Document:

EX-10.21

 

Exhibit
10.21

PROMISSORY NOTE

			
	$12,000,000.00
	 	New York, New York

as of January 1, 2005

          American Railcar Industries, Inc. (“Maker”), a Missouri corporation, hereby promises to pay to
ACF Industries Holding Corp. (“Payee”), a Delaware corporation, the principal sum of Twelve Million
U.S. Dollars ($12,000,000.00) (the “Principal Amount”), together with interest on such principal
sum at the rate per annum equal to the prime rate, as established by Citibank, N.A. from time to
time plus 1/2%, which interest shall not be compounded. Interest shall be calculated on the basis of
a year of 365 days and the actual number of days elapsed from the date hereof.

          Maker shall pay the Principal Amount and the interest accrued thereon on demand; provided that
if the Payee has not made demand of payment, the Principal Amount and the interest accrued thereon
shall become due and payable immediately upon receipt by Maker of proceeds from an initial public
offering of Maker. Payments of principal and interest under this Note shall be made at the office
of Payee at 767 Fifth Avenue, 47th Floor, New York, NY 10153, or such other address or
account as Payee provides to Maker from time to time, in lawful money of the United States of
America in immediately available funds.

          Maker hereby waives notice of dishonor, protest and notice of protest. Should any
indebtedness represented by this Note be collected at law or in equity or in bankruptcy or other
proceedings after demand therefore has been made, or should this Note be placed in the hands of
attorneys for collection after default, the undersigned agrees to pay, in addition to the amount of
indebtedness for which demand has been made and interest due and payable thereon, all costs of
collection or attempting to collect the same, including reasonable attorney’s fees and expenses
(including those incurred in connection with any appeal).

          This Note and the legality, validity and performance of the terms hereof shall be governed by
and enforced, determined and construed in accordance with the laws of the State of New York,
applicable to contracts, transactions and obligations entered into and to be performed wholly in
New York.

          This Note shall be binding upon Maker and Maker’s successors and assigns.

	 	 	 	 	 
	 	American Railcar Industries, Inc.

 	 
	 	By:  	/s/
James J. Unger 	 
	 	 	James J. Unger, PresidentEX-10.22

 

Exhibit
10.22

ASSIGNMENT AND ASSUMPTION, NOVATION AND RELEASE

     This Assignment and Assumption, Novation and Release (this “Agreement”), dated as of June 30,
2005, by and between ACF Industries Holding Corp., a Delaware corporation (“ACF Holding” or the
“Transferor”), American Railcar Industries, Inc., a Missouri corporation (“ARI” or the
“Transferee”), Gunderson Specialty Products, LLC, an Oregon limited liability company
(“Gunderson”), Gunderson, Inc., an Oregon corporation (“Gunderson Parent”), Castings, LLC, a
Delaware limited liability company (“Castings”), ASF-Keystone, Inc., a Delaware corporation (“ASF”
and together with Castings and Gunderson, the “Members,” and each of them a “Member”), Amsted
Industries Incorporated, a Delaware corporation (“ASF Parent”), and Ohio Castings Company, LLC, a
Delaware limited liability company (“Company”) is made with reference to the following facts:

RECITALS:

     WHEREAS, reference is made to that certain Amended and Restated Limited Liability Company
Agreement of the Company effective as of September 30, 2003 (the “Operating Agreement”) among the
Members and Gunderson Parent and ACF Holding;

     WHEREAS, ACF Holding owns 100% of the interests in Castings, and is an “Affiliate” of ARI, as
such term is defined in the Operating Agreement, with the modification of such term contained in
Section 9.3 of the Operating Agreement;

     WHEREAS, ACF Holding guarantees certain obligations of Castings under and pursuant to Section
3.1 of the Operating Agreement (the “Guaranteed Obligations”);

     WHEREAS, contemporaneously herewith, ACF Holding is transferring its 100% limited liability
company interest in Castings to ARI pursuant to Section 9.3 of the Operating Agreement (the
“Transfer”);

     WHEREAS, in connection with the Transfer, ACF Holding desires ARI to assume the Guaranteed
Obligations, and ARI is willing to do so (the “Assignment and Assumption”);

     WHEREAS, in connection with the Transfer and the Assignment and Assumption, ACF Holding
desires to be released from the Guaranteed Obligations;

     WHEREAS, for purposes of clarification, ACF Holding recognizes that the Guaranteed
Obligations do not include, and ACF Holding is not seeking to be released hereunder from, (i) that
certain corporate guaranty made by ACF Holding as of December 1, 2003 in favor of the Director of
Development of the State of Ohio, (ii) that certain Contribution Agreement made and entered into
effective as of December 18, 2003, by and among ASF Parent, Gunderson Parent and ACF Holding, and
(iii) any other contractual written obligation or undertaking of ACF Holding, if any, with respect
to the two loans in the approximate aggregate amount of $12 million from or guaranteed by the
State of Ohio; and

     WHEREAS, the Members, ASF Parent and Gunderson Parent are willing to consent to the
Assignment and Assumption and so release ACF Holding.

