Exhibit 99.4 REAFFIRMATION OF GUARANTIES ------------- May 16, 2002 Bank of America, N.A., as Administrative Agent 231 South LaSalle Street Chicago, Illinois 60697 Re: Reaffirmation of Guaranties Ladies and Gentlemen: Each of the undersigned refers to its Guaranty delivered in connection with (i) the Amended and Restated Multicurrency Credit Agreement (as amended, the "Credit Agreement"), dated as of May 15, 2001, among APW, Ltd. (the "Borrower"), ---------------- -------- various financial institutions (the "Banks"), Bank One, NA, as Syndication ----- Agent, The Chase Manhattan Bank, as Documentation Agent and Bank of America, N.A. as Administrative Agent or (ii) the U.K. Facility (as defined in the Credit Agreement). Capitalized terms not otherwise defined herein will have the meanings given in the Credit Agreement. Each of the undersigned hereby confirms that each Guaranty to which such undersigned is a party remains in full force and effect as of the date hereof. This letter agreement is the reaffirmation of Guaranties referred to in Section 9.1 of the Post-Petition Multicurrency Superpriority Credit Agreement, dated as of May 16, 2002 among the Borrower, various financial institutions, Bank of America, National Association, as Post-Petition Agent and U.S. Collateral Agent, Royal Bank of Scotland, PLC, as Lead Arranger, Book Manager, and U.K. Collateral Agent and Oaktree Capital Management, LLC, as Lead Arranger and Book Manager. This letter agreement may be signed in counterparts and by the various parties as herein on separate counterparts. This letter agreement shall be governed by the laws of the State of Illinois applicable to contracts made and to be performed entirely within such State. [SIGNATURES TO FOLLOW] Delivered in Chicago, Illinois as of the day and year first above written. APW LTD. By: /s/ Michael Gasick ------------------------------ name: Title: AIR CARGO EQUIPMENT (UK) LIMITED By: /s/ S. Kirby ------------------------------ Name: Title: APPLIED POWER LIMITED By: /s/ S. Kirby ------------------------------ Name: Title: APW CASES EUROPE LTD. (fka Zero Cases Europe Ltd.) By: /s/ S. Kirby ------------------------------ Name: Title: APW DO BRASIL, LTDA. By: /s/ Chistopher John Freeland ------------------------------ Name: Christopher John Freeland Title: Site Leader APW ELECTRONICS GROUP PLC By: /s/ S. Kirby -------------------------------- Name: Title: APW ELECTRONICS GMBH By: /s/ Jan DeKoning -------------------------------- Name: Jan DeKoning Title: Director APW ELECTRONICS LIMITED By: /s/ S. Kirby -------------------------------- Name: Title: APW ELECTRONICS OVERSEAS INVESTMENTS LIMITED By: /s/ S. Kirby -------------------------------- Name: Title: APW ENCLOSURE PRODUCTS AND SYSTEMS LIMITED By: /s/ S. Kirby -------------------------------- Name: Title: APW ENCLOSURE SYSTEMS (UK) LIMITED By: /s/ S. Kirby -------------------------------- Name: Title: APW ENCLOSURE SYSTEMS HOLDING, INC. By: /s/ Michael Gasick -------------------------------- Name: Title: APW ENCLOSURE SYSTEMS HOLDINGS, LTD. By: /s/ S. Kirby -------------------------------- Name: Title: APW ENCLOSURES SYSTEMS, LP by APW Enclosure Systems Holding, Inc., its General Partner By: /s/ Michael Gasick -------------------------------- Name: Title: APW ENCLOSURE SYSTEMS PLC By: /s/ S. Kirby -------------------------------- Name: Title: APW ENCLOSURE SYSTEMS, INC. By: /s/ Michael Gasick -------------------------------- Name: Title: APW ENCLOSURES (DUBLIN) LIMITED By: /s/ S. Kirby -------------------------------- Name: Title: APW ENCLOSURES LIMITED By: /s/ S. Kirby -------------------------------- Name: Title: APW FINANCE LIMITED By: /s/ -------------------------------- Name: Title: APW GALWAY LIMITED By: /s/ S. Kirby -------------------------------- Name: Title: APW HOLDING B.V. By: /s/ S. Kirby -------------------------------- Name: Title: APW