Document:

Document

Exhibit 10.2

GUARANTY
This Guaranty (as amended, supplemented or otherwise modified in accordance with the terms hereof and in effect from time to time, this “Guaranty”) is made as of the 15th day of July, 2022 by Bunge Limited, a company incorporated under the laws of Bermuda (together with any successors or assigns permitted hereunder, "BL" or "Guarantor") to Coöperatieve Rabobank U.A., New York Branch (“Rabobank”), in its capacity as the administrative agent (together with its successors and assigns, the “Administrative Agent”) under the Revolving Credit Agreement, dated as of July 15, 2022 (as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Credit Agreement”), among Bunge Limited Finance Corp., a Delaware corporation (“BLFC”), the Administrative Agent and the financial institutions from time to time party thereto (each, a “Lender” and collectively, the “Lenders”), for the benefit of the Lenders.
WITNESSETH:
WHEREAS, pursuant to the Credit Agreement the Lenders have agreed to make revolving loans denominated in Dollars (the "Loans") to BLFC from time to time; and
WHEREAS, the execution and delivery of this Guaranty is a condition precedent to the effectiveness of the Credit Agreement;
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereby agree as follows:
Section 1.    Definitions.  
(a)    For all purposes of this Guaranty, except as otherwise expressly provided in Annex A hereto or unless the context otherwise requires, capitalized terms used herein shall have the meanings assigned to such terms in the Credit Agreement.
(b)    Notwithstanding any other provision contained herein or in the other Loan Documents, all terms of an accounting or financial nature used herein and in the other Loan Documents shall be construed, and all computations of amounts and ratios referred to herein and in the other Loan Documents shall be made, and prepared:
(i)    in accordance with GAAP (including principles of consolidation where appropriate), and all accounting or financial terms shall have the meanings ascribed to such terms by GAAP; provided, however, that all accounting terms used in Section 8.2 below (and all defined terms used in the definition of any accounting term used in Section 8.2 below) shall have the meaning given to such terms (and defined terms) under GAAP as in effect on the date hereof applied on a basis consistent with those used in preparing the financial statements referred to in Section 7(a) below.  In the event of any change after the date hereof in GAAP, and if such change would affect the computation of any of the financial covenants set forth in Section 8.2 below, then the parties hereto agree to endeavor, in good faith, to agree upon an amendment to this Guaranty that would adjust such financial covenants in a manner that would preserve the original intent thereof, but would allow compliance therewith to be determined in accordance with the Guarantor’s financial statements at that time, provided that, 

until so amended such financial covenants shall continue to be computed in accordance with GAAP prior to such change therein; and
(ii)    without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of BLFC, the Guarantor or any of their Subsidiaries at "fair value", as defined therein.
Notwithstanding any other provision contained herein, all obligations of the Guarantor, BLFC and any of their respective Subsidiaries that are or would be characterized as an operating lease as determined in accordance with GAAP as in effect on December 14, 2018 (whether or not such operating lease was in effect on such date) shall continue to be accounted for as an operating lease (and not as a capital lease) for purposes of the Loan Documents regardless of any change in GAAP following December 14, 2018  (or any change in the implementation in GAAP for future periods that are contemplated as of December 14, 2018) that would otherwise require such obligation to be re-characterized as a capital lease and the Guarantor, BLFC and their respective Subsidiaries shall continue to provide financial reporting which differentiates between operating leases and capital leases in accordance with GAAP as in effect on December 14, 2018.
Section 2.    Guaranty.  Subject to the terms and conditions of this Guaranty, the Guarantor hereby unconditionally and irrevocably guarantees (collectively, the "Guaranty Obligations") the prompt and punctual payment of all Obligations due and owing (whether at the stated maturity, by acceleration or otherwise) under the Credit Agreement and the other Loan Documents whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred.  This Guaranty is a guaranty of payment and not of collection.  All payments by the Guarantor under this Guaranty shall be made in Dollars (if made with respect to any other amount) and (i) with respect to Loans, shall be made to the Administrative Agent for disbursement pro rata (determined at the time such payment is sought) to the Lenders in accordance with their respective Participation Percentage, (ii) with respect to fees, expenses and indemnifications owed to the Lenders, shall be made to the Administrative Agent for disbursement pro rata (determined at the time such payment is sought) to the Lenders in accordance with their respective Participation Percentages (except as otherwise provided in the Credit Agreement with respect to Defaulting Lenders) and (iii) with respect to fees, expenses and indemnifications owed to the Administrative Agent in its capacity as such, shall be made to the Administrative Agent.  This Guaranty shall remain in full force and effect until the Guaranty Obligations are paid in full and the Participations are terminated, notwithstanding that from time to time prior thereto BLFC may be free from any payment obligations under the Loan Documents.
Section 3.    Guaranty Absolute.  The Guarantor guarantees that the Guaranty Obligations will be paid, regardless of any applicable law, regulation or order now or hereinafter in effect in any jurisdiction affecting any of such terms or the rights of the Administrative Agent or any Lender with respect thereto.  The liability of the Guarantor under this Guaranty shall be absolute and unconditional irrespective of:
(a)    Any lack of validity or enforceability of or defect or deficiency in the Credit Agreement, any Transaction Document or any Loan Document or any other agreement or instrument executed in connection with or pursuant thereto;
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(b)    Any change in the time, manner, terms or place of payment of, or in any other term of, all or any of the Guaranty Obligations, or any other amendment or waiver of or any consent to departure from the Credit Agreement, any Transaction Document or any Loan Document or any other agreement or instrument relating thereto or executed in connection therewith or pursuant thereto;
(c)    Any sale, exchange or non-perfection of any property standing as security for the liabilities hereby guaranteed or any liabilities incurred directly or indirectly hereunder or any setoff against any of said liabilities, or any release or amendment or waiver of or consent to departure from any other guaranty, for all or any of the Guaranty Obligations;
(d)    The failure of the Administrative Agent or a Lender to assert any claim or demand or to enforce any right or remedy against BLFC or any other Person hereunder or under the Credit Agreement or any Transaction Document or any Loan Document;
(e)    Any failure by BLFC in the performance of any obligation with respect to the Credit Agreement or any other Loan Document;
(f)    Any change in the corporate existence, structure or ownership of BLFC, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting BLFC or its assets or resulting release or discharge of any of the Guaranty Obligations;
(g)    Any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Guarantor, BLFC or any other Person (including any other guarantor) that is a party to any document or instrument executed in respect of the Guaranty Obligations;
(h)    Any limitation of BLFC's obligations pursuant to subsection 8.16(b) of the Credit Agreement; or
(i)    Any law, regulation, decree or order of any jurisdiction, or any other event, affecting any term of any Guaranty Obligations or the Administrative Agent's or the Lenders' rights with respect thereto, including, without limitation: (A) the application of any such law, regulation, decree or order, including any prior approval, which would prevent the exchange of a currency other than Dollars for Dollars or the remittance of funds outside of such jurisdiction or the unavailability of Dollars in any legal exchange market in such jurisdiction in accordance with normal commercial practice; or (B) a declaration of banking moratorium or any suspension of payments by banks in such jurisdiction or the imposition by such jurisdiction or any Governmental Authority thereof of any moratorium on, the required rescheduling or restructuring of, or required  approval of payments on, any indebtedness in such jurisdiction; or (C) any expropriation, confiscation, nationalization or requisition by such country or any Governmental Authority that directly or indirectly deprives BLFC of any assets or their use or of the ability to operate its business or a material part thereof; or (D) any war (whether or not declared), insurrection, revolution, hostile act, civil strife or similar events occurring in such jurisdiction which has the same effect as the events described in clause (A), (B) or (C) above (in each of the cases contemplated in clauses (A) through 
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(D) above, to the extent occurring or existing on or at any time after the date of this Guaranty).
The obligations of the Guarantor under this Guaranty shall not be affected by the amount of credit extended to BLFC, any repayment by BLFC to the Administrative Agent or the Lenders (in each case, other than the full and final payment of all of the Guaranty Obligations), the allocation by the Administrative Agent or the Lenders of any repayment, any compromise or discharge of the Guaranty Obligations, any application, release or substitution of collateral or other security therefor, the release of any guarantor, surety or other Person obligated in connection with any document or instrument executed in respect of the Guaranty Obligations, or any further advances to BLFC.
Section 4.    Waiver.  The Guarantor hereby waives (a) promptness, diligence, notice of acceptance, presentment, demand, protest, notice of protest and dishonor, notice of default, notice of intent to accelerate, notice of acceleration and any other notice with respect to any of the Guaranty Obligations and this Guaranty, (b) any requirement that the Administrative Agent or the Lenders protect, secure, perfect or insure any security interest or Lien on any property subject thereto or exhaust any right or take any action against BLFC or any other Person or entity or any collateral or that BLFC or any other Person or entity be joined in any action hereunder, (c) the defense of the statute of limitations in any action under this Guaranty or for the collection or performance of the Guaranty Obligations, (d) any defense arising by reason of any lack of corporate authority, (e) any defense based upon any guaranteed party's errors or omissions in the administration of the Guaranty Obligations except to the extent that any error or omission is caused by such guaranteed party's bad faith, gross negligence or willful misconduct (as finally determined by a court of competent jurisdiction), (f) any rights to set-offs and counterclaims and (g) any defense based upon an election of remedies which destroys or impairs the subrogation rights of the Guarantor or the right of the Guarantor to proceed against BLFC or any other obligor of the Guaranty Obligations for reimbursement.  All dealings between BLFC or the Guarantor, on the one hand, and the Administrative Agent and the Lenders, on the other hand, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Guaranty.  Should the Administrative Agent seek to enforce the obligations of the Guarantor hereunder by action in any court, the Guarantor waives any necessity, substantive or procedural, that a judgment previously be rendered against BLFC or any other Person, or that any action be brought against BLFC or any other Person, or that BLFC or any other Person should be joined in such cause.  Such waiver shall be without prejudice to the Administrative Agent at its option to proceed against BLFC or any other Person, whether by separate action or by joinder.  The Guarantor further expressly waives each and every right to which it may be entitled by virtue of the suretyship law of the State of New York or any other applicable jurisdiction.
Section 5.    Several Obligations; Continuing Guaranty.  The obligations of the Guarantor hereunder are separate and apart from BLFC or any other Person (other than the Guarantor), and are primary obligations concerning which the Guarantor is the principal obligor.  The Guarantor agrees that this Guaranty shall not be discharged except by payment in full of the Guaranty Obligations, termination of the Participations and complete performance of the obligations of the Guarantor hereunder. The obligations of the Guarantor hereunder shall not be affected in any way by the release or discharge of BLFC from the performance of any of the Guaranty Obligations, whether occurring by reason of law or any other cause, whether similar or dissimilar to the foregoing.  
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Section 6.    Subrogation Rights.  If any amount shall be paid to the Guarantor on account of subrogation rights at any time when all the Guaranty Obligations shall not have been paid in full, such amount shall be held in trust for the benefit of the Administrative Agent and shall forthwith be paid to the Administrative Agent to be applied to the Guaranty Obligations as specified in the Loan Documents.  If (a) the Guarantor makes a payment to the Administrative Agent of all or any part of the Guaranty Obligations and (b) all the Guaranty Obligations have been paid in full and the Participations have terminated, the Administrative Agent will, at the Guarantor's request, execute and deliver to the Guarantor appropriate documents, without recourse and without representation or warranty of any kind whatsoever, necessary to evidence the transfer by subrogation to the Guarantor of any interest in the Guaranty Obligations resulting from such payment by the Guarantor.  The Guarantor hereby agrees that it shall have no rights of subrogation with respect to amounts due to the Administrative Agent or the Lenders until such time as all obligations of BLFC to the Lenders and the Administrative Agent have been paid in full, the Participations have been terminated and the Credit Agreement has been terminated.
Section 7.    Representations and Warranties.  The Guarantor hereby represents and warrants as follows:
(a)    Financial Condition.
(i)    The consolidated balance sheet of the Guarantor and its consolidated Subsidiaries as at December 31, 2021 and the related consolidated statements of income for the fiscal year ended on such date, reported on by the Guarantor's independent public accountants, copies of which have heretofore been furnished to the Administrative Agent, are complete and correct, in all material respects, and present fairly the financial condition of the Guarantor and its consolidated Subsidiaries as at such date, and the results of operations for the fiscal year then ended.  Such financial statements, including any related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the external auditors and as disclosed therein, if any).
(ii)    Except as disclosed in Schedule V attached hereto, neither the Guarantor nor its consolidated Subsidiaries had, at the date of the most recent balance sheet referred to above, any material guarantee obligation, contingent liability (as defined in accordance with GAAP), or any long-term lease or unusual forward or long-term commitment, including, without limitation, any interest rate or foreign currency swap or exchange transaction, which is not reflected in the foregoing statements or in the notes thereto, except for guarantees, indemnities or similar obligations of the Guarantor or a consolidated Subsidiary supporting obligations of one Subsidiary to another Subsidiary.
(iii)    During the period from December 31, 2021 to and including the date hereof, except as disclosed in Schedule V attached hereto, neither the Guarantor nor its consolidated Subsidiaries has sold, transferred or otherwise disposed of any material part of its business or property, nor has it purchased or otherwise acquired any business or property (including any capital stock of any other Person) material in relation to the consolidated financial condition of the Guarantor and its consolidated Subsidiaries at December 31, 2021.
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(b)    No Change.  Since December 31, 2021, except as disclosed in Schedule I hereof, there has been no development or event which has had or could, in the Guarantor's good faith reasonable judgment, reasonably be expected to have a Material Adverse Effect.
(c)    Corporate Existence; Compliance with Law.  The Guarantor and each of its Subsidiaries (i) is duly organized and validly existing under the laws of the jurisdiction of its incorporation, (ii) has the corporate power and authority, and the legal right, to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (iii) is duly qualified under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, except where the failure to be so duly qualified could not reasonably be expected to have a Material Adverse Effect and (iv) is in compliance with all Requirements of Law and Contractual Obligations, except any non-compliance which could not reasonably be expected to have a Material Adverse Effect.
(d)    Corporate Power; Authorization; Enforceable Obligations.  The Guarantor and each of its Subsidiaries has the corporate power and authority, and the legal right, to make, deliver and perform this Guaranty and each of the other Loan Documents and Transaction Documents to which such Person is a party and to borrow thereunder and has taken all necessary corporate action to authorize (i) the borrowings on the terms and conditions of the Loan Documents and Transaction Documents to which such Person is a party, (ii) the execution, delivery and performance of this Guaranty and each of the other Loan Documents and Transaction Documents to which such Person is a party and (iii) the remittance of payments in the applicable currency of all amounts payable hereunder and thereunder.  No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the borrowings under the Loan Documents or Transaction Documents, the remittance of payments in the applicable currency in accordance with the terms hereof and thereof or with the execution, delivery, performance, validity or enforceability of this Guaranty and each of the other Loan Documents and Transaction Documents.  This Guaranty and each of the other Loan Documents and Transaction Documents to which the Guarantor and/or any of its Subsidiaries are a party have been duly executed and delivered on behalf of the Guarantor and each of such Subsidiaries.  Each of this Guaranty and each of the other Loan Documents and Transaction Documents to which the Guarantor and/or any of its Subsidiaries are a party constitutes a legal, valid and binding obligation of the Guarantor and each of such Subsidiaries enforceable against the Guarantor and each of such Subsidiaries in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or law).
(e)    No Legal Bar.  The execution, delivery and performance by the Guarantor of this Guaranty, and by it and each of its Subsidiaries of the other Loan Documents and Transaction Documents to which each such entity is a party, the borrowings thereunder and the use of the proceeds thereof will not violate any Requirement of Law or Contractual Obligation to which the Guarantor or any of its Subsidiaries are a party or by which it or they are bound and will not result in, or require, the creation or imposition of any Lien on any of the properties or revenues of any of the 
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Guarantor or its Subsidiaries pursuant to any such Requirement of Law or Contractual Obligation.
(f)    No Material Litigation.  Except as disclosed in Schedule VI attached hereto, no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Guarantor, threatened by or against the Guarantor or any of its Subsidiaries or against any of their respective properties or revenues (a) with respect to this Guaranty or the other Loan Documents or Transaction Documents or any of the transactions contemplated hereby or thereby or (b) which could reasonably be expected to have a Material Adverse Effect.
(g)    Ownership of Property; Liens.  The Guarantor and each of its Subsidiaries has good record and marketable title in fee simple to, or a valid leasehold interest in, all its material real property, and good title to, or a valid leasehold interest in, all its other material property except for defects in title which would not have a Material Adverse Effect, and none of the property is subject to any Lien that secures Secured Indebtedness, other than a Lien that secures Permitted Secured Indebtedness or any other Secured Indebtedness permitted under Section 8.2(a)(iii) of this Guaranty.
(h)    Environmental Matters.  The Guarantor and its Subsidiaries have obtained all permits, licenses and other authorizations that are necessary to operate their respective business and required under all applicable Environmental Laws, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule II attached hereto, (i) Hazardous Materials have not at any time been generated, used, treated or stored on, released or disposed of on, or transported to or from, any property owned, leased, used, operated or occupied by the Guarantor or any of its Subsidiaries or, to the best of the Guarantor's knowledge, any property adjoining or in the vicinity of any such property except in compliance with all applicable Environmental Laws other than where the failure to do so would not reasonably be expected to have a Material Adverse Effect and (ii) there are no past, pending or threatened (in writing) Environmental Claims against the Guarantor or any of its Subsidiaries or any property owned, leased, used, operated or occupied by the Guarantor or any of its Subsidiaries that individually or in the aggregate would reasonably be expected to have a Material Adverse Effect.  The operations of the Guarantor and its Subsidiaries are in compliance in all material respects with all terms and conditions of the required permits, licenses, certificates, registrations and authorizations, and are also in compliance in all material respects with all other limitations, restrictions, conditions, standards, prohibitions, requirements, obligations, schedules and timetables contained in the Environmental Laws, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.
(i)    No Default.  Except with respect to the Indebtedness set forth on Schedule III attached hereto, neither the Guarantor nor any of its Subsidiaries is in default under or with respect to any agreement, instrument or undertaking to which it is a party or by which it is bound in any respect which could reasonably be expected to have a Material Adverse Effect.  No Series 2002-1 Early Amortization Event, Potential Series 2002-1 Early Amortization Event, Event of Default or Default has occurred and is continuing.
(j)    Taxes.  Under the laws of Bermuda, the execution, delivery and performance by the Guarantor of this Guaranty and by it and each of its Subsidiaries (as 
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the case may be) of the other Loan Documents and Transaction Documents to which they are a party and all payments of principal, interest, fees and other amounts hereunder and thereunder are exempt from all income or withholding taxes, stamp taxes, charges or contributions of Bermuda or any political subdivision or taxing authority thereof, irrespective of the fact that the Administrative Agent or any of the Lenders may have a representative office or subsidiary in Bermuda.  Except as otherwise provided herein or therein, the Guarantor is validly obligated to make all payments due under this Guaranty free and clear of any such tax, withholding or charge so that the Administrative Agent and the Lenders shall receive the amounts due as if no such tax, withholding or charge had been imposed.
(k)    Pari Passu Status.  The obligations of the Guarantor hereunder constitute direct, general obligations of the Guarantor and rank at least pari passu (in priority of payment) with all other unsecured, unsubordinated Indebtedness (other than any such Indebtedness that is preferred by mandatory provisions of law) of the Guarantor.
(l)    Purpose of Loans.  The proceeds of the Loans under the Credit Agreement shall be used by BLFC solely to either (i) make advances under the Series 2002-1 VFC, (ii) repay Permitted Indebtedness outstanding from time to time or (iii) pay expenses incurred in connection with the Credit Agreement and any Pari Passu Indebtedness.  Notwithstanding the foregoing, any other use of the proceeds of the Loans under the Credit Agreement shall not affect the obligations of the Guarantor hereunder.
(m)    Information.  All information (including, with respect to the Guarantor, without limitation, the financial statements required to be delivered pursuant hereto), which has been made available to the Administrative Agent or any Lender by or on behalf of the Guarantor in connection with the transactions contemplated hereby and the other Loan Documents and Transaction Documents is complete and correct in all material respects and does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made; provided, that, with respect to projected financial information provided by or on behalf of the Guarantor, the Guarantor represents only that such information was prepared in good faith by management of the Guarantor on the basis of assumptions believed by such management to be reasonable as of the time made.  As of the date hereof, the information included in the Beneficial Ownership Certification of BLFC is true and correct.
(n)    Designated Obligors.  On the date hereof, BL directly or indirectly owns the percentage of the voting stock of each Designated Obligor (other than BL) set forth on Schedule IV attached hereto.
(o)    Restrictions on Designated Obligors.  There is no legal or regulatory restriction on the ability of any Designated Obligor to pay dividends to the Guarantor out of earnings at such times as such Designated Obligor is not deemed to be insolvent pursuant to the laws of its jurisdiction of incorporation nor any legal or regulatory restriction preventing the Guarantor from converting such dividend payments to Dollars.
(p)    Federal Regulations.  No part of the proceeds of any advances under the Investor Certificates will be used for "purchasing" or "carrying" any "margin 
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stock" within the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System of the United States as now and from time to time hereafter in effect.
(q)    Investment Company Act.  The Guarantor is not an "investment company", or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended.
(r)    Solvency.  The Guarantor is, individually and together with its Subsidiaries, Solvent.
(s)    Consideration.  The Guarantor has received, or will receive, direct or indirect benefit from the making of this Guaranty.  The Guarantor has, independently and without reliance upon the Administrative Agent or any Lender and based on such documents and information it has deemed appropriate, made its own credit analysis and decision to enter into this Guaranty.
(t)    Sanctions.  
(i)    To the best of the knowledge of the Responsible Officers of the Guarantor, the Guarantor and its Subsidiaries are, to the extent applicable, in compliance in all material respects with Sanctions and Anti-Corruption Laws.
(ii)    To the best of the knowledge of the Responsible Officers of the Guarantor, the Guarantor is not, and no Subsidiary and no director or senior officer of the Guarantor or any Subsidiary, is any of the following:
(a)    a Restricted Party;
(b)    a Person owned 50% or more or controlled by, or acting on behalf of, any Restricted Party or Restricted Parties; or
(c)    a Person that commits, threatens or conspires to commit or support “terrorism” as defined in the Executive Order.
(iii)    The Guarantor has implemented and maintains in effect policies and procedures designed to promote and achieve continued compliance by the Guarantor, its Subsidiaries and their respective directors, officers and employees with applicable Anti-Corruption Laws and Sanctions.
The foregoing representations in this Section 7(t) will not apply to any party hereto to which Council Regulation (EC) 2271/96 (the “Blocking Regulation”) applies, if and to the extent that such representations are or would be unenforceable by or in respect of that party pursuant to, or would otherwise result in a breach and/or violation of, (i) any provision of the Blocking Regulation (or any law or regulation implementing the Blocking Regulation in any member state of the European Union) or (ii) any similar blocking or anti-boycott law in the United Kingdom.
(u)    Financial Institution.  Neither the Guarantor nor any of its Subsidiaries is an EEA Financial Institution or a UK Financial Institution.
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The Guarantor agrees that the foregoing representations and warranties shall be deemed to have been made by the Guarantor on the date hereof and the date of each borrowing by BLFC under the Credit Agreement, on and as of all such dates.
Section 8.    Covenants.
8.1    Affirmative Covenants.  The Guarantor hereby agrees that, so long as (i) any Loan remains outstanding and unpaid or any other amount is owing to the Administrative Agent or any Lender under the Credit Agreement or (ii) the Participations have not been terminated:
(a)    Financial Statements.  The Guarantor shall furnish to the Administrative Agent (who shall furnish a copy to each Lender):
(i)    promptly after each annual meeting of the Guarantor, but in any event within one hundred and twenty (120) days after the end of each fiscal year of the Guarantor, a copy of the audited consolidated balance sheet of the Guarantor and its consolidated Subsidiaries at the end of such year and related audited consolidated statements of income and retained earnings and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, certified by independent public accountants reasonably acceptable to the Administrative Agent;
(ii)    as soon as available, but in any event not later than sixty (60) days after the end of each of the first three quarters of each fiscal year of the Guarantor, the unaudited consolidated balance sheet of the Guarantor as at the end of such quarter and the related unaudited consolidated statement of income for such quarter and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures for the previous year, each in the form reasonably acceptable to the Administrative Agent, certified by the chief financial officer of the Guarantor; and
(iii)    such additional financial and other information as the Administrative Agent (at the request of any Lender or otherwise) may from time to time reasonably request;
all such financial statements furnished under clause (i) above to be complete and correct in all material respects and prepared in reasonable detail in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein); provided, however, that the Guarantor shall not be required to deliver the financial statements described under clauses (i) and (ii) above if such statements are available within the time period required by applicable Requirements of Law on EDGAR or from other public sources.
(b)    Quarterly Compliance Certificates.  The Guarantor shall, within sixty (60) days after the end of each of the first three fiscal quarters of each fiscal year and one hundred and twenty (120) days after the end of each fiscal year, furnish to the Administrative Agent its certificate signed by its chief financial officer, treasurer or controller stating that, to the best of such officer's knowledge, during such period each of the Guarantor and BLFC has observed or performed all of its covenants and other agreements, and satisfied every condition contained in this Guaranty and the other Loan 
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Documents and Transaction Documents and any other related documents to be observed, performed or satisfied by each of them, and that such officer has obtained no knowledge of any Series 2002-1 Early Amortization Event, Potential Series 2002-1 Early Amortization Event, Event of Default or Default except as specified in such certificate and showing in reasonable detail the calculations evidencing compliance with the covenants in subsection 8.2(a).
(c)    Conduct of Business and Maintenance of Existence.  The Guarantor shall, and shall cause each of the Designated Obligors to:  (i) except as permitted by subsection 8.2(b), preserve, renew and keep in full force and effect its corporate existence; and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except where the failure to maintain the same would not have a Material Adverse Effect.
(d)    Compliance with Laws and Contractual Obligations; Authorization.  The Guarantor shall, and shall cause each of its Subsidiaries to, comply in all respects with all Requirements of Law and Contractual Obligations, except where failure to so comply would not have a Material Adverse Effect, and the Guarantor shall obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorizations, approvals, licenses and consents required in or by any applicable laws and regulations to enable it lawfully to enter into and perform its obligations under this Guaranty or to ensure the legality, validity, enforceability or admissibility in evidence of this Guaranty and the other Loan Documents and Transaction Documents.
(e)    Maintenance of Property; Insurance.  The Guarantor shall, and shall cause each of its Subsidiaries to, keep all property useful and necessary in its business in good working order and condition, except where failure to do so would not have a Material Adverse Effect; and maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks as are customary for the Guarantor's type of business.
(f)    Inspection of Property; Books and Records.  The Guarantor shall, and shall cause each of the Designated Obligors to, keep proper books of records and account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities; and permit representatives of the Administrative Agent and each Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any time and as often as may reasonably be desired, provided that the Administrative Agent and each Lender has given reasonable prior written notice and the Administrative Agent and each Lender has executed a confidentiality agreement reasonably satisfactory to the Guarantor.
(g)    Notices.  The Guarantor shall give notice to the Administrative Agent promptly after becoming aware of the same, of (i) the occurrence of any Series 2002-1 Early Amortization Event, Potential Series 2002-1 Early Amortization Event, Event of Default or Default, including any steps taken to remedy or mitigate the effect of such default; (ii) any changes in taxes, duties or other fees of Bermuda or any political subdivision or taxing authority thereof or any change in any laws of Bermuda, in each case, that may affect any payment due under this Guaranty or the other Loan Documents and Transaction Documents; (iii) any change in the Guarantor's, BLFC's or the Master Trust's public or private rating by S&P or Moody's; (iv) any development or event which 
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has had, or which the Guarantor in its good faith judgment believes will have, a Material Adverse Effect; and (v) any change in the information provided in the Beneficial Ownership Certification of BLFC provided to the Administrative Agent or any Lender that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification. 
(h)    Pari Passu Obligations.  The Guarantor shall ensure that its obligations hereunder at all times constitute direct, general obligations of the Guarantor ranking at least pari passu in right of payment with all other unsecured, unsubordinated Indebtedness (other than Indebtedness that is preferred by mandatory provisions of law) of the Guarantor.
(i)    Maintenance of Designated Obligors.  The Guarantor will not and will not permit any of its Subsidiaries directly or indirectly to convey, sell, transfer or otherwise dispose of, or grant any Person an option to acquire, in one transaction or a series of transactions more than 50% of the voting stock of a Designated Obligor (other than BL) unless such conveyance, sale, transfer or disposition does not cause a Series 2002-1 Early Amortization Event, Potential Series 2002-1 Early Amortization Event, Event of Default or Default and either (i) such conveyance, sale, transfer or disposition is among the Guarantor and its Subsidiaries or (ii) (A) the Guarantor or such Subsidiary uses the net proceeds of such stock conveyance, sale, transfer or disposition to repay in full the aggregate principal and interest due and owing with respect to all Intercompany Loans outstanding as to which the Designated Obligor is the Obligor and (B) to the extent such net proceeds exceed the amounts required to be paid pursuant to clause (A), the Guarantor or such Subsidiary either (1) reinvests or enters into a contract to reinvest all such excess net proceeds in productive replacement fixed assets of a kind then used or usable in the business of the Guarantor or any of its Subsidiaries or (2) uses such excess net proceeds to make payments on the Guarantor's or its Subsidiaries' other Indebtedness.
(j)    Payment of Taxes.  The Guarantor shall pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all taxes, assessments and similar governmental charges imposed on it, its incomes, profits or properties, except where (i) the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves to the extent required by GAAP with respect thereto have been provided on the books of the Guarantor or (ii) the nonpayment of all such taxes, assessments and charges in the aggregate would not reasonably be expected to have a Material Adverse Effect.
(k)    Environmental Laws.  Unless, in the good faith judgment of the Guarantor, the failure to do so would not reasonably be expected to have a Material Adverse Effect, the Guarantor will comply in all material respects, and cause each of its Subsidiaries to comply in all material respects, with the requirements of all applicable Environmental Laws and will immediately pay or cause to be paid all costs and expenses incurred in such compliance, except such costs and expenses which are being contested in good faith by appropriate proceedings if the Guarantor or such Subsidiary, as applicable, is maintaining adequate reserves (in the good faith judgment of the management of the Guarantor) with respect thereto in accordance with GAAP.  Unless the failure to do so would not reasonably be expected to have a Material Adverse Effect, the Guarantor shall not, nor shall it permit or suffer any of its Subsidiaries to, generate, use, manufacture, refine, transport, treat, store, handle, dispose of, transfer, produce or process Hazardous Materials other than in the ordinary course of business and in material compliance with 
    12

