364-day Credit Agreement

EXHIBIT 10 (TT)


EXECUTION COPY


$1,500,000,000


364-DAY CREDIT AGREEMENT


Dated as of July 30, 2002


Among


GOODRICH CORPORATION,
as Company


THE INITIAL LENDERS NAMED HEREIN,
as Lenders


CITIBANK, N.A.,
as Paying Agent


MERRILL LYNCH,
PIERCE FENNER & SMITH, INC.,
MERRILL LYNCH & CO.,
JPMORGAN CHASE BANK
and
BANK OF AMERICA, N.A.,
as Co-Syndication Agents


CITIBANK, N.A.
and
BANK ONE, NA,
as Co-Administrative Agents


and


SALOMON SMITH BARNEY INC.
and
BANC ONE CAPITAL MARKETS, INC.,
as Co-Lead Arrangers and Joint Book Runners


TABLE OF CONTENTS


ARTICLE I DEFINITIONS AND ACCOUNTING TERMS.............................................................1 - -------------------------------------------


SECTION 1.01. Certain Defined Terms................................................................1
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ARTICLE II AMOUNTS AND TERMS OF THE ADVANCES..........................................................16 - ---------------------------------------------


SECTION 2.01. The Advances........................................................................16
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SECTION 2.02. Making the Advances.................................................................16
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SECTION 2.03. Fees................................................................................17
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SECTION 2.04. Termination or Reduction of the Commitments.........................................17
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SECTION 2.05. Repayment of Advances...............................................................18
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SECTION 2.06. Interest on Advances................................................................18
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SECTION 2.07. Interest Rate Determination.........................................................18
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SECTION 2.08. Optional Conversion of Advances.....................................................20
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SECTION 2.09. Optional Prepayments of Advances....................................................20
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SECTION 2.10. Mandatory Prepayments and Reduction of Commitments..................................20
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SECTION 2.11. Increased Costs; Reserve Percentages................................................22
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SECTION 2.12. Illegality..........................................................................23
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SECTION 2.13. Payments and Computations...........................................................23
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SECTION 2.14. Taxes...............................................................................25
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SECTION 2.15. Sharing of Payments, Etc............................................................27
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SECTION 2.16. Evidence of Debt....................................................................27
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SECTION 2.17. Use of Proceeds.....................................................................28
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ARTICLE III CONDITIONS TO EFFECTIVENESS AND LENDING...................................................28 - ----------------------------------------------------


SECTION 3.01. Conditions Precedent to Effectiveness of Section 2.01...............................28
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SECTION 3.02. Conditions Precedent to the Initial Borrowing.......................................30
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SECTION 3.03. Conditions Precedent to Initial Borrowing of Each Designated Subsidiary.............31
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SECTION 3.04. Conditions Precedent to Each Borrowing..............................................32
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SECTION 3.05. Determinations Under Section 3.01 and Section 3.02..................................32
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ARTICLE IV REPRESENTATIONS AND WARRANTIES.............................................................32 - ------------------------------------------


SECTION 4.01. Representations and Warranties of the Company.......................................32
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ARTICLE V COVENANTS OF THE COMPANY....................................................................36 - -----------------------------------


SECTION 5.01. Covenants...........................................................................36
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ARTICLE VI EVENTS OF DEFAULT..........................................................................42 - -----------------------------


SECTION 6.01. Events of Default...................................................................42
--------------------------------


ARTICLE VII GUARANTY.................................................................................44 - ----------------------


SECTION 7.01. Guaranty; Limitation of Liability...................................................44
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SECTION 7.02. Guaranty Absolute...................................................................45
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SECTION 7.03. Waivers and Acknowledgments.........................................................46
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SECTION 7.04. Subrogation.........................................................................46
--------------------------
SECTION 7.05. Continuing Guaranty; Assignments....................................................47
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ARTICLE VIII THE PAYING AGENT.........................................................................47 - ------------------------------


SECTION 8.01. Authorization and Action............................................................47
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SECTION 8.02. Paying Agent's Reliance, Etc........................................................48
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SECTION 8.03. Citibank and its Affiliates.........................................................48
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SECTION 8.04. Lender Credit Decision..............................................................49
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SECTION 8.05. Indemnification.....................................................................49
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SECTION 8.06. Successor Paying Agent..............................................................49
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SECTION 8.07. Other Agents........................................................................50
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ARTICLE IX MISCELLANEOUS..............................................................................50 - -------------------------


