Document:

EX-10.32

Exhibit 10.32

Termination, Settlement and Release Agreement

     This
Termination, Settlement and Release Agreement (this
“Agreement”) is entered into this 9th day of March, 2009, by and among FX Luxury, LLC (formerly known as FX Luxury Realty LLC), a
Delaware limited liability company (“FX Luxury”), FX Real Estate and Entertainment Inc., a Delaware
corporation (“FXREE” and, together with FX Luxury, the “FX Luxury Parties”), Elvis Presley
Enterprises, Inc., a Tennessee corporation (“EPE”) and Muhammad Ali Enterprises LLC, a California
limited liability company (“MAE” and, together with EPE, the “Licensor Parties”). The FX Luxury
Parties, EPE and MAE are each referred to herein as a “Party” and, collectively, as the “Parties.”

 Recitals

     WHEREAS, FX Luxury and EPE are parties to a License Agreement, effective as of June 1, 2007,
as amended as effective as of November 16, 2007 (the “EPE License Agreement”), and FX Luxury and
MAE are parties to a License Agreement, effective as of June 1, 2007, as amended effective as of
November 16, 2007 (the “MAE License Agreement” and, together with the EPE License Agreement, the
“License Agreements”); and

     WHEREAS, pursuant to (i) Section 7.08 of the EPE License Agreement, FX Luxury was required,
among other things, to pay EPE a guaranteed minimum royalty for the calendar year ending December
31, 2008, of $9,000,000 by January 30, 2009 (the “EPE Royalty Payment”), and additional guaranteed
minimum royalty payments each calendar year thereafter for the term of the EPE License Agreement
and (ii) Section 6.07 of the MAE License Agreement, FX Luxury was required, among other things, to
pay MAE a guaranteed minimum royalty for the calendar year ending December 31, 2008, of $1,000,000
by January 30, 2009 (the “MAE Royalty Payment”), and additional guaranteed minimum royalty payments
each calendar year thereafter for the term of the MAE License Agreement; and

     WHEREAS, FX Luxury has not made either the EPE Royalty payment or the MAE Royalty Payment; and

     WHEREAS, pursuant to (i) Section 23.02 of the EPE License Agreement, EPE has the right to
terminate the EPE License Agreement upon written notice to FX Luxury if, among other things, FX
Luxury shall fail to make any payment due thereunder and if such default shall continue for a
period of thirty (30) business days after receipt of written notice of such default by EPE and (ii)
Section 21.02 of the MAE License Agreement, MAE has the right to terminate the MAE License
Agreement upon written notice to FX Luxury if, among other things, FX Luxury shall fail to make any
payment due thereunder and if such default shall continue for a period of thirty (30) business days
after receipt of written notice of such default by MAE; and

     WHEREAS, FX Luxury received written notice of its failure to make the EPE Royalty Payment and
the MAE Royalty Payment on January 31, 2009; and

 

 

     WHEREAS, the Parties now desire to terminate the License Agreements and resolve and settle all
matters related to the License Agreements;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and
subject to the terms and conditions hereof, and for good and adequate consideration, the
sufficiency of which is hereby acknowledged, the Parties hereto, intending legally to be bound,
agree as follows:

Statement of Agreement

     1. Termination of License Agreements: The License Agreements are each hereby
terminated as of the date hereof (the “Effective Date”), with such terminations governed by Article
24 of the EPE License Agreement and Article 22 of the MAE License Agreement, respectively, and such
Articles are expressly incorporated by reference herein, notwithstanding the termination of the
License Agreements.

     2. Covered Proceeds: In exchange for the termination of the License Agreements and
the other terms contained herein, the FX Luxury Parties, jointly and severally, agree to pay to EPE
and MAE 10% of any Covered Proceeds attributable to their direct or
indirect beneficial ownership of a Covered Party that flows through
to a Covered Party, without duplication, up to a cumulative maximum of $10,000,000. “Covered Proceeds” shall be defined as
net distributable proceeds and fees generated from the Covered Property to the extent received by a
Covered Party (and permitted to be distributed pursuant to the terms
of any unaffiliated third party loan
agreement) from (i) a sale of Covered Property or a sale by a
Covered Party of any interest in a direct or indirect subsidiary of a
Covered Party or (ii) operations or capital transactions related
to a Covered Party, in each case in excess of those expenses reasonably necessary
or incurred to provide services and/or operate or maintain the
Covered Property, including reasonable compensation for executives directly
related to revenue generating activities relating to the Covered
Property and reasonable
reserves. “Covered Proceeds” shall exclude sums used for the repayment, reimbursement or distribution
of any loans or
capital contributions or the payment of principal or interest, in
each case made after the Effective Date with respect to the Covered Property. “Covered Party” shall be FX Luxury, FXREE, FX Luxury Las Vegas Parent, LLC, FX Luxury
Las Vegas I, LLC and FX Luxury Las Vegas II, LLC and any subsidiary of, or successor to, the
foregoing entities which have an interest in the Covered Property and in which any of the foregoing
has a direct or indirect equity interest. The “Covered Property” shall be all or any portion of
the 17.72 acres currently owned by FX Luxury Las Vegas I, LLC and FX Luxury Las Vegas II, LLC.

