Document:

ex101to8k07319_03172010.htm

    Exhibit
10.1

    SECOND AMENDMENT TO CREDIT
AGREEMENT

    

    

    THIS SECOND AMENDMENT TO CREDIT
AGREEMENT (the “Amendment”), dated as
of March 17,
2010, is by and among GENCORP
INC., an Ohio corporation (the “Borrower”), the
subsidiaries of the Borrower from time to time party thereto (the “Guarantors”), and
WACHOVIA BANK, NATIONAL
ASSOCIATION, as administrative agent for the Lenders (the “Administrative
Agent”).  Capitalized terms used herein but not otherwise
defined shall have the meanings ascribed thereto in the Credit
Agreement.

    

    

    W I T N E S S E T
H

    

    WHEREAS, the Borrower, the
Guarantors, certain banks and financial institutions from time to time party
thereto (the “Lenders”) and the
Administrative Agent are parties to that certain Amended and Restated Credit
Agreement dated as of June 21, 2007 (as amended, modified, extended, restated,
replaced, or supplemented from time to time, the “Credit
Agreement”);

    

    WHEREAS, the Borrower has
requested that the Required Lenders agree to certain amendments to the Credit
Agreement; and

    

    WHEREAS, the Required Lenders
are willing to amend the Credit Agreement subject to the terms and conditions
hereof.

    

    NOW, THEREFORE, IN
CONSIDERATION of the agreements herein contained, the parties hereby
agree as follows:

    

    SECTION
1

    AMENDMENT

    

    1.1           New
Definitions.  The following
definitions are hereby added to Section 1.1 of the Credit Agreement in the
appropriate alphabetical order:

    

    “4.0625% Convertible
Debentures” shall mean, collectively, those certain 4.0625% Convertible
Subordinated Debentures due 2039 issued by the Borrower, as the same may be
amended, restated, supplemented or otherwise modified from time to time as
permitted hereunder.

    

    “Aggregate Refinancing
Indebtedness Amount” shall have the meaning set forth in Section
6.1(e).

    

    “Debt Repurchase”
shall mean a redemption, repurchase, retirement or other satisfaction or
extinguishment, including, without limitation, by optional redemption, required
repurchase rights, exchange, open market and/or privately negotiated purchases,
of Indebtedness.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    “Designated Cash”
shall mean, so long as there are no Revolving Loans outstanding, (a) cash and
Cash Equivalents of the Borrower or any of its Subsidiaries subject to account
control agreements in favor of the Administrative Agent that are in form and
substance reasonably acceptable thereto and (b) cash and Cash Equivalents of the
Borrower or any of its Subsidiaries that are held in a blocked account with the
Administrative Agent or a separate account with an escrow agent, in each case
that are earmarked for the permanent reduction of Indebtedness of any of the
Credit Parties.

    

    “Equity Repurchase”
shall have the meaning set forth in Section 6.10(f).

    

    “GDX Automotive SAS
Judgments” shall mean any legal judgments rendered under French law
against GDX Automotive SAS.

    

    “GenCorp Savings Plan”
shall mean the GenCorp Retirement Savings Plan, a defined contribution plan, as
amended from time to time, which plan includes the GenCorp Stock Fund (a
unitized stock fund that invests primarily in the Capital Stock of the Borrower,
but also has small investments in cash and cash equivalents) that issues units
to plan participants.

    

    “Impacted Lender”
means any Lender as to which (a) the Administrative Agent, the Swingline Lender
or the Issuing Lender has actual knowledge that the Lender has defaulted, and
continues to remain in default, in fulfilling its funding obligations under one
or more other syndicated credit facilities, (b) the Lender or the entity that
Controls the Lender has been deemed insolvent or become subject to a bankruptcy
or other similar proceeding, (c) with respect to which the Federal Deposit
Insurance Corporation  has been appointed receiver or conservator by a
federal or state chartering authority or otherwise pursuant to the FDI Act (12
U.S.C. § 11(c)), or (d) the Lender has notified  the Administrative
Agent in writing  (or issued a public statement) that such Lender will
not fund its obligations under this Agreement.

    

    “Infrastructure
Improvements” shall mean any real estate physical improvements
(including, without limitation, grading, road building, landscaping, utility
installations and other similar development improvements contemplated by or
required for the permitted proposed redevelopment of the property) and related
expenditures for such improvements (including without limitation, planning
documentation, studies, engineering plans and plan fees in support of the
physical improvements and permitting process).

    

    “Refinancing
Indebtedness” shall have the meaning set forth in Section
6.1(e).

     

    
      “Rescission Offer”
shall mean a rescission offer or offers to be launched by the Borrower under
which the Borrower will offer (using cash and/or Capital Stock) to (a) rescind
and repurchase the units (consisting, in part, of Capital Stock of the
Borrower), including any unrealized losses with respect to such units, sold to
or issued to Persons in the GenCorp Stock Fund of the GenCorp Savings Plan who
may have been deemed to have purchased such units that were “sold” in violation
of Section 5 of the Securities Act of 1933, as amended, or any similar state
laws, (b) make payments to Persons who sold such units at a loss or who have
unrealized losses with respect to such units and (c) pay interest to affected
Persons; provided that the
Rescission Offer shall not include the rescission of units purchased by
participants after the effective date of the Borrower’s registration statement
on Form S-8 dated June 30, 2008.

       

      
        
          
          

        

        
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        “Second Amendment Effective
Date” shall mean March
17, 2010.

         

      

    

    1.2           Deleted
Definitions.  The following
definitions are hereby deleted in their entirety from Section 1.1 of the Credit
Agreement:

    

    “Incremental
Term Loan”

    “Incurrence
Test”

    “Refinance
Period”

    

    1.3           Amendment
to Definition of Applicable Percentage.  The definition of
Applicable Percentage set forth in Section 1.1 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

    

    “Applicable
Percentage” shall mean, for any day, a rate per annum equal to (a) 0.625%
with respect to the Commitment Fee, (b) 2.25% with respect to Revolving
Loans and Term Loans that are Alternate Base Rate Loans, (c) 3.25% with
respect to Revolving Loans and Term Loans that are LIBOR Rate Loans and (d)
3.25% with respect to the Revolving LOC Commitment Fee.