SECTION 9.01. Amendments, Etc.....................................................................50
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SECTION 9.02. Notices, Etc........................................................................50
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SECTION 9.03. No Waiver; Remedies.................................................................51
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SECTION 9.04. Costs and Expenses..................................................................51
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SECTION 9.05. Binding Effect......................................................................52
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SECTION 9.06. Assignments and Participations......................................................52
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SECTION 9.07. Confidentiality.....................................................................56
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SECTION 9.08. Governing Law.......................................................................56
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SECTION 9.09. Execution in Counterparts...........................................................56
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SECTION 9.10. Judgment............................................................................56
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SECTION 9.11. Jurisdiction, Etc...................................................................56
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SECTION 9.12. Designated Subsidiaries.............................................................57
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SECTION 9.13. Waiver of Jury Trial................................................................59
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Schedules


Schedule I - List of Applicable Lending Offices


Exhibits


Exhibit A - Form of Note Exhibit B - Form of Notice of Borrowing Exhibit C - Form of Assignment and Acceptance Exhibit D-1 - Form of Opinion of General Counsel for the Company Exhibit D-2 - Form of Opinion of Jones, Day, Reavis & Pogue Exhibit E - Form of Opinion of Milbank, Tweed, Hadley & McCloy LLP Exhibit F - Form of Designation Letter


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364-DAY CREDIT AGREEMENT


Dated as of July 30, 2002


GOODRICH CORPORATION, a New York corporation (the "Company"), the banks, financial institutions and other institutional lenders (the "Initial Lenders") named on the signature pages hereto, and CITIBANK, N.A. ("Citibank"), as paying agent (the "Paying Agent") for the Lenders (as hereinafter defined), agree as follows:


ARTICLE I


DEFINITIONS AND ACCOUNTING TERMS


SECTION 1.01. Certain Defined Terms. As used in this 364-Day Credit Agreement (as the same may from time to time be amended, restated or otherwise modified, the "Agreement"), the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):


"Acquired Business" means certain assets and certain liabilities
of the aeronautical systems segment of TRW, as described in the
Acquisition Agreement.


"Acquisition" means the proposed acquisition by the Company of
the Acquired Business pursuant to the terms of the Acquisition
Agreement.


"Acquisition Agreement" means the Master Agreement of Purchase
and Sale dated as of June 18, 2002 between the Company and TRW.


"Advance" means an advance by a Lender to any Borrower as part
of a Borrowing and refers to a Base Rate Advance or a Eurodollar Rate
Advance (each of which shall be a "Type" of Advance).


"Affiliate" means, as to any Person, any other Person that,
directly or indirectly, controls, is controlled by or is under common
control with such Person or is a director or officer of such Person. For
purposes of this definition, the term "control" (including the terms
"controlling", "controlled by" and "under common control with") of a
Person means the possession, direct or indirect, of the power to vote
10% or more of the Voting Stock of such Person or to direct or cause the
direction of the management and policies of such Person, whether through
the ownership of Voting Stock, by contract or otherwise.


"Agent's Account" means the account of the Paying Agent
maintained by the Paying Agent at the office of Citibank at 388
Greenwich Street, New York, New York 10013, Account No. 36852248,
Attention: Bank Loan Syndications and such other account of the Paying
Agent as is designated in writing from time to time by the Paying Agent
to the Company and the Lenders for such purpose.


"Agreement" has the meaning specified in the first sentence of
this Section 1.01.


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"Applicable Lending Office" means, with respect to each Lender,
such Lender's Domestic Lending Office in the case of a Base Rate Advance
and such Lender's Eurodollar Lending Office in the case of a Eurodollar
Rate Advance.


