Document:

exv10w24

 

Exhibit 10.24

GUARANTY

     THIS GUARANTY, dated as of October 25, 2007 (the “Guaranty”), is made by Hayes Lemmerz
Aluminio, S. de R.L. de C.V. together with its successors and permitted assigns, (the
“Guarantor”), in favor of U.S. Bank, National Association, acting in its capacity as
trustee under the Indenture (as defined below) and the holders of the Notes (as defined below)
(together with their respective successors and permitted assigns, collectively, the
“Beneficiary”).

     Pursuant to the Indenture, dated as of May 30, 2007 (as amended, modified or supplemented from
time to time, the “Indenture”) executed by and between Hayes Lemmerz Finance, LLC
–Luxembourg, S.C.V. (the “Issuer”) and U.S. Bank, National Association, in its capacity of
trustee (the “Trustee”), the Issuer has issued its 8.25% Senior Notes due 2015 in the
aggregate principal amount of €130,000,000 (the “Notes”).

     The Guarantor has agreed to execute and deliver the Guaranty in order to guarantee the payment
and performance of the obligations of the Issuer under the Notes and the Indenture.

1. Representations.

     The Guarantor hereby represents to the Beneficiary that:

     (a) The Guarantor is a limited liability company of variable capital duly incorporated and
validly existing under the laws of Mexico;

     (b) The Guarantor’s legal representative has been granted with the necessary powers in order
to subscribe and grants this Guaranty, and to this day such powers have not been in anyway amended,
restricted nor revoked; and

     (c) The Guarantor is a part of the economic group of the Issuer, as member of this group the
Guarantor shall receive substantial direct and indirect economic and non-economic benefits form the
issuance of the Notes by the Issuer pursuant to the Indenture and it is in the corporate interest
of the Guarantor party hereto to make this guaranty,

2. Guaranty:

     The Guarantor hereby irrevocably, absolutely and unconditionally guarantees to the
Beneficiary, in terms of Articles 2794, 2795, 2798, 2800 and other and other applicable of the
Mexican Federal Civil Code, and the corresponding Articles of the federal entities of the United
Mexican States, the prompt and punctual payment, performance or delivery when due of any and all
present and future obligations regarding the obligations of the Issuer under the Notes and the
Indenture, including but not limited to the payment of principal or interest, reimbursement of
amounts drawn under fees, reasonable expenses, losses and reasonable lawyers fees that the
Beneficiary may need, as consequence of an event of default as described in section 6.01 of the
Indenture (the “Guaranteed Obligations”).

     In the event that any portion of the Guaranteed Obligations is paid by the Issuer, the
obligations of the Guarantor hereunder shall continue and remain in full force and effect.

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     The Guarantor and, by their acceptance of the benefits of this Guaranty, the Beneficiary
hereby confirm that it is their intention that this Guaranty and the obligations of the Guarantor
hereunder not constitute a fraudulent transfer or conveyance for purposes of any bankruptcy,
insolvency, concurso mercantile, reorganization, liquidation or similar foreign, federal or state
law to the extent applicable to this Guaranty and the obligations of the Guarantor hereunder. To
effectuate the foregoing intention, the Guarantor and, by their acceptance of the benefits of this
Guaranty, the Beneficiary hereby irrevocably agrees that the obligations of the Guarantor under
this Guaranty at any time shall be limited to the maximum amount as will result in such obligations
not constituting a fraudulent transfer or conveyance.

3. Obligations Unconditional.

     (a) Obligations Unconditional. Except as otherwise provided in the Indenture with
respect to the release of guaranties and to the extent permitted by Mexican Law, the obligations of
the Guarantor hereunder are irrevocable, absolute, independent and unconditional and shall not be
affected by any circumstance which constitutes a legal or equitable discharge of a guaranty or
surety other than payment in full of the Guaranteed Obligations. In furtherance of the foregoing
and without limiting the generality thereof, the Guarantor agrees that: (a) this Guaranty is a
personal guaranty of payment when due and not of collectibility; (b) the obligations of the
Guarantor hereunder are independent of the obligations of the Issuer under the Indenture and the
Notes and the obligations of any other guarantor and a separate action or actions may be brought
and prosecuted against each guarantor whether or not any action is brought against the Issuer or
any of such other guarantors and whether or not the Issuer is joined in any such action or actions;
and (c) a payment of a portion, but not all, of the Guaranteed Obligations by the Guarantor or the
Issuer or any third party shall in no way limit, affect, modify or abridge the liability of the
Guarantor for any portion of the Guaranteed Obligations that has not been paid. This Guaranty is a
continuing guaranty and shall be binding upon the Guarantor and its successors and assigns except
as otherwise provided in the Indenture.