    

    1.4           Amendment
to Definition of Cash Equivalents.  Clause (c) of the
definition of Cash Equivalents set forth in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as
follows:

    

    (c) commercial paper and variable or
fixed rate notes issued by any Approved Bank (or by the parent company thereof)
or any variable rate notes issued by, or guaranteed by any domestic corporation
rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the
equivalent thereof) or better by Moody’s and maturing within twelve (12) months
of the date of acquisition,

    

    1.5           Amendment
to Definition of Equity Issuance.  The definition of
Equity Issuance set forth in Section 1.1 of the Credit Agreement is hereby
amended by (1) amending and restating clause (v) in its entirety and (2) adding
a new clause (vii) to the end of such definition and making the appropriate
punctuation and grammatical changes thereto, in each case to read as
follows:

    

    (v)
any equity issuance the proceeds of which are used to refinance, or consummate a
Debt Repurchase of, the Existing Subordinated Notes and/or the outstanding Term
Loans, in whole or in part, in each case, as permitted by Section 6.1(e) or
Section 6.10(f)

    

    ***

    

    (vii)
any equity issuance issued in connection with the Rescission Offer.

     

    
      
        
        

      

      
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    1.6           Amendment
to Definition of Existing Subordinated Notes.  The definition of
Existing Subordinated Notes set forth in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as
follows:

    

    “Existing Subordinated
Notes” shall mean, collectively, the 9.50% Senior Subordinated Notes, the
2.25% Convertible Notes, the 4.00% Convertible Notes and the 4.0625% Convertible
Debentures, as the same may be amended, restated, supplemented or otherwise
modified from time to time as permitted hereunder.

    

    1.7           Amendment
to Definition of Leverage Ratio.  The definition of
Leverage Ratio set forth in Section 1.1 of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:

    

    “Leverage Ratio” shall
mean, as of any date of determination, the ratio of (i) Consolidated Funded
Debt on such date minus Designated Cash
to (ii) Consolidated EBITDAP.

    

    1.8           Amendment
to Definition of Net Cash Proceeds.  The definition of
Net Cash Proceeds set forth in Section 1.1 of the Credit Agreement is
hereby amended by adding the following clause (f) after clause (e) in such
definition (but prior to the phrase “it being understood”) and making the
appropriate punctuation and grammatical changes thereto to read as
follows:

    

    (f)
expenditures incurred or accrued related to any Infrastructure Improvements with
respect to any proposed or planned real estate development related to a
Permitted Real Estate Sale or Permitted Real Estate Transfer; provided that such
expenditures were incurred or accrued on or after December 1, 2007.

    

    1.9           Amendment
to Definition of Non-Cash and Other Adjustments.  The definition of
Non-Cash and Other Adjustments set forth in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as
follows:

    

    “Non-Cash and Other
Adjustments” shall mean (i) charges associated with environmental reserve
adjustments and (ii) all non-cash expenses or income incurred outside the normal
course of business of the Credit Parties including litigation settlements and
awards and other charges relating to legal matters, charges associated with
impairments of tangible and intangible assets and any cancellation of debt
income or similar income or gain realized in connection with the repurchase of
any Indebtedness, including, without limitation, any Debt
Repurchase.

    

    1.10           Amendment
to Definition of Permitted Investments.  The definition of
Permitted Investments in Section 1.1 of the Credit Agreement is hereby
amended by (1) amending and restating clause (k) in its entirety and (2) adding
the following clauses (p), (q), (r) and (s) to the end of
such definition and making the appropriate punctuation and grammatical changes
thereto, in each case, to read as follows:

     

    
      
        
        

      

      
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    (k)           Guaranty
Obligations permitted pursuant to Section 6.1(e), 6.1(h), 6.1(k) and
6.1(l);

    

    ***

    

    (p)           the
Rescission Offer;

    

    (q)           Debt
Repurchases of the Existing Subordinated Notes to the extent permitted by
Section 6.10;

    

    (r)           Equity
Repurchases to the extent permitted by Section 6.10; and

    

    (s)           Investments
to the extent permitted by Section 6.4(a).

    

    1.11           Amendment
to Definition of Permitted Real Estate Sales.  The definition of
Permitted Real Estate Sales set forth in Section 1.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as
follows:

    

    “Permitted Real Estate
Sales” shall mean the sale of any owned real property of a Credit Party
(a) subject to a Lien in favor of the Administrative Agent for the benefit of
the Lenders or (b) not listed on Schedule 1.1(f) as
such schedule may be updated from time to time with the consent of the
Administrative Agent), in each case, that satisfies the following
requirements:  (i) no Default or Event of Default shall exist at the
time of such sale or be caused by such sale, (ii) such sale is for Fair Market
Value and (iii) the Net Cash Proceeds of such sale are applied to the Loans to
the extent required pursuant to Section 2.9(b).

    

    1.12           Amendment
to Section 2.1(a).  The second sentence of Section 2.1(a) of
the Credit Agreement is hereby amended and restated in its entirety to read as
follows:

    

    For purposes hereof, the aggregate
principal amount available for Revolving Loan borrowings hereunder shall be
SIXTY-FIVE MILLION DOLLARS ($65,000,000) (as such aggregate maximum amount
may be reduced from time to time as provided in Section 2.8, the “Revolving
Committed Amount”).

    

    1.13           Amendment
to Section 2.2(a).  The following sentence is hereby added to
the end of Section 2.2(a) of the Credit Agreement to read as
follows:

    

    The
Revolving Issuing Lender shall be under no obligation to issue any Revolving
Letter of Credit if any Revolving Lender is at such time a Defaulting Lender or
an Impacted Lender hereunder, unless the Revolving Issuing Lender has entered
into arrangements satisfactory to the Revolving Issuing Lender with the Borrower
or such Revolving Lender to eliminate the Revolving Issuing Lender’s risk with
respect to such Lender’s Revolving LOC Obligations.  The Revolving
Issuing Lender shall provide prompt notice to the Borrower upon becoming aware
of any Defaulting Lender or Impacted Lender.

     

    
      
        
        

      

      
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    1.14           Amendment
to Section 2.3(b)(i).  The following sentence is hereby added
to the end of Section 2.3(b)(i) of the Credit Agreement to read as
follows:

    

    Notwithstanding
anything to the contrary contained herein, the Swingline Lender shall not at any
time be obligated to make any Swingline Loan hereunder if any Revolving Lender
is at such time a Defaulting Lender or an Impacted Lender hereunder, unless the
Swingline Lender has entered into arrangements satisfactory to the Swingline
Lender with the Borrower or such Revolving Lender to eliminate the Swingline
Lender’s risk with respect to such Revolving Lender’s obligations in respect of
its Swingline Commitment.  The Swingline Lender shall provide prompt
notice to the Borrower upon becoming aware of any Defaulting Lender or Impacted
Lender.

