Document:

Exhibit
4.8

 

SUBSIDIARY
GUARANTEE

 

GUARANTEE
dated as of August 27, 2003, by Jandy Industries, Inc., a California
corporation (the “Guarantor”), in favor of JPMorgan Chase Bank, a New
York banking corporation, as administrative and collateral agent (“Agent”)
for (i) the Lenders (the “Lenders”) named in Schedule 1.01 of
the Amended and Restated Revolving Credit Agreement dated as of the date
hereof, among Water Pik, Inc., Laars, Inc. and Water Pik Technologies Canada,
Inc. (collectively, the “Borrowers”), the Agent, JPMorgan Chase Bank,
Toronto Branch, as Canadian Agent, the Canadian Lenders party thereto and the
Lenders (as amended, modified or supplemented from time to time in accordance
with its terms, the “Credit Agreement”; capitalized terms used herein and
not otherwise defined herein shall have the meanings attributed thereto in the
Credit Agreement), (ii) itself and any other Lender as issuer of the
Letters of Credit and itself as issuer of the LC Guaranties and (iii) the
Persons (other than the Borrowers or Guarantor) party to the Derivative
Obligations permitted under the Credit Agreement (collectively, the “Other
Obligations”) that are, or were at the time of their entering into such
Derivative Obligations, Lenders or Affiliates of Lenders (the “Other Secured
Parties”).

 

The
Agent, the Canadian Lenders and the Lenders have agreed to extend Loans and
certain other financial accommodations to, including, without limitation, the
issuance of the Letters of Credit and LC Guaranties for the account of the Borrowers
pursuant to, and subject to the terms and conditions of, the Credit
Agreement.  In addition, the Other
Secured Parties have entered, or may from time to time enter, into Derivative
Obligations with the Borrowers or any of their Subsidiaries.  The obligation of the Lenders to extend such
Loans and of the Agent and other Issuing Banks to issue the Letters of Credit
and LC Guaranties under the Credit Agreement is conditioned on the execution
and delivery by the Guarantor of a guarantee in the form hereof of the due and
punctual payment and performance of (a) all obligations at any time and
from time to time under the Other Obligations, (b) the principal of and
interest on the Loans, when and as due, whether at maturity, by acceleration,
upon one or more dates set for prepayment or otherwise, (c) Indebtedness
at any time and from time to time under the Letters of Credit and LC Guaranties
and (d) all other obligations of the Borrowers at any time and from time to
time under the Credit Agreement and the other Financing Documents (the
foregoing collectively being herein referred to as the “Guaranteed
Obligations”).

 

Accordingly,
in consideration of the premises and in order to induce the Agent and the
Lenders to make Loans and extend other financial accommodations under the
Credit Agreement, the Guarantor hereby agrees as follows:

 

Section 1.                                            Guarantee.   The Guarantor hereby irrevocably and
unconditionally guarantees the punctual payment when due, whether at stated
maturity, by acceleration or otherwise, and the punctual performance, of all
present and future Guaranteed Obligations.

 

 

Section 2.                                            Waiver.  The Guarantor hereby absolutely,
unconditionally and irrevocably waives, to the fullest extent permitted by law,
(i) promptness, diligence, notice of acceptance and any other notice with
respect to this Guarantee, (ii) presentment, demand of payment, protest,
notice of dishonor or nonpayment and any other notice with respect to the
Guaranteed Obligations, (iii) any requirement that the Agent, the Lenders
or the Other Secured Parties protect, secure, perfect or insure any security
interest or Lien or any property subject thereto or exhaust any right or take
any action against the Borrowers or any other Person or any Collateral, and
(iv) any other action, event or precondition to the enforcement of this
Guarantee or the performance by the Guarantor of its obligations hereunder.

 

Section 3.                                            Guarantee
Absolute.

 

(a)                                  This
Guarantee is one of payment and performance, not collection, and the
obligations of the Guarantor under this Guarantee are independent of the
obligations of the Borrowers under the Credit Agreement and any other Financing
Document, and a separate action or actions may be brought and prosecuted
against the Guarantor to enforce this Guarantee, irrespective of whether any
action is brought against the Borrowers or whether the Borrowers are joined in
any such action or actions.

