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TRS > SEC Filings for TRS > Form 8-K on 22-Apr-2014All Recent SEC Filings

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Form 8-K for TRIMAS CORP


22-Apr-2014

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation


Item 1.01. Entry into a Material Definitive Agreement.

On April 17, 2014, TriMas Corporation (the "Corporation") amended its existing accounts receivable facility among TSPC, Inc., as Transferor, the Corporation, as Collection Agent, TriMas Company LLC, as Guarantor, the persons party thereto from time to time as Purchasers, and Wells Fargo Bank, National Association, as LC Issuer and Administrative Agent (the "Amendment"). Pursuant to the Amendment, and subject to certain conditions stated therein, (i) the average default ratio constituting a termination event therein increased to 4.75%, (ii) the stated termination date of the facility is extended to October 16, 2018, (iii) advances under the facility will bear discount at a per annum rate of one-month LIBOR plus an applicable margin of 1.15%, (iv) the Required Reserve Factor Floor for any calculation period is 17.5% and (v) Martinic Engineering, Inc. became a "Seller" under the facility.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to Amendment No. 3 to the Amended and Restated Receivables Transfer Agreement, the Second Amended and Restated Fee Letter and Amendment No. 4 to the Amended and Restated Receivables Purchase Agreement, copies of which are filed as Exhibits 10.1, 10.2 and 10.3, respectively, to this Form 8-K and are incorporated by reference herein.



Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in and incorporated into Item 1.01 above is hereby incorporated in this Item 2.03 by reference.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are filed herewith:

Exhibit No.   Description
10.1          Amendment No. 3, dated as of April 17, 2014, to the Amended and
              Restated Receivables Transfer Agreement, dated as of September 15,
              2011, as amended, among TSPC, Inc., as Transferor, TriMas
              Corporation, as Collection Agent, TriMas Company LLC, as Guarantor,
              the persons from time to time party thereto as Purchasers, and Wells
              Fargo Bank, National Association, as LC Issuer and Administrative
              Agent.
10.2          Second Amended and Restated Fee Letter, dated as of April 17, 2014,
              between Wells Fargo Bank, National Association, as Administrative
              Agent, TSPC, Inc., as Transferor, TriMas Corporation, as Collection
              Agent, TriMas Company LLC, as Guarantor, and the persons from time to
              time party thereto as Purchasers.
10.3          Amendment No. 4, dated as of April 17, 2014, to the Amended and
              Restated Receivables Purchase Agreement, dated as of December 29,
              2009, as amended, among TriMas Corporation, the subsidiaries of
              TriMas Corporation identified as Sellers, and TSPC, Inc., as
              Purchaser.


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