    

    1.15           Amendment
to Section 2.4(a).  The parenthetical in the first sentence of
Section 2.4(a) of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

    

    (as
such amount may be increased by any Credit-Linked Purchase that is converted to
Term Loans pursuant to Section 2.5(d)(ii), the “Term Loan Committed
Amount”)

    

    1.16           Amendment
to Section 2.5(a)(i)(A).  Section 2.5(a)(i)(A) of the Credit
Agreement is hereby amended and restated in its entirety to read as
follows:

    

    (A)
ONE HUNDRED MILLION DOLLARS ($100,000,000) (as reduced from time to time in
accordance with the terms of Section 2.5(d)(ii) or Section 2.8(a), the “Credit-Linked LOC Committed
Amount”) and

    

    1.17           Amendment
to Section 2.9(b)(vi).  Section 2.9(b)(vi) of the Credit
Agreement is hereby amended and restated in its entirety to read as
follows:

    

    (vi)           Issuances of
Equity.  Promptly, upon receipt by any Credit Party or any of
its Subsidiaries of proceeds from any Equity Issuance, the Borrower shall prepay
the Loans in an aggregate amount equal to the lesser of (A) 50% of the Net Cash
Proceeds of such Equity Issuance and (B) an amount necessary to, after giving
pro forma effect to any repayments of Indebtedness and other Debt Repurchases,
reduce the Leverage Ratio to less than or equal to 3.0 to 1.0; provided that no
prepayment under this Section 2.9(b)(vi) shall be required with respect to any
Equity Issuance if the Leverage Ratio, after giving pro forma effect to any
repayments of Indebtedness and other Debt Repurchases, is less than or equal to
3.0 to 1.0 (such prepayment to be applied as set forth in clause (x)
below).

    

    1.18           Amendment
to Section 2.21.  The first sentence of Section 2.21 of the
Credit Agreement is hereby amended and restated in its entirety to read as
follows:

    

    If
any Lender shall (a) be a Defaulting Lender, (b) be an Impacted Lender or (c)
become affected by any of the changes or events described in Sections 2.16,
2.17, 2.18 or 2.19 and shall petition the Borrower for any increased cost or
amounts thereunder (in the case of any Lender falling under the category of
clause (a), (b) or (c) above, a “Replaced Lender”),
then in such case, the Borrower may, upon at least thirty (30) Business Days’
notice to the Administrative Agent and such Replaced Lender and so long as no
Default or Event of Default has occurred and is continuing, designate a
replacement lender (a “Replacement Lender”)
acceptable to the Administrative Agent in its reasonable discretion, to which
such Replaced Lender shall, subject to its receipt (unless a later date for the
remittance thereof shall be agreed upon by the Borrower and the Replaced Lender)
of all amounts owed to such Replaced Lender under Sections 2.16, 2.17, 2.18 or
2.19, assign at par all (but not less than all) of its rights, obligations,
Loans and Commitments hereunder; provided, that all
amounts owed to such Replaced Lender by the Borrower (except liabilities which
by the terms hereof survive the payment in full of the Loans and termination of
this Agreement) shall be paid in full as of the date of such
assignment.

     

    
      
        
        

      

      
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    1.19           Deletion
of Section 2.22.  Section 2.22 of the Credit Agreement is
hereby deleted in its entirety.

    

    1.20           Amendment
to Section 3.24.  The last sentence of Section 3.24 of the
Credit Agreement is hereby amended and restated in its entirety to read as
follows:

    

    Schedule 3.24 may be
updated from time to time by the Borrower to include new Material Contracts
and/or to remove Material Contracts to the extent (a) permitted by Section
6.8(a)(iii) to be cancelled, terminated, not renewed or  not extended
or (b) it no longer meets the criteria to qualify as a Material Contract, in
each case, by giving written notice thereof to the Administrative
Agent.

    

    1.21           Amendment
to Section 6.1.  Section 6.1(e) of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

    

    (e)           (i)
Indebtedness of the Credit Parties and their Subsidiaries (other than the
Permitted Real Estate Entities) pursuant to the Existing Subordinated Notes and
(ii) senior unsecured or subordinated Indebtedness (such Indebtedness, “Refinancing
Indebtedness”)  in an aggregate amount not to exceed the sum of
(A) the outstanding Existing Subordinated Notes and outstanding Term Loans
immediately prior to the incurrence of such Refinancing Indebtedness and (B) the
aggregate amount of cash previously used to consummate Debt Repurchases of the
Existing Subordinated Notes, in whole or in part, within the nine (9) month
period prior to the incurrence of such Refinancing Indebtedness (collectively,
the “Aggregate
Refinancing Indebtedness Amount”); provided that (1) no
Default or Event of Default shall have occurred and be continuing or would
result therefrom, (2) the sum of (x) the Existing Subordinated Notes then
outstanding after giving effect to such Refinancing Indebtedness, (y) the Term
Loans then outstanding after giving effect to such Refinancing Indebtedness and
(z) such Refinancing Indebtedness shall not exceed the Aggregate Refinancing
Indebtedness Amount plus an amount equal
to the aggregate costs, fees, accrued interest and call premiums incurred, on or
after the Second Amendment Effective Date, in connection with the Debt
Repurchase or other extinguishment of the Existing Subordinated Notes and/or
Term Loans or in connection with the incurrence of Refinancing Indebtedness, (3)
the Refinancing Indebtedness shall be issued on terms reasonably satisfactory to
the Administrative Agent (such consent not to be unreasonably withheld or
delayed), (4) the maturity date of such Refinancing Indebtedness shall be at
least six (6) months after the Credit-Linked Maturity Date, (5) such Refinancing
Indebtedness shall not be subject to mandatory amortization payments, (6) the
instruments governing such Refinancing Indebtedness shall not contain financial
maintenance covenants and (7) after giving effect to the incurrence of such
Refinancing Indebtedness, the Indebtedness of the Credit Parties and their
Subsidiaries shall not exceed $438,600,000 (i.e. the total Indebtedness of the
Credit Parties and their Subsidiaries as of November 30, 2009) plus an amount equal
to the aggregate costs, fees, accrued interest and call premiums incurred, on or
after the Second Amendment Effective Date, in connection with the Debt
Repurchase or other extinguishment of the Existing Subordinated Notes and/or
Term Loans or in connection with the incurrence of Refinancing
Indebtedness;

