Document:

Amendment No.1 to the Second Amended and Restated Credit Agreement

 Exhibit 10.48 
  
 AMENDMENT NO. 1 TO THE SECOND AMENDED AND RESTATED CREDIT 
 AGREEMENT 
  
 THIS AMENDMENT NO. 1 TO THE SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of October 6, 2003 among AVIALL SERVICES, INC., a Delaware corporation (the “Borrower”),
Aviall, Inc., a Delaware Corporation (“Holdings”), the Lenders (as defined therein), the Issuers (as defined therein) and CITICORP USA, Inc. (“CUSA”), as agent for the Lenders and the Issuers (in such capacity, the
“Administrative Agent”). Unless otherwise specified herein, all capitalized terms used in this Amendment shall have the meaning ascribed to them in the Second Amended and Restated Credit Agreement (as hereinafter defined).

  
 WITNESSETH: 
  
 WHEREAS, Borrower, Holdings, Administrative Agent and Lenders are party to a
Second Amended and Restated Credit Agreement dated as of June 30, 2003 among Borrower, Holdings, Lenders, the Issuers and the Administrative Agent (as amended, supplemented, restated or otherwise modified from time to time the “Second
Amended and Restated Credit Agreement”); and 
  
 WHEREAS,
the parties to the Second Amended and Restated Credit Agreement desire to amend the Second Amended and Restated Credit Agreement as herein set forth; and 
  
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

  
 ARTICLE 1. 
 AMENDMENT TO THE SECOND AMENDED AND RESTATED CREDIT 
 AGREEMENT 
  
 Effective
upon the execution of this Amendment by the Administrative Agent, the Requisite Lenders, the Borrower and Holdings and the satisfaction of the conditions precedent set forth in Article 2 hereof, the parties hereto agree to amend the Second Amended
and Restated Credit Agreement as follows: 

 1.1 Definitions. Section 1.1 (Defined Terms) shall be amended by: 
  
 (a) deleting the existing definition “Obligations” in its
entirety and replacing it with the following definition: 
  
 “Obligations” means the Loans, the Letter of Credit Obligations and all other amounts, obligations, covenants and duties owing by the Borrower to the Administrative Agent, any Lender, any Issuer, any Affiliate of any of
them or any Indemnitee, of every type and description (whether by reason of an extension of credit, opening or amendment of a letter of credit or payment of any draft drawn thereunder, loan, guaranty, indemnification, foreign exchange or currency
swap transaction, interest rate hedging transaction or otherwise), present or future, arising under this Agreement, any other Loan Document, any Hedging Contract entered into with any Person that was a Lender or an Affiliate at the time it entered
into such Hedging Contract, any agreement pursuant to which a Lender or an Affiliate thereof provides cash management services to a Loan Party in connection with this Agreement or any other Loan Document, whether direct or indirect (including those
acquired by assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired and whether or not evidenced by any note, guaranty or other instrument or for the payment of money, including all letter of
credit, cash management and other fees, interest, charges, expenses, fees, attorneys’ fees and disbursements and other sums chargeable to the Borrower under this Agreement, any other Loan Document, any Hedging Contract or any agreement for cash
management services entered into in connection with this Agreement or any other Loan Document and all obligations of the Borrower under any Loan Document to provide cash collateral for Letter of Credit Obligations. 
  
 (b) deleting the last sentence in the definition of “Tangible Net
Worth” and replacing it with the following sentence: 
  
 “Tangible Net Worth shall not be reduced by (i) securities issued under the Equity Documents to the extent constituting Indebtedness; and (ii) charges arising from the redemption of the Senior Unsecured Notes.” 
  
 ARTICLE 2. 
 CONDITIONS PRECEDENT TO AMENDMENT 
  
 This Amendment shall be effective as of the Effective Date (as defined below) upon the satisfaction or due waiver of the following conditions precedent: 
  
 2.1 Representations and Warranties. The representations and warranties set forth in this Amendment shall be true and
correct on the date hereof. 

