Document:

Exhibit 10.1

    AMENDMENT
      NO. 1 TO

     

    PURCHASE
      AGREEMENT

     

    This
      AMENDMENT NO. 1 TO PURCHASE AGREEMENT (this “Amendment
      No. 1”)
      is
      entered into as
      of July 13,
      2006
      by and among THULE AB, a company organized under the laws of the Kingdom of
      Sweden (“Purchaser”),
      ADVANCED ACCESSORY HOLDINGS CORPORATION, a Delaware corporation (“AAHC”),
      AAS ACQUISITIONS, LLC, a Delaware limited liability company, CHAAS ACQUISITIONS,
      LLC, a Delaware limited liability company, and VALLEY INDUSTRIES, LLC, a
      Delaware limited liability company (collectively, “Sellers”
      and, together with AAHC and Purchaser, the “Parties”).

     

    W
      I T N E S S E T H:

     

    WHEREAS,
      the Parties entered into the Purchase Agreement, dated as of May 17, 2006 (the
      “Purchase
      Agreement”),
      pursuant to which Purchaser agreed to purchase from Sellers, and Sellers agreed
      to sell to Purchaser, upon the satisfaction of certain conditions, the Acquired
      Business; and 

     

    WHEREAS,
      the Parties desire to amend the Purchase Agreement, as hereinafter more
      particularly set forth; 

     

    NOW,
      THEREFORE, in consideration of the foregoing premises and mutual covenants
      herein contained, the parties hereto do hereby agree as follows:

     

    ARTICLE
      I  

     

    DEFINITIONS

     

    Section
      1.01.  Capitalized
      Terms.
      Capitalized terms used and not defined herein have the meanings assigned to
      them
      in the Purchase Agreement.

     

    ARTICLE
      II  

     

    AMENDMENTS

     

    Section
      2.01.  Definitions.
      

     

    a.  Section
      1.1 of the Purchase Agreement shall be amended by inserting the definition
      of
“Additional OpCo Tender Consideration” in alphabetical order as
      follows:

     

    ““Additional
      OpCo Tender Consideration”
      means an amount equal to one-half of the product of (x) the aggregate principal
      amount of the OpCo Notes tendered before the Consent Payment Deadline (as
      defined in the OpCo Tender documents) and (y) 1.75%”.

     

    b.  Section
      1.1 of the Purchase Agreement shall be amended by deleting the definition of
      “Cash Consideration” in its entirety and replacing it as follows:

     

    ““Cash
      Consideration”
      means the Base Price minus the sum of (i) the Aggregate OpCo Note Tender Price,
      (ii) 101% of the aggregate outstanding principal balance of the OpCo Notes
      (after giving effect to the OpCo Tender), (iii) the Additional OpCo Tender
      Consideration and (iv) the aggregate outstanding balance (principal and
      interest) of (x) all other outstanding Indebtedness of the Sold Subsidiaries
      as
      of the Closing and (y) all other outstanding Indebtedness included in the
      Assumed Liabilities, subject to adjustment as provided in Section
      2.10.”.

     

    c.  Section
      1.1 of the Purchase Agreement shall be amended by deleting the definition of
      “Closing Cash Payment” in its entirety and replacing it as follows:

     

    ““Closing
      Cash Payment”
      means (a) the sum of (i) the Base Price plus (ii) if a positive number, the
      Estimated Working Capital Differential, minus (b) the sum of (i) the Aggregate
      OpCo Note Tender Price, (ii) the Additional OpCo Tender Consideration, (iii)
      the
      Estimated Closing Indebtedness, (iv) if a negative number, the absolute value
      of
      the Estimated Working Capital Differential, and (v) the Disclosed Pre-Closing
      Product Related Credit.”.