     

    
      
        
        

      

      
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    1.22           Amendment
to Section 6.4.  Each of Section 6.4(a)(v) and 6.4(a)(ix) of
the Credit Agreement is hereby amended and restated in its entirety to read as
follows:

    

    (v)           the
dissolution, liquidation or winding up of a Subsidiary that is not a Credit
Party; provided
that prior to or simultaneously with any such dissolution, liquidation or
winding up, all assets of such Subsidiary (other than GDX Automotive SAS,
Snappon SA or any other Foreign Subsidiary that is not a Significant Subsidiary)
are transferred to a Credit Party (other than a Permitted Real Estate Entity)
or, to the extent required by law or binding contract, a creditor or creditors
thereof;

    

    (ix)           the
grant of certain rights pertaining to “Aggregates” to Granite Construction
Company pursuant to the Agreement Granting Right to Mine Aggregates dated
November 18, 2004 (as amended, restated, supplemented or otherwise modified, the
“Granite
Agreement”);

    

    1.23           Amendment
to Section 6.10.  Section 6.10 of the Credit Agreement is
hereby amended by (1) amending and restating clause (c)(ii) in its entirety, (2)
deleting clause (c)(iii) in its entirety and (3) adding the following clause (f)
to the end of such Section and, in each case, making the appropriate punctuation
and grammatical changes thereto, in each case, to read as follows:

    

    (ii) so long as no Event of
Default has occurred and is continuing and no Default or Event of Default would
result therefrom, the Borrower and its applicable Subsidiaries may refinance the
Existing Subordinated Notes, in whole or in part, on the terms set forth in
Section 6.1(e)

    

    ***

    

    (f)  so
long as no Default has occurred and is continuing, both immediately before and
after giving effect to such Restricted Payment and the Credit Parties are in pro
forma compliance with each of the financial covenants set forth in Section 5.9,
the Borrower and its applicable Subsidiaries may (i) consummate the Rescission
Offer with cash and/or Capital Stock; provided that the
cash and/or Cash Equivalents used to consummate the Rescission Offer shall not
exceed $15,000,000 in the aggregate, (ii) repurchase shares of the Borrower’s
Capital Stock (an “Equity Repurchase”)
in an aggregate amount not to exceed $25,000,000 per fiscal year; provided that (A) at
the time of any such Equity Repurchase, all or substantially all (as determined
by the Administrative Agent) of the 2.25% Convertible Notes shall have been
retired or refinanced, (B) there shall be no Revolving Loans outstanding during
the fifteen (15) days immediately preceding and during the fifteen (15) days
immediately following the date of such Equity Repurchase and (C) the Borrower
shall have at least $25,000,000 of cash and Cash Equivalents on its consolidated
balance sheet after giving effect to such Equity Repurchase and (iii) consummate
a Debt Repurchase, using cash on hand (including, without limitation, net
proceeds from the offering of the 4.0625% Convertible Debentures or from an
equity issuance) or
via the issuance or incurrence of Refinancing Indebtedness, of the 9.50% Senior
Subordinated Notes, the 4.00% Convertible Notes, the 2.25% Convertible Notes
and/or, so long as after giving effect to such Debt Repurchase the Borrower has
cash and Cash Equivalents on hand in an amount equal to or exceeding the amount
necessary to satisfy the 2.25% Convertible Notes in full, the 4.0625%
Convertible Debentures, in whole or in part; provided that (A)
there shall be no Revolving Loans outstanding during the fifteen (15) days
immediately preceding and during the fifteen (15) days immediately following the
date of such Debt Repurchase and (B) the Borrower shall have at least
$25,000,000 of cash and Cash Equivalents on its consolidated balance sheet after
giving effect to such Debt Repurchase.

     

    
      
        
        

      

      
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    1.24           Amendment
to Section 6.12(b).  Section 6.12(b) of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

    

    (b)
which the Borrower or any of its Subsidiaries intends to use for substantially
the same purpose as any other property which has been or is to be sold or
transferred by the Borrower or any of its Subsidiaries to any Person (other than
the Borrower or any of its Subsidiaries) in connection with such lease, except
for such sale leasebacks in the amount of $20,000,000 in the aggregate during
the term of this Agreement.

    

    1.25           Amendment
to Section 7.1(f).  The last sentence of Section 7.1(f) of the
Credit Agreement is hereby amended and restated in its entirety to read as
follows:

    

    Notwithstanding the foregoing, (i) with
respect to any Subsidiary that is not a Significant Subsidiary, none of the
events above shall constitute a Default or an Event of Default unless such event
shall not have been cured by the Borrower or applicable Subsidiary or waived by
the Required Lenders within sixty (60) days of such event occurring and (ii)
with respect to GDX  Automotive SAS and Snappon SA, none of the events
above shall constitute a Default or an Event of Default if it is deemed by the
Borrower to be in the best interest of the Borrower and it will not have a
Material Adverse Effect.

    

    1.26           Amendment
to Section 7.1(g).  Section 7.1(g) of
the Credit Agreement is hereby amended and restated in its entirety to read as
follows:

    

    (g)            Judgment
Default.  One or more judgments, orders, decrees or arbitration
awards shall be entered against the Credit Parties or any of their Subsidiaries
involving in the aggregate a liability (to the extent not paid when due or
covered by insurance) of (i) with respect to the Snappon Judgments, $10,000,000
or more, (ii) with respect to the GDX Automotive SAS Judgments, $10,000,000 or
more and (iii) with respect to all other  judgments, orders, decrees
or arbitration awards, $5,000,000 or more, and all such judgments, orders,
decrees or arbitration awards identified in clauses (i), (ii)  and
(iii) above shall not have been paid and satisfied, vacated, discharged, stayed
or bonded pending appeal within thirty (30) days from the entry
thereof.

