Document:

Exhibit 10.14

SUBORDINATION AGREEMENT

                                 SUBORDINATION AGREEMENT dated as of February 11, 2005 made by KINRO, INC., an Ohio corporation (“Kinro”), LIPPERT COMPONENTS, INC., a Delaware corporation (“Lippert Components” and together with Kinro, each a “Co-Issuer” and collectively the “Co-Issuers”), DREW INDUSTRIES INCORPORATED, a Delaware corporation (the “Company”) and each direct and indirect Subsidiary of the Company listed on Schedule I hereof (as such
Schedule I shall be amended, modified and supplemented from time to time) and each other direct and
indirect Subsidiary of the Company party hereto from time to time (together with the Company and
the Co-Issuers, each, individually, a “Credit Party” and collectively, the “Credit Parties”), with and in favor of PRUDENTIAL INVESTMENT MANAGEMENT, INC. (“Prudential”) and each of the holders from time to time of the Notes (as defined below) (Prudential and each
such holder are collectively referred to herein as, the “Noteholders”).

                                 Reference is hereby made to the Note Purchase and Private Shelf Agreement, dated as of February 11,
2005 (as amended, supplemented, or modified from time to time, the “Note Purchase Agreement”) by and among the Co-Issuers and the Company, on the one hand, and the Noteholders, on the other
hand, pursuant to which certain affiliates of Prudential (the “Prudential Affiliates”) may, in their sole discretion and within limits which may be prescribed for purchase by them
from time to time, purchase senior secured promissory notes issued by the Co-Issuers in an aggregate
principal amount of up to $60,000,000 (the “Notes”), upon the terms and subject to the conditions set forth therein. Capitalized terms used herein
and not otherwise defined shall have the respective meanings ascribed to such terms in the Note Purchase
Agreement.

                                 Each Co-Issuer is a direct Subsidiary of the Company. The Credit Parties have made and may from time
to time make loans and advances to other Credit Parties, subject to the terms and conditions contained
in the Note Purchase Agreement, including, without limitation, the subordination of such obligations
to the obligations of the Credit Parties under the Note Purchase Agreement and the other Transaction
Documents. The obligations of the Noteholders to purchase the Notes is conditioned on, among other
things, the execution and delivery by each Credit Party of a Subordination Agreement in the form
hereof. In order to induce the Noteholders to enter into the Note Purchase Agreement and the Facility,
the Credit Parties have agreed to enter into this Agreement with the Noteholders.

                                 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

                  Section 1                Definitions, Terms.  References to this “Agreement” shall be to this Subordination Agreement as amended, supplemented, or otherwise modified from
time to time. The term “Senior Obligations” shall mean, collectively, the due and punctual payment of (i) the principal of, interest (including
interest accruing during the pendency of any bankruptcy, 

	

	
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in
such proceeding) on, and Yield-Maintenance Amount (if any) payable with respect to, the Notes when
and as due, whether at maturity, by acceleration, upon one or more dates on which repayment or prepayment
is required, or otherwise, and (ii) all other monetary obligations, including fees, costs, expenses,
and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary
obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding), (w) of the Co-Issuers
and the Company to one or more of the Noteholders under the Note Purchase Agreement, (x) of the Company
under the Parent Guaranty, (y) of the Subsidiary Guarantors under the Subsidiary Guaranty, and (z)
of the Co-Issuers and of the other Credit Parties under any Transaction Documents to which the Co-Issuers
or such other Credit Parties are or are to be parties. The term “Subordinated Debt” shall mean any and all Indebtedness, obligations and liabilities that are or were at any time
owed by any Credit Party to any other Credit Party (including all interest accrued or to accrue thereon
up to the date of such full payment thereof) of every kind and nature whatsoever, whether represented
by negotiable instruments or other writings, whether direct or indirect, absolute or contingent,
due or not due, secured or unsecured, original, renewed, modified or extended, now in existence or
hereafter incurred, originally contracted with the Credit Party or with another Person, and whether
contracted alone or jointly and/or severally with another or others. 

                    Section 2               Subordination.  Each Credit Party hereby agrees that all claims and demands, and all interest accrued or that may
hereafter accrue thereon, in respect of any Subordinated Debt are subject and subordinate to the
prior indefeasible payment and satisfaction in full in cash of all Senior Obligations. In furtherance
of and not in limitation of the foregoing:

                                 (a)             no payment or prepayment of any principal or interest on account of, and no repurchase, redemption
or other retirement (whether at the option of the holder or otherwise) of Subordinated Debt shall
be made, if at the time of such payment, prepayment, repurchase, redemption or retirement or immediately
after giving effect thereto there shall exist a Default or Event of Default;

                                 (b)             in the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization
or other similar proceedings in connection therewith, relating to any Credit Party or to its creditors,
or to their respective properties, and in the event of any proceedings for voluntary liquidation,
dissolution or other winding up of any Credit Party, whether or not involving insolvency or bankruptcy,
then the holders of Senior Obligations shall be entitled to receive final, indefeasible payment in
full in cash of all Senior Obligations (including interest thereon accruing after the commencement
of any such proceedings, whether or not allowed or allowable as a claim in such proceedings) and
the Facility shall be terminated, before the holders of the Subordinated Debt (including any other
Credit Party) shall be entitled to receive any payment or other distribution on account of the Subordinated
Debt, and to that end the holders of Senior Obligations shall be entitled to receive distributions
of any kind or character, whether in cash or property or securities, which may be payable or deliverable
in any such proceedings in respect of the Subordinated Debt;

                                 (c)             in the event that any Subordinated Debt is declared due and payable before its expressed maturity
because of the occurrence of an event of default (under circumstances 

	

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when the provisions of the foregoing paragraphs (a) or (b) are not applicable), the holders of the
Senior Obligations outstanding at the time such Subordinated Debt so becomes due and payable because
of such occurrence of such an event of default shall be entitled to receive final, indefeasible payment
in full in cash of all Senior Obligations before the holders of the Subordinated Debt (including
any Credit Party) are entitled to receive any payment or other distribution on account of the Subordinated
Debt;

                                 (d)             in the event that, notwithstanding the occurrence of any of the events described in paragraphs (a),
(b) and (c), any such payment or distribution of assets of any Credit Party of any kind or character,
whether in cash, property or securities, shall be received by the holders of Subordinated Debt (including
any Credit Party) before all Senior Obligations are finally and indefeasibly paid in full in cash
and the Facility shall have terminated, such payment or distribution shall be held in trust for the
benefit of, and shall be promptly paid over or delivered to the holders of such Senior Obligations
or their representative or representatives, or as their respective interests may appear, for application
to the payment of all Senior Obligations remaining unpaid to the extent necessary to pay such Senior
Obligations in full in cash, in accordance with the terms thereof, after giving effect to any concurrent
payment or distribution to the holders of such Senior Obligations; 

                                 (e)             no holder of Senior Obligations shall be prejudiced in its right to enforce subordination of the Subordinated
Debt by any act or failure to act on the part of any Credit Party; and

                                 (f)              no payment on any Subordinated Debt shall be made to or for the benefit of any of the Administrative
Agent (as such term is defined in the Bank Credit Agreement) or the Bank Lenders in respect of any
Indebtedness under, or in respect of, the Bank Credit Agreement, unless concurrently therewith payment
shall be made on the Senior Obligations to the holders thereof on a pari passu basis; nor shall assignment or other transfer of any instrument evidencing any Subordinated Debt be
made to or for the benefit of the Administrative Agent or the Bank Lenders or any other Indebtedness
under, or in respect of, the Bank Credit Agreement, unless the holders of the Senior Obligations
(or the Security Trustee, as appropriate) shall concurrently therewith receive an assignment or transfer
of equal priority on a pari passu basis.

                    Section 3               No Payment or Security .  Each Credit Party agrees not to make payment (except if permitted under Section 2(a) hereof)
of, or give any security for or grant any Lien on its property or assets in respect of, any Subordinated
Debt. 

                    Section 4               Waiver, No Limitations. 

                                 (a)             Each Credit Party waives any and all notice of the acceptance of the subordination hereunder and of
the creation or accrual of any of the Senior Obligations or of any renewals, extensions, increases,
or other modifications thereof from time to time, or of the reliance of any Noteholder upon this
Agreement. 

                                 (b)             Nothing contained herein shall constitute or be deemed to be a waiver or to limit any rights in any
insolvency proceeding or under applicable law of any Noteholder, including in respect of any claim
that any payment in respect of Subordinated Debt, whether or 

	

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not permitted under Section 2 hereof, is a preferential transfer or otherwise should be set aside or
recovered for the benefit of creditors of any Credit Party. 

                    Section 5               No Impairment of Subordination.  Each holder of Subordinated Debt hereby consents that the liability of each Credit Party or of any
other party for or upon the Senior Obligations may, from time to time, in whole or in part be renewed,
increased, extended, or modified, in any and all respects, or accelerated, compromised, settled or
released, and that any collateral security and Liens for the Senior Obligations, or any guarantee
or other accommodation in respect thereof may, from time to time, in whole or in part, be exchanged,
sold, released or surrendered by any Noteholder, as it may deem advisable, or that any security interest
may be unperfected, and that the financial condition, legal status, corporate structure or identity,
entity classification, affiliation, or any other characteristic affecting any Credit Party, or affecting
any Senior Obligation, may change in any respect whatsoever, and any other fact or circumstance may
occur that would, but for this specific provision to the contrary, relieve such holder of Subordinated
Debt from the provisions of this Agreement, all without impairing the subordination contained in
this Agreement and without any notice to or assent from such holder of Subordinated Debt. 

