could reasonably be expected to result in a Material Adverse Effect. As used in this
section, “Environmental Notice” means a notice from any Governmental Authority or other
Person of any possible noncompliance with, investigation of a possible violation of, litigation
relating to, or potential fine or liability under any Environmental Law, or with respect to any
Environmental Release, environmental pollution or hazardous materials, including any complaint,
summons, citation, order, claim, demand or request for correction, remediation or otherwise. As
used in this section, “Environmental Laws” means all Applicable Laws (including all
programs, local policies, permits and guidance promulgated by regulatory agencies), relating to
public health (with respect to exposure to hazardous substances or wastes, but excluding
occupational safety and health, to the extent regulated by the Occupational Safety and Health Act
of 1970) or the protection or pollution of the environment, including the Comprehensive

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Environmental Response Compensation and Liability Act (42 U.S.C. § 9601 et
seq.) (“CERCLA”), the Resource Conservation and Recovery Act (42 U.S.C. §§
6991-6991i) and the Clean Water Act (33 U.S.C. §§ 1251 et seq.) or to the
conditions of the workplace, or any emission or substance capable of causing harm to any living
organism or the environment. As used in this section, “Environmental Release” means a
release as defined in CERCLA or under any other Environmental Law.

     Section 3.16 Litigation. There are no proceedings or investigations pending
or, to the Company’s knowledge, threatened against the Company or any Guarantor, or any of their
businesses, operations, properties, prospects or conditions, that (a) relate to the Third Lien
Notes Indenture or transactions contemplated thereby, or (b) could reasonably be expected to have a
Material Adverse Effect if determined adversely to the Company or any Guarantor.

     Section 3.17 Labor Relations. There are no material grievances, disputes or
controversies with any union or other organization of any of the Company’s employees, or, to the
Company’s knowledge, any asserted or threatened strikes, work stoppages or demands for collective
bargaining.

     Section 3.18 Not an Investment Company. Neither the Company nor any Guarantor
is an “investment company” or a “person directly or indirectly controlled by or acting on behalf of
an investment company” within the meaning of the Investment Company Act of 1940.

     Section 3.19 Margin Stock. None of the Company nor any Guarantor is engaged,
principally or as one of its important activities, in the business of extending credit for the
purpose of purchasing or carrying any Margin Stock (as defined in Regulation U of the Board of
Governors of the Federal Reserve System). No proceeds from the sale of the Third Lien Notes will
be used by Company to purchase or carry, or to reduce or refinance any debt incurred to purchase or
carry, any Margin Stock or for any related purpose governed by Regulations T, U or X of the Board
of Governors of the Federal Reserve System.

     Section 3.20 Assuming the accuracy of the representations and warranties of the
Holders contained in Article IV and their compliance with their agreements set forth
therein, the issuance and sale of the Units, the Third Lien Notes and the Warrants by the Company
to the Holders in the manner contemplated by this Agreement will be exempt from the registration
requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”) by
reason of Section 4(2) thereof, and it is not necessary to qualify an indenture in respect of the
Third Lien Notes under the United States Trust Indenture Act of 1939, as amended.

     Section 3.21 No securities of the same class (within the meaning of Rule 144A(d)(3)
under the Securities Act) as the Units, Third Lien Notes and Warrants are listed on any national
securities exchange registered under Section 6 of the Exchange Act or quoted in a U.S. automated
inter-dealer quotation system.

     Section 3.22 There is and has been no failure on the part of the Company and any of
the Company’s directors or officers, in their capacities as such, to comply with any provision of
the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith,

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including Section 402 related to loans and Sections 302 and 906 related to certifications, to
the extent such sections are applicable.

     Section 3.23 Neither the Company, nor any of its affiliates, nor, to the knowledge of
the Company, any person acting on its or their behalf (i) has, within the six-month period prior to
the date hereof, offered or sold in the United States or to any U.S. person (as such terms are
defined in Regulation S under the Securities Act) the Units, Third Lien Notes and Warrants, or any
security of the same class or series as the Units, Third Lien Notes and Warrants or (ii) has
offered or will offer or sell the Third Lien Notes and Warrants in the United States by means of
any form of general solicitation or general advertising within the meaning of Rule 502(c) under the
Securities Act.

     Section 3.24 No “nationally recognized statistical rating organization” as such term
is defined for purposes of Rule 436(g)(2) under the Securities Act (i) has imposed (or has informed
the Company or any Guarantor that it is considering imposing) any condition (financial or
otherwise) on the Company’s or any Guarantor’s retaining any rating assigned to the Company or any
Guarantor, any securities of the Company or any Guarantor or (ii) has indicated to the Company or
any Guarantor that it is considering (a) the downgrading, suspension or withdrawal of, or any
review for a possible change that does not indicate the direction of the possible change in, any
rating so assigned or (b) any change in the outlook for any rating of the Company, any Guarantor or
any securities of the Company or any Guarantor.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE HOLDER

     Each Holder represents and warrants, severally and not jointly, to the Company as follows:

     Section 4.1 Organization and Standing of the Holder. The Holder is duly
organized, validly existing and in good standing under the laws of its jurisdiction of its
incorporation or formation and has all requisite power and authority to own and operate its
properties, to carry on its business as now conducted and to enter into this Agreement and perform
its obligations hereunder.

     Section 4.2 Exchange Agreement and Other Transaction Documents. This
Agreement and each other agreement contemplated hereby to which the Holder is a party have been
duly and validly authorized by the Holder. This Agreement has been duly executed and delivered by
the Holder, and this Agreement is a valid and binding obligation of the Holder enforceable in
accordance with its terms, subject as to enforceability to general principles of equity and to
bankruptcy, insolvency, moratorium and other similar laws affecting the enforcement of creditors’
rights generally, and except that the enforceability of any indemnification or contribution
provisions thereof may be limited under applicable securities laws or the public policies
underlying such laws.

     Section 4.3 Non-Contravention. The execution and delivery by the Holder of
this Agreement and the other documents contemplated by this Agreement and the other transactions
contemplated by this Agreement and each other agreement contemplated hereby to which the

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Holder is a party, do not and will not (i) result in any violation of any terms of the charter
documents of the Holder; (ii) conflict with or result in a breach by the Holder or any of the terms
or provisions of, or constitute a default under, any indenture, mortgage, deed of trust or other
material agreement or instrument to which the Holder is a party or by which the Holder or any of
its properties or assets is bound or affected or (iii) violate or contravene any applicable law,
rule or regulation or any applicable decree, judgment or order of any Governmental Body or court
having jurisdiction over the Holder or any of its properties or assets, except, in the case of (ii)
and (iii), as would not have a material adverse effect on the business, properties, operations,
financial condition or results of operations of the Holder and its subsidiaries, taken as a whole.

     Section 4.4 Ownership. The Holder is (i) the sole beneficial owner and/or the
investment advisor, authorized representative or manager for the beneficial owners of the Exchanged
Notes the principal amount of which is set forth on its signature page attached hereto, having the
power to vote and dispose of such Exchanged Notes on behalf of such beneficial owners and (ii)
entitled (for its own account or for the account of certain funds and/or accounts for which it acts
as investment advisor) to all of the rights and economic benefits of such Exchanged Notes. There
are no outstanding agreements, arrangements or understandings under which such Holder, its nominee
or the beneficial owners of the Exchanged Notes for which such Holder acts as investment advisor
may be obligated to transfer any of the Exchanged Notes, other than this Agreement. The Holder has
full power and authority to enter into this Agreement, make the representations and warranties set
forth herein and transfer Exchange Notes in accordance with the terms hereof on behalf of the
beneficial owners of the Exchanged Notes the principal amount of which is set forth on its
signature page hereto.

     Section 4.5 Transfers. Such Holder (and the beneficial owners of the
Exchanged Notes for which such Holder acts as investment advisor) has made no prior assignment,
sale, participation, grant, conveyance, or other transfer of, and has not entered into any other
agreement to assign, sell, participate, grant, or otherwise transfer, in whole or in part, any
portion of its right, title, or interests in the Exchanged Notes it beneficially owns, subject to
this Agreement, that is inconsistent with the representations and warranties made in Section
4.4 above or that would render such Holder (and the beneficial owners of the Exchanged Notes
for which such Holder acts as investment advisor) otherwise unable to comply with its obligations
under this Agreement.

     Section 4.6 Liens. The Exchanged Notes held by such Holder (or the beneficial
owners of the Exchanged Notes for which such Holder acts as investment advisor, as the case may be)
are not subject to any lien, pledge, mortgage, security interest, charge, option or other
encumbrance of adverse claim of any kind (a “Lien”). The execution and delivery of, and
the performance by such Holder of its obligations under, this Agreement, will not result in the
creation of any Lien upon the Exchanged Notes held by such Holder (or the beneficial owners of the
Exchanged Notes for which such Holder acts as investment advisor, as the case may be). Upon the
consummation of the Exchange, the Company will acquire the Exchanged Notes to be exchanged by such
Holder (or the beneficial owners of the Exchanged Notes for which such Holder acts as investment
advisor, as the case may be) free and clear of any Lien.

     Section 4.7 Investment Experience. The Holder has such knowledge and
experience in financial and business affairs that such Holder is capable of evaluating the merits
and risks of

10

 

an investment in the Units, the Third Lien Notes and the Warrants. The Holder (and each
beneficial owner of the Exchanged Notes for which such Holder acts as investment advisor) is an
“accredited investor,” within the meaning of Rule 501 promulgated by the Commission under the
Securities Act, and a “qualified institutional buyer” as defined in Rule 144A under the Securities
Act. The Holder (and each beneficial owner of the Exchanged Notes for which such Holder acts as
investment advisor) will acquire the Units, the Third Lien Notes and the Warrants for its own
account (or for the account of certain funds and/or accounts for which such Holder acts as
investment advisor), for investment, and not with a view to or for sale in connection with any
distribution thereof in violation of the registration provisions of the Securities Act or the rules
and regulations promulgated thereunder. The Holder (and each beneficial owner of the Exchanged
Notes for which such Holder acts as investment advisor) understands that the Units, the Third Lien
Notes and the Warrants, are being issued to it in reliance on specific exemptions from the
registration requirements of United States federal and state securities laws and that the Company
is relying upon the truth and accuracy of, and the Holder’s compliance (and the compliance of each
beneficial owner of the Exchanged Notes for which such Holder acts as investment advisor) with, the
representations, warranties, agreements, acknowledgments and understandings of the Holder (on its
own behalf and on behalf of each beneficial owner of the Exchanged Notes for which such Holder acts
as investment advisor) set forth herein in order to determine the availability of such exemptions
and the eligibility of the Holder (and each beneficial owner of the Exchanged Notes for which such
Holder acts as investment advisor) to acquire the Units, the Third Lien Notes and the Warrants.
Such Holder (and each beneficial owner of the Exchanged Notes for which such Holder acts as
investment advisor) acknowledges that no representations, express or implied, are being made with
respect to the Company, the Units, the Third Lien Notes and the Warrants, or otherwise, other than
those expressly set forth herein. In making its decision to invest in the Units, the Third Lien
Notes and Warrants, hereunder, such Holder has relied upon independent investigations made by such
Holder and, to the extent believed by such Holder to be appropriate, such Holder’s representatives,
including such Holder’s own professional, tax and other advisors. Such Holder and its
representatives have been given the opportunity to ask questions of, and to receive answers from,
the Company and its representatives concerning the terms and conditions of the investment in the
Units, the Third Lien Notes and the Warrants. Such Holder has reviewed, or has had the opportunity
to review, all information it deems necessary and appropriate for such Holder to evaluate the
financial risks inherent in an investment in the Units, the Third Lien Notes and the Warrants.
Such Holder (and each beneficial owner of the Exchanged Notes for which such Holder acts as
investment advisor) understands that its investment in the Units, the Third Lien Notes and the
Warrants involves a high degree of risk and that no Governmental Body has passed on or made any
recommendation or endorsement of the Units, the Third Lien Notes and the Warrants.

