Document:

EX-10.1

  Exhibit 10.1

   

  EXECUTION VERSION

  AMENDMENT NO. 14 TO BLOCKED ACCOUNT AGREEMENT

   

   

  THIS AMENDMENT NO. 14 TO BLOCKED ACCOUNT AGREEMENT, dated as of November 5, 2021 (this “Amendment”), is entered into among TRIUMPH RECEIVABLES, LLC (“Customer”), TRIUMPH GROUP, INC. (the “Servicer”), and PNC BANK, NATIONAL ASSOCIATION, as the depository bank (in such capacity, the “Depository”) and as administrator for and on behalf of certain other parties (in such capacity, the “Administrator”).

  R E C I T A L S

  A.	The parties hereto have entered into that certain Blocked Account Agreement, dated as of August 7, 2008 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Blocked Account Agreement”).  Capitalized terms used in this Amendment without definition have the meanings assigned to such terms in the Blocked Account Agreement.

  B.	The parties hereto desire to enter into this Amendment to amend the Blocked Account Agreement.

  NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as to the following:

  1.Amendments to Blocked Account Agreement.  The Blocked Account Agreement is hereby amended as follows:

  1.1Schedule I to the Blocked Account Agreement is hereby replaced in its entirety by Schedule I attached hereto.

  1.2Annex A to Exhibit II to the Blocked Account Agreement is hereby replaced in its entirety by Annex A attached hereto.

  2.Effectiveness; Effect of Amendment.  (a)	This Amendment shall become effective upon the receipt by each of the parties hereto of a fully executed copy of this Amendment.  

  (b)	Except as expressly amended and modified by this Amendment, all provisions of the Blocked Account Agreement shall remain in full force and effect.  After this Amendment becomes effective, all references in the Blocked Account Agreement to “this Agreement”, “hereof”, “herein”, or words of similar effect referring to the Blocked Account Agreement shall be deemed to be references to the Blocked Account Agreement, as amended by this Amendment.  This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Blocked Account Agreement other than as set forth herein.

  3.Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, and each counterpart shall be deemed to be an original, and all such counterparts shall together constitute but one and the same agreement.

   

  			
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  4.Governing Law.  This Amendment shall be governed by, and construed in accordance with the law of the Commonwealth of Pennsylvania.

  5.Section Headings.  The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Blocked Account Agreement or any provision hereof or thereof.

  6.Successors and Assigns.  This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

  [SIGNATURE PAGES FOLLOW]

   

   

  			
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  IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

  TRIUMPH RECEIVABLES, LLC,

   

   

  By: /s/ James F. McCabe, Jr._________________                                          

  Name:  James F. McCabe, Jr. 

  Title: Senior Vice President and Chief Financial Officer

   

   

  TRIUMPH GROUP, INC.,

   

   

  By: /s/ Jennifer H. Allen_____________________                                          

  Name:  Jennifer H. Allen

  Title: Senior Vice President, General Counsel and Secretary

   

   

  			
	 744602904 08057100
	S-1
	14th Amendment to Blocked Account Agreement - PNC/Triumph
(Triumph Receivables, LLC)

   

  

   

  PNC BANK, NATIONAL ASSOCIATION,

  as Administrator

   

   

  By: /s/ Christopher Blaney                                          

  Name:  Christopher Blaney

  Title: Senior Vice President

   

   

   

  			
	 744602904 08057100
	S-2
	14th Amendment to Blocked Account Agreement - PNC/Triumph
(Triumph Receivables, LLC)

   

  

   

  PNC BANK, NATIONAL ASSOCIATION,

  as Depository

   

   

  By: /s/ Christopher Blaney                                          

  Name:  Christopher Blaney

  Title: Senior Vice President

   

   

   

  			
	 744602904 08057100
	S-3
	14th Amendment to Blocked Account Agreement - PNC/Triumph
(Triumph Receivables, LLC)

   

  

   

  CONSENTED TO BY:

   

  PNC BANK, NATIONAL ASSOCIATION,

  as Purchaser Agent for the PNC Purchaser Group

   

   

  By: /s/ Christopher Blaney                                          

  Name:  Christopher Blaney

  Title: Senior Vice President

   

   

  			
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	S-4
	14th Amendment to Blocked Account Agreement - PNC/Triumph
(Triumph Receivables, LLC)

   

  

   

  SCHEDULE I

  BLOCKED ACCOUNTS AND LOCKBOX INFORMATION

   

   

  Blocked Accounts:

   