     3. Early Buyout Period: At any time during the Early Buyout Period, each Covered
Party shall have the right to buy out EPE’s and MAE’s participation right contained in Section 2
above (the “Early Buyout Right”). In the event the Early Buyout Right is exercised, the FX Luxury
Parties shall pay to MAE and EPE at the time of such exercise: (a) $3.3 million, plus interest
(the “Early Termination Minimum”), which amount shall not be paid from Covered Proceeds, plus (b)
10% of the Covered Proceeds received through the Early Buyout Period and not previously paid, but
in no event more than $10 million for the sum of both. The “Early Buyout Period” shall be the
period commencing on the Effective Date and terminating at the earlier of (i) the date of
satisfaction of the Early Termination Minimum and (ii) five years and one month from the Effective
Date; provided that if any sale transaction of the Covered Property occurs within six months of the
last day of the Early Buyout Period, then 10% of the Covered Proceeds derived from such sale
transaction shall also be paid to EPE and MAE (but in no event

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shall the proceeds under (a) and (b) above, plus these proceeds, exceed $10 million).
Interest shall be computed on the Early Termination Minimum at 7% per annum, compounded annually,
only from the third anniversary of the Effective Date until the date of satisfaction of the Early
Termination Minimum if the Early Buyout Right is exercised.

     4. Payment Terms: All amounts paid to EPE and MAE pursuant to this Agreement shall be
paid 90% to EPE and 10% to MAE. FX Luxury shall pay any amounts due hereunder within two business
days of the receipt of any Covered Proceeds by a Covered Party. Any past due amount by FX Luxury
pursuant to this Agreement shall bear interest at a rate of 7% per annum, compounded annually, from
the due date until the date of payment. All payments and any applicable interest thereon shall be
made payable to EPE and MAE, either by check or utilizing electronic bank transfer paid, on behalf
of FX Luxury, to:

in the case of EPE:

Elvis Presley Enterprises, Inc.

P.O. Box 2082

Memphis, TN 38101-2082

and

in the case of MAE:

Muhammad Ali Enterprises LLC

8105 Kephart Lane

Berrien Springs, Michigan 49103

Attention: Licensing Department

     5. Release to Licensor Parties: The FX Luxury Parties, each hereby release the
Licensor Parties, their respective successors, assigns, officers, directors, trustees, fiduciaries,
beneficiaries, employees, agents, representatives, shareholders, partners and members in their
capacity as such (collectively, the “Licensor Parties Releasees”) from any and all actions, causes
of action, suits, debts, dues, sums of money, accounts, reckonings, bills, specialties, covenants,
contracts, controversies, agreements, promises, variances, trespasses, judgments, extents,
executions, claims, and demands whatsoever in law, admiralty or equity, of every nature and
description, known or unknown, including but not limited to damages of every kind and nature,
punitive damages, interest, costs and attorney fees, which each of them ever had or now have as
against the Licensor Parties Releasees with respect to or arising out of the License Agreements,
from the beginning of the world to the date of this release (“FX Luxury Claims”); provided that
nothing herein shall release any Party’s rights or obligations under this Agreement, all of which
shall survive this Agreement.

     6. Release to FX Luxury Parties: The Licensor Parties, each hereby release the FX
Luxury Parties, their respective successors, assigns, officers, directors, fiduciaries,
beneficiaries, employees, agents, representatives, shareholders, partners and members in their
capacity as such (collectively, the “FX Luxury Releasees”) from any and all actions, causes of
action, suits, debts, dues, sums of money, accounts, reckonings, bills, specialties, covenants,
contracts, controversies, agreements, promises, variances, trespasses, judgments, extents,
executions, claims, and demands whatsoever in law, admiralty or equity, of every nature and

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description, known or unknown, including but not limited to damages of every kind and nature,
punitive damages, interest, costs and attorney fees, which each of them ever had or now have as
against the FX Luxury Releasees with respect to or arising out of the License Agreements, from the
beginning of the world to the date of this release (“Licensor Parties Claims” and together with the
FX Luxury Claims, the “Claims”); provided that nothing herein shall release any Party’s rights or
obligations under this Agreement, all of which shall survive this Agreement.