all applicable Environmental Laws, and shall not, and shall not permit or suffer any of its Subsidiaries to, cause or permit, as a result of any intentional or unintentional act or omission on the part of the Guarantor or any Subsidiary thereof, the installation or placement of Hazardous Materials in material violation of or actionable under any applicable Environmental Laws onto any of its property or suffer the material presence of Hazardous Materials in violation of or actionable under any applicable Environmental Laws on any of its property without having taken prompt steps to remedy such violation.  Unless its failure to do so would not reasonably be expected to have a Material Adverse Effect, the Guarantor shall, and shall cause each of its Subsidiaries to, promptly undertake and diligently pursue to completion any investigation, study, sampling and testing, as well as any cleanup, removal, remedial or other action required of the Guarantor or any Subsidiary under any applicable Environmental Laws in the event of any release of Hazardous Materials.
(l)    ERISA.  The Guarantor shall give to the Administrative Agent the following notices and documents (provided that, solely with respect to clauses (i), (ii) and (iii) below, the Guarantor shall only be obligated to provide such notices and documents to the extent that any of the events or occurrences described in such clauses is reasonably expected to result in a material liability):  
(i)    ERISA Events.  Promptly and in any event within ten (10) days after the Guarantor or any of its ERISA Affiliates knows or has reason to know that any ERISA Event has occurred, a statement of the chief financial officer of the Guarantor or such ERISA Affiliate describing such ERISA Event and the action, if any, that the Guarantor or such ERISA Affiliate has taken and proposes to take with respect thereto;
(ii)    Plan Terminations.  Promptly and in any event within two (2) Business Days after receipt thereof by the Guarantor or any of its ERISA Affiliates, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any Plan; and
(iii)    Multiemployer Plan Notices.  Promptly and in any event within five (5) Business Days after receipt thereof by the Guarantor or any of its ERISA Affiliates from the sponsor of a Multiemployer Plan, copies of each notice concerning (A) the imposition of Withdrawal Liability by any such Multiemployer Plan, or (B) the reorganization or termination, within the meaning of Title IV of ERISA, of any such Multiemployer Plan or (C) the amount of liability incurred by the Guarantor or any of its ERISA Affiliates in connection with any event described in clause (A) or (B) above.
(iv)    Additional Multiemployer Plan Notices. Promptly upon request, copies of (A) any documents described in Section 101(k) of ERISA that the Guarantor or any of its ERISA Affiliates may request with respect to any Multiemployer Plan, and (B) any notices described in Section 101(l) of ERISA that the Guarantor or any of its ERISA Affiliates may request with respect to any Multiemployer Plan; provided, that if the Guarantor or the applicable ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, upon the request of the Administrative Agent, which request shall not be more frequent than once during any twelve (12) month period, the Guarantor or applicable ERISA Affiliate shall 
    13

promptly make a request for such documents or notices and shall provide copies of such documents and notices promptly and in any event within five (5) Business Days after receipt thereof.
(m)    Sanctions Actions or Investigations.  Promptly upon a Responsible Officer of the Guarantor becoming aware that the Guarantor or any of its Subsidiaries has received formal notice that it has become the subject of any material action or investigation under any Sanctions, the Guarantor shall, to the extent permitted by law, supply to the Administrative Agent details of any such material action or investigation.
(n)    Anti-Corruption and Sanctions Compliance Policies and Procedures.  The Guarantor will maintain in effect policies and procedures designed to promote and achieve continued compliance by the Guarantor, its Subsidiaries and their respective directors, officers and employees with applicable Anti-Corruption Laws and Sanctions.
8.2    Negative Covenants.  The Guarantor hereby agrees that, so long as (i) any Loan remains outstanding and unpaid or any other amount is owing to the Administrative Agent or any Lender under the Credit Agreement or (ii) the Participations have not been terminated:
(a)    Financial Covenants.  The Guarantor shall not at any time permit:
(i)    the ratio of its Total Consolidated Current Assets to Adjusted Total Consolidated Current Liabilities, each as calculated at the end of each fiscal quarter of the Guarantor, to be less than 1.1 to 1.0 (to be tested quarterly);
(ii)    the ratio of its consolidated Adjusted Net Debt to consolidated Adjusted Capitalization (each as calculated at the end of each fiscal quarter of the Guarantor) to be greater than 0.635:1.0 (to be tested quarterly); and
(iii)    the aggregate outstanding principal balance of all Secured Indebtedness (excluding any Permitted Secured Indebtedness) incurred by the Guarantor and its Subsidiaries to be greater than an amount equal to seven and one half percent (7.5%) of the Total Tangible Assets of the Guarantor and its Subsidiaries, as calculated at the end of each fiscal quarter of the Guarantor and as determined in accordance with GAAP (to be tested quarterly).
(b)    Limitation of Fundamental Changes.  The Guarantor shall not enter into any transaction of merger, consolidation or amalgamation (other than any merger or amalgamation of any Subsidiary with and into the Guarantor so long as the Guarantor shall be the surviving, resulting or continuing company) or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all of its property, business or assets.
(c)    Restrictions on Dividends or Loans by Designated Obligors.  The Guarantor shall not permit any Designated Obligor to enter into any agreement restricting the payment of dividends or the making of loans by it to the Guarantor or to any other Designated Obligor, except that the Guarantor may permit a Designated Obligor to be party to agreements (i) limiting the payment of dividends by such Designated Obligor 
    14