     (b) Payments. All payments to be made hereunder by the Guarantor shall be made in
Euros to an account as shall have been notified in advance by the Beneficiary to the Guarantor and
shall be calculated and paid outside of the United Mexican States, without any deduction, payment
of any taxes, duties or any quota that shall be paid as result of the payment. All the taxes shall
be paid according to the legal applicable disposals. In the event the payment is reduced as
consequence of the withholding or deduction, such additional amounts shall be included in the
Guaranty, in order to ensure that the Beneficiary receives a net amount equal to the full amount
which it would have received had such payment not been made subject to such deduction or whit
holding.

     In the event the payment is paid to the Beneficiary in a different currency form Euros, the
Guarantor shall pay the differences of the rate of exchange. The rate of exchange shall mean in
this Guaranty the rate applicable to 11:00 am (New York City Time, U.S.A.), at the respective day,
indicated to buy the Euros in New York City with the foreign currency.

4. Waiver.

     Upon the occurrence of an Event of Default (as described in section 6.01 of the
Indenture) the Beneficiary at its entire discretion, may initiate a direct action without previous
notice against the Guarantor to request the payment of the any amount of the Guaranteed
Obligations. Guarantor hereby

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waives the rights and benefits of orden, excusión and división
deriving to it from Articles 2816 section I and other applicable of the Mexican Federal Civil Code,
and the corresponding Articles of the federal entities of the United Mexican States, which Articles
are not reproduced herein inasmuch as each Guarantor hereby represents to be familiar with the
contents thereof. Also, the Guarantor hereby waives as permitted by the laws the benefits pursuant
in Articles 2814 and 2815 of the Mexican Federal Civil Code, and the corresponding Articles of the
federal entities of the United Mexican States and other related articles.

5. Continuing Guaranty.

     This Guaranty is a continuing guaranty and shall remain in full force and effect until the
earlier of (i) complete and indefeasible payment and satisfaction in full of the Guaranteed
Obligations or (ii) the release of this Guaranty by the Beneficiary as provided in the Indenture.

6. Independent Liability.

     The Guarantor’s liability hereunder is independent of any other guarantees or other
obligations at any time in effect in relation to the Guaranteed Obligations or any part thereof,
and such liability hereunder may be enforced regardless of the existence, validity, enforcement or
non-enforcement of any such other guarantees or obligations.

7. Notices.

     Any notice or communications in respect of this Guaranty shall be in writing and shall be
delivered personally, or sent by mail, fax transmission (to be affirmed in writing) or overnight
air courier guaranteeing next-day delivery to the following address:

Beneficiary:

U.S. Bank National Association

Corporate Trust Services

100 Wall Street, 16th Floor

New York, New York 10005

Facsimile No.: (212) 809-5459

Attention:          Thomas E. Tabor, Vice President

Guarantor:

Hayes Lemmerz Aluminio, S. de R.L. de C.V.

c/o Hayes Lemmerz International Inc.

15300 Centennial Drive

Northville, Michigan 48168

Facsimile No.: (734) 737-2069

Attention:           General Counsel

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8. Headings.

     The section headings contained herein are for convenience of reference only, are not part of
this Guaranty and shall not affect the construction of, or be taken into consideration in
interpreting, this Guaranty.

9. Severability.

     Any provision of this Guaranty, which may be determined by competent authority to be
prohibited or unenforceable in the jurisdiction of such competent authority, as to such
jurisdiction, shall be ineffective only to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. Each such invalid or unenforceable provision will be ineffective only to the extent
of such invalidity or unenforceability.

10. Assignment.

     The Beneficiary shall be entitle to assign or transfer all or any part of its rights hereunder
to any successor to the Trustee that is acting as Trustee under the Indenture without the consent
of the Guarantor.

11. Amendments.

     No amendments nor modification of this Guaranty, shall be in any event be effective without
the written concurrence of the Trustee and the Guarantor. In the event the Beneficiary considers
because of the circumstances is necessary to grant a new guaranty the Guarantor accepts to modify
the terms and conditions of this Guaranty and grant a new one.