     7. Additional Facts: The Parties each acknowledge that any of them may hereafter
discover facts different from, or in addition to, those which any of them now knows or believes to
be true with respect to the Claims released in and by this Agreement, and the Parties each agree
that this Agreement and the releases contained herein shall be and remain effective in all respects
notwithstanding such different or additional facts or the discovery thereof.

     8. Waiver of Unknown Claims: The FX Luxury Parties and the Licensor Parties expressly
waive any and all provisions, rights and benefits conferred by any law of the United States or of
any state or territory of the United States, or principle of common law, that is similar,
comparable or equivalent to Section 1542 of the California Civil Code, which provides: “A general
release does not extend to claims which the creditor does not know or suspect to exist in his favor
at the time of executing the release, which, if known by him, must have materially affected his
settlement with his debtor”.

     9. Authority: Each of the signatories represent and warrant that they have the
authority to enter this Agreement and all the releases, representations, warranties and covenants
contained in this Agreement, on behalf of each and every Party on whose behalf such person signs
this Agreement.

     10. Representation and Warranties: The Parties warrant and represent that (a) each of
them has reviewed the Agreement independently, has had the opportunity to consult counsel, is fully
informed of the terms and effect of this Agreement, and has not relied in any way on any
inducement, representation, or advice of any other Party in deciding to enter this Agreement; (b)
each of them has not assigned, encumbered, or in any manner transferred all or any portion of the
Claims released in and covered by this Agreement; and (c) no other person, party, or corporation
has any right, title, or interest in any of the Claims released in and covered by this Agreement.

     11. No Admissions: This Agreement and the terms of the settlement embodied in this
Agreement represent a compromise of disputed Claims, and the negotiations, discussions and
communications in connection with or leading up to and including this Agreement (the
“Communications”) are agreed to be within the protection of the Federal Rule of Evidence 408 and
corresponding state statutes and shall not be construed as admissions or concessions by the
Parties, or any of them, either as to any liability or wrongdoing or as to the merits of any claim
or defense. Neither the existence of this Agreement nor any of its provisions shall be offered
into evidence by any Party hereto or its agents in any action, arbitration or proceeding as
admissions or concessions of liability or wrongdoing of any nature on the part of another Party
hereto, or as admissions or concessions concerning the merits of any claim or defense, provided
that nothing precludes the offering into evidence of this Agreement for the purpose of enforcing
its terms or relying on the releases contained herein as a defense to any Claims.

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     12. Miscellaneous:

          (a) The terms of this Agreement shall be binding upon the successors or permitted assigns of
the Parties hereto and thereto, as the case may be. No transfer or assignment of any rights or
obligations hereunder shall be permitted without the consent of the Parties hereto. Any transfer
or assignment in violation of the preceding sentence shall be null and void.

          (b) Each of the Parties acknowledges and agrees that no failure or delay in exercising any
right, power or privilege hereunder will operate as a waiver thereof, nor will any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any
right, power or privilege hereunder.

          (c) Unless otherwise provided in this Agreement, the rights and remedies herein provided are
cumulative and are not exclusive of any rights or remedies which the Parties may otherwise have at
law or equity.

          (d) This Agreement shall inure to the benefit of the Parties hereto and nothing in this
Agreement, express or implied, is intended to confer upon any person other than the Parties hereto
any rights or remedies under or by reason of this Agreement or to confer upon any person any rights
or remedies against any person other than the Parties hereto under or by reason of this Agreement.

          (e) This Agreement may not be changed, modified or terminated, nor may any provision hereof be
waived, except by an agreement in writing executed by the Party to be charged thereby. This
Agreement constitutes the entire understanding and agreement among the Parties hereto in connection
with the subject matter hereof and thereof, and any prior understandings or agreements, oral or
written, with respect to such matters, are merged within this Agreement.

          (f) All words used in this Agreement will be construed to be of such gender or number as the
circumstances require. Unless otherwise expressly provided, the words “include,” “includes” and
“including” shall be construed as if followed by the phrase “without being limited to.” Words such
as “herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as
a whole and not to any particular Article, section or paragraph of this Agreement, unless the
context clearly indicates otherwise.

          (g) The headings of Articles, sections and paragraphs in this Agreement are provided for
convenience only and will not affect the construction or interpretation of this Agreement.

          (h) Any capitalized terms used but not defined herein shall have the meaning assigned to them
in the License Agreements.

          (i) The Parties acknowledge and agree that they have been represented by counsel during the
negotiation and execution of this Agreement.