following a default or an event of default under such agreement and (ii) requiring the compliance by such Designated Obligor with specified net worth, working capital or other similar financial tests and (iii) restricting loans to be made by such Designated Obligor to any other Obligor or the Guarantor to such loans which accrue interest at a rate greater than or equal to such lending Designated Obligor's average cost of funds as determined in good faith by the Board of Directors of such Designated Obligor.
(d)    Intercompany Loans.  Notwithstanding any provision to the contrary set forth in the Transaction Documents (including, without limitation, clause (s) of the definition of “Eligible Loan” in Annex X), the Guarantor (i) shall not permit any Seller to sell, transfer, assign or otherwise convey any Intercompany Loan to Bunge Funding under the Sale Agreement that has a maturity in excess of six (6) years and (ii) shall either cause a Seller, Bunge Funding or the Trustee to demand repayment of all outstanding principal and accrued interest under each Intercompany Loan or cause a Seller to refinance such amounts by making a new Intercompany Loan to the applicable Obligor within six (6) years from the date of such Intercompany Loan.
(e)    Anti-Money Laundering.    The Guarantor will not knowingly conduct its operations in violation of any applicable financial recordkeeping and reporting requirements of the U.S. Bank Secrecy Act, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any applicable authority (collectively, the “Money Laundering Laws”), and no action or inquiry by or before any authority involving the Guarantor with respect to Money Laundering Laws is pending or, to the best of the knowledge of the Responsible Officers of the Guarantor, is threatened.
(f)    Sanctions and Anti-Corruption.    The Guarantor will not knowingly use, or permit any of its Subsidiaries to use, any funds derived from any activity that would violate Sanctions or any Anti-Corruption Laws to pay any of the obligations under the Loan Documents.
The foregoing covenants in this Section 8.2(f) will not apply to any party hereto to which the Blocking Regulation applies, if and to the extent that such covenants are or would be unenforceable by or in respect of that party pursuant to, or would otherwise result in a breach and/or violation of, (i) any provision of the Blocking Regulation (or any law or regulation implementing the Blocking Regulation in any member state of the European Union) or (ii) any similar blocking or anti-boycott law in the United Kingdom.
8.3    Use of Websites.
(a)    The Guarantor may satisfy its obligation to deliver any public information to the Lenders by posting this information onto an electronic website designated by the Guarantor and the Administrative Agent (the "Designated Website") by notifying the Administrative Agent (i) of the address of the website together with any relevant password specifications and (ii) that such information has been posted on the website; provided, that in any event the Guarantor shall supply the Administrative Agent with one copy in paper form of any information which is posted onto the website.
(b)    The Administrative Agent shall supply each Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Guarantor and the Administrative Agent.
    15

(c)    The Guarantor shall promptly upon becoming aware of its occurrence notify the Administrative Agent if:
(i)    the Designated Website cannot be accessed due to technical failure;
(ii)    the password specifications for the Designated Website change;
(iii)    any new information which is required to be provided under this Guaranty is posted onto the Designated Website; 
(iv)    any existing information which has been provided under this Guaranty and posted onto the Designated Website is amended; or
(v)    the Guarantor becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software.  
If the Guarantor notifies the Administrative Agent under Section 8.3(c)(i) or Section 8.3(c)(v) above, all information to be provided by the Guarantor under this Guaranty after the date of that notice shall be supplied in paper form unless and until the Administrative Agent is satisfied that the circumstances giving rise to the notification are no longer continuing.
Section 9.    Amendments.  No amendment or waiver of any provision of this Guaranty nor consent to any departure by the Guarantor therefrom shall in any event be effective unless such amendment or waiver shall be in writing and signed by the Guarantor and the Administrative Agent (who shall act following the receipt of the consent of the Required Lenders).  Such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
Section 10.    Notices, Etc.  All notices, demands, instructions and other communications required or permitted to be given to or made upon any Person pursuant hereto shall be in writing and shall be personally delivered or sent by registered, certified or express mail, postage prepaid, return receipt requested, by recognized overnight courier service or by facsimile transmission, and shall be deemed to be given for purposes of this Guaranty, in the case of a notice sent by registered, certified or express mail, or by recognized overnight courier service, on the date that such writing is actually delivered to the intended recipient thereof in accordance with the provisions of this Section 10, or in the case of facsimile transmission, when received and telephonically confirmed. Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section 10, notices, demands, instructions and other communications in writing shall be given to or made upon the subject parties at their respective Notice Addresses (or to their respective facsimile transmission numbers) or at such other address or number as any party may notify to the other parties in accordance with the provisions of this Section 10.
Section 11.    No Waiver; Remedies.  No failure on the part of the Administrative Agent to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.
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Section 12.    Costs and Expenses.  The Guarantor agrees to pay, and cause to be paid, on demand all costs and expenses actually incurred by the Administrative Agent in connection with the enforcement of this Guaranty including, without limitation, the fees and out of pocket expenses of outside counsel to the Administrative Agent with respect thereto. The agreements of the Guarantor contained in this Section 12 shall survive the payment of all other amounts owing hereunder or under any of the other Guaranty Obligations.
Section 13.    Separability.  Should any clause, sentence, paragraph, subsection or Section of this Guaranty be judicially declared to be invalid, unenforceable or void, such decision will not have the effect of invalidating or voiding the remainder of this Guaranty, and the parties hereto agree that the part or parts of this Guaranty so held to be invalid, unenforceable or void will be deemed to have been stricken herefrom and the remainder will have the same force and effectiveness as if such part or parts had never been included herein.  
Section 14.    Captions.  The captions in this Guaranty have been inserted for convenience only and shall be given no substantive meaning or significance whatever in construing the terms and provisions of this Guaranty.
Section 15.    Successors and Assigns.  This Guaranty shall (a) be binding upon the Guarantor and its successors and assigns and (b) inure to the benefit of and be enforceable by the Administrative Agent (for the ratable benefit of the Lenders) and its successors, transferees and assigns; provided, however, that any assignment by the Guarantor of its obligations hereunder shall (i) be subject to the prior written consent of the Administrative Agent acting on the instructions of all of the Lenders at their complete discretion, and (ii) subject to the satisfaction of clause (i) above, only be made to a one hundred percent (100%) owned Affiliate of the Guarantor.  
Section 16.    Limitation by Law.  All rights, remedies and powers provided in this Guaranty may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Guaranty are intended to be subject to all applicable mandatory provisions of law which may be controlling and to be limited to the extent necessary so that they will not render this Guaranty invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law.
Section 17.    Substitution of Guaranty.  Subject to the prior written consent of the Administrative Agent acting on the instructions of all of the Lenders at their complete discretion, the Guarantor shall, during the term of this Guaranty, be permitted at its option to provide collateral to the Administrative Agent or another form of credit support as a substitute for its obligations under this Guaranty.  The Guarantor agrees to execute whatever security or credit support documents the Administrative Agent reasonably requests in order to effectuate the provisions of this Section 17.
Section 18.    GOVERNING LAW; FOREIGN PARTY PROVISIONS.  
(a)    THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
(b)    Consent to Jurisdiction.  The Guarantor irrevocably submits to the non-exclusive jurisdiction of any New York state or U.S. federal court sitting in the 
    17

Borough of Manhattan, The City of New York, in any action or proceeding relating to its obligations, liabilities or any other matter arising out of or in connection with this Guaranty or the other Loan Documents and Transaction Documents.  The Guarantor hereby irrevocably agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York state or U.S. federal court.  The Guarantor also hereby irrevocably waives, to the fullest extent permitted by law, any objection to venue or the defense of an inconvenient forum to the maintenance of any such action or proceeding in any such court.
(c)    Appointment for Agent for Service of Process.  The Guarantor hereby (i) irrevocably designates and appoints its chief financial officer (from time to time) at its principal executive offices at 1391 Timberlake Manor Parkway, Chesterfield, Missouri 63017 (the "Authorized Agent"), as its agent upon which process may be served in any suit, action or proceeding related to this Guaranty and represents and warrants that the Authorized Agent has accepted such designation and (ii) agrees that service of process upon the Authorized Agent and written notice of said service to the Guarantor mailed or delivered by a recognized international courier service (with proof of delivery) to its Secretary or any Assistant Secretary at its office at 1391 Timberlake Manor Parkway, Chesterfield, Missouri 63017, shall be deemed in every respect effective service of process upon the Guarantor in any such suit or proceeding.  The Guarantor further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of the Authorized Agent in full force and effect so long as the Guaranty is in existence.
(d)    Waiver of Immunities.  To the extent that the Guarantor or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Guaranty or any other Loan Documents and Transaction Documents, the Guarantor hereby irrevocably and unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents to such relief and enforcement.
(e)    Taxes.  
(i)      Any payments by or on behalf of the Guarantor to the Administrative Agent hereunder shall be made free and clear of, and without deduction or withholding for or on account of, any Taxes; provided, that if any Taxes are required to be deducted or withheld from any amounts payable to the Administrative Agent, as determined in good faith by the applicable Withholding Agent, (x) the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and (y) if such Tax is an Indemnified Tax, then the sum payable by the Guarantor to the Administrative Agent shall be increased to the extent necessary so that after such 
    18

deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section), the Administrative Agent receives an amount equal to the sum it would have received had no such withholding or deduction been made.
(ii)    Whenever any Indemnified Taxes are payable by the Guarantor, as promptly as possible thereafter the Guarantor shall send to the Administrative Agent for its own account or for the account of the relevant Lender, as the case may be, a certified copy of an original official receipt received by the Guarantor showing payment thereof, a copy of the tax return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. The Guarantor shall indemnify the Administrative Agent (for its own benefit or for the benefit of a Lender), within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by the Administrative Agent or any Lender or required to be withheld or deducted from a payment to the Administrative Agent or any Lender and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Guarantor by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.
(iii)    If any Lender (or participant) is entitled to an exemption from or reduction of withholding Tax with respect to payments made hereunder, the Administrative Agent shall obtain from such Lender and shall deliver to the Guarantor, at the time or times prescribed by applicable law or reasonably requested by the Guarantor, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate, provided that such Lender (or participant) is legally entitled to complete, execute and deliver such documentation and in such Lender’s (or participant’s) reasonable judgment such completion, execution or submission would not materially prejudice the legal or commercial position of such Lender (or participant).
(iv)    If the Administrative Agent or a Lender determines, in its sole good faith discretion, that it has received a refund of any Indemnified Taxes as to which the Administrative Agent has been indemnified by the Guarantor or with respect to which the Guarantor has paid additional amounts pursuant to this Section 18(e), the Administrative Agent (on its own behalf or on behalf of such Lender) shall pay to the Guarantor an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Guarantor under this Section 18(e) with respect to Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Guarantor agrees to pay, upon the request of the Administrative Agent, the amount paid over to the Guarantor pursuant to this Section 18(e)(iv) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent (for its own benefit or for the benefit of 
    19

such Lender) in the event that the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 18(e)(iv), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 18(e)(iv) the payment of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 18(e)(iv) shall not be construed to require the Administrative Agent or a Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Guarantor.
(f)    Judgment Currency.  The obligations of the Guarantor in respect of any sum due to the Administrative Agent or any Lender hereunder or any holder of the obligations owing hereunder (the "Applicable Creditor") shall, notwithstanding any judgment in a currency (the "Judgment Currency") other than the currency in which such sum is stated to be due hereunder (the "Agreement Currency"), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the Guarantor as a separate obligation and notwithstanding any such judgment, agrees to indemnify the Applicable Creditor against such loss.  The obligations of the Guarantor contained in this Section shall survive the termination of this Guaranty and the Credit Agreement and the payment of all other amounts owing hereunder and thereunder.
Section 19.    WAIVER OF JURY TRIAL.  THE GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR FOR ANY TRANSACTIONS CONTEMPLATED BY THIS GUARANTY AND FOR ANY COUNTERCLAIM THEREIN.  THE GUARANTOR ACKNOWLEDGES THAT (A) THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS GUARANTY, (B) IT HAS RELIED ON THIS WAIVER IN ENTERING INTO THIS GUARANTY AND (C) IT WILL CONTINUE TO RELY ON THIS WAIVER IN FUTURE DEALINGS RELATED TO THIS GUARANTY.  THE GUARANTOR REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL ADVISERS AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS AFTER CONSULTATION WITH ITS LEGAL ADVISERS.  IN THE EVENT OF ANY LEGAL PROCEEDING RELATING TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR FOR ANY TRANSACTIONS CONTEMPLATED BY THIS GUARANTY, THIS GUARANTY MAY BE FILED AS EVIDENCE OF THE GUARANTOR’S WAIVER OF A TRIAL BY JURY.
Section 20.    Reinstatement.  This Guaranty shall be reinstated to the extent of payments made to the Guarantor as reimbursement of amounts advanced by the Guarantor hereunder.  The Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any part of any payment of principal of, or interest 
    20

on, the Guaranty Obligations is stayed, rescinded or must otherwise be restored by the Administrative Agent upon the bankruptcy or reorganization of BLFC or any other Person.
Section 21.    Rabobank Conflict Waiver.  Rabobank acts as Administrative Agent and Lender and may provide other services or facilities from time to time (the "Rabobank Roles").  The Guarantor and each other party hereto acknowledges and consents to any and all Rabobank Roles, waives any objections it may have to any actual or potential conflict of interest caused by Rabobank acting as Administrative Agent or as Lender hereunder and acting as or maintaining any of the Rabobank Roles, and agrees that in connection with any Rabobank Role, Rabobank may take, or refrain from taking, any action which it in its discretion deems appropriate.
Section 22.    Setoff.  In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence of an Event of Default or a Series 2002-1 Early Amortization Event, each Lender is hereby authorized at any time or from time to time, without notice to the Guarantor or to any other Person, any such notice being hereby expressly waived to the extent permitted by applicable law, to set off and to appropriate and apply any and all deposits (general or special) and any other indebtedness at any time held or owing by such Lender, to or for the credit or the account of the Guarantor against and on account of the obligations and liabilities of the Guarantor to such Lender, as applicable, under this Guaranty or any other Loan Document, including, without limitation, all claims of any nature or description arising out of or connected with this Guaranty or any other Loan Document, irrespective of whether or not such Lender shall have made any demand hereunder and although said obligations, liabilities or claims, or any of them, shall be contingent or unmatured.
If any Lender, whether by setoff or otherwise, has payment made to it under this Guaranty or any other Loan Document upon its Loans in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Loans held by the other Lenders so that after such purchase each Lender will hold its ratable proportion of Loans.
[Signature Page Follows]
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IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed by its officers thereunto duly authorized, as of the date first written above.
GUARANTOR:
BUNGE LIMITED,
a Bermuda company

By: /s/ Rajat Gupta
Name: Rajat Gupta
Title:   Treasurer

By: /s/ Lisa Ware-Alexander
Name: Lisa Ware-Alexander
Title:   Secretary

			
	[Signature Page to Bunge Limited Guaranty]

Schedule I
Material Adverse Effect
None.
    SI-1

Schedule II
Environmental Matters
This Schedule II to the Guaranty hereby incorporates by reference all disclosures related to environmental matters set forth in (i) the Guarantor's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed by the Guarantor on February 24, 2022 and (ii) the Guarantor's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022, which was filed by the Guarantor on April 27, 2022.

    SII-1

Schedule III
Defaulted Facilities
None.
    SIII-1

Schedule IV
Designated Obligors
    Name    Percentage Directly or Indirectly
                       Owned by BL
    Bunge Limited    --
    Bunge Global Markets Inc.        100%
    Bunge N.A. Holdings, Inc.    100%
    Bunge North America, Inc.    100%
    Koninklijke Bunge B.V.    100%
    Bunge Argentina S.A.    100%
    Bunge S.A.    100%
    Bunge Alimentos S.A.    100%
    Bunge Fertilizantes S.A. (Brazil)    100%
    Bunge International Commerce Ltd.     100%
    Bunge Trade Limited (successor    100%
to Bunge Fertilizantes International Limited)
    SIV-1 

Schedule V
Material Contingent Liabilities and Material Disposition or Acquisition of Assets
This Schedule V to the Guaranty hereby incorporates by reference all disclosures set forth in (i) the Guarantor's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed by the Guarantor on February 24, 2022 and (ii) the Guarantor's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022, which was filed by the Guarantor on April 27, 2022. 

    SV-1 

Schedule VI
Material Litigation
This Schedule VI to the Guaranty hereby incorporates by reference all disclosures related to legal proceedings set forth in (i) the Guarantor's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed by the Guarantor on February 24, 2022 and (ii) the Guarantor's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022, which was filed by the Guarantor on April 27, 2022.

