Second Amendment to Amended and Restated Purchase and Sale Agreement, dated as of December 22, 2023, among the various entities listed therein, as the originators, Triumph Group, Inc., individually and as servicer, and Triumph Receivables, LLC
Exhibit 4.2
EXECUTION VERSION
[Triumph]
SECOND AMENDMENT TO AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT
This SECOND AMENDMENT (this Amendment), dated as of December 22, 2023, is among TRIUMPH GROUP, INC., a Delaware corporation, individually (Triumph) and as servicer (in such capacity, the Servicer), TRIUMPH RECEIVABLES, LLC, a Delaware limited liability company (the Company), each of the entities listed on the signature pages hereto as an Originator (each an Originator; and collectively, the Originators) and each of TRIUMPH THERMAL SYSTEMSMARYLAND INC., and TRIUMPH COMPOSITE SYSTEMS INC. (each a Released Originator; and collectively, the Released Originators).
RECITALS
1. The Servicer, Triumph, the Company and the Originators are parties to the Amended and Restated Purchase and Sale Agreement, dated as of September 29, 2020 (as amended, restated, supplemented or otherwise modified through the date hereof, the Agreement).
2. Concurrently herewith, the Company, the Servicer, PNC Bank, National Association (PNC), as a related committed purchaser (in such capacity, a Purchaser), as purchaser agent for PNCs purchaser group, as an LC Participant, as the LC Bank, and as administrator (in such capacity, the Administrator), are entering into that certain Fourth Amendment to Amended and Restated Receivables Purchase Agreement, dated as of the date hereof (the RPA Amendment).
3. The Servicer, Triumph, the Company, the Released Originators and the Originators desire to amend the Agreement as hereinafter set forth.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
SECTION 1. Amendments to the Agreement. The Agreement is hereby amended as follows:
1.1 Schedule I to the Agreement is hereby replaced in its entirety with Schedule I attached hereto.
1.2 Schedule II to the Agreement is hereby replaced in its entirety with Schedule II attached hereto.
1.3 Schedule III to the Agreement is hereby replaced in its entirety with Schedule III attached hereto.
1.4 Schedule IV to the Agreement is hereby replaced in its entirety with Schedule IV attached hereto.
1.5 Schedule VI to the Agreement is hereby replaced in its entirety with Schedule VI attached hereto.
SECTION 2. Release of Released Originators. The parties hereto hereby agree that upon the effectiveness of this Amendment, each Released Originator shall no longer be a party to the Agreement or any other Transaction Document and shall no longer have any obligations or rights thereunder (other than such obligations which by their express terms survive termination of the Agreement or such other Transaction Document).
SECTION 3. Cancellation of Company Note. The Company Note made by the Company to each Released Originator (each, a Subject Note; and collectively, the Subject Notes) has been pledged in favor of the Administrator pursuant to the Pledge Agreement, dated as of April 11, 2022 (as may have been amended, restated, supplemented or otherwise modified as of the date hereof, the Pledge Agreement) and (b) other than pursuant to the Pledge Agreement, each Released Originator represents and warrants to the other parties that it has not sold, pledged, assigned, or otherwise transferred the applicable Subject Note or any interest therein. Each Released Originator acknowledges and agrees that all the Companys outstanding obligations (including, without limitation, any payment obligations) under the applicable Subject Note have been finally and fully paid and performed and such Subject Note shall have no further force or effect. Upon the Administrators return of each Subject Note to the Released Originators (or at its direction), such Subject Note shall be cancelled.
SECTION 4. Delegation and Assumption of Released Originators Obligations. Effective immediately prior to the removal of the Released Originators as parties to the Agreement pursuant to Section 2 above, each Released Originator hereby delegates to Triumph, and Triumph hereby assumes, all of each Released Originators duties, obligations and liabilities under the Agreement and each of the other Transaction Documents.
SECTION 5. Representations and Warranties. Each of the Originators, the Released Originators, Triumph, the Servicer and the Company hereby represents and warrants to each other, each Purchaser, each LC Participant, each Purchaser Agent, the LC Bank and the Administrator as follows:
(a) Representations and Warranties. The representations and warranties made by it in the Transaction Documents (including the Agreement, as amended hereby) are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).
(b) Enforceability. The execution and delivery by such Person of this Amendment, and the performance of each of its obligations under this Amendment and the Agreement, as amended hereby, are within its corporate or limited liability company powers, as applicable, and have been duly authorized by all necessary action on its part. This Amendment and the Agreement, as amended hereby, are such Persons valid and legally binding obligations, enforceable in accordance with their terms.