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          (j) The Parties hereto shall be deemed to have all prepared this Agreement and it shall not be
construed in favor of any Party based upon rules of construction.

          (k) This Agreement may be executed in one or more counterparts, each of which will be deemed
to be an original and all of which, taken together will constitute one and the same agreement..

          (l) This Agreement shall be governed by New York law, without regard to its conflict of laws
provisions; provided, however that any dispute arising under the underlying License Agreements
shall be governed by the laws of the jurisdiction named therein. By its execution and delivery of
this Agreement, each Party irrevocably and unconditionally agrees that any legal action, suit or
proceeding against it with respect to any matter under or arising out of or in connection with this
Agreement or for recognition or enforcement of any judgment rendered in any such action, suit or
proceeding, shall be brought in any Federal or State court in the Borough of Manhattan, the City of
New York, for that purpose only and by execution and delivery of this Agreement each Party hereby
irrevocably accepts and submits itself to the nonexclusive jurisdiction of each such court,
generally and unconditionally, with respect to any such action, suit or proceeding. Each Party
irrevocably consents to service of process by mail at the address listed in Section 12(m) below.
Each Party agrees that its submission to jurisdiction and consent to service of process by mail is
made for the express benefit of each of the other Parties to this Agreement.

          (m) All notices, requests, claims, demands and other communications hereunder shall be in
writing and shall be given or made (and shall be deemed to have been duly given or made upon
receipt) by delivery in person, by an internationally recognized overnight courier service, by
facsimile or registered or certified mail (postage prepaid, return receipt requested) to the
respective parties hereto at the following addresses (or at such other address for a party as shall
be specified in a notice given in accordance with this Section 12(m)):

If to the FX Luxury Parties:

FX Luxury, LLC

650 Madison Avenue

New York, New York 10022

If to the Licensor Parties:

Elvis Presley Enterprises, Inc.

3734 Elvis Presley Boulevard

Memphis, Tennessee 38116

Attention: Jack Soden

and

Muhammad Ali Enterprises LLC

8105 Kephart Lane

Berrien Springs, Michigan 49103

Attention: Ronald DiNicola

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with a copy to

CKX, Inc.

650 Madison Avenue

New York, New York 10022

Attention: Legal Counsel

          (n) In the event that (i) any of the FX Luxury Parties willfully breach any material
obligation hereunder or (ii) this Agreement is held to be invalid or unenforceable by any court or
governmental or regulatory authority having jurisdiction over the
subject matter hereof or (iii) this Agreement is rejected in any
bankruptcy proceeding, then in
the case of either (i), (ii) or (iii), Sections 2, 3, 4, 5, 6, 7 and 8 of this Agreement shall
automatically terminate and be of no force or effect, in each case as though they were not
contained in this Agreement, and each of the parties shall be entitled to pursue all remedies at
law or in equity resulting from FX Luxury’s failure to make the payments due under the License
Agreements or otherwise and the resulting termination of the License Agreements as a result of such
failure.

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[Signature Page Follows]

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     IN WITNESS WHEREOF, the undersigned have executed the above and foregoing Agreement upon the
day and year as written above.

	 	 	 	 	 
	 	FX LUXURY, LLC

 	 
	 	By:  	FX Real Estate and Entertainment Inc.,

Managing Member

	 
	 	By:  	/s/ Mitchell J. Nelson	 
	 	 	Name:  	Mitchell J. Nelson	 
	 	 	Title:  	Executive Vice President	 
	 

	 	 	 	 	 
	 	FX REAL ESTATE AND ENTERTAINMENT INC.

 	 
	 	By:  	/s/ Mitchell J. Nelson	 
	 	 	Name:  	Mitchell J. Nelson	 
	 	 	Title:  	Executive Vice President	 
	 

	 	 	 	 	 
	 	ELVIS PRESLEY ENTERPRISES, INC.

 	 
	 	By:  	/s/ Thomas P. Benson	 
	 	 	Name:  	Thomas P. Benson	 
	 	 	Title:  	Executive Vice President and Treasurer	 
	 

	 	 	 	 	 
	 	MUHAMMAD ALI ENTERPRISES LLC

 	 
	 	By:  	CKX G.O.A.T. Holding Corp., its

Managing Member

	 
	 	By:  	/s/ Thomas P. Benson	 
	 	 	Name:  	Thomas P. Benson	 
	 	 	Title:  	Executive Vice President and Treasurer	 
	 

9EX-10.1

Exhibit
10.1

	 	 	 	 	 