"Applicable Margin" means (a) for Base Rate Advances, 0% per
annum and (b) for Eurodollar Rate Advances, as of any date, a percentage
per annum determined by reference to the Public Debt Rating in effect on
such date as set forth below:


- ---------------------------------------------------------------------------
Applicable Margin for
Public Debt Rating S&P/Moody's Eurodollar Rate Advances


- --------------------------------------------------------------------------- Level 1 BBB+ or Baa1 or above 0.650% - --------------------------------------------------------------------------- Level 2 BBB or Baa2 0.725% - --------------------------------------------------------------------------- Level 3 BBB- and Baa3 1.200% - --------------------------------------------------------------------------- Level 4 Lower than Level 3 1.625% - ---------------------------------------------------------------------------


"Applicable Percentage" means, as of any date, a percentage per
annum determined by reference to the Public Debt Rating in effect on
such date as set forth below:


- ---------------------------------------------------------------------------
Public Debt Rating S&P/Moody's Applicable Percentage


- --------------------------------------------------------------------------- Level 1 BBB+ or Baa1 or above 0.100% - --------------------------------------------------------------------------- Level 2 BBB or Baa2 0.150% - --------------------------------------------------------------------------- Level 3 BBB- and Baa3 0.175% - --------------------------------------------------------------------------- Level 4 Lower than Level 3 0.250% - ---------------------------------------------------------------------------


"Assignment and Acceptance" means an assignment and acceptance
entered into by a Lender and an Eligible Assignee, and accepted by the
Paying Agent and, if required, the Company, in substantially the form of
Exhibit C hereto.


"Bankruptcy Law" means any proceeding of the type referred to in
Section 6.01(e) or Title 11, U.S. Code, or any similar foreign, federal
or state law for the relief of debtors.


"Base Rate" means a fluctuating interest rate per annum in
effect from time to time, which rate per annum shall at all times be
equal to the highest of:


(a) the rate of interest announced publicly by
Citibank in New York, New York, from time to time, as Citibank's
base rate;


(b) the sum (adjusted to the nearest 1/4 of 1% or,
if there is no nearest 1/4 of 1%, to the next higher 1/4 of 1%)
of (i) 1/2 of 1% per annum, plus (ii) the rate obtained by
dividing (A) the latest three-week moving average of secondary


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market morning offering rates in the United States for
three-month certificates of deposit of major United States money
market banks, such three-week moving average (adjusted to the
basis of a year of 360 days) being determined weekly on each
Monday (or, if such day is not a Business Day, on the next
succeeding Business Day) for the three-week period ending on the
previous Friday by Citibank on the basis of such rates reported
by certificate of deposit dealers to and published by the
Federal Reserve Bank of New York or, if such publication shall
be suspended or terminated, on the basis of quotations for such
rates received by Citibank from three New York certificate of
deposit dealers of recognized standing selected by Citibank, by
(B) a percentage equal to 100% minus the average of the daily
percentages specified during such three-week period by the Board
of Governors of the Federal Reserve System (or any successor)
for determining the maximum reserve requirement (including, but
not limited to, any emergency, supplemental or other marginal
reserve requirement) for Citibank with respect to liabilities
consisting of or including (among other liabilities) three-month
Dollar non-personal time deposits in the United States, plus
(iii) the average during such three-week period of the annual
assessment rates estimated by Citibank for determining the then
current annual assessment payable by Citibank to the Federal
Deposit Insurance Corporation (or any successor) for insuring
Dollar deposits of Citibank in the United States; and


(c) 1/2 of one percent per annum above the Federal
Funds Rate.


"Base Rate Advance" means an Advance that bears interest as
provided in Section 2.06(a)(i).


"Borrowers" means, collectively, the Company and each Designated
Subsidiary that shall become a party to this Agreement pursuant to
Section 9.12.


"Borrowing" means a borrowing consisting of simultaneous
Advances of the same Type made by each of the Lenders pursuant to
Section 2.01.


"Borrowing Minimum" means $5,000,000 or, if less, the aggregate
amount of the unused Commitments.


"Borrowing Multiple" means $1,000,000.


"Business Day" means a day of the year on which banks are not
required or authorized by law to close in New York City and, if the
applicable Business Day relates to any Eurodollar Rate Advances, on
which dealings are carried on in the London interbank market and banks
are open for business in London.


"Capitalized Lease" means any lease the obligation for Rentals
with respect to which is required to be capitalized on a consolidated
balance sheet of the lessee and its subsidiaries in accordance with
GAAP.


"Capitalized Rentals" of any Person means as of the date of any
determination thereof the amount at which the aggregate Rentals due and
to become due under all


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Capitalized Leases under which such Person is a lessee would be
reflected as a liability on a consolidated balance sheet of such
Person.