    SVI-1

ANNEX A
"Adjusted Capitalization":  the sum of the Guarantor's Consolidated Net Worth and the Guarantor's consolidated Adjusted Net Debt.
"Adjusted Net Debt":  with respect to any Person on any date of determination, (a) the aggregate principal amount of Indebtedness of such Person on such date (including, without limitation, letter of credit obligations of such Person) minus (b) the sum of all cash, time deposits, marketable securities and Liquid Inventory of such Person on such date.
“Adjusted Total Consolidated Current Liabilities”: (a) the total consolidated current liabilities of the Guarantor and its consolidated Subsidiaries determined on a consolidated basis in accordance with GAAP minus (b) the total letter of credit obligations under any trade structured finance program of the Guarantor and its consolidated Subsidiaries minus (c) the total sum of all drawings under any revolving credit facility that has a maturity, as of any test date, greater than or equal to twelve (12) months from such test date minus (d) any drawings under a commercial paper program, including the Commercial Paper (as defined in Annex X), so long as the drawn portion thereunder is supported by undrawn commitments under a revolving credit facility, including the Liquidity Agreement (as defined in Annex X) that has a maturity, as of any test date, greater than or equal to twelve (12) months from such test date.
"Anti-Corruption Laws": all laws, rules and regulations of any jurisdiction applicable to the Guarantor or any of its Subsidiaries from time to time concerning or relating to bribery or corruption. 
"BL": as defined in the preamble hereto.
"BLFC":  Bunge Limited Finance Corp., a Delaware corporation, and its successors and permitted assigns.
"Blocking Regulation":  as defined in subsection 7(t).
"Bunge Funding": Bunge Funding, Inc., a Delaware corporation, and its successors and permitted assigns.
"Consolidated Net Worth":  the Net Worth of the Guarantor and its consolidated Subsidiaries determined on a consolidated basis in accordance with GAAP, plus minority interests in Subsidiaries.
"Credit Agreement":  as defined in the preamble hereto.
"Dollars" and "$":  dollars in lawful currency of the United States.
"EDGAR": the Electronic Data-Gathering, Analysis and Retrieval system, which performs automated collection, validation, indexing and forwarding of submissions by Persons who are required by law to file forms with the U.S. Securities and Exchange Commission. 
"Environmental Claim":  any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of non-compliance or violation, investigations or proceedings relating in any way to any Environmental Law or any permit issued under any such law (hereinafter "Claims"), including, without limitation, (a) any and all Claims by governmental 
    Annex A - 1 

or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable Environmental Law and (b) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting or arising from alleged or actual injury or threat of injury to the environment by reason of a violation of or liability arising under any Environmental Law.
“Excluded Taxes”:  has the meaning assigned to such term in the Credit Agreement, provided, however, that, for the avoidance of doubt, such term shall include the Taxes set forth in such definition that are imposed on, or required to be withheld or deducted from a payment to, the Administrative Agent or any Lender under any Loan Document.  
"Guarantor": as defined in the preamble hereto.
"Guaranty":  as defined in the preamble hereto.
"Guaranty Obligations":  as defined in Section 2.
"Hazardous Materials":  (a) any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become friable, urea formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing levels of polychlorinated biphenyls, and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of "hazardous substances," "hazardous waste," "hazardous materials," "extremely hazardous waste," "restricted hazardous waste," "toxic substances," "toxic pollutants," "contaminants," or "pollutants," or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance, exposure to which is prohibited, limited or regulated by any governmental authority having jurisdiction over the Guarantor or its Subsidiaries and the manufacturing, trading or extraction of which constitutes a material portion of the business of the Guarantor or any of its Subsidiaries.
“Indemnified Taxes”:  (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of BLFC or the Guarantor under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.
"Intercompany Loans":  Loans, as defined in Annex X to the Pooling Agreement.
"Investor Certificates":  as defined in Annex X to the Pooling Agreement.
"Judgment Currency":  as defined in subsection 18(f).
"Liquid Inventory":  as to the Guarantor and its consolidated Subsidiaries at any time, its inventory at such time of commodities which are traded on any recognized commodities exchange, valued depending on the type of such commodity at either (a) the lower of cost or the market value at such time or (b) the market value at such time.
"Net Worth":  with respect to any Person, the sum of such Person's capital stock, capital in excess of par or stated value of shares of its capital stock, retained earnings and any other account which, in accordance with GAAP, constitutes stockholders' equity, excluding any treasury stock.
    Annex A - 2 

"Notice Address": 
									
	Administrative Agent:		Rabobank Coöperatieve U.A., New York Branch 
245 Park Avenue, 38th Floor
New York, New York 10167-0062
Attention: Anna Marie Ybanez, Agency Services               Phone: 212-574-7334
Fax: 914-304-9327  
Email: fm.am.SyndicatedLoans@rabobank.com 
with a copy to: Annamarie.Ybanez@rabobank.com

	Guarantor:		Bunge Limited
1391 Timberlake Manor Parkway
Chesterfield, Missouri 63017
Attention: Treasurer
Tel. No: (636) 292-3029
Telecopy: (636) 292-4029

"Obligor": as defined in Annex X to the Pooling Agreement.
“OFAC”:  the Office of Foreign Assets Control of the U.S. Department of the Treasury.
"Permitted Secured Indebtedness":  any Secured Indebtedness that:
(a) is secured by any mechanic, laborer, workmen, repairmen, materialmen, supplier, carrier, warehousemen, landlord or vendor Lien or any other Lien provided for by mandatory provisions of law, any order, attachment or similar legal process arising in connection with a court or other similar proceeding, any tax, charge or assessment ruling or required by any Governmental Authority under any other similar circumstances; 
(b) is incurred or assumed solely for the purpose of financing all or any part of the cost of constructing or acquiring Property, and any Secured Indebtedness extending, renewing or replacing, in whole or in part Secured Indebtedness permitted pursuant to this clause (b), so long as the principal amount of the Secured Indebtedness secured by such Lien does not exceed its original principal amount; 
(c) is secured by Property existing prior to the acquisition of such Property or the acquisition of any Subsidiary that is the owner of such Property and is not incurred in contemplation of such acquisition and any Secured Indebtedness extending, renewing or replacing, in whole or in part Secured Indebtedness permitted pursuant to this clause (c), so long as the principal amount of the Secured Indebtedness secured by such Lien does not exceed its original principal amount; 

(d) is owed by any Subsidiary to the Guarantor or any other Subsidiary; 
    Annex A - 3 

(e) is secured by any accounts receivable from or invoices to export customers (including, but not limited to, Subsidiaries), any contracts to sell, purchase or receive commodities to or from export customers and any cash collateral and proceeds thereof; 
(f) is incurred pursuant to the Loan Documents or Transaction Documents; 
(g) is secured by accounts receivable and other related assets arising in connection with transfers thereof to the extent such transfers are treated as true sales; 
(h) is secured by a Lien on any checking account, saving account, clearing account, futures account, deposit account, securities account, brokerage account, custody account or other account (or on any assets held in such account), securing obligations under any agreement or arrangement related to the opening of or provision of clearing, pooling, zero-balancing, brokerage, settlement, margin or other services related to such account (or on any assets held in such account), which customarily exist on similar accounts (or on any assets held in such accounts) of corporations in connection with the opening of, or provision of clearing, pooling, zero-balancing, brokerage, settlement, margin or other services related, to such accounts; or
(i) is incurred in connection with letters of credit or other similar instruments issued in the normal course of business of the Guarantor or any Subsidiary, including without limitation, obligations under reimbursement agreements.
"Plan":  a Single Employer Plan or a Multiple Employer Plan.
"Property": any of the Guarantor’s or any Subsidiary’s present or future property including any asset, revenue, or right to receive income or any other property, whether tangible or intangible, real or personal.
"Rabobank Roles":  as defined in Section 21.
“Restricted Party”:  any person listed:
    (a) in the Annex to the Executive Order;
    (b) on the “Specially Designated Nationals and Blocked Persons” list maintained by OFAC; or
    (c) in any successor list to either of the foregoing.
"Secured Indebtedness": all Indebtedness incurred by the Guarantor and any of its Subsidiaries (without duplication) which is secured by Property pledged by the Guarantor or any Subsidiary.
“Total  Consolidated  Current  Assets”:  (a) the  total  consolidated  current  assets  of  the Guarantor and its consolidated Subsidiaries determined on a consolidated basis in accordance with GAAP, minus (b) the total time deposits under any trade structured finance program of the Guarantor and its consolidated Subsidiaries.
    Annex A - 4 

“Total Tangible Assets”:  at any date of determination, the total amount of assets of the Guarantor and its Subsidiaries (without duplication and excluding any asset owned by the Guarantor or any Subsidiary that represents an obligation of the Guarantor or any other Subsidiary to such Subsidiary or Guarantor) after deducting therefrom all goodwill, trade names, trademarks, patents, licenses, copyrights and other intangible assets.

    Annex A - 5Exhibit 10.1

 

DEALERSHIP ASSET PURCHASE AGREEMENT

 

This DEALERSHIP ASSET PURCHASE
AGREEMENT (this “Agreement”) is effective as of the ____ day of July, 2022 (the “Effective Date”),
and is among TAG Holdings, LLC, a Rhode Island limited liability company (“Buyer”), and LMP White Plains CDJR, LLC,
a New York limited liability company (“Seller”; and together with Buyer, each a “Party” and, collectively,
the “Parties”).

 

RECITALS:

 

WHEREAS, Seller owns,
controls and operates a Chrysler Jeep Dodge RAM automotive dealership and all ancillary business related thereto (the “Business”)
located at 70 Westchester Avenue, White Plains, NY 10601 (collectively, the “Dealership”), under agreements with Stellantis
(collectively, “Manufacturer”);

 

WHEREAS, Buyer and
Seller executed a letter of intent (the “LOI”) on June 9, 2022 (the “LOI Execution Date”) with respect
to the sale and transfer substantially all of the Dealership’s assets (as more particularly described in Section 2 below,
but excluding the Excluded Assets defined below, collectively, the “Assets”);

 

WHEREAS, Buyer desires
to purchase the Assets and Seller desires to sell and transfer the Assets on the terms and conditions hereinafter set forth (the “Transaction”).

 

AGREEMENT:

 

NOW, THEREFORE, in
consideration for the mutual promises contained in this Agreement, the receipt and sufficiency of which is hereby acknowledged by each
Party, the Parties as follows:

 

1. Closing Date
and Purchase Price.

 

(a)  Closing Date. Subject
to the terms and conditions set forth in this Agreement, the consummation of the transactions contemplated hereby (the “Closing”)
shall take place no later than within within (10) days of Manufacturer Approval. The date of the Closing is referred to herein as the
“Closing Date.” The Closing shall be deemed to be effective as of the opening of business on the Closing Date. The
“Closing Date Deadline” means 60 days from the Effective Date; provided, however, that if, as of the
seventh (7th) day prior to such date, the Manufacturer’s approval not been obtained, the Closing Date Deadline will
automatically be extended for thirty (30) days. Time is of the essence in connection with the Closing Date Deadline.

 

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(b)
Purchase Price. The purchase price for the Assets described in Section 2 below is $15,750,000.00 in connection
with the purchase of goodwill and FF&E (the “Goodwill Purchase Price”) plus additional purchase price for parts,
work in progress (“WIP”), and New Vehicles, Used Vehicles and Pre-Owned Vehicles (collectively, the “Vehicle
Inventories) calculated as described below (the “Additional Purchase Price,” with the Goodwill Purchase Price,
collectively the “Purchase Price”). The Additional Purchase Price will be calculated as follows:

 

(i)
New Vehicles. The purchase price for Dealership’s undamaged new and untitled 2022, 2023 and subsequent year Manufacturer
vehicles (the “New Vehicles”) is an amount equal to the actual Manufacturer’s original invoice; plus
Seller’s direct out-of-pocket cost of dealer-installed optional parts and accessories theretofore installed upon New Vehicles less
applicable dealer hold-backs, incentives paid to dealer, limited to: delivery allowance, model year change-over allowances, year end whole
sale allowance, dealer cash/rebates and incentives, and any other dealer factory incentives or allowances for which Seller has been previously
paid (collectively, the “Incentives”), less “prep” expenses for New Vehicles which have not yet
been prepared for sale; and less the cost to repair any damage to any vehicle. The purchase price of New Vehicles with more than
600 miles but less than 4,000 miles will be reduced by $0.60 per mile. New Vehicles with 4,000 or more miles will be valued as a Used
Vehicle (defined below). Seller shall disclose all known damage as well as any repairs made to any vehicle. For purposes of this Agreement,
any vehicle previously damaged, even if repaired, if the cost of repairing such damage exceeds or has exceeded One Thousand Five Hundred
($1,500), shall be considered a Used Vehicle.

 

(ii)
Pre-Owned Vehicles. The purchase price for pre-owned, company, service, and rental vehicles (the “Pre-Owned Vehicles”)
shall be priced at MMR adjusted as per CR rating, as set forth on Schedule 1(b)(ii) hereto.

 

(iii)
Used Vehicles. Buyer shall purchase all vehicles in Seller’s vehicle inventory other than the New Vehicles
and Pre-Owned Vehicles at CR based MMR. (collectively, “Used Vehicles”).

 

(iv)
 Returnable Parts and Accessories. A physical inventory of Seller’s parts and accessories will be taken in the presence
of a representative of Buyer and Seller by an inventory service mutually acceptable to Buyer and Seller, the cost of which will be borne
by the Buyer and Seller splitting the cost on a 50/50 basis (the “Inventory”). The Inventory will classify parts and accessories
as “returnable” or “non-returnable”. The terms “returnable parts” and “returnable accessories”
means only those new undamaged replacement parts and new undamaged accessories for Manufacturer vehicles which are listed (coded) in the
latest current Master Parts Price List Suggested List Prices and Dealer Prices (or other applicable similar Manufacturer price lists,
with supplements or the equivalent in effect as of the Inventory date, the “Master Price List”), as returnable to the Manufacturer
at not less than the purchase price reflected in the Master Price List and are within the limits of returnable parts established by the
Manufacturer from time to time. Buyer shall purchase from Seller, and Seller shall sell to Buyer, all of Seller’s returnable parts
and returnable accessories for an amount equal to the price listed in the Master Price List (less all applicable rebates and discounts).
At Closing the total Parts and Miscellaneous Inventory as reflected on the most recent Financial Statement and that are in their original
packaging, current and returnable and with sales in the 12 months prior to closing for an amount equal to the Manufacturer prices as reflected
in current pricing catalogs less all discounts and allowances. Seller will assign Sellers’ parts return rights to Buyer at Closing
(Return Rights). Upon Closing, Seller will be deemed to have automatically assigned, and Seller shall assign to Buyer, Seller’s
parts return rights without any further action (but Seller shall take any further action requested by Buyer or required by the Manufacturer
to implement such assignment of rights). At the request of Buyer, Seller shall use its best efforts to assist Buyer in effecting any parts
return offered by the Manufacturer (including, if necessary, applying for parts return in Seller’s name), and Seller shall promptly
pay over to Buyer any monies received from the Manufacturer related thereto. Buyer may deduct from the consideration to be paid to Seller
at the Closing Seller’s parts account outstanding balance with the Manufacturer and to pay such balance directly to the Manufacturer
for Seller’s account. Buyer will not be obligated to purchase more than one year’s supply of any part or accessory (based
on trailing one year historical sales). Buyer shall also purchase Seller’s useable gas, oil, grease and other useable inventories
for a purchase price equal to the actual dealer replacement cost (less all rebates and discounts) as mutually agreed between Buyer and
Seller. The purchase price for all other parts not addressed in this Section will equal the value thereof as mutually agreed between Buyer
and Seller.

 

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(v)
Nonreturnable Parts. All parts and accessories not coded as returnable in the Master Price List are “nonreturnable”.
The purchase price for the nonreturnable parts and accessories, non-Manufacturer, “jobber” or “NPN” parts and
accessories and nuts and bolts will be sold at 50% of dealer cost, with a cap of $100,000.

 

(vi)
Obsolete Parts. Any part or accessory with no sales in the twelve (12) months prior to Closing or which is opened, obsolete,
superseded, incomplete, or damaged parts or accessories or any parts, accessories or sheet metal shall be considered “Obsolete”.
Buyer is not obligated to any Obsolete parts or accessories; if any parts and accessories or other inventories or goods that Buyer is
not obligated to purchase hereunder are not removed from the Real Property (as hereinafter defined) within ten (10) days after the Closing
Date, such property will automatically become Assets transferred to Buyer pursuant to the Bill of Sale without additional consideration;

 

(vii)
Miscellaneous Supplies. Gas, oil, grease, works in progress, nuts and bolts (“Miscellaneous Supplies”)
shall be purchased by Buyer with the value thereof being equal to the Dealership’s cost of such items (established by invoice or
such other documentation reasonably requested by Buyer), less any incentives received or rebates received with respect thereto.

 

(c)
Earnest Money Deposit. Within three (3) business days after the Effective date Buyer shall deliver to Escrow Agent $787,500.00
as earnest money (the “Deposit”) to be held in trust by Greenberg Traurig, as Escrow Agent for and on behalf of the
Parties pursuant to this Agreement. On the Closing Date, if the Closing occurs, the Deposit will be applied to the Purchase Price. The
Deposit is non-refundable except as provided in Section 12(a) or Seller does not obtain Manufacterer’s approval as per Section 8(a).

 

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2.
Purchase and Sale.