                    Section 6               Proof of Claim, Past Default. 

                                 (a)             Each holder of Subordinated Debt hereby irrevocably authorizes the Noteholders and irrevocably constitutes
and appoints the Noteholders as its attorney in fact with full power (coupled with an interest, and
with power of substitution) in the name, place and stead of such holder of Subordinated Debt and
whether or not a default exists with respect to the Subordinated Debt, to file proofs of claim for
the full, amount of the Subordinated Debt held by it against any obligor in respect thereof or such
obligor’s property in any statutory or non-statutory proceeding affecting such obligor or the
Subordinated Debt or any other proceeding and to vote the full amount of the Subordinated Debt (i)
for or against any proposal or resolution; (ii) for a trustee or trustees or for a committee of creditors;
or (iii) for the acceptance or rejection of any proposed arrangement, plan of reorganization, composition,
settlement or extension and in connection with any such proceeding. 

                                 (b)             After the occurrence and during the continuation of a Default or Event of Default or any event described
in paragraphs 2(b) or 2(c), should any payment or distribution or collateral security or proceeds
of any collateral security be received or collected by the holder of any Subordinated Debt for or
on account of any Subordinated Debt, prior to the time that all Senior Obligations have been fully,
finally, and indefeasibly paid in cash and the Facility has been terminated, such holder of Subordinated
Debt shall forthwith deliver the same to the Noteholders, in precisely the form received (with the
endorsement of such holder of Subordinated Debt where necessary), for application on account of the
Senior Obligations (or, in the case of collateral security, delivery to the Security Trustee, for
such application thereby) and such holder of Subordinated Debt agrees that, until so delivered, the
same shall be deemed received by such holder of Subordinated Debt as trustee for the Noteholders
in trust for the Noteholders; and in the event of the failure of such holder of Subordinated Debt
to endorse any instrument for the payment of money so received payable to its order, the Noteholders
or any officer or employee thereof is hereby irrevocably constituted and appointed attorney in fact
for such holder of Subordinated Debt, with full power (coupled with an interest and with full power 

	

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of substitution) to make any such endorsement. In the event that such holder of Subordinated Debt fails
to make such delivery, such holder of Subordinated Debt agrees to immediately pay to the Noteholders
an amount equivalent to any such payment or the value of such security received. 

                                 (c)             No holder of Subordinated Debt will take or omit to take any action or assert any claim with respect
to the Subordinated Debt or otherwise which is inconsistent with the provisions of this Agreement.
Without limiting the foregoing, no holder of Subordinated Debt will assert, collect or enforce the
Subordinated Debt or any part thereof or take any action to foreclose or realize upon the Subordinated
Debt or any part thereof or enforce any of the documents, instruments or agreements evidencing the
same except(a) in each such case as necessary, so long as no Default or Event of Default has occurred
and is then continuing under the Note Purchase Agreement or would occur after giving effect thereto,
to collect any sums expressly permitted to be paid pursuant to Section 2(a), to the extent (but only
to such extent) that the commencement of a legal action may be required to toll the running of any
applicable statute of limitation. Until the Senior Obligations have been finally paid in full in
cash, no holder of Subordinated Debt shall have any right of subrogation, reimbursement, restitution,
contribution or indemnity whatsoever from any assets of any Credit Party or any guarantor of or provider
of collateral security for the Senior Obligations. Each holder of Subordinated Debt further waives
any and all rights with respect to marshalling.

                    Section 7                No Transfer.  Each Credit Party represents and warrants to the Noteholders that such Credit Party has not granted
any security interest in or made any other transfer or assignment of any Subordinated Debt (except
to (x) the Security Trustee for the ratable benefit of the Noteholders and (y) concurrently herewith,
and on a pari passu basis, to the Collateral Agent for the benefit of the Administrative Agent and the Bank Lenders pursuant
to the subordination agreement contemplated by the Bank Credit Agreement) and agrees that such Credit
Party will not grant a security interest in, or Lien upon, any of its properties or assets in respect
of any Subordinated Debt (whether now outstanding or hereafter arising) or make any other sale, transfer
or assignment of any Subordinated Debt (except to or as designated by the Noteholders). The holders
of the Subordinated Debt will not, at any time this Agreement is in effect, modify any of the terms
of any of the Subordinated Debt or any documents, instruments or agreements evidencing same.

                    Section 8               Instruments.  Each Credit Party represents and warrants to the Noteholders that as of the date hereof the Subordinated
Debt is not represented by any instruments or other writings. Each Credit Party agrees that at no
time hereafter will any part of the Subordinated Debt be represented by any instruments or other
writings, except such instruments or other writings, if any, (a) that in each case bear a legend
clearly referring to this Agreement and setting forth that the obligations represented by such instruments
or writings are subject to the subordination hereunder, and (b) true copies of which shall have been
delivered to the Noteholders (or its agent or trustee) promptly after execution thereof. Subordinated
Debt not evidenced by an instrument or document shall nevertheless be deemed subordinated by virtue
of this Agreement. 

	

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                    Section 9               Statements of Account, Books and Records.  Each holder of Subordinated Debt further hereby agrees that it will render to any Noteholder upon
demand, from time to time, a statement of the account of each Credit Party with it. Each holder of
Subordinated Debt agrees that its respective books and records, and financial statements, will appropriately
show that the Subordinated Debt is subject to this Agreement. 

                    Section 10             Other Subordination Provisions.  The subordination hereunder shall be in addition to, and shall not limit or be limited by, any subordination
provisions contained in the Subsidiary Guaranty, the Parent Guaranty or any other Transaction Document.

                   Section 11              Representation and Warranties.  Each Credit Party represents and warrants to the Noteholders that all representations and warranties
relating to it in the Note Purchase Agreement are true and correct. 

                   Section 12             Amendment; Waiver.  No amendment or waiver of any provision of this Agreement, nor consent to any departure by any Credit
Party therefrom, shall in any event be effective unless the same shall be in writing and signed by
the Noteholders. Any such waiver, consent or approval shall be effective only in the specific instance
and for the purpose for which given. No notice to or demand on any Credit Party in any case shall
entitle any Credit Party to any other or further notice or demand in the same, similar or other circumstances.
No waiver of any breach or default of or by any Credit Party under this Agreement shall be deemed
a waiver of any other previous breach or default or any thereafter occurring. 

                   Section 13             Survival; Severability. 

                                 (a)             All covenants, agreements, representations and warranties made by the Credit Parties herein and in
the certificates or other instruments prepared or delivered in connection with or pursuant to this
Agreement, the Note Purchase Agreement or any Transaction Document (a) shall be considered to have
been relied upon by the Noteholders and shall survive the purchase of the Notes, and the execution
and delivery to the Noteholders of any Notes, regardless of any investigation made by the Noteholders,
and (b) shall continue in full force and effect as long as any of any of the Notes are outstanding
and unpaid and the Facility has not been terminated. 

                                 (b)             Any provision of this Agreement that is illegal, invalid or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability
without invalidating the remaining provisions hereof or affecting the legality, validity or enforceability
of such provisions in any other jurisdiction. The parties hereto agree to negotiate in good faith
to replace any illegal, invalid or unenforceable provision of this Agreement with a legal, valid
and enforceable provision that, to the extent possible, will preserve the economic bargain of this
Agreement, or to otherwise amend this Agreement to achieve such result. 

	

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                   Section 14             Successors and Assigns.  Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed
to include the successors and assigns of such party; and all covenants, promises and agreements by
or on behalf of any Credit Party that are contained in this Agreement shall bind and inure to the
benefit of each party hereto and their respective successors and assigns. No Credit Party may assign
or transfer any of its rights or obligations hereunder except as expressly contemplated by this Agreement,
the Note Purchase Agreement or the Transaction Documents (and any such attempted assignment shall
be void). 

                   Section 15             GOVERNING LAW.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW
YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAWS OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION
OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                   Section 16             Headings.  The Article and Section headings in this Agreement are for convenience only and shall not affect
the construction hereof. 

                   Section 17             Notices. Notices, consents and other communications provided for herein shall (except as otherwise expressly
permitted herein) be in writing and given as provided in paragraph 12I of the Note Purchase Agreement.
Communications and notices to any Credit Party shall be given to it at its address set forth in Schedule
II hereto. 

                   Section 18             Counterparts; Additional Parties. 

                                 (a)             This Agreement may be executed in separate counterparts (a facsimile of any executed counterpart having
the same effect as manual delivery thereof), each of which shall constitute an original, but all
of which, when taken together, shall constitute but one Agreement. 