TWENTY-FIRST AMENDMENT TO CREDIT AGREEMENT

     TWENTY-FIRST AMENDMENT, dated as of March 10, 2009 (this “Amendment”), to the Credit
and Guaranty Agreement, dated as of July 19, 2007, as amended by the First Amendment and Waiver to
Credit Agreement, dated as of November 9, 2007, the Second Amendment to Credit Agreement, dated as
of March 12, 2008, the Third Amendment to Credit Agreement, dated as of March 26, 2008, the Fourth
Amendment to Credit Agreement, dated as of July 18, 2008, the Fifth Amendment to Credit Agreement,
dated as of July 24, 2008, the Sixth Amendment to Credit Agreement, dated as of August 25, 2008,
the Seventh Amendment to Credit Agreement, dated as of September 30, 2008, the Eighth Amendment to
Credit Agreement, dated as of October 2, 2008, the Ninth Amendment to Credit Agreement, dated as of
October 29, 2008, the Tenth Amendment to Credit Agreement, dated as of November 6, 2008, the
Eleventh Amendment to Credit Agreement, dated as of November 14, 2008, the Twelfth Amendment to
Credit Agreement, dated as of November 21, 2008, the Thirteenth Amendment to Credit Agreement,
dated as of December 4, 2008, the Fourteenth Amendment to Credit Agreement, dated as of December
19, 2008, the Fifteenth Amendment to Credit Agreement, dated as of January 5, 2009, the Sixteenth
Amendment to Credit Agreement, dated as of January 16, 2009, the Seventeenth Amendment to Credit
Agreement, dated as of February 5, 2009, the Eighteenth Amendment to Credit Agreement, dated as of
February 17, 2009, the Nineteenth Amendment to Credit Agreement, dated as of February 23, 2009, the
Twentieth Amendment to Credit Agreement, dated as of March 3, 2009 and that certain letter
agreement dated February 26, 2008 (as further amended, restated or otherwise modified from time to
time, the “Credit Agreement”), by and among Proliance International Inc., a Delaware
corporation (“Holdings” and the “Borrower”), certain domestic subsidiaries of the
Borrower listed as a “Guarantor” on the signature pages thereto (together with each other Person
(as defined in the Credit Agreement) that guarantees all or any portion of the Obligations (as
defined in the Credit Agreement) from time to time, each a “Guarantor” and collectively,
the “Guarantors”), the lenders from time to time party thereto (each a “Lender” and
collectively, the “Lenders”), Silver Point Finance, LLC, a Delaware limited liability
company (“Silver Point”), as collateral agent for the Agents (as hereinafter defined) and
the Lenders (in such capacity, together with its successors and assigns in such capacity, if any,
the “Collateral Agent”), and as administrative agent for the Agents and the Lenders (in
such capacity, together with its successors and assigns in such capacity, if any, the
“Administrative Agent” and together with the Collateral Agent, each an “Agent” and
collectively, the “Agents”) and Silver Point as lead arranger (in such capacity, together
with its successors and assigns in such capacity, if any, the “Lead Arranger”).

     WHEREAS, capitalized terms used in these recitals shall have the respective meanings set forth
in the Credit Agreement unless otherwise defined herein.

     WHEREAS, the Credit Parties have requested that the Agents and the Lenders amend certain
provisions of the Credit Agreement, subject to the terms and conditions set forth in this
Amendment.

     WHEREAS, the Agent and the Lenders are willing to agree to this requested Amendment, but only
upon the terms and subject to the conditions set forth herein.

 

 

     NOW, THEREFORE, in consideration of the foregoing and the mutual promises contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Credit Parties, the Agents and the Lenders hereby agree as follows:

     1.     Definitions. All capitalized terms used herein and not otherwise defined herein are
used herein as defined in the Credit Agreement.

     2.     Defined Terms in the Credit Agreement. Section 1.1 of the Credit Agreement is hereby
amended, as follows:

     (a)     New Definitions. Section 1.1 of the Credit Agreement is hereby amended by adding the
definitions of the following terms thereto, in alphabetical order, to read in their entirety as
follows:

     “‘Twenty-First
Amendment’ means the Twenty-First Amendment to the Credit Agreement,
dated as of March 10, 2009, by and among the Credit Parties, the Requisite Lenders and the Agents.”

     “‘Twenty-First
Amendment Effective Date’ has the meaning ascribed to the term “ Twenty-First
Amendment Effective Date” in the Twenty-First Amendment.”

     3.     Section 2.23 — Southaven Insurance Proceeds Reserve. Section 2.23 of the Credit
Agreement is hereby amended by replacing the references therein to “March 10, 2009” with “March 17,
2009”.

     4.     Conditions to Effectiveness. This Amendment shall become effective (the “Twenty-First
Amendment Effective Date”) only upon satisfaction in full of the following conditions
precedent:

     (a)     Collateral Agent shall have received counterparts of this Amendment that bear the signatures
of each Credit Party, each Agent and the Requisite Lenders.