 

(b)                                 The
liability of the Guarantor under this Guarantee shall, to the fullest extent
permitted under applicable law, be absolute and unconditional irrespective of:

 

(i)                                     any
invalidity, irregularity, voidability, voidness or unenforceability of the
Credit Agreement, the Notes, or any other Financing Document or any other
agreement or instrument relating thereto, or of all or any part of the
Guaranteed Obligations or of any security therefor;

 

(ii)                                  any
change in the manner, place or terms of payment or performance, and/or any
change or extension of the time of payment or performance of, renewal or
alteration of, any Guaranteed Obligation, any security therefor, or any
liability incurred directly or indirectly in respect thereof, or any other
amendment or waiver of or any consent to departure from the Credit Agreement or
the Notes or any other Financing Document or Other Obligation, including any
increase in the Guaranteed Obligations resulting from the extension of
additional credit to the Borrowers or any of their Subsidiaries or otherwise;

 

(iii)                               any
sale, exchange, release, surrender, realization upon any property by whomsoever
at any time pledged or mortgaged to secure, or howsoever securing, all or any
of the Guaranteed Obligations, and/or any offset against, or failure to
perfect, or continue the perfection of, any Lien in any such property, or delay
in the perfection of any such Lien, or any amendment or waiver of or consent to
departure from any other guaranty for all or any of the Guaranteed Obligations;

 

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(iv)                              any
exercise or failure to exercise any rights against the Borrowers or others
(including the Guarantor);

 

(v)                                 any
settlement or compromise of any Guaranteed Obligation, any security therefor or
any liability (including any of those hereunder) incurred directly or
indirectly in respect thereof or hereof, and any subordination of the payment
of all or any part thereof to the payment of any Guaranteed Obligation (whether
due or not) of the Borrowers to creditors of the Borrowers other than the
Guarantor;

 

(vi)                              any
manner of application of Collateral, or proceeds thereof, to all or any of the
Guaranteed Obligations, or any manner of sale or other disposition of any
Collateral for all or any of the Guaranteed Obligations or any other assets of
the Borrowers or any of their Subsidiaries;

 

(vii)                           any
change, restructuring or termination of the existence of any of the Borrowers
or any of their Subsidiaries; or

 

(viii)                        any other
agreements or circumstance of any nature whatsoever which might otherwise
constitute a defense available to, or a discharge of, this Guarantee and/or obligations
of the Guarantor hereunder, or a defense to, or discharge of, any of the
Borrowers or any other Person or party relating to this Guarantee or the
obligations of the Guarantor hereunder or otherwise with respect to the Loans,
Letters of Credit, LC Guaranties or Other Obligations extended to the
Borrowers, in each case other than the indefeasible payment in full of the
Guaranteed Obligations.

 

(c)                                  The
Agent may at any time and from time to time (whether or not after revocation or
termination of this Guarantee) without the consent of, or notice (except as
shall be required by applicable law that cannot be waived) to, the Guarantor,
and without incurring responsibility to the Guarantor or impairing or releasing
the obligations of the Guarantor hereunder, apply any sums by whomsoever paid
or howsoever realized to any Guaranteed Obligation regardless of what
Guaranteed Obligations remain unpaid.

 

(d)                                 This
Guarantee shall continue to be effective or be reinstated, as the case may be,
if claim is ever made upon the Agent, any Lender or any Other Secured Party for
repayment or recovery of any amount or amounts received by the Agent, such
Lender or such Other Secured Party in payment or on account of any of the
Guaranteed Obligations and the Agent, such Lender or such Other Secured Party
repays all or part of said amount by reason of any judgment, decree or order of
any court or administrative body having jurisdiction over the Agent, such
Lender or such Other Secured Party or the respective property of each, or any
settlement or compromise of any such claim effected by the Agent, such Lender
or such Other Secured Party with any such claimant (including the Borrowers),
the Guarantor shall be and remain liable to the Agent, such Lender and/or such
Other Secured Party hereunder for the amount so repaid or recovered to the same
extent as if such amount 

 

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had never originally been received by the Agent, such
Lender or such Other Secured Party.

 

Section 4.                                            Continuing
Guarantee.  This Guarantee is a
continuing one and shall (i) remain in full force and effect until the
indefeasible payment and satisfaction in full of the Guaranteed Obligations,
(ii) be binding upon the Guarantor, its successors and assigns, and
(iii) inure to the benefit of, and be enforceable by, the Agent and its
successors, transferees and assigns. 
All obligations to which this Guarantee applies or may apply under the
terms hereof shall be conclusively presumed to have been created in reliance
hereon.