     

    
      
        
        

      

      
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    SECTION
2

    REVOLVING
COMMITTED AMOUNT

    AND

    CREDIT-LINKED LOC COMMITTED
AMOUNT

    

    Pursuant to Section 2.8(a) of the
Credit Agreement, the Borrower hereby elects to permanently reduce (a) the
Revolving Committed Amount to $65,000,000 and (b) the
Credit-Linked LOC Committed Amount to $100,000,000.  The Credit
Parties and the Required Lenders hereby agree that, after giving effect to this
Amendment on the Second Amendment Effective Date (i) the Revolving Committed
Amount shall be reduced to $65,000,000 and (ii) the Credit-Linked LOC Committed
Amount shall be reduced to $100,000,000 and the amount of such reduction of the
Credit-Linked LOC Committed Amount shall be returned to the Credit-Linked
Lenders on a pro rata basis by the Administrative Agent in accordance with
Section 2.6(f) of the Credit Agreement.  With respect to the voluntary
commitment reduction made pursuant to this Section, the Required Lenders hereby
waive the voluntary commitment reduction notice required by Section
2.8(a).  The Required Lenders hereby acknowledge and agree that the
Refinance Period will terminate as of the Second Amendment Effective
Date.

    

    

    SECTION
3

    CONDITIONS TO
EFFECTIVENESS

    

    3.1           Conditions
to Effectiveness.  This Amendment shall become effective as of
the Second Amendment Effective Date upon satisfaction of the following
conditions (in each case, in form and substance reasonably acceptable to the
Administrative Agent):

     

    
      (a)           Executed
Amendment.  Receipt by the Administrative Agent of a copy of
this Amendment duly executed by each of the Credit Parties and the
Administrative Agent, on behalf of the Required Lenders.

      

      (b)           Executed
Consents.  Receipt by the Administrative Agent of executed
consents, in substantially the form of Exhibit A
attached hereto (each a “Lender Consent”),
from the Required Lenders authorizing the Administrative Agent to enter into
this Amendment on their behalf.  The delivery by the Administrative
Agent of its signature page to this Amendment shall constitute conclusive
evidence that the Lender Consents from the Required Lenders have been
obtained.

      

      (c)           Fees and
Expenses.

    

     

    (i)           The
Administrative Agent shall have received from the Borrower, for the account of
each Lender that executes and delivers a Lender Consent to the Administrative
Agent by 5:00 p.m. (EDT) on or before March 17, 2010 (each such Lender, a
“Consenting
Lender”, and collectively, the “Consenting Lenders”),
an amendment fee in an amount equal to twenty-five (25) basis points on (A) the
aggregate Revolving Commitments of such Consenting Lenders, (B) the outstanding
principal amount of the Term
Loan held by such Consenting Lenders and (C) the outstanding principal amount of
such Consenting Lenders’ Credit-Linked Deposit.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    (ii)           The
Administrative Agent shall have received from the Borrower such other fees and
expenses that are payable by the Borrower in connection with the consummation of
the transactions contemplated hereby and Moore & Van Allen PLLC shall have
received from the Borrower payment of all documented outstanding fees and
expenses previously incurred and all documented fees and expenses incurred in
connection with this Amendment.

    

    (d)           Due
Diligence.  The Administrative Agent shall have completed in
form and scope satisfactory thereto its legal due diligence on the Borrower and
its Subsidiaries.

    

    (e)           Legal
Opinion.  The Administrative Agent shall have received an
opinion from Olshan Grundman Frome Rosenzweig & Wolosky LLP, dated as of the
Second Amendment Effective Date and in form and substance acceptable to the
Administrative Agent.

    

    (f)           Miscellaneous.  All
other documents and legal matters in connection with the transactions
contemplated by this Amendment shall be reasonably satisfactory in form and
substance to the Administrative Agent and its counsel.

     
 

    SECTION
4

    MISCELLANEOUS

    

    4.1           Representations
and Warranties.
 Each of the Credit
Parties represents and warrants as follows as of the Second Amendment Effective
Date, after giving effect to this Amendment:

     

    
      (a)           It
has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

      

      (b)           This
Amendment has been duly executed and delivered by such Person and constitutes
such Person’s valid and legally binding obligation, enforceable against such
Person in accordance with its terms, except as such enforceability may be
subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or
transfer, moratorium or similar laws affecting creditors’ rights generally and
(ii) general principles of equity (regardless of whether such enforceability is
considered in a proceeding at law or in equity).

      

      (c)           No
consent, approval, authorization or order of, or filing, registration or
qualification with, any Governmental Authority or third party is required in
connection with the execution, delivery or performance by such Person of this
Amendment, except for any required filings with the Securities and Exchange
Commission.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      

      (d)           The
representations and warranties set forth in Article III of the Credit Agreement
(as amended by this Amendment) are true and correct as of the date hereof
(except for those which expressly relate to an earlier date).

      

      (e)           After
giving effect to this Amendment, no event has occurred and is continuing which
constitutes a Default or an Event of Default.

      

      (f)           The
Security Documents continue to create a valid security interest in, and Lien
upon, the Collateral, in favor of the Administrative Agent, for the benefit of
the Lenders, which security interests and Liens are perfected in accordance with
the terms of the Security Documents and prior to all Liens other than Permitted
Liens.

      

      (g)           The
Credit Party Obligations are not reduced or modified by this Amendment and are
not subject to any offsets, defenses or counterclaims.

    

    

     

    
 

    4.2           Instrument
Pursuant to Credit Agreement.  This Amendment is
a Credit Document executed pursuant to the Credit Agreement and shall be
construed, administered and applied in accordance with the terms and provisions
of the Credit Agreement.

    

    4.3           Reaffirmation
of Credit Party Obligations.  Each Credit Party
hereby ratifies the Credit Agreement and acknowledges and reaffirms (a) that it
is bound by all terms of the Credit Agreement applicable to it and (b) that it
is responsible for the observance and full performance of its respective Credit
Party Obligations.

    

    4.4           Survival.  Except as
expressly modified and amended in this Amendment, all of the terms and
provisions and conditions of each of the Credit Documents shall remain
unchanged.

    

    4.5           Expenses.  The Borrower
agrees to pay all reasonable, documented costs and expenses of the
Administrative Agent in connection with the preparation, execution and delivery
of this Amendment, including without limitation the reasonable expenses of the
Administrative Agent’s legal counsel.

    

    4.6           Further
Assurances.  The Credit
Parties agree to promptly take such action, upon the request of the
Administrative Agent, as is necessary to carry out the intent of this
Amendment.