(c) No Default. Immediately after giving effect to this Amendment and the transactions contemplated hereby, no Termination Event, Unmatured Termination Event, Purchase and Sale Termination Event or Unmatured Purchase and Sale Termination Event shall exist.
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SECTION 6. Conditions to Effectiveness.
This Amendment shall become effective as of the date hereof provided that neither the Purchase and Sale Termination Date nor a Termination Event, Unmatured Termination Event, Purchase and Sale Termination Event or Unmatured Purchase and Sale Termination Event has occurred and is continuing and subject to the condition precedent that (i) the RPA Amendment shall have become effective and (ii) the Administrator shall have received the following, each duly executed and dated as of the date hereof (or such other date satisfactory to the Administrator), in form and substance satisfactory to the Administrator:
(a) counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the parties hereto;
(b) counterparts of the RPA Amendment (whether by facsimile or otherwise) executed by each of the parties thereto; and
(c) such other documents, instruments, reports and opinions as the Administrator may reasonably request.
SECTION 7. Authorization to File Financing Statement Amendments. Upon the effectiveness of this Amendment, the Released Originators and the Company hereby authorize the Administrator to file (at the expense of the Company) UCC-3 amendments in substantially the forms of Exhibit B hereto, terminating the UCC-1 financing statements identified on Exhibit C hereto.
SECTION 8. Effect of Amendment; Ratification. Except as specifically amended hereby, the Agreement is hereby ratified and confirmed in all respects, and all of its provisions shall remain in full force and effect. After this Amendment becomes effective, all references in the Agreement (or in any other Transaction Document) to the Purchase and Sale Agreement, this Agreement, hereof, herein, or words of similar effect, in each case referring to the Agreement, shall be deemed to be references to the Agreement as amended hereby. This Amendment shall not be deemed to expressly or impliedly waive, amend, or supplement any provision of the Agreement other than as specifically set forth herein.
SECTION 9. 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 instrument.
SECTION 10. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
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SECTION 11. 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 Agreement or any provision hereof or thereof.
SECTION 12. 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 TO FOLLOW]
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
TRIUMPH RECEIVABLES, LLC | ||
By: | /s/ James F. McCabe, Jr. | |
Name: | James F. McCabe, Jr. | |
Title: | Vice President & Treasurer | |
TRIUMPH GROUP, INC. | ||
By: | /s/ James F. McCabe, Jr. | |
Name: | James F. McCabe, Jr. | |
Title: | Senior Vice President and Chief Financial Officer |
S-1 | Second Amendment to A&R PSA (Triumph) |
ORIGINATORS: | ||
THE TRIUMPH GROUP OPERATIONS, INC. | ||
TRIUMPH ACTUATION SYSTEMS CONNECTICUT, LLC | ||
TRIUMPH ACTUATION SYSTEMS, LLC | ||
TRIUMPH CONTROLS, LLC | ||
TRIUMPH GEAR SYSTEMS MACOMB, INC. | ||
TRIUMPH AIRBORNE STRUCTURES, LLC | ||
TRIUMPH ACTUATION SYSTEMS VALENCIA, INC. | ||
TRIUMPH THERMAL SYSTEMS, LLC | ||
TRIUMPH GEAR SYSTEMS, INC. | ||
TRIUMPH ACCESSORY SERVICES GRAND PRAIRIE, INC. | ||
TRIUMPH INSULATION SYSTEMS, LLC | ||
TRIUMPH ENGINE CONTROL SYSTEMS, LLC | ||
TRIUMPH ACTUATION SYSTEMS YAKIMA, LLC | ||
By: | /s/ James F. McCabe, Jr. | |
Name: | James F. McCabe, Jr. | |
Title: | Vice President & Treasurer |
S-2 | Second Amendment to A&R PSA (Triumph) |
RELEASED ORIGINATORS: | ||
TRIUMPH THERMAL SYSTEMS MARYLAND, INC., | ||
By: | /s/ James F. McCabe, Jr. | |
Name: | James F. McCabe, Jr. | |
Title: | Vice President & Treasurer | |
TRIUMPH COMPOSITE SYSTEMS, INC., | ||
By: | /s/ James F. McCabe, Jr. | |
Name: | James F. McCabe, Jr. | |
Title: | Vice President & Treasurer |
S-3 | Second Amendment to A&R PSA (Triumph) |
Schedule I
LIST OF ORIGINATORS
The Triumph Group Operations, Inc.
Triumph Actuation Systems Connecticut, LLC
Triumph Actuation Systems, LLC
Triumph Controls, LLC
Triumph Gear Systems Macomb, Inc.
Triumph Airborne Structures, LLC
Triumph Actuation Systems Valencia, Inc.
Triumph Thermal Systems, LLC
Triumph Gear Systems, Inc.