 

Section 5.                                            Representations,
Warranties and Covenants.  The
Guarantor hereby represents, warrants and covenants to and with the Agent that:

 

(a)                                  The
Guarantor has the power to execute and deliver this Guarantee and to incur and
perform its obligations hereunder;

 

(b)                                 The
Guarantor has duly taken all necessary action to authorize the execution,
delivery and performance of this Guarantee and to incur and perform its
obligations hereunder;

 

(c)                                  No
consent, approval, authorization or other action by, and no notice to or of, or
declaration or filing with, any governmental or other public body, or any other
Person, is required for the due authorization, execution, delivery and
performance by the Guarantor of this Guarantee or the consummation of the
transactions contemplated hereby;

 

(d)                                 The
execution, delivery and performance by the Guarantor of this Guarantee do not
and will not violate or otherwise conflict with any term or provision of any
material agreement, instrument, judgment, decree, order or any statute, rule or
governmental regulation applicable to the Guarantor or result in the creation
of any Lien upon any of its properties or assets pursuant thereto (other than
any Liens created pursuant to the Financing Documents);

 

(e)                                  This
Guarantee has been duly authorized, executed and delivered by the Guarantor and
constitutes the legal, valid and binding obligation of the Guarantor, and is
enforceable against the Guarantor in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors’ rights generally and general principles of equity
(regardless of whether such enforcement is sought in a proceeding in equity or
at law);

 

(f)                                    No
proceeding referred to in paragraph (g) or (h) of Article VII of the
Credit Agreement is pending against the Guarantor and no other event referred
to in such paragraphs (g) and (h) of such Article VII has occurred and is
continuing with respect to the Guarantor, and the property of the Guarantor is
not subject to any assignment for the benefit of creditors; and

 

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(g)                                 The
Guarantor will take all necessary actions to comply with the provisions of
Articles V and VI of the Credit Agreement applicable to it.

 

Section 6.                                            Expenses.  The Guarantor will upon demand reimburse the
Agent for any sums, costs, and expenses which the Agent may pay or incur
pursuant to the provisions of this Guarantee or in negotiating, executing,
perfecting, defending, protecting or enforcing this Guarantee or in enforcing
payment of the Guaranteed Obligations or otherwise in connection with the
provisions hereof, including court costs, collection charges, travel expenses,
and reasonable attorneys’ fees, together with interest thereon as specified in
Section 12 hereof.

 

Section 7.                                            Terms.  (a)  All terms defined in the UCC
and used herein shall have the meanings as defined in the UCC, unless the
context otherwise requires.

 

(b)                                 The
words “include,” “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”.

 

(c)                                  All
references herein to Sections and subsections shall be deemed to be references
to Sections and subsections of this Guarantee unless the context shall
otherwise require.

 

Section 8.                                            Amendments
and Modification.  No provision
hereof shall be modified, altered or limited except by written instrument
expressly referring to this Guarantee and to such provision, and executed by
the party to be charged.

 

Section 9.                                            Subrogation.  Upon making full payment with respect to any
Guaranteed Obligation hereunder, the Guarantor shall be subrogated to the
rights of the payee against the Borrowers with respect to such obligation; provided that the Guarantor shall not
enforce any payment by way of subrogation so long as any Lender has any
Commitment under the Credit Agreement, any Letter of Credit or LC Guaranty
shall remain outstanding or any Guaranteed Obligation remains unpaid.

 

Section 10.                                      Remedies
Upon Default; Right of Set-Off. 
(a)     Upon the occurrence and during the continuance
of any Event of Default, the Agent may, without notice to or demand upon the
Borrowers or the Guarantor, declare any Guaranteed Obligations immediately due
and payable, and shall be entitled to enforce the obligations of the Guarantor
hereunder.

 

(b)                                 Upon
such declaration by the Agent, the Agent and any Lender is hereby authorized at
any time and from time to time, to the fullest extent permitted by law, to set
off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing
by the Agent or any Lender to or for the credit or the account of the Guarantor
against any and all of the obligations of the Guarantor now or hereafter
existing under this Guarantee that are then due, whether or not the Agent or
such Lender shall have made any demand under this Guarantee.  The Agent agrees promptly to notify the
Guarantor after any such set-off and application, provided that the
failure to give such notice shall not affect the validity of such set-off and
application.  The rights of the Agent
and Lenders 

 

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under this Section 10 are in addition to other
rights and remedies (including other rights of set-off) which the Agent and
Lenders may have.

 

Section 11.                                      Statute
of Limitations.  Any acknowledgment
or new promise, whether by payment of principal or interest or otherwise and
whether by the Borrowers or others (including the Guarantor), with respect to
any of the Guaranteed Obligations shall, to the fullest extent permitted under
applicable law, if the statute of limitations in favor of the Guarantor against
the Agent or Lenders shall have commenced to run, toll the running of such
statute of limitations and, if the period of such statute of limitations shall
have expired, prevent the operation of such statute of limitations.

 

Section 12.                                      Interest.  All amounts payable from time to time by the
Guarantor hereunder shall bear interest at an interest rate per annum
determined in accordance with Section 2.11 of the Credit Agreement as if
such amounts were payable by the Borrowers.