 

(a)
Subject to the terms and conditions contained in this Agreement, upon the consummation of the transactions contemplated by this
Agreement (the “Closing”, and the date thereof, the “Closing Date”), Seller shall sell to Buyer,
and Buyer shall purchase from Seller, all of the assets, property rights, tangible and intangible, and business of each Dealership as
a going concern including but not limited to, (a) New Vehicles, Used Vehicles, Pre-Owned Vehicles, (b) Inventory, Return Rights, Nonreturnable
Parts, and Miscellaneous Supplies, (c) all sales and service files and parts records, (d) Seller’s telephone and data numbers, URL’s,
website addresses and domain names (owned or registered by or on behalf of the Dealership, ), e-mail addresses, classified telephone and
internet advertising, prospect data, customer sales, lease, finance and service records (both hard copy and electronic format (including
deal jackets), for no additional cost to Buyer), (e) Seller’s workman’s compensation and unemployment rating in the State
of New York, all lawfully transferable licenses and permits of the Dealership or Seller, (f) any rights or ownership of the Dealership
or Seller to all (i) patents, patent applications, patent disclosures and improvements, (ii) trademarks, trade, service marks, trade dress,
and logos (excluding trade names, service marks, trade dress and logos, (iii) copyrights and registrations and applications for registration
thereof, (iv) computer software, data and documentation, (v) trade secrets; and (vi) social media, directory assistance, reputation management
and e-commerce sites and accounts (including E-Bay, Facebook, Instagram, Twitter, yelp!, Dealer Rater, Edmunds and Google programs) (“Dealership
Intellectual Property”), (g) leasehold improvements and fixtures machinery and shop equipment, lifts, special diagnostic tools used
in the sales or service of vehicles and used vehicles equipment, furniture and fixtures, special diagnostic tools, supplies and other
assets used in the sales or service of vehicles (h unused internal and customer repair order forms, (i) customer lists, computer files
containing sales and service files, parts records and customer lists and all other information and documents and marketing materials and
catalogues, catalogues, service manuals, films, videos, instructional materials, vehicle literature, retail buyer’s order forms,
office and shop supplies, shop reference manuals, parts reference catalogs, all books and records necessary for the continued operation
of the Dealership (including training and promotional materials, employee records of employees hired by Buyer, P.O. boxes, third party
warranties in Seller’s favor and all licenses and rights to use all software other than Vision AST software (other than DMS systems
not assumed by Buyer) on or used in connection with any personal computer or other computing device used in connection with the Dealership,
etc.), parts sales tickets, unused purchase order forms and all other forms and (j) Seller’s so called “Blue Sky,” goodwill
and other amortizable I.R.C. Section 197 intangible assets and going concern value relating to the Dealership, (k) all of Seller’s
rights under the leases (the “Real Property Leases”) for the real property located at 70 Westchester Blvd. and 130
Westchester Blvd. White Plains, New York (collectively, the “Real Property”) and (l) Seller’s right under Section
4(c) of the Dealership Asset Purchase Agreement by and between LMP White Plains 001 Holdings, LLC, a Delaware limited liability company
or its assigns (“LMP”), Jonathan Grant, a New York resident (“Grant”), and Chrysler Jeep of White Plains, Inc.,
a New York corporation (“Seller”) to cause 70 Westchester, LLC (“Landlord”) to enter into a new lease in the form
attached hereto as Exhibit C if the Developer PSA (as hereinafter defined) is terminated (the “New Lease”),
which Lease must have an initial term of twenty (20) years with two (2), options for five (5) additional years each, and two (2) months’
rent as a security deposit (the “New Lease Rights”. The items referred to in subsections (a) through (k) being referred
to herein collectively, as the “Assets”), all of which are presently being used in the operation of each Dealership including
but not limited to the Assets as set forth on Schedule 2 and as more generally described below in this Section 2 other than: (i)
the assets listed in subsection (b) below. A mutually agreed to form of Bill of Sale and Assignment, attached as Exhibit A hereto,
executed and delivered by the Parties on the Closing Date (the “Bill of Sale”) will contain a list of all of the Assets
sold to Buyer as set forth on Schedule 2.

 

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(b) The Purchase Price shall
be allocated among the Assets as set forth on Schedule 2(b).

 

(c)
Excluded Assets & Name License. Notwithstanding anything in this Agreement to the contrary, the following assets are
not being sold pursuant to this Agreement: (i) all cash and cash equivalents, wherever located and in whatever form (unless “petty
cash” is noted on the Closing Memorandum (as hereinafter defined); (ii) promissory notes and other evidences of indebtedness; (iii)
all insurance policies; (iv) accounts receivable; (v) any claims or causes of action of Seller against third parties; (vi) tax credits
and claims for tax refunds; (vii) securities, voting or otherwise in any entity; (viii) any rights in connection with and any assets of
any employee benefit plan of Seller; (ix) the minute books and capital stock records of Seller, (x) all employment contracts, union contracts
or collective bargaining agreements relating to any employees of Seller or Seller’s operations, (xi) any contract to which Seller
is a party that is not an Assigned Contract, and (xii) any vehicle that is not included in the purchased Assets; (collectively, the “Excluded
Assets”).

 

3.
Excluded Liabilities. Notwithstanding anything contained herein to the contrary,
Buyer shall not assume, or cause to be assumed, or be deemed to have assumed or caused to have assumed or be liable or responsible for
any liabilities or obligations (whether known or unknown, fixed, absolute, matured, unmatured, accrued or contingent, now existing or
arising after the date hereof) of Seller or any of its Affiliates (other than the liabilities expressly assumed in this Agreement) including,
but not limited to, the following obligations and liabilities of Seller and its Affiliates (such obligations and liabilities not assumed
hereunder, the “Excluded Liabilities”):

 

(a)
any liabilities or obligations relating to any current or former employee or independent contractor of Seller or any of its Affiliates
(whether or not such employee is hired by Buyer following the Closing) and labor matters relating to any such current or former employee
or independent contractor including any liabilities or obligations arising out of or relating to any employee-related matter, employee-related
payment obligation, collective bargaining contract, labor negotiation, severance cost, pension plan, profit sharing plan, deferred compensation
plan, accrued holiday benefit, accrued bonus, salary, bonus plan, phantom stock award, stock option or purchase plan, employment contract,
consulting contract, any Employee Benefit Plan or any entitlements arising as a result of or in connection with the consummation of the
Purchase;

 

(b)
any Taxes (i) attributable to the purchased Assets or the Business with respect to any Pre-Closing Period or (ii) imposed
on Seller or any of its Affiliates;

 

(c)
any liabilities or obligations related to the Excluded Assets;

 

(d)
any liabilities or obligations arising out of or relating to indebtedness of Seller or any of its Affiliates;

 

(e)
any liabilities or obligations arising out of or relating to any contract which is not an Assigned Contract;

 

(f)
other than in connection with the operation of the Business after the Closing Date, any liabilities or obligations arising out
of or relating to any real property owned, leased, occupied or controlled by Seller;

 

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(g)
any Seller Transaction Expenses;

 

(h)
Seller’s contract with Reynolds and Reynolds dated June 28, 2022;

 

(i)
Subject to Section 10(k) below, Seller’s obligation to enter into a Surrender Agreement (the “Surrender Agreement”)
pursuant to that certain Purchase and Sale Agreement dated August 17, 2020 between and among Seller, Landlord and Saber-North White Plains,
LLC, a New York limited liability company (the “Developer PSA”);

 

(j)
Seller’s under Section 5(e) of the Dealership Asset Purchase Agreement by and between LMP White Plains 001 Holdings, LLC,
a Delaware limited liability company or its assigns (“LMP”), Jonathan Grant, a New York resident (“Grant”), and
Chrysler Jeep of White Plains, Inc., a New York corporation (“CJWP”) pursuant to which Seller is obligated to pay to Seller
an additional $3,500,000.00 (the “Contingent Consideration”) within five (5) business days after CJMP provides Seller written
notice (a “Termination Notice”) that Saber-North White Plains, LLC, a New York limited liability company (“Developer”)
has terminated that the Developer PSA (the “Contingent Payment Oligation”); and

 

(k)
any liabilities or obligations arising from product liability claims for which the injury or loss giving rise thereto (not just
the delivery of the notice of such claims) occurs prior to the Closing Date, including specifically all losses caused by or arising out
of any alleged design, manufacture, assembly, installation, use or sale of any products manufactured by the Factory or the Business prior
to the Closing Date, whether the commencement of any related litigation, arbitration, investigation, proceeding or claim occurs before
or after the Closing Date.

 

4.
Prorations & Assigned Contracts.

 

(a)
Prepaid Expenses & Prorations. Current personal property taxes will be prorated and adjusted between Buyer and Seller
as of the Closing Date based on the number of days in the year to which the taxes relate that each party occupies the property. If current
tax bills are unavailable on the Closing Date, the prior year’s tax bills will be used for proration purposes and taxes will be
re-prorated between Buyer and Seller when the current year’s tax bills are received. Any amounts owed by either Party with respect
to such re-proration will be paid to the other Party within ten (10) days after the determination of such re-proration. All operating
expenses (other than prepaid expenses) of the Dealership for the month of Closing will be prorated and adjusted between Buyer and Seller
as of the Closing Date based on a thirty (30) day month. To the extent possible, the Parties shall cause all utility meters to be read
on the day preceding the Closing Date. Unless the applicable utility terminates billing on Seller’s account as of the Closing Date,
utilities payable by Seller for the Dealership Property, including, but not limited to electricity, gas and water and sewer, shall be
prorated as of the Closing Date. The adjustment therefor shall be made on the basis of the most recently historical data/billings therefor
and shall be subject to final reconciliation based upon actual charges after receipt of a final bill by Seller. Buyer will make its own
arrangements for any security deposits required by any utility company, and Seller will cancel and retain any deposits previously furnished.

 

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(b)
Within sixty (60) days after the Closing Date, the Parties shall make an adjustment to the Purchase Price to reflect any customary
adjustments, additions and deletions necessary to properly reflect the categorization and/or amount of the Assets in accordance with this
Agreement. In the event the Purchase Price is adjusted, the appropriate party shall effect a wire transfer of immediately available funds
to the other party for the appropriate amount within five (5) days after the determination of the adjustment.

 

(c)
Customer Deposits & Work in Process. Upon Closing, Seller shall transfer to Buyer all customer deposits for incomplete
orders taken by Seller in the ordinary course of business. Seller shall receive a credit for all escheatable deposits, including but not
limited to security deposit on the Real Property Leases. At the Closing, Seller shall furnish Buyer with a list of such deposits (including
“we owes”, due bills, etc.), setting forth, as to each, the name and address of the customer, any goods or services owed to
the customer and the amount of the deposit, and Seller shall deliver to Buyer all documents in Seller’s possession reflecting such
deposits, we owes, due bills, etc. Seller shall credit Buyer for all we owes/due bills on the Closing Date. The Bill of Sale will contain
a list and description of such customer transactions (and Work in Process, as detailed below). Seller shall credit Buyer the actual cost
to complete all due bills. Buyer shall purchase from Seller, and Seller shall sell to Buyer, Seller’s pending service orders written
by Seller in the ordinary course of business for an amount equal to Seller’s actual cost for parts and labor for any such orders
which are in process at the opening of business on the Closing Date (“Work in Process”). Seller shall not receive the
revenue from such Work in Process. Buyer may reject (and Seller shall retain) all Work in Process where (i) the Work in Process was not
placed in the normal course of business; (ii) Seller does not possess an order signed by the customer authorizing such service, the vehicle
isn’t at the Real Property on the Closing Date or such order has been open for longer than thirty (30) days prior to the Closing
Date; (iii) the Work in Process does not provide for a profit to Buyer; or (iv) the Work in Process does not provide for cash or commercially
reasonable credit terms on delivery of the vehicle.

 

(d)
Assigned Contracts. As of the Closing Date, Seller shall assign and Buyer shall assume Seller’s contractual obligations
listed on Schedule 3(d) which are approved by Buyer during the Inspection Period hereto on the Closing Date (collectively, “Assigned
Contracts”). The term “Assigned Contracts” excludes any contract not approved by Buyer or any obligations
and liabilities arising by the Closing Date or by reason of any breach or alleged breach by Seller, regardless of when such obligation
or liability is asserted. Seller shall arrange for assignment of the Assigned Contracts at Seller’s cost. Buyer is not assuming
any liabilities or obligations of Seller other than the Assigned Contracts or agree to pay, discharge or perform any liabilities or obligations
arising out of any breach by Seller (other than with respect to a breach by Buyer) of any Assigned Contract.

 

(e)
Real Property. Seller is subject to a lease with landlord 70 Westchester, LLC, a New York limited liability company (“Landlord”),
for all of the real property comprising the Dealership premises dated August 13, 2013 (the “Existing Lease”). The Landlord
and Saber-North White Plains, LLC, a New York limited liability company (“Developer”), are parties to a Purchase and
Sale Agreement dated August 17, 2020 (as it may be amended or assigned, the “PSA”) for the real property comprising
the Dealership premises (the “Dealership Premises”). The PSA contemplates a tenant under the Existing Lease enter ino
the Surrender Agreement, pursuant to which, among other things, upon “Closing” pursuant to and as defined in the PSA
(the “PSA Closing”), the Dealership’s owner will have one (1) year to relocate the Dealership from the current
Dealership Premises. Upon Closing, (i) Seller shall assign to Buyer and Buyer assume the assume the Existing Lease and the New Lease Rights
(“Premises Lease Assignment”) and Seller shall assign to Buyer and Buyer assume the assume the the lease for the Proposed
Location (“130 Lease Assignment”).

 

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5.
Intentionally Omitted.

 

6. Seller’s Representations
& Warranties. Seller represents and warrants to Buyer on the Effective Date and the Closing Date as follows:

 

(a)
Formation. Seller is duly formed, validly existing, and in good standing under the laws of its organization and is duly
qualified to transact business in the state in which the Dealership is located.

 

(b)
Authority. Subject to the approval of Seller’s Board of Directors and Shareholders, Seller (i) has the requisite corporate
power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated
hereby, and (ii) has taken all corporate action necessary to authorize its execution and delivery of this Agreement, the performance of
its obligations hereunder and the consummation of the transactions contemplated hereunder.

 

(c)
Conflicts. The execution and delivery of this Agreement by Seller and the performance by Seller of its obligations hereunder
and the consummation by it of the transactions contemplated by this Agreement will not violate or conflict with any law, statute, ordinance,
rule, regulation, decree, writ, injunction, judgment or order of any nation or government, or any state, regional, local or other political
subdivision thereof (“Governmental Authority”).

 

(d)
Assets. Seller is the owner of, and has good and valid title to, all of the Assets except any liens described on Schedule
5(d) (which shall be satisfied at Closing). To the Knowledge of Seller, there are no special assessments against any of the Assets.
All of the fixtures and equipment used in the Business are in operating condition, ordinary wear and tear excepted, and are adequate and
suitable for the purposes for which they are presently being used.

 

(e)
Financial Statements. The Seller has delivered to Buyer the Financial Statements. Except as set forth in Schedule 5(e),
the Financial Statements have been based upon and are consistent with the information contained in the Seller’s books and records.
“Financial Statements” means Seller’s internally prepared, un-audited financial statements in the form required
by Manufacturer, for the fiscal years ended December 31, 2021, and each of the completed months thereafter through the Closing Date, The
Financial Statements are prepared in accordance with recognized industry standards and the Manufacturer’s guidelines.

 

(f)
Absense of Certain Changes. Since January 1, 2022, the Dealership has been conducted in the ordinary course and consistent
with past practice. Since January 1, 2022, Seller has not: (i) permitted or allowed any of the Purchased Assets to be subjected to any
Encumbrance, other than Permitted Encumbrances; (ii) sold, transferred, leased, subleased, licensed or otherwise disposed of any properties
or assets, real, personal or mixed (including leasehold interests and intangible property), other than (x) the sale of inventories in
the ordinary course of business consistent with past practice or (y) that are not material to Seller’s business.

 

    Page 8 of 41

    

    

 

(g)
Compliance. To the knowledge of the Seller, the Dealership complies in all material respects with, and the Dealership has
been conducted in all material respects in compliance with, all laws, rules and regulations (including all laws relating to the employment
of labor (including those related to wages, hours and the payment and withholding of Taxes and other sums as required by the appropriate
Governmental Authority), worker safety, applicable zoning, all laws, rules, regulations, and other legal requirements relating to the
prevention of pollution and the protection of the environment (collectively, “Environmental Laws”) and other laws, ordinances,
regulations and building codes (collectively, the “Laws”). The Seller is not under investigation with respect to violations
of any such Laws. There is no known physical condition existing on any property ever owned or operated by the Seller nor are there any
physical conditions existing on any other property that may have been affected by the Seller’s operations which could give rise to any
material remedial obligation under any Environmental Laws or which could result in any material liability to any third party pursuant
to any Environmental Laws.

 

(h)
Litigation. There are no actions, suits, claims, investigations or other proceedings pending and, to the Seller’s
knowledge, there is no action, suit, claim, investigation, proceeding, grievance, or controversy threatened against the Seller that could
affect the ability to convey the Purchased Assets conveyed pursuant to this Agreement.

 

(i)
Good Title. Seller is the owner of, and has, good and marketable title to all of the Assets (including intangible assets
such as websites and domain names); all of the Assets will be transferred to Buyer free and clear of all liens and encumbrances; and all
of the Assets to be sold under the terms of this Agreement are, or on the Closing Date will be, in good operating condition and repair.
Seller does not utilize any tangible or intangible personal property (e.g., websites, delivery vehicles, trade names, off-site storage
facilities, no equipment leases, etc.) or real estate in its operation of the Dealership that is not subject of the Real Property Leases.

 

(j)
Licenses. Except as would not have an adverse effect on the Buyer, Seller has maintained all licenses and permits and has
filed all registrations, reports and other documents required by local, state and federal authorities and regulating bodies in connection
with the Dealership. None of the permits or licenses used by Seller in the operation of the Dealership has been terminated or revoked
and to Seller’s Knowledge, no violations have been recorded regarding such licenses or permits, and no proceeding is pending or
threatened seeking the revocation or limitation of any of them.

 

(k)
Assigned Leases. Each of the Assigned Leases is valid, legal and binding and is in full force and effect. Seller has made
all payments due under each of the Assigned Leases through the date hereof. No event or condition has occurred and is continuing which,
with or without the lapse of time or giving of notice, constitutes, or would ripen into or become, a breach of or default under an Assigned
Leases by the Seller, or, to the Seller’s Knowledge, by any other party thereto, in any term, covenant or condition of each Assigned
Leases.