                                 (b)             The Company shall cause each Person that becomes a direct or indirect Subsidiary of the Company (if
such Person is not already a party to this Agreement) to execute and deliver a supplement hereto
in the form of Exhibit 18(b) hereto concurrent with such Person’s becoming a direct or indirect Subsidiary of the Company.
Upon execution and delivery after the date hereof by such new Subsidiary of such supplement, such
Subsidiary shall become a party hereto with the same force and effect as if originally named herein.
The execution and delivery of such supplement shall not require the consent of any Credit Party.
The rights and obligations of each Credit Party and each other holder of Subordinated Debt hereunder
shall remain in full force and effect notwithstanding the addition of, or the failure to add, any
Person as a party hereto, in each case whether or not required under the Note Purchase Agreement.
Prudential acknowledges and agrees that any Prudential Affiliate that becomes an initial holder of
Notes (if such Prudential Affiliate is not already a party to this Agreement) shall be deemed to
be a party hereto upon its execution and delivery of a Confirmation of Acceptance with respect to
such Notes, whereupon such Prudential Affiliate shall become a party hereto with the same force an
effect as if originally named herein.

                   Section 19             Jurisdiction, Consent to Service of Process. 

                                 (a)             Each Credit Party hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of the Supreme Court of the State of New 

	

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York sitting in New York County and of the United States District Court of the Southern District of
New York, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, the Note Purchase Agreement or the Transaction Documents, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in
such New York State or, to the extent permitted by law, in such Federal court. Each of the parties
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that any Noteholder may otherwise have to bring
any action or proceeding relating to this Agreement, the Note Purchase Agreement or the Transaction
Documents against any Credit Party or its properties in the courts of any jurisdiction. 

                                 (b)             Each Credit Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Agreement in any court referred
to in the preceding paragraph. Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 

                                 (c)             Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 17. Nothing in this Agreement will affect the right of any party to this Agreement
to serve process in any other manner permitted by law. 

                  Section 20               WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT, THE NOTE PURCHASE AGREEMENT, THE NOTES OR THE TRANSACTION DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

	

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                   Section 21             TERMINATION OF SUBORDINATION.   This Agreement shall continue in full force and effect, and the obligations and agreements of
the Credit Parties hereunder shall continue to be fully operative, until all of the Senior Obligations
shall have been paid and satisfied in full in cash and such full payment and satisfaction shall be
final and not avoidable. To the extent that the Co-Issuers or any guarantor of or provider of collateral
for the Senior Obligations makes any payment on the Senior Obligations that is subsequently invalidated,
declared to be fraudulent or preferential or set aside or is required to be repaid to a trustee,
receiver or any other party under any bankruptcy, insolvency or reorganization act, state or federal
law, common law or equitable cause (such payment being hereinafter referred to as a “Voided Payment”), then to the extent of such Voided Payment, that portion of the Senior Obligations that had been
previously satisfied by such Voided Payment shall be revived and continue in full force and effect
as if such Voided Payment had never been made. In the event that a Voided Payment is recovered from
any Noteholder, an Event of Default shall be deemed to have existed and to be continuing under the
Note Purchase Agreement from the date of such Noteholder’s initial receipt of such Voided Payment
until the full amount of such Voided Payment is restored to such Noteholder. During any continuance
of any such Event of Default, this Agreement shall be in full force and effect with respect to the
Subordinated Debt. To the extent that the any holder of Subordinated Debt has received any payments
with respect to the Subordinated Debt subsequent to the date of such Noteholder’s initial receipt
of such Voided Payment and such payments have not been invalidated, declared to be fraudulent or
preferential or set aside or required to be repaid to a trustee, receiver, or any other party under
any bankruptcy act, state or federal law, common law or equitable cause, such holder of Subordinated
Debt shall be obligated and hereby agrees that any such payment so made or received shall be deemed
to have been received in trust for the benefit of the Noteholders, and such holder of Subordinated
Debt hereby agrees to pay to such Noteholder, upon demand, the full amount so received by such holder
of Subordinated Debt during such period of time to the extent necessary fully to restore to such
Noteholder the amount of such Voided Payment. Upon the payment and satisfaction in full in cash of
all of the Senior Obligations, which payment shall be final and not avoidable, this Agreement will
automatically terminate without any additional action by any party hereto. 

	

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                                 IN WITNESS WHEREOF, the parties hereto have caused this Subordination Agreement to be duly executed
and delivered by their respective officers or representatives as of the day and year first above
written. 

	 

	 	 
	 	DREW INDUSTRIES INCORPORATED
	       	    
	         	         
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	       Name: Fredric M. Zinn
		       Title:   Executive Vice President and Chief 

                     Financial Officer
	        	       
	       	       
	 	KINRO, INC.
	        	        
	       	       
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	       Name: Fredric M. Zinn
		       Title:   Vice President 
	       	      
	        	       
	 	LIPPERT TIRE & AXLE, INC.
	      	      
	      	      
	        	By: /s/ Fredric M. Zinn
		       —————————————————
	 	       Name: Fredric M. Zinn
		       Title:   Vice President 
	      	       
	    	    
	 	LIPPERT COMPONENTS, INC.
	          	       
	          	         
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	       Name: Fredric M. Zinn
		       Title:   Vice President 
	        	   
	        	      
	 	KINRO HOLDING, INC.
	    	    
	         	   
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	       Name: Fredric M. Zinn
		       Title:   Chief Financial Officer

	 
	

	

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	 	LIPPERT TIRE & AXLE HOLDING, INC.
	    	             
	      	       
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	       Name: Fredric M. Zinn
		       Title:   Chief Financial Officer
	    	    
	     	     
	 	LIPPERT HOLDING, INC.
	      	          
	      	      
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	       Name: Fredric M. Zinn
		       Title:   Chief Financial Officer
	      	     
	      	     
	 	KINRO MANUFACTURING, INC.
	      	      
	      	     
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	      Name: Fredric M. Zinn
		      Title:   Vice President 
	     	     
	     	      
	 	LIPPERT COMPONENTS MANUFACTURING, INC.
	      	      
	       	       
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	      Name: Fredric M. Zinn
		      Title:   Vice President 
	      	      
	       	       
	 	LIPPERT COMPONENTS OF CANADA, INC.
	       	      
	       	        
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	       Name: Fredric M. Zinn
		       Title:   Vice President 
	       	      
	       	      
	 	COIL CLIP, INC.
	        	     
	      	       
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	       Name: Fredric M. Zinn
		       Title:   Vice President 

	

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	 	ZIEMAN MANUFACTURING COMPANY
	     	      
	      	      
	 	By: /s/ Fredric M. Zinn
		       —————————————————
	 	       Name: Fredric M. Zinn
		       Title:   Vice President 
	    	     
	    	     
	 	KINRO TEXAS LIMITED PARTNERSHIP
	     	   
	      	      
		 	By:  KINRO MANUFACTURING, INC., its general partner
	      	       	   	      
	     	    	   	     
		 	 	By: /s/ Fredric M. Zinn
		 	 	       —————————————————
		 	 	       Name: Fredric M. Zinn
		 	 	       Title:   Vice President
	    	    	    	  
	     	     	     	     
		KINRO TENNESSEE LIMITED PARTNERSHIP 
	    	    	   	     
	     	    	    	    
		 	By:  KINRO MANUFACTURING, INC., its general partner
	      	    	    	     
	    	    	    	     
		 	 	By: /s/ Fredric M. Zinn
		 	 	       —————————————————
		 	 	      Name: Fredric M. Zinn
		 	 	      Title:   Vice President 
	     	     	    	    
	      	      	      	      
	 	LIPPERT TIRE & AXLE TEXAS LIMITED PARTNERSHIP
	    	    	   	    
	    	    	   	    
		 	By:  LIPPERT COMPONENTS MANUFACTURING,

        INC.,     its general partner
	   	    	     	    
	      	      	    	    
		 	 	By: /s/ Fredric M. Zinn
		 	 	       —————————————————
		 	 	       Name: Fredric M. Zinn
		 	 	       Title:   Vice President 

	 
	

	

12

	 	BBD REALTY TEXAS LIMITED PARTNERSHIP
	       	    
	         	        
		 	By:    KINRO MANUFACTURING, INC.,

          its general partner  
	     	     	    	     
	      	    	    	      
		 	 	By: /s/ Fredric M. Zinn
		 	 	       —————————————————
		 	 	       Name: Fredric M. Zinn
		 	 	       Title:   Vice President 
	     	    	       	       
	      	      	     	      
		LIPPERT COMPONENTS TEXAS LIMITED PARTNERSHIP
	   	    	   	      
	    	    	    	      
		 	By:    LIPPERT COMPONENTS MANUFACTURING,

           INC.,  its general partner
	    	   	    	    
	    	    	    	     
		 	 	By: /s/ Fredric M. Zinn
		 	 	       —————————————————
		 	 	       Name: Fredric M. Zinn
		 	 	     Title:   Vice President 
	      	    	   	        
	        	     	 	      
		LD REALTY, INC.
	    	   	   	   
	     	   	   	   
		By: /s/ Fredric M. Zinn
		       —————————————————
		      Name: Fredric M. Zinn
		      Title:   Vice President 
	      	      
	      	     
		LTM MANUFACTURING, L.L.C.
	     	    
	      	     
		By: /s/ Fredric M. Zinn
		       —————————————————
		      Name: Fredric M. Zinn
		      Title:   Vice President 
	    	     
	     	      
		PRUDENTIAL INVESTMENT MANAGEMENT, INC.
	     	    