 2.2 Documents. The Administrative Agent shall have received this Amendment, duly executed by the
Borrower, Holdings and the Lenders constituting Requisite Lenders, and such documents as the Administrative Agent may reasonably request; provided that delivery to the Borrower by the Lenders constituting the Requisite Lenders of executed signature
pages to this Amendment shall be conclusive evidence of the satisfaction of the conditions precedent set forth in this Section 2.2. 
  
 2.3 Fees and Expenses. The Borrower shall have paid in accordance with Section 11.3 of the Credit Agreement, all outstanding costs and expenses of
the Administrative Agent, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent incurred prior to or otherwise in connection with this Amendment. 
  
 ARTICLE 3. 
 REPRESENTATIONS AND WARRANTIES OF BORROWER 
  
 Each of Holdings and the Borrower represents and warrants to the Administrative Agent and the Lenders that: 
  
 3.1 Authorization. The execution, delivery and performance by
Holdings and the Borrower of this Amendment have been authorized by all necessary corporate action and this Amendment is a legal, valid and binding obligation of each of Holding and the Borrower enforceable against each of them in accordance with
its terms, except as the enforcement thereof may be subject to (a) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and (b) general principles of equity
(regardless of whether such enforcement is sought in proceeding in equity or at law). 
  
 3.2 No Conflict. Neither the execution, delivery and performance of this Amendment nor the consummation of the transactions contemplated hereby does or shall contravene, result in a breach of, or violate (a)
any provision of either Holdings’ or the Borrower’s certificate or articles of incorporation or bylaws, (b) any law or regulation, or any order or decree of any court or government instrumentality, or (c) any indenture, mortgage, deed of
trust, lease, agreement or other instrument to which Holdings, or the Borrower or any of their respective Subsidiaries is a party or by which Holdings the Borrower or any of their respective Subsidiaries or any of their property is bound.

  
 3.3 Representations and Warranties in the Second Amended
and Restated Credit Agreement. The representations and warranties set forth in Article IV (Representations and Warranties) of the Second Amended and Restated Credit Agreement are true and correct in all material respects on and as of the
date hereof, except for those representations and warranties that, by their terms, refer to a specific date, in which case, as of such date. 

 3.4 No Default. No Default or Event of Default shall have occurred and be continuing under the
Second Amended and Restated Credit Agreement. 
  
 3.5 Loan
Documents. Neither Holdings or Borrower has any charge, lien, claim or offset against any Lender or the Administrative Agent, or defenses to the enforcement of the Loan Documents and the Obligations by the Lenders and the Administrative Agent.

  
 ARTICLE 4. 
 MISCELLANEOUS PROVISIONS 
  
 4.1 Reference to and Effect Upon the Second Amended and Restated Credit Agreement. 
  
 (a) Except as specifically amended above, the Second Amended and Restated Credit Agreement and the other Loan Documents
shall remain in full force and effect and are hereby ratified and confirmed. 
  
 (b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any Default or Event of Default, right, power, privilege or remedy of Administrative Agent or any Lender under the
Second Amended and Restated Credit Agreement or any Loan Document, or constitute a waiver of any provision of the Second Amended and Restated Credit Agreement or any Loan Document. Upon the effectiveness of this Amendment, each reference in the
Second Amended and Restated Credit Agreement to this “this Amendment”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Second Amended and Restated Credit
Agreement as amended hereby. 
  
 4.2 Costs and Expenses. As
provided in Section 11.3 of the Second Amended and Restated Credit Agreement, Borrower agrees to reimburse Administrative Agent and Lenders for all fees, costs and expenses, including the fees, costs and expenses of counsel or other advisors for
advice, assistance, or other representation in connection with this Amendment. 
  
 4.3 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAWS PROVISIONS) OF THE STATE OF NEW YORK. 
  
 4.4 Headings. Section headings in this amendment are included herein
for convenience of reference only and shall not constitute a part of this amendment for any other purposes. 
  