    

    4.7           Entirety.  This Amendment
and the other Credit Documents embody the entire agreement among the parties
hereto and thereto and supersede all prior agreements and understandings, oral
or written, if any, relating to the subject matter hereof and
thereof.

    

    4.8           Counterparts;
Telecopy.  This Amendment
may be executed in any number of counterparts, each of which when so executed
and delivered shall be an original, but all of which shall constitute one and
the same instrument.  Delivery of an executed counterpart to this
Amendment by telecopy or other electronic means shall be effective as an
original and shall constitute a representation that an original will be
delivered upon the Administrative Agent’s request.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    4.9           No
Actions, Claims, Etc.  As of the date hereof, each of the
Credit Parties hereby acknowledges and confirms that it has no knowledge of any
actions, causes of action, claims, demands, damages and liabilities of whatever
kind or nature, in law or in equity, against the Administrative Agent, the
Lenders, or the Administrative Agent’s or the Lenders’ respective officers,
employees, representatives, agents, counsel or directors arising from any action
by such Persons, or failure of such Persons to act under the Credit Agreement on
or prior to the date hereof.

    

    4.10           Waiver of
Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction,
service of process and waiver of jury trial provisions set forth in Sections
9.13 and 9.16 of the Credit Agreement are hereby incorporated by reference,
mutatis
mutandis.

    

    4.11           Governing
Law.  THIS AGREEMENT
SHALL BE DEEMED TO BE A CONTRACT UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE
STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW).

    

    4.12           Successors
and Assigns.  This Amendment shall be binding upon and inure to
the benefit of the Credit Parties, the Administrative Agent, the Lenders and
their respective successors and assigns.

    

    [Signature
Pages Follow]

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

      
        GENCORP
INC.

        SECOND
AMENDMENT TO CREDIT AGREEMENT

         

      

    

     

    The
parties hereto have duly executed this Amendment as of the date first above
written.

    

    

    
      
        	
                BORROWER:

              	
                GENCORP
      INC.,

              
	 
      	
                an
      Ohio corporation

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	/s/
      Kathleen E. Redd
	 
      	
                Name:

              	Kathleen
      E. Redd  
	 
      	
                Title:

              	Vice
      President, CFO and Secretary  

      

      

      

      

      
        	
                GUARANTORS:

              	
                AEROJET-GENERAL
      CORPORATION,

              
	 
      	
                an
      Ohio corporation

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	/s/
      Kathleen E. Redd
	 
      	
                Name:

              	Kathleen
      E. Redd 
	 
      	
                Title:

              	Vice
      President, CFO and Secretary  

      

      

      

      
        	 
      	
                AEROJET
      ORDNANCE TENNESSEE, INC.,

              
	 
      	
                a
      Tennessee corporation

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	/s/
      Brian E. Sweeney
	 
      	
                Name:

              	Brian
      E. Sweeney  
	 
      	
                Title:

              	Vice
      President and Secretary  

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                ADMINISTRATIVE
      AGENT:

              	
                WACHOVIA BANK, NATIONAL
      ASSOCIATION,

              
	 
      	
                as
      a Lender and as Administrative Agent on behalf of the Required
      Lenders

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	/s/
      Robert G. McGill Jr.
	 
      	
                Name:

              	Robert
      G. McGill Jr.
	 
      	
                Title:

              	Directorex102to8k07319_03172010.htm

    Exhibit
10.2

     

    PURCHASE
AGREEMENT

     

    THIS
PURCHASE AGREEMENT (this “Agreement”) is made
and entered into as of March 18, 2010 by and among GenCorp Inc., an Ohio
corporation (the “Company”), and each
of the beneficial holders listed on Schedule I hereto
(each, a “Holder,” and
collectively, the “Holders”) of (i) the
Company’s 2 1/4% Convertible Subordinated Debentures due 2024 (the “Convertible Notes”),
which were issued pursuant to an Indenture (the “Convertible Notes
Indenture”), dated as of November 23, 2004, between the Company and The
Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), and/or
(ii) the Company’s 9 1/2% Senior Subordinated Notes due 2013 (the “Subordinated Notes,”
and together with the Convertible Notes, the “Notes”), which were
issued pursuant to an Indenture (as supplemented, the “Subordinated Notes
Indenture”), dated as of August 11, 2003, among the Company, the
Guarantors (as defined therein) and the Trustee.

     

    RECITALS

     

    WHEREAS,
the Company and each Holder have agreed, upon the terms and subject to the
conditions set forth in this Agreement, that the Company shall purchase from
such Holder, and such Holder shall sell to the Company, the principal amount of
the Notes owned by such Holder as listed on Schedule I hereto,
representing all of the Notes owned by such Holder.

     

    NOW,
THEREFORE, in consideration of the premises and mutual covenants and agreements
set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

     

    ARTICLE I -
PURCHASE OF NOTES

     

    Section
1.01.           Purchase of
Notes.  Upon the terms and subject to the conditions set forth
in this Agreement, each Holder hereby agrees to sell to the Company, and the
Company hereby agrees to purchase from such Holder, at the Closing the principal
amount of the Notes held by such Holder, as set forth opposite such Holder’s
name on Schedule
I hereto, for the purchase price(s) set forth on Schedule I hereto
(the “Purchase
Price”).

     

    Section
1.02.           Closing and
Location.  The closing of the transactions contemplated hereby
(the “Closing”)
shall take place on the date hereof, or on such other date as shall be mutually
agreed to by the Company and each Holder (the “Closing Date”), at
the offices of Olshan Grundman Frome Rosenzweig & Wolosky LLP, Park Avenue
Tower, 65 East 55th
Street, New York, New York, or such other place as shall be mutually agreed to
by the Company and each Holder.

     

    Section
1.03.           Delivery.  At
the Closing, (a) each Holder shall effect by book entry, in accordance with the
applicable procedures of the Depository Trust Company and the terms of the
Convertible Notes Indenture or the Subordinated Notes Indenture, as the case may
be, the delivery to the Company (or to its designee which may be the Trustee for
the benefit of the Company) of the Notes held by such Holder as set forth
opposite such Holder’s name on Schedule I and such
Notes shall be cancelled or the amount outstanding under global certificates
representing the Notes shall be decreased by the amount of Notes delivered
hereunder and (b) the Company shall pay to each Holder such Holder’s Purchase
Price by wire transfer of immediately available funds to an account designated
in writing by such Holder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
1.04.           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
1.05.           No Transfer of Notes After
the Closing; No Further Ownership Rights in the Notes.  Upon
consummation of the Closing, all Notes (or interests therein) purchased pursuant
to this Agreement shall cease to be transferable and there shall be no further
registration of any transfer of any such Notes or interests
therein.  From and after the Closing, each Holder shall cease to have
any rights with respect to such Holder’s Notes, including, without limitation,
any payments of accrued and unpaid interest.