 

Section 13.                                      Rights
and Remedies Not Waived.  No act,
omission or delay by the Agent shall constitute a waiver of its rights and
remedies hereunder or otherwise.  No
single or partial waiver by the Agent of any default hereunder or right or
remedy which it may have shall operate as a waiver of any other default, right
or remedy or of the same default, right or remedy on a future occasion.

 

Section 14.                                      Admissibility
of Guarantee.  The Guarantor agrees
that any copy of this Guarantee signed by the Guarantor and transmitted by
telecopier for delivery to the Agent shall be admissible in evidence as the
original itself in any judicial or administrative proceeding, whether or not
the original is in existence.

 

Section 15.                                      Notices.  All notices, requests and demands to or upon
the Agent or the Guarantor under this Agreement shall be in writing and given
as provided in the Credit Agreement (with respect to the Guarantor, to the
address of the Borrowers as set forth in the Credit Agreement).

 

Section 16.                                      Counterparts.  This Guarantee may be executed in any number
of counterparts and by the different parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original and all of
which shall together constitute one and the same agreement.  Delivery of an executed counterpart of a
signature page of this Guarantee by telecopy shall be effective as delivery of
a manually executed counterpart of this Guarantee.

 

Section 17.                                   CONSENT
TO JURISDICTION; WAIVER OF JURY TRIAL; ETC.  (a)  THE GUARANTOR HEREBY SUBMITS FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, TO THE NONEXCLUSIVE
JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK AND OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT THEREFROM IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING 

 

6

 

TO THIS
AGREEMENT.  THE GUARANTOR HEREBY
IRREVOCABLY WAIVES, IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING, (i) TRIAL
BY JURY, (ii) TO THE EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE
LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS AND
(iii) THE RIGHT TO INTERPOSE ANY SET-OFF, COUNTERCLAIM OR CROSS-CLAIM (UNLESS
SUCH SET-OFF, COUNTERCLAIM OR CROSS-CLAIM COULD NOT, BY REASON OF ANY
APPLICABLE FEDERAL OR STATE PROCEDURAL LAWS, BE INTERPOSED, PLEADED OR ALLEGED
IN ANY OTHER ACTION).

 

(b)                                 The
Guarantor irrevocably consents to the service of process of any of the
aforementioned courts in any such action or proceeding by the mailing of copies
thereof by certified mail, postage prepaid, to the Guarantor at its address
determined pursuant to Section 15 hereof.

 

(c)                                  Nothing
herein shall affect the right of the Agent to serve process in any other manner
permitted by law or to commence legal proceedings or otherwise proceed against
the Guarantor in any other jurisdiction.

 

(d)                                 The
Guarantor hereby waives presentment, notice of dishonor and protests of all
instruments included in or evidencing any of the Guaranteed Obligations, and
any and all other notices and demands whatsoever (except as expressly provided
herein).

 

Section 18.                                   GOVERNING
LAW.  THIS GUARANTEE SHALL BE
CONSTRUCTED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD CALL FOR
THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

 

Section 19.                                      Captions;
Separability.  (a)  The
captions of the Sections and subsections of this Guarantee have been inserted
for convenience only and shall not in any way affect the meaning or
construction of any provision of this Guarantee.

 

(b)                                 If
any term of this Guarantee shall be held to be invalid, illegal or
unenforceable, the validity of all other terms hereof shall in no way be
affected thereby.

 

Section 20.                                      Enforcement.  If, in any action to enforce this Guarantee
or any proceeding to allow or adjudicate a claim under this Guarantee, a court
of competent jurisdiction determined that enforcement of this Guarantee against
the Guarantor for the full amount of the Guaranteed Obligations is not lawful
under, or would be subject to avoidance under, Section 548 of the United
States Bankruptcy Code or any applicable provision of comparable state law, the
liability of the Guarantor under this Guarantee shall be limited to the maximum
amount lawful and not subject to avoidance under such law.

 

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Section 21.                                      Acknowledgment
of Receipt.  The Guarantor
acknowledges receipt of a copy of this Guarantee and each of the Financing
Documents.

 

[Remainder of Page
Intentionally Left Blank]

 

8

 

IN WITNESS WHEREOF, the
Guarantor has duly executed or caused this Guarantee to be duly executed in the
State of New York as of the date first above set forth.