     

    Section
      2.02.  OpCo
      Tender.
      Section 5.4(b) of the Purchase Agreement shall be hereby amended by deleting
      it
      in its entirety and replacing it as follows:

     

    Sellers
      shall cause AAHC to commence, and thereafter to use commercially reasonable
      efforts to complete, (i) a combined tender offer and consent solicitation in
      respect of the HoldCo Notes (the “HoldCo
      Tender”)
      and (ii) a combined tender offer and consent solicitation in respect of the
      OpCo
      Notes (as may be amended from time to time, the “OpCo
      Tender”).
      In the HoldCo Tender and the OpCo Tender, the respective offerors will offer
      to
      purchase all of the outstanding Notes to which the tender offer relates on
      terms
      that require tendering noteholders to furnish written consents to amendments
      to
      the HoldCo Indenture (for notes tendered pursuant to the HoldCo Tender) (the
      “HoldCo
      Indenture Amendments”)
      and the OpCo Indenture (for notes tendered pursuant to the OpCo Tender) (the
      “OpCo
      Indenture Amendments”).
      The terms of the HoldCo Indenture Amendments and the OpCo Indenture Amendments
      shall be substantially as set forth on Schedule 5.4 to this Agreement with
      such
      changes as may reasonably be requested by the trustee under the HoldCo Indenture
      and the trustee under the OpCo Indenture and reasonably acceptable to Purchaser
      and Sellers. The other terms of the HoldCo Tender and the OpCo Tender shall
      be
      reasonably acceptable to Purchaser and shall include any terms reasonably
      requested by Purchaser; provided,
      that under no circumstances shall the price offered in the HoldCo Tender or
      the
      OpCo Tender (including consent solicitation fees) exceed 101% of accreted value
      of the notes (in the case of the HoldCo Tender) or 102.75% of principal amount
      of the notes (in the case of the OpCo Tender). The HoldCo Tender and the OpCo
      Tender shall be commenced promptly (and in any event within five Business Days)
      after Purchaser notifies Sellers that Purchaser expects that the condition
      described in Section 6.1(a) of this Agreement (regarding governmental
      clearances) will be obtained within the following 35 days. The conditions to
      the
      obligations of the offerors to accept and pay for notes tendered in response
      to
      the HoldCo Tender and the OpCo Tender will include (i) a condition that
      sufficient consents shall have been received and not rescinded for the HoldCo
      Indenture Amendments and the OpCo Indenture Amendments to become effective
      when
      the tendered notes are accepted for payment and (ii) a condition that upon
      acceptance of the tendered notes for payment, all of the conditions to
      Purchaser’s obligations under this Agreement (other than the conditions that by
      their terms cannot be satisfied until the Closing) shall have been satisfied
      or
      waived. The parties shall cooperate with each other in respect of the HoldCo
      Tender and the OpCo Tender, and in taking all actions reasonably required to
      cause the HoldCo Indenture Amendments and the OpCo Indenture Amendments to
      become effective, including providing any historical and pro forma financial
      information relating to the Acquired Business that the Sellers or Purchaser
      shall reasonably deem necessary or advisable for inclusion in the HoldCo Tender
      and the OpCo Tender documents and by obtaining confirmation from the HoldCo
      Indenture Trustee and the OpCo Indenture Trustee that the Trustee will execute
      and deliver counterparts of the Indenture supplements and other instruments
      giving effect to the HoldCo Indenture Amendments and the OpCo Indenture
      Amendments when the requisite amount of noteholder consents is obtained pursuant
      to the terms of the HoldCo Tender or the OpCo Tender, as applicable, and by
      causing the delivery to the Trustee of such certificates, legal opinions and
      other materials as the Trustee may require in accordance with the terms of
      the
      applicable Indentures. Sellers (on the one hand) and Purchaser (on the other)
      each shall bear 50% of the costs and expenses (other than the fees and other
      charges of their respective legal counsel and the amounts paid for the tendered
      HoldCo Notes and, other than as provided in this Agreement, OpCo Notes) incurred
      in connection with the HoldCo Tender and the OpCo Tender, including the fees
      payable by AAHC, AAS and AAS Capital Corporation to Jefferies & Company,
      Inc. in its capacity as dealer manager of the Holdco Tender and the OpCo Tender,
      and each promptly shall reimburse the other for such party’s share of those
      costs and expenses, but in no event later than the Closing.” 

