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EXHIBIT 10.29
  AMENDMENT NO. 2 TO
  FORBEARANCE AGREEMENT AND AMENDMENT NO. 9 TO CREDIT AGREEMENT    
  

        This Amendment No. 2 to Forbearance Agreement and Amendment No. 9 to Credit Agreement ("Amendment")
is entered into as of March 31, 2002 by and among IFR SYSTEMS, INC. (the "Borrower"), the financial institutions parties to the Credit
Agreement referred to below as lenders (the "Lenders"), and BANK ONE, NA, formerly known as THE FIRST NATIONAL BANK OF CHICAGO, in its capacity as
contractual representative (the "Agent") under that certain Amended and Restated Credit Agreement dated as of March 19, 1998 by and among the
Borrower, the Lenders and the Agent, as amended by an Amendment No. 1 and Waiver dated as of November 3, 1998, an Amendment No. 2 dated as of March 31, 1999, an Amendment
No. 3 dated as of June 25, 1999, an Amendment No. 4 dated as of October 15, 1999, an Amendment No. 5 dated as of June 15, 2000, an Amendment No. 6
dated as of June 29, 2001, a Forbearance Agreement and Amendment No. 7 dated as of December 21, 2001 and an Amendment No. 1 to Forbearance Agreement and Amendment
No. 8 to Credit Agreement dated as of March 4, 2002 (as so amended and as the same may be amended, restated, supplemented or otherwise modified from time to time, the
"Credit Agreement"). Capitalized terms used in this Amendment which are not otherwise defined herein, shall have the meanings given such terms in the
Forbearance Agreement referred to below. 

WITNESSETH:

        WHEREAS,
the Borrower, the Lenders and the Agent are parties to the Forbearance Agreement and Amendment No. 7 dated as of December 21, 2001, as amended by Amendment
No. 1 to Forbearance Agreement and Amendment No. 8 to Credit Agreement (the "Forbearance Agreement"); 

        WHEREAS,
the Borrower has requested that the Agent and the Required Lenders agree and, subject to the terms and conditions of this Amendment, the Agent and the Required Lenders have
agreed to extend the Forbearance Period; and 

        WHEREAS,
the Borrower has further requested that the Agent and the Lenders amend and, subject to the terms and conditions of this Amendment, the Agent and the Required Lenders have
agreed to amend, the Credit Agreement on the terms and conditions set forth herein; 

        NOW,
THEREFORE, the Agent, the Required Lenders and the Borrower hereby agree as follows: 

        1.    The
recitals set forth above by this reference hereto are hereby incorporated into this Amendment. 

        2.    Effective
March 31, 2002 and subject to the satisfaction of the conditions precedent set forth in Paragraph 5 below, the Forbearance Agreement is hereby
amended by (i) including as additional "Specified Defaults" in the second recital thereof (a) the Borrower's non-payment when due of all scheduled principal payments, accrued
interest and fees in respect of the Loans during the period commencing on March 31, 2002 through the end of the Forbearance Period (as amended by this Amendment), (b) the Borrower's
non-compliance with the financial covenants set forth in Sections 7.4(A) through (D) of the Credit Agreement for the periods ending on March 31, 2002 and June 30, 2002,
(ii) deleting the date "March 31, 2002" in the fifth recital thereof and substituting the date "August 30, 2002" therefor, and (ii) inserting the following new clauses (d),
(e) and (f) immediately prior to the period (".") occurring at the end of such fifth recital thereof: 

, (d) April 19, 2002, unless (i) the Borrower shall have executed a definitive plan and agreement of merger on terms and conditions acceptable to the Agent
and the Lenders (the "Merger Agreement") with one or more Persons (the "Buyer") acceptable to the Agent and the Lenders (it being understood and agreed that Aeroflex Incorporated shall be acceptable),
and (ii) the Buyer shall agree to commence an all cash tender offer by means of an offer to purchase (as amended from time to time, the "Tender Offer") for all of the outstanding common stock
of the Borrower for a per share price previously disclosed to the Agent and the Lenders, (e) the date of (i) termination of the Merger Agreement or (ii) any amendment or other
modification of the Merger Agreement that would reduce the cash amount  