12. Governing Law.

     This Guaranty and the rights of the parties hereunder shall be governed by and interpreted in
accordance with the laws of the United Mexican States.

     The parties hereby irrevocably submit to the jurisdiction of the competent courts sitting in
Mexico City, Federal District.

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     IN WITNESS WHEREOF, Guarantor has executed this Guaranty by its duly authorized officer as of
the day first above written.

	 	 	 	 	 
	 	HAYES LEMMERZ ALUMINIO, S. DE R.L. DE C.V.

 	 
	 	/s/ John A. Salvette
 	 
	 	Name: 	John A. Salvette 	 
	 	Title: President 	 

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Exhibit 10.25

JOINT AND SEVERAL GUARANTY

In Barcelona, on 19 October, 2007.

WITNESSETH

	I.	 	Whereas, pursuant to the Indenture, dated as of May 30, 2007 (as amended, modified
or supplemented from time to time, the “Indenture”) between Hayes Lemmerz Finance LLC –
Luxembourg S.C.A., (the “Issuer”) and U.S. Bank, National Association, as Trustee (in such
capacity, the “Trustee”), the Issuer has issued its 8.25% Senior Notes due 2015 in the
aggregate principal amount of €130,000,000 (the “Notes”);

     Capitalized terms used and not specifically defined herein shall have the meaning ascribed to
them in the Indenture;

	II.	 	Whereas, the Issuer is the sole shareholder of HLI Luxembourg S.a.r.l., HLI
Luxembourg S.a.r.l. is the sole shareholder of HLI European Holdings ETVE, S.L. and HLI
European Holdings ETVE, S.L. is the sole shareholder of HAYES LEMMERZ MANRESA, S.L. (the
“Guarantor”); and

	III.	 	Whereas, as a member of the same economic group as the Issuer, the Guarantor shall
receive substantial direct and indirect economic and non-economic benefits from the issuance
of the Notes by the Issuer pursuant to the Indenture and it is in the corporate interest of
the Guarantor party hereto to make this Guaranty;

Now, therefore, in consideration of the premises and for other good and valuable
consideration, the Guarantor has executed this joint and several guaranty (hereinafter, the
“Agreement”), which it hereby does, subject to the following:

CLAUSES

	1.	 	CREATION AND NATURE OF THE GUARANTEE

	1.1	 	The Guarantor, by means of this Agreement, hereby personally, unconditionally and
irrevocably, as a primary obligor, guarantees to the Trustee, acting in its own name and
behalf and in the name and for the benefit of the holder of the Notes, the due and punctual
payment and performance by the Issuer of the Guaranteed Obligations, as defined below
(hereinafter, the “Guaranty”).

	1.2	 	The Guaranty of the Guarantor hereunder constitutes a single obligation which entails the
obligation to pay the amount due at any given time by the Issuer under the Indenture and the
Notes (the “Guaranteed Obligations”).

	1.3	 	The Guarantor agrees that, if any payment made by the Issuer or any other person and applied
to the Guaranteed Obligations is at any time annulled, avoided, set

 

 

	 	 	aside, rescinded,
invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or
repaid, then, to the extent of such payment or repayment, any such Guarantor’s liability
hereunder shall be and remain in full force and effect, as fully as if such payment had never
been made. If, prior to the foregoing, this Guaranty shall have been cancelled or
surrendered , this Guaranty shall be reinstated in full
force and effect, and such prior cancellation or surrender shall not diminish, release,
discharge, impair or otherwise affect the obligations of the Guarantor in respect of the
amount of such payment.

	1.4	 	The Guaranty granted in this Agreement is personal, joint and several, unconditional,
abstract, autonomous and may be enforced upon first demand, for which reason the Guarantor may
not question whether or not the Guaranteed Obligations have been fulfilled. Furthermore, the
Guarantor expressly waives the benefits of order, division and exemption (beneficios de orden,
división y excusión).

	1.5	 	The obligations of the Guarantor hereunder shall exclude, and shall not be or be construed
as, any guarantee, indemnity, obligation, security or liability to the extent that such
guarantee, indemnity, obligation, security or liability would constitute unlawful financial
assistance within the meaning of the Spanish Corporation Acts (Ley de Sociedades Anónimas or
Ley de Sociedades de Responsabilidad Limitada, as applicable), but only to such extent.