     (b)     Except as set forth in the Second Amendment, the Third Amendment, the Fourth Amendment, the
Fifth Amendment, the Sixth Amendment, the Seventh Amendment, the Eighth Amendment, the Ninth
Amendment, the Tenth Amendment, the Eleventh Amendment, the Twelfth Amendment, the Thirteenth
Amendment, the Fourteenth Amendment, the Fifteenth Amendment, the Sixteenth Amendment, the
Seventeenth Amendment, the Eighteenth Amendment, the Nineteenth Amendment and the Twentieth
Amendment, the representations and warranties contained herein, in Section IV of the Credit
Agreement and in each other Credit Document are true and correct in all material respects on and as
of the Twenty-First Amendment Effective Date as though made on and as of such date, except to the
extent that any such representation or warranty expressly relates solely to an earlier date (in
which case such representation or warranty shall be true and correct in all material respects on
and as of such earlier date).

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     (c)     Borrower shall have paid to Administrative Agent all amounts due and owing to any Agent or any
Lender in connection with this Amendment and the Credit Documents.

     (d)     No Default or Event of Default shall have occurred and be continuing on the Twenty-First
Amendment Effective Date or would result from this Amendment becoming effective in accordance with
its terms.

     (e)     All legal matters incident to this Amendment shall be reasonably satisfactory to the Agents
and their respective counsel.

     5.     Representations and Warranties. Each Credit Party represents and warrants as follows:

     (a)     Organization, Good Standing, Etc. Each Credit Party (i) is a corporation, limited
liability company or limited partnership, duly organized, validly existing and in good standing
under the laws of the state or jurisdiction of its organization, (ii) has all requisite power and
authority to execute and deliver this Amendment, consummate the transactions contemplated hereby
and perform the Credit Agreement, as amended and modified
hereby and (iii) is duly qualified to do business and is in good standing in each jurisdiction
in which the character of the properties owned or leased by it or in which the transaction of its
business makes such qualification necessary other than in such jurisdictions where the failure to
be so qualified and in good standing could not reasonably be expected to have a Material Adverse
Effect.

     (b)     Authorization, Etc. The execution, delivery and performance by each Credit Party of
this Amendment and the performance by each Credit Party of the Credit Agreement, as amended and
modified hereby (i) have been duly authorized by all necessary action, (ii) do not and will not
contravene its charter or by-laws, its limited liability company or operating agreement or its
certificate of partnership or partnership agreement, as applicable, or any applicable law, or any
contractual restriction binding on or otherwise affecting it or any of its properties, (iii) do not
and will not result in or require the creation of any Lien (other than pursuant to any Credit
Document) upon or with respect to any of its properties, and (iv) do not and will not result in any
default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any
material permit, license, authorization or approval applicable to its operations or any of its
properties.

     (c)     Governmental Approvals. No authorization or approval or other action by, and no
notice to or filing with, any Governmental Authority is required in connection with the due
execution, delivery and performance by any Credit Party of this Amendment or the performance by any
Credit Party of the Credit Agreement, as amended and modified hereby.

     (d)     Enforceability of Credit Documents. Each of this Amendment and the Credit Agreement,
as amended and modified hereby, is a legal, valid and binding obligation of the Credit Parties
which are party hereto or thereto, enforceable against such Credit Parties in accordance with its
terms, except as enforceability may be limited by equitable principles and by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’
rights generally.

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     (e)     Representations and Warranties; No Default. Except as set forth in the Second
Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the
Seventh Amendment, the Eighth Amendment, the Ninth Amendment, the Tenth Amendment, the Eleventh
Amendment, the Twelfth Amendment, the Thirteenth Amendment, the Fourteenth Amendment, the Fifteenth
Amendment, the Sixteenth Amendment, the Seventeenth Amendment, the Eighteenth Amendment, the
Nineteenth Amendment and the Twentieth Amendment, the representations and warranties contained
herein, in Section IV of the Credit Agreement and in each other Credit Document are true and
correct in all material respects on and as of the Twenty-First Amendment Effective Date as though
made on and as of such date, except to the extent that any such representation or warranty
expressly relates solely to an earlier date (in which case such representation or warranty shall be
true and correct in all material respects on and as of such earlier date); and no Default or Event
of Default shall have occurred and be continuing on the Twenty-First Amendment Effective Date or
would result from this Amendment becoming effective in accordance with its terms.