 

 required to be paid by the Borrower to the Agent and the Lenders thereunder, or modify the requirement that the Borrower make such payment simultaneously with the acceptance for purchase by the Buyer
of the shares tendered in the Tender Offer, or modify the minimum number of shares (the "Minimum Shares"), on a fully diluted basis, which shall be required to be tendered pursuant to the Tender Offer
as a condition to the Buyer's obligation to purchase shares under the Tender Offer, and (f) the date of termination of the Tender Offer without the successful tender and purchase of the Minimum
Shares

        3.    The
Borrower hereby expressly reconfirms that it shall (i) continue to engage Argus Management Corporation as the Crisis Manager (as defined in the Forbearance
Agreement) unless otherwise consented to by the Agent and the Required Lenders, and (ii) cause any and all additional amounts received by the Borrower in respect of the Tax Refund (of which
$211,000 plus interest remains unpaid) to be applied as a mandatory prepayment of the Obligations as set forth in Section 2.5(B)(ii) of the Credit Agreement. In addition, effective
March 31, 2002 and subject to the satisfaction of the conditions precedent set forth in Paragraph 5 below, Section 2.5(B)(ii) of the Credit Agreement is modified (a) to
insert immediately after each occurrence of the phrase "Amendment No. 8 to this Agreement" now appearing in the proviso at the end of the first sentence thereof, the following: ", plus
(6) the aggregate amount of all fees paid by the Borrower to the Lenders as a condition precedent to Amendment No. 9 to this Agreement" and (b) commencing on the date the Merger
Agreement is duly executed by all parties thereto through the last day of the Forbearance Period, to suspend the requirements of the proviso now occurring at the end of the first sentence of
Section 2.5(B)(ii) of the Credit Agreement. 

        4.    Except
as specifically set forth in this Amendment, the Forbearance Agreement shall remain in full force and effect and is hereby ratified and confirmed; and except as
specifically set forth in the Forbearance Agreement as amended hereby, the Credit Agreement, as amended hereby, and the other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed. 

        5.    This
Amendment shall become effective and be deemed effective as of the date hereof, if and only if 

	(a)
	The
Agent shall have received duly executed copies of this Amendment executed by the Borrower, the Agent and the Required Lenders;

	(b)
	The
Agent shall have received copies of a duly executed Reaffirmation in the form of Exhibit A attached hereto;

	(c)
	The
Agent shall have received from the Borrower the initial payment required under Paragraph 6 of this Amendment;

	(d)
	The
Agent shall have received evidence satisfactory to it that counsel to the Agent shall have received payment of all unpaid fees and expenses for which the Borrower has received an
invoice on or before the date hereof and payable pursuant to Section 10.7 of the Credit Agreement; and

	(e)
	Other
than the Specified Defaults, no Default or Unmatured Default (as defined in the Credit Agreement) shall have occurred and be continuing or shall result from the execution of
this Amendment. 

        6.    The
Borrower shall pay to the Agent, for the ratable account of the Lenders in accordance with each Lender's Pro Rata Share, an amount equal to the sum of (i) all
outstanding fees due from the Borrower under Amendment No. 6 to the Credit Agreement equal to $195,000, plus (ii) $200,000, which amount shall be fully earned as of the date of this
Amendment, and which amount shall be paid in three (3) equal installments payable (a) on the date of this Amendment, (b) on or before the 

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thirtieth day following the execution and delivery of this Amendment, and (c) on the earlier of May 31, 2002 or the date of the successful tender and purchase of the Minimum Shares. 

        7.    This
Amendment may be executed in one or more counterparts, each of which shall be considered an original counterpart, and shall become a binding agreement when the
Agent, each of the Required Lenders, and the Borrower have each executed one counterpart. Each of the parties hereto agrees that a signature transmitted to the Agent or its counsel by facsimile
transmission shall be effective to bind the party so transmitting its signature. 