	      	     
		By: /s/ Christopher Carey
		       —————————————————
		       Name: Christopher Carey
		       Title:   Vice President

	

13Exhibit 10.15

PLEDGE AND SECURITY AGREEMENT

                            PLEDGE AND SECURITY AGREEMENT, dated as of February 11, 2005, made by DREW INDUSTRIES INCORPORATED,
a Delaware corporation (the “Parent”), KINRO, INC., an Ohio corporation (“Kinro”), LIPPERT COMPONENTS, INC., a Delaware corporation (“LCI” and together with Kinro, collectively, the “Co-Issuers”), and LIPPERT TIRE & AXLE, INC., a Delaware corporation (“LTA” and together with the Parent and the Co-Issuers collectively, the “Stock Pledgors”), KINRO HOLDING, INC., a New York corporation (“KHI”), LIPPERT TIRE & AXLE HOLDING, INC., a New York corporation (“LTHI”), and LIPPERT HOLDING, INC., a New York corporation (“LHI” and together with KHI and LTHI, the “Partnership Pledgors”) and each Person who becomes a Subsidiary Guarantor pursuant to paragraph 5K of the Note Agreement
(as hereinafter defined) and is required to join in this Agreement pursuant to the terms thereof
(the Co-Issuers, the Parent, LTA, KHI, LTHI and such Subsidiary Guarantors collectively referred
to as the “Pledgors” and each individually as a “Pledgor”) in favor of JPMORGAN CHASE BANK, N.A., as security trustee (in such capacity, the “Trustee”) for the benefit of the Noteholders (as hereinafter defined).

                            Reference is hereby made to that certain Note Purchase and Private Shelf Agreement, dated as of February
11, 2005 (as the same from time to time may be amended, restated, supplemented or otherwise modified,
the “Note Agreement”), by and among the Co-Issuers and the Parent, on the one hand, and Prudential Investment Management,
Inc. (“Prudential”) and each of the holders from time to time of the Notes, on the other hand, pursuant to which,
subject to the terms and conditions set forth therein, certain affiliates of Prudential (the “Purchasers” and together with Prudential and their respective successors and assigns, the “Noteholders”) are willing to consider, in their sole discretion and within limits which may be authorized
for purchase by them from time to time, the purchase of senior secured promissory notes issued by
the Co-Issuers in an aggregate principal amount of up to $60,000,000 (the “Notes”). Terms used herein as defined terms and not otherwise defined herein shall have the meanings
given thereto in the Note Agreement. 

                            The Parent and each other Pledgor (other than the Co-Issuers) has jointly and severally guaranteed
all liabilities and obligations of the Co-Issuers under and in respect of the Notes and the Note
Agreement. The Noteholders’ agreement to enter into the Note Agreement and to consider the purchase
from time to time of Notes under the Facility is subject, among other conditions, to receipt by the
Trustee, on behalf of the Noteholders, of this Pledge Agreement duly executed by the Pledgors. Each
Pledgor wishes to grant security interests in favor of the Trustee, for the benefit of the Trustee
and the Noteholders, in certain of the issued and outstanding capital stock, member interests, partnership
interests and other ownership interests of all Subsidiaries of such Pledgor in accordance herewith
to secure such Pledgor’s obligations and liabilities in respect of the Notes, the Note Agreement
and the other Transaction Documents.

	

1

	
Exhibit 10.15

NOW, THEREFORE, the parties hereto hereby agree as follows:

ARTICLE I 

                 Section 1.01.    Definitions.     In addition to the terms defined above, the following words and terms shall have the respective meanings,
and it is hereby agreed with respect thereto, as follows:

                            “Agreement”  shall mean this Pledge and Security Agreement, as it shall be amended, supplemented or otherwise
modified from time to time.

                            “Obligations”  shall mean, collectively, (a) the due and punctual payment of (i) the principal of, Yield-Maintenance
Amount or other premium, if any, and interest (including interest accruing during the pendency of
any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed
or allowable in such proceeding) on the Notes when and as due, whether at maturity, by acceleration,
upon one or more dates set for repayment or prepayment or otherwise, and (ii) all other monetary
obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct,
contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding), (w) of the Co-Issuers under the Note Agreement, (x) of the Parent
under the Parent Guaranty, (y) of the Subsidiary Guarantors under the Subsidiary Guaranty, (z) of
the Co-Issuers and of the other Credit Parties under any other Transaction Documents (including this
Agreement) to which the Co-Issuers or such other Credit Parties are or are to be parties and (b)
the due and punctual performance of all covenants, agreements, obligations and liabilities of the
Co-Issuers under or pursuant to the Note Agreement and of the Co-Issuers and of the other Credit
Parties under the other Transaction Documents (including the Parent Guaranty, the Subsidiary Guaranty and this Agreement).

                            “LLC”  shall have the meaning given thereto in Schedule III.

                            “LLC Documents”  shall have the meaning given thereto in Schedule III.

                            “Member”  shall mean any member or manager in an LLC.

                            “Partner”  shall mean any partner in a Partnership.

                            “Partnership”  shall have the meaning given thereto in Schedule II hereto.

                            “Partnership Documents”  shall have the meaning given thereto in Schedule II hereto.

	

2

	
Exhibit 10.15

ARTICLE II 

                 Section 2.01.    Pledge and Grant of Security Interest.

                            (a)     As security for the payment and performance in full of its Obligations, each Pledgor hereby transfers,
grants, bargains, sells, conveys, hypothecates, pledges, sets over and delivers unto the Trustee
and grants to the Trustee for its benefit and the ratable benefit of the Noteholders, a first priority
security interest in (i) the shares of capital stock listed below the name of such Pledgor on Schedule I and any shares of stock of any Subsidiary obtained in the future by such Pledgor and the certificates
representing all such shares (the “Pledged Stock”), (ii) all of such Pledgor’s (A) partnership interests and related rights described in Schedule II, (B) limited liability company membership interests and related rights described in Schedule III and (C) any other partnership interests, limited liability company membership interests or other equity
interests in any Subsidiary obtained in the future by such Pledgor (collectively, the “Pledged Interests”), (iii) all other property that may be delivered to and held by the Trustee (or its designee as provided
in Section 2.01(b)) pursuant to the terms hereof, (iv) subject to Section 2.05, all payments of dividends
and distributions, including, without limitation, all cash, instruments and other property (including,
without limitation, any security entitlements or investment property), from time to time received,
receivable or otherwise paid or distributed, in respect of, or in exchange for or upon the conversion
of the securities and other property referred to in clauses (i), (ii) or (iii) above, (v) subject
to Section 2.05, all rights and privileges of such Pledgor with respect to the securities (including,
without limitation, any securities entitlements) and other property referred to in clauses (i), (ii),
(iii) and (iv) above, (vi) any and all custodial accounts, securities accounts or other safekeeping
accounts in which any of the foregoing property (and any property described in the following clauses
(vii) and (viii)) may be deposited or held in, and any security entitlements or other rights relating
thereto, (vii) any securities (as defined in the New York Uniform Commercial Code (the “UCC”)) constituted by any of the foregoing, and (viii) all proceeds (as defined in the UCC) of any of the
foregoing (the items referred to in clauses (i) through (vii) above being collectively referred to
as the “Collateral”). The Trustee acknowledges that the security interest in the Collateral granted herein ranks equally
with and shall be pari passu with the security interest in the Collateral granted to the Collateral Agent, for the benefit of the
Bank Lenders, pursuant to the Pledge Agreement (as defined in the Bank Credit Agreement) and that
the respective rights of the Collateral Agent and the Trustee with respect to the Collateral shall
be subject to the terms and conditions of the Intercreditor Agreement.

                            (b)     Upon delivery to the Trustee (or its designee as set forth below), any stock certificates, notes or
other securities now or hereafter included in the Collateral (the “Pledged Securities”) shall be accompanied by undated stock powers duly executed in blank or other instruments of transfer
satisfactory to the Trustee, a duly executed Consent, Waiver and Recognition Agreement substantially
in the form of Exhibit A hereto from each of the companies listed on Schedule II and Schedule III hereto, and by such other
instruments and documents as the Trustee may request. Without limiting Section 2.02(b), (i) all other
property comprising part of the Collateral shall be accompanied by proper instruments of assignment
duly executed by the applicable Pledgor and such other instruments or documents as the Trustee may
request, and (ii) upon the grant of a security interest in partnership interests, limited liability
company 

	

3

	
Exhibit 10.15

membership interests or other equity interests in any Person now or hereafter included in the Collateral,
there shall be executed and delivered to the Trustee (or its designee as set forth below) such instruments
of consent, waiver, and recognition, from the issuer and other equity holders thereof (having provisions
comparable to the Consent, Waiver and Recognition Agreement substantially in the form of Exhibit A hereto) and such other instruments and documents (including Uniform Commercial Code financing statements
duly executed in proper form for filing in such offices as the Trustee shall require) as the Trustee
may request. Each delivery of Pledged Securities and each such grant of a security interest shall
be accompanied by a schedule describing the securities, securities entitlements, investment property
and equity interests theretofore and then being pledged hereunder, which schedule shall be attached
hereto as Schedule I, Schedule II or Schedule III, as applicable, and made a part hereof (provided that the failure to deliver any such schedule shall
not impair the security interest hereunder of the Trustee in any Pledged Securities or Pledged Interests).
Each schedule so delivered (except to the extent in error) shall supersede any prior schedules so
delivered. So long as the obligations arising under or in respect of the Bank Credit Agreement are
subject to the Intercreditor Agreement, the Trustee hereby designates the Collateral Agent to receive
and hold any and all certificates, instruments, stock powers or other items evidencing the Collateral
on behalf of the Trustee subject to, and in accordance with, the terms and provisions of the Intercreditor
Agreement.