Triumph Accessory Services Grand Prairie, Inc.
Triumph Insulation Systems, LLC
Triumph Engine Control Systems, LLC
Triumph Actuation Systems Yakima, LLC
Schedule I-1 | Purchase and Sale Agreement |
Schedule II
LOCATION OF EACH ORIGINATOR
Originator | Location | |
Triumph Group, Inc. | 555 E. Lancaster Avenue, Suite 400, Radnor, PA 19087 | |
The Triumph Group Operations, Inc. | 555 E. Lancaster Avenue, Suite 400, Radnor, PA 19087 | |
Triumph Actuation Systems Connecticut, LLC | 1395 Blue Hills Avenue, Bloomfield, CT 06002 | |
Triumph Actuation Systems, LLC | 4520 Hampton Road, Clemmons, NC 27012 | |
Triumph Controls, LLC | 205 Church Road, North Wales, PA19454 | |
Triumph Gear Systems Macomb, Inc. | 15375 23 Mile Road, Macomb, MI 48042 | |
Triumph Airborne Structures, LLC | 115 Centennial Drive, Hot Springs, AR 71913 | |
Triumph Actuation Systems Valencia, Inc. | 28150 W. Harrison Parkway, Valencia, CA 91355 | |
Triumph Thermal Systems, LLC | 200 Railroad Street, Forest, OH 45843 | |
Triumph Gear Systems, Inc. | 6125 Silver Creek Drive, Park City, UT 84098 | |
Triumph Accessory Services Grand Prairie, Inc. | 1038 Santerre Drive, Grand Prairie, TX 75050 | |
Triumph Insulation Systems, LLC | 2865 South Pullman Street, Santa Ana, CA 92705 | |
Triumph Engine Control Systems, LLC | 1 Charter Oak Boulevard, West Hartford, CT 06133 | |
Triumph Actuation Systems Yakima, LLC | 2720 W. Washington Avenue, Yakima, WA 98903 |
Schedule II-1 | Purchase and Sale Agreement |
Schedule III
LOCATION OF BOOKS AND RECORDS OF ORIGINATORS
Originator | Location of Books and Records | |
The Triumph Group Operations, Inc. | ||
DBA Triumph Accessory Services | 411 NW Road, Wellington, KS 67152 | |
DBA Triumph Fabrications Shelbyville | 850 Elston Drive, Shelbyville, IN 46176 | |
DBA Triumph Logistics Phoenix | 4246 East Wood Street, Suite 490, Phoenix, AZ 85040 | |
DBA Triumph Northwest | 125 34th Avenue S.W., Albany, OR 97321 | |
Triumph Actuation Systems Connecticut, LLC | 1395 Blue Hills Avenue, Bloomfield, CT 06002 | |
DBA Triumph Aerospace Systems Seattle | Oakridge Business Park, 17945 NE 65th Street, Suite 200, Redmond, WA 98052 | |
Triumph Actuation Systems, LLC | 4520 Hampton Road, Clemmons, NC 27012 | |
Triumph Controls, LLC | 205 Church Road, North Wales, PA 19454 | |
Triumph Gear Systems Macomb, Inc. | 15375 23 Mile Road, Macomb, MI 4802 | |
Triumph Airborne Structures, LLC | 115 Centennial Drive, Hot Springs, AR 71913 | |
Triumph Actuation SystemsValencia, Inc. | 28150 W. Harrison Parkway, Valencia, CA 91355 | |
Triumph Thermal Systems, LLC | 200 Railroad Street, Forest, OH 45843 | |
Triumph Gear Systems, Inc. | 6125 Silver Creek Drive, Park City, UT 84093 | |
Triumph Accessory Services Grand Prairie, Inc. | 1038 Santerre Drive, Grand Prairie, TX 75050 | |
Triumph Insulation Systems, LLC | 2865 South Pullman Street, Santa Ana, CA 92705 | |
Triumph Engine Control Systems, LLC | 1 Charter Oak Boulevard, West Hartford, CT 06133 | |
Triumph Actuation Systems Yakima, LLC | 2720 W. Washington Avenue, Yakima, WA 98903 |
Schedule III-1 | Purchase and Sale Agreement |
Schedule IV
TRADE NAMES
Legal Name | Trade Names | |
Triumph Group, Inc. | Not Applicable | |
Triumph Receivables, LLC | Not Applicable | |
The Triumph Group Operations, Inc. | Triumph Fabrication - Shelbyville Triumph Accessory Services Triumph Northwest Triumph San Antonio Support Center | |
Triumph Actuation Systems Connecticut, LLC | Triumph Aerospace Systems Seattle | |
Triumph Actuation Systems, LLC | Not Applicable | |
Triumph Controls, LLC | Not Applicable | |
Triumph Gear Systems Macomb, Inc. | Not Applicable | |
Triumph Airborne Structures, LLC | Not Applicable | |
Triumph Actuation Systems Valencia, Inc. | Not Applicable | |
Triumph Thermal Systems, LLC | Not Applicable | |
Triumph Gear Systems, Inc. | Not Applicable | |
Triumph Accessory Services Grand Prairie, Inc. | Not Applicable | |
Triumph Insulation Systems, LLC | Not Applicable | |
Triumph Engine Control Systems, LLC | Not Applicable | |
Triumph Actuation Systems Yakima, LLC | Not Applicable |
Schedule IV-1 | Purchase and Sale Agreement |
Schedule VI
NOTICE ADDRESS FOR EACH ORIGINATOR
THE TRIUMPH GROUP OPERATIONS, INC.