[Signature
Pages Follow] 

3

 

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

	 	 	IFR SYSTEMS, INC.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
BANK ONE, NA (formerly known as THE FIRST NATIONAL BANK OF CHICAGO), as Agent and as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
INTRUST BANK, N.A., as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
THE BANK OF NOVA SCOTIA, as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 

SIGNATURE PAGE TO AMENDMENT NO. 2 TO FORBEARANCE AGREEMENT AND AMENDMENT NO. 9 TO CREDIT AGREEMENT

4

 

	 	 	HARRIS TRUST AND SAVINGS BANK, as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
THE ROYAL BANK OF SCOTLAND PLC as agent for NATIONAL WESTMINSTER BANK PLC, as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
UNION BANK OF CALIFORNIA, N.A., as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
LLOYDS TSB BANK PLC, as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 

SIGNATURE PAGE TO AMENDMENT NO. 2 TO FORBEARANCE AGREEMENT AND AMENDMENT NO. 9 TO CREDIT AGREEMENT

5

 
 
 

EXHIBIT A    
  

REAFFIRMATION 

        Each
of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 2 to Forbearance Agreement and Amendment No. 9 to Credit Agreement with respect
to that certain Amended and Restated Credit Agreement dated as of March 19, 1998 by and among IFR Systems, Inc., a Delaware corporation (the "Borrower"), the lenders from time to time
parties thereto (collectively, the "Lenders") and Bank One, NA, formerly known as The First National Bank of Chicago, as one of the Lenders and in its capacity as contractual representative (the
"Agent") on behalf of itself and the other Lenders, as amended by an Amendment No. 1 and Waiver, an Amendment No. 2, an Amendment No. 3, an Amendment No. 4, an Amendment
No. 5, an Amendment No. 6, a Forbearance Agreement and Amendment No. 7 and an Amendment No. 1 to Forbearance Agreement and Amendment No. 8 to Credit Agreement, dated
as of November 3, 1998, March 31, 1999, June 25, 1999, October 15, 1999, June 15, 2000, June 29, 2001, December 21, 2001 and March 4, 2002,
respectively (as amended and as the same may be amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"). Capitalized terms used in this Reaffirmation and not
defined herein shall have the meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by the Agent or any Lender, each of the undersigned reaffirms the
terms and conditions of the Guaranty, Security Agreement and any other Loan Document executed by it and acknowledges and agrees that such agreement and each and every such Loan Document executed by
the undersigned in
connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. 

Dated
as of March 31, 2002 

	 	 	IFR AMERICAS, INC., formerly known as IFR Instruments, Inc. IFR FINANCE, INC.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 

SIGNATURE PAGE TO AMENDMENT NO. 2 TO FORBEARANCE AGREEMENT AND AMENDMENT NO. 9 TO CREDIT AGREEMENT

6

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EXHIBIT 10.29 AMENDMENT NO. 2 TO FORBEARANCE AGREEMENT AND AMENDMENT NO. 9 TO CREDIT AGREEMENT

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EXHIBIT 10.30
  REPAYMENT AND MUTUAL RELEASE AGREEMENT    
  

        This REPAYMENT AND MUTUAL RELEASE AGREEMENT ("Agreement") is executed as of this    th day of April, 2002, by and among IFR SYSTEMS, INC. (the
"Borrower"), IFR AMERICAS, INC. and IFR FINANCE, INC. (together, the "Subsidiary Obligors"), the financial institutions parties to the Credit Agreement referred to below as lenders (the
"Lenders"), and BANK ONE, NA, formerly known as THE FIRST NATIONAL BANK OF CHICAGO, in its capacity as contractual representative (the "Agent"). Terms defined in the Credit Agreement identified below
shall have the meanings set forth in such Credit Agreement unless such terms are otherwise specifically defined herein. 

WITNESSETH: 

        WHEREAS,
the Borrower has entered into (i) that certain Amended and Restated Credit Agreement dated as of March 19, 1998, by and among the Borrower, the Lenders and the
Agent, as amended by an Amendment No. 1 and Waiver dated as of November 3, 1998, an Amendment No. 2 dated as of March 31, 1999, an Amendment No. 3 dated as of
June 25, 1999, an Amendment No. 4 dated as of October 15, 1999, an Amendment No. 5 dated as of June 15, 2000, an Amendment No. 6 dated as of June 29,
2001, a Forbearance Agreement and Amendment No. 7 dated as of December 21, 2001, an Amendment No. 1 to Forbearance Agreement and Amendment No. 8 to Credit Agreement dated
as of March 4, 2002, and an Amendment No. 2 to Forbearance Agreement and Amendment No. 9 to Credit Agreement dated as of March 31, 2002 (as so modified, the "Credit
Agreement"), pursuant to which the Lenders have extended loans and other financial accommodations to or for the benefit of the Borrower and (ii) certain other Loan Documents executed and
delivered in connection with the Credit Agreement; 