                 Section 2.02.   Deliveries.

                            (a)     Each Pledgor agrees promptly (i) to deliver or cause to be delivered to the Trustee (or its designee
as provided in Section 2.01(b)) any and all Pledged Securities, and any and all certificates or other
instruments or documents representing Collateral, and any other instruments referred to in Section
2.01(b)(i) endorsed to the Trustee (or its designee as provided in Section 2.01(b)) or in blank by
an effective endorsement, or (ii) to cause the certificate to be registered in the name of the Trustee
(or its designee as provided in Section 2.01(b)), upon original issue or registration of transfer
by the issuer thereof.

                            (b)     Upon execution and delivery hereof there shall be delivered to the Trustee a duly executed Consent,
Waiver, and Recognition Agreement substantially in the form of Exhibit A hereto in respect of each Partnership and LLC.

                            (c)     With respect to such of the Collateral as constitutes an uncertificated security, (i) each Pledgor
agrees to cause the issuer to register the Trustee (or its designee as provided in Section 2.01(b))
as the registered owner thereof, upon original issue or registration of transfer or (ii) the issuer
agrees that it will comply with instructions with respect to such uncertificated security originated
by the Trustee without further consent of the registered owner.

                            (d)     With respect to such of the Collateral as constitutes a “security entitlement” as defined
in Article 8 of the UCC, the Pledgor agrees to cause the securities intermediary to indicate by book
entry that such security entitlement has been credited to a securities account of the Trustee.

                            (e)     If any amount payable under or in connection with any of the Collateral shall be or become evidenced
by any note or other instrument (other than an instrument which constitutes chattel paper under the
UCC), such note or other instrument shall be immediately 

	

4

	
Exhibit 10.15

pledged hereunder and a security interest therein hereby granted to the Trustee, and the same shall
be duly endorsed without recourse or warranty in a manner reasonably satisfactory to the Trustee
and delivered to the Trustee (or its designee as provided in Section 2.01(b)). If at any time any
Pledgor’s right or interest in any of the Collateral becomes an interest in real property, such
Pledgor immediately shall execute, acknowledge and deliver to Trustee (or its designee as provided
in Section 2.01(b)) such further documents as the Required Holders reasonably deem necessary or advisable
to create a first priority perfected mortgage lien in favor of the Trustee in such real property
interest.

                 Section 2.03.    Representations; Warranties; Covenants. Each Pledgor hereby represents, warrants and covenants, to and with the Trustee and the Noteholders
that:

                            (a)     (i)  the Pledged Stock has been delivered to the Trustee (or its designee) in pledge hereunder, and
represents that percentage as set forth on Schedule I of the issued and outstanding shares of each class of the capital stock of the issuer with respect
thereto; and (ii) a first priority security interest in the Pledged Interests has been granted to
the Trustee hereunder, and the Pledged Interests represent the interests in the Partnerships and
the LLCs as set forth in Schedule II and Schedule III, respectively; 

                            (b)     each Pledgor (i) is and will at all times continue to be the direct owner, beneficially and of record,
of the Collateral indicated on Schedule I, Schedule II and Schedule III with respect to such Pledgor, (ii) holds the same free and clear of all Liens, except
for the security interest granted in the Collateral hereunder and except for the security interest
which the Pledgor has concurrently herewith granted to the Collateral Agent for the benefit of the
Bank Lenders on an equal priority and pari passu basis with the security interest created hereunder to secure the obligations of the Pledgors under
or in respect of the Bank Credit Agreement for so long as the Intercreditor Agreement is in effect,
(iii) will make no assignment, pledge, hypothecation or transfer of or create or suffer to exist
any security interest in or other Lien on, the Collateral, other than pursuant hereto, and (iv) subject
to Section 2.05, will cause any and all Collateral to be forthwith deposited with the Trustee (or
its designee as provided in Section 2.01(b)) and pledged or otherwise subject to the security interest
created hereunder;

                            (c)     each Pledgor (i) has the power and authority to pledge or grant a security interest in the Collateral
in the manner hereby done or contemplated and (ii) will defend its title or interest thereto or therein
and the Lien of the Trustee for the ratable benefit of the Noteholders against any and all other
Liens, however arising, of all Persons whomsoever.

                            (d)     no consent or approval (i) of any Governmental Authority or any securities exchange or (ii) of any
other Person except any such Person whose consent has been obtained in writing and delivered to the
Trustee, was or is necessary to the validity of the pledge or grant of a security interest effected
hereby;

                            (e)     (i) when the Pledged Securities, certificates, instruments or other documents representing or evidencing
the Collateral are delivered to the Trustee (or its designee as provided in Section 2.01(b)) in accordance
with this Agreement, the Trustee will have a valid and perfected first Lien upon and security interest
in such Pledged Securities as security for the payment and performance of the Obligations; and (ii)
when Uniform Commercial Code 

	

5

	
Exhibit 10.15

Financing Statements in the form of Exhibit B hereto naming the appropriate Pledgor in accordance with Schedule II or Schedule III (as applicable) as debtor and the Trustee as secured party are filed in the respective
offices as set forth in Schedule 2.03 hereto, the Trustee will have a valid and perfected first Lien
upon and security interest in such Pledged Interests as security for the payment and performance
of the Obligations;

                            (f)      the pledge and the grant of a security interest effected hereby are effective to vest in the Trustee,
on behalf of itself and the Noteholders, the rights of the Trustee in the Collateral as set forth
herein.

                 Section 2.04.    Registration in Nominee Name, Denominations; Further Assurances.

                            (a)     The Trustee, on behalf of itself and the Noteholders, shall have the right (in its sole and absolute
discretion) to hold the Pledged Securities and Pledged Interests in its own name, the name of its
nominee or designee or the name of the applicable Pledgor, endorsed or assigned in blank or in favor
of the Trustee (or its designee as provided in Section 2.01(b)). Each Pledgor will promptly give
to the Trustee copies of any notices or other communications received by it with respect to Pledged
Securities or Pledged Interests. The Trustee shall at all times have the right to exchange the certificates
representing Pledged Securities for certificates of smaller or larger denominations for any purpose
consistent with this Agreement (and the surrender of any certificates to the issuer or any agent
thereof for such purpose shall not constitute a release of the security interest of the Trustee in
any such Pledged Securities represented thereby). If at any time the Pledged Interests are represented
or evidenced by any certificates, the same shall promptly be delivered to the Trustee (or its designee
as provided in Section 2.012(b)) in pledge hereunder together with any instruments of transfer requested
by the Trustee.

                            (b)     Each Pledgor agrees, at its expense, to execute, acknowledge, deliver and cause to be duly filed all
such further instruments and documents and take all such actions as the Trustee may from time to
time reasonably request to better assure, preserve, protect and perfect the pledge and the security
interest and the rights and remedies created hereby, including the payment of any fees and taxes
required in connection with the execution and delivery of this Agreement, the pledge, and the granting
of the security interest hereunder and the filing of any financing statements or other documents
in connection herewith. 

                 Section 2.05.    Voting Rights; Dividends.

                            (a)     Unless and until an Event of Default shall have occurred and be continuing;

                                            (i)        The Pledgors shall be entitled to exercise any and all voting and/or other consensual rights and powers
accruing to them as owners of Pledged Securities and Pledged Interests for any purpose consistent
with the terms of this Agreement, the Note Agreement and the other Transaction Documents; provided,
however, that such action would not adversely affect the rights inuring to a holder of the Pledged
Securities and Pledged Interests or the rights and remedies of any of the Noteholders or the Trustee
under this Agreement or any other Transaction Document or the ability of the Noteholders or the Trustee
to exercise the same.

	

6

	
Exhibit 10.15

                                            (ii)        Each Pledgor shall be entitled to receive and retain any and all cash dividends and distributions
paid on the Pledged Securities and cash distributions in respect of the Pledged Interests to the
extent and only to the extent that such cash dividends and cash distributions are permitted by, and
otherwise paid in accordance with, the terms and conditions of the Note Agreement, the Intercreditor
Agreement, the other Transaction Documents and applicable laws. All noncash dividends and distributions,
and all dividends and distributions (whether in cash or otherwise) in connection with a partial or
total liquidation or dissolution, return of capital, capital surplus or paid-in surplus, and all
other payments, dividends, and distributions made on or in respect of the Pledged Securities or Pledged
Interests, whether paid or payable in cash or otherwise, whether resulting from a subdivision, combination
or reclassification of the outstanding capital stock of the issuer of any Pledged Securities or any
amendment of any Partnership Document or LLC Document or the admission or withdrawal of any Partner
or Member, or received in exchange for Pledged Securities or Pledged Interests or any part thereof,
or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange
of assets to which such issuer or Partnership may be a party or otherwise, shall (except as otherwise
provided in the preceding sentence) be and become part of the Collateral, and, if received by a Pledgor,
shall not be commingled by such Pledgor with any of its other funds or property but shall be held
separate and apart therefrom, shall be held in trust for the benefit of the Trustee and shall be
forthwith delivered to the Trustee (or its designee as provided in Section 2.01(b)) in the same form
as so received (with any necessary endorsement)(any such cash to be applied in accordance with Section 2.07).

