CONFIRMATION, REAFFIRMATION AND AMENDMENT OF PARENT GUARANTEE AGREEMENT
Exhibit
10.11
CONFIRMATION,
REAFFIRMATION AND AMENDMENT OF
Dated:
As
of November 25, 2008
Reference
is made to (i) that certain Note Purchase and Private Shelf Agreement, dated
as
of February 11, 2005 (the “Original
Note Purchase Agreement”),
by
and between Kinro, Inc., an Ohio corporation (“Kinro”),
Xxxxxxx Components, Inc., a Delaware corporation (“Xxxxxxx
Components”,
and
together with Kinro, collectively, the “Co-Issuers”),
Drew
Industries Incorporated, a Delaware corporation (the “Parent”),
Prudential Investment Management, Inc. (“Prudential”)
and
each of the holders of the 2005 Notes (as defined below) (Prudential and the
holders of the 2005 Notes, collectively, the “Noteholders”)
pursuant to which the Co-Issuers authorized the issue of their senior promissory
notes in the aggregate principal amount of up to $60,000,000 and (ii) that
certain Amended and Restated Note Purchase and Private Shelf Agreement, dated
as
of June 13, 2006 (the “Existing
Note Purchase Agreement”),
by
and between the Co-Issuers, the Parent, the Noteholders and each of the holders
of the 2006 Notes (as defined therein) pursuant to which the Original Note
Purchase Agreement was amended and restated and the Co-Issuers authorized the
issuance of their fixed rate senior promissory notes in the aggregate amount
of
$60,000,000 (of which up to $40,000,000 could be floating rate senior promissory
notes). The Existing Note Purchase Agreement and the 2005 Notes (as defined
in
the Amended Agreement) are being amended and restated (as so amended and
restated the 2005 Notes shall be referred to herein as the “Amended
Notes”)
pursuant to the terms of the Second Amended and Restated Note Purchase and
Private Shelf Agreement, of even date herewith (the “Amended
Agreement”)
among
the Co-Issuers, the Parent, Prudential and the Noteholders. Capitalized terms
used but not defined herein shall have the meaning ascribed to them in the
Amended Agreement.
The
Parent is a party to the Parent Guarantee Agreement entered into in connection
with the execution and delivery of the Original Note Purchase Agreement and
the
issuance and sale of the 2005 Notes. The Parent hereby (i) acknowledges receipt
of a copy of the Amended Agreement, (ii) consents to the Co-Issuers’ execution
and delivery of the Amended Agreement, (iii) acknowledges and affirms that
nothing contained in the Amended Agreement shall modify in any respect
whatsoever its Guarantee of the Obligations (as such term is defined in the
Parent Guarantee Agreement) under the Parent Guarantee Agreement and reaffirms
the Parent Guarantee Agreement shall remain in full force and effect, and (iv)
acknowledges and agrees that, for the avoidance of doubt, the Obligations
include obligations in respect of the Amended Agreement and the Amended Notes
and any and all Shelf Notes issued pursuant to the Amended Agreement. Although
the Parent has been informed of the matters set forth herein and has
acknowledged and agreed to the same, the Parent understands that the Noteholders
have no obligation to inform the Parent of such matters in the future or to
seek
the Parent’s acknowledgment or agreement to future amendments, waivers or
consents, and nothing herein shall create such a duty.
The
Parent and the Existing Noteholders agree that the reference to $60,000,000
in
the second paragraph of the Parent Guarantee Agreement is deleted and replaced
with $125,000,000.
The
Parent also represents and warrants to the Noteholders that all of the
representations and warranties made by the Parent in the Parent Guarantee
Agreement are true and correct on the date hereof as if made on and as of the
date hereof, except to the extent that any of such representations and
warranties relate by their terms to a prior date (which remain true and correct
as of such prior date).
IN
WITNESS WHEREOF,
the
Parent has caused this Confirmation and Reaffirmation of Guarantee Agreement
to
be executed on its behalf, as of the date first above written, by one of its
duly authorized officers.
DREW
INDUSTRIES INCORPORATED
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By:
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Name:
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Title:
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