     

    ARTICLE
      III  

     

    MISCELLANEOUS

     

    Section
      3.01.  Headings.
      The headings used in this Amendment No. 1 are for convenience only and are
      not
      to be considered in construing this Amendment No. 1.

     

    Section
      3.02.  Remainder
      of Agreement.
      Except as expressly amended hereby, the Purchase Agreement is in all respects
      ratified and confirmed by all of the parties hereto and the terms thereof shall
      remain in full force and effect, except as expressly provided herein, and no
      waiver or modification of the terms or conditions thereof is intended or to
      be
      inferred; provided,
      that Purchaser hereby acknowledges that the terms of the HoldCo Tender and
      the
      OpCo Tender, dated June 5, 2006, as amended from time to time, are acceptable
      to
      Purchaser and included all terms reasonably requested by Purchaser.

     

    Section
      3.03.  Counterparts.
      This Amendment No. 1 may be executed by manual or facsimile signature in
      counterparts, each of which shall be deemed to be an original but all of which
      when taken together shall constitute one and the same instrument.

     

    Section
      3.04.  Governing
      Law.
      THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
      THE
      STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF
      LAW.

     

    Section
      3.05.  Agreement
      Binding upon Successors and Assigns.
      Except as otherwise specifically provided, this Amendment No. 1 shall inure
      to
      the benefit of and shall be binding upon the successors and assigns of the
      respective Parties hereto.

     

    [Remainder
      of page intentionally left blank]

     

    
      
        

        NYA
          789698.2

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each of the Parties has caused its corporate name to be
      hereunto subscribed by its officer thereunto duly authorized all as of the
      day
      and year first above written.

     

    
      	 	
              ADVANCED
                ACCESSORY HOLDINGS CORPORATION

               

              By: /s/
                Ronald J. Gardhouse

              Name: Ronald
                J. Gardhouse

              Title: Executive
                Vice President and Chief Financial Officer

               

            
	 	
              AAS
                ACQUISITIONS, LLC

               

              By: /s/
                Ronald J. Gardhouse

              Name: Ronald
                J. Gardhouse

              Title: Executive
                Vice President and Chief Financial Officer

               

            
	 	
              CHAAS
                ACQUISITIONS, LLC

               

              By: /s/
                Ronald J. Gardhouse

              Name: Ronald
                J. Gardhouse

              Title: Executive
                Vice President and Chief Financial Officer

               

            
	 	
              VALLEY
                INDUSTRIES, LLC

               

              By: /s/
                Ronald J. Gardhouse

              Name: Ronald
                J. Gardhouse

              Title: Executive
                Vice President and Chief Financial Officer

               

            
	 	
              THULE
                AB

               

              By: /s/
                John Arney

              Name: John
                Arney

              Title: Director

               

            
	 	
              By: /s/
                Eric-Joost Ernst

              Name: Eric-Joost
                Ernst

              Title: DirectorEX-10.1

AMENDMENT NO. 12

TO MASTER REPURCHASE AGREEMENT

Amendment No. 12 dated as of August 14, 2006 (this “Amendment”), by and between CREDIT
SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (the “Buyer”), ENCORE CREDIT CORP., (“ECC”
and a “Seller”), ECC CAPITAL CORPORATION (“ECC Capital” and a “Seller”),
BRAVO CREDIT CORPORATION (“Bravo” and a “Seller”, and together with ECC, ECC
Capital and Bravo, the “Sellers”).

RECITALS

The Buyer, ECC, ECC Capital and Bravo are parties to that certain Master Repurchase Agreement,
dated as of February 18, 2005, as amended by Amendment No. 1, dated as of July 21, 2005, Amendment
No. 2, dated as of August 15, 2005, Amendment No. 3, dated as of August 19, 2005, Amendment No. 4,
dated as of September 6, 2005, Amendment No. 5, dated as of September 30, 2005, Amendment No. 6,
dated as of November 29, 2005, Amendment No. 7, dated as of January 12, 2006, Amendment No. 8,
dated as of April 11, 2006, Amendment No. 9 dated as of May 1, 2006, Amendment No. 10, dated as of
June 28, 2006 and Amendment No. 11, dated as of July 31, 2006 (the “Existing Repurchase
Agreement”; as amended by this Amendment, the “Repurchase Agreement”). Capitalized
terms used but not otherwise defined herein shall have the meanings given to them in the Existing
Repurchase Agreement.