 

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(l)
Intellectual Property Rights. Except as set forth in Schedule 5(l), the Seller either owns or is otherwise entitled
to use (under a license or otherwise) all Dealership Intellecutal Property.

 

(m)
Taxes. Seller has duly filed all foreign, federal, state, county and local income, excise, sales, property, withholding,
unemployment, social security, franchise, license, information returns and other tax returns and reports, or appropriate and permitted
extensions thereto, required to be filed by it with respect to the Dealership or the Real Property. Each such return is true, correct,
and complete in all material respects, and Seller has paid all taxes, assessments, amounts, interest and penalties due to applicable Governmental
Authority. Seller has no liability for any taxes, assessments, amounts, interest or penalties of any nature whatsoever other than those
for which Seller has created sufficient reserves or made other adequate provision. No Governmental Authority is now asserting or threatening
to assert any deficiency or assessment for additional taxes, interest, penalties or fines with respect to Seller, the Dealership or the
Real Property.

 

(n) Employees. Schedule
5(n) contained a complete list of all Employees of the Dealership and their current pay plan. Seller has paid in full to all of its
employees or adequately accrued in accordance with GAAP for all wages, salaries, commissions, bonuses, benefits and other compensation
due to or on behalf of such employees; provided, that as of the Closing Date all wages, salaries, commissions, bonuses, benefits and
other compensation due to or on behalf of such employees shall be paid by Seller. There is no claim with respect to payment of wages,
salary or overtime pay that has been asserted within the past three (3) years or is now pending or threatened before any Governmental
Authority with respect to any Persons currently or formerly employed by Seller. Since January 1, 2022, Seller has not transferred, relocated
or terminated with the intentnion of rehiring at any other location owned by Seller or Principal (as hereinafter defined) any Employee
of Seller.

 

(o)
Employment Matters. Except as set forth on Schedule 5(o), and except as provided in the Union Contract, Seller has
no oral or written collective bargaining or organized labor contracts, employment agreements, bonus, deferred compensation, profit sharing,
welfare or health benefit, or retirement plan or arrangement, whether or not legally binding, nor is Seller currently paying any pension,
deferred compensation or retirement allowance to anyone. Seller has no contract for the future employment of any person. Seller is not
delinquent in payments to any of its employees for any wages, salaries, commissions, bonuses or other direct compensation for any services
performed by them or amounts required to be reimbursed to such employees. Seller has no knowledge that any Seller employee intends to
terminate his or her employment. Seller has complied in all material respects with the applicable requirements for its employee medical
and benefit plans, if any, as set forth in the Internal Revenue Code of 1986, as amended (the “Code”), and the Employee
Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder (“ERISA”), including
Section 4980B of the Code (as well as its predecessor provision, Section 162(k) of the Code) and Sections 601 through 608, inclusive,
of ERISA, which provisions are hereinafter referred to collectively as “COBRA”. There have not been any unfair labor
practice complaints or work stoppages (within the past thirty-six (36) months) and there are no present or, to Seller’s Knowledge,
threatened walkout, strike or labor disturbance involving any of Seller’s employees working primarily at the Dealership. The Seller
has taken the required actions under Applicable Law to confirm the identity and work status eligibility of its Employees. The Seller has
not received any written notice of any inspection or investigation relating to their alleged noncompliance with or violation of IRCA,
nor has or otherwise penalized for any failure to comply with IRCA or for any willful violation of any other immigration law, rule or
regulation. To the Knowledge of the Seller, there is no union campaign presently nor has there presently been nor has there previously
been conducted to solicit to employees to authorize a union to request a National Labor Relations Board certification election with respect
to any of Seller’s employees

 

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(p)
Brokers. Except for Broker, no broker, investment banker, financial advisor, consultant or other Person is entitled to any
broker’s, finder’s, financial advisor’s or other similar fee or commission in connection with this Agreement based upon
arrangements made by or on behalf of the Seller. The sole broker’s commission or finder’s fee payable as a result of the closing
of the transaction contemplated herein shall be paid by Seller at Closing to Bank of America Securities, Inc. (“Broker”)
in accordance with the separate agreements between Seller and Broker. No person other than Broker is entitled to any commission in connection
with the transactions contemplated by this Agreement.

 

(q)
Prohibited Persons. Neither Seller nor any members of the Seller: (i) appears on the Specially Designated Nationals
and Blocked Persons List of the Office of Foreign Assets Control in the United States Department of the Treasury or the Annex to United
States Executive Order 132224-Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism,
or (ii) is a prohibited party under the laws of the United States.

 

(r)
Manufacturer Matters. Except as set forth on Schedule 5(r), and except for notices which are no longer applicable,
since January 1, 2022, Manufacturer has not: (i) notified Seller of any deficiency in dealership operation, including, but not limited
to, the following areas: (a) brand imaging, or (b) facility conditions; (ii) otherwise advised Seller of a present or future need for
facility improvement or upgrades in connection with Seller’s business; (iii) notified Seller of its intent or desire to relocate
the location of or close Dealership; (iv) notified Seller of its intent to relocate any other dealership or establish or award a new franchise
for a dealership to a location that could have a material adverse impact on Dealership; (v) protested any action taken or proposed to
be taken by Dealership; or (vi) notified Seller of any Manufacturer chargebacks. Seller has not been assessed any material chargebacks
relating to any Manufacturer audit matters, including, but not limited to, matters related to the export of motor vehicles in violation
of Manufacturer policies. As of the Effective Date, the Dealership Location is operated in material compliance with applicable Manufacturer
image requirements. Seller has not received any written notice from Manufacturer concerning open point opportunities, Manufacturer market
realignments, or any other actions within a 50 mile radius of the Dealership that could reasonably be expected to have an effect on the
business of Seller and operations of the Dealership. Seller has operated Dealership in compliance with applicable Manufacturer warranty
and leasing guidelines other than as disclosed to Buyer.

 

As used in this Agreement, the phrases “Knowledge
of Seller” or “Seller’s Knowledge” means the actual knowledge of Seller’s officers, and the Dealership’s
general managers.

 

    Page 11 of 41

    

    

 

7. Buyer’s Warranties
& Representations. Buyer represents and warrants to Seller on the Effective Date and the Closing Date as follows:

 

(a)
Formation. Buyer is a Rhode Island limited liability company. Buyer’s assignee will be an entity duly formed and validly
existing with authority to conduct business in New York on the Closing Date.

 

(b)
Authority. Buyer has the requisite legal power and authority to execute and deliver this Agreement, to perform the obligations
of Buyer hereunder, and to consummate the transactions contemplated hereby, all of which have been duly authorized and approved by all
necessary entity action and for which no consent of any person or Governmental Authority is required which has not been obtained, and
no filing with or other notification to any person or Governmental Authority is required which has not been properly completed. This Agreement
constitutes the valid and legally binding obligation of Buyer, enforceable in accordance with its terms, subject only to the application
of debtor relief laws and general equitable principles.

 

(c)
Brokers or Finders. The Buyer has not incurred and will not incur any liability to any broker, finder or agent for any fees,
commissions or similar compensation with respect to the transactions contemplated herein.

 

(d)
Conflicts. The execution and delivery of this Agreement by Buyer and the performance by Buyer of its obligations hereunder
and the consummation by it of the transactions contemplated by this Agreement will not (i) contravene any provision of its organizational
or governing documents, (ii) violate or conflict with any law, statute, ordinance, rule, regulation, decree, writ, injunction, judgment
or order of any Governmental Authority or of any arbitration award which is either applicable to, binding upon or enforceable against
it, (iii) require the consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority.

 

(e)
Litigation. There are no actions, suits, claims, investigations or other proceedings pending and, to the Buyer’s knowledge,
there is no action, suit, claim, investigation, proceeding, grievance, or controversy threatened against the Buyer that could affect the
Seller’s ability to convey the Purchased Assets to Buyer conveyed pursuant to this Agreement.

 

(f)
Manufacturer Approval. The Buyer is unaware of any fact or other matter that could reasonably be expected to prevent it
from being approved by the Manufacturer, issued a Manufacturer dealer sales and service agreement, and/or appointed as an authorized dealer
in the Manufacturer’s products at the Property.

 

(g)
Sufficiency of Funds.

 

(i)
Buyer has sufficient funds or access to sufficient funds to make payment of the Purchase Price and consummate the transactions
contemplated herein;

 

(ii)
Immediately after the Closing Date, and after giving effect to the purchase of the Purchased Assets and the other transactions
contemplated by this Agreement, Buyer (i) will be solvent (in that both the fair value of its assets will not be less than the sum of
its debts and that the present fair saleable value of its assets will not be less than the amount required to pay its debts as they become
absolute and matured); (ii) will have adequate capital with which to engage in its business; and (iii) will not have incurred debts beyond
its ability to pay as they become absolute and matured.

 

    Page 12 of 41

    

    

 

(h)
Prohibited Persons. Neither Buyer nor any members or principals of the Buyer: (i) appears on the Specially Designated
Nationals and Blocked Persons List of the Office of Foreign Assets Control in the United States Department of the Treasury or the Annex
to United States Executive Order 132224-Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or
Support Terrorism, or (ii) is a prohibited party under the laws of the United States.

 

8.
Conditions to Obligations of Buyer. The obligation of Buyer to consummate the transactions contemplated by this Agreement
are subject to the fulfillment (or express written waiver by Buyer) prior to or at the Closing, of all of the following condition:

 

(a)
 Manufacturer Approval. Manufacturer issued to Buyer, on terms and conditions acceptable to Buyer in its sole and absolute
discretion, a new Dealership Sales and Service Agreement, or commitment therefor, approving Buyer’s board of directors and other
designees, permitting Buyer (i) to operate the Dealership at the Real Property located at 70 Westchester Boulevard, White Plains, NY (the
“Current Location”) as Seller has operated it in the past and (ii) to the extent the Real Property Lease for the Current
Location is terminated pursuant to the terms of the Surrender Agreement, to operate a sales office at 130 Westchester Blvd, White Plains,
NY (the “Proposed Location”) with separate service at a location acceptable to Manufacturer and Buyer.

 

(b)
Representations and Warranties. All representations and warranties of Seller as set forth herein are true and accurate in
all material respects as of the Closing Date.

 

(c)
Seller Performance. Seller shall have performed in all material respects all of its obligations hereunder to be performed
prior to or at Closing each of Buyer’s representations and warranties contained in this Agreement are true and accurate as of the
date made.

 

9.
Conditions to Seller’s Obligations. Seller’s obligation to consummate the transactions contemplated by this
Agreement are subject to the fulfillment (or written waiver by Seller), prior to or at the Closing, of all of the following conditions:

 

(a)
Purchase Price Payment. Buyer paid Seller the aggregate Purchase Price for the Assets.

 

(b)
Representations and Warranties. All representations and warranties of Buyer as set forth herein are true and accurate in
all material respects (provided that any materiality qualifiers in any representation or warranty shall be disregarded in making such
determination) as of the Closing Date and Buyer has performed all of its obligations, covenants and agreements hereunder to be performed
prior to or at Closing.

 

(c)
Buyer Performance. Buyer performed in all material respects all of its obligations hereunder to be performed prior to or
at Closing each of Buyer’s representations and warranties contained in this Agreement are true and accurate as of the date made.

 

 

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(d)
Shareholder Approval. The receipt, if applicable, of the Seller’s shareholders of the transactions contemplated herein.

 

10.
Pre- & Post-Closing Covenants.

 

(a)
Pre-Closing. Promptly upon the execution of this Agreement, Seller shall notify the Manufacturer regarding the transactions
contemplated by this Agreement. Buyer (or its affiliate) shall promptly apply to the Manufacturer for the issuance of a contractual right
to operate an automobile dealership upon the Real Property. The Parties shall use commercially reasonable best efforts to obtain Manufacturer
approval as soon as possible. Seller shall promptly provide the requisite information, documents and access necessary to prepare for Closing
and ensure a seamless operational transfer of the Assets. Effective as of the Closing, Seller shall terminate its Dealer Sales and Service
Agreements with the Manufacturer relative to the Dealership location and execute and deliver all of the Manufacturer’s customary
documents and promptly remove Manufacturer’s intellectual property from all publicly visible assets in every form and medium (i.e.,
retained internet sites, signs, etc.). Seller shall fully cooperate with Buyer, and take all reasonable steps to assist Buyer, in Buyer’s
efforts to obtain its own similar Dealer Sales and Service Agreements with the Manufacturer. All actions to be taken at the Closing pursuant
to this Agreement will be deemed to have occurred simultaneously, and no action, document or transaction will be deemed to have been taken,
delivered or effected, until all such actions, documents and transactions have been taken, delivered or effected. Promptly after the Closing,
Seller shall transfer to Buyer certificates of title or origin for all vehicles and all of its registration lists, owner follow-up lists
and service files on hand as of the Closing, provided that such lists and files relate to the Assets. If Seller presents assets
for purchase post-Closing that would have otherwise been Assets, then such assets may be purchased at a mutually agreed to price or otherwise
retained by Seller.  Buyer is not required to submit an offer.  This does not apply to in-transit vehicles from the factory.
Buyer shall retain and safeguard the pre-Closing customer paper deal jackets retained by Buyer in accordance with law, and, until Buyer
destroys such records in accordance with company policy in effect from time to time, Seller shall have reasonable access to Seller’s
pre-Closing customer records (e.g., paper deal jackets) and any records related to Assigned Contracts after the Closing for any legitimate
purpose, such as (by way of example and not by limitation) for resolving customer inquiries.

 

(b)
Dealership Operations Pending Closing. Pending Closing, Seller shall continue to operate the Dealership in substantially
the same manner as it has been operated by Seller in the past and Seller shall: (i) use commercially reasonable efforts to maintain working
relationships with all suppliers, customers, employees and others having contact with the Dealership and bring all payables current as
of the Closing Date; (ii) maintain current insurance policies in full force and effect; (iii) exercise reasonable diligence in safeguarding
and maintaining the confidentiality of all books, reports and data pertaining to the Dealership, including use its commercially reasonable
best efforts to ensure that Seller’s sales and service records remain adequately protected; failure to do so is a material breach
of this Agreement; (iv) not grant increases in salary, pay or other employment related benefits to any officers or employees of the Dealership,
except in the ordinary course of business; (v) not conduct any liquidation, close-out or going out of business sale or, except in the
ordinary course of business, (vi) intentionally omitted; (vii) shall not transfer, relocate or terminate with the intetion of rehiring
at any other location owned by Seller or Principal (as hereinafter defined) any Employees of Seller; (viii) not enter into any contract
or agreement which is not terminable without penalty on not more than 30 days’ notice and which provides for payment by the Dealership,
except those in the ordinary course of business; and (ix) not take or permit any action which would result in Seller’s representations
or warranties becoming incorrect or untrue in any material respect.

 

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(c)
Bulk Sales. Within ten (10) days following the execution of this Agreement, the Seller shall provide Buyer with all required
information so that the Buyer can complete and file the Notification of Sale, Transfer or Assignment in Bulk (form A U-196.10) with the
New York State Department of Taxation and Finance so as to obtain a lien release or clear to close letter from the State. Prior to the
Closing, the Buyer shall file the Notification of Sale, Transfer or Assignment in Bulk (form AU-196. 10) with the New York State Department
of Taxation and Finance so as to notify the State of the proposed purchase and sale of assets under this Agreement. Seller represents
that Seller has made all of its required sales tax return filings as and when due. Notwithstanding anything contained herein to the contrary,
Seller shall pay, on or before the Closing Date, all known or ascertainable past due or delinquent sales tax owed by Seller, including
penalties and interest owed thereon. Nothing contained herein shall be deemed to limit the Seller’s obligation to pay all sales taxes,
including penalty and interest, that may be owed by Seller. This provision shall survive the Closing.

 

(d)
Seller’s Receivables. Following the Closing, Buyer shall accept payment of Seller’s accounts receivable and
Manufacturer warranty payments arising out of the operation of the Dealership prior to Closing for a period of 180 days. Buyer shall turn
over to Seller on the last day of each calendar month during said period all of the monies so accepted on said accounts receivable during
the previous calendar month. Buyer is not obligated to accept payments of such accounts receivable after such 180-day period, but if Buyer
does so then Buyer will promptly pay the same over to Seller. Buyer is only obligated to accept payment during such period, not to attempt
to enforce payment. No adjustment will be made in any of such accounts receivable without Seller’s permission. Seller reserves the
right to pursue legal remedies of collection upon default by the customer with respect to any receivables owed to Seller. Buyer shall
have no obligation to pursue or otherwise actively work to collect any of such Seller receivables or Manufacturer warranty payments. At
the end of said 180-day period, Buyer shall no longer be obligated to accept payments of such accounts receivable. If Buyer does accept
payment of any of Seller’s accounts receivable after expiration of the 180-day period, Buyer shall hold same in trust for Seller
and promptly pay same over to Seller. It is understood that Buyer’s responsibility, so far as such collection is concerned, is only
to accept monies paid on Seller’s accounts receivable and shall not include any obligation to ascertain the correct amount of any
accounts receivable.