 

 

     NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter
set forth, the parties agree as follows:

     1. Assignment and Assumption. Effective immediately upon execution of this
Agreement by all of the parties hereto, (A) the Transferor sells, transfers, assigns, conveys,
grants and sets over to the Transferee, its successors and assigns forever, all of the
Transferor’s rights, title and interest as of such date in and to all and any of the Transferor’s rights
and obligations under, pursuant to and arising out of the Operating Agreement, including, without
limitation, the Guaranteed Obligations, as fully and entirely as the same would have been held
and enjoyed by the Transferor as if this assignment had not been made, and (B) the Transferee
accepts, assumes, takes over and succeeds to all of the Transferor’s rights, title and
interest as of such date in and to all and any of the Transferor’s rights and obligations under, pursuant to
and arising out of the Operating Agreement, including, without limitation, the Guaranteed
Obligations, and the Transferee covenants and agrees to discharge, perform and comply with,
and to be bound by, all the terms, conditions, provisions, obligations, covenants and duties
of the Transferor in connection with all and any of the Transferor’s rights and obligations under,
pursuant to and arising out of the Operating Agreement, as the same may be amended from time
to time, including, without limitation, the Guaranteed Obligations, (in each case, whether or
not any of it relates to the period before or after the date hereof), as if the Transferee were an
original party thereto.

     2. Release.

          (a) Effective immediately upon execution of this Agreement by all of the parties
hereto, each of the Members, the Company, ASF Parent and Gunderson Parent (collectively, the
“Releasors”), (A) releases and discharges ACF Holding, its successors, directors, owners,
officers, and affiliates (other than ARI and Castings), from any and all claims in law or in
equity, demands, actions, causes of action, obligations, contracts, damages, liabilities, losses,
costs or expenses of every nature and kind whatsoever, whether known or unknown, suspected or
unsuspected, which any of the Releasors has ever had up to and including the date of this
Agreement, in each case, in any way relating to the Company or relating to or arising out of
the Operating Agreement, including, without limitation, the Guaranteed Obligations, (B) consents
to the Assignment and Assumption, and (C) agrees to look solely to ARI and Castings with respect
to any matter covered by the foregoing release and discharge.

          (b) The Releasors’ general release under this Agreement includes, but is not
limited to, claims for declaratory relief, injunctive relief, violation of public policy,
breach of any express or implied contract, breach of any implied covenant, fraud, intentional or negligent
misrepresentation, or any other claims known or unknown in any way relating to the Company or
relating to or arising out of the Operating Agreement, including, without limitation, the
Guaranteed Obligations. The matters that are the subject of the release and discharge referred
to in this Agreement, as described above, shall be referred to as the “Released Matters.” For
avoidance of doubt the Released Matters do not include any of obligations ACF Holding
obligations under (i) that certain corporate guaranty made by ACF Holding as of December 1,
2003 in favor of the Director of Development of the State of Ohio, (ii) that certain
Contribution Agreement made and entered into effective as of December 18, 2003, by and among ASF Parent,
Gunderson Parent and ACF Holding, and (iii) any other contractual written obligation or

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undertaking of ACF Holding, if any, with respect to the two loans in the approximate
aggregate amount of $12 million from or guaranteed by the State of Ohio.

     3. Ownership Of Claims.

          Each of the Releasors warrants and represents that no portion of any of the Released Matters
has previously been assigned or transferred to any other person, firm, entity or corporation, in
any manner, including by way of subrogation or operation of law or otherwise. If any claim, action,
demand or suit should be made or instituted against ACF Holding because of any such purported
assignment, subrogation or transfer, the assigning or transferring party agrees to indemnify and
hold harmless ACF Holding against such claim, action, suit or demand.