        WHEREAS,
the Subsidiary Obligors have entered into certain Loan Documents executed and delivered in connection with the Credit Agreement; 

        WHEREAS,
the Borrower has advised the Agent and the Lenders that the Borrower will be entering into a transaction a portion of the proceeds of which in an amount equal to $48,800,000
plus the unpaid portion of amounts due under Amendment No. 9 to the Credit Agreement as provided in Amendment No. 9 to the Credit Agreement plus the amount of all unpaid reasonable fees
and expenses of counsel to the Agent payable pursuant to Section 10.7 of the Credit Agreement (the "Payoff Amount") will be distributed to the Agent for the ratable benefit of the Agent and the
Lenders in full satisfaction of the Borrower's and the Subsidiary Obligors' Obligations under the Loan Documents (such date of distribution being the "Payoff Date"); and 

        WHEREAS,
the Borrower, the Subsidiary Obligors, the Lenders and the Agent have agreed to terminate the Credit Agreement and other Loan Documents executed and delivered in connection
therewith concurrent with the Agent's receipt of the Payoff Amount as aforesaid and on the terms and conditions set forth herein; 

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

        1.    Incorporation
of Premises; Termination.    The premises set forth above are hereby incorporated herein by this reference thereto as if fully set forth herein.
This Agreement shall automatically terminate concurrently with the termination of the "Forbearance Period" under (and as defined in) the Forbearance Agreement and Amendment No. 7 to the Credit
Agreement (as amended, the "Forbearance Agreement"), unless on or prior to such date the Agent shall have received the Payoff Amount. 

        2.    Amount
of Obligations.    The total of all of the Obligations due under the Credit Agreement plus all Hedging Obligations due under the Interest Rate Agreements
between the Company and Bank One, NA, if paid on or prior to 12:00 noon (Chicago time) on April 8, 2002, is $83,548,017.35 in the 

 

aggregate (with a per diem equal to $15,427.43 for each additional day thereafter) as described on Schedule 1 attached hereto (the "Identified Obligations"), which amount includes all
principal, accrued interest, reasonable fees, expenses, costs, prepayment penalties, make-whole premiums, liquidated damages and other amounts payable pursuant to the Credit Agreement and
the other Loan Documents (other than the reasonable fees and expenses of counsel to the Agent to be included in the Payoff Amount). 

        3.    Release
of the Lender Parties.    Effective upon delivery by the Borrower to the Agent of the Payoff Amount and receipt of a counterpart of this Agreement
executed on behalf of the Lenders and Agent and redelivery to the Borrower (or its designee) by the Agent of all of the share certificates of the Borrower's Subsidiaries previously delivered to the
Agent pursuant to the Loan Documents (the "Subsidiary Share Certificates"), the Borrower and the Subsidiary Obligors, for themselves and on behalf of their respective participants, parent, subsidiary
and affiliate corporations, officers, directors, managers, shareholders, unitholders, employees, and their respective predecessors, successors and assigns (collectively, the "Borrower Releasors"), do
hereby forever (i) release, discharge and acquit the Agent, each Lender and each of their respective participants, parents, subsidiaries and affiliate
corporations or partnerships, and their respective officers, directors, partners, trustees, shareholders, agents, attorneys and employees, and their respective successors, heirs and assigns
(collectively, the "Lender Parties") of and from any and all claims, demands, liabilities, responsibilities, disputes, breaches of contract, breaches of duty or any relationship, acts, omissions,
misfeasance, malfeasance, cause or causes of action (whether at law or in equity), debts, sums of money, accounts, compensations, contracts, controversies, promises, damages, costs, rights of offset,
losses and expenses, indebtedness and obligations of every type, kind, nature, description or character, and irrespective of how, why or by reason of what facts, whether such claims have heretofore
arisen, are now existing or hereafter arise, or which could, might or may be claimed to exist, of whatever kind or name, whether known or unknown, suspected or unsuspected, liquidated or unliquidated,
matured or unmatured, fixed or contingent, against the Lender Parties or any of them, each as though fully set forth herein at length, which in any way arise out of, are connected with or in any way
relate to the loans and other financial accommodations made pursuant to and evidenced by the Credit Agreement or other Loan Documents as well as any actions or omissions by any person or entity
released hereunder which occurred on or prior to the Payoff Date with respect to the Borrower, the Subsidiary Obligors, the Secured Obligations, this Agreement, the Credit Agreement, any Loan Document
or any third parties liable in whole or in part for the Secured Obligations, any and all guaranties of the Secured Obligations and/or any and all Collateral for the Secured Obligations (collectively,
"Borrower Claims") and (ii) agree not to bring any action in any judicial, administrative or other proceeding against the Lender Parties, or any of them, alleging any such Borrower Claim or
otherwise arising in connection with any such Borrower Claim. For purposes of the release contained in this paragraph, any reference to any Borrower Releasor shall mean and include, as applicable,
such person's or persons' successors and assigns, including, without limitation, any receiver, trustee or debtor-in-possession, acting on behalf of such parties. 