     

    ARTICLE II -
REPRESENTATIONS AND WARRANTIES

     

    Section
2.01.           Representations and
Warranties of the Company.  The Company represents and warrants
to each Holder that the following statements are true, correct and complete as
of the date hereof:

     

    (a)           Organization and Good
Standing.  The Company is a corporation duly incorporated,
validly existing and in good standing under the laws of its state of
incorporation and has all requisite corporate power and authority to own, lease
and operate its properties and to carry on its business.

     

    (b)           Power and
Authority.  It has all requisite corporate power and authority
to enter into this Agreement and to carry out the transactions contemplated by,
and perform its obligations under, this Agreement.

     

    (c)           Authorization.  The
execution and delivery of this Agreement and the performance of its obligations
hereunder have been duly authorized by all necessary corporate action on its
part.

     

    (d)           Binding
Obligation.  This Agreement is the legally valid and binding
obligation of it, enforceable against it in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws relating to or limiting creditors’ rights generally or by
equitable principles relating to enforceability.

     

    (e)           No
Conflicts.  The execution, delivery and performance by it of
this Agreement do not and will not (i) violate any provision of law, rule or
regulation applicable to it or its organizational or governing documents or (ii)
conflict with, result in a breach of or constitute (with due notice or lapse of
time or both) a default under any material contractual obligation to which it is
a party.

     

    (f)           Governmental
Consents.  The execution, delivery and performance by it of
this Agreement do not and will not require any registration or filing with,
consent or approval of, or notice to, or other action to, with or by, any
federal, state or other governmental or regulatory authority or body other than
pursuant to the Securities Exchange Act of 1934, as amended.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Section
2.02.           Representations and
Warranties of Each Holder.  Each Holder on behalf of itself and
not on behalf of the other Holders represents and warrants to the Company that
the following statements are true, correct and complete as of the date
hereof:

     

    (a)           Organization and Good
Standing.  It is a form of entity duly organized, validly
existing and in good standing under the laws of its jurisdiction of formation
and has all requisite power and authority to own, lease and operate its
properties and to carry on its business.

     

    (b)           Power and
Authority.  It has all requisite power and authority to enter
into this Agreement and to carry out the transactions contemplated by, and
perform its obligations under, this Agreement.

     

    (c)           Authorization.  The
execution and delivery of this Agreement and the performance of its obligations
hereunder have been duly authorized by all necessary action on its
part.  Beach Point Capital Management LP is the investment manager of
such Holder and, in such capacity, has the requisite power and authority to, and
by its execution and delivery hereof does hereby, bind such Holder to this
Agreement.

     

    (d)           Binding
Obligation.  This Agreement is the legally valid and binding
obligation of it, enforceable against it in accordance with its terms, except as
enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws relating to or limiting creditors’ rights generally or by
equitable principles relating to enforceability.

     

    (e)           No
Conflicts.  The execution, delivery and performance by it of
this Agreement do not and will not (i) violate any provision of law, rule or
regulation applicable to it or its organizational or governing documents or (ii)
conflict with, result in a breach of or constitute (with due notice or lapse of
time or both) a default under any material contractual obligation to which it is
a party.

     

    (f)           Governmental
Consents.  The execution, delivery and performance by it of
this Agreement do not and will not require any registration or filing with,
consent or approval of, or notice to, or other action to, with or by, any
federal, state or other governmental or regulatory authority or
body.

     

    (g)           Ownership of
Notes.  The principal amount of Notes held by it as set forth
on Schedule I
hereto is an accurate amount and represents all of the Notes beneficially owned
by it, and it is the beneficial owner thereof, free and clear of all liens,
claims and encumbrances of any nature whatsoever (other than obligations
pursuant to this Agreement).

     

    ARTICLE
III - MISCELLANEOUS

     

    Section
3.01.           Release.  Each
party hereto, on behalf of itself and its predecessors, successors and assigns,
hereby unequivocally, irrevocably and unconditionally releases, surrenders,
acquits and forever discharges the other parties hereto and their respective
subsidiaries, directors, officers, stockholders, members, partners, employees,
affiliates, agents, advisors, attorneys, representatives, predecessors,
successors and assigns (collectively, the “Released Parties”),
from any and all actions, causes of action, claims, suits, covenants, contracts,
controversies, agreements, promises, indemnities, damages, judgments, remedies,
demands and liabilities, of any nature whatsoever, in law, at equity or
otherwise incurred prior to or as of the date hereof (collectively, the “Claims”), whether
direct, derivative or otherwise, which have been, may be or ever could be
asserted against any of the Released Parties, either for itself or otherwise for
or on behalf of any other person, in connection with the Notes, the Convertible
Notes Indenture and/or the Subordinated Notes Indenture, as the case may be, or
the negotiations relating to or consummation of this Agreement or any of the
transactions contemplated hereby, other than any Claims arising under this
Agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Section
3.02.           Successors and
Assigns.  This Agreement is intended to bind and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns.  None of the parties may assign or delegate all or any part
of its rights or obligations hereunder without the prior written consent of the
other parties.

     

    Section
3.03.           Entire
Agreement.  This Agreement constitutes the entire understanding
and agreement among the parties hereto with regard to the subject matter hereof
and supersedes all prior agreements with respect thereto.

     

    Section
3.04.           Effectiveness;
Amendments.  This Agreement shall not become effective and
binding on a party hereto unless and until a counterpart signature page to this
Agreement has been executed and delivered by such party.  Once
effective, this Agreement may not be modified, amended or supplemented, nor may
any provision be waived, except in a writing signed by the Company and each of
the Holders.

     

    Section
3.05.           Severability.  Any
provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof or affecting the validity or enforceability of such provision
in any other jurisdiction.

