Document:

cub_Ex10_1

		
			Exhibit 10.1
		

		
			 
		

		
			FIRST AMENDMENT
TO
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			 
		

		
			Dated as of May 4, 2017
		

		
			This FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is among CUBIC CORPORATION, a Delaware corporation (the “Borrower”), the Lenders party hereto and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (the “Administrative Agent”).
		

		
			PRELIMINARY STATEMENTS:
		

		
			(1)       The Borrower, the Lenders and the Administrative Agent have entered into that certain Third Amended and Restated Credit Agreement dated as of August 11, 2016 (as amended from time to time, the “Credit Agreement”; capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the Credit Agreement).
		

		
			(2)       The Borrower has requested that the Administrative Agent and the Lenders amend the Credit Agreement as set forth in this Amendment.
		

		
			(3)       The Administrative Agent and the Lenders party hereto are, on the terms and conditions stated below, willing to grant the request of the Borrower.
		

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

		
			SECTION 1.    Amendment. Effective as of the First Amendment Effective Date and subject to the satisfaction of the conditions precedent set forth in Section 2 of this Amendment, the parties hereto agree that the Credit Agreement is hereby amended as follows:
		

		
			(a)       The definition of “Consolidated EBITDA” appearing in Section 1.01 of the Credit Agreement is amended to replace the dollar amount “$25,000,000” appearing therein with the dollar amount “$30,000,000”.
		

		
			(b)       The definition of “Consolidated Net Income” appearing in Section 1.01 of the Credit Agreement is amended to delete the phrase “and interest income” appearing therein.
		

		
			(c)       Section 6.01(b) of the Credit Agreement is amended and restated to read in its entirety as follows:
		

		
			 “The Borrower will not permit the Leverage Ratio (i) at the end of the fiscal quarter ending March 31, 2017 to be greater than 4.25 to 1.00, (ii) at the end of any fiscal quarter ending after March 31, 2017 but prior to December 31, 2017 to be greater than 4.00 to 1.00 and (iii) at the end of any fiscal quarter ending on or after December 31, 2017 to be greater than 3.50 to 1.00.”
		

		
			(d)       Exhibit E to the Credit Agreement is amended to replace the phrase “Maximum permitted:  Subject to any Adjusted Covenant Period, 4.00 to 1.00 prior to March 31, 2017 and 3.50 to 1.00 
		

		
			
		

		
			

		 

 

		

		
			on or after March 31, 2017” appearing therein with the phrase “Maximum permitted:  Subject to any Adjusted Covenant Period, 4.25 to 1.00 on March 31, 2017, 4.00 to 1.00 after March 31, 2017 but prior to December 31, 2017 and 3.50 to 1.00 on or after December 31, 2017.”
		

		
			SECTION 2.   Conditions to Effectiveness. The amendments in Section 2 of this Amendment shall be effective as of the date (the “First Amendment Effective Date”) the following conditions are satisfied:
		

		
			(a)       the Administrative Agent’s receipt of counterparts of this Amendment duly executed by the Borrower, the Administrative Agent and Lenders constituting Required Lenders; 
		

		
			(b)       the Administrative Agent’s receipt of a reaffirmation (the “Reaffirmation”) of the Guarantee by the Guarantors, in the form of Exhibit A, duly executed by each Guarantor party thereto
		

		
			(c)       the Administrative Agent’s receipt of a duly executed and effective amendment to the Note Purchase Agreement corresponding in all relevant terms to this Amendment and otherwise in form and substance reasonably satisfactory to the Administrative Agent;  and
		

		
			(d)       the Administrative Agent’s (and its affiliates) receipt of (i) for the account of each Lender that delivers its executed signature page to this Amendment by no later than the date and time specified by the Administrative Agent, an amendment fee in an amount equal to the applicable amount previously disclosed to the Lenders and (ii) all fees and expenses then due and owing under the Credit Agreement, the other Financing Documents or under any other applicable letter agreement, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement or other applicable document.
		