     Section 4.8 Restricted Securities. The Holder has been advised by the Company
that (i) the offer and sale of the New Securities has not been registered under the Securities Act;
(ii) the offer and sale of the New Securities is intended to be exempt from registration under the
Securities Act pursuant to Section 4(2) under the Securities Act; and (iii) there is no established
market for the Units, the Third Lien Notes and the Warrants, and it is not anticipated that there
will be any active public market for the Units, the Third Lien Notes and the Warrants in the
foreseeable future. The Holder is familiar with Rule 144 promulgated by the Securities and
Exchange Commission under the Securities Act, as presently in effect, and understands the resale
limitations imposed thereby and by the Securities Act. The Holder (and each beneficial owner of

11

 

the Exchanged Notes for which such Holder acts as investment advisor) will only sell or
otherwise transfer the Units, the Third Lien Notes and the Warrants in accordance with the Warrant
and Unit Agreement and the Third Lien Notes Indenture, as applicable.

ARTICLE V

CONDITIONS PRECEDENT TO HOLDER’S OBLIGATION

     The obligation of each Holder to exchange the Exchanged Notes for the Units consisting of the
Third Lien Notes and the Warrants is subject to the following conditions (any or all of which may
be waived by the Holder in its sole discretion):

     Section 5.1 Representations and Warranties. Each of the representations and
warranties of the Company set forth in this Agreement shall be true and correct on the Closing
Date.

     Section 5.2 Performance; No Default. The Company shall have performed and
complied in all material respects with all agreements and conditions contained in this Agreement
required to be performed or complied with by the Company prior to or at the Closing.

     Section 5.3 Proceedings and Documents. All corporate and other proceedings in
connection with the transactions contemplated by this Agreement and all documents and instruments
incident to such transactions shall be reasonably satisfactory to the Holder, and the Holder shall
have received all such counterpart originals or certified or other copies of such documents as it
may reasonably request.

     Section 5.4 No Actions. No action, suit or legal, administrative or arbitral
proceeding or investigation (as “Action”) shall have been instituted (and be pending) by or
before any Governmental Body to restrain or prohibit this Agreement or the consummation of the
transactions contemplated by this Agreement. No preliminary or permanent injunction or other order
issued by any federal or state court of competent jurisdiction preventing consummation of this
Agreement shall be in effect.

     Section 5.5 Execution of Credit Agreement Amendment. The Company, the
Guarantors and Bank of America shall have entered into the Credit Agreement Amendment.

     Section 5.6 Consummation of Second Lien Term Loan. The Company, the
Guarantors and the Second Lien Agent and any lenders party thereto shall have entered into the
Second Lien Term Loan Agreement and the Second Lien Collateral Documents, and the funding of the
Second Lien Term Loan Agreement shall have been consummated or shall be consummated
contemporaneously with the consummation of the Exchange.

     Section 5.7 Opinion of Counsel. Kirkland & Ellis LLP, counsel for the
Company, shall have delivered to the Holders an opinion, dated as of the Closing, in form and
substance satisfactory to the Holders.

     Section 5.8 Officers’ Certificate. The Holders shall have received a
certificate, dated as of the Closing, of the President or any Vice President and the Chief
Financial Officer of the

12

 

Company in which such officers, to the best of their knowledge after reasonable investigation,
shall state that the representations and warranties of the Company in this Agreement are true and
correct in the case of representations and warranties which are qualified as to materiality, and
true and correct in all material respects in the case of representations and warranties that are
not so qualified, that the Company has complied in all material respects with all agreements and
satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the
Closing, and that, subsequent to March 31, 2009, there has been no material adverse change, nor any
development or event involving a prospective material adverse change, in the condition (financial
or other), business, properties or results of operations of the Company and its subsidiaries taken
as a whole except as described in such certificate.

     Section 5.9 DTC. The Units, the Third Lien Notes and the Warrants shall have
been declared eligible for clearance and settlement through DTC.

     Section 5.10 Costs. The Company shall have paid all costs and expenses
invoiced to the Company prior to the Closing in connection with the preparation, execution and
delivery of this Agreement and the issuance of the Units, the Third Lien Notes and the Warrants,
including the costs and expenses of Akin Gump Strauss Hauer & Feld LLP, counsel to the Holders.

ARTICLE VI

CONDITIONS PRECEDENT TO THE COMPANY’S OBLIGATION

     The obligation of the Company to exchange the Exchanged Notes for the Units consisting of the
Third Lien Notes and the Warrants is subject to the following conditions (any or all of which may
be waived by the Company in its sole discretion):

     Section 6.1 Representations and Warranties. Each of the representations and
warranties of each Holder set forth in this Agreement shall be true and correct in all material
respects on the Closing Date.

     Section 6.2 Performance; No Default. The Holders shall have performed and
complied in all material respects with all agreements and conditions contained in this Agreement
required to be performed or complied with by the Holders prior to or at the Closing.

     Section 6.3 Proceedings and Documents. All corporate and other proceedings in
connection with the transactions contemplated by this Agreement and all documents and instruments
incident to such transactions shall be reasonably satisfactory to the Company, and the Company
shall have received all such counterpart originals or certified or other copies of such documents
as it may reasonably request.

     Section 6.4 No Actions. No Action shall have been instituted (and be pending)
by or before any Governmental Body to restrain or prohibit this Agreement or the consummation of
the transactions contemplated by this Agreement. No preliminary or permanent injunction or other
order issued by any federal or state court of competent jurisdiction preventing consummation of
this Agreement shall be in effect.

13

 

     Section 6.5 Execution of Credit Agreement Amendment. The Company, the
Guarantors and Bank of America shall have entered into the Credit Agreement Amendment.

     Section 6.6 Consummation of Second Lien Term Loan. The Company, the
Guarantors and the Second Lien Agent and any lenders party thereto shall have entered into the
Second Lien Term Loan Agreement and the Second Lien Collateral Documents, and the funding of the
Second Lien Term Loan Agreement shall have been consummated or shall be consummated
contemporaneously with the consummation of the Exchange.

     Section 6.7 DTC. The Units, the Third Lien Notes and the Warrants shall have
been declared eligible for clearance and settlement through DTC.

     Section 6.8 Exchanged Notes Returned. The Holder shall have instructed each
of its custodians for those accounts holding the Exchanged Notes to recall any of its Exchanged
Notes that such custodian may have loaned under any securities lending arrangement, and any such
Exchanged Notes shall have been returned.

     Section 6.9 Required Holders. Holders holding not less than $52,190,000 of
the principal amount outstanding of the Exchanged Notes shall have executed this Agreement and
shall have delivered such principal amount of Exchanged Notes through the book-entry facilities of
DTC to the Company (or its designee which may be the Trustee for the benefit of the Company) in
accordance with Section 2.2 hereof. The Company may, in its sole discretion, waive the
condition set forth in this Section 6.9 if (a) the Holders have delivered $45,690,000 in
principal amount of Exchanged Notes through the book-entry facilities of the DTC to the Company (or
its designee which may be the Trustee for the benefit of the Company), and (b) TRP has instructed
the custodians for those accounts holding the remaining $6,500,000 in principal amount of Exchanged
Notes to deliver such Exchanged Notes through the book-entry facilities of DTC to the Company (or
its designee which may be the Trustee for the benefit of the Company) as soon as practicable. The
foregoing waiver shall not relieve TRP (and the funds and/or accounts for which TRP acts as
investment advisor) of their obligations to deliver the entire principal amount of Exchanged Notes
set forth opposite TRP’s name on Schedule I hereto in accordance with the terms of this
Agreement.

ARTICLE VII

CERTAIN COVENANTS AND AGREEMENTS OF THE PARTIES

     Section 7.1 Legends. Each certificate issued at the Closing representing
Units shall be endorsed with a legend in substantially the form as provided in the Warrant and Unit
Agreement. Each certificate issued at the Closing representing Third Lien Notes shall be endorsed
with a legend in substantially the form as provided in the Third Lien Notes Indenture. Each
certificate issued at the Closing representing Warrants shall be endorsed with a legend in
substantially the form as provided in the Warrant and Unit Agreement.

     Section 7.2 Further Actions by Holder. The Holders shall, at the written
request of the Company, at any time and from time to time following the Closing execute and deliver
to the Company all such further instruments and take all such further action as may be reasonably
necessary or appropriate in order to confirm or carry out its obligations under this Agreement.

14

 

     Section 7.3 Further Action by the Company. The Company shall, at the written
request of any Holder, at any time and from time to time following the Closing execute and deliver
to such Holder all such further instruments and take all such further action as may be reasonably
necessary or appropriate in order to confirm or carry out its obligations under this Agreement.

     Section 7.4 Best Efforts. The Company and the Holders shall use their
respective best efforts (subject to standards of commercial reasonableness) to consummate the
transactions contemplated to be performed by it under this Agreement.

     Section 7.5 Publicity. Neither the Company nor the Holder shall issue or
cause the publication of any press release or make any other public statement, filing or
announcement with respect to this Agreement and the transactions contemplated hereby without the
prior approval of the other party; provided, however, that the Company shall be
entitled, without the prior approval of the Holder, to make any press release or other public
disclosure with respect to such transactions as is required by applicable law or regulation,
including the rules of the Securities and Exchange Commission, or the Nasdaq. The Company and the
Holder shall cooperate in issuing press releases or otherwise making public statements with respect
to this Agreement and the transactions contemplated hereby, which cooperation shall include first
consulting the other party hereto concerning the requirement for, and timing and content of, such
public announcement.