  TRIUMPH Receivables, LLC

  A/C #’s:	

  	
	1019796242
1008436997
1017284745
1014305328
1006153766
1011555508
1017288463
1002431685
1008997858
1017305032
1017294353
1001738669
1019839855
1028984093
1028919507
1029046605

  
 

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  			
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	Sch I-1
	 

   

  

   

  Lockbox Accounts:

   

  P.O. Box #’s:		

  	
	676035
642454
643389
643247
642117
642807
643440
640739
642804
643577
643466
640941
644536
645395
645025
645259

   

   

  			
	 744602904 08057100
	Sch I-2
	 

   

  

   

   

   

  			
	 744602904 08057100
	Ex II-2
	 

   

  

   

  ANNEX A

   

  Blocked Accounts:

   

  TRIUMPH Receivables, LLC

  A/C #’s:	

  	
	1019796242
1008436997
1017284745
1014305328
1006153766
1011555508
1017288463
1002431685
1008997858
1017305032
1017294353
1001738669
1019839855
1028984093
1028919507
1029046605

   

   

  			
	 744602904 08057100
	Ex II-2EX-10.2

  Exhibit 10.2

   

  EXECUTION VERSION

  November 5, 2021

  Triumph Receivables, LLC

  899 Cassatt Road

  Suite 210

  Berwyn, PA 19312

   

  Triumph Group, Inc.

  899 Cassatt Road

  Suite 210

  Berwyn, PA 19312

   

   

  Re: 	Twelfth Amended and Restated Purchaser Group Fee Letter (PNC) – Receivables Purchase Agreement

  Ladies and Gentlemen:

  	This twelfth amended and restated fee letter agreement (as amended, restated, supplemented or otherwise modified from time to time, this “Fee Letter”) is being delivered in connection with that certain Amended and Restated Receivables Purchase Agreement, dated as of September 29, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”), among Triumph Receivables, LLC, as the seller (the “Seller”), Triumph Group, Inc. (“Triumph”), as the servicer (the “Servicer”), the various purchasers and purchaser agents from time to time party thereto, PNC Capital Markets LLC, as structuring agent, and PNC Bank, National Association (“PNC”), as administrator (in such capacity, the “Administrator”).  Capitalized terms used but not defined herein have the respective meanings assigned thereto in, or by reference in, the Receivables Purchase Agreement.  This Fee Letter is one of the “Fee Letters” referred to in Section 1.5 of the Receivables Purchase Agreement.  This Fee Letter amends and restates that certain eleventh amended and restated fee letter agreement, dated as of September 29, 2020, among the parties hereto (the “Eleventh Amended and Restated Fee Letter”) and all references in the Receivables Purchase Agreement or any other Transaction Document to the “Fee Letter” related to the Purchaser Group for which PNC is the Purchaser Agent shall for all purposes be a reference to this Fee Letter.  This Fee Letter is not intended to constitute a novation of the Eleventh Amended and Restated Fee Letter, and all fees that have accrued under the Eleventh Amended and Restated Fee Letter prior to the date hereof shall be payable by the Seller in accordance with the terms thereof.

   

  In consideration of the facility provided by the Receivables Purchase Agreement, the Seller hereby agrees to pay the following fees:

  (a)	to PNC Capital Markets LLC, a recurring “Annual Administration Fee” in an amount equal to $50,000, which Annual Administration Fee shall (i) accrue, and shall be due and payable, on November 3rd of each calendar year occurring prior to the termination of the facility and (ii) be paid by wire transfer of immediately available funds on or prior to November 3rd of each calendar year occurring prior to the Final Payout Date;

  744373895 08057100

  

   

  (b)	to PNC Capital Markets LLC, an “Amendment Fee” in an amount equal to $400,000, which Amendment Fee shall accrue and be due and payable on the date hereof;

  (c)	to PNC, a “Drawn Fee” for each day in an amount equal to the product of (i) the Drawn Fee Rate (as defined below), multiplied by (ii) the aggregate Capital outstanding on such day with respect to the Purchasers in the Purchaser Group for which PNC is the Purchaser Agent, multiplied by (iii) 1/360, which Drawn Fee shall accrue on each day from and including the date hereof to (but excluding) the Final Payout Date, and Drawn Fees accrued during any Yield Period shall be due and payable in arrears on the first Settlement Date following such Yield Period; provided that all accrued and unpaid Drawn Fees shall be due and payable on the later of (x) the earlier of (i) the Purchaser Termination Date with respect to all such Purchasers and (ii) the Facility Termination Date and (y) the date on which such aggregate Capital outstanding shall have been finally paid in full if such date is not a Settlement Date;