                            (b)     Upon the occurrence and during the continuation of an Event of Default, all rights of the Pledgors
to exercise the voting and consensual rights and powers they are entitled to exercise pursuant to
paragraph (a)(i) of this Section 2.05, shall cease, and all such rights shall thereupon become vested
in the Trustee, which shall have the sole and exclusive right and authority to exercise such voting
and consensual rights and powers. 

                            (c)     Upon the occurrence and during the continuation of an Event of Default, all rights of each Pledgor
to dividends and other distributions that such Pledgor is authorized to receive pursuant to the first
sentence of paragraph (a)(ii) above shall cease, and all such rights shall thereupon become vested
in the Trustee, which shall have the sole and exclusive right and authority to receive and retain
such dividends and other distributions. All dividends and other distributions received by any Pledgor
contrary to the provisions of this Section 2.05 shall be held in trust for the benefit of the Trustee,
shall be segregated from other property or funds of such Pledgor and shall be forthwith delivered
to the Trustee or its designee upon demand in the same form as so received (with any necessary endorsement)
and shall be applied in accordance with the provisions of Section 2.07.

                 Section 2.06.    Possession, Sale of Collateral, Etc.

                            (a)     Upon the occurrence and during the continuation of an Event of Default, the Trustee may sell or cause
to be sold, whenever it shall decide, in one or more sales or parcels, at such prices as it may deem
best, and for cash, on credit or for future delivery, without assumption of any credit risk, all
or any portion of the Collateral, at any broker’s board or at public or private sale, without
demand of performance or notice of intention to sell or of time or place of sale (except ten (10)
days’ written notice to the Pledgor thereof of the time and place of such sale or

	

7

	
Exhibit 10.15

other intended disposition of the Collateral, except any Collateral which is perishable or threatens
to decline speedily in value or is of a type customarily sold on a recognized market, which notice
each Pledgor hereby agrees to be commercially reasonable and shall constitute “reasonably authenticated
notification of disposition” within the meaning of Section 9-611(b) of the UCC), and such other
notices as may be required by applicable statute and cannot be waived), and any Person may be the
purchaser of all or any portion of the Collateral so sold and thereafter hold the same absolutely,
free from any claim or right of whatever kind, including any equity of redemption, of any Pledgor,
any such demand, notice, claim, right or equity being hereby expressly waived and released. The Trustee
shall be authorized at any such sale (if it deems it advisable to do so) to restrict the prospective
bidders or purchasers to persons who will represent and agree that they are purchasing the Collateral
for their own account for investment and not with a view to the distribution or sale thereof. At
any sale or sales made pursuant to this Agreement, any Noteholder may bid for or purchase, free from
any claim or right of whatever kind, including any equity of redemption of any Pledgor, any such
demand, notice, claim, right or equity being hereby expressly waived and released, all or any portion
of the Collateral offered for sale, and may make any payment on account thereof by using any claim
for money then due and payable to such Noteholder by any Pledgor as a credit against the purchase
price. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as
an entirety or in separate parcels, as the Trustee may (in its sole and absolute discretion) determine.
The Trustee shall not be obligated to make any sale of any Collateral if it shall determine not to
do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Trustee
may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned
from time to time by announcement at the time and place fixed for sale, and such sale may, without
further notice, be made at the time and place to which the same was so adjourned. In case any sale
of all or any part of the Collateral is made on credit or for future delivery, the Collateral so
sold may be retained by the Trustee until the sale price is paid in full by the purchaser or purchasers
thereof, but the Trustee shall not incur any liability in case any such purchaser or purchasers shall
fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral
may be sold again upon like notice. For purposes hereof, (a) a written agreement to purchase the
Collateral or any portion thereof shall be treated as a sale thereof, (b) the Trustee shall be free
to carry out such sale pursuant to such agreement and (c) no Pledgor shall be entitled to the return
of the Collateral or any portion thereof subject thereof, notwithstanding the fact that after the
Trustee shall have entered into such an agreement all Events of Default shall have been remedied
and the Obligations paid in full. Neither the Trustee nor any Noteholder shall in any such sale make
no representations or warranties with respect to the Collateral or any part thereof, and shall not
be chargeable with any of the obligations or liabilities of any Pledgor. As an alternative to exercising
the power of sale herein conferred upon it, the Trustee may proceed by a suit or suits at law or
in equity to foreclose upon the Collateral and to sell the Collateral or any portion thereof pursuant
to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding
by a court-appointed receiver. Any sale pursuant to the provisions of this Section shall be deemed
to conform to the commercially reasonable standards as provided in Section 9-610(b) of the UCC as
in effect in the State of New York or its equivalent in other jurisdictions.

                            (b)     Each Pledgor hereby agrees that it will indemnify and hold the Trustee and the Noteholders, and their
respective officers, directors, employees, agents, and representatives 

	

8

	
Exhibit 10.15

harmless (except for their own willful misconduct or gross negligence) from and against any and all
claims with respect to the Collateral asserted both before and after the taking of actual possession
or control of the Collateral by the Trustee pursuant to this Agreement, or arising out of any act
or omission of any party other than the Trustee prior to such taking of actual possession or control
by the Trustee, or arising out of any act or omission of such Pledgor, or any agents thereof, before
or after the commencement of such actual possession or control by the Trustee. In any action hereunder,
the Trustee shall be entitled to the appointment, without notice, of a receiver to take possession
of all or any portion of the Collateral and to exercise such powers as the court shall confer upon
such receiver. Notwithstanding the foregoing, upon the occurrence of an Event of Default, and during
the continuation of such Event of Default, the Trustee shall be entitled to apply, without prior
notice to any Pledgor, any cash or cash items constituting Collateral in the possession of the Trustee
to payment of the Obligations.

                 Section 2.07.    Application of Proceeds.

                            (a)     Each Pledgor hereby agrees that it shall upon the occurrence and during the continuation of an Event
of Default, (i) immediately turn over to the Trustee (or its designee as provided in Section
2.01(b)) any instruments (with appropriate endorsements) or other items constituting Collateral not
then in the possession of the Trustee (or its designee as provided in Section 2.01(b)), the possession
of which is required for the perfection of the Trustee’s security interest for its benefit and
the ratable benefit of the Noteholders, all of which shall be held in trust for the benefit of the
Trustee for its benefit and the ratable benefit of the Noteholders and not commingled prior to its
coming into the Trustee’s (or its designee’s) possession, and (ii) take all steps
necessary to cause all sums, monies, royalties, fees, commissions, charges, payments, advances, income,
profits, and other amounts constituting proceeds of any Collateral to be deposited directly in an
account of the Pledgor (or any of them) with the Trustee and to cause such sums to be applied to
the satisfaction of the Obligations. 

                            (b)     Subject to the terms of the Intercreditor Agreement, all proceeds from any collection or sale of the
Collateral pursuant hereto, all Collateral consisting of cash, and all deposits in accounts of any
Pledgor with the Trustee (or its designee as provided in Section 2.01(b)) shall be applied (i) first,
to the payment of the fees and expenses of the Trustee incurred pursuant to, and any other Obligations
payable to the Trustee under, this Agreement or any other Transaction Document, including costs and
expenses of collection or sale, reimbursement of any advances, and any other costs or expenses in
connection with the exercise of any rights or remedies hereunder or thereunder (including, without
limitation, reasonable fees and disbursements of counsel), (ii) second, to the payment in full of
the Obligations owed to the Noteholders in respect of the Notes and the Note Agreement, pro rata
as among the Noteholders in accordance with the amounts of such Obligations owed to them, and (iii)
third, to the payment of the Obligations (other than those referred to above) pro rata as among the
Noteholders in accordance with the amounts of such Obligations owed to them. Any amounts remaining
after such applications shall be remitted to the Pledgors or as a court of competent jurisdiction
may otherwise direct. The Trustee shall have absolute discretion as to the time of application of
any such proceeds, cash, or balances in accordance with this Agreement.

	

9

	
Exhibit 10.15

                 Section 2.08.    Power of Attorney.