        4.    Release
of Borrower Parties.    Effective upon receipt by the Agent of the Payoff Amount and a counterpart of this Agreement executed on behalf of the Borrower
and each Subsidiary Obligor, each of the Lenders and the Agent, for and on behalf of their respective officers, directors, employees, and their predecessors, successors and assigns (collectively, the
"Lender Releasors"), does hereby forever (i) release, discharge and acquit the Borrower, each Subsidiary Obligor, Aeroflex Incorporated ("Aeroflex") and Testco Acquisition Corp. ("Acquisition")
and each of their respective participants, parents, affiliates subsidiaries and affiliate corporations or partnerships, and their respective officers, directors, partners, trustees, shareholders,
agents, attorneys and employees, and their respective successors, heirs and assigns (collectively, the "Borrower Parties") of and from any and all claims, demands, liabilities, responsibilities,
disputes, breaches of contract, breaches of duty or any relationship, acts, omissions, misfeasance, malfeasance, cause or causes of action (whether at law or in equity), 

2

 

debts, sums of money, accounts, compensations, contracts, controversies, promises, damages, costs, rights of offset, losses and expenses, indebtedness and obligations of every type, kind, nature,
description or character, and irrespective of how, why or by reason of what facts, whether such claims have heretofore arisen, are now existing or hereafter arise, or which could, might or may be
claimed to exist, of whatever kind or name, whether known or unknown, suspected or unsuspected, liquidated or unliquidated, matured or unmatured, fixed or contingent, against the Borrower Parties or
any of them, each as though fully set forth herein at length, which in any way arise out of, are connected with or in any way relate to the loans and other financial accommodations (other than with
respect to all usual and customary service charges, transfer fees and account maintenance fees charged by any Lender with respect to accounts maintained by any Borrower Party at such Lender) made
pursuant to and evidenced by the Credit Agreement and the other Loan Documents as well as any actions or omissions of any person or entity released hereunder which occurred on or prior to the Payoff
Date with respect to the Borrower, the Subsidiary Obligors, Aeroflex, Acquisition, the Secured Obligations (including,
without limitation, all Hedging Obligations owing under any Interest Rate Agreements to any Lender or any affiliate of any Lender), this Agreement, the Credit Agreement, any Loan Document or any third
parties liable in whole or in part for the Obligations, any and all guaranties of the Secured Obligations and/or any and all Collateral for the Secured Obligations (collectively, "Lender Claims"),
except the obligations under Section 10.7 of the Credit Agreement in accordance with the terms thereof (other than with respect to the Identified Obligations), and (ii) agree not to
bring any action in any judicial, administrative or other proceeding against the Borrower Parties, or any of them, alleging any such Lender Claim or otherwise arising in connection with any such
Lender Claim. For purposes of the release contained in this paragraph, any reference to any Lender Releasor shall mean and include, as applicable, such person's or persons' successors and assigns,
including, without limitation, any receiver, trustee or debtor-in-possession, acting on behalf of such parties. Concurrently with the Agent's receipt of the Payoff Amount,
(i) all liens, claims, pledges, encumbrances, right, title and interest in and to all Collateral securing the Secured Obligations and each Guaranty shall be automatically and irrevocably
released, terminated and satisfied, and (ii) the Agent shall redeliver to the Borrower the Subsidiary Share Certificates. The Agent has caused UCC amendments terminating the UCC financing
statements currently of record in favor of the Agent on behalf of the Lenders to be prepared, and, promptly upon receipt of notice that the Agent has received the Payoff Amount, the Agent shall cause
such UCC amendments to be duly filed and recorded in the appropriate recording offices. The undersigned agree to execute and deliver such further instruments and documents, and to take any other
actions, which are reasonably required to evidence the consummation of the payoff and the termination of the security interests and liens contemplated hereby. 