  (d)	to PNC, an “Undrawn Fee” for each day in an amount equal to the product of (i) the Undrawn Fee Rate (as defined below), multiplied by (ii) the excess (if any) of (x) the Commitment for the Purchaser Group for which PNC is the Purchaser Agent on such day over (y) the sum of (A) the aggregate Capital outstanding on such day with respect to the Purchasers in the Purchaser Group for which PNC is the Purchaser Agent plus (B) PNC’s (in its capacity as an LC Participant) Pro Rata Share of the LC Participation Amount on such day, multiplied by (iii) 1/360, which Undrawn Fee shall accrue on each day from and including the date hereof to (but excluding) the Final Payout Date, and Undrawn Fees accrued during any Yield Period shall be due and payable in arrears on the first Settlement Date following such Yield Period; provided that all accrued and unpaid Undrawn Fees shall be due and payable on the later of (x) the earlier of (i) the Purchaser Termination Date with respect to all such Purchasers and (ii) the Facility Termination Date and (y) the date on which both (i) such aggregate Capital outstanding shall have been finally paid in full and (ii) the LC Participation Amount is zero, if such date is not a Settlement Date;

  (e)	to PNC, a “Collateralized LC Participation Fee” for each day equal to the product of (i) the Collateralized LC Participation Fee Rate on such day, multiplied by (ii) PNC’s (in its capacity as an LC Participant) Pro Rata Share of (A) the LC Participation Amount on such day, minus (B) the Adjusted LC Participation Amount on such day, multiplied by (iii) 1/360, which Collateralized LC Participation Fee shall accrue on each day from and including the date hereof to (but excluding) the Final Payout Date, and Collateralized LC Participation Fees accrued during any Yield Period shall be due and payable in arrears on the first Settlement Date following such Yield Period; provided that all accrued and unpaid Collateralized LC Participation Fees shall be due and payable on the later of (x) the earlier of (i) the Purchaser Termination Date with respect to all such Purchasers and (ii) the Facility Termination Date and (y) the date on which the LC Participation Amount is zero if such date is not a Settlement Date;

  (f)	to PNC, an “Uncollateralized LC Participation Fee” for each day equal to the product of (i) the Uncollateralized LC Participation Fee Rate on such day, multiplied by (ii) PNC’s (in its capacity as an LC Participant) Pro Rata Share of the Adjusted LC Participation Amount on such day, multiplied by (iii) 1/360, which Uncollateralized LC 

   

  			
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  Participation Fee shall accrue on each day from and including the date hereof to (but excluding) the Final Payout Date, and Uncollateralized LC Participation Fees accrued during any Yield Period shall be due and payable in arrears on the first Settlement Date following such Yield Period; provided that all accrued and unpaid Uncollateralized LC Participation Fees shall be due and payable on the later of (x) the earlier of (i) the Purchaser Termination Date with respect to all such Purchasers and (ii) the Facility Termination Date and (y) the date on which the LC Participation Amount is zero if such date is not a Settlement Date; and

  (g)	an “LC Fronting Fee” for each day equal to the product of (i) the LC Fronting Fee Rate on such day, multiplied by (ii) the LC Participation Amount on such day, multiplied by (iii) 1/360, which LC Fronting Fee shall accrue on each day from and including the date hereof to (but excluding) the Final Payout Date, and LC Fronting Fees accrued during any Yield Period shall be due and payable in arrears on the first Settlement Date following such Yield Period; provided that all accrued and unpaid LC Fronting Fees shall be due and payable on the later of (x) the earlier of (i) the Purchaser Termination Date with respect to all such Purchasers and (ii) the Facility Termination Date and (y) the date on which the LC Participation Amount is zero if such date is not a Settlement Date.

  For purposes of this Fee Letter, the following terms shall have the meanings set forth below:

  “Collateralized LC Participation Fee Rate” means, at any time of determination, (i) so long as no Termination Event has occurred and is continuing, 1.25% and (ii) otherwise, 3.25%.

   “Debt Rating” means, as of any date of determination, the corporate credit rating of Triumph as determined by S&P or the corporate family rating of Triumph as determined by Moody’s.

  “Drawn Fee Rate” means, with respect to any Capital and any day, the per annum rate set forth in the column titled “Drawn Fee Rate” in the table below determined by reference to the Debt Rating of Triumph in effect on such day.