		
			The Administrative Agent shall notify the Borrower and the Lenders of the First Amendment Effective Date, and such notice shall be conclusive and binding.
		

		
			SECTION 3.   Representations and Warranties. The Borrower represents and warrants as follows:
		

		
			(a)       Authority; Enforceability. The Borrower has the requisite corporate power and authority to execute, deliver and perform this Amendment, and to perform its obligations under the Credit Agreement as modified hereby and the other Financing Documents to which it is a party.  Each Guarantor has the requisite corporate power and authority to execute, deliver and perform the Reaffirmation, and to perform its obligations under the Reaffirmation and the other Financing Documents to which it is a party The execution, delivery and performance by the Borrower of this Amendment and by each Guarantor of the Reaffirmation have been duly approved by the board of directors of each such Person, and no other corporate proceedings on the part of the Borrower or any Guarantor are necessary to consummate such transactions. This Amendment has been duly executed and delivered by the Borrower and the Reaffirmation has been duly executed and delivered by each Guarantor.  Each of this Amendment and the Credit Agreement as amended hereby constitutes the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or moratorium or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles. Each of the Guarantee by the Guarantors and the Reaffirmation constitutes the legal, valid and bind obligation of each Guarantor, enforceable against such Guarantor in accordance with its terms except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or moratorium or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles.
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			(b)       Financing Document Representations and Warranties. The representations and warranties contained in each Financing Document are true and correct in all material respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects) on and as of the date hereof, before and after giving effect to this Amendment, as though made on and as of such date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date).
		

		
			(c)       Absence of Default. Except as expressly waived hereby, no event or circumstance has occurred and is continuing, or would result from the effectiveness of this Amendment, that constitutes a Default or an Event of Default.
		

		
			SECTION 4.   Reference to and Effect on the Financing Documents.  (a)  Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof’ or words of like import referring to the Credit Agreement, and each reference in the other Financing Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby.
		

		
			(b)       The Credit Agreement and all other Financing Documents are and shall continue to be in full force and effect and are hereby ratified and confirmed in all respects.
		

		
			(c)       The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Financing Documents, nor constitute a waiver of any provision of any of the Financing Documents.
		

		
			(d)       This Amendment is a Financing Document under (and as defined in) the Credit Agreement.
		

		
			SECTION 5.   Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telefacsimile shall be effective as delivery of a manually executed counterpart of this Amendment.
		

		
			SECTION 6.   Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; PROVIDED THAT THE ADMINISTRATIVE AGENT, THE LENDERS AND THE BORROWER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.
		

		
			SECTION 7.   Severability. Whenever possible, each provision of this Amendment shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Amendment.
		

		
			SECTION 8.  Captions and Headings. The captions or section headings at various places in this Amendment are intended for convenience only and do not constitute and shall not be interpreted as part of this Amendment.
		

		
			 
		

		
			 
		

		
			

		 

		

			3

		

 

		

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

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CUBIC CORPORATION, as the Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ James R. Edwards

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Gregory L. Tanner

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			Signature Page to First Amendment to Third Amended and Restated Credit Agreement
Cubic Corporation

		

 

		

		
			 
		

			
					
						 

					
					
						JPMORGAN CHASE BANK, N.A., individually as a Lender and as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Anna Araya

				
	
					
						 

					
					
						Name:

					
					
						Anna Araya

				
	
					
						 

					
					
						Title:

					
					
						Executive Director

				

		
			 
		

		
			
		

		
			

		 

		

			Signature Page to First Amendment to Third Amended and Restated Credit Agreement
Cubic Corporation

		

 

		

		
			 
		

			
					
						 

					
					
						BANK OF THE WEST, as a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ William Z. Burzynski

				
	
					
						 

					
					
						Name:

					
					
						William Z. Burzynski

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			 
		

		
			
		

		

		 

		

			Signature Page to First Amendment to Third Amended and Restated Credit Agreement
Cubic Corporation

		

 

	
					
						

					
						 

					
					