                            (a)     Each Pledgor does hereby irrevocably make, constitute and appoint the Trustee or any officer or designee
thereof its true and lawful attorney-in-fact with full power in the name of the Trustee, and of such
Pledgor, with power of substitution, to, upon the occurrence and during the continuation of an Event
of Default, receive, open and dispose of all mail addressed to such Pledgor, to endorse any note,
check, draft, money order, or other evidence of payment relating to the Collateral that may come
into the possession of the Trustee, with full power and right to cause the mail of such Pledgor to
be transferred to the Trustee’s own offices or otherwise; to communicate with any issuer of
Pledged Securities or any Partnership or LLC; to commence or prosecute any suits, actions or proceedings
to collect or otherwise realize upon any Collateral or enforce any rights in respect thereof; to
settle, compromise, adjust or defend any claims in respect of any Collateral; to notify any issuer
of Pledged Securities or any Partnership or LLC, or otherwise require them to make payment directly
to the Trustee; to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise
deal with all or any of the Collateral, and to do any and all other acts necessary or proper to carry
out the intent of this Agreement and each other Transaction Document and the grant, confirmation
and continuation of the security interests hereunder and thereunder. Such power of attorney is coupled
with an interest and is irrevocable, and shall survive the bankruptcy, insolvency or dissolution
of any or all of the Pledgors. Nothing herein contained shall be construed as requiring or obligating
the Trustee or any Noteholder to make any commitment or to make any inquiry as to the nature or sufficiency
of any payment received by the Trustee or any other Noteholder, or to present or file any claim or
notice, or to take any action with respect to the Collateral or any part thereof or the moneys due
or to become due in respect thereof or any property covered thereby. The Trustee and the Noteholders
shall be accountable only for amounts actually received as a result of the exercise of the powers
granted to them herein, and neither they nor their officers, directors, employees or agents shall
be responsible to any Pledgor for any act or failure to act hereunder, except for their own gross
negligence or willful misconduct. The provisions of this Section shall in no event relieve any Pledgor
of any of its obligations hereunder or under the other Transaction Documents with respect to the
Collateral or any part thereof or impose any obligation on the Trustee to proceed in any particular
manner with respect to the Collateral or any part thereof, or in any way limit the exercise by the
Trustee or any Noteholders of any other or further right that it may have on the date of this Agreement
or hereafter, whether hereunder, under any other Transaction Document, by law or otherwise. Any sale
of Collateral pursuant to the provisions of this Section shall be deemed to conform to the commercially
reasonable standards as provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions.

                            (b)     Without limiting the preceding paragraph, each Pledgor does hereby further irrevocably make, constitute
and appoint the Trustee or any officer or designee thereof its true and lawful attorney-in-fact with
full power in the name of the Trustee and of such Pledgor, with power of substitution, (i) to
enforce all of such Pledgor’s rights under and pursuant to all agreements with respect to the
Collateral, all for the sole benefit of itself and the Trustee and the Noteholders, (ii) to
enter into and perform such agreements as may be reasonably necessary in order to carry out the terms,
covenants and conditions of this Agreement that are required to be observed or performed by such
Pledgor, (iii) to execute such other and further mortgages, pledges and assignments of the Collateral
and filings or recordations in respect thereof as the 

	

10

	
Exhibit 10.15

Trustee may require for the purpose of protecting, maintaining or enforcing the security interest of
the Trustee hereunder for the ratable benefit of itself and the Noteholders, (iv) to act as
authorized in the following Section hereof, and (v) to do any and all other things reasonably
necessary or proper to carry out the intention of this Agreement and the grant, confirmation, continuation
and perfection of the security interests hereunder. Such power of attorney is coupled with an interest
and is irrevocable, and shall survive the insolvency, bankruptcy, or dissolution of any or all of
the Pledgors.

                 Section 2.09.     Financing Statements, Direct Payments, Confirmation   Each Pledgor hereby authorizes the Trustee to file Uniform Commercial Code financing statements (and
any other filings) required in connection with the perfection or preservation of the security interest
hereunder in respect of all or any part of the Collateral, and amendments thereto and continuations
thereof with regard to such Collateral, without such Pledgor’s signature, or, in the alternative,
to execute such items on behalf of such Pledgor pursuant to the powers of attorney granted in the
preceding Section. Each Pledgor further authorizes the Trustee to confirm with any issuer of Pledged
Securities or any Partnership or LLC the amounts payable to such Pledgor with regard to the Collateral.
Each Pledgor hereby further authorizes the Trustee upon the occurrence and during the continuation
of an Event of Default to notify any issuer of Pledged Securities or any Partnership or LLC that
all sums payable to such Pledgor relating to the Collateral shall be paid directly to the Trustee.

                 Section 2.10.     Termination.  The security interest granted hereunder shall terminate when all the Obligations have been fully,
finally and indefeasibly paid and performed and the Facility has been terminated. Thereupon, the
Trustee will, subject to the terms of the Intercreditor Agreement, return to the Pledgors the Pledged
Securities and execute and deliver, at each Pledgor’s expense, UCC termination statements reasonably
requested by such Pledgor evidencing the release of the security interest hereunder, all without
recourse to or warranty by the Trustee.

                 Section 2.11.     Remedies Not Exclusive.  The remedies conferred upon or reserved to the Trustee and the Noteholders in this Article and elsewhere
in this Agreement are intended to be in addition to, and not in limitation of any other remedy available
to the Trustee and the Noteholders.

                 Section 2.12.     Securities Laws, etc.  In view of the position of the Pledgors in relation to the Pledged Securities and Pledged Interests,
or because of other current or future circumstances, issues may arise under the Securities Act of
1933, as now or hereafter in effect, or any similar statute hereafter enacted analogous in purpose
or effect (such Act and any such similar statue as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Securities or Pledged Interests permitted hereunder,
the Pledgors understand that compliance with the Federal Securities Laws might very strictly limit
the course of conduct of the Trustee if the Trustee were to attempt to dispose of all or any part
of the Pledged Securities or Pledged Interests, and might also limit the extent to which or the manner
in which any subsequent transferee of any Pledged Securities or Pledged Interests could dispose of
the same. Similarly, there may be other legal restrictions or limitations affecting the Trustee in
any attempt to dispose of all or part of the Pledged Securities or Pledged Interests under applicable
Blue Sky or other state securities laws or similar laws analogous in purpose or effect. The Pledgors
recognize that in light of the foregoing restrictions and limitations the Trustee may, 

	

11

	
Exhibit 10.15

with respect to any sale of the Pledged Securities or Pledged Interests, limit the purchasers to those
who will agree, among other things, to acquire such Pledged Securities or Pledged Interests for their
own account, for investment, and not with a view to the distribution or resale thereof. The Pledgors
acknowledge and agree that in light of the foregoing restrictions and limitations, the Trustee, in
its sole and absolute discretion, (a) may proceed to make such a sale whether or not a registration
statement for the purpose of registering such Pledged Securities or Pledged Interests or part thereof
shall have been filed under the Federal Securities Laws and (b) may approach and negotiate with a
single potential purchaser (including without limitation, any Partner or Member) to effect such sale.
The Pledgors acknowledge and agree that any such sale might result in prices and other terms less
favorable to the seller than if such sale were a public sale without such restrictions. In the event
of any such sale, the Trustee shall incur no responsibility or liability for selling all or any part
of the Pledged Securities or Pledged Interests at a price that the Trustee, in its sole and absolute
discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility
that a substantially higher price might have been realized if the sale were deferred until after
registration as aforesaid or if more than a single purchaser were approached. The provisions of this
Section will apply notwithstanding the existence of a public or private market upon which the quotations
or sales prices may exceed substantially the price at which the Trustee sells. 

                 Section 2.13.     No Assumption of Liability.  The pledge and security interest hereunder is granted as security only and shall not subject the
Trustee or any Noteholder to, or in any way alter or modify, any obligation or liability of any Pledgor
with respect to or arising out of any of the Collateral. Each Pledgor shall remain liable to, at
its own cost and expense, duly and punctually observe and perform all the conditions and obligations
to be observed and performed by it under each contract, agreement or instrument relating to the Collateral,
including, without limitation, the Partnership Documents and the LLC Documents, all in accordance
with the terms and conditions thereof, and each Pledgor agrees to indemnify and hold harmless the
Trustee and the Noteholders from and against any and all liability for such performance.

ARTICLE III

        MISCELLANEOUS

                 Section 3.01.     No Discharge.  All rights of the Trustee hereunder, the security interest granted hereunder, and the obligations
of each Pledgor under this Agreement shall be absolute and unconditional and shall remain in full
force and effect without regard to, and shall not be released, discharged or in any way diminished
by (i) any lack of validity or enforceability of the Note Agreement, any other Transaction Document
(including this Agreement, the Parent Guaranty or the Subsidiary Guaranty), any agreement with respect
to any of the Obligations or any other agreement or instrument relating to any of the foregoing,
(ii) any change in the time, manner or place of payment of, or in any other term of, all or any of
the Obligations or any other amendment or waiver of or any consent to any departure from the Note
Agreement, any other Transaction Document or any other agreement or instrument relating to the foregoing,
(iii) any exchange, release or nonperfection of any other collateral, or any release or amendment
or waiver of or consent to or departure from any guarantee, for all or any of the Obligations, (iv) any
exercise or nonexercise by the Trustee or any Noteholder of any right, remedy, power or privilege 

	

12

	
Exhibit 10.15

under or in respect of this Agreement, any other Transaction Document or applicable law, including,
without limitation, any failure by the Trustee or any Noteholder to setoff or release in whole or
in part any balance of any deposit account or credit on its books in favor of any Credit Party or
any waiver, consent, extension, indulgence or other action or inaction in respect of any thereof,
or (v) any other act or thing or omission or delay to do any other act or thing which may or
might in any manner or to any extent vary the risk of any Credit Party or would otherwise, but for
this specific provision to the contrary, operate as a discharge of or exonerate any Pledgor as a
matter of law.