     Section 7.6 Expenses. The Company will pay all expenses incidental to the
performance of its obligations under this Agreement, the Third Lien Notes Indenture and the Third
Lien Collateral Documents, including (i) the fees and expenses of the Trustee and its professional
advisors; (ii) all expenses in connection with the execution, issue, authentication, and initial
delivery of the New Securities, the preparation of this Agreement, the Third Lien Notes Indenture
and the Third Lien Collateral Documents, and any other document relating to the issuance, sale and
delivery of the New Securities and (iii) the costs and expenses of Akin Gump Strauss Hauer & Feld
LLP, counsel to the Holders.

ARTICLE VIII

TERMINATION

     Section 8.1 Termination. Notwithstanding anything in this Agreement to the
contrary, this Agreement may be terminated and the transactions contemplated by this Agreement
abandoned at any time prior to the Closing by any party if the transactions contemplated by this
Agreement are not consummated in accordance with their terms within 15 days after the date hereof;
provided, however, that a party hereto shall not have the right to terminate this
Agreement if the failure to consummate the transactions contemplated by this Agreement shall be
primarily attributable to such party’s failure to satisfy its obligations hereunder; provided
further that the provisions of Sections 7.6, 9.1 and 9.2 shall survive any
such termination of this Agreement.

15

 

ARTICLE IX

INDEMNIFICATION

     Section 9.1 Indemnification.

     (a) The Company agrees to indemnify and hold harmless each Holder and its affiliates, each
beneficial owner of the Exchanged Notes for which such Holder acts as investment advisor, and in
each case, their respective officers, directors, employees, controlling persons (within the meaning
of the Securities Act or the Exchange Act) and agents (each, an “Indemnified Holder”),
against any loss, claim, damage, liability or out-of-pocket expense (including reasonable
attorneys’ fees), as incurred, if any (collectively, “Losses”), arising out of or relating
to this Agreement and the transactions contemplated hereby, other than Losses resulting from the
bad faith, gross negligence or willful misconduct of such Indemnified Holder, from a willful and
material breach by a Holder of its obligations under this Agreement or from a claim solely among
the Indemnified Holders.

     (b) Promptly after receipt by an Indemnified Holder under this Section 9.1 of notice
of the commencement of any action, such Indemnified Holder will, if a claim in respect thereof is
to be made against the Company under this Section 9.1, notify the Company in writing of the
commencement thereof, but the failure to notify the Company will not relieve it from liability
under paragraph (a) above unless and to the extent it did not otherwise learn of such action and
such failure results in the forfeiture by the Company of substantial rights and defenses. In case
any such action is brought against any Indemnified Holder and such Indemnified Holder seeks or
intends to seek indemnity from the Company, the Company will be entitled to participate in, and, to
the extent that it shall elect, by written notice delivered to the Indemnified Holder promptly
after receiving the aforesaid notice from such Indemnified Holder, to assume the defense thereof
with counsel satisfactory to such Indemnified Holder; provided, however, if the defendants in any
such action include both the Indemnified Holder and the Company and the Company shall have
reasonably concluded that a conflict may arise between the positions of the Company and the
Indemnified Holder in conducting the defense of any such action or that there may be legal defenses
available to it and/or other Indemnified Holders that are different from or additional to those
available to the Company, the Indemnified Holder or Holders shall have the right to select separate
counsel to assume such legal defenses and to otherwise participate in the defense of such action on
behalf of such Indemnified Holder or Holders. Upon receipt of notice from the Company to such
Indemnified Holder of the Company’s election so to assume the defense of such action and approval
by the Indemnified Holder of counsel, the Company will not be liable to such Indemnified Holder for
any legal or other expenses subsequently incurred by such Indemnified Holder in connection with the
defense thereof unless (i) the Indemnified Holder shall have employed separate counsel in
accordance with the proviso to the preceding sentence (it being understood, however, that in
connection with any such action the Company shall not be liable for the expenses of more than one
separate counsel (in addition to any local counsel) representing the Indemnified Holders who are
parties to such action) or (ii) the Company shall not have employed counsel reasonably satisfactory
to the Indemnified Holder to represent the Indemnified Holder within a reasonable time after notice
of commencement of the action.

     (c) The Company shall not be liable for any settlement of any proceeding effected without its
written consent, which shall not be withheld unreasonably, but if settled with such

16

 

consent or if there is a final judgment for the plaintiff, the Company agrees to indemnify the
Indemnified Holder against any Loss by reason of such settlement or judgment. Notwithstanding the
foregoing sentence, if at any time an Indemnified Holder shall have requested that the Company
reimburse the Indemnified Holder for fees and expenses of counsel as contemplated by this
Section 9.1, the Company shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 30 days after receipt
by the the Company of such request and (ii) the Company shall not have reimbursed the Indemnified
Holder in accordance with such request prior to the date of such settlement. The Company shall
not, without the prior written consent of the Indemnified Holder, effect any settlement in any
pending or threatened action, suit or proceeding in respect of which any Indemnified Holder is or
could have been a party and indemnity was or could have been sought hereunder by such Indemnified
Holder, unless such settlement, compromise or consent (x) includes an unconditional release of such
Indemnified Holder from all liability on claims that are the subject matter of such action, suit or
proceeding and (y) does not include a statement as to or an admission of fault, culpability or a
failure to act, by or on behalf of any Indemnified Holder.

     (d) If the indemnification provided for in this Section 9.1 is for any reason
unavailable to or otherwise insufficient to hold harmless the Indemnified Holder in respect of any
Loss referred to therein, then the Company shall contribute to the aggregate amount paid or payable
by such Indemnified Holder, as incurred, as a result of any Loss referred to therein:

     (i) in such proportion as is appropriate to reflect the relative benefits received by
the Company, on the one hand, and the Holders, on the other hand, pursuant to this
Agreement, or

     (ii) if the allocation provided by Section 9.1(d)(i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in Section 9.1(d)(i) above but also the relative fault of the
Company, on the one hand, and the Holders, on the other hand, as well as any other relevant
equitable considerations.

The Company and the Holders agree that it would not be just and equitable if contribution pursuant
to this Section 9.1(d) were determined by pro rata allocation (even if the Holders were
treated as one entity for such purpose) or by any other method of allocation that does not take
account of the equitable considerations referred to in this Section 9.1. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders’ obligations to contribute as provided in this Section
9.1(d) are several and not joint.

     (e) The provisions of this Section 9.1 will survive the Closing.

ARTICLE X

MISCELLANEOUS

     Section 10.1 Termination of Lock-Up Period. The Lock-Up Period, as defined in
paragraph 5 of the confidentiality agreement, dated as of June 26, 2009, between the Company

17

 

and
Evergreen and paragraph 5 of the confidentiality agreement, dated as of June 26, 2009,
between the Company and TRP, shall end automatically upon a public announcement by the Company
of the execution and delivery of this Agreement by means of a filing of a Current Report on Form
8-K or other periodic report under the Exchange Act with the Securities and Exchange Commission or
otherwise.

     Section 10.2 Survival of Representations. The representations, warranties,
covenants and agreements of the Holders and the Company contained in this Agreement or in any
certificate furnished hereunder shall survive the Closing.

     Section 10.3 Prior Agreements. This Agreement and the confidentiality
agreements referred to in Section 9.1 hereof constitute the entire agreement between the
parties concerning the subject matter hereof and supersedes any prior representations,
understandings or agreements. There are no representations, warranties, agreements, conditions or
covenants, of any nature whatsoever (whether express or implied, written or oral) between the
parties hereto with respect to such subject matter except as expressly set forth herein.

     Section 10.4  Severability. The invalidity or unenforceability of any
provision hereof shall in no way affect the validity or enforceability of any other provision or
the validity and enforceability of this Agreement in any other jurisdiction.

     Section 10.5 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS
CHOICE OF LAW RULES.

     Section 10.6 Headings. Section headings in this Agreement are included herein
for convenience of reference only and shall not constitute a part of, or affect the interpretation
of, this Agreement.

     Section 10.7 Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument, and either
of the parties hereto may execute this Agreement by signing any such counterpart. A facsimile
transmission of this Agreement bearing a signature on behalf of a party hereto shall be legal and
binding on such party.

     Section 10.8 Assignment; Binding Effect. The Holders shall not convey, assign
or otherwise transfer any of their rights or obligations under this Agreement without the express
written consent of the Company, and the Company shall not convey, assign or otherwise transfer any
of its rights and obligations under this Agreement without the express written consent of the
initial Holders. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns.

     Section 10.9 Waiver; Remedies. No delay on the part of any Holder or the
Company in exercising any right, power or privilege under this Agreement shall operate as a wavier
thereof, nor shall any waiver on the part of any Holder or the Company of any right, power or
privilege under this Agreement operate as a waiver of any other right, power or privilege of such
party under this Agreement, nor shall any single or partial exercise of any right, power or
privilege

18

 

under this Agreement preclude any other or further exercise thereof or the exercise of
any other right, power or privilege under this Agreement.

     Section 10.10 Amendment. This Agreement may be modified or amended only by
written agreement of the parties to this Agreement.

     Section 10.11 Notice. Any notice or communications hereunder shall be in
writing and shall be deemed to have been given if delivered in person or by registered or certified
first-class mail, telecopier or courier service, to the following addresses, or such other
addresses as may be furnished hereafter by notice in writing, as follows:

if to the Company or any Subsidiary Guarantor:

Commercial Vehicle Group, Inc.

7800 Walton Parkway

New Albany, OH 43054

Attention: Chief Financial Officer

Facsimile: (614) 289-5360

if to the Holders:

Evergreen Investment Management Company, LLC

200 Berkeley Street

Boston, MA 02116

Attention: Michael Brown

Facsimile: (617) 954-0991

- and -

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Attention: Jonathan D. Siegel, Vice President & Senior Legal Counsel

Facsimile: (410) 345-2777

19

 

     IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have caused this
Agreement to be executed by their respective duly authorized officers, as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	COMMERCIAL VEHICLE GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Chad M. Utrup	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Chad M. Utrup	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	CABARRUS PLASTICS, INC.

CVG CS LLC

CVG MANAGEMENT CORPORATION

CVG LOGISTICS, LLC

CVG EUROPEAN HOLDINGS, LLC

CVG OREGON, LLC

CVS HOLDINGS, INC.

MAYFLOWER VEHICLE SYSTEMS, LLC

MONONA CORPORATION

MONONA WIRE CORPORATION

MONONA (MEXICO) HOLDINGS LLC

NATIONAL SEATING COMPANY

SPRAGUE DEVICES, INC.

TRIM SYSTEMS, INC.

