On January 28, 2021(the Effective Date), Hexcel Corporation entered into the Second Amendment to the credit agreement, dated as of June 20, 2019, by and among the Hexcel, as borrower, the lenders party thereto and Citizens Bank, N.A., as administrative agent, as amended by the First Amendment dated September 28, 2020. Pursuant to the Amendment, certain terms of the Credit Agreement were modified for a period beginning on the Effective Date to and including March 31, 2022 (unless earlier terminated by Hexcel in accordance with the Amended Credit Agreement, the Liquidity Covenant Period"). During the Liquidity Covenant Period, Hexcel will not be subject to a maximum leverage ratio covenant, but will instead be required to maintain Liquidity of at least $250,000,000. Additionally, during such period, Hexcel will be subject to limitations on share repurchases, cash dividends, and its ability to incur secured debt, in each case subject to certain exceptions; the applicable margin and commitment fees are increased; the incremental facility will not be available; and if Hexcel's public debt rating is downgraded to (i) BB or lower by Standard & Poor's and (ii) Ba2 or lower by Moody's, Hexcel will be required to grant liens on certain of its assets, which liens will be released upon Hexcel's public debt rating being upgraded to BB+ or higher by Standard & Poor's or Ba1 or higher by Moody's. Hexcel's current public debt rating is BBB-/Baa3. Additionally, the Amendment provides that Hexcel will not be subject to an interest coverage ratio covenant until the test period ending December 31, 2021. Finally, in connection with the Amendment, revolving commitments under the Amended Credit Agreement were reduced to $750,000,000.