                 Section 3.02.    Amendment; Waiver.  No amendment or waiver of any provision of this Agreement, nor consent to any departure by any Pledgor
therefrom, shall in any event be effective unless the same shall be in writing and signed by the
Trustee with the written consent of the Required Holders Any such waiver, consent or approval
shall be effective only in the specific instance and for the purpose for which given. No notice to
or demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or
demand in the same, similar or other circumstances. No waiver by the Trustee of any breach or default
of or by any Pledgor under this Agreement shall be deemed a waiver of any other previous breach or
default or any thereafter occurring.

                 Section 3.03.    Survival; Severability.

                            (a)     All covenants, agreements, representations and warranties made by the Pledgors herein and in the certificates
or other instruments prepared or delivered in connection with or pursuant to this Agreement or any
other Transaction Document shall be considered to have been relied upon by the Trustee and the Noteholders
and shall survive the making by the Co-Issuers of the Notes, and the execution and delivery of any
Notes to the Noteholders, regardless of any investigation made by the Noteholders or on their behalf,
and shall continue in full force and effect as long as the principal of or any accrued interest on
any Note or any other fee or amount payable under this Agreement or any other Transaction Document
is outstanding and unpaid and as long as the Facility has not been terminated. 

                            (b)     Any provision of this Agreement that is illegal, invalid or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability
without invalidating the remaining provisions hereof or affecting the legality, validity or enforceability
of such provisions in any other jurisdiction. The parties hereto agree to negotiate in good faith
to replace any illegal, invalid or unenforceable provision of this Agreement with a legal, valid
and enforceable provision that, to the extent possible, will preserve the economic bargain of this
Agreement, or to otherwise amend this Agreement to achieve such result.

                 Section 3.04.     Successors and Assigns.  Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed
to include the successors and assigns of such party; and all covenants, promises and agreements by
or on behalf of any Pledgor, or the Trustee that are contained in this Agreement shall bind and inure
to the benefit of their respective successors and assigns. No Pledgor may assign or transfer any
of its rights or obligations hereunder or any interest herein or in the Collateral except as expressly
contemplated by this 

	

13

	
Exhibit 10.15

Agreement or the other Transaction Documents (and any such attempted assignment shall be void).

                 Section 3.05.     GOVERNING LAW.   THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW
YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAWS OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION
OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

                 Section 3.06.     Headings.  The Article and Section headings in this Agreement are for convenience only and shall not affect
the construction hereof.

                 Section 3.07.     Notices.  Notices, consents and other communications provided for herein shall (except as otherwise expressly
permitted herein) be in writing and given as provided in Paragraph 13I of the Note Agreement. Communications
and notices to the Trustee shall be given to it at its address at 4 New York Plaza, 15th Floor, New
York, New York 10004, Attn: Institutional Trust Services, Fax No. 212-623-6166, or to such other
address as shall have been designated by notice duly given hereunder. Communications and notices
to any Pledgor shall be given to it at its address set forth in Schedule 3.07 hereto, or to such other address as shall have been designated by notice duly given hereunder.

                 Section 3.08.     Reimbursement of the Trustee. 

                            (a)     The Pledgors jointly and severally agree to pay upon demand to the Trustee the amount of any and all
reasonable and documented expenses, including the reasonable and documented fees and expenses of
its counsel and of any experts or agents, that the Trustee may incur in connection with (i) the administration
of this Agreement and the other Transaction Documents, (ii) the custody or preservation of, or the
sale of, collection from, or other realization upon, any of the Collateral, (iii) the exercise or
enforcement of any of the rights of the Trustee hereunder, or (iv) the failure by any Pledgor to
perform or observe any of the provisions hereof. If the Pledgors shall fail to do any act or thing
that they have covenanted to do hereunder or any representation or warranty of the Pledgors hereunder
shall be breached, the Trustee may (but shall not be obligated to) do the same or cause it to be
done or remedy any such breach and there shall be added to the Obligations the cost or expense incurred
by the Trustee in so doing.

                            (b)     Without limitation of their indemnification obligations under the other Transaction Documents, the
Pledgors jointly and severally agree to indemnify the Trustee and the Noteholders and their respective
officers, directors, employees, agents, attorneys, and representatives (“Indemnitees”) against, and hold each of them harmless from, any and all losses, claims, damages, liabilities and
related expenses, including reasonable counsel fees and expenses, incurred by or asserted against
any of them arising out of, in any way connected with, or as a result of, the execution, delivery
or performance of this Agreement or any claim, litigation, investigation or proceeding relating hereto
or to the Collateral, whether or not any Indemnitee is a party thereto, provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses have resulted from the gross negligence or willful misconduct of such Indemnitee.

	

14

	
Exhibit 10.15

                            (c)     Any amounts payable as provided hereunder shall be additional Obligations secured hereby. The provisions
of this Section shall remain operative and in full force and effect regardless of the termination
of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any
of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement
or any other Transaction Document or any investigation made by or on behalf of the Trustee or any
Noteholder. All amounts due under this Section shall be payable on written demand therefor and shall
bear interest at the default rate (as provided in the Note Agreement and the Notes).

                 Section 3.09.    Counterparts;  Additional Pledgors.

                            (a)     This Agreement may be executed in separate counterparts (a facsimile of any executed counterpart having
the same effect as manual delivery thereof), each of which shall constitute an original, but all
of which, when taken together, shall constitute but one Agreement.

                            (b)     Upon execution and delivery after the date hereof by the Trustee and a Subsidiary of the Parent of
an instrument in the form of Exhibit C hereto, such Subsidiary shall become a Pledgor hereunder with the same force and effect as if originally
named as a Pledgor herein. The execution and delivery of such instrument shall not require the consent
of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full
force and effect notwithstanding the addition of, or the failure to add, any new Pledgor as a party
hereto, in each case whether or not required under the Note Agreement.

                 Section 3.10.    Entire Agreement; Jurisdiction; Consent to Service of Process.

                            (a)     Except as expressly herein provided, this Agreement and the other Transaction Documents constitute
the entire agreement among the parties relating to the subject matter hereof. Any previous agreement
among the parties with respect to the transactions contemplated hereunder is superseded by this Agreement
and the other Transaction Documents. Except as expressly provided herein or in the other Transaction
Documents, nothing in this Agreement or in any other Transaction Document, expressed or implied,
is intended to confer upon any party, other than the parties hereto, any rights, remedies, obligations
or liabilities under or by reason of this Agreement or such other Transaction Documents.

                            (b)     Each Pledgor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the
United States District Court of the Southern District of New York, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in
such New York State or, to the extent permitted by law, in such Federal court. Each of the parties
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that the Trustee or any Noteholder may otherwise
have to bring any action or proceeding relating to this Agreement against any Pledgor or its properties
in the courts of any jurisdiction.

	

15

	
Exhibit 10.15

                            (c)     Each Pledgor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection which it may now or hereafter have to the laying of venue of any
suit, action or proceeding arising out of or relating to this Agreement in any court referred to
in the preceding paragraph. Each of the parties hereto hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court.

                            (d)     Each party to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 3.07. Nothing in this Agreement will affect the right of any party to this Agreement
to serve process in any other manner permitted by law.

                 Section 3.11.    WAIVER OF JURY TRIAL.   EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

	

16

	
Exhibit 10.15

                            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered
by their respective officers or representatives as of the day and year first above written.

	 

	JPMORGAN CHASE BANK, N.A.	DREW INDUSTRIES INCORPORATED
	as Collateral Agent	 
	 	 
	By: /s/ Larry O’Brien 	By: /s/ Fredric M. Zinn
	      ——————————————	      ——————————————
	      Name: Larry O’Brien	      Name: Fredric M. Zinn
	      Title:   Vice President	      Title:   Executive Vice President and Chief 

                  Financial Officer
	 	 
	 	 
	 	KINRO, INC. 
	  	  
	  	  
	 	By: /s/ Fredric M. Zinn 
	 	      —————————————— 
	 	      Name: Fredric M. Zinn 
	 	      Title:   Vice President 
	 	 
	 	 
	 	LIPPERT TIRE & AXLE, INC. 
	  	  
	  	  
	 	By: /s/ Fredric M. Zinn 
	 	      —————————————— 
	 	      Name: Fredric M. Zinn 
	 	      Title:   Vice President 
	 	 
	 	 
	 	KINRO HOLDING, INC.
	  	  
	  	  
	 	By: /s/ Fredric M. Zinn
	 	      —————————————— 
	 	      Name: Fredric M. Zinn
	 	      Title:   Chief Financial Officer
	 	 
	 	 
	 	LIPPERT TIRE & AXLE HOLDING, INC.
	  	  
	  	  
	 	By: /s/ Fredric M. Zinn
	 	      —————————————— 
	 	      Name: Fredric M. Zinn
	 	      Title:   Chief Financial Officer
	 	 

	

Annex 1 to Schedule III-17 

	
Exhibit 10.15

	 

	 	LIPPERT COMPONENTS, INC. 
	 	 
	 	 
	 	By: /s/ Fredric M. Zinn
	 	      —————————————— 
	 	      Name: Fredric M. Zinn
	 	      Title:   Vice President
	 	 
	 	 
	 	LIPPERT HOLDING, INC.
	 	  
	  	  
	 	By: /s/ Fredric M. Zinn 
	 	      —————————————— 
	 	      Name: Fredric M. Zinn
	 	      Title:   Chief Financial Officer

	

Annex 1 to Schedule III-18

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