						BRANCH BANKING AND TRUST COMPANY, as a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:  

					
					
						/s/ Jim Wright

				
	
					
						 

					
					
						Name:

					
					
						Jim Wright

				
	
					
						 

					
					
						Title:

					
					
						AVP

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to First Amendment to Third Amended and Restated Credit Agreement
Cubic Corporation

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						MUFG UNION BANK, N.A., as a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ James Kordas

				
	
					
						 

					
					
						Name:

					
					
						James Kordas

				
	
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to First Amendment to Third Amended and Restated Credit Agreement
Cubic Corporation

		

 

	
					
						

					
						 

					
					
						U.S. BANK, NATIONAL ASSOCIATION, as a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Marty McDonald

				
	
					
						 

					
					
						Name:

					
					
						Marty McDonald

				
	
					
						 

					
					
						Title:

					
					
						AVP

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to First Amendment to Third Amended and Restated Credit Agreement
Cubic Corporation

		

 

	
					
						

					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Travis Van Treese

				
	
					
						 

					
					
						Name:

					
					
						Travis Van Treese

				
	
					
						 

					
					
						Title:

					
					
						SVP

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to First Amendment to Third Amended and Restated Credit Agreement
Cubic Corporation

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CITIBANK, N.A., as a Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Hans Y. Lin

				
	
					
						 

					
					
						Name:

					
					
						Hans Y. Lin

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Signature Page to First Amendment to Third Amended and Restated Credit Agreement
Cubic Corporation

		

 

		

		
			REAFFIRMATION BY THE GUARANTORS
		

		
			 
		

		
			Each of the undersigned (a) acknowledges that (i) it has reviewed that certain First Amendment to Third Amended and Restated Credit Agreement (the “Amendment”; capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the Amendment), dated as of May 4, 2017, to that certain Third Amended and Restated Credit Agreement dated as of August 11, 2016 (the “Credit Agreement”), among Cubic Corporation as the Borrower, the Lenders party thereto and JPMorgan Chase Bank, N.A., as the Administrative Agent, (ii) that certain Third Amended and Restated Guarantee, dated as of August 11, 2016, (the “Guarantee”) to which it is a party and the other Financing Documents to which it is a party remains in full force and effect, and (iii) under the terms of the Guarantee, it guarantees the Guaranteed Obligations (as defined in the Guarantee) and the other obligations set forth in the Guarantee, and (b) agrees that each Financing Document to which it is a party is hereby reaffirmed, ratified, approved and confirmed in each and every respect, except that, upon the effectiveness of, and on and after the date of, this Amendment, each reference to the Guarantee in the Credit Agreement, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended by the Amendment.
		

		
			 
		

			
					
						 

					
					
						CUBIC TRANSPORTATION SYSTEMS, INC., a California corporation, as a Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Gregory L. Tanner

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CUBIC DEFENSE APPLICATIONS, INC., a California corporation, as a Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Gregory L. Tanner

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Reaffirmation
Cubic Corporation

		

 

	
					
						

					
						 

					
					
						CUBIC SIMULATION SYSTEMS, INC., a California corporation, as a Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Gregory L. Tanner

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						OMEGA TRAINING GROUP, INC., a Georgia corporation, as a Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Gregory L. Tanner

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						NEXTBUS, INC., a Delaware corporation, as a Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Gregory L. Tanner

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						DTECH LABS, INC., a Delaware corporation, as a Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Gregory L. Tanner

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CUBIC GLOBAL DEFENSE, INC., a Delaware corporation, as a Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Gregory L. Tanner

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						GATR TECHNOLOGIES, INC., an Alabama corporation, as a Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Gregory L. Tanner

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		 

		

			Signature Page to Reaffirmation
Cubic Corporationcub_Ex10_2

		
			Exhibit 10.2
		

		
			May 4, 2017   
		

		
			 
		

		
			Cubic Corporation
		

		
			9333 Balboa Avenue
		

		
			San Diego, California 92123
		

		
			Re:      First Amendment of Second Amended and Restated Note Purchase and Private Shelf Agreement.
		