 4.5 Counterparts. This Amendment may be executed in any number of counterparts and by facsimile, each of which counterpart when so executed shall
be deemed an original, but all such counterparts shall constitute one and the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by their
proper and duly authorized officers as of the date set forth above. 
  

			
	 Aviall Services, Inc.

	             as Borrower

		
	By:	 	 /s/ Colin Cohen

	Name:	 	Colin Cohen
	Title:	 	V.P. and Chief Financial Officer
	
	Aviall, Inc.,
	            as Holdings
		
	By:	 	 /s/ Colin Cohen

	Name:	 	Colin Cohen
	Title:	 	V.P. and Chief Financial Officer
	
	Citicorp USA, Inc.,
	            as Administrative Agent and Lender
		
	By:	 	 /s/ Shapleigh Smith

	Name:	 	Shapleigh Smith
	Title:	 	Managing Director/Vice President

			
	Citibank, N.A.,
	            as Issuer
		
	By:	 	 /s/ Shapleigh Smith

	Name:	 	Shapleigh Smith
	Title:	 	Managing Director/Vice President
	
	Comerica Bank,
	            as Lender
		
	By:	 	 /s/ Mark B. Grover

	Name:	 	Mark B. Grover
	Title:	 	First Vice President
	
	General Electric Capital Corporation,
	            as Lender
		
	By:	 	 /s/ John Hanley

	Name:	 	John Hanley
	Title:	 	Duly Authorized Signatory
	
	National City Bank,
	            as Lender
		
	By:	 	 /s/ Frank Byrne

	Name:	 	Frank Byrne
	Title:	 	Account Officer

			
	 PNC Bank, National Association,

	             successor in interest to National
Bank

	             of Canada, as Lender,

		
	By:	 	 /s/ Paul R. Frank

	Name:	 	Paul R. Frank
	Title:	 	Vice President
	
	Orix Business Credit Group, A Divison of
	            Orix Financial Services, Inc.,
	            as Lender
		
	By:	 	 /s/ D. Darby-Jones

	Name:	 	D. Darby-Jones
	Title:	 	Vice President
	
	Transamerica Business Capital
	            Corporation,
	            as Lender
		
	By:	 	 /s/ Ronald Walker

	Name:	 	Ronald Walker
	Title:	 	Vice President

			
	Bank of the West, successor in interest to
	            United California Bank,
	            as Lender
		
	By:	 	 /s/ James M. Kennedy

	Name:	 	James M. Kennedy
	Title:	 	Syndications Officer
	
	Wachovia Bank, National Association,
	            as Lender
		
	By:	 	 /s/ Monica H. Cole

	Name:	 	Monica H. Cole
	Title:	 	Vice President
	
	Wells Fargo Bank Texas N.A.,
	            as Lender
		
	By:	 	 /s/ David C. Oldani

	Name:	 	David C. Oldani
	Title:	 	Vice PresidentFORM OF NON-QUALIFIED STOCK OPTION AGREEMENT, 1996 PLAN

 Exhibit 10.12 
  

			
	Option Number: Insert # Here	 	Insert Date Here

  
 Nonqualified Stock
Option 
  
 granted by 
  
 KVH Industries, Inc. 
 (hereinafter called the “Company”) 
  
 to 
  
 Insert Name Here 
 (hereinafter called the “Holder”) 
  
 under the 
  
 1996 Incentive and Nonqualified Stock Option Plan 
  
 For valuable consideration, the receipt of which is hereby acknowledged, the Company hereby grants to the Holder the following option:

  
 FIRST: Subject to the terms and conditions hereinafter
set forth, the Holder is hereby given the right and option to purchase from the Company shares of Common Stock, $.01 par value per share, of the Company (“Common Stock”). “Notice of Grant of Stock Options and Option Agreement”
hereto, the provisions of which are incorporated by reference herein, sets forth (a) the maximum number of shares that the Holder may purchase upon exercise of this Option, (b) the exercise price per share of Common Stock purchasable hereunder, (c)
the expiration date of this Option, (d) the vesting rate and (e) certain other terms and conditions applicable to this Option. 
  