TRIM SYSTEMS OPERATING CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Chad M. Utrup	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Chad M. Utrup	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 

Signature Page to Exchange Agreement

 

 

	 	 	 	 	 	 	 
	 	 	NAME OF HOLDER:	 	 
	 
	 	 	 	 	 	 
	Date: August 4, 2009	 	EVERGREEN INVESTMENT MANAGEMENT COMPANY, LLC
(investment advisor for various funds and accounts
which are beneficial owners of the Exchanged Notes)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Andrew P. Cestone	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Andrew P. Cestone	 	 
	 

	 	Title:
	 	SVP Head of Global High Yield	 	 
	 
	 	 	 	 	 	 
	 	 	Aggregate Principal Amount of 8% Senior Notes due 2013 to be
Exchanged (for its own account or for the account of funds
and/or accounts for which it acts as investment advisor):	 	 
	 
	 	 	 	 	 	 
	 	 	$28,090,000	 	 

Signature Page to Exchange Agreement

 

 

	 	 	 	 	 	 	 
	 	 	NAME OF HOLDER:	 	 
	 
	 	 	 	 	 	 
	Date: August 4, 2009	 	T. ROWE PRICE ASSOCIATES, INC. (investment advisor
for various funds and accounts which are beneficial
owners of the Exchanged Notes)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark Vaselkiv	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Mark Vaselkiv	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Aggregate Principal Amount of 8% Senior Notes due 2013 to be
Exchanged (for its own account or for the account of funds
and/or accounts for which it acts as investment advisor):	 	 
	 
	 	 	 	 	 	 
	 	 	$24,100,000	 	 

Signature Page to Exchange Agreement

 

 

Schedule I

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Units Consisting of:	 	 
	 	 	 	 	 	 	 	 	 	 	Total	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Principal	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Amount of	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Third Lien	 	 	 	 	 	 
	 	 	Principal	 	 	 	 	 	Notes	 	 	 	 	 	 
	 	 	Amount of	 	 	 	 	 	Exchanged for	 	 	 	 	 	Total Amount
	 	 	and	 	 	 	 	 	Exchanged	 	 	 	 	 	(Gross
	 	 	Accrued	 	 	 	 	 	Notes and	 	Total Number	 	Proceeds) of
	 	 	and Unpaid	 	 	 	 	 	Accrued and	 	of Shares of	 	Second Lien
	 	 	Interest on	 	 	 	 	 	Unpaid	 	Common	 	Term Loan
	 	 	Exchanged	 	 	 	 	 	Interest on	 	Stock	 	Funded
	 	 	Notes	 	Number	 	Exchanged	 	Underlying	 	through
	Holder	 	Exchanged	 	of Units	 	Notes	 	Warrants	 	Assignments
	Evergreen
Investment
Management Company,
LLC
	 	$	28,090,000	 	 	 	22,672	 	 	$	22,672,000	 	 	 	400,974.26645	 	 	$	7,111,473.60	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	T. Rowe Price
Associates, Inc.
	 	$	24,100,000	 	 	 	19,452	 	 	$	19,452,000	 	 	 	344,025.73355	 	 	$	6,009,326.40	 

 

 

Exhibit A

[Third Lien Notes Indenture]

[Filed as Exhibit 4.1 to this Current Report on Form 8-K]

 

 

Exhibit B

[Security Agreement]

[Filed as Exhibit 4.2 to this Current Report on Form 8-K]

 

 

Exhibit C

[Warrant and Unit Agreement]

[Filed as Exhibit 4.3 to this Current Report on Form 8-K]

 

 

Exhibit D

[Second Lien Term Loan Agreement]

[Filed as Exhibit 10.3 to this Current Report on Form 8-K]

 

 

Exhibit E

[First Lien Credit Agreement Amendment]

[Filed as Exhibit 10.2 to this Current Report on Form 8-K]

 

 

Exhibit F

[BofA Intercreditor Agreement]

[Filed as Exhibit 10.4 to this Current Report on Form 8-K]

 

 

Exhibit G

[Junior Intercreditor Agreement]

[Filed as Exhibit 10.5 to this Current Report on Form 8-K]exv10w2

Exhibit 10.2

EXECUTION VERSION

CONSENT AND AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT

          This Consent and Amendment No. 2 to Loan and Security Agreement (this “Amendment”) is
made as of August 4, 2009, by and among COMMERCIAL VEHICLE GROUP, INC., a Delaware corporation (the
“Company”), each other Borrower, as defined in the Loan Agreement referred to below
(together with the Company, collectively, “Borrowers”), the financial institutions party to
the Loan Agreement as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., as
agent for Lenders (“Agent”).

RECITALS:

          A. Borrowers, Agent and Lenders are parties to that certain Loan and Security Agreement, dated
as of January 7, 2009 (as amended and as the same may be further amended, restated, supplemented or
otherwise modified from time to time, the “Loan Agreement”).

          B. Borrowers have requested, among other things, that the Agent and the Lenders consent to
the incurrence of the Second Lien Term Loans by the Company and the issuance by the Company of the
Third Lien Notes (each as defined herein).

          C. Borrowers, Agent and Lenders desire to amend the Loan Agreement as more fully set forth
herein.

          D. Each capitalized term used herein and not otherwise defined herein shall have the same
meaning set forth in the Loan Agreement.

AGREEMENT:

          In consideration of the premises and mutual covenants herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Borrowers, Agent and
Lenders agree as follows:

     1. Amendment to Schedule 1.1. Schedule 1.1 to the Loan Agreement is hereby
amended and restated in its entirety as set forth at Exhibit A hereto.

     2. New Definitions. The following definitions shall be added to Section 1.1 of the
Loan Agreement in the appropriate alphabetical order:

     “Amendment No. 2: means Amendment No. 2 to Loan Agreement, dated as of August
4, 2009, by and among the Borrower, the Lenders and the Agent.”

     “Amendment No. 2 Effective Date: has the meaning given to such term in
Amendment No. 2.”

     “Availability Block: means $10,000,000 provided, however, that if
Borrowers deliver a Compliance Certificate pursuant to Section 10.1.2(c) for any Fiscal
Quarter ending March 31, 2010 or thereafter demonstrating that Borrowers’ Fixed Charge
Coverage Ratio is at least 1.1 to 1.0 as of the last day of the period consisting of the
most recent four Fiscal Quarters (notwithstanding anything contained in the definition of
“Fixed Charge Coverage Ratio” to the

 

 

contrary), the Availability Block shall be $7,500,000 at all times when the Fixed Charge
Coverage Ratio is at least 1.1 to 1.”

     “Excluded Receivables Subsidiary: any Subsidiary created and operated for the
sole purpose of collecting and selling accounts receivable and assets related thereto
pursuant to any Qualified Receivables Purchase Agreement; provided that such Subsidiary may
engage in necessary corporate governance, accounting and other similar incidental
transactions required in connection with maintaining its existence.”

     “Existing Senior Notes Indenture Formula Amount : the amount of Revolver Loans
that may be incurred by the Company and its Subsidiaries pursuant to Section 4.03(b)(1) of
the Indenture as in effect on the date hereof; provided, however, that if
the aggregate amount of Obligations that may be secured by Liens permitted under clause (7)
of the definition of “Permitted Liens” contained in the Indenture as in effect on the date
hereof is less than such amount, the Indenture Formula Amount shall be limited to the
aggregate amount of Obligations that can be secured by such Permitted Liens.”

     “Financial Covenant Trigger Date: the earliest date upon which Domestic
Availability has been (a) less than $5,000,000 for three consecutive Business Days or (b)
less than $2,500,000 for any day on or after the Amendment No. 2 Effective Date.”

     “Financial Covenant Trigger Period: the period from and including the Financial
Covenant Trigger Date until the Business Day after Domestic Availability has been $5,000,000
or greater for sixty (60) consecutive days.”

     “Qualified Receivables Transaction: any transaction or series of transactions
designated in writing by the Agent to be a “Qualified Receivables Transaction” and which is
entered into by the Borrowers or their Subsidiaries, as applicable, pursuant to which the
Borrowers or their Subsidiaries, as applicable, may sell, convey or otherwise transfer to
(i) any Excluded Receivables Subsidiary or (ii) any other Person (in the case of a transfer
by an Excluded Receivables Subsidiary), or may grant a security interest in, any accounts
receivable (whether now existing or arising in the future) of the Company, and any assets
related thereto, including all collateral securing such accounts receivable, all contracts
and all guarantees or other obligations in respect of such accounts receivable, and proceeds
of such accounts receivable and other assets that are customarily transferred, or in respect
of which security interests are customarily granted, in connection with asset securitization
transactions involving accounts receivable; provided that such transaction shall
not involve any recourse to any Borrower or any Subsidiary (other than recourse only to the
Excluded Receivables Subsidiary or, solely with respect to Standard Securitization
Undertakings, any other Subsidiary) for any reason other than repurchases of non-eligible
accounts receivable.”

     “Second Lien Lenders: the financial institutions party identified as “Lenders”
under and as defined in the Second Lien Term Loan Agreement.

     “Second Lien Term Loan Agreement: the Loan and Security Agreement, dated as of
August 4, 2009, by and among the Company, the other parties thereto, and Credit Suisse, as
agent.

     “Second Lien Term Loan Collateral Agent: Credit Suisse, in its capacity as the
collateral agent for the Second Lien Lenders and any other agent in such similar capacity
pursuant to any Refinancing Debt..

2

 

     “Second Lien Term Loan Documents: the Second Lien Term Loan Agreement and each
other document defined as a “Loan Document” in the Second Lien Term Loan Agreement.

     “Second Lien Term Loans: any “Term Loan” as defined in the Second Lien Term
Loan Agreement.

     “Standard Securitization Undertakings: those representations, warranties,
covenants and indemnities entered into by the Company or any Excluded Receivables Subsidiary
which are determined in good faith by the Company to be customary in securitization
transactions involving accounts receivables.”

     “Third Lien Indenture: the Indenture, dated as of August 4, 2009, by and among
the Company, the other parties thereto and U.S. Bank National Association.

     “Third Lien Indenture Formula Amount: the amount of Revolver Loans that may be
incurred by the Company and its Subsidiaries pursuant to Section 4.03(b)(1) of the Third
Lien Indenture as in effect on the date hereof.

     “Third Lien Note Collateral Agent: U.S. Bank, National Association, in its
capacity as trustee and collateral agent for the Third Lien Noteholders, and any other agent
in such similar capacity pursuant to any Refinancing Debt.

     “Third Lien Note Documents: the Third Lien Indenture and each other document
defined as a “Note Document” in the Third Lien Indenture.

     “Third Lien Noteholders: any Person that is a “Holder” or “Securityholder”,
pursuant to and as defined in the Third Lien Indenture.