		
			 
		

		
			Ladies and Gentlemen:
		

		
			Reference is made to the Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of August 11, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Agreement”),  by and among Cubic Corporation, a Delaware corporation (the “Company”), the Guarantors from time to time party thereto and the Purchasers from time to time party thereto.  Capitalized terms used herein without definition have the meanings ascribed to such terms in the Note Agreement.
		

		
			1.         Amendments to Note Agreement.  Pursuant to the provisions of Section 17 of the Note Agreement and subject to the satisfaction of the conditions precedent set forth in Section 3 of this letter agreement, the undersigned Purchasers and Credit Parties hereby agree that the Note Agreement shall be modified as follows:
		

		
			(a)         Section 10.1(b) is amended and restated, as follows:
		

		
			“(b)     Leverage.  The Company will not permit the Leverage Ratio (i) at the end of the fiscal quarter ended March 31, 2017 to be greater than 4.25:1.00, (ii) at the end of any fiscal quarter ending after March 31, 2017 but prior to December 31, 2017 to be greater than 4.00:1.00, and (iii) at the end of any fiscal quarter ending on or after December 31, 2017 to be greater than 3.50:1.00;  provided,  however, that if (a) the Leverage Ratio exceeds 2.50:1.00 but is less than or equal to 3.00:1.00 at the end of any fiscal quarter, then the coupon (including the applicable default rate) for each Series of the Notes shall automatically, without further consent or other action of any Person, be deemed to be increased by 0.25% per annum during the next succeeding fiscal quarter, (b) the Leverage Ratio exceeds 3.00:1.00 but is less than or equal to 3.50:1.00 at the end of any fiscal quarter, then the coupon (including the applicable default rate) for each Series of the Notes shall automatically, without further consent or other action of any Person, be deemed to be increased by 0.50% per annum during the next succeeding fiscal quarter, or (c) the Leverage Ratio exceeds 3.50:1.00 at the end of any fiscal quarter, then the coupon (including the applicable default rate) for each Series of the Notes shall automatically, without further consent or other action of any Person, be deemed to be increased by 0.75% per annum during the next succeeding fiscal 
		

		
			
		

		
			

		 

 

		

		
			quarter;  provided,  further, that the right of the holders of each Series of Notes to receive the additional compensation pursuant to the initial proviso of this Section 10.1(b) will terminate upon the earlier of (I) September 30, 2019 and (II) the date on which the first compliance certificate has been delivered pursuant to the requirements of Section 7.2(a) if the Leverage Ratio at the end of the applicable quarterly period covered in such compliance certificate, as well as at the end of the immediately preceding quarterly period, was less than 2.50:1.00.
		

		
			Notwithstanding the foregoing, the Company shall be permitted at any time after October 1, 2017, but in no event on more than two (2) occasions during the term of this Agreement, to allow the Leverage Ratio permitted under Section 10.1(b)(ii) to be increased to 4.00:1.00 for a period of four consecutive fiscal quarters (such period, an “Adjusted Covenant Period”) in connection with a Permitted Acquisition occurring during the first of such four fiscal quarters if the aggregate consideration paid or to be paid in respect of such Permitted Acquisition exceeds $50,000,000 (and in respect of which the Company shall provide notice in writing to the holders of the Notes of such increase and a transaction description of such Permitted Acquisition (regarding the name of the Person or summary description of the business or assets being acquired and the approximate purchase price)), so long as the Company is in compliance on a pro-forma basis with the Leverage Ratio of 4.00:1.00 on the closing date of such Permitted Acquisition immediately after giving effect (including pro forma effect) to such Permitted Acquisition; provided that it is understood and agreed that (x) the Company may not elect a new Adjusted Covenant Period for at least two (2) fiscal quarters following the end of an Adjusted Covenant Period, (y) with respect to the first fiscal quarter end following an Adjusted Covenant Period, the Leverage Ratio permitted under Section 10.1(b)(ii) shall revert to 3.50:1.00 and thereafter until another Adjusted Covenant Period (if any) is elected pursuant to the terms and conditions described above, and (z) if the Leverage Ratio exceeds 3.50:1.00 at the end of any fiscal quarter during an Adjusted Covenant Period (but only if the right of the holders of each Series of Notes to receive the additional compensation pursuant to the initial proviso of this Section 10.1(b) has terminated in accordance with the second proviso of this Section 10.1(b)), then the coupon (including the applicable default rate) for each Series of the Notes shall automatically, without further consent or other action of any Person, be deemed to be increased by 0.50% per annum during the next succeeding fiscal quarter.”
		