     4. Assumption Of Risk: Investigation Of Facts.

          (a) In making and executing this Agreement, the parties have not relied upon any
statement or representation, oral or written, made by any other party to this Agreement with
regard to any of the facts involved in any dispute or possible dispute between the parties
hereto, or with regard to any of their rights or asserted rights, or with regard to the advisability
of making and executing this Agreement, other than statements and representations contained
within this Agreement. The parties hereby expressly assume the risk of any mistake of fact or
that the true facts might be other than or different from the facts now known or believed to
exist, and it is the express intention of the parties to forever settle, adjust and compromise any
and all disputes between the parties, finally and forever, and without regard to who may or may not
have been correct in their respective understandings of the facts or the law relating thereto.

          (b) Each party has made such investigation of the facts and the law pertaining to
the matters described in this Agreement as he or it deems necessary, and has not relied and do
not rely on any promise or representation made by any other party with respect to any such
matters, other than statements and representations contained within this Agreement.

     5. Entire Agreement.

          This Agreement constitutes the entire agreement between the parties pertaining to the subject
matter hereof, and the final, complete and exclusive expression of the terms and conditions of
their Agreement. Any and all prior agreements, representations, negotiations and understandings
made by the parties, oral and written, express or implied, are hereby superseded and merged
herein. This Agreement is intended by all parties to be a fully integrated contract, and that no
evidence, written or oral, may be admitted or considered outside of this Agreement in order to
determine the intent of the parties or the meaning of any terms contained in this Agreement.

     6. Successors.

          This Agreement shall be fully binding upon and enforceable with respect to the parties, and
their respective representatives, successors, partners, executors, and assigns.

           

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     7. Execution
In Counterparts.

          This Agreement may be executed in one or more counterparts, all of which taken together shall
constitute one agreement.

     8. Severability.

          The provisions of this Agreement are severable, and if any part of it is found to be
unenforceable, the other paragraphs shall remain fully valid and enforceable. This Agreement shall
survive the termination of any arrangements contained herein.

     9. Governing Law.

          This Agreement is entered into in and shall be governed by and construed and interpreted in
accordance with the laws of the State of New York, without respect to any choice of law provisions
or statutes.

[Signature Page Follows]

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     IN WITNESS WHEREOF, the undersigned have executed this Agreement as the date first set
forth above.

	 	 	 	 	 
	 	 	ACF INDUSTRIES HOLDING CORP.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Vincent Intrieri
	 

	 	 	 	 
	 

	 	Name:
	 	Vincent Intrieri
	 

	 	Title:
	 	President
	 
	 	 	 	 
	 	 	AMERICAN RAILCAR INDUSTRIES, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James J. Unger
	 

	 	 	 	 
	 

	 	Name:
	 	James J. Unger
	 

	 	Title:
	 	President
	 
	 	 	 	 
	 	 	OHIO CASTINGS COMPANY, LLC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James J. Unger
	 

	 	 	 	 
	 

	 	Name:
	 	James J. Unger
	 

	 	Title:
	 	President
	 
	 	 	 	 
	 	 	CASTINGS, LLC
	 
	 	 	 	 
	 	 	By: American Railcar Industries, Inc.
	 

	 	 	 	its sole member
	 
	 	 	 	 
	 

	 	By:
	 	/s/ James J. Unger
	 

	 	 	 	 
	 

	 	Name:
	 	James J. Unger
	 

	 	Title:
	 	 President

[Signature Page to Assignment and Assumption, Novation and Release]

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	 	 	GUNDERSON, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Norriss M. Webb
	 

	 	 	 	 
	 

	 	Name:
	 	NORRISS M. WEBB
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	GUNDERSON SPECIALTY PRODUCTS,
	 

	 	LLC	 	 
	 	 	By: Gunderson, Inc., its sole member
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Norriss M. Webb
	 

	 	 	 	 
	 

	 	Name:
	 	NORRISS M. WEBB
	 

	 	Title:
	 	Vice President

	 	 	 	 	 
	 	 	ASF - KEYSTONE, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Wories
	 

	 	 	 	 
	 

	 	Name:
	 	JOHN WORIES
	 

	 	Title:
	 	PRESIDENT ASF - KEYSTONE
	 
	 	 	 	 
	 	 	AMSTED INDUSTRIES INCORPORATED
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Thomas C. Berg
	 

	 	 	 	 
	 

	 	Name:
	 	Thomas C. Berg
	 

	 	Title:
	 	Vice President
	 
	[Signature Page to Assignment and Assumption, Novation and Release]

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