"Change of Control" shall occur if (i) any Person or two or more
Persons (other than a Permitted Holder) acting in concert shall have
acquired beneficial ownership (within the meaning of Rule 13d-3 of the
Securities and Exchange Commission under the Securities Exchange Act of
1934), directly or indirectly, of Voting Stock of the Company (or other
securities convertible into such Voting Stock) representing 35% or more
of the combined voting power of all Voting Stock of the Company; or (ii)
during any period of up to 24 consecutive months, commencing before or
after the Effective Date, individuals who at the beginning of such
24-month period were directors of the Company shall cease for any reason
(other than due to death or disability) to constitute a majority of the
board of directors of the Company (except to the extent that individuals
who at the beginning of such 24-month period were replaced by
individuals (x) elected by 66-2/3% of the remaining members of the board
of directors of the Company or (y) nominated for election by a majority
of the remaining members of the board of directors of the Company and
thereafter elected as directors by the shareholders of the Company);
provided, however, that in no event shall a transaction that is
permitted pursuant to Section 5.01(h)(i) constitute a Change of Control
under this Agreement.


"Co-Lead Arrangers" means Salomon Smith Barney Inc. and Banc One
Capital Markets, Inc.


"Commitment" means as to any Lender (a) the Dollar amount set
forth opposite such Lender's name on the signature pages hereof or (b)
if such Lender has entered into any Assignment and Acceptance, the
Dollar amount set forth for such Lender in the Register maintained by
the Paying Agent pursuant to Section 9.06(d), as such amount may be
reduced pursuant to Section 2.04.


"Confidential Information" means confidential or proprietary
information delivered or made available by or on behalf of the Company
or any Subsidiary to the Paying Agent or any Lender, but does not
include information (i) which was publicly available or otherwise known
to the Paying Agent or such Lender, at the time of disclosure (other
than through disclosure to the Paying Agent or such Lender by the
Company or any Subsidiary on behalf of the Company or any Subsidiary),
(ii) which subsequently becomes publicly known through no act or
omission by the Paying Agent or any Lender, or (iii) which otherwise
becomes known to the Paying Agent or such Lender, other than through
disclosure by the Company or any Subsidiary or on behalf of the Company
or any Subsidiary or disclosure in violation of an obligation of
confidence of which the Paying Agent or such Lender knows or should have
known.


"consolidated" refers to the consolidation of accounts in
accordance with GAAP.


"Consolidated Net Income" for any period shall mean the gross
revenues of the Company and its Consolidated Subsidiaries for such
period less all expenses and other proper charges (including taxes on
income) for such period, determined on a consolidated basis in
accordance with GAAP.


5


"Consolidated Net Worth" shall mean as of the date of any
determination thereof the consolidated shareholders' equity of the
Company and its Consolidated Subsidiaries determined in accordance with
GAAP. A "company-obligated minority interest in subsidiary" associated
with a monthly or quarterly income preferred security (MIPS/QUIPS), or
similar security, term income deferrable equity securities or similar
securities, or securities mandatorily convertible into common stock,
will be included in Consolidated Net Worth for purposes of this
definition.


"Consolidated Subsidiary" means any entity which is treated as a
consolidated subsidiary of the Company for purposes of its public
financial statements as prepared in accordance with GAAP.


"Convert", "Conversion" and "Converted" each refers to a
conversion of Advances of one Type into Advances of the other Type
pursuant to Section 2.07 or 2.08.


"Debt" of any Person shall mean, as of the date of any
determination thereof (and, in each case, without duplication):


(i) Indebtedness for borrowed money;


(ii) Indebtedness which is evidenced by acceptances, notes or
other instruments;


(iii) Capitalized Rentals;


(iv) reimbursement obligations under letters of credit issued
to secure obligations of any Person of the type described in clauses
(i), (ii) or (iii) above;


(v) any obligation (including, without limitation,
obligations in connection with sale-leaseback transactions) secured by a
Lien on Property, whether or not the obligor has assumed such obligation
or whether or not such obligation is non-recourse to the credit of such
obligor; and


(vi) Guaranties of any of the foregoing;


and provided, however, that Debt shall not include any obligation of the
Company or any Subsidiary if neither the Company nor any Consolidated
Subsidiary is required to account for such obligation as debt o ...