        5.    Waiver
of Statutory Benefits.    It is the intent of the parties that except as otherwise set forth herein, the foregoing shall be effective as a full and final
accord and satisfaction of all claims hereby released and each of the parties hereto hereby agrees, represents and warrants that the matters released herein are not limited to matters which are known
or disclosed. In this connection, each of the parties hereto hereby agrees, represents and warrants that it realizes and acknowledges that factual matters now existing and unknown to it may have given
or may hereafter give rise to Borrower Claims or Lender Claims, as applicable, which are presently unknown, unsuspected, unliquidated, unmatured and/or contingent, and it further agrees, represents
and warrants that this release has been negotiated and agreed upon in view of that realization. Nevertheless, each party hereto hereby intends to release, discharge and acquit the Lender Parties or
Borrower Parties, as applicable, of and from any such unknown, unsuspected, unliquidated, unmatured and/or contingent Borrower Claims or Lender Claims, as applicable, which are in any way set forth in
or related to the matters identified hereinabove. Each of the parties hereto hereby explicitly waives the benefits of any common law or statutory rule with respect to the release of such Borrower
Claims or Lender Claims, as applicable. 

        6.    No
Waiver.    The acceptance of delivery of this Agreement by the Agent on behalf of the Lender Parties shall not be deemed or construed as an admission of
liability with respect to the 

3

 

Borrower Claims or otherwise by the Lender Parties, or any of them, and the Lender Parties hereby expressly deny liability of any nature whatsoever arising from or related to the subject of the
release contained in this Agreement. The acceptance of delivery of this Agreement by the Borrower on behalf of the Borrower Parties shall not be deemed or construed as an admission of liability with
respect to the Lender Claims or otherwise by the Borrower Parties, or any of them, and the Borrower Parties hereby expressly deny liability of any nature whatsoever arising from or related to the
subject of the release contained in this Agreement. 

        7.    Representations
and Warranties; Covenants of Lenders. 

	(a)
	Each
of the parties hereto hereby agrees, represents and warrants that: (i) such party is legally authorized to enter into this Agreement; (ii) such party has not
voluntarily, by operation of law or otherwise, assigned, conveyed, transferred or encumbered, either directly or indirectly, in whole or in part, any right to or interest in any of the Borrower Claims
or Lender Claims, as applicable, purported to be released by this Agreement; (iii) such party has had advice of counsel of its or his own choosing in negotiations for and the preparation of
this Agreement; (iv) such party is fully aware of the effect of releases such as that contained in this Agreement, and (v) this Agreement constitutes the valid and binding agreement of
such party, enforceable in accordance with its terms.

	(b)
	The
Agent represents and warrants to the Borrower, the Subsidiary Obligors, Aeroflex and Acquisition that all of the parties identified herein and signatory hereto as "Lenders" are
(i) all of the Lenders, and (ii) in fact all of the Holders of Secured Obligations that are necessary to completely effectuate the Agreement.

	(c)
	Each
of the Lenders (i) represents and warrants to the Borrower, the Subsidiary Obligors, Aeroflex and Acquisition that it has not assigned or sold any rights or participating
interest in a Loan owing to such Lender, any Note held by such Lender, any L/C Interest of such Lender or any other interest of such Lender under the Loan Documents, and (ii) hereby agrees
that, during the term of this Agreement, it shall not sell, assign or otherwise transfer any of the foregoing rights or interests unless the assignee thereof shall execute an addendum to this
Agreement and to the Forbearance Agreement whereby such assignee shall become a party hereto and thereto and shall expressly agree to the terms and conditions set forth in this Agreement and in the
Forbearance Agreement. 

        8.    Further
Assurances.    The parties hereto hereby agree to execute and deliver such further instruments and take such additional action as any other party hereto
may reasonably request to effect, consummate, confirm or evidence the transactions contemplated hereby. 

        9.    Choice
of Law; Severability.    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OR CHOICE OF LAWS OR ANY OTHER LAW THAT WOULD MAKE THE LAWS OF ANY OTHER JURISDICTION OTHER THAN THE STATE OF ILLINOIS APPLICABLE
THERETO. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement. 