The Buyer, ECC, ECC Capital and Bravo have agreed, subject to the terms and conditions of this
Amendment, that the Existing Repurchase Agreement be amended to reflect certain agreed upon
revisions to the terms of the Existing Repurchase Agreement.

Accordingly, the Buyer, ECC, ECC Capital and Bravo hereby agree, in consideration of the
mutual premises and mutual obligations set forth herein, that the Existing Repurchase Agreement is
hereby amended as follows:

SECTION 1. Temporary Amendments.

(a) For the period beginning January 1, 2006 and ending June 30, 2006, Section 14 of the
Repurchase Agreement is hereby amended by deleting clause (e) therein and replacing the same with
the following:

“(e) Maintenance of Profitability. Sellers shall not
permit for any Test Period, Net Income, on a consolidated basis, for
such Test Period, before income taxes for such Test Period and
distributions made during such Test Period, to be a loss of greater
than $26 million.”

(b) For the period beginning May 1, 2006 and ending May 31, 2006, Section 14 of the Repurchase
Agreement is hereby amended by deleting clause (f) therein and replacing the same with the
following:

“(f) Maintenance of Liquidity. The Sellers, on a
consolidated basis, shall ensure that, as of the end of each
calendar month, they have Cash Equivalents in an amount not less
than $20 million.”

(c) For the avoidance of doubt, immediately following the date for which the covenant was
waived Sections 14(e) and (f) of the Repurchase Agreement shall revert to their original terms,
without the modification described above.

SECTION 2. Conditions Precedent. This Amendment shall become effective as of June 30,
2006, (the “Amendment Effective Date”), subject to the satisfaction of the following
conditions precedent:

2.2 Delivered Documents. On the Amendment Effective Date, the Buyer shall have
received the following documents, each of which shall be satisfactory to the Buyer in form and
substance:

(i) this Amendment, executed and delivered by a duly authorized officer of the Buyer
and Seller; and

(ii) such other documents as the Buyer or counsel to the Buyer may reasonably request.

SECTION 3. Representations and Warranties. Each Seller hereby represents and warrants
to the Buyer that it is in compliance with all the terms and provisions set forth in the Existing
Repurchase Agreement on its part to be observed or performed, and that no Event of Default has
occurred or is continuing, and hereby confirms and reaffirms the representations and warranties
contained in Section 13 of the Existing Repurchase Agreement (except to the extent that such
representation or warranty expressly relates to an earlier date).

SECTION 4. Limited Effect. Except as expressly amended and modified by this
Amendment, the Existing Repurchase Agreement shall continue to be, and shall remain, in full force
and effect in accordance with its terms.

SECTION 5. Counterparts. This Amendment may be executed by each of the parties hereto
on any number of separate counterparts, each of which shall be an original and all of which taken
together shall constitute one and the same instrument.

SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW
PROVISIONS THEREOF.

[SIGNATURE PAGE FOLLOWS]

1

IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their
authorized representatives thereunto duly authorized as of the day and year first above written.

Buyer:

CREDIT SUISSE FIRST BOSTON

MORTGAGE CAPITAL LLC,

as Buyer

By: Bruce S. Kaiserman

Name: Bruce S. Kaiserman

Title: Vice President

Sellers:

ENCORE CREDIT CORP.

By: Greg Lubushkin

Name: Greg Lubushkin

Title: Chief Accounting Officer

ECC CAPITAL CORPORATION

By: Greg Lubushkin

Name: Greg Lubushkin

Title: Chief Accounting Officer

BRAVO CREDIT CORPORATION

By: Greg Lubushkin

Name: Greg Lubushkin

Title: Chief Accounting Officer

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]