     6.     Effect of Amendment; Continued Effectiveness of the Credit Agreement.

     (a)     Ratifications. Except as otherwise expressly provided herein, (i) the Credit
Agreement and the other Credit Documents are, and shall continue to be, in full force and effect
and are hereby ratified and confirmed in all respects, except that on and after the Twenty-First
Amendment Effective Date (A) all references in the Credit Agreement to “this Agreement”, “hereto”,
“hereof”, “hereunder” or words of like import referring to the Credit Agreement shall mean the
Credit Agreement as amended and modified by this Amendment, and (B) all references in the other
Credit Documents to the “Credit Agreement”, “thereto”, “thereof”, “thereunder” or words of like
import referring to the Credit Agreement shall mean the Credit Agreement as amended and modified by
this Amendment, (ii) to the extent that the Credit Agreement or any other Credit Document purports
to pledge to the Collateral Agent, or to grant to the Collateral Agent a security interest in or
lien on, any collateral as security for the Obligations or the Guaranteed Obligations, such pledge
or grant of a security interest or lien is hereby ratified and confirmed in all respects, and (iii)
the execution, delivery and effectiveness of this Amendment shall not operate as an amendment of
any right, power or remedy of the Agents or the Lenders under the Credit Agreement or any other
Credit Document, nor constitute an amendment of any provision of the Credit Agreement or any other
Credit Document. This Amendment shall be effective only in the specific instances and for the
specific purposes set forth herein and does not allow for any other or further departure from the
terms and conditions of the Credit Agreement or any other Credit Document, which terms and
conditions shall remain in full force and effect.

     (b)     No Waivers. Except as expressly set forth herein, this Amendment is not a waiver of,
or consent to, any Default or Event of Default now existing or hereafter arising under the Credit
Agreement or any other Credit Document and the Agents and the Lenders expressly reserve all of
their rights and remedies under the Credit Agreement and the other Credit Documents in respect of
all such Defaults or Events of Default not waived or consented to hereby, by the Second Amendment,
by the Third Amendment, by the Fourth Amendment, by the Fifth Amendment, by the Sixth Amendment,
the Seventh Amendment, the Eighth Amendment, the Ninth Amendment, the Tenth Amendment, the Eleventh
Amendment, the Twelfth Amendment, the Thirteenth Amendment, the Fourteenth Amendment, the Fifteenth
Amendment, the Sixteenth Amendment, Seventeenth Amendment, the Eighteenth Amendment, the Nineteenth
Amendment or the Twentieth Amendment, under applicable law or otherwise.

4

 

     (c)     Amendment as Credit Document. Each Credit Party confirms and agrees that this
Amendment shall constitute a Credit Document under the Credit Agreement. Accordingly, it shall be
an Event of Default under the Credit Agreement if any representation or warranty made or deemed
made by any Credit Party under or in connection with this Amendment shall have been incorrect in
any material respect when made or deemed made or if any Credit Party fails to perform or comply
with any covenant or agreement contained herein.

     7.     Release. Each Credit Party hereby acknowledges and agrees that: (a) neither it nor any of
its Affiliates has any claim or cause of action against any Agent, the Borrowing Base Agent or any
Lender (or any of their respective Affiliates, officers, directors, employees, attorneys,
consultants or agents) and (b) each Agent, the Borrowing Base Agent, and each Lender has heretofore
properly performed and satisfied in a timely manner all of its obligations to the Credit Parties
and their Affiliates under the Credit Agreement and the other Credit Documents. Notwithstanding
the foregoing, the Agents, the Borrowing Base Agent and the Lenders wish (and the Credit Parties
agree) to eliminate any possibility that any past conditions, acts, omissions, events or
circumstances would impair or otherwise adversely affect any of the Agents’, the Borrowing Base
Agent’s and the Lenders’ rights, interests, security and/or remedies under the Credit Agreement and
the other Credit Documents. Accordingly, for and in consideration of the agreements contained in
this Amendment and other good and valuable consideration, each Credit Party (for itself and its
Affiliates and the successors, assigns, heirs and representatives of each of the foregoing)
(collectively, the “Releasors”) does hereby fully, finally, unconditionally and irrevocably
release and forever discharge each Agent, the Borrowing Base Agent, each Lender and each of their
respective Affiliates, officers, directors, employees, attorneys, consultants and agents
(collectively, the “Released Parties”) from any and all debts, claims, obligations,
damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes of
action, in each case, whether known or unknown, contingent or fixed, direct or indirect, and of
whatever nature or description, and whether in law or in equity, under contract, tort, statute or
otherwise (collectively, “Claims”), which any Releasor has heretofore had or now or
hereafter can, shall or may have against any Released Party by reason of any act, omission or thing
whatsoever done or omitted to be done (collectively, “Actions”) on or prior to the
Twenty-First Amendment Effective Date arising out of, connected with or related in any way to this
Amendment, the Credit Agreement or any other Credit Document, or any act, event or transaction
related or attendant thereto done or omitted to be done on or prior to the Twenty-First Amendment
Effective Date, or the agreements of any Agent, the Borrowing Base Agent or any Lender contained
therein, or the possession, use, operation or control of any of the assets of any Credit Party, or
the making of any Loans or other advances, or the management of such Loans or advances or the
Collateral on or prior to the Twenty-First Amendment Effective Date. For the avoidance of doubt,
nothing contained in this Amendment shall be deemed to release or discharge any Released Party from
any Claims arising out of, in connection with or related in any way to Actions occurring after the
date of this Amendment.