 

(e)
Manufacturer Payments. The Parties shall use their commercially reasonable efforts to ensure that (i) amounts due to Seller
but collected by Buyer (e.g., Manufacturer receivables, Manufacturer credits relating to items such as warranty claims or other claims,
credit card payments, etc.) arising out of or in connection with the operation of the Dealership prior to Closing will be paid over to
Seller promptly; (ii) amounts due to Buyer but collected by Seller arising out of or in connection with the operation of the Dealership
on or following the Closing or as provided in this Agreement will be paid over to Buyer promptly; (iii) amounts paid by Seller but owed
by Buyer as a result of Manufacturer erroneously billing Seller for items arising out of or in connection with the operation of the Dealership
following Closing will be paid over to Seller promptly; and (iv) amounts paid by Buyer but owed by Seller (e.g., any finance contract
chargebacks, insurance (e.g. credit life, accident and health, extended warranty, etc.) chargebacks, or repossessions and all rebates
to Seller’s customers of premiums for credit life insurance, credit accident and health insurance, mechanical insurance coverage
and GAP insurance) as a result of Manufacturer erroneously billing Buyer for items arising out of or in connection with the operation
of the Dealership prior to Closing will be paid over to Buyer promptly. This section survives Closing indefinitely. If there are vehicles
in-transit on the Closing Date (whether or not they are physically present) that have not been funded by Seller’s floor plan lender
and the Parties do not know whether they will be paid for by Buyer’s floor plan lender or Seller’s floor plan lender, then
the Parties may separately schedule those vehicles, Buyer will buy them but not pay for them, and, if such vehicles are funded by Seller’s
floor plan lender, then Seller shall notify Buyer and Buyer shall promptly pay Seller’s floor plan lender such amounts. Any other
payments related to such vehicles misdirected by the Manufacturer will be redistributed as contemplated by this Section 10(e).
Buyer shall undertake all accounting, bookkeeping and reconciliation as necessary under this section and shall make all payments as necessary.
On a monthly basis, Buyer shall present Seller with a reconciliation and the amount owed by Buyer by Seller (if any) and Seller shall
pay any amounts owing Buyer within ten (10) business days.

 

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(f)
Business Records. Seller shall not copy or remove any of such Records, including original “deal jackets”, so-called,
from the Dealership prior to the Closing Date and shall return any of such records previously removed. Seller agrees that such information
is extremely important to Buyer and promises to retain such information in strict confidence and will not disclose any such information
to Buyer’s competitors or other parties, or use such information for any purpose. Buyer agrees that Buyer will retain such information
for a period not less than five (5) years after the Closing Date and that Seller and Seller’s representatives may have access to
review and copy such information during Buyer’s regular business hours if such information is necessary to wind up Seller’s business
affairs on in connection with an audit. Buyer and its representatives may have access to review and copy any records retained by Seller
during Seller’s regular business hours if such information is necessary in Buyer’s operation of the dealership business after Closing.

 

(g)
Non-Competition Obligations; Non-Solicitation.

 

(i)
As part of the consideration for this Agreement, Seller and Jonathan Grant (“Principal”) Buyer agree to the non-competition
provisions of this Section 9(g). Seller and Principal agree that for a period of three (3) years from the Closing Date, neither Seller
nor any Principal shall directly or indirectly for themselves or for others, within 6miles of the Dealership Location: (i) engage in the
ownership or operation of an automobile dealership; or (ii) render advice, services to, financing for, or otherwise assist, any other
person, association, or entity who is engaged, directly or indirectly, engaged in the ownership or operation of an automobile dealership.
Notwithstanding the foregoing, this Section 10(i)(i) shall not apply to Principal’s dealership location at 1839 Central Avenue,
Yonkers, NY 10170 (the “Principal’s Existing Location”)

 

(ii)
As part of the consideration for this Agreement, the Seller, Principal and Buyer agree to the non-hiring provisions of this Section
10(g)(ii). Seller and Principal agree that during for a period of three (3) years after the Closing Date, neither Seller nor Principal
will directly or indirectly for themselves or for others, proselytize, offer employment, retain, hire or assist in the proselytizing,
recruitment or hiring of any former employee of Seller, other than family members of Principal.

 

    Page 16 of 41

    

    

 

(iii)
Seller and Principal understand that the foregoing restrictions may limit their ability to engage in certain businesses during
the period provided for above, but acknowledge that Seller and Principal will receive sufficiently high remuneration and other benefits
under this Agreement to justify such restriction. Seller and Principal acknowledge that money damages would not be sufficient remedy for
any breach of this Section 10(g) by Seller and/or Principal and/or to specific performance and injunctive relief as remedies for such
breach or any threatened breach, without any requirement for the securing or posting of any bond in connection with such remedies. Such
remedies shall not be deemed the exclusive remedies for a breach of this Section 9(g), but shall be in addition to all remedies available
at law or in equity to Seller and Buyers including, without limitation, the recovery of damages from Seller and Principal and Seller’s
and Principal’s agents involved in such breach.

 

(iv)
It is expressly understood and agreed that Buyer, Seller and Principal consider the restrictions contained in this Section 10(g)
to be reasonable and necessary to protect the confidential and proprietary information and trade secrets of Buyers and the Seller. Nevertheless,
if any of the aforesaid restrictions are found by a court having jurisdiction to be unreasonable, or overly broad as to geographic area
or time, or otherwise unenforceable, the parties intend for the restrictions therein set forth to be modified by such courts so as to
be reasonable and enforceable and, as so modified by the court, to be fully enforced.

 

(v)
The parties hereto expressly acknowledge that Buyer rights under this Section 10(g) are assignable and that such rights shall be
fully enforceable by any of Buyer’s subsidiaries, assignees, or successors in interest, but such assignment shall not expand the scope
of Seller’s and Principal’s responsibilities hereunder nor relieve Buyer of its obligations hereunder.

 

(h)
Exclusive Dealing. Until the earlier of the termination of this Agreement or the Closing Date, the Seller’s officers
will not individually or on behalf of the Seller directly or indirectly, through any representative or otherwise, solicit offers from,
negotiate with or accept any proposal of any other person relating to the acquisition of the Seller, its assets or business, in whole
or in part, whether directly or indirectly, through purchase, merger, consolidation, or otherwise (other than sales of inventory in the
ordinary course).

 

(i)
Dealer License. To the extent permitted by law, Buyer agree to use its commercially reasonable efforts to obtain a New York
franchised motor vehicle dealer license for each Dealership (each, a “Dealer License”). Should the State of New York fail
to issue Buyer the Dealer License for the relevant Dealership on or before the Closing Date, Seller shall permit Buyer to use Seller’s
Dealer License, dealer number, and dealer tags for up to sixty (60) days (“License Usage Period”) after the Closing Date,
so as to enable Buyer to enjoy the benefits of the purchase of such Seller’s operating assets and goodwill, and so as to provide
products and continuing service to the relevant Manufacturer’s customers. Should Buyer use Seller’s Dealer License, Buyer
agree to indemnify and hold Sellers (and their respective officers, directors and shareholders) harmless from and against any and all
claims, demands, losses, damages, penalties, fines, costs or expenses (including, but not limited to, all reasonable attorney’s
fees, whether such fees are incurred in any pretrial, trial, appellate or bankruptcy proceedings) whatsoever, as the same in any way relate
to or arise out of Buyer’s use of a Seller’s Dealer License, dealer number or dealer license plates. During the License Usage
Period, the relevant Buyer shall use commercially reasonable efforts to obtain its Dealer License. Promptly after Buyer receives its Dealer
License or the expiration of the License Usage Period, whichever occurs first, Buyer shall return Seller’s Dealer License, license
number and dealer license plates, and Buyer shall cease using same. In the event Buyer is to use Seller’s Dealer License under this
Section 10(i), Seller and Buyer shall execute mutually agreeable forms of (a) Power of Attorney for MSO’s and (b) Power of Attorney
for Titles (Used Vehicles). The relevant Buyer shall further add the Seller as an additional insured to its insurance liability policies
as necessary to ensure that such entities are covered under such Buyer’s insurance policies for claims accruing during the License
Usage Period. To memorialize Buyer’s use of Seller’s license as contemplated hereby, Seller and Buyer agree at the Closing
to enter an agreement in the form attached hereto and labeled Exhibit A (the “License Use Agreement”). During
the License Usage Period, Buyer shall be entitled to sell vehicles using all of Seller’s direct and indirect lending sources and
all payments received by Seller on account of such Sales shall be remitted to Buyer within 5 days following receipt by Seller.

 

    Page 17 of 41

    

    

 

(j)
Seller’s Contingent Payment Obligation. Provided that (i) Buyer or its permitted assignee has closed on the purchase
of the Assets and (ii) the is in full force and effect, in the event that CJWP shall deliver to Seller a notice that the Developer PSA
has been terminated (a “Termination Notice”), Seller shall notify Buuer within ten (10) business days of its receipt
of the Termination Notice (the “Offer Notice”), time being of the essence, whereupon within five (5) business days
of receipt of the Offer Notice, Buyer shall offer to purchase the Current Location from Landlord for the amount of $19,500,000 pursuant
to an offer to purchase in the form attached hereto as Exhibit B (the “Offer”). In the event that Landlord accepts
the Offer, and only in the event that Landlord accepts the Offer and Buyer shall default in its performance of its obligations under the
Offer (or any purchase contract entered into by Buyer and Landlord in connection with the Offer), Buyer shall indemnify and hold LMP for
its obligation to pay the Contingent Consideration Obligation. In all circumstances, including, but not limited to, CJWP’s demand
for payment of the Contingent Consideration notwithstanding the fact that Landlord has conveyed the Current Location to TAG pursuant to
the Offer (or any purchase contract entered into by Buyer and Landlord in connection with the Offer), Seller shall remain liable to CJWP
for the payment of the Contingent Consideration and Buyer shall have no obligation to indemnify LMP with respect thereto.

 

(k)
Obligations Under Section 4(a) of the Surrender Agreement. The Parties acknlwledge that under the Surrender Agreement, unless
Developer elects to perfom such work as part of its Brownsfield Credit Program remediation work, the Purchaser has the obligation to (i)
remove and drain or decommission all underground storage tanks at the Current Location in accordance and compliance with all applicable
law and (ii) remove all lifts from the Current Location in accordance and compliance with all applicable law. Seller and Buyer agree that
in that the Developer shall not elect to (i) remove and drain or decommission all underground storage tanks in accordance and compliance
with all applicable law and (ii) remove all lifts from the Premises in accordance and compliance with all applicable law as part of its
Brownsfield Credit Program remediation work, Seller and Purchaser agree that notwithstanding anything to the contrary contained herein
or in the Surrrender Agreement: (i) Purchaser shall be responsible for the removal of all above ground lifts at the Current Location (“Purchaser’s
Remoal Obligations”) and Seller shall be responsible for all of the remaining removal obligations under Section 4(a) of the Surrender
Agreement (ie removal of underground tanks and in-ground lifts) (“Seller’s Removal Obligations”). Seller shall indemnify
and hold Purchaser harmless from any and all liability arising out of the Seller’s Removal Obligations and Purchaser shall indemnify
and hold Seller harmless from any and all liability arising out of the Purchaser’s Removal Obligations.

 

    Page 18 of 41

    

    

 

11.
 Closing.

 

(a)
Closing. Unless otherwise agreed to in writing by the parties, Closing shall take place on the Closing Date.

 

(b)
Seller’s and Principal’s Actions at Closing. At Closing, Seller shall deliver to Buyer at Seller’ sole
cost and expense, such bills of sales, endorsements, assignments, and other good and sufficient instruments of conveyance and transfer
as provided for herein, and any other instruments in form and substance acceptable to Buyer as shall be necessary to vest effective in
Buyer all right, title, and interest in and to the Assets, free and clear of all liens, charges, encumbrances, pledges or claims of any
nature (except as provided herein), including without limitation, the following:

 

(i)
General bills of sale fully and properly executed by Seller vesting in Buyer good and marketable title to the Assets.

 

(ii)
Fully and properly executed transfers of MCOs for all vehicles transferred to Buyer.

 

(iii)
A certificate executed by Seller’s president certifying that, as of the Closing Date, all of the representations and warranties
of such Seller are true and correct in all material respects and that each and every covenant and agreement to be performed by Seller
prior to or as of the Closing Date pursuant to this agreement has been performed in all material respects.

 

(iv)
A certificate of corporate existence in good standing for Seller from the State of New York dated within thirty (30) days of the
Closing Date.

 

(v)
A copy of resolutions duly adopted by Seller authorizing and approving Seller’s performance of the transaction contemplated herein
and the execution and delivery of all documents in connection with such transactions, certified by the secretary of such Seller, as true
in full force as of the Closing Date.

 

(vi)
Seller will assign to Buyer all of its rights to receive parts return termination assistance from Manufacturer.

 

(vii)
Seller will provide Buyer with evidence of Seller’s voluntary termination of its dealer agreements with Manufacturer as it
relates to the Dealership.

 

    Page 19 of 41

    

    

 

(viii)
Seller will deliver to Buyer an assignment and estoppel of the Existing Lease;

 

(ix)
Seller will deliver to Buyer a certificate duly executed by Seller stating that Seller is not a “foreign person” as
defined in the Federal Foreign Investment in Real Property Tax Act of 1980;

 

(x)
A closing statement reflecting the Purchase Price adjusted as provided herein duly executed by Seller (the “Closing Memorandum”);

 

(xi)
Seller will deliver to Buyer the Premises Lease Assignment and the 130 Lease Assignment; and

 

(xii)
Such other instruments and documents as Buyer may reasonably consider necessary to effect the transactions contemplated herein.

 

(c)
Actions of Buyer at Closing. At the Closing, Buyer shall deliver the following:

 

(i)
Payment for the Purchase Price of the Assets less the Deposit in immediately available funds (“Closing Payment”) as follows:
The Purchase Price less the Rollover Equity (as hereinafter defined) in immediately available funds (“Cash Consideration”)
and (ii) $2,250,000 (the “Rollover Equity”) in the form of membership interests in the Buyer equal to a membership interest
in Buyer having the terms and conditions specified in the operating agreement of Buyer, as amended by the Operating Agreement Amendment
(as hereinafter defined) (the “JV Interests”); which the Parties acknowledge that simultaneously with the Closing, the following
shall occur: (i) Seller shall distribute to the its members (as hereinafter defined) their respective pro rata share of the Purchase Price,
and (ii) [LMP] (“Member 1”): 85% of the Purchase Price in cash, which the Parties have agreed for federal income tax purposes
to treat as a sale of 100% of Member 1’s interests in Seller to Buyer as more fully described in Section 11(d) below; (ii) [Grant]
(“Member 2): $10% of the Purchase Price less $1,500,000 in cash, which the Parties have agreed for federal income tax purposes to
treat as a sale of a portion of Member 2’s interests in Seller to Buyer as more fully described in Section 11(d) below, and 2/3
of JV Interests, which the Parties have agreed for federal income tax purposes to have been issued in exchange for an undivided 10% interest
in the Seller’s goodwill attributable to Member 2 as more fully described in Section 11(d) below and (iii) [GM] (“Member 3”;
and together with Member 1, and Member 2, the “Members”, the “Members”): $5% of the Purchase Price less $750,000
in cash, which the Parties have agreed for federal income tax purposes to treat as a sale of a portion of Member 3’s interests in
Seller to Buyer as more fully described in Section 11(d) below, and 1/3 of the JV Interests, which the Parties have agreed for federal
income tax purposes to have been issued in exchange for an undivided 5% interest in the Seller’s goodwill attributable to Member
3 as more fully described in Section 11(d) below

 

(ii)
A copy of resolutions duly adopted by Buyer authorizing and approving Buyer’s performance of the transactions contemplated herein
and the execution and delivery of all documents in connection with such transactions, certified by the secretary of Buyer, as true in
full force as of the Closing Date.

 

    Page 20 of 41

    

    

 

(iii)
A certificate executed by Buyer’s president certifying that, as of the Closing Date, all of the representations and warranties
of Buyer are true and correct in all respects and that each and every covenant and agreement to be performed by Buyer prior to or as of
the Closing Date pursuant to this Agreement has been performed in all respects.

 

(iv)
A certificate of corporate existence in good standing for Buyer from its state of formation.

 

(v)
The Premises Lease Assignment, and as applicable, the Buyer Premises PSA, executed by Buyer;

 

(vi)
The Closing Memorandum executed by Buyer;

 

(vii)
The Premises Lease Assignment and the 130 Lease Assignment executed by Buyer; and

 

(viii)
Such other instruments and documents as Seller may reasonably consider necessary to effect the transactions contemplated herein.

 

(d)
Certain Tax Matters.

 

(i)
The Parties and the Members agree as follows: (x) to treat the transactions on their income tax returns as filed in connection
with the PSA and the distribution of the Purchase Price pursuant to Treasury Regulations Section 1.708-1(c)(4) as a sale of partnership
interests to the extent of the cash received by such entity; (y) the allocation and distribution of the Purchase Price to the Members
as set forth in this Agreement; and (z) each of the Parties and the Members, on their own behalf and on behalf of their Affiliates and
direct and indirect owners, acknowledges and agrees that Buyer shall have no liability to any of them as a result of the income tax treatment
pertaining to the transactions described herein.

 

(ii)
For applicable income tax purposes (and only for such purposes): (i) there shall be a closing of the books of Seller as of the
Closing Date and (ii) all items of income, gain, deduction or loss of Seller for the period ending on the Closing Date shall be allocated
to the persons treated for income Tax purposes as the owners of Seller immediately prior to the Closing, and such allocations shall be
made in accordance with operating agreement of Seller (it being agreed that Seller and the Members shall be responsible for preparing
such tax returns).

 

(iii)
It is understood and agreed that the foregoing treatment is for income tax purposes only, and that for all other purposes the Purchased
Assets shall be treated as having been sold by Seller to Purchaser for the consideration paid and issued therefor, and that under no circumstances
shall Buyer be treated as acquiring an interest in Seller for any purposes other than federal income tax purposes.

 

    Page 21 of 41

    

    

 

12.
Default & Termination. Notwithstanding any provision in this Section 12 to the contrary, no Party may terminate
this Agreement due to the breach of another Party if the first Party is in breach of this Agreement.