 This Option is and shall be subject in every respect to the provisions of the KVH Industries, Inc. 1996 Incentive and Nonqualified Stock Option Plan, as the same may be
amended from time to time (the “Plan”). A copy of the Plan is available for review at the offices of the Company and a copy of the Plan will be provided upon request to each person granted an Option pursuant to the Plan. The Plan is hereby
incorporated herein by reference and made a part hereof. In the event of any conflict or inconsistency between the terms of this Option and those of the Plan, the terms of the Plan shall govern. The term “Committee” is used herein with the
meaning ascribed to it in the Plan. 
  
 This Option shall be exercised in whole or
in part by the Holder’s delivery to the Company of written notice (the “Notice of Exercise”) setting forth the number of shares with respect to which this Option is to be exercised, together with (a) cash in an amount, or a check,
bank draft or postal or express money order payable in an amount, equal to the aggregate exercise price for the shares being purchased, (b) with the consent of the Committee, shares of Common Stock having a fair 

  

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market value equal to such aggregate exercise price; (c) with the consent of the Committee, a personal recourse note issued by the Holder to the Company in a
principal amount equal to such aggregate exercise price and with such other terms, including interest rate and maturity, as the Committee may determine in its discretion, provided that the interest rate borne by such note shall not be less
than the lowest applicable federal rate, as defined in Section 1274(d) of the Internal Revenue Code of 1986, as amended; (d) with the consent of the Committee, such other consideration that is acceptable to the Committee and that has a fair market
value, as determined by the Committee, equal to such aggregate exercise price; or (e) with the consent of the Committee, any combination of the foregoing. The “fair market value” of the Common Stock shall equal (i) the closing price per
share on the date of exercise of the Option as reported by a nationally recognized stock exchange, (ii) if the Common Stock is not listed on such an exchange, as reported by the National Market System or another automated quotation system of the
National Association of Securities Dealers, Inc., or (iii) if the Common Stock is not quoted on any such system, the fair market value as determined by the Committee. 
  
 SECOND: The Company, in its discretion, may file a registration statement on Form S-8 under the Securities Act of 1933,
as amended, to register shares of Common Stock reserved for issuance under the Plan. At any time at which such a registration statement is not in effect, it shall be a condition precedent to any exercise of this Option that the Holder shall deliver
to the Company a customary “investment letter” satisfactory to the Company and its counsel in which, among other things, the Holder shall (a) state that he or she is acquiring shares of Common Stock subject to the Option for his or her own
account for investment and not with a view to the resale or distribution thereof and (b) acknowledge that those shares are not freely transferable except in compliance with federal and state securities laws. 
  
 THIRD: As promptly as practicable after receipt by the Company of the
Notice of Exercise and related investment letter and payment of exercise price pursuant to Paragraphs First and Second hereof, the Company shall deliver to the Holder (or if any other individual or individuals are exercising this Option, to such
individual or individuals) a certificate registered in the name of the Holder (or the names of the other individual or individuals exercising this Option) and representing the number of shares with respect to which this Option is then being
exercised; provided, however, that if any law or regulation or order of the Securities and Exchange Commission or any other body having jurisdiction in the premises shall require the Company or the Holder (or the individual or individuals
exercising this Option) to take any action in connection with the shares then being purchased, the date for the delivery of the certificate for such shares shall be extended for the period necessary to take and complete such action. The Company may
imprint upon said certificate the legends contemplated by Section 9.2 of the Plan or such other legends as counsel for the Company may consider appropriate. Delivery by the Company of the certificates for such shares shall be deemed effected for all
purposes when the Company or a stock transfer agent of the Company shall have deposited such certificates in the United States mail, addressed to the Holder, at the address specified in the Notice. The Company will pay all fees or expenses
necessarily incurred by the Company in connection with the issuance and delivery of shares pursuant to the exercise of this Option. 
  