 

 

	
   

  	
  JANDY INDUSTRIES, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ VICTOR C. STREUFERT

  	
   

  	 

	
   

  	
  Name:

  	
  Victor C. Streufert

  
	
   

  	
  Title:

  	
  Vice President -
  Finance

  
							

 

9Exhibit
4.9

 

SUBSIDIARY
GUARANTEE

 

GUARANTEE
dated as of August 27, 2003, by Waterpik International, Inc., a Delaware
corporation (the “Guarantor”), in favor of JPMorgan Chase Bank, a New
York banking corporation, as administrative and collateral agent (“Agent”)
for (i) the Lenders (the “Lenders”) named in Schedule 1.01 of
the Amended and Restated Revolving Credit Agreement dated as of the date
hereof, among Water Pik, Inc., Laars, Inc. and Water Pik Technologies Canada,
Inc. (collectively, the “Borrowers”), the Agent, JPMorgan Chase Bank,
Toronto Branch, as Canadian Agent, the Canadian Lenders party thereto and the
Lenders (as amended, modified or supplemented from time to time in accordance
with its terms, the “Credit Agreement”; capitalized terms used herein
and not otherwise defined herein shall have the meanings attributed thereto in
the Credit Agreement), (ii) itself and any other Lender as issuer of the
Letters of Credit and itself as issuer of the LC Guaranties and (iii) the
Persons (other than the Borrowers or Guarantor) party to the Derivative
Obligations permitted under the Credit Agreement (collectively, the “Other
Obligations”) that are, or were at the time of their entering into such
Derivative Obligations, Lenders or Affiliates of Lenders (the “Other Secured
Parties”).

 

The
Agent, the Canadian Lenders and the Lenders have agreed to extend Loans and
certain other financial accommodations to, including, without limitation, the
issuance of the Letters of Credit and LC Guaranties for the account of the
Borrowers pursuant to, and subject to the terms and conditions of, the Credit
Agreement.  In addition, the Other
Secured Parties have entered, or may from time to time enter, into Derivative
Obligations with the Borrowers or any of their Subsidiaries.  The obligation of the Lenders to extend such
Loans and of the Agent and other Issuing Banks to issue the Letters of Credit
and LC Guaranties under the Credit Agreement is conditioned on the execution
and delivery by the Guarantor of a guarantee in the form hereof of the due and
punctual payment and performance of (a) all obligations at any time and
from time to time under the Other Obligations, (b) the principal of and
interest on the Loans, when and as due, whether at maturity, by acceleration,
upon one or more dates set for prepayment or otherwise, (c) Indebtedness
at any time and from time to time under the Letters of Credit and LC Guaranties
and (d) all other obligations of the Borrowers at any time and from time to
time under the Credit Agreement and the other Financing Documents (the
foregoing collectively being herein referred to as the “Guaranteed
Obligations”).

 

Accordingly,
in consideration of the premises and in order to induce the Agent and the
Lenders to make Loans and extend other financial accommodations under the
Credit Agreement, the Guarantor hereby agrees as follows:

 

Section 1.                                            Guarantee.   The Guarantor hereby irrevocably and
unconditionally guarantees the punctual payment when due, whether at stated
maturity, by acceleration or otherwise, and the punctual performance, of all
present and future Guaranteed Obligations.

 

 

Section 2.                                            Waiver.  The Guarantor hereby absolutely,
unconditionally and irrevocably waives, to the fullest extent permitted by law,
(i) promptness, diligence, notice of acceptance and any other notice with
respect to this Guarantee, (ii) presentment, demand of payment, protest,
notice of dishonor or nonpayment and any other notice with respect to the
Guaranteed Obligations, (iii) any requirement that the Agent, the Lenders
or the Other Secured Parties protect, secure, perfect or insure any security
interest or Lien or any property subject thereto or exhaust any right or take
any action against the Borrowers or any other Person or any Collateral, and
(iv) any other action, event or precondition to the enforcement of this
Guarantee or the performance by the Guarantor of its obligations hereunder.

 

Section 3.                                            Guarantee
Absolute.

 

(a)                                  This
Guarantee is one of payment and performance, not collection, and the
obligations of the Guarantor under this Guarantee are independent of the
obligations of the Borrowers under the Credit Agreement and any other Financing
Document, and a separate action or actions may be brought and prosecuted
against the Guarantor to enforce this Guarantee, irrespective of whether any
action is brought against the Borrowers or whether the Borrowers are joined in
any such action or actions.