     “Third Lien Notes: the 11%/13% Third Lien Senior Secured Notes due 2013, issued
by the Company under the Third Lien Indenture, in the aggregate amount of $44,190,000 (plus
all interest paid in kind).

     3. Amended and Restated Definitions. Section 1.1 of the Loan Agreement is hereby
amended to amend and restate the definitions of “Change of Control”, “Distribution”, “Domestic
Availability Reserve”, “EBITDA”, “Eligible Domestic Account”, “Fixed Charge Coverage Ratio”,
“Indenture Formula Amount”, “Permitted Asset Disposition”, “Permitted Foreign Investment”,
“Refinancing Conditions”, “Refinancing Debt”, “Restricted Investment” and “Subordinated Debt” in
their entirety as follows:

     “Change of Control: the occurrence of any of the following events: (a) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or
becomes the “beneficial owner” (as defined in the Rules 13d-3 and 13d-5 under the Exchange
Act, except for purposes of this clause (a) such person shall be deemed to have “beneficial
ownership” of all shares that any such person has the right to acquire, whether such right
is exercisable immediately or only after the passage of time), directly or indirectly, of
more than 35% of the total voting power of the Voting Stock of the Company; (b) individuals
who on the Closing Date constituted the Board of Directors (together with any new directors
whose election by such Board of Directors or whose nomination for election by the
shareholders of the Company was approved by a vote of a majority of the directors of the
Company then still in office who were either directors on the Closing Date or whose election
or nomination for election was previously so approved) cease for any reason to constitute a
majority of the Board of Directors then in office; (c) the merger or consolidation of

3

 

the Company with or into another Person or the merger of another Person with or into the
Company, or the sale of all or substantially all the assets of the Company (determined on a
consolidated basis) to another Person other than a transaction following which (i) in the
case of a merger or consolidation transaction, holders of securities that represented 100%
of the Voting Stock of the Company immediately prior to such transaction (or other
securities into which such securities are converted as part of such merger or consolidation
transaction) own directly or indirectly at least a majority of the voting power of the
Voting Stock of the surviving Person in such merger or consolidation transaction immediately
after such transaction and substantially the same proportion as before the transaction and
(ii) in the case of a sale of assets transaction, each transferee becomes an obligor in
respect of the Obligations and a Subsidiary of the transferor of such assets; or (d) a
“change of control” under the Existing Senior Notes, Second Lien Term Loan Agreement, Third
Lien Indenture or any similar definition or concept in any Refinancing Debt of any of the
foregoing.”

     “Distribution: any declaration or payment of a distribution, interest or
dividend on any Equity Interest (other than payment-in-kind); or any purchase, redemption,
or other acquisition or retirement for value of any Equity Interest; provided, that in no
event shall the (i) cashless exercise of warrants or options, (ii) retirement of fractional
 shares, (iii) repurchases of Equity Interests deemed to occur in connection with the
surrender of shares of Equity Interests to satisfy tax withholding obligations; provided
however, that (a) the aggregate amount of such repurchases shall not exceed $500,000 for the
Fiscal Year ending December 31, 2009, $500,00 for the Fiscal Year ending December 31, 2010
or $1,000,000 in any Fiscal Year thereafter, and (b) no Event of Default shall have occurred
or shall occur as a result therefrom, or (iv) the cashless exercise of warrants, constitute
a “Distribution”.”

     “Domestic Availability Reserve: the sum (without duplication) of (a) the
Inventory Reserve; (b) the Rent and Charges Reserve; (c) the Domestic LC Reserve; (d) the
Bank Product Reserve; (e) the aggregate amount of liabilities secured by Liens upon
Collateral that are senior to Agent’s Liens (but imposition of any such reserve shall not
waive an Event of Default arising therefrom); (f) the Availability Block, and (g) such
additional reserves, in such amounts and with respect to such matters, as Agent in its
Permitted Discretion may elect to impose from time to time.”

     “EBITDA: determined on a consolidated basis for Borrowers and Subsidiaries, the
sum of (i) net income, calculated before (a) interest expense, (b) provision for income
taxes, (c) depreciation and amortization expense, (d) gains or losses arising from the sale
of capital assets, (e) gains arising from the write-up of assets, (f) any extraordinary
gains, (g) non-cash charges and expenses (other than those which represent a reserve for or
actual cash item in such period or any future period), (h) one-time non-recurring costs and
expenses associated with the issuance of Equity Interests, to the extent such costs and
expenses are financed with the proceeds of such issuance, (i) costs and expenses in
connection with the termination of the Obligors’ existing credit facility and the execution
of the Loan Documents, (j) severance costs and expenses to the extent paid in cash in an
amount not to exceed (1) $500,000 in the aggregate for the six Fiscal Months, taken as a
whole, prior to and including December 31, 2009 and (2) $1,000,000 in the aggregate in any
Fiscal Year thereafter, (k) any non-cash losses resulting from mark to market accounting of
Hedging Agreements, and (l) one-time non-recurring costs and expenses in connection with the
refinancing of certain of the Existing Senior Notes (whether or not consummated) in an
amount not to exceed $2,500,000 minus (ii) non-cash gains (including those resulting
from mark to market accounting of Hedging Agreements) minus (iii) cash payments made
in such period to the extent such payments relate to a non-cash loss, charge or expense in
any prior period which was added back in determining EBITDA.”

4

 

     “Eligible Domestic Account: an Account owing to a Domestic Borrower that arises
in the Ordinary Course of Business from the sale of goods, is payable in Dollars and is
deemed by Agent, in its Permitted Discretion, to be an Eligible Domestic Account. Without
limiting the foregoing, no Account shall be an Eligible Domestic Account if (a) it is unpaid
for more than 60 days after the original due date, or more than 90 days after the original
invoice date, (or, in the case of Accounts owing to a Domestic Borrower by Volvo or Mack
Truck not otherwise excluded, unpaid for more than 90 days after the original due date or
more than 120 days after the original invoice date, up to an aggregate amount of $5,000,000
at any time, for the portion of such Accounts which are unpaid for more than 90 days after
the original invoice date, to the extent the portion of such Accounts does not remain unpaid
for more than 120 days after the original invoice date); (b) 25% or more of the Accounts
owing by the Account Debtor are not Eligible Domestic Accounts under the foregoing clause;
(c) when aggregated with other Accounts owing by the Account Debtor, it exceeds 20% of the
aggregate Eligible Domestic Accounts (or such higher percentage as Agent may establish for
the Account Debtor from time to time); (d) it does not conform with a covenant or
representation herein; (e) it is owing by a creditor or supplier, or is otherwise subject to
offset, counterclaim, dispute, deduction, discount, recoupment, reserve, defense,
chargeback, credit or allowance (but ineligibility shall be limited to the amount thereof);
(f) an Insolvency Proceeding has been commenced by or against the Account Debtor
(provided, that so long as an order exists permitting payment of trade creditors
specifically with respect to such Account Debtor and such Account Debtor has obtained
adequate post-petition financing to pay such Accounts, the Accounts of such Account Debtor
shall not be deemed ineligible under the provisions of this clause to the extent the order
permitting such financing allows the payment of the applicable Account; or the Account
Debtor has suspended or ceased doing business, is liquidating, dissolving or winding up its
affairs, or is not Solvent; or Domestic Borrower is not able to bring suit or enforce
remedies against the Account Debtor through judicial process; (g) the Account Debtor is
organized or has its principal offices or assets outside the United States or Canada
(provided that, notwithstanding anything in this clause (g) to the contrary,
Eligible Domestic Accounts may include Accounts not otherwise excluded in an aggregate not
to exceed at any time $2,000,000 owing to a Domestic Borrower by Kenworth/Paccar, Volvo,
Caterpillar or such other Account Debtor as approved by Agent in writing); (h) it is owing
by a Government Authority, unless the Account Debtor is the United States or any department,
agency or instrumentality thereof and the Account has been assigned to Agent in compliance
with the Assignment of Claims Act; (i) it is not subject to a duly perfected, first priority
Lien in favor of Agent, or is subject to any other Lien other than the Liens described in
clauses (c), (d), (f), (g), and (l) of Section 10.2.2; (j) the goods giving rise to it have
not been delivered to and accepted by the Account Debtor, the services giving rise to it
have not been accepted by the Account Debtor, or it otherwise does not represent a final
sale; (k) it is evidenced by Chattel Paper or an Instrument, promissory note or bill of
exchange of any kind, or has been reduced to judgment; (l) its payment has been extended,
the Account Debtor has made a partial payment, or it arises from a sale on a
cash-on-delivery basis; (m) it arises from a sale to an Affiliate, from a sale on a
bill-and-hold, guaranteed sale, sale-or-return, sale-on-approval, consignment, or other
repurchase or return basis, or from a sale to a Person for personal, family or household
purposes; (n) it represents a progress billing or retainage; (o) it includes a billing for
interest, fees or late charges, but ineligibility shall be limited to the extent thereof; or
(p) is an account receivable owned by an Excluded Receivables Subsidiary or which the
Company or its Subsidiaries has agreed to transfer to an Excluded Receivables Subsidiary.
In calculating delinquent portions of Accounts under clauses (a) and (b), credit balances
more than 90 days old will be excluded.”

     “Fixed Charge Coverage Ratio: the ratio, determined on a consolidated basis for
Borrowers and their Subsidiaries as of the last day of the period consisting of the most
recent four

5

 

Fiscal Quarters (or, in the case of (i) the Fiscal Quarter ending March 31, 2010, as of
the last day of the period consisting of such Fiscal Quarter, (ii) the Fiscal Quarter ending
June 30, 2010, as of the last day of the period consisting of the most recent two Fiscal
Quarters, and (iii) the Fiscal Quarter ending September 30, 2010, as of the last day of the
period consisting of the most recent three Fiscal Quarters), of (a) EBITDA minus
Capital Expenditures and net cash taxes paid (not less than $0) for such period, to (b)
Fixed Charges for such period; provided that for the purposes of calculating the Fixed
Charge Coverage Ratio for the Fiscal Quarter ending on March 31, 2010, in the event that six
months of cash interest payments in respect of the Existing Senior Notes would otherwise be
calculated in the interest expense component of Fixed Charges for such period, only three
month interest expense shall be included in the calculation of Fixed Charges for such
period, and that for the purposes of calculating the Fixed Charge Coverage Ratio for the
Fiscal Quarter ending September 30, 2010, in the event that 12 months of cash interest
payments in respect of the Existing Senior Notes would otherwise be calculated in the
interest expense component of Fixed Charges for such period, only nine months interest
expense shall be included in the calculation of Fixed Charges for such period.”

     “Indenture Formula Amount: the collective reference to both the Existing Notes
Indenture Formula Amount and the Third Lien Indenture Formula Amount.”