		
			(b)       The definition of “Consolidated EBITDA” appearing in Schedule A of the Note Agreement is amended to replace the dollar amount “$25,000,000” appearing therein with the dollar amount “$30,000,000.”
		

		
			(c)       The definition of “Consolidated Net Income” appearing in Schedule A of the Note Agreement is amended to delete the phrase “and interest income” appearing therein.
		

		
			2.         Representations and Warranties.  The Company hereby represents and warrants that as of the date hereof, immediately after giving effect to the amendments set forth in Section 1 of this letter agreement:   (a) no Default or Event of Default under the Note Agreement exists; and (b) each of the Note Agreement, the Notes and the other Transaction Documents constitutes the 
		

		
			
		

		
			

		 

 

		

		
			legal, valid and binding obligation of each of the Credit Parties which is a party thereto, enforceable against such Credit Party in accordance with the terms of such document, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws of general application relating to or affecting the enforcement of creditors’ rights or by general principles of equity.
		

		
			3.         Conditions to Effectiveness.  The effectiveness of the amendments set forth in Section 1 of this letter agreement is subject to (a) the receipt by the Purchasers of a counterpart of this letter agreement, duly executed and delivered by the Credit Parties and the Required Holders, and (b) the receipt by Vedder Price P.C. of all of its accrued and unpaid legal fees and costs related to the preparation and finalization of this letter agreement.
		

		
			4.         No Other Modification.  The modifications effected in this letter agreement shall be limited precisely as written and shall not be deemed to be (a) an amendment, consent, waiver or other modification of any other terms or conditions of the Note Agreement or any other document related to the Note Agreement, or (b) a consent to any future amendment, consent, waiver or other modification.  Except as expressly set forth in this letter agreement, the Note Agreement and all related documents shall continue in full force and effect and shall not be impaired or otherwise affected by the execution of this letter agreement.
		

		
			5.         Counterparts.  This letter agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument.  Execution of this letter agreement by any of the parties may be evidenced by way of a faxed or email (PDF) transmission of such party’s signature and such faxed or email (PDF) signature shall be deemed to constitute the original signature of such party to this letter agreement.
		

		
			6.         Governing Law.  This letter agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of New York, excluding choice of law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.
		

		
			[Remainder of page intentionally left blank.  Next page is signature page.]
		

		
			
		

		
			

		 

 

		

		
			If you are in agreement with the foregoing, please sign the form of acceptance in this letter agreement, whereupon, subject to satisfaction of the condition set forth in Section  3 above, this letter agreement will become a binding agreement between the Credit Parties, on the one hand, and the Noteholders, on the other hand.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Very truly yours,

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PGIM, Inc.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/Brad Wiginton

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						The Prudential Insurance Company of America, as a holder of Series A Notes, Series B Notes, Series C Notes and Series D Notes

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/Brad Wiginton

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						American Income Life Insurance Company, as a holder of Series A Notes

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:       Prudential Private Placement Investors, L.P.
(as Investment Advisor)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:       Prudential Private Placement Investors, Inc.
(as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/Brad Wiginton

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		

		 

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Liberty National Life Insurance Company, as a holder of Series B Notes

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:       Prudential Private Placement Investors, L.P.
(as Investment Advisor)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:       Prudential Private Placement Investors, Inc.
(as its General Partner)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Brad Wiginton