 

(b)                                 The
liability of the Guarantor under this Guarantee shall, to the fullest extent
permitted under applicable law, be absolute and unconditional irrespective of:

 

(i)                                     any
invalidity, irregularity, voidability, voidness or unenforceability of the
Credit Agreement, the Notes, or any other Financing Document or any other
agreement or instrument relating thereto, or of all or any part of the
Guaranteed Obligations or of any security therefor;

 

(ii)                                  any
change in the manner, place or terms of payment or performance, and/or any
change or extension of the time of payment or performance of, renewal or
alteration of, any Guaranteed Obligation, any security therefor, or any
liability incurred directly or indirectly in respect thereof, or any other
amendment or waiver of or any consent to departure from the Credit Agreement or
the Notes or any other Financing Document or Other Obligation, including any
increase in the Guaranteed Obligations resulting from the extension of
additional credit to the Borrowers or any of their Subsidiaries or otherwise;

 

(iii)                               any
sale, exchange, release, surrender, realization upon any property by whomsoever
at any time pledged or mortgaged to secure, or howsoever securing, all or any
of the Guaranteed Obligations, and/or any offset against, or failure to
perfect, or continue the perfection of, any Lien in any such property, or delay
in the perfection of any such

 

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Lien, or any
amendment or waiver of or consent to departure from any other guaranty for all
or any of the Guaranteed Obligations;

 

(iv)                              any
exercise or failure to exercise any rights against the Borrowers or others
(including the Guarantor);

 

(v)                                 any
settlement or compromise of any Guaranteed Obligation, any security therefor or
any liability (including any of those hereunder) incurred directly or
indirectly in respect thereof or hereof, and any subordination of the payment
of all or any part thereof to the payment of any Guaranteed Obligation (whether
due or not) of the Borrowers to creditors of the Borrowers other than the
Guarantor;

 

(vi)                              any
manner of application of Collateral, or proceeds thereof, to all or any of the
Guaranteed Obligations, or any manner of sale or other disposition of any
Collateral for all or any of the Guaranteed Obligations or any other assets of
the Borrowers or any of their Subsidiaries;

 

(vii)                           any
change, restructuring or termination of the existence of any of the Borrowers
or any of their Subsidiaries; or

 

(viii)                        any other
agreements or circumstance of any nature whatsoever which might otherwise
constitute a defense available to, or a discharge of, this Guarantee and/or
obligations of the Guarantor hereunder, or a defense to, or discharge of, any
of the Borrowers or any other Person or party relating to this Guarantee or the
obligations of the Guarantor hereunder or otherwise with respect to the Loans,
Letters of Credit, LC Guaranties or Other Obligations extended to the
Borrowers, in each case other than the indefeasible payment in full of the
Guaranteed Obligations.

 

(c)                                  The
Agent may at any time and from time to time (whether or not after revocation or
termination of this Guarantee) without the consent of, or notice (except as
shall be required by applicable law that cannot be waived) to, the Guarantor,
and without incurring responsibility to the Guarantor or impairing or releasing
the obligations of the Guarantor hereunder, apply any sums by whomsoever paid
or howsoever realized to any Guaranteed Obligation regardless of what
Guaranteed Obligations remain unpaid.

 

(d)                                 This
Guarantee shall continue to be effective or be reinstated, as the case may be,
if claim is ever made upon the Agent, any Lender or any Other Secured Party for
repayment or recovery of any amount or amounts received by the Agent, such
Lender or such Other Secured Party in payment or on account of any of the
Guaranteed Obligations and the Agent, such Lender or such Other Secured Party
repays all or part of said amount by reason of any judgment, decree or order of
any court or administrative body having jurisdiction over the Agent, such
Lender or such 

 

3

 

Other Secured Party or the respective property of
each, or any settlement or compromise of any such claim effected by the Agent,
such Lender or such Other Secured Party with any such claimant (including the
Borrowers), the Guarantor shall be and remain liable to the Agent, such Lender
and/or such Other Secured Party hereunder for the amount so repaid or recovered
to the same extent as if such amount had never originally been received by the
Agent, such Lender or such Other Secured Party.

 

Section 4.                                            Continuing
Guarantee.  This Guarantee is a
continuing one and shall (i) remain in full force and effect until the
indefeasible payment and satisfaction in full of the Guaranteed Obligations,
(ii) be binding upon the Guarantor, its successors and assigns, and (iii) inure
to the benefit of, and be enforceable by, the Agent and its successors,
transferees and assigns.  All
obligations to which this Guarantee applies or may apply under the terms hereof
shall be conclusively presumed to have been created in reliance hereon.