555 E. Lancaster Avenue
Suite 400
Radnor, PA 19087
Attention: | General Counsel | |
Telephone: | 610 ###-###-#### | |
Facsimile: | 610 ###-###-#### |
TRIUMPH ACTUATION SYSTEMS CONNECTICUT, LLC
1395 Blue Hills Avenue
Bloomfield, CT 06002
Attention: | President | |
Telephone: | 860 ###-###-####, x101 | |
Facsimile: | 860 ###-###-#### |
TRIUMPH ACTUATION SYSTEMS, LLC
4520 Hampton Road
Clemmons, NC 27012
Attention: | President | |
Telephone: | 336 ###-###-#### | |
Facsimile: | 336 ###-###-#### |
TRIUMPH CONTROLS, LLC
205 Church Road
North Wales, PA 19454
Attention: | President | |
Telephone: | 215 ###-###-#### | |
Facsimile: | 215 ###-###-#### |
TRIUMPH GEAR SYSTEMS MACOMB, INC.
15375 23 Mile Road
Macomb, MI 48042
Attention: | President | |
Telephone: | 586 ###-###-#### | |
Facsimile: | 586 ###-###-#### |
Schedule VI-1 | Purchase and Sale Agreement |
TRIUMPH AIRBORNE STRUCTURES, LLC
115 Centennial Drive
Hot Springs, AR 71913
Attention: | President | |
Telephone: | 501 ###-###-#### | |
Facsimile: | 501 ###-###-#### |
TRIUMPH ACTUATION SYSTEMS VALENCIA, INC.
28150 W. Harrison Parkway
Valencia, CA 91355
Attention: | President | |
Telephone: | 661 ###-###-#### | |
Facsimile: | 661 ###-###-#### |
TRIUMPH THERMAL SYSTEMS, LLC
200 Railroad Street
Forest, OH 45843
Attention: | President | |
Telephone: | 419 ###-###-#### | |
Facsimile: | 419 ###-###-#### |
TRIUMPH GEAR SYSTEMS, INC.
6125 Silver Creek Drive
Park City, UT 84098
Attention: | President | |
Telephone: 435 ###-###-#### | ||
Facsimile: | 435 ###-###-#### |
TRIUMPH ACCESSORY SERVICES GRAND PRAIRIE, INC.
1038 Santerre Drive
Grand Prairie, TX 75050
Attention: | President | |
Telephone: | 972 ###-###-#### | |
Facsimile: | 972 ###-###-#### |
TRIUMPH INSULATION SYSTEMS, LLC
555 E. Lancaster Avenue
Suite 400
Radnor, PA 19087
Attention: | President | |
Telephone: | (949) 250-4999 | |
Facsimile: | (949) 261-8384 |
Schedule VI-2 | Purchase and Sale Agreement |
TRIUMPH ENGINE CONTROL SYSTEMS, LLC
555 E. Lancaster Avenue
Suite 400
Radnor, PA 19087
Attention: | General Counsel | |
Telephone: | (610) 251-1000 | |
Facsimile: | (610) 251-1556 |
TRIUMPH ACTUATION SYSTEMS YAKIMA, LLC
555 E. Lancaster Avenue
Suite 400
Radnor, PA 19087
Attention: | General Counsel | |
Telephone: | (610) 251-1000 | |
Facsimile: | (610) 251-1556 |
Schedule VI-3 | Purchase and Sale Agreement |
Exhibit B
UCC-3 TO BE FILED
Exhibit B-1
Exhibit C
UCC-1s TO BE TERMINATED
Released Originator | Filing Office | Identification Number | Filing Date | |||
Triumph Thermal SystemsMaryland, Inc. | Delaware Secretary of State | 2018 ###-###-#### | 7/18/2018 |
Exhibit C-1