  			
	Pricing Level
	Debt Rating
	Drawn Fee Rate

	I
	B or better and B2 or better
	2.00%

	II
	Below the ratings set forth in Pricing Level I (including any circumstance in which either S&P or Moody’s does not assign any Debt Rating to Triumph)
	2.25%

   

   “LC Fronting Fee Rate” means, at any time of determination, (i) so long as PNC is the sole LC Participant on such day, 0.125% and (ii) otherwise, such other rate as shall from time to time be agreed to in writing between the LC Bank and the Seller.

   

  			
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  “Uncollateralized LC Participation Fee Rate” means, at any time of determination, (i) so long as no Termination Event has occurred and is continuing, the Drawn Fee Rate and (ii) otherwise, the sum of (A) the Drawn Fee Rate, plus (B) 2.00%.

   “Undrawn Fee Rate” means, on any date of determination, the percentage in the column titled “Undrawn Fee Rate” of the table set forth below corresponding with the Usage Percentage as of such date of determination.

  		
	Usage Percentage
	Undrawn Fee Rate

	≥ 50%
	0.45%

	< 50%
	0.50%

   

  “Usage Percentage” means, on any date of determination, the number, expressed as a percentage, equal to (i) the sum of (A) the outstanding Aggregate Capital on such date plus (B) the LC Participation Amount on such date, divided by (ii) the Purchase Limit on such date.  

  No portion of any of the fees referred to above or referred to or paid in accordance with the Eleventh Amended and Restated Fee Letter, once paid, shall be refundable under any circumstances.

  Each of the fees payable by the Seller hereunder will be (and shall be deemed to be for all purposes) fully earned as of the day on which it accrues, and none of the foregoing fees, once paid, shall be refundable under any circumstances.  For the avoidance of doubt, each of the fees set forth herein is payable in addition to, and not in lieu of, any other fees or amounts payable by the Seller under, or in connection with, the Receivables Purchase Agreement and the other Transaction Documents.

  This Fee Letter may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart.

  This Fee Letter contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and the payment of the fees specified above and shall (together with each of the other documents related hereto) constitute the entire agreement among the parties hereto with respect thereto superseding all prior oral or written understandings.

  This Fee Letter may only be amended, restated, supplemented or otherwise modified by a written instrument, signed by each of the parties hereto.  This Fee Letter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that the Seller may not assign any of its rights or obligations under this Fee Letter without the prior written consent of each of the parties hereto.

   

  			
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  	THIS FEE LETTER SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS FEE LETTER MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK; AND, BY EXECUTION AND DELIVERY OF THIS FEE LETTER, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS.  EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS FEE LETTER OR ANY DOCUMENT RELATED HERETO.  EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH SERVICE MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW YORK LAW.

  [SIGNATURE PAGES FOLLOW]

   

   

  			
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  Please evidence your agreement to the terms of this Fee Letter by signing the enclosed copy and returning it to the undersigned.

  Very truly yours,

  PNC BANK, NATIONAL ASSOCIATION,
as Administrator

  By: /s/ Christopher Blaney____________________

  Name:  Christopher Blaney

  Title:  Senior Vice President

  PNC BANK, NATIONAL ASSOCIATION,
as Purchaser Agent for the
PNC Purchaser Group

  By: /s/ Christopher Blaney____________________

  Name:  Christopher Blaney

  Title:  Senior Vice President

  PNC BANK, NATIONAL ASSOCIATION,
as LC Bank

  By: /s/ Christopher Blaney____________________

  Name:  Christopher Blaney

  Title:  Senior Vice President

   

   

  			
	744373895 08057100
	S-1
	12th A&R Fee Letter (Triumph)

   

  

   

  PNC CAPITAL MARKETS LLC,
as Structuring Agent

  By: /s/ Christopher Blaney____________________

  Name:  Christopher Blaney

  Title:  Senior Vice President

   

   

  			
	 744373895 08057100
	S-2
	12th A&R Fee Letter (Triumph)

   

  

   

  ACKNOWLEDGED AND AGREED TO 
as of the date first above written

  TRIUMPH ReceivableS, LLC

  By: /s/ James F. McCabe, Jr.

  Name: James F. McCabe, Jr.
Title:  Senior Vice President and Chief Financial Officer

  TRIUMPH GROUP, INC.

  By: /s/ Jennifer H. Allen

  Name:  Jennifer H. Allen
Title:  Senior Vice President, General Counsel and Secretary

   

  			
	 744373895 08057100
	S-3
	12th A&R Fee Letter (Triumph)

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