	2.	 	OBLIGATIONS OF THE GUARANTOR

	2.1	 	In the event of failure by the Issuer to perform any of the Guaranteed Obligations, the
Guarantor undertakes to make, upon first, simple demand by the Trustee, payment of any amount
owed by the Issuer under the Guaranteed Obligations pursuant to the Indenture and the Notes
(each document requiring a payment delivered by the Trustee to the Guarantor hereunder, a
“Payment Demand”).

	2.2	 	All payments arising under this Guaranty shall be made by payment to the account indicated by
the Trustee in the Payment Demand promptly following the receipt thereof.

	3.	 	ENFORCEMENT OF THE GUARANTY

	3.1	 	Upon the non fulfillment by the Issuer of any of its obligations under the Indenture or the
Notes, the Trustee may, in its absolute discretion, take all necessary action to enforce the
rights and obligations conferred by this Guaranty and ensure the due and punctual payment and
performance of the Guaranteed Obligations.

	4.	 	TERM, EXTENSION AND INDEPENDENCE OF THE GUARANTY

	4.1	 	The Guaranty provided herein enters into effect upon the execution and delivery hereof and
shall be valid and effective until complete fulfillment of (or discharge of) the Guaranteed
Obligations under the Indenture and the Notes, on which date it shall automatically cease to
have effect without the need for compliance with any formalities, subject to section 1 above.

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	4.2	 	The Guaranty granted hereby shall also extend to any extension of time which may be validly
agreed with respect to the final maturity date of the Guaranteed Obligations under the
Indenture and the Notes by or on behalf of the parties thereto. Likewise, the Guarantor
hereby and henceforth consents, for all purposes, to any modifications of the conditions of
the Indenture and the Notes which may be validly agreed as provided therein The Guaranty will
maintain its full force and effect in spite of any such modification.

	4.3	 	The clauses of this Guaranty are independent among themselves, in such a manner that if any
of them should be considered invalid, in whole or in part, the remaining
ones shall remain valid and enforceable pursuant to their terms.

	4.4	 	The Guaranty established in this Agreement is granted by the Guarantor separately from and
without prejudice to the granting or enforcement of any other guarantees which may
additionally guarantee the Guaranteed Obligations of the Issuer under the Indenture and the
Notes now or in the future.

	4.5	 	The Trustee may enforce this Guaranty without first making demand on, or taking any
proceedings against the Issuer or resorting to any guarantee or other means of payment.

	5.	 	NO DEDUCTIONS

	5.1	 	Each payment to be made by the Guarantor to the Trustee shall be made in full, without
set-off or counterclaim and free and clear of and without any withholding, deduction or set
off whatsoever, including without limitation for or on account of any taxes unless the
Guarantor is required by law to make such a payment subject to the deductions. All payments
will be made in immediately available, freely transferable funds for value on the date
specified in the Trustee’s demand to the Guarantor.

	5.2	 	If the Guarantor is required by law to make a deduction or withholding from such payment, the
relevant sum payable by the Guarantor shall be increased to the extent necessary to ensure
that after the making of such deduction or withholding, the Trustee receives and retains (free
from any liability in respect of any such deduction or withholding) an amount equal to the sum
which the Trustee would have received and so retained had no such deduction or withholding
been made or required to be made.

	6.	 	ASSIGNMENT

This Guaranty is provided for the benefit of the Trustee, acting in its own name and behalf and in
the name and for the benefit of the holders of the Notes under the Indenture, as well as for the
benefit of their successors or assignees.

	7.	 	SUBORDINATION

The Guarantor hereby agrees that any Indebtedness of the Issuer now or hereafter owing to the
Guarantor, whether heretofore, now or hereafter created (the “Guarantor Subordinated Debt”), is
hereby subordinated to all of the Guaranteed Obligations and

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that, except as permitted under
Section 8.6 (Prepayment and Cancellation of Indebtedness) of the Second Amended and Restated Credit
Agreement, dated as of May 30, 2007, as amended, modified, restated or supplemented in accordance
with the terms thereof, among HLI Operating Company, Inc., the Issuer, Hayes Lemmerz International,
Inc., the lenders and issuers party thereto from time to time, Citibank North America Inc., as
administrative and the other agents party thereto, the Guarantor Subordinated Debt shall not be
paid in whole or in part until the Guaranteed Obligations have been paid in full and this Guaranty
is terminated and of no further force or effect.