HOLDINGS (EUROPE) LTD. By: /s/ S. Kirby -------------------------------- Name: Title: APW HOLDINGS (UK) LTD. By: /s/ S. Kirby -------------------------------- Name: Title: APW INVESTMENTS UK LIMITED By: /s/ S. Kirby -------------------------------- Name: Title: APW MAYVILLE LLC By: /s/ Michael Gasick -------------------------------- Name: Title: APW MAYVILLE LTD By: /s/ Michael Gasick -------------------------------- Name: Title: APW NETHERLANDS B.V. By: /s/ S. Kirby -------------------------------- Name: Title: APW NEW FOREST LIMITED By: /s/ S. Kirby --------------------------- Name: Title: APW NORTH AMERICA INC. By: /s/ Michael Gasick --------------------------- Name: Title: APW POWER SUPPLIES AS By: /s/ Eliot Swan --------------------------- Name: Title: APW POWER SUPPLIES LTD. By: /s/ S. Kirby --------------------------- Name: Title: APW PRODUCTS AND SYSTEMS B.V. By: /s/ S. Kirby --------------------------- Name: Title: APW WRIGHT LINE LLC By: /s/ Michael Gasick --------------------------- Name: Title: APW-ERIE, INC. By: /s/ Michael Gasick --------------------------- Name: Title: ASPEN MOTION TECHNOLOGIES INC. By: /s/ Michael Gasick --------------------------- Name: Title: BEELEY WOOD HOLDINGS LTD By: /s/ S. Kirby --------------------------- Name: Title: C FAB DEVELOPMENT LTD. By: /s/ S. Kirby --------------------------- Name: Title: CIPRESMAD CONSULTORES E SERVICOS, LTD. By: /s/ Howard T. Lederman --------------------------- Name: Title: CIPRESMAD HUNGARY GROUP FINANCING LLC By: /s/ Howard T. Lederman --------------------------- Name: Title: EDER INDUSTRIES INC. By: /s/ Michael Gasick --------------------------- Name: Title: ELECTRONIC SOLUTIONS By: /s/ Michael Gasick --------------------------- Name: Title: ELECTRONICS PACKAGING LTD By: /s/ S. Kirby --------------------------- Name: Title: HIGH SPEED PRODUCTION (HOLDINGS) LTD By: /s/ S. Kirby --------------------------- Name: Title: HOERMANN ELECTRONICS LIMITED By: /s/ S. Kirby ------------------------ Name: Title: HOERMANN SECURITY SYSTEMS LTD. By: /s/ S. Kirby ------------------------ Name: Title: HSP SHEFFIELD LTD By: /s/ S. Kirby ------------------------ Name: Title: HSP STRATHCLYDE LTD By: /s/ S. Kirby ------------------------ Name: Title: IMHOF-BEDCO LTD By: /s/ S. Kirby ------------------------ Name: Title: IMHOF-BEDCO SPECIAL PRODUCTS LTD By: /s/ S. Kirby ------------------------ Name: Title: IMHOF-BEDCO STANDARD PRODUCTS LTD By: /s/ S. Kirby ------------------------ Name: Title: INNOVATIVE METAL FABRICATION, INC. By: /s/ Michael Gasick ------------------------ Name: Title: J HIGGINS MANUFACTURING (IRELAND) LTD. By: /s/ S. Kirby ------------------------ Name: Title: MCLEAN MIDWEST CORPORATION By: /s/ Michael Gasick ------------------------ Name: Title: MCLEAN WEST INC. By: /s/ Michael Gasick ------------------------ Name: Title: PRECISION FABRICATION TECHNOLOGIES INC. By: /s/ Michael Gasick ------------------------ Name: Title: RUBICON FINANCE LIMITED By: /s/ S. Kirby ------------------------ Name: Title: TOWERFLAME LIMITED By: /s/ S. Kirby ------------------------ Name: Title: VERO CIRCUITBOARDS LTD By: /s/ S. Kirby ------------------------ Name: Title: VERO CONNECTORS LTD By: /s/ S. Kirby ------------------------ Name: Title: VERO ELECTRONICS (EXPORTS) LTD By: /s/ S. Kirby ------------------------ Name: Title: VERO ELECTRONICS, INC. By: /s/ Michael Gasick ------------------------ Name: Title: WRIGHT LINE EUROPE B.V. By: /s/ Jan DeKoning ------------------------ Name: Jan DeKoning Title: Director WRIGHT LINE LIMITED By: /s/ S. Kirby ------------------------ Name: Title: ZERO-EAST DIVISION, ZERO CORPORATION By: /s/ Michael Gasick ------------------------ Name: Title: Agreed to and Acknowledged by BANK OF AMERICA, NATIONAL ASSOCIATION, as Administrative Agent By: M. Duncan McDuffie --------------------------- Name: M. Duncan McDuffie Title: Managing Director