        10.  No
Third Party Beneficiaries.    This Agreement is executed for the sole benefit of the Lender Parties, the Borrower Parties, Aeroflex and Acquisition and no
other person, corporation, partnership or other entity not a party to or referenced in this Agreement shall have any rights herein as a third party beneficiary or otherwise, except to the extent
specifically provided herein. 

        11.  Effectiveness.    This
Agreement shall become effective on the date first written hereinabove. 

4

 

        12.  Counterparts.    This
Agreement may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original and all of which
together shall constitute one and the same instrument. Delivery of an executed counterpart of this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this
Agreement. 

        13.  Section
Titles.    The section titles contained in this Agreement shall be without substantive meaning or content of any kind whatsoever. 

        14.  Entire
Agreement.    This Agreement constitutes the entire agreement with respect to the subject matter hereof and supersedes all other understandings, oral or
written, with respect to the subject matter hereof. 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

5

 

        IN
WITNESS WHEREOF, the undersigned has duly executed this Agreement as of the day and year first above written. 

	 	 	IFR SYSTEMS, INC.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
IFR AMERICAS, INC., formerly known as IFR Instruments, Inc.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
IFR FINANCE, INC.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
BANK ONE, NA (formerly known as THE FIRST NATIONAL BANK OF CHICAGO), as Agent and as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
INTRUST BANK, N.A., as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 

IFR Systems, Inc. Release Agreement 

6

 

	 	 	THE BANK OF NOVA SCOTIA, as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
HARRIS TRUST AND SAVINGS BANK, as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
THE ROYAL BANK OF SCOTLAND PLC as agent for NATIONAL WESTMINSTER BANK PLC, as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 
	

 	
 	
UNION BANK OF CALIFORNIA, N.A., as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 

IFR Systems, Inc. Release Agreement 

7

 

	 	 	LLOYDS TSB BANK PLC, as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	Name:

Title:	 	 

Acknowledged
and agreed as of the date first written above: 

	AEROFLEX INCORPORATED	 	 
	

By:	
 	

 	
 	

 
	 	 	
	 	 
	Name:

Title:	 	 	 	 
	

TESTCO ACQUISITION CORP.	
 	

 
	

By:	
 	

 	
 	

 
	 	 	
	 	 
	Name:

Title:	 	 	 	 

IFR Systems, Inc. Release Agreement 

8

 
 
 

SCHEDULE I TO
  REPAYMENT AND MUTUAL RELEASE AGREEMENT    
  

	Revolving Loans:	 	Principal Due:

Interest Due:	 	$
$	23,000,000.00

620,190.96	 	 	 
	

 	
 	

Total Due:	
 	
 	

 	
 	
$	

23,620,190.96
	

Tranche A Term Loans:	
 	

Principal Due:

Interest Due:	
 	
$
$	

38,250,000.00

1,528,032.34	
 	
 	

 
	

 	
 	

Total Due:	
 	
 	

 	
 	
$	

23,620,190.96
	

Tranche B Term Loans:	
 	

Principal Due:

Interest Due:	
 	
$
$	

16,885,000.00

840,708.97	
 	
 	

 
	

 	
 	

Total Due:	
 	
 	

 	
 	
$	

17,725,708.97
	

Hedging Obligations:	
 	

Total Due:	
 	
 	

 	
 	
$	

2,354,085.08
	

Administrative Agent Fee:	
 	

Total Due:	
 	
 	

 	
 	
$	

70,000.00
	 	 	 	 	 	 	 	

	

 	
 	

TOTAL DUE AS OF APRIL 8, 2002:	
 	
$	

83,548,017.35
	 	 	 	 	 	 	 	

	

Per Diem:	
 	

 	
 	
 	

 	
 	
 	

 
	

Revolving Loans:

Tranche A Term Loans:

Tranche B Term Loans:	
 	

$4,472.22

$3,517.71

$7,437.50	
 	
 	

 	
 	
 	

 
	 	 	
	 	 	 	 	 	 
	

Total Per Diem:	
 	

$15,427.43	
 	
 	

 	
 	
 	

 

9

QuickLinks

EXHIBIT 10.30 REPAYMENT AND MUTUAL RELEASE AGREEMENT

SCHEDULE I TO REPAYMENT AND MUTUAL RELEASE AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}]]