     

    Section
3.06.           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one and the same
Agreement.  Delivery of an executed signature page of this Agreement
by telecopier or e-mail shall be effective as delivery of a manually executed
signature page of this Agreement.

     

    Section
3.07.           Headings.  The
headings of the sections and subsections of this Agreement are inserted for
convenience only and shall not affect the interpretation hereof.

     

    Section
3.08.           Representations and Releases
to Survive.  The respective agreements, representations,
warranties and other statements of the Company and of each Holder set forth in
or made pursuant to this Agreement will remain in full force and effect,
regardless of any investigation made by or on behalf of such Holder or the
Company, as the case may be, and will survive the execution and delivery of this
Agreement and the consummation of the transactions contemplated
hereby.  The provisions of Section 3.01 shall survive the termination
or cancellation of this Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Section
3.09.           Governing Law;
Jurisdiction.  This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York, regardless of
the laws that might otherwise govern under applicable principles of conflict of
laws of the State of New York.  The parties hereby irrevocably submit
to the non-exclusive jurisdiction of any federal or state court located within
the borough of Manhattan of the City, County and State of New York over any
dispute arising out of or relating to this Agreement or any of the transactions
contemplated hereby.  The parties hereby irrevocably waive, to the
fullest extent permitted by applicable law, jury trial and any objection which
they may now or hereafter have to the laying of venue of any such dispute
brought in such court or any defense of inconvenient forum for the maintenance
of such dispute.  Each of the parties hereto agrees that a judgment in
any such dispute may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.

     

    Section
3.10.           Notices.  All
demands, notices, requests, consents and communications hereunder shall be in
writing and shall be deemed to have been duly given if personally delivered by
courier service, messenger, telecopy, electronic mail, or if duly deposited in
the mails, by certified or registered mail, postage prepaid-return receipt
requested, to the following addresses, or such other addresses as may be
furnished hereafter by notice in writing, to the following parties:

     

    (a)           If
to the Company, to:

     

    GenCorp
Inc.

    Facsimile
No.: (916) 351-8608

    Attn:
Kathleen E. Redd, Vice President, Chief Financial Officer and
Secretary

    Email:
Kathy.Redd@Aerojet.com

     

    (Mail address)

     

    P.O. Box
537012 (Bldg 20019)

    Sacramento,
California 95853-7012

     

    (Overnight delivery
address)

     

    Highway
50 and Aerojet Road

    Bldg
20019 - MS 5611

    Rancho
Cordova, California 95670

     

    with a
copy to (which copy shall not constitute notice):

     

    Olshan
Grundman Frome Rosenzweig & Wolosky LLP

    Park
Avenue Tower

    65 East
55th
Street

    New York,
New York 10022

    Facsimile
No.: (212) 451-2222

    Attn:
Jeffrey S. Spindler, Esq.

    Email:
jspindler@olshanlaw.com

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)           If
to a Holder, to its address set forth on its signature page hereto or such other
address as provided to the parties in writing.

     

    Section
3.11.           Specific
Performance.  Each party hereto recognizes and acknowledges
that a breach by it of any covenants or agreements contained in this Agreement
will cause the other party(ies) to sustain damages for which such party(ies)
would not have an adequate remedy at law for money damages, and therefore each
party hereto agrees that in the event of any such breach the other party(ies)
may seek the remedy of specific performance of such covenants and agreements and
injunctive and other equitable relief (without the requirement to post bond or
other security) in addition to any other remedy to which such party may be
entitled, at law or in equity.

     

    Section
3.12.           Remedies
Cumulative.  All rights, powers and remedies provided under
this Agreement or otherwise available in respect hereof at law or in equity
shall be cumulative and not alternative, and the exercise of any right, power or
remedy thereof by any party shall not preclude the simultaneous or later
exercise of any other such right, power or remedy by such party.

     

    Section
3.13.           No
Waiver.  The failure of any party hereto to exercise any right,
power or remedy provided under this Agreement or otherwise available in respect
hereof at law or in equity, or to insist upon compliance by any other party
hereto with its obligations hereunder, and any custom or practice of the parties
at variance with the terms hereof, shall not constitute a waiver by such party
of its right to exercise any such or other right, power or remedy or to demand
such compliance.

     

    Section
3.14.           No Third Party
Beneficiaries.  This Agreement is not intended to be for the
benefit of, and shall not be enforceable by, any person who or which is not a
party hereto.

     

    Section
3.15.           No Joint
Liability.  The Company acknowledges and agrees that each
Holder is entering into this Agreement for its own account and not for or on
behalf of any of the other Holders party hereto.  The obligations,
representations, warranties and any other responsibilities of the Holders
hereunder are several and not joint.  In no event shall any Holder
have any liability whatsoever for the obligations, representations, warranties
or any other responsibilities of any of the other Holders party
hereto.

     

    Section
3.16.           Representation by
Counsel.  Each of the Company and each Holder acknowledges that
it has been represented by counsel in connection with this Agreement and the
transactions contemplated by this Agreement.  Accordingly, any rule of
law or any legal decision that would provide any party with a defense to the
enforcement of the terms of this Agreement against such party based upon lack of
legal counsel shall have no application and is expressly waived.

     

    [Signature
Pages Follow]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

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

     

    
      	 
      	
              GENCORP
      INC.

            
	 
      	 
      
	 
      	
              By:

            	
              
                /s/
      Kathleen E. Redd

              

            
	 
      	 
      	
              Name:

            	
              Kathleen
      E. Redd

            
	 
      	 
      	
              Title:

            	
              Vice
      President, Chief Financial Officer and
Secretary

            

    

    

    

    
      	 
      	
              BEACH
      POINT CAPITAL MANAGEMENT LP, 
in its capacity as investment manager on
      behalf of each of the Holders listed in Schedule I

            
	 
      	 
      
	 
      	
              By:

            	/s/
      Carl Goldsmith
	 
      	 
      	
              Name:

            	Carl
      Goldsmith
	 
      	 
      	
              Title:

            	Senior
      Portfolio Manager

       

      	 	
              Notice
      Address:

              

              Beach
      Point Capital Management LP

              11755
      Wilshire Blvd., Suite 1400

              Los
      Angeles, CA 90025

              Facsimile
      No.: 310-996-9688

              Attn:
      Lawrence M. Goldman

              Email:
      lgoldman@beachpointcapital.com

            

    

    
 

     

    
      SIGNATURE
PAGE TO PURCHASE AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]