     “Permitted Asset Disposition: (a) a sale of Inventory in the Ordinary Course of
Business; (b) a disposition of Property that, in the aggregate during any 12 consecutive
Fiscal Month period, has a fair market or book value (whichever is more) of $5,000,000 or
less; (c) a disposition of Inventory that is obsolete, unmerchantable or otherwise
unsaleable in the Ordinary Course of Business and sales, discounts and write-offs of
Accounts in the Ordinary Course of Business; (d) termination of a lease, sublease, license,
sublicense, use agreement or similar agreement of real or personal Property which could not
reasonably be expected to have a Material Adverse Effect; (e) the leasing (including
subleasing) or licensing (including sublicensing) of Intellectual Property, personal
Property or real Property in the Ordinary Course of Business or the abandonment of
Intellectual Property in the Ordinary Course of Business; (f) dispositions of obsolete,
uneconomical, negligible, worn-out or surplus property; (g) sales of Cash Equivalents and
marketable securities; (h) sales, transfers, leases, exchanges and dispositions (1) among
the Domestic Obligors, (2) among the UK Borrowers, (3) from the UK Obligors or non-Obligors
to the Domestic Obligors or UK Obligors, (4) among non-Obligors, or (5) to the extent
constituting a Permitted Foreign Investment, from Domestic Obligors or Domestic Subsidiaries
to UK Obligors or non-Obligor Subsidiaries; (i) granting of Permitted Liens; (j) mergers,
consolidations, amalgamations, liquidations and dissolutions to the extent permitted by
Section 10.2.10; (k) termination of any Hedging Agreement; (l) any disposition of Real
Estate to a Governmental Authority as a result of casualty or a condemnation of such Real
Estate; (m) issuances of Equity Interests to qualifying directors of Foreign Subsidiaries;
(n) the capitalization or forgiveness of Debt owed to it by other Obligors or Subsidiaries
if such capitalization or forgiveness is required in order to comply with so-called “thin
capitalization” rules; (o) the cancellation, forgiveness, set off or acceptance of
prepayments of Debt owed to a Borrower to the extent not otherwise prohibited by the terms
of this Agreement; (p) the UK Restructuring; (q) dispositions set forth on Schedule 10.2.7;
(r) sale of accounts receivable and related rights or assets pursuant to any Qualified
Receivables Transactions and preliminary intercompany transfers of accounts receivable and
related rights or assets in connection therewith; and (s) dispositions approved in writing
by Agent and Required Lenders.

     “Permitted Foreign Investment: an Investment by any Domestic Borrower in a
Foreign Subsidiary in the form of an intercompany loan, advance or transfer of Property
(other than Accounts or Inventory); provided, that (i) any loan or advance is
evidenced by a promissory note

6

 

in favor of such Domestic Borrower, (ii) any promissory note is pledged to Agent as
security for the Obligations in form reasonably satisfactory to Agent, and (iii) the
aggregate amount of all Permitted Foreign Investments made does not exceed in the aggregate
during any Fiscal Year $5,000,000, and in the aggregate during the term of this Agreement,
$10,000,000, and in the case of any Investment in any Foreign Subsidiary which has incurred
Debt pursuant to Section 10.2.1(n), less the aggregate amount of all other Debt incurred by
such Foreign Subsidiary.”

     “Refinancing Conditions: the following conditions for Refinancing Debt: (a) it
is in an aggregate principal amount that does not exceed the principal amount of the Debt
being extended, renewed, refinanced or replaced (except by the amount of any accrued
interest, payment in kind interest, reasonable closing costs, expenses, fees and premium
paid in connection with such extension, renewal, refinancing or replacement); (b) it has a
final maturity no sooner than, a weighted average life no less than, and a cash interest
rate no greater than, the Debt being extended, renewed, refinanced or replaced; (c) the
Debt, and/or the Liens securing the Debt, as applicable, is subordinated to the Obligations
at least to the same extent as the Debt, or the Liens securing the Debt, as applicable,
being extended, renewed, refinanced or replaced; (d) the representations, covenants and
defaults applicable to it are not, taken as a whole, less favorable to Borrowers than those
applicable to the Debt being extended, renewed, refinanced or replaced; (e) no additional
Lien is granted to secure it unless otherwise permitted hereunder; (f) the obligor or
obligors under any such Refinancing Debt are the same as the obligor(s) under the Debt being
extended, renewed, refinanced or replaced on such Debt; and (g) upon giving effect to it, no
Default or Event of Default exists.”

     “Refinancing Debt: Borrowed Money that is the result of an extension, renewal
or refinancing of the Existing Senior Notes or Debt permitted under Section 10.2.1(b), (d),
(f) or (u), in each case, so long as each Refinancing Condition is satisfied.”

     “Restricted Investment: any Investment by a Borrower or Subsidiary, other than
(a) Investments in Subsidiaries to the extent existing on the Closing Date and other
Investments existing on the Closing Date and set forth on Schedule 10.2.5; (b) Cash
Equivalents (provided, however, that, to the extent such Cash Equivalents are owned by an
Obligor, such Cash Equivalents are subject to Agent’s Lien and control, pursuant to
documentation in form and substance satisfactory to Agent); (c) Investments consisting of
lease, utility and other similar deposits or any other deposit permitted under Section
10.2.2 in the Ordinary Course of Business; (d) prepayments and deposits to suppliers in the
Ordinary Course of Business; (e) Hedging Agreements to the extent permitted by Section
10.2.16; (f) Investments (i) by a Domestic Obligor in any other Domestic Obligor, (ii) by a
UK Obligor in any other UK Obligor, or any Domestic Obligor or (iii) by Subsidiaries that
are non-Obligors into Obligors or other non-Obligors; (g) the establishment of wholly owned
Subsidiaries to the extent they comply with Section 10.1.9; (h) Investments in securities or
other assets of trade creditors, customers or other Persons in the Ordinary Course of
Business that are received in settlement of bona fide disputes or pursuant to any plan of
reorganization or liquidation or similar arrangement upon the bankruptcy or insolvency of
such trade creditors or customers; (i) guarantees, Contingent Obligations and other
Investments permitted under Section 10.2.1; (j) Investments to the extent such Investments
reflect an increase in the value of Investments otherwise permitted under Section 10.2.5
hereof; (k) the capitalization or forgiveness of Debt owed to it by other Obligors or
Subsidiaries if such capitalization or forgiveness is required in order to comply with
so-called “thin capitalization” rules; (l) the cancellation, forgiveness, set off or
acceptance of prepayments of Debt owed to such Borrower to the extent not otherwise
prohibited by the terms of this Agreement; (m) loans and advances to an officer or employee
for salary, travel expenses, commissions and similar items in the Ordinary Course of
Business, not to exceed, in the aggregate, $2,000,000 at any time

7

 

outstanding; (n) prepaid expenses and extensions of trade credit made in the Ordinary
Course of Business; (o) deposits with financial institutions permitted hereunder; (p)
Investments by an Obligor in an Excluded Receivables Subsidiary in connection with a sale of
receivables to such Excluded Receivables Subsidiary pursuant to a Qualified Receivables
Transaction; and (q) other Investments not otherwise listed above not to exceed, in the
aggregate, $1,000,000 at any time outstanding.”

     “Subordinated Debt: Debt incurred by a Borrower that is expressly subordinate
and junior in right of payment to Full Payment of all Obligations, and is on terms
(including maturity, interest, fees, repayment, covenants and subordination) reasonably
satisfactory to Agent, provided, that (i) the intercompany loan owed by the Company to
Bostrom Ltd. and identified on Schedule 10.2.1, and (ii) the intercompany loan owed by the
Company to CVS Ltd. and identified on Schedule 10.2.1, in each case shall not be considered
Subordinated Debt.”

     4. Amendment to Section 2.1.1. Section 2.1.1(c) of the Loan Agreement is hereby amended and
restated in its entirety as follows:

     “(c) Limitation on Revolver Loans. Notwithstanding the foregoing, (i) so long as any
Existing Senior Notes are outstanding, in no event shall Lenders be obligated to make
Revolver Loans in excess of the Existing Notes Indenture Formula Amount, including, without
limitation, the making of any Revolver Loans to a Borrower that would exceed any sublimit of
the Existing Notes Indenture Formula Amount as further described in Section 4.03(b)(1) of
the Indenture, and (ii) so long as any Third Lien Notes are outstanding, in no event shall
Lenders be obligated to make Revolver Loans in excess of the amount permitted by Section
4.03(b)(1) of the Third Lien Indenture Formula Amount. To the extent any Refinancing Debt
replaces the Existing Senior Notes or any Third Lien Notes, in no event shall Lenders be
obligated to make Revolver Loans in an amount that would exceed any similar formula, if any,
in such Refinancing Debt.”

     5. Amendment to Section 3.2.1. Section 3.2.1 of the Loan Agreement is hereby amended
and restated in its entirety as follows:

     “3.2.1. Domestic Unused Line Fee. Domestic Borrowers shall pay to Agent, for
the Pro Rata benefit of Lenders, a fee equal to 1.00% per annum times the amount by which
the Domestic Revolver Commitments exceed the average daily balance of Domestic Revolver
Loans and stated amount of Domestic Letters of Credit during any Fiscal Quarter. Such fee
shall be calculated payable in arrears, on the first day of each Fiscal Quarter and on the
Commitment Termination Date.”

