AMENDMENT NO. 1 TO LOAN AND
SECURITY AGREEMENT
This
Amendment No. 1 to Loan and Security Agreement (this
“Amendment ”) is made as of March 12, 2009,
by and among COMMERCIAL VEHICLE GROUP, INC., a Delaware corporation
(the “ Company ”), each other Borrower, as
defined in the Loan Agreement referred to below (together with the
Company, collectively, “ Borrowers ”), the
financial institutions party to the Loan Agreement as lenders
(collectively, “ Lenders ”), and BANK OF
AMERICA, N.A., as agent for Lenders (“ Agent
”).
A. Borrowers,
Agent and Lenders are parties to that certain Loan and Security
Agreement, dated as of January 7, 2009 (as may be further
amended, restated, supplemented or otherwise modified from time to
time, the “ Loan Agreement ”).
B. Borrowers,
Agent and Lenders desire to amend the Loan Agreement as more fully
set forth herein.
C. Each
capitalized term used herein and not otherwise defined herein shall
have the same meaning set forth in the Loan Agreement.
In
consideration of the premises and mutual covenants herein and for
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Borrowers, Agent and Lenders
agree as follows:
1.
Amended and Restated Definitions . Section 1.1 of the
Loan Agreement is hereby amended to amend and restate the
definitions of “Applicable Margin”,
“EBITDA”, and “Margin Reduction” in their
entirety as follows:
“
Applicable Margin : with respect to any Type of Loan,
subject in each case to the Margin Reduction, if applicable,
(i) 5.00% for LIBOR Revolver Loans and (ii) 4.00% for
Domestic Base Rate Loans.”
“
EBITDA : determined on a consolidated basis for Borrowers
and Subsidiaries, the sum of (i) net income, calculated before
(a) interest expense, (b) provision for income taxes,
(c) depreciation and amortization expense, (d) gains or
losses arising from the sale of capital assets, (e) gains
arising from the write-up of assets, (f) any extraordinary
gains, (g) non-cash charges and expenses (other than those
which represent a reserve for or actual cash item in such period or
any future period), (h) one-time non-recurring costs and
expenses associated with the issuance of Equity Interests, to the
extent such costs and expenses are financed with the proceeds of
such issuance, (i) costs and expenses in connection with the
termination of the Obligors’ existing credit facility and the
execution of the Loan Documents, (j) severance costs and
expenses to the extent paid in cash (regardless of when actually
paid) in an amount not to exceed (1) $1,500,000 in the aggregate
for the Fiscal Year ending December 31, 2009 (but in any event
not to exceed $500,000 in the aggregate in any Fiscal Quarter, or
$250,000 in the aggregate in any Fiscal Month, of the Fiscal Year
ending December 31, 2009) and (2) $1,000,000 in the aggregate
in any Fiscal Year thereafter, and (k) any non-cash losses
resulting from mark to market accounting of Hedging Agreements (in
each case, to the extent included in determining net income)
minus (ii) non-cash gains (including those resulting
from mark to market accounting of Hedging Agreements) minus
(iii) cash
payments made
in such period to the extent such payments relate to a non-cash
loss, charge or expense in any prior period which was added back in
determining EBITDA.”
“
Margin Reduction : a reduction in the otherwise applicable
Applicable Margin equal to 0.25%, applicable if, at the end of any
Fiscal Quarter ending on or after March 31, 2010, (i) average
Domestic Availability for each day during such Fiscal Quarter was
greater than $20,000,000 and (ii) the Fixed Charge Coverage
Ratio shall be at least 1.0 to 1.0; provided that such reduction
shall be effective on the first day of the calendar month following
receipt by Agent of certification by Borrower Agent of the average
Domestic Availability during such Fiscal Quarter.”
2.
Amendment to Section 10.3.2 . Section 10.3.2. of
the Loan Agreement is hereby amended and restated in its entirety
as follows:
“10.3.2.
Capital Expenditures . Not permit the aggregate amount of
Capital Expenditures made by Borrowers and their Subsidiaries to
exceed (i) $4,300,000 in the aggregate from January 1, 2009
through June 30, 2009 and (ii) $9,700,000 in the aggregate for
the Fiscal Year ending December 31, 2009.”
3.
Amendment to Section 10.3.3 . Section 10.3.3. of
the Loan Agreement is hereby amended and restated in its entirety
as follows:
“10.3.3.
EBITDA . Maintain cumulative EBITDA for the periods
specified below as of the end of each Fiscal Month specified below,
at least equal to the following amounts:
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|
|
|
|
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Period Ending On or Around
|
|
EBITDA
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April 1, 2009 through April 30,
2009
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$
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(3,250,000
|
)
|
April 1, 2009 through May 31,
2009
|
|
$
|
(3,530,000
|
)
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April 1, 2009 through June 30,
2009
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$
|
(1,750,000
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)
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April 1, 2009 through July 31,
2009
|
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$
|
1,200,000
|
|
April 1, 2009 through August 30,
2009
|
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$
|
3,600,000
|
|
April 1, 2009 through September 30,
2009
|
|
$
|
9,200,000
|
|
April 1, 2009 through October 31,
2009
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$
|
13,200,000
|
|
April 1, 2009 through November 30,
2009
|
|
$
|
17,600,000
|
|
April 1, 2009 through December 31,
2009
|
|
$
|
22,000,000
|
|
4.
Amendment to Section 10.3.4 . Section 10.3.4 of
the Loan Agreement
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