 

Section 5.                                            Representations,
Warranties and Covenants.  The
Guarantor hereby represents, warrants and covenants to and with the Agent that:

 

(a)                                  The
Guarantor has the power to execute and deliver this Guarantee and to incur and
perform its obligations hereunder;

 

(b)                                 The
Guarantor has duly taken all necessary action to authorize the execution,
delivery and performance of this Guarantee and to incur and perform its
obligations hereunder;

 

(c)                                  No
consent, approval, authorization or other action by, and no notice to or of, or
declaration or filing with, any governmental or other public body, or any other
Person, is required for the due authorization, execution, delivery and
performance by the Guarantor of this Guarantee or the consummation of the
transactions contemplated hereby;

 

(d)                                 The
execution, delivery and performance by the Guarantor of this Guarantee do not
and will not violate or otherwise conflict with any term or provision of any
material agreement, instrument, judgment, decree, order or any statute, rule or
governmental regulation applicable to the Guarantor or result in the creation
of any Lien upon any of its properties or assets pursuant thereto (other than
any Liens created pursuant to the Financing Documents);

 

(e)                                  This
Guarantee has been duly authorized, executed and delivered by the Guarantor and
constitutes the legal, valid and binding obligation of the Guarantor, and is
enforceable against the Guarantor in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors’ rights generally and general principles of equity
(regardless of whether such enforcement is sought in a proceeding in equity or
at law);

 

(f)                                    No
proceeding referred to in paragraph (g) or (h) of Article VII of the
Credit Agreement is pending against the Guarantor and no other event referred
to in 

 

4

 

such paragraphs (g) and (h) of such Article VII
has occurred and is continuing with respect to the Guarantor, and the property
of the Guarantor is not subject to any assignment for the benefit of creditors;
and

 

(g)                                 The
Guarantor will take all necessary actions to comply with the provisions of
Articles V and VI of the Credit Agreement applicable to it.

 

Section 6.                                            Expenses.  The Guarantor will upon demand reimburse the
Agent for any sums, costs, and expenses which the Agent may pay or incur
pursuant to the provisions of this Guarantee or in negotiating, executing,
perfecting, defending, protecting or enforcing this Guarantee or in enforcing
payment of the Guaranteed Obligations or otherwise in connection with the
provisions hereof, including court costs, collection charges, travel expenses,
and reasonable attorneys’ fees, together with interest thereon as specified in
Section 12 hereof.

 

Section 7.                                            Terms.  (a)                                        All
terms defined in the UCC and used herein shall have the meanings as defined in
the UCC, unless the context otherwise requires.

 

(b)                                 The
words “include,” “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”.

 

(c)                                  All
references herein to Sections and subsections shall be deemed to be references
to Sections and subsections of this Guarantee unless the context shall
otherwise require.

 

Section 8.                                            Amendments
and Modification.  No provision
hereof shall be modified, altered or limited except by written instrument
expressly referring to this Guarantee and to such provision, and executed by
the party to be charged.

 

Section 9.                                            Subrogation.  Upon making full payment with respect to any
Guaranteed Obligation hereunder, the Guarantor shall be subrogated to the
rights of the payee against the Borrowers with respect to such obligation; provided that the Guarantor shall not
enforce any payment by way of subrogation so long as any Lender has any
Commitment under the Credit Agreement, any Letter of Credit or LC Guaranty
shall remain outstanding or any Guaranteed Obligation remains unpaid.

 

Section 10.                                      Remedies
Upon Default; Right of Set-Off.  (a)                                                Upon
the occurrence and during the continuance of any Event of Default, the Agent
may, without notice to or demand upon the Borrowers or the Guarantor, declare
any Guaranteed Obligations immediately due and payable, and shall be entitled
to enforce the obligations of the Guarantor hereunder.

 

(b)                                 Upon
such declaration by the Agent, the Agent and any Lender is hereby authorized at
any time and from time to time, to the fullest extent permitted by law, to set
off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing
by the Agent or any Lender to or for the credit or the account of the Guarantor
against any and all of the obligations of the Guarantor now or hereafter
existing under this Guarantee 

 

5

 

that are then due, whether or not the Agent or such
Lender shall have made any demand under this Guarantee.  The Agent agrees promptly to notify the
Guarantor after any such set-off and application, provided that the
failure to give such notice shall not affect the validity of such set-off and
application.  The rights of the Agent
and Lenders under this Section 10 are in addition to other rights and
remedies (including other rights of set-off) which the Agent and Lenders may
have.

 

Section 11.                                      Statute
of Limitations.  Any acknowledgment
or new promise, whether by payment of principal or interest or otherwise and
whether by the Borrowers or others (including the Guarantor), with respect to
any of the Guaranteed Obligations shall, to the fullest extent permitted under
applicable law, if the statute of limitations in favor of the Guarantor against
the Agent or Lenders shall have commenced to run, toll the running of such
statute of limitations and, if the period of such statute of limitations shall
have expired, prevent the operation of such statute of limitations.

 

Section 12.                                      Interest.  All amounts payable from time to time by the
Guarantor hereunder shall bear interest at an interest rate per annum
determined in accordance with Section 2.11 of the Credit Agreement as if
such amounts were payable by the Borrowers.