The Guarantor shall not accept any payment of or on account of any Guarantor Subordinated Debt at
any time in contravention of the foregoing.

The Guarantor agrees to file all claims against the Issuer in any bankruptcy or other proceeding in
which the filing of claims is required by law in respect of any Guarantor Subordinated Debt.

If for any reason the Guarantor fails to file such claim at least ten Business Days prior to the
last date on which such claim should be filed, the Guarantor hereby irrevocably appoints the
Trustee as its true and lawful attorney-in-fact and is hereby authorized to act
as attorney-in-fact in the Guarantor’s name to file such claim.

	8.	 	DEFAULT; REMEDIES

The obligations of the Guarantor hereunder are independent of and separate from the Guaranteed
Obligations. If any Guaranteed Obligation is not paid when due, or upon any Event of Default or
upon any default by the Issuer as provided in any other instrument or document evidencing all or
any part of the Guaranteed Obligations, the Trustee may, at its sole election, proceed directly and
at once, without notice, against the Guarantor to collect and recover the full amount or any
portion of the Guaranteed Obligations then due, without first proceeding against the Issuer or any
other guarantor of the Guaranteed Obligations, or joining the Issuer or any other guarantor in any
proceeding against the Guarantor.

	9.	 	IRREVOCABILITY

This Guaranty shall be irrevocable as to the Guaranteed Obligations (or any part thereof) until the
earlier of such time as (i) all monetary Guaranteed Obligations then outstanding have been
irrevocably repaid in cash, at which time this Guaranty shall automatically be cancelled, or (ii)
this Guaranty is released as provided in the Indenture. Upon such cancellation or release of this
Guaranty and at the written request of the Guarantor or its successors or assigns, and at the cost
and expense of the Guarantor or its successors or assigns, the Trustee shall execute in a timely
manner a satisfaction of this Guaranty and such instruments, documents or agreements as are
necessary or desirable to evidence the termination of this Guaranty.

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	10.	 	EXPENSES

All costs, expenses and taxes which may derive from the granting and enforcement of this Agreement,
as well as from any modification or cancellation thereof, shall be paid by the Guarantor and shall
be its exclusive responsibility.

	11.	 	NOTICES

	11.1	 	All notices which must be sent to the Guarantor under this Guaranty, except if provided
otherwise, shall be made by certified letter with acknowledgment of receipt.
	 
	11.2	 	For purposes of this Guaranty, the address of the Guarantor for such notices, summons and
other required formalities shall be the following:
	 
	 	 	For the Guarantor:
	 
	 	 	HAYES LEMMERZ MANRESA, S.L.
	 
	 	 	Carretera de Sant Joan de Vilatorrada s/n
	 
	 	 	08240 Manresa (Barcelona)
	 
	 	 	España
	 
	 	 	Attention: General Counsel
	 
	 	 	With a copy to:
	 
	 	 	HAYES LEMMERZ INTERNATIONAL, INC.
	 
	 	 	15300 Centennial Drive

	 	 	Northville, Michigan 48167
	 
	 	 	Fax : +1 734-737-2069
	 
	 	 	Attention : General Counsel
	 
	11.3	 	Any change in the abovementioned addresses must be communicated to the Trustee by post with
acknowledgment of receipt, and shall only take effect ten (10) calendar days after the date on
which the Trustee receives the notice.

	12.	 	LAW AND JURISDICTION

This Guaranty shall be governed by Spanish law.

The Guarantor hereby irrevocably submits to the jurisdiction of the Courts and Tribunals of the
city of Barcelona (Spain) for such matters as may arise in relation to the interpretation, validity
or performance of the Guaranty, or the enforcement thereof.

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	13.	 	TAX REGIME

The transaction formalized in this Agreement must be considered a transaction subject to, but
exempt from, V.A.T., in accordance with Article 20.1.18o.(f), of applicable Law.

The Guarantor express its agreement to and approval of the contents of this Agreement as drafted.

Hayes Lemmerz Manresa, S.L.

By:

	 	 	 
	/s/ John Leonard Stephenson
 

	 	 
	Mr. John Leonard Stephenson
	 	 

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