     6. Amendment to Section 7.1. The second paragraph of Section 7.1 of the Loan
Agreement is hereby amended and restated in its entirety as follows:

     “Notwithstanding the foregoing, in no event shall any of the following Property be
subject to the grant of security pursuant to this Section 7.1 or otherwise constitute
Collateral: (i) all motor vehicles and other assets the perfection of a security interest in
which is excluded from the UCC in the relevant jurisdiction; (ii) any General Intangible or
other rights arising under contracts, Instruments, licenses, license agreements (including
Licenses) or other documents, to the extent (and only to the extent) that the grant of a
security interest would (x) constitute a violation of a restriction in favor of a third
party on such grant, unless and until any required consents shall have been obtained, (y)
give any other party the right to terminate its obligations thereunder, or (z) violate any
law, provided, however, that (1) any portion of any such General Intangible
or other right shall cease to be excluded pursuant to this clause (ii) at the time and to

8

 

the extent that the grant of a security interest therein does not result in any of the
consequences specified above and (2) the limitation set forth in this clause (ii) above
shall not affect, limit, restrict or impair the grant by a Grantor of a security interest
pursuant to this Agreement in any such General Intangible or other right, to the extent that
an otherwise applicable prohibition or restriction on such grant is rendered ineffective by
any applicable law, including the Illinois UCC, (iii) Property (and proceeds thereof) owned
by any Obligor on the date hereof or hereafter acquired that is subject to a Lien securing a
purchase money obligation or Capital Lease permitted to be incurred pursuant to this
Agreement, for so long as the contract or other agreement in which such Lien is granted (or
the documentation providing for such purchase money obligation or Capital Lease) validly
prohibits the creation of any other Lien on such Property; (iv) applications filed in the
United States Patent and Trademark Office to register trademarks or service marks on the
basis of any Obligor’s “intent to use” such trademarks or service marks unless and until the
filing of a “Statement of Use” or “Amendment to Allege Use” has been filed and accepted,
whereupon such applications shall be automatically subject to the Lien granted herein and
deemed included in the Collateral; (v) any property or assets to the extent that such grant
of a security interest is prohibited by any Applicable Law, requires a consent not obtained
of any Governmental Authority pursuant to such Applicable Law; (vi) more than 65% of the
Equity Interests of any Foreign Subsidiary which represent Voting Stock to the extent a
greater percentage would result in adverse tax consequences to the Borrowers; (vii) all tax,
payroll, employee benefit, fiduciary and trust accounts; or (viii) accounts receivable and
any assets related thereto owned by an Excluded Receivables Subsidiary or which the Company
or its Subsidiaries have agreed to transfer to an Excluded Receivables Subsidiary (clauses
(i) through (viii) collectively, the “Excluded Collateral”). Furthermore, any
assets or Property constituting “Excluded Collateral” are expressly excluded from each term
used in the definition of Collateral (and any component definition thereof);
provided, that in no event shall any Collateral that is also Eligible Domestic
Inventory or Eligible UK Inventory be considered “Excluded Collateral” for any purpose.”

     7. Amendment to Section 9.1.10. Section 9.1.10 of the Loan Agreement is hereby
amended and restated in its entirety as follows:

     “9.1.10. Brokers. There are no brokerage commissions, finder’s fees or
investment banking fees payable in connection with any transactions contemplated by the Loan
Documents other than such commissions and fees payable in connection with the Second Lien
Term Loan Agreement and the Third Lien Indenture and transactions related thereto.

     8. Amendment to Section 10.1.9. Section 10.1.9 of the Loan Agreement is hereby
amended and restated in its entirety as follows:

     “10.1.9. Future Subsidiaries. Notify Agent within five Business Days (or such
later date as agreed to by Agent) of any Person becoming a Subsidiary and, (i) if such
Person is not a Foreign Subsidiary, cause such Subsidiary (other than an Immaterial
Subsidiary or an Excluded Receivables Subsidiary) to guaranty the Obligations and (ii) if
such Person is a Subsidiary formed under the laws of the United Kingdom, cause such
Subsidiary (other than an Immaterial Subsidiary or an Excluded Receivables Subsidiary) to
guaranty the UK Obligations, in each case in a manner reasonably satisfactory to Agent, and
to execute and deliver such documents, instruments and agreements and to take such other
actions as Agent shall require to evidence and perfect a Lien in favor of Agent (for the
benefit of Secured Parties) on all assets of such Person, including delivery of such legal
opinions, in form and substance reasonably satisfactory to Agent, as it shall deem
appropriate. If at any time any Subsidiary that is an Immaterial Subsidiary as of the
Closing Date, shall cease to be an Immaterial Subsidiary, such Subsidiary shall be required,

9

 

no later than the last Business Day of the Fiscal Month during which such Subsidiary is no
longer an Immaterial Subsidiary, to guaranty the Obligations in accordance with this Section
10.1.9.”

     9. Amendment to Section 10.2.1(i). Section 10.2.1(i) of the Loan Agreement is hereby
amended and restated in its entirety as follows:

     “10.2.1.(i) (i) Intercompany Debt incurred in the Ordinary Course of Business to the
extent permitted by Section 10.2.5, and (ii) Intercompany Debt owed to an Obligor by an
Excluded Receivables Subsidiary in connection with a sale of receivables to such Excluded
Receivables Subsidiary pursuant to a Qualified Receivables Transaction;”

     10. Amendment to Section 10.2.1(r). Section 10.2.1(r) of the Loan Agreement is hereby
amended by deleting “and” at the end thereof.

     11. Amendment to Section 10.2.1(s). Section 10.2.1(s) of the Loan Agreement is hereby
amended by deleting the “.” at the end thereof and inserting in its place the following: “;”.

     12. New Section 10.2.1(t). A new Section 10.2.1(t) is hereby added to the Loan
Agreement as follows:

     “(t) Debt incurred by any Excluded Receivables Subsidiary in connection with any
Qualified Receivables Transaction provided that the Debt is non-recourse to any Person other
than the Excluded Receivables Subsidiary; and”

     13. New Section 10.2.1(u). A new Section 10.2.1(u) is hereby added to the Loan
Agreement as follows:

     “(u) Debt incurred pursuant to (i) the Second Lien Term Loan Documents in an aggregate
principal amount not to exceed $16,800,000 and (ii) the Third Lien Note Documents in an
aggregate principal amount not to exceed $44,190,000 (plus accrued interest and payment in
kind interest), in each case, including any Refinancing Debt thereof.”

     14. Amendment to Section 10.2.2(u). Section 10.2.2(u) of the Loan Agreement is hereby
amended by deleting “and” at the end thereof and inserting in its place the following: “;”.

     15. New Section 10.2.2(v). A new Section 10.2.2(v) is hereby added to the Loan
Agreement as follows:

     “(v) Liens granted to (i) the Second Lien Term Loan Collateral Agent pursuant to the Second
Lien Term Loan Documents, and any Refinancing Debt thereof, provided that such Liens are
subordinated pursuant to the Intercreditor Agreement to the Liens granted to the Agent, and (ii)
the Third Lien Note Collateral Agent pursuant to the Third Lien Note Documents and any Refinancing
Debt thereof, provided that such Liens are subordinated pursuant to the Intercreditor Agreement to
the Liens granted to the Agent; and”

     16. New Section 10.2.2(w). A new Section 10.2.2(w) is hereby added to the Loan
Agreement as follows:

     “(w) Liens with respect to those Accounts and related rights and assets subject to
purchase pursuant to any Qualified Receivables Transaction.”

10

 

     17. Amendment to Section 10.2.5. Section 10.2.5 of the Loan Agreement is hereby
amended and restated in its entirety as follows:

     “10.2.5. Restricted Investments. Make any Restricted Investment, other than,
so long as no Default or Event of Default exists or would result therefrom, Permitted
Foreign Investments”

     18. Amendment to Section 10.2.9. Section 10.2.9 of the Loan Agreement is hereby
amended and restated in its entirety as follows:

     “10.2.9. Restrictions on Payment of Certain Debt. Make any payments (whether
voluntary or mandatory, or a prepayment, redemption, retirement, defeasance or acquisition)
with respect to (a) any Subordinated Debt, except regularly scheduled payments of principal,
interest and fees, but only to the extent permitted under any subordination agreement
relating to such Debt (and a Senior Officer of the Company shall certify to Agent, not less
than five Business Days prior to the date of payment, that all conditions under such
agreement have been satisfied or waived); (b) the Existing Senior Notes, other than (i)
payment of regularly scheduled interest and reimbursement for fees and expenses of the
trustee as provided therein, (ii) in connection with replacing the Existing Senior Notes
with Refinancing Debt, provided that the Refinancing Conditions are met or (iii) in
connection with replacing the Existing Senior Notes with transactions contemplated under the
Second Lien Term Loan Agreement or the Third Lien Indenture; (c) the Second Lien Term Loans,
other than (i) payment of regularly scheduled interest payments and reimbursement for fees
and expenses as provided therein and (ii) in connection with replacing the Second Lien Notes
with Refinancing Debt, provided that the Refinancing Conditions are met; or (d) the Third
Lien Notes, other than (i) capitalization of interest with respect to each of the February
15, 2010, August 15, 2010 and February 15, 2011 interest payment dates, (ii) payment of
regularly scheduled interest payments thereafter and reimbursement for fees and expenses as
provided therein, and (iii) in connection with replacing the Third Lien Notes with
Refinancing Debt, provided that the Refinancing Conditions are met. Notwithstanding
anything to the contrary contained herein or in any other Loan Document, in no event shall
there be any restriction on the ability of Subsidiaries or Obligors to repay any
intercompany Debt owed to the Company.”

     19. Amendment to Section 10.2.11. Section 10.2.11 of the Loan Agreement is hereby
amended and restated in its entirety as follows:

     “10.2.11. Subsidiaries. Form or acquire any Subsidiary after the Closing
Date, except in accordance with Sections 10.1.9., 10.2.5. or 10.2.6. and except for any
Excluded Receivables Subsidiary, or permit any existing Subsidiary to issue any additional
Equity Interests except director’s qualifying shares.”

     20. Amendment to Section 10.2.12. Section 10.2.12 of the Loan Agreement is hereby
amended and restated in its entirety as follows:

     21. “10.2.12. Organic Documents. Amend, modify or otherwise change any of its
Organic Documents as in effect on the Closing Date to the extent such amendment, modification or
change could reasonably be expected to result in a Material Adverse Effect; provided, that
the Borrowers may make such amendments, modifications or changes as are necessary to issue warrants
and Equity Interests to the extent required in the Third Lien Note Documents.”

     22. Amendment to Section 10.2.15. Section 10.2.15 of the Loan Agreement is hereby
amended and restated in its entirety as follows:

11

 

     “10.2.15. Restrictive Agreements. Become a party to any Restrictive
Agreement, except (a) Restrictive Agreements in effect on the Closing Date; (b) Restrictive
Agreements relating to Debt permitted hereunder, as long as the restrictions apply only to
collateral for such Debt; (c) Restrictive Agreements constituting customary restrictions on
assignment, encumbrances or subletting in leases and other contracts; (d) Restrictive
Agreements constituting customary restrictions and conditions contained in any agreement
relating to the sale of any Property permitted under Section 10.2.7 pending the consummation
of such sale; (e) Restrictive Agreements in effect at the time such Subsidiary becomes a
Subsidiary of a Borrower, so long as such agreement was not entered into in contemplation of
such Person becoming a Subsidiary of such Borrower; (f) the documents described on Schedule
10.2.15, (g) the Second Lien Term Loan Documents as in effect on the date hereof (or
otherwise executed in connection with the closing of the Second Lien Term Loan Agreement)
and as amended, restated, supplemented or otherwise modified as permitted under the
Intercreditor Agreement, including any Refinancing Debt thereof, (h) the Third Lien Note
Documents as in effect on the date hereof (or otherwise executed in connection with the
closing of the Third Lien Indenture) and as amended, restated, supplemented or otherwise
modified as permitted under the Intercreditor Agreement, including any Refinancing Debt
thereof, (i) any agreements evidencing a Qualified Receivables Transaction, or (j)
agreements related to working capital Debt permitted under Section 10.2.1(n).