 -2- 

 The Company will, at all times while any portion of this Option is outstanding, reserve and keep available, out of shares
of its authorized and unissued Common Stock or shares of Common Stock held in treasury, a sufficient number of shares of its Common Stock to satisfy the requirements of this Option. 
  
 FOURTH: If the Company shall effect any subdivision or consolidation of shares of its stock or other capital
readjustment, the payment of a stock dividend, or other increase or reduction of the number of shares outstanding, in any such case without receiving compensation therefor in money, services or property, then the number, class and per share price of
shares of stock subject to this Option shall be appropriately adjusted in such a manner as to entitle the Holder to receive upon exercise of this Option, for the same aggregate cash consideration, the same total number and class of shares as he or
she would have received as a result of the event requiring the adjustment had he or she exercised this Option in full immediately prior to such event. 
  
 After a merger of one or more corporations into the Company, or after a consolidation of the Company and one or more corporations in which (a) the Company shall be the
surviving corporation, and (b) the stockholders of the Company immediately prior to such merger or consolidation own after such merger or consolidation shares representing at least fifty percent of the voting power of the Company, the Holder of this
Option shall, at no additional cost, be entitled upon exercise of this Option to receive in lieu of the number of shares as to which this Option shall then be so exercisable, the number and class of shares of stock or other securities to which the
Holder would have been entitled pursuant to the terms of the agreement of merger or consolidation if, immediately prior to such merger or consolidation, the Holder had been the holder of record of a number of shares of Common Stock equal to the
number of shares for which this Option was exercisable. 
  
 If the Company is
merged into or consolidated with another corporation under circumstances where the Company is not the surviving corporation, or if there is a merger or consolidation where the Company is the surviving corporation but the stockholders of the Company
immediately prior to such merger or consolidation do not own after such merger or consolidation shares representing at least fifty percent of the voting power of the Company, or if the Company is liquidated, or sells or otherwise disposes of
substantially all of its assets to another corporation (each hereinafter referred to as a “Transaction”) while this Option remains outstanding, then: 
  

	 	(a)	subject to the provisions of clauses (b) and (c) below, after the effective date of the Transaction, the Holder of this Option shall be entitled, upon exercise hereof and at no
additional cost, to receive shares of Common Stock or, if applicable, shares of such other stock or other securities, cash or property as the holders of shares of Common Stock received pursuant to the terms of the Transaction;

  

	 	(b)	the Committee may accelerate the time for exercise of this Option to a date prior to the effective date of the Transaction, as specified by the Committee; or

  

	 	(c)	 this Option may be canceled by the Committee as of the effective date of the Transaction, provided that (i) notice of such cancellation shall have been given
to 

  

 -3- 

 
the Holder and (ii) the Holder shall have the right to exercise this Option to the extent the same is then exercisable or, if the Committee shall have
accelerated the time for exercise of this Option, in full during the thirty-day period preceding the effective date of the Transaction. 
  
 Except as hereinbefore expressly provided, the issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash
or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not
affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock then subject to this Option. 
  
 FIFTH: Neither the Holder nor any other person shall, by virtue of the granting of this Option, be deemed for any purpose to be the owner of any
shares of Common Stock subject to this Option or to be entitled to the rights or privileges of a holder of such shares unless and until this Option has been exercised pursuant to the terms hereof with respect to such shares and the Company has
issued and delivered the shares to the Holder. 
  
 SIXTH:
This Option is not transferable by the Holder or by operation of law, otherwise than by will or under the laws of descent and distribution. 
  
 This Option is exercisable, during the Holder’s lifetime, only by the Holder, and by the Holder only while he or she is providing services to the Company, except
that in the event the services of the Holder are terminated by the Company other than for Cause, the Holder shall have the right to exercise this Option within thirty days after the date of such termination of services (but not later than the
expiration date of this Option) with respect to the shares which were purchasable by the Holder by exercise of this Option at the time of said termination of services. As used in this Option, “Cause” shall mean a determination by the
Company (including the Board) that the Holder’s services to the Company should be terminated as a result of (i) a material breach by the Holder of any agreement to which the Holder and the Company are both parties, (ii) any act (other than
retirement) by the Holder that may have a material and adverse effect on the business of the Company, or on the ability to perform services for the Company, including the proven or admitted commission of any crime (other than an ordinary traffic
violation), or (iii) any material misconduct or material neglect of duties by the Holder in connection with the business or affairs of the Company. 
  