 

(a)
Termination. The Parties may exercise their respective rights of termination by the delivery of written notice of termination
to the other Party at any time prior to the completion of the Closing (including as provided in Section 6). This Agreement and
the transactions contemplated hereby may be terminated on or before the Closing Date as follows:

 

(i)
By the mutual written agreement of the Parties;

 

(ii)
By Buyer if a breach of any provision of this Agreement has been committed by Seller and such breach has not been either (A) cured
within ten (10) days after written notice to Seller, or (B) waived in writing by Buyer;

 

(iii)
By Seller if a breach of any provision of this Agreement has been committed by Buyer and such breach has not been either (A) cured
within ten (10) days after written notice to Buyer, or (B) waived in writing by Seller;

 

(iv)
If Seller’s conditions precedent to Closing have not been satisfied by the Closing Date Deadline;

 

(v)
If Buyer’s conditions precedent to Closing have not been satisfied by the Closing Date Deadline; or

 

(vi)
By Seller, if the Closing has not occurred by the Closing Date Deadline.

 

(vii)
By Buyer if the Closing has not occurred by the Closing Date Deadline.

 

The Deposit shall be refunded
to Buyer only if Buyer fails to obtain Manufacterer’s approval pursuant to Section 8(a) or Seller terminates this Agreement pursuant
to Section 12(a)(i), 12(a)(ii), 12(a)(v) or 12(a)(vii), and all obligations of the parties hereunder (except those obligations and indemnifications
which survive the termination of this Agreement) shall terminate without any liability of any party to any other party

 

(b)
Buyer’s Default. If prior to Closing Buyer breaches this Agreement and fails to cure as provided above, then Seller’s
sole right and exclusive remedy will be to terminate this Agreement by giving written notice thereof to Buyer and then Seller may take
the Deposit as liquidated damages in full settlement of all claims, remedies or causes of actions against Buyer under this Agreement,
including the remedy of specific performance and other forms of equitable relief. It is impossible to estimate more precisely the damages
which might be suffered by Seller upon Buyer’s default. Seller’s retention of the Deposit is intended not as a penalty, but
as full liquidated damages.

 

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(c)
Seller Default. If prior to Closing Seller breaches this Agreement and fail to cure as provided above, then Buyer may exercise
any and all rights and remedies available to it at law or in equity, including (i) an action in equity against Seller (pursuant to which
Buyer is not obligated to post a bond or prove special damages or irreparable injury) for the specific performance by Seller of the terms
and provisions of this Agreement; and (ii) the right to terminate this Agreement by giving written notice of such termination to Seller
and receive a full refund of the Deposit without prejudice to any of Buyer’s rights or remedies including an action for actual damages,
but not speculative, punitive or exemplary damages.

 

13.
Miscellaneous.

 

(a)
Transaction & Enforcement Costs. Each Party shall bear its own costs and expenses, including legal and accounting fees,
incurred in connection with this Agreement and the transactions contemplated hereby, and shall pay such costs and expenses whether or
not the Closing occurs. Notwithstanding the foregoing, in the event of any litigation between or among the Parties to enforce any provisions
or rights hereunder, the unsuccessful Party, as determined by a final judgment, shall pay to the successful Party therein all costs and
expenses of such Party (and any of such Party’s agents, such as attorneys or accountants) expressly including, but not limited to,
reasonable attorneys’ fees and court costs incurred therein by such successful Party, which costs, expenses and attorneys’
fees will be included in and as a part of any judgment rendered in such litigation.

 

(b)
Confidentiality. Each Party and its representatives shall hold in strict confidence all data and information obtained in
connection with this transaction, including all financial and other information of or related to the Dealership and the terms of this
Agreement, and shall not directly or indirectly at any time reveal, report, publish, disclose or transfer to any person any of such data
and information or utilize any of such data or information for any purpose; provided, however, each Party may disclose information
to Manufacturer and legal, tax, accounting advisors, lenders and potential lenders and other parties deemed by a Party to be necessary
or appropriate in connection with the transactions described herein, provided that such persons acknowledge that they too are bound
by the confidentiality provisions contained herein. Notwithstanding any contrary provision herein, Buyer may notify governmental organizations
(e.g., the Security and Exchange Commission) of this Agreement and the transactions contemplated hereby by filing an unredacted copy of
this Agreement, and may announce the transactions contemplated hereby which may identify the Seller, the Buyer, and the Dealership to
the general public.

 

(c)
Relationship & Authority. Each Party is acting as an independent contractor. Each Party is responsible for all taxes
relating to its operation, including payroll taxes for its employees and nothing in this Agreement is intended to create a relationship,
express or implied, of employer-employee or partnership or joint venture between or among any Party. Each individual executing this Agreement
on behalf of a Party individually represents and warrants that such Party is validly existing, that such execution has been duly authorized,
that the terms of the instrument will be binding upon the Party, and that such individual is duly authorized to execute this Agreement
on behalf of such Party.

 

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(d)
Notices. All notices and other communications provided for hereunder will be in writing, unless otherwise specified, and
will be deemed to have been duly given if delivered personally, via e-mail, via Federal Express or other nationally recognized courier,
to the addresses on the signature pages hereof or at such other addresses as a Party may designate from time to time in writing. Notices
will be effective upon receipt by the Party or refusal to accept delivery. Notices on behalf of either Party may be given by the attorneys
representing such Party.

 

(e)
Integration; Amendments & Time. This Agreement contains the entire understanding between the Parties and supersede any
prior understanding and/or oral agreements between them respecting the subject matter of this Agreement. Any modification or amendment
of this Agreement will be in writing and executed by Seller and Buyer. Time is of the essence in this Agreement. If the last day to perform
under a provision of this Agreement or the final day of any period (e.g., the Closing Date Deadline) falls on a Saturday, Sunday, or legal
holiday, then such performance deadline or period is automatically extended through the next day which is not a Saturday, Sunday, or legal
holiday.

 

(f)
Interpretation & Administration. The words “include”, “includes”, “included”, “including”
and “such as” do not limit the preceding words or terms and are deemed to be followed by the words “without limitation”.
The Parties have a duty of good faith and fair dealing. All captions and headings contained in this Agreement are for convenience of reference
only and will not be construed to limit or extend the terms or conditions of this Agreement. All pronouns and any variations thereof refer
to the masculine, feminine or neuter, singular or plural, as the context may require. All terms defined in this Agreement in their singular
or plural forms, have correlative meanings when used herein in their plural or singular forms, respectively. Each Party and its counsel
have reviewed this Agreement and the rule of construction that any ambiguities are to be resolved against the drafter will not be employed
in the interpretation of this Agreement or any amendments, schedules or exhibits hereto. Except as expressly provided herein (e.g., “industry
standard depreciation” or “as reflected on Manufacturer’s statement”), all accounting matters required or contemplated
by this Agreement will be in accordance with generally accepted accounting principles.

 

(g)
Coutnerparts. This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and
any amendments hereto or thereto, may be executed in one or more counterparts, all of which shall constitute one and the same instrument.
Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic
mail or any electronic signature complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com) (any such delivery, an “Electronic
Delivery”) shall be treated in all manner and respects as an original executed counterpart and shall be considered to have the same
binding legal effect as if it were the original signed version thereof delivered in person.

 

(h)
Assignment; Binding Effect. This Agreement will be binding upon and inure to the benefit of the Parties, their successors
and assigns. Buyer may assign or otherwise transfer all of Buyer’s rights, obligations and benefits hereunder to any entity owned
or controlled by, or under common control with, Buyer without Seller’s consent.

 

(i)
Partial Invalidity. The invalidity of any one or more phrases, sentences, clauses, paragraphs, or sections of this Agreement
will not affect the remaining portions of this Agreement.

 

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(j)
Survival on Termination. Sections 10 of this Agreement will survive the expiration and termination of this Agreement.

 

(k)
Waiver. No failure or delay by any Party to enforce any right specified herein will operate as a waiver of such right, nor
will any single partial exercise of a right preclude any further or later enforcement of the right.

 

(l)
Further Assurances. At the request of Seller and at Seller’s expense, Buyer shall cooperate in the preparation by
Seller of all filings to be made by Seller with the Securities and Exchange Commission including any periodic filings and any filing with
respect to a registered offering of its securities by Seller and the closing of the offering registered thereby. Upon Seller’s request
at any time, Buyer shall take any act, including executing and delivering any document, necessary or advisable to otherwise to carry out
the provisions of this Agreement.

 

(m)
Escrow Agent. Escrow Agent’s duties pursuant to this Agreement are purely ministerial in nature, and the Escrow Agent
shall incur no liability whatsoever except for its willful misconduct or gross negligence, so long as the Escrow Agent is acting in good
faith. The Parties hereby release the Escrow Agent from any liability for any error of judgment or for any act done or omitted to be done
by the Escrow Agent in the good faith performance of its duties hereunder and do each hereby indemnify the Escrow Agent against, and shall
hold, save, and defend the Escrow Agent harmless from, any costs, liabilities, and expenses incurred by the Escrow Agent in serving as
Escrow Agent hereunder and in faithfully discharging its duties and obligations hereunder. The Escrow Agent is acting as a stakeholder
only with respect to the Deposit. If there is any dispute as to whether the Escrow Agent is obligated to deliver the Deposit or as to
whom the Deposit is to be delivered, the Escrow Agent may refuse to make any delivery and may continue to hold the Deposit until receipt
by the Escrow Agent of an authorization in writing, signed by Seller and Buyer, directing the disposition of the Deposit, or, in the absence
of such written authorization, the Escrow Agent may hold the Deposit until a final determination of the rights of the Parties in an appropriate
judicial proceeding. If such written authorization is not given, or a proceeding for such determination is not begun, within thirty (30)
days after notice to the Escrow Agent of such dispute, the Escrow Agent may bring an appropriate action or proceeding for leave to deposit
the Deposit in a court of competent jurisdiction pending such determination. The Escrow Agent shall be reimbursed for all costs and expenses
of such action or proceeding, including reasonable attorneys’ fees and disbursements, by the Party determined not to be entitled
to the Deposit. Upon making delivery of the Deposit in any of the manners herein provided, the Escrow Agent shall have no further liability
or obligation hereunder. The Escrow Agent shall execute the Escrow Receipt attached hereto in order to confirm that it has received the
Deposit and is holding the same on deposit in accordance with the provisions hereof.

 

(n)
Applicable Law & Venue. This Agreement will be governed by and construed and enforced in accordance with the internal
laws and judicial decisions of the State of Florida without regard to conflict of law provisions thereof. Any litigation, action or proceeding
arising out of or relating to this Agreement will be held exclusively in any state or Federal court in Broward County, Florida. Each Party
waives any objection which it might have now or hereafter to the venue of any such litigation, action or proceeding, submits to the sole
and exclusive jurisdiction of any such court and waives any claim or defense of inconvenient forum. Each Party consents to service of
process at such Party’s address as provided herein (and updated in writing from time to time).

 

[Remainder of Page Blank]

 

    Page 25 of 41

    

    

 

IN WITNESS WHEREOF,
the Parties executed and delivered this Agreement as of the Effective Date.

 

	LMP White Plain CDJR, LLC, a ______, as Seller	 	TAG Holdings, LLC, a Rhode Island limited liability company, as Buyer
	 	 	 
	By:	 	 	By:	            
		Sam Tawfik, Authorized Signatory	 	Name: 	 
	 	 	Title:	 
	 	 	 
	 	 	Notice Address:
	 	 	
	 	 	

 

As to Section 10(g) only:

 

______________________________

Jonathan Grant, individually

 

SCHEDULES AND EXHIBITS

 

	Schedule 1.1(b)(i)	 -	Purchase Price for PreOwned, Service and Rental Vehicles	 
	Schedule 2 	-	Assets	 
	Schedule 2(b) 	-	Allocation of Purchase Price	 
	Schedule 3(c)	 -	Assigned Contracts	 
	Schedule 5(d) 	-	Liens	 
	Schedule 5(e)	 -	Financial Statement Exceptions	 
	Schedule 5(l)	 -	Intellectual Property	 
	Schedule 5(n)	 -	Employees	 
	Schedule 5(o)	 -	Employee Benefit Plans	 
	Schedule 5( r)	 -	Manufacturer Matters	 
	 	 	 	 
	Exhibit A	 - 	License Use Agreement	 
	Exhibit B	 - 	Form of Offer to Purchaser	 
	Exhibit C 	- 	Form of New Lease	 

 

    Page 26 of 41

    

    

 

Schedule 1(b)(iii) – Purchase Price
for PreOwned, Service and Rental Vehicles

 

    Page 27 of 41

    

    

 

Schedule 2 – List of Assets

 

Inventory of new vehicles, used vehicles, parts
and accessories will be inventoried and attached at or near Closing.

 

    Page 28 of 41

    

    

 

Schedule 2(b) - Allocation of Purchase Price

 

	FF&E	$ 750,000	 
	Goodwill	$15,000,000	 
	New Vehicles	as stated	 
	Used Vehicles	as stated	 
	Pre-Owned Vehicles	as stated	 
	Parts	as stated	 
	Non-Returnable Parts	as stated	 
	Obsolete Parts	$0.00	 
	Supplies	as stated	 

 

    Page 29 of 41

    

    

 

Schedule 3(c) – Assigned Contracts

 

	Vendor	 	Monthly Payment	 	Expiration Date
	Crosscheck Conversion	 	Varies	 	11/17/2022
	Garrie Pest control	 	$190.74	 	Month to Month
	Groove car	 	$495 	 	Month to Month
	Johnson Controls	 	$3,673.17- annual	 	10/19/2022
	Keytrak	 	$341.63	 	11/9/2026
	NCC		Varies	 	10/27/2022
	Westchester Technology	 	 	 	1/17/2023
	CarFax	 	$1,549.00	 	 
	44 S Broadway Parking	 	$12,500.00	 	 

 

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Schedule 5(d) – Liens

 

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Schedule 5(e) - Financial Statement
Exceptions

 

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Schedule 5(l) - Intellectual Property

 

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Schedule 5(n) - Employees

 

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Schedule 5(o) - Employee Benefit Plans

 

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Schedule 5(r) - Manufacturer Matters

 

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EXHIBIT A

License Use Agreement

 

(Request for Permission to Operate)

 

Reference is hereby made to that certain Dealership
Asset Purchase Agreement effective _____ [●], 2022 (as it may be amended and assigned, the “Agreement”; undefined
capitalized terms used herein are used as defined therein), by and among ______ (“Buyer”), LMP White Plains CDJR, LLC,
a New York limited liability company (“Seller”).

 

If Buyer’s request for permission to operate
is granted by the Office of Consumer Credit Commissioner (“OCCC”), then Seller hereby grants Buyer the authority for
sixty (60) days to operate under Seller’s Motor Vehicle Sales Finance License (including Seller’s documentary fee filing notice
with OCCC) pending issuance Buyer’s licenses by the OCCC and other regulatory authorities of the State of New York (license number
[●], the “License”), and authorizes Buyer to enter retail installment contracts under Seller’s name and
to sell and assign such retail installment contracts to banks, finance companies and other creditors in the ordinary course of business.
Seller and Buyer each accepts joint and several responsibility to the OCCC and any consumer of the licensed business for any acts of Buyer
in connection with the operation of the licensed business during the term of this agreement; however, this is subject to Buyer’s
indemnification of Seller for its acts while utilizing the License. Seller covenants to maintain, but not use, the License during the
term of this agreement, and to immediately surrender or inactivate its license if the OCCC approves Buyer’s application.

 

Buyer represents and warrants that it shall promptly
apply for, and shall use commercially reasonable efforts to obtain, its own License as promptly as practicable following the date hereof.
Buyer shall indemnify and hold Seller harmless from and against any cost or liability, including reasonable attorneys’ fees, incurred
by Seller, or any of their respective affiliates, proximately caused by Buyer’s or its representatives’ use of the License.

 

During the License Usage Period, Buyer shall be
entitled to sell vehicles using all of Seller’s direct and indirect lending sources and all payments received by Seller on account
of such Sales shall be remitted to Buyer within 5 days following receipt by Seller.

 

This agreement will be in force only until Buyer
is issued its own license to replace each the License. During such time, only Buyer may operate under the License. Nothing contained in
this agreement is intended to effectuate a transfer or assignment from Seller to Buyer of any License held by Seller or to grant rights
to Buyer that are prohibited by applicable New York law. This agreement may be executed in counterparts and delivered via facsimile or
electronic mail.

 

[remainder of page intentionally blank]

 

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Entered into as of [   ] [●], 2022.

 

	LMP White Plain CDJR, LLC, a New York limited liability company, as Seller	 	[   ], a [   ] limited liability company, as Buyer

	 	 	 
	By:	 	 	By:	            
	 	Sam Tawfik, Manager	 	Name: 	 
	 	 	Title:	 
	 	 	 
	 	 	Notice Address:
	 	 	
	 	 	

 

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EXHIBIT B

FORM OF OFFER TO PURCHASE

 

 

[See attached]

 

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EXHIBIT C

FORM OF NEW LEASE

 

 

[See attached]

 

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ESCROW RECEIPT

 

Dealership Asset Purchase Agreement

 

Escrow Agent agrees to be bound by the Dealership
Asset Purchase Agreement and acknowledges receipt of:

 

		☐	A.Executed copies of the Dealership Asset Purchase Agreement
on June__, 2022;

 

		☐	B.Deposit in the amount of $__________ on June __, 2022.

 

The Effective Date of the Dealership Asset Purchase
Agreement is the first date on which Escrow Agent was in possession of both items described above, and thus, the Effective Date is June
__, 2022.

 

	Escrow Agent:	 
	 	 
	By:	 	 
	Name & Title:	 	 

 

Escrow Agent acknowledges having reviewed this
Dealership Asset Purchase Agreement and will be bound by those provisions thereof which pertain to Escrow Agent and its duties thereunder.

 

 

Page 41  of 41

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