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     8.     Miscellaneous.

     (a)     Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which shall be deemed to be an original,
but all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of this Amendment by telefacsimile or electronic mail shall be equally
effective as delivery of an original executed counterpart of this Amendment.

     (b)     Headings. Section and paragraph headings herein are included for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose.

     (c)     Governing Law. This Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York.

     (d)     Expenses. The Borrower will pay on demand all reasonable fees, costs and expenses of
the Agents, the Borrowing Base Agent and the Lenders in connection with the preparation, execution
and delivery of this Amendment and all documents incidental hereto, including, without limitation,
the reasonable fees, disbursements and other charges of Schulte Roth & Zabel LLP, counsel to
Administrative Agent and Collateral Agent, and of McGuireWoods LLP, counsel to Borrowing Base
Agent. In addition, the Borrower will pay all costs and expenses, including attorneys’ fees
(including allocated costs of internal counsel) and costs of settlement, incurred by any Agent,
Borrowing Base Agent and Lenders in enforcing any Obligations of or in collecting any payments due
from any Credit Party hereunder or under the other Credit Documents by reason of any Default or
Event of Default (including in connection with the sale of, collection from, or other realization
upon any of the Collateral or the enforcement of the Guaranty) or in connection with any
refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work
out” or pursuant to any insolvency or bankruptcy cases or proceedings (including, without
limitation, the costs and expenses of any advisers retained by Agents, the Borrowing Base Agent and
Lenders; provided, that so long as no Event of Default has occurred and is continuing the
Borrower shall not be responsible for costs and expenses of CRS in excess of $25,000).

[Remainder of this page intentionally left blank]

6

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	 	BORROWER:

PROLIANCE INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Arlen F. Henock
 	 
	 	 	Name:  	Arlen F. Henock 	 
	 	 	Title:  	Executive Vice President, Chief
Financial Officer 	 
	 
	 
	 
	 	GUARANTORS:

AFTERMARKET LLC

 	 
	 	By:  	/s/ Arlen F. Henock
 	 
	 	 	Name:  	Arlen F. Henock 	 
	 	 	Title:  	Vice President 	 
	 
	 	AFTERMARKET DELAWARE CORPORATION

 	 
	 	By:  	/s/ Arlen F. Henock
 	 
	 	 	Name:  	Arlen F. Henock 	 
	 	 	Title:  	Vice President 	 
	 
	 	PROLIANCE INTERNATIONAL HOLDING CORPORATION

 	 
	 	By:  	/s/ Arlen F. Henock
 	 
	 	 	Name:  	Arlen F. Henock 	 
	 	 	Title:  	President 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	AGENTS AND LEAD ARRANGER:

SILVER POINT FINANCE, LLC, as Administrative

Agent, Lead Arranger and Collateral Agent

 	 
	 	By:  	/s/ Zachary M. Zeitlin
 	 
	 	 	Name:  	Zachary M. Zeitlin 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 
	 
	 	ENDERS:

SPF CDO I, LTD., as a Lender

 	 
	 	By:  	/s/ Zachary M. Zeitlin
 	 
	 	 	Name:  	Zachary M. Zeitlin 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	FIELD POINT III, LTD. as a Lender

 	 
	 	By:  	/s/ Zachary M. Zeitlin
 	 
	 	 	Name:  	Zachary M. Zeitlin 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 	FIELD POINT IV, LTD. as a Lender

 	 
	 	By:  	/s/ Zachary M. Zeitlin
 	 
	 	 	Name:  	Zachary M. Zeitlin 	 
	 	 	Title:  	Authorized Signatory 	 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BORROWING BASE AGENT AND LENDER:

WELLS FARGO FOOTHILL, LLC, as Borrowing Base

Agent and a Lender

 	 
	 	By:  	/s/ Jonathan Boynton
 	 
	 	 	Name:  	Jonathan Boynton 	 
	 	 	Title:  	VP

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