     23. Amendment to Section 10.3.1. Section 10.3.1 of the Loan Agreement is hereby
amended and restated in its entirety as follows:

     “10.3.1. Fixed Charge Coverage Ratio. During any Financial Covenant Trigger
Period, maintain a Fixed Charge Coverage Ratio of at least 1.0 to 1.0. determined for the
period consisting of the most recent four Fiscal Quarters ended prior to the Financial
Covenant Trigger Date (or such shorter period as provided for in the definition of Fixed
Charge Coverage Ratio), and for each period of four Fiscal Quarters (or shorter period as
provided for in the definition of Fixed Charge Coverage Ratio) ended thereafter commencing
with the Fiscal Quarter ending March 31, 2010.”

     24. Amendment to Section 10.3.3. Section 10.3.3 of the Loan Agreement is hereby
amended and restated in its entirety as follows:

“10.3.3. EBITDA. During any Financial Covenant Trigger Period, maintain cumulative
EBITDA for the periods specified below, determined as of the end of the Fiscal Month ended
prior the Financial Covenant Trigger Date specified below, at least equal to the following
amounts:

	 	 	 	 	 
	Period Ending On or Around	 	EBITDA
	July 1, 2009 through September 30, 2009
	 	$	1,256,000	 
	July 1, 2009 through October 31, 2009
	 	$	3,422,000	 
	July 1, 2009 through November 30, 2009
	 	$	5,756,000	 
	July 1, 2009 through December 31, 2009
	 	$	7,191,000	 

     25. Amendment to Section 10.3.4. Section 10.3.4 of the Loan Agreement is hereby
amended and restated in its entirety as follows:

12

 

     “10.3.4. [Reserved].”

     26. Deletion of UK Facilities. Effective as of the Second Amendment Effective Date,
the UK Revolver Commitment is terminated, and neither the Agent nor the Lenders shall be obligated
to make any UK Revolver Loans or issue any UK Letters of Credit, and all references to UK Revolver
Loans, UK Letters of Credit, or the ability of any UK Borrower to borrow UK Revolver Loans or
request UK Letters of Credit are deemed to be deleted, together with all related sections
(including, without limitation, Section 6.2 of the Loan Agreement and all provisions regarding any
Collateral to be provided by the UK Borrower as contemplated by the Loan Agreement prior to the
date hereof) and all related definitions.

     27. Waiver. The Borrowers have notified the Agent and the Lenders that they (i) have
failed to comply with the minimum EBITDA covenant in Section 10.3.3 of the Loan Agreement for the
period ending June 30, 2009 (the “EBITDA Violation”), and (ii) failed to deliver the quarterly
notification with respect to newly acquired Intellectual Property for the Fiscal Quarter ended
March 31, 2009 required by Section 7.5.2 of the Loan Agreement (the “IP Reporting Violation”, and,
together with the EBITDA Violation, collectively, the “Violations”). As a result of the EBITDA
Violation, an Event of Default has occurred and is continuing under Section 11.1(c) of the Loan
Agreement and as a result of the IP Reporting Violation, an Event of Default occurred under Section
11.1(d) of the Loan Agreement, (collectively, the “Existing Events of Default”). The Agent and the
Required Lenders hereby waive, effective upon the satisfaction of the conditions precedent in
Section 26 below, the Existing Events of Default that exist solely by virtue of the Violations or
any Default or Event of Default arising under Section 11.1(b), (c) or (d) solely as a result of the
existence of the Violations, provided, that such waiver shall not be deemed a waiver of any other
Default or Event of Default that may now be in existence or that may hereafter occur.

     28. Conditions Precedent. This Amendment shall become effective on the date (the
“Amendment No. 2 Effective Date”) that the following conditions are satisfied or waived:

     (a) this Amendment has been executed by each Domestic Borrower, Agent and Lenders, and
counterparts hereof as so executed shall have been delivered to Agent;

     (b) the Agent shall be satisfied in its sole discretion with the terms of the Second
Lien Term Loan Documents, the Third Lien Note Documents, the Intercreditor Agreement and all
related documents;

     (c) Substantially contemporaneously with the Amendment No. 2 Effective Date, the
Company shall have received Net Cash Proceeds from the issuance of the Second Lien Term
Loans in an aggregate amount equal to at least $10,646,000, which cash proceeds shall be
used to prepay Loans within one Business Day of receipt;

     (d) the Borrowers shall have delivered fully executed Deposit Account Control
Agreements, or amendments to existing Deposit Account Control Agreements, in each case in
favor of the Agent on terms satisfactory to the Agent with respect to any Deposit Accounts
(other than Deposit Accounts excluded pursuant to Section 7.3 of the Loan Agreement) of the
Domestic Borrowers;

     (e) Borrowers have paid all reasonable out-of-pocket fees and expenses of Agent and of
legal counsel to Agent that have been invoiced on or prior to such date in connection with
the preparation, negotiation, execution and delivery of this Amendment;

13

 

     (f) after giving effect to this Amendment, all representations and warranties of each
Obligor contained in the Loan Agreement or in the other Loan Documents shall be true and
correct in all material respects with the same effect as though such representations and
warranties had been made on and as of the date of this Amendment, except to the extent that
such representations and warranties expressly relate to an earlier specified date, in which
case such representations and warranties shall have been true and correct in all material
respects as of the date when made; and

     (g) the Company shall have paid to the Agent, for its own benefit, an amendment fee in
the amount of $500,000.

     29. Representations and Warranties. Each Domestic Borrower hereby represents and
warrants to Agent and Lenders that: (a) Each Domestic Borrower is duly authorized to execute,
deliver and perform its obligations under this Amendment; (b) the execution, delivery and
performance of this Amendment has been duly authorized by all necessary action, and does not (i)
require any consent or approval of any holders of Equity Interests of any Domestic Borrowers, other
than those already obtained, (ii) contravene the Organic Documents of any Domestic Borrower, (iii)
violate or cause a default under any Applicable Law, Material Contract or Restrictive Agreement
except to the extent such violation or default could not reasonably be expected to result in a
Material Adverse Effect, or (iv) result in or require the imposition of any Lien (other than
Permitted Liens) on any Property of any Domestic Borrower; (c) after giving effect to this
Amendment, no Default or Event of Default exists under the Loan Agreement, nor will any occur
immediately after the execution and delivery of this Amendment or by the performance or observance
of any provision hereof; and (d) this Amendment constitutes a valid and binding obligation of such
Borrower in every respect, enforceable in accordance with its terms except as enforceability may be
limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally.

     30. Loan Agreement Unaffected. Each reference that is made in the Loan Agreement or
any other Loan Document shall hereafter be construed as a reference to the Loan Agreement as
amended hereby. Except as herein otherwise specifically provided, all provisions of the Loan
Agreement shall remain in full force and effect and be unaffected hereby.

     31. Counterparts. This Amendment may be executed in any number of counterparts, by
different parties hereto in separate counterparts, each of which when so executed and delivered
shall be deemed to be an original and all of which taken together shall constitute but one and the
same agreement. Delivery of a signature page of this Amendment by telecopy or other electronic
means shall be effective as delivery of a manually executed counterpart of such agreement.

     32. Entire Agreement. This Amendment is specifically limited to the matters expressly
set forth herein. This Amendment and all other instruments, agreements and documents executed and
delivered in connection with this Amendment embody the final, entire agreement among the parties
hereto with respect to the subject matter hereof and supersede any and all prior commitments,
agreements, representations and understandings, whether written or oral, relating to the matters
covered by this Amendment, and may not be contradicted or varied by evidence of prior,
contemporaneous or subsequent oral agreements or discussions of the parties hereto. There are no
oral agreements among the parties hereto relating to the subject matter hereof or any other subject
matter relating to the Loan Agreement.

     33. Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial.

14

 

     (a) THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS, WITHOUT GIVING
EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL
BANKS).

     (b) EACH PARTY HERETO HEREBY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR
STATE COURT SITTING IN OR WITH JURISDICTION OVER ILLINOIS, IN ANY PROCEEDING OR DISPUTE RELATING IN
ANY WAY TO THIS AMENDMENT AND AGREES THAT ANY SUCH PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY
SUCH COURT. EACH PARTY HERETO IRREVOCABLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY
HAVE REGARDING SUCH COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM.
EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 14.3.1 OF THE LOAN AGREEMENT. Nothing herein shall limit the right of Agent or any Lender
to bring proceedings against any Obligor in any other court, nor limit the right of any party to
serve process in any other manner permitted by Applicable Law. Nothing in this Amendment shall be
deemed to preclude enforcement by Agent of any judgment or order obtained in any forum or
jurisdiction.

     (c) Borrowers hereby irrevocably waive any objection that they may now or hereafter have to
the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection
with this Amendment brought in the courts referred to in Section 33(a) and (b) above and hereby
further irrevocably waive and agree not to plead or claim in any such court that any such action or
proceeding brought in any such court has been brought in an inconvenient forum.

     (d) To the fullest extent permitted by Applicable Law, each Borrower waives the right to trial
by jury (which Agent and each Lender hereby also waives) in any proceeding or dispute of any kind
relating in any way to this Amendment or the transactions contemplated thereby. Each Borrower
acknowledges that the foregoing waivers are a material inducement to Agent and Lenders entering
into this Amendment and that Agent and Lenders are relying upon the foregoing in their dealings
with Borrowers.

(Signature pages follow.)

15

 

          IN WITNESS WHEREOF, this Amendment has been duly executed and delivered as of the date first
above written.

	 	 	 	 	 	 	 
	 	 	BORROWERS:	 	 
	 
	 	 	 	 	 	 
	 	 	COMMERCIAL VEHICLE GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Chad M. Utrup	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Chad M. Utrup	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	NATIONAL SEATING COMPANY

CVG CS LLC

MONONA CORPORATION

MONONA WIRE CORPORATION

MONONA (MEXICO) HOLDINGS LLC

TRIM SYSTEMS, INC.

TRIM SYSTEMS OPERATING CORP.

CABARRUS PLASTICS, INC.

CVG OREGON, LLC

CVS HOLDINGS, INC.

SPRAGUE DEVICES, INC.

MAYFLOWER VEHICLE SYSTEMS, LLC

CVG MANAGEMENT CORPORATION

CVG EUROPEAN HOLDINGS, LLC

CVG LOGISTICS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Chad M. Utrup	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Chad M. Utrup	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Agent and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Philip Nomura	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Philip Nomura	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

EXHIBIT A

Schedule 1.1

REVOLVER COMMITMENTS OF LENDERS

	 	 	 	 	 
	Lender	 	Domestic Revolver Commitment	 	UK Revolver Commitment
	Bank of America, N.A.
	 	$37,500,000.00 	 	$0

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