 In the event of the death of the Holder prior to termination of the Holder’s services to the Company and prior to the date of expiration of this Option, the
Holder’s executors, administrators or any individual or individuals to whom this Option is transferred by will or under the laws of descent and distribution, as the case may be, shall have the right to exercise this Option with respect to the
number of shares purchasable by the Holder at the date of death at any time within one year after the date of such death (but not after the expiration date of this Option). In the event of the permanent and total disability of the Holder prior to
termination of the Holder’s services to the Company and prior to the date of expiration of this Option, the Holder shall have the right to exercise this Option at any time within one year after the date of such disability (but not after the
expiration date of this Option) with respect to the number of shares which were purchasable by the Holder at the date of such disability. 
  

 -4- 

 SEVENTH: If the Company in its discretion determines that it is obligated to withhold income or
employment taxes required by any governmental authority with respect to the exercise of this Option, the Holder agrees that the Company may withhold from the Holder’s wages, or other amounts due to the Holder from the Company, the appropriate
amount of federal, state or local withholding taxes attributable to such exercise. At the Holder’s election, the amount required to be withheld may be satisfied, in whole or in part, by (a) authorizing the Company to withhold from shares of
Common Stock to be issued pursuant to the exercise of this Option a number of shares with an aggregate fair market value that would satisfy the withholding amount due with respect to such exercise, or (b) transferring to the Company shares of Common
Stock owned by the Holder with an aggregate fair market value that would satisfy the withholding amount due. If the Holder is subject to Section 16 of the Securities Exchange Act of 1934, the following additional restrictions shall apply:

  

	(i)	the election to satisfy tax withholding obligations relating to the Option exercise shall be made either (1) during the period beginning on the third business day following the date
of release of quarterly or annual summary statements of sales and earnings of the Company and ending on the twelfth business day following such date, or (2) at least six (6) months prior to the date of exercise of the Option;

  

	(ii)	such election shall be irrevocable; 

  

	(iii)	such election shall be subject to the consent or approval of the Committee; and 

  

	(iv)	the Common Stock withheld to satisfy tax withholding, if granted at the discretion of the Committee, must pertain to an Option which has been held by the Holder for at least six (6)
months from the date of grant of the Option. 

  
 The Holder further
agrees that, if the Company does not withhold an amount from the Holder’s wages sufficient to satisfy the Company’s withholding obligation, the Holder will reimburse the Company on demand, in cash, for the amount underwithheld. 

 
 EIGHTH: Any notice to be given to the Company hereunder shall be
deemed sufficient if addressed to the Company and delivered at the office of the President of the Company, or such other address as the Company may hereafter designate, or when deposited in the mail, postage prepaid, addressed to the attention of
the President of the Company at such office or other address. 
  
 Any notice to be
given to the Holder hereunder shall be deemed sufficient if addressed to and delivered in person to the Holder at his address furnished to the Company or when deposited in the mail, postage prepaid, addressed to the Holder at such address.

  
 NINTH: This Option is subject to all laws, regulations
and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Holder 

  

 -5- 

 
agrees that he will not exercise the Option granted hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof
or the issuance of such shares, as the case may be, would constitute a violation by the Holder or the Company of any such law, regulation or order or any provision thereof. 
  
 IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its behalf as of the date of grant of this
Option set forth in the cover page “Notice of Grant of Stock Options and Option Agreement”. 
  

			
	KVH INDUSTRIES, INC.
	
	  

	by:	 	Martin Kits van Heyningen
	 	 	President & CEO

  
  

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