 

Section 13.                                      Rights
and Remedies Not Waived.  No act,
omission or delay by the Agent shall constitute a waiver of its rights and
remedies hereunder or otherwise.  No
single or partial waiver by the Agent of any default hereunder or right or
remedy which it may have shall operate as a waiver of any other default, right
or remedy or of the same default, right or remedy on a future occasion.

 

Section 14.                                      Admissibility
of Guarantee.  The Guarantor agrees
that any copy of this Guarantee signed by the Guarantor and transmitted by
telecopier for delivery to the Agent shall be admissible in evidence as the
original itself in any judicial or administrative proceeding, whether or not
the original is in existence.

 

Section 15.                                      Notices.  All notices, requests and demands to or upon
the Agent or the Guarantor under this Agreement shall be in writing and given
as provided in the Credit Agreement (with respect to the Guarantor, to the
address of the Borrowers as set forth in the Credit Agreement).

 

Section 16.                                      Counterparts.  This Guarantee may be executed in any number
of counterparts and by the different parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original and all of
which shall together constitute one and the same agreement.  Delivery of an executed counterpart of a
signature page of this Guarantee by telecopy shall be effective as delivery of
a manually executed counterpart of this Guarantee.

 

Section 17.                                   CONSENT
TO JURISDICTION; WAIVER OF JURY TRIAL; ETC.  (a)  THE GUARANTOR HEREBY SUBMITS FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, TO THE

 

6

 

NONEXCLUSIVE
JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK AND OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT THEREFROM IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT.  THE GUARANTOR HEREBY
IRREVOCABLY WAIVES, IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING, (i) TRIAL
BY JURY, (ii) TO THE EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE
LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON
THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS
AND (iii) THE RIGHT TO INTERPOSE ANY SET-OFF, COUNTERCLAIM OR CROSS-CLAIM
(UNLESS SUCH SET-OFF, COUNTERCLAIM OR CROSS-CLAIM COULD NOT, BY REASON OF ANY
APPLICABLE FEDERAL OR STATE PROCEDURAL LAWS, BE INTERPOSED, PLEADED OR ALLEGED
IN ANY OTHER ACTION).

 

(b)                                 The
Guarantor irrevocably consents to the service of process of any of the
aforementioned courts in any such action or proceeding by the mailing of copies
thereof by certified mail, postage prepaid, to the Guarantor at its address
determined pursuant to Section 15 hereof.

 

(c)                                  Nothing
herein shall affect the right of the Agent to serve process in any other manner
permitted by law or to commence legal proceedings or otherwise proceed against
the Guarantor in any other jurisdiction.

 

(d)                                 The
Guarantor hereby waives presentment, notice of dishonor and protests of all
instruments included in or evidencing any of the Guaranteed Obligations, and
any and all other notices and demands whatsoever (except as expressly provided
herein).

 

Section 18.                                   GOVERNING
LAW.  THIS GUARANTEE SHALL BE
CONSTRUCTED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD CALL FOR
THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

 

Section 19.                                      Captions;
Separability.  (a)  The
captions of the Sections and subsections of this Guarantee have been inserted
for convenience only and shall not in any way affect the meaning or
construction of any provision of this Guarantee.

 

(b)                                 If
any term of this Guarantee shall be held to be invalid, illegal or
unenforceable, the validity of all other terms hereof shall in no way be
affected thereby.

 

Section 20.                                      Enforcement.  If, in any action to enforce this Guarantee
or any proceeding to allow or adjudicate a claim under this Guarantee, a court
of competent jurisdiction determined that enforcement of this Guarantee against
the Guarantor for the full amount of the Guaranteed Obligations is not lawful
under, or 

 

7

 

would be subject to avoidance under, Section 548
of the United States Bankruptcy Code or any applicable provision of comparable
state law, the liability of the Guarantor under this Guarantee shall be limited
to the maximum amount lawful and not subject to avoidance under such law.

 

Section 21.                                      Acknowledgment
of Receipt.  The Guarantor
acknowledges receipt of a copy of this Guarantee and each of the Financing
Documents.

 

[Remainder of Page
Intentionally Left Blank]

 

8

 

IN WITNESS WHEREOF, the
Guarantor has duly executed or caused this Guarantee to be duly executed in the
State of New York as of the date first above set forth.

 

 

	
   

  	
  WATERPIK INTERNATIONAL,
  INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  /s/ VICTOR C. STREUFERT

  	
   

  	 

	
   

  	
  Name:

  	
  Victor C. Streufert

  
	
   

  	
  Title:

  	
  Vice President -
  Finance

  
							

 

9

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