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Prudential Annuities Life Assurance Corporation, as a holder of Series B Notes and Series D Notes

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						PGIM, Inc., as investment manager

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Brad Wiginton

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Zurich American Insurance Company, as a holder of Series C Notes

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:       Prudential Private Placement Investors, L.P.
(as Investment Advisor)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:       Prudential Private Placement Investors, Inc.
(as its General Partner)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Brad Wiginton

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		

		 

 

	
					
						

					
						

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Physicians Mutual Insurance Company, as a holder of Series C Notes

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:       Prudential Private Placement Investors, L.P.
(as Investment Advisor)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:       Prudential Private Placement Investors, Inc.
(as its General Partner)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Brad Wiginton

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Prudential Legacy Insurance Company of New Jersey,  as a holder of Series D Notes

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						PGIM, Inc., as investment manager

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Brad Wiginton

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						United of Omaha Life Insurance Company, as a holder of Series D Notes

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:       Prudential Private Placement Investors, L.P.
(as Investment Advisor)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:       Prudential Private Placement Investors, Inc.
(as its General Partner)

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/Brad Wiginton

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		

		 

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						The foregoing letter agreement is hereby accepted
and agreed as of the date first above written.

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						THE COMPANY:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Cubic Corporation,  a Delaware corporation

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/Gregory L. Tanner

					
					
						 

				
	
					
						Name:

					
					
						Gregory L. Tanner

					
					
						 

				
	
					
						Title:

					
					
						Vice President and Treasurer

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/James R. Edwards

					
					
						 

				
	
					
						Name:

					
					
						James R. Edwards

					
					
						 

				
	
					
						Title:

					
					
						SVP, General Counsel and Secretary

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						THE GUARANTORS:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Cubic Transportation Systems, Inc., a California corporation

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/Gregory L. Tanner

					
					
						 

				
	
					
						Name:

					
					
						Gregory L. Tanner

					
					
						 

				
	
					
						Title:

					
					
						Vice President and Treasurer

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Cubic Defense Applications, Inc., a California corporation

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/Gregory L. Tanner

					
					
						 

				
	
					
						Name:

					
					
						Gregory L. Tanner

					
					
						 

				
	
					
						Title:

					
					
						Vice President and Treasurer

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Cubic Simulation Systems, Inc., a Delaware corporation

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/Gregory L. Tanner

					
					
						 

				
	
					
						Name:

					
					
						Gregory L. Tanner

					
					
						 

				
	
					
						Title:

					
					
						Vice President and Treasurer

					
					
						 

				

		
			 
		

		
			
		

		

		 

 

	
					
						

					
						Omega Training Group, Inc., a Georgia corporation

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/Gregory L. Tanner

					
					
						 

				
	
					
						Name:

					
					
						Gregory L. Tanner

					
					
						 

				
	
					
						Title:

					
					
						Vice President and Treasurer

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						NextBus, Inc., a Delaware corporation

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/Gregory L. Tanner

					
					
						 

				
	
					
						Name:

					
					
						Gregory L. Tanner

					
					
						 

				
	
					
						Title:

					
					
						Vice President and Treasurer

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						DTech Labs, Inc., a Delaware corporation

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/Gregory L. Tanner

					
					
						 

				
	
					
						Name:

					
					
						Gregory L. Tanner

					
					
						 

				
	
					
						Title:

					
					
						Vice President and Treasurer

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Cubic Global Defense, Inc., a Delaware corporation

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/Gregory L. Tanner

					
					
						 

				
	
					
						Name:

					
					
						Gregory L. Tanner

					
					
						 

				
	
					
						Title:

					
					
						Vice President and Treasurer

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						GATR Technologies, Inc., an Alabama corporation

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/Gregory L. Tanner

					
					
						 

				
	
					
						Name:

					
					
						Gregory L. Tanner

					
					
						 

				
	
					
						Title:

					
					
						Vice President and Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]